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A
TO STUDY “ THE CUSTOMER BEHAVIOUR AND CUSTOMER SATISFACTION”
(AT AVIVA LIFE INSURANCE CO.)
SUBMITTED TO “ JAMMU UNIVERSITY”
FOR THE PARTIAL FULFILLMENT OF 3 YEAR FULL TIME COURSE
“BACHELORS OF BUSINESS ADMINISTRATION” SUPERVISED BY: SUBMITTED BY: SHOUKAT HUSSAIN NANDEEP KUMAR
1
ACKNOWLEDGEMENT
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.
I express my sincere thanks to my project guide Professor
“ SHOUKAT HUSSAIN” for providing me her valuable time
and fruitful guidance. Lastly but not least , I thank my
2
friends , relatives and near and dear ones for their
wholehearted support in this efforts of mine.
NANDEEP KUMAR
INDEX
S.NO CONTENT
1. Introduction of Project
2. Objectives of Project
3. Company Logo
4. Company’s Profile
4.1 About AVIVA
4.2 History
4.3 Board of Directors
4.4 Management
4.5 Awards Received
3
4.6 What is AVIVA’S Life Insurance
5. ULIP Plans of AVIVA
5.1 Aviva New Young Scholar
5.2 Aviva New Life Saver Plus
5.3 Aviva New Sachin Century Plan
5.4 Aviva New Safe Guard
5.5 Aviva New Life Line
5.6 Aviva Life Bond Plus
5.7 Aviva New Freedom Life Plan
5.8 Aviva New Pension Plus
5.9 Aviva New Pension Elite
6. Research Methodology
6.1 Research Design
6.2 Steps for research methodlogy
6.3 Data Sources
6.4 Data Analysis and Interpretation
6.5 Conclusion
4
6.6 Suggestions and recommendations
7. Annexure
7.1 Questionnaire
7.2 Bibliography
PREFACEMarketing is now regarded as a system of integrated business activities and marketing management plays a vital role in developing strategies, plans and programmes for each typical market activity in order to satisfy consumer as well as firm’s need.
5
Marketing Management assumes unique importance under the widened market concept. Marketing management performs all functions from planning to controlling. When we talk about marketing management it mainly includes plans and decisions relating to product, price, promotion, place and people.
The marketing mix, a combination of submixes, has been discussed by a number of experts. The four submixes of marketing mix, such as the product mix, the price, the place, the promotion, no doubt are found significant even to the banking organizations but in addition to the traditional combinations of recipies, the marketing experts have also been talking about some more mixes for getting the brst result. The “People” as a submix is now found getting a new place in the management of marketing mix. The other submix “Process” gravitates our attention on the way of offering the services. It is much more impact generating that your promises reach to the ultimate users without any distortion.
INTRODUCTION OF
PROJECT:-
6
The project was basically “A survey of customer satisfaction”.
The study was done to the geographical boundaries of Jammu.
PROJECT TITLE:-
“To Study the Customer
Behaviour and Customer
Satisfaction”…
DURATION OF THE PROJECT:
The duration of the project was 8 weeks.
PROCEDURE USED FOR CARRYING
OUT THIS PROJECT:
This project was carried out by on the basis of
questionnaire about various factors related to the company
from its existing customers. A survey was conducted were in I
7
need to go to each & every customer i.e. Door-to-Door, and get
the opinion from the customers about what they feel about
product and services.
OBJECTIVES OF THE
PROJECT:-
8
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.
To find out the problems faced by customer.
Logo:-
9
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 .
10
ABOUT AVIVA
Aviva is UKs largest and the world’s 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.
11
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, Dabur is the country's leading producer of
traditional healthcare products.
In accordance with the government regulations Aviva holds a
26 per cent stake in 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) Aviva’s 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 customer’s long-term savings and insurance needs.
Depending on the life stage and earnings of the customer, the
12
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, Jammu &
Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra
and regional Banks.
History
Aviva can trace its heritage back over 300 years.
13
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:
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.
14
1824 Norwich Union's first overseas agency was opened, in Portugal.
Eventually 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 and e.surv surveying businesses in the UK.
It also acquires HPI Group Holdings Ltd, the UK’s leading
15
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 Aviva 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 Australia’s 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
16
market leading individual and group insurance offers and will
be the largest investment platform provider in Australia.
Board of Directors
Lord Sharman of Redlynch OBE,
Chairman
17
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 &
Co’s Brewery plc (drinks) and AEA Technology plc
(commercial/technology).
Executive directors ;-
18
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 Lloyd’s
(insurance) and formerly held a number of senior management
positions at HSBC plc (banking).
19
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).
20
Mark Hodges,
chief executive, Aviva UK
View Mark Hodges' full biography, recent interviews and
presentations
born September 1965
Appointed to the board in June 2008. Joined Norwich Union in
January 1991 and held a number of senior roles within the
finance function before becoming finance director of Norwich
Union Insurance in 1998 and managing director of Norwich
Union General Insurance in 2005. Appointed chief executive of
Aviva UK, comprising Aviva UK Life (formerly Norwich Union
Life), and Aviva UK General Insurance (formerly Norwich Union
General Insurance) in January 2010.
21
Andrea Moneta,
chief executive, Europe
View Andrea Moneta's full biography
born September 1965
Appointed to the board in September 2009. Joined as chief
executive of Aviva Europe in July 2008. Previously managing
director of Dubai Financial Group (financial services) and
formerly. held a number of senior management positions with
UniCredit (banking) and the European Central Bank (banking).
22
Management Team
Name Designation
TR
Ramachandra
n
Chief Executive Officer & Managing
Director
Abhay
JohoreyChief Operating Officer
Rajeev Arora Director, Finance & Actuarial
Monica
AgrawalDirector, Corporate Initiatives
Mohammad
ShahberAssociate Director, Human Resources
23
Vishal Gupta Director, Marketing
Sumit Behl Director, Business Risk & Internal Audit
Ravi BhadaniCompany Secretary and Associate
Director – Compliance & Legal
Munish
ShardaDirector, Direct Sales Force
Rishi
PiparaiyaDirector, Bancassurance
24
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.
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
25
as per the Grate Place to Work survery in the last four
years.
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.
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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 Insurance 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.
These are the most common Life Insurance types:
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.
27
We recommend you to speak to a local licensed insurance
agent so that you can learn more about Life Insurance. Please
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
28
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 family’s protection in the event of tragedy.
All life insurance professionals agree 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
It’s 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 a life insurance
policy. You need to carefully 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
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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
30
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 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.
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
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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.
How Much Do I Need?
32
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
your 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 less 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 and considerations to determine the amount of life
insurance you will need.
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
33
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 usually 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? Remarry 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 think they will need it and you
will have arrived at your minimum required amount of Life
Insurance. So if you think they will need $50,000.00 a year
for 10 years, you will need at least a $ 500,000.00 policy.
Finally consider the amount of debt that you family 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
34
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 provides 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
35
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.
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
policyholder’s 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:
36
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
yield 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,
37
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.
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
policyholder’s 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.
38
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 agents’
commissions.
Why do insurers
prefer ULIPs?
39
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
policies.
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.
Since ULIPs are devised to mobilise savings, they give
insurance companies an opportunity to get a large chunk of the
asset management business, which has been traditionally
dominated by mutual funds.
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Aviva New Unit Linked Product Portfolio
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“RESEARCH
METHODOLOG
Y”
RESEARCH
METHODOLOGY;-94
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 determine 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 purpose with economy in
procedure. Research designs are of following types;
DESCRIPTIVE
DIAGNOSTIC
EXPERIMENTAL
95
CAUSAL
EXPLORATORY
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 :-
96
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 office agent and other
in Mumbai location. Analysis clearly reflected 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:-
Observation method.
Survey method.
97
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:-
Personal interview.
Telephonic interview.
SAMPLING ;-
Sampling is one of the most fundamental concepts 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 :-
98
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 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 To decide the objective of the study.
99
Step: 2 To frame the research design.
Step: 3 To determine the source of data.
Step: 4 To design data collection form.
Step: 5 To determine sample size and sample design.
Step: 6 To organize and conduct fieldwork.
Step: 7 To process and analyze the collected data.
Step: 8 To prepare the research report.
.
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.
100
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 promotional 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
improvements in the concern.
9. To find out the various policies/services been used
by customers in jammu and udhampur region.
LIMITATIONS
i) Sample size is small and may not be representative of
the universe of study i.e. Jammu and Udhampur city.
ii) Some times no exact data is found as customers
doesn’t provide exact information.
iii) Efforts for the marketing of company products are
less and hence there is less awareness and usage
of most of the “AVIVA” policies.
101
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…
102
1) PERCEPTION ABOUT AVIVA ULIP’S
;-
1.Heading: perception of respondent about AVIVA
ULIP’S Plans
2.Tabulated Presentation:
Excellen Very Good Poor
103
t Good
NO. of
respondent
s
37 63 86 14
3. Diagrammatic representation:
19%
32%42%
7%
Perception about the AVIVA ULIP'S Plans
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.
104
2) INFORMATION OF AVIVA’S
ULIP PLANS :-
1. Heading: Respondent get information of AVIVA
ULIP’S Plans from which sources.
2. Tabulated Presentation:
3. Digrammatic representation :-
105
Friend
s
Family
members
Agents other
s
NO. of
respondent
s
68 42 57 33
33%
29%
21%
17%
Information of AVIVA'S ULIP Plans
FRIENDS
AGENTS
FAMILY FRIENDS
OTHERS
4. Interpretation:
33% the respondents came to know about AVIVA ULIP’s Plans
from friends, 29% from various Agents, 21% from family
members and 17% from other sources.
106
C) INFORMATION OF AVIVA’S
ULIP SERVICES TO
CUSTOMERS:-
1. Heading: AVIVA ULIP’s service to its customers .
2. Tabulation of information:
Excellent Very
good
Good Poor
NO. of
respondents
33 79 65 23
3. Diagrammatic representation:
107
17%
39%32%
12%
AVIVA ULIP'S Services to its Customers
EXCELLENT
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.
D) AVIVA ULIP’S PLANS
BENEFITS SCHEMES TO ITS
CUSTOMERS:-
1. Heading: Whether AVIVA ULIP gives beneficial schemes
to its existing customers .
108
2. Tabulation of information:
Yes No Can’t say
NO. of
respondents
134 48 18
3. Diagrammatic representation:
67%
24%
9%
Beneficial schemes to its customers
YES
NO
CAN'T SAY
109
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.
E) AVIVA ULIP’S CHARGES AND
FEES:-
1. Heading: Resonablity of maintenance charges & fees.
2. Tabulation of information:
Yes No
NO. of 167 33
110
respondents
3. Diagrammatic representation:
Resonablity of maintenance charges & fees
83%
17%
Yes
No
4. Interpretation: 83% of respondents say that the
charges are reasonable and only 17% are not happy with the
service charges.
F) PAYMENT FOR PAYING ULIP
PREMIUM:-
111
1. Heading: Mode of payment for paying premium
2. Tabulation of information:
Draft Cheque Cash
NO. of
respondents
13 187 0
3. Diagrammatic representation:
112
Mode of payment for paying premium
7%
93%
0%
Draft
Cheque
Cash
4. Interpretation: 93% of respondents prefer to pay by
cheque, 7% by draft and non of the respondents prefer cash for
paying premium.
G) AVIVA ULIP’S SATISFACTION
SERVICES TO CUSTOMERS:-
1. Heading: Satisfaction with the service of AVIVA ULIP .
113
2. Tabulation of information:
Yes No
NO. of
respondents
174 26
3. Diagrammatic representation:
87%
13%
Satisfaction Services of AVIVA ULIP'S Plans
YES NO
4. Interpretation:
87% of respondents say that they are satisfied with the
company’s service and only 13% are not happy with the
service.
114
H) PRODUCT’S SURRENDER
VALUE:-
1. Heading: Satisfaction with the product’s surrender
value.
2. Tabulation of information:-
Yes No
NO. of
respondents
153 47
3. Diagrammatic representation:
115
Satisfaction with the product’s surrender value
76%
24%
Yes
No
4. Interpretation:
76% of respondents say that they are satisfied with the
product’s surrender value and only 24% are not happy.
116
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 AVIVAULIP’S
Plans.
2. People don‘t rely upon private insurance sector.
117
3. All products are not attractive to the customers so that
kind of products are very hard to sale.
4. Less number of traditional plans that’s 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;
It is recommended to the concern that it should try to
differentiate their policies and establish exclusive brand
names for them.
118
Company should use more modern information devices to
inform the customer about its products and policies.
Company should use the E- banking concept, to compete in
modern banking environment with the private banks.
It is suggested to increase its branches at different areas to
provide convenience for customers.
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;
And In the end, the concern is suggested to concentrate
more on building relationship; their efforts should be directed
towards ultimate customer satisfaction.
119
ANNEXURE
Questionnaire
1) What do you think about AVIVA ULIP’s Plans?
A)Excellent
B)Very Good
C)Good
D)Poor
2) From where did you got information of AVIVA ULIP’s
Plans ?
A)Friends
B)Family members
120
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
121
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 ULIP’S
Plans ?
A)Yes
B)No
8) Are you satisfied with the product’s surrender
value ?
A)Yes
B)No
9) Whether AVIVA offering additional online
facilities ?
A)Yes
B)No
122
10) Whether AVIVA ULIP Plans offering effective
promotional schemes ?
A)Yes
B)No
11) Any furher suggession to serve you better ?
________________________________________________________________________________________________________________________________________________________________________________________________________________________________
BIBLIOGRAPHY
123
Philip Kotler “Marketing Management”
C.N Sontakki “Marketing Management”
S.A Sherleker “Marketing Management”
Company Magzine
Bank Quest
Newspapers
Websites :- www.Google.com
www.BankersIndia.com
www.aviva.com
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