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“ANALYSIS OF INTEGRATED MARKETING COMMUNICATION OF SERVICES BY HDFC LIFE INSURANCE”
SUBMITTED BY: VIDHU SHARMA ROLL NUMO9DM130
Summer Internship Report
(8nd April 2010 to 8nd June 2010)
UNDER THE SUPERVISION OF
PROJECT GUIDE FACULTY GUIDE
MR.GAURAV GUPTA BOSE (Channel development manager, BIMTECH) HDFC STD.LIFE) PROF.AMARNATH ( PGDM,
(A report submitted in partial fulfillment of the PGDM course of Birla Institute of management Technology.)
VIDHU SHARMA.53 SUMMER INTERNSHIP CERTIFICATE This is to certify that Ms. Date:___________ Signature ________________ (DR.AMARNATH BOSE) BIMTECH SEAL .130. This is his original work to the best of my knowledge. Roll No. a student of PGDM has worked on summer project titled “ANALYSIS OF INTEGRATED MARKETING COMMUNICATION OF SERVICES BY HDFC LIFE INSURANCE” at HDFC STANDARD LIFE after trimester-III in partial fulfillment of the requirement for the program.
LIFE. the same happened with me during this project. I am thankful to that power that always inspires me to take right step in the journey of success my life. I am deeply gratified to Prof. . My learning has been immeasurable and working under him was a great experience throughout my Internship. DELHI as a Project Trainee (Summer Trainee). knowledge and suggestions by Ms. Finally. I am indebted for the rich guidance. They have been a constant source of knowledge. I take this opportunity to express my deep gratitude to all the employees of the company. information. Also. I am also very thankful to my friends who help me in completion of the project. AK Dey. Gaurav Gupta(Channel development Manager) for providing me the opportunity to work with HDFC STD. The immense help and support received from HDFC STANDARD LIFE overwhelmed me during the project. I would also like to present my sincere thanks to Prof. Lakshmi Kapoor (sales development manager) for providing adequate corporate knowledge and assisting me at every step in completing the training successfully.53 ACKNOWLEDGEMENT Sometimes words fall short to show gratitude. I express my indebtedness to my project guide Mr. Amarnath Bose (Project Guide) for his earnest coordination and valuable efforts. help and motivation for me through his depth knowledge and reflections.
. Research Methodology 4. Findings 19 12 13 15 16-19 16 17 18 20-40 20-27 28-40 41 .9) 1.2 Research Design 4. 6-7 8-11 9 10-11 1. Introduction PAGE No. Quantative Analysis 5. Objective 3 Statement of the problem Importance of the problem 4.2 External 6.2 Company Profile 2..3 Data Collection 4.1 Industry to insurance industry(8.1 Internal 5.4 Sampling Techniques 5.1 Approach to the Problem 4.53 TABLE OF CONTENTS CHAPTER Executive Summary 1.
Conclusions 8. Limitations 10. Bibliography 43 44-47 48 49-53 58 .53 7.Appendix(Questionnaire) 11. Recommendations 9.
multiple-choice. advertisements etc. Two questionnaires were designed. • Level of visibility of their logos. open ended using the techniques of brand recall. The project has been done in a very systematic and logical manner.53 EXECUTIVE SUMMARY This project has been a great learning experience for me. It has been undertaken to understand the integrated marketing communication that includes both external and internal marketing as the primary objective. Questionnaires for internal marketing was designed on likert scale containing 35 statements ranging from strongly disagree to strongly agree. designing a questionnaire and getting direct responses from the people was thought to be the most appropriate method as it gives a more clear understanding about the current scenario of customer choices. The questionnaire is designed in accordance with the objective of the research. Two questionnaires were developed one for external and one for internal marketing research purpose. Therefore for the purpose of this project. One for external marketing contains 10 Structured Questions which are either dichotomous. • Factors that motivate a financial consultant to work for HDFC Stand life • Problems faced by them • Awareness of the brand among various private players • Medium people consider the best for information regarding insurance. . at the same time it gave me enough scope to implement my analytical ability.
40(internal) required for the survey. books. magazines. single cross-sectional designs were used where there is only one sample of respondents and information is obtained from this sample only once. Noida and Greater Noida.e. Of various methods. simple random sampling method was employed for selection of 125 respondents (external). For the project. . The data used for the research is both secondary as well as primary in nature.53 The Research Design used for this research was “Descriptive Conclusive Research”. to know the drivers and shortcomings faced by Financial Consultant (Insurance Agent) of HDFC and for other objectives mentioned. The technique used for this purpose was the survey methodology. Also. The survey was conducted in Delhi. journals and daily newspapers. The secondary data collection method was used for collecting basic information regarding project under study by referring to various websites. A personal survey was conducted i. the respondents were approached personally and the questions were asked with the help of a questionnaire. The Sampling Technique used for the research is Probability sampling technique. Primary data collection method was used to know the brand awareness of the company.
General definition: In the words of John Magee. large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few. & burglary. Definition of Insurance “Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. death. risks that attach to individuals.” Insurance is a contract whereby. the peril of sea.” Fundamental definition: . Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Under the plan of insurance. incident. With the help of insurance. attached to individual. the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. “Insurance is a plan by which large number of people associate themselves and transfer to the shoulders of all. due to accidental events are made good in this particular era of insurance area. The risk. a large number of people associate themselves by sharing risk. which can be insured against include fire. in return for the payment of premium by the insured.53 CHAPTER I INTRODUCTION Introduction to Insurance Industry Insurance may be described as a social device to reduce or eliminate risk of life and property.
General. Insurance companies may be classified into two groups: • • Life insurance companies. or Property/Casualty insurance companies. Hansel. General insurance companies can be further divided into these sub categories. annuities and pensions products. Non-life. There is no other way The terms of life are hard and terms of insurance are easy It enhances the existing standards of living Helps people live financially solvent lives It perpetuates life. which sell other types of insurance. • • Standard Lines Excess Lines Life insurance has no competition from any other business.S. “Insurance may be defined as a social device providing financial compensation for the effects of misfortune. the payment being made from the accumulated contributions of all parties participating in the scheme. liberty and pursuit of happiness It is not surpassed by any other savings or investment instrument • • • • . which sell life insurance.53 In the words of D. • • It is the only and best possible way for family protection.
. India's leading housing finance institution and a Group Company of the Standard Life Plc. Standard Life is a strong. is one of India's leading private insurance companies. HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited). UK. Range of Solutions . financially secure business and a market leader in the UK Life & Pensions sector They were the first private life insurer to break the ice using the idea of self-respect instead of ‘death’ to convey their brand proposition (Sar Utha Ke jio) Key Strengths Financial Expertise As a joint venture of leading financial services groups.53 COMPANY PROFILE HDFC Standard Life Insurance Company Limited.
Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. which can be easily customised to specific needs. 2009. the easiest to deal with. HDFC Standard Life’s wide and diversified product portfolio help individuals meet their various needs. 5.53 We have a range of individual and group solutions. be it: • • • Protection: Need for a sound income protection in case of your unfortunate demise Investment: Need to ensure long-term real growth of your money Savings: Save for the milestones and protect your savings Pension: Need to save for a comfortable life post retirement • Health: Cover for health related exigencies . Need-based selling process.As on March 31. Track Record So Far Our gross premium income. 'Disha' the first of its kind in the industry. which can be easily customized to specific needs. which means that we are the most trusted company.69 crores. 2009 stood at Rs. 'The most obvious choice for all'. for the year ending March 31.564. offer the best value for money. and set the standards in the industry'. Vision 'The most successful and admired life insurance company. the company has more than 27 lakh polices in force.
53 CHAPTER – II OBJECTIVE OF THE PROJECT The primary objective of the project undertaken was to understand the Integrated Marketing Communication of the brand HDFC Standard Life. To study the impact of its advertisements and identifying the best one that customer most associate with. To analyze the awareness of the brand among various private players through aided brand recall techniques. To identify the medium people consider the best to know about insurance. To examine the various reasons which influence the financial consultant/employees to work for HDFC Standard Life. • • • . The secondary research objectives were: • • To study the problems faced by financial consultants of the company (under internal marketing).
factors that motivates a financial consultant to work for HDFC STD. Due to time constraint only two parts of the triangle is dealt with i.53 CHAPTER . The project has been divided into 2 parts: 1) INTERNAL MARKETING Under this study. . as they are the major revenue generator of any insurance company.e internal and external. The problem as faced by them and the employees of the company are also dealt with. 2) EXTERNAL MARKETING Under this part of research. brand awareness of the company among various private players of the company is analyzed through various brand recall techniques.III STATEMENT OF THE PROBLEM Insurance sector is a part of service industry (which accounts for more than of India’s GDP).I has also used the concept of services market triangle as explained above.LIFE would be identified.
• Internal Marketing.is an ongoing process that occurs strictly within a company or organization whereby the functional process aligns.53 CONCEPT OF THE PROJECT This project uses the concept of services market triangle described below. This model shows the three marketing functions important for service firms and how they are divided between the different actors: . motivates and empowers employees as if they are the (internal) customers of the firm at all management levels to consistently deliver a satisfying customer experience .
53 • External Marketing.It involves all the tools that a company does to make their product aware in the market. Whether it is direct. . How the employees project themselves on behalf of the company. They all fight to provide the best products and services to the customers. sales promotion etc • Interactive Marketing. So its very important to be the best and marketing is the area that can change the whole perspective about the company my project studies two types of marketing internal and external as explained above so that the company can know its flaws and improve on that to provide the best products and services.It is the direct interaction between customer and the employees of the company. IMPORTANCE OF PROBLEM There are so many insurance companies emerging in India and all of them are almost at par. advertisements.
1 APPROACH TO THE PROBLEM Step1.motivation.After identifying 13-15 factors(for eg. Designing the Questionnaire The first step in the research process was the formation of questionnaire. keeping in view the need for uniformity and specificity of information.53 CHAPTER .The questionnaire was also approved by the branch manager of the organization and his inputs was considered as required. 36 statements were formed and converted to a likert scale questionnaire.recognition. EXTERNAL- . QUESTIONNAIRE DESIGN The questionnaire is designed in accordance with the objective of the researchINTERNAL.IV RESEARCH METHODLOGY 4.career growth etc).training.
For brand awareness part objective questions were put and analyzed in graphical form(pie-charts and graphs). For internal marketing. Thus. The data was obtained through likert scale questionnaire. . Step2. multiple-choice.sample size was 125 Step3. or a communication was made through telephone or personal interview. Deciding the sample size 1) Internal marketing. Some of the questionnaires were mailed to the respondents. Classification and tabulation of Data The data obtained through the questionnaire was then fed in to the computer and tabulated. questionnaire design or scaling technique being employed etc. a few more questions are included to get the personal information of the respondents. This was done to facilitate analysis about the various aspects such as major factors influencing financial consultants to work for the company and problems faced them. This is done so as to get the analysis of the respondents. Questionnaire was redesigned accordingly. Followed by these questions.53 The questionnaire contains 10 Structured Questions which are dichotomous.. open ended. These questions are used to carry out the research and analyze the data collected.sample size taken was 40 financial consultants 2) External marketing. Step4. few SDM’s (sales development manager) were also interviewed. Collection of Data The questionnaires were directly filled by the respondents. basically branded recall techniques were used in the questionnaire. the methodology used for the survey is described above and every precaution is taken in order to minimize the errors that might result because of sampling. Initially there were some problems faced by the respondents in few questions. Indepth interviews of some marketing faculties were conducted for the external marketing part. scaled questions.
53 Step5. such as customers. the data used for the research is both secondary as well as primary in nature PRIMARY RESEARCH- .Variables of the questionnaire are first analyzed on Ms-Excel though a statistical tool called Correlation test. organizations. 4. To estimate the percentage of units in a specified population exhibiting a certain inclination To determine the degree to which variables are associated To make specific predictions Data is analyzed in a quantitative as opposed to a qualitative manner 4.2 RESEARCH DESIGN The Research Design used for this research was “Descriptive Conclusive Research”. Analysis and Findings . which is further discussed in the end of the project. etc. Designs were used where there is only one sample of respondents and information is obtained from this sample only once.Factor analysis(spss software) was used for the internal marketing part and external marketing questionnaire was analyzed on the basis of pie and bar graphs. Also. This is because of the following reasons: • • • • • It helps to describe the characteristics of relevant groups. A conclusive design is one that is used to test specific hypotheses and examining relationships. single cross-sectional also known as sample survey research designs.3 DATA COLLECTION For the project.
the respondents were approached personally and the questions were asked with the help of a likert scale questionnaire. In-depth interviews were conducted to get deep insights to the problem. journals and daily newspapers.. Each possible sample of a given size has a known and equal probability of being the sample actually selected. books. Of various methods. EXTERNAL marketing. simple random sampling method was employed for selection of 125 respondents and 40 financial consultants required for the survey.In-depth interviews of sdms of the company were conducted.likert scale questionnaire was been filled by financial consultants of the company that are the major source of business for any insurance organization. magazines.It was used to know the brand awareness of the company. This technique was used because: • • • Each element in the population has a known and equal probability of selection.e. A personal survey was conducted i. 4. NCR DESCRIPTIVE CONCLUSIVE RESEARCH PROBABILITY SAMPLING TECHNIQUE.53 INTERNAL marketing. The technique used for this purpose was the Survey methodology.. .4 SAMPLING TECHNIQUE The Sampling Technique used for the research is Probability sampling technique.. This implies that every element is selected independently of every other element IN BRIEF: CENTRE RESEARCH TYPE RESEARCH TECHNIQUE : : : DELHI. SECONDARY RESEARCH The secondary data collection method was used for collecting basic information regarding project under study by referring to various websites.
RESEARCH APPROACH TOOL USED DATA SOURCE SAMPLE SIZE
: : : :
SURVEY AND IN-DEPTH INTERVIEWS QUESTIONAIRE PRIMARY AND SECONDARY INTERNAL-40 EXTERNAL-125
CHAPTER V QUANTITATIVE ANALYSIS
1. INTERNAL MARKETING
Is an ongoing process that occurs strictly within a company or organization whereby the functional process aligns, motivates and empowers employees as if they are the (internal) customers of the firm. at all management levels to deliver a satisfying customer experience. major source of income of any insurance business is through their financial agents. WHO ARE FINANCIAL CONSULTANTS?
They are the backbone of any insurance industry. They are the one who do the job meeting, explaining and persuading people
Intermediary between company and public
He is the one who has to know which product will appeal to the customer and at the same time his competitors product in the same space to be effective enough to sell his company, product and himself.
Need for financial consultants
• • •
Live interaction necessary for the prospects to understand the product well Each prospective buyer needs specialized solution Insurance is an idea to be explained properly • Usefulness has to be clarified personally
Personalized guidance make customer feel special
KMO (Kaiser-Meyer-olkin) AND Bartlett’s test
Kaiser-Meyer-Olkin measure of sampling adequacy, tests whether the partial correlations among variables are small. It is done in anti image correlation matrix. Diagonal element in anti image correlation matrix represents the value of individual KMO for each variable. The value of individual diagonal KMO’s if less than 0.5, then it is rejected, because it shows a variable which is not able to contribute significantly. This process is carried on till the value of all the diagonal elements are above 0.5.
• • •
Bartlett’s Test of sphericity, tests whether the correlation matrix is an identity matrix. If it is an identity matrix it indicates that the factor model is inappropriate, because it means that there is no correlation with any other factor, so it is pointless to perform the factor analysis.
Correlation Matrix(a)a. Determinant = .005
KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square Df Sig. .575 79.045 66 .130
Here, Bartlett’s value is 79.04 and significance is 0.130 which depicts that it is a average data for factor analysis.Also KMO is greater than 0.5 and hence it is accepted
COMMUNALITY• • It is a test to check whether there is a dependent variable or not. It is basically the coefficient of determination which tells the percentage of variation in dependent variable that can be explained. Ex. For 1st variable, variation in dependent variable can be explained up to 75.7%.
558 1.389 1. HDFC slic should charge less premium from their customers 29.757 1.Lack of trust about the pvt players of insurance is a big limitation to pitch in sales 28.000 .000 1.667 . company takes my feed for new product development 22.000 1.511 .53 Communalities Initial 4. .514 1.000 .750 1.This Organization is better career growth option for employees compared to other insurance organizations 16.645 . all the variables according to three component factors where in variables are segregated according to the factors that depends more on a particular factors out of three components.Trainers of hdfc slic are able to communicate to ur understanding level 21. I have a strong team support in hdfc slic 35.721 1. Star performer Club system of HDFC slic has benefited me.000 .Zero investment can be one of the major factor that motivated you to be the part of hdfc 33.375 In ROTATED COMPONENT MATRIX.000 Extraction .639 1. Organization supports you with the clientele base to sell off policy 34.000 . 14.People are reluctant to listen about their life insurance policy Extraction Method: Principal Component Analysis. I am provided with all help from my immediate manager 36. 1.000 .671 .000 .000 .000 1.000 1.Effective internal communication channel facilitates efficient complaint handlings 32.
147 -. 22.317 .53 Rotated Component Matrixa Component 1 36.703 -.579 -.Zero investment can be one of the major factor that motivated you to be the part -.182 .180 .592 -.Trainers of hdfc slic are able to communicate to ur understanding level 35.People are reluctant to listen about their life insurance policy 21. HDFC slic should charge less premium from their customers 29. I am provided with all help from my immediate manager 14.434 .710 -.609 .Effective internal communication channel facilitates efficient complaint handlings 16.226 .634 . Star performer Club system of HDFC slic has benefited me. I have a strong team support in hdfc slic 4.107 .274 . company takes my feed for new product development 28.233 .142 -.693 -.Lack of trust about the pvt players of insurance is a big limitation to pitch in sales 32.This Organization is better career growth option for employees compared to other insurance organizations 34.829 .496 -.577 .483 .185 3 .352 .135 .389 -.784 2 .507 -.534 .
managerial support.feed for new product development.effective internal communication.strong team support are loaded on the component 2 which is explaining that these can be clubbed together as the inherent strength of the organization. Zero investment and client base are loaded on component 3 which means these were few basic criterion that motivated them to be a part of HDFC as financial consultants. .53 TOTAL VARIATION EXPLAINED The 5 factors which are loaded on the component 1 are explaining about the organisation culture and growth in which the factors like sales training.career growth come together. The next 2 factors star performer club.
basically a interactive and new exposure on daily basis. Few of them told because of leniency of HR. cool work culture and the trust level among the employees. 3. 2. DO YOU FIND YOUR JOB EXCITING/BORING? Every one of them said exciting for the reason that they get to interact with different types of people. One of them quoted”what they say and what they make us do is very different in terms of profile. MAJOR FRUSTRATIONS OF YOUR JOB? They say sometimes achieving targets becomes so very frustrating that you are not able to focus on your job effectively. ARE YOU SATISFIED WITH THE ORGANISATION? WHAT MOTIVATES YOU TO BE THE PART OF THIS ORGANISATION? Most of them gave a positive response that yes they are satisfied with the organization and the major things that motivates them to be the part of hdfc slice was the brand name. salary problems also arise very often. General responses from them were1. ultimately persons recruited on channel development profile ends up selling” .53 INTERVIEWS WITH THE EMPLOYEES OF THE ORGANISATION These were the few questions that were asked from the branch officers. lots of travelling. sales development managers of the organization. all you think is targets and targets…one of them quoted”I NOT ONLY EAT AND DRINK BUT I BREATHE HDFC SLIC”….
. it involves all methods that company uses to project itself in the market among various other competitors. A different questionnaire was designed to analyze awareness of the company through various brand recall techniques and few open ended and close ended questions. ANY SHORTCOMINGS/AREA YOU WANT HDFC SLIC SHOULD IMPROVE UPON? • • • • • CRM/PR NEEDS TO BE IMPROVED A LOT PROPER HIERARCHY OF COMPLAINT HANDLINGS SHOULD BE DESIGNED CLASS OF FC. EXTERNAL MARKETING It involves all the tools that a company does to make their product aware in the market whether it is direct. advertisements.53 4. Profile of the respondents and analysis of the data has been discussed below.S SHOULD BE RECRUITED FC AND SDMS RELATIONSHIP SHOULD BE IMPROVED PROPER ELIGIBILTY CRITERIA OF SDMS 2. sales promotion etc.
53 PROFILE OF THE RESPONDENTS 1) MOST OF THE RESPONDENTS WERE IN THE AGE BRACKET OF 20-30 YEARS 2). .
53 AVERAGE MONTHLY INCOME OF THE REPONDENTS WERE BELOW 25OOO 3) 54% OF THE RESPONDENTS WERE MARRIED AND 46% SINGLE 4) .
5) MAJOR 51% OF REPONDENTS WERE GRADUATE. POST GRADUATE HOLDING 42% 6) .53 52% OF THE RESPONDENTS WERE HAVING CHILDREN AND 48% DID NOT.
53 43% OF THE RESPONDENTS WERE UNDER PRIVATE JOBS.SERVICE TAKING THE SECOND POSITION WITH 24% 7) 72% OF THEM SAID YES THEY ARE HOLDING LIFE INSURANCE POLICY/POLICIES 8) .GOVT.
9) People those who were holding 2 policies.53 S INGL P IC H D S E OL Y OL ER LIC SBI HDFC 4% ICICI BAJAJ ALIANZ TATA AIG KOTAK 4% 3% 1% 4% 5% 79% 79% OF THEM WERE HOLDING LIC POLICIES. 46% of them were holding LIC and ICICI was the second with 27% .
53 RESPONDENTS WERE ASKED TO NAME THE TOP THREE BRANDS THAT COMES TO THEIR MIND WHEN WE TALK ABOUT LIFE INSURANCE10(A) .
53 10(B) ICICI WAS THE MOST RECALLED BRAND. THEY HAVE HEARD ABOUT HDFC STD LIFE 12) . and HDFC WAS THE SECOND MOST RECALLED BRAND. 11) 96% OF THEM SAID YES.
.53 MOST OF THEM HEARD ABOUT HDFC STD LIFE THROUGH TV (33%) 13) 57% OF THE RESPONDENTS WERE NOT AWARE ABOUT IPL SPONSORSHIP.
16) . 15) 35% OF PEOPLE CONSIDERED THAT NEWS CHANNEL IS THE BEST MEDIUM TO COLLECT INFORMATION ABOUT INSURANCE.53 14) 90% OF THEM HAVENT VISITED THE WEBSITE YET.
53 79%OF THEM SAID YES ADVERTISEMENTS MAKES A DIFFERENCE RESPONDENTS WERE SHOWN 5 FAMOUS ADVERTISEMENTS OF HDFC STD LIFE AND WERE ASKED TO RANK ACCORDING TO THE RECALL VALUE- A. The small girl gets confused and says that it would be very expensive to go in a rocket so she will ask her maternal uncle(mama) to buy the ticket for her as he is very rich. Her dad tells her that she will go in a rocket to the moon. Father responds to this by telling her that he has invested money in children plans and would easily be able to afford the ticket. It starts with a small girl looking at a book about space n tells her father that she wants to become an astronaut when she grows up. . .
The old man gets annoyed and says that the only thing he has ever asked from anyone is her hand from her father for marriage. So he hands some cash to his friend asking him to give it to his wife. Two friends are riding in a taxi and one of them is going to some place for a 3-4 days. His friend asks him . To this the daughter proudly hands him a cheque and tells him that she will pay for it and she has carefully planned and invested the money. The lady replies saying that they can ask for money from there daughter. The old man tells his wife as they can no longer afford a maid and a cook. And father emotionally tells her that both his car and daughter have grown up.53 B. Then he points out to his car outside his house and tells her that they cannot afford the car also. The wife gets disappointed and says that he asked his hand so that they have to see this day when they cant afford anything. Suddenly he realizes that he forgot to give money to her wife that she can use while he is away. Her father asks her from where would the additional money come from . D. In the starting we see a man repairing his old car. C. The husband laughs and tells his wife that hes doing all this so that they can go to Singapore for vacation and shows her two tickets. Her daughter watching this advices him to buy a new bigger car.
53 what if he returns after 10-12 days.then the old man gives his hand to the old lady(his wife)…and the wife also refuses to take his help.the old man’s son gives his hand to his father in order to help him out in getting down. In the background we hear about the life insurance and its importance. Again he asks what if he never comes back.the ad ends with the jingle “na sar jhuka hai kbhi aur na jhukega kbhi 17(A) THE SMALL GIRL (A) ADVERTISEMENT WAS THE MOST RECALLED AD AMONG 5 17(B) .but father refuses and get down on his own. E. this ad starts with a old couple getting down on a railway station. Being concerned he hands out more cash to his friend.
18) .53 LEAST RECALLED ADS WERE E (36%) AND D (30%) 17(C) AD A (31%). B (30%) WERE THE MOST LIKED AD.
72% of them were holding life insurance policies.53 CHAPTER VI FINDINGS The major findings include: Findings related to external marketing• Out of total respondents surveyed. • • • • • When asked that have they ever heard about hdfc 96% of them said yes.life to one of the IPL teams.LIFE taking the second position. . And most of them heard about it through television (33%) When asked about a recent sponsorship of hdfc std. Out of the people holding life insurance policies 79% were holding LIC policies When asked about top three brands that come to their mind when they listen about life insurance ICICI was the most recalled brand HDFC STD. 57% of them said that they were unaware or didn’t notice.
life and were asked to rank it according to the recall value-advertisement A was the most recalled and the least recalled were E (36%) and D (30%).B(30%) were the most liked advertisements . • When respondents were shown 5 most popular TV commercials of hdfc std. ICICI and Birla sunlife with 88% and HDFC SLIC logo was identified by 79% Findings related to internal marketing(Factor analysis) . • • AD A(31%).Related to financial consultants. • The 5 factors which are loaded on the component 1 are explaining about the organisation culture and growth in which the factors like sales training. career growth come together. • Zero investment and client base are loaded on component 3 which means these were few basic criterion that motivated them to be a part of HDFC as financial consultant. feed for new product development. Related to sales and channel development employees (through in-depth interview) . effective internal communication. Majority of the respondents considered that news channel is the best medium to collect information about insurance. • 79% of the respondents said yes advertisements make a difference when people consider buying insurance products. managerial support. Respondents were given a sheet of logos of various insurance companies to identify and the result that came wasSBI life logo was the most identified one with 93%.53 • • 90% of the respondents haven’t visited the company website yet. • The next 2 factors star performer club. strong team support are loaded on the component 2 which is explaining that these can be clubbed together as the inherent strength of the organization.
Complaints are not handled effectively.life. • Zero investment is one of the major factor that motivates a person to work as fc for Hdfc Std. • Various schemes and star performer club system of the organization motivates the fc to get into more business.53 • Major things that motivates them to be the part of Hdfc slic was the brand name. sales training. Class of fcs are not recruited Achievable targets are given on monthly or quarterly basis. cool work culture and the trust level among the employees. . • • • CHAPTER VII CONCLUSION The findings can be concluded as follows: • For a financial consultant factors like managerial support. internal communication (Organizational management and culture) more than any other factor.
Hdfc was the second most recalled brand. Fcs are just recruited for the sake of selling more and more.53 • Cool organization culture with achievable targets motivates Sdms and channel managers to be a part of Hdfc std. • 96% of the respondents were aware of HDFC STD. there is no proper class of agents which makes the interaction between sdms and fcs even more difficult. • Ad D was the least recalled and liked ad which shows that still people are reluctant to hear about their death and negative perception about life insurance through the advertisements does not appeal to the audience. and It is important for HDFC SLIC to take necessary corrective action because if the wound is not healed at the proper time than in long run it will be a problematic situation for the company. CHAPTER VIII RECOMMENDATIONS In the above pages we have tried to figure out the problems that employees and agents face. I suggest the following Internal marketing . Sometimes we are so busy in working for the short term goals that we forget the long term repercussions. Based on my experiences during the internship period.LIFE but when asked about top three brands that come to their mind when they listen about life insurance ICICI was the most recalled brand.life • • Major problem they face is of no proper or delayed complaint handlings.Also we studied its brand awareness. • Most liked ad was the small girl ad which shows that nowadays people consider taking life insurance to secure the life of their young children and his/her future.
Non-monetory motivational tools like trips. hence a separate CRM/PR department should be there that deals with only complaints or there should be some proper hierarchy of complaint handlings. • CLASS OF AGENTS- Proper class of fcs should be recruited in order to avoid that gap of interaction and belongingness of the fc and the employees of the organization • NON MONETORY MOTIVATION- Monetory schemes and incentives plans like star performer club system should be encouraged. External marketing • EXCLUSIVE BRANDING EXERCISES- .53 • SEPARATE CRM DEPARTMENT- General problem that the employees faced was of complaint handling that seemed to be really disorganized in the organisation. • FEED FOR NEW PRODUCT DEVELOPMENT- Who doesn’t like recognition. so while designing new products suggestions from established financial consultants should be considered as they are the one who directly interacts with the customers and can give better insight. • PROPER INFORMATION- New schemes and plans of the company should be mailed or posted to the consultants of the company with proper details and brochures. celebrating various occasions can be used to encourage fcs and employees.
so transit media like metros. . local trains.so it should work a lot on branding exercises that are different from usual like road shows. • POSITIVE APPEALING ADS- Respondents dint find the recent ad (that talks directly about a persons death) appealing.traffic lights. (other modes constituting very limited percentage).more of sponsorships. market position should be made aware to the customers through popular and reliable tv channels. cabs should be used for awareness to maintain the class and standard of the company as well as to build up the brand strength. schemes. Secondly I felt that unlike other insurance companies hdfc slic advertise very less on newspapers and magazines which almost everyone of us reads so they should target some popular magazines and newspapers.events on occasion like children day. • INCREASE AWARENESS THROUGH NEWS CHANNEL AND NEWSPAPER- Majority of the respondents considered that news channel is the best medium to collect information about insurance.parks. or talk shows.mother’s day(providing them with free gifts or free picture click). Try and promote insurance in colleges and corporate houses.near school.father’s. deluxe buses.hoardings at places like clubs. hence company’s growth.socities. • USE OF TRANSIT MEDIA- There are thousands of peoples using public transport on daily basis. so the organization should portray insurance as a future saving or life/tax saving plan not as a contingency/death benefit as Indian society is still reluctant to hear about one’s death.53 Most of the respondents were aware about HDFC SLIC and they heard it through television.
this will give 1st mover appeal and HDFC SLIC can easily play on it .53 • BRAND AMBASSDOR OR MASCOT- They could try and have brand ambassador to promote the company that will produce a direct impact on the consumers as most of the insurance companies don’t have a brand mascot.
.53 LIMITATIONS Limitations of the study are as follows: 1. 2. Financial consultants and end customers might not have taken the questionnaire seriously while filling it. The respondents were too less only 35 financial consultants (external marketing survey). There might be communication gap while taking survey. There may be the case where financial consultants and end customers are unable to understand the questions. 4. 3.
53 ANNEXURE – 1 QUESTIONAIRE OF INTERNAL MARKETING NAMEHOW LONG U HAVE BEEN IN THIS ORGANISATION HAVE U EVER MIGRATED FROM 1 CO. HDFC SLIC Organization gives proper recognition to FCS(my)work Strongly Agree 2. Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly .(SAME SECTOR)TO THE OTHER IN YOUR CAREER IF YES HAS IT ENHANCED THE PERFORMANCE? THIS QUESTIONAIRE HAS BEEN DESIGNED ON LIKERT SCALE.WRITE N/A IN FRONT OF THAT. Renewal commission system of HDFC slic actually motivates me.. PLS FILLL IN THE MOST APPROPRIATE OPTION.SOME STATEMENTS MAY NOT BE APPLICABLE TO YOU.. 1. Strongly Agree 3. Contests and recognition parties held are particularly of no imp for me.
Commissions are paid on time Strongly Agree 9. Star performer Club system of HDFC slic has benefited me. The commission provided by the org is not sufficient for the amount of business fcs bring Strongly Agree 8. Commission provided are sufficient compared to other insurance orgs Strongly Agree 7. Service environment of the company motivates the selling process. Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly . I give any extra discount to my customers from my commission part Strongly Agree 10.53 4. Strongly Agree 5. Sealing limit (500000) to be eligible for star performer club system is not feasible Strongly Agree 6.
53 11.Organization provides flexible working hours to manage time for job. Strongly Agree 14. Online training of hdfc is user friendly Strongly Agree Disagree Disagree Undecided Agree Strongly . Organization time to time training help the employees for better sales pitching Strongly Agree. Trainers of hdfc slic are able to communicate to your understanding level Strongly Disagree Disagree Undecided Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly 17. Strongly Agree 12.This Organization is better career growth option for employees compared to other insurance organizations Strongly Agree 15. 13. I feel financially safe being a part of HDFC slic Strongly Agree 16. Life insurance product selling is a source of motivation because of social cause.
Popularity of particular product plan/policy directly affects the sales volume Strongly Agree 21. Lack of trust about the pvt players of insurance is a big limitation to pitch in sales Strongly Agree .22. Customized product system of hdfc helps to bring in more business Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly . Strongly Agree 23. of hours sales training provided is sufficient to generate effective sales Strongly Agree 19. Tangibles like website and other e-sources of hdfc slic helps in selling Strongly Agree 24. People are reluctant to listen about their life insurance policy. No.53 18. Company market image of hdfc facilitates selling Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly 20.
Effective internal communication channel facilitates efficient complaint handlings. HDFC slic should charge fewer premiums from their customers Strongly Agree 29. Company’s employee policy is effective for claim settlement process Strongly Agree 31. Organization gives achievable targets. Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly . No. of meetings arranged for you in the org are too less Strongly Agree 27.53 Strongly Agree Disagree Disagree Undecided Agree Strongly 25. Strongly Disagree Disagree Undecided Agree Strongly Agree 26. Strongly Agree 30. I want to sell for a company who is giving more incentives but is a new entrant Strongly Agree 28. Customers are impressed by the product portfolio of the company .
53 Strongly Agree Disagree Disagree Undecided Agree Strongly 32. Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly . Company takes my feed for new product development Strongly Agree The ultimate goal of a business is to increase sales and income. I am provided with all help from my immediate manager Strongly Agree 36. Organization supports you with the clientele base to sell off policy Strongly Agree 34.brand awareness refers to how aware customers and potential customers are of the business and its products. Zero investment can be one of the major factor that motivated you to be the part of hdfc Strongly Agree 33. I have a strong team support in hdfc slic Strongly Agree 35.
000 Single Married Yes No of the Questions Coding Categories Circle the category code.00. 2.000 50. 5 Marital Status . 2.000 – 1. 1 2 3 Name Respondent Age of the Respondent 1.000 – 50.000 25. 4 Average Income household) Monthly 1.00. 30 – 45 years 3. No. (of the 1.000 Above 1. 3. 20– 30 years 2. 6 Children in family 1.53 ANNEXURE -2 Questionnaire of external marketingIDENTIFICATION Q. 2. 1. Above 45 years Below 25.
AWARENESS OF BRANDS AVAILABLE ... What is your main occupation? 4.. High School 2. Are you holding or ever held a life policy/pension plans /children plans /ulips etc. 12.. Government Service. 7.. 5.Housewife. 3. which company...... Others 1. . Skilled labour...53 EDUCATION DETAILS Education Level Codes for Education: 1. Diploma 3......... Businessman..(pls tick) YES NO 2.... Others EMPLOYMENT DETAILS . Post Graduation 5. Private Service. 6. Codes for Occupation: (Specify) 1. Skilled artisan. 2. 4. Graduation Doctorate 6. Self-employed professional. If yes.
Have you ever heard about HDFC STANDARD LIFE (insurance sector) YES NO 5.Word of mouth 6. Are you aware about hdfc sponsorship to one of the IPL teams? YES NO 7. What according to you is the most influential channel to gather info about insurance policies? …………………………. 4. . If yes through which source. 8.(except lic) 1 2.tv 3. 3.financial consultant 4. Others (Please specify) 6.radio 8. Newspaper 2..hoarding 5. Which Brands comes to your mind when you think life insurance policies/pension plans/children plan etc ? Give top 3 in order of preference .internet 7.53 3. Have you ever visited hdfc website? If yes why n how often? ……………………………………..(pls tick) 1.
if you are not able to recall any ad write no in front of it Rank-(WRITE A-E) 1. Do u think advertisements make any difference when people consider buying insurance products 10. . 3. 4. 5. 2..IDENTIFY THESE INSURANCE BRANDS……. Which ad of hdfc you personally like the most? Why? 12.e write the ad you recall the most in front of 1….53 9.please have a look at the advertisements given with the description on the last page and rank them according to their remembrance i. 11.
Naresh K Malhotra. Galgotia Publishing Company WEBSITES: . 7…………………………… 9……………………… BIBLIOGRAPHY BOOKS: • • Marketing Research. 2…………………………… 3…………………………… 4………………………….L GUPTA.53 1…………………………. 4th edition. Pearson Education Project Report Writing.RAMPAL & S. 5…………………………… 6…………………………. 1st edition.K.M.
com/ .com http://www.irdaindia.wikipedia.53 • • • • • • www. MAGAZINES AND JOURNALS • • • • Outlook Money. IRDA Journal.com www.hdfcinsurance.org www.com/business www.economywatch. Insurancewatch Insurance world .rediff.google.com/insurance/life-insurance www.
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