ashu kotak project

8/9/2019 Ashu Kotak Project

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ACKNOWLEDGEMENT TO KOTAK LIFE INSURANCE

The opportunity to get practical training in a reputed organization fulfills

the felt gap between the theory and practical. In the case of a student of finance

& control, this aspect assumes an additional dimension.

I hereby acknowledge Kotak Life Insurance providing the constant

guidance for encouragement which helped me a lot to be successful in my

efforts. This formal acknowledgement will hardly be sufficient to express my

deep sense of gratitude to all of them. It was a memorable experience while

doing my summer training project at Kotak Life Insurance, Kanpur.

I am highly indebted and thankful to Mr. Manish Katara (Sales

Manager), Mr. Jasvinder Singh, Mr. Saurabh Jasiwal for their guidance and

encouragement without which the satisfactory completion of this summer

training project would not have been possible. They are a constant source of

inspiration to me, showing all the patience and abundant encouragement through

out project duration.

In all Kotak Life Insurance provided a wonderful stimulating

environment for this very educative and instructive training.

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ACKNOWLEDGEMENT TO THE M.P.E.C. MANDHANA

KOTHI, KANPUR

I would like to thank Manharana Pratap Engineering, College, Kanpur

for providing me with this window opportunity that helped me to get an

exposure into real life business practices. Research Methodology and its

concepts were a great help to me in the course of the summer training project.

Thanks to my faculty members for teaching me these concepts so that I could

apply these during the course of data analysis and interpretation.

I would also like to thank Mr. Ashutosh (H.O.D.) M.P.E.C. Kanpur, who

were always there to guide and support me in my endeavor.

Above all, I would like to thank almighty God, who helped me in

successfully completing my summer training project.

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CERTIFICATE FROM COLLEGE

This is to certify that the project entitled TO STUDY AND WORK

WITH THE CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK

LIFE INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND

RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS

PRODUCT submitted in partial fulfillment of the requirement of Maharana

Pratap Engineering College, Kanpur in record of bonafied general study work

carried out by under my supervision.

The project or any part of it has not been previously submitted for any

degree.

H. O. D.

Mr. Ashutosh Mishra

Maharana Pratap Engineering College, Kanpur

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PREFACE

The project title I got is TO STUDY AND WORK WITH THE

CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK LIFE

INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND

RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS

PRODUCT.

The nature of the project is, recruitment of lead for Kotak Life

Insurance, by doing so the benefit of the company is, the company will expand

its distribution channel, and on the other hand, by doing so, it has really helped

me a lot in understanding the working of the insurance companies and the

Marketing Procedure of the organization and the important role that the advisors

plays in the insurance companies.

Kotak Life Insurance is India's leading insurance company. It

represents the trust and integrity of Kotak Life Insuracne with the international

expertise and financial strength of old mutual, Inc.

The main importance of this project, from the companys point of view

is that the company will be having life long man power in the form of advisors

who will be bringing lots of business to the company and help the company to

grow and expand.

There is a unique and a patented model of Kotak Life Insurance, which

distinguishes a Kotak Life Insurance advisor from any other advisor in the

insurance market. (Which is discussed in great detail in the later part of the

report)

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The advisors are mainly the people who establish a relation of the

customers with the company by selling the policies of the respective company.

They act as a channel distribution partner, and moreover the advisors are the

idea and the concept sellers who are responsible, not only for selling policies,

but also to bring awareness in the market about the need of life insurance,

especially in the Indian market.

Through this project I have learned effective working in all

situations like, how to take quick decisions, how to deal with customers, and

more over how to maintain cordial relations with them.

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DECLARATION

This is to certify that I have personally worked on this project titled TO

STUDY AND WORK WITH THE CHANNEL MARKETING TEAM (TIED

AGENCY) OF KOTAK LIFE INSURANCE TO DEVELOP ITS

DISTRIBUTION CHANNEL AND RECRUITMENT OF ADVISORS AND

ANALYSIS OF VARIOUS PRODUCT.For the purpose to complete my

summer training. The data mntioned in this project report is genuine and were

collected by me during this course of the project. Any other information or data

has been collected or borrowed from outside agency or some other report has

been duly acknowledged in this project report. It is also to certify that no facts or

information regarding this work has been concealed.

Date Ashu Kushwaha

Place : Kanpur

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INDEX

Summary 11-12

PART 1

INSURANCE [14-28]

Insurance 15

About Insurance 16

Characteristics of Insurance 16-17

About General Insurance 17-18

Life Insurance in India 18-20

Essential Features 20-22

Function of Insurance 22-26

Working of Life Insurance 27-28

PART 2

ABOUT KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE[30-56]

About Kotak Mahindra Old Mutual Life Insurance 31-32

Kotak Mahindra Group 32-36

Structure of Kotak Life Insurance 37-38

Summer Training Learning 39-40

Kotak Product for Individual Life Insurance 41-46

Bullish Market Situation 47-48

Bearish and Volatile Market Situation 49-51

Newely Launch Product 52-54

Five core values of Kotak Life Insurance 55-56

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PART 3

RESEARCH METHODOLOGY [58-71]

Research Methodology 59

Objective of Study 60-62

SWOT Analysis 63-71

MARKETING [72-83]

Marketing 72

Kotak Adopts different methods of Marketing 73-75

Channel Marketing 76-83

RESEARCH DESIGN [84-94]

Research Design 84-85

Source of Data 86-89

Sampling Plan 90-91

Data Analysis 92-94

Observation 95

Recommendation 96

QUESTIONNAIRE [97-108]

Questionnaire 1 98-102

Questionnaire 2 103-108

Bibliography 109-110

Webliography 111-112

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EXECUTIVE SUMMARY

Monopoly of LIC has been broken to make Indian Insurance to change

its face and pace to tap the market and to make the new challenges in it.

Insurance in India is not about India only; it is an open sector for the

private players.

The name which you would see in Indian insurance market is something

like:- BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian

company) + Aig (foreign player) and so many like them.

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 project was to understand the different marketing strategies adopted

by the companies to increase their market share and along with it meeting their

own targets to achieve the position of no. 1 in respective field or segment 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 the our target competition. For this we did

developed a questionnaire and I did my survey in important location of Kanpur

Nagar.

From this database I was asked to do the called calling in order to make

strengthen the agency channel and I learnt how to develop this channel and how

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to create the business opportunities besides grabbing them. This made me to

know issues of competitive market in a better manner and it also gave me a lot of

ideas to enhance my communication and convincing skills.

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Insurance :

Insurance is pooling of risk and compensation of lasses to some extent.

I - Innovation

N - Need Based

S - Solution Oriented

U - Urgent

R - Rational

A - Assume

N - Neutral

C - Compensation

E - Effective

Insurance Act comes in 1983.

Life Insurance cooperation Act Start in 1956 with 60 members.

Insurance Regulatory and Development Authority come in 1999.

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About Insurance :-

Insurance may be defines as social device to protect the economic value

of the life and other assets. Under the plan of Insurance a group of people are

brought together and their share of money is pooled to manage the loss suffered

by any of them.

Insurance is a contract whereby in return of the payment of the premium

by the insured the insurers pay the financial loss suffered by the insured as a

result of the loss by the unforeseen events. The term risk is used to define the

probability of loss.

Insurance is a pool where large number of people exposed to similar kind

of risks makes contribution to the common fund out of which the losses suffered

by the unfortunate few due to accidental events are made good.

The sharing of risk among large group of people is the basis of insurance.

Characteristics of Insurance:-

1. Sharing of Risk

2. Cooperative device

3. Evaluation of Risk

4. Payment of event of happening of any special event

5. The amount of payment depends on the size and type of loss.

6. The success of Insurance business depends on the law of large

number of people insured against similar risk.

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7. Insurance is a business which spreads the loss and the risk of few

people in the large number of people.

8. The insurance is a plan in which insured transfer his risk to insurer.

9. Insurance is a legal contract

Insurance is divided in two basic zones :-

1. General Insurance

2. Life Insurance

About General Insurance:-

Insurance of the non life assets are called general insurance, this includes

loss of asset against water, fire, earthquake etc. With the detarrification in the

Indian Market in General Insurance the monopoly of the general Insurance

public sectors 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

National Insurance Co. Ltd.

New Indian Assurance Co. Ltd.

Oriental Insurance Co. Ltd.

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United India Insurance Co. Ltd.

Tata AIG General Insurance Co. Ltd.

Bajaj Allianz General Insurance Co. Ltd.

IFFCO Tokio General Insurance Co. Ltd.

ICICI Lombard General Insurance Co. Ltd.

Reliance General Insurance Co. Ltd.

Royal Sundaram Alliance Insurance Co. Ltd.

Bharti Axa General Insurance

HDFC Chub

Life Insurance in India:-

Life Insurance in India existed from long time. The modern concept of

Insurance was brought by Bruisers in India, and Oriental Insurance Company

was the first Insurance Company who did Insurance for the Indian in 1818 and

was established in Calcutta nowadays Kolkata. Then due to no interference of

government in it, private market players ruled the market as they want to, that is

why government intervened in between to protect the interest of the mass and to

safeguard the money involved in it.

From that time i.e. from the year 2001 insurance sector was opened for the

private players too. Since them Insurance sector is on the boom and business is

flourishing and a lot of private players are coming into business. Here the private

players doesnt indicate to Indian Private Companies but also foreign players are

also involved in it, but to manage the money flow in and outside the country

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IRDA takes care of the contribution of the money by foreign partners of private

insurance companies. To control that IRDA has set a limit of FDI i.e. 26%.

The evolution of Insurance in India can be summarized as:-

Year Changes

1818 Oriental Insurance Company. The first Insurance Company in India

1870 Bombay Mutual Life Assurance Company. First Indian Insurance

company.

1912 The Indian Life Assurance Company enacted the first law to regulate the

life insurance business in India

1926 The Indian Assurance company act enacted to enable to government to

collect the statistical information about the insurance.

1938 The earlier legislation consolidated and amended the life insurance act

with the objective of protecting the interest of insurance in the public.

1956 245 Indian and foreign players and prudent societies are taken once by

Central govt. And nationalized

The number of companies in Insurance particularly in life Insurance has

changed drastically now the number is in 17. List of them are mentioned as

below.

1. Bajaj Allianz Life Insurance

2. ICICI Prudential Life Insurance

3. TATA AIG Life Insurance

4. Max New York Life Insurance

5. AVIVA Life Insurance

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6. Bharti AXA Life Insurance

7. Kotak Mahindra Life Insurance

8. Reliance Life Insurance

9. SBI Life Insurance

10. HDFC Standard Life Insurance

11. Birla Sun Life Insurance

12. Sahara Life Insurance

13. ING Vysa Life Insurance

And so on

Life Insurance contracts are the one which has to fulfil the requirements

of the law of Contract as per the Indian Contract Act 1872.

Indian Contract Act 1972 implies : A contract must have certain essential

features in order to make it legally valid and enforceable.

Essential Features :-

1. Offer and Acceptacne :- There should be the offer by the customer in

form of proposal form and Acceptance by the Insurance Company.

2. Consideration :- There should be the valid consideration against the

insured property in terms of the premium to be paid by the consumer.

3. Agreement between the parties :- There should be consensus on the

both side of the parties.

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4. Capacity to contract :- The insured should have the capacity to perform

the contract as that he a?) He should be of sound mind b) he should not

be abided by law to go for any contract c) he should be major that he

should have the age minimum to 18.

5. Legality :- There should be the legality of contract as it should be legal

in nature and must be brought for the lawful consideration.

Above details have some technical words like Insured, Insurer, and

Premium etc. Lets make a brief note on that for a better understandings:-

Policyholder :-

The one who pays the premium against policy

Insured :-

The one who is insured against risk by insurance company.

Insurer :-

The one gives the insurance i.e. Insurance Company.

Premium :-

The amount against continuance of the insurance

P.S. :-

Policyholder and insured can be same person and can be two individuals

even.

Apart from the Legal Structure of the Insurance Contract there are some

principles in Insurance Industry on which every company works on. There

principles are:-

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Utmost Good Faith :-

It is also termed as Uberrima Fides. It is applicable on the proposer that

all the contents which are filled and signed by him on the proposal form are true

as per his knowledge.

Insurable interest :-

It means that the property or life which is to be insured the proposer has

the legal rights upon that. Without insurable interest no insurance can be

provided. In life insurance term legal rights on life means to prove the blood

relation. A husband can take policy for his wife.

FUNCTION OF INSURANCE :-

If asked we should know the benefits of the insurance and that can be

known by knowing the function of the insurance.

PRIMARY FUNCTION:-

1. Provide protection:- As risks controlling is not in the hands of anyone

completely that is why Insurance Company provides the risk protection.

2. Collective bearing of loss:- Insurance Company would have to accept

the loss and give respective claims as for the sake of contract that has

been done between the company and the insured.

3. Assessment of Risk:- There should be the proper assessment of the risk

so as to charge the correct and legible premium to charge the correct and

legible premium to insure the subject matter of insurance.

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4. Provide the certainty:- As the losses appear from the uncertainty so

Insurance Company would have to provide the certainty of absorbing the

loss so as to protect the insured under the risk in which he has been

insured.

SECONDARY FUNCTION:-

1. Prevent Loss:- Insurance cautious businessman and individuals to adopt

suitable device to prevent unfortunate consequences of risk by observing

safety instructions.

2. Small capital to large risk:- Small capital is demanded to cover the risk of

the large capital.

OTHER FUNCTION:-

It is a means of savings and investment apart from it its share in the GDP

counts very important. In India it is in a growing stage in compare of the other

countries letshave a look on it:-

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United Kingdom 8.9%

Japan 8.3%

Korea 7.3%

United States 4.1%

Malaysia 3.6%

India 3.0%

China 1.8%

Brazil 1.3%

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If we talk in terms of India only then the result will be

something like this:-

12

10

8

6

4

2

0

100 1,000 10,000 100,000

GDP per capita in USD (log scale)(1) PPP adjusted GDP per capita higher by a tactor of - 5-8, lower incomes categories not shownSource Swiss Re NCAER

Three avenues for growth

Addition of newcustomers

1

Existingcustomers by

more

2

Extension to newgeographies

3

Insurance premiumas % GDP

Threshold forinsurance pick-up

INDIA

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with some productcategories nascent

!

!

!

!

!

!

!

!

Pension scheme

Annuity scheme

Health insurance

Disability and critical illness

insurance

Professional liability

Crop insurance

Income protection

Credit insurance

1

2

3

... still remains # 19 in insurance terms ...

Premium Income ($ Bn)

USA

Japan

UK

Germany

France

Italy

S Korea

Canada

Netherlands

Spain

China

...

India

1055

479

247

171

164

112

60

59

50

47

47

17

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Working of Life Insurance:-

Risk has to be assessed in order to decide tithe premium or to decide that

subject is insurable or not.

Pure Risk vs. Speculative Risk:-

Event representing there will be possibility of loss or no loss is called

pure risk. These risks are insurable in nature.

Speculative risk is the one which truly resembles gamble. There is the

possibility of loss or gain and wherever there is a chance of making profit there

insurance cannot exist. Therefore these risks are not insurable in nature.

Approaches to Risk Management:-

Risk Management is the process of minimising the risk due to unforeseen

events. Steps involved in selecting the Risk Management are:-

To identify all the things that can be possibly wrong.

To consider possibility that an event can occur.

Techniques Toward The Risk Management:-

1. Avoiding the Risk:- Risk can be managed by avoiding it as when the

perils will come then it will be managed.

2. Eliminate the Risk:- Risk can be managed by eliminating the cause of

the loss.

3. Reducing the Risk:- Risk can be reduced by handling them in a

systematic manner.

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4. Transfer of Risk:- Risk can be minimized by transferring the risk of loss

to any other person which is a true form of the INSURANCE.

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About Kotak Mahindra Old Mutual Life Insurance:-

Kotak Mahindra is in business SINCE 1985, 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 GOLD MAN SACHS Brokerage and Distribution

1995 FORD CREDIT Commercial Vehicle

1997 Consumer Finance

1998 Mutual Fund

2001 OLD MUTUAL PLC. Life Insurance

2003 Bank

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

Mutual plc.

Old Mutual Plc is the 12th largest Insurance Company is 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 insures in the world. A FTSE 100 financial services group and ranks as a

Fortune Global 500 company. The Old Mutual group manages is excess of 239

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billion pounds in funds (Dec06). The company is 160 years old and has

prominent presence in the United States and the United Kingdom.

Kotak Mahindra Group:-

Kotak Group and Mahindra Group had their partnership 1985 between

Uday Kotak and Mr. Mahindra.

Now the question arises that way 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 Plc

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

If we look at the status of Kotak Life Insurances market share in comparison of

other private company in comparison of premium earned:-

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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 OLD Mutual 1.11

10 ING Vysya 0.79

11 Reliance Life 0.54

12 MetLife 0.40

13 Sahara Life 0.06

14 Shriram Life 0.03

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Figure

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1 6 0 0

1 4 0 0

1 2 0 0

1 0 0 0

8 0 0

6 0 0

4 0 0

2 0 0

0

If we talk the growth of Insurance industrys private players in recent years, the

data will reflect:-

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Structure of Kotak Life Insurance:-

MANAGING DIRECTOR:- MR. GAURANG SHAH

CFO:- G. MURALIDHAR

VICE PRESIDENT TRAINING AND MANAGEMENT DEVELOPMENT:-

MR. ARUN PATIL

VICE PRESIDENT HR:- MR. SUGATA DUTTA

VICE PRESIDENTS DISTRIBUTION DEVELOPMENT AND PLANNING:-

MR. KAMLESH VORA

APPOINTED ACTUARY:- JOHN BRYCE

VICE PRESIDENT MARKETING:-

Its hierarchy in Kotak Life Insurance is like this:-

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MARKETING TEAM STRUCTURE:

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Summer Training Learning:-

Developing the source for marketing and development of the business through

the understanding of:-

1. CONSUMER BEHAVIOUR

2. TELE MARKETING

3. CHANNEL DEVELOPMENT

4. UNDERWRITING TRAINING

Consumer Behaviour:-The process and activities people engage in when

searching for, selecting, purchasing, using and disposing of products and

services as to satisfy their needs and desires is consumer behaviour. To

understand so as to know the recognition of KOTAK Life Insurance we

conducted a survey in different areas such as:-

Govind Nagar, Kanpur

Saket Nagar, Kanpur

Civil Lines, Kanpur

Kaka Dev, Kanpur

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I n s u r e d F rI n s u r e d F r

I n s u r e d F r

A w a r e n e s s

8 32 8

1 2

4 7

100 responses of people turned to following:-

No. Of people insured 83

Insured from LIC 79

Insured from Private companies 47

Insured from Kotak 12

Know about the product of Kotak 28

Peoples Response

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Kotaks Product for Individual Life Insurance:-

1. Kotak Capital Multiplier Plan

2. Kotak Flexi Plan

3. Kotak Retirement Income Plan (unit-linked)

4. Kotak Retirement Income Plan (non unit-linked)

5. Kotak Eternal Life Premier Shield

6. Kotak Head Start Assure Wealth

7. Kotak Smart Advantage Plan

8. Kotak Safe Investment Plan

9. Kotak Head Start Future Protect

10. Kotak Easy Growth Plan (1.25 times)

11. Kotak Easy Growth Plan (5 times)

12. Kotak Sukhi Jeevan

Traditional Plans:-

1. Endowment Plan

2. Kotak Term Plan

Kotaks Product for Group Life Insurance

1. Kotak Superannuation Group Plan

2. Kotak Gratuity Group Plan

Additional Features:-

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1. Riders

2. Nominees

3. Life Guard

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Kotak Capital Multiplier Plan:-

Kotak is the only plan of its kind that allows the return to be enjoyed beyond

maturity. It is a kind of super endowment plan that offer the bonus every year,

and also offers the facility to increase the investment and it also offers the

facility to withdraw the money as when wants to over a 15 year period post

maturity, apart from that additional life cover of 10%, which is over and above

the life cover which has been opted.

Other Features like surrender to the policy can be opted out of any medical

urgency, following riders can be opted:-

Preferred term Benefit

Accidental Death Benefit

Permanent disability Benefit

Critical Illness Benefit

Life Guardian Benefit

Accidental Disability Guardian Benefit

Kotak Flexi Plan:-

Kotak Flexi gives a comprehensive long term solution for managing finances. It

gives the insurance which is an important part of the portfolio. It helps in

reducing the loss of investments as done in equity market because different

options are given for the type of aggressiveness required for the investment and

portfolio is managed by the company. As experts are there in the company to

look after the investments made.

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Different Fund options are available like Dynamic floor guaranteed floor etc.

Special Feature:- Flexi also has the feature of Guaranteed Maturity Value that is

on the maturity of the policy one will be getting at least whatever has been

invested, apart from whatever the condition is of the stock market.

Automatic Cover that is policy conversion to paid-up feature is there.

Riders are available

And feature of switching between the funds is also available.

Switching is tax free.

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Kotak Smart Advantage Plan:-

Above were brief descriptions of few products.

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Five Core Values of

Kotak Life Insurance

The Kotak Life Insurance shares five core values u nderstanding,

excellence, unity and responsibility. These values, which have been part of the

Group's beliefs and convictions from its earliest days, continue to guide and

drive the business decisions of Kotak companies. The Group and its enterprises

have been steadfast and distinctive in their adherence to business ethics and their

commitment to corporate social responsibility. This is a legacy that has earned

the Group the trust of many millions of stakeholders in a measure few business

houses anywhere in the world can match.

The Kotak Group has always sought to be a value-driven organization. These

values continue to direct the Group's growth and businesses. The five core Kotak

values underpinning the way we do business are:

Integrity: We must conduct our business fairly, with honesty and

transparency. Everything we do must stand the test of public scrutiny.

Understanding: We must be caring, show respect, compassion ands

humanity for our colleagues and customers around the world, and always

work for the benefit of India.

Excellence: We must constantly strive to achieve the highest possible

standards in our day-to-day work and in the quality of the goods and

services we provide.

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Unity: We must work cohesively with our colleagues across the Group

and with our customers and partners around the world, building strong

relationships based on tolerance, understanding and mutual cooperation.

Responsibility: We must continue to be responsible, sensitive to the

countries, communities and environments in which we work, always

ensuring that what comes from the people goes back to the people many

times over.

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RESEARCH METHODOLOGY

Research methodology is the Procedure adopted for conducting the

research study. Research methodology should be carefully planned as the

accuracy reliability and adequacy of results is totally depending on the Research

Methodology followed. It gives the researcher a guideline by which he/she can

decide which techniques and procedures will be applicable to a given problem.

Moreover it helps in the evaluation of research by other also. So for the research

to be successful, purposeful and effective the researcher should plan the

Research Methodology before preceding the study.

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Objective of The Study

The very objective of any summer Internship project is to get a high degree

of corporate exposure and learning. The objective is to get a high class On the Job

training from the company for practical learning purpose along with full filling the

tasks allotted by the company.

As far as on the job training is concerned, the objective is to train summer

trainees like us in the related subject matter in which the company is doing business.

Before starting the project work, lots of classroom lectures and training have been

undergone. The training included through knowledge about INSURANCE and other

related topics.

I have learned a lot about KOTAK LIFE INSURANCE as a whole and

separately.

When a person works in some company, first of all it is very important for

him to know about the company. Therefore first I have learned a lot about KOTAK

LIFE INSURANCE and in the same time it also took me a good lot of time in

understanding the working and as well as the culture of the company.

In the class room training I have learned not only about KOTAK LIFE

INSURANCE, but also the market share of KOTAK LIFE INSURANCE and,

including the percentage of share of both these companies in this JOINT

VENTURE between KOTAK and OLD MUTUAL FUND.

The nature of the project is to study and work with the channel

marketing team (Tied agency) of KOTAK LIFE INSURANCE to develop its

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distribution channel and recruitment of advisors and analhysis of various

products, by doing so the benefit of the company is, the company will have life

long channel partners and in return The summer Trainees like us, will practically

learn about the working of the company and the Life Insurance Sector as a

whole

The lead generators are mainly the people who establish a relation of the

customers with the company by selling the policies of the respective company.

They act as an channel distribution partner, and moreover the advisors are the

idea and the concept sellers who are responsible, not only for selling policies,

but also to bring awareness in the market about the need of life insurance,

specially in the Indian market LEAD GENERATER are the key persons in an

insurance company, in fact they contribute a lot in the insurance business.

BENEFITS OF LEAD GENERATER

Potential to earn unlimited income

Flexible Timings

No capital investment

Other Benefits

Gratitude of Families in society

Prestige among peers

Network of Contacts

Good Will of Customers

Contribution to nation building

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SWOT analysis came from the research conducted at Stanford Research Institute

from 1960-1970. The background to SWOT stemmed from the need to find out

why corporate planning failed. The research was funded by the fortune 500

companies to find out what could be done about this failure. The Research Team

were Marion Dosher, Dr Otis Benepe, Albert Humphrey, Robert Stewart, Birger

Lie.

It all began with the corporate planning trend, which seemed to appear first at

Du Pont in 1949. By 1960 every Fortune 500 company had a 'corporate planning

manager' (or equivalent) and 'associations of long range corporate planners' had

sprung up in both the USA and the UK.

However a unanimous opinion developed in all of these companies that

corporate planning in the shape of long range planning was not working, did not

pay off, and was an expensive investment in futility.

It was widely held that managing change and setting realistic objectives which

carry the conviction of those responsible was difficult and often resulted in

questionable compromises.

The fact remained, despite the corporate and long range planners, that the one

and only missing link was how to get the management team agreed and

committed to a comprehensive set of action programmes.

To create this link, starting in 1960, Robert F Stewart at SRI in Menlo Park

California lead a research team to discover what was going wrong with corporate

planning, and then to find some sort of solution, or to create a system for

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enabling management teams agreed and committed to development work, which

today we call 'managing change'.

The research carried on from 1960 through 1969. 1100 companies and

organizations were interviewed and a 250-item questionnaire was designed and

completed by over 5,000 executives. Seven key findings lead to the conclusion

that in corporations chief executive should be the chief planner and that his

immediate functional directors should be the planning team. Dr Otis Benepe

defined the 'Chain of Logic' which became the core of system designed to fix the

link for obtaining agreement and commitment.

1. Values

2. Appraise

3. Motivation

4. Search

5. Select

6. Programme

7. Act

8. Monitor and repeat steps 1 2 and 3

We discovered that we could not change the values of the team nor set the

objectives for the team so we started as the first step by asking the appraisal

question ie what's good and bad about the operation. We began the system by

asking what is good and bad about the present and the future. What is good in

the present is Satisfactory, good in the future is an Opportunity; bad in the

present is a Fault and bad in the future is a Threat. This was called the SOFT

analysis.

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When this was presented to Urick and Orr in 1964 at the Seminar in Long Range

Planning at the Dolder Grand in Zurich Switzerland they changed the F to a W

and called it SWOT Analysis.

SWOT was then promoted in Britain by Urick and Orr as an exercise in and of

itself. As such it has no benefit. What was necessary was the sorting of the issues

into the programme planning categories of:

1. Product (what are we selling?)

2. Process (how are we selling it?)

3. Customer (to whom are we selling it?)

4. Distribution (how does it reach them?)

5. Finance (what are the prices, costs and investments?)

6. Administration (and how do we manage all this?)

The second step then becomes 'what shall the team do' about the issues in each

of these categories. The planning process was then designed through trial and

error and resulted finally in a 17 step process beginning with SOFT/SWOT with

each issue recorded separately on a single page called a planning issue.

The first prototype was tested and published in 1966 based on the work done at

'Erie Technological Corp' in Erie Pa. In 1970 the prototype was brought to the

UK, under the sponsorship of W H Smith & Sons plc, and completed by 1973.

The operational programme was used to merge the CWS milling and baking

operations with those of J W French Ltd.

The process has been used successfully ever since. By 2004, now, this system

has been fully developed, and proven to cope with today's problems of setting

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and agreeing realistic annual objectives without depending on outside

consultants or expensive staff resources.

The seven key research findings

The key findings were never published because it was felt they were too

controversial. This is what was found:

1) A business was divided into two parts. The base business plus the

development business. This was re-discovered by Dr Peter Senge at MIT in 1998

and published in his book the 5th Dimension. The amount of development

business which become operational is equal to or greater than that business on

the books within a period of 5 to 7 years. This was a major surprise and urged

the need for discovering a better method for planning and managing change.

2) Dr Hal Eyring published his findings on 'Distributive Justice' and pointed out

that all people measure what they get from their work and divide it by what they

give to the work and this ratio is compared to others. If it is not equal then the

person first re-perceives and secondly slows down if added demands are not met.

(See for interest Adams Equity Theory and the Equity Theory Diagram pdf)

3) The introduction of a corporate planner upset the sense of fair play at senior

level, making the job of the corporate planner impossible.

4) The gap between what could be done by the organisation and what was

actually done was about 35%.

5) The senior man will over-supervise the area he comes from. Finance- Finance,

Engineering-Engineering etc.

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6) There are 3 factors which separate excellence from mediocrity:

a. Overt attention to purchasing

b. Short-term written down departmental plans for improvement

c. Continued education of the Senior Executive

7) Some form of formal documentation is required to obtain approval for

development work. In short we could not solve the problem by stopping

planning.

In Conclusion

By sorting the SWOT issues into the 6 planning categories one can obtain a

system which presents a practical way of assimilating the internal and external

information about the business unit, delineating short and long term priorities,

and allowing an easy way to build the management team which can achieve the

objectives of profit growth.

This approach captures the collective agreement and commitment of those who

will ultimately have to do the work of meeting or exceeding the objectives

finally set. It permits the team leader to define and develop co-ordinated, goal-

directed actions, which underpin the overall agreed objectives between levels of

the business hierarchy.

Translating Swot Issues Into Actions Under The Six Categories

Albert Humphrey advocated that the six categories:

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1. Product (what are we selling?)

2. Process (how are we selling it?)

3. Customer (to whom are we selling it?)

4. Distribution (how does it reach them?)

5. Finance (what are the prices, costs and investments?)

6. Administration (and how do we manage all this?)

provide a framework by which SWOT issues can be developed into actions and

managed using teams.

This can be something of a 'leap', and so the stage warrants further explanation.

Translating the SWOT issues into actions, are best sorted into (or if necessary

broken down into) the six categories, because in the context of the way that

business and organizations work, this makes them more quantifiable and

measurable, responsible teams more accountable, and therefore the activities

more manageable. The other pivotal part in the process is of course achieving the

commitment from the team(s) involved, which is partly explained in the item

summarising Humphrey's TAM model and process.

As far as identifying actions from SWOT issues is concerned, it all very much

depends on your reasons and aims for using SWOT, and also your

authority/ability to manage others, whom by implication of SWOT's breadth and

depth, are likely to be involved in the agreement and delivery of actions.

Depending on pretext and situation, a SWOT analysis can produce issues which

very readily translate into (one of the six) category actions, or a SWOT analysis

can produce issues which overlay a number of categories. Or a mixture.

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Whatever, SWOT essentially tells you what is good and bad about a business or

a particular proposition. If it's a business, and the aim is to improve it, then work

on translating:

Strengths (maintain, build and leverage)

Opportunities (prioritise and optimise)

Weaknesses (remedy or exit)

Threats (counter)

into actions (each within one of the six categories) that can be agreed and owned

by a team or number of teams.

If the SWOT analysis is being used to assess a proposition, then it could be that

the analysis shows that the proposition is too weak (especially if compared with

other SWOT's for alternative propositions) to warrant further investment, in

which case further action planning, other than exit, is not required.

If the proposition is clearly strong (presumably you will have indicated this

using other methods as well), then proceed as for a business, and translate issues

into category actions with suitable ownership by team(s).

This is my understanding of Albert Humphrey's theory relating to developing

SWOT issues into organizational change actions and accountabilities. (I'm

pleased to say that Albert kindly confirmed that this is indeed correct.)

There are other ways of applying SWOT of course, depending on your

circumstances and aims, for instance if concentrating on a department rather than

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a whole business, then it could make sense to revise the six categories to reflect

the functional parts of the department, or whatever will enable the issues to be

translatable into manageable, accountable and owned aims.

STRENGTHS

End-user sales control and

direction.

Right products, quality and

reliability.

Superior product performance

vs competitors.

Better product life and

durability.

Spare manufacturing capacity.

WEAKNESSES

Customer lists not tested.

Some gaps in range for certain

sectors.

We would be a small player.

No direct marketing experience.

We cannot supply end-users

abroad.

OPPORTUNITIES

Could develop new products.

Local competitors have poor

products.

Profit margins will be good.

End-users respond to new

ideas.

Could extend to overseas.

THREATS

Legislation could impact.

Environmental effects would

favour larger competitors.

Existing core business

distribution risk.

Market demand very seasonal.

Retention of key staff critical.

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Marketing:-

According to Kotler, Marketing is a social and managerial process by which

individuals and groups obtain what they need; want through creating, offering

and exchanging of products of value through other.

This definition of marketing rests on the core concepts like: needs, wants, and

demands, products (good, services and ideas); value, cost and satisfaction;

exchanger and transaction; relationships and networks; markets; marketers and

prospects.

NATURE OF GOOD MARKEING

THAT IS WHAT KOTAK LIVE BELIEVES IN, a good marketing

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Create Awareness

Induce Trial

Demonstrate Benefits

Build Brand

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Kotak adopts different methods for the marketing:-

Using Brand name KOTAK, and its effect can be seen as previously Kotak Life

Insurance needed a name Old Mutual with its name but now people Kotak by the

name ofKotak only not by the name of OM Kotak.

KOTAK has positioned itself in terms of BRAND POSITIONING as:-

FINANCIAL FREEDOM: JEENE KI AZAADI

Kotak always expressed itself as always close to Customers with the help of:-

Ads

Merchandising

Corporate Stationery

TELE MARKETING:- It is a kind of Direct selling, which makes the LEAD

GENERATION for the BUSINESS, or it turned into the SALES that are again

building BUSINESS for the company.

Tele Marketing is marketing the product through telephone. The most important

aspect of Tele Marketing is COLD CALLING, HOT CALLING, and

OBJECTION HANDLING.

Cold Calling means Calling to the unknown telephone number for the first time

and that even without knowing the respondent.

Hot Calling means Calling to already approached person for the further response

Objection Handling means to handle the type of objection that may arise while

calling.

That is what we have done in our Tele Marketing in our summer training.

By different type of calling we used to generate the LEAD for the further

business.

For that a set up was made and provided:-

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Database for calling was given or random calling was done.

Telephone was given

Computer was given so as to mail the respondents who were willing

to have the details via mail.

The one who were interested in knowing the details of the offer by

meeting, space was provided in the office to meet the senior

respondents.

Results from calling :-

Appointment:- Calling used to turn into the appointment to generate the

lead for the business depending upon the motto to call, which was

sometimes for the appointment of the Life Advisors and sometimes for

selling the policies.

Mail Brochure:- Sometimes responses were that the respondent is not

able to talk due to some reasons and they ask to mail the details vie e

mail.

Call Later:- Responses used to come as to call later because of their

busy schedules, incorrect time to call as the persons busy in meeting or

having lunch, or driving or is in roaming area.

Already a customer of Kotak:- little response came as the person is

already a customer of the Kotak Life Insurance.

Not Interested:- Most of the responses turned to not interest the basic

reason for that is, in India Insurance are much about telling then asking.

Database Problem:- If we got the database them problem like wrong

number was frequent to observe.

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Learning from calling:-

Patience:- Patience is require while calling because the probability of a

positive response is 1:25

Timing:-Correct time to call is the key facto to make a person listen to you

with interest. That timing is 1 pm to 3 pm, and then 4 pm to 6 pm

Quick Witted:- One has to be quick witted with the answers in response of

the respondent, if he says that he is a student so we should motivate him with the

option of pocket money and if the person is earning then the way of attracting

the person to Kotak will be the extra income.

This was the case when we are cold calling with the objective making the Life

advisors.

Active and careful:- One has to be active and careful in lieu to contact again

to that person who gave the time to call later or if appointment has been fixed

then one should be active as to give the person a reminder for at least 2 hour

before to confirm the meeting.

Correct pitching:- How to pitch about yourself and about the company is

the important aspect in calling as it creates the base for the person that why he

should listen to you.

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Direct Selling part includes Tele marketing through advertisements etc.

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Brokers are the who can sell the insurance product of a lot of company and is

appointed by the company but works for the individual and earn brokerage

through company.

Life Advisors is the name given to the traditional Agent which we often hear.

Life Advisor is the one who can sell the insurance product of only one company

and commission is what he earns in reference to the business provided by him.

Other channel here means the Corporate Agents, banks, selling through

Franchisee etc. are the parts of the channels which create business for the

company.

Channel developments most important aspect is Life advisor so we should

know the process of recruiting the life advisor.

First of all PHF form has to be filled along with it necessary document has to be

attached:-

PHF means personal History Form in which NAME, ADDRESS, MOBILE NO.,

Type of Training Required etc has to be mentioned.

Simply all those information has to be there which are necessary to be known to

the company so as to decide the potential of the Proposer to bring the business to

the company.

Then basic requirements as per the rule of the Insurance Act, 1938 has to be

fulfilled.

1. Personal has to be major

2. Should be of sound mind

3. Should work for only one company

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4. Should be 10th if going for rural area, and should be 12th passed if going

for the urban area. Urban area means the area having the population

above 5000 persons.

5. Should have residential proof

6. Should have identify proof

7. Copy of PAN card has to be attached.

And then the most important aspect that person will have to go for the 50 hours

training and will have to secure 50% marks to pass the examination conducted

by III (Insurance Institute of India) in behalf of IRDA to get the licence to do the

policy and earn the commission out of the work done.

Company provides the service of the training to its expected Life Advisors as per

their will whether online or manual training.

When a person becomes licentiate and works as a Life advisor for the company

then the rest part in reference to their motivation is done by the company by

throwing different competition and offering different schemes with bonuses and

targets to keep alive the notion of work and to motivate the Life Advisors to

work more.

This whole process in Kotak Life Insurance is called as Reward and Recognition

Programme:-

Kotak Life Insurance has made this programme and designed various stages in it

for different levels of Life Advisors:-

The whole Reward and recognition programme of Kotak is known to Kotak Life

Advisors is MY KOTAK LIFE.

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This was the session in which we were told that how the target is fixed and how

one gets rewarded for what he has done in Kotak Life for the success of him

along with KOTAK too.

My kotak life is the theme that is opted by the KOTAK for its employee

CPI = FOS*% Average case size * Average case rate

CPI: Cash Premium Income

FYP i.e. First Year Premium excluding the renewal premium is CPI of the

company.

FOS : Feet on Street. Sales are source of it and source of sales is Life Advisors.

Percentage active : It is that how many policies the Life Advisors have sold or in

a better manner we can say that active is the one who sells at least one policy in

a year.

Average Case Size : TOTAL PREMIUM / no. of policies

(Focus of Kotak Life much lies on this only)

Average Case Rate : Total policies/No. of Active Life Advisor

AVERAGE CASE SIZE is the one on which whole reward and recognition

program is actually designed, whether it is MDRT, TOT,COT or Power club.

In it different training modules is designed at different levels of life Advisors.

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Rewards and recognition has 5 levels in it :-

The Countdown Program

The Monthly Star Program

The Annual Elite Program

HallOf Fame

ProgramGovernor

In these levels are sub levels such as launch pad, orbit etc.

But the biggest Reward program is Power club which leads Life Advisor to get

attached to MDRT club, TOT club and COT club.

The things that Kotak is doing whether it is tele marketing or brand positioning

or channel development, these all are the part of the strategy in which company

works to increase their productivity.

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Marketing strategy of all the companies is different besides the lot of

similarity in the products.

If we see the data then we will find that Kotak Mahindra Life Insurance

has very less number of branches according to the latest data in annual report of

2008-2009 by IRDA, Kotak Mahindra Life Insurance has 135 branches, but the

premium that they offer to Insurance Industry is 1121 cores, and the number of

life advisors are not much if we compare it to other companies so from where

does this Premium is amounting this much, it shows that Kotak focuses on big

business houses, i.e. they are much desperate for their business with elephant

then humming birds.

If we see the things in a different fashion then we will find that the Kotak is

having the shield of Guaranteed Maturity Value which is the feature which a few

company (Max New Year Life) has.

No doubt the company is having a long list of the product with them. Variety is

there as in the range of the product varies from Child product to retirement

solutions, but there focus is in CHILD PLAY as their CHILD PLAN; KOTAK

HEADSTART WEALTH ASSURE PLAN was a huge success.

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Adding into it JEENE KI AZAADI is the tag that they maintained and they

convey in the market in order to attract the class of 30-45 age who are strong

believer of freedom in working life and 45 is the age group who thinks for the

retirement then to show them the path to get relieved from the responsibilities

they have for their family, which is the part of Advertising and Brand Promoting

the core marketing strategy.

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ICICI Prudential:-

ICICI Prudential Life Insurance, another competitor of Kotak Life Insurance.

ICICI Prudential is joint venture of ICICI Group with Prudential Plc. Prudential

Plc is of UK.

Prudential Plc. is the largest UK life insurance firm. ICICI Prudential was among

those few first companies who started their business in December 2000 in the

Private Insurance market. 74:26 is the stake of the ICICI and Prudential Plc in

their partnership.

ICICI is the no. 1 private player in Insurance market in term of the premium

share, 7913 crores (approx) was the total [premium by ICICI Prudential in the

year 2008, which is 28% of the total premium contribution by all private players

in the market.

2,34,460 is the number of the Life Advisors that ICICI PRUDENTIAL was

having till 2008-2009 and the number of branches that they are having is 583

which ahs drastically changed from year 2006-2007 to 2007-2008. This magic

number 583 has turned from the number 175.

So, here we have the marketing strategy for the ICICI Prudential that it is

playing on the numbers of Life Advisors and widening its network to increase its

market share.

The Product on which ICICI Pru is focusing on is Pension Plans, and the biggest

buzz on this area by ICICI Pru is having from their Product.

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Research design

A research study conducted scientifically has a specific framework of

research from the problem identification to the research study. The framework

of conducting the research is known as Research Design.

Research Design is the blue print of any problem. It is a plan for

collection, analysis and interpretation of data in a manner that is relevant to the

research purpose with economy in procedure.

After defining the research problem in a clear-cut terms it will be

required to prepare such a research design which will state the conceptual

structure within which the research would be conducted.

The research study presently done is both subjective and exploratory

The study is subjective because.

1- The sampling technique was convincing sampling.

2- Use of survey method with the sample population was done in

order to extract data.

3- Structural and well thought out instruments for collection of

data were used.

The study exploratory

1- A new field of research has been approached which was earlier

not tested.

2- Surveys of experienced persons like the top executives and

manager who have practical experience with the matter were

approached.

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Sources of data

Collected almost 100 data by Questionnairebig market complexes of Kanpur

( including malls ) in various sectors and collected data from each very shops,

called them one by one over the telephone from the office in order to make the

persons aware about Kotak Life Insurance.

Yellow Pages and Directories Took the help, the Kotak Life Insurance

DIRECTORIES of Kanpur and made calls to the numbers for the purpose of

recruitment of Lead Generator a training of how to speak to a customer over the

telephone.

Advertisements pamphlets Pasted almost 500 pamphlets in various parts of

Kanpur mentioning the features of what it takes to be a Kotak advertisement

Pamphlets in CYBER CAFES, P.C.O., BUS STANDS and shopping complexes in

various sectors of Kanpur.

Directly Contacted People on The Road During the surveys the people who

came across were contacted directly and on a face to face basis they were also

conveyed the message for joining Kotak Life Insurance Lead Generator.

Telephone Numbers from BANNERS Noted down telephone numbers from

BANNERS, and others places during a survey specially undertaken for collecting

numbers from banners and after that called them one by one

Messages on the Chat Room Flashed messages on the business Chat room and

chatted almost with 30 to 40 people in the Recruitment of Lead generator at Kotak

Life Insurance.

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Telephone Calling More and more focus has been given on telephone calling

because it has really given good results.

Strategy Adopted for Recruitment

Worked as a team of Six people, by dividing equal responsibilities ,

according to the area of strengths, for ex; one person who is good in telephone

pitching has been given the work of telecalling, the one good in documentation has

been allotted the work of completing the documents of each end every applicant, the

one good in field work has been given to see the work in fields, and finally the one

who is expert in dealing with the applicant to motivate them to join Kotak Life

Insurance as Lead generator has been given the job.

More and more emphasis has been given on telephone calling in order to

convey the message of connecting to the Kotak Life Insurance and moreover to

bring the people to the office .

The table below shows a clear picture of individual responsibilities in the

successfully completion of the task given by the company i.e.

Documents Required:-

The following documents are required by an applicant to submit :

Photo Copy of High School Mark sheet.

Six colored Passport size photos.

Photo Copy of Intermediate Mark sheet / Graduation Mark Sheet.

(If the applicant is graduate).

Photo Copy of any Residence proof (electricity bill, telephone bills,

ration card, voter ID card, Driving license).

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Photo Copy of any Photo ID proof (any college Identity card, or

any such document in which the applicants photo is affixed with a

stamp of a authorized body.

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Sampling Plan

Sampling Population

For conducting the research study the population covered selected was

the market of kidwai nager at Kanpur.

Sample size

Using convinces sampling technique the sample size is taken out to be

100 questionnaire for which observation and unstructured interview and

feedback were taken.

Methods of data collection

Data are collected by the questionnaire which have been filled by me for

acquire the Information about their occupation, income, age etc.

.

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satisfied

with their

income

20%

dissatisfie

d but

dont

want

additional

income

45%

wants

additional

income

35%

satisfied with

their income

dissatisfied but

dont want

additional

income

wants

additional

income

Analysis of data collection

LIG

34%

MIG

45%

HIG

21%

LIGMIG

HIG

Number of Lower Income Group (LIG)=34%

Number of Middle Income Group (MIG)=45%

Number of High Income Group (HIG)=21%

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People who are satisfied with their income=20%

People who are dissatisfied with their income but dont want additional

income due to lack of time =45%

People who wants additional income=35%

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OBSERVATION:-

Kotak is spreading its channel of distribution

135 was the number of branches that Kotak had it in 2007-2008 and their

target is to open 175 branches till the end of the calendar year 2009.

Number of Life Advisor has increased over time e.g. At the beginning of

financial year 2007-2008, Kotak had 12,523 Life Advisors which turned

to 24485 at end of the end of the financial year 2009.

Kotak Focuses on large business house inspite of capturing the smaller

business.

Less action on tele-marketing and dependence on individual life advisors

is much there.

Weak Infrastructure as there was hardly any place left open for the

interaction with the customer.

Too much work load on operations department.

Lack of database on which work (calling) can be done.

High commitment of Sales Managers toward the work.

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RECOMMENDATIONS:-

Some more motivation to the employees over there is needed.

Infrastructure has to be built properly because an office is the face of the

company.

Tele marketing need to be focused much.

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

Kotak Life is only 75 and the 7 states has been touched by the company

so there is a huge untapped market available for the Kotak.

Marketing in terms of the media via advertisements on Televisions to

small even haveint heard the name of Kotak Life Insurance. FM is

suggested here because the people who can drive the private life

insurance is the youth, and FM is something on which youngsters look

upon too.

Awareness Camp to the sub urban area should be focused by Kotak

Apart from the Brand Postitioning in urban area, a strategy should be

adopted by Kotak to make its brand also near to middle level, or high

aspirant people because they are the main source of the business in India.

Some innovative technique or product is required in order to attract the

consumer.

96


97/113

97


98/113

QUESTIONNAIRE - 1

98


99/113

8%

28%

14%

50%

99


100/113

65%

35%

100


101/113

10%

90%

101


102/113

63%

37%

102


103/113

QUESTIONNAIRE 2

103


104/113

104


105/113

15%

35%

40%

10%

105


106/113

12%

46%

38%

4%

106


107/113

35%

49%

16%

107


108/113

40%

18%

42%

108


109/113

60%

30%

10%

109


110/113

110


111/113

Bibliography:-

1. Money Outlook, January 2009 edition.

2. Marketing Management, Kotler & Keller.

3. Principles of Life Assurance, IC-23

4. Practice of Life Assurance, IC-02

5. IC-33

6. IRDA Annual Report, 2007-2008.

111


112/113

112


113/113

Webliography:-

1. www.irdaindia.org

2. www.sify.com

3. www.insuranceworld.com

4. www.findarticles.com

5. www.kotaklife.com

6. www.google.com

7. www.managementparadise.com

8. www.lifeinsurance.com
http://www.irdaindia.org/http://www.sify.com/http://www.insuranceworld.com/http://www.findarticles.com/http://www.kotaklife.com/http://www.google.com/http://www.managementparadise.com/http://www.irdaindia.org/http://www.sify.com/http://www.insuranceworld.com/http://www.findarticles.com/http://www.kotaklife.com/http://www.google.com/http://www.managementparadise.com/