1
ACKNOWLEDGEMENT TO KOTAK LIFE INSURANCE
The opportunity to get practical training in a reputed organization fulfills the felt gap between the theory and practical. In the case of a student of finance & control, this aspect assumes an additional dimension. I hereby acknowledge Kotak Life Insurance providing the constant guidance for encouragement which helped me a lot to be successful in my efforts. This formal acknowledgement will hardly be sufficient to express my deep sense of gratitude to all of them. It was a memorable experience while doing my summer training project at Kotak Life Insurance, Kanpur. I am highly indebted and thankful to Mr. Manish Katara (Sales Manager), Mr. Jasvinder Singh, Mr. Saurabh Jasiwal for their guidance and encouragement without which the satisfactory completion of this summer training project would not have been possible. They are a constant source of inspiration to me, showing all the patience and abundant encouragement through out project duration. In all Kotak Life Insurance provided a wonderful stimulating environment for this very educative and instructive training.
2
3
ACKNOWLEDGEMENT TO THE M.P.E.C. MANDHANA KOTHI, KANPUR
I would like to thank Manharana Pratap Engineering, College, Kanpur for providing me with this window opportunity that helped me to get an exposure into real life business practices. Research Methodology and its concepts were a great help to me in the course of the summer training project. Thanks to my faculty members for teaching me these concepts so that I could apply these during the course of data analysis and interpretation. I would also like to thank Mr. Ashutosh (H.O.D.) M.P.E.C. Kanpur, who were always there to guide and support me in my endeavor. Above all, I would like to thank almighty God, who helped me in successfully completing my summer training project.
4
CERTIFICATE FROM COLLEGE
This is to certify that the project entitled “TO STUDY AND WORK WITH THE CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK LIFE INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND RECRUITMENT
OF
ADVISORS
AND
ANALYSIS
OF
VARIOUS
PRODUCT” submitted in partial fulfillment of the requirement of Maharana Pratap Engineering College, Kanpur in record of bonafied general study work carried out by under my supervision. The project or any part of it has not been previously submitted for any degree.
H. O. D. Mr. Ashutosh Mishra Maharana Pratap Engineering College, Kanpur
5
PREFACE
The project title I got is “ TO STUDY AND WORK WITH THE CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK LIFE INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS PRODUCT.” The nature of the project is, recruitment of lead for Kotak Life Insurance, by doing so the benefit of the company is, the company will expand its distribution channel, and on the other hand, by doing so, it has really helped me a lot in understanding the working of the insurance companies and the Marketing Procedure of the organization and the important role that the advisors plays in the insurance companies. Kotak Life Insurance is India's leading insurance company. It represents the trust and integrity of Kotak Life Insuracne with the international expertise and financial strength of old mutual, Inc. The main importance of this project, from the company’s point of view is that the company will be having life long man power in the form of advisors who will be bringing lots of business to the company and help the company to grow and expand. There is a unique and a patented model of Kotak Life Insurance, which distinguishes a Kotak Life Insurance advisor from any other advisor in the insurance market. (Which is discussed in great detail in the later part of the report)
6
The advisors are mainly the people who establish a relation of the customers with the company by selling the policies of the respective company. They act as a channel distribution partner, and moreover the advisors are the idea and the concept sellers who are responsible, not only for selling policies, but also to bring awareness in the market about the need of life insurance, especially in the Indian market. Through this project I have learned effective working in all situations like, how to take quick decisions, how to deal with customers, and more over how to maintain cordial relations with them.
7
DECLARATION This is to certify that I have personally worked on this project titled “ TO STUDY AND WORK WITH THE CHANNEL MARKETING TEAM (TIED AGENCY)
OF
KOTAK
LIFE
INSURANCE
TO
DEVELOP
ITS
DISTRIBUTION CHANNEL AND RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS PRODUCT.” For the purpose to complete my summer training. The data mntioned in this project report is genuine and were collected by me during this course of the project. Any other information or data has been collected or borrowed from outside agency or some other report has been duly acknowledged in this project report. It is also to certify that no facts or information regarding this work has been concealed.
Date
Ashu Kushwaha
Place : Kanpur
8
INDEX
Summary
11-12
PART – 1 INSURANCE
[14-28]
•
Insurance
15
•
About Insurance
16
•
Characteristics of Insurance
16-17
•
About General Insurance
17-18
•
Life Insurance in India
18-20
•
Essential Features
20-22
•
Function of Insurance
22-26
•
Working of Life Insurance
27-28
PART – 2 ABOUT KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE [30-56] •
About Kotak Mahindra Old Mutual Life Insurance
31-32
•
Kotak Mahindra Group
32-36
•
Structure of Kotak Life Insurance
37-38
•
Summer Training Learning
39-40
•
Kotak Product for Individual Life Insurance
41-46
Bullish Market Situation
47-48
Bearish and Volatile Market Situation
49-51
Newely Launch Product
52-54
Five core values of Kotak Life Insurance
55-56
9
PART – 3 RESEARCH METHODOLOGY
[58-71]
•
Research Methodology
•
Objective of Study
60-62
•
SWOT Analysis
63-71
MARKETING
59
[72-83]
•
Marketing
•
Kotak Adopt’s different methods of Marketing
73-75
•
Channel Marketing
76-83
RESEARCH DESIGN
72
[84-94]
•
Research Design
84-85
•
Source of Data
86-89
•
Sampling Plan
90-91
•
Data Analysis
92-94
Observation
95
Recommendation
96
QUESTIONNAIRE
[97-108]
•
Questionnaire – 1
98-102
•
Questionnaire – 2
103-108
Bibliography
109-110
Webliography
111-112
10
EXECUTIVE SUMMARY
Monopoly of LIC has been broken to make Indian Insurance to change its face and pace to tap the market and to make the new challenges in it. Insurance in India is not about India only; it is an open sector for the private players. The name which you would see in Indian insurance market is something like:- BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian company) + Aig (foreign player) and so many like them. Companies now are tapping a lot of ways to capture the market and hence adopting different ways to hold the large portion of the market. My project was to understand the different marketing strategies adopted by the companies to increase their market share and along with it meeting their own targets to achieve the position of no. 1 in respective field or segment of the market. My summer training learning helped me a lot to complete my project in order to learn a lot of things of the corporate. As a project trainee the first task given to me was to understand the basic behaviour of the consumer in order to manipulate the market according to the our target competition. For this we did developed a questionnaire and I did my survey in important location of Kanpur Nagar. From this database I was asked to do the called calling in order to make strengthen the agency channel and I learnt how to develop this channel and how
11
to create the business opportunities besides grabbing them. This made me to know issues of competitive market in a better manner and it also gave me a lot of ideas to enhance my communication and convincing skills.
12
13
14
Insurance : Insurance is pooling of risk and compensation of lasses to some extent. I
-
Innovation
N
-
Need Based
S
-
Solution Oriented
U
-
Urgent
R
-
Rational
A
-
Assume
N
-
Neutral
C
-
Compensation
E
-
Effective
Insurance Act comes in 1983. Life Insurance cooperation Act Start in 1956 with 60 members. Insurance Regulatory and Development Authority come in 1999.
15
About Insurance :Insurance may be defines as social device to protect the economic value of the life and other assets. Under the plan of Insurance a group of people are brought together and their share of money is pooled to manage the loss suffered by any of them. Insurance is a contract whereby in return of the payment of the premium by the insured the insurers pay the financial loss suffered by the insured as a result of the loss by the unforeseen events. The term “risk” is used to define the probability of loss. Insurance is a pool where large number of people exposed to similar kind of risks makes contribution to the common fund out of which the losses suffered by the unfortunate few due to accidental events are made good. The sharing of risk among large group of people is the basis of insurance.
Characteristics of Insurance:1.
Sharing of Risk
2.
Cooperative device
3.
Evaluation of Risk
4.
Payment of event of happening of any special event
5.
The amount of payment depends on the size and type of loss.
6.
The success of Insurance business depends on the law of large number of people insured against similar risk.
16
7.
Insurance is a business which spreads the loss and the risk of few people in the large number of people.
8.
The insurance is a plan in which insured transfer his risk to insurer.
9.
Insurance is a legal contract
Insurance is divided in two basic zones :1.
General Insurance
2.
Life Insurance
About General Insurance:Insurance of the non life assets are called general insurance, this includes loss of asset against water, fire, earthquake etc. With the detarrification in the Indian Market in General Insurance the monopoly of the general Insurance public sector’s companies has been broken. With the entrance of the new private player market innovative technique has been introduced to capture the market. In general Insurance around 17% of the market has been captured by the private players. General Insurance is a sector which alone has many type of insurance coverage in it like Fire Insurance, Marine Insurance, motor Insurance, Liability Insurance, Engineering Insurance etc.
The Non Life Insurers National Insurance Co. Ltd. New Indian Assurance Co. Ltd. Oriental Insurance Co. Ltd.
17
United India Insurance Co. Ltd. Tata AIG General Insurance Co. Ltd. Bajaj Allianz General Insurance Co. Ltd. IFFCO Tokio General Insurance Co. Ltd. ICICI Lombard General Insurance Co. Ltd. Reliance General Insurance Co. Ltd. Royal Sundaram Alliance Insurance Co. Ltd. Bharti Axa General Insurance HDFC Chub
Life Insurance in India:Life Insurance in India existed from long time. The modern concept of Insurance was brought by Bruisers in India, and Oriental Insurance Company was the first Insurance Company who did Insurance for the Indian in 1818 and was established in Calcutta nowadays Kolkata. Then due to no interference of government in it, private market players ruled the market as they want to, that is why government intervened in between to protect the interest of the mass and to safeguard the money involved in it. From that time i.e. from the year 2001 insurance sector was opened for the private players too. Since them Insurance sector is on the boom and business is flourishing and a lot of private players are coming into business. Here the private players doesn’t indicate to Indian Private Companies but also foreign players are also involved in it, but to manage the money flow in and outside the country
18
IRDA takes care of the contribution of the money by foreign partners of private insurance companies. To control that IRDA has set a limit of FDI i.e. 26%. The evolution of Insurance in India can be summarized as:Year
Changes
1818
Oriental Insurance Company. The first Insurance Company in India
1870
Bombay Mutual Life Assurance Company. First Indian Insurance company.
1912
The Indian Life Assurance Company enacted the first law to regulate the life insurance business in India
1926
The Indian Assurance company act enacted to enable to government to collect the statistical information about the insurance.
1938
The earlier legislation consolidated and amended the life insurance act with the objective of protecting the interest of insurance in the public.
1956
245 Indian and foreign players and prudent societies are taken once by Central govt. And nationalized
The number of companies in Insurance particularly in life Insurance has changed drastically now the number is in 17. List of them are mentioned as below. 1.
Bajaj Allianz Life Insurance
2.
ICICI Prudential Life Insurance
3.
TATA AIG Life Insurance
4.
Max New York Life Insurance
5.
AVIVA Life Insurance 19
6.
Bharti AXA Life Insurance
7.
Kotak Mahindra Life Insurance
8.
Reliance Life Insurance
9.
SBI Life Insurance
10.
HDFC Standard Life Insurance
11.
Birla Sun Life Insurance
12.
Sahara Life Insurance
13.
ING Vysa Life Insurance
And so on…
Life Insurance contracts are the one which has to fulfil the requirements of the law of Contract as per the Indian Contract Act 1872. Indian Contract Act 1972 implies : A contract must have certain essential features in order to make it legally valid and enforceable.
Essential Features :1. Offer and Acceptacne :- There should be the offer by the customer in form of proposal form and Acceptance by the Insurance Company. 2. Consideration :- There should be the valid consideration against the insured property in terms of the premium to be paid by the consumer. 3. Agreement between the parties :- There should be consensus on the both side of the parties.
20
4. Capacity to contract :- The insured should have the capacity to perform the contract as that he a?) He should be of sound mind b) he should not be abided by law to go for any contract c) he should be major that he should have the age minimum to 18. 5. Legality :- There should be the legality of contract as it should be legal in nature and must be brought for the lawful consideration. Above details have some technical words like Insured, Insurer, and Premium etc. Let’s make a brief note on that for a better understandings:-
Policyholder :The one who pays the premium against policy
Insured :The one who is insured against risk by insurance company.
Insurer :The one gives the insurance i.e. Insurance Company.
Premium :The amount against continuance of the insurance
P.S. :Policyholder and insured can be same person and can be two individuals even. Apart from the Legal Structure of the Insurance Contract there are some principles in Insurance Industry on which every company works on. There principles are:21
Utmost Good Faith :It is also termed as Uberrima Fides. It is applicable on the proposer that all the contents which are filled and signed by him on the proposal form are true as per his knowledge.
Insurable interest :It means that the property or life which is to be insured the proposer has the legal rights upon that. Without insurable interest no insurance can be provided. In life insurance term legal rights on life means to prove the blood relation. A husband can take policy for his wife.
FUNCTION OF INSURANCE :If asked we should know the benefits of the insurance and that can be known by knowing the function of the insurance.
PRIMARY FUNCTION:1. Provide protection:- As risks controlling is not in the hands of anyone completely that is why Insurance Company provides the risk protection. 2. Collective bearing of loss:- Insurance Company would have to accept the loss and give respective claims as for the sake of contract that has been done between the company and the insured. 3. Assessment of Risk:- There should be the proper assessment of the risk so as to charge the correct and legible premium to charge the correct and legible premium to insure the subject matter of insurance.
22
4. Provide the certainty:- As the losses appear from the uncertainty so Insurance Company would have to provide the certainty of absorbing the loss so as to protect the insured under the risk in which he has been insured.
SECONDARY FUNCTION:1. Prevent Loss:- Insurance cautious businessman and individuals to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions. 2. Small capital to large risk:- Small capital is demanded to cover the risk of the large capital.
OTHER FUNCTION:It is a means of savings and investment apart from it its share in the GDP counts very important. In India it is in a growing stage in compare of the other countries lets’have a look on it:-
23
United Kingdom
8.9%
Japan
8.3%
Korea
7.3%
United States
4.1%
Malaysia
3.6%
India
3.0%
China
1.8%
Brazil
1.3%
24
If we talk in terms of India only then the result will be something like this:-
Insurance premium as % GDP
Three avenues for growth
12
1 Addition of new customers
Threshold for insurance pick-up
10
8
2 Existing customers by more
6
4 I NDI A
2
3 Extension to new geographies
0 100
1,000
10,000
100,000
GDP per capita in USD (log scale) (1) PPP adjusted GDP per capita higher by a tactor of - 5-8, lower incomes categories not shown Source Swiss Re NCAER
25
with some product categories nascent
... still remains # 19 in insurance terms ... Premium Income ($ Bn) 1
USA
1055
Japan
Pension scheme
!
Annuity scheme
!
Health insurance
479
UK
247 171
Germany France
164
Italy
2
!
112
S Korea
60
Canada
59
Netherlands
50
Spain
47
China
47
!
Disability and critical illness insurance
!
Professional liability
!
Crop insurance
!
Income protection
!
Credit insurance
...
3
India
17
26
Working of Life Insurance:Risk has to be assessed in order to decide tithe premium or to decide that subject is insurable or not.
Pure Risk vs. Speculative Risk:Event representing there will be possibility of loss or no loss is called pure risk. These risks are insurable in nature. Speculative risk is the one which truly resembles gamble. There is the possibility of loss or gain and wherever there is a chance of making profit there insurance cannot exist. Therefore these risks are not insurable in nature.
Approaches to Risk Management:Risk Management is the process of minimising the risk due to unforeseen events. Steps involved in selecting the Risk Management are:To identify all the things that can be possibly wrong. To consider possibility that an event can occur.
Techniques Toward The Risk Management:1. Avoiding the Risk:- Risk can be managed by avoiding it as when the perils will come then it will be managed. 2. Eliminate the Risk:- Risk can be managed by eliminating the cause of the loss. 3. Reducing the Risk:- Risk can be reduced by handling them in a systematic manner.
27
4. Transfer of Risk:- Risk can be minimized by transferring the risk of loss to any other person which is a true form of the INSURANCE.
28
29
30
About Kotak Mahindra Old Mutual Life Insurance:Kotak Mahindra is in business SINCE 1985, and insurance part of their business came into existence in the year 2001. Evolution of Insurance business in Kotak Mahindra business is like this:Year
Significant Changes
Business Development
1985
Trade Finance
1986
Corporate Finance
1990
Car Finance
1991
Investment Banking
1992
GOLD MAN SACHS
Brokerage and Distribution
1995
FORD CREDIT
Commercial Vehicle
1997
Consumer Finance
1998
Mutual Fund
2001
OLD MUTUAL PLC.
2003
Life Insurance Bank
As stated above Kotak Mahindra Life Insurance has Joint venture with Old Mutual plc. Old Mutual Plc is the 12th largest Insurance Company is the world. It has its base of over 4 million life assurance policyholders. It has one of the best “Payouts” among insurers in the world. It has one of the best “Solvency Ratios” among insures in the world. A FTSE 100 financial services group and ranks as a Fortune Global 500 company. The Old Mutual group manages is excess of 239
31
billion pounds in funds (Dec’06). The company is 160 years old and has prominent presence in the United States and the United Kingdom.
Kotak Mahindra Group:Kotak Group and Mahindra Group had their partnership 1985 between Uday Kotak and Mr. Mahindra. Now the question arises that way for the business in India of life insurance Kotak Mahindra chose Old Mutual plc and vice versa.
Features of Kotak Mahindra and Old Mutual plc at a glance:Kotak Mahindra
Old Mutual Plc
Brand Equity
Domain Knowledge
Branch Network
Technology
Entrepreneur Employees
Product innovation
Knowledge of Indian Market
Training Expertise
Access to customer base
Global perspectives
Distribution associates
System and Process Multi Channel Working System
If we look at the status of Kotak Life Insurance’s market share in comparison of other private company in comparison of premium earned:-
32
No.
Insurer
Market Share%
1
Bajaj Allianz
7.56
2
ICICI Prudential
7.35
3
HDFC Standard Life
2.87
4
SBI Life
2.31
5
Birla Sun Life
1.89
6
Tata AIG
1.29
7
Max New York
1.23
8
Aviva
1.14
9
Kotak Mahindra OLD Mutual
1.11
10
ING Vysya
0.79
11
Reliance Life
0.54
12
MetLife
0.40
13
Sahara Life
0.06
14
Shriram Life
0.03
33
Figure
34
If we talk the growth of Insurance industry’s private players in recent years, the data will reflect:-
1600 1400 1200 1000 800 600 400 200 0
35
Structure of Kotak Life Insurance:MANAGING DIRECTOR:- MR. GAURANG SHAH CFO:- G. MURALIDHAR VICE PRESIDENT TRAINING AND MANAGEMENT DEVELOPMENT:MR. ARUN PATIL VICE PRESIDENT HR:- MR. SUGATA DUTTA VICE PRESIDENTS DISTRIBUTION DEVELOPMENT AND PLANNING:MR. KAMLESH VORA APPOINTED ACTUARY:- JOHN BRYCE VICE PRESIDENT MARKETING:Its hierarchy in Kotak Life Insurance is like this:-
36
MARKETING TEAM STRUCTURE:
37
Summer Training Learning:Developing the source for marketing and development of the business through the understanding of:1. CONSUMER BEHAVIOUR 2. TELE MARKETING 3. CHANNEL DEVELOPMENT 4. UNDERWRITING TRAINING
Consumer Behaviour:- The process and activities people engage in when searching for, selecting, purchasing, using and disposing of products and services as to satisfy their needs and desires is consumer behaviour. To understand so as to know the recognition of KOTAK Life Insurance we conducted a survey in different areas such as:Govind Nagar, Kanpur Saket Nagar, Kanpur Civil Lines, Kanpur Kaka Dev, Kanpur
38
100 responses of people turned to following:No. Of people insured
83
Insured from LIC
79
Insured from Private companies
47
Insured from Kotak
12
Know about the product of Kotak
28
People’s Response
28 12 47
83 In su re d F ro m L IC In s u re d F ro m P riv a te C o m p a n y In s u r e d F ro m K o ta k A w a re n e s s A b o u t K o ta k
39
Kotak’s Product for Individual Life Insurance:1. Kotak Capital Multiplier Plan 2. Kotak Flexi Plan 3. Kotak Retirement Income Plan (unit-linked) 4. Kotak Retirement Income Plan (non unit-linked) 5. Kotak Eternal Life Premier Shield 6. Kotak Head Start Assure Wealth 7. Kotak Smart Advantage Plan 8. Kotak Safe Investment Plan 9. Kotak Head Start Future Protect 10. Kotak Easy Growth Plan (1.25 times) 11. Kotak Easy Growth Plan (5 times) 12. Kotak Sukhi Jeevan
Traditional Plans:1. Endowment Plan 2. Kotak Term Plan
Kotak’s Product for Group Life Insurance 1. Kotak Superannuation Group Plan 2. Kotak Gratuity Group Plan
Additional Features:-
40
1. Riders 2. Nominees 3. Life Guard
41
Kotak Capital Multiplier Plan:Kotak is the only plan of its kind that allows the return to be enjoyed beyond maturity. It is a kind of super endowment plan that offer the bonus every year, and also offers the facility to increase the investment and it also offers the facility to withdraw the money as when wants to over a 15 year period post maturity, apart from that additional life cover of 10%, which is over and above the life cover which has been opted. Other Features like surrender to the policy can be opted out of any medical urgency, following riders can be opted:•
Preferred term Benefit
•
Accidental Death Benefit
•
Permanent disability Benefit
•
Critical Illness Benefit
•
Life Guardian Benefit
•
Accidental Disability Guardian Benefit
Kotak Flexi Plan:Kotak Flexi gives a comprehensive long term solution for managing finances. It gives the insurance which is an important part of the portfolio. It helps in reducing the loss of investments as done in equity market because different options are given for the type of aggressiveness required for the investment and portfolio is managed by the company. As experts are there in the company to look after the investments made.
42
Different Fund options are available like Dynamic floor guaranteed floor etc. Special Feature:- Flexi also has the feature of Guaranteed Maturity Value that is on the maturity of the policy one will be getting at least whatever has been invested, apart from whatever the condition is of the stock market. Automatic Cover that is policy conversion to paid-up feature is there. Riders are available And feature of switching between the funds is also available. Switching is tax free.
43
Kotak Smart Advantage Plan:-
Above were brief descriptions of few products.
44
45
46
S IT U A T IO N
B U L L IS H M A R K E T
47
48
M A R K E T S IT U A T IO N
B E A R IS H & V O L A T IL E
49
50
51
K O T A K D Y N A M IC F L O O R F U N D
N E W E LY L A U N C H PR O D U C T
52
1 .7 5 %
M edum
2 5 % to 1 0 0 %
0 % to 7 5 %
C a p ita l p r o te c tio n w ith e q u ity u p s id e . I n -b u ilt e x p e r t a d v is e
D F F -A S S E T A L L O C A T O N
53
Five Core Values of Kotak Life Insurance
The Kotak Life Insurance shares five core values understanding, excellence, unity and responsibility. These values, which have been part of the Group's beliefs and convictions from its earliest days, continue to guide and drive the business decisions of Kotak companies. The Group and its enterprises have been steadfast and distinctive in their adherence to business ethics and their commitment to corporate social responsibility. This is a legacy that has earned the Group the trust of many millions of stakeholders in a measure few business houses anywhere in the world can match. The Kotak Group has always sought to be a value-driven organization. These values continue to direct the Group's growth and businesses. The five core Kotak values underpinning the way we do business are:
•
Integrity: We must conduct our business fairly, with honesty and transparency. Everything we do must stand the test of public scrutiny.
•
Understanding: We must be caring, show respect, compassion ands humanity for our colleagues and customers around the world, and always work for the benefit of India.
•
Excellence: We must constantly strive to achieve the highest possible standards in our day-to-day work and in the quality of the goods and services we provide.
54
•
Unity: We must work cohesively with our colleagues across the Group and with our customers and partners around the world, building strong relationships based on tolerance, understanding and mutual cooperation.
•
Responsibility: We must continue to be responsible, sensitive to the countries, communities and environments in which we work, always ensuring that what comes from the people goes back to the people many times over.
55
56
57
RESEARCH METHODOLOGY
Research methodology is the Procedure adopted for conducting the research study.
Research methodology should be carefully planned as the
accuracy reliability and adequacy of results is totally depending on the Research Methodology followed. It gives the researcher a guideline by which he/she can decide which techniques and procedures will be applicable to a given problem. Moreover it helps in the evaluation of research by other also. So for the research to be successful, purposeful and effective the researcher should plan the Research Methodology before preceding the study.
58
59
Objective of The Study
The very objective of any summer Internship project is to get a high degree of corporate exposure and learning. The objective is to get a high class On the Job training from the company for practical learning purpose along with full filling the tasks allotted by the company.
As far as on the job training is concerned, the objective is to train summer trainees like us in the related subject matter in which the company is doing business. Before starting the project work, lots of classroom lectures and training have been undergone. The training included through knowledge about INSURANCE and other related topics. I have learned a lot about KOTAK LIFE INSURANCE as a whole and separately. When a person works in some company, first of all it is very important for him to know about the company. Therefore first I have learned a lot about KOTAK LIFE INSURANCE and
in the same time it also took me a good lot of time in
understanding the working and as well as the culture of the company.
In the class room training I have learned not only about KOTAK LIFE INSURANCE, but also the market share of KOTAK LIFE INSURANCE and, including the percentage of share of both these companies in this JOINT VENTURE between KOTAK and OLD MUTUAL FUND. The nature of the project is to study and work with the channel marketing team (Tied agency) of KOTAK LIFE INSURANCE to develop its
60
distribution channel
and recruitment of advisors and analhysis of various
products, by doing so the benefit of the company is, the company will have life long channel partners and in return The summer Trainees like us, will practically learn about the working of the company and the Life Insurance Sector as a whole The lead generators are mainly the people who establish a relation of the customers with the company by selling the policies of the respective company. They act as an channel distribution partner, and moreover the advisors are the idea and the concept sellers who are responsible, not only for selling policies, but also to bring awareness in the market about the need of life insurance, specially in the Indian market LEAD GENERATER are the key persons in an insurance company, in fact they contribute a lot in the insurance business.
BENEFITS OF LEAD GENERATER
Potential to earn unlimited income Flexible Timings No capital investment Other Benefits Gratitude of Families in society Prestige among peers Network of Contacts Good Will of Customers Contribution to nation building
61
62
SWOT analysis came from the research conducted at Stanford Research Institute from 1960-1970. The background to SWOT stemmed from the need to find out why corporate planning failed. The research was funded by the fortune 500 companies to find out what could be done about this failure. The Research Team were Marion Dosher, Dr Otis Benepe, Albert Humphrey, Robert Stewart, Birger Lie. It all began with the corporate planning trend, which seemed to appear first at Du Pont in 1949. By 1960 every Fortune 500 company had a 'corporate planning manager' (or equivalent) and 'associations of long range corporate planners' had sprung up in both the USA and the UK. However a unanimous opinion developed in all of these companies that corporate planning in the shape of long range planning was not working, did not pay off, and was an expensive investment in futility. It was widely held that managing change and setting realistic objectives which carry the conviction of those responsible was difficult and often resulted in questionable compromises. The fact remained, despite the corporate and long range planners, that the one and only missing link was how to get the management team agreed and committed to a comprehensive set of action programmes. To create this link, starting in 1960, Robert F Stewart at SRI in Menlo Park California lead a research team to discover what was going wrong with corporate planning, and then to find some sort of solution, or to create a system for
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enabling management teams agreed and committed to development work, which today we call 'managing change'. The research carried on from 1960 through 1969. 1100 companies and organizations were interviewed and a 250-item questionnaire was designed and completed by over 5,000 executives. Seven key findings lead to the conclusion that in corporations chief executive should be the chief planner and that his immediate functional directors should be the planning team. Dr Otis Benepe defined the 'Chain of Logic' which became the core of system designed to fix the link for obtaining agreement and commitment. 1. Values 2. Appraise 3. Motivation 4. Search 5. Select 6. Programme 7. Act 8. Monitor and repeat steps 1 2 and 3 We discovered that we could not change the values of the team nor set the objectives for the team so we started as the first step by asking the appraisal question ie what's good and bad about the operation. We began the system by asking what is good and bad about the present and the future. What is good in the present is Satisfactory, good in the future is an Opportunity; bad in the present is a Fault and bad in the future is a Threat. This was called the SOFT analysis.
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When this was presented to Urick and Orr in 1964 at the Seminar in Long Range Planning at the Dolder Grand in Zurich Switzerland they changed the F to a W and called it SWOT Analysis. SWOT was then promoted in Britain by Urick and Orr as an exercise in and of itself. As such it has no benefit. What was necessary was the sorting of the issues into the programme planning categories of: 1. Product (what are we selling?) 2. Process (how are we selling it?) 3. Customer (to whom are we selling it?) 4. Distribution (how does it reach them?) 5. Finance (what are the prices, costs and investments?) 6. Administration (and how do we manage all this?) The second step then becomes 'what shall the team do' about the issues in each of these categories. The planning process was then designed through trial and error and resulted finally in a 17 step process beginning with SOFT/SWOT with each issue recorded separately on a single page called a planning issue. The first prototype was tested and published in 1966 based on the work done at 'Erie Technological Corp' in Erie Pa. In 1970 the prototype was brought to the UK, under the sponsorship of W H Smith & Sons plc, and completed by 1973. The operational programme was used to merge the CWS milling and baking operations with those of J W French Ltd. The process has been used successfully ever since. By 2004, now, this system has been fully developed, and proven to cope with today's problems of setting 65
and agreeing realistic annual objectives without depending on outside consultants or expensive staff resources.
The seven key research findings The key findings were never published because it was felt they were too controversial. This is what was found: 1) A business was divided into two parts. The base business plus the development business. This was re-discovered by Dr Peter Senge at MIT in 1998 and published in his book the 5th Dimension. The amount of development business which become operational is equal to or greater than that business on the books within a period of 5 to 7 years. This was a major surprise and urged the need for discovering a better method for planning and managing change. 2) Dr Hal Eyring published his findings on 'Distributive Justice' and pointed out that all people measure what they get from their work and divide it by what they give to the work and this ratio is compared to others. If it is not equal then the person first re-perceives and secondly slows down if added demands are not met. (See for interest Adams Equity Theory and the Equity Theory Diagram pdf) 3) The introduction of a corporate planner upset the sense of fair play at senior level, making the job of the corporate planner impossible. 4) The gap between what could be done by the organisation and what was actually done was about 35%. 5) The senior man will over-supervise the area he comes from. Finance- Finance, Engineering-Engineering etc. 66
6) There are 3 factors which separate excellence from mediocrity: a. Overt attention to purchasing b. Short-term written down departmental plans for improvement c. Continued education of the Senior Executive 7) Some form of formal documentation is required to obtain approval for development work. In short we could not solve the problem by stopping planning.
In Conclusion By sorting the SWOT issues into the 6 planning categories one can obtain a system which presents a practical way of assimilating the internal and external information about the business unit, delineating short and long term priorities, and allowing an easy way to build the management team which can achieve the objectives of profit growth. This approach captures the collective agreement and commitment of those who will ultimately have to do the work of meeting or exceeding the objectives finally set. It permits the team leader to define and develop co-ordinated, goaldirected actions, which underpin the overall agreed objectives between levels of the business hierarchy.
Translating Swot Issues Into Actions Under The Six Categories Albert Humphrey advocated that the six categories:
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1. Product (what are we selling?) 2. Process (how are we selling it?) 3. Customer (to whom are we selling it?) 4. Distribution (how does it reach them?) 5. Finance (what are the prices, costs and investments?) 6. Administration (and how do we manage all this?) provide a framework by which SWOT issues can be developed into actions and managed using teams. This can be something of a 'leap', and so the stage warrants further explanation. Translating the SWOT issues into actions, are best sorted into (or if necessary broken down into) the six categories, because in the context of the way that business and organizations work, this makes them more quantifiable and measurable, responsible teams more accountable, and therefore the activities more manageable. The other pivotal part in the process is of course achieving the commitment from the team(s) involved, which is partly explained in the item summarising Humphrey's TAM® model and process. As far as identifying actions from SWOT issues is concerned, it all very much depends on your reasons and aims for using SWOT, and also your authority/ability to manage others, whom by implication of SWOT's breadth and depth, are likely to be involved in the agreement and delivery of actions. Depending on pretext and situation, a SWOT analysis can produce issues which very readily translate into (one of the six) category actions, or a SWOT analysis can produce issues which overlay a number of categories. Or a mixture.
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Whatever, SWOT essentially tells you what is good and bad about a business or a particular proposition. If it's a business, and the aim is to improve it, then work on translating: Strengths (maintain, build and leverage) Opportunities (prioritise and optimise) Weaknesses (remedy or exit) Threats (counter) into actions (each within one of the six categories) that can be agreed and owned by a team or number of teams. If the SWOT analysis is being used to assess a proposition, then it could be that the analysis shows that the proposition is too weak (especially if compared with other SWOT's for alternative propositions) to warrant further investment, in which case further action planning, other than exit, is not required. If the proposition is clearly strong (presumably you will have indicated this using other methods as well), then proceed as for a business, and translate issues into category actions with suitable ownership by team(s). This is my understanding of Albert Humphrey's theory relating to developing SWOT issues into organizational change actions and accountabilities. (I'm pleased to say that Albert kindly confirmed that this is indeed correct.) There are other ways of applying SWOT of course, depending on your circumstances and aims, for instance if concentrating on a department rather than 69
a whole business, then it could make sense to revise the six categories to reflect the functional parts of the department, or whatever will enable the issues to be translatable into manageable, accountable and owned aims.
STRENGTHS •
End-user sales control and direction.
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Superior product performance vs competitors.
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Customer lists not tested.
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Some gaps in range for certain
Right products, quality and reliability.
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WEAKNESSES
sectors. •
We would be a small player.
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No direct marketing experience.
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We cannot supply end-users
Better product life and
abroad.
durability. •
Spare manufacturing capacity.
OPPORTUNITIES
THREATS
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Could develop new products.
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Legislation could impact.
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Local competitors have poor
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Environmental effects would
products. •
Profit margins will be good.
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End-users respond to new ideas.
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Could extend to overseas.
favour larger competitors. •
Existing core business distribution risk.
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Market demand very seasonal.
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Retention of key staff critical.
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Marketing:According to Kotler,” Marketing is a social and managerial process by which individuals and groups obtain what they need; want through creating, offering and exchanging of products of value through other. This definition of marketing rests on the core concepts like: needs, wants, and demands, products (good, services and ideas); value, cost and satisfaction; exchanger and transaction; relationships and networks; markets; marketers and prospects.
NATURE OF GOOD MARKEING
Create Awareness
Induce Trial
Demonstrate Benefits
Build Brand Preference THAT IS WHAT KOTAK LIVE BELIEVES IN, a good marketing
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Kotak adopts different methods for the marketing:Using Brand name KOTAK, and its effect can be seen as previously Kotak Life Insurance needed a name Old Mutual with its name but now people Kotak by the name of Kotak only not by the name of OM Kotak. KOTAK has positioned itself in terms of BRAND POSITIONING as:FINANCIAL FREEDOM: “JEENE KI AZAADI” Kotak always expressed itself as always close to Customers with the help of:•
Ads
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Merchandising
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Corporate Stationery
TELE MARKETING:- It is a kind of Direct selling, which makes the LEAD GENERATION for the BUSINESS, or it turned into the SALES that are again building BUSINESS for the company. Tele Marketing is marketing the product through telephone. The most important aspect of Tele Marketing is COLD CALLING, HOT CALLING, and OBJECTION HANDLING. Cold Calling means Calling to the unknown telephone number for the first time and that even without knowing the respondent. Hot Calling means Calling to already approached person for the further response Objection Handling means to handle the type of objection that may arise while calling. That is what we have done in our Tele Marketing in our summer training. By different type of calling we used to generate the LEAD for the further business. For that a set up was made and provided:-
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•
Database for calling was given or random calling was done.
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Telephone was given
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Computer was given so as to mail the respondents who were willing to have the details via mail.
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The one who were interested in knowing the details of the offer by meeting, space was provided in the office to meet the senior respondents.
Results from calling :•
Appointment:- Calling used to turn into the appointment to generate the lead for the business depending upon the motto to call, which was sometimes for the appointment of the Life Advisors and sometimes for selling the policies.
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Mail Brochure:- Sometimes responses were that the respondent is not able to talk due to some reasons and they ask to mail the details vie e mail.
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Call Later:- Responses used to come as to call later because of their busy schedules, incorrect time to call as the persons busy in meeting or having lunch, or driving or is in roaming area.
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Already a customer of Kotak:- little response came as the person is already a customer of the Kotak Life Insurance.
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Not Interested:- Most of the responses turned to not interest the basic reason for that is, in India Insurance are much about telling then asking.
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Database Problem:- If we got the database them problem like wrong number was frequent to observe.
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Learning from calling:Patience:- Patience is require while calling because the probability of a positive response is 1:25
Timing:- Correct time to call is the key facto to make a person listen to you with interest. That timing is 1 pm to 3 pm, and then 4 pm to 6 pm
Quick Witted:- One has to be quick witted with the answers in response of the respondent, if he says that he is a student so we should motivate him with the option of pocket money and if the person is earning then the way of attracting the person to Kotak will be the extra income. This was the case when we are cold calling with the objective making the Life advisors.
Active and careful:- One has to be active and careful in lieu to contact again to that person who gave the time to call later or if appointment has been fixed then one should be active as to give the person a reminder for at least 2 hour before to confirm the meeting.
Correct pitching:- How to pitch about yourself and about the company is the important aspect in calling as it creates the base for the person that why he should listen to you.
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Direct Selling part includes Tele marketing through advertisements etc.
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Brokers are the who can sell the insurance product of a lot of company and is appointed by the company but works for the individual and earn brokerage through company. Life Advisors is the name given to the traditional “Agent” which we often hear. Life Advisor is the one who can sell the insurance product of only one company and commission is what he earns in reference to the business provided by him. Other channel here means the Corporate Agents, banks, selling through Franchisee etc. are the parts of the channels which create business for the company. Channel development’s most important aspect is Life advisor so we should know the process of recruiting the life advisor. First of all PHF form has to be filled along with it necessary document has to be attached:PHF means personal History Form in which NAME, ADDRESS, MOBILE NO., Type of Training Required etc has to be mentioned. Simply all those information has to be there which are necessary to be known to the company so as to decide the potential of the Proposer to bring the business to the company. Then basic requirements as per the rule of the Insurance Act, 1938 has to be fulfilled. 1. Personal has to be major 2. Should be of sound mind 3. Should work for only one company
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4. Should be 10th if going for rural area, and should be 12 th passed if going for the urban area. Urban area means the area having the population above 5000 persons. 5. Should have residential proof 6. Should have identify proof 7. Copy of PAN card has to be attached.
And then the most important aspect that person will have to go for the 50 hours training and will have to secure 50% marks to pass the examination conducted by III (Insurance Institute of India) in behalf of IRDA to get the licence to do the policy and earn the commission out of the work done. Company provides the service of the training to its expected Life Advisors as per their will whether online or manual training. When a person becomes licentiate and works as a Life advisor for the company then the rest part in reference to their motivation is done by the company by throwing different competition and offering different schemes with bonuses and targets to keep alive the notion of work and to motivate the Life Advisors to work more. This whole process in Kotak Life Insurance is called as Reward and Recognition Programme:Kotak Life Insurance has made this programme and designed various stages in it for different levels of Life Advisors:The whole Reward and recognition programme of Kotak is known to Kotak Life Advisors is MY KOTAK LIFE.
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This was the session in which we were told that how the target is fixed and how one gets rewarded for what he has done in Kotak Life for the success of him along with KOTAK too. My kotak life is the theme that is opted by the KOTAK for its employee CPI = FOS*% Average case size * Average case rate CPI: Cash Premium Income FYP i.e. First Year Premium excluding the renewal premium is CPI of the company. FOS : Feet on Street. Sales are source of it and source of sales is Life Advisors. Percentage active : It is that how many policies the Life Advisors have sold or in a better manner we can say that active is the one who sells at least one policy in a year. Average Case Size : TOTAL PREMIUM / no. of policies (Focus of Kotak Life much lies on this only) Average Case Rate : Total policies/No. of Active Life Advisor AVERAGE CASE SIZE is the one on which whole reward and recognition program is actually designed, whether it is MDRT, TOT,COT or Power club. In it different training modules is designed at different levels of life Advisors.
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Rewards and recognition has 5 levels in it :-
Program Governor
Hall Of Fame
The Annual Elite Program
The Monthly Star Program The Countdown Program
In these levels are sub levels such as launch pad, orbit etc. But the biggest Reward program is Power club which leads Life Advisor to get attached to MDRT club, TOT club and COT club. The things that Kotak is doing whether it is tele marketing or brand positioning or channel development, these all are the part of the strategy in which company works to increase their productivity.
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Marketing strategy of all the companies is different besides the lot of similarity in the products. If we see the data then we will find that Kotak Mahindra Life Insurance has very less number of branches according to the latest data in annual report of 2008-2009 by IRDA, Kotak Mahindra Life Insurance has 135 branches, but the premium that they offer to Insurance Industry is 1121 cores, and the number of life advisors are not much if we compare it to other companies so from where does this Premium is amounting this much, it shows that Kotak focuses on big business houses, i.e. they are much desperate for their business with elephant then humming birds. If we see the things in a different fashion then we will find that the Kotak is having the shield of Guaranteed Maturity Value which is the feature which a few company (Max New Year Life) has. No doubt the company is having a long list of the product with them. Variety is there as in the range of the product varies from Child product to retirement solutions, but there focus is in CHILD PLAY as their CHILD PLAN; KOTAK HEADSTART WEALTH ASSURE PLAN was a huge success.
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Adding into it JEENE KI AZAADI is the tag that they maintained and they convey in the market in order to attract the class of 30-45 age who are strong believer of freedom in working life and 45 is the age group who thinks for the retirement then to show them the path to get relieved from the responsibilities they have for their family, which is the part of Advertising and Brand Promoting the core marketing strategy.
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ICICI Prudential:ICICI Prudential Life Insurance, another competitor of Kotak Life Insurance. ICICI Prudential is joint venture of ICICI Group with Prudential Plc. Prudential Plc is of UK. Prudential Plc. is the largest UK life insurance firm. ICICI Prudential was among those few first companies who started their business in December 2000 in the Private Insurance market. 74:26 is the stake of the ICICI and Prudential Plc in their partnership. ICICI is the no. 1 private player in Insurance market in term of the premium share, 7913 crores (approx) was the total [premium by ICICI Prudential in the year 2008, which is 28% of the total premium contribution by all private players in the market. 2,34,460 is the number of the Life Advisors that ICICI PRUDENTIAL was having till 2008-2009 and the number of branches that they are having is 583 which ahs drastically changed from year 2006-2007 to 2007-2008. This magic number 583 has turned from the number 175. So, here we have the marketing strategy for the ICICI Prudential that it is playing on the numbers of Life Advisors and widening its network to increase its market share. The Product on which ICICI Pru is focusing on is Pension Plans, and the biggest buzz on this area by ICICI Pru is having from their Product.
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Research design A research study conducted scientifically has a specific framework of research from the problem identification to the research study. The framework of conducting the research is known as Research Design. Research Design is the blue print of any problem.
It is a plan for
collection, analysis and interpretation of data in a manner that is relevant to the research purpose with economy in procedure. After defining the research problem in a clear-cut terms it will be required to prepare such a research design which will state the conceptual structure within which the research would be conducted. The research study presently done is both subjective and exploratory
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The study is subjective because. 1- The sampling technique was convincing sampling. 2- Use of survey method with the sample population was done in order to extract data. 3- Structural and well thought out instruments for collection of data were used.
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The study exploratory 1- A new field of research has been approached which was earlier not tested. 2- Surveys of experienced persons like the top executives and manager who have practical experience with the matter were approached.
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Sources of data
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Collected almost 100 data by Questionnaire big market complexes of Kanpur ( including malls ) in various sectors and collected data from each very shops, called them one by one over the telephone from the office in order to make the persons aware about Kotak Life Insurance.
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Yellow Pages and Directories Took the help, the Kotak Life Insurance DIRECTORIES of Kanpur and made calls to the numbers for the purpose of recruitment of Lead Generator a training of how to speak to a customer over the telephone.
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Advertisements pamphlets Pasted almost 500 pamphlets in various parts of Kanpur mentioning the features of what it takes to be a Kotak advertisement Pamphlets in CYBER CAFES, P.C.O., BUS STANDS and shopping complexes in various sectors of Kanpur.
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Directly Contacted People on The Road During the surveys the people who came across were contacted directly and on a face to face basis they were also conveyed the message for joining Kotak Life Insurance Lead Generator.
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Telephone Numbers from BANNERS Noted down telephone numbers from BANNERS, and others places during a survey specially undertaken for collecting numbers from banners and after that called them one by one
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Messages on the Chat Room Flashed messages on the business Chat room and chatted almost with 30 to 40 people in the Recruitment of Lead generator at Kotak Life Insurance.
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•
Telephone Calling More and more focus has been given on telephone calling because it has really given good results.
Strategy Adopted for Recruitment Worked as a team of Six people, by dividing equal responsibilities , according to the area of strengths, for ex; one person who is good in telephone pitching has been given the work of telecalling, the one good in documentation has been allotted the work of completing the documents of each end every applicant, the one good in field work has been given to see the work in fields, and finally the one who is expert in dealing with the applicant to motivate them to join Kotak Life Insurance as Lead generator has been given the job.
More and more emphasis has been given on telephone calling in order to convey the message of connecting to the Kotak Life Insurance and moreover to bring the people to the office . The table below shows a clear picture of individual responsibilities in the successfully completion of the task given by the company i.e.
Documents Required:The following documents are required by an applicant to submit : •
Photo Copy of High School Mark sheet.
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Six colored Passport size photos.
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Photo Copy of Intermediate Mark sheet / Graduation Mark Sheet. (If the applicant is graduate).
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Photo Copy of any Residence proof (electricity bill, telephone bills, ration card, voter ID card, Driving license). 87
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Photo Copy of any Photo ID proof (any college Identity card, or any such document in which the applicant’s photo is affixed with a stamp of a authorized body.
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Sampling Plan
Sampling Population For conducting the research study the population covered selected was the market of kidwai nager at Kanpur.
Sample size Using convinces sampling technique the sample size is taken out to be 100 questionnaire for which observation and unstructured interview and feedback were taken.
Methods of data collection Data are collected by the questionnaire which have been filled by me for acquire the Information about their occupation, income, age etc.
.
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Analysis of data collection
HIG 21%
LIG 34%
LIG MIG HIG
MIG 45%
Number of Lower Income Group (LIG)=34% Number of Middle Income Group (MIG)=45% Number of High Income Group (HIG)=21%
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wants additional income 35%
satisfied with their income satisfied with their income 20%
dissatisfie d but don’t want additional income 45%
dissatisfied but don’t want additional income wants additional income
People who are satisfied with their income=20% People who are dissatisfied with their income but don’t want additional income due to lack of time =45% People who wants additional income=35%
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OBSERVATION:•
Kotak is spreading its channel of distribution
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135 was the number of branches that Kotak had it in 2007-2008 and their target is to open 175 branches till the end of the calendar year 2009.
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Number of Life Advisor has increased over time e.g. At the beginning of financial year 2007-2008, Kotak had 12,523 Life Advisors which turned to 24485 at end of the end of the financial year 2009.
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Kotak Focuses on large business house inspite of capturing the smaller business.
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Less action on tele-marketing and dependence on individual life advisors is much there.
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Weak Infrastructure as there was hardly any place left open for the interaction with the customer.
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Too much work load on operations’ department.
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Lack of database on which work (calling) can be done.
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High commitment of Sales Managers toward the work.
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RECOMMENDATIONS:•
Some more motivation to the employees over there is needed.
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Infrastructure has to be built properly because an office is the face of the company.
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Tele marketing need to be focused much.
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Networking is needed to be made broad as the number of branches with Kotak Life is only 75 and the 7 states has been touched by the company so there is a huge untapped market available for the Kotak.
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Marketing in terms of the media via advertisements on Televisions to small even havein’t heard the name of Kotak Life Insurance. FM is suggested here because the people who can drive the private life insurance is the youth, and FM is something on which youngsters look upon too.
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Awareness Camp to the sub urban area should be focused by Kotak
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Apart from the Brand Postitioning in urban area, a strategy should be adopted by Kotak to make its brand also near to middle level, or high aspirant people because they are the main source of the business in India.
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Some innovative technique or product is required in order to attract the consumer.
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QUESTIONNAIRE - 1
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8% 28% 14% 50%
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65% 35%
99
10% 90%
100
63% 37%
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QUESTIONNAIRE – 2
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103
15% 35% 40% 10%
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12% 46% 38% 4%
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35% 49% 16%
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40% 18% 42%
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60% 30% 10%
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Bibliography:1. Money Outlook, January 2009 edition. 2. Marketing Management, Kotler & Keller. 3. Principles of Life Assurance, IC-23 4. Practice of Life Assurance, IC-02 5. IC-33 6. IRDA Annual Report, 2007-2008.
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Webliography:1. www.irdaindia.org 2. www.sify.com 3. www.insuranceworld.com 4. www.findarticles.com 5. www.kotaklife.com 6. www.google.com 7. www.managementparadise.com 8. www.lifeinsurance.com
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