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8/8/2019 Mahindra Catch22 Proposal
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A g e n d aA g e n d a
B u s i n
e s s C o n
t e x t
L i t e r a t u r e
R e v i e w
iness &
eting Objective
R e s e a r c h O b j e c t i v e
M et h
o d olo g
y R e s e a r c h D e
s i g n
Hypot
hese
s
mplementation Schedule
e y D e l i v e r ab l e s
M a n a g e r i a l
I m p l i c a t i o n s
8/8/2019 Mahindra Catch22 Proposal
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Business ContextBusiness Context
• 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
–acro Dynamics Insurance Industry
R e
t a
i l
C o
m m
e r
ci
a l
Life General
•IndustrialIndustrial• Group CoverGroup Cover•LiabilityLiability
• Group TermGroup Term• Group EDLIGroup EDLI• Group gratuityGroup gratuity•SuperannuationSuperannuation
• Motor PolicyMotor Policy• Mediclaim Mediclaim• Overseas OverseasTravelTravel•AccidentAccident• House holdersHouse holders
• Loan SurakshaLoan Suraksha• Endowment planEndowment plan• ’Children s plan’Children s plan• Retirement PlanRetirement Plan
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Literature ReviewLiterature Review
n s u r a n c e M a r k e tn s u r a n c e M a r k e t
Touch point with the ultimate consumer
:ness:ness ,Create difference in terms of the quality of advice for choice of product servicing of policy
m and do intelligent comparisons with the competitor's products.attract the elite in the urban arena They represent the customer and sell the products of more than
(
&ociety and a belief that an older person knows better Retired people from Banks FIs are ideal to s
, (is makes a difference especially for the female population Nurses and Gram Sevikas can be effectivel
(
/d for new Insurance products to manage global exposure of Indian companies Rise of Indian IT ITes
.ased in rural areas are attracted into the rural sector cooperatives arena They provide avenues on h
&rokers Agents arket Features Trends
Distribution
Key KeyFindingsFindings
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arketing Objectives
usiness Objective
• 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
• 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 urbanmarket
• To increase reach of Mahindra Insurance through Mahindra.,Insurance Brokers Ltd with concentration on rural
markets
esearch Objectives
• , ( - )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?
• To Assess consumer behavior related to health insurance products
• -To find out the existing need gaps with respect to healthinsurance
• To identify the perceptions and preferences of consumers( )towards Mahindra Finance insurance in rural and urban
areas
Objectives
8/8/2019 Mahindra Catch22 Proposal
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vInsurance for facing calamity & to tackle moments of necessity
v &Unaware of tax savings benefits from Insurance productsv &Agents brokers are not trusted - Events of thievery
v &No 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
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
v Private companies in Health insurance are considered less risky compared to the private companies in Life Insurance
v –Mahindra Brand reminds them of the Kotak Mahindra Bank and MahindraFinance
vRequire Assurance of easy redemption of investment in Insurance
RURALURAL
URBANRBAN
-
Primary Research Key-Primary Research KeyInsightsInsights
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Research Research Objective 1Objective 1
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Research Objective 2 Research Objective 2
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Research Research Objective 3Objective 3
’Fishbein s Buyer Behavior Model
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Research Research Objective 4Objective 4
Mahindra Health Insurance
Current Product Association
Industry Standards
NEED GAP
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Research Research Objective 5Objective 5
Determine the Best Product Altern
Conjoint cards
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HypothesesHypothesesRural ConsumersRural Consumers
Consumers prefer buying Government Issued Insurance Policies than those issued by Private
in purchase motive for rural consumers to buy Insurance Products is to prepare for any em
are more preferred than Agents or Brokers by rural consumers to purchase insurance produc
ion in premium amount incentivizes the rural consumer to enroll in any insurance scheme
Consumers are not aware of all the different insurance schemes available
f mouth plays a major influencing factor in choosing an agent
nce products are purchased for a whole family rather than for an individual
ra is perceived as a vehicle finance provider than a health insurance provider
ous sentiments play a role while taking insurance
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Urban ConsumersUrban Consumers
.prefer insurance products for investment
products are more often bought by corporate companies than by individuals
prefer buying Government Issued Insurance Policies than those issued by Private Companie
rance products is more of a family decision than an individual decision
are of the difference between an agent and a broker
nding is single most important factor in the determining the sales of a particular healt
y a major role in choosing insurance products over other investment options
n is an important factor while choosing an insurance product
take time to analyze the long term benefits of an insurance product
pected to provide more customized quality service than agents
HypothesesHypotheses
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MethodologyMethodology
he Proposal?? – ,terviews in different locations with TG Banks Offices– -nterviews in semi urban Location Madiyava
Future Research Methodology
-ow are we going to do for Index 2010??ü : +Target Group 22 Yearsü ( )Respondents R would be identified based on
)a Life Stage of Respondentb)
a)
b)
)b SEC of Respondent
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Phase IPhase I
Phase IIPhase II
Regions to be covered during Data Collection
Rural Research Methodology
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DaliganjMadiyonSaaypurKamlabad
Barhauli Takia
Mohibilapur Bakshi Ka TalabChattameel
Following are the villages which would be covered
:under the Rural market research
will be on
zing the rural consumer markets and insurance purchase behavior standing Preferences and attitudes towards health insurance and different market players
of Opinion Leaders in Rural Market while buying insurance through intermediaries,ze consumer buying behavior influenced by the cultural personal and psychological factor
ifying the communication media for selling insurance in the rural market
…….e will meet•Common People
•Health Workers•Teachers•Panchayat MembersAt•STD Booths•Tea Stalls•Schools
•Chaupals
Rural Research Methodology
MubarakpurSikhroli
Andhey Ki Chowki Kallan Kheda
Dasheri
SahdpurDubagga
Hardoi RoadDurgaganjBarabankiSartharaMadarpur
GrambhariMohanKakori
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Workflow
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Practical ImplicationsPractical Implicationsü Market research findings can be refined to define short and long term Market research findings can be refined to define short and long term
/business market opportunities and threats and equally offer a wide/business market opportunities and threats and equally offer a wide picture of market environment situation picture of market environment situationüü Use insights about brokers and other intermediaries and accordingly Use insights about brokers and other intermediaries and accordingly
develop programs in Mahindra Insurance Brokers Ltd to increase develop programs in Mahindra Insurance Brokers Ltd to increaserevenuerevenue
ü
ü ’Effectively market Mahindra s Health Insurance Products through’Effectively market Mahindra s Health Insurance Products through Mahindra Insurance Brokers Ltd to increase rural and urban Mahindra Insurance Brokers Ltd to increase rural and urban
penetrationpenetrationüü Provide customized solutions to suit the needs of the urban and rural Provide customized solutions to suit the needs of the urban and rural
customers after analyzing the need gap customers after analyzing the need gapüü Create the trust factor about private insurance companies amongst Create the trust factor about private insurance companies amongst
rural customersrural customersüü Leverage the Mahindra brand name in rural areas to sell Insurance Leverage the Mahindra brand name in rural areas to sell Insurance
productsproductsü
ü Offer Insurance Product Bundles along with vehicle finance solutions
Offer Insurance Product Bundles along with vehicle finance solutions
for more acceptance of Mahindra Insurance products as well as other for more acceptance of Mahindra Insurance products as well as other
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Appendix
• Sampling Plan – Target Population
–
–
–
– 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 economicclasses , 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) =
Element Sampling Unit Extent
People with Age greater than 22 years Households/Colleges/Institutions Lucknow
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Stage Type Distribution Size22-28yrs
28-35yrs
35-50yrs
50+yrsPretest R1 2 2 2 2 8
R2 3 3 3 3 12Actual
Sample
R1 28 27 28 27 110R2 28 27 28 27 110
Stage Type Distribution Size
22-28yrs
28-35yrs
35-50yrs
50+yrsPretest SEC
A5 5 5 5 20
SECB
5 5 5 5 20SECC
5 5 5 5 20IndexFair
SECA
22 23 22 23 90SECB
23 22 23 22 90SEC
C
22 23 23 23 90
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Team Profile
Te a m Le a d
A n a lyzer
Pre se n ta tio n G u ru
Im p le m e n te r
Fin G u ru s
D ra m a tists
Ju n io rs
High Exposure to Insurance Industry
Armed with Marketing in Rural Specifi
Insurance Industry Insightful
&Marketing FMCG Exposed
&Potential Economists Bankers
Rural relationship skilled
–Power packed crowd Opportunity Thirs