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A PROJECT REPORT ON

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ANALYSIS OF INTEGRATED MARKETING COMMUNICATION OF SERVICES BY HDFC LIFE INSURANCE

SUBMITTED BY: VIDHU SHARMA ROLL NUMO9DM130

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Summer Internship Report


(8nd April 2010 to 8nd June 2010)

UNDER THE SUPERVISION OF


PROJECT GUIDE FACULTY GUIDE
MR.GAURAV GUPTA BOSE (Channel development manager, BIMTECH) HDFC STD.LIFE) PROF.AMARNATH ( PGDM,

(A report submitted in partial fulfillment of the PGDM course of Birla Institute of management Technology.)

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SUMMER INTERNSHIP CERTIFICATE

This is to certify that Ms. VIDHU SHARMA, Roll No.130, a student of PGDM has worked on summer project titled ANALYSIS OF INTEGRATED MARKETING COMMUNICATION OF SERVICES BY HDFC LIFE INSURANCE at HDFC STANDARD LIFE after trimester-III in partial fulfillment of the requirement for the program. This is his original work to the best of my knowledge.

Date:___________

Signature ________________ (DR.AMARNATH BOSE)

BIMTECH SEAL

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ACKNOWLEDGEMENT
Sometimes words fall short to show gratitude, the same happened with me during this project. The immense help and support received from HDFC STANDARD LIFE overwhelmed me during the project. I express my indebtedness to my project guide Mr. Gaurav Gupta(Channel development Manager) for providing me the opportunity to work with HDFC STD.LIFE, DELHI as a Project Trainee (Summer Trainee). My learning has been immeasurable and working under him was a great experience throughout my Internship. I am indebted for the rich guidance, knowledge and suggestions by Ms. Lakshmi Kapoor (sales development manager) for providing adequate corporate knowledge and assisting me at every step in completing the training successfully. Also, I take this opportunity to express my deep gratitude to all the employees of the company. I am deeply gratified to Prof. Amarnath Bose (Project Guide) for his earnest coordination and valuable efforts. I would also like to present my sincere thanks to Prof. AK Dey. They have been a constant source of knowledge, information, help and motivation for me through his depth knowledge and reflections. Finally, I am also very thankful to my friends who help me in completion of the project. I am thankful to that power that always inspires me to take right step in the journey of success my life.

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TABLE OF CONTENTS

CHAPTER
Executive Summary
1. Introduction

PAGE No.
6-7 8-11 9 10-11

1..1 Industry to insurance industry(8,9) 1.2 Company Profile

2. Objective 3 Statement of the problem Importance of the problem 4,. Research Methodology 4.1 Approach to the Problem 4.2 Research Design 4.3 Data Collection 4.4 Sampling Techniques 5. Quantative Analysis 5.1 Internal 5.2 External 6. Findings 19

12 13 15 16-19 16 17 18

20-40 20-27 28-40 41

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7. Conclusions 8. Recommendations 9. Limitations 10.Appendix(Questionnaire) 11. Bibliography

43 44-47 48 49-53 58

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EXECUTIVE SUMMARY
This project has been a great learning experience for me; at the same time it gave me enough scope to implement my analytical ability. The project has been done in a very systematic and logical manner. It has been undertaken to understand the integrated marketing communication that includes both external and internal marketing as the primary objective.
Factors that motivate a financial consultant to work for HDFC Stand life

Problems faced by them Awareness of the brand among various private players
Medium people consider the best for information regarding insurance.

Level of visibility of their logos, advertisements etc.

Therefore for the purpose of this project, designing a questionnaire and getting direct responses from the people was thought to be the most appropriate method as it gives a more clear understanding about the current scenario of customer choices. Two questionnaires were developed one for external and one for internal marketing research purpose.

The questionnaire is designed in accordance with the objective of the research. Two questionnaires were designed. One for external marketing contains 10 Structured Questions which are either dichotomous, multiple-choice; open ended using the techniques of brand recall. Questionnaires for internal marketing was designed on likert scale containing 35 statements ranging from strongly disagree to strongly agree.

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The Research Design used for this research was Descriptive Conclusive Research. Also, single cross-sectional designs were used where there is only one sample of respondents and information is obtained from this sample only once. The data used for the research is both secondary as well as primary in nature. For the project, Primary data collection method was used to know the brand awareness of the company, to know the drivers and shortcomings faced by Financial Consultant (Insurance Agent) of HDFC and for other objectives mentioned. The technique used for this purpose was the survey methodology. A personal survey was conducted i.e. the respondents were approached personally and the questions were asked with the help of a questionnaire. The survey was conducted in Delhi, Noida and Greater Noida. The secondary data collection method was used for collecting basic information regarding project under study by referring to various websites, books, magazines, journals and daily newspapers. The Sampling Technique used for the research is Probability sampling technique. Of various methods, simple random sampling method was employed for selection of 125 respondents (external), 40(internal) required for the survey.

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CHAPTER I
INTRODUCTION
Introduction to Insurance Industry
Insurance may be described as a social device to reduce or eliminate risk of life and property. Under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary. Any risk contingent upon these may be insured against at a premium commensurate with the risk involved. Definition of Insurance Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premium to pay the other party happening of a certain event. Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. With the help of insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events are made good in this particular era of insurance area.

General definition: In the words of John Magee, Insurance is a plan by which large number of people associate themselves and transfer to the shoulders of all, risks that attach to individuals. Fundamental definition:

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In the words of D.S. Hansel, Insurance may be defined as a social device providing financial compensation for the effects of misfortune, the payment being made from the accumulated contributions of all parties participating in the scheme. Insurance companies may be classified into two groups:

Life insurance companies, which sell life insurance, annuities and pensions products. Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.

General insurance companies can be further divided into these sub categories. Standard Lines Excess Lines

Life insurance has no competition from any other business.


It is the only and best possible way for family protection. There is no other way The terms of life are hard and terms of insurance are easy It enhances the existing standards of living Helps people live financially solvent lives It perpetuates life, liberty and pursuit of happiness It is not surpassed by any other savings or investment instrument

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COMPANY PROFILE
HDFC Standard Life Insurance Company Limited. is one of India's leading private insurance companies, It is a joint venture between Housing Development Finance Corporation Limited (HDFC Limited), India's leading housing finance institution and a Group Company of the Standard Life Plc, UK..
Standard Life is a strong, financially secure business and a market leader in the UK Life &

Pensions sector
They were the first private life insurer to break the ice using the idea of self-respect instead

of death to convey their brand proposition (Sar Utha Ke jio)

Key Strengths
Financial Expertise As a joint venture of leading financial services groups, HDFC Standard Life has the financial expertise required to manage your long-term investments safely and efficiently. Range of Solutions

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We have a range of individual and group solutions, which can be easily customised to specific needs. Our group solutions have been designed to offer you complete flexibility combined with a low charging structure. Need-based selling process, 'Disha' the first of its kind in the industry, which can be easily customized to specific needs.

Track Record So Far Our gross premium income, for the year ending March 31, 2009 stood at Rs. 5,564.69 crores.As on March 31, 2009, the company has more than 27 lakh polices in force.

Vision
'The most successful and admired life insurance company, which means that we are the most trusted company, the easiest to deal with, offer the best value for money, and set the standards in the industry'. 'The most obvious choice for all'.

HDFC Standard Lifes wide and diversified product portfolio help individuals meet their various needs, be it:

Protection: Need for a sound income protection in case of your unfortunate demise Investment: Need to ensure long-term real growth of your money Savings: Save for the milestones and protect your savings Pension: Need to save for a comfortable life post retirement

Health: Cover for health related exigencies

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CHAPTER II
OBJECTIVE OF THE PROJECT

The primary objective of the project undertaken was to understand the Integrated Marketing Communication of the brand HDFC Standard Life. The secondary research objectives were:

To study the problems faced by financial consultants of the company (under internal marketing). To examine the various reasons which influence the financial consultant/employees to work for HDFC Standard Life. To analyze the awareness of the brand among various private players through aided brand recall techniques. To study the impact of its advertisements and identifying the best one that customer most associate with. To identify the medium people consider the best to know about insurance.

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CHAPTER - III
STATEMENT OF THE PROBLEM
Insurance sector is a part of service industry (which accounts for more than of Indias GDP).I has also used the concept of services market triangle as explained above. Due to time constraint only two parts of the triangle is dealt with i.e internal and external. The project has been divided into 2 parts: 1) INTERNAL MARKETING Under this study, factors that motivates a financial consultant to work for HDFC STD.LIFE would be identified, as they are the major revenue generator of any insurance company. The problem as faced by them and the employees of the company are also dealt with. 2) EXTERNAL MARKETING Under this part of research, brand awareness of the company among various private players of the company is analyzed through various brand recall techniques.

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CONCEPT OF THE PROJECT


This project uses the concept of services market triangle described below. This model shows the three marketing functions important for service firms and how they are divided between the different actors:

.
Internal Marketing- is an ongoing process that occurs strictly within a company or

organization whereby the functional process aligns, motivates and empowers employees as if they are the (internal) customers of the firm at all management levels to consistently deliver a satisfying customer experience

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aware in the market. Whether it is direct, advertisements, sales promotion etc


Interactive Marketing- It is the direct interaction between customer and the employees of

the company. How the employees project themselves on behalf of the company.

IMPORTANCE OF PROBLEM
There are so many insurance companies emerging in India and all of them are almost at par. They all fight to provide the best products and services to the customers. So its very important to be the best and marketing is the area that can change the whole perspective about the company my project studies two types of marketing internal and external as explained above so that the company can know its flaws and improve on that to provide the best products and services.

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CHAPTER - IV
RESEARCH METHODLOGY

4.1 APPROACH TO THE PROBLEM


Step1. Designing the Questionnaire The first step in the research process was the formation of questionnaire, keeping in view the need for uniformity and specificity of information. QUESTIONNAIRE DESIGN The questionnaire is designed in accordance with the objective of the researchINTERNAL- After identifying 13-15 factors(for eg- motivation,recognition,training,career growth etc), 36 statements were formed and converted to a likert scale questionnaire.The questionnaire was also approved by the branch manager of the organization and his inputs was considered as required.

EXTERNAL-

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The questionnaire contains 10 Structured Questions which are dichotomous, multiple-choice, open ended, scaled questions, basically branded recall techniques were used in the questionnaire. These questions are used to carry out the research and analyze the data collected. Initially there were some problems faced by the respondents in few questions. Questionnaire was redesigned accordingly. Followed by these questions, a few more questions are included to get the personal information of the respondents. This is done so as to get the analysis of the respondents. Thus, the methodology used for the survey is described above and every precaution is taken in order to minimize the errors that might result because of sampling, questionnaire design or scaling technique being employed etc. Step2. Deciding the sample size 1) Internal marketing- sample size taken was 40 financial consultants 2) External marketing- sample size was 125 Step3. Collection of Data The questionnaires were directly filled by the respondents, or a communication was made through telephone or personal interview. Some of the questionnaires were mailed to the respondents. Indepth interviews of some marketing faculties were conducted for the external marketing part. For internal marketing, few SDMs (sales development manager) were also interviewed. Step4. Classification and tabulation of Data The data obtained through the questionnaire was then fed in to the computer and tabulated. The data was obtained through likert scale questionnaire.. This was done to facilitate analysis about the various aspects such as major factors influencing financial consultants to work for the company and problems faced them. For brand awareness part objective questions were put and analyzed in graphical form(pie-charts and graphs).

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Step5. Analysis and Findings - Variables of the questionnaire are first analyzed on Ms-Excel though a
statistical tool called Correlation test,Factor analysis(spss software) was used for the internal

marketing part and external marketing questionnaire was analyzed on the basis of pie and bar graphs, which is further discussed in the end of the project.

4.2 RESEARCH DESIGN


The Research Design used for this research was Descriptive Conclusive Research. A conclusive design is one that is used to test specific hypotheses and examining relationships. Also, single cross-sectional also known as sample survey research designs. Designs were used where there is only one sample of respondents and information is obtained from this sample only once. This is because of the following reasons: It helps to describe the characteristics of relevant groups, such as customers, organizations, etc. To estimate the percentage of units in a specified population exhibiting a certain inclination To determine the degree to which variables are associated To make specific predictions Data is analyzed in a quantitative as opposed to a qualitative manner

4.3 DATA COLLECTION For the project, the data used for the research is both secondary as well as primary in nature PRIMARY RESEARCH-

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INTERNAL marketing- In-depth interviews of sdms of the company were conducted....likert scale questionnaire was been filled by financial consultants of the company that are the major source of business for any insurance organization. EXTERNAL marketing- It was used to know the brand awareness of the company. The technique used for this purpose was the Survey methodology. A personal survey was conducted i.e. the respondents were approached personally and the questions were asked with the help of a likert scale questionnaire. In-depth interviews were conducted to get deep insights to the problem.

SECONDARY RESEARCH The secondary data collection method was used for collecting basic information regarding project under study by referring to various websites, books, magazines, journals and daily newspapers. 4.4 SAMPLING TECHNIQUE The Sampling Technique used for the research is Probability sampling technique. Of various methods, simple random sampling method was employed for selection of 125 respondents and 40 financial consultants required for the survey. This technique was used because: Each element in the population has a known and equal probability of selection. Each possible sample of a given size has a known and equal probability of being the sample actually selected. This implies that every element is selected independently of every other element

IN BRIEF:
CENTRE RESEARCH TYPE RESEARCH TECHNIQUE : : : DELHI, NCR DESCRIPTIVE CONCLUSIVE RESEARCH PROBABILITY SAMPLING TECHNIQUE.

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RESEARCH APPROACH TOOL USED DATA SOURCE SAMPLE SIZE

: : : :

SURVEY AND IN-DEPTH INTERVIEWS QUESTIONAIRE PRIMARY AND SECONDARY INTERNAL-40 EXTERNAL-125

SAMPLING PROCEDURE

SIMPLE RANDOM

CHAPTER V QUANTITATIVE ANALYSIS


1. INTERNAL MARKETING
Is an ongoing process that occurs strictly within a company or organization whereby the functional process aligns, motivates and empowers employees as if they are the (internal) customers of the firm. at all management levels to deliver a satisfying customer experience. major source of income of any insurance business is through their financial agents. WHO ARE FINANCIAL CONSULTANTS?

They are the backbone of any insurance industry. They are the one who do the job meeting, explaining and persuading people

Intermediary between company and public


He is the one who has to know which product will appeal to the customer and at the same time his competitors product in the same space to be effective enough to sell his company, product and himself.

Need for financial consultants

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Live interaction necessary for the prospects to understand the product well Each prospective buyer needs specialized solution Insurance is an idea to be explained properly Usefulness has to be clarified personally

Personalized guidance make customer feel special

SPSS-

KMO (Kaiser-Meyer-olkin) AND Bartletts test


KMO

Kaiser-Meyer-Olkin measure of sampling adequacy, tests whether the partial correlations among variables are small. It is done in anti image correlation matrix. Diagonal element in anti image correlation matrix represents the value of individual KMO for each variable. The value of individual diagonal KMOs if less than 0.5, then it is rejected, because it shows a variable which is not able to contribute significantly. This process is carried on till the value of all the diagonal elements are above 0.5.

Bartletts Test

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Bartletts Test of sphericity, tests whether the correlation matrix is an identity matrix. If it is an identity matrix it indicates that the factor model is inappropriate, because it means that there is no correlation with any other factor, so it is pointless to perform the factor analysis.

Factor Analysis
Correlation Matrix(a)a. Determinant = .005

KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity Approx. Chi-Square Df Sig. .575 79.045 66 .130

Here, Bartletts value is 79.04 and significance is 0.130 which depicts that it is a average data for factor analysis.Also KMO is greater than 0.5 and hence it is accepted

COMMUNALITY It is a test to check whether there is a dependent variable or not. It is basically the coefficient of determination which tells the percentage of variation in dependent variable that can be explained. Ex. For 1st variable, variation in dependent variable can be explained up to 75.7%.

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Communalities Initial 4. Star performer Club system of HDFC slic has benefited me. 14.This Organization is better career growth option for employees compared to other insurance organizations 16.Trainers of hdfc slic are able to communicate to ur understanding level 21.Lack of trust about the pvt players of insurance is a big limitation to pitch in sales 28. HDFC slic should charge less premium from their customers 29.Effective internal communication channel facilitates efficient complaint handlings 32.Zero investment can be one of the major factor that motivated you to be the part of hdfc 33. Organization supports you with the clientele base to sell off policy 34. I have a strong team support in hdfc slic 35. I am provided with all help from my immediate manager 36. company takes my feed for new product development 22.People are reluctant to listen about their life insurance policy Extraction Method: Principal Component Analysis. 1.000 Extraction .757

1.000

.558

1.000

.639

1.000

.389

1.000

.721

1.000

.514

1.000

.750

1.000 1.000 1.000 1.000 1.000

.671 .511 .645 .667 .375

In ROTATED COMPONENT MATRIX, all the variables according to three component factors where in variables are segregated according to the factors that depends more on a particular factors out of three components.

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Rotated Component Matrixa Component 1 36. company takes my feed for new product development 28. HDFC slic should charge less premium from their customers 29.Effective internal communication channel facilitates efficient complaint handlings 16.Trainers of hdfc slic are able to communicate to ur understanding level 35. I am provided with all help from my immediate manager 14.This Organization is better career growth option for employees compared to other insurance organizations 34. I have a strong team support in hdfc slic 4. Star performer Club system of HDFC slic has benefited me. 22.People are reluctant to listen about their life insurance policy 21.Lack of trust about the pvt players of insurance is a big limitation to pitch in sales 32.Zero investment can be one of the major factor that motivated you to be the part -.226 .107 .829 .147 -.579 -.180 .142 -.592 -.534 .609 .317 .710 -.507 -.496 -.233 .577 .352 .434 .634 .483 .693 -.182 .703 -.274 .389 -.784 2 .185 3 .135

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TOTAL VARIATION EXPLAINED The 5 factors which are loaded on the component 1 are explaining about the organisation culture and growth in which the factors like sales training,effective internal communication,managerial support,feed for new product development,career growth come together. The next 2 factors star performer club,strong team support are loaded on the component 2 which is explaining that these can be clubbed together as the inherent strength of the organization. Zero investment and client base are loaded on component 3 which means these were few basic criterion that motivated them to be a part of HDFC as financial consultants.

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INTERVIEWS WITH THE EMPLOYEES OF THE ORGANISATION


These were the few questions that were asked from the branch officers, sales development managers of the organization. General responses from them were1. ARE YOU SATISFIED WITH THE ORGANISATION? WHAT MOTIVATES YOU TO BE THE PART OF THIS ORGANISATION?

Most of them gave a positive response that yes they are satisfied with the organization and the major things that motivates them to be the part of hdfc slice was the brand name, cool work culture and the trust level among the employees. 2. DO YOU FIND YOUR JOB EXCITING/BORING? Every one of them said exciting for the reason that they get to interact with different types of people, lots of travelling, basically a interactive and new exposure on daily basis. 3. MAJOR FRUSTRATIONS OF YOUR JOB? They say sometimes achieving targets becomes so very frustrating that you are not able to focus on your job effectively. all you think is targets and targetsone of them quotedI NOT ONLY EAT AND DRINK BUT I BREATHE HDFC SLIC. Few of them told because of leniency of HR, salary problems also arise very often. One of them quotedwhat they say and what they make us do is very different in terms of profile, ultimately persons recruited on channel development profile ends up selling

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4. ANY SHORTCOMINGS/AREA YOU WANT HDFC SLIC SHOULD IMPROVE UPON? CRM/PR NEEDS TO BE IMPROVED A LOT PROPER HIERARCHY OF COMPLAINT HANDLINGS SHOULD BE DESIGNED CLASS OF FC,S SHOULD BE RECRUITED FC AND SDMS RELATIONSHIP SHOULD BE IMPROVED PROPER ELIGIBILTY CRITERIA OF SDMS

2. EXTERNAL MARKETING
It involves all the tools that a company does to make their product aware in the market whether it is direct, advertisements, sales promotion etc. it involves all methods that company uses to project itself in the market among various other competitors. A different questionnaire was designed to analyze awareness of the company through various brand recall techniques and few open ended and close ended questions. Profile of the respondents and analysis of the data has been discussed below.

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PROFILE OF THE RESPONDENTS


1)

MOST OF THE RESPONDENTS WERE IN THE AGE BRACKET OF 20-30 YEARS 2).

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AVERAGE MONTHLY INCOME OF THE REPONDENTS WERE BELOW 25OOO

3)

54% OF THE RESPONDENTS WERE MARRIED AND 46% SINGLE 4)

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52% OF THE RESPONDENTS WERE HAVING CHILDREN AND 48% DID NOT.

5)

MAJOR 51% OF REPONDENTS WERE GRADUATE, POST GRADUATE HOLDING 42% 6)

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43% OF THE RESPONDENTS WERE UNDER PRIVATE JOBS,GOVT.SERVICE TAKING THE SECOND POSITION WITH 24% 7)

72% OF THEM SAID YES THEY ARE HOLDING LIFE INSURANCE POLICY/POLICIES 8)

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S INGL P IC H D S E OL Y OL ER
LIC SBI HDFC 4% ICICI BAJAJ ALIANZ TATA AIG KOTAK 4% 3% 1%

4% 5%

79%

79% OF THEM WERE HOLDING LIC POLICIES. 9)

People those who were holding 2 policies, 46% of them were holding LIC and ICICI was the second with 27%

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RESPONDENTS WERE ASKED TO NAME THE TOP THREE BRANDS THAT COMES TO THEIR MIND WHEN WE TALK ABOUT LIFE INSURANCE10(A)

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10(B)

ICICI WAS THE MOST RECALLED BRAND, and HDFC WAS THE SECOND MOST RECALLED BRAND. 11)

96% OF THEM SAID YES, THEY HAVE HEARD ABOUT HDFC STD LIFE 12)

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MOST OF THEM HEARD ABOUT HDFC STD LIFE THROUGH TV (33%)

13)

57% OF THE RESPONDENTS WERE NOT AWARE ABOUT IPL SPONSORSHIP.

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14)

90% OF THEM HAVENT VISITED THE WEBSITE YET. 15)

35% OF PEOPLE CONSIDERED THAT NEWS CHANNEL IS THE BEST MEDIUM TO COLLECT INFORMATION ABOUT INSURANCE. 16)

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79%OF THEM SAID YES ADVERTISEMENTS MAKES A DIFFERENCE RESPONDENTS WERE SHOWN 5 FAMOUS ADVERTISEMENTS OF HDFC STD LIFE AND WERE ASKED TO RANK ACCORDING TO THE RECALL VALUE-

A.

It starts with a small girl looking at a book about space n

tells her father that she wants to become an astronaut when she grows up. Her dad tells her that she will go in a rocket to the moon. The small girl gets confused and says that it would be very expensive to go in a rocket so she will ask her maternal uncle(mama) to buy the ticket for her as he is very rich. Father responds to this by telling her that he has invested money in children plans and would easily be able to afford the ticket.

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B. The old man tells his wife as they can no longer afford a maid and a cook. Then he points out to his car outside his house and tells her that they cannot afford the car also. The lady replies saying that they can ask for money from there daughter. The old man gets annoyed and says that the only thing he has ever asked from anyone is her hand from her father for marriage. The wife gets disappointed and says that he asked his hand so that they have to see this day when they cant afford anything. The husband laughs and tells his wife that hes doing all this so that they can go to Singapore for vacation and shows her two tickets.

C.

In the starting we see a man repairing his old car. Her daughter watching this

advices him to buy a new bigger car. Her father asks her from where would the additional money come from . To this the daughter proudly hands him a cheque and tells him that she will pay for it and she has carefully planned and invested the money. And father emotionally tells her that both his car and daughter have grown up.

D.

Two friends are riding in a taxi and one of them is going to some place for a

3-4 days. Suddenly he realizes that he forgot to give money to her wife that she can use while he is away. So he hands some cash to his friend asking him to give it to his wife. His friend asks him

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what if he returns after 10-12 days. Being concerned he hands out more cash to his friend. Again he asks what if he never comes back. In the background we hear about the life insurance and its importance.

E.

this ad starts with a old couple getting down on a railway station.the old

mans son gives his hand to his father in order to help him out in getting down.but father refuses and get down on his own.then the old man gives his hand to the old lady(his wife)and the wife also refuses to take his help.the ad ends with the jingle na sar jhuka hai kbhi aur na jhukega kbhi

17(A)

THE SMALL GIRL (A) ADVERTISEMENT WAS THE MOST RECALLED AD AMONG 5 17(B)

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LEAST RECALLED ADS WERE E (36%) AND D (30%)

17(C)

AD A (31%), B (30%) WERE THE MOST LIKED AD. 18)

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CHAPTER VI FINDINGS
The major findings include: Findings related to external marketing

Out of total respondents surveyed, 72% of them were holding life insurance policies. Out of the people holding life insurance policies 79% were holding LIC policies When asked about top three brands that come to their mind when they listen about life insurance ICICI was the most recalled brand HDFC STD.LIFE taking the second position.

When asked that have they ever heard about hdfc 96% of them said yes. And most of them heard about it through television (33%) When asked about a recent sponsorship of hdfc std.life to one of the IPL teams, 57% of them said that they were unaware or didnt notice.

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90% of the respondents havent visited the company website yet. Majority of the respondents considered that news channel is the best medium to collect information about insurance.

79% of the respondents said yes advertisements make a difference when people consider buying insurance products.

When respondents were shown 5 most popular TV commercials of hdfc std.life and were asked to rank it according to the recall value-advertisement A was the most recalled and the least recalled were E (36%) and D (30%).

AD A(31%),B(30%) were the most liked advertisements . Respondents were given a sheet of logos of various insurance companies to identify and the result that came wasSBI life logo was the most identified one with 93%. ICICI and Birla sunlife with 88% and HDFC SLIC logo was identified by 79%

Findings related to internal marketing(Factor analysis) - Related to financial consultants.


The 5 factors which are loaded on the component 1 are explaining about the organisation culture and growth in which the factors like sales training, effective internal communication, managerial support, feed for new product development, career growth come together. The next 2 factors star performer club, strong team support are loaded on the component 2 which is explaining that these can be clubbed together as the inherent strength of the organization. Zero investment and client base are loaded on component 3 which means these were few basic criterion that motivated them to be a part of HDFC as financial consultant.

Related to sales and channel development employees (through in-depth interview)

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Major things that motivates them to be the part of Hdfc slic was the brand name, cool work culture and the trust level among the employees. Complaints are not handled effectively. Class of fcs are not recruited Achievable targets are given on monthly or quarterly basis.

CHAPTER VII CONCLUSION


The findings can be concluded as follows:

For a financial consultant factors like managerial support, sales training, internal communication (Organizational management and culture) more than any other factor.

Various schemes and star performer club system of the organization motivates the fc to get into more business.

Zero investment is one of the major factor that motivates a person to work as fc for Hdfc Std.life.

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Cool organization culture with achievable targets motivates Sdms and channel managers to be a part of Hdfc std.life

Major problem they face is of no proper or delayed complaint handlings. Fcs are just recruited for the sake of selling more and more, there is no proper class of agents which makes the interaction between sdms and fcs even more difficult.

96% of the respondents were aware of HDFC STD.LIFE but when asked about top three brands that come to their mind when they listen about life insurance ICICI was the most recalled brand, Hdfc was the second most recalled brand.

Most liked ad was the small girl ad which shows that nowadays people consider taking life insurance to secure the life of their young children and his/her future.

Ad D was the least recalled and liked ad which shows that still people are reluctant to hear about their death and negative perception about life insurance through the advertisements does not appeal to the audience.

CHAPTER VIII RECOMMENDATIONS


In the above pages we have tried to figure out the problems that employees and agents face.Also we studied its brand awareness. and It is important for HDFC SLIC to take necessary corrective action because if the wound is not healed at the proper time than in long run it will be a problematic situation for the company. Sometimes we are so busy in working for the short term goals that we forget the long term repercussions. Based on my experiences during the internship period, I suggest the following

Internal marketing

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SEPARATE CRM DEPARTMENT-

General problem that the employees faced was of complaint handling that seemed to be really disorganized in the organisation, hence a separate CRM/PR department should be there that deals with only complaints or there should be some proper hierarchy of complaint handlings. CLASS OF AGENTS-

Proper class of fcs should be recruited in order to avoid that gap of interaction and belongingness of the fc and the employees of the organization

NON MONETORY MOTIVATION-

Monetory schemes and incentives plans like star performer club system should be encouraged. Non-monetory motivational tools like trips, celebrating various occasions can be used to encourage fcs and employees.

FEED FOR NEW PRODUCT DEVELOPMENT-

Who doesnt like recognition, so while designing new products suggestions from established financial consultants should be considered as they are the one who directly interacts with the customers and can give better insight. PROPER INFORMATION-

New schemes and plans of the company should be mailed or posted to the consultants of the company with proper details and brochures.

External marketing

EXCLUSIVE BRANDING EXERCISES-

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Most of the respondents were aware about HDFC SLIC and they heard it through television. (other modes constituting very limited percentage),so it should work a lot on branding exercises that are different from usual like road shows,more of sponsorships,events on occasion like children day,fathers,mothers day(providing them with free gifts or free picture click),hoardings at places like clubs,parks,socities.near school,traffic lights. Try and promote insurance in colleges and corporate houses.

USE OF TRANSIT MEDIA-

There are thousands of peoples using public transport on daily basis, so transit media like metros, local trains, deluxe buses, cabs should be used for awareness to maintain the class and standard of the company as well as to build up the brand strength. POSITIVE APPEALING ADS-

Respondents dint find the recent ad (that talks directly about a persons death) appealing, so the organization should portray insurance as a future saving or life/tax saving plan not as a contingency/death benefit as Indian society is still reluctant to hear about ones death.

INCREASE AWARENESS THROUGH NEWS CHANNEL AND NEWSPAPER-

Majority of the respondents considered that news channel is the best medium to collect information about insurance, hence companys growth, schemes, market position should be made aware to the customers through popular and reliable tv channels, or talk shows. Secondly I felt that unlike other insurance companies hdfc slic advertise very less on newspapers and magazines which almost everyone of us reads so they should target some popular magazines and newspapers.

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BRAND AMBASSDOR OR MASCOT-

They could try and have brand ambassador to promote the company that will produce a direct impact on the consumers as most of the insurance companies dont have a brand mascot, this will give 1st mover appeal and HDFC SLIC can easily play on it

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LIMITATIONS
Limitations of the study are as follows: 1. The respondents were too less only 35 financial consultants (external marketing survey). 2. There might be communication gap while taking survey. 3. There may be the case where financial consultants and end customers are unable to understand the questions. 4. Financial consultants and end customers might not have taken the questionnaire seriously while filling it.

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ANNEXURE 1
QUESTIONAIRE OF INTERNAL MARKETING NAMEHOW LONG U HAVE BEEN IN THIS ORGANISATION HAVE U EVER MIGRATED FROM 1 CO.(SAME SECTOR)TO THE OTHER IN YOUR CAREER IF YES HAS IT ENHANCED THE PERFORMANCE?

THIS QUESTIONAIRE HAS BEEN DESIGNED ON LIKERT SCALE. PLS FILLL IN THE MOST APPROPRIATE OPTION.SOME STATEMENTS MAY NOT BE APPLICABLE TO YOU.WRITE N/A IN FRONT OF THAT...

1. HDFC SLIC Organization gives proper recognition to FCS(my)work Strongly Agree 2. Contests and recognition parties held are particularly of no imp for me. Strongly Agree 3. Renewal commission system of HDFC slic actually motivates me. Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

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4. Star performer Club system of HDFC slic has benefited me. Strongly Agree 5. Sealing limit (500000) to be eligible for star performer club system is not feasible Strongly Agree 6. Commission provided are sufficient compared to other insurance orgs Strongly Agree 7. The commission provided by the org is not sufficient for the amount of business fcs bring Strongly Agree 8. Commissions are paid on time Strongly Agree 9. I give any extra discount to my customers from my commission part Strongly Agree 10. Service environment of the company motivates the selling process. Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

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11. Life insurance product selling is a source of motivation because of social cause. Strongly Agree 12. Organization time to time training help the employees for better sales pitching Strongly Agree. 13.Organization provides flexible working hours to manage time for job. Strongly Agree 14.This Organization is better career growth option for employees compared to other insurance organizations Strongly Agree 15. I feel financially safe being a part of HDFC slic Strongly Agree 16. Trainers of hdfc slic are able to communicate to your understanding level Strongly Disagree Disagree Undecided Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

17. Online training of hdfc is user friendly Strongly Agree Disagree Disagree Undecided Agree Strongly

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18. No. of hours sales training provided is sufficient to generate effective sales Strongly Agree 19. Company market image of hdfc facilitates selling Strongly Agree Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

20. Popularity of particular product plan/policy directly affects the sales volume Strongly Agree 21. Lack of trust about the pvt players of insurance is a big limitation to pitch in sales Strongly Agree .22. People are reluctant to listen about their life insurance policy. Strongly Agree 23. Tangibles like website and other e-sources of hdfc slic helps in selling Strongly Agree 24. Customized product system of hdfc helps to bring in more business Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

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Strongly Agree

Disagree

Disagree

Undecided

Agree

Strongly

25. Customers are impressed by the product portfolio of the company . Strongly Disagree Disagree Undecided Agree Strongly

Agree 26. No. of meetings arranged for you in the org are too less Strongly Agree 27. I want to sell for a company who is giving more incentives but is a new entrant Strongly Agree 28. HDFC slic should charge fewer premiums from their customers Strongly Agree 29. Effective internal communication channel facilitates efficient complaint handlings. Strongly Agree 30. Companys employee policy is effective for claim settlement process Strongly Agree 31. Organization gives achievable targets. Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

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Strongly Agree

Disagree

Disagree

Undecided

Agree

Strongly

32. Zero investment can be one of the major factor that motivated you to be the part of hdfc Strongly Agree 33. Organization supports you with the clientele base to sell off policy Strongly Agree 34. I have a strong team support in hdfc slic Strongly Agree 35. I am provided with all help from my immediate manager Strongly Agree 36. Company takes my feed for new product development Strongly Agree The ultimate goal of a business is to increase sales and income.brand awareness refers to how aware customers and potential customers are of the business and its products. Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly Disagree Disagree Undecided Agree Strongly

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ANNEXURE -2
Questionnaire of external marketingIDENTIFICATION Q. No. 1 2 3 Name Respondent Age of the Respondent 1. 20 30 years 2. 30 45 years 3. 4 Average Income household) Monthly 1. (of the 1. 2. 3. 1. 2. 6 Children in family 1. 2. Above 45 years Below 25,000 25,000 50,000 50,000 1,00,000 Above 1,00,000 Single Married Yes No of the Questions Coding Categories Circle the category code.

Marital Status

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EDUCATION DETAILS Education Level

Codes for Education: 1. High School 2. Diploma 3. Graduation Doctorate 6. Others EMPLOYMENT DETAILS . What is your main occupation?

4. Post Graduation 5.

Codes for Occupation: (Specify)

1. Government Service; 2. Private Service; 3. Self-employed

professional; 4. Businessman; 5. Skilled artisan; 6. Skilled labour; 7.Housewife; 12. Others

1. Are you holding or ever held a life policy/pension plans /children plans /ulips etc......(pls tick) YES NO

2. If yes, which company, ....................

AWARENESS OF BRANDS AVAILABLE

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3. Which Brands comes to your mind when you think life insurance policies/pension plans/children plan etc ? Give top 3 in order of preference .(except lic) 1 2. 3.

4. Have you ever heard about HDFC STANDARD LIFE (insurance sector) YES NO

5. If yes through which source,(pls tick) 1. Newspaper 2.tv 3.financial consultant 4.hoarding 5.Word of mouth 6.internet 7.radio 8. Others (Please specify)

6. Are you aware about hdfc sponsorship to one of the IPL teams? YES NO

7. Have you ever visited hdfc website? If yes why n how often?

..

8. What according to you is the most influential channel to gather info about insurance policies? ..

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9. Do u think advertisements make any difference when people consider buying insurance products

10.please have a look at the advertisements given with the description on the last page and rank them according to their remembrance i.e write the ad you recall the most in front of 1..if you are not able to recall any ad write no in front of it Rank-(WRITE A-E) 1. 2. 3. 4. 5. 11. Which ad of hdfc you personally like the most? Why?

12.IDENTIFY THESE INSURANCE BRANDS.

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1.

4.

6.

BIBLIOGRAPHY
BOOKS:

Marketing Research, 4th edition- Naresh K Malhotra, Pearson Education Project Report Writing, 1st edition- M.K.RAMPAL & S.L GUPTA, Galgotia Publishing Company

WEBSITES:

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www.irdaindia.org www.economywatch.com/insurance/life-insurance www.rediff.com/business www.google.com www.wikipedia.com http://www.hdfcinsurance.com/ .

MAGAZINES AND JOURNALS Outlook Money. IRDA Journal. Insurancewatch Insurance world