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Research on

Insurance Industry Impact of

Advertisements

Project by

Acknowledgements

Bhushan

Shetye

4

6Vaibhav

Shinde

4

7

RajeshShingare

48

Rahul

Shroff

4

9Devendra

Thanvi

5

0

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Several people have been instrumental in allowing this project to be

completed. We would like to thank especially Professor Acharya Madam,

for their encouragement and patience throughout the duration of this

project. Last but not the least we would like to thank our entire sample

population who participated in our survey without whom this project

would not have been completed.

Table of Contents

Contents Page

NoExecutive Summary 4

Introduction 5

Background 5

Problem Statement 5

Research Objective 5

Methodologies 6

Sampling Design 6

Data Collection & Analysis 7

Finding & Conclusion 8

Limitations 9

Recommendations 9

Bibliography 10

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Executive Summary

The purpose of selecting the topic Insurance Industry Impact of

Advertisements was to understand whether Ads are real motivators for

people to buy insurance. Companies end up spending lots of money

through ads in promoting their products so that the customer can see

the product and then buy it. Thus ads have always worked as the face of

a company to attract the customer so that the revenue can be

increased. But all ads do not serve the purpose.

While doing the survey we understood various aspects such as how a

company will want to target the customer. Ads are made with different

concepts to give the customer not only information about the product,

but also the company its services its plans and yes the main purpose of

selling the item for revenue.

Companies use Celebrities to promote their products but while doing the

survey we understood that insurance being an avenue of investment

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people do not go buy what the celebrity may express in the ad but go by

whats in for them and how their money would do.

Introduction

The survey gathers the voices of 50 randomly chosen common people

having a mixture of males and females who have seen advertisements

on insurance. The survey was conducted to understand the impact of

these advertisements on people; whether it helps in motivating people

to buy them or not. It has successfully brought out the essence of the

ads as medium of awareness and knowledge.

Background

Saving for the future has always been a lesson thought to us by our

forefathers. Hence new avenues of investments have been explored to

attract people to secure their future. Insurance being the most valuable

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and essential avenue of investment made us curious to understand

whether the advertisement given to draw the customers towards it has

been successful in attracting the potential customers for the company or

not. Thus we wanted to study the impact of these ads on people.

Problem Statement

What is the impact of advertisement on people for the insurance

industry?

Research Objective

To study the impact of advertisement on people for the insurance

industry.

Methodologies

Research Design

Descriptive Research: We have conducted a survey through aquestionnaire which includes both qualitative & quantitative types of

questions.

Sampling Design

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We have chosen non probability sampling design which includes sample

size of 50 people randomly chosen mixture of both male & female.

Data Collection & Analysis

We analyzed 50 subjects to understand the impact of advertisements on

customers buying insurance. From the data collected we have the

following observations:

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94% have insurance policies out of which 42.55% are females and

57.44% are males.

6% of the sample chosen does not have insurance.

The most beneficial source of knowing insurance is Word of Mouth.

62% of the samples have understood the importance of insurance

through advertisement.

The following diagram helps us to understand the purpose of the

advertisements

32%

20%32%

16%

Purpose of Ad's

Awareness about insurance Information about the product Company Presence Benefits

Surprisingly survey results reveal that the celebrities are not the

real motivators to buy insurance

58% of people think that advertisements will help other people to

buy insurance

The reasons for insurance advertisements being popular among

the people are

a) Knowledge

b) Association / Identification

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Findings & Conclusion

According to Cramers V There exists weak association between

the Gender and Impact of Advertisements

From the pie diagram we can analyze that most beneficial source

for knowing insurance is

11%9%

17%

30%

33%

Sources Of Knowing InsuranceNewspaper Internet Ads / Commercial Word of Mouth Agents

Modal frequency indicates that the maximum number of insurance

policies that individuals hold is 2.

As per the z test for single population large, we found that we

have to reject H0 and support H1: 0 < 1000.

The most popular advertisement amongst the selected ones isICICI Prudential indicating 92% awareness followed by HDFC

Standard Life Insurance 76% and Aviva Life Insurance 66%, out of

the sample chosen.

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The Best Advertisement that the subjects recalled was ICICI

Prudential as most of them associated the advertisement with

their life

Recommendations

The advertisements should be more informative.

Advertisement should give the details about product schemes,

premium information etc.

Give information about the company profile, branches, and its

business verticals.

Limitations

Fake or wrong premium amount since people dont want todisclose investment and earnings

Interpretation or Perceptions may be different for each and every

person

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Bibliography

Book

Research Methodology Method & Techniques By C. K. Kothari

Research Methodology in Social Science By Arvind Kumar

Websites

http://www.birlasunlife.com

http://www.policybazaar.com

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http://www.birlasunlife.com/http://www.policybazaar.com/http://www.birlasunlife.com/http://www.policybazaar.com/