TABLE OF CONTE NTS

SUBJECT
PAGE No.
EXECUTIVE SUMMARY-----------------------------------1
CHAPTER 1 .INDUSTRY PROFILE---------------------------------------3
1)Background of insurance industry-----------------------4
2)Major players--------------------------------------------------5
3)Principles of insurance---------------------------------------6
CHAPTER 2 .COMPANY PROFILE-------------------------------------10
1)AXA Group--------------------------------------------------10
2)Bharti enterprise---------------------------------------------10
3)Bharti AXA life insurance Ltd.-------------------------12
4)Products of Bharti AXA----------------------------------14
5)SWOT analysis----------------------------------------------15
CHAPTER 3 .RESEARCH OBJECTIVE--------------------------------17
1)Research methodology-------------------------------------17
2)Research design---------------------------------------------17
3)Data collection----------------------------------------------18
CHAPTER 4.SCOPE OF STUDY---------------------------------------19
1)Limitations----------------------------------------------------19
CHAPTER 5 .DATA ANALYSIS & INTERPRETATION------------20 CHAPTER
6 .FINDINGS & ANALYSIS---------------------------------28 CHAPTER 7
.SUGGESTIONS----------------------------------------------32 CHAPTER 8. AP P
EN D IX---------------------------------------------3 3

EXECUTIVE SUMMARY
The service industry is one of the fastest growing sectors in India today. The upcoming
sectors which are really showing the graph towards upwards are - Telecom, Banking, and
Insurance. These sectors really have a lot of responsibility towards the economy.
Amongst the above-mentioned areas insurance is one sector, which took a lot of time in
positioning itself. The insurance business of non-life companies was not much in
problems but the major problem was with life insurance.

The Life Insurance Companies Act 1912 made it necessary that the premium rate tables
and periodical valuations of companies should be certified by an actuary. But the Act
discriminated between foreign and Indian companies on many accounts, putting the

Indian companies at a disadvantage. The formation of IRDA, entrance of private life

insurance companies into India with one foreign partner, compulsory training of
Insurance agents etc. developments started to take place. And this was the time when
these companies started searching for proper channel partners who can help the
organization in expanding its network and business in India.
This study is carried out to understand the behavioral dynamics of consumers and to
develop rapid stage segmentation strategies for customer retention and expansion
An exploratory research was carried out through questionnaire for which a stratified
sampling technique was adopted and a sample size of 80 individuals was taken. A
questionnaire was drafted to analyze the dependence of type of insurance policy required,
on the life cycle stage of the individual. It will also clearly show the customers perception
towards insurance compared with the other investment options

and financial instruments, and as to how we can make it better.

Both qualitative and quantitative techniques were applied but this study heavily relied
on qualitative technique and it was proven that the life cycle stage of an individual is
an important determinant for deciding the type insurance policy required by the
individual.
After the completion of the study the recommendations are 1) Life time customer
strategy, 2) Introduce innovative policies, 3) Increase dependent features in policy,
4) Maintain a database of customers, which has been more clearly explained in the
later stage of the report.

The implication of this research study for Bharti Axa can be developing customer
retention and expansion strategies by creating a bouquet of offerings to meet and surpass
expectations and add value in the business system and recrafting the offerings at various
points in the product life cycle to provide a total brand value experience.
BACKGROUND OF INSURANCE INDUSTRY

Insurance in India has its history dating back till 1818, when Oriental Life Insurance
Company started was started by Europeans in Kolkata to cater to the needs of European
community. Pre-independent era in India saw discrimination among the life of foreigners
and Indians with higher premiums being charged for the latter. It was only in the year
1870, Bombay Mutual Life Assurance Society, the first Indian insurance company
covered Indian lives at normal rates.

At the dawn of the twentieth century, insurance companies started mushrooming up. In
the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were
passed to regulate the insurance business. The Life Insurance Companies Act, 1912 made
it necessary that the premium rate tables and periodical valuations of companies should
be certified by an actuary. However, the disparage still existed as discrimination between
Indian and foreign companies.
Life Insurance Corporation Act, 1956

Even though the first legislation was enacted in 1938, it was only in 19th of January,
1956, that life insurance in India was completely nationalized, through the Life Insurance
Corporation Act, 1956. There were 245 insurance companies of both Indian and foreign
origin in 1956. Nationalization was accomplished by the govt. acquisition of the
management of the companies. The Life Insurance Corporation of India was created on
1st September, 1956, as a result and has grown to be the latest insurance company in India
as of 2006.