MAJOR PROJECT ON MARKETTING

This dissertation report is submitted in the partial fulfillment of requirement of the award for the degree of:

SUBMITTED BY:

UNDER THE GUIDANCE OF:

Central Idea Of The Project

This research project, entitled analysis of potential market for insurance business to increase ISOs productivity has been undertaken in order to find out the problems ISOs are facing in marketing of Reliance life products and increasing its sales by attracting more number customers, get knowledge to the awareness level of reliance life and customers expectations. The Title Of The Project itself highlights the objectives of the project or the utility of the project. It is very essential for any undertaking to know its market position and about its target audience. The target audience being all the service holder or businessman. After all it is told in insurance business that each and everyone surroundings may be the prospect for our business. An overview regarding the business it can be perceived that before going to the market it is necessary to reform all the procedure inside the organization to penetrate the market with full blow. In this project a survey is undertaken in order to find out where the company stands at present and how to overcome the difficulties faced by its ISOs in order to reach where it wants in future.

Contents
Index Page No.

Preface Acknowledgement Introduction Objectives Research Methodology Findings Analysis Limitation Recommendation Appendices Bibliography

4 5 6 - 12 13 14 - 15 16 - 32 33 - 37 38 39 - 40 41 - 48 49

Preface
This project is in a sense, an outgrowth of our learning and understanding of Marketing Management. In the current economic conditions, which is consumer driven one has to be very artistic in selecting his/her product. He/she has to intelligently understand that, that the complexities of market are certainly difficult. The project is aimed to analyze the future prospect of reliance life in extended Kolkata part and its opportunities for future growth. The Brand on whose behalf the analysis has been made, is popular enough to the entire consumer for its product Varity and reputation even those who are not directly related with the same which provides them an easy ground to answer the various questions put forth during the questionnaire method. This project is a development of analyzing the problem to the business provider to the company and the way for future increase in productivity , its growth and market related opportunities and avenues. Furthermore the observation of the survey and research done of the brand and the suggestions provided to solve the problems faced by it, explains the projects promise.

Acknowledgement
It is a privilege to present my project entitled analysis of potential market for insurance business to increase ISOs productivity. In this project an effort is made to analyze the problems of Reliance life ISOs and future plans to increase productivity.with respect to its customers and competitors. In this new venture of mine, my acknowledgement goes to the following persons though not necessarily on the order I am stating. Mr.Bhaskar Ghosh [RM]and Mr.Abhra Chakraborty [STM] under whose supportive guidance I got the solutions of my conceptual problem and very important concept about the market conditions and present scenario and leading way to complete my survey and project work. Mr.Biswajit Porel ,Mr.jayanta sinha and Mr.Debojyoti Ghatak who helped me by providing the various publications and documents as well as answering to the queries put forth by me. I am also grateful to the company website which helped me by providing the Company Profile and knowledge about the product. I would like to take this opportunity to thank my College (INMANTEC BUSINESS SCHOOL, Ghaziabad),Prof.R.KSinghalAsst.Dean), Prof.Deepak Singh(Program Coordinator), Prof.Simmi Khurana(Faculty and internal project guide), and Mr.Anurag Malik,Miss.Nazea Parveen and Mr. Manish Paliwal of placement divition. Other than the above mentioned, I also gratefully acknowledge the continuous guidance and support of my teachers, friends as well as experts who helped me in this project. Ghaziabad 23 April 2007 Mr. Palak Kundu

Introduction Company Profile:

About Reliance Life Insurance Few men in history have made as dramatic a contribution to their countrys economic fortunes as did the founder of Reliance, Shri. Dhirubhai H Ambani. Fewer still have left behind a legacy that is more enduring and timeless. As with all great pioneers, there is more than one unique way of describing the true genius of Dhirubhai: The corporate visionary, the unmatched strategist, the proud patriot, the leader of men, the architect of Indias capital markets, the champion of shareholder interest. But the role Dhirubhai cherished most was perhaps that of Indias greatest wealth creator. In one lifetime, he built, starting from the proverbial scratch, Indias largest private sector enterprise. When Dhirubhai embarked on his first business venture, he had a seed capital of barely US$ 300 (around Rs 14,000). Over the next three and a half decades, he converted this fledgling enterprise into a Rs 60,000 crore colossusan achievement which earned Reliance a place on the global Fortune 500 list, the first ever Indian private company to do so. Dhirubhai is widely regarded as the father of Indias capital markets. In 1977, when Reliance Textile Industries Limited first went public, the Indian stock market was a place patronised by a small club of elite investors which dabbled in a handful of stocks. Undaunted, Dhirubhai managed to convince a large number of first-time retail investors to participate in the unfolding Reliance story and put their hard-earned money in the Reliance Textile IPO, promising them, in exchange for their trust, substantial return on their investments. It was to be the start of one of great stories of mutual respect and reciprocal gain in the Indian markets. 6

Under Dhirubhais extraordinary vision and leadership, Reliance scripted one of the greatest growth stories in corporate history anywhere in the world, and went on to become Indias largest private sector enterprise. Through out this amazing journey, Dhirubhai always kept the interests of the ordinary shareholder uppermost in mind, in the process making millionaires out of many of the initial investors in the Reliance stock, and creating one of the worlds largest shareholder families. Solutions for Individuals Taking time out from your daily schedule to plan your future is a necessary task. You could do with some help, but who can help you? Reliance Life Insurance is here with Solutions for Individuals, a series of plans that will help you make wise investments, protect your family, secure your childs future and even chalk out a plan for your retirement. So what are you waiting for? Invest in one of Reliance Solutions for Individuals and pave the way for a worry-free life! Plans

Protection Plans Protect your family even when youre not around by investing in Reliance Protection Plans. Choose a limited period plan or a lifetime protection plan depending on your needs.. 7

Savings & Investment Plans Reliance Savings & Investment Plans help you to set aside some money to achieve specific goals in life, which means that you can enjoy life and provide for your familys daily needs... Retirement Plans Invest today in Reliance Retirement Plans and save money to enjoy life even after retirement. You will never have to depend on another person or make any compromises to maintain your current lifestyle... Child Plans Save systematically and secure your childs future needs by investing in Reliance Child Plans. You can always be there for your child when he or she needs you... Protection Plans In todays uncertain world, there could be calamity at every step of the life. It is up to you to ensure that your family stays protected always. Reliance Protection Plans helps you do exactly the same. You have a wide range of options to choose a plan from. Right from limited period plans to lifetime protection plans, you can opt for the one that suits your lifestyle. While we understand that nothing can compensate for the loss of a life, we intend to provide you the peace of mind. Investing in Reliance Protection Plans would mean your familys future is in safe hands. Protection Plans

Reliance Term Plan Invest in the Reliance Term Plan, a pure life insurance plan that offers you comprehensive and affordable coverage for a limited period of time to suit your needs Reliance Simple Term Plan 8

Make a smart investment move by investing in the cost-effective Reliance Simple Term Plan, which offers you comprehensive coverage for a specified period of time to suit your needs... Reliance Special Term Plan Imagine a life insurance policy, which on maturity returns to you all the premiums you had paid for your basic policy. The Reliance Special Term Plan offers that and much more... Reliance Credit Guardian Plan The Reliance Credit Guardian Plan secures your family from any loan liabilities you have incurred in case of your untimely demise. On survival at maturity, you will be returned all the premiums paid for the basic policy...

Savings & Investment Plans In life, you have always given your family whatever they have wanted. Yet, there are some promises you have to fulfil, such as taking your family for a vacation, or buying that dream house.

Set aside some money to achieve these specific goals with the help of Reliance Savings & Investment Plans. The plan allows you to experience the joys of life and provide for your familys needs. Enjoy life without worrying about the promises you have madewe are here to fulfil them. Savings & Investment Plans Reliance Super InvestAssure Plus Plan Reliance Super InvestAssure Plus Plan is an ultimate investment plan that offers the benefit of life insurance cover along with flexible investment options. What makes it even more attractive is that it offers additional allocation of units every

year to enhance your investment, thereby enabling you to enjoy potentially higher returns without compromising on the security of your family!.. Reliance Super Invest Assure Plan Reliance Super InvestAssure is a complete plan which addresses your vital needs like Flexibility, Security, Investment Return and Financial Planning. With all its key benefits, it is here to ensure that there will always be more than you can ask for!... Total Investment Plan I - Insurance Reliance TIPS -Series I- Insurance is a Unit Linked Investment + Insurance Plan that helps you meet all your financial needs, without the complexity of managing multiple products.. Reliance Wealth + Health Plan Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs, without compromising on either health or wealth.. Reliance Super Automatic Investment Plan The Reliance Super Automatic Investment Plan is an enhanced unit linked plan that allows you to choose the right investment mix to reap maximum benefits. It also provides you with enhanced Life Cover.. Retirement Plans

You are a young and earning individual. The income you earn allows you to enjoy life, your only worry being whether you will be able to continue the same lifestyle after retirement. A Reliance Retirement Plan will help you save money for your retirement. It ensures that you continue to get some income after retirement thereby ensuring that you do not have to depend on any other person or make any compromises to maintain the same lifestyle. Invest in a Reliance Retirement Plan today and enjoy life after retirement on your own terms.

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Retirement Plans Total Investment Plan II - Pension When you invest in the Reliance Total Investment Plan, you give yourself the assurance that you will make each one of your dreams come true!.. Reliance Super Golden Years Plan The Reliance Super Golden Years Plan helps you save systematically and generate the much-needed corpus to help you enjoy life after retirement... Reliance Super Golden Years Plan - Value Realise all your dreams of playing golf, or going for a world tour after retirement by investing in the Reliance Super Golden Years Plan Value, which helps you generate the amount you will need for the future.. Reliance Super Golden Years Plan - Plus Invest in the special Reliance Super Golden Years Plan Plus that not only helps you build the corpus you need after, but also collects a basic minimum amount in case something were to happen before you realise your dreams... Reliance Wealth + Health Plan Invest in the Reliance Wealth Health Plan and balance your health needs and wealth needs, without compromising on either health or wealth... Reliance Super Automatic Investment Plan The Reliance Super Automatic Investment Plan is an enhanced unit linked plan that allows you to choose the right investment mix to reap maximum benefits. It also provides you with enhanced Life Cover... Reliance Money Guarantee Plan To reap the benefits of a rising market and to protect yourself from any market decline, invest in the unit linked Reliance Money Guarantee plan that gives you the perfect balance between Protection and Savings...

Child Plans

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Objectives
There should and must be a clear and specific objective behind any kind of research proposals or research analysis. Objectives basically enlightens certain main areas of any kind of research proposal or research analysis like the area of scope; area of problems and also the mode of solving those problem which in turn results in the completion of the entire research project or the entire research analysis. Every research work starts with a clear and specific objective and while

fulfilling these objectives the researchers faces many problems. So the objectives should be designed in such a way so that the problems, which will be faced by the researchers, can be solved easily by the fulfillment of the objectives as framed by the researchers. Hence, we can say that the objectives are the guidelines to researchers for the fulfillment of the research work.
As far as the present research works with the title: - Analysis of potential market for insurance business to increase ISOs productivity is concerned, the principle objectives of the above mentioned research work is mentioned briefly here under. A complete study and overview to: -

1) 2)

Mindset of people about LIFE INSUARANCE Identification of problems of ISOs productivity.

3) Awareness of RLI at extended Kolkata and selected ares of south 24 pargana district.
4)

Estimation of future prospect market in extended Kolkata and selected areas of south 24 pargana district.

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Research Methodology
Data source
Before starting the survey for obtaining primary data from the market, a preliminary data gathering was done apart from the valuable information obtained from the past record of RELIANCE LIFE INSURANCE COMAPANY LIMITED. These secondary sources are to a rough understanding of the current position of ongoing business. Investigation methodology is a way to analysis different aspect systematically to reach at definite solution. For fulfillment of goal of the study, effective methodology and data collection are quite necessary. These sources are of data collection are primary and secondary sources.

Data collection method:

A projected unbiased questionnaire had been formulated in order to collect the primary data consisting of close-ended questions and open-ended questions and secondary data had been collected directly from RELIANCE LIFE INSURANCE COMPANY LTD.Web Site.

1. Primary source of data- Primary source of data were collected mainly from
structured undisguised Questionnaires from extended Kolkata and selected areas of south 24 pargana.

2. Secondary source of data-Secondary source of data were mainly collected from

the internal source like company past records.

Sample size
It is needed to estimate or to decide the sample size on which the survey or research is to be done. After considering the facts and problems it was decided that at least 100 sample of service holder or businessman are to be taken to make the study effective.

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Detailed Research Work A) Type Of Research A) Availability of Data Explorative Research Data was collected mainly from the service holder or businessman of Extended Kolkata and selected areas of south 24 pargana . 1. Sample Size 100 Mainly from Diamond Harbour,Baruipur,Canning and Kulpi 2. Sample Procedure: Judgments made by Service holder or business man B) Data Collection C) Analysis Tools For Data Collection Questionnaire Many scientific and systematic methods have been applied to make the study effective.

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Of

Based On Objectives

ANALYSIS ON THE PROBLEMS OF INSURANCE SALES OFFICER FOR INCREASING THEIR PRODUCTIVITY
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1) Being an ISO do you feel its really tough area to survive (Insurance Sector)? Yes ______ No______ YES Is it really tough area to survive (Insurance Sector)?(%) 24 NO 76

2)What kind of support do you expect from Company to explore more? Lead Support _________________________[A] More knowledge about schemes & plans ________________________[B] More database from office ____________________________[C] Proper instruction or specific location ____________________________[D] OPTIONS support you expect from Company to explore more(%) [A] 76 [B] 10 [c] 12 [D] 2

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3)The motivating factors which inspires you to give more efforts(Rank 1-5 where 1 most important and then reducing) Incentives _______________________ Handsome package & increment chance _________________________ Support from your superior _______________________ Job security ______________________ Any other (specify and rank) _________________________

Rank as per ISO age band Incentives package & increment support from supirior job security other factors 25-35Y 2 1 3 4 5 36-45Y 4 1 3 2 5 difference between ranks(d) -2 0 0 2 0 d-square 4 0 0 4 0 d 2 =8

By Spearmans Rank Co-relation formula we can write Rank Corelation Coefficient rR= 1 - 6d2/(n3 n) n=No of observations=5 = 1 (6x8)/(53- 5) =1 0.4 = 0.6 0.5 Hence the rank given by ISOs of different age bands(A & B) are moral less consistent.
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So there is moderate similarity between ranks of motivating factors between two different groups of ISOs.
4)What are the problems you often facing while approaching a customer? Lack of knowledge about products or competitors product ___________[A] Poor reference ___________[B] Prospect is more influenced by competitors product ________________[C] Less information about customers profile ___________________[D] OPTIONS problems you often face while approaching customer?(%) [A] 38 [B] 14 [C] 32 [D] 16

5)Performance appraisal is a matter to you which is : Moral less all the ISOs are very much concerned about the performance appraisal and its a very important matter to them. 6) Suppose you lose a customer due to some reasonthe reason may be Misleading information by you which create negative impression ______________[A] Unable to handle the queries of customer ______________[B] Time taken for the processing __________________[C] Competitors ISO has more influence to customer______________________[D] Any other _____________________________[E] [A] For loosing customer,the reason may be..(%) 0 [B ] 24 [C ] 16 [D] [E] 44 16

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7) The best possible way to get business, according to you ----Referred customer ____________________________[A] No provided by Customer Care___________________ [B] Calling and appointment_________________________[C] LMS_________________________________________[D] OPTION best possible way to get business(%) [A] 46 [B ] 0 [C ] 18 [D] 36

8) Suppose any new scheme comes for selling you will get enough knowledge about it within: Moral less all the ISOs have the knowledge of new policy within 2-3 days or in maximum one week. 9)you are unable to explore more and more customer because.. Customers are still unaware of various plan_______________[A] 19

Many places are still remaining unexplored for selling___________[B] No proper system to get initial touch with customer_____________[C] Other(specify)_________________________________________[D] OPTION unable to explore more customer because.(%) [A] 28 [B] 8 [C] 64 [D] 0

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ANALYSIS ON THE CUSTOMERS EXPECTATION FROM THE INSURANCE SALES OFFICERS BEFORE AND AFTER T HE DEAL:
Suppose you need to have detailed information about the product of an insurance serviceyou prefer Meeting with ISO at home Meeting with ISO at office Meeting with ISO at co office Any other location AT HOME WANT TO MEET(%) 24 AT OFFICE 54 AT CO. OFFICE 15 ANY OTHER LOCATION 7

4)What kind of ISO do you prefer to TALK WITH: Who is able to handle the product details Who is able to solve your queries Who can show where their product is better than others Who is concerned to provide better service for you. Product Details YOU 30 Solve queries 26 USP 23 BETTER SERVICE 21

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WANT(%)

If you satisfied, are you ready to give reference anyone else to go for that companies service: YES______ NO_______ REFERENCE CAN BE PROVIDED(%) YES 67 NO 33

Suppose ,you have decided to go for a life insurance but the problems You are facing LACK OF KNOWLEDGE OF OFFERINGSA DONT KNOW WITH WHOM TO MEET.B

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 LACK OF INFORMATION about THE COMPANIESC MISLEADING STATEMENTSD CONFUSION BETWEEN SO MANY OFFERINGS..E A PROBLEMS 28 CUSTOMERS ARE FACING(%) B 5 C 28 D 7 E 32

If ANY ISO WANT TO APROACH YOU what will be the most proffered way to you.. Through the reference of someone you know Phone calls & meeting according to your convenience Any other way(after being mentioned about canopy programme) The way of approach Being referred 64 Phone calls 12 Canopy programme 24

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5)After closing a deal what do u expect from an ISO: GIVE RANK FROM 1 1 =most expected=1.25 2 =expected=1.0 3 =necessary=0.75 4 =good=0.5 5 =if can be given=0.25 REGULAR FOLLOW UP NEW PRODUCT INFORMATION INFORMATION ABOUT THE STATE OF POLICY RENEWAL PRIMIUM IS COLLECTED BY ISO AFTER SALES SERVICES WHAT EVER ARE REQUIRED

Regular follow up Info of new plan Info about state of policy Collection of renewal premium All after

Most expected 33 4 27 25 11

Expected 22 6 22 40 10

Necessary 17 15 18 20 30

Good 15 25 17 15 28

If can be given 13 50 16 0 21 24

sales services Regular follow up Info of new plan Info about state of policy Collection of renewal premium All after sales services Services Grade points Regular follow up 86.75 (33x1.25)+(22x1)+(17x.75)+(15x.5)+(13x.25 ) (4x1.25)+(6x1)+(15x.75)+(25x.5)+(50x.25) (27x1.25)+(22x1)+(18x.75)+(17x.5)+(16x.25 ) (25x1.25)+(40x1)+(20x.75)+(15x.5) (11x1.25)+(10x1)+(30x.75)+(28x.5)+(21x.25 ) Info of new plan 25 Info about state of policy 81.75 Collection of renewal premium 94.75 86.75 25 81.75 94.75 65.5 All after sales services 65.5

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ANALYSIS ON BRAND AWARENESS OF RELIANCE LIFE INSURANCE COMPANY LIMITED : Name any five private Life Insurance Service Co.. a.----------------------------------------b.----------------------------------------c.----------------------------------------d.----------------------------------------e.----------------------------------------In ordered to classify brand awareness for different Life Insuarancethe following scale is been used: Sl. no 1. 2. 3. 4. 5 Title Top of the mind awareness Unaided recall 1 Unaided recall 2 Aided recall Could not recall Marks 1.0 0.5 0.3 0.1 0.0

Classification Of The Opinion Of The Respondents All Over Extended Kolkata(selected areas of South 24 Pargana) Regarding Brand Awareness Of Different Brands Of Private life Insurance Company, According To The Marks Allotted Above. Sl. No. Brands Top of the Mind Awareness 35 Unaided recall 1 36 Unaided recall 2 19 Aided recall 10

1.

HDFC STANDERD LIFE ICICI PRU MAX NEWYORK LIFE

2. 3.

37 22

25 15

20 16

18 27

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4. 5.

TATA AIG RELIANC E Total

2 4 100

12 12 100

25 20 100

35 10 100

Note: There is 0 points for Couldnt Recall. Calculation of Points: Sl. No. 1. 2. Brands ICICI PRU HDFC STANDERD LIFE MAX NEWYORK LIFE TATA AIG RELIANCE LIFE Calculations
(45x1.0) + (36x0.5) + (19x0.3) + (10x0.1) (37x1.0) + (25x0.5) + (20x0.3) + (18x0.1)

Points 69.7 57.3

3.

(22x1.0) + (15x0.5) + (16x0.3) + (27x0.1)

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4. 5.

(2x1.0) + (12x0.5) + (25x0.3) + (35x0.1) (4x1.0) + (12x0.5) + (20x0.3) + (10x0.1)

19 17

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NAME OF THE PRIVATE ICIC INSURANCECOMPANIES I PRU AWARENESS LEVEL 69.7

HDFC STANDERD LIFE 57.3

MAX NEWYORK LIFE 37

TAT A AIG 19

RELIANCE LIFE 17

2. Have you heard about anything about RLI :Yes ________ No___________ Have you heard about RLI YES 83 NO 17

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3.If Yes.From whom? Colleague.___ Friends.___ Relative.____ specify.. OPTION CAME TO KNOW FROM Colleague 48.19 Friends. 12.04 Relative 27.17

Family members.____ Family members 8.43 others 3.61

others

3)How frequent have you seen advertisement on T.V or On Magazines: Frequently ______ Often_____ very often______ Once or Twice______ Never______ Frequently Often very often Once or Twice Never

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RATE OF AD TO CUSTOMER

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81

Diagrams on critical illnes

Most of the people do believe that Heart attack, Stroke, Cancer are the most killer disease in all part of India and the expanses for the treatment of those diseases are huge. In accordance to the survey area of mine near about 83% of the sample want to go for the treatment for those critical illness in category B nursing home [Nursing homes and hospitals having moderate expanses].They believe in near future the expanses will increase more. which do you think is the best and most appropriate way to overcome this financial problem? Liquidate property/assets------------------ money from friend/family/charity---------------------------Life time saving ---------------------------- critical illness/medical illness insurance----------Liquidate property/assets Way to overcome the expanses of critical illness . 33 Money from friend /family/charity 16 Life time saving 19 Critical illness insurance 22

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Would you like to save for unforeseen circumstances? Yes----------------------------------- No--------------------------------Want to Save for the unforeseen circumstances Yes 21 NO 79

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ANALYSIS
For Identifying the problems of Insurance sales officers, we have put forth some questions to them and according to their answer we can analyze some valuable data which can be helpful for implementing the various strategy to increase their productivity . Though 74% Insurance Sales Officers are telling that it is not very tough to survive in private insurance sector but they are lacking behind to increase their productivity. There must be some reasons or some discrepancy which create a obstacle to their productivity .Now I am trying to find out the reasons behind that. The main problem the ISOs have is to lack of lead. After Closing natural market of each ISO has they are not at all able to create business from open market. For that reason the support they expect from the company itself is the lead support and the percentage is huge i.e 76%

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 If they are able to generate their own prospect still they unable to close the deal as they dont have each and every minute knowledge about their own product. They themselves believe that its a problem to them while approaching a customer. They are also not very much concerned about the competitors product and criterias of those products. when any cross questions is asked by the prospect they somehow manage to handle the situations. 32% ISO s are telling their customer are more influenced by competitors products and ISOs. Analysis is made in such a way that as they are unable to handle the Queries of their customer or unable to show the USP their own product for that reason such type of result occurs from the survey They believe referred customer is the best to close the deal or to get business. They also influenced by the lead, provided to them by LMS(Lead Management System).According to them all most 20% lead can be converted into business from LMS. Though Reliance Life Insurance Company now bring the concept of Dealers & Retailers to get more and more referred customer which can be converted into business very quickly but still ISOs are thinking no proper initial touch with the customer is the main reason for their low productivity. FEW OTHER PROBLEMS THAT CAN BE DEFINED BY THE QUESTINARES AND CONVERSATION WITH THEM. For Creation of IOCL dealer they want the involvement of higher authority so that more dealers and more referred customers can be generated. According to the age band of ISO of 25-35 [A]and 35-45[B] the motivating factor are also interesting. According to category [A] ISO, hand some package and increment and incentives are the best motivating factor where as for[B] category ISO,Job security and increment are main motivating factor. And by Spearmans rank Corelation it is told this result is moderately true in nature. 33

 They want performance appraisal in such a manner where their ability as well as inability of business of time being considered in a decent manner.

Analysis of customers expectations Until the customers expectation are being fulfilled and they are satisfied and convinced neither they will be ready to give business nor the reference of their close relatives. A survey is also done to judge the expectations of the customers and if the ISOs able to fulfill their expectation and can convince them there is moderate chance to increase business by their reference . 54% people want to talk about insurance at their office environment and they prefer to get whole product detail, product USP as well as solvencies of their queries. Survey says if the customers are fully convinced and get proper after sales service they are ready to give reference of their known to the ISOs.So,there is a huge chance to generate business from that single customer to many. The main problem the customers are facing that they are confused of many offerings of many companies. This may a positive point to the ISO That if they visit a customer with full product knowledge ,USP and able to handle customers queries it is very easy task to convince them in no time. Near about 64% want to be meet with ISO after being referred his name by someone he knows very well. Also if he shows any interest to the canopy program the ISO can approach him directly for his interest

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 Survey says near about 95 % customer expect the renewal premium must be collected from his home for the next year. Other after sales services are also they expect. By combined Analysis we can easily understand if there is a fair level of similarity between customers expectation and ISO s efficiency ,there must be a chance to increase of ISOs productivity.

ANALYSIS ON BRAND AWARENESS: Though I consider various point on ISOs of the company as well as the customers expectations but there are some External Factors which are also help to get business from market at regular basis in case of Insurance business. Company Image Brand Awareness Customer profile EXTENDED KOLKATA AND SELECTED AREA OF SOUTH 24 PARGANA is one of the unexplored market for Reliance Life Insurance Company. Reliance Industry has a Image of profit generating company and leading tycoon of giving return to its investor but in case brand awareness of Reliance Life Insurance Company is not at all well to this Extended Kolkata and selected are of south 24 pargana area. Though reliance has strong brand equity in case of reliance communication, in case of life insurance very low percentage of people of this market can recall its name as their priority . According to the survey it is really stunning case that 81% of people of the sample never seen a single advertisement of Reliance Life Insurance neither on T.V nor on any magazines.So,we can say that the distance between the company and the prospect customer is huge.

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48.19% people know about RLI from their colleagues in this market .Again we can say that reference business has a chance in this market. Analysis On Critical Illness: People of selected areas of south 24 pargana and extended Kolkata are well known about the critical illness factor but only 21% people bother to go for the savings for the unexpected circumstances. Hence it might possible 22% of the sample who wants illness insurance as the remedy of critical situation has no proper idea about the various RIDER facilities of the various schemes of Reliance Life as an extra benefit along with the return. It is also a kind of responsibility of the ISOs to make the prospect aware about various RIDER as well as the benefits are available for the customers. ANALYSIS ON THE FINANCIAL POSITION OF THE PEOPLE OF GIVEN AREA. Per capita income of the unexplored market of extended Kolkata mainly selected part of South 24 Pargana is near about 1lac 20 thousand to 1 lac 35 thousand. The whole area is full of small business man and entrepreneur as well as service holder. Survey says 82 % want to keep themselves invested up to 5 to 10 years and most of them has very little experience of investment .Most of them has mainly one or two investment experience in LIC or MIS etc but in private sector insurance very less. So, as the per capita income at that is less therefore maximum policies will be 5000 Rs. Premium and may be paid in half yearly or quarterly mode. Endowment plan of Reliance Life Insurance can be very popular here. As the premium is low.

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Limitations
1. The number sample involved in this research is very small. 2. Finding of the research are based on the assumption that the respondent given correct information. 3. This report is based on the survey at Kolkata. 4. The respondents include mainly Workingwomen; therefore to get time from them was a tough job that induced me to work on Sundays also. 5. The research was conducted within a very limited period of time.

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Recommendation
From the entire study made, the following measures can be adopted to overcome the problems faced by the ISOs of the company to increase their productivity and acquire the unexplored market :1. As the ISO are still believe that they need more information about their own product as well as the competitors product, proper TRAININING PROGRAMME should be arranged as soon as any new ISO will be recruited. The training consists of not only full information of plans and schemes but also up to some extent about competitors product. Review of training programmed must be done to make the ISOs more skillful and expert to convince the customer. 2. As creation of IOCL dealer result to get huge increase in business as well as a problem solving matter to ISOs productivity ,this matter must be taken care of with serious importance. The steps that can be taken: I. All the IOCL dealers should get a mail from the company side about the full information about the new venture between Reliance life Insurance and IOCL.It will help the ISOs to visit those dealers and convince them in less time and in easy manner. II. If required the well designated person should visit the Dealer of IOCL along with ISOs to create more and more Dealers for generating more business. III. A simple calculation can be applicable here for each ISO : 38

3D+5R = 8 NOP

D=No of policy given by the Dealer R= No of policy given by the Retailer

If an ISO 3Dealers and 5Retailer in hand it seems if they provide only 1NOP /MONTH they will get 8 NOP/Month. If the value of D and R increases the NOP will increase. High designated person of the office should maintain fair relationship with the dealer for the shake of ISOs and for the shake of increasing productivity. 3. As motivating factors are important boost for the ISOs to perform well, therefore there must be a fair consideration of salary hike and promotion system as well as a kind of job security to the ISO. Each month maintaining the same business structure is not possible for the ISOs.But due to this the problem of salary payment must be taken care of. 4. ISOs must go for the increase of retailers by their own effort and no of call attened must be increased. 5. As ISOs are lacking behind of lead support Canopy Program should be a must program once in a week. 6. ISO tracking system should be maintain properly so that he/she can be judged properly at the end of the month or it has to make mandatory for the ISOs to maintain their DCR(daily call report) properly. 7. FOR EXPLORING NEW MARKET:Just like extended Kolkata and south 24 pargana market which is still unexplored ,there are so many market which are still unexplored. Before jump into those unexplored market awareness program is must be created as well as we have to attract the customer through various strategy A. It can be done by frequent canopy program B. By sponsoring events and contest at unexplored market C. Or by organizing free heath camp. To get into real business of unexplored market the ISOs should be recruited from that particular market. Direct marketing with IOCL dealers of that market must be started to penetrate that market fully.

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Insurance Awareness Survey: 1.Personal Details a.Name: b.Address: c:Contact No: e.Marital Status: f.No of dependent: 2.House h.Educational Qualification: 2.Professional Information: a.Working Status: b.Designation: 3.Financial Information:
Source Of I ncome Occupational Income Income from Investment Income From Rent Spouse Income Others Total Income Rs.

d.DOB: g.Ownership:

1.Vehicle

Allocation Of Expanses Personal Loan House building Loan Food Clothing Habits Child education Regular saving Total Expanses

Rs.

4.Your Dream:---------------------------------------------------------------------------------------------------------------------5.Upcoming Events in next 10 years:------------------------------------------------------------------------------------------

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6.Amount required in the post retirement period:-----------------------------------------------------------------------7.Do you have any Accidental ,critical illness or major surgical cover?----------------------8.Investment required to fulfill your dream Income Saving Expense

Market Survey On awareness of critical illness & medical cost Name : Contact No: Occupation: Address: Age: Marital Status:

1.In your opinion which is the killerdisease in india,today? Heart Attack --------Stroke ----------Cancer-----------Any other---------------2.Do you agree more Indians are suffering from above critical illness? Yes---------------------No-----------------------------3.what would be the total cost of critical illness treatment in a private hospital today? Up to Rs. 1 lac--------------- Up to Rs. 3 lac------------------------Above to Rs. 3 lac 4.What would be the total cost of critical illness treatment in private hospital in 2010? Up to Rs 1.5 lac---------------------- Up to Rs 4 lacs -------------------------- Above Rs 4 lac Category A:Premium nursing home where expenses are huge. Category B:Nursing homes and hospitals having moderate expanses Category c:Government Hospital with minimum or nominal expanses.

Which category would you fall into if you to suffer from any critical illness? Category A--------------------- category B-------------------------- Category C-----------------------

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5.which do you think is the best and most appropriate way to overcome this financial problem? Liquidate property/assets------------------ money from friend/family/charity---------------------------Life time saving ------------------------------- critical illness/medical illness insurance---------------------6.would you like to save for unforeseen circumstances? Yes----------------------------------No----------------------------------------

Market survey on awareness of peoples financial status: Name: ________________________Age/DOB: _______________________________ Profile:________________________Contact no_______________________________ Martial Status:_________________ Address:__________________________________ Please tick where appropriate: 1)What is your Age? a. Below 30 years b. between 30-40 c. between 40-50 d. above 50 years d. over 20

2)How long do you intend to remain invested? a. between 1-5 years b. between 5-10 years c. between 10-20 years years 3)Your past investment experience

a. I have no prior investment b. I have very little In vestment experience c. I have some experience but would like further help . d. I am experienced and active investor 4) When I invest money my primary goal is to a. Preserve the value of my investment and minimize the risk. b.Grow the value of investment by taking a little risk. C.Grow the value of my investment by taking a fair level of risk

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D.Grow the value of investment substantially by taking a considerable amount of risk 5)You are financially responsible for a.more than three person besides yourself c. 1 more person besides yourself 6)are you comfortable to think post retirement period? Yes_________ No___________ b.2-3 person beside yourself d.only yourself

7)Which do you think is the best and most appropriate way to overcome this financial problem? a. Liquidate property /assets savings b.Money from friends/family/charity d.critical illness/medical illness C.lifetime

Questions for identifying the problems of ISO for increasing productivity.

Name: ----------------------------------------Being with Organization: ----------------------------------------------------Age: 20-25 26-30 31-35 35 and above Income: ----------------------------------------------------Last Incentives Acquired: ------------------------------1) Being an ISO do you feel its really tough area to survive (Insurance Sector)? Yes _____ No _____ If yes why______________________________________________________________ 2)What kind of support do you expect from Company to explore more? Lead Support _________________________ More knowledge about schemes & plans ________________________ More database from office ____________________________ Proper instruction or specific location ____________________________ 3)The motivating factors which inspires you to give more efforts(Rank 1-5 where 1 most important and then reducing) Incentives _______________________ Handsome package & increment chance _________________________ 43

Support from your superior _______________________ Job security ______________________ Any other (specify and rank) _________________________ 4)What are the problems you often facing while approaching a customer? Lack of knowledge about products or competitors product ___________ Poor reference ___________ Prospect is more influenced by competitors product ________________ Less information about customers profile ___________________ 5)Performance appraisal is a matter to you which is Very Important_________________________ Important _____________________________ Important up to certain extend_______________________ Not too necessary______________________________ 6) Suppose you lose a customer due to some reasonthe reason may be Misleading information by you which create negative impression ______________ Unable to handle the queries of customer ______________ Time taken for the processing __________________ Competitors ISO has more influence to customer______________________ Any other _____________________________ 7) The best possible way to get business, according to you ----Referred customer No provided by Customer Care Calling and appointment LMS 8) Suppose any new scheme comes for selling you will get enough knowledge about it within: 2-3 days It will take time Might be in one month When boss will take initiative 9)you are unable to explore more and more customer because.. Customers are still unaware of various plan_______________ Many places are still remaining unexplored for selling___________ No proper system to get initial touch with customer_____________ Other (specify)_________________________________________

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11) Any other suggestion from your side: _______________________________________________________________________ _______________________________________________________________________ ______________

Questionnaire: Questions on Problem Of ISO,s productivity. 1) Do you have wish to go for a life insurance: 2) Do you expect calls from various insurance services with product portfolio? 3)Suppose you need to have detailed information about the product of an insurance serviceyou prefer Meeting with ISO at home Meeting with ISO at office Meeting with ISO at co office Any other location 4)What kind of ISO do you prefer to TALK WITH: Who is able to handle the product details Who is able to solve your querries Who can show where their product is better than others Who is concerned to provide better service for you.

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 All of the above 5)After closing a deal what do u expect from an ISO: GIVE RANK FROM 1 1 =most expected=1.25 2 =expected=1.0 3 =necessary=0.75 4 =good=0.5 5 =if can be given=0.25 REGULAR FOLLOW UP NEW PRODUCT INFORMATION INFORMATION ABOUT THE STATE OF POLICY RENEWAL PRIMIUM IS COLLECTED BY ISO AFTER SALES SERVICES WHAT EVER ARE REQUIRED

If you satisfied ,are you ready to give reference anyone else to go for that companies service: YES______ NO_______ Suppose ,you have decided to go for a life insurance but the problems You are facing LACK OF KNOWLEDGE OF OFFERINGS DONT KNOW WITH WHOM TO MEET LACK OF INFORMATION about THE COMPANIES MISLEADING STATEMENTS CONFUSION BETWEEN SO MANY OFFERINGS If ANY ISO WANT TO APROACH YOU what will be the most proffered way to you.. Through the reference of someone you know Phone calls & meeting according to your convenience

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 Any other way(after being mentioned about canopy programme)

Questionnaire: Questions On Brand Awarness Name any five Life Insurance Service Co.. a.----------------------------------------b.----------------------------------------c.----------------------------------------d.----------------------------------------e.----------------------------------------In ordered to classify brand awareness for different Life Insuarancethe following scale is been used: Sl. no Title marks 1. Top of the mind 1.0 awareness 2. Unaided recall 1 0.5 3. Unaided recall 2 0.3 4. Aided recall 0.1 5 Could not recall 0.0 2. Have you heard about anything about RLI :Yes No

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3.If Yes.From whom? Colleague. Friends. Relative. specify..

Family members.

others

How frequent have you seen advertisement on T.V or On Magazines: Frequently Often very often Once or Twice Never

Bibliography TEXT BOOK

Marketing management PHILIP KOTLER Marketing Management- John Keller

Magazines:
Business Today Business INDIA 4 ps of Marketing

English Daily:
The Economic Times The Times Of India

Websites:
www.reliancelife.com www.irda.co.in

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