Why I chose insurance sector for my summer internship?

Insurance sector is grooming day by day. This sector contribute 9% to GDP of the country. Agents and Customers are increasing in Insurance Sector because there is a rapid growth in this Sector India itself has a population of 1.2billion out of which roughly 5% of the middle class people are insured. So we have great opportunity

Benefits to me:Practical knowledge about market. More information about Insurance Sector. I get to learn how to motivate a person to become an insurance agent. Through this project I improved my communication skills. Understand the perception of people regarding Insurance Sector.

Insurance: Insurance may be described as a social device to reduce or eliminate risk of loss to life and property. Its a legal contract b/w two parties. Its collective bearing of risk. Life Insurance: Protection from financial crises Flexible money saving scheme Tax saving scheme.

Protection of the interest of the family member. Provision for education and marriage of the children Post retirement income for self and dependents Provision for health /illness. Provision for housing. Provision for income tax rebate. special needs for medical expenses.

Insurance in India can be traced back to the Vedas.(yogakshema) 1818 saw the advent of life insurance business in India with the establishment of Oriental Life Insurance company in Calcutta. In 1829, the madras equitable has begun transacting life insurance business in Madras presidency. The company started in 1818 has got failure in 1834.

The Bombay mutual(1871), Oriental(1874), Empire of India(1897) has started in Bombay residency. In 1914, Govt. of India started publishing returns of insurance companies in India. The insurance amendment Act of 1950 abolished principal agencies. In 19 January 1956, An ordinance was issued to nationalizing life insurance sector and Life Insurance corporation came into existence in the same year. In 1999, IRDA was constitute as an autonomous body to regulate and develop the insurance industry

Foreign company allowed ownership of up to 26%. Today there are 24 General insurance companies and 23 life insurance companies operating in country

Indias Leading Financial Institution Born in 1985 as Kotak Capital Management Finance Ltd. In 1986, Mr. Harish Mahindra and Anand Mahindra took stake. Its net worth is around 2500 crore and 6700 employees working in its various business

Founded in 2001.

Kotak Mahindra Bank Ltd. (74%)

Old Mutual plc (26%)

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Kotak Mahindra Bank. Kotak Mahindra Prime. Kotak Securities. Kotak Mahindra AMC & Trustee Co. Kotak Mahindra Capital Co. K.M. Old Mutual Life Insurance. International Subsidiaries. Kotak Investment Adviser. Kotak Mahindra Investment.

INDIVIDUAL PLANS Kotak Smart Advantage Kotak Eternal Life Plans Kotak Platinum Advantage Plan Kotak Head start Child Plans Kotak Sukhi Jeevan Plan Kotak Privileged Assurance Plan Kotak Term Plan Kotak Preferred Term Plan Kotak Money Back Plan Kotak Child Advantage Plan Kotak Endowment Plan Kotak Capital Multiplier Plan Kotak Retirement Income Plan

Kotak Retirement Income Plan (Unit-linked) Kotak Safe Investment Plan II Kotak Flexi Plan Kotak Easy Growth Plan Kotak Premium Return Plan

GROUP PLANS Employee Benefits Kotak Term Group plan Kotak Credit-Term Group plan Kotak Complete Cover Group plan Kotak Gratuity Group plan Kotak Superannuation Group plan

RURAL PLANS Kotak Gramin Bima Yojana

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60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% Percent

All the findings and conclusions are based on the survey done in the working area within time limit. I tried to select a sample representative of the whole group during my job training. I have collected data from 100 respondents for studying Customer Buying Behavior and Market Segmentation, selected randomly from different areas in Gurgaon such as:Public places like shopping centers, malls, restaurants etc. Employees of Private Firms

Proper understanding and analysis of life insurance industry. To know about brand awareness of Kotak Life Insurance and customers preference about Kotak Life Insurance. Conduct market survey on a sample selected from the entire population and derive opinion on that research. To offer suggestions based upon findings.

Learn how to construct a mental image for success. Learn how to find a proper perspective and how to turn off all the signals that cause people not to buy from you. Learn how to get and set more appointments. Learn how to convert a new lead into sales. Learn how to act when you meet a client for the first time. Learn how the order in which you explain the types of policies can double your income. Take Easy steps to avoid delays in issuing policies.

During the data collected, it has been found that people have great awareness about various companies but a lot more has to be done, especially by smaller companies like Kotak Life Insurance to establish their market presence. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money. People viewing insurance as a tax saving and investment instrument as much as protective one.

The general satisfaction levels among public with regards to policy and agents still requires improvement. Here lies the opportunity for a relatively new comer like Kotak Life Insurance. LIC has never been known for prompt service or customer oriented methods but Kotak Life Insurance can build its reputation based on these factors.

Networking is needed to be made broad as the number of branches with Kotak Life Insurance is very less. Marketing in terms of the media via advertisements on Television to small commercials on FM, hoardings and signage etc. has to be made because there were respondents who havent even heard about Kotak Life Insurance. Awareness camp for sub-urban area should be focused.

State and Central Government employees should be targeted . Kotak Life Insurance must build its reputation by focusing on service quality