A SUMMER TRAINING REPORT

ON
Products and Marketing Strategies of Kotak Life Insurance

SUBMITTED FOR THE PARTIAL FULFILMENT OF MASTER OF

BUSINESS ADMINISTRATION (2018-20)
SUBMITTED BY:

SANJAYA MAHARANA (REGD.NO- 1806281089)

EXTERNAL GUIDE: INTERNAL GUIDE:

MR. AJITABH PATTANAIK (Asst. vice president) MR.S.I. HASNAIN

AND MR. SIDHANT SINGH (SENIOR MANAGER) (FACULTY MEMBER MARKETING)

Institute of Professional Study and Research (IPSAR)

[Approved by AICTE, Ministry of HRD, Govt. of India, Affiliated to BPUT]

SECTOR- VI, CDA, CUTTACK - 753015

 DECLARATION

I, Mr. sanjaya Maharana hereby declare that the Project Work titled
“products and marketing strategies of Kotak Mahindra life insurance” is
the original work done by me and submitted to the Biju Patnaik University of
Technology, Odisha, in partial fulfillment of requirements for the award of
Master of Business Administration is a record of original work done by me
under the supervision of Asst. Prof. SAYED IZHARUL HASNAIN.

Regd. No: 1806281089

Date:

Sanjay maharana
 CERTIFICATE OF THE GUIDE

This is to certify that the Project Work titled: “products and marketing
strategies of Kotak Mahindra life insurance”. It is a confide work of Mr.
Sanjay Maharana Reg. No: 1806281089 carried out in partial fulfillment for
the award of degree of MBA of Biju Patnaik University of Technology,
Odisha under my guidance. This project work is original and not submitted
earlier for the award of any degree / diploma or associate ship of any other
University / Institution.

Signature of the Guide

Name and Official Address and Guide

 ACKNOWLEDGEMENT

Firstly, I am graceful to Gold almighty, for the blessing showed upon me for
the successful completion of my project.

I express my deep sense of gratitude and profound thank to my project

internal training guide, Asst. Prof. Sayed Izharul Hasnain for her constant
guidance throughout my project training report.

I express my deep sense of gratitude and profound thank to my project

external training guide, Mr. Ajitabh pattanaik & sidhant singh (Senior
agency Manager) KOTAK LIFE INSURANCE, CUTTACK for his constant
encouragement and guidance throughout my training project report.

I express my deep sense of gratitude to Dr. J.K. MISHRA, Director of

IPSAR COLLEGE, CUTTACK for his encouragement throughout the course
of this study.

I would like to express my sincere gratitude to the KOTAK MAHINDRA

LIFE, CUTTACK for allowing me to do this project in their organization
and for their immense help and cooperation at every step of my project work.

I would also like to thank my parents, staff members and my friends for their
support and motivation in successful completion of this project.
Place: CUTTACK SANJAY MOHARANA
Date: Reg No: 1806281089
 CONTENTS
I. INTRODUCTION

II. INDUSTRY PROFILE

III. COMPANY PROFILE

IV. RESEARCH METHODOLOGY

V. PRODUCTS OF KOTAK LIFE INSURANCE

VI. DATA ANALYSIS AND INTREPRETATION

VII. LIMITATION OF STUDY

VIII. CONCLUSION

IX. BIBLIOGRAPHY

X. QUESTIONAIRE
 PRODUCT SERVICES ANDMARKETING STRATEGIES OF KOTAK
MAHINDRA LIFE INSURANCE
INTRODUCTION

The story of insurance is probably as old as the story of mankind. Tendency of a

human being to secure themselves against loss and disaster has been from the
starting of world. They sought to avert the evil consequences of fire and flood and
loss of life and were willing to make some sort of sacrifice in order to achieve
security. Though the concept of insurance is largely a development of the recent
past, particularly after the industrial era – past few centuries – yet its beginnings
date back almost 6000 years as per records.

Functions of insurance:

 Provide Protection: The primary function of insurance is to provide

protection against future risk, accidents and uncertainty. Insurance cannot
check the happening of risk, but can certainly provide for the losses of risk.
Insurance is actually a protection against economic loss, by sharing the risk
with others.

 Collective bearing of risk: Insurance is an instrument to share the financial

loss of few among many others. Insurance is a mean by which few losses
are shared among larger number of people. All the insured contribute the
premiums towards a fund and out of which the persons exposed to a
particular risk is paid.

 Assessment of risk: Insurance determines the probable volume of risk by

evaluating various factors that give rise to risk. Risk is the basis for
determining the premium rate also.

 Provide certainty: Insurance is a device, which helps to change from

uncertainty to certainty. Insurance is device whereby the uncertain risks
may be made more certain.
  Small capital to cover larger risk: Insurance relieves the businessmen from
security investments, by paying small amount of premium against larger
risks and uncertainty.

 Contributes towards the development of industries: Insurance provides

development opportunity to those larger industries having more risks in
their setting up. Even the financial institutions may be prepared to give
credit to sick industrial units which have insured their assets including plant
and machinery.

 Means of savings and investment: Insurance serves as savings and

investment, insurance is a compulsory way of savings and it restricts the
unnecessary expenses by the insured's For the purpose of availing income-
tax exemptions also, people invest in insurance.

 Source of earning foreign exchange: Insurance is an international business.

The country can earn foreign exchange by way of issue of marine insurance
policies and various other ways.

 Risk free trade: Insurance promotes exports insurance, which makes the
foreign trade risk free with the help of different types of policies under
marine insurance cover.

Insurance is divided into two basic zones:

 General Insurance

 Life insurance

GENERAL INSURANCE

Insurance of the non life assets are called general insurance, this includes loss of
asset against water, fire, earthquake etc. With the opening up of the Indian
Market in Insurance sector for private players, in General Insurance the monopoly
of the general Insurance public sector’s companies has been broken. With the
entrance of the new private player market innovative technique has been
introduced to capture the market. In general Insurance around 17% of the market
has been captured by the private players.

General Insurance is a sector which alone has many type of insurance coverage in
it like Fire Insurance, Marine Insurance, motor Insurance, Liability Insurance,
Engineering Insurance etc.

The Non Life Insurers:

 Kotak Mahindra general Insurance Co. Ltd

 Apollo Munich health insurance Co. Ltd

 Bharti Axa general Insurance Co. Ltd

 Bajaj Allianz general Insurance Co. Ltd

 Bajaj Allianz General Insurance Co. Ltd

 ICICI Lombard General Insurance Co. Ltd

 Reliance General Insurance Co. Ltd

 Bharti Axa General Insurance

 HDFC Chub

 L&T general insurance co. Ltd

 Liberty Videocon general co. Ltd

 Max health insurance co. Ltd

 National insurance co. Ltd

 The new India assurance co. Ltd

 The oriental insurance co. Ltd

 Reliance general insurance co. Ltd

  SBI general insurance co. Ltd

 Shriram general insurance co .Ltd

 Star health & Allied insurance co. Ltd

 Tata AIG general insurance co .Ltd

 United India insurance co.Ltd

 Aditya Birla health insurance co. Ltd

LIFE INSURANCE

Life insurance is a contract under which the insurer (Insurance Company) in

Consideration of a premium paid undertakes to pay a fixed sum of money on the
death of the insured or on the expiry of a specified period of time, whichever is
earlier. In case of life insurance, the payment for life insurance policy is certain.
The Event insured against is sure to happen only the time of its happening is not
known. So life insurance is known as ‘Life Assurance’. The subject matter of
insurance is life of human being. Life insurance provides risk coverage to the life
of a person. On death of the person insurance offers protection against loss of
income and compensate the titleholders of the policy.

Roles of Life Insurance

 Life insurance as an investment: Insurance products yield more than any

other investment instruments and it also provides added incentives or
bonus offered by insurance companies.

 Life insurance as risk cover: Insurance is all about risk cover and protection
of life. Insurance provides a unique sense of security that no other form of
invest can provide.

 Life insurance as tax planning: Insurance serves as an excellent tax saving

mechanism too.

Importance of Life Insurance

  Protection against untimely death: Life insurance provides protection to
the dependents of the life insured and the family of the assured in case of
his untimely death. The dependents or family members get a fixed sum of
money in case of death of the assured.

 Saving for old age: After retirement the earning capacity of a person
reduces. Life insurance enables a person to enjoy peace of mind and a
sense of security in his/her old age.

Promotion of savings: Life insurance encourages people to save money

compulsorily. When life policy is taken, the assured is to pay premiums regularly
to keep the policy in force and he cannot get back the premiums, only surrender
value can be returned to him. In case of surrender of policy, the policyholder gets
the surrendered value only after the expiry of duration of the policy.

 Initiates investments: Life Insurance Corporation encourages and

mobilizes the public savings and channelizes the same in various
investments for the economic development of the country. Life insurance is
an important tool for the mobilization and investment of small savings.

 Credit worthiness: Life insurance policy can be used as a security to raise

loans. It improves the credit worthiness of business.

 Social Security: Life insurance is important for the society as a whole also.
Life insurance enables a person to provide for education and marriage of
children and for construction of house. It helps a person to make financial
base for future.

 Tax Benefit: Under the Income Tax Act, premium paid is allowed as a
deduction from the total income under section 80C.

 Types of Life insurance

 Kotak Mahindra old Mutual life insurance. Ltd

 Aegon life insurance co. Ltd

 Aviva life insurance co. india Ltd

 Bajaj Allianz life insurance co. Ltd

 Birla sun life insurance co. Ltd

 Bharti AXA life insurance co. Ltd

 Future general india insurance co. Ltd

 ICICI Lombard general insurance co. Ltd

 The new India assurance co. Ltd

 The oriental insurance co. Ltd

 Tata AIA life insurance co. Ltd

 Shriram Union DAI ICHI Life insurance co. Ltd

 SBI Life insurance co. Ltd

 SAHARA INDIA Life insurance company. Ltd

 RELIANCE NIPPON Life insurance co. Ltd

 PNB METLIFE INDIA insurance .co. Ltd

 MAX life insurance co. Ltd

 LIFE insurance corporation of India

 INDIA first life insurance

 IDBI federal life insurance co. Ltd

 ICICI prudential Life insurance

 EXIDE life insurance co. Ltd

 DHFL Pramerica life insurance co.Ltd

 CANARA HSBC ORIENTAL BANK OF COMMERCE L

 RESEARCH METHODOLOGY

TITLE

Products and Marketing strategies of Kotak Life Insurance .

OBJECTIVES

The objectives of the present study are as following:

 Proper understanding and analysis of life insurance industry.

 To know about brand awareness of Kotak Life Insurance and customer’s

preference about Kotak Life Insurance.

 Conduct market survey on a sample selected from the entire population of

Cuttack and derive opinion on that research.

 To help company in establishing a network of Life Insurance Advisors and to

promote the benefits those are provided by Kotak Life Insurance to its Life
Insurance Advisors.

 To offer suggestions based upon findings.

RESEARCH METHODOLOGY

All the findings and conclusions are based on the survey done in the working area
within time limit. I tried to select a sample representative of the whole group
during my job training. I have collected data from 100 respondents for studying
Customer Buying Behaviour and Market Segmentation, selected randomly from
different areas in Cuttack such as:

 Public places like shopping centers, malls etc.

 LIC Agents in LIC office.

  Employees of Private Firms

 Business / Self Employed

 Different petrol pumps in Cuttack

For recruitment of Life insurance Advisors, I have collected data from 20

respondents from following groups:

 House wife

 Private job holder

 Businessmen

 Other Life insurance Agents

 Relatives

 Petrol pump

 Working Professionals

 Retired Persons
RESEARCH DESIGN

Research was initiated by examining the secondary data to gain insight into the
problem. The primary data is evaluated on the basis of the analysis of the
secondary data.
DEVELOPING THE RESEARCH PLAN

The data for this research project has been collected through self administration.
Due to time limitation and other constraints direct personal interview method is
used. A structured questionnaire was framed as it is less time consuming, I have
worked as a team in the field of petrol pump survey and also different apartments
in Cuttack, IT was not very easy to convenes them to our branch office for further
process of recruitment. I also visited the LIC office personally to recruit some Do’s
that is (DEVELOPMENT OFFICER) it was not easier to tabulate and interpret. More
over respondents prefer to give direct answers. In questionnaires open ended and
closed ended, both the types of questions has been used.
COLLECTION OF DATA

Secondary Data: It was collected from internal sources. The secondary data was
collected on the basis of organizational file, official records, news papers,
magazines, preserved information in the company’s database and website of the
company.

Primary data: Individual respondents, Insurance Agents, House wife were

personally visited and interviewed. They were the main source of Primary data.
The method of collection of primary data was direct personal interview through a
structured questionnaire.
SAMPLING PLAN

Since it is not possible to study whole population, it is necessary to obtain

representative samples from the population to understand its characteristics.

 Sampling Units: Individual respondents for studying Customer Buying

Behaviour and Market responds, selected randomly from different areas in
Cuttack, like various shopping malls and markets, LIC Offices, Petrol pump,
Shops, Business Men, Professionals and House Wives of Cuttack for
recruitment of Life Insurance Advisors

 Sample Technique: Random Sampling

 Research Instrument: Structured Questionnaire

 Contact Method: Personal Interview

SAMPLE SIZE
  Study of Customer Buying Behaviour and Market Segmentation: 100
respondents

 Recruitment of Life Insurance Advisors for Kotak Life Insurance: 20

respondents
DATA COLLECTION INSTRUMENT DEVELOPMENT

The mode of collection of data is based on Survey Method and Field Activity.
Primary data collection is based on personal interview. I have prepared the
questionnaire according to the necessity of the data to be collected .

RESEARCH LIMITATIONS
 The research is confined to certain parts of Cuttack and does not
necessarily show a pattern applicable to all of other cities in Odisha.

 Some respondents straightly told that they are not agreed to be a part of
the insurance industry

 In a rapidly changing industry, analysis on one day or in one segment can

change very quickly. The environmental changes are vital to be considered
in order to assessment the findings.
 INDIAN INSURANCE INDUSTRY
HISTORY:

Life insurance came to India from England in 1818 when oriental life insurance
company started in Kolkata by Europeans. After this many insurance companies
had been started in India. But these companies were looking after only the needs
of European community established in India. Indian people were not being
insured by these companies. First Indian life insurance company came as Bombay
mutual life insurance assurance. Second company was Bharat insurance company
came in 1896. After this the united India in Madras, national Indian and national
insurance in Kolkata and the co-operative assurance in Lahore were established in
1906.

To regulate Indian insurance business first insurance act came in 1912 as

life insurance company act and provident fund act. These acts consist of premium
rates tables and periodical valuations of companies. In the first two decade of
20th century many life insurance companies were started. So the insurance act
came in 1938 to governing life and non life insurance companies and to provide
strict state control. In 1956 the life insurance business in India was nationalized. In
1956 life insurance corporation of India (LIC) was created to spreading life
insurance much more widely particularly in rural areas. In that year LIC had 5
zonal offices, 33 divisional offices and 212 branch offices. In 1957 the business of
LIC of sum assured of 200crores, 1000crores in 1970, and 7000crores in 1986.
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY:

In 1999, the Insurance Regulatory and Development Authority (IRDA) was

constituted as an autonomous body to regulate and develop the insurance
industry. The IRDA was incorporated as a statutory body in April 2000. The key
objectives of the IRDA include promotion of competition so, as to enhance
customer satisfaction through increased consumer choice and lower premiums,
while ensuring the financial security of the insurance market. The IRDA opened
Up the market in August 2000 with the invitation for application for registrations.
Foreign companies were allowed ownership of up to 26%. The Authority has the
power to frame regulations under Section 114A of the Insurance Act, 1938 and
has from 2000 onwards framed various regulations ranging from registration of
companies for carrying on insurance business to protection of policyholders’
interests.
Role of IRDA:

 Protecting the interests of policyholders.

 Establishing guidelines for the operations of insurers and brokers.

 Specifying the code of conduct, qualifications and training for insurance

intermediaries and agents.

 Promoting efficiency in the conduct of insurance business.

 Regulating the investment of funds by insurance companies.

 Specifying the percentage of business to be written by insurers in rural

sectors.

 Handling disputes between insurers and insurance intermediaries .

Changing perception of Indian customers:

Indian Insurance consumers are like Indian Voters, they are soft but when time is
right and ripe, they demand and seek necessary changes. De-tariff of many
Insurance Products are the reflection of changing aspirations and growing
demand of Indian consumers.

For historical years, Indian consumers were at receiving end. Insurance Product
was underwritten and was practically forced onto consumers on a “Take-it-As-it-
basis”. All that got changed with passage of IRDA act in 1999. New insurance
companies have come into existence leading to open competition and hence
better products for customers.

Indian customers have become very sensitive to Coverage / Premium as well as

the Products (read Risk Solution), that is given to them. There are not ready to
accept any product, no matter even if that is coming from the market leader,
should that product is not serving the purpose. A case in point is ULIP Product /
Group Life and Credit Life in Life Insurance segment and Travel / Family Floater
Health and Liability Insurance in the Non-life segment are new age Avatar. The
new products are constantly being demanded by Indian consumers, which is
putting huge pressures on Insurance companies (Read Risk Under-writers) and
Brokers to respond.

Customers are looking at Insurance for covering Pure Risk now which I have
covered in my next section. Another good reason why we are seeing quick
changes in the buying behavior of Insurance from mere Investment to risk
mitigation is the cost of Replacement of Goods (ROG) or Cost of Services (COS).

Now Indian customers are aware of insurance industry and insurance products
provided by companies. They have become more sensitive. They would not
accept any type of insurance product unless it fulfills their requirements and
needs. In historic day’s customers looking at insurance products as a life cover
which can provide security against any unacceptable events, but now customers
look at insurance products as an investment as well as life cover. So today’s
customers wants good return from the insurance companies. The Indian
customer’s forms the pivot of each company’s strategy.
Investment of Indian household savings (as a % in different sector)

BANK DEPOSITS 39

CORP. BANKS 2

SHARES AND DEBENTURES 1

MUTUAL FUNDS 2

NBFC’S 3

GOVT. BONDS 13

INSURANCE 13

PF/ RETIRE FUNDS 21

CURRENCY 6
 Source: www.avivaindia.com

Changing face of Indian insurance industry:

After the Insurance Regulatory and Development Authority Act have been passed
there has been establishment of many private insurance companies in India.
Previously there was a monopoly business for Life Insurance Corporation of India
(L.I.C.) who was the only life-insurance company for the people till 2000. L.I.C. still
holds 71.4% of the market share in 2006. But after the introduction of private life
insurance companies there is a great competition in Indian market now. Everyone
is trying to capture the fresh market here and penetrate it with aggressive
marketing strategies. Today life-insurance is not only limited up to just life risk
cover and maturity period bonuses but changed to greater return from the
investments. With the introduction of the unit linked insurance policies these
companies are investing the money in different investment instruments like
shares, bonds, debentures, government and other securities. People are
demanding for higher returns with the life risk cover and private companies are
giving 30-40% average growth per annum. These life-insurance companies have
every kind of policies suiting every need right from financial needs of, marriage,
giving birth and rearing up a child, his education, meeting daily financial needs of
life, pension solutions after retirement. These companies have every aspects and
needs of our life covered along with the death-benefit.

In India only 25% of the population has life insurance. So Indian life-insurance
market is the target market of all the companies who either want to extend or
diversify their business. To tap the Indian market there has been tie-ups between
the major Indian companies with other International insurance companies to start
up their business. The government of India has set up rules that no foreign
insurance company can set up their business individually here and they have to
tie up with an Indian company and this foreign insurance company can have an
investment of only 24% of the total start-up investment.

Indian insurance industry can be featured by:

  Low market penetration.

 Every growing middleclass component in population.

 Growth of customer’s interest with an increasing demand for better

insurance products.

 Application of information technology for business.

 Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has more than a dozen private
players, each of which are making strides in raising awareness levels, introducing
innovative products and increasing the penetration of life insurance in the vastly
underinsured country. Several of private insurers have introduced attractive
products to meet the needs of their target customers and in line with their
business objectives. The success of their effort is that they have captured over
28% of premium income in five years.
The biggest beneficiary of the competition among life insurers has been the
customer. A wide range of products, customer focused service and professional
advice has become the mainstay of the industry, and the Indian customer’s forms
the pivot of each company’s strategy. Penetration of life insurance is beginning to
cut across socio-economic classes and attract people who have never purchased
insurance before.
Life insurance is also now being regarded as a versatile financial planning
tool. Apart from the traditional term and saving insurance policies, industry has
seen the entry and growth of unit linked products. This provides market linked
returns and is among the most flexible policies available today for investment.
Now products are priced, flexible, and realistic and sustain so people in better
position to understand the risk and benefits of the product and they are accepting
these innovative products.
So it is clear that the face of life insurance in India is changing, but with the
changes come a host of challenges and it is only the credible players with a long
term vision and a robust business strategy that will survive. Whatever the
developments, the future and the opportunities in this industry will surely be
exciting.
The number of companies in Insurance particularly in Life Insurance has changed
drastically now the number is in 24. List of them are mentioned as below :
1. ICICI Prudential Life Insurance
2. TATA AIG Life Insurance
3. Max New York Life Insurance
4. AVIVA Life Insurance
5. Bharti AXA Life Insurance
6. Kotak Mahindra Life Insurance
7. Reliance Life Insurance
8. SBI Life Insurance
9. HDFC Standard Life Insurance
10.Birla Sun Life Insurance
11.Sahara INDIA Life Insurance

And so on…

Increasing growth since liberalization:

YEAR LIC (in billion Rs.) PRIVATE PLAYER

FY 14 110 10
FY 15 120 20
FY 16 130 40
FY 17 140 60
FY 18 240 160

Possibilities for insurance companies in India:

 Further deregulation of the market.

 Greater concern for the customers.

 Newer products and services.

 Competition and quality consciousness.

 Cost effective operations.

 Restructuring of the public sector.

  Consolidation of domestic insurance markets.

 Technology driven shift in product design.

 Actual operations and distribution.

 Convergence of financial services.

GLOBAL INSURANCE INDUSTRY

Globally, insurers increasingly are pressured by the demands of their clients. The
development of global insurance industry over the past few years was influenced
by booming stock markets which enabled considerable capital gains to be made in
Non life business. Increase in insurers equity capital increased underwriting
capacity, while demand did not develop at the same pace, resulting in decrease in
insurance policies prices. The stock market boom of the past few years led to
demand for unit linked insurance products.

The global insurance industry is growing at rapid pace. Most of the markets
are undergoing globalization. Lot of mergers and acquisition are taking place in
the insurance world. The rapidity in the industry, technological improvement has
resulted in pressures on a few economic parameters. The world insurance
industry is at peak of its globalization process.

Global insurance market is increasing by an average of six percent per year

since 1990. Insurance companies have collected $2443.7 billion premium
worldwide according to the global development of premium volume in 144
countries in 2005. $1521.3 has been generated as life insurance premium and
$922.7 as Non life insurance premium. The US accounted for 35% of global life
and Non life premium, Japan had global share of 21%, and UK was having 10% of
global share.

Influence on Indian Insurance Industry:

In this era of globalization, insurance companies face a dynamic global
environment. Dramatic changes are taking place owing to the internationalization
of activities, appearance of new risk, new types of covers to match with new risk
situations, and unconventional and innovative ideas on customer services. Low
growth rates in developed markets, changing customers needs, and the uncertain
economic conditions in the developing world are exerting pressure on insurer’s
resources and testing their ability to survive. Now the existing insurers are facing
difficulties from non-traditional competitors those are entering the retail market
with new approaches and through new channels.

India has a rapidly growing middle class and this section can afford to buy
insurance products. This shows the attraction that the Indian market holds for
foreign insurers who have been putting pressure on developing countries as well
as on India to open up its market.

Life Insurance Penetration as a % of GDP

United Kingdom 10.2

Japan 9.3

Korea 8.6

United States 7.1

Malaysia 6.6

India 5.2

China 3.8

Brazil 2.5

Source: www.indianinsuranceresearch.com

INSURANCE AND ECONOMY

  Indian economy is growing in reference to global market. Business of
insurance with its unique features has a special place in Indian economy.

 It is a highly specialized technical business and customer is the most

concern people in this business, therefore this business is able to spur the
growth of infrastructure and act as a catalyst in the overall development of
Indian economy.

 The high volumes in the insurance business help spread risk wider, allowing
a lowering of the rates of the premium to be charged and in turn, raising
profits. When there is a bigger base, the probabilities become more
predictable, and with system wide risks balanced out, profits improve. This
explains the current scenario of mergers, acquisitions, and globalization of
insurance.

 Insurance is a type of savings. Insurance is not only important for tax

benefits, but also for savings and for providing security. It can be serving as
an essential service which a welfare state must make available to its
people.

 Insurance play a crucial role in the commercial lives of nations and act as
the lubricants of economic activities. Insurance firms help to spread the
potentially financial consequences of risk among the large number of
entities, to mobilize and distribute savings for productive use, facilitate
investment, support and encourage external trade, and protect economic
entities against external risk.

Insurance and economic growth mutually influences each other. As the economy
grows, the living standards of people increase. As a consequence, the demand for
life insurance increases. As the assets of people and of business enterprises
increase in the growth process, the demand for general insurance also increases.
In fact, as the economy widens the demand for new types of insurance products
emerges. Insurance is no longer confined to product markets; they also cover
service industries. It is equally true that growth itself is facilitated by insurance. A
well-developed insurance sector promotes economic growth by encouraging risk-
taking. Risk is inherent in all economic activities. Without some kind of cover
against risk, some of these activities will not be carried out at all. Also insurance
and more particularly life insurance is a mobilizer of long term savings and life
insurance companies are thus able to support infrastructure projects which
require long term funds. There is thus a mutually beneficial interaction between
insurance and economic growth. The low income levels of the vast majority of
population have been one of the factors inhibiting a faster growth of insurance in
India. To some extent this is also compounded by certain attitudes to life. The
economy has moved on to a higher growth path. The average rate of growth of
the economy in the last three years was 8.1 per cent. This strong growth will bring
about significant changes in the insurance industry.
At this point, it is important to note that not all activities can be insured. If that
were possible, it would completely negate entrepreneurship. Professor Frank
Knight in his celebrated book “Risk Uncertainty and Profit” emphasized that profit
is a consequence of uncertainty. He made a distinction between quantifiable risk
and non-quantifiable risk. According to him, it is non-quantifiable risk that leads to
profit. He wrote “It is a world of change in which we live, and a world of
uncertainty. We live only by knowing something about the future; while the
problems of life or of conduct at least, arise from the fact that we know so little.
This is as true of business as of other spheres of activity”. The real management
challenges are uninsurable risks. In the case of insurable risks, risk is avoided at a
cost.

FUNCTIONING OF INSURANCE INDUSTRY

Insurer’s Business Model:

Profit = Earned Premium + Investment Income – Incurred Loss – Underwriting

expenses

Insurers make money in two ways:

1. Through Underwriting, the processes by which insurers select the risks to

insure and decide how much in premiums to charge for accepting those
risks, and

2. By investing the premiums they collect from insured.

The most difficult aspect of the insurance business is the underwriting of policies.
Using a wide assortment of data, insurers predict the likelihood that a claim will
be made against their policies and price products accordingly. To this end,
insurers use actuarial science to quantify the risks they are willing to assume and
the premium they will charge to assume them. Data is analyzed to fairly
accurately project the rate of future claims based on a given risk. Actuarial science
uses statistics and probability to analyze the risks associated with the range of
perils covered, and these scientific principles are used to determine an insurer's
overall exposure. Upon termination of a given policy, the amount of premium
collected and the investment gains thereon minus the amount paid out in claims
is the insurer's underwriting profit on that policy.

An insurer's underwriting performance is measured in its combined ratio. The loss

ratio (incurred losses and loss-adjustment expenses divided by net earned
premium) is added to the expense ratio (underwriting expenses divided by net
premium written) to determine the company's combined ratio. The combined
ratio is a reflection of the company's overall underwriting profitability. A
combined ratio of less than 100 percent indicates underwriting profitability, while
anything over 100 indicates an underwriting loss.

Insurance companies also earn investment profits on “float”. “Float” or available

reserve is the amount of money, at hand at any given moment that an insurer has
collected in insurance premiums but has not been paid out in claims. Insurers
start investing insurance premiums as soon as they are collected and continue to
earn interest on them until claims are paid out.
Naturally, the “float” method is difficult to carry out in an economically depressed
period. Bear markets do cause insurers to shift away from investments and to
toughen up their underwriting standards. So a poor economy generally means
high insurance premiums. This tendency to swing between profitable and
unprofitable periods over time is commonly known as the "underwriting" or
insurance cycle.

Finally, claims and loss handling is the materialized utility of insurance. In

managing the claims-handling function, insurers seek to balance the elements of
customer satisfaction, administrative handling expenses, and claims overpayment
leakages.

Investment Management
Investment operations are often considered incidental to the business of
insurance, and have traditionally viewed as secondary to underwriting. In the past
risk management was the most important part of business, whereas today the
focus has shifted to fund management. Investment income is a large component
of insurance revenues, skilful and careful management of funds. Insurance is a
business of large numbers and generates huge amount of funds over time. These
funds arise out of policyholder funds in the case of life insurance, and technical
and free reserves in the non-life segments. Time lag between the procurement of
premium and the payment of claim provides an interval during which the funds
can be deployed to generate income. Insurance companies are among the largest
institutional investors in the world. Assets managed by insurance companies are
estimated to account for over 40% of the world’s top ten asset managers.
Returns on investments influence the premium rates and bonuses and
hence investment income will continue to be an important component of
insurance company profits. In life insurance, benefits from insurance profits
accrue directly to policy holders when it is passed on to him in the form of a
bonus. In non life insurance the benefits are indirect and mostly by the creation of
an investment portfolio. Investment income has to compensate for underwriting
results which are increasingly under pressure. In the case of insurance, the
difference between revenue and the expenses is known as operating surplus.

 Revenue = Premium

 Expenses = (Sum of Claims + Commission payable on procurement of

business + Operating expenses)

 Operating Surplus = (Revenue – Expenses)

Net investment income includes income from trading in and holding stock market
securities including government securities, special deposits with the central
government, loans to several public utilities and service providers in state
government.

Insurance premium collected is converted in a pool of fund then divided in

to four expenses.

 To pay the expenses of the management

  To pay agency commission

 To pay for the claims

 Surplus money will be invested in govt. securities

Requirements of an insurance risk

Insurance normally insure only pure risks However, not all pure risk is insurable
certain requirements usually must be fulfilled before a pure risk can be privately
insured from the view point of the insurer, there are ideally six requirement of an
insurable risk:

 There must be a large number of exposure units

 The loss must be accidental and unintentional

 The loss must be determinable and measurable

 The loss should not be catastrophic

 The chance of loss must be calculable

 The premium must be economically feasible

Comparison of Insurance with other Similar Factors

1. Insurance and Gambling compared

Insurance is often erroneously confused with gambling There are two important
differences between them First gambling creates a new speculative risk while
insurance is a technique for handling an already existing pure risk thus if you bet
Rs 300 on a horse a new speculative
technique is created but if you pay Rs 300 to an insurer for fire insurance the risk
of fire is already present and is transferred to the insurer by a contract. No new
risk is created by the transaction.
The second difference between insurance and gambling is that gambling is
socially unproductive, because the winner’s gain comes at the expense of the
loser in contract; insurance is always socially productive, because neither the
insurer nor the insured is placed in a position where the gain of the winner comes
at the expense of the loser. The insurer and the insured have a common interest
in the prevention of a loss. Both parties win if the loss does occur Moreover,
consistent gambling transaction generally never restore the losers to their former
financial position in contract insurance contracts restore the insured’s financially
in whole or in part if a loss occurs.
2. Insurance and Hedging compared
The concept of hedging is to transferring the risk to the speculator through
purchase of future contracts an insurance contract, however, is not the same
thing as hedging Although both technique are similar in that risk is transferred by
a contract, and no new risk is created, there are some important difference
between them. First, an insurance transaction involves the transfer of insurable
risks, because the requirement of an insurable risk generally can be met However,
hedging is a technique for handling risks that are typically uninsurable ,such as
protection against a decline in the price agriculture products and raw materials.
A second difference between insurance and hedging is that insurance and
hedging is that insurance can reduce the objective risk of an insurer by application
of the law of large numbers. As the number of exposure units increases, the
insurer’s prediction of future losses improves, because the relative variation of
actual loss from expected loss will decline thus, many insurance transactions
reduce objective risk. In contract, hedging typically involves only risk transfer not
risk reduction .The risk of adverse price fluctuation is transferred because of
superior knowledge of market conditions .The risk is transferred, not reduced,
and prediction of loss generally is not based on the law of large numbers.

Various types of life insurance policies:

 Endowment policies: This type of policy covers risk for a specified period, and at the
end of the maturity sum assured is paid back to policyholder with the bonuses during
the term of the policy.

 Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.

 Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers employees, professionals, co-operatives etc
it also provides insurance coverage for people in certain approved occupations at the
lowest possible premium cost.
  Term life insurance policies: This type of insurance covers risk only during the selected
term period. If the policy holder survives the term, risk cover comes to an end. These
types of policies are for those people who are unable to pay larger premium required
for endowment and whole life policies. No surrender, loan or paid up values are in such
policies.

 Whole life insurance policies: This type of policy runs as long as the policyholder is alive
and is covered for the entire life of the policyholder. In this policy the insured amount
and the bonus is payable only to nominee on the death of policy holder.

 Joint life insurance policies: These policies are similar to endowment policies in
maturity benefits and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death and again on the
death of survival during the term of the policy.

 Pension plan: a pension plan or annuity is an investment over a certain number of years
but does not provide any life insurance cover. It offers a guaranteed income either for a
life or certain period.

 Unit linked insurance plan : ULIP is a kind of insurance plan which provides life
cover as well as return on premium paid over a certain period of time. The
investment is denoted as units and represented by the value called as net
asset value (NAV).

DISTRIBUTION OF INSURANCE PRODUCTS

Insurance has to be sold the world over. The Touch point with the ultimate
customer is the distributor or the producer and the role played by them in
insurance markets is critical. It is the distributor who makes the difference in
terms of the quality of advice for choice of product, servicing of policy post sale
and settlement of claims. In the Indian market, with their distinct cultural and
social ethics, these conditions will play a major role in shaping the distribution
channels and their effectiveness. In today's scenario, insurance companies must
move from selling insurance to marketing an essential financial product. The
distributors have to become trusted financial advisors for the clients and trusted
business associates for the insurance Companies.

Challenges for insurance companies and intermediaries in India-

 Building faith about company in the mind of clients.

 Building personal credibility with the clients.

Different distribution channels in India:

A multi-channel strategy is better suited for the Indian market. Indian insurance
market is a combination of multiple markets. Each of the markets requires a
different approach. Apart from geographical spread the socio-cultural and
economic segmentation of the market is very wide, exhibiting different traits and
needs. Different multi-distribution channels in India are as follows:

 Agents: Agents are the primary channel for distribution of insurance. The
public and private sector insurance companies have their branches in
almost all parts of the country and have attracted local people to become
their agents. Today's insurance agent has to know which product will
appeal to the customer, and also know his competitor's products to be an
effective salesman who can sell his company, the product, and himself to
the customer. To the average customer, every new company is the same.
Perceptions about the public sector companies are also cemented in his
mind. So an insurance agent can play an important role to create a good
image of company.

 Banks: Banks in India are all pervasive, especially the public sector banks. Many insurance
companies are selling their products through banks. Companies which are bank owned, they are
 selling their products through their parent bank. The public sector banks, with their vast branch
networks, are helpful to insurance companies. This channel of selling insurance is known as Bank
assurance.

INSURANCE COMPANY ASSOCIATE BANKS

ICICI Prudential ICICI Bank, Bank of India, Citibank, Allahabad

Bank, Federal Bank, South Indian Bank, Punjab
and Maharashtra Cooperative Bank

SBI Life State Bank of India

Birla Sun Life Deutsche Bank, Citibank, Bank of Rajasthan,

Andhra Bank

ING Vysya Bank Vysya Bank

Aviva Life Insurance ABN Amro Bank, Canara Bank

HDFC Standard Life HDFC Bank, Union Bank, Indian Bank

Met Life Karnataka Bank, J&K Bank

 Brokers: Now a day’s different financial institution are selling insurance.

These financial institutions are known as brokers. They are taking some
underwriting charges from the insurance companies to sell their insurance
products.

 Corporate agents: Corporate agency is a cross selling type of channel.

Insurance companies’ tie-up with business houses in other industries to sell
insurance either to their employees or their customers. Insurance industry,
during the past 2 years has witnessed a number of such strategic tie-ups
and alliances. Corporate agents have become a major force to reckon with
in distributing insurance products. Such as- Bajaj Allianz tied up with Maruti
Udyog and Ford for auto insurance and Tata AIG life has tied up with Tata
tea, Khaitan’s Williamson major and bridge foundation for selling rural
policies.
  Internet: In this technological world internet is also a channel of selling
insurance. This can be as direct marketing.

EFFECTIVE MARKETING STRATEGIES

Now the Indian consumer is knowledgeable and sensitive. Consumers are
increasingly more aware and are actively managing their financial affairs. People
are increasingly looking not just at products, but at integrated financial solutions
that can offer stability of returns along with total protection. In view of this, the
insurance managers need to understand more about the details that go into the
introduction of insurance products to make it attractive in this competitive
market. So now days an insurance manager requires leadership, commitment,
creativity, and flexibility. "Every family in every village in the country should feel
safe and secure". This vision alone will help to bring the new ideas to the
insurance manager.

Financial, marketing and human resource polices of the corporations

influence the unit mangers to make decisions. Performance of insurance company
depends on the effectiveness of such policies. Insurance corporations formulate
and revise these policies from time to time to ensure that the performance of the
managers is best for the organization.

In the competitive market, insurance companies are being forced to adopt a

strictly professional approach in marketing. The insurance companies face the
challenge of changing the uninspiring public image of the industry.

Some of the important marketing elements are-

 Marketing mix.

 The importance of relationship.

 Positioning.

 Value addition.

 Segmentation.

 Branding.

 Insuring service quality.

 Effective pricing.

 Customer satisfaction research.

The growth of insurance sector is governed largely by factors external to it. The
following factors influence the market and demand of product-
 Government policies.

 Growth in population.

 Changing age profile.

 Income wise distribution of the population.

 Level of insurance awareness.

 The pricing of the policies.

 The economic climate of the country.

 The aversion to risk.

 Social and political features of the country.

 Growth scenario in the world.

Different companies adopt different approaches in their marketing strategies.

One approach is focus upon product quality which can give confidence in the
mind of customers that they are offered by best featured products. And other
approach is focusing on customer’s needs, which involve a heavy investment in
developing relationships with policyholders. Under this approach customer can
expect a range of products and service offered to him. Third approach is market
segmentation under which the population can be divided into several
homogeneous products and groups, the effort should be tie clients to the
company by customized combination of coverage, easy payment plans, risk
management advice, and convenient and quick claim handling.

An insurance product can be classified into three phases:

Core product: In insurance industry the core product is the policy that provides
protection to the customers.
Expected product: Because of competition customers start to expect more from
an insurance product. Then insurance companies provide some tangible attributes
in their product to differentiate from competitors, such as-
 Brand
 Some additional features in existing product
 By providing instruction manual with the policy

Augmented product: An insurance company can provide different types of

services to differentiate their products-
 Post sales services.
 Branches in different places for customers.
 Customer complaint management.
 Payment option convenient to customers.

The entry of private players and their foreign partners has given domestic players
a tough time, because the opening up of the sector has not brought in only
foreign players, but also professional techniques and technologies. The present
scene in India is such that everyone is trying to put in the best efforts. There are
marketing strategies more for survival than growth. But the most important gift of
privatization is the introduction of customer-oriented services. Utmost care is
being taken to maximize customer satisfaction.

Success of an insurance company depends on four important functions:

 Identification of markets: Identification of markets means need to

understand the trends in culture and businesses constantly, through
conducting research and analysis. Insurance companies can take this job on
their own or assign it to an external agency. Relying on an external agency
can be risky due to the questionable loyalty of the agents.

 Assessment of risks (of the insured and the insurance corporation) and
estimation of losses: Efficiency of actuaries and assessors of the insurance
policies in fixing premiums and settling claims is foremost an important
area for achieving overall efficiency in operations. The quality of assessing
the risk and estimation of losses has the largest claim on the performance
 of an insurance company. Well trained, experienced and expert hands are
needed for the operations.

 Penetration into and exploitation of markets: Market penetration or

exploitation of a company can be identified with the growth in number of
policies in each type of insurance, growth rate in earnings or turnover,
company’s market share, increase in number of branches and divisions etc.
Efforts of the company as a whole and that of the divisions and branches
are assessed to measure the effectiveness.

 Control over investment and operating costs: Control over resources such
as men, machines, and materials at each level of the organization provides
measures of efficiency of a unit as well as the organization. Investment
control and expense control are dealt separately and the effectiveness of
management’s’ decisions at various levels is to be assessed separately.

To find best prospects:

 Allocating marketing strategies against market potential.

 Estimating potential for specific products within local markets.

 Identifying high opportunity areas.

 Measuring agency performance relative to market potential.

 Optimizing your agency network against market potential.

Attributes to develop marketing strategies:

 Channel data: - Useful to know future buying preferences, learning about

products and purchase channels.

 Consumer attitudes.
  Consumption data: - Useful to evaluate annual premiums, number of
annuities owned, value of annuities, and with which company the current
policy is held.

Effective Strategies for Insurance Agents:

 Learn how to construct a mental image for success.

 Learn how to find a proper perspective and how to turn off all the signals
that cause people not to buy from you.

 Learn how to get and set more appointments.

 Learn how to convert a new lead into sales.

 Learn how to act when you meet a client for the first time.

 Learn how the order in which you explain the types of policies can double
your income.

 Take Easy steps to avoid delays in issuing policies.

COMPANY PROFILE
(About Kotak Mahindra Old Mutual Life Insurance)
Kotak Mahindra is in business since 1985 as a partnership between Uday Kotak
and Mr. Mahindra, and insurance part of their business came into existence in the
year 2001.
Evolution of Insurance business in Kotak Mahindra business is like this:-

YEAR SIGNIFICANT CHANGES BUSINESS DEVELOPMENT

1985 Trade Finance
1986 Corporate Finance
1990 Car Finance
1991 Investment Banking
1992 Goldman Sachs Brokerage and Distribution
1995 Ford Credit Commercial Vehicle
1997 Consumer Finance
1998 Mutual Fund
2001 Old Mutual Plc Life Insurance
2003 Bank

KMOM- The Partnership and Lineage

A 26% - 74% Joint Venture Between

As stated above Kotak Mahindra Life Insurance has Joint venture with Old Mutual
plc.

Old Mutual Plc is the 12th largest Insurance Company in the world. It has its base
of over 4 million life assurance policyholders. It has one of the best “Payouts”
among insurers in the world. It has one of the best “Solvency Ratios” among
insurers in the world. A FTSE 100 financial services group and ranks as a Fortune
Global 500 company The Old Mutual group manages in excess of 239 billion
pounds in funds (Dec’06). The company is 160 years old and has prominent
presence in the United States and the United Kingdom.

Now the question arises that why for the business in India of life insurance Kotak
Mahindra chose Old Mutual plc and vice versa.

Features of Kotak Mahindra and Old Mutual plc at a glance:

KOTAK MAHINDRA OLD MUTUAL FUND

Brand Equity Domain Knowledge
Branch Network Technology
Entrepreneur Employees Product Innovation
Knowledge of Indian Market Training Expertise
Access to customer base Global Perspectives
Distribution Associates System and Process
Multi Channel Working System
 PRODUCTS OF KOTAK LIFE INSURANCE

Term Plans
  Kotak Term Assurance Plan

 Kotak Preferred Term Plan

 Kotak assured saving plan (KASP)

 Smart Life plan

Endowment Plans

 Kotak Endowment Plan

 Kotak Money Back Plan

 Kotak Child Advantage Plan

 Kotak Capital Multiplier Plan

 Kotak Retirement Income Plan

 Kotak Premium Return Plan

Unit Linked Plans

 Kotak Retirement Income Plan (Unit Linked)

 Kotak Safe Investment Plan II

 Kotak Flexi Plan

 Kotak Easy Growth Plan

 Kotak Privilege Assurance Plan

Group

 Employee Benefits

 Kotak Term Group Plan

 Kotak Credit-Term Group Plan

  Kotak Complete Cover Group Plan

 Kotak Gratuity Group Plan

 Kotak Superannuation Group Plan

Rural

 Kotak Gramin Bima Yojna

If we look at the status of Kotak Life Insurance’s market share in comparison of

other private company in comparison of premium earned:-

No. INSURER Market Share (%)

1 Bajaj Allianz 7.56
2 ICICI Prudential 7.35
3 HDFC Standard Life 2.87
4 SBI Life 2.31
5 Birla Sun Life 1.89
6 Tata AIG 1.29
7 Max New York 1.23
8 Aviva 1.14
9 Kotak Mahindra Life insurance 5.64
10 ING Vysya 0.79
11 Reliance Life 0.54
12 Met Life 0.40
13 Sahara Life 0.06
14 Shriram Life 0.03
If we talk the growth of Insurance industry’s private players in recent years, the
data will reflect:-

Structure of Kotak Life Insurance

 CHAIRMAN: UDAY KOTAK

 Managing Director: G. MURLIDHAR

 VICE CHAIRMAN: SHAILESH DEVCHAND

 PRESIDENT: GAURANG SHAH

 Vice President (Training and Management Development): ARUN PATIL

  Vice President (HR): SUGATTA DUTTA

 Vice President (Distribution Development and Planning): KAMLESH VORA

Its hierarchy in Kotak Life Insurance is like this:

MANAGING

DIRECTOR

CFO

SALES MARKETING HR & APPOINTED TRAINING

CIO
HEAD HEAD ADMIN. ACTUARY HEAD

HIERARCHY OF KMOM LIFE INSURANCE LIMITED

(CUTTACK BRANCH)
 REGIONAL MANAGER

BRANCH OPERATIONS
AREA MANAGER
INCHARGE

SALES MANAGER OPERATION EXECUTIVE

ASST. SALES MANAGER OPERATIONS

LIFE ADVISOR
 DATA VALIDATION

CUSTOMER BUYING BEHAVIOUR & MARKET SEGMENTATION

FOR

LIFE INSURANCE PRODUCTS

1.
2

3
4.

5
6.

7.
8.

DATA VALIDATION

RECRUITMENT OF LIFE INSURANCE ADVISORS

 FOR

KOTAK LIFE INSURANCE, CUTTAC

1.

2.
3.

4.
5.

6.
7.

8.
 RECOMMENDATIONS

 Networking is needed to be made broad as the number of branches with

Kotak Life Insurance is only 75 and only 7 states are touched by the
company so, there is a huge untapped market available for Kotak Life.
 Marketing in terms of the media via advertisements on Television to small
commercials on FM, hoardings and signage etc. has to be made because
there were respondents who haven’t even heard about Kotak Life
Insurance.
 Awareness camp for sub-urban area should be focused.
 State and Central Government employees should be targeted because of
reasons like:
 They don’t have Life Insurance cover other than that provided by
their respective employers and LIC.
 Most of them are underinsured.
 They have a stable source of income and social security.
  Kotak Life Insurance recruits its advisors mainly through personal
reference, through advertisement and through walk-in interviews. They
must also recruit them though placement agencies on trial basis.
 Kotak Life Insurance must build its reputation by focusing on service
quality. Better service quality. Better service quality may be in the form:
 Issuing policy in time.
 Providing claims in time.
 Making customers aware about their status of policy.

CONCLUSIONS

During the data collected, it has been found that people have great
awareness about various companies but a lot more has to be done,
especially by smaller companies like Kotak Life Insurance to establish
their market presence.

People are beginning to look beyond LIC for their insurance needs and
are willing to trust private players with their hard earning money.

People in general have been influenced by the marketing activities of

insurance companies. A high penetration of print, radio and TV ad
campaigns over the years is beginning to have its impact now.

Another important trend was in terms of people viewing insurance as a

tax saving and investment instrument as much as protective one.
The general satisfaction levels among public with regards to policy and
agents still requires improvement. Here lies the opportunity for a
relatively new comer like Kotak Life Insurance. LIC has never been
known for prompt service or customer oriented methods but Kotak Life
Insurance can build its reputation based on these factors

BIBLIOGRAPHY
REFERENCES

 BOOKS

 BUSINESS AND ECONOMICS MAGAZINES

 INTERNET

 SMART SELL APP

WEBSITE:
 www.IRDA.com

 www.insurance.kotak.com
 www.businessindiaonline.com
 www.m.moneycontrol.com
  www.licindia.com
 www.indianexpress.com


THANK YOU

Respondent’s Profile (Optional):

 NAME:

 AGE:

 GENDER:

 EDUCATIONAL QUALIFICATION:

 PROFESSION: (Business, Professional, Service, Any Other)

 ANNUAL HOUSEHOLD INCOME

(<2 lakhs, 2-5 lakhs, 5-10 lakhs, >10 lakhs)

 LIFE INSURANCE ADVISORS – QUESTIONNAIRE

Dear Sir/Madam,

I am a MBA student of INSTITUTE OF PROFESSIONAL STUDIES

&RESERCH, CUTTACK, ODISHA and presently doing Market Research on LIFE
INSURANCE ADVISORS for KOTAK LIFE INSURANCE, CUTTACK. It is requested to
kindly furnish the following information:

Name: _____________________________________ Age: _______________

Address (For correspondence): ______________________________________

______________________________________________________________

Contact Nos. : ___________________________________________________

E mail: _________________________________________________________
 QUESTIONNAIRE

Q1) Educational Qualification

 Undergraduate

 Graduate

 Post Graduate

Q2) Number of years are you in Cuttack

 Less than 5 years

 More than 5 years

Q3) Occupation

 Business

 Profession

 Service
  Any Other _____________________________________________________

(Please mention below the type of business/ profession you are in, in case of
service please mention your organisation name and designation)

_________________________________________________________________

Q4) Your annual household income

 < 2 lakhs

 2 – 5 lakhs

 5 – 10 lakhs

 > 10 lakhs

Q5) What is your perception about insurance sector?

 Laborious & Lucrative

 Laborious but not Rewarding

 Easy & Rewarding

 Easy but not Rewarding

 No Idea
Q6) Are you aware of KOTAK LIFE INSURANCE?

 Yes

 No

Q7) Are you associated with any insurance company as Life Insurance Advisor?

 Yes

 No

If yes please specify which company____________________________________

Are you satisfied with the company, if so, reasons thereof: __________________

_______________________________________________________________

Q8) Would you like to avail a business opportunity with KOTAK LIFE INSURANCE?

 Yes

 No

Q9) How much time can you spare for this business opportunity?

a) Few hours daily b) Weekends and holidays

c) Cannot commit specific time schedule

Q10) How many members are there in your family?

a) 4 b) 5

C) 6 d) 7

Q11) Have you made any policy for your family?

a) Yes b) NO

Q12) DO you have any fix deposit in any Bank?

a) YES b) NO

Q13) What is your opinion about kotak Mahindra Life insurance?

Q14)
Do you want to earn some extra money by the help of kotak life insurance?

a) YES b) NO

Q15) Are your relatives working in any insurance company?

a) YES b) NO

Q16) Are you aware about accidental insurance claims?

 a) YES b) NO

Q17) Have you received any incentive from insurance agent on insurance
premium?

a) YES b) NO

Q18) If yes, up to what percentage?

a) 10 b) 20-30

c)40-50 d) Above 50

Q19) Are you aware about the insurance bonus of the policy?

a) YES b) NO

Q20) What do you feel after investing in insurance plans of XYZ life insurance?

a) Good

b) Average satisfied with the investment decision

c) Cheated