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TRANSCRIPT
“BRAND AWARENESS OF ING VYSYA LIFE INSURANCE AMONG POTENTIAL CUSTOMERS”
Presentation on…
presented by:
Ashutosh Mondal
EIILM KOLKATA
INTRODUCTION TO ING
In existence for 150 years. World 9th largest leading private company. Operates in 60 countries across 5 continents. Has a revenue average 76.58 billion Euro. ING covers 75 million private, corporate & institutional
Clients (in 50 countries) (2007). Employees 1,20,000 people world wide.
INTRODUCTION TO ING VYSYA LIFE INSURANCE
Operating in India since September 2001 Present in 246 cities in India Has over 7000 employees & 51000 advisors serving over 55000
customers One of the fastest growing insurance companies in India Promoting the concept of HLV where only 4% of the population
is insured. ING vysya life was founded in 1991 by a merger between
National-Nederland &NMB Post bank Group.
OBJECTIVES
To find out the reasons why people buy Insurance Products.
To find out how popular is the brand of ING Vysya. To find out the source of the promotional media used. To find out the interest level of people to invest in
mutual fund and share market. To study the market awareness of ULIP ( Unit Linked
Insurance Products ).
METHODOLOGY
Here the target group for the survey has been
the following: People with income of 10,000 or more per month. Age group 20-60 People Belonging to Kolkata & Burdwan. Sample size: 166 Sampling Method: Convenience Sampling
Products
Category Product Name
Protection ING Term LifeING Term Life Plus
Saving Reassuring LifeCreating LifeSafal JeevanCreating Life Money backSafal Jeevan Money backING Life PlusING Creating star
Category Product Name
Retirement ING Golden LifeBest Years
Investment New Freedom PlanNew One lifeNew Fulfilling LifeHigh LifeHigh Life Plus
AGE GROUP PROFILE
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
Below 20 20-30 30-40 40-50 50 above
1.81%33.73% 22.89% 15.66% 25.90%
Analysis
AWARENESS ABOUT LIFE INSURANCE
88.55% 11.45%Aware
Unaware
AWARE ABOUT ING VYSYA LIFE INSURANCE
45%
55%
Aware Unaware
AWARE ABOUT ING VYSYA LIFE INSURANCE
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
T.V. Friends Hoardings Newspaper
28.31% 25.30% 12.65% 33.73%
ULIP AWARENESS
56.02%
43.98%
Yes
No
INVESTMENT IN MUTUAL FUND OR SHARE
33.73%
66.27%
Yes
No
PARAMETERS CONSIDERED WHILE PURCHASING AN INSURANCE POLICY
28.31%
12.04%59.65%Higher return
Security
Higher return & Security
FINDINGS
88.55% are aware Life Insurance. 45% are aware ING Vysya Life Insurance. People viewing insurance as a tax saving and
investment instrument as much as a protective one.
S.W.O.T. ANALYSISStrengths: Huge capital base to absorb financial shocks. Excellent training & care given to the agents. Business experience in this field for more than 150 years.
Weaknesses: A conservative marketing approach. Presence of unethical agents that can hamper the image of the
company.
Opportunities: Huge untapped market, as the concept of Life Insurance in India
is still in the developing stage.
Threats: The Life Insurance Corporation Of India which has been ruling
the Life Insurance market in India Since 1956. Threat of new private players entering the market and also from
the ones already existing.
RECOMMENDATION
Sending brochure through agents to the respondents who could be the potential customer.
To inform the agents that they need to talk about higher return & security to the customers.
Promoting ULIP to the respondents who invest in mutual fund & share.