project report on metlife

INTRODUCTION

INTRODUCTION

1.1 INTRODUCTION OF THE STUDY

This study is being conducted to increase the customer base of MetLife India Insurance Company Limited. Taking into consideration the Market scenario, MetLife India Insurance has tough time to play in the Market, why because there are other players in the Insurance Sector, which has got good Market share as well as given a good service like MetLife India Insurance. Therefore this study would help MetLife India Insurance to opt the best for their move in the Market. Regarding service, MetLife India Insurance has a good remark from the customer. I hope definitely this study will help the Company to understand the requirements for enhancing their customer base.

When we consider the current market scenario, it will not be easy for MetLife India Insurance to increase its performance. This is because there are other players in the Insurance sector who have good Market share and the same time giving excellent service as that of MetLife India Insurance. The Researcher definitely hopes that this study will help the company to understand the requirements for enhancing the customer base.

What is Insurance?

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of certain events.

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustee to the amount collected.

The economic value of a human life arises out of its relations to the other lives. Whenever continuance of a life is financially valuable to others, either to family dependents, business associates, or educational and philanthropic situations, the necessity for the life insurance is present.

For example, in a life policy by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured.

Similarly, in car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage.

It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Today, only one business, which affects all walks of life, is insurance business. Thats why insurance industry occupies a very important place among financial services operative in the world. Owing to growing complexity of life, trade and commerce, individuals as well as business firms are turning to insurance to manage various risks.

Therefore a proper knowledge of what insurance is and what purpose does it serve to individual or an organization is therefore necessary.

Why should you like to take Insurance?

Insurance is desired to safeguard oneself and ones family against possible losses on account of risk and perils. It provides financial compensation for the losses suffered due to the happening of any unforeseen events.By taking a life Insurance a person can have peace of mind and need not worry about the financial consequences in case of any untimely death.

Let us consider the family of four, which consist of a man, a woman and their two children. The earning member of the family works hard to get the money flowing to meet the requirements of his family. They have plans to have their own house constructed in the next two years. Everything is going as per the plans.

What could be the various events that could upset the plans?

Burglary

Death

Accidental Permanent Disability

Sickness & Critical Illness

All these events are forfituous in nature, i.e., they are out of control of the family and more in the hands of destiny. Moreover all of these events can actually erode the wealth of the family.

In order to reduce the element of risk to which this family is subjected and to safeguard the wealth or economic value, insurance should be carried out.

There are two different branches of insurance, which are Life and Non-Life Insurance. While Life Insurance insures the life of a person, Non-life insures everything else.

Name some areas covered under Life and Non-Life Insurance

Certain Insurance contracts are also made compulsory by legislation. For example, Motor Vehicle Act 1988 stipulates that a person driving a vehicle in a public place should hold a valid insurance policy covering Act risks. Another example of compulsory insurance pertains to the Environment Protection Act, Wherein a person using a carrying hazardous substances (as defined in the Act) must hold a valid public liability (Act) policy.

What are the other benefits of taking Insurance?

1. Tax Relief: Under section 88 of Income Tax Act, a portion of premium is paid for life insurance policies are deducted from tax liability. Similarly, exemption is available for Health Insurance Policy premiums.

Money paid as claim including Bonus under a life policy is exempted from payment of Income Tax. However annuities received under certain pension plans are taxable.

2. Encourages Savings: An insurance scheme encourages thrift among individuals. It inculcates the habits of saving compulsorily, unlike other saving instruments, wherein the saved money can be easily withdrawn.

3. The beneficiaries to an insurance claim amount are protected from the claims of creditors by affecting a valid assignment.

4. For a policy undertaken the MWP Act 1874, (Married Womans Property Act), a trust is created for wife and children as beneficiaries.

5. Life Policies are accepted as a security for a loan. They can also be surrendered for meeting unexpected emergencies.

6. Based on the concept of sharing of losses, the society will benefit as catastrophic losses are spread globally.

The future is never certain, so its rightly said,

AN INSURANCE POLICY IN HAND KEEPS THE TENSION AWAY.

The earliest transaction of insurance as practiced today can be traced back to the 14th century AD. The business of insurance started with marine business by Traders who used to gather in the Lloyds coffee house in London, wherein they had agreed to insure their ships in transit.

The 1st Life Insurance Policy was issued on 18th June, 1583, on the life of William Gibbons for a period of 12 months.INDIAN INSURANCE INDUSRY OVERVIEW

All life insurance companies in India have to comply with the strict regulations laid down by Insurance Regulatory and development Authority of India (IRDA). Therefore there is no risk in going in for private insurance players. Life Insurance Corporation of India (LIC) remains by far the largest player in the market.

The private companies are coming out with better products which are more beneficial to the customer. Among such products are the ULIPs or the Unit Linked Investment Plans which offer both life cover as well as scope for savings or investment options as the customer desires. Further, these types of plans are subject to a minimum lock-in-period of three years to prevent misuse of the significant tax benefits offered to such plans under the Income Tax Act. Hence comparisons of such products with mutual funds would be erroneous.

Life Insurance in its current form came in India from the UK, with the establishment of British firm, Oriental Life insurance Company, in 1818. The 1stIndian insurance company was the Bombay Mutual Assurance Society Ltd,formed in 1870. By the year 1956, when the life insurance business was nationalized and the Life Insurance Corporation Of India ltd (LIC) was formed on 1st September, 1956.

OVERVIEW OF INSURANCE REGULATION The insurance sector in India is regulated under the Insurance Act, 1938 and the IRDA Act, 1999. The Insurance Act, 1938 defines four categories of insurance life, fire, marine and miscellaneous. In general, two categories of insurers are licensed life and general (covering the last three product categories).

Every insurer seeking to carry out the business of insurance in India is required to obtain a certificate of registration from the Insurance Regulatory and Development Authority (IRDA) prior to the commencement of business. The pre-conditions for applying for such registration have been set out under the Insurance Act, the IRDA Act and the various regulations prescribed by the IRDA.

INTRODUCTION

Marketing is the moving and exciting activity in everybody activities. The sellers, distributors, advertising agencies, consultants, transporters, financers, store agencies and every one as a counter are part of the marketing system. Any exchange process be it consumer, goods, intermediary goods, services of ideas, comes under the preview of marketing. It is very often regarded that the development of markets and marketing is synonymous with the economic development of account. Through marketing is an action discipline. In the ever-growing corporate world, marketing is being regarded as a crucial element for the success of an Enterprise.

The marketing discipline is undergoing fresh re aparisal in the light of the vast global, technological, economic and social challenges facing todays companies and countries. Marketing at its best is about value creation and raising the worlds living standards. Todays winning companies are those who succeed most in satisfying, indeed delighting their target customers.

As quoted by P.P.Drucker Marketing is so basic that it cannot be considered a separate function. It is whole business seen from the point of view of its final result, that is, from the customers point of view. Business success is not determined by the producer but by the customer.

Philip Kotler has therefore defined marketing as it is a social and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of values with others. Many Indian companies espouse a satisfied customer philosophy and describe marketing as customer-satisfaction engineering. Since the economy in this country has changed from a primary condition of scarcity to gradual and steady stage of affluence, largely giving consumers the opportunity to choose among many varied alternatives, satisfaction has become a major concern of business.

CUSTOMER SATISFACTION

Customer satisfaction refers to how satisfied customers are with theproducts or services they receive from a particular agency. The level ofsatisfaction is determined not only by the quality and type of customerexperience but also by the customers expectations.

A customer may be defined as someone who:

Has a direct relationship with, or is directly affected by your agency andreceives or relies on one or more of your agencys services orproducts. Customers in human services are commonly referred to asservice users, consumers or clients.

An organization with a strong customer service culture places thecustomer at the centre of service design, planning and servicedelivery. Customer centric organizations will:

Determine the customers expectations when they plan

Listen to the customer as they design

Focus on the delivery of customer service activities

Value customer feedback when they measure performance.

IMPORTANCE OF CUSTOMER SATISFACTION:

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

Meeting the needs of the customer is the underlying rationale for theexistence of community service organizations. Customers have a right toquality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed theexpectations of their customers are likely to be leaders in theirsector.

Customers are recognized as key partners in shaping servicedevelopment and assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedbackon organizational performance are valuable tools for quality andcontinuous service improvement.

INSURANCE

Functions of Insurances

There are two types of definitions of Insurance

1. Functional Insurance

2. Contractual Insurance

Functional Insurance

The term insurance may be defined as Co- operative mechanism to spread the risk caused by a particular event over a number of people who are exposed it and to ensure them against the risk.

Contractual Insurance

Insurance has been defined to be that in which a sum of money as a premium is paid in consideration of the Insurance incurring the risk of paying a large sum upon a give contingency.FUNCTIONS OF INSURANCES

Functions of Insurances can be suited in two parts.

Primary

Secondary

PRIMARY FUNCTION:

a) Insurance provide certainty :

The insurance provides certainty of payment at the uncertainty of loss.

b) Insurance provides Protection :

The main function of Insurance is to provide protection.

c) Risk Sharing :

The risk is uncertain and therefore the risk arising from Insurance is uncertain.

d) Prevention of Loss :

The insurance joins hand with those institutions which are engaged in prevention losses of the society because the reduction in less causes lesser payment to the assured and so more saving is possible which will assist in reducing the premium.

e) It provides capital :

The insurance provide capital to the society; the accumulated funds are invested in productive channel.

f) It improves Efficiency :

The Insurance eliminates worries and miseries of losses of death and destruction of property.

g) It helps Economic Progress :

The insurance by protecting the society from huge losses of dangers destruction and death provide and initiate to work hard for the betterment of the masses.

Types of Insurances:

Classification based on nature of Insurances

Life Insurances

Fire Insurances

Marine Insurances

Social Insurances

Miscellaneous Insurances

Business Point of view

Fire Insurances

General Insurances

Risk Point of view

Personal Insurances

Property Insurances

Liability Insurances

Fidelity Insurances

Role and Importance of Insurance

The process of Insurance has been evolved to safeguard the interest of people from uncertainty by providing certainty of payment at a given contingency. The insurance principle comes to be more and more used and useful in modern affairs. Not only does its serve the individuals, or of special groups of individuals, it tends to pervade and to transform our modern social orders too.

Use to Individuals

1. Insurance provides security and safety.

2. Insurance afford piece of minds.

3. Insurance protects most property.

4. Insurance eliminates dependency.

5. Life insurance encourages saving.

6. Life insurance provides profitable investment.

7. Life insurance fulfills the needs of protection.

Uses to a special group of individuals / Business

1. Uncertainty of business losses is reduced

2. Business- efficiency is increased with Insurance.

3. Enhancement of credit

4. Business continuation

5. Welfare of employees

Uses to the society

1. Wealth of the society is predicted

2. Economic growth of a country

3. Reduction in inflation

SCOPE OF THE STUDY

Project entitled Study on Customer Satisfaction of Insurance Products of MetLife India Insurance Co. in Delhi helps to understand the untapped Market Potential, derive ways for expanding the Market share and making the customer satisfied with the product and service. Also in time to find out different ways for taking advantage of customers long standing trust and relationship with Insurance Sector.

This project gives a clear picture of the products, service etc offered by the Company. For a Company customer satisfaction is one of the important factors to consider because of existence of a Company depends more on customers.

OBJECTIVE OF THE STUDY

In this competitive market the level of consumer satisfaction decides the success of any product and any company. The consumers have to be targeted and the right strategy should be implemented at the right time. This will give the desired resultsThe following are the objectives of the study

PRIMARY OBJECTIVE:

To assess the level of customer satisfaction for Life Insurance products of MetLife India Insurance.

SECONDARY OBJECTIVES:

1) To assess the awareness regarding the Insurance products of MetLife India Insurance, in Delhi.

2) To know about customer preference for Insurance Products.

3) To find out more reason for customers selecting a particular Company.

LIMITATIONS:

Time has been a major constraint throughout the study as it has been only for duration of 2 months. As this survey was restricted to Delhi this cannot be stated as an in depth research on this subject. Enough care is taken in formulating the questionnaire, still some errors may creep in. The consumer satisfation varies according to different products. Quality verses price was not taken into the consideration. The project is based on the interview methodology by a stured questionnaire and the personal skills of the person undertaking the project affect the results. Some of the customers were reluctant at motive of the Survey to give their views.

Most of the customers were busy. Therefore, the data supplied by them may not be exact and accurate

COMPANY PROFILE

1.3 COMPANY PROFILE

METLIFE BUILDINGTHE HEADQUARTERS OF METLIFE

HISTORY OF THE ORGANIZATION

METLIFE PROFILE

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company or MetLife for short. The firm was founded on March 24, 1868. For most of its life the company was a mutual organization, but it went public in 2000. The company is headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City, though it retains some executive offices and its board room in the MetLife Building, which it sold in 2005

MetLife is the largest life insurer in the United States, with more than $3.3 trillion of life insurance in force. A leader in savings and retirement products and services for individuals, small business, and large institutions, MetLife serves 90 of the largest Fortune 100 companies.

Ranked 38 on the Fortune 500 list (April 2004) MetLife insurances (MetLife) is one of the largest, strongest and most respected financial organizations. MetLife through its' affiliates is the number one life insurer in the U.S with approx. @2.5 trillion of life insurance in force (as of Dec. 2002) and has been delivering reliable, high quality service to its customers since 1868.

MetLife is a leader in group benefits that serve 88 of the top one hundred FORTUNE 500 companies, and providing benefits to 37 million employees and family members through its sponsors in the U.S.

The MetLife companies are also ranked #1 in group life and #1 in commercial dental in the U.S. Headquartered in New York. MetLife through its affiliates, subsidiaries and representative offices, operates in 15 countries throughout the America, Europe and Asia. MetLife's institutional clients have approx. 35 million employees and members. MetLife has assets under management worth $255 billion. (FORTUNE 500 is a registered trademark of FOURTUNE Magazine, a division of Time, Inc)

CORE VALUES

1) 1 We lead through innovation to offer world class and competitive products to our customers.

2) We build long term relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology.

3) We create a customer centred and result focused division that inspires and has the buy in of all our associates and has their buy-in.

4) We are committed to creating a high performance organization by creating an environment that allows each one of our associates to perform at their peak. As a result we will also be recognized as an employer of choice.

5) We are committed to partnering with our internal and external customers for mutual success.

6) We work with integrity, fairness and financial prudence in all our dealings keeping the interest of our shareholders, customers and employees paramount

VISION Build financial freedom for all through leadership in providing professional financial advice and building long term relationships through innovative protection, accumulation and retirement products, robust underwriting processes and creating a world-class customer service experience for our customers.

OUR MISSION

By 2010, provide 5 million customers in India world-class solutions for financial security and in the process add significant value to our shareholders, associates and society.

METLIFE INDIA INSURANCE COMPANY LIMITED

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company-owned offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States (based on life insurance in force), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500 companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.

MetLife is headquartered in Bangalore with officers and presence in major Indian cities, and an additional 1000 outreach points through its channel partners. Through our highly professional agency system, we are dedicated to helping Indian consumers plan for their financial security through customized solutions.

FINANCIALSTRENGTHOperating with an intense dedication to managing monetary resources for strong business results.

INTEGRITY AND HONESTYConducting all business endeavors with truth, sincerity and fairness.

INNOVATIONContinuously creating and introducing new and original ideas and ways of doing things

THE GOAL OF METLIFE To contribute significantly to the MetLife mission of reaching 100 million customers by 2010. To help reach that goal, MetLife plan on launching innovative products in the near future, this will act as a major differentiator among competitors. In additions, with the launch of the new MetLife television commercials, which is a first for our India operation, this will add greatly to MetLife's global brand recognition. The combination of this brand and the continued outstanding efforts will provide the fuel to drive MetLife further up the road of success. MetLife delivers value and world-class service to customers through its financial advisors and corporate sales representatives. The mission of MetLife Insurance is to build financial freedom for all.

What is financial freedom?

It is all about securing one's future. It about approaching lifes major milestones without any worries. True financial freedom arises from identifying your financial capabilities, setting realistic goals based on your dreams and aspirations and achieving them through a comprehensive plan. Most importantly, while you set out to draw up financial plans for your life- you need to understand that it isn't a one-time plan. The planning that goes into attaining your financial freedom should be dynamic, since life itself is dynamic. What's good for you today might not be next year.

During the course of your life you need to achieve your aspirations (life owning of house), meet certain financial obligations (life educating your children or-getting them married), ride over unforeseen contingencies and plan a financially independent retirement phase. The Met Advice Financial Planning could be the first step in your planning exercise.

MANAGEMENT TEAM

RAJESH RELANMANAGING DIRECTOR Rajesh has twenty years experience in the financial services sector, of which he has spent ten years in the Indian Life Insurance industry. Visualizing the scope and growth, he became a part of this sunrise industry in 1999, much before it was opened to the private players.

Over these years, he has contributed significantly through his strategic vision to the development of the private life insurance industry in areas like regulatory & policy formulation, product development, policyholders protection and distribution models. He is widely recognized for the pivotal role he played towards three different life insurance ventures in the country. In the first, he played a critical role as a key project team member that led to the successful formation of the JV. With the second life insurance company, a start-up, he was one amongst the first five employees instrumental in launching and growing its Indian operations. Finally, in his third stint he has been leading another life insurance company MetLife, of which he is the Managing Director for India for the last three and a half years. Rajesh joined MetLife India in 2006 and has transformed the organization since then. With exceptional skills in business strategy & planning, he has laid the foundation for MetLifes success.

Designations MSVS PhaneshAppointed ActuarySameer BansalDirector- AgencyNitish AsthanaDirector- Bancassurance & Business PartnershipsJoydeep MukherjiChief Financial OfficerKR Anil KumarDirector - Legal & Risk and Company SecretaryP. S. SankaranDirector Compliance & Internal ControlsKS RaghavanChief Administrative OfficerGaurav SharmaDirector - Customer Service and OperationsShilpa VaidDeputy Director- Human Resources

PARTNERS

PRODUCTS OF MET LIFE

The plans provided by MetLife Insurance are listed below:

Protection PlansMet Suraksha Met Suraksha TROP

Met Suraksha Plus

Savings PlanMet Sukh

Met Suvidha

Met Saral

Met 100

Investment Plans Met Wealth Plus

Met Easy Plus

Met Smart Life

Met Gold Plus

Met Fortune

Child Plans Met Bhavishya

Met Junior Endowment

Met Junior Money Back

Met Magic

Retirement Plans Met Growth Super

Met Pension-Plus

Met Pension - Par

Investments PlansMet Easy Plus

Met Wealth Plus

Met Gold Plus

Met Smart Life

Rural PlansMet Vishwas

Met Suvidha - Rural

Health Plans

Met Health Care

Monthly Income

Monthly Income Plan

METLIFES ACHIEVEMENTS MetLife enjoyed a golden performance on May 15, 2009 (New York) - At the 15th Annual FCS Annual Portfolio Awards, the Financial Communications

Society (FCS): four awards, all Gold trophies, plus the Best-in-Show Multicultural award for its "South Asian Brand Television Campaign," created by IW Group. The award was sponsored by Forbes. MetLife also won Gold in the new ROI category, which recognized the success of marketing campaigns for their stated return on investment.

MetLifes corporate vision to build financial freedom for everyone guides the companys response to peoples growing need for first-rate financial products and services through various life stages and economic cycles. MetLifes trusted brand, capital strength, and existing relationships with millions of individual and institutional customers around the globe uniquely position MetLife among its competitors.

The "everyone" in MetLifes vision took on added meaning in 2000 as the company welcomed an important new constituency: shareholders. MetLife transformed itself from mutual to stock ownership in April of that year through a demutualization and initial public offering that was completed in just 18 months after Board authorization.

The year 2001 was a true test of the qualities that define MetLife. The companys core values, brought to life in what MetLife does every day, were no more evident than in MetLifes response to the tragic events that shook our nation on September 11. MetLife responded quickly. The company served its customers, communities and employees during this difficult time. At the same time, MetLife invested $1 billion in a broad array of publicly-traded common stocks.

In 2001, MetLife was the first insurance company to establish a financial holding company with a nationally chartered bank. Leveraging its unparalleled distribution channels, MetLife entered the retail-banking arena with the launch of MetLife Bank, making it an easy and convenient way for MetLifes customers to realize their financial goals.

MetLife announced in 2002 that it would be continuing its long-standing relationship with Snoopy and the rest of the PEANUTS characters. The company signed a new contract that would allow the characters to appear in MetLifes domestic and international advertising for the next 10 years.

The sale of State Street Research & Management Company to Blackrock, Inc. was announced in 2004. In line with MetLifes strategy to focus on core business growth, the sale benefited many of the companys Individual and Institutional Business clients who held investments through State Street Research, as it became part of one of the largest publicly traded investment management firms in the U.S.

The Companys stated long-term goal is to become the recognized leader throughout the world for relationship building, connectedness and caring in financial services in the "giant league" with over 100 million people as MetLife customers by the year 2010.

MetLife took a major step toward realizing this goal in 2005, when it acquired Travelers Life & Annuity and substantially all of Citigroups international insurance businesses for $12 billion. Completed on July 1, 2005, the Travelers acquisition made MetLife the largest individual life insurer in North America based on sales, the second largest provider of retail annuities and the largest provider of institutional annuities.

Working Mother magazine honoured MetLife in 2005 by naming the company one of the "100 Best Companies for Working Mothers," for the seventh consecutive year. In 2005, the company was named to Diversity Inc.s list of the Top 50 Companies for Diversity. In early 2006, MetLife was also named to the National Association for Female Executives annual list of Top 30 Companies for Executive Women.

In 2006, MetLife appointed C. Robert (Rob) Henrikson chairman of the board of directors, president and chief executive officer of MetLife, Inc. Henrikson was appointed CEO on March 1, 2006 and chairman of the board on April 25, 2006.

Henrikson has been the architect of an aggressive growth strategy that included double-digit organic growth, the divestiture of non-core businesses, and an M&A strategy which resulted in market leadership in all of MetLifes core product lines. Before it was commonly talked about, Henrikson recognized the opportunities presented by the changing demographics in a global marketplace and set the company on a course for continued success by developing innovative products and services and strengthening the companys distribution power in the U.S. and 16 markets in Asia Pacific, Latin America and Europe.

Some other achievements

Largest life insurer in the US with approximately $3.4 trillion of life insurance in force1

Serves 70 million customers and experiences the existence of over 140 years in the industry

Ranked 39 on the FORTUNE 500 listing

Ranked 6th In Fortune Magazine 2009 List of Americas Most Admired Companies

Named by Forbes magazine as The Best Managed Insurance Company in America (2008)

3rd Runner up in customer loyalty survey Conducted by Business Standard & AC Nielson in 2008.

METLIFE INDIA INSURANCE ON MASSIVE BRANCH EXPANSION PLAN-INDIA

MetLife India Insurance plans to aggressively embark on a branch expansion programmed and is eyeing a 275-strong network pan-India by End-March, a top company official said.

"The insurance market continues to be severely under-penetrated in India and we need to leverage this opportunity. We plan to increase our number of branches from the present 195 to 275 by March 2010," MetLife India Insurance's Managing Director, RajeshRelan.

The company has, so far this fiscal, infused a capital of Rs 370crore into the company which should suffice for present requirements, he said. The current capital base of the company is Rs 1,950crore. The company also plans to increase the strength of its financial advisors to over 1, 00,000 by December 2010.INSURANCE INDUSTRY POTENTIAL

Asia is amongst the worlds largest insurance markets contributing nearly 39% of global insurance business.

The Life Insurance Industry has grown by 27% p.a. over the last 5 years and by about 62% in the first eleven months of 2006 -07.(Source IRDA Journal -April2007)

Global Life Insurance Market: $1,521 billion, Global Non-Life Insurance Market: $922 billion

India is 23rd in insurance business with 0.41% share.

Out of one billion people in India, only 35 million people are covered by insurance.MAJOR LIFE INSURANCE COMPANIES IN INDIA

Presently there are about 18 Life Insurance companies in the country. There is about only one public sector LIC and the rest are private sector. Although LIC has been dominating The Life Insurance business since past few years the private players have now started to take the momentum.

TABLE NO:A2

MARKET SHARE FOR 5 YEARS.

PLAYERS2003-042004-052005-062006-072007-20082008-2009

LIC94%87%78%74%56%64%

Private

Player6%13%22%26%44%36%

LIFE INSURANCE COMPANIES IN INDIA1. Life Insurance Corporation of IndiaPRIVATE PLAYERS2. Tata AIG Life Insurance Company Ltd3. Kotak Mahindra Old Mutual Life Insurance Ltd4. Birla Sun Life Insurance5. ICICI Prudential Life Insurance6. Aviva Life Insurance7. Allianz Bajaj8. Max New York Life Insurance9. Bharti Axa Life Insurance10. SBI Life Insurance11. Reliance Life Insurance12. ING Vysya Life Insurance

13. Sahara India Life Insurance

14. HDFC Standard Life Insurance

15. Shriram Group

LIFE INSURANCE CORPORATION OF INDIA

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business. The same motives which inspired our forefathers to bring insurance into existence in this country inspire us at LIC to take this message of protection to light thelamps of security in as many homes as possible and to help the people in providing security to their families

TATA AIG LIFE INSURANCE CO. LTD

American International Group, Inc (AIG). Tata AIG Life combines the Tata Groups pre-eminent leadership position in India and AIGs global presence as the worlds leading international insurance and financial services organization. The Tata Group holds 74 percent stake in the insurance venture with AIG holding the balance 26 percent. Tata AIG Life provides insurance solutions to individuals and corporate. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001 The Tata Group is one of the Indias largest and, most respected conglomerates. American Life Insurance (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions.

KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED

Kotak Mahindra is one of the Indias leading financial conglomerates, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporate.The group has a net worth of over Rs. 5,824crores, employs around 20,000 people in its various businesses and has a distribution network of branches, franchisees, representative offices and satellite offices across 370 cities and towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Group services around 4.4 million customer accounts.

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between the Aditya Birla Group and the Sun Life Financial Services of Canada. It started operations in March 2001 after receiving its registration license from IRDA in January 1001. The Aditya Birla Group is the second largest business house in India, with a turnover exceeding Rs. 260 billion and an asset base in excess of Rs. 180 billion. The Groups market capitalization is approximately Rs. 150 billion. It has 7 lakh investors and employees around 72,000 people.

Sun Life Financial has evolved from a single mutual fund life insurance company into one of the most highly rated insurance and wealth management institutions in the world. Sun Life Insurance Company of Canada, Sun Lifes primary insurance arm, is among the largest international financial services organizations in the world, with assets under management of over US$ 201 billion.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank one of the Indias foremost financial services companies and prudential plc- a leading international financial services group.

MAX NEW YORK LIFE INSURANCE COMPANY LIMITED

Max New York Life Insurance Company Limited is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of Indias leading multi- business corporations. The company has positioned itself on the quality platform. Incorporated in 2000, Max New York Life started commercial operation in 2001. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholders funds. The companys paid up is 1032crores.

BHARTI AXA LIFE INSURANCE COMPANY LTD.

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading business groups with interests in telecom, agri business and retail, andAXA, world leader in financial protection and wealth management. The joint venture company has a 74% stake from Bharti and 26% stake from of AXA. The company launched national operations in December 2006. Today, we have over 5200 employees across over 12 states in the country. Our business philosophy is built around the promise of making people Life Confident.

SBI Life Insurance COMPANY LTD.

SBI Life Insurance is a joint venture between the State Bank of India and BNP Paribas Assurance. SBI Life Insurance is registered with an authorized capital of Rs. 1000 cores. SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%.

State Bank of India enjoys the largest banking franchise in India. Along with its 7 associate Banks, SBI Group has the unrivalled strength of over 14,500 branches across the country, arguably the largest in the world. BNP Paribas, part of the worlds top 10 groups of banks by market value and part of Europe top 3 banking companies, is one of the oldest foreign banks with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life insurance company in France, and a world- wide leader in Creditor insurance products offering protection to over 50 million clients. BNP Paribas Assurance operates in 42 countries mainly through the banc assurance and partnership model.

Reliance Life Insurance COMPANY LTD.

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India's leading private sector financial services companies, which ranks among the top 3 private sector financial services and banking companies. Reliance Life Insurance is not only one of India's fastest growing life insurance companies, but also counts among the top 4 private sector insurers. In just 2 years, the Company has crossed the mark of 1.7 Million policies. ING VYSYA LIFE INSURANCE

Established in India in September 2001, ING Vysya Life Insurance Company Limited is a joint venture between Vysya Bank, which is one of the largest private sector banks in India, and ING Insurance Co., which is the world's second largest life insurance company. This private life insurance company has around 140 branches all over India, with head office in Bangalore. ING Vysya Life Insurance Co. has around 3000 employees with over 21,000 sales insurance agents and brokers. ING Vysya Life presently has around 4.5 lakh customers, and is making a total income of Rs. 400 crore.

SAHARA INDIA LIFE INSURANCE

The Sahara Pariwars latest foray is in the field of Life Insurance. The Pariwars life insurance company Sahara India Life Insurance Company Ltd. - has been granted license by the insurance regulator the IRDA on 6th February 2004. With this approval Sahara India Life Insurance Company Ltd. becomes the first wholly and purely Indian company, without any foreign collaboration to enter the Indian Life insurance market. The launch is with an initial paid up capital of 157 crores. The Chairman of the company is Shri Subrata Roy Sahara who is also the Chairman of Sahara Pariwar.

HDFC STANDARD LIFE INSURANCE

HDFC Standard Life is a strong, financially secure business supported by two strong and secure promoters HDFC Ltd and Standard Life. HDFC Ltds excellent brand strength emerges from its unrelenting focus on corporate governance, high standards of ethics and clarity of vision. Standard Life is a strong, financially secure business and a market leader in the UK Life & Pensions sector.

SHRIRAM GROUP

Shriram Life Insurance Company is the joint venture between the Shriram group and the Sanlam Group. The Shriram Group is one of the largest and well-respected financial services conglomerates in India. The Groups main line of activities in financial services include chit fund, truck financing, consumer durable financing, stock broking, insurance broking and life insurance. The Group gas a customer base of 30 lacs chit subscribers and investors and operates through a network of 630 offices all over the country. The group has the largest agency force in the Shriram Group. The Shriram Group is one of the largest and well respected financial services conglomerates in India. Sanlam Life insurance Limited, a part of Sanlam group,, is one of the largest providers of Life insurance in South Africa with 3.2 million individual policies under administration.

CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE CO. LTD

The Company commenced business 16th of June, 2008 after receiving requisite approvals from the Insurance Regulatory Development Authority (IRDA). Canara HSBC Life has access to 4100 bank branches all over India.The shareholding pattern of the Joint Venture is as follows - Canara Bank holds 51% equity, HSBC Insurance (Asia Pacific) Holdings Ltd 26% and Oriental Bank of Commerce 23%. The Venture has an initial paid up capital of INR 325 crores, which will further increase in line with ourexpansionplans.

AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED

AEGON, an international life insurance, pension and investment company, Religare, one of Indias leading integrated financial services groups and Bennett, Coleman & company, Indias largest media house, have come together to launch AEGON Religare Life Insurance Company Limited. This venture is dedicated to build a firm future, both for customers and employees and will continue to balance a local approach with the power of an expanding global operation.

.

STATE OF THE MARKET

India is the fifth largest general insurance market in Asia with annual premiums of $6.3 billion in FY09

Second largest population in Asia (and the world) and an increasing middle class population + low penetration presents tremendous opportunity

It is projected that from 2006-2026 the working class population is expected to increase from 675.8 million to 795.5 million

21 companies operating in India:

Intense competition and strong growth between FY01 and FY08

Market continues to be dominated by public sector, though share has declined since FY01

Large middle class population, increased awareness and income levels have fueled growth

Currently maximum foreign partner investment is 26% - soon expected to increase to 49%

The Road Ahead Saturation of insurance markets in many developed economies has made the Indian market more attractive for international insurance players, according to 'Booming Insurance Market in India (2008-2011). Further, according to the report,

Total life insurance premium in India is projected to grow US$ 266 billion by 2010-11

Total non-life insurance premium is expected to increase at a compound annual growth rate (CAGR) of 25 per cent for the period spanning from 2008-09 to 2010-11

The home insurance segment is set to achieve a 100 per cent growth as financial institutions have made home insurance obligatory for housing loan approvals

In the next three years, health insurance is poised to become the second largest business for non-life insurers after motor insurance

RESEARCH AND METHODOLOGY

1.4 RESEARCH METHODOLOGY

A research methodology defines what the activity of research is, how to proceed, how to measure progress and what constitutes success.STEPS THAT WAS TAKEN FOR THE MARKET RESEARCH:

The objective of the present study can be accomplished by conducting a systematic Market Research. The Market Research is the systematic design, collection, analysis and reporting of data and finding that are relevant to different Marketing situation facing the Company.

The descriptive Research includes survey and facts finding enquiries. The major purpose of the descriptive Research is the description of state of affairs, as it exists at present. The main limitation of this method is that the Researcher has no control over the variable. He can only report what has happened and what is happening.1) DEFINE THE PROBLEM AND OBJECTIVE DESIGNThe research objective states what information is needed to solve the problem. The objective of Research is to an opinion of existing customers both the competitors and developing the Marketing strategies to improve the business. This Research will also help to identify the competitors strengths and weakness, their promotional strategies, various products and services offered by the competitor.

As customers are major assets for the company, it is important that the Company should aware of customer satisfaction level. If the customer is not satisfied with the present condition then they should take the correct decision. Therefore, this Research is very helpful to the Company. This study also aims to identify who is the major player in the Market and who is stronger.2) DEVELOPING RESEARCH PLANOnce the problem is identified, the next step to prepare the plan for getting the information needed for the Research. The present study will adopt the exploratory approach in which large amount of information is needed and finally getting into conclusion.

3) RESEARCH DESIGNA research design is a framework for conducting the Market Research. It includes the procedures necessary for obtaining the information needed to structure or solve Marketing Research a good Research design will ensure that the marketing Research should conduct effectively.

Typically a research involves the following steps.

Define information needed.

Design the exploratory, descriptive, and casual phases of the Research.

Specify the measurement and scaling procedure.

Construct a questionnaire of appropriate form of data collection.

Specify the sampling procedure and sampling size.

Develop a plan for the data analysis.

The basic requirement for success in any formal Marketing Research project is a sound Research design. A good Research design is purely the framework or plan for a study that followed in completing a study.

Descriptive Research ,Descriptive studies are concerned with describing the characteristics of a particular individual or group. They are undertaken in many circumstances. There is a general feeling that descriptive studies or factual and very simple. Descriptive study is well structured. It is necessary that the Researcher give sufficient thought to frame the Research questions and deciding.Meaning of Research

According to D. Slessinger and M. Stephenson in the Encyclopedia of social sciences define research as the manipulation of things, concepts or symbols for the purpose of generalizing to extend, correct or verify knowledge, whether that knowledge aids in construction of theory or in the practice of an art.

TYPES OF RESEARCH

1. Exploratory Research,

2. Descriptive Research.Exploratory Research:

Exploratory research studies are also termed as formulate research studies. The main purpose of such studies in that of formulating a problem for more precise investigation or of developing the working hypothesis forms an operational point of view.

Descriptive Research:

Diagnostic Research studies determine the frequency with something occurs or its association with something else.

In this project, information pertaining to customer needs satisfaction and their demographic profile was collected; hence it is a descriptive research.

1) Primary data:

Meaning: Primary sources of data are the data which needs the personal efforts of collect it and which are not readily available. Primary source of data are the other type of source through which the data was collected.

Following are few ways in the data was collected:

1. Questionnaires: It is the set of questions on a sheet of paper was being given to the of fill it, bases on which the data was interpreted.

2. Direct interviewing: Direct interviewing involved the process where I asked the questions directly to the customers and I got the feedback.

2) Secondary data: Secondary sources are the other important sources through which the data was collected. These are the readily available sources of the data where one had need not put much effort to collected, because it is already been collected and part in an elderly manner by some researcher, experts and special.

Source of Data

Primary data was obtained with the help of a structured questionnaire. The questionnaire was administrated by personal interview with respondents. The questionnaire used for the data collection was a structured one. The questionnaire consists of choice, closed and open-end questions.

Secondary data refers to the information or facts are already available. The source of secondary data journals website etc.Form of Data Collection

Main mode used for collecting data was through Survey Method. Sampling Technique

The technique Method is used in the study was Random Sampling.

Sampling Size

By using judgment random sampling technique 100 respondents are selected for the purpose of the study.

Area of StudyArea of study was limited to Delhi.Data Analysis

The data collected from the survey requires an accurate analysis. Therefore, this analysis was done using Percentage Method and Pie Diagram.Tools of Data Collection

Questionnaire was designed in accordance with the primary data needed for analysis. Secondary data was collected from the records of Companies and Websites.

Questionnaire Design

Questionnaire contains both close ended and open ended questions. Close-ended questions specify all possible answers and provide answers that are easier to interpret and own words and often reveals about their thinking.1.6 Techniques Adopted for analysis

Percentage Method Pie Diagram

.

ANALYSIS AND FINDING

LOCATION

Particulars No. of respondentsPercentage

Delhi8080%

Non2020%

Total 100100%

INTERPRETATION

From the above pie chart we conclued, 80 people are from Delhi and 20 people are Not from Delhi.AGE


20-302525%

30-405050%

40 above2525%

Total 100100%

INTERPRETATION

From the above pie chart, 25 people are of age 20 to 30 and 40 above, and 50 people are of the middle age i.e. 30-40. GENDER


Male8080%

Female2020%

Total 100100%

INTERPRETATION

From the above pie chart, 80people are male and 20 people are female.

OCCUPATIONParticulars No. of respondentsPercentage

Service7575%

Business2525%

Total 100100%

INTERPRETATION

From the above pie chart, it is inferred that 75 people are in service sector and the rest of people i.e. 25 people have their own business.INCOME


Rs 5ooo- Rs 100001515%

Rs 10000- Rs200002020%

Rrs20000 and above6565%

Total 100100%

INTERPRETATION

From the above pie chart, we conclude that high income group prefers an insurance policy i.e. 65 people have income above Rs20000 who have insurance. 20 people have income between Rs 10000-Rs20000 and 15 people have income between Rs 5000- Rs 10000.

1) DO YOU HAVE AN INSURANCE POLICY?


Yes8075%

No 2025%

Total 100100%

INTERPRETATION

From the above pie chart, it is inferred that 80% of the people have an insurance policy and the rest of people are insured.

2) WHAT IS YOUR REASON FOR TAKING AN INSURANCE?ParticularsNo. of respondents Percentage (%)

Saving2025%

Risk Coverage1320%

Medical1218%

Investment2025%

Tax Rebate1523%

Total80100%

INTERPRETATION

From the above pie chart, it is inferred that the investment and savings was the main reason for customers to take insurance policy (accounted by 50% of the Customers responses). This was followed by Tax Rebate (accounted by 23% of the Customer Responses). Risk Coverage (accounted by 20% of the Customers Responses) and Medical Benefit (accounted by 18% of the Customer Responses). None of the Customers had taken insurance policy of Necessity.

3) HOW DID YOU COME TO KNOW ABOUT METLIFE?ParticularsNo. of respondents Percentage (%)

Insurance Advisor4860%

Friends/Relatives1722%

Advertisement1114%

Other44%

Total80100%

INTERPRETATION

From the above pie chart, it is inferred that 60% of the customers came to know about METLIFE from the Insurance Advisors, and 22% of the customers came to know from their Friends/Relatives and the other Customers came to know from the Advertisements and other sources.

4) WHAT IS THE FACTOR EFFECTING YOUR PURCHACES?

ParticularsNo. of respondents Percentage (%)

Relationship with ad6480%

Policy Plan1418%

Trustworthy Reliablity22%

Total80100%

INTERPRETATION

It is inferred that 80% of the customers were influenced by the Relationship with the Advisors to purchase the Policy,18% were influenced by the Policy Plan to purchase Insurance Policy, only 2% of the customers were influenced by the Trustworthiness or Reliability of the Company to Purchase the Insurance Policy.

5) ARE YOU HEPLED BY OUR CUSTOMER CARE DEPT.?


Yes5670%

No4430%

Total80100%

INTERPRETATION

From the above graph, it is inferred that 70% of the customers says that they were contacted by the customer care department and 30% says they are not often contacted by the customer care department.

6) IS THE FEEBBACK FROM THE COMPANY GOOD?


Yes5873%

No4227%

Total80100%

INTERPRETATION

From the above graph, it is inferred that 73% of the customers says that they were provided with proper communications, updates and switch over details by the customer care department and 23% of the customers says that they were not provided with proper communications, updates and switch over details by the customer care department.

7) ARE YOU SATISFIED BY THE SERVICE S PROVIDED BY METLIFE?


Satisfied4050%

Dissatisfied1620%

Neutral2430%

Total80100%

Graph showing the satisfaction level of customers for the calls & notices provided for the payment of renewal premium.

INTERPRETATION

From the above graph, it is inferred that 30% of the customers are Neutral in their satisfaction level, 20% of the customers are dissatisfied with the Calls and Notices provided for the payment of renewal premium and 50% of the customers are satisfied with the calls and notices provided for the payment of renewal premium.

8) REASON FOR TAKING POLICY WITH METLIFE.


Low Premium 1620%

Services3240%

Satisfaction2025%

Additional Benefits1215%

Total80100%

INTERPRETATION

From the above graph, it is inferred that 40% of the customers will buy because of its services, 25% of the customers will buy because they are satisfied with the company, 20% of the customers will buy because of low premium and 15% for additional benefits.

9) HOW ARE YOUR RELATIONS WITH METLIFE?ParticularsNo. of respondents Percentage (%)

Excellent2734%

Very Good3341%

Good2025%

Total80100%

Graph showing the quality of relationship METLIFE maintain with their customers

INTERPRETATION

From the above graph, it is inferred that 41% of the customers says that quality of relationship METLIFE maintain with their customers is Very Good, 34% of the customers says that quality of relationship METLIFE maintain with their customers is Excellent and 25% of the customers says that quality of relationship METLIFE maintain with their customers is Good.

QUALITATIVE ANALYSIS

Reasons for customers not to have purchased insurance policy from MetLife are as given below:

1) Insufficient fund

2) Product choice

3) Already have policies

It is to be noted that only a few of the customers who had participated in the survey had given the reasons for not purchasing insurance policy from MetLife.

Reasons to take Insurance Policy:

ReasonsMetLife CustomersNon MetLife Customers

Risk Coverage20%10%

Savings25%40%

Tax Rebate23%5%

Investments25%17%

Medical Benefit18%28%

From above, it is found that both MetLife and Non MetLife customers were having similar reasons to take insurance policy. The main reason for both these profile of customers to take insurance policy was to use it as an investment tool for their savings. This was followed by risk coverage and tax rebate. Further, the split up s customers across different reasons were similar for both MetLife and Non MetLife customers.Sources of awareness:ReasonsMetLife CustomersNon-MetLife Customers

Insurance Advisors60%51%

Advertisement14%24%

Friends/Relatives22%25%

From above, it is found that both MetLife and Non MetLife customers got awareness about the Company from the Insurance Advisors.

Influencing factor to purchase insurance policy:ReasonsMetLife CustomersNon MetLife Customers

Relationship-with Advisor80%45%

Policy Plan 18%55%

Trustworthy/Reliable2%0%

From above, it is found that there are 2 areas, where there is clear difference in the influencing factors to purchase insurance policy between MetLife and non MetLife Customers. MetLife has a clear advantage in comparison with its competitors in the area of relationship with Advisors. On the other hand, competitors have a clear advantage over MetLife in the area of Premium Amount. In the other words, MetLife is able to overcome its relative Premium image through its Advisors developing good relationship with their customers.

Contacted from customer service department:

ResponseMetLife CustomersNon MetLife Customers

Yes70%80%

No30%20%

From above, it is found that both MetLife and Non MetLife customers have been contacted from Customer Service. But here, Non-MetLife has a slight advantage over MetLife.

Satisfaction level with insurance products of the companies.


Satisfied15%23%

Neutral59%72%

Dissatisfied26%5%

From above, it is clear that MetLife has more proportion of its customers being very satisfied with its insurance products when compared with that of the competitors. Both the companies had equal proportion of its customers being dissatisfied and very dissatisfied with its insurance products when compared with that of competitors.

This indicates that the customers of MetLife were more satisfied with the companys insurance products when compared with that of its competitors.

Comparison between chance of repurchasing and chance of purchasing: ResponseChance of repurchasing

(MetLife Customers)Chance of purchasing(Non MetLife Customers)

Very good4%0%

Good54%47%

Fair41%49%

Poor1%4%

Here the researcher had made attempt to compare the chance of repurchasing MetLife insurance policy by MetLife Customers with the chance of purchasing MetLife insurance policy by non MetLife Customers.

Quality of relationship:


Excellent34%6%

Very good41%52%

Good25%38%

Fair0%0%

Poor0%4%

From above, it is clear that MetLife had more proportion of its customers find quality of relationship excellent and very good when compared with that of competitors. Also MetLife had less proportion of its customers find quality of relationship poor when compared with that of competitors. This indicates that the customers were rated the companys quality of relationship more when compared with that of competitors.

CONCLUSION

CONCLUSION

The researcher had chosen to do the study in the insurance sector, as it is an extremely competitive industry. Since insurance business is based on a long term relationship with customers, it is important for the company to understand the current satisfaction level of customers on its insurance products and services. This understanding will enable the company to understand its competitive advantages areas where it needs to make improvements.

The major objectives of this study were to assess the customer satisfaction level for life insurance products of MetLife India Insurance. The other objectives include assessing the awareness on the insurance products of MetLife Insurance, to understand customer preferences for insurances products and to find reasons for customers to select a particular company.

To arrive at the objectives, the researcher had considered two profiles of customers. One consists of MetLife customers and the other of non MetLife customers. Questionnaire method was used to collect relevant primary data.

In the influencing factors to purchase insurance policy between MetLife and Non MetLife customers, MetLife has a clear advantage in comparison with its competitors and in the areas of relationship with advisor, salaried class are found to be more willing to take policy.

The researcher is hopeful that this project study would give some insight to MetLife Insurance that can contribute to further establish its position in the market. Hence MetLife has an upper hand in the market its competitors.

RECOMMENDATIONS

RECOMMENDATIONS

MetLife India Insurance is one among the most reputed players in the field of Indian insurance sector. Based on the market study, a few suggestions are made which may be helpful to further establish its position in the market. They are:

Emphasis can be given to the salaried class, for they are found to be more willing to take policy.

Company can introduce new flexible schemes to target the various market segments. In this, the company can give specific focus to tap market in the rural areas.

Effective customer relation needs to be maintained by constant interaction with customers.

Product explanation regarding the policy should be emphasized as it can attract more customers.

Use of advertisement media to install confidence in the psyche of the people that MetLife is as capable and efficient as other leading players in the insurance sector.

BIBILOGRAPHY

BIBLIOGRAPHY

Books:- Insurance-Principles and practice by M.N.Mishr Insurance theory and practice by Nalini Prave Tripathy, Prabir Pal

Websites:- www.economictimes.com

Insurance corporation of India

www.insuranceblogspot.com

www.metlifeinsurace.com www.indiainsuranceonline.com www.wikipedia.com www.google.com

QUESTIONNAIRE

QUESTIONNAIRE

(The information furnished by the respondent is strictly for Academic purpose only)

Dear Respondent, as a part of research, a survey is taken up to study the Consumer Behavior towards the Big Bazaar. Kindly provide the following information.Name:________________________________

Location: Delhi Non Delhi

Age: 20-30 30-40 40 above

Occupation:

Service BusinessGender:

Male Female

Income for month:

Rs 5000- Rs 10000

Rs 10000- Rs 20000

Rs 20000 and Above1) DO YOU HAVE AN INSURANCE POLICY?

Yes

No2) WHAT IS YOUR REASON FOR TAKING AN INSURANCE?

Tax Rebate Savings Medical

Investment Risk Coverage

3) HOW DID YOU COME TO KNOW ABOUT METLIFE?

Insurance Advisor Friends/Relative Advertisement Others

4) WHAT IS THE FACTOR EFFECTING YOUR PURCHACES?

Relationship with ad Policy Plan

Trustworthy/Reliability

5) ARE YOU HEPLED BY OUR CUSTOMER CARE DEPT.?

Yes No

6) IS THE FEEBBACK FROM THE COMPANY GOOD?

Yes

No

7) ARE YOU SATISFIED BY THE SERVICE S PROVIDED BY

a. METLIFE?

Satisfied

Dissatisfied

Neutral

8) REASON FOR TAKING POLICY WITH METLIFE.

Low Premium Services

Additional Benefits Satisfaction

9) HOW ARE YOUR RELATIONS WITH METLIFE?

Excellent

Very Good

Good

10) ANY SUGGESTIONS, HOW METLIFE CAN IMPROVE

THEIR PRODUCTS?

EMBED Excel.Chart.8 \s

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Advertisement14%

Others4%


Policy plan18%

Trustworthy/Reliablity2%

YES73%

NO27%

Satisfied15%

Dissatisfied26%

Neutral59%

Low Permium20%

Services40%

Satisfaction25%

Additional Benefits15%

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Advertisement14%

Others4%


Policy plan18%


YES80%

NO20%

Satisfied15%

Dissatisfied26%

Neutral59%

Very Good4%

Good54%

Fair40%

Poor2%

Excellent34%

Very Good41%

Good25%

Insurance advisors56%

Family28%

Friends15%

Self1%

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Policy plan18%


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Satisfied15%

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Neutral59%

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Excellent34%

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Saving25%

Risk Coverage20%

Medical18%

Investment25%

Tax Rebate23%

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project report on metlife

Documents

life insurance

insurance business

insurance sector

insurance companies

car insurance

insurance industry

insurance rate

insurance coverage