INTRODUCTION:

In today’s corporate and competitive world, I find that insurance sector

has the maximum growth and potential as compared to the other sectors.
Insurance has the maximum growth rate of 70-80% while as FMCG
sector has maximum 12-15% of growth rate. This growth potential
attracts me to enter in this sector and KOTAK LIFE INSURANCE has
given me the opportunity to work and get experience in highly
competitive and enhancing sector.

Companies now are tapping a lot of ways to capture the market and
hence adopting different ways to hold the large portion of the market.

My summer training learning helped me a lot to complete my project in

order to learn a lot of things of the corporate. As a project trainee the
first task given to me was to understand the basic behaviour of the
consumer in order to manipulate the market according to our target
competition.

For this I developed a questionnaire and I did my survey in Shimoga.

This job training also helped me a lot in understanding the process of
building effective marketing channels for life insurance products by
establishing network of life insurance advisors.

The success story of good market share of different market organizations

depends upon the availability of the product and services near to the
customer, which can be distributed through a distribution channel.

In Insurance sector, distribution channel includes only agents/advisors or

agency holders of the company. If a company like KOTAK LIFE
INSURANCE, ICICI PRUDENTIAL, RELIANCE LIFE INSURANCE,
TATA AIG, MAX etc has adequate agents in the market, they can
capture big market as compared to the other companies.

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 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
200 respondents for studying Customer Buying Behaviour and Market
Segmentation, selected randomly from different areas in Shimoga such
as:

• Public places like shopping centers, malls, restaurants etc.

• Employees of Government Departments

• Employees of Private Firms

• Business / Self Employed

For recruitment of Life insurance Advisors, I have collected data from
150 respondents from following groups:
 Chartered Accountants

 Tax Consultants

 Businessmen

 Share Brokers

 Lawyers

 Working Professionals

 House Wives

 Retired Persons

ANALYSIS:
Insurance market has grown really well in the last couple of years.
People now started to think beyond LIC and SBI LIFE. But there is also
lots of private big companies like HDFC, ICICI, and MAX NEW YORK
and so on. So it is very difficult for KLI to capture the market. I also
found that people are also not aware of KLI and their product, so I
suggest management to start a huge campaign at the sub urban areas of
Shimoga especially from kakurgachi onward to bongaon. If management
don’t spend to much attention on this matter I should say it will be
difficult for them to capture a huge untapped market.

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 earned 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

RECOMMENDATIONS:

• Kotak life insurance has only 4 branches at Shimoga. The nearest

branch is at kakurgachi. After kakurgachi, 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.