Professional Documents
Culture Documents
ON
SUBMITTED BY-
SATYAJEET MOHANTY
INTRODUCTION
INDUSTRY OVERVIEW
INTRODUCTION TO INSURANCE SECTOR
HISTORY OF INSURANCE IN INDIA
History of insurance in india insurance in india began in the year 1870; the first policy issued was in 1870 by 'the european
& the albert’ the first indian insurance company was 'bombay mutual assurance society ltd.' formed in 1870.
As the ‘swadeshi' movement was catching up many more indian companies were formed.
The insurance companies were nationalized in 1956.
There were 170 insurance companies and 75 provident fund securities which got merged and on 1st of sept 1956 life
insurance corporation of india was born.
In 1993, the malhotra committee, headed by the former rbi governor r. n. malhotra was appointed. this committee submitted
the report a year later and recommended 'privatization’.
The insurance regulatory & development authority (irda) thus came in being & is now regulates all insurance business in
india.
currently there are 23 players in india.
TYPES, PURPOSE & NEED OF INSURANCE
BRAND AWARENESS
• About Brand?
A Brand is distinguishing name or symbol, sign, term, design, intended to identify a product or services of one seller or
group of seller and to differentiate them from those of competitors. A protected Brand Name is called proprietary name.
―At heart of a successful brand is a great product or service, backed by careful plan- ning, a great deal of long-term
commitment, and creatively designed and executed mar- keting. A strong brand commands intense consumer loyalty.
ABOUT BRAND AWARENESS Brand awareness is the potential capacity that a consumer has of recognizing or
recalling the name of the brand as an offer of a certain cate- gory of product. Thus, brand awareness is an exercise of
identification of the brand name under different conditions and, therefore, the probability of a brand name coming to the
mind of the consumer and the facility with which this happens. Brand being present in the memory of the consumer and
is mentioned by the latter without the need of any external stimulus; and (2) the recall attended that the brand name is
knowledge as an offer of a category of products amongst a set of suggested brands. Brand awareness is an instrument of
predominant selection amongst consumers without experience of use of the product and stops experimentation with new
products and brand.
LITERATURE REVIEW
REVIEW OF RELEVANT LITERATURE
BRAND AWARENESS
Brand awareness refers to the strength of a brand’s presence in a consumer’s mind . brand awareness is a necessary condition
for brand eq- uity, without which consumers cannot have brand associations, perceptions of quality and brand loyalty. brand
awareness comprises brand recall and brand recognition whereas brand associations refer to the various meanings surrounding
a brand.brand recall is considered the next level of brand awareness. it relies on un- aidedrecall (holden, 1993;)
Laurent et al., 1995; mariotti, 1999) and relatesto the consumer’s ability to retrieve the brand from memory when
providedwith a relevant cue (ross and harradine, 2004). as the consumer is not aided by having the name provided, brand
recall implies that the brand holds a stronger brand position in his or her mind. the first-named brand in an un- aided recall
thus represents the highest level of brand awareness (laurent et al., 1995; mariotti, 1999.
kevin lane keller (1998, p.45) approaches brand equity from a customer based perspective defining it as “the differential effect
of bran knowledge on consumer response to the marketing of the brand
LITERATURE REVIEW
Ravipa l. & mark s. (2004) state that customer perceived that life insurance is a long-term investment. with the long-term
policy of life insurance, customers want to confirm that they understand how to receive their money back when the maturity
date of insurance policy in the future, or that their family knows how to get it when they have any unfortunately happen.
fundamentally, customers need personal commitment from salespeople whom they trust to make sure their money will not be
lost cause of the poor investment by the insurance company. besides that, customers want to have someone who will help
them take care their interest and can be contacted easily when they need claim for themselves.
Moller (2004) found that income and social security which are the own wages, ability to provide for family, insurance
against illness and death, and income in old age have been regarded as one of the major pointers of quality of life, this point
of view stresses the importance of insurance to human life.
RESEARCH METHODOLOGY
Questioners Random Sample Sample
design sampling size area
• IDBI
• Constituted under Industrial Development bank of India Act,
1964
.
• Universal Bank with its operations driven by a cutting edge core
Banking IT platform
• For over 40 years, has essayed a key nation-building role
Headquartered in Mumbai
• vision
to be the leading
provider of insurance plans adds value to their lives
• mission
continually strive to enhance customer experience superior service delivery
customers in the most convenient and cost effective
PRODUCTS OF COMPANY
SWOT ANALYSIS
Strength Weakness
9.24 crore B.E.P. in 5 years National level advertisement
2nd company to achieve Low frequented
Brand name promotional
Opportunity
SWO Low awareness
Threat
activities
Interpretation:
Around 28% responds are awareness about brand IDBI Federal Life Insurance which is below average about 72%
are totally unaware about the brand.
DO YOU THINK INVESTMENT IN INSURANCE
yes and No
this question is asked as to check whether people likes to invest or not so they might invested in insurance .
Interpretation:
There were 62 respondent that think about investment while 38 were not think to invest in
insurance that show highly opportunity for insurance industry
IF YOU THINKOFINSURANCE,WHICH INSURANCE COMPANYYOU WOULD LIKE PREFER?
1 idbi federal life insurance
31 icici mutual fund
14 others
this question asked to check brand awareness of idbi federal life insurance in competitive market by providing 3 competitor's name.
result:
BUYING PERCEPTION
Interpretation:
Result shows that there is 31 respondent think of IDBI Federal Life Insurance and 54 respondent think about LIC, 14
about ICICI Mutual Fund and I for other insurance companies, that shows different perception of respondent.
ARE YOU AWARE ABOUT THE BRAND OF IDBI FEDERAL LIFE INSURANCE.
Aware
unaware
this question was framed and asked to check whether idbi federal life insurance top of the mind awareness in respondent's minds. this will impact on the brand awareness of the company.
Interpretation:
Around 60% TOMA (Top of the Mind Awareness) was recorded in the sample of 100 respondents. This implies that
IDBI Federal Life Insurance has reasonable brand awareness.
HAVE YOU PURCHASE ANY INSURANCE SERVICES OF IDBI FEDERAL LIFE INSURANCE?
Yes
no
this question asked to check whether if they have insurance services they aware about idbi federal life insurance.
Among 100 respondent 23 who purchased insurance services while 77 respondents not having any
insurance insurance services. This show that there are many people that uncover from insurance.
WHICH FACTOR ATTRACT YOU MORE TO INVEST IN IDBI FEDERAL LIFE
INSURANCE
honest
trust
leadership
service quality
scheme
this question was asked to check the perception of the respondents towards the brand
BRAND PERCEPTION
Series1 Series2
29
26
20 20
5
0
0 0 0 0
1 2 3 4 5 6
.. IDENTIFY THE PUNCHLINE OF DI FEDERAL LIFE INSURANCE.
kal per control
zindgi se ek kadam aage
zindgi ke sath bh zindgi ke baad bi
karo zyaada ka iraada
none of these
this question was asked to check the awareness f punchline of idbi federal life insurance
Interpretation:
Around 53 respondents could identify the correct punch line of IDBI Federal Life Insurance which shows
punch line is less awareness of respondent.
WHICH MEDIA IS HELPFUL TO MAKE YOU AWARE OF IDBI FEDERAL LIFE INSURANCE.
1.newspaper 2.television 3.outdoor sign board
outdoor tent 5.internet
this question was asked to check media effectiveness for idbi federal life insurance
There are five media through which advertising of IDBI Federal Life Insurance appears.
Among 100 respondent 36 give television option is better to aware of IDBI federal life insurance.
THANK YOU
THANK YOU