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Kotak Mahindra LIC-Customer Satisfaction
Kotak Mahindra LIC-Customer Satisfaction
On
For
By
Mr. Sachin Bhutkar
Vishwakarma Institute of Management
Survey no.3/4, Kondhawa Budruk, Pune-411 048
KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD
PUNE
STUDY ON
MR NIKHIL SHAH
(SALES MANGAGER)
&
PROF. MAHESH HALALE
SUBMITTED BY
MR SACHIN BHUTKAR
IN PARTIAL FULFILLMENT OF MBA FROM
VISHWAKARMA INSTITUTE OF MANAGEMENT PUNE
ACKLOWLEDGEMENT
It is said, The most important single word is we and the zero important
single word is I . This true even in today s modern era. It is absolutely
impossible for a single individual to complete the assigned job without help
and assistance from others.
Sachin Bhutkar
Executive Summary
As the company was new and it was yet to be marketed to a large number of
customers, it was essential to know the feedback of customers in order to
formulate effective marketing and sales strategies in future and improve the
quality of service to achieve better consumer satisfaction.
The site visits and companing made us possible to measure the satisfaction
of consumer by identifying the attributes, which gave consumer-varying
degrees of satisfaction.
For this a questionnaire was prepared which gave a vague idea about the
people who were really interested and wanted to know about various new
opportunities in the insurance sector. Go through questionnaire in different
different area and people in the Pune city. The study was undertaken for
pune region during two months. The researchers were given first 15 days for
collection of data and scanning the data. The questionnaire contains various
aspects like there. Address, their present age, profession, number of
dependents, Goals and also planning for old age (Retirement) etc.
The second part of the study that consists of 40 days contains scanning the
questionnaire and taking appointments. After that usually meeting the
persons and tell them about the company.
Most important part is analyzing the information.
CONTENTS
1. Introduction
2. Industry Profile
3. Company Profile
5. Research Methodology
9. Bibliography
10. Annexure
INTRODUCTION
INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We don t have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.
Most insurance plans available today come with a savings element built into
it. These policies not only for a financially independents future, which were
have a comfortable retirement. For example. Kotak preferred Retirement
plans such as income plan and kotak Multiplier plan. Most insurance plans
available today have a bailt in saving elements. Kotak preferred Retirement
plans meet your dual financial goals of life cover and savings for the future.
Collateral security.
Life wasn t designed to be risk free. The key is not to eliminate risk, but to
estimate it Accurately and manage it wisely.
Insurance sector have characteristic that give can boost to the growth of any
economy .it is due to the savings done at the individual level and at micro
level it generates funds for infrastructure building as the cash flow is
constant while the payout is differed, so that the insurance companies are
becoming biggest investors in long gestation infrastructure development
projects and hence have a great Importance to the developing economy like
India. Insurance sector with an annual growth rate of 15-20% and the largest
number of life insurance policies in force, the potential of the Indian
insurance industry is huge.
INTRODUCTION OF THE TOPIC
While writing this report the language has been keep simple and the entire
discussion has been logical and has coherent outlines. The main motto of the
project work was Market Research and customer Satisfaction of Kotak
Mahindra Life Insurance, Pune. It includes through market Research in
various plans of Kotak Mahindra Life Insurance. And in detail consumer
(Satisfaction) responses analysis, by surveying number of consumers.
The project report is divided into two parts, first part consists market
research for finding out best sold plan of Kotak Mahindra Life Insurance,
And second consist survey report of various consumers about there
responses about satisfaction towards Kotak Mahindra Life Insurance
Company.
IMPORTANCE OF THE TOPIC
The project report is all about market research to find out best sold plan of
Kotak Mahindra Life Insurance, pune. And to mouser the satisfaction level
of consumers of Kotak Mahindra Life Insurance.
Market research helps Kotak Mahindra Life Insurance about the best plan
purchased by its consumer satisfaction level helps to know weather the
consumers are satisfied by service/Plans of Kotak Mahindra Life Insurance.
INDUSTRY PROFILE
INDUSTRY PROFILE
th
A. The oldest form of insurance (12 century) is marine insurance. After
th
wards in 16 century fire insurance is started in Germany.
B. The first registered life office was Hand in Hand Society
established in 1696.
C. In India the first life insurance was started in the Bengal Presidency in
1818 knows as oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
and to the more specific after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in
2001. The private player in the insurance industry and ends the
dominance of LIC.
F. The different MNC s company of foreign country enters in the
insurance industry with the joint venture with Indian companies.
Today total 11 private life insurance companies are working in
insurance industry.
HISTORY
1912: the Indian Life Assurance Companies Act enacted as the first stature
to regulate the life insurance business.
1956: 245 Indian and Foreign insurers and provident societies taken over by
the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 core
from the Government of India.
1) Structure
Government stake in the insurance companies to be brought down to 50%.
2) Competition
Private companies with a minimum paid up capital of Rs. 1bn should be
allowed to enter the industry. No company should deal in both Life and
General Insurance though a single entity. Foreign companies may be
allowed to enter the industry in collection with the domestic companies.
Postal Life Insurance Should be allowed to operate in the rural market. Only
One State Life Insurance Company should be allowed to operate in each
state.
3) Regulatory Body
- The Insurance Act should be changed
- An Insurance Regulatory body should be set up
- Controller of Insurance (Currently a part from the Finance Ministry)
should be made independent.
4) Investments
Mandatory Investment of LIC Life Fund in government securities to be
reduced from 75% to 50%.
5) Customer service
LIC should pay interest on delays in payments beyond 30 days. Insurance
companies must be encouraged to set up unit linked pension plans.
Computerization of operations and updating of technology to be carried out
in the insurance industry. The committee emphasized that in order to
improve the customer services and increase the coverage of the insurance;
industry should be opened up to competition.
ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS
st
India still has low insurance penetration of 1.95 percent, 51 in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.
Beside Kotak Mahindra Life Insurance there are other 11 private players
working in life insurance sector, which are as follows.
Advantages:
1 Choice of 5 professionally managed funds included Gilt Fund, Floating
Rate Fund, Bond Fund, Balanced Fund, Growth Fund.
2 Add lump sum injections as and when suitable
3 Premium holiday facility
4 Riders options for enhanced protection
5 Loan facilities in case of emergencies
6 Simplified documentation and procedures
The Kotak Retirement Income Plan is a savings plan designed to meet your
post retirement needs. It is a plan that gives you jeene Ki azaadi by giving
you the choice to remain independent even after retirement.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 You may buy an annuity either from Kotak Life Insurance.
3 You can make lump sum injections into your policy at any time before
retirement.
4 For a with cover plan you have the facility of Automatic cover
Maintenance, which ensures that the cover remains in force even when you
miss the premium payments. This facility is available after the first 3 years
of the term.
5 You may exercise the option of paying premium from the Supplementary
Accumulation Account, created from will be created from lump sum
injections, if the need arises.
The Kotak Capital Multiplier Plan is a participating plan that is built in such
a way that it allows your money to multiply, and gives you the flexibility of
using this money the way you need it, in regular and irregular withdrawals.
This is an endowment plan, which is very flexible and has a lot of in-built
benefits.
Advantages:
1 In this plan minimum age of 18 years of old and maximum age is 60 years.
2 At the start of your withdrawals period, you can draw the full proceeds or
you can draw up to 50% of your basic sum assured or accumulation account,
whichever is higher.
3 In addition to the regular premiums, you can make lum sum injection into
your plan during the premium paying period. A Supplementary
Accumulation Account will be created.
4 You have the facility of Automatic Cover Maintenance, which ensures that
the policy remains in force even when you miss the premium payments. This
facility is available after the first 3 years of the term.
In the era of cutthroat competition and economic recession, above axiom has
more importance than ever before.
Earth is not the center of universe but revolves around the Sun .
-Copernicus.
Similarly, we have come to believe that business firm is not the center of
economic universe but revolves around the customer.
3) Responses of customer
Responses from them were collected through survey and for the
questionnaire were prepared for both of them.
INTRODUCTION
1) Data to be collected.
Data includes facts and figures, which are required to be collected to
achiever the objectives of the project. In order to determine the present
position and satisfaction of customer of kotak Mahindra Life Insurance.
a) Primary Data
The data that is being collected for the first time or to particularly fulfill the
objectives of the project is known as primary data.
These types of data were,
- The market share of Kotak Mahindra Life Insurance.
- The market share of other brands available in the market.
- Responses of consumer.
- Identifying pros and cons of the brand.
The above primary data were collected through responses of consumer was
conducted through questionnaires prepared for them.
b) Secondary Data
Secondary data are that type of data, which are already assembled and need
not to collected from outside. These types of data were
i) Company Profile
ii) Product Profile
iii) Competitors Profile
The aforesaid data were collected through Internet and company s financial
report.
2) Data Collection Method
For given project, the primary data, which needed to collect for the first
time, were much significant. This type of information gathered through
Survey technique, which is the most popular and effective technique for
correct data collection. The survey was completed with the use of
questionnaires.
- Questionnaire for consumer.
3) Sampling
Sample is the small group taken under consideration from the total group.
This small group represents the total group. In the project the market
research, which was ask to be studied was pune market but as it was possible
to approach all the respondent s customer of the city, hence a sample was
selected which represents the whole city. The areas selected for the sample
are present further in the appendix. Sample size of customer list was taken
from Kotak Mahindra Life Insurance customer data basic.
4) Data Evaluation
The data so collected were not simply accepted because it contained
unnecessary information and over or under emphasized facts. Therefore only
relevant data were included in the report, which helped in achieving the
objectives of the project.
DATA INTERPRETATION
AND ANALYSIS
Personal detail
Classes No of
(Age) Respondents
18-24 4
24-35 19
35-45 16
45-55 8
55-65 1
No. Of Respondant
20
18
16
14
12
10 No. Of Respondant
8
6
4
2
0
18-24 24-35 35-45 45-55 55-65
ANALYSIS
Above diagram consist five classes of different age groups. Here customer
19 customer biloges to 25-35 age groups, 16 customers fall in the age group
35-45 years.
Other 8 customer comes are in the class 45-55 years the age group of 18-24
consists four customer reaming customer is in age group 55-65 years.
Here majority of customer belong to the group 25-35 years.
Do you think is it essential to have Life Insurance?
YES NO
Yes No Total
No. of Respondents 45 5 50
% of Respondents 90 10 100
No. of Respondents
YES
NO
ANALYSIS
Companies No. of % of
Respondents Respondents
Kotak Mahindra Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Tata AIG 10 7.41
Max New York Life Insurance 5 3.70
HDFC Life Insurance 10 7.41
ICICI Prudential Life Insurance 25 18.52
SBI 5 3.70
No. of Respondents
Bajaj Allianz
Tata AIG
From the above figure we come to know that customer are also investing
money in other life insurance companies. The major player in insurance is
LIC holding 22.22% of total sample. The second major player ICICI is
holding 18.52%. HDFC and AIG are having equal share of 7.41% & the
Max New York & SBI are having 3.70%.
Why did you choose Kotak Life Insurance?
No of % Of
Respondents Respondents
ROI 18 36
Peer Pressure 15 30
Tax Benefit 10 20
Security /safety 2 24
Low Premium 5 10
TOTAL 50 100
No. of Respondents
ROI
Peer Pressure
Tax Benefit
Security /safety
Low Premium
ANALYSIS
No o % Of
Respondents Respondents
Kotak Flexi plan 25 40
Kotak Retirement Plan 19 30
Kotak Endowment Plan 3 5
Kotak Capital Multiplier Plan 6 10
Child Advantage Plan 10 15
No. of Respondents
Note.
Some of customer are having more than one plan total survey customers are
50.
ANALYSIS
From the total 63 respondents maximum i.e. 40% customers have opted for
Flexi Plan, whereas 30% have gore for Retirement plans and remaining 30%
have customer are having endowment, multiplier and child advantage
respectively.
What kind of services you expect from insurance provides
No of % Of
Respondents Respondents
Easy access ability to Deposit Center 20 31
Time to time premium collection 12 19
Provision in case of Dues 8 13
Bonus & other schemes 24 37
TOTAL 64 100
No. of Respondents
Note.
No of % Of
Respondents Respondents
Poor - -
Average 16 32
Good 28 56
Excellent 6 12
TOTAL 50 100
No. of Respondents
Poor
Average
Good
Excellent
ANALYSIS
Out of 50 respondents 57% have ratted Kotak Mahindra Life Insurance
services as good and 32% have ratted as average. And remaining 12% have
ratted as Excellent.
What difference you find between Kotak & your previous Insurance
provider.
No of % Of
Respondents Respondents
Good Returns 16 21
Effective Service/liquidity 12 15
Tax Planning 28 36
Security/ Safety Benefit 22 28
TOTAL 50 100
No. of Respondents
Good Returns
Effective
Service Tax
Planning
Security/ Safety Benefit
Note.
Some of customers are having more than one plan more Benefit are expected
in one plan. Total surveys of customers are 50.
Do have any suggestion for Kotak Mahindra Life Insurance?
YES NO
YES NO TOTAL
No of Respondents 39 11 50
% Of Respondents 78 22 100
No. of Respondents
YES
NO
ANALYSIS
YES NO TOTAL
No of Respondents 32 18 50
% Of Respondents 64 36 100
No. of Respondents
YES
NO
ANALYSIS
BOOKS
MAGAZINE
COMPUTER WEBSITE
www.IRDA.com
www.licindia.com
www.hdfcinsurance.com
www.businessindiaonline.com
www.maxnewyorklife.com
www.brandonline.com
www.iciciprulife.com
ANNEXURE
QUESTIONNAIRE
1. Personal detail
Name:
Age
18-24 -35 -45
45-55 55 and above
Phone No.
Email.
Office Address: - Residential Address: -
3. Which are the companies you invested your money for Life Insurance?
a) Kotak Mahindra Life Insurance
b) LIC
c) Bajaj Allianz
d) Tata AIG
e) Max New York Life Insurance
f) HDFC Life Insurance
g) ICICI Prudential Life Insurance
h) SBI
4. Why did you choose Kotak Life Insurance?
a) ROI
b) Peer Pressure
c) Tax Benefit
d) Security /safety
e) Low Premium
7. How will you rate the services given by Kotak Mahindra Life Insurance?
a) Poor
b) Average
c) Good
d) Excellent
8. What difference you find between Kotak & your previous Insurance
provider.
a) Good Returns (HIGHEST)
b) Effective Service/Liquidity
c) Tax Planning
d) Security/ Safety Benefit & Protection on your Capital
10. In future, will you purchase policies from Kotak Mahindra Life
Insurance?
YES NO
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