CIA-3

Research Methodology-

Research methodology is the specific procedures or techniques used to

identify, select, process, and analyze information about a topic. In a
research paper, the methodology section allows the reader to critically
evaluate a study’s overall validity and reliability. Or Research methodology
is a way of explaining how a researcher intends to carry out their research.
It's a logical, systematic plan to resolve a research problem. A methodology
details a researcher's approach to the research to ensure reliable, valid
results that address their aims and objectives. It encompasses what data
they're going to collect and where from, as well as how it's being collected
and analyzed.

Types of research-
A quantitative research study is comprised of research design, the data
collection methods, instruments to be used, and the sample design.
Following are the three basic designs or approaches used in pre and post
buying behavior of customer towards insurance policy −
 Observational Research – In this method of observational research,
the people or customers are observed effectively when they purchase
a particular insurance policy product. It helps to gain in-depth
understanding of the relationship between the people and products by
observing them while purchasing and using the product.
 Experimentation − Experimentation is a type of research where only
certain variables are manipulated while others are kept constant in
order to encourage the change in the constant variable
 Surveys − A survey is a method of research in which an interviewer
interacts with respondents to obtain facts, opinions and attitudes.
Following are the various survey methods which are used in this research −
 Personal interview survey
 Telephone survey
 Mail surveys
 Online surveys
 Quantitative research data collection instruments
CIA-3

Data collection-
collected from various publications, articles, journals, related texts and the
IRDA website.
2. Three primary data surveys were conducted through well structured
interview schedule
prepared by the researcher in consultation with the experts in the field. The
primary data
survey was conducted in three phases – Firstly a survey on 140
respondents was conducted
to study customer awareness and preference for life insurance as an
investment alternative
and the results analyzed. In the second phase an exhaustive survey was
conducted by a
Structured Questionnaire administered to two groups of samples
representing the
population of Policy Holders and of both public sector and ten
private life insurance
companies. Thirdly a survey of employees and agents of public sector LIC
and ten private
sector Life insurance companies were conducted.
1. This study is based on both primary and secondary data. Data required
for the survey was
collected from various publications, articles, journals, related texts and the
IRDA website.
2. Three primary data surveys were conducted through well structured
interview schedule
prepared by the researcher in consultation with the experts in the field. The
primary data
survey was conducted in three phases – Firstly a survey on 140
respondents was conducted
to study customer awareness and preference for life insurance as an
investment alternative
and the results analyzed. In the second phase an exhaustive survey was
conducted by a
Structured Questionnaire administered to two groups of samples
representing the
population of Policy Holders and of both public sector and ten
private life insurance
CIA-3

companies. Thirdly a survey of employees and agents of public sector LIC

and ten private
sector Life insurance companies were conducted.
collected from various publications, articles, journals, related texts and the
IRDA website.
2. Three primary data surveys were conducted through well structured
interview schedule
prepared by the researcher in consultation with the experts in the field. The
primary data
survey was conducted in three phases – Firstly a survey on 140
respondents was conducted
to study customer awareness and preference for life insurance as an
investment alternative
and the results analyzed. In the second phase an exhaustive survey was
conducted by a
Structured Questionnaire administered to two groups of samples
representing the
population of Policy Holders and of both public sector and ten
private life insurance
companies. Thirdly a survey of employees and agents of public sector LIC
and ten private
sector Life insurance companies were conducted.
1. This study is based on both primary and secondary data. Data required
for the survey was
collected from various publications, articles, journals, related texts and the
IRDA website.
2. Three primary data surveys were conducted through well structured
interview schedule
prepared by the researcher in consultation with the experts in the field. The
primary data
survey was conducted in three phases – Firstly a survey on 140
respondents was conducted
to study customer awareness and preference for life insurance as an
investment alternative
and the results analyzed. In the second phase an exhaustive survey was
conducted by a
Structured Questionnaire administered to two groups of samples
representing the
population of Policy Holders and of both public sector and ten
private life insurance
CIA-3

companies. Thirdly a survey of employees and agents of public sector LIC

and ten private
sector Life insurance companies were conducted.
A man without practical knowledge is just like a rough diamond. To shine
like a real
diamond one must have practical exposure of what he has learnt. For the
students of
management theoretical knowledge is just like lock without key so practical
knowledge is
of so much important.
Summer Internship Project also helped me to understand interaction with
employees and
customers and approaches to the customers.
I spent four weeks as an intern in shriram life insurance and assign to sell
the insurance
policy in digital platform where I reached the target and selected as a BEST
INTERN in the
group. The first few weeks of my internship program was started in zoom
meeting where
the company mentor gave the orientation about shriram life insurance and
explain two
major policies which I have to sell in my internship program the two plans
consist of
ASSURED INCOME PLUS and SUPER INCOME PLAN.
The second phase of my internship program was digital marketing of
insurance where we
used to contact the clients through social media platform and try to contact
with them to
sell the policy.
The third phase is consist of market research about consumer’s buying
behaviour with
shriram insurance.
3.5.METHODOLOGY
1. This study is based on both primary and secondary data. Data required
for the survey was
collected from various publications, articles, journals, related texts and the
IRDA website.
A man without practical knowledge is just like a rough diamond. To shine
like a real
CIA-3

diamond one must have practical exposure of what he has learnt. For the
students of
management theoretical knowledge is just like lock without key so practical
knowledge is
of so much important.
Summer Internship Project also helped me to understand interaction with
employees and
customers and approaches to the customers.
I spent four weeks as an intern in shriram life insurance and assign to sell
the insurance
policy in digital platform where I reached the target and selected as a BEST
INTERN in the
group. The first few weeks of my internship program was started in zoom
meeting where
the company mentor gave the orientation about shriram life insurance and
explain two
major policies which I have to sell in my internship program the two plans
consist of
ASSURED INCOME PLUS and SUPER INCOME PLAN.
The second phase of my internship program was digital marketing of
insurance where we
used to contact the clients through social media platform and try to contact
with them to
sell the policy.
The third phase is consist of market research about consumer’s buying
behaviour with
shriram insurance.
3.5.METHODOLOGY
1. This study is based on both primary and secondary data. Data required
for the survey was
collected from various publications, articles, journals, related texts and the
IRDA website.
 Primary data:
A primary data is a data which is collected for the first
time for the particular interest to collect more information. In this
study, Data was collected to both primary data and secondary
data sources. Primary data was collected through
questionnaire. The study was done in the form of direct personal
interviews. The sources of data in the project are about primary
and secondary data.
CIA-3

Primary data was collected using questionnaire.

 Secondary data:
These data are collected from published sources
such as Magazines, Newspapers, several books, and also
from the help of web site www.policybazaar.com.

Sample design
Convenient sampling method is adopted for the purpose of study.

Tools used for the study

The rules of statistics in research are to function as a tool in
designing research, analyzing the data, drawing its conclusion from
most research studies result in large volume of raw data that must be
suitable reduced so that the same can be read easily and can be
used for future analysis .the tools used are
 simple percentage analysis
 ranking analysis
 weighted average analysis
 chi square analysis

Data analysis-
 Consumer buying behavior is the study of when, why, how, and
where people do or do not buy a product. Behavior of consumer
differs between a purchase of a physical product and a service-
related product.

Marketing Strategies to Influence Consumer Purchasing Behavior

 Engage with your Audience Online and Offline. ...
 Understand the Needs of your Potential Customers. ...
 Be Available 24/7 for your Customers.


There are four types of consumer behavior: habitual buying
behavior, variety-seeking behavior, dissonance-reducing buying
behavior, complex buying behavior.
Quationaries related to primary data
1. Name : ___________________________________________________
CIA-3

2. Age (In Years) : ________________
3. Gender :
a) Male
b) Female
4. Marital Status : a) Married  b) Unmarried
5. Educational Qualifications :
A) ill -lliterate b) Illiterate  b) Below Matric c) Matric  d) Graduate
e) Post- Graduate  f) other (specify): _____________
6. Source of earning :
a) Student  b) Service employed d) other (specify): ____________
7. Family Income :
a) Below 1 Lac  b)1 Lac to 5 Lac c)  5 Lac to 10 Lac
d) More than 10 Lac
8.. Do you have an insurance policy?

a) Yes b) No
 9) Who influenced you to get an insurance policy?
a) media
b) insurance agent
c) fedral government
d) family, friends, colleague
e) others

10). How many insurance policies do you currently have?

a) 1 b) 2 c) 3 d) more than 3
11. What kind of insurance policies do you have?
a) saving policy b) endownment policy c) health policy

12) What is the average term of the policies you have?

A) up to 5 years b) up to 20 years c) more than 20 ye
CIA-3