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“PROJECT ON CONSUMER BUYING BEHAVIOUR TOWARDS

INSURANCE”

under taken
at

submitted by
Arpana Rupali
TM1716206

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Agenda

Company Product and Research


Objective
profile services methodology

Data analysis
Recommenda
Limitation Findings and
tion
interpretation

Key learning conclusion

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Company profile
• Started in march 2018
• Joint venture
• CEO- Mr. Vighnesh shahane
• IDBI Federal life insurance is incorporated with IDBI
Bank ,Federal bank,Ageas
• Constituted under industrial development bank of
India act, 1964
• Head quarter in Mumbai
• Net profit RS101crore for the 2017-2018
• Asset under management Rs 7503 crore as compared
Rs 6090 crore at the end of march.
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FEDERAL BANK
• Incorporated on April 28th 1931
• Authorized capital of 5000
• The bank operates in four segments:
Treasury operation
Wholesale banking
Retail banking
Other banking operation

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AGEAS
• International insurance group with a heritage spanning more
than 180 year
• Ranked among the top 20 insurance companies in Europe
• Market leader in Belgium
• Strong presence as the fourth largest player in private car
insurance and over 50’s market

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Role in the company
• Generation of High Net-worth Individual (HNI)
leads
• Conducting market surveys
• Sales of IDBI Federal life insurance products.
• Outcomes
Incomesurance 6 pay-3,50,000
Lifesurance saving plan-2,50,000

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Product profile
We were taught about the 5 important policies
of IDBI life insurance. Those are as follows-
• Lifesurance savings plan
• Childsurance savings plan
• Incomesurance plan
• Wealthsurance growth insurance plan (ULIP)

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OBJECTIVE
PRIMARY OBJECTIVES:

• To find out the market attractiveness of IDBI Federal life


Insurance in region of Kolkata

SECONDARY OBJECTIVES:

• To understand the most preferred way via which insurance


holders get to know about the policy.
• To understand the preference of consumer in terms of
Insurance.

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DATA ANALYSIS AND
INTERPRETATION

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10
What type of insurance plan do you
have?
30.00%

25.00% 24.30%

20.00% 18.30%
15%
15.00%

10.00%

5.00% 3.20%

0.00%
ENDOWMENT HEALTH CHILD INSURANCE MONEY BACK
PLAN INSURANCE INSURANCE

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INTERPRETATION :
•94.2% have life
insurance policy
•6.6% don’t have life
insurance

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INTERRETATION :
• 64.4% have
heard about IDBI
Federal life
insurance
•37.6% have not
heard about IDBI
federal life
insurance

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INTERPRETATION:
•31.4% have incomesurance
•32.9 % have lifesurance
•14.3% have childsurance
•21.4% have wealth insurance

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INTERPREATATION:
•36.9% have LIC
•21.4% have IDBI Federal
life insurance
•12.6% Birla sun life
insurance
•9.7% have others

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INTERPRETATION
•30.1% people invest in
insurance for financial
securities.
•26.2% people investment
in insurance for tax
benefits
•22.3% people invest in
insurance future return.
•12.6% people invest in for
saving purpose
•8.7% people invest in
insurance for wealth
creation

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•35% people prefer
annual mode of
premium payment
•27.2% people prefer
quarterly mode of
premium payment
•20.4% people prefer
monthly mode of
premium payment
•13.6% people prefer
half yearly mode of
premium payment
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Objective -2 To understand the preference of consumer in
term of insurance.
Q. What are the factors for selection insurance ?

30%
28%

25%
22%

20%

15% 14% 14%


12%
10%
10%

5%

0%
Premium paying term Amount of premium Death coverage Extra benefits Maturity benefit Claim clearance
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% of responses
OBJECTIVE-2 To understand the most preferred way via
which insurance holders get to know about the policy.
Q.In which way would you want to receive information related to insurance?

40%

35%
35%

30%
30%

25%

20%

15%
15%

10%
10%

5%

0%
Print Ad Tv Ad Online Ad Agents 20
RESEARCH METHODOLOGY
• Sample size: 104 person
• Sampling technique: Simple random sampling
• Sample unit: Kolkata city
• Data sources: Primary data
• Data collection : survey method
• Primary data collection instrument:
Questionnaire

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LIMITATION

• The area of the research was restricted.


• The sample size was only 104 person in a given region.
• Time constraint was there.
• My knowledge about this sector was limited.
• Government Insurance policies are strong in that
region with low premiums.
• Some customers face problems regarding the claim
settlement process of IDBI Federal life insurance.

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RECOMMENDATIONS

• In terms of advertising and pitching, company should consider its


competitors like: LIC, Birla sun life insurance and should focus
more on promotion through Newspapers, Door To Door Selling and
Magazines
• ESI benefits are mostly able to lure mostly able to lure many firms,
so IDBI federal life insurance should evaluate some of its features
with accordance to it, because firms find ESI as a beneficial source
of insuring.
• In the region of Kolkata analysis shows that Market Attractiveness is
HIGHLY ATTRACTIVE (source: Market Attractive Index) and the
good end of scope of the cliental in this area can be possible with the
use of : Good sales force, Pitching right person at the right time.

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FINDINGS
• With IDBI Federal life insurance, there are various other
Insurance Companies which having strong presence in the
market such as-
LIC
Birla sun life insurance
• If company focuses on the following tools, then it will be
able to attract more customers-
Newspapers
Door To Door promotion
Magazines
• Some of the most preferred way of risk management are
Employee Safety Council(ESI).
• 46% of the Industries have opted for General Insurance.
• People are aware about the IDBI Federal life insurance, but
more focus is required to cover the whole sector in this
area.
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CONCLUSION
• The overall research was very much knowledgeable for
me and I came to learn various things from the data
collected.

• The study made me more aware of the company and I


was able to learn about the various sectors of IDBI
Federal life insurance and its competitors.
• This process made me come to know about the various
limitations and various advantages that the company
have.
• The data collection is also an important task when we
want to know about the company through its roots.

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• IDBI Federal life insurance stands tall apart when it comes
to the General Insurance Industry, but it needs to improve
itself if it wants to maintain the position in the society.
• IDBI Federal life insurance is a developed company, but
needs to focus more if it wants to grow in all the sectors of
the company.
• The overall research was very much satisfactory for me and
I came to learn about new things through this and this
research made me look at the things with a practical
approach.
• This research made me learn the views of the various
Industry Professionals about Insurance Sector and how
they manage their risks in the company.

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KEY LEARING
• Consumer behaviour
• Working under pressure
• Sales of IDBI federal life insurance product

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REFERENCE
• www.google.com
• www.idbifederal.com
• www.ageas.com
• www.federal.com
• www.irda.org
• www.yahoo.com/question-answer/

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