Beruflich Dokumente
Kultur Dokumente
A
Thesis submitted in partial fulfillment of the
requirements for
The award of the Degree of
MASTERS OF BUSINESS
ADMINISTRATION
By
RANCHI-834001.
PREFACE
ENGINERS
BUSINESSMAN
CHARTERTED ACCOUNTANTS
HOUSE WIVES
STUDENTS
ENGINEERS
BUSINESSMAN
CHARTED ACCOUNTANTS
HOUSE WIVES
STUDENTS
Before selecting the prospect I evaluated every pros & cons of the prospect
& then filtering out the efficient prospect. Finally, I submitted the report to
the unit manager/ Sales manager for profiling of the respective prospects.
CONTENTS
1. INTRODUCTION
2. INDUSTRY PROFILE
3. HISTORY
4. COMPANY PROFILE
5. ACHIEVEMENTS OF THE COMPANY
6. INTRODUCTION TO DIFFERENT INSURANCE
POLICIES
7. OBJECTIVES OF THE STUDY
8. RESEARCH METHODOLOGY
9. DATA SOURCES
10. RESEARCH APPROACH
11. METHODS OF DATA COLLECTION
12. RESEARCH DESIGN
13. ABOUT INTERACTION WITH CUSTOMERS
14. LIMITATIONS
15. RECOMMENDATIONS
16. BIBLIOGRAPHY
INTRODUCTION
INSURANCE
Where ever there is uncertainty there is risk. The risk cannot be averted.
The risk is uncertainty of the financial loss .we don’t have any command on
uncertainties. This makes it is essential that we think in favor of advice that
becomes instrumental in spreading the loss. It is in this context that we
think about Insurance, which is considered to be a social device to
accumulate funds to meet uncertain losses.
The report disciusses the work done by the trainee Miss Archana
Choudhary and Samridhi Samyak in Masters of Business Administration
BIT Lalpur Ext. [Ranchi] .
The main purpose of the project was basically for expansion of distribution
channel of Kotak Mahindra & focus on expansion through advisors based
on extensive market survey & prospects meeting.
HISTORY
1912:
The Indian Life Insurance Companies Act Enacted Us the first regulate the
we insurance business.
1928:
The Indian insurance companies act enacted to enable the government to
collect statistical information about both life and non life insurance business
.
1938:
Earlier legislation consolidated and amended by the insurance act with the
objective of protecting the interest’s o fetch insuring public.
1956:
Indian as well as foreign insurance and provident societies taken
by the central Govt. are nationalized. LIC formed by an act of parliament,
LIC act, 1956 with a capital contribution of us. 5 cores form the Govt. of
India.
The general insurance business in India ,on the other hand can trace its
roots to the Triton insurance company ltd., the first general insurance
company established in the year 1850 in Calcutta by the British .
In 1994 the committee submitted the report and some of the key
recommendation s included.
• STRUCTURE :
• Competition:
Private companies with a minimum paid up capital of Rs. 1bn. should be
allowed to enter the industry. No company should deal in both life and
general insurance through a single entity. Foreign companies may be
allowed to enter the industry in collaboration with the domestic
companies. Postal life insurance should be allowed to operate in the
rural market. Only one state level life insurance company should be
allowed to operate in each state.
• REGULATORY BODY :
• INVESTMENT :
• CUSTOMER SERVICE :
India still has a low insurance penetration of 1.95 % 51st in the world
.despite the fad India boasts a saving rate of around 25 %, less than 5% is
spent on insurance.
Beside ICICI prudential life insurance there are others 11 private players
working in life insurance sector, which are following.
HDFC standard life insurance compny Ltd was one of the first
companies to be granted license by IRDA to operate in life insurance
sector. It was incorporated on the 14 aug 2000. HDFC is majority stake
holders in insurance Jv with 81.4%and standard life (largest mutual
assurance company in Europe) has a stake of 18.6%.
COMPANY PROFILE
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between
Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc. At Kotak Life
Insurance, we aim to help customers take important financial decisions at
every stage in life by offering them a wide range of innovative life insurance
products, to make them financially independent.
The group has a net worth of over Rs. 5,609 crore, employs around 17,100
people in its various businesses and has a distribution network of
branches, franchisees, representative offices and satellite offices across
344 cities and towns in India and offices in New York, London, Dubai,
Mauritius and Singapore. The Group services around 3.6 million customer
accounts.
GROUP COMPANIES
This is a non-participating plan.
YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
% OF
NA 80 80 80 80 80 80 90 90 90 90 100 110 120 135
SP
OBJECTIVES OF THE STUDY
PRIMARY OBJECTIVE:
SECONDARY OBJECTIVE:
STEP 1
The second step was to develop more efficient plans call for precise
decision on the collected data from the data sources , research
approaches, research instrument ,sampling plans and contact methods .
Data sources:
[Primary data are the data that are collected freshly for the specific
purpose or for a specific research project. Secondary data provide a
starting point for the research and offer the advantages of low cost and
ready availability. It is very difficult to collect as they are based on abstract
information ‘s. even if they can b recollected, they are never specific, they
are always some approximate values. ]
RESEARCH APPROACH
RESEARCH INSTRUMENT
SAMPLE PLAN
SAMPLING UNIT
Who is to be surveyed?
Larger sample give more reliable results than smaller. However it has not
necessary to sample the entire target population or even a substantial
portion to achieve reliable results. In my case the sample size is 400
respondents of various segments .
CONTACT METHOD:
Once the sampling plan had been determined, the marketing researcher
must decide how the subject is contacted: telephone, mail, personal
interview, and in some cases telephonic interview was done.
STEP 3 :
STEP 5 :
The last step is to present the findings that are relevant to the objectives.
METHODS OF DATA COLLECTION
Primary data :
This data on the basis of hit and trial method, as the researcher first
selects an area and then makes calls in that area randomly. If the persons
called are found to be fit as per company’s criteria, there names and
address are to be noted down and are further used for meeting purpose .
Secondary data:
1. LIC Agents
2. Telephone Directory
3. Promotional Activities
4. Direct sale Agency
5. Reference
RESEARCH DESIGN
1. Necessity of study
2. Sampling Unit
The advisors and front line staffs need it show their excellence in the
process of offering.
Kotak Mahindra Life Insurance Company is number one among the private
players having large market share. Kotak Mahindra is in expanding mode.
SAMPLING UNIT
This combines all those segments of the society who have the insurance
policy. Some of them are students, engineer, C.A, Housewives,
Businessman, Teacher ,Doctors etc residing in Ranchi. Each of these
segments has been targeted as per the convenience.
• Railways employess
• Private company
• Professor /Teachers
• Office staffs
NOTE : The required data for the above segments should be such that it is
helpful to know the background and the creativity of the prospects .
• Name
• Age
• Address
• Occupation
• Education
• Family income
The above information‘s have been collected from :
• Primary data
• Secondary data
ABOUT OUR INTERACTION WITH THE CUSTOMERS
The Kotak Mahindra life insurance company has a tie up with the Punjab
national bank. So, we use to visit Punjab national bank for the purpose of
interaction with the customers. We had to deal with those customers who
hold account with the Punjab national bank. We had to survey about the
customer’s expectation about the policies and the insurance companies.
We asked them that whether they knew about the different investment
plans and insurance policies. We also made them aware about the kotak
Mahindra company and their different policies. We approached them about
what are the policies they already know and what are the policies they hold
right now. We also asked about the various benefits they derive from the
existing policies and whether they are satisfied from it or not. Through this
survey we also came to know what are the peoples view regarding kotak
and other competitors.
Our survey was not exactly to sell the policies but to create an
awareness among the customers about the the company and its policies.
LIMITATIONS
As for as limitations has concerned limitations can be divided in four parts
because of some reasons . These reasons are given in following four parts.
2. Geographical problem:
Sample size of my data was restricted in chinch wad so it is
difficult to contact outside because o time problem so sample size
was limited.
3. Biased response of the respondent:
Most of the response were biased that they have no time or contact
later.
4. Language Barriers:
At the time of my project it was very difficult to understand or
convince local people.
RECOMMENDATIONS AND SUGGESTIONS
Before approaching to the prospect there are some important things that
should be kept in mind. These things are following.
2. PRESENTATION:
Presenting proper concepts to the client Is also a very important
thing.
• Www. Kotaklifeinsurance.Com
• RESEARCH METHODOLOGY : BY C.R. KOTHARI
• LIC Book