CHAPTER 1 INTRODUCTION

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1.0 Introduction
Definition: A promise of compensation for potential and future losses in replace of a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Agreeing to the terms of an insurance policy creates a contract between the insured and the insurer. In exchange for payments from the insured (called premiums), the insurer agrees to pay the policyholder a sum of money upon the occurrence of a specific event. In most cases, the policy holder pays part of the loss (called the deductible), and the insurer pays the rest. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance. Compensation is made from a fund to which a lot of individuals exposed to the similar risk have contributed sure specified amounts, called premiums. Sum for an individual loss will be divided among many, does not fall a great deal upon the real loser. The core of the agreement of insurance is called a policy. The main operations of an insurance company are underwriting the purpose of which risks the insurer can take on and pace making the decisions regarding essential prices for such risks. Underwriter is accountable for guarding aligned with unfavorable selection, wherein there is extreme coverage of high risk candidates in percentage to the exposure of low risk candidates. To prevent an adverse choice the underwriter is obliged to consider psychological, physical and moral hazards in relative to applicants. Physical hazards comprise those dangers which enclose the individual or a property, put at risk the well being of the insured. The sum of the premium is determined by the process of the law of averages as calculated by actuaries. Investing premium payments in a broad range of income producing projects, insurance companies have turn out to be major suppliers of funds, and they grade amongst the nation's major institutional investors. In easy terms, insurance allows somebody who suffers a loss or mishap to be compensated for the result of their calamity. It protects everyone aligned with everyday risks to health, home and financial circumstances.

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1.1 History of Insurance:

Life is full of risks and uncertainties. Since we are social human beings we have too many responsibilities. Indian consumers have big influence of emotions and rationality on their buying decisions. They believe in the future rather than the present and desire to have a better and secured future, in this direction life insurance services have its own value in terms of minimizing risks and uncertainties. Indian economy is developing and having huge middle class, Societal Class and salaried persons. Their money value for current needs and future desires helps in generating the reason behind holding a policy. The growth of the services sector in the Asian economies led to substantial changes in the financial sector. The Asian Financial Crisis, affecting the ASEAN economies in particular resorted to more regulatory measures to enhance delivery of products with minimal risks and failures. The countries surrounding the ASEAN economies also went through a phase of economic-restructuring, the most notable event being the impact of Chinas accession to WTO. The insurance industry in most of the Asian economies were publicly owned and operated. Government monopoly kept this segment of the financial market isolated from domestic private or foreign participation. Barring few exceptions, the insurance market on an average remained underdeveloped in terms of insurance density and penetration. Regulatory changes since mid eighties and opening of these markets to private and foreign entry have been luring global heavyweight insurers to enter these economies. As more suppliers enter these markets, the issue is to re-examine the factors that can probably elevate demand for insurance products. The insurance sector in India has reached a full circle from being an open competitive market to Nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 19 years. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

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Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the 1945- 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are: 1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. Source: http://www.licindia.in/history.htm

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1.2 Insurance industry:

Insurance has got its origin from the concept of Indemnity. It is against the loss, which has occurred due to some unavoidable circumstances. To some, the concept of insurance has got its origin related to the uncertainty in the life. Uncertainty has been the integral part of everyone's life, be the uncertainty in terms of money, uncertainty in terms of life etc. Through out the tenure every other individual's effort is directed towards avoiding this uncertainty. The concept of insurance has got its origin from this very effort of avoiding the uncertainty. Though it is not possible to avoid the uncertainty, it is highly possible to compensate the loss, which has occurred due to happening of this uncertainty. This compensation of unavoidable circumstances which has occurred, is known as Insurance. It is the pooling of funds by many to compensate the loss of few, whereby many individuals pool themselves together to create a fund in order to compensate the loss that has occurred to the few. 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, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Insurance is something that almost all of us will need sometime, and it is worth understanding it before buying it.

1.3 Types of insurance

There are basically three types of Insurance: 1) LIFE INSURANCE: It is a type of insurance which relates to the life of Human beings. The main objective of Life Insurance is: Human life safeguard Survivor benefit Family safeguard after the death of the insured person

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There are two types of policies under life Insurance namely conventional policy and ULIP Policy. In conventional policy the insured is not given the information about the investment fund about where is money is invested. On the other hand the ULIP is just opposite of conventional policy which ensures a detail about the insurers investment and offers him many benefits as compared to Conventional plan. 2) HEALTH INSURANCE: Most developed nations have government-funded health care which means that most or all citizens have access to medical facilities and treatment, as well as health insurance. For example, the National Health Service (NHS) in the United Kingdom pays for citizens medical needs. However, in the US, there is no government-funded health policy - whether for insurance or treatment. As a result, US citizens and residents must be insured or risk facing astronomical medical bills, garnishing of wages, and bankruptcy. Often, medical insurance (both health and dental) is included in employee benefit packages in the US and other countries. Nevertheless, the issue of affordable health insurance and treatment in the US is one of the most controversial and heated topics, as many cannot afford either. If you live in a country without comprehensive national health care, then low cost health insurance is a vital requirement. 3) GENERAL INSURANCE: General Insurance represents other forms of insurance beyond Life and Health Insurance. There are various types of General Insurance such as: Motor Insurance This includes automobile, truck, motorcycle, aircraft, boat, or any other form of motorized transportation. It is perhaps the most common type of insurance, and is required by law in many countries. Motor insurance covers the insured party against financial loss that he may incur to repair his vehicle or a third partys in the event of an accident. In return for annual or semiannual premiums, the insurance company is bound to pay any losses as described in the policy. Such a policy may include property, liability or third party, and medical coverage. Property coverage insures damage to or theft of a vehicle; liability covers bodily injury or property damage that may occur as a result of the insureds actions, and medical coverage pays

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any fees necessary for bodily injuries, rehabilitation and in some cases foregone wages and funeral costs. In many countries, all of these types of automobile insurance are required of vehicle owners. In some countries, or states, only third party is required. However, in the case of new vehicles, any banks which may be financing the vehicle may require full insurance as a condition of financing. Disability Insurance This form of insurance protects workers from injuries and illnesses which prevent them from doing their jobs. It can pay for existing commitments the policyholders may have such as outstanding bills, mortgages, utilities, and more. Workers compensation is common in the US, and pays a worker his wages and medical expenses in the event of an injury on the job. Permanent disability which prevents a worker from ever working again is covered by total permanent disability insurance. This provides the disabled employee with benefits for the rest of his or her life, or according to the terms specified in the policy. Companies can purchase a similar type of insurance, called, disability overhead insurance. This pays for ongoing overhead costs of a business while the owners are not able to work. Property Insurance This type of insurance typically covers things like homes, machinery, crops, valuable goods, shipped cargo, rented property (homes or apartments), and more. It can cover damages as a result of various activities including acts of God (earthquakes, floods, storms, hurricanes, etc), vandalism, terrorism, fraud, and more. Liability Insurance This covers negligent acts of an insured party with reference to a vehicle or a home. It protects the insured against legal claims and indemnification. There are various types of liability

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insurance such as professional indemnity insurance Environmental liability insurance and Prize indemnity insurance Professional indemnity insurance protects employees from malpractice suits (as in the medical profession), errors and omissions (by appraisers, home inspectors, realtors, insurance agents, notaries, and others), and other acts of unintentional workplace negligence. Credit Insurance This is taken by lenders who need coverage against the people that have credit with them (borrow money). In the event of their inability to pay it back (usually due to unemployment, disability, or death), this insurance protects the lender. There are many other kinds of insurance, and even each of the major categories mentioned above has dozens of variations and types. They differ depending on the markets, the understanding of risk and availability of historical data, government regulation and law, cultural perceptions and expectations, and more.

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CHAPTER 2 RESEARCH METHODOLOGY

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2.1 Problem definition Insurance is a booming sector; in the year 2000 it was a milestone where the insurance industry got liberalized after more than fifty years. This sector was a monopoly in the past with LIC as the only company which is a public sector enterprise. When the market got opened up and now there are more private players contending in the market. There are almost fifteen private life insurance companies has come into this industry at this juncture. In recent years private players have launched much of novelty in the industry in terms of products, penetrating channels and advertising the products, several agencies with training and customer services etc. Despite the efforts whichever have been taken by these companies still there is a strong positioning for public service enterprises. People have the mental blockage of not moving towards these private players because of the lack of trust they have with them. I have taken this as a problematic issue in marketing for this particular product; especially there would be a definite positive outcome for private companies when I finish this thesis project. 2.2 Objectives of the study Main Objective: To study the factors underlying consumer perception towards investments in insurance policies. To analyze the degree of changes in the consumer psyche towards Insurance products with respect to market conditions. To open further vistas for new researches to attain market leadership. Secondary Objectives: To find the market potential and penetration of Insurance policies in Chennai. To expand the access of insurance policies. To increase the product awareness of insurance investment. To give an idea about the regulations of insurance. To give an idea of the types of schemes available.

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2.3 Scope There is a large potential in this industry for private players to increase their market share according to their marketing strategies or initiatives. Despite a strong positioning for public sector, there is a huge market open for private players to capture the market and it is not saturated. Positively my thesis work will answer for this with suggestions and strategies on how to capture the same.

2.4 Method of Data Collection Type of Study: The study commenced is Exploratory in nature as we have the given problem and we are trying to find a solution to the problem Primary data will be collected and analyzed through the form of questionnaire being prepared based on the sample size taken. Secondary data will be collected through magazines, journals, internet so as to further help in analyzing the study. 2.5 Sampling Segment A well framed questionnaire was prepared after incorporating the information collected through pilot survey. The primary data was collected through questionnaires and informal interviews with the Sales Managers, Sales officers, Experts within the organization and as well as the customers. The secondary data were collected through internet, company details obtained from the organization and though various marketing books. The data collection was done for a period of one month. 2.6 Limitations of the Study The survey is confined to Chennai City only. The findings and suggestions are applicable only for Chennai City. Cost incurred a lot while collecting samples. The information obtained from the respondent may be biased.

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2.7 Sample Size To analyze the customer psyche towards Insurance products we have taken a sample size of 100 consumers. This study will follow Simple random sampling. Primary Data: Exploratory Survey Consumers Insurance Managers Sales executives Agency managers Experts 50 10 25 10 05 100

2.8 Justification

As mentioned above my thesis research work will bring up several insights and pitfalls in acquiring new customers by private players in this industry. The final outcome will be a reference material for the existing players to capture the market share on the higher side.

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CHAPTER 3 LITERATURE REVIEW

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It's better to be the first than it is to be better.

Being first in any category is going to give you the edge being the leader comes from being first. It's much easier to get into the mind of consumers first than try to convince people you have a better product or service than the one that did get there first. Improvements are always made to product/service inventions and innovations but the first in has a head start. Once you are the leader, a position mostly gained by being first, it is pretty hard for competitors to dislodge you, as long as you keep your products up to date and of comparable quality. Further, the first in to the market has the opportunity to have its brand name adopted as the generic category name. Once you are first and get the consumers to buy your brand, often they won't bother to switch. People tend to stick with what they've got. The market leader is dominant in its industry and has substantial market share. If you want to lead the market, you must be the industry leader in establishing an innovation-friendly organization, developing new business models and new products or services. You must be on the cutting edge of new technologies and innovative business processes. Your customer value proposition must offer a superior solution to a customers' problem, and your product must be well differentiated. "Evolve a game plan, a business strategy "number one, number two," advises Jack Welch. Build on what the company does best. Have a Unique Selling Proposition based on giving customers value that competitors cannot equal or surpass. Become more concrete, more focused. In business, the strong survive, the weak do not. The big, fast ones get to play, the small, slow ones are left behind. There is a competitive advantage of being the best or the second best that can, and should, be exploited. Winners and market leaders will be those who insist upon being the number one or number two fastest, leanest, lower-cost, world-wide producers of quality goods or services and those who have a clear technological edge or a clear competitive advantage in their chosen niche. Traditional corporations, using old business models, are over structured, over controlled, and over managed, but under led. Top managers should rather concentrate on that handful of real managerial tasks that will bring success in the future. Thus, a new business model is emerging, a model where "most of key missions of the organization are distributed to the myriad individual pieces and unity comes from the vigor of

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people and the free flow of knowledge, not a burdensome central headquarters. Sustainable competitive advantage is the prolonged benefit of implementing some unique value-creating strategy based on unique combination of internal organizational resources and capabilities that cannot be replicated by competitors. Sustainable competitive advantage allows the maintenance and improvement of your enterprise's competitive position in the market. It is an advantage that enables your business to survive against its competition over a long period of time. Source: http://www.1000ventures.com/business_guide/market_leader.html

The Economic Times: Steering resurgence at United India

It was a PSU shaken and stirred by a double whammy that hit the then sedate insurance industry. The public sector insurance companies got the first jerk after the de-regulation a decade ago, that paved way for the entry of a whole host of private players. Then came the de-tariffing regime, which led to severe under-cutting.

The repercussions were felt strongly by Chennai-based United India Insurance. Insiders admit the morale was down in 2003 and the company started losing business. By 2007-08, it was pushed to fourth place with a mere 6.9% rise in gross premium at Rs 3,739 crore.

But in the past two years, the state-owned insurer staged a comeback of sorts. In 2009-10, it clocked an impressive 48.7% increase in net profit at Rs 707.1 crore in the year ended March 31, 2010, against Rs 476.1 crore in the previous year.For two years in a row, the company did well in all parameters - increase in premium, net worth, investment income, PAT and market value of investments. United India has also emerged as the second-largest general insurance company in the country (after New India). Like in the previous year, it improved its market share to 14.6% in 2009-10 from 13.7%.

And the face behind the turnaround saga is the CMD G Srinivasan, who took charge in October 2007. He came from market leader New India Assurance, wherein he rose to the rank of general

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manager after joining in 1979. In New India, he also had an international stint as head of operations at Trinidad & Tobago in West Indies.

"I came with a lot of passion to lead the team from the front. Today, there is a lot of energy and enthusiasm in the organisation. We are more focused now and become stronger to take on the future challenges," says Mr Srinivasan, who hails from Chennai. He did his fellow of insurance and ICWA after his commerce degree from Vivekananda College. Like a typical Chennaite, he loves Carnatic music, plays chess and cricket besides golf.

Apart from Mr Srinivasan, United India got three general managers from outside. The top officials had a brainstorming session to tone up operational efficiency, delivery system, improve the standards of underwriting and claims management.

Mr Srinivasan led the task of unleashing the company's potential, as it had over 1,400 offices all over India, issuing more than one crore policies in a year and having 17,000-plus people and an army of 2,000 officers.

He set them three major objectives: Focus on improving customer service, improve its profits to make its financial fundamentals strong and increase market by aggressively growing business.

Alongside, an organisation restructuring titled Unisurge packed with 12 initiatives focused on marketing, investment and customer service was taken up to boost business. He also focused on renewing the tie-ups with large corporates, expanding the concept of micro offices and agency force to increase retail business. These efforts have started paying substantial dividends. He is set to keep up the momentum this year with plans to achieve a gross premium income of Rs 6,000 crore. It will retain focus on tapping retail business and ramp up the agency channel to one lakh agents by 2011-12 from the current 30,000. They will be monitored and mentored by unit managers. It will also expand bancassurance tie-ups.

Source: http://insurancenewsnet.com/article.aspx?id=200819&type=newswires

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Private insurers humming latest chart buster

What does one do to grow in a category like life insurance, where it is just not possible to topple the market leader? Well, Max New York Life, Aegon Religare, Tata AIG, Aviva Life Insurance, ICICI Prudential and HDFC Standard Life are focusing on child plans. Not because they feel like babies before LIC India, which holds more than 70% market share in the countrys life insurance market, but because most policies sold in the country are for children. And, now, these insurers have also handed over the marketing job to children, be it Max New York Lifes Czechoslovakia kid who tugged at your heart (and purse) string or Aegon Religares 3D junior playing the guitar who made you write the cheque. They are also trying to engage with children directly through contests and coaching camps in an effort to reach out to parents worried about their childrens education and marriage. Vishal Gupta, director-marketing at Aviva Life Insurance, gives a perspective, The Indian demographics has the largest young population in the world. Over 70% of our population is under 30 years of and 50% is under 20 years of age. This offers unlimited potential for the insurance business in our country easily for the next 50 60 years, he says. Young parents with disposable incomes are looking at investing for their kids. And the biggest driver for them is to give their kids a good education, which will in turn be their bridge for a better tomorrow. Surveys done by Tata AIG and Aviva have both put childs education above any other reason for investing in an insurance product. And to woo these people, insurers are going beyond mass media. ICICI Prudentials initial effort in engaging kids was in the form of a cricket coaching camp it conducted in association with Chris Keynes. In 2006-07, it organised the National Geographic Smart Kid competition spread across 380 schools in 10 cities. Recently, ICICI Prudential has ventured into rural India to sell products with an initiative called Pragati Ki Anokhi Paatshala, where the brand will be engaging over 200 schools in a two-day programme. The capsule includes activities like memory enhancements, communications skills, vedic maths, etc being conducted at schools. The programme also includes a session on financial planning with the participants and if they are interested, then an ICICI Prudential representative would go to his home to give them the details about the various insurance options available. Source: http://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspx

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LIC bets on customer service to stay ahead

With almost two dozen players fighting for new customers, life insurance market in India has become extremely competitive. Yet, Life Insurance Corporation , the market leader, has been able to increase its market share from 61 per cent to 65 per cent last fiscal. According to Mr D.K. Mehrotra, Managing Director, LIC, providing the best of products and services to customers is the key to maintaining market share. In an interview to Business Line, Mr Mehrotra, who decides on the sales and marketing strategies at the country's largest insurer, talks about the company's growth plans and the increased focus on customer services? With Indian economy looking up, do you expect a better growth in new business this fiscal? We had a 33-per cent growth last year. In a competitive environment, we cannot say that we will grow at the same rate this year. Any growth has to be supported by proper infrastructure. This year, we have targeted to collect Rs 54,000 crore in the first premium income and sell 4.66 crore polices - that will be a 25-per cent growth in new business premium and 20-per cent growth in policies. Will the new regulation asking agents to disclose commission on ULIPs impact its sales? I don't except a big impact . Initially, there will be a setback because of the mind set. But in the long term, the customer will understand that agents are working for that commission. In India, insurance is still a push product. We have not reached that level of financial literacy where customers will buy policies on their own. Policies still have to be sold. And the intermediary needs some remuneration for selling the product. Agents still contribute a large chunk of your new business. What about developing new channels? Of the new business, more than 90 per cent comes from agents. Alternate channels are picking up the bancassurance contributes hardly three per cent. We have tie-ups with banks and corporate agents. Contribution of alternate channels should grow to 5-7 per cent. We started the direct channel' last August. This online service was aimed at tech-savvy people who have little time to visit branches. Source: http://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htm

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3.1 Functions of Insurance

The functions of Insurance can be bifurcated into two parts: 1. Primary Functions 2. Secondary Functions 3. Other Functions The Primary functions of insurance include the following: Provide Protection - The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. Collective bearing of risk - Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid. Assessment of risk - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also

Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

The Secondary functions of insurance include the following: Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc.

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Prevention of losses causes lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured. Small capital to cover larger risks - Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. The Other functions of insurance include the following: Means of savings and investment - Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured's For the purpose of availing income-tax exemptions also, people invest in insurance.

Source of earning foreign exchange - Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under marine insurance cover.

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3.2 Market Share of Insurance companies

Market share

36% 64.00%

public sector( LIC) private sector

PRIVATE PLAYER MARKET SHARE

ICICI PRUDENTIAL HDFC SLIC

8.74%

8.93%
BAJAJ ALLIANZ SBI LIFE

2.40% 2.96% 2.11% 6.98%

3.88%

RELIANCE LIFE

MAX NEW YORK

OTHERS

3.3 SWOT Analysis: ~ 21 ~

Strengths

Premium rates are increasing and so are commissions. The variety of products is increasing. Prospects expect more services from their brokers. Plenty of disposable income available
Weaknesses
Insurance companies are often slow to respond to changing needs. There is an increasing trend of financial weakness among the companies. There are more competitors for agencies to compete with banks and Internet players.

Opportunities
The ability to cross sell financial services is barely being tapped. Technology is improving to the point that paperless transactions are available. The client's increasing need for an insurance consultant can open new ways to service the client and generate income.

Threats
The increasing cost and need for insurance might hit a point where a backlash will occur. Government regulations on issues like health care, mold and terrorism can quickly change the direction of insurance. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies. Increasing expenses and lower profit margins will hit hard on the smaller agencies and insurance companies.

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3.4 PEST Analysis for Insurance industry:

Political
Political stability Trade regulations Tax policies IRDA regulations Insurance laws and rights

Economical
Economic growth Inflation rates Interest rates Government expenditure Consumer spending

Social

Technological

Demographics Consumer behavior Income distribution Health consciousness Living standards

Technological development Newly invented products Automation Information technology Cutting edge standards

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Life Insurance Corporation of India (LIC) The Life Insurance Corporation (LIC) was established about 44 years ago with a view to provide an insurance cover against various risks in life. A monolith then, the corporation, enjoyed a monopoly status and became synonymous with life insurance. Its main asset is its staff strength of 1.24 lakh employees and 2,048 branches and over six lakh agency force. LIC has hundred divisional offices and has established extensive training facilities at all levels. At the apex, is the Management Development Institute, seven Zonal Training Centres and 35 Sales Training Centres. At the industry level, along with the Government and the GIC, it has helped establish the National Insurance Academy. It presently transacts individual life insurance businesses, group insurance businesses, social security schemes and pensions, grants housing loans through its subsidiary; and markets savings and investment products through its mutual fund. It pays off about Rs 6,000 crore annually to 5.6 million policyholders. Source: http://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asp

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ICICI Prudential Life Insurance Company Limited ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and prudential plc UK (26%). The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena. Till March 31,2002 the Company has issued 100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of over Rs.15,000 Million. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April- December, 2005, the company garnered Rs 1,430 crore of new business premiums for a total sum assured of Rs 15,170 crore and wrote 497,765 policies. For the past four years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. Source:http://www.iloveindia.com/finance/insurance/companies/icici-prudential.html

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TATA AIG Insurance Company Tata Enterprises with 82 companies, spread over seven sectors and with an annual turnover exceeding US $ 8.8 billion, employs more than 262,000 people. Tata Group has shown over years that it is a value driven company and has pioneering contributions in various fields including insurance, aviation, iron and steel. In terms of capital market performance as many as 40 listed Tata companies account for nearly 5% of the total market capitalization of all listed companies. The Group has had a long association with India's insurance sector having been the largest insurance company in India prior to the nationalization of insurance. TATA GROUP IN INSURANCE: Tata AIG General Insurance Company Ltd, and Tata AIG Life Insurance Company Ltd., (collectively "Tata AIG") are joint venture companies between the Tata group India's most trusted industrial house and American International Group, Inc. (AIG), the leading U. S. based international insurance and financial services organization. The Late Sir Dorab Tata, was the founder Chairman of New India Assurance Co. Ltd., a group company incorporated way back in 1919. Government of India took over the management of this company as a part of nationalization of general insurance companies in 1972. Not deterred by the move, Tata group have ventured into risk management services having tied up with AIG group, back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt. Ltd. The Tata Group is one of India's largest and most respected business conglomerates, with revenues in 2006-07 of $28.8 billion (Rs129,994 crore), the equivalent of about 3.2 per cent of the country's GDP, and a market capitalization of $72.2 billion as on December 6, 2007. Tata companies together employ some 289,500 people. American International Group, Inc. (AIG), is a major American insurance corporation based at the American International Building in New York City. The British headquarters are located on Fenchurch Street in London, continental Europe operations are based in La Defense, Paris, and its Asian HQ is in Hong Kong. According to the 2008 Forbes Global 2000 list, AIG was the 18th-largest company in the world. Source: http://www.medindia.net/patients/insurance/tata-aig-general-insurance.htm

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BAJAJ ALLIANZ LIFE INSURANCE

Bajaj Allianz Life Insurance Company Limited. Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two leading conglomerates, Bajaj Auto, one of the biggest 2 and 3 wheeler manufacturers in the world and Allianz AG, one of the world's largest insurance companies. Bajaj Allianz Life Insurance Is the fastest growing private life insurance company in India. Currently has over 3,00,000 satisfied customers We have customer care centers in 155 cities with 28000 Insurance Consultant providing the finest customer service. One of India's leading private life insurance companies

Bajaj Allianz General Insurance Company Limited. Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and the remaining 26% is held by Allianz, AG, Germany. Bajaj Allianz today has a network of 42 offices spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune. Founded in 1890 in Berlin, Allianz is now present in over 70 countries with almost 174,000 employees. At the top of the international group is the holding company, Allianz AG, with its head office in Munich. Source: http://www.bajajallianzlife.co.in/

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Religare Insurance Advisory Ltd. Religare team is led by a very eminent Board of Directors who provide policy guidance and work under the active leadership of its CEO & Managing Director and support of its Central Guidance Team. Religare has been taking care of financial services for long but there was a missing link. Financial planning is incomplete without protective measure i.e. structured products to take care of event of things that may go wrong. Consequently, Religare is soon coming up with Religare Insurance Advisory Services Limited. As composite insurance broker, we would deal in both insurance and reinsurance, providing our clients risk transfer solutions on life and non-life sides. This service will take benefit of Religares vast business empire spread throughout the country -- providing our valued clients insurance services across India. We aim to have a wide reach with our services literally! Thats why we are catering the insurance requirements of both retail and corporate segments with products of all the insurance companies on life and non-life side. Still, there is more in store. We also cater individuals with a complete suite of insurance solutions, both life and general to mitigate risks to life and assets through our existing network of over 150 branches expected to reach 250 by the end of this year! For corporate clients, we will be offering value based customised solutions to cover all risks which their business is exposed to. Our clients will be supported by an operations team equipped with the best of technology support. Religare Insurance Advisory aims to provide neutral, transparent and professional risk transfer advice to become the first choice of India.

Source: http://www.aegonreligare.com/

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CHAPTER 4 DATA ANALYSIS AND INTERPRETATION

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4.0 Data analysis and interpretation Q1. What percentage of your income do you save normally? Table 1: No of respondents 7 27 45 21 100 Percentage of respondents 7% 27% 45% 21% 100%

Saving percentage of income

5% - 10% 10 % - 25% 5% - 40% >45% Total

Chart 1:
50
40 30 20 10 0 5% - 10% 10 % - 25% 5% - 40% >45% No of respondents

Inference:

Above survey data shows maximum number of person around 45% save 5-40% of their income, followed by 27% persons who save around 10-25% .other category save more than 45% of their income followed by 7% member who saves 5-10% of their income.

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Q2. Rank the following investments according to your preference (1-5)? Table 2:

Options

No of respondents

Percentage of respondents

Bank Deposit Stocks/Shares Mutual Funds Gold/ Commodities Insurance Total Chart 2:

8 11 21 28 32 100

8% 11% 21% 28% 32% 100%

Bank Deposit Stocks/Shares Mutual Funds Gold/ Commodities Insurance

Inference: Above survey shows maximum number of person around 32% prefer insurance as the mode of investment, followed by 28% persons who prefer gold as the mode of investment. The remaining 21% prefer mutual funds, 11% prefer stock purchase and only 8% go for bank deposits.

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Q3 Do you think insurance policies are necessary in present world? Table 3: No of respondents 19 37 32 12 100 Percentage of respondents 19% 37% 32% 12% 100%

Options

No Yes To some extent Cant say Total

Chart 3:

40 30 20 10 0 No Y es To s ome C ant s ay extent No of res pondents

Inference:

A majority of 37 persons say that insurance policy is very important in the present world, followed by 32 persons who say that to some extent it is important , 19% say that insurance policy is not at all important.

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Q4. Are you aware of latest updates in insurance policies and schemes? Table 4: Percentage of respondents 44% 56% 100%

Options

No of respondents

Yes No Total

44 56 100

Chart 4:

Y es 44% No 56%

Inference: A majority of the 56 % of the respondents are not aware of the updates in the insurance policy and schemes. 44% of the respondents are aware of the updates in policy and schemes.

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Q5. Do you have any Insurance Policy? Table 5: Options Yes No Total No of respondents 78 22 100 Percentage 78% 22% 100%

Chart 5

No No of respondents Yes

10

20

30

40

Inference:

From the above chart it is clear that 78% of the respondents are having an insurance policy for themselves, only a minority of 22% is not having an insurance policy.

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Q6. If yes which type of policy do you have? Table 6:

Options Life Insurance Health Insurance General Insurance Others Total Chart 6:

No of respondents 28 22 24 26 100

Percentage of respondents 28% 22% 24% 26% 100%

30 25

20
15 10 5 0 Life Insurance Health Insurance General Insurance others No of respondents

Inference:

A majority of 28% respondents have life insurance followed by 26% of the respondents having general insurance and 22% having health insurance.

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Q 7. What type of Insurance do you prefer? Table 7: No of respondents 43 57 100 Percentage of respondents 43% 57% 100%

Options

ULIP Conventional Total

Chart 7:

C onventional No of res pondents ULIP 0 10 20 30 40 50 60

Inference:

The above survey data shows that majority of the respondents prefer conventional insurance followed by 43% say that they prefer ULIP insurance.

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Q 8 Do you have any ULIP policy? Table 8:

Options

No of respondents 44 56 100

Percentage of respondents 44% 56% 100%

Yes No Total Chart 8:

60
50 40 30 20 10 0 Yes No No of respondents

Inference:

The above survey data shows that 44% have a ULIP policy and 56% do not have one.

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Q 9. If yes, which are the factors that you prefer the most? Table 9:

Options

No of respondents

Percentage of respondents

Returns Risk raiders switch options others Total

20 24 26 30 100

20% 24% 26% 30% 100%

Chart 9:

others switch options No of respondents Risk raiders Returns 0 Inference: 10 20 30

A majority of 26% the respondents say that switch options are the most preferable factors, followed by risk raiders with 24%, and returns with 20%.

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Q10. Your mode of awareness about Insurance companies? Table 10: Options Media Advertising friends& relatives Company reference Agents Total Chart 10: No of respondents 34 12 37 17 100 Percentage of respondents 34% 12% 37% 17% 100%

40 35 30 25 20 15 10 5 0 Media Advertising Inference: friends& relatives Company reference Agents No of respondents

From the above chart it is clear that media advertising the best way to create awareness about insurance, company reference has 37% of the votes in creating the awareness, 17% say that agents contribute most to the awareness and 12% feel friends and relatives.

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Q11. Among life insurance companies which one do you prefer the most (rank them)? Table 11:

Options

No of respondents 88 7 3 2 1 100

Percentage of respondents

LIC Bajaj Allianz ICICI prudentiel Tata AIG Kotak Mahindra Total

88% 7% 3% 2% 1% 100%

Chart 11:

L IC B ajaj A llianz IC IC I prudential Tata A IG K otak Mahindra

Inference: Of the respondents 88% prefer that LIC is the best insurance company, followed by Bajaj Allianz with 7%, ICICI prudential with 3% votes, Tata AIG with 2% votes and kotak with only 1% votes.

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Q12. While selecting an insurance company for investments what is that you consider the most? Table 12:

Options Brand Name Market Share/ Size Returns/Benefits offered Policy charges/ track record Total

No of respondents 30 10 24 36 100

Percentage of respondents 30% 10% 24% 36% 100%

Chart 12: Brand Name Market Share/ Size

Returns/Benefits offered
Policy charges/ track record

Inference:

While selecting an insurance company for investments majority of 35% look for policy charges/track records, 30% look out for brand name, 24% prefer returns and benefits offered and 10% look for market share /size.

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Q13. Do you consider market condition as an important tool for investment in Insurance policies? Table 13:

Options

No of respondents 76 24 100

Percentage of respondents 30% 24% 100%

Yes No Total

Chart 13:

100 50 0 Yes No No of respondents

Inference:

From the survey data we can conclude that 76% of the respondents consider the market condition before investing and only 24% say no.

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Q14. At what market condition do you prefer to invest in Insurance? Table 14:

Options

Percenta No of ge of respondents respondents 29 31 40 100 29% 31% 40% 100%

Boom Slack Cant say Total

Chart 14:

Cant say Slack Boom 0 10 20 30 40 No of respondents

Inference:

Majority of the people cant trust in the market condition for investing because its always fluctuating, 31% say that they invest when the market is in slack state, 29% invest when market is in boom.

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Q15. Your view about private insurance companies and their services.

Table 15:

Brand Image Level 10 Level 20 Level 30 Level 40 Level 50 Level 60 Level 70 Level 80 Level 90 Level 100 Total

No of respondents

Percentage of respondents

3 7 9 4 4 12 21 13 11 16 100

3% 7% 9% 4% 4% 12% 21% 13% 11% 16% 100%

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Chart 15:

25 20 15 10 5 0
0 0 0 0 0 0 0 0 0 l1 l2 l3 l4 l5 l6 l7 l8 l9 ve ve ve ve ve ve ve ve ve Le Le Le Le Le Le Le Le Le ve l1 00

No of res pondents

Inference:

A majority of 21% have an average opinion of private insurance firms with a brand image of level 70. Followed by 16% of them giving level 100. Overall there is a good opinion about private banks.

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Le

Statistical tools
1. INTERVAL ESTIMATION: Q4. Are you aware of latest updates in insurance policies and schemes? Table 4: Percentage of respondents 44% 56% 100%

Options

No of respondents

Yes No Total Standard Error = (PQ/N) = (0.44*0.56/100) = 0.0496 P- (1.96* 0.0496) = 0.44 (1.96* 0.0496) = 0.44 (0.09729) = 0.34271 = 34% P+ (1.96* 0.0496) = 0.44 + (1.96* 0.0496) = 0.44 + (0.09729) = 0.53729 = 53%

44 56 100

INFERENCE: Interval Estimation of the awareness of latest updates in insurance policies and schemes lies between 34% and 53%.

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Q5. Do you have any Insurance Policy?

Table 5: Options Yes No Total Standard Error = (PQ/N) = (0.78*0.22/100) = 0.0414 P- (1.96* 0.0414) = 0.78 (1.96* 0.0414) = 0.78 (0.08114) = 0.69886 = 70% P+ (1.96* 0.0496) = 0.78 + (1.96* 0.0414) = 0.78 + (0.09729) = 0.86114 = 86% INFERENCE: Interval Estimation of having insurance policies and schemes lies between 70% and 86%. No of respondents 78 22 100 Percentage 78% 22% 100%

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Q 8 Do you have any ULIP policy?

Table 8:

Options

No of respondents 44 56 100

Percentage of respondents 44% 56% 100%

Yes No Total Standard Error = (PQ/N) = (0.44*0.56/100) = 0.0496

P- (1.96* 0.0496) = 0.44 (1.96* 0.0496) = 0.44 (0.09729) = 0.34271 = 34% P+ (1.96* 0.0496) = 0.44 + (1.96* 0.0496) = 0.44 + (0.09729) = 0.53729 = 53% INFERENCE: Interval Estimation of having ULIP policies lies between 34% and 53%.

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Q13. Do you consider market condition as an important tool for investment in Insurance policies?

Table 13:

Options

No of respondents

Percentage of respondents

Yes No Total

76 24 100

30% 24% 100%

Standard Error = (PQ/N) = (0.76*0.24/100) = 0.0427 P- (1.96* 0.0427) = 0.76 (1.96* 0.0427) = 0.76 (0.0837) = 0.6763 = 67% P+ (1.96* 0.0427) = 0.76 + (1.96* 0.0427) = 0.76 + (0.0837) = 0.8437 = 84% INFERENCE: Interval Estimation for considering market condition as important tool lies between 67% and 84%.

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CHI-SQUARE TEST: Table 1:

Saving percentage of income

No of respondents 7 27 45 21 100

Percentage of respondents 7% 27% 45% 21% 100%

5% - 10% 10 % - 25% 5% - 40% >45% Total

Q2. Rank the following investments according to your preference (1-5)? Table 2:

Options

No of respondents

Percentage of respondents

Bank Deposit Stocks/Shares Mutual Funds Gold/ Commodities Insurance Total

8 11 21 28 32 100

8% 11% 21% 28% 32% 100%

H0: There is no association between saving percentage of income and investments of preference. H1: There is association between saving percentage of income and investments of preference.

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5% - 10% (A)

10 % - 25% (B)

25% - 40% (C)

>45% (D) 2 4 8 4 8 11 21 28 32 100

Bank Deposit

3 4 5 8

2 2 7 15

Stocks/Shares 1 Mutual Funds 1 Gold/ Commodities Insurance 1

3 7

7 27

19 45

3 21

Since the values in the table are less, the chi-square test can be implemented by merging the cells A & B and C & D. 20-30 Yrs (A&B) Bank Deposit 4 30-40 yrs (C&D) 4 6 15 19 8 11 21 28 32 100

Stocks/Shares 5 Mutual Funds 6 Gold/ Commodities Insurance 9

10 34

22 66

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Formulate an Analysis: Significance level 0.05 Degree of freedom (d.o.f) = (2-1) * (5-1) = 4 E r, c = (nr * nc)/ n E11 = (8 * 34) / 100 = 3 E12 = (8 * 66) / 100 = 5 E21 = (11 * 34) / 100 = 4 E22 = (11 * 66) / 100 = 7 E31 = (21 * 34) / 100 = 7 E32 = (21 * 66) / 100 = 14 E41 = (28 * 34) / 100 = 10 E42= (28 * 66) / 100 = 18 E51 = (32 * 34) / 100 = 11 E52= (32 * 66) / 100 = 21 X^2 = [(O-E)2 / E]

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O 4 4 5 6 6 15 9 19 10 22

E 3 5 4 7 7 14 10 18 11 21

O-E 1 -1 1 -1 -1 1 -1 1 -1 1 Total

(O-E)2 1 1 1 1 1 1 1 1 1 1

(O-E)2 / E 0.33 0.2 0.25 0.143 0.143 0.071 0.1 0.056 0.091 0.048 1.432

Calculated

value = 1.432

Degree of Freedom = 4 Table value = 2.131847 Result = Significant at 5% level

INFERENCE The calculated value of 2 < Table value of 2 the null hypothesis is accepted. There is no association between saving percentage of income and investments of preference.

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CHAPTER 5 FINDINGS

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5 .0 Findings
Most people have savings of around 5-40% of their income. Our survey has revealed that majority of the people prefer insurance as the best mode of investment. A majority of persons feel that insurance policy is very important in the present world as it has a risk free saving. Majority of the people in the current world have insurance policies. Life insurance has turned out to be a favorite type of investment. Conventional insurance has majority of customers. A majority of the respondents say that switch options is the most important feature in insurance policy. Company references and media campaigns have good weight age in creating awareness among the public. LIC is the largest insurance company with no close competitor. Policy charges/ track record and brand name attract the customer the most. Referring Market condition is an important tool in investing money. Private insurance companies have a good image among the people.

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CHAPTER 6 RECOMMENDATIONS

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6.0 Recommendations
The most vital problem spotted is of ignorance. Insurer should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Insured should be made to realize that ignorance is no longer bliss and what they are losing by not taking insurance. Companies have to add some extra features in it with aggressive marketing promotional strategy. The company should concentrate more towards promotional tools and increase its focus on product awareness rather than brand awareness. Product must be improved Media Advertisement and Agents is the main source of attraction so the company must advertise its products heavily. Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors or Agents. Charges: The Company has to reduce the mortality and administration charges. The company has to give periodic training. Product promotion strategies should be improved. Company should consider the present competition and should act according to the customer needs. Insurance companies must promote their in a wider arena and attract more customers as insurance is being termed as a safe way to invest. Insurance companies must promote general insurance and health insurance among the people. Companies must introduce more flexible insurance policies. Insurance companies other than LIC must concentrate on attracting more customers.

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CHAPTER 7 CONCLUSION

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7.0 Conclusion

With the globalized economy and immense competition among countries for faster development of their respective economies, the significance of Insurance and Foreign investment has taken manifold. Importance and the role of Insurance, Mutual funds and FIIs play in the Indian stock market can be seen from the fact that the recent surge in Sensex and NIFTY is attributed to the active participation of FIIs in the Stock Market All though relatively new entrants are in the market, companies are slowly but surely gaining a strong hold because it is finally able to grasp the investment climate in Chennai. Secondly, the branch managers at all the branches are very knowledgeable with a lot of experience in the financial markets so under their leadership can definitely expand its base. A good brand is always welcomed here and people are more aware and conscious for the brand so they go for they are ready to spend some extra bucks for the quality. Right now private players are at its nascent stage and will surely grab the major market under its belt very soon like in other fields At last all cons are concluded by that companies are still growing industry in India and is still exploring its potential and prospects in here. I thank the God almighty for completing this thesis project successfully, also my parents and faculties whose guidance has brought up me to this level as a professional.

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CHAPTER 8 APPENDICES

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QUESTIONNAIRE Dear Sir/Madam, Im A.Arun pursuing MBA in IIPM (As part of my final 6th Semester, Im doing a thesis titled STRATEGY FOR INSURANCE COMPANIES TO ATTAIN MARKET LEADERSHIP POSITION. In continuation with my thesis work, Ive prepared a questionnaire, which will help me to gather more information based on the individual perspective. The Information given by you will be kept truly confidential, no names will be revealed. I request you to kindly spare few minutes of your time in filling this questionnaire. Please ensure factual replies, which alone will result for trustworthy conclusion in my study. Thank you in advance for your co-operation.

1. What percentage of your income do you save normally?

5% - 10%

10 % - 25%

2 5% - 40%

>45%

2. Rank the following investments according to your preference (1-5)? a) Bank Deposit b) Stocks/Shares c) Mutual Funds d) Bullions/Foreign Exchange e) Insurance . . . . .

3. Do you think insurance policies are necessary in present world? cant say

No

Yes

To some extent

4. Are you aware of latest updates in insurance policies and schemes? Yes No

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5. Do you have any Insurance Policy? Yes No

6. If yes which type of policy do you have? Life Insurance Health Insurance General Insurance others

7. What type of Insurance do you prefer? ULIP Conventional

8. Do you have any ULIP policy? Yes No

9. If yes, which are the factors that you prefer the most? Returns Risk raiders switch options others

10. Your mode of awareness about Insurance companies?

Media Advertising

friends& relatives

Company reference

Agents

11. Among life insurance companies which one do you prefer the most (rank them)? LIC Tata AIG SBI Life Bajaj Allianz Kotak Mahindra . . . . .

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12. While selecting an insurance company for investments what is that you consider the most? i. ii. iii. iv. Brand Name Market Share/ Size Returns/Benefits offered Brand Loyalty

13. Do you consider market condition as an important tool for investment in Insurance policies? Yes No

14. At what market condition do you prefer to invest in Insurance? Boom Slack cant say

15. Your view about private insurance companies and their services.

Bad I-------I-------I-------I-------I-------I-------I-------I-------I------IGood 10 20 30 40 50 60 70 80 90 100

16. Write a few lines suggesting for the benefit of public about insurance companies and its services. ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________

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Personal Details 1. Name: ___________________________ 2. Age of the person? __________________Years 3. Educational Background? S.S.L.C H.S.C UG PG

4. Years of work experience? __________________Years 5. Mobile no: ___________________

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Thesis Response sheet RESPONSE SHEET-1 1) Name: A.ARUN

2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Questionnaire made to collect Primary Data (in the first or the second sheet): Collected input to frame the questionnaire. 5) Date when the Guide was consulted: 28/03/2010 6) The outcome of the discussion: Framing questionnaire Analysis response

7) The Progress of the Thesis: 1st discussion of thesis, started the thesis based on the input given by External guide MR. JAGANATHAN R

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RESPONSE SHEET-2 1) Name: A.ARUN 2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Questionnaire made to collect Primary Data (in the first or the second response sheet): Collected input to frame the questionnaire. 5) Date when the Guide was consulted: 28/03/2010 6) The outcome of the discussion: Literature review and data analysis 7) The Progress of the Thesis: 2nd discussion of thesis, a valuable suggestions and corrections for literature review and data analysis RESPONSE SHEET-3 1) Name: A.ARUN 2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Questionnaire made to collect Primary Data (in the first or the second response sheet): Framed the Questionnaires and External guide has approved it. 5) Date when the Guide was consulted: 28/03/2010 6) The outcome of the discussion: Analysis Gaining knowledge to develop

Questionnaire

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7) The Progress of the Thesis: 3rddiscussion of thesis, taking survey. RESPONSE SHEET-4

1) 1) Name: A.ARUN 2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Questionnaire made to collect Primary Data (in the first or the second response sheet): Tips to conduct interview. Tips to collect secondary data

5) Date when the Guide was consulted: 28/05/2010 6) The outcome of the discussion: Analysis Getting appointments with managers of mobile brands and making note of their feedback.

7) The Progress of the Thesis: 4th discussion of thesis, conducting Interviews.

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RESPONSE SHEET-5

1) Name: A.ARUN 2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Date when the Guide was consulted: 28/03/2010 5) The outcome of the discussion: Findings and Recommendations 6) The Progress of the Thesis: Reviewed by the faculty, added value to the findings & recommendation and asked to proceed further.

RESPONSE SHEET-6 1) Name: A.ARUN 2) ID Number: SS810/01347/MKT 3) The Topic of the study: Strategy for insurance companies to attain market leadership position 4) Date when the Guide was consulted: 28/03/2010 5) The outcome of the discussion: Final report ready 6) The Progress of the Thesis: Final report checked by the faculty.

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CHAPTER 9 BIBLIOGRAPHY

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9.0 Bibliography
http://www.licindia.in/history.htm http://www.1000ventures.com/business_guide/market_leader.html http://insurancenewsnet.com/article.aspx?id=200819&type=newswires http://www.avivaindia.com/en/MediaCenter/News/NA_1_29-01-2010.aspx http://www.thehindubusinessline.com/2010/06/03/stories/2010060353050800.htm http://www.insuremagic.com/Content/PlanInfo/LIC_companyprofile.asp http://www.iloveindia.com/finance/insurance/companies/icici-prudential.html http://www.medindia.net/patients/insurance/tata-aig-general-insurance.htm http://www.bajajallianzlife.co.in/ http://www.aegonreligare.com/

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