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A
TO STUDY
THE CUSTOMER BEHAVIOUR
AND CUSTOMER SATISFACTION
(AT AVIVA LIFE INSURANCE CO.)
SUBMITTED TO
JAMMU UNIVERSITY
FOR THE PARTIAL FULFILLMENT OF 3 YEAR
FULL TIME COURSE
BACHELORS OF BUSINESS ADMINISTRATION
SUPERVISED BY: SUBMITTED BY:
SHOUKAT HUSSAIN NANDEEP KUMAR
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ACKNOWLEDGEMENT
Talent & capabilities are of course necessary but opportunities and
good guidance are two very important things without which no
persons can climb those infant ladders towards progress. First of all
I am very much indebted and thankful to my parents and God for
giving me strength for completion of my Internship.
I am really thankful to AVIVA LIFE INSURANCE.
For giving me the permission to carry out my summer internship in
their esteemed organization. I wish to express my deep sense of
gratitude to the management and staff of AVIVA , especially to MR.
RAJESH KACHRU company guide for the support , cooperation , and
briefings they provided during internship to make it a success.
I express my sincere thanks to my project guide Professor
SHOUKAT HUSSAIN for providing me her valuable time and fruitful
guidance. Lastly but not least , I thank my friends , relatives and near
and dear ones for their wholehearted support in this efforts of mine.
NANDEEP KUMAR
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INDEX
S.NO CONTENT
1. Introduction of Project
2. Objectives of Project
3. Company Logo
4. Companys Profile
4.1 About AVIVA
4.2 History
4.3 Board of Directors
4.4 Management
4.5 Awards Received
4.6 What is AVIVAS Life Insurance
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5. ULIP Plans of AVIVA
5.1 Aviva New Young Scholar
5.2 Aviva New Life Saver Plus
5.3 Aviva New Sachin Century Plan
5.4 Aviva New Safe Guard
5.5 Aviva New Life Line
5.6 Aviva Life Bond Plus
5.7 Aviva New Freedom Life Plan
5.8 Aviva New Pension Plus
5.9 Aviva New Pension Elite
6. Research Methodology
6.1 Research Design
6.2 Steps for research methodlogy
6.3 Data Sources
6.4 Data Analysis and Interpretation
6.5 Conclusion
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6.6 Suggestions and recommendations
7. Annexure
7.1 Questionnaire
7.2 Bibliography
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PREFACE
Marketing is now regarded as a system of integrated business activitiesand marketing management plays a vital role in developing strategies,
plans and programmes for each typical market activity in order to satisfy
consumer as well as firms need.
Marketing Management assumes unique importance under the
widened market concept. Marketing management performs all functions
from planning to controlling. When we talk about marketing
management it mainly includes plans and decisions relating to product,
price, promotion, place and people.
The marketing mix, a combination of submixes, has been
discussed by a number of experts. The four submixes of marketing mix,
such as the product mix, the price, the place, the promotion, no doubt are
found significant even to the banking organizations but in addition to the
traditional combinations of recipies, the marketing experts have also
been talking about some more mixes for getting the brst result. The
People as a submix is now found getting a new place in the
management of marketing mix. The other submix Process gravitates
our attention on the way of offering the services. It is much more impact
generating that your promises reach to the ultimate users without any
distortion.
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INTRODUCTION OF
PROJECT:-
The projectwas basically A survey ofcustomer satisfaction. The study
was doneto the geographical boundarie s of Jammu.
PROJECT TITLE:-
To Study the Customer Behaviour
and Customer Satisfaction
DURATION OF THE PROJECT:
The duration of the project was 8 weeks.
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PROCEDURE USED FOR CARRYING OUT THIS
PROJECT:
This project was carried out by on the basis of questionnaire about
various factors related to the company from its existing customers. A
survey was conducted were in I needto go to each & everycustomer i.e.
Door-to-Door, and get the opinion from the customers about what they
feel aboutproductand services.
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OBJECTIVES OF THE
PROJECT:-
To know the feedback of customers regarding the services which
are being provided by the company?
To understand the importance of customer relationship with
the company.
To understand customer satisfaction regarding the products
offered by the company.
To understand the reasons for demand of a particular
product.
To find out the problems faced by customer.
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Logo:-
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COMPANY PROFILE
This is a Project report on the study conducted on the
Unit Linked Insurance plans of AVIVA.
So, first of all we would like to discuss a few things about AVIVA, the
company.
This section precisely studies the company, its objectives,
its operations, its achievements and also analyse its income and
expenditure in a precise manner .
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ABOUT AVIVA
Aviva is UKs largestandthe worlds fifth largest insurance Group. It is
one ofthe leading providers of life and pensions products to Europe and
has substantial businesses elsewhere aroundthe world. With a history
dating backto 1696, Aviva has a 40 million-customer base worldwide. It
h
as more
th
an 364 billion of asset
s unde
r manage
me
nt
.
In India, Aviva has a longhistory dating backto 1834. Atthetime of
nationalization itwas the largest foreign insurer in India in terms ofthe
compensation paid bythe Governmentof India. Aviva was also the first
foreign insurancecompany in India to setup its representative office in
1995.
In India, Aviva has a jointventure with Dabur, one of India's oldest, and
largestGroup ofcompanies. A professionally managedcompany, Dabur is
thecountry's leading producer oftraditionalhealthcare products.
In accordance withthe government regulations Aviva holds a 26 percent
stake in the jointventure andthe Dabur group holds the balance 74 per
centshare.
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With a strong sales force of over 27,000 Financial Planning Advisers
(FPAs), Aviva has initiated an innovative and differentiated sales
approachto the business. Throughthe Financial Health Check(FHC)
Avivas sales forcehas been ableto establish its credibility in the market.
The FHC is a free service administered bythe FPAs for a need-based
analysis ofthecustomers long-term savings and insurance needs.
Depending on the life stage andearnings ofthecustomer, the FHC
assesses and recommends the right insurance product forthem.
Aviva pioneeredtheconceptof Ban assurance in India, andhas leveraged
its globalexpertise in Ban assurance successfully in India. Currently,
Aviva has Ban assurancetie-ups with ABN Amro Bank, American Express
Bank, Canara Bank, Centurion Bankof Punjab, The Lakshmi Vilas Bank
Ltd. and Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan,
Jammu & Kashmir, Bihar, WestBengal, Andhra Pradesh and Maharashtra
and regional Banks.
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History
Aviva can trace its heritage backover 300 years.
The group was formed as CGNU in 2000 followingthe merger of CGU and
Norwich Union. CGU was itselfthe resultof an earlier
merger, between Commercial Union and General Accident in 1998.
Key dates in thecompanyhistory are as follows:
1696
The Hand-in-Hand was formed atTom's coffeehouse, in London. It is the
oldestofthe manycompanies thathave been absorbed into
what is now Aviva.
1797
Norwich Union was founded as a mutual fire insurance society byThomas
Bignold in Norwich, Norfolk.
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1808
A particularly severe winter involving widespread suffering and loss of life
promptedThomas Bignoldto establishthe Norwich Union Life Insurance
Society, again on the mutual principle.
1824
Norwich Union's firstoverseas agency was opened, in Portugal. Eventually
the Norwich Union name spread across mainland Europeto the Middle
East, Africa, India, the Far East, Australia, New Zealand, the United
States, Canada and South America.
1863
Commercial Union continued its overseas expansion and within two years
had agencies in India, South Africa, the Caribbean.
1994
Commercial Union acquired French assetmanager Groupe Victoire.
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1997
In the year of its bicentenary, Norwich Union demutualised and floated as
2004
Aviva sells its general insurance businesses in Asia, its Your Moveestate
agency ande.surv surveying businesses in the UK. Italso acquires HPI
Group Holdings Ltd, the UKs leading provider of vehicle status checks for
used-car purchasers, andcloses UK broker subsidiary Hill House
Hammond.
2005
Aviva brings together Norwich Union Insurance and RAC in the UK for
about1.1 billion. Aviva appoints newchairman. In Ireland, Hibernian
enters a bancassurance jointventure with AIB.
2006
Aviva announces changes to group organisation to create Aviva UK and
Aviva International. Aviva partners with Centurion Bankof Punjab in India
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and announces an acquistion and bancassurance deal in Sri Lanka. Aviva
receives a licence in Russia and acquires AmerUs in the US.
2009
Aviva Australia is acquired by National Australia Bank (NAB), one of
Australias major banks. Together with Aviva, MLC and NAB Wealth (the
wealth managementdivision ofthe NAB) willhavethe largestcombined
life insurance book in Australia with market leading individual and group
insurance offers and will bethe largest investmentplatform provider in
Australia.
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Board of Directors
Lord Sharman of Redlynch OBE,
Chairman
View Lord Sharman of Redlynch's full biography and recent interviews
born February 1943
Appointed to the board in January 2005 and became chairman in January
2006. Currently an independent non-executive director of BG Group plc
(utility) and Reed Elsevier plc (publishing). Former chairman of Aegis
Group plc (media services) and KPMG International (auditors), former
deputy chairman of Group 4 Securicor plc (security services), former
member of the supervisory board of ABN AMRO NV (banking) and is a
former independent non-executive director of Young & Cos Brewery plc
(drinks) and AEA Technology plc (commercial/technology).
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Executive directors ;-
Andrew Moss,
chief executive
ViewAndrew Moss'full biography, recent interviews and presentations
born March 1958
Appointed to the board in May 2004. Joined as group finance director and
became chief executive in July 2007. Previously director finance, risk
management and operations in Lloyds (insurance) and formerly held a
number of senior management positions at HSBC plc (banking).
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Patrick Regan,
chief financial officer
23 Oct 09 - Aviva appoints
Patrick Regan as CFO
born March 1966
Appointed to the board in February 2010 as chief financial officer.
Previously group chief financial officer and group chief operating officer
at Willis Group Holdings Ltd (insurance broking). Previously group
financial controller for RSA plc (insurance) and formerly held a number of
senior management positions at Axa Insurance (insurance) and GE
Capital (financial services).
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Mark Hodges,
chief executive, Aviva UK
View MarkHodges'full biography, recent interviews and presentations
born September 1965
Appointed to the board in June 2008. Joined Norwich Union in January
1991 and held a number of senior roles within the finance function
before becoming finance director of Norwich Union Insurance in 1998
and managing director of Norwich Union General Insurance in 2005.
Appointed chief executive of Aviva UK, comprising Aviva UK Life (formerly
Norwich Union Life), and Aviva UK General Insurance (formerly Norwich
Union General Insurance) in January 2010.
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Andrea Moneta,
chief executive, Europe
ViewAndrea Moneta's full biography
born September 1965
Appointed to the board in September 2009. Joined as chief executive of
Aviva Europe in July 2008. Previously managing director of Dubai
Financial Group (financial services) and formerly. held a number of senior
management positions with UniCredit (banking) and the European
Central Bank (banking).
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Management Team
Name Designation
TR Ramachandran Chief Executive Officer & Managing Director
Abhay Johorey Chief Operating Officer
Rajeev Arora Director, Finance & Actuarial
Monica Agrawal Director, Corporate Initiatives
Mohammad
ShahberAssociate Director, Human Resources
Vishal Gupta Director, Marketing
Sumit Behl Director, Business Risk & Internal Audit
Ravi Bhadani
Company Secretary and Associate Director
Compliance & Legal
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Munish Sharda Director, Direct Sales Force
Rishi Piparaiya Director, Bancassurance
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Awards and Recognition
We believe that our employees are our greatest strength and the only
asset that can be replicated. It is the passion of our people which
continues to help us achieve the 'impossible' and make Aviva India great
place to work.
y Aviva has been felicitated with the "Bronze Award for Excellence in
People Management" by Grow Talent Company Limited and
Businessworld. This honour was given based on our ranking amonst
the top 25 companies as per the Grate Place to Work survery in the
last four years.
y Aviva was ranked 4th in the Best Workplaces in India study for the
year 2008 by the Great Place to Work Institute. We were the only
Insurance company in the top 10 ranking that year.
y Aviva India won the coveted Award for Talent Management during
the national round of Asia Pacific HRM Congress
y Aviva India was also felicitated by the HR Excellence Award by
Amity Business School
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What Is AVIVA Life
Insurance?.
Life Insurance policies can be paid in a lump sum or in several
installments; the amountof money you payto your insurancecompany is
called a premium.
When you buy a Life Insurance policy you provide a measure of financial
securityto your beneficiaries (family, loved ones) so thatupon deaththey
will be ableto meet financial responsibilities previouslycovered by your
income.
We recommend you to speakto a Licensed Life Insurance agent in your
state by doing a search in our site, so thatyou can determinehow much
protection you need andcan afford, as well as whattype of Life Insurance
policyto choose.
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These arethe mostcommon Life Insurancetypes:
y Term Life Insurance
y Permanent / Whole Life Insurance
There are other variations of Life Insurance policies, such as, Universal
Life, Excess InterestWhole Life, Variable Life, Limited-PaymentWhole
Life and Single-Premium Whole Life.
We recommend you to speakto a local licensed insurance agentso that
you can learn more aboutLife Insurance. Please feel freeto contactthe
licensed agents listed on our site for more.
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AVIVA Life Insurance
Overview:-
Life insurance is somethingthatnoteverybody is comfortabletalking
about, oreven thinking about. When we are young andhealthy, we feel
immortal. The unexpected death of a loved one or us is the furthestthing
from our minds.
However, the factofthe matter is it is nevertoo earlyto startthinking
aboutyour familys protection in theeventoftragedy. All life insurance
professionals agreethatthe sooner you startthinking about life
insurancethe more options andthe more affordable life insurancecan
be. There are many logical answers to the question Why Buy Life
Insurance?...
Whatto LookFor
Its easyto geta free quote on affordable life insurance for your family.
However a low monthly premium should notbe your onlyconsideration
when shopping for a life insurance policy. You needto carefullyconsider
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what is best for your family. People often do not realize justhow much
money is neededto supporta family given thetragic loss of a primary
income provider. Besides the monthlyexpenses such as rentand
mortgagethatyour spouse may now be leftwith, have you consideredthe
costof a funeral, health benefits which may notbecontinued in theevent
of death of a working spouse, the additionalchildcareexpenses thatmay
now be required of a single parent?The listgoes on and on. In this
discussion of life insurance basics we willhelp you make an informed and
educated decision on thetype and amountof life insurancethat is best
for your needs and your budget.
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Types of AVIVA Life Insurance
What is AVIVA Life Insurance? Life insurance at its most
basic level is a contractbetween you and a life insurancecompanyto pay
a sum of moneyto your beneficiaries in theeventof your death, to cover
expenses and make up forthe lackof your income. Life Insurance
premiums are based on thetype of insurance you buy, the benefit
amount, and yourchances of dying based on your over allhealth and
lifestyle, duringthe period when the policy is in effect.
There are basicallytwo types of life insurance. You mayhaveheard of
them - Term Life Insurance and PermanentLife insurance. In this
discussion we will review in broadterms the difference between thetwo.
You can find more details on Term Life Insurance andthe various types of
PermanentLife Insurance atanytime by accessingthese links.
y Term Life InsuranceAs the name implies, Term Life
insurance is life insurancethatyou purchase for a specific length of
time, usually 5, 10 or 20 years. Attheend oftheterm you are given
the option of renewingthe policy. Term Life insurance is strictly
that, only life insurancethatpays a death benefit, as opposedto
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PermanentLife insurance policies thataccruecash value. Term Life
pays a lump sum single benefitatthetime of death. Your familycan
usethatmoneyto cover funeralexpenses, immediate bills, and
invest in annuities to make up forthe loss of salaryto pay on-going
monthlyexpenses. Term Life insurance is theeasiestand most
affordable life insuranceto obtain. Term Life insurance is great for
young families juststarting out.
y Permanent Life Insurance UnlikeTerm Life insurance,
there is no fixedtime limitto PermanentLife insurance, so long as
you keep making your monthly premium payments thecontract
between you andthe life insurancecompany remains in effect. The
otherkey difference between permanentandterm life insurance is
thata PermanentLife insurance policy gains cash value Partof
your monthly premium goes into a tax-deferred investmentaccount
thatyou do have access to while you are alive. There are various
types of PermanentLife insurance such as Whole Life, Universal
Life and Variable-Universal Life.
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How Much Do I Need?
That is a very good question, especially sincethe answer willchange over
time depending on your age and lifecircumstances. You may feel you may
noteven need life insurance atall if you are young and single, butwith
the averagecostof a funeral being $10,000.00 or more, you have reason
to consider it. Once you have peoplethatdepend on your income such as
a spouse andchildren, life insurance is an absolute necessity. Even then
your needs willchange as your standard of livingchanges and your family
grows. A young family with an infantand a small rental apartmentwill
obviously require less life insurancethen a family with a house, a
mortgage, andtwo kids in college. Feel freeto use our benefits calculator
to help determinethe rightamount for yourcircumstances.
No matter whatstage of life you are in here are some basic guidelines
andconsiderations to determinethe amountof life insurance you will
need.
y Be sureto considerthecostof a funeral. Even if your final wishes
do not include a traditional burial, thecostneeds to be factored
into your death benefit. It is advisableto find outa good
approximatecostof whatever final arrangements you chose. Also
when considering finalcoststhatmay be incurred by your
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beneficiaries be sureto consider all federal and statetaxes that
may be due immediately upon your death. These usually amountto
10% ofthetotal value of your Estate.
y The nextthingto consider is theeffectof your loss of income on
your family. You needto projecthow long you thinkyour family will
needto make up for your lost income. Will your spouse work?
Remarry in a shortamountoftime? You needto discuss such
matters. Consider all of your debtand your monthlyexpenses
determinethe amountof moneythatyour family needs yearlyto
make up for your lost income, and multiplythatbythe amountof
years you thinkthey will need itand you willhave arrived atyour
minimum required amountof Life Insurance. So if you thinkthey
will need $50,000.00 a year for 10 years, you will need at leasta $
500,000.00 policy.
y Finallyconsiderthe amountof debtthat you family will be faced
with upon your death, you may wantthem to haveenoughto pay
thatoff in a lump sum, ratherthen makingthatpartoftheir
monthlyexpenses determined in (2) above.
Once you have done your bestto determine your needs, it is advisableto
discuss benefitamounts with one of our qualified life insurance agents,
who willhelp ensure you getthe rightamountofcoveragethat is best for
you.
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In a ULIP, the insurer deducts charges towards life insurance (mortality
charges), administration charges and fund managementcharges. The rest
ofthe premium is usedto invest in a fundthat invests money in stocks or
bonds. The policyholders share in the fund is represented bythe number
of units. The value of the unit is determined by the total value of allthe
investment s made by the fund divided by the number of unit s. Ifthe
insurance company offers a range of funds, the insured can direct the
company to invest in the fund of his choice. Insurers usually offer four
choices:
Bond fund, Secured Fund, Balanced
Fund, Growth Fund
So, in ULIPS is thatthe investorknows exactly what is happeningto his
money andtwo, itallows the investorto choosethe assets into whichhe
wants his funds invested.
Unit
plans are
investme
nt
plans forth
ose
wh
o re
alise
the
worth
ofh
ard-
earned money. These plans help you see your savings yield rich benefits
andhelp you savetaxeven if you don'thaveconsistent income.
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Unit-linked insurance plans, ULIPs, are distinct from the more familiar
with profits policies sold for decades bythe Life Insurance Corporation.
With profits policies arecalled so because investment gains (profits) are
distributedto policyholders in the form of a bonus announcedevery year.
ULIPs also serve the same function of providing insurance protection
against death and provision of long-term savings, butthey are structured
differently. In with profit s policies, the insurance companycredits the
premium to a common poolcalledthe life fund, after setting aside funds
forthe riskpremium on life insurance managementexpenses.
Every year, the insurercalculates how muchhas to be paidto settle death
and maturityclaims. The surplus in the life fund left after meeting these
liabilities is creditedto policyholders accounts in the form of a bonus.
In a ULIP too, the insurer deducts charges towards life insurance
(mortality charge s), administration charge s and fund management
charges. The rest of the premium is used to invest in a fundthat invests
mone y in stock s or bonds. The policyholders share in the fund is
represented bythe number of units.
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The value of the unit is determined by the total value of all the
investment s made by the fund divided by the number of unit s. Ifthe
insurance company offers a range of funds, the insured can direct the
companyto invest in the fund ofhis choice.
Insurers usually offer three choice s- an equit y (growth ) fund, balanced
fund and a fund which invests in bonds. In both with profits policies as
well as unit-linked policie s, a large part of the first year premium goes
towards payingthe agentscommissions.
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Why do insurers prefer
ULIPs?
Insurers love ULIPs for several reasons. Most importantof all, insurers
can sell these policie s with less capital of their own than what
would be required ifthey soldtraditional policies.
In traditional with profits policies, the insurancecompany bears the
investment risk to the extent of the assured amount. In ULIPs,
the policyholder bears mostofthe investment risk.
Since ULIPs are devisedto mobilise savings, they give insurance
companies an opportunityto geta largechunkofthe assetmanagement
business, whichhas been traditionally dominated by mutual fund s.
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Aviva New Unit Linked Product Portfolio
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RESEARCH
METHODOLOGY
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RESEARCH
METHODOLOGY;-
Research is a careful investigation orenquiryespecially a search for new
fact s in any branch ofknowledge and a systematizedeffort to gain new
knowledge. Marketing research is the systematic and objective
identification, collection, analysis dissemination and use of information
forthe purpose of improving decision making relatedto the identification
and solution of problems and opportunitie s in marketing. We define or
identify the marketing research problem or opportunit y andthen
determine what information is neededto investigate it.
The research was conducted for improving the walk-in and knowing
customer awareness towards AVIVA LIFE INSURANCE CO. services
andcustomer satisfaction.
RESEARCH TYPE ;-
1. A TYPE OF ACADEMIC RESEARCHThis projecthas been done mainly forthe fulfillmentof academic
requirements.RESEARCH DESIGN
A research design is the arrangementofconditions forcollection and
analysis of data in a mannerthataims to combine relevanceto the
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research purpose witheconomy in procedure. Research designs are of
followingtypes;
DESCRIPTIVE
DIAGNOSTIC
EXPERIMENTAL
CAUSAL
EXPLORATORY
In this project, EXPLORATORY TYPE of research
design has been used.
RESEARCH TYPE -: EXPLORATORY RESEARCH.
This method is undertaken when researcher is interested in knowledge
aboutcharacteristics ofcertain group. As in this particularcase I wanted
information regarding a particular group i.e. customer. Hence I selected
Exploratory research as thetype of research.
RESEARCH DURATION:-
The research was conducted over duration of 4 weeks.
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DATA COLLECTION:-
Forthis projectwork I collected data from boththeSecondary and
Primary data sources.
SECONDARY DATA SOURCE :-
Data is mainlycollected mainly from company web-sites and other
relatedwebsites, Newspapers, Journals, magazines etc.
PRIMARY DATA SOURCE :-
The surve y done to collect the data from the customers is mainly by
questionnaires, observations andinterviews were the major
sources of primary data.
Reason for selecting primary data :-
In terms of primary data structure questionnaire was prepared to
interviewthe professional, unemployed students, housewives, investment
consultant , post office agent and other in Mumbai location. Analysis
clearly reflectedthe views and preference regardingthe perception ofthe
peopletowards joining HDFC standard life.
There aretwo types of modeto collectthe data:-
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and purposive sampling. The sample size is selected randomly with a
purposeto cover maximum possiblecustomer.
SAMPLE SIZE :-
The sample sizetaken for analysis was 200 customers.
Sometimes customers were not cooperative in providing personal or
secretive data, figure s or information. But an effort has been made to
collectdata as muchcorrectas possibleto makethe study moreeffective
and I havetriedto compileeach andevery detailto the studyto make it
more meaningful.
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STEPS FOR RESEARCH
METHODOLOGY
Research methodology has following steps:
Step: 1 To decide the objective of the study.
Step: 2 To frame the research design.
Step: 3 To determine the source of data.
Step: 4 To design data collection form.
Step: 5 To determine sample size and sample design.
Step: 6 To organize and conduct fieldwork.
Step: 7 To process and analyze the collected data.
Step: 8 To prepare the research report.
.
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OBJECTIVES
OBJECTIVES OF THE STUDY:-
1. To study the customer behavior and customer satisfaction level of
the concern.
2. To determine the level of customer satisfaction, their requirements,
expectations and interest towards various company policies.
3. To study the extent of customer awareness regarding the availablepolicies and the services that the company are marketing
presently.
4. To conduct an analysis of the services provided by the company and
customers perception, knowledge, satisfaction towards the
services provided by the concern.
5. To review the various policies available in the concern.
6. To examine whether the promotional activities conducted by the
concern are effective or not.
7. To know the new Policies and strategies adopted by the concern.
8. To suggest some Pragmatic steps in order to make improvements
in the concern.
9.To find out the various policies/services been used by
customers in jammu and udhamp ur region.
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LIMITATIONS
i) Sample size is small and may not be representative of the
universe of study i.e. Jammu and Udhampur city.
ii) Some times no exact data is found as customers doesnt
provide exact information.
iii) Efforts for the marketing of company products are less
and hence there is less awareness and usage of most of
the AVIVA policies.
iv) Some question carry multiple response and percentage have not
been computed for them.
v) The analysis is based entirely on responses of individuals and
may vary with future changing trends.
vi) Time constraint.
vii) As the data is collected in the month of dec to feb, the resultcould not be considered consistent for the whole year.
viii) I faced problem of avoidance towards giving information. The
customer thinks it to be Useless and wastage of time.
In spite of the above limitations an effort has been made to make the
analysis possible and reliable after cross examination of the dat a
supplied by the concern branch of the company.
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Data Analysis and
Interpretation
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1) PERCEPTION ABOUT AVIVA ULIPS ;-
1.Heading: perception of respondent about AVIVA ULIPS
Plans
2.Tabulated Presentation:
Excellent Very
Good
Good Poor
NO. of
respondents
37 63 86 14
3. Diagrammatic representation:
19%
32%42%
7%
Perception about the AVIVA ULIP'S Plans
EXCELLENT
VERY GOOD
GOOD
POOR
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4.Interpretation:
Perception of most ofthe respondents i.e., 42% is good, 32%
is very good, 19% excellent and only 7% have a poor
perception aboutAVIVA ULIP.
2) INFORMATION OF AVIVAS ULIP
PLANS :-
1. Heading: Respondentget information of AVIVA ULIPS Plans
from which sources.
2. Tabulated Presentation:
Friends Family
members
Agents others
NO. of
respondents
68 42 57 33
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3. Digrammatic representation :-
4. Interpretation:
33% the respondents came to know about AVIVA ULIPs Plans from
friends, 29% from various Agent s, 21% from family members and 17%
from other sources.
33%
29%
21%
17%
I f rmati f I 'S LI la s
F
IEN
S
ENTS
F
MILY F
IEN S
THE
S
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C) INFORMATION OF AVIVAS ULIP
SERVICES TO CUSTOMERS:-
1. Heading: AVIVA ULIPs serviceto its customers .
2. Tabulation of information:
Excellent Very good Good Poor
NO. of
respondents
33 79 65 23
3. Diagrammatic representation:
17
39
32
12
AVIVA ULIP'S Services to its usto ers
EX ELLENT
VERY GOOD
GOOD
POOR
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4. Interpretation: Majority ofthecustomers are satisfied withthe
service ofthecompany. 39% saythe service is very good, 32% say its
good, 17% say its excellentand only 12 are notsatisfied.
D) AVIVA ULIPS PLANS BENEFITS
SCHEMES TO ITS CUSTOMERS:-
1. Heading: Whether AVIVA ULIP gives beneficial schemes to its
existing customers .
2. Tabulation of information:
Ye s No Cantsay
NO. of
respondents
134 48 18
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3. Diagrammatic representation:
4. Interpretation: Majorit y ofthe customers are satisfied with the
beneficial schemes the company. 67% say that AVIVA ULIP is giving
beneficial schemes to its customers, 24% the y are not getting any such
schemes and 9% cantsataboutthesethings.
67
24
9
0
Be eficial sc emes t its c st mers
YES
N
C
N'T S
Y
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E) AVIVA ULIPS CHARGES AND FEES:-
1. Heading: Resonablity of maintenancecharges & fees.
2. Tabulation of information:
Ye s No
NO. of
respondents
167 33
3. Diagrammatic representation:
Resonablity of maintenance charges & fees
83%
17%
Yes
No
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4. Interpretation: 83% of respondent s saythat the charge s are
reasonable and only 17% are nothappy withthe servicecharges.
F) PAYMENT FOR PAYING ULIP
PREMIUM:-
1. Heading:Mode of payment for paying premium
2. Tabulation of information:
Draft Cheque Cash
NO. of
respondents
13 187 0
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3. Diagrammatic representation:
4. Interpretation: 93% of respondents prefer to pay bycheque , 7%
by draftand non ofthe respondents prefercash for paying premium.
G) AVIVA ULIPS SATISFACTION
SERVICES TO CUSTOMERS:-
1. Heading: Satisfaction withthe service of AVIVA ULIP .
Mode of payment for paying premium
7%
93%
0%
Draft
Cheque
Cash
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2. Tabulation of information:
Ye s No
NO. of
respondents
174 26
3. Diagrammatic representation:
4. Interpretation:
87% of respondent s saythat the y are satisfied with the companys
service and only 13% are nothappy withthe service.
87%
13%
Satisfacti Services f I LI 'S
la s
ES
N
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H) PRODUCTS SURRENDER VALUE:-
1. Heading: Satisfaction withthe products surrender value.
2. Tabulation of information:-
Ye s No
NO. of
respondents
153 47
3. Diagrammatic representation:
Satisfaction with the products surrender
value
76%
24%
Yes
No
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4. Interpretation:
76% of respondent s saythat the y are satisfied with the products
surrender value and only 24% are nothappy.
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CONCLUSION
Working with AVIVA Life Insurance for two months was a very nice and a
good learning experience. It has helped me a lot learning about different
kinds of investments and the pros-corns of its. It has also helped me to
know about how works in a corporate world is done.
Though we had a very nice experience but we had to face
some problems even, like we were not given any identity card by the
company so sometime it became very difficult for us to convince people
that we are from the company and not an agent. Mostly small investors
are not satisfied with the charges of the AVIVA ULIP.
1. Customers are much more relying upon AVIVAULIPS Plans.
2. People dont rely upon private insurance sector.
3. All products are not attractive to the customers so that kind of
products are very hard to sale.
4. Less number of traditional plans thats why people who really need
traditional plans are still not satisfied.
5. Majority of the customers are satisfied with the beneficial schemes
the company.
6. Majority of the customers are satisfied with the service of the
company.
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Suggestions and
Recommendations ;-
Following are a few suggestions;
like the company should carry out market research on a regular basis.
This will facilitate indication of customer groups, analysis of the
customer needs and requirements. It will be helped in engendering
valuable feed back to the officers to assess the level of customer
satisfaction, which in turn could be used in upgrading the service
levels;
y It is recommended to the concern that it should try to differentiate
their policies and establish exclusive brand names for them.
y Company should use more modern information devices to inform the
customer about its products and policies.
y Company should use the E- banking concept, to compete in modern
banking environment with the private banks.
y It is suggested to increase its branches at different areas to provide
convenience for customers.y It is suggested that concern should also provide regular training to
their employees. Proper training will keep the employees knowledge
up to-date and they will be able to serve customer in a better way. It
will help them in promoting the company Good will among the
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customer;
y And In the end, the concern is suggested to concentrate more on
building relationship; their efforts should be directed towards ultimate
customer satisfaction.
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ANNEXURE
Questionnaire
1) What do you think about AVIVA ULIPs Plans?
A)Excellent
B)Very Good
C)Good
D)Poor
2) From wheredid you got information of AVIVA ULIPs Plans ?
A)Friends
B)Family members
C)Advetisements
D)Others
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3) Whether AVIVA giving eficient service to its customers ?
A)Excellent
B)Very Good
C)Good
D)Poor
4) Whether AVIVA ULIP Plans gives beneficial schemes to its
existing customers ?
A)Yes
B)No
C)Cant say
5) Is the maintenance charges & fees are reasonable?
A)Yes
B)No
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6) Which mode of payment do you prefer to pay your premium ?
A)Draft
B)Cheque
C)Cash
7) Are you satisfied with the service of AVIVA ULIPS Plans ?
A)Yes
B)No
8) Are you satisfied with the products surrender value ?
A)Yes
B)No
9) Whether AVIVA offering additional online facilities ?
A)Yes
B)No
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10) Whether AVIVA ULIP Plans offering effective promotional
schemes ?
A)Yes
B)No
11) Any furher suggession to serve you better ?
________________________________________________________
________________________________________________________
________________________________________________________
________________________________________________________
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BIBLIOGRAPHY
Philip Kotler Marketing Management
C.N Sontakki Marketing Management
S.A Sherleker Marketing Management
Company Magzine
Bank Quest
Newspapers
Websites :- www.Google.com
www.BankersIndia.com
www.aviva.com
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