A Project report on Consumer perception survey of Metlife insurance

Submitted to:Mrs. Astha Sharma (Asst. prof) Ms. Saina jain (Asst. prof)

Submitted by:Neha singh 02613401710

Ideal institute of management and technology and school of law (Affiliated to Guru gobind singh Indraprastha University, Delhi) 16X, karkardooma institutional area 110092

EXECUTIVE SUMMARY
In todays corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the 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 MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to work and get experience in highly competitive and enhancing sector. Main objective of the research is to have an analysis of customers perception towards private insurance companies and their expectations form private insurance companies. Other secondary objectives are to know the reasons for opting insurance, most preferred policy etc. The research is primarily both exploratory as well as descriptive in nature. The sources of information are both primary and secondary. A well- structured questionnaire was prepared to collect the customers perception and buying behavior, through this questionnaire. As the people think that insurance is a tool to protect their family and a tax saving device. They are aware of the fact and realizing its, importance. There is a large potential for insurance in india. A g e n e r a l i mp r e s s i o n t h a t I g a t h e r e d d u r i n g D a t a 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 advertising campaigns of insurance companies. A very high number of respondents have opted for insurance for such purpose and it shows how insurance c o mp a n i e s h a v e b e e n s u c c e s s f u l t o a t t r a c t p ub l i c money in recent times.

OBJECTIVE
Main objective of the research is to have an analysis of life insurance industry in Delhi. To accomplish this objective it has been divided into five. To determine reasons behind opting for an insurance. To know the most preferred policy. To determine customers perception towards private insurance companies and their expectations form private insurance companies. To determine the feedback on services provided by an insurance agent. To study the types of benefits provided by insurance services.

CHAPTER 1
(Introduction)

COMPANY PROFILE
Met life India Insurance Company Limited (Metlife) is an affiliate of Metlife, Inc. and was incorporated as a joint venture between Metlife International Holdings, Inc., The Jammu and Kashmir bank, M. Pallonji and Co. Private Limited and other private investors. Metlife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company owned offices. Metlife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country. Metlife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance enforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500 companies. The Metlife companies offer life insurance, annuities, automobiles and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.

MetLife Inc.
Celebrating 140 years, Metlife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe, and Asia Pacific regions. Through its domestic and international subsidiaries and affiliates, Metlife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The Metlife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.

Strategic Intent Vision and mission

Build financial freedom for all through leadership in providing financial advice and building long-term relationships through innovative protection, accumulation and retirement products, robust underwriting processes and creating world- class customer service experience for our customers. We want to provide customers in India with world class solutions for financial security, and in the process add significant value to our shareholders, associates and society.

Our Core Values

We lead through Innovation to offer world class and competitive products to our customers. We build Long Term Relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology. We create a Customer Centered and Result Focused Vision that inspires each one of our Associates and has their buy-in. We are committed to creating a High Performance Organization by creating an environment that allows each one of our Associates to perform at their peak. As a result we will also be recognized as an Employer of Choice. We are committed to Partnering with our internal and external Customers for mutual success. We work with Integrity, Fairness and Financial Prudence in all our dealings k e e p i n g t h e i nt e r e s t s o f o u r S h a r e h o l d e r s , C u s t o me r s a nd A s s o c i a t e s paramount.

SWOT Analysis STRENGTHS

With over 139 years of experience Metlife have approximately US $ 3.3 trillion of life insurance in force. Brand Image , Business Experience and Innovative products. Large number of young workforce .The 40K agents which are very selectively chosen . Service quality which is the crux of their mission. Has tie up with banks like Axis , J&K , Barclays ,Karnatka Bank and Dhanalakshmi bank. Paid up capital of RS 1500 crore as on 2008whichshows company dependability. Very less charges on ULIP plans as compare to other insurance players .

WEAKNESS
Many competitors in the market of same products by the title and difference in premium and offerings Sustainable to risk associated with investments in money market. Very less network branches due to which its difficult for customer to make payment easily. Not focusing on consumer awareness mainly concentrating on personal selling. More focusing in urban areas not touching rural area which has a very good potential market for insurance sector.

 Lacking in advertisement due to which they are not able to cover a large area or large no of customer

OPPORTUNITY
Huge market is literally untapped. Out of estimated 320 millions insurable markets only 20% of the population is insured. Health insurance and pension schemes, an estimated market potential of approximately $ 15billion. Nearly 70% of the Indian population is without Life, Health , and Non-Life insurance. Per Capita life insurance premium in India in 2004was $16 as compared to the world average of $ 292. Strong economic growth with increase in affluence and rising risk awareness leading to rapid growth in the Insurance sector.

THREATS

Players like bajaj and birla sunlife offer same plans with low premiums. Entry of many other private companies with equally strong experience and financial strength of foreign partners making the competition difficult and saturating the urban markets (example; idbi fortis insurance, bharti axa insurance and more. Current govt. policies do not encourage gross domestic savings. If the tax liability of the service class rises, the customer will have little money to invest. LIC has woken up from sleep and is following competitive strategies. Its huge surplus in life fund gives a capability to lodge price war.

CHAPTER - 2
(Research and methodology)

RESEARCH DESIGN
Non probability Exploratory and descriptive experimental research The research is primarily both exploratory as well as descriptive in nature. The sources of information are both primary and secondary. A well structured questionnaire was prepared and to collect the customers perception and buying behavior.

SAMPLING METHODOLOGY
Sampling Technique Initially, a rough draft was prepared keeping in mind the objective of the research. The final questionnaire was arrived only after certain important changes were done. Thus my sampling came out to be judgmental and convenient.

Hypothesis