Executive Summary

The Velocity Group is a SBU (strategic business unit) which was established in India

in 2004 of Support direct India Pvt Limited, which is one of the world’s largest face

to face marketing companies.

The entire research was carried out for the velocity group with Future Generali as its

client.

Future Generali is a 178 year old Italian based MNC trying to penetrate into the

indian market with its new “Future Accident Suraksha” plan and thereby securing

entire liabilities of an individual and his entire family.

The entire research project was carried out in the field of marketing with respect to

marketing of insurance policies for Future Generali by the Velocity group

During the two months training at the velocity group,

The research project was aimed at studying the marketing strategy and customer’s

buying behavior with respect to insurance policies. The marketing strategy adopted

was meeting around 80 customers on a daily basis and giving the presentation to

almost 25 of them. The number used to vary from place to place and people living in

that territory. The main technique was to create awareness about the product amongst

maximum number of people.

1

The Entire Promotional Campaign of the product was devised into three stages.

1. Commercial Campaign- The Researcher used to approach the Shop proprietors with

the plan on the weekdays.

2. Residential Campaign-The End Customers and Working professionals on weekends

were being approached.

3. Corporate Campaign- We used to meet the Big Corporate houses and meet the

concerned proprietor or their HR Executive.

Firstly a structured questionnaire was made to suit the objectives of the study, for

which an intensive study of the “Accidental protection plan” and consumer’s

perception was made with regards to the insurance sector.

It was indeed a challenge to work in this sector because Indians have a Traditional

mentality with respect to Insurance where “No” comes before a “yes”.

The Sample Size taken was 360 customers per week.

Data Collection technique used was Random sampling.

Based on analysis that was done, it was observed that trust in the company played a

very vital role in decision making of the customers.

The new product was very well accepted because of its striking distinguishing

features like income protection and child education support.

2

It was also observed during the study that there was an set mentality amongst many,

wherein LIC was preferred by the masses.

The Results obtained by us were indeed interesting.

In Indian market where people think twice with regards to insurance, velocity group

signing up almost 150 customers every week.

The Findings were on the basis of the survey which will provide the company a strong

base to work with more ease and comfort with the help of interpretations, analysis ,

suggestions , findings and recommendations.

Findings:

The product received a tremendous response in the market due to its

distinguishing features. Price was not such an important factor in making decision

for the consumer because of its affordability. The product was preferred by people

over its largest competitor LIC, despite future generali being a private player. It

clearly showed people were willing to trust the private brands in the Insurance

Sector.

3

INDEX

Chapter No Chapter Page No

1. Introduction 1-3

2. Industry profile 4-8

3. Company Profile 9-19

4. Objectives of Study 20-21

5. Research Methodology 22-25

6. Project work Undertaken 26-30

7. Data Analysis and Interpretation 31-42

8. Suggestions and conclusions 43-45

9. Bibliography 46

10. Appendix 47-50

11. Indices 51-52

4

Introduction

Insurance is a federal subject in India. The insurance sector has gone through a

number of phases and changes. Since 1999, when the government opened up the

insurance sector by allowing private companies to solicit insurance and also allowing

foreign direct investment of up to 26%, the insurance sector has been a booming

market. However, the largest life-insurance company in India is still owned by the

government.

History

Insurance in India has its history dating back until 1818, when Oriental Life Insurance

Company was started by Anita Bhavsar in Kolkata to cater to the needs of European

community. The pre-independence era in India saw discrimination between the lives

of foreigners (English) and Indians with higher premiums being charged for the latter.

In 1870, Bombay Mutual Life Assurance Society became the first Indian insurer.

The product is a need in today’s scenario:

According to an article in Pune mirror Dated Nov.30 2009, pune has been declared as

“Nation’s Accidental Capital” where almost 90% of people meeting accident result in

death.

5

With this as a backdrop it was a joint initiative of future group and Generali to come

up with a product to secure the common man and all his liabilities at a very

economical cost and the result was “Future Accidental Suraksha”

Accident Suraksha

Accidents can happen to anyone anywhere. They come unasked for and leave an

"imprint" on lives for years to come. The Value of Human Life and Sufferings cannot

be measured with money, but with a view to provide some relief to the injured person

or members of his family in the event of an unfortunate accident, we have designed an

insurance cover, known as "Personal Accident Insurance".

Scope of Cover

The plan covers the risks of

Accidental Death

Permanent Total Disablement

Permanent Partial Disability

Temporary Total Disablement

Income protection plan

Child Education support

Family transportation Allowance.

It was indeed a great experience to understand the marketing strategy of Velocity

group about how they go about reaching to a large population and the way the

6

consumer thinks in making decisions with respect to the Insurance sector in the Indian

markets.

The Findings were on the basis of my survey which will provide the company a

strong base to work with more ease and comfort with the help of interpretations,

analysis , suggestions , findings and recommendations.

7

Industry Profile

At the dawn of the twentieth century, many insurance companies were founded. In the

year 1912, the Life Insurance Companies Act and the Provident Fund Act were passed

to regulate the insurance business. The Life Insurance Companies Act, 1912 made it

necessary that the premium-rate tables and periodical valuations of companies should

be certified by an actuary.

However, the disparity still existed as discrimination between Indian and foreign

companies. The oldest existing insurance company in India is the National Insurance

Company Ltd., which was founded in 1906. It is in business. Before that, the industry

consisted of only two state insurers: Life Insurers (Life Insurance Corporation of

India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC

had four subsidiary companies.

With effect from December 2000, these subsidiaries have been de-linked from the

parent company and were set up as independent insurance companies: Oriental

Insurance Company Limited, New India Assurance Company Limited, National

Insurance Company Limited and United India Insurance Company Limited.

8

Industry structure

Currently, a $41 billion industry, India is the world's fifth largest life insurance market

and growing at a rapid pace of 32-34% annually as per Life Insurance Council

studies.

Currently, in India only two million people (0.2 % of the total population of 1 billion)

are cover under Medi-claim, whereas in developed nations like USA about 75 % of

the total population is covered under some insurance scheme. With more and more

private companies in the sector, the situation may change soon.

Specialization

ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is

limited by legislation but enjoy special powers.

Acts

The insurance sector went through a full circle of phases from being unregulated to

completely regulate and then currently being partly deregulated. It is governed by a

number of acts.

The Insurance Act of 1938 was the first legislation governing all forms of insurance to

provide strict state control over insurance business.

Life insurance in India was completely nationalized on January 19, 1956, through the

Life Insurance Corporation Act. All 245 insurance companies operating then in the

country were merged into one entity, the Life Insurance Corporation of India

9

The General Insurance Business Act of 1972 was enacted to nationalize the about 100

general insurance companies then and subsequently merging them into four

companies. All the companies were amalgamated into National Insurance, New India

Assurance, Oriental Insurance and United India Insurance, which were headquartered

in each of the four metropolitan cities.

Until 1999, there were not any private insurance companies in India. The government

then introduced the Insurance Regulatory and Development Authority Act in 1999,

thereby de-regulating the insurance sector and allowing private companies.

Furthermore, foreign investment was also allowed and capped at 26% holding in the

Indian insurance companies.

In 2006, the Actuaries Act was passed by parliament to give the profession statutory

status on par with Chartered Accountants, Notaries, Cost & Works Accountants,

Advocates, Architects and Company Secretaries.

Authorities

The industry recognizes examinations conducted by IAI (for actuaries), III (for

agents, brokers and third-party administrators) and IIISLA (for surveyors and loss

assessors). TAC is the sole data repository for the non-life industry.

IBAI gives voice for brokers while GI Council and LI Council are platforms for

insurers.

AIGIEA, AIIEA, AIIEF, AILICEF, AILIEA, FLICOA, GIEAIA, GIEU and NFIFWI

cater to the employees of the insurers.

In addition, there are a dozen Ombudsman offices to address client grievances.

10

Major Insurance players in the Indian Market

Aviva Life Insurance India

Bajaj Allianz

Birla Sun Life Insurance

HDFC Life Insurance

ICICI Prudential

ING Vysya Life Insurance

Kotak Mahindra Old Mutual

LIC

Max New York Life Insurance

MetLife India Insurance

Reliance Life Insurance

SBI Life Insurance

Shriram Life Insurance

Tata AIG Life Insurance

Agriculture Insurance Co of India

Apollo DKV Insurance

Cholamandalam MS General

HDFC Ergo General Insurance

11

ICICI Lombard General Insurance

IFFCO Tokio General Insurance

National Insurance Company Ltd

New India Assurance

Oriental Insurance Company

Reliance General Insurance

Royal Sundaram Alliance Insurance

Shriram General Insurance Co Ltd

Tata AIG General Insurance

United India Insurance

Universal Sompo

Bharti AXA Life Insurance

Canara HSBC OBC

DLF Pramerica Life Insurance

Future Generali Life Insurance

IDBI Fortis Life Insurance

Religare Life Insurance

Sahara India Life Insurance

Star Union Dai-ichi Life Insurance

12

Company Profile

About Future Generali

Future Generali is a joint venture between the India-based Future Group and the Italy-

based Generali Group.

Future Generali is present in India in both the Life and Non-Life businesses as Future

Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

FUTURE GROUP

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of

India’s leading business houses with multiple businesses spanning across the

consumption space. While retail forms the core business activity of Future Group,

group subsidiaries are present in consumer finance, capital, insurance, leisure and

entertainment, brand development, retail real estate development, retail media and

logistics.

Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million

square feet of retail space in 71 cities and towns and 65 rural locations across India.

Headquartered in Mumbai (Bombay), Pantaloon Retail employs around 30,000 people

and is listed on the Indian stock exchanges. The company follows a multi-format

retail strategy that captures almost the entire consumption basket of Indian customers.

13

In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and

Central, a chain of seamless malls. In the value segment, its marquee brand, Big

Bazaar is a hypermarket format that combines the look, touch and feel of Indian

bazaars with the choice and convenience of modern retail.

The group’s specialty retail formats include sportswear retailer, Planet Sports,

electronics retailer, eZone, home improvement chain, Home Town and rural retail

chain, Aadhaar, among others. It also operates popular shopping portal,

www.futurebazaar.com.

Future Capital Holdings, the group’s financial arm, provides investment advisory to

assets worth over $1 billion that are being invested in consumer brands and

companies, real estate, hotels and logistics. It also operates a consumer finance arm

with branches in 150 locations.

Other group companies include, Future Generali, the group’s insurance venture in

partnership with Italy’s Generali Group, Future Brands, a brand development and IPR

company, Future Logistics, providing logistics and distribution solutions to group

companies and business partners and Future Media, a retail media initiative.

14

The group’s presence in Leisure & Entertainment segment is led through, Mumbai-

based listed company Galaxy Entertainment Limited. Galaxy leading leisure chains,

Sports Bar and Bowling Co. and family entertainment centers, F123. Through its

partner company, Blue Foods the group operates around 100 restaurants and food

courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon,

Copper Chimney and Gelato.

Future Group’s joint venture partners include, US-based stationery products retailers,

Staples and Middle East-based Axiom Communications. Future Group believes in

developing strong insights on Indian consumers and building businesses based on

Indian ideas, as espoused in the group’s core value of ‘Indianness.’ The group’s

corporate credo is, ‘Rewrite rules, Retain values.’

THE GENERALI GROUP

The Generali Group is a leading player in the global insurance and financial markets.

Established in Trieste in 1831, today the Group is one of Europe’s largest insurance

providers and the European biggest Life insurer. It is also one of the world’s top asset

managers with assets totaling more than € 400 billion. With an employed sales force

of more than 100,000 people serving 70 million clients in 68 countries, the Group

occupies a leadership position in Western Europe and an increasingly important place

in Eastern Europe and Asia.

15

The Group strategy aims to consolidate Generali’s pre-eminence on its key markets

and achieve a premier position on markets with high growth potential, establishing its

leadership in profitability.

IDENTITY CARD

Since its establishment, the Generali Group has always held a reputation for its capital

and financial strength. Its solidity derives from prudent investment management and a

focus on achieving a correct match between risk and medium/long-term profitability.

Generali Group is one of the leading insurance groups in Europe, with a 2009 total

premium income of more than € 70 billion

It is present in 68 countries

It has 70 million clients worldwide

It has 85,322 employees (15,956 in Italy)

It has over € 400 billion of assets under management

High rating assigned by the international rating agencies:

A.M. BEST: A+ STABLE

Standard & Poor’s: AA- STABLE

Fitch Ibca: AA- NEGATIVE

Moody’s: Aa3 STABLE

The Generali group being an Italian based firm, wanted to expand its roots in the

Indian scenario and it achieved by having a merger and acquisition with the future

group to have an entry in the Indian market. Future group known for its quality in

marketing segment and the generali group known for the best quality in terms of the

insurance sector merged together to produce one of the best Insurance companies in

16

india and it has been making great strides of progress in the Indian segment and eating

fair share of customers from the largest competitor.

Vision & Values

Vision Statement:

"Pledged to provide financial security to all people & enterprises through total

insurance solutions".

Values:

Respect: for all our stakeholders- employees, customers, for all rules and regulations

both internal and external.

Indianess: We understand India in all its diversity and different facets and will use for

our local understanding to respond to our specific markets, design our products and

craft our processes.

Nimbleness: A combination of speed and quality, and ability to overcome all

obstacles which come in the way of the achievement of our vision.

"Can do”: An attitude which demonstrates our passion, entrepreneurship, and positive

thinking.

Future Group under Mr.Kishore Biyani has made rapid strides of progress in the field

of retail sector and has come up with a large number of outlets and is ever expanding

17

and growing at a rapid pace. Future group firmly believes in giving its best to the

society and all its retail outlets are a prime example of the same fact.

From Big Bazaar to Future generali, future group has come a long way and has almost

45 different and popular brand outlets in the country today providing the best facilities

to the customer in almost all sectors.

Shaping Great Careers

Career management and counseling skills are critical for our people and we make a

significant investment in helping our people to develop these skills. Our career

development program for our trainees has already had a significant impact in

contributing to our success.

Fig.3.1

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About Velocity Group, Pune

The Velocity Group was established in India in 2004 under the dynamic leadership of

Mr.Amit Baid, Oraganisational head, Velocity Group organization.

It is a SBU (strategic business unit) of Support direct India Pvt Limited, which is one

of the world’s largest face to face marketing companies.

Support Direct is renowned in India for excellent customer service and large volume

of sales satisfying both the consumer and the buyer.

The Researcher was working for Velocity group with Future Generali as its client.

Future Generali is a 178 year old Italian based MNC trying to penetrate into the

Indian market with its new “Future Accident Suraksha” plan and thereby securing

entire liabilities of an individual and his entire family.

The main research was carried out by researcher for velocity group wherein the

promotion of the new protection plan was done by meeting customers directly without

any prior appointment.

19

The company had provided a “On spot Registration” form along with the brochure

and the research team used to go out with an initiative to sign up maximum number of

customers on the spot on a daily basis.

Velocity group provided excellent training with respect to the approach and

methodology needed to be adopted to attain our goals.

Velocity Group works on a 5 step formula which makes the task a cakewalk.

This 5 step “Success Mantra” was:

Step 1: Introduction

We used to introduce ourselves to the customer with SEE factor.

S-Smile

E-Proper Eye to Eye Contact

E-Enthusiasm

Step 2: Relation Building

We used to build rappo with the customer by getting into his comfort zone and there

by winning his trust and generating his interest in having conversation with us.

Step 3: Short story

20

The main purpose of this was to create the need of the product. This was done by

making people realize that accidents are a unforeseen phenomenon happening and it

cannot be avoided but its aftereffects can be. With this as an intention a large number

of policies were being sold by future generali. The main purpose was to make people

realize what the product was all about and reach out to a large number of people.

Step 4: Presentation

We used to explain our product ant its features to our customers and what benefit do

they incur from it.

Step 5: Close

We used to sign up the customer on spot and thereby close the deal. Only when

cheque was issued by the customer for the corresponding deal, the deal was said to be

closed.

Velocity group used to work on a system of meeting almost 80 people a day and

thereby also do a word of mouth publicity of the product.

The Results were indeed interesting. In Indian market where people think twice with

regards to insurance, We were signing up almost 150 customers every week .

The product was indeed an amazing one wherein the income, child education and loan

protection of a person is secured at a Nominal cost of Rs. 5 a day, wherein the

company was providing a entire cover of almost 17 lacs for a entire year. It was not

21

just about the amount but also the fact that all liabilities of an individual were being

covered. Right from Income protection of a person to his children education and his

complete loan protection for a complete year would be covered by the company at a

very economical cost.

During survey it was also found that there is a orthodox mentality in the Indian

market with regard to insurance sector and people are willing to put faith in the old

horse LIC. It was indeed a challenging task to make people realize that LIC was an

investment plan and not as protection one. The domination of LIC in the market has

been to such an extent that people are willing to invest only in that company

irrespective of the policy. To educate people regarding this and then signing them up

that to on the spot was a very difficult task.

The aggressive marketing strategy adopted by velocity group was indeed a cost

effective, efficient and result-oriented one. It saved the Advertising cost and conveyed

complete information to people and it gave a personal touch to selling as the

customers were being approached directly by a reputed multi-national at their

doorstep. It was like service is walking to you.

Support Direct is popular in India for excellent customer service and with this as the

backdrop velocity group made rapid strides of progress and achieved large volumes of

sales.

The product was very well designed by underwriters of future generali after doing an

in-depth market research as they went out to people asking what they require. The

product covered all liabilities of person and provided him with security when he

22

needed them the most during the accident period; this indeed was unique selling

preposition of the product that made it stand out compared to others.

The very fact that future generali was awarded by the Economic times as one of the

fastest claim settling companies in this calendar year made it easier for us to approach

the masses with our new product.

The greatest challenge for the research team was the fact to convince customers with

respect to claims settled by the company. Future generali deals in the corporate sector

with companies like Coca-cola, Cap Gemini and Fiat and it was a privilege to work

with a company of this stature.

The only grey area wherein future generali is lacking was to ensure faith in customers

with respect to settling of claims, because amount to be paid was not a big issue but

while settling claim, the amount to be settled was always a issue.

It was also a part of Corporate Social Responsibility of the Future group wherein it

was giving back something to the society from where it has earned millions.

It was a great learning experience to get a brief insight of how the corporate world

works.

23

Objectives of Study

Primary objective:

To study and analyze the consumer buying behavior with respect to Insurance

sector in the Indian Market.

To analyze the Marketing plan adopted by the velocity group with regard to

their new product.

Secondary objective:

To find if the product is satisfying the customer’s needs and requirements as was

found in the marketing research

Analyze how customers react to the new plan in the market .

To estimate the future prospects in the insurance sector.

To find out the range of investment made by the customers in the insurance sector.

To study the aggressive promotion of product and its reach to the large number of

consumers.

24

Scope of the project:

In sixty days project there was an interaction with a variety of respondents and also

visited various shop like retailers, distributors and large corporate houses.

The main objective of the project is “A study of Marketing strategy and factors

influencing consumer buying behavior for future Accident Suraksha of Future

Generali”.It also included a plan to compare the New Accidental protection Plan with

one of our best Competitors in the country.

In today’s market situation, Customers have a wide range of options to choose from.

In India there is a different mindset amongst people when it comes to dealing in

Insurance Sector and LIC seems the most common go to deal.

It was indeed a challenging task undertaken by the Velocity group to promote this

new product of Future Generali wherein the Marketing Strategy adopted by them was

indeed a commendable one.

25

Research Methodology

Methodology used in study

The Research method calls for gathering data. In this project data collected was of

two types:

Primary data

Secondary data

Primary Data

Primary data was collected through questionnaire prepared under the guidance of

Organisational head of Velocity Group Mr.Amit Baid and my project guide

Prof.Rashmi Mahajan. For the primary data collection, the entire end customer target

in kothrud to warje was being targeted.

In Mumbai, andheri region was targeted for the purpose of collecting as it all three

campaigns could be carried out on a wide scale in this region.

The entire campaign was carried out in residential, commercial and corporate sectors

and managers who had a decision making powers were administered a questionnaire.

26

As mentioned, the entire survey was carried out in three different campaigns in

Commercial, residences and large and medium scale corporate houses, with a

intention to target large number of people. The main intention was to cover maximum

population in a minimum time.

The sample size of respondents was as follows:

Table 4.1

Serial No Campaign Type Number of

Customers

(Weekly basis)

Day

1 Commercials 210 Monday-Wednesday

2 Corporate 50 Thursday

3 Residences 100 Friday-Saturday

Total 360

The sample size of the customers was 360 customers on a weekly basis and the

sampling technique adopted was random sampling as the availability of customers

and their willingness to spare time to listen to us was a major factor in deciding the

number of presentations we make.

The presentations made for each customer were around 20 minutes and it was indeed

very frustrating for us if the customer said ‘no’ to the product after completing the

27

presentation. The virtue of maintaining a calm approach was learnt during this

process, because sale or no sale we had to leave customer with a smile.

Secondary data

It includes collection of data through various sources like books, brouchers and

catalogues, different websites, etc.

Research Approach

The research approach used in the project was face-face communication. This is the

approach best suited for gathering descriptive information.

A company that wants to know about people’s knowledge, attitudes, preferences or

buying behavior can often get information by asking those questions directly.

The marketing strategy of the company which was a face-face marketing was closely

evaluated during this process and was found out to be cost-effective and an efficient

one in terms of cost and customer satisfaction.

Research Instrument

The research instrument used to collect the primary data was questionnaire.

The form of questions used in questionnaire was not open ended and direct opinions

of customers were taken into consideration.

Sales promotion opportunities and Limitations:

Sales promotion activities:

28

Increase in sales by visiting more number of customers on a day-day basis,

with focus on increasing sales and customer satisfaction.

A suitable system of five steps was followed by the entire team to achieve

targets.

The main aim was to provide excellent customer satisfaction and reach to

maximum number of people.

On-spot registration techniques were used to maximize number of sales.

Limitations:

There is orthodox mentality in the Indian market with respect to Insurance sector.

Meeting almost hundred people a day was a challenge amidst their hectic schedule

without prior appointment

On-spot registrations were a great challenge because customer in most of the

cases needed time to think and consult others before taking a final decision to

go with the product.

There was no promotion through Advertisements so creating company

awareness and trust worthiness was a great challenge.

Good quality of product proved to a great hurdle because of the large number

of services being provided at a economical cost was indeed a surprise to the

customer

29

Project Work Undertaken

In sixty days project there was an interaction with a variety of respondents and also

visited various shop like retailers, distributors and large corporate houses.

The main objective of the project is “A study of Marketing strategy and factors

influencing consumer buying behavior for future Accident Suraksha of Future

Generali”.It also included a plan to compare the New Accidental protection Plan with

one of our best Competitors in the country.

In today’s market situation, Customers have a wide range of options to choose from.

In India there is a different mindset amongst people when it comes to dealing in

Insurance Sector and LIC seems the most common go to deal.

It was indeed a challenging task undertaken by the Velocity group to promote this

new product of Future Generali wherein the Marketing Strategy adopted by them was

indeed a commendable one.

30

The Marketing Strategy Included targeting Pune and Mumbai which were precisely

the areas selected as the target market. Velocity group had 18 researchers going out

everyday and each one of them used to meet more than 80 customers on a daily basis

and give the complete presentation about the company’s product to more than 25

people and sign up at least three customers on a daily basis.

In a week on average velocity group ended up signing up more than 150 customers.

The marketing strategy adopted by Velocity group was a face to face marketing and it

was one of the most cost-effective and efficient ways of Marketing as customer could

get all his queries sorted out on the spot and it was this very reason that prompted

them to register with us without any delay.

The respondents were from varied background and the most important part was that

all were our potential customers because this product was targeted at the common

masses and literally anyone could afford this one.

Data Collection Method:

The data was collected from respondents from Commercials, residences and Working

professionals with the help of different methods:

Personal Interview

Questionnaire Method

Schedule of Project:

31

During the initial period of the first week training was imparted about company

profile and product knowledge from the company. The company had launched a new

accidental protection plan in the market and we had to conduct the survey of how

consumer reacted to this new product which was prepared by the underwriters of the

company after doing a detailed market research of the product.

Support Direct is a company renowned for aggressive marketing and during the stay

with the company one could learn all the Seven P’s of marketing and how they are

implemented in the corporate world. The marketing strategy adopted by the company

at the start looked quite challenging but as the time progressed it was really interesting

to know that this was the most effective and indeed an efficient way to reach the

customer by providing him with all the required information and minimizing the

advertising cost. This was also a result oriented technique because all the queries

which a customer had in his mind were solved through this method and if he was

really interested in the product he used to sign up on spot with us.

This strategy was indeed an effective one and it used to attract a lot of customers

because customers were really satisfied with the product and the most important part

was that service was reaching out to you without any cost

Then after Questionnaire was prepared keeping in mind the objective of study in

consultation with the company and my project guide. In the next 45 days, the time

was utilized for visiting the respondents to collect different ideas and study the factors

that influence consumer’s decision making ability especially when it comes to

32

deciding on spot schemes. The last 5 days data was analyzed that was collected using

different statistical tools and synchronized conclusion and suggestions.

During the project it was also a fortunate opportunity to work with the Vice-President

of the group Mr.Sai Prakash, who was humble enough to work with us on field in

Mumbai and it was indeed a great learning experience and a knowledgeable trip to

work with the person who initiated the company from its inception to where it has

established itself today.

It was also found that consumer’s perception about this particular product varied from

pune region as compared to Mumbai. People in Mumbai were more willing to accept

the new product without a second thought and were willing to register with us for 5

units but people in pune were more conservative and were playing it safe by first

going down and registering with us only for one unit and once the company had

established itself firmly in the market would then think of going ahead and enhancing

the plan for larger number of units.

It clearly showed how the consumer’s behavior with respect to the same product

changes from one location to another. Also people in Mumbai were more interested in

what we could provide them and wanted our pitch to be short and simple, they were

also willing to experiment and prefer this product over LIC in most of the cases.

The greatest motivation with regards to the project was there was something new to

learn on a daily basis by meeting respondents from varied backgrounds and the most

exciting thing was that my profile kept changing from time to time wherein initially

33

training was given to me and then in the later stages, was actively involved in training

people.

At every stage there was something new to learn and it was indeed a great opportunity

for me to get an insight into the corporate life and how an organization runs.

Analysis and Interpretation:

On the basis of data collected from the respondents an analysis of the given data was

done and then it was interpreted in the most simplified manner. The analyzed data is

presented with the help of statistical tools through bar graphs and charts.

Suggestions and Conclusion:

The data was interpreted to understand the findings of the study on the basis of which

suggestion in accordance with the objective of the research were proposed and certain

conclusions were obtained.

34

1. Accidental Protection plan- The “opinion poll”.

Table No: 8.1

Parameter Number of Respondents Opinion

Excellent 76 21%

Good 119 33%

Average 93 26%

Poor 72 20%

Chart No 8.1

35

21%

33%

26%

20%

Excellent

Good

Average

Poor

Interpretation:

The product was very well accepted by the common masses and it proved to be a

break through in the field of insurance

2. Preferential Rating of parameters.

Table No: 8.2

Parameter Number of

Respondents

Rating

Income Protection 72 9

Child Education Support 61 8

Death benefit 45 6

Loan protection 54 8

Family Transportation

Allowance

46 6

Funeral Expenses. 48 7

Total Disablement Benefit. 33 5

36

Chart No: 8.2

9

8

68

6

7

5

Income P r otection

Chi ld E ducation Suppor t

Death benefi t

Loan pr otection

Family T r anspor tation

Al lowance

Funer al E xpenses.

T otal Disablement Benefi t.

Interpretation:

Income protection and Child Education Support were the two most important

parameters that attracted people towards this plan as they covered all the liabilities of

an Individual.

3. Rating the Accidental Protection plan.

Table No: 8.3

37

Chart No: 8.3

86

10175

36

61

9

8

5

3

Others

Interpretation:

The product was indeed widely expected and rated highly by the majority of the

respondents as it was prepared by the underwriters taking the consumer’s basic needs

into consideration

4. Future Generali- Market Status

Table No: 8.4

Market Status Number of RespondentsPercentage wise

Distribution

Reliable 100 28%

Trustworthy 76 21%

Not Dependable 90 25%

Never Heard of 94 26%

Chart No: 8.4

38

28%

21%

25% 26%

0%

5%

10%

15%

20%

25%

30%

Reliable Trustworthy Not Dependable Never Heard of

Series1

Interpretation:

Despite being in the India market for over a period of just 4 years, future generali has

firmly established itself amongst the masses.

5. Consumer preference over LIC

Table No: 8.5

Preference Number of RespondentsPercentage wise

Distribution

Yes 263 73%

No 97 27%

Chart No: 8.5

39

Interpretation:

The product was preferred by people over its largest competitor LIC, despite future

generali being a private player. It clearly showed people were willing to trust the

private brands in the Insurance Sector

6. Yearly premium paid out on your LIC (yearly basis)

Table No: 8.6

Chart No: 8.6

73%

27%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Yes No

Annual premiumNumber of

RespondentsPercentage wise

Distribution

<10000 83 23%

10000-50000 122 34%

50000> 83 23%

None of the Above 72 20%

40

Interpretation:

The orthodox mentality of people with regards to Insurance made them Invest a lot in

LIC, as it was an investment plan and not a protection one.

7. Let’s make it a Family protection plan.

Table No: 8.7

Response Number of RespondentsPercentage wise

Distribution

Yes 295 82%

No 65 18%

23%

34%

23%20%

0%

5%

10%

15%

20%

25%

30%

35%

40%

<10000

10000-50000

50000>

None of the Above

41

Chart No: 8.7

82%

18%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Yes No

Series1

Interpretation:

Those who liked the plan were very much willing to extend the plan for the entire

family considering its distinguishing features and Versatility.

8. Medi-claim Insurance of Respondents

Insurance Company Number of Respondents

Percentage wise Distribution

ICICI 83 23%

Max New York 43 12%

HDFC 54 15%

Others 86 24%

Do not Have 94 26%

Table No: 8.8

42

Chart No: 8.8

23%

12%

15%

24%

26%

0% 5% 10% 15% 20% 25% 30%

ICICI

Max New York

HDFC

Others

Do not Have

Series1

Interpretation:

All players have a fair share in terms of its customer base and almost

One-fourth of population have no idea about Insurance.

9. Gross Annual Income of the Respondents

Table No: 8.9

Gross Annual Income Number of Respondents

Percentage wise

Distribution

<1.2 lacs 83 23%

2.0-3.0 lacs 115 32%

3.0-4.0 lacs 54 15%

>4.0 lacs 108 30%

Chart No: 8.9

43

23%

32%15%

30%

<1.2 lacs

2.0-3.0 lacs

3.0-4.0 lacs

>4.0 lacs

Interpretation:

People with all income brackets were targeted during the survey as it helped us in

deciding the number of units we could sign them up for.

10. Target market (age group) for the Accidental protection plan.

Table No: 8.10

Target MarketNumber of

RespondentsPercentage wise

Distribution

18-35 166 46%

35-55 119 33%

55-75 75 21%

44

Chart No: 8.10

46%

33%

21%

18-35

35-55

55-75

Interpretation:

The youth seemed to be the most appropriate target market to promote the plan

because they are always on the move.

11. Register with us on-spot for this plan for a safe and secure life.

Table No: 8.11

On-spot RegistrationNumber of

Respondents Percentage wise Distribution

Yes137

38%

No223

62%

Chart No: 8.11

45

38%

62%

0%

10%

20%

30%

40%

50%

60%

70%

Yes No

Series1

Interpretation:

A large population was willing to register on spot which speaks about the changing

trends in Insurance sector and the faith people have in company.

Findings:

The product received a tremendous response in the market due to its

distinguishing features.

Price was not such an important factor in making decision for the consumer

because of its affordability.

The product was preferred by people over its largest competitor LIC, despite

future generali being a private player. It clearly showed people were willing to

trust the private brands in the Insurance Sector.

Income protection and Child Education Support were the two most Important

parameters that attracted people towards this plan.

46

The youth seemed to be the most appropriate target market to promote the

plan because they are always on the move.

Many were willing to register on spot for this plan, which clearly shows about

the changing trends in the insurance sector.

Those who liked the plan were very much willing to extend the plan for the

entire family.

Suggestions & Conclusion

During Every survey there are some positive and negative aspects which are

highlighted. Now these highlighted points are discussed and certain inferences are

drawn from it. In case of such discussions people related or facing problems gives

some tips or solutions to problems faced by them from their point of view. The

solutions are nothing but recommendations or suggestions obtained from the survey.

47

The suggestions also are very important as they are the outcome of survey and

cooperation of helpful people.

So in every survey suggestion plays a major part as on that suggestion the quality of

survey or project can be concluded.

The most effective recommendations or suggestions together make the conclusion.

Suggestions based on the researcher’s Observations:

The plan must be promoted in market also through other means like advertisement

and other promotional tools to create a awareness amongst the common masses about

the product and company

Provide more flexible schemes to the corporate sectors as their purchase is in

bulk for large number of customers.

Company must be a bit flexible with respect to their “On-Spot” Registration

and must give sufficient space and time for customer to think about the plan.

Motivate the employees to treat the customer in the best possible manner

irrespective of the sale of the product.

Maintain a more effective feedback network and thereby improve customer

satisfaction levels with respect to after sales service.

Provide Various Training sessions in maintaining a positive attitude and improving

various aspects of body language to improve the confidence of individual and thereby

increasing the sales.

48

It was a challenging task to make people understand about the Accidental protection

plan as it was a protection plan and not a investment one as compared to LIC.

Conclusion:

The plan was very well received and appreciated by people who understood the plan

and went on to register on spot with us.

The sample size was quite large in number, but it equally gave a wide target

market to increase our sales.

The plan is a breakthrough in the field of insurance as it secures the entire

liabilities of an individual at a very nominal cost (Rs 5/- day).

The plan was prepared by the underwriters of future generali keeping in mind

to secure the common man’s need and cover his liabilities in case of any

accident and it was very well accepted and received in the Indian market.

The company must lay emphasis on tapping the corporate sector to a larger

extent to increase the customer base which will boost up their sales

From all the information gathered, problems discussed, suggestion considered it can

be said there are a lot of pros and cons that go into making of a successful marketing

strategy and understand the consumer buying behavior and velocity group is making

progress on the right strides towards achieving their targets,

49

Bibliography

Books Referred:

Kothari,C.R: Research Methodology, Wiley Easter Limited, New Delhi, 1986

Ramaswamy and Namakumari: Marketing Management

Schiffman and Kaunk: Consumer Behaviour

50

Websites:

1.www.velocity-group.org

2.www.futuregenerali.in

3.www.google.com

4.www.cobragroup.com

Questionnaire

“Future Accident Suraksha”

Personal Details

Name: Gender:

Age: Mobile No.

1. Describe the “Accidental Protection plan” in one word?

Excellent

Good

Average

51

Poor

2. Rate the following parameters on the scale of 1 to 10 in order of your preference. (1

being the most important and 10 being the least important)

Parameters Ratings

Income Protection

Child Education Support

Death benefit

Loan protection

Family Transportation Allowance

Funeral Expenses.

Total Disablement Benefit.

3. How would you rate the product on a scale of 1-10? (10 being the best and 1 being

the worst)

4. What is your opinion about Future Generali?

Reliable

Trustworthy

Not dependable

Never heard about it

52

5. Will you prefer this product over LIC?

Yes

No

6. What is the yearly premium you are paying out on your LIC (yearly basis)?

<10000

i0000-50000

>50000

7. Do you want to extend the protection plan for your entire family?

Yes

No

8. Do you have a medi-claim of some company? If yes, which one?

ICICI

Max New York life

Others(please specify)______________

9. What is your Gross Annual Income?

53

<1.2 lacs

1.2-2.0 lacs

2.0-3.0 lacs

>3.0lacs

10. What is the appropriate age of people to whom we can recommend this product

to?

18-35

35-55

55-70

11. Would you like to go-Ahead and register with us on-spot for this plan?

Yes

No

12. Would you like to refer any of your relatives or friends for this plan?

Kindly give their details.

Name:

54

Mobile No:

Relationship with him/her: ____________

Table of Indexes:

List of Tables:

SL.No Table No. Page No.

1 4.1 22

2 8.1 29

3 8.2 30

4 8.3 31

5 8.4 32

55

6 8.5 33

7 8.6 34

8 8.7 35

9 8.8 36

10 8.9 37

11 8.10 38

12 8.11 39

List of Charts and Figures:

SL.No Charts and Figures Page No.

1 3.1 14

2 8.1 29

3 8.2 30

4 8.3 31

5 8.4 32

6 8.5 33

56

7 8.6 34

8 8.7 35

9 8.8 36

10 8.9 37

11 8.10 38

12 8.11 39

57