Brand Perception of Max New York Life Insurance in Khurda District

“BRAND PERCEPTION OF MAX NEW YORK LIFE INSURANCE IN
KHURDA DISTRICT”..,
SUBMITTED By:-
BRAJA KISHORE PRADHAN
Reg-No-S0812
Submitted for partial fulfillment of the requirement of PGDM 2008-10
Under the joint guidance of
SUBHASISH SABAT Prof. JEEVAN J ARAKAL
Sales Manager &
MNYL, Vani Bihar, Mrs. SWAPNA KULLURU
Bhubaneswar CSREM, Paralakhemundi
Date- 06.06.20009 Date- 06.06.20009
Date -06.06.2009
BRAJA KISHORE PRADHAN, PGDM, CSREM Page 1

CERTIFICATE FROM THE ORGANISATION
This is to certify that, Mr. Braja Kishore Pradhan, (Reg-S0812) a

student of Centurion School of Rural and Enterprise Management,
Paralakhemundi, Orissa, India did his summer training under me at
Max New York life Insurance co. ltd., metro house near vani Bihar
square, Bhubaneswar Spanish form the months of April 6 - June 6,
2009.
SUBHASISH SABAT Date:-

Sales Manager Place:-
MAX NEW YORK LIFE INSURANCE CO. LTD.
Metro house (Near Vani Vihar Square)
2nd floor, a-410, Sahid Nagar, Bhubaneswar-751007
E-MAIL: subhasishsabat23@gmail.com
Mob: 09937096453

CERTIFICATE FROM THE GUIDE
This is to certify that work entitled Project title” Brand Perception of Max
New York Life Insurance in Khurda District ” is a piece of work done by Mr.
Braja Kishore Pradhan under my guidance and supervision for the partial
fulfillment of degree of PGDM, Centurion School Of Rural and Enterprise
Management, Paralakhemundi.
To the best of my knowledge and belief the thesis:
a. Embodies the work of the candidate himself.
b. Has duly been completed.
c. Fulfills the requirements of the rules and regulations relating to the
summer internship of the institute.
d. Is up-to the standard both in respect to contents and language for being
referred to the examiner.
Signature of the Faculty Guide
Date: - Name of the faculty guide

Prof. JEEVAN J ARAKAL & Mrs.
Place: SWAPNA KULLURU
Designation

DECLARATIO
N
I Braja Kishore Pradhan a student of CENTURION SCHOOL OF RURAL

AND ENTERPRISE MANAGEMENT do here by declare that the project report
“Brand Perception of Max New York Life Insurance Co. Ltd in Khurda
District”, is the product of my own knowledge and effort. No part of this report
has been submitted to anyone at time before. It has been submitted fully or partly
to the CENTURION SCHOOL OF RURAL AND ENTERPRISE
MANAGEMENT for awarding project marks of any other.
Date: Braja Kishore Pradhan

Place: Roll- S0812

ACKNOWLEDGE
MENT
It gives me immense pleasure to acknowledge all those who have given me things, time and
energy to supply all valuable facts and opinions that has helped me in bringing out this project
to fruition.
This project undertaking is result of the contributions received from a number of people.
Never can this repot be claimed as my individual effort. No amount of words will be sufficient
and adequate to acknowledge all the people who have provided me with the inspiration,
guidance and help during the preparation of the project. There for I extend my deep sense of
gratitude towards them.
I wish to express my sincere regards to my guide Mr. Subhasish Sabat (Sales Manager) whose
keen interests, valuable guidance constant supervision were a source of inspiration to give this
work a real shape.
My hearty thanks to staff of Max New York Life Insurance and all of them who helped me in
completion of my project.
Above all I thank the God Almighty for his immense grace and blessings at each and every
stage of the project.
I would like to express my respectful thanks to my faculty guide Prof. Jeevan J Arakal and
Mrs. Swapna Kulluru, Centurion School Of Rural and Enterprise Management(CSREM),
Paralakhemundi for her constant support and guidance.
I also thank all my respondents and friends who were instrumental in the successful
completion of my project.
Once again I thank all those who have contributed for completion of this project. Last but not
the least I would like to thank the company management for their kind help and co-operation.
Braja Kishore Pradhan

Roll – S0812

CENTURION SCHOOL OF RURAL AND ENTERPRISE MANAGEMENT,
PARALAKHEMUNDI
Contents Page No.

Contents
- ON THE JOB TRAINING : 08
- EXECUTIVE SUMMARY : 10
- INTRODUCTION:
• Brief introduction of brand perception 12
• Company’s background 17
• Achievement 19
• Organization Structure 23`
• A brief introduction about insurance industry 15
• Objectives of this study 25
• Limitations of this study 25
• Literature Review 29
- BRAND BUILDING PROCESS OF MNYL 32
• 3C's Model 38
• 70/20/10 Model 41
- KHURDA DISTRICT AT A GLANCE 42
- METHODOLOGY: 44
• Sample
• Types of data
• Data collection method
- RESULTS : 47
• Analysis of data,
• Tabulation, 48
• Graphical presentation 52
- FINDING AND RECOMMENDATION 71

- CONCLUSION 73

- BIBLIOGRAPHY : 74
- ANNEXURE : 75
List of tables & diagrams
Table & diagram no Particulars Page no.

T 1.1 AGE CATEGORY 53
T 1.2 OCCUPATION 54
T 1.3 MONTHLY EXPENDITURE ON HEALTH CARE 55
T 1.4 FACTORS DECIDES THE PURCHASE OF INSURANCE PRODUCT 56
T 1.5 BRAND AWARENESS 57
T 1.6 TOP OF MIND RECALL 58
T 1.7 AWARNESS OF THE PUNCHLINEMNYL 59
T 1.8 PRODUCTRATING 60
T 1.9 MNYL AWARENESS 61
T 1.10 SOURCES OF GETTING INFORMATION ABOUT MNYL 62
T 1.11 SERVICE QUALITY OF MNYL 63
T 1.12 OVERALL RATING OF MNYL 64
T 1.13 BRAND EXTENSION 65
T 1.14 CHANCES OF MNYL CUSTOMER TO BUY OTHER MNYL
PRODUCT 66
T 1. 15 CHANCES PEOPLE WILL REFER MNYL TO OTHERS 67
D 1.1 AGE CATEGORY 68
D 1.2 OCCUPATION 55
D 1.3 MONTHLY EXPENDITURE ON HEALTH CARE 56
D 1.4 FACTORS DECIDES THE PURCHASE OF INSURANCE PRODUCT 57
D 1.5 BRAND AWARENESS 59
D 1.6 TOP OF MIND RECALL 60
D 1.7 AWARNESS OF THE PUNCHLINEMNYL 61
D 1.8 PRODUCTRATING 62
D 1.9 MNYL AWARENESS 63
D 1.10 SOURCES OF GETTING INFORMATION ABOUT MNYL 64
D 1.11 SERVICE QUALITY OF MNYL 65
D 1.12 OVERALL RATING OF MNYL 66
D 1.13 BRAND EXTENSION 67
D 1.14 CHANCES OF MNYL CUSTOMER TO BUY OTHER MNYL
PRODUCT 68
D 1.15 CHANCES PEOPLE WILL REFER MNYL TO OTHERS 69
T- TABLE, D- DAIGRAM

ON THE JOB
TRAINING
1. On The Job Training (OJT) gives a practical exposure and helps in acquiring the on road
skills.
2. First and foremost objective is to recruit financial advisors and to sell the various products of
MNYL.
3. To gain the complete knowledge about the products of MAX NEW YORK LIFE
INSURANCE COMPANY.
4. To generate the leads through the survey.
5. To sort out the prospective leads from the data I have collected through the survey.
6. To build the relationship with the new customers and to follow up them, make sure that they
are satisfied with the product.
7. To maintain good relationship with the corporate employees.
8. To get more references from the customers and generate new leads by following a chain
process.
9. To introduce MNYL to those people who don’t have any knowledge about MNYL and its
products and services.
10. To find out the customer awareness on booming financial market and to find out the
investment patterns of the people.
11. To make the customer aware of the benefits of the products from different competitors.
12. We also came to know about the various products of MNYL and its detail benefit that the
customer will get.
13. How to convince a customer through the telephone to sell products by following the
customer database.
14. If any new product is launched by MNYL then how it will be communicated to exiting
customers and targeting new potential customers.

I came to know the smart recruiting process.
Things Which I Learnt From

OJT
1. Achieving your target within a limited time

2. I have to know more than my client
3. Patience
4. To understand the clients perception (how to motivate and convince them)
5. Maintaining a healthy relation with company and employee.
6. Punctuality
7. Discipline

EXECUTIVE
SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth
and potential as compared to other sectors. Insurance has the maximum growth rate of 70-80%
while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to
enter in this sector and MAX NEW YORK LIFE INSURANCE has given me the given me the
opportunity to work and get experience in highly competitive and enhancing sector. This project
studies the brand perception of MNYL and various benefits derived by them in MAX NEW
YORK LIFE INSURANCE LTD.
The project gives a detail description of brand perception which includes brand equity, brand
image and various benefits derived from them. The most important assets of any business are
intangible — including its base of loyal customers, brands, symbols & slogans — and the brand’s
underlying image, personality, identity, attitudes, familiarity, associations and name awareness.
These assets — along with patents, trademarks, and channel relationships — comprise brand equity,
and are a primary source of competitive advantage and future earnings. By developing strong &
consistent images, well-regarded brands generate hidden assets — or brand equity — that give them
distinct advantages. Brand equity is a form of wealth that is closely related to what accountants call
"goodwill." Given the importance that brand equity has for companies operating under contemporary
conditions, it seems fully justified to explore how and with what intensity various factors impact
brand equity. Such findings may serve as guidance to managers on the various markets. This study is
aimed at giving the managers an insight about how they can build and maintain the brand equity of
Apparel brand names, and certainly represent a scientific contribution to a better understanding of the
mechanisms, ways and intensity of influence of individual elements on brand equity. The objective
of this paper is to explore how brand image affects brand equity.
Apart from these, relation building is a matter of immense concern now days. Relation building
is referred to as a corporate asset in this study. In this fast moving competitive era and growing

population of service providers the major task rather than to create a customer is to retain him.
Previously Indian market was week in financial instrument dealings but now a day there is a
growing need for financial products and the Indians are taking much interest in dealing with it.
The rising trend of stock exchange shows the increasing demand and good work that is being
done by the financial institutions.
CHAPTER-1
Brief introduction of brand perception

- What is brand image?
- Role of brand in economic development
- Benefits of brand
Brief introduction of insurance

- What is insurance?
- Different types of insurance
- Role of insurance in economic development
- Benefits of insurance
Company background
- About the company
- Achievements
- Board of Directors
- Its organization structure
Objectives and limitation of the study

The human life on the planet Earth is a continuation of trends in human behavior that have been
following cyclical patterns throughout our history. In the history we can find that certain brands
are much ahead of others (customers prefer these or keep on buying these) and it is quite
important to study about the factors which influence the relationship between these brands and
the customers.
Brand image, which usually includes the product name, its main physical features and
appearance (including the packaging and logo), and its main function(s) is the key to answer the
question of how the consumer chooses among alternative brands after information-gathering
process of buyer behavior. Alternative evaluation is how the consumer uses this information to
evaluate the options and arrive at a brand of choice. The perspective focusing on psychological
attributes of a product of consumer behavior states that consumers often choose products,
services and activities over the others because they associate these attributes with a certain life-
style, a self image or a status symbol. The customers attempt to preserve or enhance their self-
image by buying products that they believe are congruent with that self-image and by avoiding
products that are not (Sergey 1982).
Research by McKinsey & Company, a global consulting firm, in 2000 suggested that strong, well-
leveraged brands produce higher returns to shareholders than weaker, narrower brands. Taken
together, this means that brands seriously impact shareholder value, which ultimately makes
branding a CEO responsibility. The brand is a distinguishing name and/or symbol (logo, trademark,
or package design) intended to identify the origin of the goods or services — and to differentiate
those goods or services from those of competitors. A brand signals to the customer the source of the
product — and protects both the customer and producer from competitors who would attempt to
provide products that appear to be identical.
Once a brand has created positive sentiment among its target audience, the firm is said to have built
brand equity. Some examples of firms with brand equity - possessing very recognizable brands of

products - are Microsoft, Coca-Cola, Ferrari, Sony, The Gap and Nokia. Legal protection given to a
brand name is called a trademark.
brand is a promise made to its customers and shareholders. Promises that are kept yield loyal
customers and produce steady streams of profits. Brand equity is initially built by laying a foundation
of brand awareness — eventually forming positive brand images — and is ultimately maximized by
high levels of brand loyalty.
An interesting question is raised- can brands have negative brand equity? From one perspective,
brand equity cannot be negative. Positive brand equity is created by effective marketing including via
advertising, PR and promotion. A second perspective is that negative equity can exist. Looking at a
political "brand" example, the "Democrat" brand may be negative to a Republican, and vice versa.
The greater a companies brand equity, the greater the probability that the company will use a family
branding strategy rather than an individual branding strategy. This is because family branding allows
them to leverage the equity accumulated in the core brand. Aspects of brand equity includes: brand
loyalty, awareness, association, and perception of quality.
Brand image is everything. It is the sum of all tangible & intangible traits — the ideas, beliefs, value
represents all internal & external characteristics — the name, symbol, packaging, literature, signs,

vehicles & culture. It's anything & everything that influences how brand or a company is perceived
by its target constituencies — or even a single customer.
Brand image may be the best, single marketable investment a company can make. Creating or
revitalizing a positive brand image is a basic component of every business — and lays a foundation
on which companies can build their future.

Insurance industry
Insurance industry is a booming sector. The business of insurance is related to the protection of
the economic value of asset. Every asset has a value. The asset would have been created through
the efforts of the owner, in the expectation that, either through the income generated there from
or some other output, some of his needs would be met. There is a normally expected life time for
the asset during which time it is expected to perform. Insurance is a mechanism that helps to
reduce such as adverse consequences.
WHAT IS INSURANCE?
Basic aim of the insurance plan satisfies the following objectives:-
• Protection of economic value of assets.
• Mechanism to reduce impact of adverse events on value generating assets.
Types of insurance
Insurance is generally classified into three main categories:
1. Life Insurance.
2. Health Insurance.
3. General Insurance.
To get insurance an individual or an organization can approach to Insurance Company directly,
through Insurance agent of the concerned company or through intermediaries.
ROLE IN ECONOMIC DEVELOPMENT
Insurance directly or indirectly plays a vital role in the economic development of the country
through the following means:-
• Life insurance is a major instrument in mobilizing the savings of the people. These
savings are channeled into investments for economic groups.
• The strength of life insurance is in the fact that huge amounts are collected and pooled
together for the benefit of the policy holders.

• The insurance company is in the role of fiduciary- that all decision be made for the
benefit of the community.
INSURANCE- THE BUSINESS
It fulfills the criteria like:-

• Brings together people with common interests.
• Collects contribution- premium
• Pay compensation- claims
BENEFITS OF INSURANCE
Insurance is the instrumental of Security, saving and peace of mind. It provides several benefits
by paying a small amount of premium to Insurance Company as:
 Safeguards oneself and one’s family for future requirements.

 Peace of mind in case of financial loss.
 Encourage saving.
 Protection from the claim made by the creditors.
 Security against a personal loan, housing loan or any other types of loan.
 Provide a protection cover to industries, agriculture, women and child.

Company overview: - MNYL
Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a
Fortune 100 company and Max India Limited, one of India's leading multi-business corporations.
The company has positioned itself on the quality platform. In line with its vision to be the most
admired life insurance company in India, it has developed a strong corporate governance model
based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The
strategy is to establish itself as a trusted life insurance specialist through a quality approach to
business.
Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its
values of financial responsibility, Max New York Life has adopted prudent financial practices to
ensure safety of policyholder's funds. The Company's paid up is Rs. 1032 crore.
Having set a best in class agency distribution model in place, the company is spearheading a
major thrust into additional distribution channels to further grow its business. The company has
multi-channel distribution that includes the agency distribution, partnership distribution, banc
assurance, distribution focused on emerging markets and alliance marketing through employed
sales force. The company currently has 33 banc assurance relationships, 14 corporate agency tie-
ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and
spoke model of distribution to deepen rural penetration. The company has 39 (9 hub office 30
spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York
Life offers a suite of flexible products. It now has 38 products covering both life and health
insurance and 8 riders that can be customized to over 800 combinations enabling customers to
choose the policy that best fits their need. Besides this, the company offers 6 products and 4
riders in group insurance business.
Vision:
To become the most admired life insurance company in India.
Mission:

Become one of the top life insurance companies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents
Table: 1.1
Values:
HONESTY
EXCELLENCE
CORE VALUES
CARING OF MNYL KNOWLEDGE
INTEGREITY
Team work
The vision to become India's most admired life insurance company will be realized through our
unique set of values, which are as follows:
Caring:
Max New York Life is redefining the life insurance paradigm by focusing on its customers first.
The service process is responsive, personalized, humane and empathetic. We build brand
champions and every individual who represents the company is considered as a brand champion.
Honesty:
Honesty is the core of all life insurance business. Transparency, integrity and dependability form
the cornerstones of Max New York Life experience. The company ensures that everyone who
represents the brand carries a promise: we care — in word as well as in actions.
Excellence:
Excellence at Max New York Life implies the ability to perform consistently at the highest level.
Focused on the value of continuous improvement in people, processes and the organization, the
company strives for maximum standards of quality in every aspect of its business.
Knowledge:
Knowledge leads to expertise; and our expertise is in helping people protect themselves.

Perfectly combining global expertise with local knowledge, we are India's life insurance
specialist. Max New York Life believes that for knowledge to be of significance it must be
focused, up to date, tested and shared.
Some of the industry firsts
• First company to provide free look period of 15 days to the customer. This was later
made mandatory by the regulator
• First company to start toll free line for agent services
• First and the only life insurance company in India to implement Lean methodology of
service excellence in service industry
• First life insurance company in India to provide various services to the agents and
customers over phone
• First Indian life insurance company to start service center at the regional level
• First life insurance company in India to be awarded ISO 9001:2000 certification
Awards
 Among the top 25 companies to work for in India, according to Business world 2003
‘great workplaces india’.
 Among the top five most respected insurance companies in India as per Business world
2004 & 2006 survey
 Won Indo-American Corporate Excellence Award for Best Indo-US company in
Financial Services Category in 2006
 Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006
 Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by Asia
Insurance Review
 Received the Amity Corporate Excellence Award – 2007
Received the ‘Outlook Money Award’ for being “among the best new insurers in the country”.
Max India Ltd.

Founded in 1985, Max India Limited is a Public Limited company listed on the NSE and BSE of
India with over 26,000 shareholders. Today, Max India Limited is a multi-business corporate,
driven by the spirit of Enterprise, focused on Knowledge, People and Service oriented businesses
of:
• Healthcare (Max Healthcare)
• Life Insurance (Max New York Life Insurance) Clinical Research (Neeman Medical
International)
Max also maintains interests in:
Specialty Plastic Products for the packaging industry (Max Specialty Products)
Healthcare Staffing (Max Health Staff)
Prominent shareholders are Mr Analjit Singh and a leading private equity firm, Warburg Pincus
which accounts for 28.7% of the total shareholding. The balance shareholding is held by the
public and Institutional Investors.
Till 1999, the company’s main interests and partnerships were the following:
Business
Bulk Active Pharmaceuticals, Electronic Component Distribution, Mobile Telephony, V-SAT

Communications, Plating Chemicals Information Technology.
Partners
DSM Gist Brocades, Motorola, USA , Avnet Inc., USA , Hutchison Telecom Ltd. Hong Kong ,
Comsat Investment Inc., USA & Lockheed Martin, USA , Atotech, Germany , Mind Crossing,
USA.
In 2000, the Company reinvented and restructured itself to focus on the businesses of ‘Life’
under the themsse, Life…Our Focus.

Max New York Life Insurance, founded as a Joint Venture between Max India Limited and New
York Life, a Fortune 100 company, is one of the leading private life insurers in India.
Max Healthcare, a subsidiary of Max India Limited is India’s first provider of comprehensive,
standardized, seamless, and integrated world-class healthcare services.
Neeman Medical International (NMI) is an International Clinical Research provider operating

across three locations spanning North America, Asia and Latin America. Each location is backed
by comprehensive infrastructure and highly skilled and experienced personnel.
New York Life LLC
NYL INSURANCE
BUILDING
New York Life Insurance Company,(www.newyorklife.com) a Fortune 100 company founded in

1845, is the largest mutual life insurance company in the United States and one of the largest life
insurers in the world. Headquartered in New York City, New York Life’s family of companies
offer life insurance, annuities and long-term care insurance. New York Life Investment
Management LLC provides institutional asset management and retirement plan services. Other
New York Life affiliates provide an array of securities products and services, as well as
institutional and retail mutual funds.
The mission of New York Life is to maintain its superior 'financial strength', adhere to the
highest standards of 'integrity' and demonstrate 'humanity' by treating its customers, agents and
employees with compassion, consideration and respect.
New York Life is one of the largest and strongest life insurance companies in the world with
more than USD$215 billion assets under management and has received among the highest
ratings for financial strength from the life insurance industry's principal rating agencies: A.M.

Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA). “According to Moody's,
"New York Life's rating reflects the company's good quality investment portfolio, ample
liquidity, and sound capitalization, as well as the good growth potential of its international
business.”
As a leader in the insurance industry, New York Life continues to bring to its operations new
management concepts, advanced technologies, new distribution and training systems and
innovative insurance products.
WHO’S WHO IN MNYL
Board of Directors
Analjit Singh
Chairman,
Max India Limited
Gary R. Bennett
Managing Director and CEO,
Max New York Life Insurance
Anuroop 'Tony' Singh
Vice Chairman,
Max New York Life Insurance
Ted Mathas
President & Chief Operating Officer,
New York Life Insurance
Management Team
Gary Bennett
Managing Director and CEO,
Max New York Life
Sunil Sharma
Chief Operating Officer and Executive Director
Rajit Mehta
Executive Director ,
Human Resources, Training and Internal Communications
Rajesh Sud
Executive Director, Distribution
Anil Mehta

Director, Group Business
Sunil Kakar
Director and Chief Financial Officer
Ajay Seth
Director, Legal & Compliance
Debashis Sarkar
Director - Marketing, Product Management and Corporate Affairs
John Poole
Chief Actuary
Table: 1.2
Organizational structure of MNYL
Zonal vice
president
Regional
manager
Managing partner
multilocation
Managing partner
Partner in charge
/Regional director
Partner
Associate partner
Sales manager
Associate sales
BRAJA KISHORE PRADHAN, PGDM, CSREM
manager Page 23
FINANCIAL
ADVISOR
Competitors
After the privatization in India in 1999, under the Insurance Regulatory Development Authority
(IRDA) many insurance companies came to India to set up their business. Till now 23 insurance
companies have formed their grip here in the country and running profitably and selling life
insurance plans.
Max New York Life was set up in India in 2000 and in December 2004 started its business in
Bhubaneswar after getting the license in November. Till date it has achieved a prestigious place
among the citizens of India and well competes with its competitors.
The major competitors of MNYL are as follows:-
• Aviva Life Insurance India
• BAJAJ Allianz
• Birla Sun Life Insurance
• HDFC Life Insurance
• ICICI Prudential
• Reliance Life Insurance
• SBI Life Insurance
Customers
An insurance company usually insures each and every people of every age starting from small
children to the people of old age. Max New York Life also insures its customers but the age of
the insure person depends on the type of the product. But the minimum entry age of a person to
be insured is 91 days while the exit age is 85 years. This pattern is mainly followed in Max New
York Life.

Table: 1.3
Mnyl fact sheet – 2005-06

Policies sold > 13 Lakhs
Sum assured > Rs. 37,000 Cr
Agent advisors > 20,982
Million dollar round tables (MDRTs) 340
Employees 4150
Offices 111
Cities 83
Base products 26
Options/riders 8
Brand awareness 62%
OBJECTIVE
• To find the brand awareness of Max New York Life Company Ltd. in.
• To find the customers perception about the brand .
• To find out the brand loyalty of external customer towards Max Newyork Life
Insurance .
• To know brand value of Max Newyork Life Insurance
• To find the brand extendibility of Max Newyork Life Insurance
• To identify the important factors of service quality in insurance
Limitations of the study

• Getting accurate response from the customers due to their inherent problems. They
may be partial or may refuse to cooperate.
• The time limit for the study was a constraint for data collection .

.
PRODUCTS OF MNYL

Significance of the study
The function and art of branding is a major contributor to the success of a product or service sold by
the company that markets it. According to Webster’s Dictionary, a brand is defined as ―a means of
identification‖ or ―an arbitrarily adopted name that is given by a manufacturer or merchant to an
article e or service to distinguish it as produced or sold by that manufacturer or merchant that m ay be
used and protected as a trademark.‖ At Chemark we look at a brand as more than a trademark for the
legal protection of the product or service offered. Well, at least we think it should be. This is where
many marketers get into trouble and lose the positive impact of proper brand management. Brand
management should aim to build into customers’ minds a set of perceptions and attitudes relating to
an offering, leading to positive buying behavior. To achieve this goal, managers must know a great
deal about their customer base. The power of a brand is measured by its effect on buyers. A powerful
brand will cause its customer base to either defer or refuse to purchase if the brand is NOT available.
Some brands have reached a level of mass acceptance where they are used as action verbs, such as ―
Xeroxing‖ a document instead of copying it and ― Fedexing‖ a package rather than mailing or
posting it. One brand’s identity is so strong that when we hear Aspirin we immediately think of
Bayer (―The importance of branding‖ by Phil Phillips).
The image surrounding a company’s brand is the principal source of its competitive advantage and is
therefore a valuable strategic asset. Unfortunately, many companies are not adept at disseminating a
strong clear message that not only distinguishes it in a memorable and positive manner. The
challenge for all brands is to avoid the pitfalls of portraying a muddled or negative image, and
instead create a broad brand vision or identity that recognizes a brand as something greater than a set
of attributes that can be imitated or surpassed. In fact, a company should view its brand to be not just
a product or service, but as an overall brand image that defines a company’s philosophies. A brand
needs more than identity; it needs personality. Just like a person without attention grabbing
characteristics a brand with no personality can easily be passed right over. A strong symbol or
company logo can also help to generate brand equity by making it quickly identifiable.
In a competitive market based environment like today’s staying ahead of the competitors is very
important. Since our study is on the relationship between the variables brand image and brand equity,
the study is so relevant and can be a good source of information for the mangers, especially in the
apparel industry.
Scope of the study

As learning is a human activity and is as natural, as breathing. Despite of the fact that learning is
all pervasive in our lives, psychologists do not agree on how learning takes place. How
individuals learn is a matter of interest to marketers. They want consumers to learn about their
brand, products, product attributes, potential consumers benefit, how to use, maintain or even

dispose of the product and even what they perceives about the brand and new ways of behaving
that will satisfy not only the consumer’s needs, but the marketer’s objectives.
Literature Review
A traditional definition of a brand was: ―the name, associated with one or more items in the product
line, which is used to identify the source of character of the item(s)‖ (Kotler 2000, p. 396). The
American marketing Association (AMA) definition of a brand is ―a name, term, sign, symbol, or
design, or a combination of them, intended to identify the goods and services of one seller or group

of sellers and to differentiate them from those of competitors‖ (p. 404). Within this view, as Keller
(2003a) says, ―Technically speaking, then, whenever a marketer creates a new name, logo, or
symbol for a new product, he or she has created a brand‖ (p. 3). He recognizes, however, that brands
today are much more than that. As can be seen, according to these definitions brands had a simple
and clear function as identifiers.
Brands, according to Kapferer (1997) serve eight functions shown in the table: the first two are
mechanical and concern the essence of the brand: ―to function as a recognized symbol in order to
facilitate choice and to gain time‖ (p. 29); the next three are for reducing the perceived risk; and the
final three concern the pleasure side of a brand. He adds that brands perform an economic function in
the mind of the consumer, ―the value of the brand comes from its ability to gain an exclusive,
positive and prominent meaning in the minds of a large number of consumers‖ (p. 25). Therefore
branding and brand building should focus on developing brand value.
The Functions of the Brand for the Consumer
Function Consumer benefit
Identification To be clearly seen, to make sense of the offer, to quickly identify the sought-
after products.
practicality To allow savings of time and energy through identical repurchasing and loyalty
Guarantee To be sure of finding the same quality no matter where or when you buy the
product or service
Optimization To be sure of buying the best product in its category , the best performer for
particular purpose.
Characterization To have confirmation of your self –image that you present to others.
Continuity Satisfaction brought about through familiarity and intimacy with the brand that
you have been consuming for years
Hedonistic Satisfaction linked to the attractiveness of the brand , to its logo, to its
communication.
Ethical Satisfaction linked to the responsible behavior of the brand in its relationship
towards society.

Kotler (2000) mentions branding as ―a major issue in product strategy‖ (p.404). As the brand was
only part of the product, the communication strategy worked towards exposing the brand and
creating brand image. Aaker and Joachimsthaler (2000) mention that within the traditional branding
model the goal was to build brand image; a tactical element that drives short-term results. Kapferer
(1997) mentioned that ―the brand is a sign -therefore external- whose function is to disclose the
hidden qualities of the product which are inaccessible to contact‖ (p. 28). The brand served to
identify a product and to distinguish it from the competition. ―the challenge today is to create a
strong and distinctive image‖ (Kohli and Thakor 1997, p. 208).
The concept of brand equity was first introduced in marketing literature in the 1980’s. During the
90’s this topic received significant attention from both scientists and marketing practice, which
resulted in a large number of articles and books on the subject (e.g. Aaker and Keller, 1990; Aaker,
1991; Keller and Aaker,1992; Aaker and Biel, 1993; Keller, 1993; Aaker, 1996; Agarwal and Rao,
1996; Kapferer, 1998; Keller, 1998). The interest in brand equity is still active (e.g. Yoo et al., 2000;
van Osselaer and Alba, 2000; Dillon et al., 2001; Keller, 2001; Yoo and Donthu, 2001; Moore et al.,
2002).
The importance of brand equity consists in numerous benefits for companies that own brands. Brand
equity has positive relationship with brand loyalty. More precisely, brand equity increases the
probability of brand selection, leading to customer loyalty to a specific brand (Pitta and Katsanis,
1995). One of the benefits provided by high brand equity is the possibility of brand extension to other
product categories. Generally, brand extension is defined as the use of an existing brand name for
entry into a new product category (Aaker and Keller, 1990). When compared to new brand names,
brand extensions have lower advertising costs and higher sales (Smith and Park, 1992). Successful
brand extensions contribute to higher brand equity of the original brand (Dacin and Smith, 1994;
Keller and Aaker, 1992), however, unsuccessful extensions may reduce the brand equity of the parent
brand (Aaker, 1993; Loken and John, 1993). Aaker and Keller (1990) developed a model for
consumer evaluation of brand extensions, and a number of authors worked on generalization of this
model (Barrett et al., 1999; Bottomley and Doyle, 1996; Sunde and Brodie, 1993). In addition, brand
equity increases (1) willingness of consumers to pay premium prices, (2) possibility of brand
licensing, (3) efficiency of marketing communication, (4) willingness of stores to collaborate and
provide support, (5) elasticity of consumers to price reductions, and (6) inelasticity of consumers to

prices increases, and reduces the company vulnerability to marketing activities of the competition
and their vulnerability to crises (Barwise, 1993; Farquhar et al.,1991; Keller, 1993; Keller, 1998;
Pitta and Katsanis, 1995; Simon and Sullivan, 1993; Smith and Park, 1992; Yoo et al., 2000). In
general, we can say that brand equity represents a source of sustainable competitive advantage
(Bharadwaj et al., 1993; Hoffman, 2000). Also, literature identifies an impact of brand equity on the
stock market reactions (Lane and Jacobson, 1995; Simon and Sullivan, 1993).
Currently, there are a large number of different definitions of brand equity, which may lead to
conceptual misunderstandings when researching this phenomenon. An attempt to classify the
different approaches to the definition of brand equity (Feldwick, 1996) could be useful in clarifying
different approaches to and relationships involved in the complex concept of brand equity. Feldwick
(1996) has identified three different approaches to brand equity: (1) brand value (the total value of
the brand as a company’s intangible asset – financial approach), (2) brand strength (the strength of
consumer commitment to a particular brand – behaviorist approach) and (3) brand description
(associations and beliefs consumers have about particular brands – cognitive approach). Brand
strength and brand description are customer-based aspects of brand equity, whereas brand value is a
financial aspect of brand equity.
Chapter-3

Max New York life- partnership of leaders
 Major milestones achieved by Max new York life
The golden opportunity
Best –in-class training
Unparallel Earnings
Million Dollar Round Table
Avenues
Max New York life business planning process
Methods of business development
MAX NEW YORK LIFE-

PARTNERSHIP OF LEADERS

Max New York life is a joint venture between max India and New York life international, LLC,
together, this opportunity brings in.
• Financial strength
• Integrity
• responsibility
Major milestones achieved by Max New York Life
• Secured financial future of over

1.64 policy holders
• Sold life insurance cover of over
Rs. 49,800 crore
• First Indian life insurer to be
given ISO 9001: 2000 certification
• Operating in 120 cities with 172
offices
• A strong foot print of over
27,700 agent advisors
The golden opportunity
Max New York life presents to you a business opportunity that would open doors to success,
money and fame. By being agent advisors you can secure lives and make a positive impact in
the community.
With Max New York life sky is the no limit-

• Low start up investment
• Unlimited earnings potential
• Flexible working hours

• Be your own boss
• Be a part of a world-class team
Best- in -class training
At Max New York life, you are assured of our dedication to your success.
Superior training resources & infrastructure

• Fully in-house & IRDA approved
training centers
• Full time professional trainers in
each office
Special starting support
Pre-licensing stipend
Training programmed reimbursements
Unparallel earnings
Revenue streams at MNYL
First year commissions
Renewal commissions
Agent referral commissions
Other support
Performance linked bonus
Training programmed reimbursements
Table: - 2.3
For the right person, MONEY will
Never be a problem at Max New York life
Earnings if business grows by just 10% p.a.
Year Year Year Year

1 2 3 4
Average premium(Rs) 25,000
No. of cases per year 72
Commission 20.00% 5.00% 5.00% 3.00%
Diagram:-3.1a
Unparlled earnings
92,04,074
56,10,346
32,42,214
18,56,676
9,77,166
4,17,000
year 1 year 5 year 10 year 15 year 20 year 25

Table:3.2b
Million Dollar Round Table
A worldwide organization of the top producers of life insurance sales with 74 participating
nations and territories
New York Life has been no.1 in MDRT for 50 consecutive years
360 Agent Advisors from max new York life qualified for MDRT in 2008
Max New York Life is ranked 37th in MDRT rankings worldwide

AVENUES
Career development program
Choose your own career path

Agency associate
Associate sales manager
Sales manager
Training manager
Max new York life business planning process

Life insurance selling is both an art and a science. The science is the product knowledge, and
anyone can learn the science. People who succeed in our business are the ones who have
mastered the art: prospecting, interview techniques and building relationships.
Identifying the initial markets
What is prospect?
Qualified prospects display certain characteristics that make them potential customers. Prospects
for life insurance are peopling who:
• Need protection from loss of life
• Can afford to pay the premiums for the protection
• Can be approached by you
• Are insurable
As you get to know the people you choose to prospect, you will begin to qualify them in these
four areas. This is how you move them from your prospect list to your prospect list
Methods of business development
In determining the appropriate prospecting methods for the development of your business, you
should consider:
• All costs and time commitment involved

• Efforts required on your part and availability of outside vendors
• Your skills and talents
• Past experience as well as the extent of your natural market
You should concentrate your efforts on the methods with higher return rates.
Table: - 3:1
Methods Ratio
See it work
An effective way to ask for
Referrals & recommendations 3:1 referrals is to explain: 80% of
my business is prospecting;
professionals Centers of influence 4:1 help me service you by making
my prospecting easier by giving
Civic marketing 4:1 me referrals. Explain him/her
that you are paid for your work
Target mail/telephone 8:1 in two ways:
Mass mail/telephone 10:1 1: from the sale of any
insurance.
Labor intensive Cold call –canvassing 20:1 2. Through the introduction to
other people who will be
Seminars (Targeted audience) 5:1 interested in service you
Target mail 50:1 provide.
Capital intensive Mass mal 100:1

Advertising varies
(Estimates
The 3C's Model is a strategically look at the factors needed for success.
The 3C’s model points out that a strategist should focus on three key factors for success. In the
construction of a business strategy, three main players must be taken into account:

A. The Corporation B. The Customer C. The Competitors
The corporation
The Corporation needs strategies aiming to maximize the corporation’s strengths relative to the
competition in the functional areas that are critical to achieve success in the industry.
(I) Selectivity and sequencing: - The corporation does not have to lead in every function to
win. If it can gain decisive edge in one key function, it will eventually be able to improve its
other functions which are now average.
So, in an insurance company the key function is the sales department which is playing
the key role for the success of the corporation. If the sales department is competent enough then
the business can expand quickly.
(II) Cost-effectiveness:- Improving the cost-effectiveness can be done in three ways
First by reducing basic costs e.g.- office overhead expenses, product development
expenses etc.
Second by exercising greater selectivity (by collecting customer data base, selecting from
them who will be the right person to purchase the product, functions performed)
P200 and P40 is the best tool for MNYL for collecting the prospects and converting these
prospects into regular customer.
Third by sharing certain key functions with a corporation’s other businesses or even other
companies.
The customer
Clients are the base of any strategy. In the long run, a company that is genuinely interested in its
customers will be interesting for its investors and take care of their interests automatically.
Segmentation is helping to understand the customer.

Segmenting by objectives: -The differentiation is done in terms of the different ways that
various customer use/purchase a product. That means why a person purchased a particular
product because of life risk or because for pension etc.
Differentiation of MNYL
 Life
 Child
 Retirement
 Pension
Example:- I have purchased that product because I have a small child so I will spend this money
for his study.
Or
I have purchased that product because I want regular pension when I will retire.
Segmenting by customer coverage:-
This segmentation normally emerges from a trade-off study of marketing costs versus market
coverage. The corporation’s task is to optimize its range of market coverage, geographically and/
or channel wise.
Example: - suppose for east zone and west zone MNYL have spend 5, 00,000 as marketing cost
but the product sold in east zone is 10,000 but in west zone it is 5,000. That means the fixed cost
of the product is higher in west zone. Here our task is to optimize our market range in west zone
by selling more products so that we will be profitable.
Segmenting the market once more:-
In fierce competition, competitors are likely to be dissecting the market in similar ways. Over an
extended period of time, the effectiveness of a given initial strategic segmentation will tend to

decline. In such situations it is useful to pick a small group of customers and reexamine what it is
that they are really looking for.
The competitor
How we can be differentiate ourselves from our competitors. The possible source of
differentiation is the product performance or better customer care.
Power of image: - It is not easy task to differentiate MNYL’S product performance or mode of
distribution. But it is the image which we can make different from our competitor by providing
better customer care.
Capitalizing on profit- and cost structure differences
We can differentiate on profit part by introducing a new scheme from our competitors. That
means innovativeness in our product. Another thing is cost structure. If in a sluggish market we
can lower our fixed cost from our competitor then we will be benefited.
cry-sta-lono:- It means standing for people, money and things. Of the three critical resources,
funds should be allocated last. The corporation should firstly allocate management talent, based
on the available mono (things): plant, machinery, technology, process know-how and functional
strength. Once these hito (people) have developed creative and imaginative ideas to capture the
business’s upward potential, the Kane (money) should be given to the specific ideas and
programs generated by the individual managers.
By following above strategy MNYL can be differentiated himself from its

competitors like HDFC STANARD LIFE, BAJAJ ALLIANZ, AVIVA LIFE, and from ICICI
PRUDENTIAL.

The 70/20/10 Model is a business resource management model pioneered by Google CEO Eric
E. Schmidt.
This model dictates that, to cultivate innovation, employees of a company should utilize their
time in the following ratio:
• 70% of time should be dedicated to core business tasks. In case of MNYL core task is the
sales function OR selling of the various products.
• 20% of time should be dedicated to projects related to the core business. But the core
business is to recruit the financial advisors and trained them properly.
Khurda District at a Glance
DISTRICT MAP

LOCATION & GEOGRAPH
The District KHURDA came into being on 1st April 1993 by dividing it off its erstwhile
Puri district which after division became Puri, Khurda and Nayagarh. It comprises of
02 - Sub-division
07 - Tahasils
10 - CD Blocks
03 - Notified Area Council(NAC)
01 - Municipality
01 - Municipal Corporation
154 - Gram Panchayats
02 - Parliament Constituency
06 - Assembly Constituency
The district is bounded by
Cuttack district - North & North-East
Nayagarh district - West
Puri district - South
Ganjam district - South-West
Lies between
Latitude - 19º 40" N to 20º 25" N
Longitude - 24º 55" E to 36º 05" E
Spreaded over
Geographical area - 2889 Sq.Kms.
Other Important Parameter of the district
Height from Max.Sea Level -
Temperature - Max.- 41.4 to Min.- 9.5 deg.celcius.
Annual Normal Rainfall - 1449.1 mm.
Sub-Division : The Khurda District has two revenue
subdivision named
1. Khurda
2. Bhubaneswar
Tahasils : Seven Tahasils are there in Khurda District
1. Banpur

2. Begunia
3. Bhubaneswar
4. Bolagarh
5. Jatni
6. Khurda
7. Tangi
Block : Khurda District has been divided into 10 CD Blocks
1. Balianta 6. Bolagarh
2. Balipatna 7. Chilka
3. Banpur 8. Jatni
4. Begunia 9. Khurda
5. Bhubaneswar 10. Tangi
DEMOGRAPHY
Demographic distribution of Khurda district may be described

as below :
Population :(1991 Census)
TOTAL
Total : 1502014 (4.75 % of the State)
Urban : 516281
Rural : 985733
COMMUNITIES
S.C. : 204564
S.T. : 77242
Others : 1220208
SEX-Wise
Male : 789334
Female : 712680
LITERACY
Total : 861321
Male : 528602
Female : 332719
LITERACY RATE
Total : 67.72%
Male : 78.74%
Female : 55.39%

Chapter-4
o Meaning of methodology
o Sample
o Types of data
o Data collection method
METHODOLOGY
Methodology is defined as
1. "the analysis of the principles of methods, rules, and postulates employed by a discipline"
or
2. "the development of methods, to be applied within a discipline"
3. "a particular procedure or set of procedures
Methodology refers to more than a simple set of methods; rather it refers to the rationale and
the philosophical assumptions that underlie a particular study.
This study is conducted in the territory of BBSR city by using random sampling of one hundred
(110) consumers
.
Data collection
1. Measurement instrument: structured questionnaire
2. Method: survey
Sources of data
A. Primary data- primary data were collected through a well structured questionnaire
designed separately for consumers. A pilot survey was conducted to test the utility of the
questionnaire and necessary changes being made.
B. Secondary data- secondary data are collected from various WEB SITES
(www.yahooanswers.com, www.maxnewyork.com, www.icier.com ) magazines
(Insurance world) etc.
Sampling
Sample size: total sample size is 100 individual customers, out of which only 100 are valid
and 10 are invalid because the data provided by customer is not sufficient for Research.

Sample procedure: Random sampling
Sample area: Bhubaneswar
• In BBSR the area covered is SAHEED NAGAR, VANI VIHAR, UTKAL
UNIVERSITY CAMPUS, RENTAL COLONY and CRP SQUARE because in
this particular area there are so many public and private institutions are available..
Analysis
Data collected from the survey through systematically framed questionnaires and those are being
analyzed and shown in graphical representation

Chapter-5
• Analysis of data
• Tabulation
• Graphical presentation
Tabulation
Table: - 3.2
NAME OF THE 15 15 1
PERSONS 1 2 4 5 6 9 11 12 13 14 (I) (ii) 6
N. PATRA i i, iii i,iii Iv iv ii iii iv ii iv i i

S. MOHAPATRA i iii I Ii iii v iii ii i i i i ii, iii
i, ii,
A. MISHRA i ii,iv, v Iv Ii ii iii ii i i i i iii i, ii
ii,
P. NANDA i i, ii, iii Ii Ii iv v ii iii i iii i i Iv
B. MOHARANA i ii, iii, iv Ii Ii iv iv ii ii i i, iv i i I
S. SAHOO iii i, iv i,iii Iii ii v i ii i i i v Ii
A. MISHRA i iv Ii I iii iv ii ii ii ii,iii i i, iii i, iv
M. NAYAK iii iv Iii * ii iii ii * i i i iii i, iii
i, ii,
C.CHAND iii i,iv iii Ii iii ii i ii i i,ii i i ii, iv
L. SAHOO iii ii, iv,v ii, iii * iii v iii iii i iv ii i, ii
S.BEHERA i iii Ii Ii iv iii ii ii ii ii i iv Iii
R. MISHRA i ii Ii I iii iii i iv i ii i iii i, ii
P.SAHOO i ii,iii,iv i,ii I i v i,ii ii,iv i i,iii i i ii,iv
B. ROY i iii I Iii iii iii i ii i ii i iii I
P. PRADHAN i iv Iii Ii iii v i ii i i i i Iv
P. DAS i iv ii,iii Ii iii ii i ii i ii i i I
R. NANDA i iv,iii,v i,ii Ii iii v ii ii ii iv i i I
S. NANDA i v Ii Ii iii iii i i ii i i,iii i,iv Ii
B. PRADHAN i iii Iii Iii iv v i iii i ii i ii iii,iv
B. MOHANTY iii ii,iv Iii I iv iii i i i i i i I
M. HUSEN i iii I Iii iii iv i i i i i ii I
A. MISHRA i iii,iv I Ii iii iii ii iv i ii,iv i i i, iv
V. KUMAR i iii Iii I iii iii i iii i ii ii * Iv
M. MOHANTY i iv Ii Ii iii iii ii ii i ii i iii,iv I
R. SINGH i ii ii,iii Iii iv v ii ii i i i ii I
S.A.PANDEY i iii,iv,v i,ii,iii Ii iii v ii ii i iii i ii Iv
S. PATNAIK i iii I Iv ii ii iii i i i ii * Iii
N. K. MOHAPATRA i iii,iv Ii I i iv i iv i ii,iv i I, iv Iv
A. BEHERA i I,iii,iv i, iv Ii iii ii iii ii i i i i,iv ii,iv
A. MISHRA i iii,iv,v Ii I ii v iii ii i i,iii ii * I
U. SAHOO i ii,iii,iv i,iii Ii ii iv i ii i i,iii i v I
K.C. PATRA i iii,iv,v I Iii i v iii ii i iii,iv ii * Iii
A. SAHOO i iii,iv Iv Ii i v iii ii i iii ii * I
B. PRADHAN i ii Ii I iii iv i i i i i iv I

M.SATAPATHY i i,ii,iii,iv i,iii Iv iii v i i,ii i i,ii i, i,iv i,ii
B.B.DASH i i Iii Ii iv iii i i i ii i v I
R.SAHOO ii * Iv Ii ii v iii ii i iii i i I
H.SUBUDHIRAY ii * * I ii v iii * i iv ii * i,iv
B.C.SAHOO i i,iii,iv i,iii Iii iii iv iii ii i i,ii i v ii,iii
B.K.JENA i iii,iv I Ii iv iii i ii i i i i I
J.K.PATRA i iii Ii Ii iii iii i ii i i i iv Ii
M.TRIPATHY i iv I I ii iv ii ii i iii i ii Ii
M.SATPATHY i iii I Ii iii iii i ii i i i ii I
P.MISHRA i iv ii,iii I iii iii i ii i i i i i,ii
ii, i, ii,
K.PANDA i i,ii,iii,iv i,iii Iii iii v iii iv i iii i i i, iii
S.MISHRA i i,ii,iv i,ii I iii iii iii ii i i i i i,ii
NANDITA i iii Iii I iii iii i iii i ii ii * Iv
S.PANDA i iv Ii Ii iii iv i iii i ii i iii I
A.MISHRA i ii,v i,iv Ii ii v iii iii i iii i i Iv
P.PRIYANKA i iv Ii Ii iii iii ii ii i ii i iv I
S.MISHRA i i, iii i,iii Iv iv ii iii iv ii iv i i i, ii

S.B.ROY i iii I Ii iii v iii ii i i i i ii, iii
S.K.BASU i, ii,
i ii,iv, v Iv Ii ii iii ii i i i i iii i ii
U.AGRAWAL ii,
i i ii, iii Ii Ii iv v ii iii i iii i i Iv
E.MITRA i ii, iii, iv Ii Ii iv iv ii ii i i, iv i i I
D.K.MUKHARJI iii i, iv i,iii Iii ii v i ii i i i v Ii
U.DEY i iv Ii I iii iv ii ii ii ii,iii i i, iii i, iv
J.OJHA iii iv Iii * ii iii ii * i i i iii i, iii
S.DAM iii i,iv i ii, iii Ii iii ii i ii i i,ii i i ii, iv
S.PRASAD iii ii, iv,v ii, iii * iii v iii iii i iv ii i,ii
P.G.DUTTA i iii Ii Ii iv iii ii ii ii ii i iv Iii
D.AGRAWAL i ii Ii I iii iii i iv i ii i iii i,ii
D.GHOSH i i,iii,iv i,ii I i v i, ii ii,iv i i,iii i i i,iv
S.B.ROY i iii I Iii iii iii i ii i ii i iii I
B,C.DEY i iv Iii Ii iii v i ii i i i i Iv
J.SHRAMA i iv ii, iii Ii iii ii i ii i ii i i I

A.BASU i i,iii,v i,ii Ii iii v ii ii ii iv i i I
A.K.PRADHAN i V Ii Ii iii iii i i ii i i,iii i,iv Ii
J.KAR i iii Iii Iii iv v i iii i ii i ii iii,iv
DR.U.PANDA iii ii,iv Iii I iv iii i i i i i i i
K.JAISWAL i iii I Iii iii iv i i i i i ii i
N.MITRA i ii,iv I Ii iii iii ii iv i ii,iv i i i iv
M.KHANDELIA i iii Iii I iii iii i iii i ii ii * iv
S.CHOUDHURY i iv Ii Ii iii iii ii ii i ii i iii iv i
A.K.BISWAS i ii ii,iii Iii iv v ii ii i i i ii i
D.SAHA i ii,iv,v i,ii,iii Ii iii v ii ii i iii i ii iv
A.DEY i iii I Iv ii ii iii i i i ii * iii
M.DEY i iii,iv Ii I i iv i iv i ii,iv i i, iv iv
B.MUKHARJI i i,iii,iv i, iv Ii iii ii iii ii i i i i,iv ii,iv
S.DASGUPTA i iii,iv,v Ii I ii v iii ii i i,iii ii * i
M.KAR i ii,iii,iv i,iii Ii ii iv i ii i i,iii i v i
A.GUPTA i ii,iv,v I Iii i v iii ii i iii,iv ii * iii
B.K.DAS i ii,iv Iv Ii i v iii ii i iii ii * i
S.R.CHOUDHURY i ii Ii I iii iv i i i i i iv I
T.K.MISHRA i i,ii,iii,iv i,iii Iv iii v i i,ii i i,ii i, i,iv i,ii
S.BASU i i Iii Ii iv iii i i i ii i iv I
R.M.SHARMA ii * Iv Ii ii v iii ii i iii i i I
S.KUMAR ii * * I ii v iii * i iv ii * I,iv
A.KRISHNA i i,iii,iv I,iii Iii iii iv iii ii i I,ii i v Ii,iii
D.C.SAHA i Iii,iv I Ii iv iii i ii i i i i i
S.K.AGRAWAL i iii Ii Ii iii iii i ii i i i iv ii
A.GHOSH i iv Ii I ii iv ii ii i iii i ii ii
A.K.GHOSH i iii I Ii iii iii i ii i i i ii i
N.C.SAHA i iv Ii,iii I iii iii i ii i i i i I,ii
R.R.BASU ii, I, ii,
i I,ii,iii,iv I,iii Iii iii v iii iv i iii i i I, iii
D.DASH i I, ii, iv I, ii I iii iii iii ii i i i i I,ii
M.DAS i iii Iii I iii iii i iii i ii ii * iv
A.PALIT i iv Ii Ii iii iv i iii i ii i iii i
B.MISHRA i Ii, v i, iv Ii ii v iii iii i iii i i iv
RAJIB i iv Ii Ii iii iii ii ii i ii i iv I

“*” denotes “Not applicable”.

SURVEY FINDINGS – SAMPLE COMPOSITION
I conducted a survey in between 100 people. All the people are categories by age group in a
graphical manner.

Table 1.1
Age Category Number of people
20-30 age 44
30-40 age 20
40-50 age 36
Diagram 1.1
AGEGROUP
40-50
20-30
44% 36% 40-50
30-40
20-30
30-40
20%
Interpretation:
Out of 100 people interviewed I found that between 36% of the people are from 40-50 age
categories. While 44% of them are from 30-40 ages category and 20% people are from the age
group of 30-40.
OCCUPATION
Table 1.2

Insurance company
employee 36
Business men 16
service 44
others 4
Interpretation:
Out the 100 people 44% service employee, 36% are insurance company employee and 16% are
business men and others are 4% that represent graphical manner below.
Diagram 1.2
MONTHLY EXPENDITURE ON HEALTH CARE

Table 1.3
Amount Number of people
>1000 61
1000-2000 32
< 2000 7
Diagram 1.3
Interpretation:
Out of 100 samples 61% samples spent below Rs1000, 32% samples spent in between Rs1000
and Rs2000 and 7% samples spent more than Rs2000.
FACTORS DECIDES THE PURCHASE OF INSURANCE PRODUCT

Table 1.4
BUYING PREFERENCE

BRAND
53
SERVICE
QUALITY 23
PRODUCT
QUALITY 18
PRICE 9
Diagram 1.4
BUYINGPREFERENCE
60
52
50
40
30
23
18 BUYING PREFERENCE
20
9
10
0
BRAND SERVICE PRODUCT PRICE
QUALITY QUALITY
Interpretation:
Out of 100 samples 52 samples considered brand is the main factor for purchasing insurance
product and 23 sample are considered service quality is the main factor for purchasing the
insurance where 18 and 9 answered product quality and price respectively.
BRAND AWARENESS

Table: - T.5
COMPANY NO OF PEOPLE(Out of 100)
LIC 98
BAJAJ ALLIANZ 68
ICICI PRUD. 29
MNYL 25
HDFC STANDARD LIFE 22
RELIANCE LIFE 15
SBI LIFE 15
TATA AIG 7
AVIVA LIFE 6
ING VASYA 4
BHARTI AXA 4
KOTAK MAHINDRA 3
BIRLA SUN LIFE 3

ORIENTAL 3
METLIFE 2
Diagram 1.5

COMPANY AWRENESS
98
100
90
80
68
70
NO OF PEOPLE
60
50
40
29
30 25
22
20 15 15
10 7 6 4 4 3 3 3 2
0
A
FE
FE
D
E
FE
NZ
L
DR
E
G
.
IF
YL
R
UD
TA
J A IC
LI
X
IF
AI
LI
SY
LI
A
IA
TL
A
IN
N
L
IL
D
R
N
A
N
VA
LL
TA RTI
A
M
AN
NC
IP
IE
E
SU
T
SB
IV
M
A
TA
R
IC
G
ST
IA
M
AV
O
IN
BH
IC
JA
RL
L
K
FC
RE
BA
BI
D
COMPANY
O
H
Interpretation:
When we ask about which insurance company is coming to your mind first, 96 people say that it
is LIC. Then our next question is that why you have remembered this company. The answer is
that it is a public limited corporation with lots of experienced company and having healthy
market share and we all have a strong faith on LIC in comparison to private limited company.
Only 25 people have suggested MNYL because of its better customer care.
TOP OF MIND RECALL

Table 1.5
COMPANY NUMBER

MNYL 41
BAJAJ ALLIANZ 32
ICICI 21
BIRLA SUN LIFE 06
Diagram 1.6
Inference: When it was asked to the sample which private insurance company comes first to
your mind when you talk about the insurance. Out of 100 samples 41 samples told that MNYL,
32 told Bajaj Allianz and 21and 6 told ICICI and BIRLA SUN Life respectively.
AWARNESS OF THE PUNCHLINEMNYL

Table 1.6

KNOW 39
31
DON’T KNOW
DON’T
REMEMBER 30
Diagram 1.7
Inference: Out of 100 sample 39 are know of the punch line ,31 people don’t know the punch
line and another 30 sample told that don’t remember.
PRODUCTRATING
Table 1.7
EXCELLENT 42
VERY GOOD 31

GOOD 26
POOR 1
Diagram 1.8
Inference:
Out 100sample 42 people rated the MNYL PRODUCT as excellent where 31 and 26 rated very
good and good respectively.
MNYL AWARENESS
Table: - 1.7
YES 84
NO 16
Diagram: - 1.9

MNYL's awareness
90
84
80
70
60
50
40
30
20
16
10
0
YES NO
Interpretation:
MNYL is a very well known company in BBSR market. 84% of people are well aware about the
MNYL.
SOURCES OF GETTING INFORMATION ABOUT MNYL

Table: 1.9
Different source % of people
Media 50
Friends 12

Relatives 12
Agent & Advisors
(MNYL) 20
Can’t Remind 6
Diagram: - 1.10
S o u r c e s o f g e tin g in fo r m a tio n a b o u t M N Y L
C an ’t R e m in d
6%
A g e n t & A d v is o rs
(M N Y L )
20%
M e d ia
R e lativ e s
50%
12%
F rie n d s
12%
Interpretation:
Maximum people are able to remember MNYL because of its huge advertisement in IPL.
Then the second position is with the hand of agent & advisors which is able to reach at peoples
place i.e. 20
SERVICE QUALITY OF MNYL

Table 1.10
25
HIGHLY SATISFIED

35
SATISFIED
CAN’T SAY 21
UNSATISFIED 18
HIGHLY UNSATISFIED 1
Diagram 1.11
QUALITYOFSERVICE
40 SATISFIED, 35
35
HIGHLY
30 SATISFIED, 25
25 CAN'T SAY, 21
20 UN SATISFIED, 18
15
10 HIGHLY
5 UNSATISFIED, 1 QUALITY OF SERVICE
0
Interpre
tation:
Out of 100 sample 25 people rated the service as highly satisfied where 35 were satisfied, and
21, 18,1 rated the service level as can’t say , un satisfied ,highly Unsatisfied respectively.
OVERALL RATING OF MNYL

Table 1.9
1 0
2 10
3 16
4BRAJA KISHORE
62 PRADHAN, PGDM, CSREM Page 66
5 12
Diagram 1.10
Inference:
The overall rating of Max New York Life shows a positive outlook as most people have rated it
at 4 at rating of 1 to 5. Where 5 is the highest and 1 is the lowest.
BRAND EXTENSION
Diagram 1.11

Interpretation:
The above graph shows that people have unanimously agreed on the fact that given a choice they
would like to use Max Newyork Life products which means if the company comes out with a
product targeting middle segment then there is a chance its customer base will expand so it
speaks highly of it brand extendibility.
Chances of MNYL customer to buy other MNYL product
Table 1.10
DEFINITELY BUY 26

PROBABLY BUY 62
CAN’T SAY 10
PROBABLY NOT BUY 2
DEFINITELY NOT BUY 0
Diagram 1.12
Interpretation:
The above graph shows that Max New York life customers are highly satisfied with its products
and services as they are inclined to be associated with any other offering given by Max New
York Life. This again shows that there is a high scope of brand extendibility in its premium
segment as well.
CHANCES PEOPLE WILL REFER MNYL TO OTHERS
Table 1.11
DEFINITELY REFER 15
PROBABLY REFER 70
CAN’T SAY 10
PROBABLY NOT REFER 05
DEFINITELY NOT REFER 00
Diagram 1.13
Interpretation:
With respect to referrals around 70% people have responded but around 10% people are unsure.
The reason attributable to this are probably the premium segment that it targets and further it
needs to be probed deeper to understand the real reason behind it.
BRAND POSITIONING
PERCEPTUAL MAP
Responsiveness

3 MNYL Bajaj Allianz
2 ICICI
1 HDFC
Unreliable
Reliable
-3 -2 -1 1 2 3
-1
-2
-3
Unresponsiveness
For my analysis we have taken Max New York Life and some of its nearest competitor like
HDFC, ICICI and BAJAJ ALLIANZ.
The following perceptual map clearly reflects that Max New York Life is high in responsiveness
and low in reliable than HDFC. Its responsiveness is high than ICICI and HDFC. This analysis
has been taken from the perception of different segment of 100 customers.
Overall Max New York Life is positioned high on responsiveness but its needs to work on its to
work reliability part as customers perceive others insurance company to be much more reliable
probably because of the high charges it has for its various services.
Max New York Life launches Max Vijay

IT service provider IBM and Max New York Life Insurance Company on Thursday announced
the launch of an integrated solution for policy issuance and administration for Max Vijay, a new
business initiative introduced by Max New York Life.
IBM would help Max New York Life Insurance to deploy and transform its insurance policy
processing platform and provide the end-to-end technology backbone for Max Vijay, an
insurance product designed specifically for under-served segment of the society, a release said.
IBM will also provide service to various functions of Max Vijay, including insurance policy
system administration, policy setup, new business processing and customer care.
For Max Vijay, IBM would use wireless hand-held devices, which enable data transfer through
GPRS to the back-end system and facilitate on-the-spot issuance of insurance policies.
Aimed at making insurance available in every nook and corner of the country, Max Vijay would
also be sold in neighborhood stores, microfinance institutions and NGOs, among others. IBM
would also provide disaster recovery services for the Max New Life's critical operations.

FINDING AND RECOMMENDATION
1. As the people think that insurance is a tool to product their family & a tax saving device.
They are aware of the fact &realizing its, importance. There is a large potential for
insurance in India.
2. The entrance of private players will increase the competition and it would be a tough task
to secure a good position in market.
3. Since Max New York Life insurance is leading with several companies policies it should
be easy for them to penetrate into the market and secure a good position if they pay
greater attention to the service part provided to their customer and thereby forming a long
and trusted relationship.
4. As seen from the survey that at present 70% of the customer are having insurance policy
out of which 87.5% of the customer are planning for new investments. So it can be a
good potential for the company and they should make an attempt to trap these customers.
5. As 43% of the customers are even ready to go for insurance if a service provider away
from their city is providing it. But inurn they should provide good products and services.
The company should try to convince these customers and get them in its favor.
GROWTH POTENTIAL
At present life insurance penetration in India is quite low – 3% of GDP.
PHASE OF TRANSITION
• Life Insurance industry is under the phase of infancy after 50 years of monopoly.
• Completion from within and other sectors of financial market.

• Needs environmental support till it reaches a comfort zone.
CONCLUSION
Our exhaustive research in the field of life insurance threw up some interesting trends which can
be seen in the above analysis .a general impression that we gathered during data collection was
the immense awareness and knowledge among people about various companies and their
insurance products. People are beginning to look beyond LIC for their insurance needs and are
willing to trust private players with their hard earned money.
People in general have been impressed by the marketing and campaigns of insurance companies.
A high penetration of print, radio and television AD campaigns over the years is beginning to
have its impact now.
Another heartening trend was in terms of people viewing insurance as a tax and investment
instrument as much as protective one. A very high number of respondents have opted for
insurance for such purpose and its shows how insurance companies have successful to attract
public money in recent times.
The general satisfaction levels among public with regards to policy and agents still requires
improvement. But therein lies the opportunity for a relative player like Max New York Life. LIC
has never been known for prompt service or customer oriented methods and Max New York Life
can build on these factors.

BIBLIOGRAPHY
Marketing Management- Philip Kotlor, edition-tenth edition….April 2002,.
Publisher- Prentice Hall of India (p) Ltd, Analyzing Consumer Markets & Buyer
behavior & consumer behaviour.
Research Methodology- C.R Kothari, edition-2004, reprint 2006

Publisher – New Age International (P) Ltd, publishers
Methods of Data Collection, page no- 95
Sampling Fundamentals, page no- 152
Business Statistics- S.L Agrawal, S.L Bharadwaj, Inder Kumar

Kalyani Publishers, edition- 2000
Measures of Central tendency- 133
Fundamentals of Statistics- S.C Gupta

Himalaya Publishing House
Sixth revised and enlarged edition, April 2004
Correlation, page- 8.1
Arrow K. (1963), "Uncertainty and the Welfare Economics of Medical Care",

American Economic Review, 53(5):941-973/// Dionne (1984), "Search and
Insurance", International Economic Review, Vol 25(2), 357-367 (From a pdf file
which is referred by the above)
Broachers from Max New York life, Bhubaneswar
WEBSITES
www.maxnewyorklife.com answers.yahoo.com
www.newyorklife.com www.indiastat.com
www.uaepropertyforum.com www.scib.com
www.claritas.com

www.appliedgeographic.com
wikipedia.org
www.selling-well.com
www.insureme.com
www.advisortoday.com
www.unlockthegame.com
- Consumer Survey Questionnaires
- Application form of
 Some policy forms

QUESTIONNAIRE
CENTURION SCHOOL OF RURAL AND ENTERPRISE MANAGEMENT (CSREM)

Demographic Profile:
1. Name: 2. Age:
4. Occupation: /
3. Sex:
Profession
5. Educational Level:
i. Primary ii. Secondary iii. Under-Graduate iv. Graduate / Post-Graduate (Gen)
v. Graduate / Post Graduate (B. E., B. Tech., MBA, CA, CS, etc.)
6. Monthly Family Income (in Rs.):
7.Monthly Expenditure on Health Care (in Rs.):
8. Exposure to Media Vehicles:
Type Hours / Day
i. Television 9.
ii. Radio
iii.
Newspaper / 10.
Magazine
iv. Internet
Brand Awareness:
11. Which brand first comes to your mind when you think of insurance( Top of mind recall)
i.
ii.
iii.
iv.
v.
Brand Recognition:
12. Have you heard the slogan "Karo Jyada ka Irada"? Yes No
13. Which brand does it stand for?
14. Can you identify this product? Yes No
BRAJA KISHORE
15. Complete this word: PRADHAN, PGDM, CSREM MNYL Page 79
16. What is "Life Insurance"? Have you any Life Insurance? Yes No
17. Have you heard of "MNYL"? Yes No


Brand Perception of Max New York Life Insurance in Khurda District

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“BRAND PERCEPTION OF MAX NEW YORK LIFE INSURANCE IN

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 1

This is to certify that, Mr. Braja Kishore Pradhan, (Reg-S0812) a

SUBHASISH SABAT Date:-

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 2

Date: - Name of the faculty guide

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 3

I Braja Kishore Pradhan a student of CENTURION SCHOOL OF RURAL

Date: Braja Kishore Pradhan

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 4

Braja Kishore Pradhan

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 5

Contents Page No.

- FINDING AND RECOMMENDATION 71

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 6

Table & diagram no Particulars Page no.

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 7

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 8

Things Which I Learnt From

1. Achieving your target within a limited time

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 9

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 10

Brief introduction of brand perception

Brief introduction of insurance

Objectives and limitation of the study

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 11

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 12

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 13

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 14

Insurance is generally classified into three main categories:

ROLE IN ECONOMIC DEVELOPMENT

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 15

It fulfills the criteria like:-

 Safeguards oneself and one’s family for future requirements.

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 16

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 17

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 18

Some of the industry firsts

Max India Ltd.

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 19

Max also maintains interests in:

Bulk Active Pharmaceuticals, Electronic Component Distribution, Mobile Telephony, V-SAT

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 20

Neeman Medical International (NMI) is an International Clinical Research provider operating

New York Life LLC

New York Life Insurance Company,(www.newyorklife.com) a Fortune 100 company founded in

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 21

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 22

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 24

Mnyl fact sheet – 2005-06

Limitations of the study

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 25

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 26

Scope of the study

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 28

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 29

The Functions of the Brand for the Consumer

Function Consumer benefit

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 30

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 31

BRAJA KISHORE PRADHAN, PGDM, CSREM Page 32

 Major milestones achieved by Max new York life

The golden opportunity