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A REPORT

On
CUSTOMERRELATIONSHIPMANAGEMENT
OFIDBIFEDERALLIFEINSURANCE

By: ANCHAL CHAUDHARY


MBA II SEMESTER

FacultyGuide:IndustryGuide:

Submitted To: Submitted To:


Dr. VAISHALI GOEL JITENDRA KUMAR
MIET Meerut Assistant Branch Head
IDBI FEDERAL LIFE INSURANCE
CO. LTD
Acknowledgement
A internship report is a result not only of the student who
prepared it, but also the combine effort of the faculty
guide, staffs and members of the institute where the project
is done and most importantly the advisor who gives the final
touch. On the successful completion of my internship, I
would like to express my heartfelt gratitude to the people
without whose help and kind co-operation this work would
not have been possible. First and foremost I want to thank
The Almighty for blessings with which i was able to
complete my work without much difficulty. With pleasure, I
would, at the very onset, like to thank Mr. Jitendra Kumar,
Assistant Branch Head, IDBI Federal Life Insurance Co Ltd
for providing me the opportunity to perform my Summer
Internship Program in the Company, for mentoring and
providing the necessary data and information as and when
required throughout the project. Their support and
encouragement has been a source of inspiration for me and
made my journey in IDBI a delight. I would express my
sincere gratitude to my mentor Dr. Vaishali Goel,MIET
Meerut, who ensured that I was going about my project
without any issues. Last but not least I would like to thank
my classmates and seniors for extending me their help and
cooperation whenever I approached them.
PREFACE
Life insurance business is booming in India. The business of
life insurance is related to the protection of the economic
value of human life and this project is just offered to draw
the attention of individuals, who are interested in life
insurance business running by insurance regulatory
Development Authority (IRDA). Insurance industry has
Ombudsmen in 12 cities. Each Ombudsman is empowered
to redress customer grievances in respect of insurance
contracts on personal lines where the insured amount is less
than Rs. 20 lakh, in accordance with the Ombudsman
Scheme. Addresses can be obtained from the offices of LIC
and other insurers. This project likes just an extract of my
rigorous work in Life Insurance Companies, and I hope the
beneficiaries decision regarding recruitment of advice; or,
all information and data. This responsibility really in hence
my effective communication and convincing power and such
quality will help me in near future for having decision
making.
Table of Contents

Chapter
Page no.
Acknowledgement
Certificate

Preface
Abstract

Part A

1.Introduction of insurance
2.Introduction of life insurance business

History of insurance
Scope of insurance business in India
3.The decision process
4.Market segment
Resistance to insurance
Managing information
5.Introduction of IRDA
6.Overview of IDBI Federal life insurance
7.Products of IDBI federal life insurance
Part B

8.Marketing- Mix Of IDBI


9.Advantages
10. Significance
11. Disadvantages
12. Review of literature
13. Objectives
Background and significance
14. Methodology used in study
15. Life insurance products
16. Limitation
17. Questionnaire
18. Recommendation and Conclusion
19. Bibliography
Abstract
India is a country where the average selling of Life insurance
policies is still lower than many Western and Asian
countries, with the second largest population in world the
Indian insurance market is looking very prospective to many
multinational and Indian insurance companies for expanding
their business and market share. Before the opening of
Indian market for Multinational Insurance Companies, Life
Insurance Corporation (LIC) was the only company which
dealt in Life Insurance and after opening of this sector to
other private companies, all the world leaders of life
insurance has started their operation in India. With their
world market experience and network, these companies
have offered many good schemes to lure all type of Indian
consumers but unfortunately failed to get the major share of
market. Still the LIC is the biggest player in the life
insurance market with approx 65% market share. But why
Indian consumers do not trust on many companies and why
the major population of India does not have any life
insurance policy.
IDBI Federal Life Insurance Co Ltd. is a joint-
venture of IDBI Bank, India's premier development and
commercial bank, Federal Bank, one of India's leading
private sector banks and Ageas, a multinational insurance
giant based out of Europe. In this venture, IDBI Bank owns
48% equity while Federal Bank and Ageas own 26% equity
each. Having started in March 2008, in just five months of
inception, IDBI Federal became one of the fastest growing
new insurance companies by garnering Rs.100 Cr in
premiums. Through a continuous process of innovation in
product and service delivery IDBI Federal aims to deliver
world-class wealth management, protection and retirement
solutions that provide value and convenience to the Indian
customer. The company offers its services through a vast
nationwide network 2,308 partner bank branches of IDBI
Bank and Federal Bank in addition to a sizeable network of
advisors and partners. As on 31st December 2013, the
company has issued nearly 5.5 lakh policies with a sum
assured of over Rs. 32,110.48 crores.
Objectives of the Internship:
Analysis of Customer Perception of the insurance
industry.
Analysis of customer relationship management of IDBI
federal life insurance company.
To suggest marketing methodologies to increase
business of IDBI-Federal Life Insurance.
To get hands on experience of doing sales for the
company.
To know about the awareness of customers about the
co. IDBI.
EXECUTIVE SUMMARY
The insurance sector in India is still in its nascent stages.
But the Indians are an extremely risk averse race. Thus due
to this only the government entities have a good presence
and brand recognition in India and the others have a difficult
time carving a space out for themselves in the market.

Since the industry is at its early ages even now hence its
constantly changing and evolving. This makes it mandatory
for the new players to tow the line and at the same time
constantly keep on evolving itself to meet the needs of the
consumers.

In this sector the visibility of the brand matters the most


and is of utmost importance. Since, insurance is the backup
plan for more risky propositions like shares and stocks.
Hence the customers who want to go for these propositions
too are extremely risk averse. Hence there has to be
products specifically for this segment. And then expand
furthermore into other segments while keeping their base
customers with them.

Keeping in mind the same these paper was done to study


the marketing mix of IDBI Federal life insurance solely
depending on the current marketing approaches and the
expectation of the Indian consumers in the insurance sector.
Introduction
This industry thrives mostly on the desire of the
individual to reduce the uncertainties of the future. This
uncertainty can vary regarding various issues starting from
their life to commodities to their childs future as well as
their present income. In the current fiscal year the growth of
BFSI i.e. the banking financial and insurance sector hovering
around 9% and the Gross Domestic Product growth of the
country at being around 4.7 % in the fiscal year 2013-2014
the industry is facing a hard time as the lower growth
means lower disposable income in the hands of the
consumers. The increase in the inflation index also hasnt
helped the industry at any level. If anything it has made the
returns look less and less lucrative.

Meaning of Insurance: Insurance is a contract


between the insurance company (insurer) and the
policyholder (insured). In return for a consideration (the
premium), the insurance company promises to pay a
specified amount to the insured on the happening of a
specified event. As the first step in helping you to gain the
knowledge you need to become a professional and
successful life insurance agent, we are going to first take an
overview of life insurance what it is and why it is needed.
In seeing how life insurance works we will need to make
reference to the insurance market as a whole insurance is
available for many other things, not just for human life but
our focus will remain firmly on the life insurance part of it.
How does insurance work. We can move on to
understanding how insurance works exactly.
Roles in the insurance industry
HISTOR
Y
History of insurance:
The history of insurance in India is deep rooted. Since the
earliest times insurance has been carried out in some from
or other. Insurance in India has developed over time and has
taken ideas from countries England particular. The history
of insurance in India can be divided into three phases as
follows:
Phase I Pre liberalization 1818-1829: First
insurance company: in 1818 the oriental life insurance
in Kolkata (then Calcutta) was the first company to start a
life insurance business in India. However, the company
failed in 1834. In 1829 he Madras Equitable had begun
transacting life insurance business in Madras Presidency.
1870: Following the enactment of the British insurance Act
1870, the last three decades of the 19th century saw the
creation of the Bombay mutual (1871), oriental (1874) and
empire of India (1897) in the Bombay residency.
1912: The Indian life assurance Companies act 1912 was
the first statuary measure to regulate life business.
1928: The Indian insurance companies Act 1928 give the
government the power to collect statistical information
about both life and non life business transacted in India by
Indian and foreign insurers, including provident insurance
societies.
1938: To protect the interest of the insuring public, the
earlier legislation Phase I - Pre - liberalization Phase II -
Liberalization Phase III - Post liberalization was
consolidated and amended by the insurance Act 1938 which
gave the government effective control over the activities of
insurers.
1950 : In the 1950s, competition in the insurance business
was very high and there were allegation of unfair trade
practices. The government of India therefore decided to
nationalize insurance business.
1957: Formation of the general insurance council (GIC): GIC
presents the collective interests of the non life insurance
companies in India. The council speaks out on issues of
common interest participate in discussion related to policy
formation, and Acts as an Advocate for high standards of
customer service in the insurance industry.
1972: The general insurance business (nationalization) Act
1972 (GIBNA) was passed. The general insurance
corporation of Indian (GIC) was formed in pursuance of
section 9(1) of GIBNA. It was in corporate on 22 Nov. 1972
under companies Act. 1956as a private company limited by
shares.
Phase II Liberalization: The international payment
crisis of the 1990s forced the government to we think its
industrial policies and regulations. The government only had
enough foreign currency reserves to finance a few days of
imports.
1993: Malhotra committee: In 1993 the government set up
a committee under the chairmanship of R.N.Malhotra, the
former governor of RBI, to make recommendations for the
reform of the insurance sector. In its report in 1994, the
committee recommended, among other things, that the
private sector and foreign companies (but only through a
joint venture with an Indian partner) be permitted to enter
the insurance industry.
1999: Formation of IRDA: following the recommendations
of the Malhotra committee report, the insurance regulatory
and development authority (IRDA) was constituted as an
Autonomous body in 1999 to regulate and develop the
insurance industry. The IRDA was incorporated as a statuary
body in April 2000.
Phase III Post liberalization:. As we have seen,
following the recommendations of the Malhotra committees,
the insurance sector was opened to private companies.
Foreign companies were also allowed to participate in the
Indian insurance market through joint ventures (JVs) with
Indian companies. Under current regulations the foreign
partner cant hold more than 26% stake in the joint venture.

Recent development in the Insurance Industry:-


By 2010 India was the fifth largest insurance market in the
world and it is still growing rapidly:
Growing importance of IT: All insurance companies now
use information technology to benefit their business and to
improve convenience for their customers. Today, customers
can pay their premiums and check the status and other
details of their policies companys website. Updates relating
to the receipt of premiums or changes to their policy or sent
to the customer through mobile SMS.
Banc assurance: Many banks have joined with insurance
companies to cross sell insurance products to their
customers. Insurance companies benefit from the wide
network and loyal customers base of banks, and the
contribution that Banc assurance makes to insurance sells
has steadily grown over the last few years. The banks
benefit through being able to provide value added products
to their customers and from the fee income they received in
return from the insurance companies. Many banks have
started their own life insurance subsidiaries.
Online sells: Most of the insurance companies have now
started selling insurance products online. This eliminates the
needs for an intermediary and reduces costs. The saving
can be passed to customers in the firm of reduced premium.
Micro insurance Micro insurance guidelines were issued by
the IRDA in 2005.
Micro insurance: products provide insurance protection
to people in lower income groups, such as self help group
(SHG) s members, formers, rickshaw pullers and others
against the risks that they and their assets are exposed to.
The premiums for these products I am as low as Rs. 15 and
am collected on a weekly basis. The minimum life insurance
cover specified by the regulator for this category is rupees
5.000 and the maximum cover that can be provided is
rupees 50.000 people work in agriculture and allied
activities are exposed to the Hazards of nature so they need
protection against risks like monsoon failure, floods etc. this
is where micro insurance can come to their rescue.
Grievance redressed: whenever any industry is
experiencing fast growth there are bound t be concerns, and
the insurance industry is no different. There has been an
increase in complaints from customers about the settlement
their claims and customer service in general. As we saw
earlier, the IRDA has taken steps to protect the interest of
the policyholders. It has asked insurance companies to set
up internal customer grievance redressal sells/departments,
and an insurance ombudsman has been established. The
latest initiative from the IRDA is the setting up of a call
centre which an insured can contact to seek the resolution
of a grievance they have against their insurer. The unhappy
customer can either call a toll free number (155255) or e
mail: complaints@irda.gov.in to register their complaints.
INDUST
RY
PROFIL
E
INDUSTRY PROFILE

As already discussed above Insurance is a means of pooling


your risks, especially those arising from the uncertainties of
the future. Let us take the example of life insurance. In this
the insured person is trying to protect the people dependent
on him from the unfortunate even of is unforeseen demise.
Usually the insurance companies collect premiums from the
policy holders and then invest them in low risk ventures,
generally with the government sector for boosting the
infrastructure of the country. Generally the taxes which are
collected are not enough to fuel the growth of the
infrastructure. The remaining amount is given to them in the
form of investments which come from the insurance
companies. The Added returns which are generated are then
dispersed to the policy holders in accordance with the terms
and conditions earlier agreed upon.

One major factor which is used to calculate the premium for


a certain case is the risk associated with it. For example a
person suffering from some serious health disorder will have
to pay a higher premium than a person with no or lesser
serious health conditions. Same goes for other insurances
too like car insurance and insurance of assets and
properties.

The insurance act of 1938 was the first act to be brought to


govern all the institutions governing the insurance sector.
Life insurance was fully nationalised in India in 19th of
January, 1956. At this point of time there were around 245
insurance companies operating in India and they were all
brought under one banner of Life insurance Corporation
(LIC) of India by the life insurance corporation act.
When the then prime minister Mr Narsimha Rao and our
very able Economist and Finance minister Mr. Manmohan
Singh opened up the gates of the Economy for Liberalization
also exposed India to a deluge of Insurance companies.
Many private players started to enter the market as there
was huge potential in the growing population with growth in
disposable income.
As of this year there were 52 insurance companies
operating in India out of which 27 were non life insurance
companies and 24 were life insurance companies along with
General Insurance Company (GIC) of India.

Post liberalization the insurance sector has grown at a


tremendous pace in India. The total premium has grown at a
rate of 25% CAGR and reached a total of $67 billion in the
year 2010.India has very soon emerged as the 9th largest
insurance market in the world. But the penetration (which is
the ratio of premium underwritten to GDP) in India is still at
a very low percentage of a measly 5.2 %. The other Asian
counterparts like South Korea, Taiwan, Japan, and Hong Kong
boast of a penetration of the insurance sector at around
10%.

This makes the Indian market all the more lucrative for
foreign players trying to enter India via the FDI route as
there is tremendous potential in the untapped market.
Under the present guidelines there is a cap of 26% on the
FDI limit. But there are appeals being to increase that share
up to 49% as the overall of the Indian insurance sector has
increased to 2.45 % of the world insurance industry.
Under section 80C and 10D the government allows tax
benefits to the people buying the policies from insurance
companies. Insurance companies also get an EEE benefit
which gives the insurance companies an advantage over
mutual funds.
Like all the companies there is a rising focus on the rural
market. And this is a more suitable way making the aid to
reach the poor.

List of the Insurance Companies


in India
1. Life Insurance Corporation of India
2. ICICI Prudential.
3. SBI Life Insurance company Limited
4. Reliance Life Insurance company Ltd.
5. Max new York Life Insurance
6. HDFC Standard Life
7. Tata AIG Life Insurance
8. Bajaj Allianz Life Insurance
9. Birla Sun life
10. Metlite India Life Insurance
11. ING Vyasa Life insurance
12. Kotak Life Insurance
13. Aviva Life Insurance
14. Bharti AXA life insurance and
15. IDBI federal Life Insurance.
LIST OF GENERAL INSURERS IN INDIA
1. Bajaj Allianz
2. ICICI Lombard
3. IFFCO Tokyo
4. National Insurance Company
5. The New India Assurance Company
6. Oriental Insurance
7. Reliance General Insurance
8. Royal Sundaram Alliance
9. TATA AIG
10. United India Insurance
11. Cholamandalam
12. HDFC ERGO
13. Export Credit Guarantee
14. Agriculture Insurance Co
15. Star Health and allied Insurance
16. Apollo Munich health insurance
17. Future General
18. Universal Sompo
19. Shriram general
LIC has around 70% share in the premium
being filed while all the others put
together has a share of 30 %.
Sponsors of IDBI Federal Life
Insurance Co Ltd
IDBI Bank Ltd. is a Universal Bank with its
operations driven by a Cutting edge core Banking IT
platform. The Bank offers personalized banking and financial
solutions to its clients in the retail and corporate banking
arena through its large network of Branches and ATMs,
spread across length and breadth of India. They have also
set up an overseas branch at Dubai and have plans to open
representative offices in various other parts of Globe.

IDBI Bank is the youngest, new generation, public sector


universal bank that rides on a cutting edge core banking
Information technology platform. This enables the Bank to
offer personalized banking and financial solutions to its
clients.

The Bank had an aggregate balance sheet size of Rs. 3,


22,769 crore and total business of Rs 4, 23,423 crore as on
March 31, 2013. IDBI Bank's operations during the financial
year ended March 31, 2013 resulted in a net profit of Rs.
1882 crore continues to be, since its inception, India's
premier industrial development bank. It came into being as
on July 01, 1964 to support India's industrial backbone.
Today, it is amongst India's foremost Commercial banks,
with a wide range of innovative products and services,
serving retail and corporate customers in all corners of the
country from 1201 branches and 2156 ATMs.

The Bank offers its customers an extensive range of


diversified services including project finance, 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 India's financial sector - National Stock Exchange of India
Limited (NSE) and National Securities Depository Ltd, SHCIL
(Stock Holding Corporation of India Ltd), CARE (Credit
Analysis and Research Ltd).

Federal Bank is one of India's leading private sector


banks, with a dominant presence in the state of Kerala. The
history of Federal bank dates back to the pre-independence
era. Though initially it was
known as the Travancore Federal Bank, it gradually
transformed into a fully fledged bank under the able
leadership of its founder, Mr. KP Hormis. It has a strong
network of over 1,142 branches and
1,312 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
centre 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.

Ageas is an international insurance group with a


heritage spanning more than 180 years. Ranked among the
top 20 insurance companies in Europe, Ageas has chosen to
concentrate its business activities in Europe and Asia, which
together make up the largest share of the global insurance
market. These are grouped around four segments: Belgium,
United Kingdom, Continental Europe and Asia and served
through a combination of wholly owned subsidiaries and
partnerships with strong financial institutions and key
distributors around the world. Ageas operates successful
partnerships in Belgium, UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has
subsidiaries in France, Hong Kong and UK.

Ageas is the market leader in Belgium for individual life and


employee benefits, as well as a leading non-life player
through AG Insurance. In the UK, Ageas has a strong
presence as the fourth largest player in private car
insurance and the over 50's market. Ageas employs more
than 13,000 people and has annual inflows of more than
EUR 21 billion.
RECENT TRENDS IN THE
INDUSTRY
The strategy that is being followed in the insurance sector in
India is the push strategy and not a pull strategy. Agents are
used to sell the policies to the customer by showcasing the
benefits to the prospective buyers. The policies with higher
premium resulting in higher commissions are pushed to the
customers as they help the agent in pocketing higher
commission.
The new trend that is emerging in India is the consultative
approach. This is the modern approach. Few of the
preliminary steps are similar to the earlier steps as the call
is made to the client as usual, but from then on the
customer is seen as a person to be served not a person to
be sold to, giving priority to profit motive. Generally, people
selling insurance have to do it with a mentality of social
service and not with profit motive.
The various steps involved in the process are
Step 1: Need Analysis
Step 2: Product Selection
Step 3: Presentation of the reviewed product
Step 4: Closing of the sale
Not only in the way the products are being sold but there is
innovation in the products itself and newer policies are
being formulated to full fill the needs of the customer.
At present life insurers are trying to concentrate on the
pension schemes where as non life insurers are trying to
increase their market share by bringing in more innovative
schemes. But with the increase in the presence of the
number of insurance companies and the competition
intensifying in the near future the companies will have to
think of ways to make increase the brand awareness and
brand visibility of their products.
The key differentiator for the insurance industry is the
quality of customer service and consultancy being provided.
Effective CRM has to be employed for the differentiation and
getting customer loyalty.

Even in the realm of distribution channels there are


innovations taking please. The traditional channels are
replaced by newer channels like corporate agency, bank
assurance, e-insurance cooperative societies and
panchayats. With the advent of information technology
newer avenues of comparing and buying policies have
emerged.
ABOUT IDBI FEDERAL LIFE
INSURANCE
IDBI federal life insurance is a joint venture of IDBI bank,
Federal bank and Ageas Bank which is based in Europe. IDBI
bank holds 48 % of the equity where as the 2 other minority
stake holders own 26% equity each. The insurance company
was established in 2008 with the collaboration of these 3
organizations. The company even though being a late
entrant has grown considerably quickly. Within five years it
has reached its break even which till now has been the
fastest in India. It provides its services through a network of
IDBi and federal bank branches. There is also an add on of a
vast network of advisors and partners. As on 29th February
of the year 2012 the company has a inventory of 3.56 lakh
policy with sum assured of over Rs 20000 crores.

IDBI bank since its inception has been the leading bank in
financing the industrial development of India. Under the
companies act of 1956 it came into existence in 1964. Till
then it has been supporting the Indias industrial backbone
by financing crucial projects. Now it is one of Indias Financial
backbone and has around 973 branches and around 1600
ATMs. The various facilities that have been provided by the
bank for all these years have been financing of projects. The
extensive range of diversified services including project
financing, working capital financing etc. IDBI has also played
a key role in development of financial sector like NSE, CARE
and SHCIL (Stock Holding Corporation of India LTD).

Federal Bank is Indias one of the leading banks in the


private sector, based out of Kerala. It has a dominant
network of over 940 branches and over 1002 ATMs. Their
main client base is the retail customers. They have a wide
array of financial services and products like internet, mobile,
tele and anywhere banking. They provide round the clock
services. The bank has been a proud receive for several
awards and recommendations.

Ageas is an international insurance company with e history


of almost 180 years. It is ranked among the top 20
insurance companies in Europe. Considering that the
competition and market over there is far more intense and
already in its matured stage this seems a commendable
achievement. This organization has chosen to concentrate
on the geographical regions of Europe and Asia, as these
two continents put together consist of the biggest market
market for the insurance sector. They have divided the
whole region into 4 areas which are namely : Belgium,
United Kingdom, Continental Europe and Asia.

The working model they follow are that they try to serve the
markets through a combination of wholly owned subsidiaries
or partnerships with strong financial institutions and key
distributors around the world. Ageas operates in Belgium,
Italy, Luxemburg, Portugal, Malaysia, Thailand and India. In
Hong Kong, France Germany and UK it has wholly owned
subsidiaries through which it operates. As far as products
like individual life, employee benefits, it is a market leader
in Belgium. It is also a leading no life player in the UK
market through a company known as AG Insurance. It
employs 13,000 people and has an annual cash flow of euro
17 billion.

There are 2 awards and sponsorships received by IDBI


federal which are worth mentioning over here.

1. IDBI federal was the title sponsor for the cricket series
between India and Srilanka which took place in 2009.
2. Wealthinsurance made easy that is WME won the bronze
medal in dragon awards for having the best sales force and
it was a knowledge aid.
INSURANCE PRODUCTS

There are 2 types of insurance covers. One is Life Insurance


and the other is General Insurance. There are various types
of life insurance policies in India.
1. Endowment policy
2. Whole Life plan
3. Term Life Policy
4. Money Back policy
5. Joint Life Policy
6. Group Insurance Policy
7. Loan Cover Term Assurance Policy
8. Pension Plan or annuities.
9. ULIP

Then there is the General Insurance, which is used to


provide cover to properties in return for the payment of a
premium. The various segments being covered under this
section are
1. Home Insurance
2. Health Insurance
3. Motor Insurance
4. Travel Insurance
PRODUCTS THAT WERE
INTRODUCED TO INTERNS

IDBI Federal Childsurance is a non-linked


participating endowment plan that ensures childs future
financial needs are fulfilled. It is designed to give customer
guaranteed annual payouts and aid the important
milestones in their 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.
2. Basis the amount of payouts, he would then choose the
Maturity Sum Assured (MSA).
3. 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.
The tagline for this product is that your kid might look cute
while being angry now but he wont look so when hes 18.It
makes us think regarding the way we plan our future.The
best example is that in todays date a marriage might cost
you around 5 lakh but after 18 years the same marriage is
going to cost 33 lakh Indian rupees. So, people have to keep
in mind the inflation and cannot plan keeping the present
value of things in mind. This product takes care of the above
fact and hence the future planning efforts are unaffected by
unforeseen and unfortunate events.
IDBI Federal Incomesurance Guaranteed
Money Back Insurance Plan is a non-linked non-participating
money back plan which gives customer guaranteed* returns
on investment, so that they stop worrying about the future.
With Incomesurance, customer can guarantee a secure
future for their family even when they are
not around.

HOW DOES THIS PLAN WORK


Incomesurance is a simple plan with guaranteed benefits.
On payment of premiums for 5 years customer will receive
guaranteed annual payouts at the end of every year for the
next 5 years. At the time of purchasing the policy, he will
know exactly how much he will receive as guaranteed
annual payouts. The guaranteed annual payouts that will be
received will depend on two factors - the amount of annual
premium that he will pay and age.
IDBI Federal Lifesurance savings insurance plan is
a fixed term non-linked participating plan that providest win
benefits of long-term savings and life cover. With
Lifesurance Savings, small savings will help customer realize
the big dreams that he has for himself
and his family. This plan also offers the benefit of life cover
that will provide financial security to family in his absence.

BENEFITS OF THIS PLAN


Financial protection against uncertainty
Lump sum payout at maturity
Guaranteed additions to safeguard as per your need
Flexible to choose options as per your need
Bonuses to boost your savings
Get 2 Tax benefit of 80C and 10(10D)
MISSION,
VISION
&
VALUES OF
IDBI
FEDERAL
MISSION, VISION AND VALUES OF
IDBI FEDERAL

MISSION
To be the preferred company of choice for the customers
looking for a product service or advise in their financial
planning or about their financial investment and add value
to the lives of our customers.

VISION
To continually enhance customer experience and enhance
their satisfaction through the delivery of highly innovated
products customized according to the needs of the
customers

To bring in transparency in their working and operations of


the company.

And also to develop a quality human capital to achieve their


mission and vision.
VALUES OF IDBI FEDERAL
The first and foremost value which IDBI federal upholds is
the transparency. They believe in clear communication
between their partners and stakeholders so that there is no
discrepancy between them.

The second most important thing is the value that they are
providing to their customer. They believe very strongly that
whatever they do should be perceived as a high value
product by their customer.
They believe in being rock solid while delivering value to
their customers. This results into being financially strong as
the profit is spilled over due to good will.
Customer
relationsh
ip
managem
ent
Customer relationship
management

Customer relationship management (CRM)


is a multifaceted process, mediated by a set of information
technologies that focuses on creating two-way exchanges
with customers so that firms have an intimate knowledge of
their needs, wants, and buying patterns. In this way, CRM
helps companies understand, as well as anticipate, the
needs of current and potential customers.[1] Functions that
support this business purpose include sales, marketing,
customer service, training, professional development,
performance management, human resource development,
and compensation. Many CRM initiatives have failed
because implementation was limited to software installation
without alignment to a customer-centric strategy.[2]
Contents
1 Overview

o 1.1 Technology considerations


o 1.2 Operational CRM
o 1.3 Analytical CRM
o 1.4 Collaborative CRM
o 1.5 Geographic CRM

2 Strategies

3 Successes

4 Privacy and data security

5 Market structure

6 See also

7 References
Overview
There are many aspects of CRM which were mistakenly
thought to be capable of being implemented in isolation
from each other. [3]

From the outside of the organization, a customer


experiences the business as one entity operating over
extended periods of time. Thus piecemeal CRM
implementation can come across to the customer as
unsynchronized where employees and web sites and
services are acting independently of one another, yet
together represent a common entity.

CRM is the philosophy, policy and coordinating strategy


connecting different players within an organization so as to
coordinate their efforts in creating an overall valuable series
of experiences, products and services for the customer.

The different players within the organization are in


identifiable groups:

Customer Facing Operations - The people and the


technology support of processes that affect a
customer's experience at the frontline interface
between the customer and the organization. This can
include face to face, phone, IM, chat, email, web and
combinations of all media. Self-service kiosk and web
self-service are doing the job of vocals and they
belong here.

Internal Collaborative Functional Operations - The


people and technology support of processes at the
policy and back office which ultimately affect the
activities of the Customer Facing Operations concerning
the building and maintaining of customer relationships.
This can include IT, billing, invoicing, maintenance,
planning, marketing, advertising, finance, services
planning and manufacturing.
External Collaboration functions - The people and
technology support of processes supporting an
organization and its cultivation of customer
relationships that are affected by the organization's own
relationship with suppliers/vendors and retail
outlets/distributors. Some would also include industry
cooperative networks, e.g. lobbying groups, trade
associations. This is the external network foundation
which supports the internal Operations and Customer
facing Operations.
Customer Advocates and Experience Designers -
Creative designers of customer experience that meet
customer relationship goals of delivering value to the
customer and profit to the organization (or desired
outcomes and achievement of goals for non-profit and
government organizations)
Performance Managers and Marketing Analysts -
Designers of Key Performance Indicators and collectors
of metrics and data so as to execute/implement
marketing campaigns, call campaigns, Web strategy
and keep the customer relationship activities on track.
This would be the milestones and data that allow
activities to be coordinated, that determine if the CRM
strategy is working in delivering ultimate outcomes of
CRM activities: market share, numbers and types of
customers, revenue, profitability, intellectual property
concerning customers preferences.
Customer and Employee Surveyors and Analysts -
Customer Relationships are both fact driven and
impression driven - the quality of an interaction is as
important as the information and outcome achieved, in
determining whether the relationship is growing or
shrinking in value to the participants.
Technology considerations
The basic building blocks:

A database for customer lifecycle (time series) information


about each customer and prospect and their interactions
with the organization, including order information, support
information, requests, complaints, interviews and survey
responses.

Customer Intelligence - Translating customer needs and


profitability projection into game plans for different
segments or groups of customers, captured by customer
interactions (Human, automated or combinations of both)
into software that tracks whether that game plan is followed
or not, and whether the desired outcomes are obtained.

Business Modeling Customer Relationship Strategy, Goals


and outcomes: Numbers and description of whether goals
were met and models of customer segments and game
plans worked as hypothesized.

Learning and Competency Management Systems - Customer


Capacity and Competency Development - Training and
improving processes and technology that enable the
organization to get closer to achieving the desired results.
Complex systems require practice in order to achieve
desired outcomes, especially when humans and technology
are interacting. Iteration is the key to refining, improving
and innovating to stay ahead of the competition in
Customer Relationship Management. (Successful tools,
technology and practices will be copied by the competition
as soon as they are proven successful.)

The building blocks can be implemented over time


separately, but eventually need to be dynamically
coordinated. The ongoing alignment of the basic building
blocks distinguishes an elegant seamless CRM
implementation which successfully builds mutually valuable
relationships.

Operational CRM
Operational CRM provides support to "front office" business
processes, including sales, marketing and service. Each
interaction with a customer is generally added to a
customer's contact history, and staff can retrieve
information on customers from the database when
necessary.

One of the main benefits of this contact history is that


customers can interact with different people or different
contact channels in a company over time without having to
describe the history of their interaction each time.

Consequently, many call centers use some kind of CRM


software to support their call center agents.

Operational CRM processes customer data for a variety of


purposes:

Managing Campaigns
Enterprise Marketing Automation
Sales Force Automation

Analytical CRM
Analytical CRM analyzes customer data for a variety of
purposes:

Design and execution of targeted marketing campaigns


to optimize marketing effectiveness
Design and execution of specific customer campaigns,
including customer acquisition, cross-selling, up-selling,
retention
Analysis of customer behavior to aid product and
service decision making (e.g. pricing, new product
development etc.)
Management decisions, e.g. financial forecasting and
customer profitability analysis
Prediction of the probability of customer defection
(churn analysis)

Analytical CRM generally makes heavy use of data mining.

Collaborative CRM
The function of the Customer Interaction System or
Collaborative Customer Relationship Management is to
coordinate the multi-channel service and support given to
the customer by providing the infrastructure for responsive
and effective support to customer issues, questions,
complaints, etc.

Collaborative CRM aims to get various departments within a


business, such as sales, technical support and marketing, to
share the useful information that they collect from
interactions with customers. Feedback from a technical
support center, for example, could be used to inform
marketing staffers about specific services and features
requested by customers. Collaborative CRM's ultimate goal
is to use information collected from all departments to
improve the quality of customer service.

Geographic CRM
Geographic CRM (GCRM) is a customer relation
management information system which collaborates
geographic information system and traditional CRM.
Germ combines data collected from route of movement,
types of residence, ambient trading areas and other
customer and marketing information which are matched
with relevant road conditions, building formations, and a
floating population. Such data are conformed to a map and
is regionally analyzed with OLAP (On-Line Analytical
Processing) for visualization. This enables a company to
examine potential customers and manage existing
customers in the region.

Strategy
Several commercial CRM software packages are available
which vary in their approach to CRM. However, as
mentioned above, CRM is not just a technology but rather a
comprehensive customer-centric approach to an
organization's philosophy in dealing with its customers. This
includes policies and processes, front-of-house customer
service, employee training, marketing, systems and
information management. Hence, it is important that any
CRM implementation considerations stretch beyond
technology, towards the broader organizational
requirements.

The objectives of a CRM strategy must consider a


companys specific situation and its customers' needs and
expectations. Information gained through CRM initiatives
can support the development of marketing strategy by
developing the organization's knowledge in areas such as
identifying customer segments, improving customer
retention, improving product offerings (by better
understanding customer needs), and by identifying the
organization's most profitable customers.[5]

CRM strategies can vary in size, complexity and scope.


Some companies consider a CRM strategy to only focus on
the management of a team of salespeople. However, other
CRM strategies can cover customer interaction across the
entire organization. Many commercial CRM software
packages that are available provide features that serve
sales, marketing, event management, project management
and finance.

Successes
While there are numerous reports of "failed"
implementations of various types of CRM projects, [6] these
are often the result of unrealistic high expectations and
exaggerated claims by CRM vendors.

Many of these "failures" are also related to data quality and


availability. Data cleaning is a major issue. If the company
CRM strategy is to track life-cycle revenues, costs, margins
and interactions between individual customers, this must be
reflected in all business processes. Data must be extracted
from multiple sources (e.g., departmental/divisional
databases, including sales, manufacturing, supply chain,
logistics, finance, service, etc.), requiring an integrated, and
comprehensive business processing system to be in place
with defined structures and data quality. If not, interfaces
must be developed and implemented to extract data from
different systems. This creates a demand far beyond
customer satisfaction to understand the full business-to-
business relationship. For this reason, CRM is more than a
sales or customer interaction system.

The experience from many companies[who?] is that a clear


CRM requirement with regard to reports (e.g., input and
output requirements) is of vital importance before starting
any implementation.[citation needed] With a proper demand
specification, a great deal of time and money can be saved
based on realistic expectations of systems capability.[citation
A well operating CRM system can be an extremely
needed]

powerful tool for management and customer strategies.

Privacy and data security


One of the primary functions of CRM software is to collect
information about customers. When gathering data as part
of a CRM solution, a company must consider customer
privacy and data security with respect to legal and cultural
environments. Some customers prefer assurance that their
data is not shared with third parties without their consent
and that it cannot be illicitly accessed by third parties.

Market structure
Given below is a list of top CRM software vendors in 2005
with figures in millions of United States Dollars published in
a Gartner study.

Global Revenue
Vendor
(Million US$)

SAP 1,475

Siebel 966

Oracle 368

Salesforce.c
281
om

Amdocs 276

Others 2,233
Total 5,698

Given below is a list of top software vendors used for CRM


projects that completed in 2006 and made use of external
consultants and system integrators, according to a 2007
Gartner study.

Percentage of
Vendor
implementations

Siebel (Oracle) 41%

SAP 8%

Epiphany (Infor) 3%

Oracle 3%

PeopleSoft
2%
(Oracle)

salesforce.com 2%

Amdocs 1%

Cordiant 1%
Microsoft 1%

SAS 1%

Others 15%

None 22%

A 2007 Data monitor report [9] lists Oracle (including Siebel)


and SAP as the top CRM vendors, with Cordiant, Inform, and
salesforce.com as significant smaller vendors.
RESEARCH
METHODOLOGY

RESEARCH METHODOLOGY
Data approaches: Questionnaire.
Sample size: 100
Sample procedure: Convenience sampling.
Research Design: Descriptive.
Research design: Research design is simply the
framework or plan for a study, used guide in collecting and
analyzing data.
For the study: for conducting that research I selected the
Descriptive research design.

Descriptive research design: Descriptive


research is also called Statistical Research. The main
goal of this type of research is to describe the data and
characteristics about what is being studied. The idea behind
this type of research is to study frequencies, averages, and
other statistical calculations. Although this research is
Highly accurate, it does not gather the causes behind a
situation. Descriptive research is mainly done when a
researcher wants to gain a better understanding of a topic.
That is, analysis of the past as opposed to the future.

Descriptive research is the exploration of the existing


certain phenomena. The details of the facts wont be known.
The existing phenomenas facts are not known to the
persons.

Data Requirement Analysis:


The data required is about the investment pattern of the
respondents, the income level under which they fall, the
respondents current status of having any insurance policy,
their awareness level if IDBI Federal and their likeness to
invest in IDBI Federal.
Data Collection:
The data is collected through primary and secondary
research. The data is collected through primary research by
doing field Survey in Delhi/NCR region and secondary
research through text books, websites, previous studies etc.
The scope of research is restricted to Delhi/NCR region and
the research approach descriptive method.

DATA SOURCE
Primary Data - Interviews, Group Discussions, and
Structured questionnaires is been used to collect Primary
information on customers and marketers.

Secondary Data Is collected from Business


Magazines, Manual of advertisements, Websites, Official
Publication, Industry market report, Local and International
Newspapers, Articles, Journals, Brochures and Books.

Questionnaire Design Formulation

The objective behind every question is known the


preferences and psychic of very customer. To evaluate the
attitude of consumers whether they believe that the
information provided to them of various products through
internet is sufficient and accurate. To analyze whether they
are finding new and improved modern
Ways to shop through internet is time saving or difficult over
traditional ways of shopping.

Sample Design
Sample unit
Extent - The samples for the survey will be collected from
New Delhi
Sampling Frame -
Sampling Technique - Random Sampling procedure is used.
Sample Size - The size of the sample will be about 50
comprising respondents of different socioeconomic
Profile (Age/ Gender/ Occupation/ Income Level/ Rural or
Urban/ Education Level).

LIMITATIONS OF THE RESAERCH


The sample size though carried out amongst various age-
groups has been limited to around 65.

The data collected is limited to the year 2014-15.


They are extremely customer friendly as they hold this value
the highest.
They believe in providing high value to their stakeholder and
partners in their business.
Advantages of life insurance
industry
Risk Cover - Life today is full of uncertainties; in this
scenario Life Insurance ensures that your loved ones
continue to enjoy a good quality of life against any
unforeseen event.

Planning for life stage needs - Life Insurance not


only provides for financial support in the event of
untimely death but also acts as a long term investment.
You can meet your goals, be it your children's
education, their marriage, building your dream home or
planning a relaxed retired life, according to your life
stage and risk appetite. Traditional life insurance
policies i.e. traditional endowment plans, offer in-built
guarantees and defined maturity benefits through
variety of product options such as Money Back,
Guaranteed Cash Values, Guaranteed Maturity Values.
Protection against rising health expenses - Life
Insurers through riders or stand alone health insurance
plans offer the benefits of protection against critical
diseases and hospitalization expenses. This benefit has
assumed critical importance given the increasing
incidence of lifestyle diseases and escalating medical
costs.

Builds the habit of thrift - Life Insurance is a long-


term contract where as policyholder, you have to pay a
fixed amount at a defined periodicity. This builds the
habit of long-term savings. Regular savings over a long
period ensures that a decent corpus is built to meet
financial needs at various life stages.
Safe and profitable long-term investment - Life
Insurance is a highly regulated sector. IRDA, the
regulatory body, through various rules and regulations
ensures that the safety of the policyholder's money is
the primary responsibility of all stakeholders. Life
Insurance being a long-term savings instrument, also
ensures that the life insurers focus on returns over a
long-term and do not take risky investment decisions
for short term gains.

Assured income through annuities - Life Insurance


is one of the best instruments for retirement planning.
The money saved during the earning life span is utilized
to provide a steady source of income during the retired
phase of life.

Protection plus savings over a long term - Since


traditional policies are viewed both by the distributors
as well as the customers as a long term commitment;
these policies help the policyholders meet the dual
need of protection and long term wealth creation
efficiently.
Growth through dividends - Traditional policies offer
an opportunity to participate in the economic growth
without taking the investment risk. The investment
income is distributed among the policyholders through
annual announcement of dividends/bonus.

Facility of loans without affecting the policy


benefits - Policyholders has the option of taking loan
against the policy. This helps you meet your unplanned
life stage needs without adversely affecting the benefits
of the policy they have bought.

Tax Benefits-Insurance plans provide attractive tax-


benefits for both at the time of entry and exit under
most of the plans.
Mortgage Redemption- Insurance acts as an
effective tool to cover mortgages and loans taken by
the policyholders so that, in case of any unforeseen
event, the burden of repayment does not fall on the
bereaved family.

Disadvantages of Life Insurance


1) The Cons of a Life Insurance chosen carefully is almost
negligible. However the disadvantage of Life Insurance
arises when it is used as an investment product.
Insurance companies also promote these as people are
uncomfortable in paying premiums on which returns are
uncertain. They think that if you are paying for insurance
you must get back something. This is because of the
psychological make up of humans where we underestimate
the chances of our demise.

2) Buying Life Insurance when you have no Need


People buy insurance when they have no need for example
an old woman buying life insurance. Also the examples of
buying life insurance for a very long time period till you are
80 years old. At that age you have no need since you would
have no dependents and earning power as well.

3) Buying Complex Life Insurance Products like ULIPs,


Endowment, Child Plans etc which give sub optimal
returns Millions of people every year buy insurance
products without understanding it. Most of the complex
products give suboptimal returns and have no suitability for
the buyers. Agents frequently give bad advice to get more
commissions. Companies also make more money by selling
complex products which people dont understand.

4) Buying Expensive Policies People have little clue and


dont compare life insurance products even from the same
provider. Sometimes they buy insurance policies which are
far too expensive leading to heavy burden which is
unnecessary.

Buying Life Insurance is not Rocket Science however this


trillion dollar industry has made it complicated. There are
hundreds of types of insurance and products which makes
choosing a difficult thing for a person. But keeping it simple
like buying term insurance for your insurance needs and
other financial assets for your investment.

METHODOLOGY USED
Information is collected through:
Primary data: a sample of 100 people was taken
Secondary data: information is collected by various
sites.
Facts
&
Findings
Facts and Findings

1- Are you aware about insurance?


(a) Yes (b) No

Finding- Everyone knows About Insurance..

2-Do you have any insurance policy?


a)Yes b) No

Finding- 90% People Have Insurance Policy & 10% People


do not have Insurance Policy.

3- If yes, then life insurance or general insurance?


(a) Life Insurance (b) General Insurance

Finding- 90% Prefer Life Insurance and only 10% Prefer


General Insurance.
The reason is that people secure their life and their family
lives as their top priorities.
4- Do you know about the following Life Insurance
Company?
(a) LIC (b) HDFC (c) IDBI Federal (d) ICICI (e) Bharti AXA (f)
Others

Finding-
100% People know about LIC, 60% Know about HDFC 75%
know about IDBI Federal, 6% know about Bharti AXA & 80%
know about ICICI.IDBI federal is new in insurance industry so
not many people knew about it.
5- To which Company do you prefer for Insurance?
(a) LIC (b) HDFC (c) ICICI (d)IDBI Federal (e) Bharti AXA (f)
Other

Finding-65% People Prefer LIC, 1% Prefer HDFC 48% Prefer


IDBI Federal 1% Prefer Bharti AXA & 3% Other Insurance
Company.As LIC is 55years old & IDBI Federal is new in this
sector,but still within 8 years it achieved its break even
point.
6- If yes, then why you prefer IDBI products cause of,
(a) Low Cost (b) Brand (c) Guaranteed Returns (d) Others

Finding- 100% People Prefer IDBI Product because of Low


Cost, Brand, Guaranteed Returns & 50% by others Services.
7- Which type of scheme is provided by your Insurance
Company?
(a) Children Plan (b) Investment Plan (c) Pension Plan (d)
Others

Finding- 10% Scheme for Children Plan 85% Scheme for


Investment Plan 5% for Pension Plan,people prefer
investment plan for the betterment of their future .
8- Which product of IDBI Federal Life Insurance Company is
most profitable?
(a) Income insurance (b) Wealth insurance

Findings- Both the Product income insurance & Wealth


insurance life Insurance company is most profitable,as both
provides good rate of return to the customer.
9-How long you have been a customer of IDBIB federal life
insurance company ?
a)This is my first purchase b)less than 6 month c)more than
3years d)i haven't purchase yet.

Finding-most of the people are customer of more than 3


years,as the company has been established in 2008 so its
new for people.
10-How likely is it that you would recommend this company
to a friend or colleague?
a)strongly b)often c)not at all.

Finding-People strongly recommend this company to their


friends or relatives as it is more reliable to them and
become most trust worthy in short period,as its claim period
is just 8 days after the applying of application if not given
then they provide 9% interest on the claim to the customer.

11-Which of the following words would you use to describe


our products ?
a)Reliable b)Good value for money c)poor quality
d)unreliable

Finding-Most of the people use the words reliable and good


value for money to the products of IDBI,as their claim
settlement period is very less as compared to other
company,interest rate is also very good at present it is 9%
approx.
12-How well do our products meet your needs?
a)very well b)somewhat well c)not so well d)not at all well.

Finding-very well,the products meet the needs of the


customer's as it has many products that are designed as per
the customer needs and their income,company gives facility
to customer's to pay premium as per convenience.

13-How responsive have we been to your questions or


concerns about our products?
a)very responsive b)somewhat responsive c)not so
responsive d)not at all responsive.

Finding-Very responsive,to the questions of the customer's


and try to resolve them at a time.

14-Do the company's employees remind you about your


premium date ?
a)Always b)often c)sometime d) not all all.
Finding-Always, they remind the customer regularly about
their premium date before time and keep in touch with them
on special occasion like festival,birthdays etc.

15-How likely you to purchase any of our products again?


a)very likely b)somewhat likely c)not so likely d)not at
all likely.
Finding-very likely,they want to purchase the product
again,as return and interest given by company are very
good as compared to other company. Some product are
unique like CHILD INSURANCE in IDBI federal as they are not
provided by LIC's, most competitor company in insurance
industry.

LIMITATIONS
1. I have permission to survey only in DELHI
2. I was select the only 100 number of sample size, by
which my survey report analysis is not more fluctuate.
3. Lack time respondents.
4. Some respondent due to unawareness about new
tern they cant be respondent well manner.
5. Change of business of research.
6. Lack of resources.
7. Lack of time.
8. Change of sampling error.

Questionnaire
Personal information:-
1. Name:
2. Address:
3. E mail I.D.:
4. Phone No.:
5. Gender: M/F
6. Marital status: Married/Single
7. Educational qualification:
Matriculate/Intermediate/Graduate/Post graduate/Any
Other 8. Occupation: Govt. service/Private service/Self
employed
9. Income per month:
<7500/- 7501/-
12500/-12501/-
17500/- >17500/-
10. Family size (if Married):
a) Spouse: Working/House wife
If working, where?
b) No. of children and their ages:
Any other dependence

Questionnaire:
1. Are you aware about insurance?
(a) Yes (b) No
2. If yes, then life insurance or general insurance?
(a) Life Insurance (b) General Insurance
3. Do you have any Insurance Policy?
(a)Yes (b) No
4. Do you know about the following Life Insurance
Company?
(a) LIC (b) HDFC (c) IDBI Federal (d) ICICI (e)
Bharti AXA (f) Others
5. To which Company do you prefer for Insurance?
(a)LIC (b) HDFC (c) ICICI (d) IDBI Federal
(e) Others
6. If yes, then why you prefer IDBI products cause of,

(a) Low Cost (b) Brand (c) Guaranteed Returns


(d) Others

7. Which type of scheme is provided by your Insurance


Company?
(a)Children Plan (b) Investment Plan (c) Pension
Plan (d) Others
8. According to you, which companys charge is
minimum?
(a)LIC (b) HDFC (c) IDBI federal (d) ICICI (e)
Bharti AXA (f) Others
9. Which product of IDBI Federal Life Insurance Company
is most profitable?
(a) Income insurance (b) Wealth insurance
10-How likely is it that you would recommend this company
to a friend or colleague?
a)strongly b)often c)not at all.

11-Which of the following words would you use to describe


our products ?

a)Reliable b)Good value for money c)poor quality


d)unreliable

12-How well do our products meet your needs?

a)very well b)somewhat well c)not so well d)not


at all well.

13-How responsive have we been to your questions or


concerns about our products?

a)very responsive b)somewhat responsive c)not so


responsive d)not at all responsive.

14-Do the company's employees remind you about your


premium date ?

a)Always b)often c)sometime d) not all


all.

15-How likely you to purchase any of our products again?

a)very likely b)somewhat likely c)not so likely d)not


at all likely.
Conclusion
&
Recommendati
ons
Conclusion and
Recommendations

Conclusion:
With regard to insurance companies, consumers respond at
different rates, depending on the consumers characteristics.
Hence Insurance companies should try to bring their new
product to the attention of potential early adopters.
a) Due to the intense competition in the life insurance
market, the life insurance Return on investment, company
reputation and premium outflow are most preferred
attributes that are expected by the respondents. Hence
greater focus should be given to these attributes companies
have to adopt better strategies to attract more customers.
.b) Keeping the cost, quality and return on investment in
tact is necessary in order to tackle the competition.
c) Life insurance products are taken mainly by middle and
higher income group. Hence they should be regarded as
maim targeted income groups. Life insurance products
which are suitable for lower income group should also be
released so that the market share increases.
d)) return on investment, company reputation and premium
outflow are most preferred attributes that are expected by
the respondents. Hence greater focus should be given to
these attributes.
e) Private life insurance companies should adopt effective
promotional strategies to increase the awareness level
among the consumers.
f) Life insurance companies should ask for their consumer
feedback to know whether the consumers are really
satisfied or dissatisfied with the service and product of the
companies. If they are dissatisfied, then the reasons for
dissatisfaction should be found out and should be corrected
in future.
g) The LIC brand name has earned a lot of goodwill and
enjoys high brand equity. As there is intense competition in
life insurance market, LIC should work hard to maintain it
stop position and offer better service and product.
Recommendations to IDBI Federal
Life Insurance Co Ltd:
: Print & Electronic Media Advertisement should be used at
a high level especially TV ads should be used as its reach to
the interior of the country is strong and also the kind of
influence it show case on people is much higher compare to
other medias.
After the initial promotional campaign the relative
advantage of IDBI FORTIS LIFE INSURANCE Co. Ltd over its
competitor should be highlighted. Hoardings at prime
areas should be used.
The most important of all is to create awareness about
companys product as well as a brand in the market is very
necessary.
The company can use celebrity to create awareness about
the brand and also can collaborate with some production
houses of films and television serials which can reach
people in mass.
Bibliography:

Marketing book -Philip kottler 14th edition.


Websites
www.idbifederal.com oReferences:- www.irda.gov.in
www.wikipedia.org
www.yahoo.com/question-answer/
www.idbifederal.com
www.irda.org
http://www.swissre.com/media/news_releases/Swiss_Re
_sigma_study_on_world_insurance_in_2012_sh
ows_premium_growth__resumed.html

http://www.idbifederal.com/Products/Healthsurance/Pag
es/What-is-Healthsurance.aspx#
http://www.studymode.com/essays/Market-
Segmentation-40523.html
http://en.wikipedia.org/wiki/Q_methodology