Beruflich Dokumente
Kultur Dokumente
NO
TITLE
List of Tables and Charts
PAGE NO
2
Introduction
Review of Literature
Company Profile
17
Research Methodology
27
29
Findings
51
Recommendation
53
Conclusion
55
Appendix
57
10
Bibliography
62
CHAPTER 1INTRODUCTION
New customers cost more than keeping existing ones. Help executives make the most
of existing relationships by helping their customers make repeat purchases. Existing
customers have made an emotional commitment that required a large investment of time
to earn.
ii
iii
Satisfied customers are already convinced of value. They have already proven they can
serve the customer, and have provided proof. Executives don't have to invest the
resources necessary to start from scratch again.
iv
STATEMENT OF PROBLEM
IDBI Federal life insurance co ltd is a joint venture company between three
financial companies IDBI Bank, federal Bank and European Insurer Ageas. With
effective utilization of digital marketing tools IDBI federal life insurance are able to reach
potential customers. IDBI in-house technology for customer inquiries and query
resolution are deeply entrenched in terms of processes and call to action with respective
customer.
Though such technologies for the customer retention are prevailed there are some
drawbacks in it. Premium collection of the insurance company fell down by 34% during
April December 2011.I wanted to know the relinquishment level of IDBI federal life
insurance corporation limited
and
COLLECTION OF DATA
Two types of data are collected: Primary and secondary data
Primary data
The data are collected by the questionnaire method. The questionnaire consists of
a number of questions interviewed to the customers for their response.
Interview: Telephonic Interview
Secondary data
Secondary data is the data that have been already collected by and readily
available from other source. The secondary data for this study are already available in the
firm's enrolled feedback, journals, books, newspapers and other related report - policy
book, Magazine.
SAMPLE DESIGN
The research will be carried out among the customers of IDBI federal life
insurance. And sample will be around
100.
It is planned to collect 200 responses from the company .Due to some restrictions only
100 responses are collected.
ii
The survey conducted was more objective and completely based on the views of the
respondent.
iii
Survey was conducted among customers of Coimbatore branch only so the result may not
be accurate.
CHAPTER 2:REVIEW OF
LITRETURE
INTRODUCTION
BRAND AWARENESS
Brand awareness is the extent to which a brand is recognized by potential customers,
and is correctly associated with a particular product. Expressed usually as a percentage of
the target market, brand awareness is the primary goal of advertising in the early months
or years of a product's introduction
Brand awareness is related to the functions of brand identities in consumers memory and
can be reflected by how well the consumers can identify the brand under various
conditions. Brand awareness includes brand recognition and brand recall performance.
Brand recognition refers to the ability of the consumers to correctly differentiate the
brand they previously have been exposed to. This does not necessarily require that the
consumers identify the brand name. Instead, it often means that consumers can respond to
a certain brand after viewing its visual packaging images. Brand recall refers to the
ability of the consumers to correctly generate and retrieve the brand in their memory.
A brand name that is well known to the great majority of households is also called
a household name.
of awareness, through initial purchase of a product, to brand loyalty." In total, these AAU metrics
allow companies to track trends in Customer knowledge and attitudes.
CHANNELS
There are many ways to generate brand awareness in the consumers. Listed below are
four such channels
Advertising is the activity or profession of producing information for promoting the sale
of commercial products or services.[6] Advertising is used through various media to
generate brand awareness within consumers. They can be aired as radio ads, television
commercials, internet etc.
Guerrilla Marketing creative campaigns allow every small firm to compete with bigger
firms by carving out narrow but profitable niches. Nowadays, big firms also use guerrilla
marketing to catch consumers attention at low cost. These tactics include (1) extreme
specialization, (2) aiming every effort at favourably impressing the customers, (3)
providing service that goes beyond the customers' expectations, (4) fast response time, (5)
quick turnaround of jobs, and (6) working hours that match the customer's requirements.
The term 'Guerrilla Marketing' is a registered trademark of author Jay Levinson who
popularized it through his several 'Guerrilla' books.
It is an out of the ordinary way of marketing a product. Low-cost channels can be utilised
to generate a high level of interest in the product and create brand awareness. Utilisation
of personal contacts is the most popular way of guerrilla marketing. Product Placement is
an advertising technique used by companies to subtly promote their products through a
non-traditional advertising technique, usually through appearances in film, television, or
other media.
For example, Coca-Cola could pay a given fee to have the title character drinking a Coke,
instead of a Pepsi beverage, or Toyota might pay to have one of the characters drive their
newest automobile. Through product placement, companies hope that moviegoers will
take note of the products used by the characters, and therefore think more strongly about
using the products themselves. Social Media is the most contemporary and cost-effective
way of creating a brand awareness with an online audience. Many companies use social
media like Facebook, YouTube, blogs etc.
ADVERTISEMENT
An advertisement (or "ad" for short) is anything that draws good attention towards
these things. It is usually designed by an identified sponsor, and performed through a
variety of media. Ads appear on television, as well as radio, newspapers, magazines
and as billboards in streets and cities.
Commercial ads often seek to generate increased consumption of
their products or services through "branding", which involves associating a product name
or image with certain qualities in the minds of consumers. Non-commercial advertisers
who spend money to advertise items other than a consumer product or service include
political parties, interest groups, religious organizations and governmental agencies.
Nonprofit organizations may rely on free modes of persuasion, such as a public service
announcement (PSA).
Modern advertising was created with the innovative techniques introduced with tobacco
advertising in the 1920s, most significantly with the campaigns of Edward Bernays,
which is often considered the founder of modern, Madison Avenue advertising.[5][6][7]
In 2011, spending on advertising was estimated at $143 billion in the United States and
$467 billion worldwide
TYPES OF ADVERTISING
Virtually any medium can be used for advertising. Commercial advertising media can
include wall paintings, billboards, street furniturecomponents, printed flyers and rack
cards, radio, cinema and television adverts, web banners, mobile telephone screens,
shopping carts, web popups, skywriting, bus stop benches, human
billboards and forehead advertising, magazines, newspapers, town criers, sides of buses,
banners attached to or sides of airplanes
Television advertising / Music in advertising
In 2014, a study conducted over 7 years found that the television commercial is
still the most effective mass-market advertising format.[44] The study's findings
stated that for every 1 (GBP) invested in TV advertising, it returned 1.79.
[45]
This is reflected by the high prices television networks charge for
commercial airtime during popular events. The annual Super Bowl football game
in the United States is known as the most prominent advertising event on
television - with an audience of over 108 million and studies showing that 50% of
those only tuned in to see the advertisements.
Infomercials
An infomercial is a long-format television commercial, typically five minutes or
longer. The word "infomercial" is a portmanteau of the words "information" and
"commercial". The main objective in an infomercial is to create an impulse
purchase, so that the target sees the presentation and then immediately buys the
product through the advertised toll-free telephone number or website. Infomercials
describe, display, and often demonstrate products and their features, and
commonly have testimonials from customers and industry professionals.
Radio advertising
Radio advertisements are broadcast as radio waves to the air from a transmitter to
an antenna and a thus to a receiving device. Airtime is purchased from a station or
network in exchange for airing the commercials. While radio has the limitation of
being restricted to sound, proponents of radio advertising often cite this as an
advantage. Radio is an expanding medium that can be found on air, and also
online.
Online advertising
Online advertising is a form of promotion that uses the Internet and World Wide
Web for the expressed purpose of delivering marketing messages to attract
customers. Online ads are delivered by an ad server. Examples of online
advertising include contextual ads that appear on search engine results
pages, banner ads, in pay per click text ads, rich media ads, Social network
advertising,online classified advertising, advertising networks and e-mail
marketing, including e-mail spam.[citation needed] A newer form of online advertising
are Native Ads, they go in a website's news feed and are supposed to improve user
experience by being less intrusive, however some people argue it is deceptive.
Domain name advertising
Domain name advertising is most commonly done through pay per click search
engines, however, advertisers often lease space directly on domain names that
generically describe their products.[38] When an Internet user visits a website by
typing a domain name directly into their web browser, this is known as "direct
navigation", or "type in" web traffic. Although many Internet users search for
ideas and products using search engines and mobile phones, a large number of
users around the world still use the address bar. They will type a keyword into the
address bar such as "geraniums" and add ".com" to the end of it. Sometimes they
will do the same with ".org" or a country-code Top Level Domain
New media
Technological development and economic globalization favors the emergence of
new communication channels and new techniques of commercial messaging.
Press advertising
Celebrity branding
This type of advertising focuses upon using celebrity power, fame, money,
popularity to gain recognition for their products and promote specific stores or
products. Advertisers often advertise their products, for example, when celebrities
share their favorite products or wear clothes by specific brands or designers.
Celebrities are often involved in advertising campaigns such as television or print
adverts to advertise specific or general products. The use of celebrities to endorse
a brand can have its downsides, however; one mistake by a celebrity can be
detrimental to the public relations of a brand. For example, following his
performance of eight gold medals at the 2008 Olympic Games in Beijing, China,
swimmer Michael Phelps' contract with Kellogg's was terminated, as Kellogg's did
not want to associate with him after he was photographed smoking marijuana.
Aerial advertising
Using aircraft, balloons or airships to create or display advertising
media. Skywriting is a notable example.
PURPOSE OF ADVERTISING
Advertising is at the front of delivering the proper message to customers and
prospective customers. The purpose of advertising is to convince customers that a
company's services or products are the best, enhance the image of the company,
point out and create a need for products or services, demonstrate new uses for
established products, announce new products and programs, reinforce the
salespeople's individual messages, draw customers to the business, and to hold
existing customers.
ADVERTISING APPROACHES
Increasingly, other media are overtaking many of the "traditional" media such as
television, radio and newspaper because of a shift toward the usage of the Internet for
news and music as well as devices like digital video recorders (DVRs) such as TiVo.
Digital signage is poised to become a major mass media because of its ability to reach
larger audiences for less money. Digital signage also offers the unique ability to see
thetarget audience where they are reached by the medium. Technological advances have
also made it possible to control the message on digital signage with much precision,
enabling the messages to be relevant to the target audience at any given time and location
which in turn, gets more response from the advertising. Digital signage is being
successfully employed in supermarkets. Another successful use of digital signage is in
hospitality locations such as restaurants and malls.
Advertising on the World Wide Web is a recent phenomenon. Prices of Web-based
advertising space are dependent on the "relevance" of the surrounding web content and
the traffic that the website receives.
In online display advertising, display ads generate awareness quickly. Unlike search,
which requires someone to be aware of a need, display advertising can drive awareness of
something new and without previous knowledge. Display works well for direct response.
Display is not only used for generating awareness, it's used for direct response campaigns
that link to a landing page with a clear 'call to action'
E-mail advertising is another recent phenomenon. Unsolicited bulk E-mail advertising is
known as "e-mail spam". Spam has been a problem for e-mail users for many years.
A new form of advertising that is growing rapidly is social network advertising. It is
online advertising with a focus on social networking sites. This is a relatively immature
market, but it has shown a lot of promise as advertisers are able to take advantage of the
demographic information the user has provided to the social networking site.
Friendertising is a more precise advertising term in which people are able to direct
advertisements toward others directly using social network services.
As the mobile phone became a new mass medium in 1998 when the first paid
downloadable content appeared on mobile phones in Finland, mobile advertising
followed, also first launched in Finland in 2000.By 2007 the value of mobile advertising
had reached $2 billion and providers such as Admob delivered billions of mobile ads.
CRITICISM
While advertising can be seen as necessary for economic growth, it is not without social
costs. Unsolicited commercial e-mail and other forms of spam have become so prevalent
as to have become a major nuisance to users of these services, as well as being a financial
burden on internet service providers. Advertising is increasingly invading public spaces,
such as schools, which some critics argue is a form of child exploitation.
One of the most controversial criticisms of advertisement in the present day is that of the
predominance of advertising of foods high in sugar, fat, and salt specifically to children.
Critics claim that food advertisements targeting children are exploitive and are not
sufficiently balanced with proper nutritional education to help children understand the
consequences of their food choices. Additionally, children may not understand that they
are being sold something, and are therefore more impressionable. Michelle Obama has
criticized large food companies for advertising unhealthy foods largely towards children
and has requested that food companies either limit their advertising to children or
advertise foods that are more in line with dietary guidelines.
CHAPTER 3:COMPANY
PROFILE
Today, it is amongst Indias foremost commercial banks, with a wide range of innovative
products and services, serving retail and corporate customers in all corners of the country
from 720 branches and 1228 ATMs.
The Bank offers its customers an extensive range of diversified services including
project financing, term lending, working capital facilities, lease finance, venture capital,
loan syndication, corporate advisory services and legal and technical advisory services to
its corporate clients as well as mortgages and personal loans to its retail clients.
As part of its development activities, IDBI Bank has been instrumental in
sponsoring the development of key institutions involved in Indias financial sector such
as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India
Limited (NSE) and National Securities Depository Ltd.
Federal Bank is one of Indias leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of 708 branches and 749 ATMs
spread across India. The bank provides over four million retail customers with a wide
variety of financial products. Federal Bank is one of the first large Indian banks to have
an entirely automated and interconnected branch network.
In addition to interconnected branches and ATMs, the Bank has a wide range of
services like Internet Banking, Mobile Banking, Tele Banking, and Any Where Banking,
debit cards, online bill payment and call center facilities to offer round the clock banking
convenience to its customers. The Bank has been a pioneer in providing innovative
technological solutions to its customers and the Bank has won several awards and
recommendations.
Fortis is an international insurance group composed of AG Insurance, the overall
market leader in life and non-life insurance in Belgium, distributing its insurance
products through the network of BNP Paribas Fortis Bank and independent insurance
brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong
Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures
in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India.
HISTORY
In the year 2006, IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis
Insurance International NV signed a MoU to start a life insurance company in India. The
company received its license from Insurance Regulatory and Development Authority of
India (IRDAI) in December 2007.
IDBI Fortis Life Insurance Co. Ltd. officially began its operations in March 2008. In
August 2008, the company collected the premium of over Rs.100 crore within a record
time of five months, thus becoming the fastest growing new life insurance company in
the private sector.
India-Sri Lanka ODI series that took place in October 2009, found a title sponsor in
insurance major IDBI Fortis. The companys AUM crossed the Rs. 1,000 crore mark for
the first time in March 2010.
In August 2010, the company was rechristened as IDBI Federal Life Insurance Company.
The organisation has always taken the road less travelled. In 2012-13, it declared its
maiden profits in record 5 years, thus was one of the fastest to do so in the industry. It yet
again clocked Rs. 80 crore profits for the financial year 2013-14 and has maintained its
profitable trajectory from thereon.
Our Values
Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims
EXCELLENCE
"In every aspect of work ranging from the in-house training institute to the
detailed Personal Insurance Plan. IDBI Fortis is focused on achieving the highest
standards of quality in every aspect of their
business
HONESTY
"Is the heart of the Life Insurance business? IDBI Fortis believes that above
all, Life Insurance is based on trust. Transparency, Dependability and Integrity will
form the cornerstones of the IDBI Fortis experience."
KNOWLEDGE
"Is what makes experts. IDBI Fortis is focused on the Life Insurance business.
Perfectly combining global expertise with local knowledge, IDBI Fortis is the Indian
Life Insurance specialist."
CARING
"For the customer IDBI Fortis is redefining the Life Insurance paradigm to
focus on the needs of the customers. The IDBI Fortis service process is responsive,
personalized, humane and empathetic."
CULTURE
Our "in house culture recipe" has some of the finest ingredients going into its
making. Some of the more prominent aspects of our culture are stated below:
i. Customer comes first
ii. Do it right the first time
iii. Bias for result oriented action
iv. Financial strength and discipline
v. Clarity of purpose
vi. International quality standards
vii.Inclusive Meritocracy
viii.
learning opportunities
TECHNOLOGY
To monitor and manage its network equipment across 34 sites, IDBI Fortis
uses Tulip Proactive Managed CE solution. The solution includes device
management, proactive troubleshooting and notification support. With the
implementation of the solution, IDBI has reported improvement of network
performance and availability, with a faster, more effective change and configuration
management.
SPONSORSHIPS, AWARDS
IDBI Fortis Life Insurance Company was selected as the title sponsor for
the India-Sri Lanka Cricket Series. This was followed by the IDBI Fortis
Wealthsurance Twenty20.
Wealthsurance Made Easy (WME), a knowledge aid by IDBI Fortis for its sales
force, won The Bronze Dragon in the category for Best Dealer/Sales Force
activity at the Promotion
Marketing Awards of Asia (PMAA).
PRODUCTS
IDBI Federal Childsurance Savings Protection Plan is a non-linked participating
endowment plan that ensures a childs future financial needs are fulfilled. Childsurance
Savings, is designed to give guaranteed annual payouts and aid the important milestones in a
childs life.
HOW DOES THIS PLAN WORK
1
Customer needs to decide the amount of guaranteed annual payouts he would need
which will depend on plans for his childs future.
Basis the amount of payouts, he would then choose the Maturity Sum Assured (MSA).
Next, he would choose when and for how long he would need the payouts the
difference between childs current age and the age at which the guaranteed annual
payouts should end, will be the policy term. This can help plan his childs future better.
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan (UIN No.
135N031V01) is a non-linked non-participating money back plan which gives you
guaranteed* returns on your investment, so that you stop worrying about the future. With
Incomesurance, you can guarantee a secure future for your family even when you
are not around.
RESEARCH METHODOLOGY
INTRODUCTION
The system of collecting data for research projects is known as research
methodology. The data may be collected for either theoretical or practical research for
example management research may be strategically conceptualized along with operational
planning methods and change management. Research methodology is to describe how to
gather information (method) this can be survey interview, litterateur review etc. And then
explain each method what are they, what are the method. Some important factors in research
methodology of measure most of your work is finished by the time you finish the analysis of
data. Formulation of research questions along with sampling weather probable or nonprobable is followed by measurement that includes surveys and scaling. This is followed by
research design, which may be either experimental or quasi-experimental. Methodology
includes a philosophically coherent collection of theories, concepts or ideas as they relate to
a particular discipline or field of inquiry.
The univariate analysis consist of mean, standard deviation, percentage etc. although
the mean most commonly seen representation of central tendency and the stranded deviation
takes into account each observations distance from the mean. The obtained data were
presented through table based on the percentage of the respondents and were analysis
through spread sheet under the univariate measures such as mean, standard deviation.
ANALYSIS AND
INTERPRETETION
Table no.: 1
Respondents
Percentage
14
45
33
9
101
14%
45%
33%
9%
100%
Below 25
25 - 30
30 - 35
Above 35
Total
Figure no.: 1
50
45
40
35
30
respondents
25
percentage
20
15
10
5
0
below 25
25-30
30-35
above 35
INTERPRETATION- From the graph, it is clear that 45% respondents are in the
age group of 25-30 years. 33% respondents are in the age group of 30-35 years
however 14% respondents are in the age group of below 25 years and only 9%
respondents are above 35 years.
Chart no.: 2
Gender of the respondents
Table no.: 2
Gender
Male
Female
Total
Respondents
72
29
101
Percentage
71%
29%
100%
Figure no.: 2
Female
29%
Male
71%
INTERPRETATION: - Out of total number of people surveyed 71% are male and 29% are
female. So it clear that company should more focus on male people,
Chart no.: 3
Marital status of the respondents
Table no.: 3
Marital status
Married
Un-Married
Total
Respondents
66
35
101
Percentage
65%
35%
100
Figure no.: 3
Marital status of the respondents
UnMarried,
35%
Married ,
65%
INTERPRETATION: - In the above table we can see that out of the total respondents 65% are
married and 35% are unmarried. Therefore company should target married people.
Chart no.: 4
Education Qualification of the respondents
Table no.: 4
Education Qualification
Degree
Post Graduate
M.Phil.
Other
Total
Respondents
19
72
8
2
101
Percentage
19%
71%
8%
2%
100%
Figure no.: 4
Education Qualification
80%
71%
70%
60%
50%
40%
30%
20%
19%
8%
10%
0%
Degr
ee
Post
Graduate
M.Phi
l.
2%
Othe
r
INTERPRETATION: - In the above table the respondents have been segmented on the basses
of their education qualification in which majority i.e. 71% are post-graduate where as 19% are
degree holders, 8% are M.Phil. and 21% are having other qualification.
Chart no.: 5
Job Experience of the respondents
Table no.: 5
Experience
Respondents Percentage
11
33
40
17
101
11%
33%
40%
17%
100%
Figure no.: 5
Job Experience
45%
40%
40%
33%
35%
30%
25%
17%
20%
15%
10%
11%
5%
0%
Less than 1
year
5-10 years
1-5 years
Above 10
years
INTERPRETATION: - In the above table the respondents have been segmented on the basses
of their job experience in which 40% have experience of 5-10 years, 33% are having 1-5 years
experience, 17% are have above 10 years experience, and 11% have less than 1 year experience.
Chart no.: 6
Income Slab of the respondents
Table no.: 6
Income Slab
Less than 2 lacs
2 to 4 lacs
4 to 6 lacs
Above 6 lacs
Total
Respondents Percentage
10
10%
13
13%
28
28%
50
50%
101
100%
Figure no.: 6
Income Slabe
60%
50%
50%
40%
30%
28%
20%
10%
0%
10%
13%
Less than 2
lacs
2 to 4 lacs
4 to 6 lacs
Above 6 lacs
INTERPRETATION: - In the above table the respondents have been segmented on the basses
of their income in which 50% of the respondents are having above rupees 6 lacs per annum
income. 28% have income of rupees 4-6 lacs per annum income, 13% have rupees 2-4 lacs per
annum income, and 10% have less than rupees 2 lacs per annum income.
Chart no.: 7
Have you heard about IDBI Federal life insurance Co.Ltd?
Table no.: 7
Awareness about the brand
Yes
No
Total
Respondents
88
13
101
Percentage
87%
13%
100%
Figure no.: 7
INTERPRETATION: - From the above table we can find that 87% of the respondents are
aware about IDBI Federal Life Insurance Co. Ltd. whereas 13% are not aware.
Chart no.: 8
How did you come to know about IDBI Federal life insurance Co.Ltd?
Table no.: 8
Source of awareness about brand
TV Advertisement
You tube
Newspaper
Bill Board / hoardings
Agents
Friends
Other
Total
Respondents
6
5
14
5
31
23
17
101
Percentage
6%
5%
14%
5%
31%
23%
17%
100%
Figure no.: 8
Source of awerness for IDBI Federal
Other
17%
Friends
23%
Agents
Bill Board / hoardings
31%
5%
Newspaper
You tube
TV Advertisement
14%
5%
6%
INTERPRETATION: - From the above table we can find that majority of the respondents came
to know IDBI Federal Life Insurance through agents and friend, whereas YouTube and bill board
/ hoardings contributed least as the source of awareness about IDBI Federal Life Insurance.
Chart no.: 9
Did you enquire more about the product after you came to know about it?
Table no.: 9
Enquire about the product
Enquired
Un-Enquired
Total
Respondents
56
45
101
Percentage
55%
45%
100%
Figure no.: 9
Enquire about the product
Un-Enquired
45%
Enquired
55%
INTERPRETATION: - In the above table we can find that 55% of the respondents enquired
about product of IDBI Federal Life Insurance whereas as 45% of respondents did not enquire.
Chart no.: 10
Have you seen the advertisement of IDBI Federal?
Table no.: 10
Awareness of the advertisement
Aware
Un- Aware
Total
Respondents
32
69
101
Percentage
32%
68%
100%
Figure no.: 10
INTERPRETATION: - From the above table we can find that 68% of the respondents are not
aware of the advertisement of IDBI Federal Life Insurance, whereas 32% are aware. So company
should put more focus on advertisement.
Chart no.: 11
Do you feel these ads educate people about the product?
Table no.: 11
Impact of advertisement on
production education
Agree
Disagree
Total
Respondents
Percentage
65
36
101
64%
36%
100%
Figure no.: 11
Agree
64%
INTERPRETATION: - From the above table we can find that 64% of the respondents are
agreed that these advertisements educate people about the product whereas 36% of the
respondents are disagree.
Chart no.: 12
What is the first thing which comes in your mind when you think of IDBI Federal?
Table no.: 12
Factors affecting recall
IDBI bank
LOGO
Advertisement
Services Provided
Products
Other
Total
Respondents
47
6
15
16
14
3
101
Percentage
46%
6%
15%
16%
14%
3%
100%
Figure no.: 12
46%
15%
6%
16%
14%
3%
INTERPRETATION: - From the above table we can find that majority of the respondents
recalls IDBI Bank when they think about IDBI Federal Life Insurance. Whereas least number of
respondents recalls logo or others.
Chart no.: 13
Which other insurance company you know?
Table no.: 13
Awareness of other
brand
LIC
ICICI Prudential
Bajaj Allianz
HDFC Standard Life
Bharti Axa
Birla Sun Life
SBI Life
Other
Total
Respondents
Percentage
40
15
11
14
2
5
9
5
101
39%
15%
11%
14%
2%
5%
9%
5%
100%
Figure no.: 13
39%
15%
11% 14%
2%
10%
5%
0%
LIC
ICICI
Bajaj HDFC
Prudenti
Standar
al
Allianz
d
Life
5%
9%
5%
INTERPRETATION: - From the above table we can find that majority of the respondents are
aware about LIC among other insurance company. Whereas least number of respondents knows
about Bharti Axa, Birla Sun Life and other insurance company.
Chart no.: 14
How did you come to know of these insurance company ?
Table no.: 14
Source of awareness about
other insurance company
TV Advertisement
Newspaper Advertisements
Bill Board Hoardings
Word of Mouth
Sales Representatives
Friends
Other
Total
Respondents
Percentage
31
16
13
16
18
6
1
101
30%
16%
13%
16%
18%
6%
1%
100%
Figure no.: 14
Source of awareness
Other
Friends
1%
6%
Sales Representatives
18%
Word of Mouth
Bill Board Hoardings
Newspaper
Advertisements
TV Advertisement
16%
13%
16%
30%
INTERPRETATION: - From the above table we can find that majority of the respondents
came to know about other insurance companies through TV advertisement whereas least no of
respondents came to know through friends and other sources.
Chart no.: 15
Main consideration that a customer looks while purchases an insurance policy?
Table no.: 15
Main consideration
while purchase
TAX
Protection
Investment
Saving
Pension
Total
Respondents
Percentage
14
30
17
30
10
101
14%
29%
17%
30%
10%
100%
Figure no.: 15
29%
17%
14%
10%
TAX
Protection Investment
Saving
Pension
INTERPRETATION: - From the above table we can find that majority of the respondents
consider saving and protection while purchasing of insurance policies, whereas least number of
respondents consider pension.
Chart no.: 16
What type pf plan you have?
Table no.: 16
Type of plan that
respondents have
Lifesurance
Incomesurance
Childsurance
Wealthsurance
Other
Total
Respondents
Percentage
38
18
22
19
4
101
37%
18%
22%
19%
4%
100%
Figure no.: 16
Type of plan
40%
35%
37%
30%
25%
20%
18%
22%
19%
15%
10%
4%
5%
0%
Other
INTERPRETATION: - From the above table we can find that 37% of the respondents have
life insurance, 22% have child insurance, 19% have wealth insurance, 18% have income
insurance and rest 4% of the respondents have other type of insurance.
FINDINGS AND
SUGGESTIONS
Television for entertainment and gaining information. So it is the best media for
advertisement.
People dont give more importance for the advertisements while compared to brand,
tax benefit, death benefit, security and low premium.
The advertising efforts and word of mouth is most influencing while compared to
internet.
The unmarried people are actually not interested to take insurance. They wanted to
invest their money in other fields like buying a house, bike, buildings, and real-estate
etc. They are even ready to take risk for more earnings.
The married peoples are interested in insurance for the benefit of their partner as
well as their children and medical expenses. Generally educated people
understand easily so most of graduate clearly understand the benefits of insurance
policies.
So IDBI Federal Life Insurance Corporation Limited can develop a new policy by
targeting the unmarried people.
IDBI have to increase their promotional activities in such a way that even unskilled
persons understand the importance of their Insurance add value to their customer.
The companys advertisement should be more in Local TV channel and News Paper.
In rural and tribal areas enormous promotional activities have to be taken for bringing
the awareness regarding different types of insurance and their uses. IDBI Federal Life
Insurance should develop promotional activities in such a way that it should reach to
the tribal and interior areas in an easy and understandable manner. And it has to
increase its promotional activities in tribal area. In rural and tribal areas they have to
use a different type of promotion, to make them understand the various policies and
their benefits.
Most of the insured people select policies based on the agents advice. Company should
advertise about their policies, as the agents suggest the policies that fetch more
commission to them, and this creates a negative attitude among the customers.
Irrespective of the occupation, age, marital status, caste, religion and educational
qualification everyone has to feel the need of life insurance. Hence the company should
bring awareness about the insurance and its importance and need. The unfavorable
feeling of illiterates, daily wage workers etc., can be washed out by educating the
households extensively. IDBI Federal should create awareness about insurance among
people. Most of the uninsured have negative attitude as they dont have knowledge about
insurance. Generally insurance is considered as only for high income people. This notion
must be changed, through social marketing among the low income people.
CONCLUSION
CONCLUSION
The data were collected from the customers response of the IDBI
Federal Life Insurance Corporation Limited Coimbatore branch. Based on the
percentage of the customers 100 sample size was collected. The age, gender,
marital statuses, educational qualification, occupation, monthly income, were
analyzed as personal information in the questionnaire. According to the
collected personal information, most of the sample customers were young age,
single, educated, higher income customers who got insurance. According to the
research the IDBI Federal Life Insurance Corporation Limited Coimbatore have
high customer relinquishment because most of the customers did not insure out
of their own interest. Parents, Friends who are working or doing their project or
internship in IDBI Federal Life Insurance wanted them to have a policy. This is
the reason why customers move out of IDBI Federal.
REFRENCES
Garg, M.C.& Verma A.2010. An empirical analysis of the marketing mix in the Life
Insurance Industry in India. The IUP journal of management research .Vol.9. pp07-20.
DAndrea & Schleicher A 2006. The role of promotions and other factors affecting
overall store price image in Latin America. The International Journal of Retail &
Distribution Management Vol. 34 No. 9, 2006. pp. 688-700.
Shameem B. & Dr. Gupta A 2012. Marketing Strategies In Life Insurance Services.
International Journal of Marketing, Financial Services & Management Research Vol.1
Issue 11, November2012. pp132-141.
Internet Sources:
http://www.irda.gov.in/Defaulthome.aspx?page=H1
https://www.idbifederal.com/Pages/home.aspx
http://www.scribd.com/search?query=idbi+federal+life+insurance
http://www.articlesbase.com/find-articles.php?q=idbi+federal+life+insurance
http://www.lifeinscouncil.org/ http://www.ibef.org/industry/insurance-sectorindia.aspx.
REFERENCES
Literatures from different journals
Garg, M.C.& Verma A.2010. An empirical analysis of the marketing mix in the Life
Insurance Industry in India. The IUP journal of management research .Vol.9. pp07-20.
DAndrea & Schleicher A 2006. The role of promotions and other factors affecting
overall store price image in Latin America. The International Journal of Retail &
Distribution Management Vol. 34 No. 9, 2006. pp. 688-700.
Shameem B. & Dr. Gupta A 2012. Marketing Strategies In Life Insurance Services.
International Journal of Marketing, Financial Services & Management Research Vol.1
Issue 11, November2012. pp132-141.
Internet Sources:
http://www.irda.gov.in/Defaulthome.aspx?page=H1
https://www.idbifederal.com/Pages/home.aspx
http://www.scribd.com/search?query=idbi+federal+life+insurance
http://www.articlesbase.com/find-articles.php?q=idbi+federal+life+insurance
http://www.lifeinscouncil.org/ http://www.ibef.org/industry/insurance-sectorindia.aspx
THANK YOU