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Submitted To-: Submitted By-:

Prof.R.K.Vijaya Sarathy Alka Dubey

DSBSPGDMA09003

About the Insurance Sector in India

*Post Graduate Scholars : Dayananda Sagar Business School, Bangalore


 Insurance sector is an opportunity for India.
 This business is growing at the rate of 18-22 per cent annually.
 Presently it covers market of RS.450 billion.
 Together with banking sector it contributes about 7% to GDP.
 Gross premium collection is about 2% of GDP.
 Still 80% of Indian population is without life insurance.
 This is an indicator that growth potential for the insurance sector is
immense.

ABOUT MAX NEW YORK LIFE (COMPANY PROFILE)

Max New York Life Insurance Company Ltd. is a joint venture between
New York
Life and Max India Limited. CHANNEL DEVELOPMENT AT MNYL. New York
Life is a Fortune 100 company and Max India Limited is one of India's
leading multi-business corporations. The company has positioned itself
on the quality platform. It has developed a strong corporate governance
model based on the core values of excellence, honesty, knowledge,
caring, integrity and teamwork. The strategy is to establish itself as a
trusted life insurance specialist through a quality approach to business.
In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholder's
funds. The Company's paid up capital is Rs. 657 crore, which is more
than the norm laid down by IRDA. Max New York Life has identified
individual agents as its primary channel of distribution.

Mission

 To become one of the top quartile life Insurance companies in India.


 Be a national player.
 Be the brand of the first Choice.
 Be the Employer of the Choice.
 Become principal of choice for agents.

*Post Graduate Scholars : Dayananda Sagar Business School, Bangalore


Channel Development Process

Channel development represent the crucial elements for the effective


marketing strategy of a company on either new or existing markets.
However, the extent of their influence can only be fully realized when
the strategy is applied in practice and calculated in numbers.
One of the first steps in the channel development process is to define
the right channels for selling the products on the new market. The right
choice of distributors will determine whether the products will be sold
and supported effectively.
The second step in channel development process is negotiation of
margins and the right choice for an effective promotional program for
consumers. However, there options are not unlimited.
Finally, the last important step was the right choice of a pricing
strategy on the new market. In this situation it was a battle between
sales forecast and profitability.

Research Methodology
STATEMENT OF THE PROBLEM
This Study will help us to understand the consumer’s perception about
life insurance companies. This study will help the companies to
understand, how a consumer selects, organizes and interprets the
Quality of service and product offered by life insurance companies.

SCOPE OF THE STUDY

 This study is limited to the consumers within the limit of Asansol


city.
 The study will be able to reveal the preferences, needs, perception
of the customers regarding the life insurance products,
 It also help the insurance companies to know whether the existing
products are really satisfying the customers needs .

*Post Graduate Scholars : Dayananda Sagar Business School, Bangalore


OBJECTIVE OF THE STUDY
 Ascertain the profile and characteristics of potential buyers.
 To have an insight into the attitudes and behaviors of customers.
 To find out the differences among perceived service and expected
service
 To produce an executive service report to upgrade service
characteristics of life insurance companies.
 To access the degree of satisfaction of the consumers with their
current brand
of Insurance products.

SAMPLE DESIGN:

The process of drawing a sample from a large population is called


sampling. Population
refers to the total of items about which information is defined. Well-
selected samples
may reflect fairly and accurately the characteristics of the population.

Sampling Unit:

The sample unit of this survey was the customers having life insurance
policies in
Asansol city.

Sample Size:

The sample size was 50 customers of different life insurance companies,


from the
various parts of the Asansol city.

Sources Of Data

Secondary Data:
Secondary data sources are as follows:

*Post Graduate Scholars : Dayananda Sagar Business School, Bangalore


Company Reports
Daily Newspaper
Standard Textbook
Various Websites

Primary Data:
Primary data are those, which are collected for the first time. Primary
data is collected by
framing questionnaires.

*Post Graduate Scholars : Dayananda Sagar Business School, Bangalore