Mahindra Catch22 Proposal

8/8/2019 Mahindra Catch22 Proposal

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A g e n d aA g e n d a

B u s i n

e s s C o n

t e x t

L i t e r a t u r e

R e v i e w

iness &

eting Objective

R e s e a r c h O b j e c t i v e

M et h

o d olo g

y R e s e a r c h D e

s i g n

Hypot

hese

s

mplementation Schedule

e y D e l i v e r ab l e s

M a n a g e r i a l

I m p l i c a t i o n s



Business ContextBusiness Context

• Indian Insurance industry to quadruple in.size at the current penetration

Market projected to grow to around Rs 8550 billion by 2020

• Proportion of Insurance in total financial saving is increasing

• -Currently under penetrated market

–acro Dynamics Insurance Industry

R e

t a

i l

C o

m m

e r

ci

a l

Life General

•IndustrialIndustrial• Group CoverGroup Cover•LiabilityLiability

• Group TermGroup Term• Group EDLIGroup EDLI• Group gratuityGroup gratuity•SuperannuationSuperannuation

• Motor PolicyMotor Policy• Mediclaim Mediclaim• Overseas OverseasTravelTravel•AccidentAccident• House holdersHouse holders

• Loan SurakshaLoan Suraksha• Endowment planEndowment plan• ’Children s plan’Children s plan• Retirement PlanRetirement Plan



Literature ReviewLiterature Review

n s u r a n c e M a r k e tn s u r a n c e M a r k e t

Touch point with the ultimate consumer

:ness:ness ,Create difference in terms of the quality of advice for choice of product servicing of policy

m and do intelligent comparisons with the competitor's products.attract the elite in the urban arena They represent the customer and sell the products of more than

(

&ociety and a belief that an older person knows better Retired people from Banks FIs are ideal to s

, (is makes a difference especially for the female population Nurses and Gram Sevikas can be effectivel

(

/d for new Insurance products to manage global exposure of Indian companies Rise of Indian IT ITes

.ased in rural areas are attracted into the rural sector cooperatives arena They provide avenues on h

&rokers Agents arket Features Trends

Distribution

Key KeyFindingsFindings



arketing Objectives

usiness Objective

• To assess consumer understanding about the difference–between various types of insurance providers brokers and

agents

• To understand consumer expectations from a broker as an Insurance vendor

• To provide customized solutions for rural customers in health insurance market

• To identify and understand the customer decision making. .process and behavioral patterns w r t health insurance

products

• ( )To position Mahindra Finance insurance in rural and urbanmarket

• To increase reach of Mahindra Insurance through Mahindra.,Insurance Brokers Ltd with concentration on rural

markets

esearch Objectives

• , ( - )To understand the perception of the urban rural semi urban consumers on the role of intermediaries

• ,To identify consumer preferences attitudes and expectations while purchasing health insurance products from a broker?

• To Assess consumer behavior related to health insurance products

• -To find out the existing need gaps with respect to healthinsurance

• To identify the perceptions and preferences of consumers( )towards Mahindra Finance insurance in rural and urban

areas

Objectives



vInsurance for facing calamity & to tackle moments of necessity

v &Unaware of tax savings benefits from Insurance productsv &Agents brokers are not trusted - Events of thievery

v &No knowledge awareness on various insurance products

vInfluence from /friends family who have prior insurance knowledge than agents& brokers

vReliability more on public service provider ( )LIC than on any private firm

vMahindra – Recognized as Vehicle Loan provider than insurance provider

vRequire Assurance of easy redemption of investment in Insurance

vInsurance considered as a tool for investment and tax savings

vMost of the customers have taken it from the company they work and the Individual health insurance is less taken

vSome of the customers do extensive research with the help of websites before deciding the company

vInsurance is synonymous to Life Insurance and LIC. Not much aware of the Health insurance and its benefits

vPersonal reference ;from family and friends Word of Mouth plays a big role while choosing the product

v Private companies in Health insurance are considered less risky compared to the private companies in Life Insurance

v –Mahindra Brand reminds them of the Kotak Mahindra Bank and MahindraFinance

vRequire Assurance of easy redemption of investment in Insurance

RURALURAL

URBANRBAN

-

Primary Research Key-Primary Research KeyInsightsInsights



Research Research Objective 1Objective 1



Research Objective 2 Research Objective 2




’Fishbein s Buyer Behavior Model




Mahindra Health Insurance

Current Product Association

Industry Standards

NEED GAP




Determine the Best Product Altern

Conjoint cards



HypothesesHypothesesRural ConsumersRural Consumers

Consumers prefer buying Government Issued Insurance Policies than those issued by Private

in purchase motive for rural consumers to buy Insurance Products is to prepare for any em

are more preferred than Agents or Brokers by rural consumers to purchase insurance produc

ion in premium amount incentivizes the rural consumer to enroll in any insurance scheme

Consumers are not aware of all the different insurance schemes available

f mouth plays a major influencing factor in choosing an agent

nce products are purchased for a whole family rather than for an individual

ra is perceived as a vehicle finance provider than a health insurance provider

ous sentiments play a role while taking insurance



Urban ConsumersUrban Consumers

.prefer insurance products for investment

products are more often bought by corporate companies than by individuals

prefer buying Government Issued Insurance Policies than those issued by Private Companie

rance products is more of a family decision than an individual decision

are of the difference between an agent and a broker

nding is single most important factor in the determining the sales of a particular healt

y a major role in choosing insurance products over other investment options

n is an important factor while choosing an insurance product

take time to analyze the long term benefits of an insurance product

pected to provide more customized quality service than agents

HypothesesHypotheses



MethodologyMethodology

he Proposal?? – ,terviews in different locations with TG Banks Offices– -nterviews in semi urban Location Madiyava

Future Research Methodology

-ow are we going to do for Index 2010??ü : +Target Group 22 Yearsü ( )Respondents R would be identified based on

)a Life Stage of Respondentb)

a)

b)

)b SEC of Respondent



Phase IPhase I

Phase IIPhase II

Regions to be covered during Data Collection

Rural Research Methodology



DaliganjMadiyonSaaypurKamlabad

Barhauli Takia

Mohibilapur Bakshi Ka TalabChattameel

Following are the villages which would be covered

:under the Rural market research

will be on

zing the rural consumer markets and insurance purchase behavior standing Preferences and attitudes towards health insurance and different market players

of Opinion Leaders in Rural Market while buying insurance through intermediaries,ze consumer buying behavior influenced by the cultural personal and psychological factor

ifying the communication media for selling insurance in the rural market

…….e will meet•Common People

•Health Workers•Teachers•Panchayat MembersAt•STD Booths•Tea Stalls•Schools

•Chaupals

Rural Research Methodology

MubarakpurSikhroli

Andhey Ki Chowki Kallan Kheda

Dasheri

SahdpurDubagga

Hardoi RoadDurgaganjBarabankiSartharaMadarpur

GrambhariMohanKakori





Workflow



Practical ImplicationsPractical Implicationsü Market research findings can be refined to define short and long term Market research findings can be refined to define short and long term

/business market opportunities and threats and equally offer a wide/business market opportunities and threats and equally offer a wide picture of market environment situation picture of market environment situationüü Use insights about brokers and other intermediaries and accordingly Use insights about brokers and other intermediaries and accordingly

develop programs in Mahindra Insurance Brokers Ltd to increase develop programs in Mahindra Insurance Brokers Ltd to increaserevenuerevenue

ü

ü ’Effectively market Mahindra s Health Insurance Products through’Effectively market Mahindra s Health Insurance Products through Mahindra Insurance Brokers Ltd to increase rural and urban Mahindra Insurance Brokers Ltd to increase rural and urban

penetrationpenetrationüü Provide customized solutions to suit the needs of the urban and rural Provide customized solutions to suit the needs of the urban and rural

customers after analyzing the need gap customers after analyzing the need gapüü Create the trust factor about private insurance companies amongst Create the trust factor about private insurance companies amongst

rural customersrural customersüü Leverage the Mahindra brand name in rural areas to sell Insurance Leverage the Mahindra brand name in rural areas to sell Insurance

productsproductsü

ü Offer Insurance Product Bundles along with vehicle finance solutions

Offer Insurance Product Bundles along with vehicle finance solutions

for more acceptance of Mahindra Insurance products as well as other for more acceptance of Mahindra Insurance products as well as other



Appendix

• Sampling Plan – Target Population

–

–

–

– Sample Frame : Gender – Male, Female | Age 22+ |SEC A, B, C;

SEC R1, R2| – Sampling Technique: Simplified Random Sampling

– Sample Size:• Sample Size is given by SS = (Z2 * p* (1-p))/D2 where,• Z -> normal distribution statistic for specified confidence

interval,• p -> Estimate of population proportion i.e. proportion of

people with 22+ age and in specifies socio economicclasses , and

• D -> Precision level (5%)• Rural ( Proportion = 0.85) SS = (1.962 * 0.85 * (1-0.85))/0.052 =

196• Accounting for 10% Void responses; Sample Size (Rural) =

Element Sampling Unit Extent

People with Age greater than 22 years Households/Colleges/Institutions Lucknow



Stage Type Distribution Size22-28yrs

28-35yrs

35-50yrs

50+yrsPretest R1 2 2 2 2 8

R2 3 3 3 3 12Actual

Sample

R1 28 27 28 27 110R2 28 27 28 27 110

Stage Type Distribution Size

22-28yrs

28-35yrs

35-50yrs

50+yrsPretest SEC

A5 5 5 5 20

SECB

5 5 5 5 20SECC

5 5 5 5 20IndexFair

SECA

22 23 22 23 90SECB

23 22 23 22 90SEC

C

22 23 23 23 90



Team Profile

Te a m Le a d

A n a lyzer

Pre se n ta tio n G u ru

Im p le m e n te r

Fin G u ru s

D ra m a tists

Ju n io rs

High Exposure to Insurance Industry

Armed with Marketing in Rural Specifi

Insurance Industry Insightful

&Marketing FMCG Exposed

&Potential Economists Bankers

Rural relationship skilled

–Power packed crowd Opportunity Thirs

Documents

Mahindra Catch22 Proposal