A

Summer Training Report

On
“A STUDY ON ANALYZING CUSTOMER
BEHAVIOR AND MEASURING CUSTOMER
SATISFACTION AT RELIANCE LIFE ”

Submitted to :
KURUKSHETRA UNIVERSITY, KURUKSHETRA

In The Partial Fulfillment of the degree Of

(Bachelor of Business Administration)
(SESSION 2019-2021)

Under the Supervision of : Submitted by:

Mr. Rajesh Makhija Aasif Ahmed Sheikh
Training Officer BBA Final, V Sem.
Regd. No.-18-SMTJ-54
Univ. Roll No.-180004847

S.D. INSTITUTE OF MANAGEMENT & TECHNOLOGY,

HUDA Road, Jagadhri 135003 (YamunaNagar) Haryana

Affiliated To

1
KURUKSHETRA UNIVERSITY, KURUKSHETRA

2
 A
Summer Training Report
On
“A STUDY ON ANALYZING CUSTOMER
BEHAVIOR AND MEASURING CUSTOMER
SATISFACTION AT YOURS SHOPEE ”

Submitted to :
KURUKSHETRA UNIVERSITY, KURUKSHETRA

In The Partial Fulfillment of the degree Of

(Bachelor of Business Administration)
(SESSION 2019-2021)

Under the Supervision of : Submitted by:

Mr. Rajesh Makhija Aasif Ahmed Sheikh
Training Officer BBA Final, V Sem.
Regd. No.-18-SMTJ-54
Univ. Roll No.-180004847

S.D. INSTITUTE OF MANAGEMENT & TECHNOLOGY,

HUDA Road, Jagadhri 135003 (YamunaNagar) Haryana
Affiliated To
KURUKSHETRA UNIVERSITY, KURUKSHETRA

3
 DECLARATION

I hereby declare that the research report entitled “A STUDY ON

ANALYZING CUSTOMER BEHAVIOR AND MEASURING
CUSTOMER SATISFACTION AT YOURS SHOPEE” submitted for
the degree of Bachelor of Business Administration is my original
work and the report has not formed the basis for the award of any
degree, diploma, association, fellowship or similar other titles. It has
not been submitted to any other University or Institute for the award
of any degree or diploma.

Aasif Ahmed Sheikh

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 ACKNOWLEDGEMENT

Initially I would like to express our gratitude to our respected Mrs. Shelly Gupta,
Director and Mrs. Shilpa Jain, HOD and the all faculty member of our institute
for providing us with a platform to carry out our educational endeavors.

I would like to express extreme gratitude to Mr. Rajesh Makhija, Training Officer
whose kind guidance and constant support helped me in successfully
completing this project. Without his unconditional help throughout I would not
have been able to attempt this project.

With regards,

Aasif Ahmed
Sheikh

5
 PREFACE
Summer training for 8 weeks in BBA course and study contents of such as practical
knowledge, it makes the student confident and introduce them about their hidden
ability .Our company gives security and protection people in today life should be
compulsory because today there is no surety of life. During my tenure of training I deeply
analyzed the thoughts of people about knowledge of company.

To find out the importance of the company in Adidas to know about the specific
knowledge of all the working in HR department to manage the work . I have supported
the report with some suggestion.

For research data is collected from primary method and questionnaires method as well as
sample size method.

The objective was achieved through three-pronged efforts. The First objective of the
study is to analyze the attitude of individuals towards the Adidas. The Second objective
is objective of individuals while know about the company profile. The Third objective
is to know the attitude of individuals towards risk bearing. The Fourth objective is to
know the awareness about work.

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 TABLE OF CONTENTS
 Certificate
 Declaration
 Acknowledgement
 Preface
Topic Page No.

Chapter –I
Introduction
1.1 Introduction to Industry 1
1.2 Introduction to Company 2-8
1.3 Introduction to Topic 9-25
Chapter –II
a. Objectives of the Study 26-27
b. Review of Literature 28
c. Research Methodology 29-33
Chapter –III
Data Analysis & Interpretation 34-46
Chapter –IV
4.1 Finding 47-49
4.2 Limitations 50-51
4.3 Suggestions 52-54
4.4 Conclusion 55-56

Chapter – V Annexure
 Bibliography 57-58
 Questionnaire 59-64

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 INTRODUCTION

Why Organizations Focus on Customer Satisfaction

Businesses monitor customer satisfaction in order to determine how to increase their

customer base, customer loyalty, revenue, profits, market share and survival. Although
greater profit is the primary driver, exemplary businesses focus on the customer and
his/her experience with the organization. They work to make their customers happy and
see customer satisfaction as the key to survival and profit. Customer satisfaction in turn
hinges on the quality and effects of their experiences and the goods or services they
receive.

Customer Satisfaction

      The definition of customer satisfaction has been widely debated as organizations

increasingly attempt to measure it. Customer satisfaction can be experienced in a variety
of situations and connected to both goods and services. It is a highly personal assessment
that is greatly affected by customer expectations. Satisfaction also is based on the
customer’s experience of both contact with the organization (the “moment of truth” as it
is called in business literature) and personal outcomes. Some researchers define a
satisfied customer within the private sector as “one who receives significant added value”
to his/her bottom line—a definition that may apply just as well to public services.
Customer satisfaction differs depending on the situation and the product or service. A
customer may be satisfied with a product or service, an experience, a purchase decision, a
salesperson, store, service provider, or an attribute or any of these. Some researchers
completely avoid “satisfaction” as a measurement objective because it is “too fuzzy an
idea to serve as a meaningful benchmark.”4 Instead, they focus on the customer’s entire
experience with an organization or service contact and the detailed assessment of that
experience.

For example, reporting methods developed for health care patient surveys often ask
customers to rate their providers and experiences in response to detailed questions such
as, “How well did your physicians keep you informed?” These surveys provide

8
“actionable” data that reveal obvious steps for improvement. Customer satisfaction is a
highly personal assessment that is greatly influenced by individual expectations Some
definitions are based on the observation that customer satisfaction or dissatisfaction
results from either the confirmation or dis confirmation of individual expectations
regarding a service or product. To avoid difficulties stemming from the kaleidoscope of
customer expectations and differences, some experts urge companies to “concentrate on a
goal that’s more closely linked to customer equity.” Instead of asking whether customers
are satisfied, they encourage companies to determine how customers hold them
accountable Customer satisfaction, a business term, is a measure of how products and
services supplied by a company meet or surpass customer expectation. It is seen as a key
performance indicator within business

      Customer satisfaction depends on the product’s performance relative to a buyer’s

expectation, the customer is dissatisfied.  If preference matches expectations, the
customer is satisfied.  If preference is exceeds expectation, the customer is highly
satisfied or delighted outstanding marketing insurance companies go out of their way to
keep their customer satisfied.  Satisfied customers make repeat purchases insurance
products and tell other about their good experiences with the product.  The key is to
match customer expectations with company performance.  Smart insurance company’s
aim to delight customers by promising only what they can deliver, then delivering more
than the promise.  Consumers usually face a broad array of products and services that
might satisfy a given need.  How do they choose among these many marketing makers
offers?  Consumers make choices based on their perception of the value and satisfaction
that various products and services deliver.

      Customer value is the difference between the values the customer gains from owning
and using a product and the costs of obtaining the products customers from expectations
about the value of various marketing offers and buy accordingly.  How do buyers from
their expectations?  Customer expectations are based on past buying experiences, the
opinion of friends and marketer and competitor information and promises.

      Customer satisfaction with a purchase depends on how well the product’s

performance lives up to the customers’ expectations.  Customer satisfaction is a key

9
influence on future buying behaviour.  Satisfied customers buy again and tell others about
their good experiences dies-satisfied customer’s of ten switches to competitors and
disparage the products to others. An insurance provider open only to active duty, retired
and separated military members and their immediate families and therefore not included
in the rankings, achieved a satisfaction ranking equal to that any insurance company.

 In general, customer satisfaction with auto insurance providers decreased significantly,
with 20 of the 21 companies surveyed decreasing in satisfaction from the previous year. 
Insurance is the only carrier that did not experience a decline in satisfaction.  Though
consumers report their insurance carriers are resolving their claims and problems faster.
Businesses survive because they have customers who are willing to buy their products or
services. However, many businesses fails to “check in” with their customers to determine
whether they are happy or not and what it will make to make or keep them happy.

According to U.S consumers’ affairs department, it costs five times more to gain a new
customer than to retain an existing one. Other studies have repeated that with just a five
percent increase in Customer retention’s a firm can raise its profitability customers spend
salary at first, but with succeeding years of good experience, they will spend increasingly
more.

Depending on the industry and the nature of the bad experience, dissatisfied customers
will complain to 10 to 20 friends and acquaintances, which is three times more than those
with good experiences are. Hence, the negative information is influential, and consumers
generally place significant weight on it when making a decision. If that is not the reason
enough, fierce competitor is needed more and more to differentiate firms from one
another. With technology available to virtually every one today, the traditional features
and cost advantages are no longer relevant. Still product and service quality provides an
enormous opportunity to distinguish a firm from the rest. The Japanese have recognized
this and have though us to expect quality. Today’s consumers do, and they know more
about products and services than they ever did.
Customers are the best source of information. Whether to improve an existing product or
service or whether firms are planning to launch something new. There is no substitution
for “getting it from horse’s mouth” When you talk to your customer directly, to increase

10
your odds for achieving success you “mistake-proof” your decisions and work on what
really matters. When you routinely ask the customers for feedback and involve them in
business they, in turn, become committed to the success of your business.
Customer Satisfaction Measurement: -

A basic and effective base line customer satisfaction survey program should focus on
measuring customer perceptions of how will the company delivers on the critical success
factors and dimensions of the business as defined by the customers:

For example:

 Service Promptness
 Courtesy of Staff
 Responsiveness
 Understanding the customer problem, etc.
The findings of the company performance should be analyzed both with all customers
and by key segments of the customer population. The essential starting point for
Customer Satisfaction Measurement (CMS) is exploratory research. Since satisfaction is
about an organization’s ability. To meet customer requirement one has to start by
clarifying with customers exactly what those requirements are. This is done through
exploratory research using focus groups or one to one depth interviews.

Two main factors determine the accuracy of CMS. The first is the asking the right
question and the second is the asking them to the right people sample of customers which
accurately reflects the customer base.

Three things decide the accuracy of a sample. They are:

 It must be representative.
 It must be randomly selected.
 It must be adequate enough.

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 Measuring Customer Satisfaction

Organizations need to retain existing customers while targeting non-customers.

Measuring customer satisfaction provides an indication of how successful the
organization is at providing products and/or services to the marketplace.

Customer satisfaction is an abstract concept and the actual manifestation of the state of
satisfaction will vary from person to person and product/service to product/service. The
state of satisfaction depends on a number of both psychological and physical variables
which correlate with satisfaction behaviors such as return and recommend rate. The level
of satisfaction can also vary depending on other factors the customer, such as other
products against which the customer can compare the organization's products.

Work done by Parasuraman, Zeithaml and Berry (Leonard L) between 1985 and 1988
delivered SERVQUAL which provides the basis for the measurement of customer
satisfaction with a service by using the gap between the customer's expectation of
performance and their perceived experience of performance. This provides the researcher
with a satisfaction "gap" which is semi-quantitative in nature. Cronin and Taylor
extended the dis-confirmation theory by combining the "gap" described by Parasuraman,
Zenithal and Berry as two different measures (perception and expectation) into a single
measurement of performance relative to expectation.

The usual measures of customer satisfaction involve a survey with a set of statements
using a Linker Technique or scale. The customer is asked to evaluate each statement in
terms of their perception and expectation of performance of the service being measured.

Methodologies

American Customer Satisfaction Index (ACSI) is a scientific standard of customer

satisfaction. Academic research has shown that the national ACSI score is a strong
predictor of Gross Domestic Product (GDP) growth, and an even stronger predictor of
Personal Consumption Expenditure (PCE) growth. On the microeconomic level, research
has shown that ACSI data predicts stock market performance, both for market indices and
for individually traded companies. Increasing ACSI scores has been shown to predict
loyalty, word-of-mouth recommendations, and purchase behaviour. The ACSI measures

12
customer satisfaction annually for more than 200 companies in 43 industries and 10
economic sectors.

In addition to quarterly reports, the ACSI methodology can be applied to private sector
companies and government agencies in order to improve loyalty and purchase intent.
Two companies have been licensed to apply the methodology of the ACSI for both the
private and public sector: CFI Group, Inc. applies the methodology of the ACSI offline,
and Foresee Results applies the ACSI to websites and other online initiatives. ASCI
scores have also been calculated by independent researchers, for example, for the mobile
phones sector, higher education, and electronic mail.

The Kano model is a theory of product development and customer satisfaction developed
in the 1980s by Professor Noriaki Kano that classifies customer preferences into five
categories: Attractive, One-Dimensional, Must-Be, Indifferent, Reverse. The Kano model
offers some insight into the product attributes which are perceived to be important to
customers. Kano also produced a methodology for mapping consumer responses to
questionnaires onto his model. SERVQUAL or RATER is a service-quality framework
that has been incorporated into customer-satisfaction surveys (e.g., the revised
Norwegian Customer Satisfaction Barometer) to indicate the gap between customer
expectations and experience. J.D. Power and Associates provides another measure of
customer satisfaction, known for its top-box approach and automotive industry rankings.
J.D. Power and Associates' marketing research consists primarily of consumer surveys
and is publicly known for the value of its product awards.

Other research and consulting firms have customer satisfaction solutions as well. These
include A.T. Kearney's Customer Satisfaction Audit process, which incorporates the
Stages of Excellence framework and which helps define a company’s status against eight
critically identified dimensions. For Business to Business (B2B) surveys there is the Info
Quest box. This has been used internationally since 1989 on more than 110,000 surveys
(Nov '09) with an average response rate of 72.74%. The box is targeted at "the most
important" customers and avoids the need for a blanket survey.

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Improving Customer Satisfaction Published standards exist to help organizations
develop their current levels of customer satisfaction. The International Customer Service
Institute (TICSI) has released The International Customer Service Standard (TICSS).
TICSS enables organizations to focus their attention on delivering excellence in the
management of customer service, whilst at the same time providing recognition of
success through a 3rd Party registration scheme. TICSS focuses an organization’s
attention on delivering increased customer satisfaction by helping the organization
through a Service Quality Model. TICSS Service Quality Model uses the 5 P's - Policy,
Processes People, Premises, Product/Services, as well as performance measurement. The
implementation of a customer service standard should lead to higher levels of customer
satisfaction, which in turn influences customer retention and customer loyalty.

Customer Satisfaction Surveys:

Surveys and questionnaires are the most common marketing research methods. Typically,
they are used to:

 Assess the level of customer satisfaction with a particular product, service or

experience

 Identify factors that contribute to customer satisfaction and dissatisfaction;

 Determine the current status or situation of a product or service;

 Estimate the distribution of characteristics in a potential customer population; or

 Help establish customer service standards.

Benefits and Challenges:

Surveys allow an organization to quickly capture vital information with relatively little
expense and effort. A primary advantage of this method is its directness: “the purpose is
clear and the responses straightforward.” Additionally, the information gathered by
surveys can easily be analyzed and used to identify trends over time. The public views
consumer product polls and pollsters in a generally positive manner compared to political

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and other polls. One study found that at least sixty percent of the public feels that market
research about products and services has a positive impact on society. Seventy percent
consider the people who conduct such surveys to have positive impacts on society.

A major disadvantage of customer surveys is that the responses may be influenced by the
measurement itself through various forms of bias. For example, most surveys are
voluntary, and some researchers have found differences between survey respondents and
non-respondents. People who respond to surveys answer questions differently than those
who do not respond, and late responders answer differently than early responders.

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INDUSTRY PROFILE

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 INDUSTRY PROFILE
INSURANCE INDUSTRY IN INDIA
With the largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per
cent annually and presently is of the order of Rs 1560.41 billion (for the financial year
2006 – 2007). Together with banking services, it adds about 7% to the country’s Gross
Domestic Product (GDP). The gross premium collection is nearly 2% of GDP and funds
available with LIC for investments are 8% of the GDP.

Even so nearly 65% of the Indian population is without life insurance cover while health
insurance and non-life insurance continues to be below international standards. A large
part of our population is also subject to weak social security and pension systems with
hardly any old age income security

A well-developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and strengthens the risk taking
ability of individuals. It is estimated that over the next ten years India would require
investments of the order of one trillion US dollars.

HISTORICAL PERSPECTIVE
The history of life insurance in India dates back to 1818 when it was conceived as a
means to provide for English Widows. Interestingly in those days a higher premium was
charged for Indian lives than the non - Indian lives, as Indian lives were considered more

17
risky to cover. The Bombay Mutual Life Insurance Society started its business in 1870. It
was the first company to charge the same premium for both Indian and non-Indian lives.

The Oriental Assurance Company was established in 1880. The General insurance
business in India, on the other hand, can trace its roots to Triton Insurance Company
Limited, the first general insurance company established in the year 1850 in Calcutta by
the British. Till the end of the nineteenth century insurance business was almost entirely
in the hands of overseas companies.

Insurance regulation formally began in India with the passing of the Life Insurance
Companies Act of 1912 and the Provident Fund Act of 1912. Several frauds during the
1920's and 1930's sullied insurance business in India. By 1938 there were 176 insurance
companies.

The first comprehensive legislation was introduced with the Insurance Act of 1938 that
provided strict State Control over the insurance business. The insurance business grew at
a faster pace after independence. Indian companies strengthened their hold on this
business but despite the growth that was witnessed, insurance remained an urban
phenomenon.

The Government of India in 1956, brought together over 240 private life insurers and
provident societies under one nationalized monopoly corporation and Life Insurance
Corporation (LIC) was born. Nationalization was justified on the grounds that it would
create the much needed funds for rapid industrialization. This was in conformity with the
Government's chosen path of State led planning and development.

The non-life insurance business continued to thrive with the private sector till 1972. Their
operations were restricted to organized trade and industry in large cities. The general
insurance industry was nationalized in 1972. With this, nearly 107 insurers were
amalgamated and grouped into four companies- National Insurance Company, New India
Assurance Company, Oriental Insurance Company and United India Insurance Company.
These were subsidiaries of the General Insurance Company (GIC).

KEY MILESTONES

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1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended by the Insurance Act with the
objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers along with provident societies were taken over by
the central government and nationalized. LIC was formed by an Act of Parliament- LIC
Act 1956- with a capital contribution of Rs. 5 crore from the Government of India.

PRESENT SCENARIO - LIFE INSURANCE INDUSTRY IN

INDIA

The life insurance industry in India grew by an impressive 47.38%, with premium
income at Rs. 1560.41 billion during the fiscal year 2006-2007. Though the total volume
of LIC's business increased in the last fiscal year (2006-2007) compared to the previous
one, its market share came down from 85.75% to 81.91%.

The 17 private insurers increased their market share from about 15% to about 19% in a
year's time. The figures for the first two months of the fiscal year 2007-08 also speak of

19
the growing share of the private insurers. The share of LIC for this period has further
come down to 75 percent, while the private players have grabbed over 24 percent.

With the opening up of the insurance industry in India many foreign players have entered
the market. The restriction on these companies is that they are not allowed to have more
than a 26% stake in a company’s ownership.

Since the opening up of the insurance sector in 1999, foreign investments of Rs. 8.7
billion have poured into the Indian market and 19 private life insurance companies have
been granted licenses.

Innovative products, smart marketing, and aggressive distribution have enabled fledgling
private insurance companies to sign up Indian customers faster than anyone expected.
Indians, who had always seen life insurance as a tax saving device, are now suddenly
turning to the private sector and snapping up the new innovative products on offer. Some
of these products include investment plans with insurance and good returns (unit linked
plans), multi – purpose insurance plans, pension plans, child plans and money back plans.

MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread
the message of life insurance in the country and mobilise people’s savings for nation-
building activities. LIC with its central office in Mumbai and seven zonal offices at
Mumbai, Calcutta, Delhi, Chennai, Hyderabad, Kanpur and Bhopal, operates through 100
divisional offices in important cities and 2,048 branch offices. LIC has 5.59 lakh active
agents spread over the country.

The Corporation also transacts business abroad and has offices in Fiji, Mauritius and
United Kingdom. LIC is associated with joint ventures abroad in the field of insurance,

20
namely, Ken-India Assurance Company Limited, Nairobi; United Oriental Assurance
Company Limited, Kuala Lumpur; and Life Insurance Corporation (International), E.C.
Bahrain. It has also entered into an agreement with the Sun Life (UK) for marketing unit
linked life insurance and pension policies in U.K.

LIC has even provided insurance cover to five million people living below the poverty
line, with 50 per cent subsidy in the premium rates. LIC's claims settlement ratio at 95
per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent.
Compounded annual growth rate for Life insurance business has been 19.22 per cent per
annum

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company
known as General Insurance Corporation of India (GIC) was formed by the Central
Government in November 1972. With effect from 1 January 1973 the erstwhile 107
Indian and foreign insurers which were operating in the country prior to nationalization,
were grouped into four operating companies, namely, (i) National Insurance Company
Limited; (ii) New India Assurance Company Limited; (iii) Oriental Insurance Company
Limited; and (iv) United India Insurance Company Limited.  (However, with effect from
Dec'2000, these subsidiaries have been de-linked from the parent company and made as
independent insurance companies). All the above four subsidiaries of GIC operate all
over the country competing with one another and underwriting various classes of general
insurance business except for aviation insurance of national airlines and crop insurance
which is handled by the GIC.

Besides the domestic market, the industry is presently operating in 17 countries directly
through branches or agencies and in 14 countries through subsidiary and associate
companies.

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING

HAVE BEEN PERMITTED TO ENTER INTO INSURANCE
BUSINESS: -

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The introduction of private players in the industry has added to the colors in the dull
industry. The initiatives taken by the private players are very competitive and have given
immense competition to the on time monopoly of the market LIC. Since the advent of the
private players in the market the industry has seen new and innovative steps taken by the
players in this sector. The new players have improved the service quality of the
insurance. As a result LIC down the years have seen the declining phase in its career. The
market share was distributed among the private players.

HDFC Standard Life Insurance Company Ltd.

HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life
insurance companies, which offers a range of individual and group insurance solutions. It
is a joint venture between Housing Development Finance Corporation Limited (HDFC
Ltd.), India’s leading housing finance institution and The Standard Life Assurance
Company, a leading provider of financial services from the United Kingdom. Their
cumulative premium income, including the first year premiums and renewal premiums is
Rs. 672.3 for the financial year, Apr-Nov 2005. They have managed to cover over
11,00,000 individuals out of which over 3,40,000 lives have been covered through our
group business tie-ups.

Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings together
two large forces - Max India Limited, a multi-business corporate, together with New
York Life International, a global expert in life insurance. With their various Products and
Riders, there are more than 400 product combinations to choose from. They have a
national presence with a network of 57 offices in 37 cities across India.

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and Prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the

22
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority (IRDA). The
company has a network of about 56,000 advisors; as well as 7 banc assurance and 150
corporate agent tie-ups.

Birla Sun Life Insurance Company Ltd.

Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and
Sun Life financial Services of Canada.

 Tata AIG Life Insurance Company Ltd.

 SBI Life Insurance Company Limited

 ING Vysya Life Insurance Company Private Limited

 Allianz Bajaj Life Insurance Company Ltd.

 Metlife India Insurance Company Pvt. Ltd.

Royal Sundaram Alliance Insurance Company

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram
Finance Limited started its operations from March 2001. The company is Head Quartered
at Chennai, and has two Regional Offices, one at Mumbai and another one at New Delhi.

Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and
strength.

Bajaj Allianz General Insurance received the Insurance Regulatory and Development
Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General
Insurance business (including Health Insurance business) in India. The Company has an
23
authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining
26% is held by Allianz, AG, Germany.

ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI
Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified
financial corporate engaged in general insurance, reinsurance, insurance claims
management and investment management.

Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture

of the Murugappa Group & Mitsui Sumitomo. 

Chola-MS commenced operations in October 2002 and has issued more than 1.4 lakh
policies in its first calendar year of operations. The company has a pan-Indian presence
with offices in Chennai, Hyderabad, Bangalore, Kochi, Coimbatore, Mumbai, Pune,
Indore, Ahmedabad, Delhi, Chandigarh, Kolkata and Vizag.

TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the
Tata Group and American International Group, Inc. (AIG). Tata AIG combines the
strength and integrity of the Tata Group with AIG's international expertise and financial
strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG
holds the balance 26 per cent stake.

24
25
COMPANY PROFILE

26
 COMPANY PROFILE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the
Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading
private sector financial services companies, and ranks among the top 3 private sector
financial services and banking companies, in terms of net worth. Reliance Capital has
interests in asset management and mutual funds, stock broking, life and general
insurance, proprietary investments, private equity and other activities in financial
services.

 Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)

registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of
India Act, 1934.

 Reliance Capital sees immense potential in the rapidly growing financial services
sector in India and aims to become a dominant player in this industry and offer fully
integrated financial services.

 Reliance Life Insurance is another step forward for Reliance Capital Limited to offer
need based Life Insurance solutions to individuals and Corporate.

27
 COMPANY PROFILE OF RELIANCE LIFE INSURANCE

FOUNDER

Few men in history have made as dramatic a contribution to their country’s economic
fortunes as did the founder of Reliance, Sh. Dhirubhai H Ambani. Fewer still have left
behind a legacy that is more enduring and timeless.

 As with all great pioneers, there is more than one unique way of describing the true
genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud
patriot, the leader of men, the architect of India’s capital markets, the champion of
shareholder interest.

 But the role Dhirubhai cherished most was perhaps that of India’s greatest wealth
creator. In one lifetime, he built, starting from the proverbial scratch, India’s largest
private sector enterprise.

 When Dhirubhai embarked on his first business venture, he had a seed capital of
barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he
converted this fledgling enterprise into a Rs 60,000 crore colossus—an achievement
which earned Reliance a place on the global Fortune 500 list, the first ever Indian
private company to do so.

 Dhirubhai is widely regarded as the father of India’s capital markets. In 1977, when
Reliance Textile Industries Limited first went public, the Indian stock market was a
place patronised by a small club of elite investors which dabbled in a handful of
stocks.

28
 CORPORATE OBJECTIVE

At Reliance Life Insurance, we strongly believe that as life is different at every stage, life
insurance must offer flexibility and choice to go with that stage. We are fully prepared
and committed to guide you on insurance products and services through our well-trained
advisors, backed by competent marketing and customer services, in the best possible
way.

 It is our aim to become one of the top private life insurance companies in India
and to become a cornerstone of RLI integrated financial services business in
India.

29
 MISSION & VISION

MISSION

 “To set the standard in helping our customers manage their financial future”.

 The mission of Reliance life insurance company ltd. Is to be the best in every
sphere- business results, customer care and employee focus. The aim of the
company is to think bigger and think better.

VISION

“To be a Company people are proud of, trust in and grow with; providing financial

independence to every life we touch “

Planning people's future and standing by them in their hour of need goes beyond
business, it takes a selfless intent of thinking well for others. Our advisors enjoy high
credibility and stature in society, having helped not only shape future of families, but also
recuperate in tough times. 'Do Good' is our intent, our philosophy and belief that we aim
to bring alive through every life we touch.

30
 CORE VALUE

Reliance life insurance company limited has some core value which is listed as follow:-

 Result Oriented
 Performance Driven
 Customer Focused
 Learning and Development Oriented
 Employee centric
 Informal and fun

Head Office

Reliance life insurance company limited

The Trapezium
34, First Floor
Nelson Monickam Road
Chennai – 600 029

Branches

They have so many branches and substations in the india. They have around 160
Branches in the India. And they have planned to open more branches across the country
in the coming months.

31
 Awards & Accolades

• AAA Rating from Brickworks

• ISO 22301:2012 Certified

• ISO 27001 Certified

• 9001:2008 Certified

• Economic Times Best Corporate Brands, 2016 – One of the top Corporate Brands in
India

• Brand Equity Most Trusted Brands, 2016 – Voted as one of the Top 3 Most Trusted
Life Insurance Brands

• One of Campaign Asia’s Most Innovative Social Media Campaigns by Unmetric, 2016

• LACP 2015 – Platinum for Best Annual Report in its category, Top 50 Annual Reports
around the world (Ranked #13) and Gold for Best Cover Design

• Finnoviti 2016 Award for Innovation in Banking and Financial Services for Analytics
based Post Issuance Risk Verification programme

• Lean Six Sigma Excellence Award 2015 for a project on improvement in throughput
from ‘Recruitment to Activation of New Advisors’ given by Symbiosis Center for
Management & HRD

Top 3 Most Trusted Life Insurance Brand

Brand Equity - Most Trusted Brands Survey, 2015
Voted as one of the 'Most Trusted Brands' in Life Insurance Category in 2015

Best Website
32
Website Of The Year Awards, 2014
Reliance life.com is voted as the Best Website in 'Insurance Category'

Bronze Effies, 2015

In the "Digital: Online/Mobile Communication" Category for the 'Greatest Fan' campaign

Gold, Silver & Bronze

EMVIEs, 2014
In the ‘Best Media Innovation’, ‘Best Case Study’ and ‘Best Integrated Campaign’
categories for the 'Greatest Fan' campaign

Top 200 Brands in India

ET Best Brands, 2014
Reliance Life has been voted as one of the Top 200 Brands in India by Economic Times
& Nielsen Best Brands Study

BCM Team of the Year, 2014

BCI India Awards, 2014

33
Reliance Life was awarded the 'Business Continuity Team of the Year' award by
Business Continuity Institute, UK

Gold
CMO Asia, 2014
In the ‘Social Media and Digital Marketing Excellence’ category for the 'Greatest Fan'
campaign

Bronze
Outdoor Advertising Awards, 2014
In the ‘Outdoor Media Plan of the Year’ category for the ‘Greatest Fan’ campaign

Gold
Excellence in Radio Awards, 2014
In the ‘Best CSR Initiative’ category for the ‘Greatest Fan’ campaign

Bronze
IDMAI Exchange4Media Awards, 2014
In the ‘Integrated Digital Marketing Campaign’ category for the ‘Greatest Fan’ campaign

34
Silver
DMAi ECHO Awards, 2014
In the ‘Digital Marketing Campaign’ category for the ‘Greatest Fan’ campaign

35
 RELIANCE POLICIES

Reliance Children Plans

What could make you happier than knowing, that your child's future is secure? Nothing,
we suppose. Which is why, Reliance Life Insurance brings to you Reliance Secure Child
Plan, a unit-linked Insurance Plan, that gives you the freedom to enjoy today with your
child, because his tomorrow is in safe hands.

 Do you see your child becoming a trailblazer?

 Will they create the ultimate symphony or give sports a new dimension?

Our children may just be the ones to end the arms race and wipe out poverty from the
face of the Earth. But for them to be able to aim for the skies, YOU NEED TO ACT
NOW!

Introducing Reliance Secure Child Plan - a unique life insurance cum savings plan.
secure the future of your child.

Key Features
Insurance cover on the life of child
Your child is completely protected - we will continue to pay the
premiums even if you are not alive
Life time income to child in the event of disability
Return Shield option to protect your investment returns
Liquidity in the form of partial withdrawals
Capital guarantee available on maturity and on death of the child
for basic and top-up premiums

RELIANCE HEALTH + WEALTH POLICY

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

There are times when late working hours take precedence over your health check-ups.
And there are times when a visit to the doctor seems more important than dividends on
your shares. In the rat race to make money, we often forget to take care of ourselves.

36
We understand this predicament. Here is a plan that will ensure that your wealth keeps
increasing constantly and yet your health does not take a backseat. The Reliance Wealth
Health Plan. A plan that gives you the benefits of wealth bhi. health bhi.

Life changes. And as it does, so do your priorities. After all, the circumstances of your
life can determine the type of health coverage you need.

India has made rapid strides in the health sector. Since Independence, life expectancy has
gone up markedly and survival rates have also increased, still critical health issues
remain. Infectious diseases continue to claim a large number of lives.

Reliance Wealth + Health Plan, a health insurance plan underwritten by Reliance Life
Insurance Company Limited, is designed to work in conjunction with contributions
towards savings.

Key Feature
A Unit Linked plan with Unique Savings Component
Twin benefit of market linked return and health protection
Choose from two different plan options
Flexibility to take care of your family’s health

Reliance Pension Policy

UNDER THIS PLAN THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

Retirement means different things to different people, while some want to relax and take
a trip around the world, some want to start up a venture of their own, and pursue a dream
harnessed for years. The power to make your autumn years special lies only with you.
The Reliance Super Golden Years Plan gives you the power and the right kind of solution
- A retirement plan that allows you to save systematically and generate the much-needed
corpus to make your olden years look golden.

Key Features – Reliance Pension Policy :

Invest systematically and secure your golden years
A flexible unit-linked pension product that is different from traditional life

37
 insurance products with Vesting Age between 45 & 70 years
Eight different investment funds to choose from
Flexibility to switch between funds
Option to pay Regular, Single as well as Top-up premiums
Flexibility to advance / extend your Vesting Age
Tax free commutation up to one third of Fund Value at Vesting Age

Reliance Whole life insurance policy

You’ve always loved your family. As a loving person you want to be rest assured that
they will be happy, even if something were to happen to you. With Reliance Whole Life
Plan you can be sure that your family will receive that timely financial support they need.

Go ahead, live your today to the fullest, without a worry about tomorrow.

Key Features
Insurance protection till age 85
Choice of extending your insurance coverage till age 99
Convenient Premium Payment Term
Wealth creation through bonus additions
More value for your money by way of High Sum Assured Rebate Get Sum
Assured plus Bonuses in case of your unfortunate death
Option to add two Riders – Critical Illness and Accidental Death Benefit and
Total and Permanent Disablement Rider
Policy Loan available after three full years premium payment

38
 BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY RELIANCE
LIFE INSURANCE

INSURANCE PLANS AVAILABLE

1. Products (Individual Plans)

Savings (Endowment)
2. Reliance Endowment Plan
(formerly Divya Shree)
3. Reliance Special Endowment Plan
(formerly Subha Shree)
4. Reliance Cash Flow Plan
(formerly Dhana Shree)
5. Reliance Child Plan
(formerly Yuva Shree)
6. Reliance Whole Life Plan
(formerly Nithya Shree)

Pensions
7. Reliance Golden Years Plan
(formerly Bhagya Shree)

Investments
8. Reliance Market Return Plan
(formerly Kanaka Shree)
9. Risk / Protection

39
 10. Reliance Term Plan
(formerly Raksha Shree)

Products (Group / Corporate Plans)

11. Risk (Protection)
Reliance Group Term Assurance Policy
(formerly Group Term Assurance Policy)

40
MCKINSEY 7-S FRAMEWORK

while some models of organizational effectiveness go in and out of fashion, one that has
persisted is the McKinsey 7-S framework. Developed in the early 1980s by Tom Peters
and Robert Waterman, two consultants working at the McKinsey & Company consulting
firm, the basic premise of the model is that there are seven internal aspects of an
organization that need to be aligned if it is to be successful.

The 7-S model can be used in a wide variety of situations where an alignment perspective
is useful, for example, to help you: 

 Improve the performance of a company 

 Examine the likely effects of future changes within a company. 

 Align departments and processes during a merger or acquisition. 

 Determine how best to implement a proposed strategy

The Seven Elements

The McKinsey 7-S model involves seven interdependent factors which are categorized as
either "hard" or "soft" elements:

41
"Hard" elements are easier to define or identify and management can directly influence
them: These are strategy statements; organization charts and reporting lines; and formal
processes and IT systems. "Soft" elements, on the other hand, can be more difficult to
describe, and are less tangible and more influenced by culture. However, these soft
elements are as important as the hard elements if the organization is going to be
successful. The way the model is presented in Figure 1 below depicts the inter
dependency of the elements and indicates how a change in one affects all the others.
Strategy: the plan devised to maintain and build competitive advantage over the
competition. A strategy is a plan of action and a choice of direction designed to achieve
goals and objectives in a competitive situation it sets the vision, mission, objectives
,action plans in the organization As per the vision and mission statement of the company,
the main strategy RELIANCE INSURANCE To be a globally respected wealth creator,
with an emphasis on customer care and a culture of good corporate governance and To
create and nurture a world-class, high performance environment aimed at delighting their
customers the strategic goal is to excel in the service with integrity, diligence and
transparency in satisfying the customers investment need and to build itself as the most
trusted world class financial services providers. Thus by adopting such strategies
,reliance Insurance seeks to achieve its objectives and create value to its clients. 
Structure: this includes policies and procedures that govern the way in which
organization acts within it and the environment . it provides the frame work and
relationship among different parts of the organization . it sets out the formal relationships
among different parts of the organization as board of directors , debt fund managers,
equity fund managers fund managers, functional leadership team, management team ,
sales leadership team the daily activities and procedures that staff members engage in to
get the job done. Shared Values: called "super ordinate goals" when the model was first
developed, these are the core values of the company that are evidenced in the corporate
culture and the general work ethic  Style: the style of leadership adopted  Staff: the
employees and their general capabilities.  Skills: the actual skills and competencies of
the employees working for the company.

42
INTRODUCTION TO TOPIC

43
 INTRODUCTION TO TOPIC

CUSTOMER SATISFACTION
Customer satisfaction is defined in the general satisfaction is a persons feeling of
pleasure or disappointed resulting from comparing a product/service perceived
performance in relation to his or her expectation. If the performance fells short of
expectation the customer is not satisfied. If the performance matches the expectation the
customer is satisfied. If the performance exceeds expectations the customer is highly
satisfied or delighted.
Although the customer centered firms seeks to create high customer satisfaction,
that is not its ultimate goal. If the company increases customer satisfaction by lowering
its price or increasing its services the result may be lower profit. The company might be
able to increase profitability by means other than increased satisfaction. Defined as the
feeling of pleasure or disappointment by comparing the perceived performance of the
product or service to expectation perceived with product.
Customer Satisfaction = Performance / Expectation
Customer Satisfaction = Benefits / Conceived

All marketing strategies is built on STP- segmentation, Training, and Positioning. A

company discovers different needs and groups in the superior way, and then positioning
its offering so that the target market recognizes the company’s distinctive offering and
image .If a company does a poor job of poisoning, the market will be confused as to what
to expect .If a company does an excellent job of positioning, then it can work out the rest
of its marketing planning and differentiation from its positioning strategy.
A must have decide how many ideas to convey in its positioning to its target
customers. Many marketers advocate promoting only one central benefit.
A market offering can be differentiated along five dimensions
Product:- Form, feature, performance quality, conformance quality, durability,
reliability, responsibility, style, design.
Service:- Order as, delivery, installation, customer training ,customer consulting ,
maintenance and repair, miscellaneous services.

44
 Because economic conditions change and competitive activity varies, companies
normally find it necessary to reformulate their marketing strategy several times during a
product’s life cycle.
The definition of customer satisfaction has been widely debated as organizations
increasingly attempt to measure it. Customer satisfaction can be experienced in a variety
of situations and connected to both goods and services. It is a highly personal assessment
that is greatly affected by customer expectations. Satisfaction also is based on the
customer’ experience of both contact with the organization (the “moment of truth” as it is
called in business literature) and personal outcomes. Some researchers define a satisfied
customer within the private sector as “one who receives significant added value” to
his/her bottom line—a definition that may apply just as well to public services.

Customer satisfaction is a term frequently used in marketing. While it's often

abbreviated as CSAT, it is more correct to abbreviate it as CSat. It is a measure of
how products and services supplied by a company meet or surpass customer
expectation. Customer satisfaction is defined as "the number of customers, or
percentage of total customers, whose reported experience with a firm, its products,
or its services (ratings) exceeds specified satisfaction goals."[1] In a survey of
nearly 200 senior marketing managers, 71 percent responded that they found a
customer satisfaction metric very useful in managing and monitoring their
businesses.[1]

It is seen as a key performance indicator within business and is often part of

a Balanced Scorecard. In a competitive marketplace where businesses compete for
customers, customer satisfaction is seen as a key differentiator and increasingly
has become a key element of business strategy.[2]

"Within organizations, customer satisfaction ratings can have powerful effects.

They focus employees on the importance of fulfilling customers' expectations.
Furthermore, when these ratings dip, they warn of problems that can affect sales
and profitability.... These metrics quantify an important dynamic. When a brand

45
has loyal customers, it gains positive word-of-mouth marketing, which is both free
and highly effective."

Therefore, it is essential for businesses to effectively manage customer

satisfaction. To be able do this, firms need reliable and representative measures of
satisfaction.

"In researching satisfaction, firms generally ask customers whether their product
or service has met or exceeded expectations. Thus, expectations are a key factor
behind satisfaction. When customers have high expectations and the reality falls
short, they will be disappointed and will likely rate their experience as less than
satisfying. For this reason, a luxury resort, for example, might receive a lower
satisfaction rating than a budget motel—even though its facilities and service
would be deemed superior in 'absolute' terms."

Purpose
A business ideally is continually seeking feedback to improve customer satisfaction.

"Customer satisfaction provides a leading indicator of consumer purchase

intentions and loyalty. "Customer satisfaction data are among the most frequently
collected indicators of market perceptions. Their principal use is twofold:" 

1. "Within organizations, the collection, analysis and dissemination of these

data send a message about the importance of tending to customers and
ensuring that they have a positive experience with the company's goods
and services."[1]
2. "Although sales or market share can indicate how well a firm is
performing currently, satisfaction is perhaps the best indicator of how
likely it is that the firm’s customers will make further purchases in the
future. Much research has focused on the relationship between customer
satisfaction and retention. Studies indicate that the ramifications of
satisfaction are most strongly realized at the extremes."

46
On a five-point scale, "individuals who rate their satisfaction level as '5' are likely
to become return customers and might even evangelize for the firm. (A second
important metric related to satisfaction is willingness to recommend. This metric is
defined as "The percentage of surveyed customers who indicate that they would
recommend a brand to friends." When a customer is satisfied with a product, he or
she might recommend it to friends, relatives and colleagues. This can be a
powerful marketing advantage.) "Individuals who rate their satisfaction level as '1,'
by contrast, are unlikely to return. Further, they can hurt the firm by making
negative comments about it to prospective customers. 

Customer Satisfaction in Insurance

Insurance is not a commodity. It is a promise to perform in future in return for a present

monetary consideration. Such a promise is made in an environment when the customer is
absolutely not sure whether the promise will be fulfilled if and when the need arises. But
then, if and when the need comes, it is already late for him to evaluate the customer
service standards in the insurer. Yet another unique feature of the industry is the peculiar
rules of the game such as uberrimae fidei (utmost good faith), indemnity etc, which
underwriters are more aware of than the customers. Insurance being an intangible
product, the 'technical quality of the service' depends upon its reliability.

Over the last few years, developments in the insurance sector have resulted in a paradigm
shift in the way the business is conducted. In a free market scenario, the customer has a
choice from whom to buy. He exercises this choice based on perceptions formed through
his experiences. Customer servicing today has become the focal point of insurance
companies. It is an area where the new companies are clearly ramping up by bringing in
their best practices and operational efficiencies by appropriate use of technology. There is
a greater sensitivity in dealing with the customers. However, a lot needs to be done.
Insurers need to fast gear up to the situation and the real response and turn-around time in
delivery of services needs to be reduced in specific areas like delivery of first policy
receipt, policy documents, premium notice, maturity payments, death claims etc.

47
There is absolutely no exaggeration in mentioning that the amount of customer
grievances in the insurance domain has gone up steeply. Grievances arise where there is a
certain level of expectation by a customer and the reality does not match up to it. This
could be in terms of response time or quantum or the lack of response itself. It is time that
insurers took stock of the situation and wherever there is need for plugging the loopholes,
attend to that without any further loss of time. Instead of looking for reasons to explain
the emergence of customer related problems, it would be more desirable to ensure that
there is a fall in their number. Redressal of customers' grievances is just a reactive way of
insurers providing the minimum expected customer service. The need of the hour is a
more proactive approach aimed at seeking what additional elements would delight the
customer more and more.

The shots for market changes would be called by the consumers and no longer by the
insurers. Competition has enabled more choices of services and products to consumers;
and excellence in perceived service by insurers is seen as a differentiator, instead of
price; as the real value of the product. Customers want the best of all the worlds; price
reductions, wider product coverage and excellent claims settlement. Once that is
available, customers would ask, what next? That is the trend seen in all other sectors.
Price reduction is a one-time exercise. After collecting a large number of customers, how
does one retain them? The obvious question to ask is: how many customers are happy?
How would insurers deal with the changing loyalties of consumers, who only think of
their interests to the exclusion of those of the insurers, annually seeking more value to be
delivered at lower costs? Sentiment to crush competition at any cost should not be the
sole marketing guide; but excellence in execution of assurances given to consumers and
internal cost cutting should be the goals to pursue for insurers to become more
competitive. Insurers should know that in a competitive scenario, there would be only
one winner to emerge out of the market scene. And that is the 'customer'--the powerful
change agent of the market that would call the shots to shape the future of the insurance
market.

48
49
OBJECTIVES OF STUDY

50
 OBJECTIVES OF STUDY

The main of the present study of is accomplish the following objective.

 Proper understanding and analysis of life insurance industry.

 To know about brand awareness of RELIANCE Life Insurance and
customer’s satisfaction about Life Insurance.
 According the market survey come know about how much potential of
insurance market in our city.
 And base on analysis of the result thus obtained make a report on that
research.

51
REVIEW OF LITERATURE

52
RESEARCH METHODOLOGY

53
 RESEARCH METHODOLOGY

Research can be defined as systematized effort to gain new knowledge. A research is

carried out by different methodology, which has their own pros and cons.

Research methodology is a way to solve research problem along with the logic behind
them. Thus when we talk of the research methodology we not only take of research
method but also context of our research study and explain why we are using a particular
method or techniques and why we are not using other so that research result are capable
of being evaluated either by the researchers himself or by others.

Research methodology means the method carried out to study the problem . It shows the
type of the sample design used, its size and the procedure used to dew sample. The extent
of precision achieved and the method used for handling any special problem during the
course of the study.

54
 RESEARCH METHODOLOGY

TITLE:

To determine customer satisfaction for Reliance Life Insurance.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the customer
satisfaction in the insurance industry with a special focus on Reliance life Insurance.
The various segments of the markets divided in terms of Insurance Needs, Age

groups , Satisfaction levels etc will also studied.

OBJECTIVE

 To determine customer satisfaction on reliance life insurance

 To provide the company with information of customer's Insurance policy if they

have any and reasons for opting for that particular policies.

 To know the most preferred policy.

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent times. A large number of
new players have entered the market and are vying to gain market share in this rapidly
improving market. The study deals with Reliance in focus and the various segments that
it caters to. The study then goes on to evaluate and analyze the findings so as to present a
clear picture of trends in the Insurance sector.

SIGNIFICANCE OF THE STUDY

This is a limited study which takes into consideration the responses of 100 people. This
data can be exported to take in the trends across the industry. The significance for the
industry lies in studying these trends that emerge from the study. It is a rapidly changing
and evolving sector. People are only beginning to wake up to it’s vast possibilities. A
study like this can attempt to guide the future of the industry based on current trends.

55
RESEARCH DESIGN

 NON-PROBABILITY

 EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The sources of
information are both primary & secondary.

A well-structured questionnaire was prepared and personal interviews were conducted to

collect the customer’s perception and buying behavior, through this questionnaire.

SAMPLING METHODOLOGY

Sampling Technique:

Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot
study was done in order to know the accuracy of the Questionnaire. The final
Questionnaire was arrived only after certain important changes were done. Thus my
sampling came out to be judemental and convinent

Sampling Unit:

The respondents who were asked to fill out questionnaires are the sampling units. These
comprise of employees of Reliance life insurance customers.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples from
different regions of Yamuna Nagar due to time constraints.

Sampling Area :

The area of the research was Yamuna Nagar, India.

56
 DATA ANALYSIS
&
INTERPRETATION

57
 DATA INTERPRETATION

1. On scale of “extremely dissatisfied” to “extremely satisfied” how would you

rate your level of satisfaction with reliance life insurance?

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 28 55

Good 10 20
Poor 12 25
TOTAL 50 100

Excellent 55
Good 20
Poor 25

25%

Excellent Good Poor

55%
20%

INTERPRETATION :

 55% of the respondents believe that they are reliance life insurance service is
excellent

 Whereas, 20% and 25% of them believe that the reliance life insurance service good
and poor respectively

58
 2. How likely are you to recommend reliance life insurance to a friend or
relative? Would you say the chances are

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 28 55

Good 10 20
Poor 12 25
TOTAL 50 100

Excellent 55
Good 20
Poor 25

INTERPRETATION
25%

 Majority of the respondent (37%) found Larger risk coverance as the most
Excellent Good Poor
attracted feature of the55%
all.
20%
 DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE
RESPONDENTS

INTERPRETATION

 55% of the respondents believe that they are reliance life insurance service is
excellent

 Whereas, 20% and 25% of them believe that the reliance life insurance service good
and poor respectively

59
 3. How likely are you to repurchase products and services from reliance life
insurance? Would you say the chances are?

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 33 66

Good 10 20
Poor 7 14
TOTAL 50 100

INTERPRETATION:

 65% of the respondents believe that they repurchase are reliance life insurance
service .

 Whereas, 20% and 14% of them believe that the reliance life insurance service good
and poor respectively

60
 4. How likely you rate the overall quality of your relationship with reliance life
insurance all of your experiences?would you say the chances are?

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 30 60

Good 10 20
Poor 10 20
TOTAL 50 100

INTERPRETATION

 60% of the respondents believe that they have excellent experience of reliance life
insurance service

 Whereas, 20% ,and 20% of them believe that the reliance life insurance service good
and poor respectively.

5 How would you rate your satisfaction level in regards to customer service ?

61
 NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 35 70

Good 7 14
Poor 8 16
TOTAL 50 100

INTERPRETATION

 70% of the respondents believe that they have excellent experience of customer
service of reliance life insurance service

 Whereas, 14% ,and 16% of them believe that the reliance life insurance service
good and poor respectively.

6.How would you rate your level of satisfaction with reliance life insurance in
regards to price?

62
 NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 33 65

Good 12 25
Poor 5 10
TOTAL 50 100

Sales

0%

10%

EXCELLENT

25% GOOD
POOR

65%

INTERPRETATION

 65% of the respondents believe that they have excellent experience of

satisfaction in regards to price

 Whereas, 25% ,and 10% of them believe that the reliance life insurance service
good and poor respectively.

7.How would you rate satisfaction in regards to value for money?

BENEFITS NO.OF SHARE (%)

63
 RESPONDENTS

Excellent 28 55

Good 15 30
Poor 7 15
TOTAL 50 100

Sales

0%

15%

EXCELLENT
GOOD
POOR
30% 55%

INTERPRETATION

 55% of the respondents believe that they have excellent experience of

satisfaction in regards to value for money

 Whereas, 30% ,and 15% of them believe that the reliance life insurance service
good and poor respectively.

8. How would you rate your satisfaction in regards to processing system of

reliance life insurance service?

BENEFITS NO.OF SHARE (%)

64
 RESPONDENTS

Excellent 30 60

Good 13 25
Poor 7 15
TOTAL 50 100

Sales

0%

15%

EXCELLENT
POOR

25% GOOD
60%

INTERPRETATION

 60% of the respondents believe that they have excellent experience of

satisfaction in regards to value for money

 Whereas, 25% ,and 15% of them believe that the reliance life insurance service
good and poor respectively.

9.How would you rate your satisfaction level in regards to service of reliance
life insurance service?

BENEFITS NO.OF SHARE (%)

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 RESPONDENTS

Excellent 33 65

Good 15 30
Poor 2 5
TOTAL 50 100

Sales

0%

5%

EXCELLENT
30% POOR
POOR

65%

INTERPRETATION

 65% of the respondents believe that they have excellent experience of

satisfaction in regards to service .

Whereas, 30% ,and 5% of them believe that the reliance life insurance service
good and poor respectively.

10 Which policy would you choose out of all reliance insurance policies. ?

A. Reliance endowment plan

35%
B. Reliance special endowment plan
25
C. Reliance cash flow plan
20
66
 D. Reliance child plan
20

INTERPRETATION

 35% of the respondents believe that they have excellent experience of reliance
endowment plan

 25 % of the respondents believe that they will go for special endowment plan..

Whereas, 20% ,and 20% of of the respondents believe that they will choose cash
flow and child plan respectively.

11. How would you rate your satisfaction level in regards to your current policy plan?

NO.OF
BENEFITS SHARE (%)
RESPONDENTS

Excellent 38 75

Good 10 20

67
 Poor 2 5
TOTAL 50 100

INTERPRETATION

 75% of the respondents believe that they have excellent experience of

satisfaction in regards to their current policy .

Whereas, 20% ,and 5% of them believe that the reliance life insurance service good
and poor respectively in regards to their current policy .

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 FINDINGS

FINDINGS

 It is found the Customers are satisfy with the Reliance life insurance service.
 Reliance life insurance service. Gives best satisfaction to its customers.
 Most of the customers want Reliance life insurance service again.
 It is found that life cover plan, investment plan attract customer.

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LIMITATIONS

70
 LIMITATIONS

2. The research is confined to a certain parts of Yamuna nagar and does not
necessarily shows a pattern applicable to all of Country.

3. Some respondents were reluctant to divulge personal information which can affect
the validity of all responses.

3. In a rapidly changing industry, analysis on one day or in one segment can change
very quickly. The environmental changes are vital to be considered in order to
assimilate the findings.

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 SUGGESTIONS

SUGGESTIONS

 According the survey only 42% people are insured in Reliance life insurance service
so reaming other part is for other insurance companies.

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 Among that 42% people who having insurance, they have insurance 40% for self
28%for spouse 21% for children and 18% for their parents and 11% for all family
member.

 Only 42% people having insurance in Yamuna nagar that 42% there are 82 %
people are under insured and other 18% people are fully insured according to their
income so that is also plus point for insurance sector to capture the market

CONCLUSION

73
 CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends
which can be seen in the above analysis. A general impression that we gathered during
Data collection was the immense awareness and knowledge among people about various
companies and their insurance products. People are beginning to look beyond LIC for
their insurance needs and are willing to trust private players with their hard earned
money.

People in general have been impression by the marketing and advertising campaigns of
insurance companies. A high penetration of print , radio and Television ad campaigns
over the years is beginning to have it’s impact now.

The general satisfaction levels among public with regards to policy and agents still
requires improvement. But therein lays the opportunity for a relative new comer like
ING. LIC has never been known for prompt service or customer oriented methods and
Reliance can build on these factors.

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 REFERENCES

REFERENCES

1. BOOKS/ REFFERED :-

 Basic Marketing – Pereaurt W.D (2nd edition), Page 450

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  Consumer Behaviour – Della A.J (4th edition), Page 15
 Research Methodology – C.R.Kothari.

 Marketing Research – Donald T.S (6th edition), Page 49

2. WEBSITES REFFERED :-

 WWW.RELIANCELIFE.CO.IN

 WWW.CIFAINSURANCE.COM

 WWW.MONEYOUTLOOK.COM

 WWW.INSURANCE.IND.COM

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 QUESTIONNAIRE

QUESTIONNAIRE

Q1. On scale of “extremely dissatisfied” to “extremely satisfied” how would you rate
your level of satisfaction with reliance life insurance?

Excellent Good Poor

Q2. How likely are you to recommend reliance life insurance to a friend or relative?
Would you say the chances are?

Excellent Good Poor

Q3. How likely are you to repurchase products and services from reliance life
insurance? Would you say the chances are?
77
 Excellent Good Poor

Q4. How likely you rate the overall quality of your relationship with reliance life
insurance all of your experiences? would you say the chances are?

Excellent Good Poor

Q5. How would you rate your satisfaction level in regards to customer service ?

Excellent Good Poor

Q6. How would you rate your level of satisfaction with reliance life insurance in
regards to price?

Excellent Good Poor

Q7. How would you rate satisfaction in regards to value for money?

Excellent Good Poor

Q8. How would you rate your satisfaction in regards to processing system of reliance
life insurance service?

Excellent Good Poor

Q9. How would you rate your satisfaction level in regards to service of reliance life
insurance service?

Excellent Good Poor

Q10. Which policy would you choose out of all reliance insurance policies?

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A. Reliance endowment plan

B. Reliance special endowment plan

C. Reliance cash flow plan

D. Reliance child plan

79