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The following schedule and diagram shows the percentage of sales of products in last year 2011.
Table 1
Source Company records
PRODUCT NAME
PERCENTAGE OF SALES
Incomesurance
84.9
Retiresurance(SP)
1.4
Childsurance
0.1
Lifesurance
9.8
Termsurance(LC)
0.4
Wealthsurance(RP)
0.2
Retiresurance(RP)
2.0
Termsurance(ROP)
0.3
Wealthsurance(SP)
0.8
37
0.3%Termsurance-ROP
PERCENTAGE OF0.2%Wealthsurance-RP
SALES
Retiresurance(SP)
Retiresurance-RP
Lifesurance
0.4%TermsuranceLC
1.4%
2%
0.1%Childsurance
0.8%Wealthsurance-SP
9.8%
Incomesurance
84.9%
Fig.no.1
The following schedule and diagram shows the percentage of sales of products in last year 2010.
Table 2
Source Company records
PRODUCT NAME
PERCENTAGE OF SALES
Incomesurance
52.00
Retiresurance(SP)
3.00
Childsurance
0.1
Lifesurance
9.8
Termsurance(LC)
0.4
Wealthsurance(RP)
24.00
Retiresurance(RP)
2.0
Termsurance(ROP)
0.3
38
Wealthsurance(SP)
8.4
Percentage of sales
Termsurance rop
0.3%
Wealthsurance-sp
8%
Retiresurance-rp
2%
Wealthsurance-rp
24%
Termsurance-lc
1%
Incomesurance
52%
Lifesurance
10%
Childsurance
0.1%
Retiresurance-sp
3%
Fig.no.2
39
The following schedule and diagram shows the percentage of sales of products in year 2009.
Table 3
Source Company records
PRODUCT NAME
PERCENTAGE OF SALES
Incomesurance
50.00
Retiresurance(SP)
3.00
Childsurance
0.6
Lifesurance
12.00
Termsurance(LC)
0.8
Wealthsurance(RP)
21.00
Retiresurance(RP)
2.0
Termsurance(ROP)
0.5
Wealthsurance(SP)
10.1
Termsurance-rop
-1%
Percentage of sales
Wealthsurance-sp
10%
Retiresurance-rp
2%
Wealthsurance-rp
21%
Incomesurance
50%
Termsurance-lc
1%
Lifesurance
Childsurance
12%
1%
Retiresurance-sp
3%
Fig.no.3
40
Sales of Incomesurance
90
80
70
60
50
Sales
40
30
20
10
0
2009
2010
2011
Fig.no.4
Sales of Wealthsurance(SP)
12
10
8
6
Sales of
Wealthsurance(SP)
4
2
0
2009
2010
2011
Fig.no.6
41
Sales
30
25
20
15
Sales
10
5
0
2009
2010
2011
Fig.no.5
Salesof Retiresurance(SP)
3.5
3
2.5
2
Salesof Retiresurance(SP)
1.5
1
0.5
0
2009
2010
2011
Fig.no.7
42
Sales of Childsurance
0.7
0.6
0.5
0.4
Sales of Childsurance
0.3
0.2
0.1
0
2009
2010
2011
Fig.no.8
Sales of Lifesurance
14
12
10
8
Sales of Lifesurance
6
4
2
0
2009
2010
2011
Fig.no.10
43
Sales of Termsurance(LC)
0.9
0.8
0.7
0.6
0.5
Sales of Termsurance(LC)
0.4
0.3
0.2
0.1
0
2009
2010
2011
Fig.no.9
Sales of Retiresurance(RP)
2.5
1.5
Sales of Retiresurance(RP)
1
0.5
0
2009
2010
2011
Fig.no.11
44
Sales of Termsurance(ROP)
0.6
0.5
0.4
0.3
Sales of
Termsurance(ROP)
0.2
0.1
0
2009
2010
2011
Fig.no.12
45
FINDINGS
Incomesurance is getting sold more than any other product of IDBI Federal Life Insurance Co.
Ltd. in Thrissur branch of the company and the sales of incomesurance has showed an increasing
trend too. With that fact existing, this organization study has thrown some light on the reasons
behind it. They are:
The unexpected market conditions resulted in huge losses for the customers of IDBI
Federal Life Insurance Co. Ltd. who has taken unit linked products. This also resulted in
the huge sales of Incomesurance which is a risk free product.
Many persons had chosen Incomesurance with a view of getting fund back at the time
of professional course or marriage of their children.
Premium amount can be from Rs. 25000 to Rs. 100000. This flexible amounts is very
much helpful for the policy holders.
People have started to show their interest in other private insurance providers other than
LIC.
People have knowledge and awareness about the products through advertisements and
other promotional activities. A high penetration of print, radio and TV advertisement
campaigns over the years is beginning to have its impact now.
Another important trend was in terms of people viewing insurance as a tax saving and
investment instrument as much as protective one.
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RECOMMENDATIONS
People were having good knowledge about insurance companies because of the advertisements
and through agent each and every individual I met was at least visited by an insurance agent. The
comparatively new player in insurance sector like IDBI FEDERAL LIFE INSURANCE Co. Ltd.
must advertise well enough to reach most of the people, because the prospective insurance
customer will always look for brand name. So, the IDBI FEDERAL LIFE INSURANCE Co.
Ltd. must look forward to increase their brand image.
IDBI FEDERAL LIFE INSURANCE Co. Ltd. is highly concentrating on the high
income segment of the overall population .Majority of the population consists of middle
or lower income population so it advisable that IDBI FEDERAL LIFE INSURANCE Co.
Ltd. must come up with marketing strategies which is useful for getting the attention of
general public.
Better service quality should include-issuing policy on time, providing claims on time,
proper communication via mail or courier on timely basis to aware customer about the
policy status.
People are not much aware of alternative policy scheme (health, diabetics), so there are
need to increase awareness of such type of policies among people.
Mostly, people are not satisfied from the post service of insurance companies due to
dependence on agents or no knowledge about process, so there should be need to increase
awareness about self-service and awareness among people by training and advertisement.
In insurance, process is too much time taking, when we compare to other financial tools,
so process work should be less, effective and flexible.
Company should create trust among customers so that they feel safe to invest their
money.
47
BIBILIOGRAPHY
www.wikipedia.org
www.idbifederal.com
www.policybazaarinsurance.blogspot.com
BOOKS:
Marketing Research G.C. Beri
Principles of Marketing Philip Kotler
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Prof. Anand