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SUBMITTED BY
Der Parth L.
Enrollment No.-137730592055
GUIDED BY
SUBMITTED TO
This project is not been submitted to any other institute for any
examination. This project is my own effort & guidance of elders. I have
tried my level to show my efforts by including all the information.
Date:
Place:
Signature
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(Der Parth L.)
PREFACE
During the training period, market research is made for to know the
most preferred products of IDBI Federal Life Insurance and reason for
that. Also to understand and analyze the Organization Overview &
Brand Awraness in cpmpetitive market, the research is undertaken.
Acknowledgement
2. Company Overview
3. 2.4 Compititors
Marketing Department
-Introduction
-Marketing Structure
-Marketing Mix
-Channel of Distribution
-Market Segmentation
Service Department
-Introduction
-Product of Company
H.R. Department
-Human Resource Planning
-Recruitment & Selection
-Training & Development
8. SWOT Analysis
CHEPTER-II
1. Research Methodology
2. Research Objective
3. Research Method
4. Source of Data Collection
CHEPTER-III
Data Interpretation
9. Hypothesis
10. Findings
11. Suggestion
12. Future Plan
13. Conclusion
14. Bibliography
GENERAL
INFORMATION
Executive Summary
The study of IDBI Federal Life Insurance, its origin and history provides glimpse
about company growth and expansion. This training provides an in depth study about
the company‘s policy, procedure and processes. It also provides the practical
knowledge about the functioning of various departments. As we come across the
Personnel Department, Marketing Department, we learnt number of things related to
these departments.
I have done project in IDBI Federal Life Insurance, which is one of the famous
Insurance Company in India. IDBI Federal Life Insurance is covering huge market
share in the Insurance Market. Insurance market of Rajkot is very huge and continuous
growing. It is leading in insurance market and doing continuous growth.
Industry Overview
Introduction to Insurance Sector
Insurance is as old as civilization. It has been developing from the family from of
insurance to mutual associations, stock exchange securities and again to the state
owned organization.
„Yogakshema‟ has been the oldest term of insurance used in the ‗Rigveda‘ for
some kind ofinsurance. The concept of formal insurance originated in the 12 th
century in the form of protection against financial loss to the seafarers involved the
foreign trade. Growing economic uncertainties caused not only by multiplicity of
social, cultural, ethnic, and political factors but also natural calamities necessitated
invention than development of avenues capable of providing economic security to
the bereaved family in the event of loss of breadwinner. And thus, began life
insurance. With the development of social security and welfare status of the
societies, the business of life insurance assumed multidimensional.
In today‘s uncertain and hectic life, every individual is seeking some protection
against risk. The solution is prevailing in the market from last 55 years, but it never
been so crucial before a paradigm shift has been made by private players and this is
supported by the figure of only 23% penetration in last 55 years. Now this
penetration is going upward as new competitive private players are coming. There
is immense potential in the Indian market for all players as 77% market is to be
tapped.
The concept of insurance is believed to have emerged almost 4,500 years ago in
the ancient land of Babylonia where traders used to bear risk of the caravan by
giving loans, which were later repaid with interest when the goods arrived safely.
In order to protect against the risk of loss of goods in transit, piracy and natural
calamities like storms and so on, medieval guilds (trade associations) formed a
common pool of funds, which was used as support in times of sickness and death
and sometimes even offered as ransom for members held captive by pirates. The
first insurance contract was entered into by European maritime nations in 1347 to
accept marine insurance as a practice.
The concept of insurance as we know today took shape in 1688 at a place called
Lloyd's Coffee House in London where risk bearers used to meet to transact
business. This coffee house became so popular that Lloyd's became the one of the
first modern insurance companies by the end of the eighteenth century.
Marine insurance companies came into existence by the end of the eighteenth
century. These companies were empowered to write fire and life insurance as well
as marine. The Great Fire of London in 1966 caused huge loss of property and life.
With a view to providing fire insurance facilities, Dr Nicholas Barbon set up in
1967 the first fire insurance company known as the Fire Office.
The oldest life insurance company in existence today is the Society for the
Equitable Assurance of Lives and Survivorship, known as 'Old Equitable'. It was
established in England in 1756.
The 'law of large numbers' discovered by JakobBernoulls around 1700 forms the
basis of modern insurance. Insurers consider their clients as large groups to predict
future risk and loss. The larger the group, the closer the average loss will approach
a definite value. This law helps the insurer to predict total annual loss for the group
which is then distributed among all the insured and recovered in the formpremium.
The mortality tables were constructed in the seventeenth century. The first
mortality table was constructed by an astronomer Edmund Haley in 1693. This
table provided a link between the life insurance premium and average life spans
based on statistical laws of mortality and compound interest In 1756, Joseph
Dodson reworked the table, linking insurance premium rate to age.
The infamous NewWk Fire and the great Chicago Fire in 1835 and 1871,
respectively, created awareness and need for insurance. The concept of reinsurance
emerged to deal specifically for such situations. Industrialization and urbanization
popularized the concept of insurance and growth in., insurance led to the
development of new insurance products.
HISTORY OF INSURANCE IN INDIA
The early history of insurance in India can be traced back to the Vedas. The
Sanskrit term 'Yogakshem’ (meaning well being), the name of Life Insurance
Corporation of India's corporate headquarters, found in the RigVeda. Some form of
'community insurance' was practiced by the Aryans around BC. The joint family
system prevalent in India was an important form of social cooperation.
Life insurance in its modern form came to India from England in 1818. The
Oriental Life Insurance Company was the first insurance company to be set up in
India to help the widows of the European community. The insurance companies,
which came into existence between 1818 and 1869, treated Indian lives as
subnormal and charged an extra premium of 15 to 20 per cent. The first Indian
insurance company, the Bombay Mutual Life Assurance Society, came into
existence in 1870 to cover Indian lives at normal rates. Moreover, in 1870, the
British Government enacted for the first time the Insurance Act, 1870. Other
companies, such as the Oriental Government Security Life Assurance Company,
the Bharat Insurance Company, and the Empire of India Life Insurance Company
Limited, were set up between 1870 and 1900.
By the mid-1950s, there were 154 Indian insurers, 16 foreign insurers, and 75
provident societies carrying on life insurance business in India. Insurance business
flourished and so did scams, irregularities, and dubious investment practices by
scores of companies. As a result, the government decided to nationalize the life
assurance business in India. The Life Insurance Corporation of India (LIC) was set
up in 1956 to take over 245 life companies. The nationalization of life insurance
was followed by general insurance in 1972. The General Insurance Corporation of
India and its subsidiaries were set up in 1973. Most of the powers of the Controller
of Insurance were taken away and vested in state-owned LIC and GIC for
operational convenience. These nationalized companies enjoyed monopoly for
decades. They did a commendable job in extending the distribution network and
successfully handled a large volume of business. But with only 20 per cent of the
population insured there was a vast potential untapped. Besides, as a sequel to the
reform process and to tap the insurance sector as a source of long-term funds, the
government decided to introduce reforms in the insurance sector.
If such perils can cause damage to the asset, we say that the asset is exposed
to that risk. Perils are the events. Risks are the consequential losses or
damages.
The risk only means that there is a possibility of loss or damage. The
damage may or may not happen.
There has to be an uncertainty about the risk. The word 'possibility' implies
uncertainty. Insurance is relevant only if there are uncertainties.
In the case of a human being, death is certain, but the time of death is
uncertain. The person is insured, because of the uncertainty about the time
of his death.
In the case of a person who is terminally ill. The time of death is not
uncertain, though not exactly known. It would be 'soon'. He cannot be
insured.
The risk can sometimes be avoided, through better safety and damage
control measures.
Insurance only tries to reduce the impact of the risk on the owner of the
asset.
FUNDAMENTAL PRINCIPLES OF LIFE-INSURANCE
• Principle of indemnity.
• Doctrine of subrogation.
• Principle of causaproximo.
Doctrine of subrogation This means the insurer has the right to stand in the place of the
insuredafter settlement of claims in so far as the insured's right of recovery from an alternative
source is involved. The right may be exercised by the insurer before the settlement of the claim.
In other words, the insurer is entitled to recover from a negligent third party any loss payments
made to the insured. The purposes of subrogation are to hold the negligent person responsible for
the loss and prevent the insured from collecting twice for the same loss.
Principle of causaproximoThe cause of loss must be direct and an insured one in order toclaim
for compensation.
Principle of insurable interest The assured must have insurable interest in the life or
propertyinsured. Insurable interest is that interest which considerably alters the position of the
assured in the event of loss taking place and if the event does not take place, he remains in the
same old position. One who has to lose as a result of loss may be said to have insurable interest
in the life or property insured. If this principle is absent, the insurance contract degenerates into a
wagering contract. It is taken as given that an individual has insurable interest in his/her own life
or property. Cases where no proof of insurable interest is required are that of a husband's interest
in his wife's life and wife's interest in her husband's life. In cases of business and family
relationships, proof of insurable interest is required.
CONTRIBUTION TO INDIAN ECONOMY:
(i)Life Insurance is the only sector which garners long term savings
IDBI Bank Ltd. continues to be, since its inception, India’s premier
industrial development bank. It came into being as on July 01, 1964 (under the
Companies Act, 1956) to support India’s industrial backbone. Today, it is amongst
India’s foremost commercial banks, with a wide range of innovative products and
services, serving retail and corporate customers in all corners of the country from
1077 branches and 1702 ATMs. The Bank offers its customers an extensive range
of diversified services including project financing, term lending, working capital
facilities, lease finance, venture capital, loan syndication, corporate advisory
services and legal and technical advisory services to its corporate clients as well as
mortgages and personal loans to its retail clients. As part of its development
activities, IDBI Bank has been instrumental in sponsoring the development of key
institutions involved in India’s financial sector –National Stock Exchange of India
Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding
Corporation of India Ltd), CARE (Credit Analysis and Research Ltd). »Please visit
www.idbibank.com to know more.
Federal Bank is one of India’s leading private sector banks, with a dominant
presence in the state of Kerala. It has a strong network of over 1060 branches and
1158 ATMs spread across India. The bank provides over four million retail
customers with a wide variety of financial products. Federal Bank is one of the first
large Indian banks to have an entirely automated and interconnected branch
network. In addition to interconnected branches and ATMs, the Bank has a wide
range of services like Internet Banking, Mobile Banking, Tele Banking, Any
Where Banking, debit cards, online bill payment and call centre facilities to offer
round the clock banking convenience to its customers. The Bank has been a
pioneer in providing innovative technological solutions to its customers and the
Bank has won several awards and recommendations. »Please visit
www.federalbank.co.in to know more.
IDBI Federal Life Insuranceis one of the India‘s leading financial institution,
offering complete financial solutions that encompass every sphere of life. From
commercial banking, to stock broking, to mutual funds, to life insurance, to
investment banking, the group caters to the financial need of individuals and
corporate.
2006: IDBI Bank, Federal Bank and Belgian-Dutch insurance major Fortis
Insurance International NV signed a MOU to start a life insurance company
2008: IDBI Fortis Life Insurance Co. Ltd., which started its operations in
March
2008: IDBI Fortis opens its second branch in Andhra Pradesh in Vijayawada
2009: Nimbus ropes in IDBI Fortis as title sponsor of India–Sri Lanka series
2009: IDBI Fortis Life Insurance uses an interactive application to help users
easily calculate their taxes
2009: IDBI Fortis Life Insurance introduces financial inclusion plan in rural
Orissa
2009: IDBI Fortis redefines endowment & money back with Incomesurance
2010: IDBI Fortis now renamed as IDBI Federal Life Insurance Company
MISSION
We focus on the need of our customers and create confidence, trust and loyalty
by offering a wide range of innovative insurance solution.
Strengthened by our commitment to professional management, we ensure
the continued growth and advancement of our employees.
VISSION
IDBI Federal Life Insurance has a deep rooted commitment to improve the
quality of life of its customers, employees and stakeholders. We aim at improving
long term value in our relationship by continuous innovation and improvement.
We do this through three-prong effort which strives to make IDBI Federal Life
Insurance a corporate with values.
Increase customer value
IDBI Federal Life Insurance has gone to the heart of its
customer‘s requirement and development products which are unique and
serve the customer need perfectly. We built relationship of mutual trust and
benefit to serve the Indian customer. At IDBI Federal Life Insurance the
customer always come first.
Cohesive work environment
We form long term partnership with our employee by offering
them invigorating work experience. We do not only demand loyalty,
sincerity and value but also give it back in equal measures. IDBI Federal
Life Insurance will like to offer its employees space to grow, innovate and
build a long-term career.
Work with honor
IDBI Federal Life Insurance delivers everyday services in the
marketplace with the high sense of duty and commitment. Our employees
strive to build the long-term value for all those come in contact with Kodak
Life Insurance. Our consumers, distributors, employee, shareholders and
the nation have our commitment that we will uphold the values of trust,
integrity and a sense of Honor in every thought, act and deed in order to
positively contribute to individual, society and nation growth.
Major Insurance Players
Competitive Strengths:
IDBI Federal life insurance is a joint venture between IDBI Federal bank
Ltd. along with its affiliates and old mutual plc. IDBI Federal mutual life
insurance is one of the fastest growing insurance companies in India and
has shown remarkable growth since its inception in 2001. IDBI Federal
believe in offering its customers a lifetime of value.
Financial Acumen:
Holds a stable and diversified portfolio and has received some of the
highest ratings in financial strength from industry‘s independent rating
agencies.
Innovativeness:
Known for being an innovator in providing world class pragmatic financial
solutions, with a constant focus on customization and flexibility.
Unrelenting Customer Focus:
A highly committed sales force with customer satisfaction as the key
driving force- a major differentiator.
Transparency in services:
Daily declaration of fund performance, regular performance benchmarking,
well regulated asset management and monthly newsletters on market
update.
Service Department
SERVICE DEPARTMENT
Insurance product
IDBI Federal Life Inurance is offering a wide range of products for its
customer they all are divided in to different types. There are products for
all types & kind of people this will give benefit to people in any stage of
life & also after his death.
Product of IDBI Federal Life Insurance Co.Ltd.
our customers. These innovations are brought to life through our wide array At
IDBI Federal, it’s our constant endeavor to create innovations that create value for
of products that fit the varying financial and investment needs at different stages of
life.
Childsurance
Being a good parent means making sure your child gets good education so
that her future stays secure. The cost of education has shot up significantly
and is expected to rise further. Add to that the cost of your child’s marriage
or giving her a head start in career. It is therefore important for you to stay
prepared. Plan early to help your child’s dreams come true tomorrow and
support her at every important milestone of life. Go ahead; secure your
child’s future. At every step!
Incomesurance
Lifesurance
Microsurance
The IDBI Federal Group Microsurance Plan provides affordable life insurance
cover to groups. The plan is extremely useful to Micro Finance Institutions, Self
Help Groups and NGO
MARKETING
DEPARTMENT
Marketing Department
First I would like to discuss what is marketing?
Marketing
Introduction:
Information
As we see in above chart that in any industry the how marketing activity is run,
First industry communicating with the market about product and services
Second, they sales goods and services in the market.
In third, they get return on goods and services in the form of money.
In IDBI Federal Life Insurance in these strategy they decides different plan of
insurance. They design the plan of insurance by which they get more customer.
They choose proper brand name to attract more customer. IDBI Federal Life
Insurance Company Plan every new Insurance Plan with production strategy.
Pricing Mix:
It mainly Includes: List Price, Discount, Allowance, Payment Period, and Credit
Returns.
In this stage the company decide list premium price of insurance. It is planning of
all pricing Strategy. In which they decides premium for insurance, their premium
period, credit returns on insurance etc.
Promotion Mix:
It mainly includes: Sales Promotions, Advertising, Public Relations, Direct
Marketing.
This strategy is very useful in market service industry very sales promotion is
under taken place for maximum market share. They give advertising in different
media to make it effective. They use media like newspaper, television, outdoor
banners and etc. In this strategy to acquire sales force they have do many other
activity for the purpose of higher sales of insurance in the market. They maintain
public relation with this different activity so that it increase awareness of people
towards brand
Place Mix:
It mainly includes: Channel, Locations, and Coverage.
As we know that if the thing is done on right time and right place it is
benefited to the company. So choosing right place is very beneficial for
company. For the purpose of brand awareness and brand Recognition
Company choose it with very carefully. For advertising purpose they decide
right location where the big public mass.
From this perspective, the scope of marketing management is quite broad. The
implication of any activity and resource the firm acquire customer and manage the
company’s relationship with them is within the purview of marketing
management.
Human Resource
Department
Human Resource Department
INTRODUCTION
Now a day, proper direction to achieve the goal is carried out by a separate
department that is personnel,” Personnel management is the planning, organizing,
directing and controlling of procurement development, compensation, integration
and maintenance of people for the purpose to contribution, to organization,
individual and social goals.” Personnel department is concerned with training and
development of employees and providing them proper wage and salary.
SELECTION & RECRUITMENT
SELECTION :: -
Selection means the procedure of selection in terms of best person and
all with required qualification. This process is negative by nature because it
selects only suitable persons and rejects the other applied.
Interviews
Primary selection
Final selection
Placement
RECRUITMENT :: -
“IDBI Federal Life Insurance Co.Ltd.” consider its employees as it’s most
valuable and therefore it believes in perfect and accurate performance
appraisal system. They believe that employees’ efficiency, productivity and
great performance is a ladder to success.IDBI Federal Life Insurance
LTD” has an efficient performance appraisal system for evaluating their
employees’ performance
Rearch & Methodology
\
Reserch Topic
Overview and Brand Awareness in competitive Market
About Brand?
Concept:
Brand is the image of the product in the market. Some people distinguish the
psychological aspect of a brand from the experiential aspect. The experiential
aspect consist of the sum of all point of contact with the brand and is known as the
Brand Experience. The psychological aspect, sometime referred to as Brand Image,
is a symbolic construct created within the mind of people and consist of all the
information and expectation associated with a product or service.
People engaged in branding seek to develop or align the expectation behind the
brand experience, creating the impression that a brand associated with service has
certain qualities or characteristics that makes it special or unique. So the brand is
the valuable element for any company or organization, and brand owner is able to
offer in the marketplace. The art of creating and maintaining a brand is called
brand management.
Among above six-element first three element are ―Brand building‖, and latter
three are ―protectable‖, that deal with how to leverage and preserve equity in a
brand element in face of opportunity and constraints.
The power of a brand resides in the mind of consumers and the way it changes
their response to marketing, there are two basic approaches to measuring brand
equity.
(1)Brand Audit
(2)Brand-tracking
studies
Brand Audit :
As our topic is brand awareness, it is necessaries to measure brand equity.
It is basically a consumer-focused series of procedure to assess the health of
brand, uncover its sources of brand equity and suggest ways to improve and
leverages its equity.
Brand-Tracking studies:
When any brand is launched, the firm has to think about consumer value,
means think like customer that how the benefit they perceive and how they
spend means total cost to get total benefit.
Brand being present in the memory of the consumer and is mentioned by the
latter without the need of any external stimulus; and (2) the recall attended that
the brand name is knowledge as an offer of a category of products amongst a
set of suggested brands.
Finally, brand awareness favors the creation of associations brought about by the
product, which are in the origin of the creation of brand image (Keller, 1993). This
equally facilitates the forming of the arrival of new information that serves to
guarantee the knowledge and to support and assure the image perceived by the
consumer
Reserch Methodology
Literature Review of Brand Awareness
The researcher finds that the level of awareness in form of brand recognition
is with quite high for potential customers, while a higher percentage recalls
BMW from their memory as a luxury brand rather than a performance brand.
These results indicate an overall high level of awareness for the brand.
Furthermore, results showed a desire for owning a BMW. However,
distinguished by gender, female potential customers show a higher desire for
competitive brands for both, as a luxury as well as a performance brand,
while male potential customers show surprisingly a higher desire for
competitive brands when it comes to performance of the cars.
Logos, due to their picture-like form, are often easily recognized, and as a
result, can be a valuable way to identify a product (Keller, 2003). It is
believed that logo awareness occurs on two levels. First, a consumer must
remember seeing the logo (recognition) and secondly, the logo must remind
consumers of the brand or company name (recall) (Henderson and Cote,
1998). The first level of awareness, recognition, depends primarily on
design, ―given equal exposures, a more memorable design will be
recognized moreeasily than a less recognizable one” (Henderson and Cote,
1998 p. 15). Facilitatingrecall, therefore, begins with the selection of a
design that is easily recognized.
INTRODUCTION
Marketing research is the tool in the hands of the marketer either to find out the
solution of any managerial or market related problem or to find the new
opportunity and threats that are prevailing in the market. Marketing research is the
systematic gathering, model building and fact finding process to solve the problem
related to the marketing of goods and services.
The present market conditions shown that ther are various player in this Insurance
sector. So, I decided to do a Survey and base on that make some strategy to
enhance the awareness of
IDBI FEDERAL LIFE INSURANCE and to penetrate the IDBI FEDERAL
LIFE INSURANCE relative tocompetitor. So I take sample of 100 respondents as
a base and did the survey with the help of a questionnaire, which is displayed in the
annexure. The result of the survey are discussed later in this section.
The main objective of this primary research:
Research Design:
The sample decided in this research is studied in a way that they express
their conscious knowledge about the brand and the contribution toward company‘s
brand equity.
The qualitative data are quantified with the help of statistical tools and
the exact brand equity is found from the sample. The same will be compared and
tested with hypothesis so that to reach to universal brand equity value. The data are
compared with previous year‘s parameters to understand the analytical value of the
brand.
Research Instrument:
Form of Questionnaire
The questionnaire for the purpose of this study was carefully drafted and very
well developed. Proper care has been taken in asking the questions, in wording
them and in maintaining the sequence of the question.
Research methodology states how the research study is under taken. It includes
specification of research design source of data, method of primary data collection,
sampling design and analysis procedure adopted.
Research methodology states what procedure were employed to carry out the
research study.
All the items under consideration in any field of inquiry constitute a ―universe‖ or
―population‖.
Hence, quite often we select only a few items from the universe for study
purposes. The item so selected constitute what is technically called a sample.
Time was a major constraint for carrying out research project at this
level.
Most of people are not aware about the importance and necessity of insurance in their
life and their family, if something will be happen to them.
Perception of people toward insurance sector, they still think it is just tax saving device.
Increase competition in the market due to many players in market.
Data Analysis
1. Write down the name of the company you know Other
Than .
Question simply asked to check the brand awareness of IDBI Federal Life
Insurance.
The Result:
General
Other
26%
Awareness
LIC
14%
IDBI Federal
28%
HDFC ICICI
17% 15%
Interpretation:
Around 74% respondents are aware about the Brand IDBI Federal Life
Insurance which is below average. About 26% are totally unaware about the
Brand.
2. What do you think about Insurance?
It is a savings It is tax-savings
None of above
2%
8%
23%
12%
Investment
secure life from risk
Saving
Tax Saving
None of above
55%
Interpretation:
There 55 respondent that think it secure life from risks that is real fact of insurance
while other three also a right answer. Among all first 4 option is right and there are
large amount of were aware about insurance
3. Do you think of Investment in insurance?
YES NO
Like Investment
No
38%
Yes
62%
Interpretation:
There were 64 respondent that think about investment while 34 were not think to
invest in insurance. That show highly opportunity for insurance industry
4. If you think of insurance, which insurance company you
would like prefer?
[2]LIC
[4] Others
This question asked to check brand awareness of IDBI Federal Life Insurance in
competitive market BUYING
by providing 3PERCEPTION
competitor‘s name.
ICICI OTHER
14% 1%
LIC
54%
IDBI
31%
Interpretation:
Result shows that there is 27 respondent think of IDBI Federal Life Insurance and
47 respondent think about LIC, 12 about ICICI Mutual Fund and 14 for other
insurance companies, that shows different perception of respondent
5.Are you Aware about the brand of IDBI Fedral Life Insurence?
Aware Unaware
This question was framed and asked to check whether IDBI Federal Life
Insurance has top of the mind awareness in respondent‘s minds. This will impact
on the brand awareness of the company.
Brand Awarness
Unaware
40%
Aware
60%
Interpretation:
YES NO
No
77%
Interpretation:
Among 100 respondent 23 who purchased insurance services
while 77 respondents not having any insurance services. This shows
that there are many people that uncover from insurance
7.Are you aware about, which sector, IDBI Federal Group is
dealing with?
(A)General Banking
(B)Insurance
(C)Securities
(D)Investment Banking
(E)Telecommunication
(F)Information technology
Aware
46%
Unaware
54%
Interpretation:
IDBI Federal dealing with first four options. The chart shows there were 46
who aware of all four products of IDBI Federal Group while 54 were unaware
8. Which Factor Attract you more to invest in IDBI Federal Life Insurance
The
Brand Perception
30
25
20
Axis Title 15
10
0
Honesty Leadership Quality Service Trust Scheme
Interpretation:
Results show that respondents consider IDBI Federal Life Insurance as
honest brand which provides quality service to its customer. As well as
Leadership in market is also one of the factors considered by Investor to
invest in IDBI.
9. Identify the punch line of IDBI Federal Life Insurance.
This question was asked to check the awareness of punch line of IDBI
Federal Life Insurance.
28%
Identified
Not Identified
72%
Interpretation:
Around 28 respondents could identify the correct punch line
of IDBI Federal Life Insurance which shows punch line is less awareness of
respondent.
10. Which media is helpful to make you aware of IDBI Federal
Life Insurance.
News paper Television
Outdoor
Out door sign board tent
Internet Others
This question was asked to check media‘s effectiveness for IDBI Federal Life Insurance.
The Result:
Internet; 18
Newspaper; 25
Outdoor tent; 6
Outdoorsign board; 15
Television; 36
Interpretation:
There are four media through which advertising of IDBI Federal Life Insurance
appears. Among 100 respondent 15 give all correct option while other not aware of
all advertising media
HYPOTHESIS
H0:- = Factor that Attracts Customer For brand and Awareness of IDBI Federal life insurance
in comparative market are Normally Distributed.
H1:- = Factor that Attracts Customer For brand and Awareness of IDBI Federal life insurance
in comparative market are not Normally Distributed.
Step-3:- ∞ = 0.05
Particular Total
Honesty 29
Leadership 20
Service Quality 26
Trust 20
Scheme 5
Total 100
Step-6:-
Observed Expected (Oi-Ei) (Oi-Ei)2 (Oi-Ei)2
Frequency Frequency Ei
29 20 9 81 4.05
20 20 0 0 0
26 20 6 36 1.8
20 20 0 0 0
5 20 -15 225 11.25
17.10
𝑥2Cal = (Oi-Ei) 2 /Ei
= 17.10
𝑥2Cricital Value = 5.991
Step-7:- Conclusion
The company should increase the frequency of the ad rolling also needs to
create some catchy creative to attract general public.
It is found that media effectiveness is higher than the other parameters but
this may be due to the higher frequency of last campaign.
Above findings derived from the study we can say that the branding and
advertising area should be concentrated relatively more that the right time. So
that the company can enjoy better mind-share also with high market share.
st
BIBLIOGRAPHY
Hard-back Knowledge Editor
1. “Building strong Brand” („Marketing Management‟ 13th Edition, by Kotler,
Keller, Koshy, jhaof Pearson Education,2009)
3. “Need to Analyze Customer Base Brand Equity” (ICFI journal of „Brand Management‟,
AbhilashPonnam and PradipKrishnatray, June 2008)
References:-
»"IDBI-Fortis Insurance is born". DNA (newspaper). 2006-07-26.
»"IDBI Fortis to double headcount". The Economic Times. 2009-11-26.
»"IDBI Fortis Life launches new incomesurance product". DNA (newspaper).
2009-11-18.
»"IDBI Fortis to double headcount, increase branches". The Economic Times.
2009-11-20.»
"IDBI Fortis Life renamed as IDBI Federal Life". Business-standard.com. 2010-
08-24. Retrieved 2010-09-17.
»"IDBI Fortis Outsources Network Management". CXOToday. 2009-11-09.
»"IDBI Fortis Life launches incomesurance product". Business Standard. 2009-
11-18.
»"IDBI Fortis to sponsor cricket series". Business Line. 2009-01-24.
»"Nimbus ropes in IDBI Fortis as title sponsor of India–Sri Lanka series".
indiantelevision.com. 2009-01-23.
»"IDBI Fortis bags bronze Dragons at 'PMAA 2009'". afaqs. 2009-08-28.
»"Jagran Solutions wins big at the 2009 PMAA Awards". Campaign
(magazine)Indian Edition. 2009-08-07.
Soft-back knowledge Editor
1. About journey to…..success of IDBI Federal life insurance I visited
www.idbifederal.com
7. For the purpose of literature review on brand awareness (MacDonald & Sharp, 1996
referred to in Antonia Malt, 2002). I visitedhttp://int.ask.com
8. Visitedhttp://conference.anzmck.org.upetd.up.ac.za/thesis/available/etd- 11072001-
for ―A Case Analysis Exploring Customer Attitudes on BMW by Master of Business
Administration”, Marion Weiler, 2004, Hawaii Pacific University).
http://jiad.org/favicon
Appendix
QUESTIONNAIRE
(1)Write down the name of all the insurance companies you know.
[1]
[2]
[3]
[4]
It is a savings It is tax-savings
None of above
(3)Do you think of investment in insurance?
Yes No
(4) If you think of insurance, which insurance company you would like prefer?
[2] LIC
[4] Others
[1]
[2]
[3]
(7) Are you Awarte Which sectors, IDBI Federal Dealing with? (Only Tick
mark)
General Banking Investment Banking
Insurance Telecommunication
Securities Information Technology
[4] Karozyaadakairaada
(10 )Which media helpful to make you aware about IDBI Federal Life
Insurance?
Internet Others
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Thank You