IBS Kochi

Chakrampilly Towers Puthiya Road, NH-47 Bye Pass Palarivattom, PO Kochi 682025 Ph. 0484-2338823

NameCompanyDesignationContact no.-

The following questionnaire is for the purpose of our research project as a part of our MBA curriculum on Marketing Strategy of different Insurance companies. It is assured from us that any information given by the company will not be disclosed by any means. With this assurance I expect accurate data from company to help me for my project. ________________________________________________________________

1. How long you have been in insurance industry? (a) < 2 years (b) 2-5 years (c) 5-8 years 2. When did you join your present company? (a) < 2 years (b) 2-5 years (c) 5-8 years

(d) >8 years

(d) >8 years

3. Your designation while joining this company.. . 4. How many advisors do you have? (a) <250 (b) 250-400

(c) 400-550

(d) >550

5. On what basis do you recruit your advisor? (a) Through personal reference (b) Through advertisement (c) Through walk in interviews (d) Through placements agencies

6. How do you make them active? (a)By increasing incentives (b)By offering higher channel position (c)By awarding non-cash prizes (d)By giving training session 7. How many MBAs do you have in your agency? (a) None (b) 1-3 (c) 4-6 (d) more than 6 8. On what products you are stressing more? (a) Term insurance (b) Unit linked products (c) Money back products (d) Endowment products 9. What is the basis of your product deployment? (a) Profit oriented (b) On customers need and demand (c) On channel feedback from market (d) By adding some additional benefits in current product 10. How do you differentiate your product from your competitors? (a) By advertising and promotional activities (b) By pricing of the product (c) Based on the deployment of funds (c) By providing better service quality 11. Your mode of interaction with customers. (a) Direct marketing (b) By telephonic contacts (creating database) (c) Through advertisement (d) Through online contacts 12. Which kind of strategies should an insurance company use to compete in the market (in your view)? (a) Better service quality (b) Accordingly change in the pricing of product (c) By increasing periodicity of interaction with advisors and customers (d) By providing extra benefits to advisors and customer

13. What is average total premium collection in your branch (in a month?) (a) <2 Cr. (b) 2-4 Cr. (c) 4-5 Cr. (d) >5 Cr. 14. Other useful activities which you do in agency (if any, please mention)... ... ... 15. What are your future plans (please define). .. ..

Primary data has been collected by the survey of branch and agency manager of different insurance companies in Calicut. sample size for this research is 27.

Recruitment of advisors:- In insurance industry advisors play most important

role, and these advisors are recruited through different ways. Mainly four ways for recruiting the advisors are1. Through personal references. 2. Through advertisements. 3. Through walk in interviews. 4. Through placement agencies. Recruitment_Personalreference Response yes no Total Frequency 24 3 27 Percent 88.9 11.1 100.0

Recruitment_Advertisement Response yes Frequency 10 Percent 37.0

no Total

17 27 Recruitment_Interviews

63.0 100.0

Response yes no Total

Frequency 12 15 27

Percent 44.4 55.6 100.0

Recruitment_Placementagencies Response no Frequency 27 Percent 100.0

So most of the companies are recruiting their advisors through personal reference and through advertisement, some companies are recruiting their advisors through walk in interviews also, but none company is recruiting their advisors through placement agencies.

Recruitment of advisors

Through placement agencies

Through walk in interviews

Series1

Through advertisement

Through personal references

10

15

20

25

30

Making advisors active: To get efficient work from their advisors companies
do some practices to make them active. some practices are1. By increasing incentives. 2. By offering higher channel position. 3. By awarding them non cash prizes. 4. By giving them training session. Active_Incentives Response yes no Frequency 7 20 Percent 25.9 74.1

Total

27

100.0

Active_Higherchannelposition Response yes no Total Frequency 6 21 27 Percent 22.2 77.8 100.0

Active_Noncashprizes Response yes no Total Frequency 10 17 27 Percent 37.0 63.0 100.0

Active_Trainingsession Response yes no Total Frequency 14 13 27 Percent 51.9 48.1 100.0

So most of the companies are giving training session and awarding non cash prizes to make their advisors active, some of the companies are increasing incentives and offering higher channel position to make their advisors active.

Type of products: Different insurance companies are having different

categories of insurance products. Some product categories are1. Term insurance products. 2. Unit linked products. 3. Money back products. 4. Endowment products. Products_Terminsurance Response yes no Total Frequency 5 22 27 Percent 18.5 81.5 100.0

Products_Unitlinked Response yes Frequency 26 Percent 96.3

no Total

1 27

3.7 100.0

Products_Moneyback Response yes no Total Frequency 1 26 27 Percent 3.7 96.3 100.0

Products_Endowment Response yes no Total Frequency 2 25 27 Percent 7.4 92.6 100.0

So all the companies are promoting their unit linked products and some companies are promoting rest of the products including unit linked products.

Type of products promoted

Endowment products

Money back products

Series1

Unit linked products

Term insurance products

10

15

20

25

30

Basis of product deployment: - All insurance companies are deploying their

products in various categories. Some of the tactics are1. Profit oriented. 2. On customers need and demand. 3. On channel feedback from market. 4. By adding some additional benefits in current products.

Productdeployment_Profitoriented

Response yes no Total

Frequency 6 21 27

Percent 22.2 77.8 100.0

Productdeployment_Customersneed

Response yes no Total

Frequency 20 7 27

Percent 74.1 25.9 100.0

Productdeployment_Marketfeedback

Response yes no Total

Frequency 2 25 27

Percent 7.4 92.6 100.0

Productdeployment_Additionalbenefits

Response yes no Total

Frequency 5 22 27

Percent 18.5 81.5 100.0

So most of the companies are deploying their products based on the customers need and demand.

Baiss of product deployment

By adding extra benefits

On channel feed back from market

Series1

On customer need

Profit oriented

10

15

20

25

Differentiation strategies:

To make their products different from their competitors companies are using some strategies which are1. By advertisement and promotional activities. 2. By pricing of the product. 3. Based on the deployment of the funds. 4. By providing better service quality.
differentiation_promotionalactivities

Response yes no Total

Frequency 4 23 27

Percent 14.8 85.2 100.0

differentiation_pricing

Response yes no Total

Frequency 13 14 27

Percent 48.1 51.9 100.0

differentiation_deploymentoffunds

Response yes no Total

Frequency 7 20 27
differentiation_service

Percent 25.9 74.1 100.0

Response yes no Total

Frequency 17 10 27

Percent 63.0 37.0 100.0

So most of the companies are giving better service quality and better pricing to differentiate their products from their competitors.

Differentiation strategies

By better service quality

Based on deployment of funds

Series1

By pricing of product

By promotional activities

10

12

14

16

18

Mode of interaction: There are different types of way to interact with

customers. Some of the important ways are1. Direct marketing. 2. By creating database (telephonic contact). 3. Through advertisement. 4. Through on line contacts. Modeofinteraction_Direct Response yes no Total Frequency 17 10 27 Percent 63.0 37.0 100.0

Modeofinteraction_Telephone Response yes no Total Frequency 15 12 27 Percent 55.6 44.4 100.0

Modeofinteraction_Advertisement Response yes no Total Frequency 1 26 27 Percent 3.7 96.3 100.0

Modeofinteraction_Onlinecontacts Response yes no Total Frequency 1 26 27 Percent 3.7 96.3 100.0

So almost all the companies are interacting with customers through direct marketing and by telephonic contacts (creating database).

Mode of interaction with customers

Through online contacts

Through advertisement

Series1

By telephonic contacts

Direct marketing

10

12

14

16

18

Strategy to compete in market: Most common strategies to compete in the

market for insurance companies are1. Better service quality. 2. Change in pricing of products. 3. By increasing periodicity of interaction with advisors and customers. 4. By providing extra benefits to advisors and customers. Strategies_Service Response yes no Total Frequency 21 6 27 Percent 77.8 22.2 100.0

Strategies_Pricing Response yes no Total Frequency 2 25 27 Percent 7.4 92.6 100.0

Strategies_Interaction Response yes no Total Frequency 7 20 27 Strategies_Extrabenefits Response yes no Total Frequency 3 24 27 Percent 11.1 88.9 100.0 Percent 25.9 74.1 100.0

So most of the insurance companies think that providing better service quality is most suitable strategy to compete in the market.

Competitive strategies

By providing extra benefits

By increasing periodicity of interaction

Series1

Change in pricing

Better service quality

10

15

20

25

Premium collection:Premium Collection Premium less than 2 cr. 2 to 4 cr. 4 to 5 cr. more than 5 cr. total Frequency 20 5 1 1 27 Percent 74.1 18.5 3.7 3.7 100.0

So most of the companies are collecting premium less than 2 crores. at an agency or branch level in a month.

Premium collected

More than 5 cr.

Four to five crore

Series1

Two to four crore

Less than two cr.

10

15

20

25

Recruitment of advisors through personal reference and making them active:Recruitment through personal reference

14 By increasing incentives By giving them higher channel position By awarding non cash prizes By giving them training session

Companies, recruiting their advisors through personal reference are doing practices to make them active in under mentioned numbers. By increasing incentives- 6 (17.65%) By awarding non cash prizes- 9 (26.47%) By giving higher channel position- 5 (14.71%) By giving them training session- 14 (41.78%) So companies are concentrating on training session and awarding non cash prizes to make their advisors active.

Recruitment of advisors through advertisement and making them active:Recruitment through advertisement

4 5

By increasing incentives By giving them higher channel position By awarding non cash prizes By giving them training session

Companies, recruiting their advisors through advertisement are doing practices to make them active in under mentioned numbers. By increasing incentives- 4 (26.67%) By awarding non cash prizes- 4 (26.67%) By giving higher channel position- 2 (13.33%) By giving them training session- 5 (33.33%) So companies, recruiting their advisors through advertisement are concentrating on increasing incentive, awarding non cash prizes and training session.

Recruitment of advisors through walk in interviews and making them active:-

Recruitment through walk in interviews

By increasing incentives By giving them higher channel position By awarding non cash prizes By giving them training session

Companies, recruiting their advisors through walk in interviews are doing practices to make them active in under mentioned numbers. By increasing incentives- 4 (23.52%) By awarding non cash prizes- 6 (35.3%) By giving higher channel position- 3 (17.6%) By giving them training session- 4 (23.52%) So companies, recruiting their advisors through advertisement are concentrating on increasing incentive, awarding non cash prizes and training session.