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s and requirements

Developing service and/or product standards based on your findings


Examining trends over time in order to take action on a timely basis
Establishing priorities and standards to judge how well you've met these
goals

Before an appropriate customer satisfaction surveying program can be designed,


the following basic questions must be clearly answered:
How will the information we gather be used?
How will this information allow us to take action inside the organization?
How should we use this information to keep our customers and find new
ones?

Careful consideration must be given to what the organization hopes to accomplish,


how the results will be disseminated to various parts of the organization and how
the information will be used. There is no point asking customers about a particular
service or product if it won't or can't be changed regardless of the feedback.
Conducting a customer satisfaction surveying program is a burden on the
organization and its customers in terms of time and resources. There is no point in
engaging in this work unless it has been thoughtfully designed so that only relevant
and important information is gathered. This information must allow the
organization to take direct action. Nothing is more frustrating than having
information that indicates a problem exists but fails to isolate the specific cause.
Having the purchasing department of a manufacturing firm rate the sales and
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service it received on its last order on a scale of 1 (terrible) to 7 (magnificent)


would yield little about how to improve sales and service to the manufacturer.
The lesson is twofold. First, general questions are often not that helpful in
customer satisfaction measurement, at least not without many other more specific
questions attached. Second, the design of an excellent customer satisfaction
surveying program is more difficult than it might first appear. It requires more than
just writing a few questions, designing a questionnaire, calling or mailing some
customers, and then tallying the results.

Understanding differing customer attitudes


The most basic objective of a customer satisfaction surveying program is to
generate valid and consistent customer feedback (i.e., to receive the voice of the
customer, which can then be used to initiate strategies that will retain customers
and thus protect the most valuable corporate asset--loyal customers).
As it's determined what needs to be measured and how the data relate to loyalty
and repurchase, it becomes important to examine the mind-set of customers the
instant they are required to make a pre-purchase (or repurchase) decision or a
recommendation decision. Surveying these decisions leads to measures of
customer loyalty. In general, the customer's pre-purchase mind-set will fall into one
of three categories--rejection (will avoid purchasing if at all possible), acceptance
(satisfied, but will shop for a better deal), and/or preference (delighted and may
even purchase at a higher price).
This highly subjective system that customers themselves apply to their decisions is
based primarily on input from two sources:
The customers' own experiences--each time they experience a product or
service, deciding whether that experience is great, neutral or terrible. These
are known as "moments of truth."
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The experiences of other customers--each time they hear something about a


company, whether it's great, neutral or terrible. This is known as "word-ofmouth."
There is obviously a strong connection between these two inputs. An exceptional
experience leads to strong word-of-mouth recommendations. Strong
recommendations influence the experience of the customer, and many successful
companies have capitalized on that link.
Obviously, the goal of every company should be to develop customers with a
preference attitude (i.e., we all want the coveted preferred vendor status such that
the customer, when given a choice, will choose our company), but it takes
continuous customer experience management, which means customer satisfaction
measurement, to get there--and even more effort to stay there.

About Reliance Life insurance Company


Reliance Life Insurance Company Limited (Reliance Life Insurance) is a part
of Reliance Capital Ltd. of the Reliance Anil Dhirubhai Ambani Group. Reliance
Capital is one of Indias leading private sector financial services companies, and
ranks among the top 3 private sector financial services and banking companies, in
terms of net worth.
Nippon Life Insurance Company acquired 26% interest in equity share capital of
the Company effective October 7, 2011 subsequent to receipt of all regulatory
approval.
Nippon Life Insurance, also called Nissay, is Japan's largest private life insurer
with revenues of Rs 346,834 crore (US$ 80 Billion) and profits of over Rs 12,199
crore (US$ 3 billion). The Company has over 14 million policies in Japan, offers a
wide range of products, including individual and group life and annuity policies
through various distribution channels and mainly uses face-to-face sales channel
for its traditional insurance products. The company primarily operated in Japan ,
North America, Europe and Asia and is headquartered in Osaka, Japan. It is ranked
81st in Global Fortune 500 firms in 2011.
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Established in 2001, Reliance Life insurance Company is a private insurance


company; subsidiary of reliance capital ltd. Reliance life insurance is based in
Mumbai and only the second company among private insurer to have 9001:2000
ISO certification.
Reliance Life Insurance offers you products that fulfill your savings and protection
needs. Our aim is to emerge as a transnational Life Insurer of global scale and
standard.
Reliance Life Insurance is a Reliance Capital Company and is part of Reliance
Group. Reliance Capital is one of Indias leading private sector financial services
companies, and ranks among the top 3 private sector financial services and banking
companies, in terms of net worth. Reliance Capital has interests in asset
management and mutual funds, stock broking, life and general insurance,
proprietary investments, private equity and other activities in financial services.

Reliance Group also has presence in Communications, Energy, Natural


Resources, Media, Entertainment, Healthcare and Infrastructure.
Reliance Life Insurance has plenty of plans on the anvil. It has also 118 branches,
with strong presence in South and a bouquet of products catering savings
protection and investment need of individuals and corporate. The head-office of it
is at Chennai. The company has already added 600 employees in addition to the
1000 plus staff of the erstwhile AMP Sanmar Life Insurance Company Limited.
Reliance Life Insurance aims to be the consumers preferred life insurer by
understanding and meeting his needs. Think Bigger, Think Better!

Distribution Network/ Branches:


Reliance life insurance has a strong distribution system with around 1250 branches
with 2, 00,000 advisors.

Financial information
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The total premium earned for the half year ended September 30, 2010 was Rs
27,862 million. The profit after tax for the same period is Rs. 1634 million. A total
of 4968 claims were made during the period out of which 3635 claims were settled
and 374 cases were rejected.

Mission and visions


Mission
Create unmatched value for everyone through dependable, effective, transparent
and profitable life insurance and pension plan.
Vision
Empowering everyone live their Dreams.

Our Goal
Reliance life insurance would strive hard to achieve three goals mentioned below:
Emerge as transnational Life insurer of global scale standard.
Create best value for customers, shareholders and all stake holders.
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Achieve impeccable reputation and credentials through best business


practices.

Key features of the life insurance


1) Nomination:
When one makes a nomination, as the policyholder you continue to be the owner
of the policy and the nominee does not have any right under the policy so long as
you are alive. The nominee has only the right to receive the policy monies in case
of your death within the term of the policy.
2) Assignment:
If your intention is that your policy monies should go only to a particular person,
you need to assign the policy in favor of that person.
3) Death Benefit:
The primary feature of a life insurance policy is the death benefit it provides.
Permanent policies provide a death benefit that is guaranteed for the life of the
insured, provided the premiums have been paid and the policy has not been
surrendered.
4) Cash Value:
The cash value of a permanent life insurance policy is accumulated throughout the
life of the policy. It equals the amount a policy owner would receive, after any
applicable surrender charges, if the policy were surrendered before the insured's
death.
5) Dividends:
Many life insurance companies issue life insurance policies that entitle the policy
owner to share in the company's divisible surplus.
6) Paid-Up Additions:
Dividends paid to a policy owner of a participating policy can be used innumerous
ways, one of which is toward the purchase of additional coverage, called paid-up
additions.
7) Policy Loans:
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Some life insurance policies allow a policy owner to apply for a loan against the
value of their policy. Either a fixed or variable rate of interest is charged. This
feature allows the policy owner an easily accessible loan in times of need or
opportunity.
8) Conversion from Term to Permanent:
When in need of temporary protection, individuals often purchase term life
insurance. If one owns a term policy, sometimes a provision is available that will
allow her to convert her policy to a permanent one without providing additional
proof of insurability.

Benefits of Life Insurance


1) Risk cover:
Life Insurance contracts allow an individual to have a risk cover against any
unfortunate event of the future.
2) Tax Deduction:
Under section 80C of the Income Tax Act of 1961 one can get tax deduction on
premiums up to one lakh rupees. Life Insurance policies thus decrease the total
taxable income of an individual.
3) Loans:
An individual can easily access loans from different financial institutions
by pledging his insurance policies.
4) Retirement Planning:
What had provided protection against the financial consequences of premature
death may now be used to help them enjoy their retirement years. Moreover the
cash value can be used as an additional income in the old age.
5) Educational Needs:
Similar to retirement planning the cash values that flow from ones life insurance
schemes can be utilized for educational needs of the insurer or his children.

Product Portfolio:
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Life insurance products are designed to suit the requirements of customers.


Fundamentally the product provide for:
Risk cover
Investment
Health cover

In every product, to a certain degree, risk cover is imperative for it to fall under the
category of insurance. Based on the coverage of the product, the premiums are
calculated and the customer pays accordingly. In order to suggest the right product,
it is essential for an agent to understand the requirements of the customer well.
Reliance Life Insurance Company Limited has offered 9traditional plans to the
customers, which are listed as follows:
1.
2.
3.
4.
5.
6.
7.
8.

Reliance Term Plan


Reliance Whole Life Plan
Reliance Child Plan
Reliance Endowment Plan
Reliance Special Endowment Plan
Reliance Cash Flow Plan
Reliance Credit Guardian Plan
Reliance Special Credit Guardian Plan.
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Each of the above traditional plans is discussed as follows:


Reliance Term plan: This insurance policy is designed for those who only
want life cover for the protection of their family, and do not wish to save for
themselves. It can also be useful to business firms that wish to provide financial
security to their business against the sudden loss of partners or valuable
manpower. Since there is no saving element or bonus provision, the premium is
very low. Hence, high risks plans with a low premium.
Reliance Whole Life Plan: This insurance policy is designed for people who
do not wish to avail any of benefits themselves but wish to create an immediate
estate to protect their family by availing of insurance cover on their life at a
very low cost.
Reliance Child Plan: This insurance policy is designed for people who wish to
save money for a future time when there will be a recurring need for substantial
amounts of money. This is especially true when it comes to paying large sums
of money for higher education as and when your son or daughter is studying to
become an Engineer, a Doctor or specialize in some other field, or is
perhaps planning to go abroad. This money is payable in equal installments
over the last 4 years of the policy term.
Reliance Endowment Plan: Reliance Life Insurances Reliance Endowment
Plan is the key to all your financial needs. It is an inexpensive and easy way to
protect you, your family or your business. In a nutshell this plan will keep you
financially prepared for all the special occasions in your life - your daughters
wedding, your childs university education or even a new office for your
business - by eliminating the burden that a shortage of money creates. In the
event of your untimely death, Reliance Endowment Plan will also assist your
loved ones through this difficult time by the financial support that it provides.
Reliance Endowment Plan also gives you the additional benefit of participating
in the companys profits, which you will receive at the end of the policy period.
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Reliance Cash Flow Plan: This insurance policy is designed for those who
have a recurring need for reinvestment in business or look for short-term
investment channels. The advantage of the policy is that they need not part with
a sizable amount of money at any one time, but create, through regular premium
payments, a periodic return of lump sums which become available for
reinvestment a the higher returns, while providing simultaneously, substantial
life cover. Alternatively, it can be used to meet any immediate financial crisis in
the family like your son's college admission, your daughter's engagement, and
renovation of your home or perhaps, a holiday abroad. The money is payable in
installments. The first installment is paid at the end of the 4th year and
thereafter at the end of every 3rd year.
Reliance Credit Guardian Plan: This insurance policy is designed for those
who not only safeguards individuals but also families and businesses from the
financial hardship that could arise from unfortunate and unexpected death.
Reliance Special Credit Guardian Plan: This insurance policy is designed for
those who not only safeguards individuals but also families and businesses from
the financial hardship that could arise from unfortunate and unexpected death,
disability or critical illnesses

Unit linked policy


A unit-linked policy is a life assurance policy in which the benefits depend on the
performance of a portfolio of shares.
Each premium paid by the insured person is split: a part is used to provide life
assurance cover, while the balance (after the deduction of costs, expenses, etc.) is
used to buy units in a unit trust. In this way, a small investor can benefit from
investment in a managed fund without making a large financial commitment. As
they are linked to the value of shares, unit linked policies can go up or down in
value. Policyholders can surrender the policy at any time and the surrender value is
the selling price of the units purchased by the date of cancellation 9lessexpense). A
small part of the contribution is used for providing life cover and the balance is
invested in unit. Legal heirs are entitled to the amount of insurance cover and
entitled units in case of death of the insured. Reliance Life Insurance Company
Limited has also offered the two Unit Linked Plans, which are listed as follows:
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1. Reliance Market Return Plan.


2. Reliance Golden Years Plan.
The above two ULIP plans are discussed as follows:
3. Reliance Market Return Plan: Reliance Market Return Fund is the unitlinked product that helps you invest in the financial markets in a combination of
investment instruments of your choice. You can enjoy the returns from the
markets without the trouble of monitoring and managing your own investment
portfolio and keeping track of the market movements. At the same time your
investment premiums provide you with insurance cover. Reliance Market
Return Fund unit-linked insurance plan provides you with a basket of fund
options that balances your return and risk exposure while providing life cover at
the same time.
4. Reliance Golden Years Plan: Reliance Golden Years Plan. The Reliance Life
Insurance no-worry stay happy retirement plan. Reliance Golden Years Plan is
a flexible package that provides freedom of choice in choosing the type of
investment, life cover, vesting options such as commuting and annuity options.
Contributions provide Income tax savings as well. Reliance Golden Years Plan,
a flexible pension product is available for all individuals who are between the
ages of 18 and 65.

Marketing campaigns
Reliance Life insurance has very has a very strong brand recall because of reliance
brand image. Reliance life has launched commercials as well as done outdoor
campaigns from time to time. In 2009, Reliance life associated itself with the
blockbuster movie 3 idiots (tagline All is well) to promote another proposition
jab hai saath Reliance life insurance, all is well.

Reliance Life Product Table:

Retirement/pension plans

Reliance life traditional golden plan


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Child plan

Reliance Child plan

Term Plan

Reliance Term plan

Term Plan

Reliance Simple term plan

Term Plan

Reliance Special term plan

Term Plan

Reliance Credit guardian plan

Term Plan

Reliance Special credit guardian plan

Saving & Investment Plan

Reliance Money multiplier plan

Saving & Investment Plan

Reliance Endowment plan

Saving & Investment Plan

Reliance Super five plus

Saving & Investment Plan

Reliance connect 2 life plan

Saving & Investment Plan

Reliance whole life plan

Saving & Investment Plan

Reliance cash flow plan

Table 2.1

Competitors:
Private players: List of the Life Insurance companies in India as on
31st December 2011

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Life Insurance Corporation of


India
Bajaj Allianz Life
SBI Life
TATA-AIG
Birla Sun Life
Sahara
IDBI Federal
Future generali India
Max New York
Bharti AXA
HDFC Standard

MetLife India
ING-Vysya
ICICI-prudential
Canara HSBC OBC
AEGON Religare
DLF Pramerica
Star Union Dai-ichi
India First
Shriram
Kotak Mahindra Old Mutual
AVIVA
Table 2.2

Organizational Structure

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Graph 2.1
Now lets depict the market share of these players on diagram
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Market share %

LIC

BAJAJ ALIANCE

ICICI PRUDENTIAL

HDFC STANDARD

SBI LIFE

BIRLA SUNLIFE

TATA AIG

MAX NEWYORK

AVIVA

KOTAK MAHINDRA OLD


MUTUAL

ING VYSYA

RELIANCE LIFE

MET LIFE

SAHARA

SHRIRAM LIFE

Graph 2.2
Here we can see from the diagram that LIC is the market leader and it commands
the major part of the total life insurance market. Its market share was
approximately 98% before 2000 but after the entry of private players it has
significantly decreased. Among private players Bajaj Allianz stands first. It has the
market share of approximately 7.56% in the total market and it constitutes 40%
of the market share among private players. HDFC Standard comes third. SBI Life
insurance Company Limited comes fourth. ICICI Prudential is also one of the
fastest growing life insurance companies in India. Rest of the players has
market share below 2%.

Departments
Marketing Department:
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Marketing department of reliance life insurance Company is of two types. Online


marketing department and Direct marketing department. Online marketing
department will advertises the company by telling their plans and the reputation
and department advertise the company through agents.
HR Department:
It is the management of an organizations workforce, or human resources. It is
responsible for the attraction, selection, training, and assessment and rewarding of
employees, while also overseeing organizational leadership and culture, and
ensuring compliance with employment and labor laws. In circumstances where
employees desire and are legally authorized to hold a collective bargaining
agreement the employees, HR will typically also serve as the companys primary
liaison with the employees representatives (usually a labor union).
Finance Department:
Finance is often defined simply as the management of money or fund
management. Modern finance however is a family of business activity that
includes the organization, marketing, and management of each and money
surrogates through a variety of capital accounts, instrument and markets created for
transaction and trading assets, liabilities and risks.

Awards and Achievements


3rd largest private players in a span of just 4 years, moved from 11 thposition
to 3rd.
Amongst the fastest growing companies for 4 year in a row.
Continuous increase in market share over 4 years, from 1.9% in 2005-06 to
10.26%.
RLIC has achieved a growth rate of 21% while the private industry has
grown at 13%.
Fastest to reach the 5 million policy mark.
Largest private insurer in terms of policy count in 2009-10.
1250 branches 2, 00,000 advisors and over 18,000 employees.
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RLIC continues to be amongst the foremost Life Insurance companies in


India to certified ISO 9001:2000 for all processes.
Awarded the Jamnalal Uchit Vyavahar puraskar 2007 Certificate of Merit in
financial services category by council for fair Business practices(CFBP)
The Company has also won the DL Shah Quality Council of India
Commendation Award in the services category in Feb 2008 for its work on
promoting self help channel for service.

Title of the Study:


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Organizational study of Reliance Life Insurance with Reference to customer


satisfaction.

Statement of the Problem


Reliance life insurance is one of the best insurance companies in India. They have
many branches in all states. They have gathered a lot of consumers to build their
market n insurance sector.
Consumer satisfaction is the very essential factor for doing any type of business. A
firm should maintain a level of consumer satisfaction with the services they
provide. Consumers satisfaction is hence essential for the company in order to
maintain the consumers to be loyal.

Objectives of the Study:


To find out overall standard of Reliance Life Insurance with respect to
service provided to customers.
To identify the factors affecting customer satisfaction in life insurance
sector.
To offer suggestions based on findings.

Need for the Study:


Review of literature reveals that very little research has been done on insurance
industry in India. Considering the fact that insurance is coming up in a big way in
India, there is an emergent need for doing research on various facets of insurance
industry in India. The need and significance of the study can be summarized as:
The basic need for the study is to know how much customers are satisfied
with services of reliance life insurance.
Insurance has a very long history but most of the studies are done from the
finance point of view not from marketing view point. Such studies are
important because companies need to market themselves to increase their
market share. This research project is an effort to fill that gap.
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As revealed by the review of literature, customer satisfaction has been


ignored
in
the
field
of
insurance
services.

Scope of Study:
The study is based on the survey conducted on various customers who shared their
satisfaction levels with reliance life insurance Company and their services. The
scope of the study is restricted to the Life Insurance sector only. Although there are
23 life insurance companies in the market Life Insurance Corporation (LIC) holds
64 percent of the market share.

Methodology of the Study:


Methodology of the study adopted is the survey method. For primary data a sample
size of 40 customers were contacted and data is obtained from them through
questioners. Respondents were contacted at their work places itself for their
convenience. The findings are limited to the city of Bangalore. For secondary data
marketing books, magazines, journals were referred.

Sources of data:
For the purpose of this study data is collected from two sources mentioned above.
Namely:
1. Primary source
2. Secondary source
1. Primary source:
It is the original source. The data is collected directly from respondents through
questioners, personal interviews and through observation.

2. Secondary source:
These are the sources containing data which have been collected and compiled
for another purpose. This source consists of readily available information and
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already compiled statistical statement whose data may be used by researchers for
their study.

Tools for Data Collection


A carefully planned structured questionnaire was designed to collect data from
the insurance holders. The following aspects were covered in the questionnaire.
Sampling:
Sampling is one of the major tools for marketing research, which is connected
with collecting, analyzing and interpreting data. It involves the study,
inconsiderable details, of relatively small numbers of information taken from a
larger group. It is a process of extracting sample from a population. Defining the
population requires that one can describe the characteristics of the group which
information is required in clear unambiguous terms. The population comprises
individuals. Households, firms and other organizations.
Sampling Technique:
The technique following is "Simple Random Sampling.
Simple random sampling:
A simple random sample is a subset of individuals (a sample) chosen from a larger
set (a population). Each individual is chosen randomly and entirely by chance,
such that each individual has the same probability of being chosen at any stage
during the sampling process.
Sample Size:
The questionnaire contains 10 questions and sample size is 40.

Limitations of the Study:


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The case study pertains to only one branch of Reliance Life Insurance
Company due to the limitation of time frame.
The sample size of 40 might not represent the perception of whole
population.
The opinion expressed by respondents may be biased.
Another limitation is time shortage. If given more time the reports must have
been more concluding.
This study is restricted to customers only.
Sample size is restricted to only 40 respondents due to time constraints.

Data Analysis and Interpretation


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Analysis was done on the responses received from the people that were
interviewed. In this section we will look at the questions detail, the count of
responses received, the percentage of response received.
Basis the same we will arrive at a finding and then proceed to draw a logical
conclusion from the same. The questionnaire in detail is attached at the end of this
report.
All the Respondents were assured of full confidentially after they agreed to our
request of answering the questionnaire for the benefit of study. Further they were
also informed that the information being provided by them was going to be used
strictly for an educational purpose and only towards the same.
In this chapter ahead we will deal with each one of these questions individually
and understand what results can be derived from the same .Every question will be
followed by a logical chart providing a visual representation of the findings.

Table 4.1 Showing Importance of Insurance


Options
Yes
No
Dont know
Total

No. of Responses
35
3
2
40
Table 4.1

Percentage
87.5
7.5
5
100

Analysis
The above table shows that out of 40 respondents, 35 comprising 87.5% of the
total sample size feels that yes insurance is important, while 3 comprising 7.5%
feels that it is not important and remaining 5% dont know.

Graph representing the responses received in Percentage


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100
90
80
70
60

Yes

50

No

40

Don't know

30
20
10
0
Response

Graph 4.1
Interpretation
From the above chart we can infer that most of the people think that insurance is
important, while a mere population says No, insurance is not important and
remaining minority says no idea. The analysis shows that people are highly
educated and knows the importance of insurance in their life.

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Table 4.2 Showing Quality of Service from Company Advisors


Options
Excellent
Good
Fair
Poor
Total

No. of Responses
5
28
5
2
40
Table 4.2

Percentage
12.5
70
12.5
5
100

Analysis
The above table shows that out of 40 respondents, 5 comprising 12.5% of the total
sample size say reliance life insurance is excellent, while 28 comprising 70% feels
that it is good, 5 people say just fair and remaining 5% regard it a poor company.

Graph representing the responses received in Percentage

Response

Excellent
Good
Fair
Poor

Graph 4.2
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Interpretation
From the above chart we can understand that a major chunk of the population
grades the service received as good, while an equal percentage people feel that it is
excellent and fair service. This is actually a good point for the company that most
of the people grade their service as good. Their should be a little improvement
where we could take a little extra care of customers and have more satisfied
customers.

Table 4.3 Showing Recommendation analysis of Reliance Life


Insurance
Options
Definitely
I think so yes
I dont think so
No
Total

No. of Respondents
15
21
3
1
40
Table 4.3

Percentage
37.5
52.5
7.5
2.5
100

Analysis
The above table shows that out of 40 respondents, 15 comprising 37.5% of the
total sample size says they would definitely recommend Reliance to their friend in
need, while 21 comprising 52.5% feels they think they will recommend, other
10% had negative response.

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Graph representing the responses received in Percentage

Response

Definitely
I think so yes
I dont think so
No

Graph 4.3
Interpretation
From the above chart we can interpret that 90% of the people are positive when the
question of recommendation arises. This is a very good point for the company. In a
country like India a word of mouth has a lot of value. This would help in business
growth for the company.

Table 4.4 Showing Satisfaction levels regarding Amount of Service


Received
Options
Very satisfied
Mostly satisfied
Quite indifferent
Dissatisfied
Total

No. of Respondents
20
12
6
2
40

Percentage
50
30
15
5
100
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Table 4.4
Analysis
The table shows that out of 40 respondents, 20 comprising 50% of the total sample
size says they are very satisfied with Reliance, while 12 comprising 30% feels
mostly satisfied. Other 20% feels lack in service quantity.

Graph representing the responses received in Percentage

Response
50
45
40
35
30
25
20
15
10
5
0

Response

Graph 4.4
Interpretation
From the above chart it is very clear that half of the people in Reliance family are
very satisfied in terms quantity service they received. Nearly a third of people feel
mostly satisfied, whereas remaining people are not satisfied with quantity service,
the company needs to improve in terms of service and satisfy the customers. This
is a very crucial point as negative things spread faster than the positive ones.
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Table 4.5 Showing whether the guidance received helped to deal


with the problems more effectively
Options
Yes
No
Total

No. of respondents
32
8
40
Table 4.5

Percentage
80
20
100

Analysis
The table shows that out of 40 respondents, 32 comprising 80% of the total sample
size were able to deal with their problems from effectively from the guidance they
received from the companys insurance advisors, 8 people comprising another 20%
were dissatisfied.
Graph representing the responses received in Percentage

Response
80
70
60
50

Response

40
30
20
10
0
Yes
No

Graph 4.5
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Interpretation
The chart above clarifies that majority of the people are benefitted from the
guidance which they received from companys insurance advisors. This is a very
strong and positive point, which also shows the employees commitment to
companys motive. Very less people are not benefitted it could be result of 6isselling by advisors, which has to taken care by giving proper training to the
advisors.

Table 4.6 Showing whether clients would invest in Reliance Life


Insurance if required in future again
Options
Definitely
I think so yes
I dont think so yes
No, definitely not
Total

No. of responses
27
10
2
1
40
Table 4.6

Percentage
67.5
25
5
2.5
100

Analysis
The above table shows that out of 27 respondents comprising 67.5% of the total
sample size says they would definitely go for Reliance if required in future, while
10 comprising 25% feels they think they will go with Reliance and other 7.5% had
negative thought.

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Graph representing the responses received in Percentage

Response

Definitely
I think so yes
I dont think so yes
No, definetely not

Graph 4.6
Interpretation
The chart above shows that most of the customers would come back to Reliance if
they needed another insurance which clearly shows the level of highly satisfied
customers, and a few of the dissatisfied customers said they would not like to go
for Reliance insurance in future. Loosing on customers is a setback for the
company and it should work on it.

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Table 4.7 Showing need Satisfaction


Options
Yes
Very much yes
Not much
No
Total

No. of responses
27
7
4
2
40
Table 4.7

Percentage
67.5
17.5
10
5
100

Analysis
The above table shows that out of 2 respondents comprising 5% of the total sample
size couldnt meet their needs of the insurance policy thy took, while 85% feel they
got the right policy meeting their needs. This is possible due to a wide range of
products.
Graph representing the responses received in Percentage

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Response

Yes
Very much yes
Not much
No

Graph 4.7
Interpretation
The above pie chart shows the responses of people when asked whether the
suggested products met their needs, a huge chunk of people said yes the insurance
plan suggested to them was helpful to meet their needs.

Table 4.8 Showing factors of choosing Reliance Life Insurance

Options
Personal interest
Friends
Family
Advertisements
Total

No. of Responses
12
11
4
13
40
Table 4.8

Percentage
30
27.5
10
32.5
100
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Analysis
The above table shows that out of 40 respondents, 12 comprising 30% of the total
sample size is with Reliance due to their personal interest in the company, 37.5%
are influenced by family and friends. Others comprising 32.5% are influenced by
advertisements.

Graph representing the responses received in Percentage

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Response
35
30
25
20

Response

15
10
5
0
Personal interest

Friends

Family

Advertisements

Graph 4.8

Interpretation
The above bar diagram depicts the factors of influence, which made people to be a
part of the huge Reliance family. The responses show an equal amount of influence
from friends, personal interest and advertisements. Family influence was much
lower than the rest of three.

Table 4.9 Showing Recommendation Levels


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Options
Excellent
Very good
Fair
Poor
Total

No. of Responses
12
17
10
1
40
Table 4.9

Percentage
30
42.5
25
2.5
100

Analysis
The above table shows that out of 40 respondents, 12 comprising 30% of the total
sample size considers Reliance life insurance as an excellent company. 17
comprising 42.5% think of it as very good company, 10 say just fair and remaining
1 i.e. 2.5% consider poor.
Graph representing the responses received in Percentage

Response

Excellent
Very good
Fair
Poor

Graph 4.9
Interpretation
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The above chart describes customer responses, when asked to recommend the
company to their friends. A third of them would say excellent, other major chunk
would consider it very good. This shows the trust of people in the company. It is a
very positive thing that companys name hold a great value to its investors
customers.

Table 4.10 Showing areas of Improvement


Options
Marketing
Customer relations
Products
Total

No. of Respondents
20
9
11
40
Table 4.10

Percentage
50
22.5
27.5
100

Analysis
The above table shows that out of 40 respondents, 20 comprising half of the total
sample size said Reliance life insurance need to improve on marketing, 9 said
customer relations and remaining 11 said Reliance Life should work on its
Products.

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Graph representing the responses received in Percentage

Response

Marketing
Customer relations
Products

Graph 4.10
Interpretation
The above chart describes customer responses, when asked about on which area
they think Reliance Life Insurance should improve on, half of the respondents
mentioned marketing as area of improvement. Remaining half people mentioned
customer relations and products as the areas of improvement in almost equal
percentage.

Summary of Findings
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Majority think that insurance is important, At the same time there are very
less people who dont know the significance of insurance.

A tenth of the people consider the information received from company


advisors as excellent, majority grade it good. Whereas a very minor
population consider advisor service as poor.

It was found that a fair population would definitely recommend Reliance


Life Insurance to friend in need. Half of the people said they would also
probably do the same. Very minute population had negative response.

Half of the people in Reliance family are very satisfied in terms quantity
service they received before and after the sales of insurance product. A third
is mostly satisfied, whereas a fifth of population is not satisfied with
quantity service.

Findings show that almost all people could deal with their problems
effectively after the insurance guidance. A fifth of people said it wasnt
helpful for them and they couldnt tackle the problems as they thought.

Findings show that almost all people would choose Reliance if they had to
take another insurance.

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It was found that almost all people were satisfied with the insurance product
while a tenth of them think the insurance plan couldnt help exactly the way
they thought/advisor told.

It was found that people had equal influence from friends, Personal Interest
& advertisements.
The study shows that expect a fourth of population others consider Reliance
a good company.
Half of the people say marketing as main area to be improved. Other half
consider customer relations and product development equally.

Suggestions
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Conclusion
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Questionnaire
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Personal details:
Name:
Contact:
Age:
Email id:

1. Is insurance important according to you?


a. Yes
b. No
c. Dont know
2. How would you rate the quality of service you
received from company advisors?
a. Excellent
b. Good
c. Fair
d. Poor

3. If a friend were in need of insurance, would you


recommend Reliance life insurance to him/her?
a. Definitely
b. I think so yes
c. I dont think so
d. No
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4. How satisfied are you with the amount of service you


received?
a. Very satisfied
b. Mostly satisfied
c. Quite indifferent
d. Dissatisfied
5. Have the guidance you received helped you to deal
more effectively with your problems?
a. Yes
b. No
6. If you were to take another insurance policy, would
you come back to reliance insurance?
a. Definitely
b. I think so yes
c. I dont think so yes
d. No, definitely not

7. Did the insurance product help you meet your needs?


a. Yes
b. Very much yes
c. Not much
d. No
8. What factors influenced to select Reliance as your
Life Insurance Company?
a. Personal interest
b. Friends
c. Family
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d. Advertisements
9. How likely are you to recommend our company to a
friend or a relative? Would you say chances are?
a. Excellent
b. Very good
c. Fair
d. Poor

Bibliography and Reference


www.reliancelife.com
www.indiainfoline.com
www.bimaonline.com
www.google.com
Life Time Magazine of Reliance Life Insurance
Net Bios Computer Academys Life Insurance Book
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Brochures of Reliance Life Insurance

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