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A STUDY ON MICROMARKETING OFAVIVA LIFE INSURANCE LTD.

MAHARAJA COLLEGE OF MANAGEMENT(Affiliated by Rajasthan Technical University, Kota)

Udaipur (Raj)For The Partial Fulfillment of MBA 2008-2010

Submitted By

Pavan KumarMBA Sem. III

MAHARAJA COLLEGE OF MANAGEMENTUdaipur (Raj)

DECLARATION

I do hereby declare that the project report entitledA Study onMicromarketing of Aviva Life Insurance Ltd. submitted in partial fulfillmentof the requirement for the degree of corporate MBA, Maharaja College ofManagement (UDAIPUR), is my original work and is not submitted for theaward of any other degree, diploma, any other similar title or prize.
http://mail.google.com/mail/?view=att&th=124bd9a6a60f6522&attid=0.1&disp=attd&zwhttp://mail.google.com/mail/?view=att&th=124bd9a6a60f6522&attid=0.1&disp=attd&zwhttp://mail.google.com/mail/?view=att&th=124bd9a6a60f6522&attid=0.1&disp=attd&zw


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Place- Udaipur Signature

Date- Pavan Kumar

PREFACEWith the increasing trend of globalization the market competitions are increasing day byday, to survive in the market everyone should have the practical knowledge, andsummer training is the best way to gain practical knowledge in MBA programme.This report evaluates and explains the way in which knowledge and strategy can bebest utilized by the students for the summer training programme of MBA.The report contains the total Target / Task assigned, the Strategies which I haveselected, the industry profile, the Company profile, Product knowledge of the Company,Research and Analysis of the market, findings and learnings which I find out during thesummer training.The basic knowledge of the market, product, customer and situation given by theCompany guide is also explained in this report.

ACKNOWLEDGEMENTI express my sincere thanks to my project guide Mr. Nitin Jain Area Sales Manager forguiding me right from inception till the successful completion of the project. I sincerelyacknowledge them for extending there valuable guidance, support for literature, criticalreviews of project and report and above all the morale support, they had provided mewith all stages of this project.I would also like to thank supporting staff of Aviva Life Insurance Ltd. (Jaipur) for therehelp and cooperation throughout my project.


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I would also like to thank my project guide Mrs. Ranjeeta Madhwani Mam for their helpright from inception till the successful completion of the project.

Pavan Kumar

Executive summaryThe main objective of this study is to micromarketing of insurance and generating leadsfor Aviva life insurance Jaipur.Besides this, the other objective is to understand the insurance sector in India.yhemarket share by different players in the market. then understating types of insurance.

Understanding the role of IRDA in Indian insurance market as a regulatory agency. Afterunderstanding of Aviva life insurance as a whole and Aviva life insurance Jaipur. Thenwe gone through the questioner analysis, Types of plans provided by the company andhow company is generating the business.After this we have analyzed our questionnaire on the basis of which lead generationwas done. And from the analysis finding are generated. Which give a generalize idea

about Indian insurance industry.

CONTENTSINTRODUCTION OF INDUSTRY 1

INTRODUCTION 2


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CONCEPT OF INSURANCE 3INDIAN INSURANCE INDUSTRY 4IRDA 6LEGISLATION 7FUTURE TRENDS 8MAJOR INSURANCE PLAYERS 9

INTRODUCTION OF ORGANISATION 10AVIVA LIFE INSURANCE LTD. 12PERFORMANCE INDICATORS 14TYPES OF PLAN IN AVIVA 16GENERATION OF INSURANCE IN AVIVA 18

THEORITICAL FRAMEWORK OF MICROMARKETING 19MARKETING RESEARCH 20MICROMARKETING OF AVIVA INSURANCE 23

RESEARCH METHODOLOGY 28TITLE OF THE STUDY 29DURATION OF THE PROJECT 29OBJECTIVE OF THE STUDY 29TYPE OF RESEARCH 30SAMPLE SIZE 30

SCOPE OF THE STUDY 31LIMITATIONS OF THE STUDY 31


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ANALYSIS AND INTERPRETATION 33SWOT ANALYSIS 47CONCLUSSION AND SUGGESTION 50APPENDIX 53BIBLIOGRAPHY 56

LIST OF DIAGRAMS & FIGURESS no. Details Page no.1 Bussiness strategies by aviva life insurance 132 Generation of insurance in aviva 183 Chart of question no ,1 364 Chart of question no ,2 375 Chart of question no ,3 38


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6 Chart of question no ,4 397 Chart of question no ,5 408 Chart of question no ,6 419 Chart of question no ,7 4210 Chart of question no ,8(A) 4311 Chart of question no ,8(B) 4312 Chart of question no,9 4413 Chart of question no ,10 4514 Chart of question no ,11 46

INTRODUCTIONLife Insurance is about living happily with financial peace in mindThe business of insurance is related to the protection of the economies of asset everyasset has value & is expected to last for a certain period of time during which it will

perform after that the benefit may not be available but sometime after may get lostearlier, an accident or some other unfitness may destroy it or make it non functional anddeprive of the benefits. Which may give to an adverse situation is a mechanism thathelps to reduce the effect of such adverse situation.Insurance does not protect the asset. It does not prevent its loss due to the peril. Thepetil can not be avoided through insurances. The peril can sometime avoid. Throughbetter safety and damage control management. Insurances only tries to reduce the


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impact of the risk on those who depends on that asset it only compensates the lossesand that too, not fully only economic consequences insured. if the loss is not financial,insurance may not be possible.There are certain principles, which make it possible for instanced to remain a fair

arrangement. It is difficult for any one individual to bear the consequences of the riskthat he is exposed to it will become bearable when the community shared the burden.The second is that peril should occur in accidental manner. Insurance is done

Against the contingency that may happen in the case of human being, death is certainbut the time of death is not uncertain in the person who is terminally ill. The time ofdeath is not uncertain. Through not exactly known not be insured. A human being is an income-generating asset. Ones manual labour, professional skilland business acumen are the asset. This asset also can be lost through unexpectedlyearly death or through sickness and disabilities caused accidents. So life insurance is

necessary to help those who depend on the income which is lost due to accident

CONCEPT OF INSURANCE

Basically insurance is a device to share the losses of few, by transferring a portion ofthe loss to the insurance company in exchange for a certain cost. This means that a lotof people who think they may suffer a loss, each put in a little money to cover financialcosts for those among them who actually sustain the loss. Obviously, since there is acost you dont insure anything or everything, you will cover only those things that wouldcause a substantial financial burden unexpectedly on you, if you had to replace them onyour own.Hence, insurance works on the concept of risk sharing, which divides risk a

among may people.

There are three key factors in the term insurance:

a) face amount - the protection or death benefit.

b) Premium to be paid - the cost to the insured.

c) Length of coverage - the term.


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INDIAN INSURANCE INDUSTRYPresent ScenarioThe Government of India liberalized the insurance sector in March 2000 with thepassage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting allentry restrictions for private players and allowing foreign players to enter the market withsome limits on direct foreign ownership.The opening up of the sector is likely to lead to greater spread and deepening ofinsurance in India and this may also include restructuring and revitalizing of the publicsector companies. In the private sector 14 life insurance and 8 general insurancecompanies have been registered. A host of private Insurance companies operating in

both life and non-life segments have started selling their insurance policies..Life Insurance MarketThe Life Insurance market in India is an underdeveloped market that was only tappedby the state owned LIC till the entry of private insurers. The penetration of life insuranceproducts was 19 percent of the total 400 million of the insurable population. The stateowned LIC sold insurance as a tax instrument, not as a product giving protection. Mostcustomers were under- insured with no flexibility or transparency in the products. Withthe entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9percent of the market in terms of premium income. The new business premiums of the12 private players has tripled to Rs 1000 crore in 2002- 03 over last year. Innovativeproducts, smart marketing and aggressive distribution. That's the triple whammycombination that has enabled fledgling private insurance companies to sign up Indiancustomers faster than anyone ever expected. Indians, who have always seen lifeinsurance as a tax saving device, are now suddenly turning to the private sector andsnapping up the new innovative products on offer.The following facts show how under-developed the Indian insurance business is due tostate monopoly and lack of aggressive marketing of insurance policies: -Per capita insurance premium in India is a mere US$ 10. Even in China, thecorresponding figure is US$27.78, when both the countries have the same premiumfigure as % of GDP.Insurance premium in India accounts for a mere 2.3 per cent of GDP(Compared of the world average of 7.8 percent)


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Insurance premium as a percentage of savings is barely 5.95 percent in Indian(compared to 52.5 per cent in UK)The above figures show the huge scope that exists for new business in the insurancesector.

Liberalization will obviously bring about strong marketing of different policies by rivalfirms, with is expected to benefit the customer through a wider range of products andbetter service. Till recently, policies have only been bought by customers, rarelymarketed by the insurance firms

Insurance business is mainly divided into four classes:

1)Life insurance,

2) Fire,

3) Marine, and

4) Miscellaneous insurance.Life insurance transacts life insurance business;

General Insurance transacts the rest. No composites are permitted as per law.

Indian insurance industry as on 1,4,2000, comprised of only two players in the statesector:Ex. - Life insurance Corporation of India ( LIC)Ex. - General insurance Corporation of India ( GIC)

Insurance Regulatory and Development Authority ( IRDA):


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IRDA is the administrative agency for Indian insurance industry, and was formed by theGovernment of India for the supervision and development of the insurance sector inIndia. The Insurance Regulatory and Development Authority were legally established bythe IRDA Act which was enacted by the Indian Parliament in 1999.

The duties, powers, and regulations of the body are-

It has the duty to regulate, promote and ensure orderly growth of the insurancebusiness and re-insurance business.

It has the all the powers related to registration, renewal, withdrawl ,suspend etctowards the issuance of application.

It has specifying requisite qualifications, code of conduct and practical training forintermediary or insurance intermediaries and agents;

One of the duties is to increase the efficiency of the insurance industry as awhole.

It also has the function of regulating the investment of funds of the insurance

companies.

It is also associated with adjudication of disputes between insurers andintermediaries or insurance intermediaries.

It is also associated with determining the margin of solvency. It is concerned with specifying the form and manner in which books of account

shall be maintained and statement of accounts shall be rendered by insurersand other insurance intermediaries.

It is related to calling for information from, undertaking inspection of, conductingenquiries and investigations including audit of the insurers, intermediaries,insurance intermediaries and other organizations connected with the insurancebusiness

It specifies the amount of life insurance and general insurance that the insurer canundertake in the rural sector.LegislationInsurance is a central subject in India. The primary legislation that deals with insurancebusiness in India is insurance Act, 1983 and insurance Regulatory & DevelopmentAuthority Act, 1999. the key provisions for IRDA Act. Are:Single Company cannot carry on the life and non-life insurance business; separateapplication and separate companies in case the same set of bidders desires license in

both.Foreign equity capped at 26% in life general and reinsurance ventures.Mandatory for Indian promoter to divest shareholding in excess of 26% after 10 yearfrom the commencement of business.


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Minimum capital fixed at Rs. 1 billion for life and general business and Rs. 2 billion forreinsure business.Private insurance to maintain a Minimum Solvency Margin ofRs. 500 million for life insurance

Highest of Rs 500 million or 20% of net premium income or 30% of net incurred claimsfor general insurance andRs. 1 billion for reinsurance.Policy holders funds to be invested within India

Compulsory rural and social sector exposure; norms to be specified.

Future TrendsExisting players are far too big to be dislodged from their leadership positions, butenough competitive space creation is possible by the new entrants.

This opening up (liberalization), will force players to offer innovative products, betterpackaged, smooth delivery systems and improved customer pressures.Untapped or under served segments or niches will get exploited, due to competitiveservices.Both the existing and new players will attempt new methods of delivery system andservice. (Online proposals, FAQS. ETC.)

Benefits of Life Insurance Protection Savings Education Retirement Others :-International Conventions, Rewards and Recognition- Life Honors Flexibility No Capital Required


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Major Insurance Players Licenses have been issued for the following companies Aviva Life Insurance Company Limited ICICI Prudential Life Insurance Limited ICICI Prudential Life Insurance Company Limited HDFC Standard Life Insurance Company Limited Birla Sun Life Insurance Company Limited TATA AIG Life Insurance Company Limited Max New York Life Insurance Company Limited SBI Cardiff Life Insurance Company Limited ING Vysya Life Insurance Company Limited Bajaj Allianz Life Insurance Company Limited MetLife Life Insurance Company Limited AMP Sanmar Life Insurance Company Limited Sahara India Life Insurance Limited Sri Ram Life Insurance Limited


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AVIVA LIFE INSURANCE LTD.HistoryAviva insurance group in UK with a history dating back to 1696, today stands as one ofthe leading provider of life and pension products to Europe and other parts of the world.The history of Aviva Life Insurance India starts at 1834 during nationalization whenAviva was the largest foreign insurance group in terms of the compensation paid by theIndian Government. In 1995 Aviva was the first foreign insurance company to start itsrepresentative office in India. At present in Aviva Life Insurance India, the Aviva group isa 26% share holder and the Dabur group holds 74% shares in the joint venture. Aviva is distinguished for being the first foreign insurance company to set up itsrepresentative office in India, in 1995. Aviva Life Insurance Company established theconcept of Bancassurance in India, and has leveraged its global expertise inBancassurance successfully here. The company boasts of 223 branches in India,supporting its vast distribution network. Aviva offers various products that are meant toprovide customers flexibility, transparency and value for money. Given here is acomplete list of products & services offered by Aviva Life Insurance Company India Ltd.

Aviva is the worlds fifth-largest* insurance group and the largest insurance servicesprovider in the UK. Aviva is one of the leading providers of life and pension products inEurope and are actively growing our long-term savings businesses in Asia Pacific and

the USA. Aviva main activities are long-term savings, fund management and generalinsurance4.

Aviva have premium income and investment sales of 51.4 billion and 381 billionof funds under management. It have 54,000 employees serving over 50 millioncustomers in 28 countries around the world.Aviva purpose is to bring prosperity and peace of mind. It will do this by realising itsvision: "One Aviva, twice the value".

Business strategy by Aviva life insurance

Figure 1


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Performance IndicatorsIn addition to reporting on its financial performance, it is important that as a forwardthinking company it is aware of its wider responsibilities and report on the non-financialaspects of its performance. Aviva consider that its employees and customers arefundamental to the success of its business; as such, they form the basis for its non-financial measures, which include:Customer satisfactionEmployee engagement and leadershipCustomer satisfactionAll business units measure and track progress in customer advocacy, and, wherefeasible, benchmark performance against local competitors.Its UK Life, UK GI and Canadian businesses are transitioning across to NPS in 2009. Inthe UK, the life business met its broker satisfaction target, UK GI achieved its directcustomer satisfaction target (at 94%) and our RAC business continued to receive veryhigh levels of customer satisfaction (98%).

Employee engagement and leadership

Its global employee climate survey continues to provide measures of employee

engagement and leadership. Employee engagement represents the degree to whichpeople believe in Aviva being a great place to work and are contributing to help meet itscollective goals and ambitions.The survey results are used each year to determine and implement actions with the aimof achieving continuous improvement. The climate survey measures employeesperceptions of leadership, verifying alignment with its strategic direction and immediatebusiness plans. Aviva aim is to improve both measures over time and meet or exceed a


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global financial services benchmark.

Types of plans in AvivaWhole Life Plans

o Life Longo Aviva Lifelineo Pure Term Planso Life Shieldo Aviva Life Shield Plus

Endowment Planso Life Bond 5o Life Savero Save Guardo Life Saver Pluso Life Saver Super

Freedom Life Plano Aviva DhanVriddhio Anmol Surakshao Aviva Sachin Centuryo Aviva Money Backo Aviva Easy Life Pluso Aviva Wealth Plus

Single Premium Planso Life Bond Plus

Pension Planso Pension Pluso Secure Pensiono Aviva Pension Elite

Child Plans


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Aviva Little Master Aviva Young Scholar

Health Plans

Aviva Health Plus

Group Plans Group Gratuity Credit Plus Loan Suraksha Corporate Life Superannuation Group Shield

Rural Plans

Amar Suraksha Jana Suraksha

Generation of insurance in AvivaThere are 3 ways from which Aviva get insurance

AVIVA

Bank tie up DSF (Agent) Direct (Call center)Figure 2

Bank tie up Aviva life insurance is having a tie up with some of the banks which help

them to get insurance. Aviva life insurance provides theminsurance.eg. Punjab andsindh bank.

DSF(Agent) - agents are the people who work for the company and bring insurance forthe company. Major part of insurance is generated by these people only. India largestinsurance company LIC is pioneer of this model they are the people who are runningthis model successfully and they are market leader in insurance.
http://insurance.eg/http://insurance.eg/http://insurance.eg/http://insurance.eg/


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Direct (call center) This new marketing phenomena applied by most of the insurancecompany in these days. Insurance companybring the list of bsnl telephone number andthey randomly call people and try to convince people to purchase insurance. Some ofpeople get ready to purchase insurance and this way company sell theirinsurance

IntroductionMarketing is an integrated communications-based process through which individualsand communities discover that existing and newly-identified needs and wants may besatisfied by the products and services of others.Marketing is defined by the American Marketing Association as the activity, set ofinstitutions, and processes for creating, communicating, delivering, and exchanging

offerings that have value for customers, clients, partners, and society at large. The termdeveloped from the original meaning which referred literally to going to market, as inshopping, or going to a market to buy or sell goods or services.

Marketing ResearchMarketing research is the systematic, design, collection, analysis & reporting of data &findings relevant to a specific marketing situation facing the company.In the current competitive situation, it is necessary for every organization to research orexamine their market situation at regular interval of time. Therefore company

researches their prevailing market situation.Aviva life Insurance Ltd. Has also done this activity and for this purposes it has aseparate research & development department at Bursar-Kim. It examines the needs,wants & preferences of the consumers. It prepares the report on the consumer needswhat they want? What their complaints are against the product?


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Four Ps:-In the early 1960s, Professor Neil Borden at Harvard Business School identified a

number of company performance actions that can influence the consumer decision topurchase goods or services. Borden suggested that all those actions of the company

represented a Marketing Mix. Professor E. Jerome McCarthy, also at the HarvardBusiness School in the early 1960s, suggested that the Marketing Mix contained 4elements: product, price, place and promotion.

Product: The product aspects of marketing deal with the specificationsof the actual goods or services, and how it relates to the end-user'sneeds and wants. The scope of a product generally includes supportingelements such as warranties, guarantees, and support.

Pricing: This refers to the process of setting a price for a product,including discounts. The price need not be monetary; it can simply be

what is exchanged for the product or services, e.g. time, energy, orattention. Methods of setting prices optimally are in the domain of pricingscience.Placement (or distribution): refers to how the product gets to thecustomer; for example, point-of-sale placement or retailing. This third Phas also sometimes been called Place, referring to the channel by whicha product or service is sold (e.g. online vs. retail), which geographicregion or industry, to which segment (young adults, families, businesspeople), etc. also referring to how the environment in which the product issold in can affect sales.

Promotion: This includes advertising, sales promotion, publicity, andpersonal selling. Branding refers to the various methods of promoting theproduct, brand, or company.

These four elements are often referred to as the marketing mix, which amarketer can use to craft a marketing plan.The four Ps model is most useful when marketing low value consumer products.Industrial products, services, high value consumer products require adjustmentsto this model. Services marketing must account for the unique nature of

services.


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MICROMARKETING OF AVIVA INSURANCETYPES OF INSURANCEThe insurance can be divided from two angles: from business point of view and from therisk point of view. Which are following:-

(1) Life InsuranceLife Insurance is different from other insurance in the sense that the subject matter ofinsurance is life of human being. The insurer will pay the fixed amount of insurance atthe death or at the expiry of certain period. At present, life insurance enjoys maximumscope because each and every person requires the insurance. This insurance providesprotection to the family at the premature death or gives adequate amount at the old agewhen earning capacities are reduced. Types of insurance plans offered in our country

Term assurance plans Whole life plans Endowment assurance plans Assurances for children Family income policy Life annuity Joint life assurance Pension plans Unit linked plan Policy for maintenance of handicapped dependent Endowment policies with health insurance benefits

(2) General InsuranceThe general insurance includes property insurance, liability insurance and other formsof insurance. Fire and marine insurance comes under property insurance. Liabilityinsurance includes motor, theft, fidelity and machine insurances to ascertain extent. The


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strictest form of liability insurance is fidelity insurance whereby the insurer compensatesthe loss to the insured when he is under the liability of payment to the third party.

Types of insurance policies available are:

Health insurance

Medi-claim policy Personal accident policy Group insurance policy Automobile insurance Workers compensation Liability insurance Aviation insurance Business insurance Fire insurance policy Travel insurance policy

(3) Social InsuranceThe social insurance is to provide protection to the weaker sections of the society whoare unable to pay the premium for adequate insurance. Pension plan, disability benefits,

unemployment benefits, sickness insurance and industrial insurance are the variousforms of social insurance. Risk point of view Insurance can be divided into property,liability and other forms of insurance. Property Insurance Under the property insuranceproperty of a person is insured against a certain specified risks. The risk may be fire ormarine perils, theft of property or goods, damage to property at accident.Examples of this are:

Home insurance Business insurance Commercial insurance

(4) Marine InsuranceMarine insurance provides protection against loss of marine perils. The marine perilsare collision with rock, or ship attacks by enemies, fire and capture by pirates etc. Theseperils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight. So, marine insurance insures ship (Hull),cargo and freight.


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Types of policies are:o Voyage policieso Time policieso Valued policieso

Hull insurance- Cargo insurance- Freight insurance

(5) Fire InsuranceFire insurance covers risks of fire. In the absence of fire insurance, the fire waste willincrease not only to the individual but to the society as well. With the help officeinsurance, the losses, arising due to fire are compensated and the society is not losingmuch. The individual is protected from such losses and his property orbusiness or

industry will remain in the same position in which it was before the loss. The fireinsurance does not protect only losses but it provides certain consequential losses also. Policies available in this insurance are:

Consequential loss policy Comprehensive policy Valued policy Valuable policy Floating policy Average policy

(6) Miscellaneous Insurance

The property, goods, machine, furniture, automobile, valuable goods etc., can beinsured against the damage or destruction due to accident or disappearance due totheft. There are different forms of insurances for each type of the said property wherebynot only property insurance exists but liability insurance and personal injuries are alsoinsured.


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Miscellaneous insurance covers:o Motoro Disabilityo Engineering and aviation riskso

Credit insurance

o Construction riskso Money insuranceo Burglary and theft insuranceo All risks insurance

Research Methodology

The main objective of project was to understand micromarketing in insurance sector andgenerating leads for the Aviva life insurance Jaipur. The work of lead generation wasdone by survey we have targeted the group who are having good disposable income. Iwas not directly approaching the people to buy insurance from Aviva life but indirectlycreating a good image for Aviva.


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Title of the Study

The title of my study is 'Effective Analysis of Market shares of Aviva Life Insurance. Duration of the projectThe duration of the project was 60 days ( may 09 to june 09)Objectives of the study

To understand micromarketing in insurance sector. To understand role of IRDA in insurance sector. To know how on the basic of demography people buy insurance. To understand who is the market leader in insurance sector with how much

insurance. To get insight about the recovery procedure followed by the bank for managing

the NPAs.

Types of research design-Exploratory research has been done in this studyThe main purpose of exploratory research is that of formulating a problem for more

precise investigation, the study talks about- The survey of concerning problems. The experience survey.

Sample SizeAll time in any field of inquiry constitute a universe or population. A completeenumeration of all times in the population is know as census inquiry. When all itemsare covered no element is left & highest accuracy is obtained. The respondentsselected should be as representative of the total population. The selected respondents

are technically called a SampleFor satisfying the major objectives of the research, I have taken sample size for the

study is 100 respondents.Collection and source of data


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Primary Data:

As the study major focuses on perception and behaviors of insurance agent, so theprimary data plays the most important role. Primary data will be collected major through:

Questionnaire Interview, observation

For data collection, Total 60 customers of ICICI prudential life insurance ,kota arebeing selected randomly.

Secondary Data:Secondary data will be collected majorly from:

Magazine Brochures Books Journals Web sites

Scope of studyMy study would help to the company:-

To identify their market goodwill & market share as compare to their competitors. To plan the aggressive marketing policy to capture whole diversified market.

Limitations of the studyInter company analysis through survey and questionnaire filling.Difficulties:

Did not secure cooperation easily. People asked lot of counter question so convincing them was a major task. People did not disclose much about their employee details. A summer trainees we could not separate systems to work on. At times many people had for couple of hours to work on the computer. Since STD calls had to be made, the availability of phone was limited, so there

was greater coordination required with respect to its usage and maintains a timeslot so that other person has a chance to use.


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ANALYSIS AND INTERPRETATIONThe work which was assigned to us was to bring the leads from government offices of

jaipur. Sometimes company was providing us the contacts and most of the time wehave to approach the government offices by our self.Leads A person who is interested in buying any policy that is called a lead. After thelead generation company sends their relationship manager to the person and the R.O.

find the requirement of that particular person and provide him insurance as per hisrequirement.Coverage area- we have to survey all the government offices of Jaipur. We havecovered following offices of Jaipur.

BSNL offices RIICO Offices


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JDA (Jaipur development authority ) Nagar Nigam Office Collect rate Water bucks department Electricity department

Income tax department

Roadways Sales tax office G.P.O. Jaipur

Targeting- we have to target a group of people who are having a good disposableincome means we have to target officers. in laymans term we have to target the peoplewho are having a salary of more than 20000.Approach- during our training we have been taught that how we have to approachpeople. First of all we have to go to any government office and have to tell them that weare management students and doing our project on insurance sectore and we arecomparing the insurance policies of government employees and private sectoreemployees. in this way we have to find out who is the people willing to buy anyinsurance and how much they are ready to invest and have to submit this to company.On the basis of this company finalize the leads and Avivas relationship officer contactsthem. This Is the way we was approaching the people. This was our questionnaire onwhich basis we have to generate the leads. It was possible for me to reach 200 peoplein the span of 45 days.

Q.1 What is your current Occupation.

Figure 3


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Occupation No. of peopleBusiness 30%Salaried 50%Student 15%Housewifes 5%

InterpretationOn the part of occupation of potential Advisor, 50% of people i.e. 15 were salariedpeople and 9 of them from Business Background.Q.2 Which Field do you belongs to.

Figure 4Field No. of peopleBanking 20%Pharma 30%Investment 20%Manufacturing 10%Others 20%

InterpretationUnder the survey conducted we come to know that most of the servicing people belongsto Pharma sector i.e. 9 people belongs to this sector out of 30 people Q.3 What is your annual income?

Figure 5INTERPRETATION The sample had mainly 81.66% respondents below the agegroup 30 yrs having income range below 3,00,000 annually while in the age rangebetween 30-40 years 58.62% respondents had income in the range of 3,00,000-


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5,00,000 annual range. In the age group above 40 years and above it was found that81.81 % people had income in the range of 3,00,000-5,00,000 annually.

Q.4 Do you think insurance is important?

Figure 6

Interpretation:-

100% respondents said that insurance is compulsory for safty.

Q. 5 why you are buying insurance policy?

Figure 7INTERPRETATIONS- In theage group below 30 yrs it was found that the main reasonfor buying insurance was Tax Benefitwhile it was very closely followed by Security asone of the main reason. Investment was also the option preferred by many respondents. On a whole we can say that Securitywas the main reason behind people buying lifeinsurance policy when the entire responses were kept in mind.


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Q. 6 while buying insurance policy, which investment option you prefer themost?

Figure 8INTERPRETATIONS-In the age group below 30 yrs mainly it was seen that Fixed Deposit was the preferredchoice of the respondents as an investment option while Equity was the second choicewhich was closely followed by Mutual funds. So on a whole people were very cautiousabout their money at this point of time and wanted to invest only in options giving themguaranteed returns.

Q. 7 Which factor is most attractive while buying insurance?

Figure 9INTERPRETATION

The people in age group below 30 had an overwhelming answer in Returns as the mostattractive factor while buying life insurance policy.The respondents in age range 30-40 years had a different opinion where Brand name ,Increase in Cover and Returns had jointly occupied the top spot as the mostattractive factor.In age group 40 yrs and above it was found that Returns was ahead of the other

factors and was the choice of the of the respondents.On a whole it can be concluded that Returns was the most choice of majority of therespondents.


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Q.8 which companies insurance do you have?

Figure 10This pie chart is based on market data of insurance in the year 2007-08.

The pie chart given below is on the basis of our survey.

Figure 11Q.9 if you are married have you planned for your childs education /marriage?

Figure 12Interpretation:-

60% respondents said that they have planned for their childs education ormarriage.

while 40% respondents said that they have not planned for their childs educationor marriage.

Q.10 Have you done your retirement plan?Ans. Out of 200 people only 10 people was having a retirement plan and all the people

was having the same reason for not having retirement plan was that they wasgovernment employees ,after their retirement they will be getting pension. They believethat their future is secure this was the reason why they people was not havingretirement plans.


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Figure 13

Q.11 If we will suggest you a good plan for your child/retirement/short terminvestment will you be interested?

Figure 14

Q.12 If yes, how much you will you be comfortably save for yourchild/retirement/short term investment Per year?Ans. Not specified by people, they were saying this thing is dependent on the plan.

.

STRENGTH Financial rating of companies Flexibility of plans Highly co-operative & skilled staff. Sales oriented organization. Aggressiveness of sales force in selling products. The company has expertise in managing big business. Effective and wider distribution network. Product designed for each age group & every area of personal. Aviva life insurance provide unique training program for insurance advisor called

product training The company enjoys a very high brand loyalty & recall value among its customer. The company has a presence in all metros as well as in most of the major cities

in country.


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WEAKNESS

Less coverage in rural areas. Less staff Lack in making follow up. Lack of corporate agent. Lack of customer services. Lack of promotional activities.

OPPORTUNITY There is continuous growth in insurance sector and rural market is still untapped. People have started Turing towards private insurance sector as they know that

security and growth of money is better then another insurance company.

Government has also started investing in private insurance sector. Market is fully to capture because the branch has recently set up its business so

there is growth chances in the Kota market.

THREATS Competition in insurance sector is increase sing with the entry of private giants

like HDFC Standard life, Tata - Aig , Bajaj Allanze, Sahara, Gic, LIC, ICICI

prudential, Aegon Religare etc. Continuous follow up of the client and customers by the other insurance

companies. As LIC has strong market position so it is little bit difficult to capture the

market.Customer is still find risky to place its money in private insurance sector.


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CONCLUSIONInsurance is very competitive market- insurance sector is one the most competitivesector in this day due to the presence of more than fifteen players in the market.LIC isundoubtedly market leader with the market share of more than 64%.

Dealing with people- The most important thing which I have learn with Aviva is that howto deal with people because my work was like that I have to contact governmentemployees and find the opportunity that they are going to buy any policy or not. Behavior in government offices- In government offices approaching the people is verydifficult. Some of the times people are really very busy so sometimes they are not

having the time to listen you.

Insurance is a unknown psychological fear- When you dealing with people and tellingthem that you are from insurance sector people get afraid they want to save them selffrom you.

This report concludes the network aviva life insurance spreading sparking day byday.

The market position of aviva life insurance increasing rapidly. Through this study we got to know that aviva life insurance is providing best

services to its customers by giving satisfaction with innovative plans. Insurance sector is highly competitive sector with more than 15 players and LIC

is leading the market with 64% and the reason is that they is having a hugenetwork of agents.

Aviva is having almost a 2% insurance market in Jaipur to improve their marketthey need to increase the number of agents.

Government employees are not interested in retirement plans because they are.Security in the foam of pensions.

80% of Government employees are having some or another kind of

policySUGGESTION

Advisor should be given more training time to time to have better knowledge forchange in market.

Mass insurance policy should be launched Untapped areas should be covered.


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There is more than 75 crores population in villages. This represents a vastpotential.

Advisor should be supervised regularly so that their work can be improved andmade effective and efficient.

The advisor should be keeping in constant touch with his policy holder to become

aware of the change in his situation including marriage. Death of relatives.Releases of mortgages. Any one of them may necessitation some changes like title to policy moneys or

more insurance. The contact conveys a message that agent and companycares for the policy holder and the family mouth publicity it increaseacceptability.

Private insurance companies should highlight that they are managed privatelybut completely governed by IRDA.

To capture major chunk of business they need to open more branches in suburban so that they can fulfill all need of customers.

Perspective customers should be made more aware about the policies through

advertising and promotional activities.


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QUESTIONNAIRENameAddressMarried yes no Child Age

Phone no.

1. What is your current Occupation.

Business Salaried Student House wife2.If working which field you belongs to.

Banking Pharma Investment OthersQ.3 What is your annual income?Below 300000 300001 500000500001-700000 Above 700000

4. Do you think life insurance is important?

Yes No

Q. 5 why you are buying insurance policy?Security tax benefit saving investment

Q. 6 while buying insurance policy, which investment option you prefer the most? Insurance fixed deposits

bullion equity mutualfund government bond


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Q. 7 Which factor is most attractive while buying insurance?Brand name premium amount increase in cover return

Q.8 which companies insurance do you have?Government company private company

Q.9.If you are married have you planned for your childs education /marriage?

Yes No

Q.10 Have you done your retirement plan?

Yes NoQ.11 If we will suggest you a good plan for your child/retirement/short term investmentwill you be interested?

No yes

Q.12 If yes, how much you will you be comfortably save for your child/retirement/shortterm investment Per year?


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BIBLIOGRAPHY

Website:-www.google.co.inwww.avivaindia.comwww.wikipedia.comBooks:-Marketing management by phillip KotlerResearch Methodology by C.R. Kothari
http://www.google.co.in/http://www.google.co.in/http://www.avivaindia.com/http://www.avivaindia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.wikipedia.com/http://www.avivaindia.com/http://www.google.co.in/

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ramratan kumawat