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 Business Context
Macro Dynamics – Insurance Industry
•Indian Insurance industry to quadruple in
size at the current penetration.
Market projected to grow to around Rs 8550
billion by 2020
•Proportion of Insurance in total
financial saving is increasing
•Currently under-penetrated market Life General

•Loan Suraksha •Motor Policy

Retail
•Endowment plan •Mediclaim
•Children’s plan •Overseas
•Retirement Plan Travel
•Accident
•House holders
Commercial

•Group Term •Industrial

•Group EDLI •Group Cover
•Group gratuity •Liability
•Superannuation
 Key Literature Review
Findings
I n s u r a n c e M a r k e t

Brokers & Agents Market Features Trends

society
nd and
um for do
new
andintelligent
Insurance
a belief that
products
an older
to manage
comparisons person
with global
the knows exposure
better (Retired
competitor's of Indian
products people
companies
from Banks
(Rise &of FIs
Indian
are IT
ideal
/ ITes
to se
c
o attract the elite in the urban arena. They represent the customer and sell the products of more than
based
is makes
in rural
a difference
areas are
, especially
attracted for
intothe
thefemale
rural population
sector cooperatives
(Nurses andarena
Gram. They
Sevikas
provide
can be
avenues
effectively
on he

Touch point with the ultimate consumer

ueness
ueness:: Distribution
Create difference in terms of the quality of advice for choice of product, servicing of policy
 Objectiv
es
•To increase reach of Mahindra Insurance through Mahindra
Business Objective Insurance Brokers Ltd., with concentration on rural
markets

•To assess consumer understanding about the difference

between various types of insurance providers – brokers and
agents
•To understand consumer expectations from a broker as an
Insurance vendor
Marketing Objectives •To provide customized solutions for rural customers in
health insurance market
•To identify and understand the customer decision making
process and behavioral patterns w.r.t health insurance
products
•To position Mahindra Finance (insurance) in rural and urban
market

•To understand the perception of the urban, rural (semi-urban)

consumers on the role of intermediaries
•To identify consumer preferences, attitudes and expectations
while purchasing health insurance products from a broker?
Research Objectives •To Assess consumer behavior related to health insurance
products
•To find out the existing need- gaps with respect to health
insurance
•To identify the perceptions and preferences of consumers
towards Mahindra Finance (insurance) in rural and urban
areas 
 Primary Research - Key
Insights
vInsurance for facing calamity & to tackle moments of necessity
vUnaware of tax & savings benefits from Insurance products
vAgents & brokers are not trusted - Events of thievery
vNo knowledge & awareness on various insurance products
vInfluence from friends/family who have prior insurance knowledge than agents
& brokers
vReliability more on public service provider (LIC) than on any private firm
vMahindra – Recognized as Vehicle Loan provider than insurance provider
vRequire Assurance of easy redemption of investment in Insurance

RURAL

vInsurance considered as a tool for investment and tax savings

vMost of the customers have taken it from the company they work and the
Individual health insurance is less taken
vSome of the customers do extensive research with the help of websites
before deciding the company
vInsurance is synonymous to Life Insurance and LIC. Not much aware of the
Health insurance and its benefits
vPersonal reference from family and friends; Word of Mouth plays a big role
while choosing the product
vPrivate companies in Health insurance are considered less risky compared
to the private companies in Life Insurance
vMahindra – Brand reminds them of the Kotak Mahindra Bank and Mahindra
Finance
vRequire Assurance of easy redemption of investment in Insurance
URBAN
Research
Objective 1
Research Objective 2
Research
Objective 3

Fishbein’s Buyer Behavior Model

 Research
Objective 4

Mahindra Health Insurance

Industry Standards

Current Product Association

NEED GAP
Research
Objective 5

Determine the Best Product Alterna

Conjoint cards
 Rural Consumers Hypotheses
Consumers prefer buying Government Issued Insurance Policies than those issued by Private

ain purchase motive for rural consumers to buy Insurance Products is to prepare for any eme

are more preferred than Agents or Brokers by rural consumers to purchase insurance product

tion in premium amount incentivizes the rural consumer to enroll in any insurance scheme

Consumers are not aware of all the different insurance schemes available

of mouth plays a major influencing factor in choosing an agent

ance products are purchased for a whole family rather than for an individual

dra is perceived as a vehicle finance provider than a health insurance provider

ious sentiments play a role while taking insurance

 Urban Consumers Hypotheses
prefer insurance products for investment.

e products are more often bought by corporate companies than by individuals

prefer buying Government Issued Insurance Policies than those issued by Private Companies

urance products is more of a family decision than an individual decision

ware of the difference between an agent and a broker

anding is single most important factor in the determining the sales of a particular health

ay a major role in choosing insurance products over other investment options

on is an important factor while choosing an insurance product

take time to analyze the long term benefits of an insurance product

xpected to provide more customized quality service than agents

 Methodology
Future Research Methodology
the Proposal??
nterviews in different locations with TG – Banks, Offices
Interviews in semi urban – Location - Madiyava

How are we going to do for Index - 2010??

üTarget Group : 22+ Years
üRespondents(R) would be identified based on
a)Life Stage of Respondent
b)
a)
b)

b) SEC of Respondent
Rural Research Methodology
Phase I

Phase II
Regions to be covered during Data Collection
 Rural Research Methodology
We will meet …….
Following are the villages which would be covered •Common People
under the Rural market research : •Health Workers
Daliganj Mubarakpur Hardoi Road •Teachers
Madiyon Sikhroli Durgaganj •Panchayat Members
Saaypur Andhey Ki Chowki Barabanki At
Kamlabad Kallan Kheda Sarthara •STD Booths
Barhauli Takia Dasheri Madarpur •Tea Stalls
Mohibilapur Sahdpur Grambhari •Schools
Bakshi Ka Talab Dubagga Mohan •Chaupals
Chattameel Kakori

will be on
yzing the rural consumer markets and insurance purchase behavior
rstanding Preferences and attitudes towards health insurance and different market players
s of Opinion Leaders in Rural Market while buying insurance through intermediaries
yze consumer buying behavior influenced by the cultural, personal and psychological factors
tifying the communication media for selling insurance in the rural market
Agenda Month
Week
Sept
3 4
October
1 2 3
November December January
4 1 2 3 4 1 2 3 4 1 2 3
Timelin
Preliminary Research for Proposal
Proposal Submission
FGDs
es
In Depth Interviews
Qualitative Analysis
Questionnaire Design
Pilot Testing
Final Questionnaire
Game Design
Beta Testing of the Game
Prop Design
Index Fair
Data Analysis
Report Preparation
Presentation
Interaction with the Company
Agenda Month October November December January
Week 3 4 1 2 3 4 1 2 3 4 1 2 3
Rapid Rural Appraisal- Planning
Location Coverage for RRA
Qualitative Analysis
Questionnaire Design
Pilot Testing
Final Questionnaire
Location Coverage Planning for Survey
Survey Implementation
Data Entry
Data Analysis
Report Preparation
Presentation
Interaction with the Company
Workflow
Practical Implications
üMarket research findings can be refined to define short and long term
business/market opportunities and threats and equally offer a wide
picture of market environment situation
ü
üUse insights about brokers and other intermediaries and accordingly
develop programs in Mahindra Insurance Brokers Ltd to increase
revenue
ü
üEffectively market Mahindra’s Health Insurance Products through
Mahindra Insurance Brokers Ltd to increase rural and urban
penetration
ü
üProvide customized solutions to suit the needs of the urban and rural
customers after analyzing the need gap
ü
üCreate the trust factor about private insurance companies amongst
rural customers
ü
üLeverage the Mahindra brand name in rural areas to sell Insurance
products
ü
üOffer Insurance Product Bundles along with vehicle finance solutions
for more acceptance of Mahindra Insurance products as well as other
 Appendix
• Sampling Plan
– Target Population
Element – Sampling Unit Extent
– Age greater than 22 years Households/Colleges/Institutions
People with Lucknow
–
– Sample Frame : Gender – Male, Female | Age 22+ |SEC A, B, C;
SEC R1, R2|
– Sampling Technique: Simplified Random Sampling
– Sample Size:
•
Sample Size is given by SS = (Z2 * p* (1-p))/D2 where,
• Z -> normal distribution statistic for specified confidence
interval,
• p -> Estimate of population proportion i.e. proportion of
people with 22+ age and in specifies socio economic
classes , and
• D -> Precision level (5%)
•
Rural ( Proportion = 0.85) SS = (1.962 * 0.85 * (1-0.85))/0.052 =
196
• Accounting for 10% Void responses; Sample Size (Rural) =
 Stage Type Distribution Size
22-28 28-35 35-50 50+
Pretest R1 2yrs 2yrs 2yrs 2yrs 8
R2 3 3 3 3 12
Actual R1 28 27 28 27 110
Sample R2 28 27 28 27 110

Stage Type Distribution Size

22-28 28-35 35-50 50+
Pretest SEC yrs
5 yrs
5 yrs
5 yrs
5 20
SEC
A 5 5 5 5 20
SEC
B 5 5 5 5 20
Index SEC
C 22 23 22 23 90
Fair SEC
A 23 22 23 22 90
SEC
B 22 23 23 23 90
C
Team Profile
High Exposure to Insurance Industry

Te a m Le a d
Armed with Marketing in Rural Specific

A n a lyze r
Insurance Industry Insightful

Pre se n ta tio n G u ru
Marketing & FMCG Exposed
Im p le m e n te r

Potential Economists & Bankers

Fin G u ru s
Rural relationship skilled
D ra m a tists

Power packed crowd – Opportunity Thirst

Ju n io rs