DECLARATION

I, Mr. RAJEEV KUMAR JHA, hereby declare that the project work entitled Co- Operate Social Responsibility submitted to G.I.D.C ROFEL BUSINESS SCHOOL, VAPI Approved by All India Council For Technical Education, is a record of an original work done by us under the guidance of Mr.DEWANG DESAI and this project work has not been submitted to any other University / Institute previously.

ACKNOWLEDGEMENT
I take this as an opportunity to thank with bottom of my heart to all those, without whom the journey of doing my project would not have been as pleasant as it has been to us. Working on my project was a constant learning experience and we have tried our level best to complete the project up to the expectations. For any project to be a success, it is very important to get the right guidance and support which I got from my Faculty Guide Mr. Dewang Desai . I am very much thankful to him for giving me their valuable advice and guidance towards fulfillment of the project. I express my gratitude to my faculty guide for inspiring me throughout the project. I also extend my heartfelt thanks to my Project Guide Mr. SANJIV Y BORSE for his step to step Guidance all through my dissertation work and helping me to work towards excellence in my work.

I want to express my deep gratitude to our institution G.I.D.C ROFEL BUSINESS SCHOOL, VAPI, for giving me the opportunity to undertake this project and enhance my knowledge.

CERTIFICATE
This is to certify that RAJEEV KUMAR JHA have satisfactorily completed the project work entitled, TRENDS AND CHALLENGES IN INSURANCE SECTOR Based on the declaration made by the candidate and my association as a guide for carrying out this work, we recommend this project report as a part of the PGDM program.

Place: VAPI Date: 10-JULY-2012

Mr. KEDAR SUKLA (Director in charge)

Mr.Devang Desai (Faculty)

CONTENTS 1.Introduction CRM..................................... 2. History of insurance................................. 3.Introduction of insurance ........................ 4.Company profile ...................................... 5.CRM in LIC of india . 6.Research Methodology.............................. 7.Analysis..................................................... 8.Suggestion.. 9.Bibliography...............................................

Introduction

INTRODUCTION TO CRM:

CRM is an acronym for Customer Relationship Management. Its a set of strategies, processes, metrics, organizational culture and technology solutions that enhance an organization's ability to see the differences in its present & prospective customers, track new opportunities to better serve customers and act, instantly and profitably, on those differences and opportunities. Recently CRM has taken a center stage in the business world with businesses concentrating on saving money and increasing profits by redefining internal processes and procedures. It costs a company dramatically less to retain and grow an existing client, than it does to court new ones. The aim of CRM is to optimize the use of technology and human resources. CRM services consist of the following major segments: 0 Consulting services Implementation services CRM Outsourcing services Training services

HISTORY OF INSURANCE SECTOR :

The business of life insurance in India in its existing from started in India in the year 1818 with the establishment of the oriental life insurance company in Calcutta. Some of the important mile stones in the life insurance business in India are: 1912 : The Indian insurance companies Act enacted as the first statute to regulate the life insurance. 1928 : The Indian insurance companies Act enacted to enable the govt. to collect statistical information about both life and non-life insurance business. 1938 : Earlier legislation consolidated and amended to by the insurance act with the objective of protecting the interests of the insuring public. 1956 : 245 Indian and foreign insurers and provident societies taken over by the central govt. and nationalized.

INSURANCE IN INDIA A BRIEF REVIEW

The insurance sector in India has come to a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracking the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

The insurance industry is totally dependent on the ability to convert raw data in to intelligence intelligence about customers, marketers, competitors, and business environment. Over the years data processing technology has progressed phenomenally and tools like data ware hosing, OLAP and data mining, which constitute the corner stone of effective business intelligence environment, have been widely accepted across industries. How ever, insurance companies have been relatively slow in adapting these tools, primarily because of lack of competition due to protective regulations. But now, they can no longer afford to be complacement as the internet, deregulation, consolidation, and convergence of insurance with other financial services are fast changing the basic structure of the industry. The insurance industry is quite diverse in terms of portfolio of products provided by diff. companies. The products can be broadly classified in to two product lines. property and casually (P&C) and life insurance .life insurance product line can be further sub-divided into LIFE INSURANCE HEALTH INSURANCE
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WHAT IS INSURANCE :

Insurance is a CONTRACT BETWEEN TWO PARTIES where by one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money n the happening of a certain event .

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the insurance act as trustees to the amount collected.

For example in a life policy by paying a premium to the insurer, the family of the insured person receives a fixed compensation on the death of the insured. Similarly, in a car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage.

It is a system by which the loses suffered by a few are spread over many exposed to similar risks.

WHY TO BUY LIFE INSURANCE :

To protect and support your beneficiaries home and livelihood.

To replace your income and minimize the debt load for your heirs.

To provide beneficiaries with income tax free proceeds.

To provide heirs with benefits to pay the tax on your estate.

To help protect the value of your estate.

Life insurance helps protect the financial security of your family in the event of your on timely death. This is especially important when you are the primary wage earner. The owner of the policy pays the insurer premiums in exchange for a promise to pay the beneficiaries a death benefit upon the death of the insured.

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WHO PROVIDES IT : INSURANCE REGULATORY AND DEVOLOPMENT AUTHORITY

Reforms in the insurance sector were initiated with the passage of the IRDA bill in parliament in DEC 1999. The IRDA since incorporation as a statutory body in APRIL 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAS online service for issue and renewal of licenses to agents.

Since being set up an independent statutory body the IRDA has put in a frame work of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

By passing of the IRDA bill, the insurance sector has been opened up for private companies to carry on insurance business. Insurance contracts are based on good faith i.e the details furnished by the proposer are accepted in good faith and this will form the basis of the contract.
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OTHER FACTS ABOUT LIFE INSURANCE THAT YOU NEED TO KNOW

Life insurance is an essential part of financial planning.

Income tax-free death benefit proceeds payable to your beneficiaries.

Needs and goals determine the amount to own.

Helps ensure that your dependents are not burdened by debt.

The younger and healthier you are when you purchase life insurance, the less it will be cost you to own a life insurance, the less will be cost you to own a life insurance policy.

Life insurance needs should be revaluated when major events occur in life such as marriage, the birth of children or a business startup.

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OBJECTIVE OF INSURANCE:

Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.

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COMPANY PROFILE OF LIC OF INDIA

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Company details:
The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost. LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. re-organization of LIC took place and large numbers of new branch offices were opened. As a result of re-organisation servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organisation happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies. Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7 zonal offices and the Corporate office. LICs Wide Area Network covers 100 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

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LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire

BUSINESS PLANS FOR 2011-12 During the financial year 2011-12, the Corporation has planned for sustained growth in New Business. The New Business Annual budget is as under: BUDGET FOR THE FY 2011-12 TOTAL POLICIES (IN CRORE) 4.26 SINGLE PREMIUM (` IN CRORE) 31,964.00 NON-SINGLE PREMIUM (` IN CRORE) 22,036.00 _______________________________________________ TOTAL PREMIUM (` IN CRORE) 54,000.00

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Board of director: Members On The Board Of The Corporation

Shri D.K. Mehrotra, (CHAIRMAN, LIC ) Shri T. S. Vijayan, (Managing Director, LIC ) Shri Thomas Mathew T. (Managing Director, LIC ) Shri Sushobhan Sarker (Managing Director, LIC )

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Operation
We operate all over India -

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TOTAL PRODUCTS OF LIC OF INDIA: As individuals it is inherent to differ. Each individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

Jeevan Arogya

Bima Account 1 Bima Account 2

Endowment Plus

Jeevan Anurag CDA Endowment Vesting At 21 CDA Endowment Vesting At 18 Jeevan Kishore Child Career Plan Jeevan Ankur

Komal Jeevan Marriage Endowment Or Educational Annuity Plan Jeevan Chhaya Child Future Plan

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Jeevan Aadhar Jeevan Vishwas

The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan Amrit Jeevan Vriddhi Jeevan Vaibhav (Single Premium Endowment Assurance Plan)

Jeevan Shree-I Jeevan Pramukh

The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat

Jeevan Bharati - I

The Whole Life Policy The Whole Life Policy- Limited Payment The Whole Life Policy- Single Premium Jeevan Anand Jeevan Tarang

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Two Year Temporary Assurance Policy The Convertible Term Assurance Policy Anmol Jeevan-I Amulya Jeevan-I

Jeevan Saathi

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CRM Initiatives being taken by the given organization:Policy Locator LIC of India have special feature on its official website POLICY LOCATOR. This site has been designed for giving a variety of general and policy information to our policyholders. For viewing the policy related information, new customers are required to go through a Registration procedure, the details of which are stated in the ensuing paragraph. 3.1.1Features: Login Policy holders login facility is provided on the Home Page for the use of registered users. Registration All new users are required to complete the Registration Form online selecting username and password of their choice. The username can be alpha, numeric, with characters dot and underscore. The password must be in between 8 to 30 characters. The information marked with (*) are mandatory fields and cannot be left blank. The pin-code cannot be more than 6-digits. The e-mail id entered should be a valid one for further correspondence. The user-id chosen should be unique. Password should be unique and be kept confidential. An auto-responder mail would be sent to the policy holder as confirmation of successful registration. Status On successful registration, the customer will have access to information regarding status of policy/s, loan, revival, premium due/ policy calendar, maturity calendar etc. 8 Feedback Form Policyholders may use the Feedback link to send their queries and valuable suggestions / Comments
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Insurance Selector This is an application on their official web site. This helps one in deciding which plan is suitable according to his/her age, occupation, income and insurance needs. Phone Helpline LIC have a phone helpline, i.e. toll free no. A customer can have following interactions with the executive or with IVR. Customer Zone Change of address Issuing premium paid certificate Acceptance of life certificate for pension policies Resolving any policy related complaints Information on Premium position, Bonus, Loan , Revival of lapsed policies Assistance for Filling up of forms Registration on LICs Customer Portal

Policy information through SMS: Customers can get information on loan available, bonus accrual, revival quotation, premium position and nomination status by sending SMS at 56677 and typing asklic <policy number> <information required>.

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Annuity Payments: Annuity policies serve the purpose of secured and guaranteed returns in old age. Recently we have introduced NEFT (National Electronic Fund Transfer System) for immediate credit of annuity in bank account of annuitant on due date. All 11 Individual Pension Plan (IPP) Cells have started sending annuity through NEFT.

To know Policy details through IVRS, simply dial 1251 available 24x7 in the following cities Asansol Allahabad Aurangabad Bareilly Coimbatore Dharwad Gorakhpur Gwalior Hazaribagh Jodhpur Jammu Kozhikode Kota Kolhapur Meerut Mysore Nashik Patna Pondicherry Rajkot Ranchi Salem Surat Shillong Shimla Thanjavur Vadodara Varanasi For making local call from any MTNL or BSNL number simply dial 1251 and for other than local users IVRS can be accessed by dialing the city STD code of the IVRS center followed by Online Payment channels, Valid Receipt issued instantly: Customers Portal Payment Gateway: Online premium payment on LIC Website, www.licindia.in with the help of Net BankingFacility of 50 major Banks and 26 Debit cards. Premium can be paid for ULIP policies (excluding Health Insurance plan) also. Axis Bank: Premium can be paid at any of the Branch or Extension Counter of Axis Bank in cash or cheques drawn on Axis Bank.

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Corporation Bank: Premium can be paid at any of the Branch or Extension Counter of Corporation Bank in cash or cheques drawn on Corporation Bank. Premium collection through Franchisees: Premium can be collected only in CASH. Receipts are issued by the collection center. No service charges are required to be paid to the collection center to avail this facility. Following are the approved Franchisees : a. APOnline: website www.aponline.gov.in b. MPOnline: Website www.mponline.gov.in c. Suvidhaa Infoserve Pvt. Ltd.: Toll Free helpline number : 180022 5225 d. Easy Bill Limited :www.easybillindia.com /Toll free No 1800-11-75-75 e. Bill desk Collection Partners (Retail Collection) : website info@billdesk.com

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HELP US TO SERVE YOU BATTER:

Admission Of Age: Age is the main basis of calculation of premium under life insurance policies. The following are accepted as evidence of age:

Certified extract from Municipal or Local Bodys records made at the time of birth. Certificate of Baptism or Certified Extract from Family Bible, if it contains age or date of birth. Certified Extract from School or College records, if age or date of birth is stated therein. Certified Extract from Service Register in the case of Govt. employees and employees of Quasi-Govt. Institutions or Passport issued by the Passport Authorities in India.

Payment Of Premium:

By cash, local cheque (subject to realization of cheque), Demand Draft at Branch Office. The DD and cheques or Money Order may be sent by post. You can pay your premiums at any of our Branches as 99% of our Branches are networked. Many Banks do accept standing instructions to remit the premiums. So by providing a standing instruction to your Bank to debit your account for the premium amount and send it vide a bankers cheque to LIC, on the due dates and months mentioned on your policy bond. Through Internet : Payment of premiums can be made through Internet through Service Providers viz.HDFC Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab, Citibank, Corporation Bank, Federal Bank and BillDesk. Premium payment can also be made through ATMs of Corporation Bank and UTI Bank.
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Premium payment can also be made through Electronic Clearing Service (ECS) which has been launched at Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore, Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa and Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account in any Bank which is a Member of the local Clearing House can opt for ECS debit to pay premiums. The policyholders wishing to use this system would have to fill up a Mandate Form available at our Branches/DO and get it certified by the Bank. The certified Mandate Forms are to be submitted to our BO/DO. Policy can be anywhere in India. Citibank Kiosks at Industrial Assurance Building, Churchgate, New India Building, Santacruz, Jeevan Shikha Building, Borivili are dedicated for collection of premiums through cheques.

Days Of Grace:

Policyholder should pay the premiums on due dates. However, a grace period of one month but not less than 30 days will be allowed for payment of yearly/half-yearly/quarterly premiums and 15 days for monthly premiums. When the days of grace expire on a Sunday or a public holiday, the premium may be paid on the following working day to keep the policy in force. If the premium is not paid before the expiry of the days of grace, the policy lapses.

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Revival Of Lapsed Policy:

If the policy has lapsed, it can be revived during the life time of the life assured, within a period of five years from the date of the first unpaid premium but before the date of maturity subject to certain conditions. The Corporation offers three convenient schemes of revival viz., Ordinary Revival, Special Revival and Installment Revival. Policies can also be revived under Loan-cum-Revival and SB-cum-Revival schemes. Request for revival may be made to the Branch Office servicing the policy.

Change Of Address And Transfer Of Policy Records:

The policyholder should immediately intimate the change of his/her address to the Branch Office servicing the policy. The correct address facilitates better service and quicker settlement of claims. Policy records can also be transferred from one Branch Office to another for servicing, as requested by the policyholder.

Loss Of Policy Document:

The Policy Document is an evidence of the contract between the Insurer and the Insured. Hence the policyholder should preserve the Policy Bond till the contracted amount under it is settled. Loss of the Policy Document should be immediately intimated to the Branch Office where it is serviced.

Loans:

Loans are granted on policies to the extent of 90% of Surrender Value of the policies which are in force and 85% of the Surrender Value in case of policies which are paid-up, inclusive of the cash value of bonus. The rate of interest charged at present is 9% p.a. payable half-yearly. Loans are not granted for a period shorter than six months. The Conditions and Privileges printed on the back of the Policy Bond states whether a particular policy is with or without the loan facility.

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Relief To Policyholders:

The Corporation generally allows concessions on payment of premiums, settlement of claims, issue of duplicate policies, etc when the policyholder are affected by natural calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assureds death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee. Ensure nomination exists in the policy for easy settlement of claims.

Survival Benefit/Maturity Claims:

LIC settles survival benefit/maturity claims on or before the due date. Policyholder are intimated well in advance by the Branch Office which services the policy regarding the payment, and the necessary Discharge Voucher is also sent for execution by the assured. In case the policyholder does not get any intimation from the Branch Office concerned, he/she should contact them, quoting the Policy Number. Survival Benefit payment up to Rs.60,000/- are settled without insisting for Policy Bond and Discharge Voucher.

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Death Claims:

If the life assured dies during the term of the policy, death claim arises. The death of the policyholder should be immediately intimated in writing to the Branch Office where the policy is serviced along with the following particulars: 1. The No./s of the policy/ies 2. The name of the policyholder 3. Death Certificate issued by concerned Authority 4. The date of death 5. The cause of death and 6. Claimants relationship with the deceased On receipt of the intimation of death, necessary claim forms are sent by the Branch Office for completion along with instructions regarding the procedure to be followed by the claimant. The claims which have arisen after a period of three years are treated as nonearly claims and settled within 30 days from the date of receipt of all requirements. The claims that have arisen within a period of two years from the date of commencement of the policy, are treated as early claims and investigation is compulsory in such cases. The claim is usually payable to the nominee/assignee or the legal heirs, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy or if he/she has not made a suitable provision regarding the policy moneys by way of a Will, the claim is payable to the holder of a Succession Certificate or some such evidence of title from a Court of Law. The Corporation grants claims concessions under certain Plans whereby payment of full sum assured is made, subject to the deduction of unpaid premiums with interest till the date of death and unpaid premiums falling due before the next anniversary of the policy, in the event of the death of the life assured within a period of six months or one year from the date of the first unpaid premium, provided premiums have been paid for at least three years and five years respectively.

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Claim Review Committee: The Corporation settles a large number of Death Claims every year. Only in case of fraudulent suppression of material information is the liability repudiated. This is to ensure that claims are not paid to fraudulent persons at the cost of honest policyholders. The number of Death Claims repudiated is, however, very small. Even in these cases, an opportunity is given to the claimant to make a representation for consideration by the Review Committees of the Zonal office and the Central Office. As a result of such review, depending on the merits of each case, appropriate decisions are taken. The Claims Review Committees of the Central and Zonal Offices have among their Members, a retired High Court/District Court Judge. This has helped providing transparency and confidence in our operations and has resulted in greater satisfaction among claimants, policyholders and public.

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NEED OF CRM
Companies have to increasingly pursue a customer centric competitive strategy rather than a product centric one.

Customers demand constant access, immediate response & a personalized touch.

Focus is shifting from supply chain to demand chain effectiveness.

Better understanding & intelligent management of customer relation ship is essential for survival.

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RESEARCH OBJECTIVES:

To quickly identify, contact, attract and acquire new customers.

To obtain a better understanding of the customers, and their wants and needs.

To define appropriate product and service offering and match it to the customers unique needs.

To identify cross selling and up-selling opportunities .

To increase retention of existing customers through improved after sales, service, & support.

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RESEARCH METHODOLOGY We as team have used descriptive type of research methodology to find out customer preferences on cellular services provider. Basically to know whose services are best& interesting .

Descriptive Research: Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. Descriptive research answers the questions who, what, where, when and how. Although the data description is factual, accurate and systematic, the research cannot describe what caused a situation. Thus, descriptive research cannot be used to create a causal relationship, where one variable affects another. In other words, descriptive research can be said to have a low requirement for internal validity. The description is used for frequencies, averages and other statistical calculations. Often the best approach, prior to writing descriptive research, is to conduct a survey investigation. Qualitative research often has the aim of description and researchers may follow-up with examinations of why the observations exist and what the implications of the findings are. We are using Descriptive Research design to find out the customer preferences on cellular services provider Primary Data Collection: In primary data collection, you collect the data yourself using methods such as interviews and questionnaires. The key point here is that the data you collect is unique to you and your research and, until you publish, no one else has access to it. The primary data, which is generated by the above methods, may be qualitative in nature (usually in the form of words) or quantitative (usually in the form of numbers or where you can make counts of words used). We briefly outline these methods but you should also read around the various methods.

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There are many methods of collecting primary data and the main methods include: Questionnaires Interviews Focus group interviews Observation Case-studies

RESEARCH DESIGN : a. Type of research design : Analytical Research b. Data collection : Secondary Sources

c. Statistical Tools

: Ratio Analysis Bar Graph

SAMPLE SURVEY At the period of research work, it is necessary to collect a certain data from the people but it is not possible to survey each every person who can give information on the issue. SAMPLE CHARACTERISTICS : sample size: Nature of sample : 100 clients. Highly representatives of the population.

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TOOLS OF DATA COLLECTION The tools of data collection used in the project are questionnaires. There are basically two types of questionnaires. Open-ended : Here the respondents can answer the questions in their own way. Close-ended : Here the choices of answers are given and the respondents have to choose from the choices, the answer closest to this.

TECHINIQUES OF INTERPRETATION AND ANALYSIS

Percentage method has been used to analyse the effect of brands on respondents. Bar, pie diagrams had been used for better presentation and better understanding data. The information collected is calculated in the forms of percentage to make interpretation easy.

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LIMITATIONS OF STUDY

The information collected and opinions are of customers as to what they feel. Thus the accuracy and information colleted depends upon the perception of each respondent and circumstances involved. The study has been conducted by including 100 customers. Though the sample is highly representative of the population, it does not cover the entire market of customers having insurance policies. Analysis could not draw for the entire questionnaire, only specific questions have been analyzed and interpreted. Due to time constraint more information can not be collected.

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DATA ANALYSIS AND PRESENTATION

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1. Please tick the factor that drives you for the purchase of the insurance.

CATEGORY Safety Benefits Comfort Brand

RESPONDENTS 40 30 10 20

45 40 35 30 25 20 15 10 5 0 SAFETY BENEFITS COMFORT BRAND

INTERPRETATION: Out of 100 people who participated in survey it is found 40 are giving more importance to safety, and 30 are giving for benefits, and 10 are giving for comfort, and 20 are giving for the brand. The majority of the customers are giving more importance to safety.

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2. Do you plan to have a life insurance policy in near future.

CATEGORY With in 6 months With in 1 year After 1 year Above 1 year

RESPONDENTS 28 32 25 15

35 30 25 20 15 10 5 0 WITH IN 6 MONTH WITH IN 1 YEAR AFTER 1 YEAR ABOVE 1 YEAR

INTERPRETATION: Out of 100 people who participated in survey it is found 28 customers are willing to take the policy within 6 months, 32 are willing within 1 year, and 25 are willing to take after 1 one year and 15 are willing to take above 1 year. So the majority of the customers are within 6 months.

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3. which of life insurance policy do you prefer for your family.

CATEGORY Traditional Plans Money back Plans Unit linked Plans Market investment Plans

RESPONDENTS 32 38 20 10

40 35 30 25 20 15 10 5 0 TRADITIONAL PLANS MONEY BACK PLANS UNIT LINKED PLANS MARKET INVESTMENT PLANS

INTERPRETATION: Out of 100 people who participated in survey it is found 32 are showing interest for traditional plans , and 38 are interest for money back policy and 20 are interest for unit linked plans, 10 are interest for market investment plans. So majority of customers will go for the money back policy.

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4. which mode of payment do you find more suited to your convenience. CATEGORY Quarterly Half yearly Yearly Any other RESPONDENTS 22 28 38 12

40 35 30 25 20 15 10 5 0 QUARTERLY HALF YEARLY YEARLY ANY OTHER

INTERPRETATION:

Out of 100 people who participated in survey it is found 22 are willing to pay the amount in quarterly and 28 are willing to their amount in half yearly and 38 are willing to pay their amount in yearly, and 12 are willing to pay their amount in other modes. So majority of the customer are willing to pay amount in yearly.

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5. Are you satisfied with the services and benefits of the insurance company in which you have policy.
CATEGORY Yes No RESPONDENTS 74 26

NO 26%

YES 74%

INTERPRETATION:

Out of 100 respondents who have the LIC policy 74 are satisfied with the company service.

Out of 100 respondents who having the policy in LIC 26 are not satisfied with their services.

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6. Do you suggest the insurance company in which you have policy to your friends?

CATEGORY Yes No

RESPONDENTS 82 18

NO 18%

YES 82%

INTERPRETATION:

Out of 100 respondents who have the LIC policy 82 are willing to suggest their friends.

Out of 100 respondents who have the policy in LIC 18 are not willing to suggest their friends.
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7. Which of the following media in your view is the best seated for the insurance industry.
CATEGORY News papers T.V RESPONDENTS 46 54

T.V 54%

NEWS PAPER 46%

INTERPRETATION:

Out of 100 people who participated in survey it is found 46 are know about the LIC POLICIES by news papers.54 are know by T.V.

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ANALYSIS OF CUSTOMER RELATIONSHIP MANAGEMENT IN VAPI AND SILVASSA

Name: Age:

Sex: phone :

(1) Please tick the factor that drives you for the purchase of the insurance. A) safety B) benefits

C) comfort

D) Brand

(2) DO you plan to have a life insurance policy in near future. A) Within 6 months B) Within 1 year

C) After one year

D) Above one year

(3Which of the life insurance policy do you prefer for your family. A)Traditional plans B) money back plans

C) Unit linked plans

D) market invest plns

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4)which mode of payment do you find more suited in your convenience. A) Quarterly B) Halfyearly

C) yearly

D) Any other

5) Are you satisfied with the services and benefits of the LIC of india insurance company you have policy. A) Yes B) No

(6) Do you suggest the insurance the LIC of India to your friends. A) yes B)No

(7) which of the following media in your view is the best seated for the insurance industry. (A) News papers B) T.V.

(8) Any expectations that are not fulfilled by the LIC of India company and suggestions.-------------------------------------------------------------------------------------------------------------------------------.

I THANK TO YOU VERY MUCH FOR YOUR VALUABLE TIME AND COPERATION IN COMPLETING THIS QUESTIONNIRE.

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Suggestion:

M-CRM: LIC should move further by using MCRM application to inform its policy holders about the status of their policy & even informing them about the various due dates that may be for payment of premium, date of maturity, any discrepancy in documents attached by just sending them a text message on their mobiles.

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BOOK REFRENCE: READY RAKANER

WEB SITE REFERENCE:http://www.licindia.in/history.htm http://www.licindia.in/objectives.htm http://www.licindia.in/board_of_directors.htm http://www.licindia.in/operations.htm http://www.licindia.in/know_lic.htm http://www.licindia.in/help_us_to_serve.htm http://www.irda.gov.in/ADMINCMS/cms/frmGeneral_NoYearList.aspx?DF=AR&mid=11.1

http://www.scribd.com/doc/86705837/Customer-Relationship-Management-in-Ing-Vysya-Life-Insurance-MbaProject

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