THE CUSTOMER BEHAVIOUR AND CUSTOMER SATISFACTION SPECIAL REFERENCE TO AVIVA

A Major Project Report

Submitted in partial fulfillment of the requirements for BBA (Banking & Insurance) Semester VI Programme of G.G.S.Indraprastha University, Delhi.

Submitted by: Sachin Teotia BBA(B&I) Semester VI Enrl. No: 0751241808

Delhi Institute OF Rural Development Nangli Poona Delhi - 110036

DECLARATION

I hereby declare that the major project report, entitled THE CUSTOMER BEHAVIOUR AND CUSTOMER SATISFACTION WITH SPECIAL REFERENCE TO AVIVA, is based on my original study and has not been submitted earlier for award of any degree or diploma to any institute or university.

The work of other author(s), wherever used, has been acknowledged at appropriate place(s).

Place: New Delhi Date: 31st March 2011

Candidates Signature Name: Sachin Teotia Enrol. No. : 0751241808

Countersigned

Name: Supervisor Delhi Institute of Rural Development

Name: Director Delhi Institute of Rural Development

PREFACE

Talent & capabilities are of course necessary but opportunities and good guidance are two very important things without which no persons can climb those infant ladders towards progress. First of all I am very much indebted and thankful to my parents and God for giving me strength for completion of my Internship. I am really thankful to AVIVA LIFE INSURANCE. For giving me the permission to carry out my summer internship in their esteemed organization. I wish to express my deep sense of gratitude to the management and staff of AVIVA , especially to MR. RAJESH KACHRU company guide for the support , cooperation , and briefings they provided during internship to make it a success.

ACKNOWLEDGEMENT

With profound sense of gratitude and regard, I express my sincere thanks to my guide and mentor Mrs. Manisha for her valuable guidance and the confidence

he instilled in me, that helped me in the successful completion of this project report. Without her help, this project would have been a distant affair.

Her thorough understanding of the subject and the professional guidance is indeed of immense help to me.

SACHIN TEOTIA

INDEX S.NO CONTENT

1. 2. 3. 4.

Introduction of Project Objectives of Project Company Logo Companys Profile 4.1 4.2 4.3 4.4 4.5 About AVIVA History Board of Directors Management Awards Received

4.6 What is AVIVAS Life Insurance

5.

ULIP Plans of AVIVA 5.1 5.2 5.3 5.4 5.5 5.6 5.7 5.8 5.9 Aviva New Young Scholar Aviva New Life Saver Plus Aviva New Sachin Century Plan Aviva New Safe Guard Aviva New Life Line Aviva Life Bond Plus Aviva New Freedom Life Plan Aviva New Pension Plus Aviva New Pension Elite

6.

Research Methodology 6.1 6.2 6.3 Research Design Steps for research methodlogy Data Sources
5

6.4

Data Analysis and Interpretation

6.5 Conclusion 6.6 Suggestions and recommendations

7.

Annexure 7.1 Questionnaire 7.2 Bibliography

INTRODUCTION OF PROJECT:-

The project was basically A survey of customer satisfaction. The study was done to the geographical boundaries of DELHI.

PROJECT TITLE:-

To Study the Customer Behaviour and Customer Satisfaction

OBJECTIVES OF THE PROJECT:-

To know the feedback of customers regarding the services which are

being provided by the company?

  

To understand the importance of customer relationship with the

company. To understand customer satisfaction regarding the products offered

by the company. To understand the reasons for demand of a particular product.

COMPANY PROFILE
This is a Project report on the study conducted on the Unit Linked Insurance plans of AVIVA. So, first of all we would like to discuss a few things about AVIVA, the company. This section precisely studies the company, its objectives, its operations, its achievements and also analyse its income and expenditure in a precise manner .

ABOUT AVIVA

Aviva is UKs largest and the worlds fifth largest insurance Group. It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world. With a history dating back to 1696, Aviva has a 40 million-customer base worldwide. It has more than 364 billion of assets under management.

In India, Aviva has a long history dating back to 1834. At the time of nationalization it was the largest foreign insurer in India in terms of the compensation paid by the Government of India. Aviva was also the first foreign insurance company in India to set up its representative office in 1995. In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of companies. A professionally managed company, Dab ur is the country's leading producer of traditional healthcare products. In accordance with the government regulations Aviva holds a 26 per cent stake in
8

the joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 27,000 Financial Planning Advisers (FPAs), Aviva has initiated an innovative and differentiated sales approach to the business. Through the Financial Health Check (FHC) Avivas sales force has been able to establish its credibility in the market. The FHC is a free service administered by the FPAs for a need-based analysis of the customers long-term savings and insurance needs. Depending on the life stage and earnings of the customer, the FHC assesses and recommends the right insurance product for them.

Aviva pioneered the concept of Ban assurance in India, and has leveraged its global expertise in Ban assurance successfully in India. Currently, Aviva has Ban assurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan, DELHI & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra and regional Banks.

History
Aviva can trace its heritage back over 300 years. The group was formed as CGNU in 2000 following the merger of CGU and Norwich Union. CGU was itself the result of an earlier merger, between Commercial Union and General Accident in 1998. Key dates in the company history are as follows:
9

1696

The Hand-in-Hand was formed at Tom's coffee house, in London. It is the oldest of the many companies that have been absorbed into what is now Aviva.
1797

Norwich Union was founded as a mutual fire insurance society by Thomas Bignold in Norwich, Norfolk.
1808

A particularly severe winter involving widespread suffering and loss of life prompted Thomas Bignold to establish the Norwich Union Life Insurance Society, again on the mutual principle.
1824

Norwich Union's first overseas agency was opened, in Portugal. Eventua lly the Norwich Union name spread across mainland Europe to the Middle East, Africa, India, the Far East, Australia, New Zealand, the United States, Canada and South America.
1863

Commercial Union continued its overseas expansion and within two years had agencies in India, South Africa, the Caribbean.
1994

Commercial Union acquired French asset manager Groupe Victoire.

1997

In the year of its bicentenary, Norwich Union demutualised and floated as

2004

Aviva sells its general insurance businesses in Asia, its Your Move estate agency
10

and e.surv surveying businesses in the UK. It also acquires HPI Group Holdings Ltd, the UKs leading provider of vehicle status checks for used -car purchasers, and closes UK broker subsidiary Hill House Hammond.
2005

Aviva brings together Norwich Union Insurance and RAC in the UK for about 1.1 billion. Aviva appoints new chairman. In Ireland, Hibernian enters a bancassurance joint venture with AIB.
2006

Aviva announces changes to group organisation to create Aviva UK and Av iva International. Aviva partners with Centurion Bank of Punjab in India and announces an acquistion and bancassurance deal in Sri Lanka. Aviva receives a licence in Russia and acquires AmerUs in the US.
2009

Aviva Australia is acquired by National Australia Bank (NAB), one of Australias major banks. Together with Aviva, MLC and NAB Wealth (the wealth management division of the NAB) will have the largest combined life insurance book in Australia with market leading individual and group insurance offers and will be the largest investment platform provider in Australia.

11

Board of Directors Lord Sharman of Redlynch OBE, Chairman

View Lord Sharman of Redlynch's full biography and recent interviews born February 1943 Appointed to the board in January 2005 and became chairman in January 2006. Currently an independent non-executive director of BG Group plc (utility) and Reed Elsevier plc (publishing). Former chairman of Aegis Group plc (media services) and KPMG International (auditors), former deputy chairman of Group 4 Securicor plc (security services), former member of the supervisory board of ABN AMRO NV (banking) and is a former independent non-executive director of Young & Cos Brewery plc (drinks) and AEA Technology plc (commercial/technology).

12

Executive directors Andrew Moss, chief executive

View Andrew Moss' full biography, recent interviews and presentations born March 1958 Appointed to the board in May 2004. Joined as group finance director and became chief executive in July 2007. Previously director finance, risk management and operations in Lloyds (insurance) and formerly held a number of senior management positions at HSBC plc (banking).

13

Patrick Regan, chief financial officer

23 Oct 09 - Aviva appoints Patrick Regan as CFO born March 1966 Appointed to the board in February 2010 as chief financial officer. Previously group chief financial officer and group chief operating officer at Willis Group Holdings Ltd (insurance broking). Previously group financial controller for RSA plc (insurance) and formerly held a number of senior management positions at Axa Insurance (insurance) and GE Capital (financial services).

14

Awards and Recognition

We believe that our employees are our greatest strength and the only asset that can be replicated. It is the passion of our people which continues to help us achieve the 'impossible' and make Aviva India great place to work.
y

Aviva has been felicitated with the " Bronze Award for Excellence in
People Management " by Grow Talent Company Limited and

Businessworld. This honour was given based on our ranking amonst the top 25 companies as per the Grate Place to Work survery in the last four years.
y

Aviva was ranked 4th in the Best Workplaces in India study for the year 2008 by the Great Place to Work Institute. We were the only Insurance company in the top 10 ranking that year.

Aviva India won the coveted Award for Talent Management during the national round of Asia Pacific HRM Congress

Aviva India was also felicitated by the HR Excellence Award by Amity Business School

WHAT IS AVIVA LIFE INSURANCE?.

Life Insurance policies can be paid in a lump sum or in several installments; the amount of money you pay to your insurance company is called a premium. When you buy a Life Insurance policy you provide a measure of financial security to your beneficiaries (family, loved ones) so that upon death they will be able to meet financial responsibilities previously covered by your income. We recommend you to speak to a Licensed Life Insu rance agent in your state by doing a search in our site, so that you can determine how much protection you need and can afford, as well as what type of Life Insurance policy to choose.
15

These are the most common Life Insurance types:

y y

Term Life Insurance Permanent / Whole Life Insurance

There are other variations of Life Insurance policies, such as, Universal Life, Excess Interest Whole Life, Variable Life, Limited-Payment Whole Life and Single-Premium Whole Life. We recommend you to speak to a local licensed insurance agent so that you can learn more about Life Insurance. Pleas e feel free to contact the licensed agents listed on our site for more.

AVIVA Life Insurance Overview:Life insurance is something that not everybody is comfortable talking about, or even thinking about. When we are young and healthy, we feel immortal. The unexpected death of a loved one or us is the furthest thing from our minds. However, the fact of the matter is it is never too early to start thinking about your familys protection in the event of tragedy. All life insurance professionals ag ree that the sooner you start thinking about life insurance the more options and the more affordable life insurance can be. There are many logical answers to the question Why Buy Life Insurance?... What to Look For Its easy to get a free quote on affordable life insurance for your family. However a low monthly premium should not be your only consideration when shopping for
16

a life insurance policy. You need to carefu lly consider what is best for your family. People often do not realize just how much money is needed to support a family given the tragic loss of a primary income provider. Besides the monthly expenses such as rent and mortgage that your spouse may now be left with, have you considered the cost of a funeral, health benefits which may not be continued in the event of death of a working spouse, the additional childcare expenses that may now be required of a single parent? The list goes on and on. In this discussion of life insurance basics we will help you make an informed and educated decision on the type and amount of life insurance that is best for your needs and your budget.

TYPES OF AVIVA LIFE INSURANCE

What is AVIVA Life Insurance? Life insurance at its most basic level is a contract between you and a life insurance company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income. Life Insurance premiums are based on the type of insurance you buy, the benefit amount, and your chances of dying based on your over all health and lifestyle, during the period when the policy is in effect. There are basically two types of life insurance. You may have heard of them Term Life Insurance and Permanent Life insurance. In this discussion we will
17

review in broad terms the difference between the two. You can find more details on Term Life Insurance and the various types of Permanent Life Insurance at any time by accessing these links.
y

Term Life Insurance As the name implies, Term Life insurance is life insurance that you purchase for a specific length of time, usually 5, 10 or 20 years. At the end of the term you are given the option of renewing the policy. Term Life insurance is strictly that, only life insurance that pays a death benefit, as opposed to Permanent Life insurance policies that accrue cash value. Term Life pays a lump sum single benefit at the time of death. Your family can use that money to cover funeral expenses, immediate bills, and invest in annuities to make up for the loss of salary to pay on going monthly expenses. Term Life insurance is the easiest and most affordable life insurance to obtain. Term Life insurance is great for young families just starting out.

Permanent Life Insurance Unlike Term Life insurance, there is no fixed time limit to Permanent Life insurance, so long as you keep making your monthly premium payments the contract between you and the life insurance company remains in effect. The other key difference between permanent and term life insurance is that a Permanent Life insurance policy gains cash value Part of your monthly premium goes into a tax deferred investment account that you do have access to while you are alive. There are various types of Permanent Life insurance such as Whole Life, Universal Life and Variable-Universal Life.

18

How Much Do I Need?

That is a very good question, especially since the answer will change over time depending on your age and life circumstances. You may feel you may not even need life insurance at all if you are young and single, but with the average cost of a funeral being $10,000.00 or more, you have reason to consider it. Once you have people that depend on you r income such as a spouse and children, life insurance is an absolute necessity. Even then your needs will change as your standard of living changes and your family grows. A young family with an infant and a small rental apartment will obviously require le ss life insurance then a family with a house, a mortgage, and two kids in college. Feel free to use our benefits calculator to help determine the right amount for your circumstances. No matter what stage of life you are in here are some basic guidelines an d considerations to determine the amount of life insurance you will need.
y

Be sure to consider the cost of a funeral. Even if your final wishes do not include a traditional burial, the cost needs to be factored into your death benefit. It is advisable to find out a good approximate cost of whatever final arrangements you chose. Also when considering final costs that may be incurred by your beneficiaries be sure to consider all federal and state taxes that may be due immediately upon your death. These usual ly amount to 10% of the total value of your Estate.

The next thing to consider is the effect of your loss of income on your family. You need to project how long you think your family will need to make up for your lost income. Will your spouse work? Remar ry in a short amount of time? You need to discuss such matters. Consider all of your debt and your monthly expenses determine the amount of money that your family needs yearly to make up for your lost income, and multiply that by the amount of years you th ink they will need it and you will have arrived at your minimum required amount of Life Insurance. So if you
19

think they will need $50,000.00 a year for 10 years, you will need at least a $ 500,000.00 policy.
y

Finally consider the amount of debt that you fam ily will be faced with upon your death, you may want them to have enough to pay that off in a lump sum, rather then making that part of their monthly expenses determined in (2) above.

Once you have done your best to determine your needs, it is advisable to discuss benefit amounts with one of our qualified life insurance agents, who will help ensure you get the right amount of coverage that is best for you.
Unit Linked Insurance plans

Unit linked Insurance plans (ULIP) is life insurance solution that provi des for the benefits of protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time. ULIP provides multiple benefits to the consumer. The benefits include: Life protection Investment Options Transparency Adjustable Life Cover Flexibility Liquidity Tax planning Investment and Savings Options to take additional cover against- Death due to accident , Disability, Critical Illness, Surgeries etc.
20

In a ULIP, the insurer deducts charges towards life insurance (mortality charges), administration charges and fund management charges. The rest of the premium is used to invest in a fund that invests money in stocks or bonds. The policyholders share in the fund is represented by the number of units. The value of the unit is determined by the total value of all the investments made by the fund divided by the number of units. If the insurance company offers a range of funds, the insured can direct the company to invest in the fund of his choice. Insurers usually offer four choices:

Bond fund, Secured Fund, Balanced Fund, Growth Fund

So, in ULIPS is that the investor knows exactly what is happening to his money and two, it allows the investor to choose the assets into which he wants his funds invested. Unit plans are investment plans for those who realise the worth of hard -earned money. These plans help you see your savings yi eld rich benefits and help you save tax even if you don't have consistent income. Unit-linked insurance plans, ULIPs, are distinct from the more familiar with profits policies sold for decades by the Life Insurance Corporation. With profits policies are called so because investment gains (profits) are distributed to policyholders in the form of a bonus announced every year.

ULIPs also serve the same function of providing insurance protection against death and provision of long-term savings, but they are structured differently. In with profits policies, the insurance company credits the premium to a common pool called the life fund, after setting aside funds for the risk premium on life insurance management expenses.

21

Every year, the insurer calculates how much has to be paid to settle death and maturity claims. The surplus in the life fund left after meeting these liabilities is credited to policyholders accounts in the form of a bonus.

In a ULIP too, the insurer deducts charges towards life insurance (mortality charges), administration charges and fund management charges. The rest of the premium is used to invest in a fund that invests money in stocks or bonds. The policyholders share in the fund is represented by the number of units.

The value of the unit is determined by the total value of all the investments made by the fund divided by the number of units. If the insurance company offers a range of funds, the insured can direct the company to invest in the fund of his choice. Insurers usually offer three choices- an equity (growth) fund, balanced fund and a fund which invests in bonds. In both with profits policies as well as unit -linked policies, a large part of the first year premium goes towards paying the agen ts commissions.

Why do insurers prefer ULIPs?

Insurers love ULIPs for several reasons. Most important of all, insurers can sell these policies with less capital of their own than what would be required if they sold traditional policie s.

In traditional with profits policies, the insurance company bears the investment risk to the extent of the assured amount. In ULIPs, the policyholder bears most of the investment risk.
22

Since ULIPs are devised to mobilise savings, t hey give insurance companies an opportunity to get a large chunk of the asset management business, which has been traditionally dominated by mutual funds.

23

Aviva New Unit Linked Product Portfolio

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

51

52

53

54

55

56

57

58

59

60

61

62

63

64

RESEARCH

METHODOL

65

RESEARCH METHODOLOGY;Research is a careful investigation or enquiry especially a search for new facts in any branch of knowledge and a systematized effort to gain new knowledge. Marketing research is the systematic and objective identification, collection, analysis dissemination and use of information for the purpose of improving decision making related to the identification and solution of problems and opportunities in marketing. We define or identify the marketing research problem or opportunity and then deter mine what information is needed to investigate it. The research was conducted for improving the walk-in and knowing customer awareness towards AVIVA LIFE INSURANCE CO. services and customer satisfaction.

RESEARCH TYPE ;1. A TYPE OF ACADEMIC RESEARCH

This project has been done mainly for the fulfillment of academic requirements.
RESEARCH DESIGN

A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purp ose with economy in procedure. Research designs are of following types;  DESCRIPTIVE  DIAGNOSTIC  EXPERIMENTAL  CAUSAL  EXPLORATORY

66

In this project, exploratory type of research design has been used.

RESEARCH TYPE -: EXPLORATORY RESEARCH.

This method is undertaken when researcher is interested in knowledge about characteristics of certain group. As in this particular case I wanted information regarding a particular group i.e. customer. Hence I selected Exploratory
research as the type of research.

RESEARCH DURATION:-

The research was conducted over duration of 4 weeks.

DATA COLLECTION:-

For this project work I collected data from both the Secondary and Primary data sources.

SECONDARY DATA SOURCE :-

Data is mainly collected mainly from company web-sites and other related
websites, Newspapers, Journals, magazines etc.

PRIMARY DATA SOURCE :-

The survey done to collect the data from the customers is mainly by
questionnaires, observations and interviews were the major sources of primary data.

Reason for selecting primary data :-

In terms of primary data structure questionnaire was prepared to interview the professional, unemployed students, housewives, investment consultant, post
67

office agent and other in Mumbai location. Analysis clearly refl ected the views and preference regarding the perception of the people towards joining HDFC standard life. There are two types of mode to collect the data: y Observation method. y Survey method.

As for as the data collection method for this project is concerned, designing the data collection forms or survey forms is applicable to the project. The method selected survey method. A survey can be conducted by: y Personal interview. y Telephonic interview. SAMPLING ;-

Sampling is one of the most fundamental co ncepts underlying any research work. Most research studies attempt to make generalization or draw inferences regarding the population, based on their study of a part of the population that is the sample.

METHOD OF SAMPLING ;-

Sampling is one of the most fundamental concepts underlying any research work. The sampling method used for project was simple Random and purposive sampling. The sample size is selected randomly with a purpose to cover maximum possible customer.

SAMPLE SIZE :-

The sample size taken for analysis was 200 customers. Sometimes customers were not cooperative in providing personal or secretive data, figures or information. But an effort has been made to collect data as much
68

correct as possible to make the study more effective and I have tried to compile each and every detail to the study to make it more meaningful.

STEPS FOR RESEARCH METHODOLOGY

Research methodology has following steps: Step: 1 Step: 2 Step: 3 Step: 4 Step: 5 Step: 6 Step: 7 Step: 8 To decide the objective of the study. To frame the research design. To determine the source of data. To design data collection form. To determine sample size and sample design. To organize and conduct fieldwork. To process and analyze the collected data. To prepare the research report.

69

OBJECTIVES

OBJECTIVES OF THE STUDY:-

1. To study the customer behavior and customer satisfaction level of the concern. 2. To determine the level of customer satisfaction, their requirements, expectations and interest towards various company policies. 3. To study the extent of customer awareness regarding the available policies and the services that the company are marketing presently. 4. To conduct an analysis of the services provided by the company and customers perception, knowledge, satisfaction towards the services provided by the concern. 5. To review the various policies available in the concern. 6. To examine whether the promotiona l activities conducted by the concern are effective or not. 7. To know the new Policies and strategies adopted by the concern. 8. To suggest some Pragmatic steps in order to make improvement s in the concern. 9. To find out the various policies/services been used by customers in DELHI and udhampur region.

70

LIMITATIONS

i)

Sample size is small and may not be representative of the universe of study i.e. DELHI and Udhampur city.

ii)

Some times no exact data is found as customers doesnt provide exact information.

iii)

Efforts for the marketing of company products are less and hence there is less awareness an d usage of most of the AVIVA policies.

iv)

Some question carry multiple response and percentage have not been computed for them.

v)

The analysis is based entirely on responses of individuals and may vary with future changing trends.

vi)

Time constraint.

vii)

As the data is collected in the month of dec to feb, the result could not be considered consistent for the whole year.

viii) I faced problem of avoidance towards giving

information. The

customer thinks it to be Useless and wastage of time.

In spite of the above limitations an effort has been made to make the analysis possible and reliable after cross examination of the data supplied by the concern branch of the company.

Data Analysis and Interpretation

71

1) PERCEPTION ABOUT AVIVA ULIPS ;1.Heading: perception of respondent about AVIVA ULIPS Plans

2.Tabulated Presentation: Excellent Very Good NO. of respondents 37 63 86 14 Good Poor

3. Diagrammatic representation:

Perception about the AVIVA ULIP'S Plans

7% 19% 42% 32%

EXCELLENT VERY GOOD GOOD POOR

4.Interpretation:

Perception of most of the respondents i.e., 42% is good, 32% is very good, 19% excellent and only 7% have a poor perception about AVIVA ULIP.

72

2) INFORMATION OF AVIVAS ULIP PLANS :1. Heading: Respondent get information of AVIVA ULIPS Plans from which

sources.

2. Tabulated Presentation:

Friends

Family members

Agents

others

NO. of respondents

68

42

57

33

3. Digrammatic representation :-

Information of AVIVA'S ULIP Plans

33

A E TS
FAMILY FRIE DS OTHERS

29

4. Interpretation:

33% the respondents came to know about AVIVA ULIPs Plans from friends, 29% from various Agents, 21% from family members and 17% from other sources.

73

21

17

FRIE DS

3) INFORMATION OF AVIVAS ULIP SERVICES TO 1. Heading: AVIVA ULIPs service to its customers .

CUSTOMERS:-

2. Tabulation of information:

Excellent NO. of respondents 33

Very good 79

Good 65

Poor 23

3. Diagrammatic representation:

AVIVA ULIP'S Services to its ustomers

12%

17%
32% 39%

E ELLE T VERY GOOD

GOOD
POOR

4. Interpretation:

Majority of the customers are satisfied with the service of

the company. 39% say the service is very good, 32% say its good, 17% say its excellent and only 12 are not satisfied.

74

4) AVIVA ULIPS PLANS BENEFITS SCHEMES TO ITS CUSTOMERS:-

1. Heading: Whether AVIVA ULIP gives beneficial schemes to its existing

customers .

2. Tabulation of information:

Yes NO. of respondents 134

No 48

Cant say 18

3. Diagrammatic representation:

Beneficial schemes to its customers

0 9% 24% 67%
C YES

4. Interpretation: Majority of the customers are satisfied with the beneficial

schemes the company. 67% say that AVIVA ULIP is giving beneficial schemes to its customers, 24% they are not getting any such schemes and 9% cant sat about these things.
75

'T S Y

5) AVIVA ULIPS CHARGES AND FEES:-

1. Heading: Resonablity of maintenance charges & fees.

2. Tabulation of information:

Yes NO. of respondents 167

No 33

3. Diagrammatic representation:

Resonablity of maintenance charges & fees

17% Yes No 83%

4. Interpretation: 83% of respondents say that the charges are reasonable and

only 17% are not happy with the service charges.

76

6) PAYMENT FOR PAYING ULIP PREMIUM:1. Heading: Mode of payment for paying premium

2. Tabulation of information:

Draft NO. of respondents 13

Cheque 187

Cash 0

3. Diagrammatic representation:

Mode of payment for paying premium

0% 7% Draft Cheque Cash 93%

4. Interpretation: 93% of respondents prefer to pay by cheque, 7% by draft and

non of the respondents prefer cash for paying premium.

77

7) AVIVA ULIPS SATISFACTION SERVICES TO CUSTOMERS:-

1. Heading: Satisfaction with the service of AVIVA ULIP .

2. Tabulation of information:

Yes NO. of respondents 174

No 26

3. Diagrammatic representation:

Satisfaction Services of AVIVA ULIP'S Plans

13%
YES

87%

4. Interpretation:

87% of respondents say that they are satisfied with the companys service and only 13% are not happy with the service.
78

8) PRODUCTS SURRENDER VALUE:1. Heading: Satisfaction with the products surrender value.

2. Tabulation of information:-

Yes NO. of respondents 153

No 47

3. Diagrammatic representation:

Satisfaction with the products surrender value

24% Yes No 76%

4. Interpretation:

76% of respondents say that they are satisfied with the products surrender value and only 24% are not happy .

79

CONCLUSION
Working with AVIVA Life Insurance for two months was a very nice and a good learning experience. It has helped me a lot learning about different kinds of investments and the pros-corns of its. It has also helped me to know about how works in a corporate world is done. Though we had a very nice experience but we had to face some problems even, like we were not given any identity card by the company so sometime it became very difficult for us to convince people that we are from the company and not an agent. Mostly small investors are not satisfied with the charges of the AVIVA ULIP. 1. Customers are much more relying upon AVIVAULIPS Plans. 2. People dont rely upon private insurance sector. 3. All products are not attractive to the customers so that kind o f products are very hard to sale. 4. Less number of traditional plans thats why people who really need traditional plans are still not satisfied. 5. Majority of the customers are satisfied with the beneficial schemes the company. 6. Majority of the customers are satisfied with the service of the company.
Suggestions and Recommendations ;-

Following are a few suggestions; like the company should carry out market research on a regular basis. This will facilitate indication of customer groups, analysis of the customer needs and requirements. It will be helped in engendering valuable feed back to the officers to assess the level of customer satisfaction, which in turn could be used in upgrading the service levels;
y It is recommended to the concern that it should try to differentiate their
80

policies and establish exclusive brand names for them.

y Company should use more modern info rmation devices to inform the

customer about its products and policies.

y Company should use the E- banking concept, to compete in modern banking

environment with the private banks.

y It is suggested to increase its branches at different areas to provide

convenience for customers.

y It is suggested that concern should also provide regular training to their

employees. Proper training will keep the employees knowledge up to -date and they will be able to serve customer in a better way. It will help them in promoting the company Good will among the customer;
y And In the end, the concern is suggested to concentrate more on building

relationship; their efforts should be directed towards ultimate customer satisfaction.

81

ANNEXURE Questionnaire

1) What do you think about AVIVA ULIPs Plans? A)Excellent B)Very Good C)Good D)Poor

2) From where did you got information of AVIVA ULIPs Plans ? A)Friends B)Family members C)Advetisements D)Others

3) Whether AVIVA giving eficient service to its customers ? A)Excellent B)Very Good C)Good D)Poor 4) Whether AVIVA ULIP Plans gives beneficial schemes to its existing customers ? A)Yes B)No C)Cant say 5) Is the maintenance charges & fees are reasonable? A)Yes B)No

82

6) Which mode of payment do you prefer to pay your premium ? A)Draft B)Cheque C)Cash

7) Are you satisfied with the service of AVIVA ULIPS Plans ? A)Yes B)No 8) Are you satisfied with the products surrender value ? A)Yes B)No 9) Whether AVIVA offering additional online facilities ? A)Yes B)No

10) Whether AVIVA ULIP Plans offering effective promotional schemes ? A)Yes B)No

11) Any furher suggession to serve you better ?

________________________________________________ _________________ _________________________________________________________________ _________________________________________________________________ _____________________________

83

BIBLIOGRAPHY

Philip Kotler C.N Sontakki S.A Sherleker

Marketing Management Marketing Management Marketing Management

Company Magzine Bank Quest Newspapers

WEBSITES :WWW.GOOGLE.COM WWW.BANKERSINDIA.COM WWW.AVIVA.COM

84

85