“A STUDY ON FACTORS AFFECTING THE POSITIONING OF SHRIRAM

LIFE INSURANCE ONLINE”.

Project work submitted in partial fulfillment of the requirements for the

award of the Degree of

MASTER OF BUSINESS ADMINISTRATION

of
BANGALORE UNIVERSITY

By
LIKITH C R
18SKCMD080

Under the guidance of

Dr B A KARUNAKARA REDDY
AIMS INSTITUTE

2018–2020
 DECLARATION BY THE STUDENT

I hereby declare that “A STUDY ON FACTORS AFFECTING THE POSITIONING OF

SHRIRAM LIFE INSURANCE ONLINE.” is the result of the project work carried out by me
under the guidance of Dr B A KARUNAKARA REDDY in partial fulfillment for the award of
Master’s Degree in business administration by Bangalore University. I also declare that this
project is the outcome of my own efforts and that it has not been submitted to any other university
or Institute for the award of any other degree or Diploma or Certificate.

Place: BANGALORE Name: LIKITH C R

Date: January 2020 Register NO.: 18SKCMD080

 BANGALORE UNIVERSITY
Certificate of Originality (Plagiarism)

Name of Student : LIKITH C R

Registration number : 18SKCMD080

Title of Internship : A STUDY ON FACTORS AFFECTING THE

POSITIONING OF SHRIRAM LIFE INSURANCE

ONLINE.

Name of Guide : Dr B A KARUNAKARA REDDY

Similar Content (%) Identified : 14%

(Acceptable maximum limit of similarity 25%)

ID number(s) in DrillBit : 200103062115

The internship project report has been checked using DRILLBIT antiplagiarism
software and found within limits as per plagiarism Policy and instructions issued by
the UNIVERSITY.
We have verified the contents of the case study report, as summarized above and certified
that the statements made above are true to the best of our knowledge and belief.

Signature of Guide Signature of the Principal/Director

 Acknowledgment

I express my sincere and heart-felt gratitude to the AIMS INSTITUTE, for the prime guidance.

I express my thanks to Dr. Kiran Reddy, Principal and CEO, AIMS Institute and Dr.
Kalpana Venugopal, Program Director MBA for implementing this project and providing
under the supervision in its execution. I am indebted to my institution and my faculty members
without whom this project would have been a distant reality.

I also would like to give my sincere thanks to my project guide Dr. B. A. Karunakara Reddy
AIMS Institute for giving me complete support and guidance for this project from inception
to closure.

I wish to express my deep sense of gratitude to Mr. Vikas Surendran Co Guide in the
Shriram Life Insurance for permitting me to undergo Internship training in their organization.
And also supporting me throughout my tenure in the organization for involving and engaging
in different roles and assignments.

Gratitude to the entire MBA Department, AIMS Institutes of Higher Education for being
there when I needed them the most and for their constant support and assistance.

LIKITH C R
(18SKCMD080)
 Table of contents
Chapter Particulars Page No.
1 Introduction 1-4
1.1 Industry Profile 1
1.2 Theoretical background of the study 1-3
1.3 Importance of the topic 3-4
1.4 Need to study the topic 4
2 Review of literature and research design 5-9
2.1 Literature Review 5-6
2.2 Statement of Problem 6
2.3 Scope of the study 6
2.4 Objectives of the study 6-7

2.5 Research methodology and data collection 7-8

2.6 Sampling 8

2.7 Tools of Data collection 8-9

2.8 Limitations of the Study 9

3 Profile of the organization 10-20
3.1 Profile of the organization 10
3.2 Company vision and mission 10
4 Data Analysis and Interpretation 21-66

5 Key Findings and Conclusions 67-70

5.1 Summary of Findings 67-68

5.2 Conclusion 69

5.3 Suggestion to the organization 70

Bibliography

Annexure
 LIST OF TABLES

Table No. Description Page No.

4.1 Table showing the respondents gender 21

4.2 Table showing age group of Respondents 23
4.3 Table showing the life insurance searches of various company’s in 25
Google trends
4.4 Table showing Shriram life insurance website visitors 27
4.5 Table showing Shriram life insurance website new visitors 29
4.6 Table showing monthly competitive ranking of Shriram life insurance 32
4.7 Table showing the Facebook followers of Shriram life insurance 34
4.8 Table showing Customer preferred channel to buy life insurance 39
4.9 Table showing customers satisfaction with respect to Shriram life 41
insurance website appearance
4.10 Table showing customers easiness on using Shriram life insurance 43
website
4.11 Table showing Shriram life insurance resolving customers grievance 45
through online
4.12 Table showing online presence of competitors 47
4.13 Table showing the claim settlement of competitors 49
4.14 Table showing customers preferred companies to buy life insurance 51
through online
4.15 Table showing difficulties of customer in buying life insurance through 53
online

4.16 Table showing the claim settlement of Shriram life insurance company 55
4.17 Table showing factors which attracted customer to buy Shriram life 57
insurance
4.18 Table showing difficulties in reviewing Shriram life insurance online 59
4.19 Table showing feasible to switch between funds 61

4.20 Table showing the customer secureness feeling 63

4.21 Table showing the rating of Shriram life insurance app 65
 LIST OF GRAPHS

Table No. Description Page No.

4.1 Graph showing the respondents gender 22

4.2 Graph showing age group of Respondents 24
4.3 Graph showing the life insurance searches of various company’s in 26
Google trends
4.4 Graph showing Shriram life insurance website visitors 28
4.5 Graph showing Shriram life insurance website new visitors 30
4.6 Graph showing monthly competitive ranking of Shriram life insurance 33
4.7 Graph showing the Facebook followers of Shriram life insurance 34
4.8 Graph showing Customer preferred channel to buy life insurance 40
4.9 Graph showing customers satisfaction with respect to Shriram life 42
insurance website appearance
4.10 Graph showing customers easiness on using Shriram life insurance 44
website
4.11 Graph showing Shriram life insurance resolving customers grievance 46
through online
4.12 Graph showing online presence of competitors 48
4.13 Graph showing the claim settlement of competitors 50
4.14 Graph showing customers preferred companies to buy life insurance 52
through online
4.15 Graph showing difficulties of customer in buying life insurance through 54
online
4.16 Graph showing the claim settlement of Shriram life insurance company 56
4.17 Graph showing factors which attracted customer to buy Shriram life 58
insurance

4.18 Graph showing difficulties in reviewing Shriram life insurance online 60

4.19 Graph showing the feasible to switch between funds 62

4.20 Graph showing the customer secureness feeling 64

4.21 Graph showing the rating of Shriram life insurance app 66

 CHAPTER 1

INTRODUCTION

1.1 INDUSTRY PROFILE

Life insurance industry in India is one of the fastest growing industry. There are 24 life insurance
companies running currently in India in which Life Insurance Corporation (LIC) is the only public
sector company and the rest 23 are private sector where all this companies are regulated by the
Insurance Regulatory And Development Authority (IRDA). Private life insurance companies got
access to life insurance business in the year 2000 and most of the private life insurance are tie up
with the international insurance companies for their life insurance charge.

Gross premium collected in FY18 was up to Rs.5.53 trillion and life insurance penetration in India
has increased to 2.76% in FY17-18 in terms of premium collected as % of GDP. Premium from
new life insurance business is increasing 3.66 % year after year to Rs.1.09 trillion.

The 23 private sector life insurance companies saw growth accelerated to 19.15% from 17.40% in
2016-17 where government owned life insurance company saw the dip 5.90% from 12.78% this
results in LIC market share come down to 69.33% from 71.82% at the same time private companies
increased their market share to 30.64% from 28.19%.

1.2 THEORITICAL BACKGROUND OF THE STUDY

With the increasing penetration of smartphones, the number of mobile Internet users in India has
reached 213 million in June 2015, a 23% jump over six months, according to the Mobile Internet
in India 2014 report released. There were 173 million mobile Internet users in India in December
2014. According to the report by the Internet and Mobile Association of India (Iamai) and IMRB
International (a market research firm), the number of mobile Internet users in rural India is set to
grow at a rate of 33% from October 2014 to reach 49 million by March 2015 and 53 million by
June. According to the McKinsey report, India's base of about 120 million internet users is

1
currently the third-largest in the world. Other than demographic and economic consideration, this
growth of internet usage is fueled by lower cost of internet access and gr0wing influence of mobile
devices. Though India's users spend less time online per capita than users in developed countries,
their pattern of online behavior is rapidly converging.

Positioning of the product or services is all about telling the customers that the attributes and the
quality of the particular brand’s products or services is superior compare to other product or
services which existed in the market as a competition. Positioning effectively involves
communicating the value proposition that tells the benefits of our product or services, setting up
the prices which is unrivaled and this all are the key responsibility of the marketing department.

In product positioning one of the most widely recognized and least complex elements to convey
in item situating is unrivaled quality. Normally, the items need to match client desires, however
better execution, toughness, unwavering quality and visual intrigue all are identified with the
fundamental situating element of prevalent quality. 0rdinarily, an item situated as top quality is at
the higher finish of the value range in the business. Along these lines, your essential clients
generally have bigger spending plans and more gratefulness for quality products in the business.

The companies can position itself by announcing its size and the number of years that has existed
in the market. The factors which affects the positioning strategy of the companies are completely
understand the competition in the market, to know how the competitors are perceived in the
customer mind, understanding the positioning of the competitors in the market and at last by
selecting the position.

Positioning of the product in online is completely different where we have to track the customer
mindset which is not the same all the time 0ne of the difficult thing to understand, what action the
user performs in the internet once they feel they want something at that time we have to position
the product to the users by giving the good relevant information to owe a position then the product
have to be first to appear Infront of the users.

The primary brand to get its thought into the user’s possibility's claims take that position. An online
inquiry term is likewise a basic, particular idea. Situating in advanced advertising is like situating
in customary promoting. As indicated by an ongoing report, 90 percent of all inquiry terms are one
to four words long. Maybe you've looked through terms like safe autos, minimal effort razors,

2
electric vehicles and delicate teeth paste. To choose a pursuit term, first decide the position you
trust you can claim in the psyches of your clients. At that point build up a few straightforward
strong inquiry terms of two, three and four words dependent 0n your position. Research shows that
the main seven places of indexed lists get 85 percent of the traffic. The objective is to rank high
on Google's Search Engine Results Page (SERP), ideally on the main page as near the top as could
reasonably be expected. There are a few exercises that can accomplish this. These exercises fall
under the headings of Search Engine Marketing (SEM) and Search Engine Optimization (SEO).

Position the services based on the price then the brand will know as the industry leader in the price.
If the position on the other hand is based on the market niche, then the product is only familiar to
that niche and if we want to take other product to the market further, it will become difficult. To
make the brand valuable asset then it should stay on the top for that factors like price, place,
promotion, product all should be taken care of whether it is online or offline it doesn’t matter.

Process of buying insurance through online, one needs to visit insurer’s online website. After
registering ones has to choose a plan and give their personal detail, the documents include address
proof, income proof, age details etc. it should be uploaded. Just in case 0ne is stuck in buying
process many insurers offer online help too. Either a representative is available for online chat or
the insurer is got back to you within a day.

1.3 IMPORTENCE OF THE TOPIC

It is very important to position the life insurance in online. Nowadays everyone go through their
mobile to find information about the problem they are facing and the people changing their
thoughts and the decisions once they collects the information that are available in online. Online
presence of the life insurance will fetch the user’s attention towards their plans and policies,
describing the plans and policies in the correct manner will grab the attention of the users.

Creating an awareness through internet and helping the users to compare the product with the
competitors make the customers believe in the product. Positioning the product through online
make the company to grow enormously and acquire more number of customer, which will help
the company to grow profitable.

3
Positioning of the Shriranm life insurance online that in many social medias which are famous and
having more number of followers will definitely increase the awareness of Shriram life insurance
and to do that the company should have the unique selling point which should grab the attention
of the customers.

In today world if the product or services position itself in online then they will be huge success
tomorrow for that it is very important to study the positioning strategy of Shriram life insurance
that through online is very much required for the company growth, it will also fetch the global
presence of the Shriram life insurance to the outside India.

1.4 NEED TO STUDY THE TOPIC

Life insurance plays the part in economic growth, and help the people to get educated towards
financial planning and will maintains the standard of living of a family if in case anything happens
to the breadwinner of the family. Study will also help us to learn the positioning of Shriram life
insurance online and to develop the strategies that will help the company to be differentiate itself
from the competition. The scope of this study is to cut the agent cost and bring the premium price
lower and to generate the direct contact between company and the customer.

To understand the SEO traffic performance and organic website visitors and understanding the
customer journey will help the company to know their customer better which results in updating
their websites and online presence in different social media.

To understand which digital campaign, work out well and which needs the improvement and also
know which is the most attracting format in online that will always grab the attention of users and
to make them follow the procedure.

To understand the price of the plan that the Shriram is offering and compare that with the other
life insurance provider. To avoid the price rejection from the customer what are all the strategies
Shriram life insurance is using.

4
 CHAPTER 2

REVIEW OF LITERATURE AND RESEARCH DESIGN

2.1 REVIEW OF LITERATURE

Economicstimes

The article published by the Economic times as shown the factors which influence the users to buy
the term plan of life insurance online are the customer looks on customizable coverage, income
replacement options, future financial planning and tax benefits that the companies are giving and
they also check on the easiness of buying the life insurance plan online, most of the customers
compare the plan before they purchase which will gives them the idea of purchasing the plan online
according to their requirement and financial planning. It also subjects the customer when buying
life insurance online one should not go by premium amount, customer should go for the insurer
where they find comfortable and they fulfill their requirement. Buying the life insurance online
also assure the lower cost which results in high sum assured, customer no longer to depend on any
other agent they can easily access the information, the customer review about the companies in
social media could give the information about the claim settlement of the company.

Neha Sing (2015) in her published work on Selling Life insurance in new era of digitalization: A
study in Indian prospective they said web based individual insurance cos portals coming to play
increasing role. This is yet another effective and neutral platform providing comparative
information on various insurance products of different companies to the intended customers and
enabling customer to take a better choice according to their needs and budget.

Dr Divya Negi and Praveen Sing (2012) in their papers they discussed about the demographic
analysis of factors influence the purchase of life insurance plan they concluded the company which
maintain the timely and satisfactory service along with proper settlement of claims of the customer
will increase the goodwill of the company.

5
Schlosse et al, (2006) studied on the appearance of the website and the information that the website
content influences the purchase decision of the visitors, they also get influence by the ease of use
before purchasing the online insurance.

Mantise and Farmer (1968) in this it is shown that birth the demographic area, percentage of
marriage, income of the individuals and employment would always affect the consumer while
purchasing life insurance, studies have been shown factors mentioned earlier will increase the
demand for the insurance purchase.

2.2 STATEMENT OF THE PROBLEM

Positioning the product and understanding the customer is bit difficult for the company and
customer face difficult in understanding the plans and evaluate the different feature
available in the plans. Customer need to spend a lot of time on researching the plan before
buying online, since no connection with an individual to assist.

2.3 SCOPE OF THE STUDY

This study will help to understand the customer viewpoint as for the further enquiry and to
build online presence in such a way that it always attracts the users and to make them
purchase the plan and the study results also helps in creating the brand awareness of
Shriram life insurance.

2.4 OBJECTIVES OF THE STUDY

To know about the positioning of Shriram life insurance plans online.

That is to know in which position Shriram life insurance plans stands in the minds of
the customer among other life insurance providers in the proper positioning what is the
Shriram life insurance ranking in online.

To examine the factors affecting the positioning of Shriram life insurance plan online

6
 The factors such as price of the shriram life insurance plan online, place they are
appearing in online to create an awareness and how much organic and paid awareness
they are creating, what is their unique selling proposition which is making the Shriram
life insurance policies stand out among their competitors

To understand the competitors in life insurance and their relative positioning.

which are all the companies doing online life insurance business and what are their
positioning in the mindset of their users and the online presence

To develop the digital marketing strategies optimizing the positioning of Shriram life

insurance online.

2.5 RESEARCH METHODOLOGY AND DATA COLLECTION

TYPE OF RESEARCH

Descriptive research

Descriptive research is all about observing, recording, describing and classifying phenomena.
Clear research is characterized as an exploration strategy that depicts the qualities of the populace
or wonder that is being contemplated. This procedure concentrates more on the "what" of the
examination subject as opposed to the "why" of the exploration subject. At the end of the day,
engaging exploration principally centers around portraying the idea of a statistic section, without
concentrating on "why" a specific wonder happens. As such, it "portrays" the subject of the
exploration, without covering "why" it occurs.

SOURCES OF DATA

PRIMARY DATA

Primary data is the data which is collected directly for the originality of the information without
getting any errors. Collection of raw data is done by

Questionnaire

7
Interviews

Observation method

Survey

Google forms

SECONDARY DATA

Data which has been already collected and analyzed by the company itself which will save our
time and money, the main source of secondary data is collected by customer reviews in websites,
companies report, articles which are published on online buying behavior of the consumers.

2.6 SAMPLING

SAMPLING DESIGN

Convenient sampling method has been adopted in which 73 samples has been collected including
the permanent customers of the Shriram life insurance and the customers who are in the middle
of customer journey and the reviews which are collected through internet.

All the customers are resident of Bangalore from different location so it is difficult to approach
each individual to take face to face interview.

SAMPLING METHOD

Simple random method has been used in this study which gives the equal importance to all the
respondents and the respondents are chosen randomly which are not on the basis of gender, culture
and age.

2.7 TOOLS FOR DATA COLLECTIONS

QUESTIONAIRE

A set of different questions with the choice give to the respondent, which is used for the statistical
study of positioning of Shriram life insurance policies in the minds of the respondent according to

8
that analysis has been done some of the questions asked like from where did they know about
buying the Shriram life insurance online. What made them to buy the Shriram life insurance online.

The questionnaire is designed in such a way that, the answer will give the solution for our statement
of problem.

STATISTICAL TOOLS FOR ANALYSIS

The analysis of the data would be using the statistical tools like one variable analysis (percentage
method) co-relation with 4p’s of marketing. Different mathematical formulas techniques and
models are used along with the graphs and tables.

2.8 LIMITATIONS OF THE STUDY

• The study has done based on data collected from Bangalore people so we cannot extrapolate
the result to the other customer from different region.
• The study is only restricted to the life insurance.
• The interview questions are direct so this may bring the biased responses from the respondent.
• As the online appearance of the business is keep on updating the results cannot be used for
applied at all time.

CHAPTER SCHEME

Chapter 1: Introduction.

Chapter 2: Review of literature and research design.

Chapter 3: Profile of the selected organization.

Chapter 4: Data analysis and interpretation.

Chapter 5: Summary of findings, conclusions and suggestions.

9
 CHAPTER 3

PROFILE OF THE ORGANISATION AND THE RESPONDENTS

3.1 COMPANY PROFILE

SHRIRAM LIFE INSURANCE COMPANY, also known as SLIC was founded in the year 2005
by Ramamurthy Thyagarajan, it is a joint venture between Shriram group headquartered in
Chennai and Sanlam-leading insurance company of South Africa has the 26% stake in the holding
company Shriram capital. Shriram is a household name in South-India because of its robust rural
presence, low cost operation cost and efficient use of capital. Both Sanlam and Shriram on to life
insurance business to provide the life insurance that is affordable by the middle class. The company
main objective is to reach the common man with the product and services that would be helpful
for them to know their path of prosperity.

Shriram life insurance is now onto online which allows the users to easily discover and buy the
insurance plans and policies they can also claim and pay through online without any agents, who
are taking huge amount of commissions.

3.2 MISSION AND VISSION

The Shriram life insurance company was founded with the objective of reaching out the common
man with product and service that would be helpful to him as he sets out on the path to prosperity.

Operation efficacy, integrity and a strong focus on catering to the needs of the average Indian by
offering him high quality and cost-effective products and services are the core values that drive
the organization. These values have been strongly adhered to over the decades and are now an
integral part of the organization’s DNA.

The company pride itself on its deep understanding of the customer. Each product or services is
tailor made to specifically suit the needs of the customer, it is this guiding philosophy of putting
people first that has bought the group company closer to the grassroots and has made it the
preferred choice for all truck financing requirements amongst the customer.

10
SHRIRAM LIFE INSURANCE ONLINE PLANS

1. Shriram life assured advantage plus

This plan is Endowment plan that guaranties return and life insurance

Single premium plan with the cover of 10 years

Life insurance for 10years and guaranty return after 10 years

Tax benefits and three maturity benefits option

11
2. Shriram life growth plus

This plan is ULIP- Unit liked insurance policy plan

This plan offers both life covers and saving through unit liked insurance policy that is
market linked returns

Policy tenure is 10yr, 15yr or 20yr

3. Shriram life online term plan

This plan covers- longer protection up to the age of 75 years

12
4. Shriram life genius assured benefit plan

This is endowment cum plan, which guaranties financial assistance and the child education
on maturity or any unfortunate event occurs.

Maturity benefit that suits the childhigher education dream

5. Shriram life assured income plus

This paln is non linked non participating endowment plan.

This pan sum assures up to 10 times of annual premium.

This plan suits for the customer who wish to invest for short period.

13
 6. Shriram life comprehensive cancer care

This plan is a non-linked insurance plan, right now this is the best plan in India.

Premium amount of 500 Rs for 3 years

7. Shriram life my spouse term plan

This is a joint life term plan.

Joint term life insurance plan is a plan where both husband and wife life assured as well as
beneficiaries.

This provides life cover up to the age of 75 years.

This plan gives the discount in premium rate if the customer opt for high sum assured.

This provides lower premium rate for women.

14
SHRIRAM LIFE INSURANCE INDIVIDUAL PLANS

These are the plans for individuals to bought for himself or for his family members
according to his needs and requirement.

1. Savings plans

2. Protection plans

3. Investment plans

4. Microinsurance plans

5. Retirement plans

SHRIRAM LIFE INSURANCE GROUP PLANES

These planes are offered to the employees by the company as an employee benefit and
provide a fixed insurance cover

1. Employee benefits plans

2. Special plans

3. Protection plans

4. Micro insurance plans

Shriram life insurance company limited has its registered office in Hyderabad opposite to
Insurance Regulatory and Development Authority, with the authorized capital of Rs 2.5 billion
and Paid up capital of Rs 1.79 billion. Shriram has estimated annual revenue of around 245M Rs
with the 60.000 plus employees working their currently. Shriram’s USP is venture by strong
financial conglomerate and an international expert.

15
SWOT ANALYSIS OF SHRIRAM LIFE INSRENCE .CO LTD

STRENGTHS

1. Shriram life insurance.co.ltd policies and planes fit to all strata of the society.

2. International expert support from Sanlam group help the Shriram in the proper
management and helping in innovation through high level technology knowledge.

3. More than 60,000 thousand dedicated agents working there for their success and for
Shriram success.

4. Huge number of customers which is estimated has around 30 lacs chit subscribers and
investors which is helping the Shriram for up selling and cross selling of other products.

5. Spread across India holding more than 750 office all over India and their policies with
consideration for social impact all this helping the Shriram to grow even faster.

WEAKNESSES

1. There is no information technology knowledge and infrastructure as compare to other big

brands.

2. In the mindset of customer, this company has a poor image in the payments of dues and
claim clearance ratio.

3. Low advertising marketing and brand presence as compare to other competitors.

OPPORTUNITIES

1. It has a lot of potential to grow through rural market and expand their business.

2. Has they been not on to urban much as compare to rural, youths in urban looking for the
investment will be the one more opportunity.

16
 3. Upselling the products to the customers of Shriram group.

4. Cross selling through the financial services such as banking.

THREATS

1. Strict economic rules and regulation from the government and RBI

2. New entry of NBFCs in the insurance sector.

Shriram life insurance co. Ltd. has been working sincerely for over a decade towards its purpose
of bringing life insurance to a customer segment that is generally overlooked by the mainstream
banks and insurers. Shriram main customer segment is the common man residing in the non-urban
towns and villages, with over 50% of the policies sourced from the rural segment. Shriram life
insurance is coming up with the lot of product and operation innovation they have adopted the
strategy of driving the customer through digital where they have set up MANY process like claim
disbursements within 2days after the reimbursement requirement received, live investigation for
detecting cases which are fraudulent and using simple technique like customer selfies facilitate
the underwriting process. They also have the mobile OTC application focuses on easy of purchase
for the consumer with on the spot policy issuance that reduces the turnaround time from seven
days to seven minutes. Shriram is also engaged with various international ensure tech companies
to find unique and innovative way to extend insurance to the masses.

HIGHLEIGHTS OF SHREERAM LIFE INSURANCE-DIGITAL BUSSINESS

• Fastest 1000 and 2000 online cancer policies have sold in online.

• New website has been designed which fetch almost 1lakh new users every month since june
2018

• 11 Cr plus add impressions where in Google there are 8 cr plus add impressions and in
Facebook there are 3Ccr plus add impressions and the numbers are growing faster.

• APRIL- NOVEMBER 2018 it reaches the top Facebook ranking.

• More than 400 digital trainees are Business working since April 2018

17
• Business (ape): login more than 5 Cr and more than 4 Cr issuance.

• More than 100000 plus Sure Buddy app downloaded which help the consumer to buy the
Shriram life insurance.

COMPETATORS

1. Max life insurance

Max life insurance company ltd is the largest non-bank insurance company in India which
was f0unded in 2000. Headquartered in New Delhi with more than INR 35,500 Cr of assets.
This company is a joint venture between Max financial services and Mitsui Sumitomo
Insurance Company.

2. Aegon Religar life Insurance Company

Aegon life insurance company was founded in the year 2008 which is having its
headquartered in Mumbai. Aegon is the joint venture between AEGON, Religare, Bennett,
Coleman & C0mpany, which is ranking as a top insurance company which is selling its
insurance online.

18
3. HDFC Lie

HDFC Life is a long-term insurance provider with the joint venture with Housing
Development Finance Corporation ltd (HDFC), headquartered in Mumbai this insurance
company h0lds very good name in insurance business in India holding more number of
market shares compare to other insurance companies.

4. SBI Life Insurance

SBI Life insurance company is a joint venture with State Bank of India. SBI is the largest
financial banking service company in India. SBI Life started as a j0int venture of BNP
Pariba in 2001. Now it is developing its own agency team of life insurance.

19
5. Bajaj Allianze life insurance company

Bajaj Allianz Life Insurance is a joint endeavor between Bajaj Finserv Limited. claimed
by the Bajaj Group of India and Allianz SE, an Eur0pean money related administrations
organization. Being one of the private insurance agencies in India, it offers protection items
for money related arranging and security

6. ICICI Prudential

ICICI Prudential Life Insurance Company Limited is advanced by ICICI Bank Limited
and Prudential Corporation H0ldings Limited. ICICI Prudential Life started its activities in
monetary year 2001 and has reliably been among the top players* in the Indian extra
security segment. The Assets Under Management (AUM) as on 31 March 2019 were
₹1604.10 billion.

20
 CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

RESPONDENTS PROFILE

GENDER OF RESPONDENT

TABLE – 4.1 Gender of respondents

GENDER RESPONDENTS PERCENTAGE

MALE 48 66

FEMALE 25 34

TOTAL 73 100

Source: Primary data

Analysis

From the above table it is analyzed that out of 73 respondents, 66% of the respondents that is 48
respondents are male and the rest 34% of the respondents that is 25 respondents are female.

21
Graph– 4.1 - Gender of Respondent

MALE FEMALE

28, 38%

45, 62%

INTERPRETATION

From the above chart we can infer that there are a greater number of policy holders are male that
to female that is because more family breadwinners are male than female.

22
Table – 4.2 – AGE OF RESPONDENT

NUMBER OF
AGE RANGE PERCENTAGE
RESPONDENTS

20 – 30 20 27

31 – 40 31 43

41 – 50 20 27

51 - 60 2 3

73 100
TOTAL

Source: Primary data

Analysis

From the above table we get to know that 27% of customer are in the age range of 20 to 30, 43%
of customer are in the age range of 31 to 40, 27% of customer are in the age range of 41 to 50,3%
of customer are in the age range of 51 to 60.

23
GRAPH – 4.2 Ages of the respondents

INTERPRETATION

Most of the respondent are age between 31 and 40 from this we can infer this age group people
are well aware about buying the life insurance online. Between 20 to 30 and 40 to 50 there are
same number of respondents it is showing there are same number of customers in that age group.

24
ANALYSIS AND INTERPRETATION OF PROMOTION

Table – 4.3 – Google trends data

KEYWORD % OF SEARCHES IN KARNATAKA

SBI LIFE INSURANCE 35

MAX LIFE INSURANCE 30

HDFC LIFE INSURANCE 20

ICICI LIFE INSURANCE 10

SHRIRAM LIFE INSURANCE 3

AEGION LIFE INSURANCE 2

100
TOTAL

Source: Secondary data

Analysis

The data collected from the Google Trends about the searches of different life insurance terms
from January to October in Karnataka is as, SBI Life insurance holds 35% of searches, MAX life
insurance – 30%, HDFC life insurance – 20%, ICICI life insurance – 10%, Shriram life insurance
– 3%, Aegon life insurance – 2%.

25
GRAPH – 4.3 - % Of keyword search about the keyword search in the Karnataka

Search % in karnataka

3% 2%

10%

35%
SBI LIFE INSURANCE
MAX LIFE INSURANCE
HDFC LIFE INSURANCE
20%
ICICI LIFE INSURANCE
SHRIRAM LIFE INSURANCE
AEGION LIFE INSURANCE

30%

Interpretation

From the above graph we can easily say that the search term for SBI life insurance is comparatively
more than any other companies in Karnataka. Awareness of SBI LIFE about the life insurance is
more compare to other companies where as Shriram life insurance stands in 5th position that to
only by 2% it is clearly indicates the competitors of Shriram life insurance is digital presence is
more.

26
DATAS COLLECTED FROM THE COMPANY RECORDS (SECONDARY DATA)

Table – 4.4 – SEO TRAFFIC PERFORMANCE – WWW.shriramlife.com

MONTH Website visitor Growth %

Apr 48000 129%

May 110000 116%

Jun 238000 -5%

Jul 225000 -16%

Aug 190000 -16%

Sep 160000 22%

Oct 195000 -23%

Nov 150000 -100%

Source: Secondary data

ANALYSIS

The data collected from the companies Google analytics account, we are getting to know that there
are 50000 organic visitors and at the end of November there are 150000 users are visited to the
websites through Organic clicks. But the growth rate of those clicks are decreasing.

SEO TRAFFIC PERFORMANCE – WWW.shriramlife.com

27
GRAPH -4.4 – Shriram life insurance website visitors

250000

200000

150000

100000

50000

0
Apr May Jun Jul Aug Sep Oct Nov

Website visitor

Interpretation

From the above line graph it is clear that there are more than one lakh organic website visitors are
consistent and they are using the website in the regular interval. It is clearly gives the information
that Shriram life insurance website is occupying the first search page of Google.

28
Table – 4.5 – New users visiting Shriram life insurance website

MONTHS NEW USERS GROWTH%

Apr 23,221 2.18

May 73,885 1.07

Jun 1,52,900 -0.15

Jul 1,30,230 -0.09

Aug 1,18,126 -0.07

Sep 1,10,320 0.18

Oct 129650 -0.23

Nov 100209 -1.00

Source: Secondary data

Analysis

The data collected about the new users who visited from April to November got increased from
23000 to 100000. There is the increase in number of visits in the month of JUNE.

29
GRAPH – 4.5 – New user visitors to Shriram life insurance website

NEW USERS
1,80,000

1,60,000 1,52,900

1,40,000
1,30,230 129650

1,18,126
1,20,000
1,10,320
100209
1,00,000

80,000 73,885

60,000

40,000
23,221
20,000

0
Apr May Jun Jul Aug Sep Oct Nov

NEW USERS

Interpretation

The increase in number of new user from April to June clearly shows that there is more appearance
of the Shriram life website when the user search about the life insurance, which also converted
some users into customer that we can see in the chart -4.1. And it also showing that more than one
lakh new users visiting the website every month.

From Graph -4.1 and Graph -4.2 it is getting clear that more number of impressions of Shriram
life insurance in different website and social media are working, which attracting the more number
of users to visit the website.

30
RANKING IN FACEBOOK

Analysis

From the LikeAlyzer now it is known as Meltwater social solution has ranked the Shriram life
insurance in the number one position followed by other companies HDFC Life, Policybazaar,
Aegon Life, Max Life Insurance, ICICI Prudential Life insurance. In the month of September
October and November.

Source: Secondary data

Interpretation

The ranking of the Shriram life website is always on the top we can infer that there is lot of updates
and the plans are convenient to the people. From the above chart- 1.5 SLIC positioning in the
social media by its promotional activities make it to reach the top ranking in Facebook but the
other insurance companies holds the more likes and more reach to users than SLIC. It clearly
shows that the SLIC in terms of reach is very less compare to other insurance company

31
Table – 4.6 – Facebook competitive ranking

Monthly Facebook Increase/Decrease in

Months
Competitive Ranking ranking

Apr 87 -

May 87 0

Jun 84 -3

Jul 81 -3

Aug 88 7

Sep 85 -3

Oct 80 -5

Nov 83 3

Source: secondary data

Analysis

The ranking of Shriram life ranking on Facebook on April is 87 and at the end of November it is
83 between those months Shriram holds the ranking above 80.

32
GRAPH – 4.6 - Monthly Facebook Competitive Ranking

90

88
88
87 87

86
85

84
84
83

82
81

80
80

78

76
Apr May Jun Jul Aug Sep Oct Nov

Mothly facebook Competitive Ranking

Interpretation

Monthly competitive ranking of Shriram life insurance is not getting decrease and not getting
increase it remain consistent all the time between the month of April to November. At this time
the reach and the reviews from the customer are same all the time.

33
Table – 4.7 – Facebook followers of Shriram life insurance

MONTHS Facebook Followers GROWTH %

Apr 2730 1.47

May 6731 0.34

Jun 8986 0.12

Jul 10,082 0.14

Aug 11,484 0.07

Sep 12,249 0.02

Oct 12,458 0.01

Nov 12,528 -1.00

Source: secondary data

Analysis

The collected data from the companies Google analytics is showing that there are 2730 followers
at the time of April and it get increased to 12528 followers.

34
Graph – 4.7 – Facebook followers

14000

12,458 12,528
12,249
12000 11,484

10,082
10000
8986

8000

6731

6000

4000

2730

2000

0
Apr May Jun Jul Aug Sep Oct Nov

Facebook Followers

Interpretation

The followers in Facebook can clearly represent the positioning of their plans in the mind of the
customer so that it increases its followers, increase in followers will help the Shriram life to reach
their customers easily and it does not require additional time and effort.

35
Analysis

Mother’s Day campaign reach 257011 number of people in which 70843 are unique users in the
age group of 18-24. There are 71,096 people watched the campaign.

Source: Secondary data

Interpretation

From the above data it is getting clear that the conversation ratio is 27.5% and the people who
watched the campaign are young, the conversion ratio is not good as compare to other companies
so it the content the Shriram displaying to their user is not good compare to other companies.

36
Analysis

Viral social campaign - there are 6.4 million ad impressions are created by Shriram life insurance
and that ads get reached to 5.8 million people. Facebook, Instagram and Youtube got the
impression of 127000 which get converted to 6700 views.

Source: secondary data

Interpretation

The views conversion is very less but the promotional activity is more that is just to create a
impression in the mindset of the users which will help the company to convert in the next time.

37
Analysis

The company using more attractive pictures and promotional activities at festival seasons which
is fetching them 1.5 million new users reach.

Source: Secondary data

Interpretation

Promotional activities at the time of festival season bringing the greater number of new leads to
the Shriram Which can be later used foe remarketing

38
 ANALYSIS AND INTERPRETATION OF POLICY HOLDER EXPEXCTATION

Table – 4.8 - Customer preferred channel to buy LIFE INSURANCE

Customer preferred
Respondents Percentage
channel

Online 53 73

Offline(agent) 9 12

Employee 11 15

Total 73 100

Analysis

The primary data collected from the Shriram customers showing, there are 73% of the customers
are happy after buying the Shriram life insurance online, 12% prefer of the customers prefer
buying through agents and 15% of the customers prefers buying life insurance through employee
of Shriram life insurance.

39
GRAPH – 4.8 - Customer preferred channel to buy LIFE INSURANCE

15%

12%

73%

Online Offline(Agent) Employee

Interpretation

Majority of the customer who bought the Shriram life insurance online are not regretting on their
decision and some people are not satisfied by buying the Shriram life insurance online. Positioning
of the Shriram life insurance in the mindset of the customer by making them to buy through online
is not that bad.

40
Table – 4.9 – Satisfaction level for the website appearance

SATISFACTION LEVEL RESPONDENTS PERCENTAGE

Very Satisfied 14 19

Satisfied 48 66

Ok 10 14

Dissatisfied 1 1

Very Dissatisfied 0 -

73 100
TOTAL

Source: Primary data

Analysis

From the data collected we get to know that 19% of the customers are very satisfied, 66% of the
customers are satisfied, 14% of the customer are ok with the website appearance, 15 of the
customers are dissatisfied.

41
GRAPH – 4.9 -customers satisfaction with respect to Shriram life insurance website appearance

1%

14%
19%

Very Satisfied
Satisfied
Ok
Dissatisfied

66%

Interpretation

From the above chart, it is clear that more number of customers are satisfied with the websites
appearance from that we can infer the customers don’t feel much confusing to use the website
www.shriramlife.com

42
Table - 4.10 – User friendliness of website

User friendliness of
RESPONDENT PERCENTAGE
Website

Very Easy 7 10

Easy 38 52

Ok 20 27

Difficult 7 10

Very Difficult 1 1

73 100
TOTAL

Source: Primary data

Analysis

From the data collected, we know that there are 70% of the customer who felt easy to use the
website, 13% of the people felt very easy and the rest 17% of the customer are not feeling easy to
access the webpages of Shriram.

43
GRAPH – 4.10 – User friendly – Easy to use

1%
10%
10%

Very Easy
Easy
27% Ok
Difficult
Very Difficult

52%

Interpretation

Based on the above chart there are a greater number of customers feel easy to use, we can infer
that webpages of the Shriram are easy to use which will help the customer to take quick action
unknowingly the customer feels happy when they are on the website of Shriram.

44
Table – 4.11 - Resolving customer Grievance through online

Resolving Customer grievance Respondents Percentage

Yes 22 30

No 28 38

Maybe 23 32

TOTAL 73 100

Source: Primary data

Analysis

From the data collected about resolving the customer grievance by Shriram, there are 30% of the
customer grievance has solved, 38% of the customer grievance has not been solved and 32% of
the customer grievance is half solved.

45
GRAPH – 4.11 - Resolving customer Grievance through online

32% 30%

38%

Yes No Maybe

Interpretation

From the above chart, we get to know that most of the customer can stay with the Shriram life
insurance because their grievance has been solved and the with the rest of the customer Shriram
has been not in good touch with them if Shriram resolve this problem then the customer will be
happy about the Shriram.

46
Table – 4.12 - Online presence of competitors

Insurance Very
Very Satisfied Satisfied Ok Dissatisfied
companies Dissatisfied

Max Life 35 22 16 0 0

HDFC Life 5 52 18 0 0

SBI Life 9 37 24 5 0

Bajaj Alliance 6 44 25 0 0

Aegon Life 10 31 36 2 0

Bharathi AXA 6 37 28 2 0

Aviva 5 35 32 2 0

ICICI
8 45 18 2 0
Prudential

Source: Primary data

Analysis

From the data collected, we get to know that a greater number of customer are having the good
view about the other companies which are competitors of Shriram, such are Max life, HDFClife,
SBI life etc. Online presence of the Max life HDFC Life, SBI Life etc are very good and more
informative

47
GRAPH – 4.12 - Online presence of competitors

60

50

40

30

20

10

0
Max Life HDFC Life SBI Life Bajaj Aegon Life Bharathi Aviva ICICI
Alliance AXA Prudential

Very Satisfied Satisfied Ok Dissatisfied Very Dissatisfied

Interpretation

Max life, HDFC Life, SBI life all are having the good name in the mindset of the Shriram customer
so that the Shriram life should have to know what is that which making other companies to place
their name in the mindset of the customer.

48
COMPETATORS

Table – 4.13 - Claim settlement of Competitors

Rating(rank) 1(High) 2 3 4 5(Low)

Max Life 25 27 23 - -

HDFC Life 36 47 23 3 -

SBI Life 45 30 29 3 1

Bajaj Allianze 1 39 36 2 1

Aegon Life 12 37 26 1 1

Aviva 6 38 28 2 -

ICICI
5 40 24 3 1
Prudential

Source: Primary data

Analysis

From the data collected above, the claim settlement ratio is good with the SBI and all other
companies stand below SBI companies in claim settlement ratio.

49
GRAPH – 4.13 - Claim settlement of Competitors

50

45

40

35

30

25

20

15

10

0
Max Life HDFC Life SBI Life Bajaj Allianze Aegon Life Aviva ICICI Prudential

1 star 2 stars 3 stars 4 stars 5 stars

Interpretation.

The competitors’ companies all have the good claim settlement ratio, this results to good
promotional activities. The Shriram claim settlement is little bit low compare to these companies,
this is where the Shriram should have to work for if it even though it fetches the profit for a long
run in the competition world it is bad.

50
Table – 4.14 - Customer preferred companies to buy life insurance through online.

Customer Preferring
Respondents Percentage
companies

Aegon 40 55

Max life 61 84

SBI LIFE 52 71

HDFC life 22 30

Bjaj allianze 11 15

Shriram life 12 16

Source: Primary data

Analysis

From the data collected, we can analyses that Max life, Aegon and SBI Life have a very good
name in the market followed by HDFC Life, Bajaj Allianze and Shriram.

51
GRAPH – 4.14 - Customer preferred companies to buy life insurance through online.

Shriram life

Bjaj allianze

HDFC life

SBI LIFE

Max life

Aegon

0 10 20 30 40 50 60 70

Series 1

Interpretation

Online presence of Aegon, Max life and SBI Life is too ahead from the Shriram life insurance.
The positioning of competitors by their plans are better in online compare to Shriram. So from that
we can infers that the in terms of plans this companies are far better than Shriram.

52
ANALYSIS AND INTERPRETATION OF POLICY HOLDER PERSEPTION

Table - 4.15 - Difficulty in buying life insurance through online

Difficult to use Respondent Percentage

Yes 40 55

No 33 45

73 100
TOTAL

Source: Primary data

Analysis

From the data collected by the Shriram online customer, there are 55% of the customer felt difficult
in buying the life insurance through online and the rest 45% did not face any difficult.

53
GRAPH - 4.15 - Difficulty in buying life insurance through online

45%

55%

Yes No

Interpretation

From the above chart, we can infer that because of Shriram life insurance long process, customer
need to spend lot of time and effort to fill the form before buying and some customer felt difficult
in filling up the form.

54
Table – 4.16 - Claim settlement of Shriram life

Claim settlement Respondents Percentage

Very Satisfied 9 12

Satisfied 39 53

Ok 13 18

Dissatisfied 10 14

Very Dissatisfied 2 3

Total 73 100

Source: Primary data

Analysis

From the data collected, we get to know that the 64% of the customer are not satisfied with the
claim settlement and only 15% of the customers are satisfied.

55
GRAPH – 4.16 - Claim settlement of Shriram life insurance

3%
12%
14%

18%

53%

Very Satisfied Satisfied Ok Dissatisfied Very Dissatisfied

Interpretation

Most of the customer are not satisfied with the claim settlement with the Shrirtam life insurance
that because they are getting the return the company is promised for them when they bought the
life insurance online.

56
Table – 4.17 - Factors which attracted customer to buy Shriram life insurance

Factors Respondents Percentage

Premiun price 6 8

Claim settlement 13 18

For family support 25 34

Return on
29 40
investment

Total 73 100

Source: Primary data

Analysis

From the data collected 29% of the customers are mostly concentrate on return on investment of
the life insurance, 25% concentrate on family support, 13% on claim settlement, 6% on premium
price.

57
GRAPH – 4.17 - Factors which attracted customer to buy Shriram life insurance

13

29

25

Premiun price Claim settelment For family support Return on investment

Interpretation

From the graph above it is clear that most of the customer buy the life insurance plans by thinking
of the return of investment then followed by their emotional connection with their family at last
they think about claim settlement and premium price this interpretation helping us to create the
plan in such a way that it create high return of investment and position the Shriram life insurance
plane online on the basis of ROI and creating quotes which connects to the customers emotions.

58
Table – 4.18 - Difficulty reviewing Shriram life insurance online

DIFFICULTY REVIEWING RESPONDENTS PERCENTAGE

Yes 11 15

No 28 38

Maybe 34 47

73 100
Total

Source: Primary data

Analysis

From the data collected about the reviewing the Shriram life insurance policy the customer
responses are only 15% customers finds it is easy to review the Shriram life insurance, 35%
responses are it is difficult to review and the rest are not sure about it.

59
GRAPH – 4.18 - Difficulty reviewing Shriram life insurance online

15%

47%

38%

Yes No Maybe

Interpretation

Most of the customer gives the responses as reviewing the Shriram life insurance plan online is
not that easy to them, this is where the company is lagging behind. Shriram life insurance online
reviewing is not that good which will not make the customer engaging with their insurer which
also not brings the customer side promotion.

60
ANALYSIS AND INTYERPRETATION OF PRICE

Table – 4.19 - Feasible to switch between funds

Easiness to switch funds Respondents Percentage

Yes 23 32

No 50 68

Total 73 100

Source: Primary data

Analysis

From the data collected about the switching funds 68% of the respondents find difficult to switch
between the funds where as 32% of the respondents are responding it is easy.

61
GRAPH – 4.19 – Feasible to switch between funds

32%

68%

Yes No

Interpretation

Shriram life insurance easy to switch between the funds online is not that good which is definitely
affecting the online presence and the customer review about this will reduce the incoming
customer.

62
Table – 4.20 – Customer security

Security Respondents Percentage

Very secured 23 32

Ok 24 33

Not secured 24 33

73 100
Total

Source: Primary data

Analysis

From the data collected about the secureness feeling of the customer, 34% of the customer are not
feeling secure about paying the insurance through online, 32% felt it is secured and the rest are
unsure.

63
GRAPH – 4.20 – Customer security

32%
34%

34%

Very secured Ok Not secured

Interpretation

From the above graph it is clear that most of the customers of the Shriram life insurance are not
secured about paying the life insurance premium online, where it has to concentrate on creating
awareness about their security in their online presence.

64
Table – 4.21 – Shriram life insurance app rating

Rating (STARS) Respondents Percentage

1 0 0

2 11 15

3 27 37

4 31 42

5 4 5

Total 73 100

Source: Primary data

Analysis

From the data collected overall rating of the Shriram life insurance online presence is getting 3
star and 4 stars by 27 and 31 people respectively and 4 customers are giving 5 star and 11 customers
are rating 2 stars.

65
GRAPH – 4.21 – Shriram life insurance app rating

35

31

30

27

25

20

15

11

10

5 4

0
0
1 2 3 4 5

Respondents

Interpretation

Most of the customer rate good about the digital presence that is about the app of Shriram life
insurance, that means it is somewhat easy for the customer to use the app and the website of
Shriram life insurance website.

66
 CHAPTER 5

SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS

5.1 SUMMARY OF FINDINGS

• The study has shown that 66% of the people purchased Shriram life insurance online are
male and 34% are female it shows that majority of the customer who are aware about
Shriram life insurance are Male.
• Shriram life insurance mostly appeal to vicenarian and tricenarian as the 00% of the people
are in between the age of 20 to 40 most of this age group people are exposed to online and
they know the importance of online.
• 3% of the Karnataka people who purchase life insurance through online are Shriram life
insurance customer and the rest are the customer are from other companies.
• The SEO traffic of the Shriram life insurance company website increased by 200% and the
user base of the other companies increases which shows the visitors to other company
website are even more.
• The new users to the Shriram life insurance website increase from 20000 to 100000, which
shows the Shriram life insurance is acquiring more traffic within a year 2018 to 2019.
• LikeAlyser competitive ranking on Facebook gives the top ranking to Shriram life
insurance company in the month of November 2018 where other company Facebook
ranking is lesser than Shriram life insurance company and it also increases its Facebook
followers in an average of 1000 followers per month.
• The study shows that 73% of the customers prefers buying Sriram life insurance through
online. More number of customers prefer online life insurance services than buying life
insurance through employee or agents.
• Most of the Shriram life insurance online customers are satisfies with the appearance of
company website and very less people are dissatisfied with the appearance of the website.
• 70% of the customers says it is easy to use the website of Shriram life insurance and the
rest gives mixed confusing answers. As per the appearance and easy to use of website
majority of the customer are feels it is good.

67
• Majority of the customer are not giving the good feedback about resolving customer
grievance online by Shriram life insurance, only 30% giving the good responses.
• Most of the users says the appearance and online presence of the competitors are better
than Shriram life insurance online presence it shows that the awareness of the competitors
online insurance plans is better.
• Most of the customers says claim settlement ratio of the Shriram life insurance plane is
very bad compare to their competitors, which gives the bad review in social media or in
any other websites.
• Claim settlement of Shriram life insurance making its customer not to prefer this company
to their friends and other family members.
• 55% of the online customer said the buying process of Shriram life insurance is difficult
that to because it takes so much time to verify their customers by make them to upload
many documents like identity proof, income proof etc.
• 29% of the customer bought the Shriram life insurance plan because of return on
investment that the company is giving, 25% bought because to support their family in case
of unfortune condition, only few bought because of premium price.
• Majority of the customer shows difficulty in reviewing the Shriram life insurance online
and very few said it is easy.
• 66% of the customer says it is not easy to switch between the funds once they purchased
Shriram life insurance plan online.
• 34% of the Shriram life insurance customer are still unsecured about the online transaction
of Shriram life insurance and only 32% felt it is secured.
• Majority of the Shriram life insurance customer rate 3 to 4 stars to the Sriram life insurance
app.

68
5.2 CONCLUSION

As the new era is shifting completely towards digitalization, selling Shriram life insurance through
online and creating the brand in the mindset of the online customer can be done by its good online
presence. Shriram life insurance working on creating the good content that will attract the
customer. It can reach a greater number of customer through online than by regular offline method
of selling for that the major factors which affects are well informative contents in different channel
that can be easily understood and interpret by the users about their plans, which will creates good
impression in the mindset of the customer about Shriram life insurance. Even though the SEO
traffic of Shriram life insurance are performing well the company conversion is very less and
comparing to its competitors its performance and market share is very less.

The study shows that most of the customer of Shriram life insurance are not happy because of its
claim settlement ratio compare to other life insurance companies. In resolving the customer
grievance, it is little bit lagging behind this results in getting the bad reviews from the customer in
internet and it will make the bad impression to the new users who are doing research about
companies on internet.

Shriram life insurance is not giving the options to their customer in online to switch funds, where
as their competitors are giving more option to switch funds which result in customers to buy the
other companies plan and give good review about the other companies in social media which will
reduce the Shriram life insurance market share. Preference on Brand loyalty as been rated very
low by the customer which is clearly signifies the healthy competition in the insurance industry.

Attracting the new customer online should be done by creating the greater number of impressions
about the plan, creating the contents for the specific users. when the user search about the particular
keywords, appearance of the specific contents in the top will make the users to give more
preference.

69
5.3 SUGGESTIONS

• Shriram life insurance company should have to work on its claim settlement ratio as other
companies have the good name about the claim settlement which is fetching the
competitors good review in the social media.
• Shriram life insurance is house hold name in rural areas of South-India, now most of the
rural area have the internet accessible so it can easily acquire greater number of online
customers from rural by creating the rural language website that explains about the
insurance plan.
• Shriram life insurance can reduce their prospects purchasing journey time by collecting
very little and necessary documents so that the prospects will not be felt bored filling the
online form.
• Shriram life insurance can create a campaign by their own video which challenging some
of the celebrities in south about the awareness of life insurance, as challenging campaigns
are nowadays getting more viral, it will fetch them the goodwill and also creates the huge
awareness about their brands.

70
BIBLIOGRAPHY

JOURNALS

1. Çelik, S., & Kayali, M. M. (2009). Determinants of demand for life insurance in
European countries. Problems and perspectives in management, 7(3), 32-37.
2. Mantis, G., & Farmer, R. N. (1968). Demand for life insurance. Journal of Risk and
Insurance, 247-256.
3. Negi, D., & Singh, P. (2012). Demographic analysis of factors influencing purchase of
life insurance products in India. European Journal of Business and Management, 4(7),
169-180.
4. Schlosser, A. E., White, T. B., & Lloyd, S. M. (2006). Converting web site visitors into
buyers: how web site investment increases consumer trusting beliefs and online
purchase intentions. Journal of Marketing, 70(2), 133-148.
5. Singh, N. (2015). Selling life insurance in new era of digitalisation: a study in Indian
prospective. Biz and Bytes, 6, 202-211.

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around-us-100-million-to-acquire-23-in-shriram-life-and-nonlife-ventures.
4. jsr2017. (2019, September 30). Mr. R Thyagarajan Honoured with Padma Bhushan.
Retrieved from https://shriramlife.com/media-centre/shriram-group-founder-mr-r-
thyagarajan-honoured-with-padma-bhushan/.
5. Shriram Insurance Plans Archive. (n.d.). Retrieved from https://shriramlife.com/online-
plans/.
6. What is Marketing Mix? Definition of Marketing Mix, Marketing Mix Meaning. (n.d.).
Retrieved from https://economictimes.indiatimes.com/definition/marketing-mix.
7. What is Positioning? Definition of Positioning, Positioning Meaning. (n.d.). Retrieved
from https://economictimes.indiatimes.com/definition/positioning.
ANNEXURE:

Questionnaire for respondent

❖ Name: _______________________________
❖ Age: ________________________________
❖ Gender:
o Male
o Female
❖ Phone no.: _____________________________

1. Which path would you prefer if you want to buy Shriram life insurance?
o Online
o Offline (agent)
o Employee

2. How satisfied are you with the website of Shriram life insurance?
o Very satisfied
o Satisfied
o Ok
o Dissatisfied
o Very dissatisfied

3. How easy it is, to go through the policies, which is explained in Shriram life insurance
website?
o Very easy
o Easy
o Ok
o Difficult
o Very difficult

4. Do Shriram officials are able to satisfactorily resolve your grievance?

o Yes
o No
o Maybe
5. Which life insurance companies’ online presence is good and more informative?

Insurance Very Satisfied Satisfied Ok Dissatisfied Very

companies Dissatisfied

Max Life □ □ □ □ □
HDFC Life □ □ □ □ □
SBI Life □ □ □ □ □
Bajaj Alliance □ □ □ □ □
Aegon Life □ □ □ □ □
Bharathi AXA □ □ □ □ □
Aviva □ □ □ □ □
ICICI Prudential □ □ □ □ □

6. According to you which companies claim settlement is fast and easy?

Rating(rank) 1(High) 2 3 4 5(Low)

Max Life □ □ □ □ □
HDFC Life □ □ □ □ □
SBI Life □ □ □ □ □
Bajaj Allianze □ □ □ □ □
Aegon Life □ □ □ □ □
Aviva □ □ □ □ □
ICICI Prudential □ □ □ □ □

7. Which company would you prefer if you are buying life insurance to your family and
friends through online?
o Aegon life
o Max life
o SBI life
o HDFC life
o Bajaj alliance
o Shriram life insurance

8. Did you find any difficulties while buying Shriram life insurance through online?
o Yes
o No
9. How satisfied are you with the claim settlement of Shriram life insurance online
business?
o Very easy
o Easy
o Ok
o Difficult
o Very difficult

10. Looking at what factor did you buy life insurance policy?
o Premium price
o Claim settlement
o For family support
o Return on investment

11. Did you find difficult to review your Shriram life insurance policy online?
o Yes
o No
o Maybe

12. Is it easy to switch between the funds in Shriram life insurance?

o Yes
o No

13. How secured do you feel while paying premium through online?
o Very secured
o Ok
o Not secured

14. Overall how much would you rate for Shriram life insurance online presence?
o 1 (low)
o 2
o 3
o 4
o 5 (high)
 The Report is Generated by DrillBit Plagiarism Detection Software

Title: 18SKMD080
Author Name:18SKMD080

Document : LIKITH C R18SKMD080 PLAGARISM_DB (1284 KB)

Submission Id : 200103062115
Submitted Date : 03-Jan-2020 06:25:08 (IST)
DrillBit Similarity Report

A-Satisfactory (0-10%)
B-Upgrade (11-40%)

14
SIMILARITY %
34
MATCHED FILES
B
GRADE
C-Poor (41-60%)
D-Unacceptable (61-100%)

Sl.No LOCATION MATCHED SOURCES %

1 23 Alagappa University Thesis Published in

Shodganga www.infilibnet.ac.in 3
Student Paper

2 13 KCM College Student Report Submitted to

Bangalore University by - 162RCMD024 1
Student Paper

3 2 ABBS College MBA Student Report Submitted

to MR Scholar Asso., Bangalore by <1
15YUCMD199
Student Paper

4 5 economictimes.indiatimes.com
Internet Data <1
5 28 A STUDY ON BRAND IMAGE By
17D01E0014 2019, JNTUH <1
Student Paper