A

PROJECT R EPORT
ON

“A study on marketing strategies & Insurance Policies and

Customer Preferences for The Leading Solutions.”
For
The Leading Solutions

SUBMITTED TO

IN THE PARTIAL FULFILMENT OF THE REQUIREMENT OF

BACHELOR OF BUSINESS ADMINISTRATION (BBA)

UNDER THE GUIDANCE OF

Dr. Kalpana Vishwakarma

-SUBMITTED BY-
(Sujal Mekhe)
PRN NO. MITU21BBAG0069
Batch - 2021-24
Submitted to

MIT College of Management, Pune

 Declaration

I, Sujal Mekhe of Student of Bachelors of Business Administration Semester - VI

of MIT College of Management, Pune, hereby declare that I have successfully

completed this Summer Internship Project on “A study on marketing strategies &

Insurance Policies and Customer Preferences for The Leading Solutions.” during

the Academic Year 2022-23. The information incorporated in this report is true and

original to the best of my knowledge.

Place: ……………………… Sujal Mekhe

Date: ……………………… PRN No. MITU21BBAG0069

 EXECUTIVE SUMMARY

This executive summary provides a concise overview of the study on marketing strategies, insurance
policies, and customer preferences for The Leading Solutions. The study aims to investigate the
impact of targeted marketing strategies based on customer preferences on sales and customer
satisfaction for the company's insurance policies.

The hypothesis suggests that by aligning marketing efforts with customer preferences, The Leading
Solutions can achieve increased sales and improved customer satisfaction. The study focuses on
understanding customer preferences, such as coverage needs, pricing preferences, and communication
channels, and developing marketing strategies that cater to these preferences.

Data will be collected on sales performance, customer satisfaction ratings, and customer feedback
before and after implementing targeted marketing strategies. Statistical analysis will be conducted to
determine if there is a significant improvement in sales and customer satisfaction following the
implementation of these strategies.

The findings of this study will provide valuable insights into the effectiveness of targeted marketing
strategies in the insurance industry and their impact on customer preferences. The results will help
The Leading Solutions refine their marketing approaches, enhance customer acquisition and retention,
and ultimately drive business growth.

By understanding and catering to customer preferences, The Leading Solutions can position
themselves as a customer-centric insurance provider, offering policies that meet the specific needs
and preferences of their target market. This study aims to contribute to the company's success by
providing evidence-based recommendations for optimizing marketing strategies and enhancing
customer satisfaction.
 INDEX

Sr. Page
Chapter Name
No No.
Introduction 1
1.1 Theoretical background of the study 2
1
1.2 Importance of the study 10
1.3 Need of the study 12
Review of Literature & Research
14
Methodology
2.1 Scope of the study 15
2 2.2 Objective of the study 16
2.3 Research Methodology 17
2.4 Hypothesis 23
2.5 Limitation of study 24
Profile of selected organizations 25
3 3.1 Industry Profile 26
3.2 Company Profile 30
4 Data Analysis and Interpretation 33
Summary of Findings, Suggestions
45
& Conclusion
5 5.1 Finding 46
5.2 Suggestion 48
5.3 Conclusion 50
Bibliography 52
Questionnaire 54
 Chapter 1

Introduction

1|Page
 Chapter 1

1.1 Theoretical
background of
the Study

2|Page
What is Marketing?

Marketing is the strategic process of promoting and selling products or services

toMarketin a target audience. It involves a variety of activities aimed at creating
awareness, generating interest, and ultimately driving customer engagement and sales.
Effective marketing is about understanding the needs and preferences of your potential
customers and developing strategies to meet those needs while delivering value.

Marketing encompasses a range of techniques and channels, including advertising, public

relations, social media, content creation, email marketing, and more. It's not just about
selling a product but also about building brand identity and customer relationships.

Key elements of marketing include market research to identify opportunities and

customer insights, segmentation to group customers with similar characteristics,
targeting to focus on the most relevant audience, positioning to differentiate your product
or service in the market, and crafting compelling messages and content to attract and
retain customers.

In a rapidly evolving digital landscape, marketing has become increasingly data-driven,

leveraging analytics and technology to optimize campaigns and track performance. It's a
dynamic and vital function for businesses seeking to thrive in competitive markets and
meet the ever-changing demands of consumers.

What is life insurance policy?

A life insurance policy is a financial contract between an individual, known as

the policyholder, and an insurance company. It is designed to provide financial
protection to the policyholder's beneficiaries in the event of the policyholder's
death. The policyholder pays regular premiums to the insurance company in
exchange for this coverage.

Life insurance policies come in various types, with the most common being term
life and whole life insurance. Term life insurance offers coverage for a specific

3|Page
 period, typically 10, 20, or 30 years, and pays out a death benefit if the
policyholder passes away during that term. Whole life insurance, on the other
hand, offers coverage for the policyholder's entire life and includes a savings or
investment component that accumulates cash value over time.

The primary purpose of a life insurance policy is to provide financial security to

the policyholder's loved ones, such as family members or dependents, after the
policyholder's death. The death benefit can be used to cover funeral expenses,
pay off debts, replace lost income, or fund future financial goals.

Life insurance policies are essential for ensuring the financial well-being of one's
family and dependents in the event of an unexpected tragedy. Choosing the right
type and amount of coverage depends on individual circumstances and financial
objectives.

What are different ways for life insurance policy?

There are several different types of life insurance policies, each tailored to meet various
financial needs and goals. Here are the most common types:

1. Term Life Insurance: This is the simplest and most affordable form of life insurance.
It provides coverage for a specific term (e.g., 10, 20, or 30 years). If the policyholder
passes away during the term, the policy pays a death benefit to the beneficiaries. It's a
straightforward way to provide temporary financial protection.

2. Whole Life Insurance: Whole life insurance offers lifetime coverage. It also includes
a savings or investment component, known as the cash value, which grows over time and
can be accessed by the policyholder. Whole life policies are more expensive than term
life and provide both a death benefit and a savings component.

3. Universal Life Insurance: Universal life insurance is a flexible policy that allows
policyholders to adjust their premiums and death benefits. It also accumulates cash value,

4|Page
which can be invested in various accounts. This flexibility can be useful for those with
changing financial circumstances.

4. Variable Life Insurance: Variable life insurance combines a death benefit with an
investment component that allows policyholders to invest in a range of sub-accounts,
typically consisting of stocks and bonds. The cash value and death benefit can fluctuate
based on the performance of these investments.

5. Variable Universal Life Insurance: This is a combination of universal life and variable
life insurance, offering both flexibility in premium payments and investment options.
Policyholders can adjust their premiums and choose how their cash value is invested.

6. Survivorship Life Insurance: Also known as "second-to-die" insurance, this policy

insures two individuals, typically a married couple. The death benefit is paid out upon
the death of the second insured person. It is often used for estate planning and to cover
estate taxes.

7. Final Expense Insurance: This is a type of whole life insurance with a smaller death
benefit, intended to cover funeral and burial expenses, medical bills, and other end-of-
life costs.

8. Guaranteed Issue Life Insurance: This is designed for individuals who may have
difficulty obtaining traditional life insurance due to health issues. It typically has no
medical exam or health questions but may come with higher premiums and lower death
benefits.

Each type of life insurance policy has its own advantages and considerations, and the
choice depends on your financial goals, budget, and individual circumstances. It's
important to carefully evaluate your needs and consult with a financial advisor or
insurance professional to select the right policy for you.

5|Page
How marketing helps in selling of insurance policy?

Marketing plays a crucial role in the selling of insurance policies by creating awareness,
building trust, and connecting with potential customers. Here's how it helps in a nutshell:

1. Brand Visibility: Effective marketing increases the visibility of an insurance company

and its products. Advertising through various channels, such as television, online ads,
and social media, ensures that the company's name and offerings are well-known to the
target audience.

2. Educating Customers: Marketing campaigns often focus on educating potential

policyholders about the importance of insurance, various coverage options, and how
insurance can protect them and their loved ones. Education is key to making informed
buying decisions.

3. Building Trust: Trust is paramount in the insurance industry. Marketing efforts,

including testimonials, reviews, and expert endorsements, help establish trust among
customers. A strong, trustworthy brand is more likely to attract and retain policyholders.

4. Lead Generation: Marketing strategies, such as content marketing and lead generation
campaigns, identify potential customers who are interested in insurance. These leads can
then be pursued by the sales team.

5. Customized Targeting: Through data analysis and market research, marketing allows
insurance companies to target specific demographics, such as age groups, income levels,
and lifestyles. Tailoring marketing efforts to these segments increases the chances of
success.

6|Page
 6. Multi-Channel Communication: Marketing provides multiple touchpoints for potential
customers, such as websites, email campaigns, social media, and call centers. This
enables prospects to engage with the company through their preferred channels.

7. Customer Retention: Marketing doesn't stop after a policy is sold. It includes post-sale
efforts to keep customers informed and engaged, encouraging policy renewals and
upselling additional coverage.

In essence, marketing acts as the bridge between insurance providers and policyholders,
enabling companies to convey the value of their products, establish credibility, and reach
the right audience. It's a fundamental component of the insurance business, helping
insurers sell policies and, in the process, protect individuals and their assets.

What are the benefits of the life insurance ?

Life insurance offers a range of benefits that provide financial
security and peace of mind to policyholders and their loved ones:

1. Financial Protection: The primary benefit of life insurance is to provide a tax-free lump
sum, known as the death benefit, to beneficiaries upon the policyholder's death. This financial
cushion can cover immediate expenses, such as funeral costs, outstanding debts, and medical
bills.

2. Income Replacement: For families or dependents, life insurance serves as a vital income
replacement tool. It ensures that loved ones can maintain their standard of living and meet
financial obligations in the absence of the policyholder's income.

3. Debt Payoff: Life insurance can help settle outstanding debts, such as mortgages, loans,
and credit card balances, preventing the burden from falling on surviving family members.

4. Estate Planning: Life insurance is often used in estate planning to provide an inheritance,
equalize the distribution of assets among heirs, or cover estate taxes and other expenses.

7|Page
5. Business Continuity: In the case of a business owner, life insurance can safeguard the
company by providing funds for buy-sell agreements, debt repayment, or the recruitment and
training of a successor.

6. Peace of Mind: Having life insurance in place provides peace of mind. Policyholders know
that their families and beneficiaries will be financially secure in their absence, reducing
anxiety and stress.

7. Tax Advantages: The death benefit from a life insurance policy is typically tax-free,
providing an efficient way to transfer wealth to beneficiaries without the burden of income or
estate taxes.

8. Charitable Giving: Life insurance can be used to leave a legacy by naming a charitable
organization as the beneficiary, ensuring support for a cause that is important to the
policyholder.

9. Flexibility: Many life insurance policies offer flexibility, allowing policyholders to

customize coverage to their specific needs and adjust it over time.

10. Savings and Investment: Some life insurance policies, like whole life and universal life,
build cash value over time, which can be accessed or used for loans or withdrawals.

Life insurance is a valuable tool that offers financial protection, stability, and a legacy for
policyholders and their beneficiaries. It's an important part of a comprehensive financial plan,
ensuring that loved ones are taken care of, even in the policyholder's absence.

The relation between brand awareness and repeat purchase?

Brand awareness and repeat purchase are interconnected aspects of a successful
business strategy. Brand awareness is the extent to which consumers recognize and
recall a brand, while repeat purchase refers to the act of a customer buying a product or
service from the same brand multiple times. The relationship between these two
concepts can be explained in the following ways:

8|Page
1. Trust and Familiarity: High brand awareness builds trust and familiarity with
consumers. When people are familiar with a brand and have a positive perception of it,
they are more likely to make repeat purchases. Trust in the brand's consistency and
quality encourages customers to return.

2. Reduced Risk: Familiarity with a brand reduces the perceived risk of trying new
products. Consumers who have had a positive experience with a brand are more
inclined to make repeat purchases because they know what to expect, minimizing the
uncertainty associated with trying a new brand.

3. Loyalty and Emotional Connection: Strong brand awareness often leads to brand
loyalty. Customers who feel emotionally connected to a brand are not only more likely
to make repeat purchases but also to recommend the brand to others, further increasing
sales.

4. Advertising and Recall: Advertising and marketing efforts that boost brand
awareness also remind customers of the brand's offerings. This reminder can prompt
previous customers to return for repeat purchases, particularly when they have a need
for the product or service.

5. Competitive Advantage: High brand awareness can give a brand a competitive

advantage. When customers have a variety of options, they are more likely to choose a
brand they recognize and trust, making repeat purchases more likely.

6. Customer Experience: Positive experiences during initial purchases contribute to

repeat business. These experiences, coupled with brand awareness, create a positive
cycle where customers return for more, leading to brand loyalty.

9|Page
 Chapter 1

1.2 Importance of
Study

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Importance of Study
• To improve supply chain processes for more cost-effective production and delivery.
• To identify opportunities to access new markets.
• To gain a competitive advantage through excellent supply chain management.

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 Chapter 1

1.3 Need of the

study

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A study on marketing strategies and insurance policies, coupled with an analysis of
customer preferences, provides valuable insights for the insurance industry's leading
solution providers. By examining the effectiveness of different marketing strategies,
companies can tailor their approaches to attract and retain customers effectively.

This research can identify which policy types and features are most appealing to
customers, allowing insurance companies to align their offerings with market demands.
Customer preferences are dynamic, and understanding these preferences enables insurers
to develop more customer-centric products and services.

Furthermore, analyzing the interplay between marketing strategies and customer

preferences helps insurers pinpoint the most successful approaches for promoting
specific policies. It allows companies to optimize their marketing campaigns to target the
right audience and deliver tailored messages, ultimately increasing customer acquisition
and retention.

In summary, a study in this domain empowers insurance providers to fine-tune their

strategies, adapt to changing customer preferences, and maintain their position as leaders
in the industry. It enhances the ability to offer policies that align with customer needs,
ultimately driving growth and competitiveness.

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 Chapter 2

Review of
Literature &
Research
Methodology

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Scope of Study:
1. Financial Protection: Life insurance provides a safety net for loved ones in the event
of the policyholder's death, covering expenses such as funeral costs, outstanding debts,
and income replacement.

2. Estate Planning: It plays a vital role in estate planning, helping with the distribution
of assets, equalizing inheritances, and covering estate taxes.

3. Income Replacement: For families, life insurance ensures that dependents can
maintain their standard of living and meet financial obligations when the primary
breadwinner passes away.

4. Business Continuity: Businesses use life insurance for buy-sell agreements, key
person insurance, and to provide funds for the seamless transfer of ownership in case of
an owner's death.

5. Savings and Investment: Some policies, like whole life and universal life,
accumulate cash value over time, which can be used for loans, withdrawals, or as an
investment vehicle.

6. Tax Efficiency: Life insurance often offers tax advantages, with death benefits
typically being tax-free and cash value growing tax-deferred.

7. Charitable Giving: It can also be used as a means of leaving a legacy by naming

charitable organizations as beneficiaries.

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Objective of the Study:
• To evaluate the influence of marketing strategies on sales of insurance policies
offered by leading solutions.

• To analyze customer preferences to inform product development and marketing

tactics for the foremost insurance solutions in the industry.

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 2.3 Research Methodology

The process used to collect information and data for the purpose of making business
decisions. The methodology may include publication research, interviews, surveys and
other research techniques, and could include both present and historical information.

The Data collected for research is by following methods:

• Primary Data
• Secondary Data

• Primary Data:

A primary data source is an original data source, that is, one in which the data are
collected firsthand by the researcher for a specific research purpose or project. Primary
data can be collected in a number of ways.

Sources for Primary data includes, Interviews, Surveys, Experiments, etc. Primary data
are usually collected from the source-where the data originally originates from and are
regarded as the best kind of data in research.

The primary data for Project is collected by survey where the questionnaire was mude,
and the responses of participants were collected.

Characteristics of Primary Data:

• Primary data are original data.

• Primary data is expensive.

17 | P a g e
• Collection of primary data takes considerable time and effort.
• They are collected with reference to the problem at hand.
• They are collected deliberately from relevant respondents.
• Specific methods (like survey methods, observation methods. experimental methods,
etc.) and tools (like printed forms, questionnaires, camera, etc.) are used for collecting
primary data.
• They constitute a basic input in the research project.
• They are required to be furnished. processed, or analyzed before they are used.

Ways of Collecting primary data: -

• Observation Method: In the observation method, the information is sought by way of

the investigator's own direct observation without asking from the respondent. The main
advantage of this method is that it is free from subjective biases, as it is free from
respondent's willingness. It is, however, an expensive and time-consuming method.
Moreover, the information provided by this method is very limited and some of the
busier people like executives may not be accessible to direct observation.

• Interview Method: Primary data may be collected either through personal interviews or
through telephonic interviews.

• Questionnaire Method: In this method a questionnaire is mailed to the person concerned

with a request to answer the questions and return the questionnaire. This method is most
extensively applied in various researches of human and economic geography.

• Secondary Data:

18 | P a g e
 Secondary data refers to data that is collected by someone other than the primary user.
Common sources of secondary data for social science include censuses, information
collected by government departments, organizational records and data that was
originally collected for other research purposes. The secondary data for the project was
collected from organizational records.

Characteristics of Secondary Data:-

• Secondary data are published data, not original data, for the research the hand.
• They give the latest information.
• They can be easily collected from various internal and external sources.
• They are relatively cheaper; they need less effort, time, and money.
• They have been collected by other people for their own problems and situations in the
past.
• They are used as a supplementary to primary data. Mostly, they are used for defining
and understanding problems.
• The use of secondary data is optional. Research can be conducted even without the use
of this type of data.
• They can be used without processing: no need to analyze them before they are used.
They can be used directly.
• Relevance, accuracy, and timing are the main problems related to secondary data.

Ways of Collecting Secondary Data:

A researcher can obtain secondary data from various sources. Secondary data may
either be published data or unpublished data.

Published data are available in:

• Publications of the government. Technical and trade journals.

• Reports of various businesses, banks etc. public records

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• Statistical or historical documents.

Methods of Research:

The goal of the research process is to produce new knowledge or deepen understanding
of a topic or issue. This process takes three main forms:

• Exploratory research, which helps to identify and define a problem question.

• Constructive research, which tests theories and proposes solutions to a problem or
question.
• Empirical research, which tests the feasibility of a solution using empirical evidence.

There are two major types of empirical research design: qualitative research and
quantitative research. Researchers choose qualitative or quantitative methods according
to the nature of the research topic they want to investigate and the research questions
they aim to answer:

• Qualitative Research:

This involves understanding human behavior and the reasons that govern such
behavior, by asking a broad question, collecting data in the form of words,
images, video etc. that is analyzed, and searching for themes. This type of
research aims to investigate question without attempting to quantifiably
measure variables or look at potential relationships between variables. It is
viewed as more restrictive in testing hypotheses because it can be expensive and
time-consuming and typically limited to a single set of research subjects.
Qualitative research is often used as a method of exploratory research as a basis
for later quantitative research hypotheses. Qualitative research is linked with the
philosophical and theoretical stance of social constructionism. Social media
posts are used for qualitative research.

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 • Quantitative Research:

This involves systematic empirical investigation of quantitative properties and

phenomena and their relationships, by asking a narrow question and collecting
numerical data to analyze it utilizing statistical methods. The quantitative
research designs are experimental, correlational, and survey (or descriptive).
Statistics derived from quantitative research can be used to establish the
existence of associative or causal relationships between variables. Quantitative
research is linked with the philosophical and theoretical stance of positivism.

The quantitative data collection methods rely on random sampling and structure
data collection instruments that fit diverse experiences into predetermined
response categories. These methods produce results that are easy to summarize,
compare, and generalize. Quantitative research is concerned with testing
hypotheses derived from theory or being able estimate the size of a phenomenon
of interest.

• Tools for Data Collection:

Structured questionnaire was the tool for the researche purpose. The questionnaire was
neatly designed and constructed for the purpose in the line with the objectives of the
study.

Sampling:

A sample is considered during the research when the size of the population is large. A
set is chosen to represent the whole population, this set is called a "sample". sample is
a representative of the population under study.

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 Various methods of Sampling:

• Probability Sampling Methods:

• Simple Random Sampling: In this case each individual is chosen entirely by
chance and each member of the population has an equal chance, or probability,
of being selected. One way of obtaining a random sample is to give each
individual in a population a number, and then use a table of random numbers to
decide which individuals to include.

• Stratified sampling: In this method, the population is first divided into

subgroups (or strata) who all share a similar characteristic. is used when we
might reasonably expect the measurement of interest to vary between the
different subgroups, and we want to ensure representation from all the
subgroups.

• Clustered sampling: In a clustered sample, subgroups of the population are used

as the sampling unit, rather than individuals. The population is divided into
subgroups, known as clusters, which are randomly selected to be included in the
study. Clusters are usually already defined.

• Non-Probability Sampling Methods: -

• Convenience sampling: Convenience sampling is perhaps the easiest method of
sampling, because participants are selected based on availability and
willingness to take part. Useful results can be obtained, but the results are prone
to significant bias, because those who volunteer to take part may be different
from those who choose not to (volunteer bias), and the sample may not be
representative of other characteristics, such as age or sex.

• Quota sampling: This method of sampling is often used by researchers. It is a

method for selecting survey participants that is non-probabilistic version of
stratified sampling.

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Hypothesis:
In the context of the study on marketing strategies and insurance policies, it is
hypothesized that a positive correlation exists between the effectiveness of marketing
strategies employed by leading insurance solution providers and their policy sales,
demonstrating that well-targeted, customer-centric marketing initiatives have a
significant impact on attracting and retaining customers. Additionally, it is hypothesized
that a thorough understanding of customer preferences plays a crucial role in shaping
insurance product offerings and marketing approaches, ultimately leading to increased
customer satisfaction, loyalty, and a competitive edge for the leading solution providers
in the insurance industry. The study aims to test these hypotheses and contribute valuable
insights to the field of insurance marketing, assisting companies in optimizing their
strategies and better meeting the evolving needs of their clientele.

23 | P a g e
Limitations of Study:
1. Limited Scope: The study may focus solely on leading solution providers, potentially
overlooking insights that could be gained from smaller or regional players in the
insurance industry.

2. Data Availability: Access to comprehensive and up-to-date data from leading insurance
solution providers and customer preferences may be restricted, affecting the depth and
accuracy of the analysis.

3. Changing Consumer Behavior: Customer preferences are subject to change over time,
and the study's findings may not reflect long-term shifts in consumer behavior and
expectations.

4. External Factors: External economic, regulatory, or social factors could impact the
results and conclusions of the study, which may not be under the control of the
researchers.

5. Generalization: Findings from this study may not be universally applicable to all
insurance companies or industry segments, as individual company strategies and
customer preferences can vary significantly.

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 Chapter 3

Profile of
selected
Organizations

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 Chapter 3

3.1 Industry
Profile

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Industrial Background:

Logo:-

, Since 2 year
Industry:-
Establishment:- 2022,feburury
Head office:- RG Trade Tower,Netaji Subhash Place Pitampora,Delhi,110034
Founder:- Jethabhai Ganderi
CEO:- Hitesh Ganderi
Area served:- World wide
Product:-
Cuttle Fish
• Prawns

Address:-
RG Trade Tower, Netaji Subhash Place, Pitampurs,New Delhi
110034
Ph:+

27 | P a g e
Indian Scenario:

In the Indian scenario in the early 2000s, the life insurance policy industry
was undergoing significant transformation and expansion. The government's
liberalization policies and the entry of private insurers brought a wave of
innovation and competition to the sector, which was previously dominated
by the state-owned Life Insurance Corporation of India (LIC).

Private insurance companies, both domestic and foreign, began offering a

wide range of life insurance products, appealing to the diverse needs and
preferences of the Indian population. Unit-linked insurance plans (ULIPs)
gained popularity, combining investment and insurance features, while
traditional endowment and term policies remained prevalent choices.

The industry saw substantial growth in the number of policyholders, with an

increasing awareness of the need for financial security. Marketing and
distribution channels evolved, incorporating online platforms and
bancassurance arrangements with banks to reach a wider customer base.

Despite these positive developments, challenges like mis-selling, regulatory

changes, and consumer education gaps persisted. The Insurance Regulatory
and Development Authority of India (IRDAI) played a pivotal role in
regulating the industry and safeguarding policyholders' interests.

Overall, the early 2000s marked a dynamic period for India's life insurance
industry, with increased competition, product diversity, and a growing
emphasis on financial planning and security among the country's vast
population.

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 World Scenario:

In a bustling metropolis, nestled among the towering skyscrapers, stands a well-established

insurance company, Apex Assurance Inc. With a history dating back a century, the company
has evolved to become a leader in the insurance industry.

The office, located on the 20th floor of a modern glass-and-steel building, is a hive of activity.
A team of dedicated professionals, including underwriters, claims adjusters, and customer
service representatives, work diligently to serve the diverse needs of their policyholders.

In one corner, an underwriting team is meticulously evaluating risk profiles for potential
clients, utilizing advanced data analytics to make informed decisions. Their mission is to
provide tailored coverage options for clients ranging from individuals seeking life insurance to
corporations safeguarding their assets.

Meanwhile, claims adjusters are busy assisting policyholders in their times of need. They
process claims promptly, working to ensure a seamless experience for those affected by
accidents, natural disasters, or unforeseen events. Apex Assurance Inc. is renowned for its
quick and fair claim settlements, which have built trust with its clientele.

In the customer service department, a team of friendly representatives is always ready to answer
inquiries, guide clients through their policies, and offer expert advice. They ensure that
policyholders feel valued and well-informed, nurturing long-lasting relationships.

The marketing division is in constant motion, running campaigns that emphasize the company's
reliability and customer-centric approach. Social media platforms, billboards, and television
commercials carry the company's message of protection and peace of mind to a wider audience.

Apex Assurance Inc. thrives in this dynamic environment, adapting to the ever-changing
insurance landscape, embracing technology, and nurturing the well-being of its customers. Its
commitment to service and innovation remains steadfast, securing its position as a trusted
partner in the protection of lives and assets.

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 Chapter 3

3.2 Company
Profile

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Brief about Company
Company is able to facilitate various trainings and development programs with top B-
schools and we have already trained thousand of interns till date. We have liaison with
more than 50 universities in India with the base size of 800 and above campuses,
keeping in mind the most critical needs in today's context, we have emerged as a
service partner of various bank providing one stop solution offering a gamut of
services.
Thus, our mission is to establish high standards of professional etiquette and to
effectively facilitate a comprehensive and accomplished system of continuing
professional development for every possible profession through our exceptional
training solutions
TLS is one of the developing consulting firm in India. At TLS, we give broad
administration services to high and HNI clients. Our exceedingly prepared and
concentrated group draw in with customers from the nation over just as those based
abroad. We facilitate every one of the administrations expected to deal with customer's
cash and plan for their very own and family's present and future needs.
Achieving wealth and remaining wealthy require different characteristics. Individuals,
families and even businesses become wealthy for a variety of reasons, yet they often
make the mistake of thinking they can also win the wealth management game alone.
Fortunes are lost annually by uninformed direct investments and poor choices made by
experts in the legal, operations, accounting, investments and insurance domains. In
many cases, there are no "do overs" which is why the right partner not only makes
sense, it is critical in achieving one's goals. In the end, it is not about what you earn, it
is what you keep that matters most." We cares about our client and provide them best
options what they really needs not what we have. We are not salesman we are service
provider and effective service provider is the one who satisfy his clients need and solve
his problem at the same time on the long run basis.

Vision:

Our motive is to upgrade the perception of investors moving them from traditional
investment decision making to diversified one. In this dynamic economy it is always
better to diversify your funds. We work on the core mentality of investors and try to
shift their interest from traditional to modern mind set by providing them greater
choices to invest. To expand our piece of the overall industry year on year and keep up
a similar dimension of involvement for each customer. What's more, guarantee that we
become the most profitable resource for every customer.

31 | P a g e
Mission:

To assemble a world class business through high quality and genuine budgetary
arrangements upheld by sharp research and master group. The arrangements are
conveyed by specialists who comprehend the particular yearnings of each customer.

32 | P a g e
 Chapter 4

Data Analysis &

Interpretation

33 | P a g e
 Q1. Gender
Number of
Sr. No Gender Percentage
Responses
1 Male 28 56%
2 Female 22 44%
Total 50 100
(Source- Survey)

1 Male 2 Female

44%

56%

Interpretation -From the above information and pie chart we can interpret that we
have more male stakeholders with 56% from total count .

34 | P a g e
Q2. Age

Number
Sr. No Age Group of Percentage
Responses
Below 25
1 33 36%
years
2 25-45 years 12 34%
3 45-60 years 3 22%
Above 60
4 2 8%
years
Total 50 100

Chart Title
Below 25 years 25-45 years 45-60 years Above 60 years

4%

6%

24%

66%

Interpretation -From the above information and pie chart we can interpret that people
from age group of below 25 years are our main stakeholders then age group of 25 to 45
are also important .

35 | P a g e
Q3. Are you currently a policyholder with any insurance
company?

Number
Particular of Percentage
Sr. No
Responses

1 Yes 49 98%
2 No 1 2%
Total 50 100

Chart Title
yes no

2%

98%

Interpretation= from the above data we can conclude that 98% respondents are policy
holders and 2% are not.

36 | P a g e
Q4. Which type of insurance policyholder are
you currently holding?

Number
Sr.
Particular of Percentage
No
Responses

1 life insurance 45 90%

2 health insurance 4 8%
3 auto insurance 0 0%
4 home insurance 0 0%
5 other 1 2%
Total 50 100
(Source- Survey)

Chart Title 2%
life insurance health insurance auto insurance
home insurance other
0% 0%

8%

90%

Interpretation= from the above pie chart we can see that 90% respondents are life
insurance policy holders, 8% health insurance holder and 2%other.

37 | P a g e
Q5. What factor influence your decision to choose your
current insurance provider?

Number
Sr.
Particular of Percentage
No
Responses

1 competitive pricing 43 86%

2 brand reputation 2 4%
3 coverage option 1 2%
recommedations from
4 3 6%
family/friend
5 customer service 0 0%
6 other 1 2%

Total 50 100

(Source- Survey)

Chart Title
competitive pricing brand reputation
coverage option recommedations from family/friend
customer service other
0% 2%
2%
4%
6%

86%

Iterpretations= from the above data we can observe that 86% respondents think
competitive pricing influence their decision, 4% brand reputation , 2% coverage option
and 6% recommendations from family n friends.

38 | P a g e
 Q6. Have you switched insurance providers in the last five
years?

Number
Sr. No Particular of Percentage
Responses

1 Yes 43 86%
2 No 7 14%
Total 50 100

Chart Title
yes no

14%

86%

Interpretations= from the above data we can see that 86% respondants have switched
insurance providers in the last 5 years, and 14% have not

(Source- Survey)

39 | P a g e
Q7. Are you aware of the marketing strategies used by your
insurance provider?(e.g., advertising,promotion)

Number
Sr. No Particular of Percentage
Responses

1 yes 48 96%
2 no 2 4%
Total 50 100%

(Source- Survey)

Chart Title
yes no

4%

96%

Interpretation= from the above data we can see that 96% respondants are aware of the
marketing strategies and 4% respondantents are not.

40 | P a g e
Q8. Have these marketing strategies influenced your
perception of your insurance provider or your decision
regarding policies or renewal?

Number of
Sr. No Particular percentage
Responses

1 price 44 88%
2 coverage option 2 4%
3 customer service 2 4%
4 brand reputation 1 2%
5 recommendation 0 0%
6 other 1 2%
Total 50 100%

Chart Title
price coverage option
customer service brand reputation
recommendation other
2%
4% 20%%
4%

88%

Interpretation= from the above data we can observe that 88% respondents thinks price
has influenced their decision, 4% coverage option and 4% customer service.

41 | P a g e
Q9.How often do you review your insurance policies or consider
switching provider?

Number of
Sr. No Particular Percentage
Responses

1 Annually 48 96%
2 every few year 1 2%
3 Rarely 1 2%
Total 50 100%

(Source- Survey)

Chart Title
annually every few year rarely

2% 2%

96%

Interpretation= from the above data we can observe that 96% respondents annually
consider switiching providers, 2% every few years and 2% rarely.

42 | P a g e
Q10. Do you feel that your insurance provider offers policies
that align with your preferences and needs?

Number of
Sr. No Particular Percentage
Responses

1 Yes 47 94%
2 No 2 4%
3 every few year 0 0%
4 Rarely 1 2%
Total 50 100%
(Source- Survey)

Chart Title
yes no every few year rarely

0%

4% 2%

94%

Interpretation= from the above data we can observe that 94% respondents thinks that
policies align with needs, 4% thinks it does not

43 | P a g e
Q11.Would you recommend your insurance provider to
other?

Number of
Sr. No Particular Percentage
Responses

1 yes 46 92%
2 No 4 8%
Total 50 100
(Source- Survey)

Chart Title
yes No

8%

92%

Interpretation= from the above data we can observe that 92% respondents would
recommend the insurance provider to others and 8% would not.

44 | P a g e
 Chapter 5

Summary of
Findings,
Conclusions &
Suggestions

45 | P a g e
 Chapter 5

5.1 Findings

46 | P a g e
Findings:

1. The analysis of stakeholder demographics reveals that a majority of the participants

are male, constituting 56% of the total stakeholder count and indicate that the primary
age group among our stakeholders is below 25 years, with a notable presence in the age
group of 25 to 45, signifying their significance as stakeholders.

2. The analysis demonstrates that a significant 98% of the respondents are policyholders,
while 2% are not currently holding any policies.

3. It is evident from the data that a substantial 86% of respondents consider competitive
pricing as a significant influence on their decision.

4. The data highlights that a significant 86% of respondents have switched insurance
providers within the last 5 years, while 14% have not made such a switch during the same
period.

5. The analysis indicates that a considerable 96% of respondents are aware of the
marketing strategies employed by insurance providers and the most influential factor in
the decision-making process for 88% of respondents is the price.

6. The majority of respondents, 94%, believe that the insurance policies align with their
needs, while 4% feel that they do not align effectively.

7. A significant 92% of respondents express their willingness to recommend the

insurance provider to others, highlighting their satisfaction with the service, while 8%
indicate they would not recommend the provider.

47 | P a g e
 Chapter 5

5.2 Suggestion

48 | P a g e
 Suggestions:

1. Consider tailoring marketing strategies to attract a more diverse stakeholder

base.

2. Focus on providing insurance solutions that cater to the needs of the below
25 and 25 to 45 age groups.

3. Enhance efforts to attract and retain non-policyholders.

4. Allocate resources effectively to cater to the needs of different insurance

categories.

5. Emphasize competitive pricing strategies and consider improving brand

reputation.

6. Implement measures to reduce the rate of switching insurance providers.

7. Prioritize competitive pricing and enhance customer service quality.

8. Encourage annual policy review and retention strategies.

9. Ensure that insurance policies align well with the customers' needs and
preferences.
“?;.l,

49 | P a g e
 Chapter 5

5.3 Conclusion

50 | P a g e
In conclusion, the study on "A Study on Marketing Strategies & Insurance Policies
and Customer Preferences for The Leading Solutions" sheds light on the intricate
relationship between marketing strategies, insurance policies, and customer
preferences in the insurance industry. The research has uncovered valuable
insights into the ways marketing strategies influence customer decisions and shape
their preferences.

The findings highlight the significance of tailored marketing approaches and the
critical role of understanding customer preferences in the insurance sector.
Marketing strategies that resonate with customers and address their specific needs
can foster trust, enhance customer satisfaction, and drive policy sales. Customer-
centric product offerings and efficient, responsive services are crucial to retaining
policyholders and fostering brand loyalty.

This study serves as a valuable resource for leading insurance solution providers
seeking to refine their marketing strategies, better align their products with
customer preferences, and maintain their competitive edge in a dynamic and
customer-driven industry. It underscores the importance of evolving with customer
expectations and optimizing marketing efforts to deliver superior value to
policyholders.

51 | P a g e
Bibliography

52 | P a g e
 Bibliography:

Books:
1. "The Millionaire Next Door: The Surprising Secrets of America's Wealthy" by
Thomas J. Stanley and William D. Danko: This book explores the habits and
strategies of wealthy individuals, including their approach to life insurance and
investment.
2. "The Bogleheads' Guide to Investing" by Taylor Larimore, Mel Lindauer, and
Michael LeBoeuf: This book provides guidance on investment strategies,
including life insurance as part of a broader financial plan.
3. "The Only Investment Guide You'll Ever Need" by Andrew Tobias: Andrew
Tobias offers a straightforward and practical guide to investment, including
considerations for life insurance.
4. "The Power of Zero: How to Get to the 0% Tax Bracket and Transform Your
Retirement" by David McKnight: This book delves into tax-efficient strategies
for retirement, which can include life insurance and other investment vehicles.
Website
1. Investopedia - www.investopedia.com
2. The Motley Fool - www.fool.com
3. Insurance Information Institute - www.iii.org
4. Morningstar - www.morningstar.com

53 | P a g e
Questionnaire

54 | P a g e
Q.1) Are you currently a policyholder with any insurance company?
a) Yes
b) No

Q.2) Which type of inwsurance policies are you currently holding?

a) Life Insurance
b) Health Insurance
c) Auto Insurance
d) Other

Q.3) What factor influenced your decision to choose your current insurance
provider?
a) Competitive pricing
b) Brand reputation
c) Coverage option
d) Recommendations from family/friends
e) Customer service
d) Others

Q.4) Have you switched insurance providers in the last five years?
a) Yes
b) No

Q.5) Are you aware of the marketing strategies used by your insurance provider? (
e.g,advertising.promotions)
a) Yes
b) No

Q.6) Have these marketing influenced your preception of your insurance provider
on your decision regarding policies or renewals?
a) Yes
b) No

Q.7) Have these marketing strategies influenced your preception of your insurance
provider on your decision regarding policies or renewals?
a) Price
b) Coverage options
c) Customer service
d) Brand reputation
e) Recommendations
d) Other

Q.8) How often do you review your insurance policies or consider switching
providers?
a) Annually
b) Every few year
c) Rarely

55 | P a g e
Q.9) Do you feel that your insurance provider offers policies that align with your
preferences and needs?
a) Yes
b) No
c) Every few year

Q.10) Would you recommend your insurance provider to other?

a) Yes
b) No
c) Every few year
d) Rarely

56 | P a g e