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A REPORT ON

To understand the challenges for

customer prospecting with reference

to Life

insurance

Submitted By :-

Sachin B. Bone

SEM II

Enroll No. 10AM!1!

"AE#ON RE$I#ARE $I%E

INS&RAN'E(

1

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)*te o+ ,ubmi,,ion: 10/011

CERTIFICATE

This is certify that Mr. Sachin B. Bone has

successfully completed his final report of

Management Thesis which entitled is To

understand the challenges for customer prospecting

with reference to Life insurance in fulfillment of

MBA (20102012! curriculum. The wor" has #een

carried out at Amra$ati.

%ate &

Mr. Sameer 'han Mr. Bhushan athe

2

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)ampus *ead +aculty ,uide

--S Amra$ati --S Amra$ati

ACKNOWLEDGMENT

I express my sincere thanks toar! Mr" #h$shan

%athe &Fac$'ty ($i!e II%) Amra*ati+ ho (a*e me

an opport$nity to !o pro,ect on - To $n!erstan!

the cha''en(es .or c$stomer prospectin( ith

re.erence to Li.e ins$rance/ in Amra*ati city an!

pro*i!e *a'$e! ($i!ance .or comp'etin( Fina'

Report on this"

3

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E0EC1TI2E )1MMAR34A#)TRACT

This report a#out the To understand the challenges

for customer prospecting with reference to Life

insurance prepared #y Sachin Bone student of --S

)ollege of Management. -n todays cut throat

competition we all are aware that e$ery organi/ation is

trying to increase their customer #ase through selling

their product and for this selling we want customer

and for this e$ery organi/ation underta"ing one

acti$ity that is called )ustomer rospecting.

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TA#LE OF CONTENT

)o$er age 1

Title age 2

Authori/ation

Ac"nowledgment ...

34ecuti$e Summary5A#stract .. 6

Ta#le of content . . 7

1.-ntroduction .. 81

9#:ecti$es

Methodology

;imitation

2. -ndustry %etails 12

. %ata Analysis 6

. Secondary data .76

)ompany5

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)ustomer

)ompetitor

6" )onclusion and

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INTROD1CTION

-n today5scut throat competition we all are aware that

e$ery organi/ation is trying to increase their customer #ase

through selling their product and for this selling we want

customer and for this selling we want customer and for this

e$ery organi/ation underta"ing one acti$ity that is called)ustomer rospecting. Simply= customer prospecting

means to search or find out any indi$idual or group for

#uying our products= which should #e fulfill his needs and

wants. 3ffecti$e prospecting is a critical component of

sustaina#le sales success. *owe$er= prospecting is notselling. >ou may #e a welltrained and5or e4perienced

salesperson. But your training may not ha$e included

prospecting. 9r perhaps you ne$er prospected at all.

The output of prospecting is a list of ?ualified leads that

may #uy your product or ser$ice. Selling #egins only after

a lead is categori/ed as ?ualified. -f you start selling too

early= you run the ris" of pigeonholing your products and

ser$ices #efore you ha$e the opportunity to understand

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your prospect@s re?uirements. That generally leads to

commoditi/ationwhere price #ecomes the most important

#uying criteria.inners understand that= as with effecti$e selling=

prospecting should not #e done #y the seat of one@s pants.

>ou need a plan. That means an o#:ecti$e assessment of

your situation= a goal= and resulting strategies and tactics to

achie$e that goal. So if you aren@t comforta#le withprospecting or ha$en@t had to do it= - would li"e to share

with you my plan that has wor"ed for many of those

winners.This is a simple one: Prospecting is the

process by which we turn "suspects" - those

with a potential nee !or our prouct into"prospects" - those who epress a nee !or our

prouct# $! we are selling ishwashers% suspects

coul be home-owners li&ing in their homes

long enough !or a ishwasher to wear out - a

"prospect" has tol you on a col call that he is

remoeling his 'itchen# (uspects !it a

emographic# Prospecting is the process o!

weeing through those suspects#)

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O#6ECTI2E)

1!To study the ;ife -nsurance -ndustry.

2!To study a#out different techni?ues of customer

prospecting.

!To study what are the impact of customer prospecting on

employee.

!To study a#out customer prospecting techni?ues in different

insurance companies.

6! To study what are the challenges face #y insurance player in

todays scenario regarding customer prospecting.

*

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MET7ODOLOG3

1! Selection of title Title of this report is influenced #y thepro#lem facing #y the insurance industry regarding customer

prospecting.

2! -nterpret the data #y using the tool li"e Microsoft e4cel sheet=

and on the #asis of re?uirement use statistical tool li"e

correlation whate$er primary data we collect it will #e ta#ulatein e4cel sheet.

! )ollect the primary data and secondary data.

! As per analysis some o#ser$ation will #e made and to

accomplish the o#:ecti$es of the study.

6! As per analysis and interpretation of collected data

conclusions will #e dra

W7AT I) MET7ODOLOG31+

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Methodology= unli"e method (which systematically details a

gi$en procedure or process!= does not descri#e specific methods

despite the attention gi$en to the nature and "inds of processesto #e followed in a gi$en procedure or in attaining an o#:ecti$e.

hen proper to a study of methodology= such processes

constitute a constructi$egenericframewor"C thus they may #e

#ro"en down in su#processes= com#ined= or their se?uence

changed.As such= methodology may entail a description of

generic process or= metaphorically= may #e e4tended to

e4plications ofphilosophicallycoherent conceptsor theoriesasthey relate to a particular disciplineor field of in?uiry. By

similar reasoning methodology refers to the rationale and5or the

philosophical assumptionsthat underlie a particular study or a

particular methodology (for e4ample= the scientific method!. -n

scholarly literature a section on the methodology of the

researchersis typically de rigueur.

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)AM%LING

)amp'in(is that part of statisticalpractice concerned with theselection of a su#set of indi$iduals from within apopulationto

yield some "nowledge a#out the whole population= especially

for the purposes of ma"ing predictions #ased on statistical

inference.

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of si/e n. -t may #e considered as the distri#ution of the statistic

for all possible samples from the same populationof a gi$en

si/e. The sampling distri#ution depends on the underlying

distri#utionof the population= the statistic #eing considered= andthe sample si/e used. The sampling distri#ution is fre?uently

opposed to the asymptotic distri#ution= which corresponds to the

limit case n .

+or e4ample= consider a normalpopulation with meanand

$ariance H. Assume we repeatedly ta"e samples of a gi$en si/e

from this population and calculate the arithmetic mean for each

sample I this statistic is called the sample mean. 3ach samplehas its own a$erage $alue= and the distri#ution of these a$erages

is called the sampling distri#ution of the sample meanJ. This

distri#ution is normal since the underlying population is

normal= although sampling distri#utions will also often #e

normal when the population distri#ution is not.

This is an e4ample of a simple statistic ta"en from one of the

simplest statistical populations. +or other statistics and otherpopulations the formulas are fre?uently more complicated= and

oftentimes they dont e$en e4ist in closedform. -n such cases

the sampling distri#utions may #e appro4imated through Monte

)arlo simulations=#ootstrapmethod= or asymptotic distri#ution

theory

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LIMITATION

1! Study is limited to Amra$ati city.

2! -n todays recessional scenario it is might #e possi#ility that

employee refuses to us for gi$ing appointment.

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IND1)TR3 DETAIL)

What is Li.e Ins$rance8

Li.e ins$ranceis a contract #etween thepolicy holderand the

insurer= where the insurer promises to pay a designated

#eneficiarya sum of money (the K#enefitsK! upon the death of

the insured person. %epending on the contract= other e$ents such

as terminal illnessor critical illnessmay also trigger payment. -n

return= the policy holder agrees to pay a stipulated amount (the

KpremiumK! at regular inter$als or in lump sums. -n some

countries= death e4penses such as funerals are included in the

premiumC howe$er= in the Lnited States the predominant form

simply specifies a lump sum to #e paid on the insured@s

demise.The $alue for the policy owner is the @peace of mind@ in

"nowing that the death of the insured person will not result in

financial hardship.

;ife policies are legal contracts and the terms of the contract

descri#e the limitations of the insured e$ents. Specific

e4clusions are often written into the contract to limit the lia#ility

of the insurerC common e4amples are claims relating to suicide=

fraud= war= riot and ci$il commotion.

7I)TOR315

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-n -ndia= insurance has a deeprooted history. -t finds mention in

the writings of Manu (Manusmrithi!= >agna$al"ya

(Dharmasastra! and 'autilya (Arthasastra!. The writings tal"in terms of pooling of resources that could #e redistri#uted in

times of calamities such as fire= floods= epidemics and famine.

This was pro#a#ly a precursor to modern day insurance.

Ancient -ndian history has preser$ed the earliest traces of

insurance in the form of marine trade loans and carriers

contracts. -nsurance in -ndia has e$ol$ed o$er time hea$ily

drawing from other countries= 3ngland in particular.

1G1G saw the a!*ent o. 'i.e ins$rance 9$siness in In!iawith

the esta#lishment of the 9riental ;ife -nsurance )ompany in

)alcutta. This )ompany howe$er failed in 1G. -n 1G2= the

Madras 3?uita#le had #egun transacting life insurance #usiness

in the Madras residency. 1G80 saw the enactment of the British

-nsurance Act and in the last three decades of the nineteenthcentury= the Bom#ay Mutual (1G81!= 9riental (1G8! and 3mpire

of -ndia (1G8! were started in the Bom#ay

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enacted to ena#le the ,o$ernment to collect statistical

information a#out #oth life and nonlife #usiness transacted in

-ndia #y -ndian and foreign insurers including pro$ident

insurance societies. -n 1G= with a $iew to protecting theinterest of the -nsurance pu#lic= the earlier legislation was

consolidated and amended #y the -nsurance Act= 1G with

comprehensi$e pro$isions for effecti$e control o$er the

acti$ities of insurers.

The -nsurance Amendment Act of 160 a#olished rincipal

Agencies. *owe$er= there were a large num#er of insurance

companies and the le$el of competition was high. There werealso allegations of unfair trade practices. The ,o$ernment of

-ndia= therefore= decided to nationali/e insurance #usiness.

An 9rdinance was issued on 1thNanuary= 167 nationalising

the ;ife -nsurance sector and ;ife -nsurance )orporation came

into e4istence in the same year. The ;-) a#sor#ed 16 -ndian=

17 non-ndian insurers as also 86 pro$ident societiesI26-ndian and foreign insurers in all. The ;-) had monopoly till the

late 0s when the -nsurance sector was reopened to the pri$ate

sector.

The history o. (enera' ins$rance !ates#ac" to the -ndustrial

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168 saw the formation of the ,eneral -nsurance )ouncil= a

wing of the -nsurance Associaton of -ndia. The ,eneral

-nsurance )ouncil framed a code of conduct for ensuring fair

conduct and sound #usiness practices.

-n 17G= the -nsurance Act was amended to regulate

in$estments and set minimum sol$ency margins. The Tariff

Ad$isory )ommittee was also set up then.

-n 182 with the passing of the ,eneral -nsurance Business

(Oationalisation! Act= general insurance #usiness was

nationali/ed with effect from 1st Nanuary= 18. 108 insurers

were amalgamated and grouped into four companies= namelyOational -nsurance )ompany ;td.= the Oew -ndia Assurance

)ompany ;td.= the 9riental -nsurance )ompany ;td and the

Lnited -ndia -nsurance )ompany ;td. The ,eneral -nsurance

)orporation of -ndia was incorporated as a company in 181 and

it commence #usiness on Nanuary 1sst 18.

This millennium has seen insurance come a full circle in a:ourney e4tending to nearly 200 years. The process of re

opening of the sectorhad #egun in the early 10s and the last

decade and more has seen it #een opened up su#stantially. -n

1= the ,o$ernment set up a committee under the

chairmanship of

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%resent )cenario

The most important aspect for any financial ser$ices institution

dealing with todays regulatory framewor" is the need to #uild

an integration= ris"= compliance and regulatory en$ironment.

The glo#ali/ation of #usiness= the proliferation of= and

dependency on= technology= and the preser$ation of a trusted

and secure en$ironment to facilitate financial institutions= all

re?uire financial ser$ices organi/ations to ha$e in place the

mechanisms to ensure sound and relia#le security and pri$acy.

The industry@s landscape is continuously changing and

increasing in comple4ity across financial ser$ices= causing firms

to face a di$erse array of challenges and concerns.

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-t is e?ually true that growth itself is facilitated #y insurance.

The glo#al consolidation of the financial ser$ices sector is in

large part dri$en #y ac?uisition acti$ity. )ompanies competing

for a greater share of consumer funds are see"ing ?uic" accessto new mar"ets= new products and new channels of distri#ution=

#oth domestically and economically.

,rounded in a deep understanding of the issue= we ha$e tried to

deal with todays life insurance and financial ser$ices

en$ironment in a $ery lucid manner co$ering all the aspects such

as producti$ity= management of processes= growth dri$ers=

critical factors for success and policy implications.

2+

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A!*anta(e o. Li.e Ins$rance

-t is a general #elief that life insurance is meant only for those

with families. -t is true that ;ife -nsurance oliciesli"e whole

life insurance= :ointlifeinsurance= pensionlifeinsurance etc are

essential for family@s financial security= #ut they are e?ually

important for indi$iduals. Term -nsurance policies protect your

financial resources against the uncertainties of life so you can

protect your family@s future.

)ome o. the 'i.e ins$rance a!*anta(es are:

-f an estate owner has not accumulated enough assets for

his family.

-nsurance ?uote helps create an instant estate for the sa"e

of the +amilys security.

;ife -nsurance pro$ides the option to pass e?ual assets to

the children who are not acti$e in the +amily #usiness at

the time the family #usiness is passed on.

;ife -nsurance policies can help secure the future of

children for college5educational purposes as the amount of

life -nsurance olicy increases on a minors or parentslife.

The growth of a cash$alue policy is ta4deferred you do

not pay ta4es on the cash $alue accumulation until you

withdraw funds from the policy.

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;ife -nsurance can #e useful in paying estate ta4es= along

with other estate settlement amounts. +ederal 3state Ta4es

are due nine months after death.

-f theres a Business Transfer= life insurance can pro$ide

ready cash to finance a transaction #etween #usiness

owners who are ready to #uy the deceased owners share

from his or her estate after death.

-f theres a home mortgage= one can pass the family

residence to their spouse5children to free them of any

mortgage if one has a ;ife -nsurance olicy for the same.-t is preferred to ha$e a decreasing term policy that

decreases in face amount as the mortgage #alance is paid

down.

;ife -nsurance helps retain your Business from the loss of

a "ey employee. Lntimely death of a "ey employee can

pose se$ere financial loss to the #usiness.

The right insurance proceeds can pro$ide li?uidity to pay

off personal loans or #usiness loans.

)harita#le

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eliminating the need to sell estate assets to co$er these

costs.

Death #ene.it: First'ythe life insurance pro$ides #enefit

against the ris"s of your life F pro$ides your family or

nominee the insured amount or co$erage in case of your

unfortunate demise.

)$r*i*a'4Mat$rity 9ene.it :Apart from the simple death

#enefit you also get the maturity #enefits or sur$i$al

#enefits wherein you get the sum assured plus the returns

at the time of maturity= there is also an option of periodic

withdrawals of your in$ested amount.

In*estment ; sa*in(s :Apart from the life co$er= the lifeinsurancealso has prospects of pro$iding a $ehicle for

in$estments F sa$ing for your future needs. ith different

insurance plans li"e simple endowment plans= wholelife

plans= L;-s= you ha$e the option of sa$ing for your

retirements through pension plans or sa$ing for your

children future needs #y in$esting in -nsurance child plans

wherein you can in$est your money depending on yourris" profile.

Tax 9ene.it :>ou can sa$e ta4 upto

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G0).

Ri!ers :The riders are special #enefits gi$en to the policy

holders in addition to the life insurance co$er wherein you

are charged with some e4tra premium e.g. Accelerated

death #enefit rider= wai$er of premium rider= disa#ility

income rider= accidental death rider etc.

%remi$m payment option :>ou ha$e the option of payingpremium yearly= ?uarterly= monthly F you also ha$e the

option of single time premium payments where you ha$e

to pay one time.

%'ans as per nee!s :>ou can a$ail -nsurance plans as per

your needs F re?uirements= if you want to sa$e for your

child you can go for children insurance plans pro$idingyou with returns at certain important milestones of your

childrens lifeli"e their education= wedding etc. -f youwant to sa$e for your retirement you can in$est in ension

plans either in L;-S or in simple 3ndowment plans

depending upon your ris" appetite.

Loan option :-n some life insurance polices you can also

ta"e loan against the life insurance polices=your eligi#ility

for the loan amount depends on the type of policy= the

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premium amount= the term of the policy and the num#er of

years you ha$e paid premium for

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Li.e Ins$rance re'ate! act

The Ins$rance Act< =>?@

The -nsurance Act= 1G was the first legislation go$erning all

forms of insurance to pro$ide strict state control o$er insurance#usiness.

Li.e Ins$rance Corporation Act< =>B

3$en though the first legislation was enacted in 1G= it was

enacted in 1G= it was only in 1 Nanuary 167= that ;ife

insurance in -ndia was completely nationali/ed= through a

,o$ernment ordinanceC the ;ife -nsurance )orporation Act=

167 effecti$e from 1..167 was enacted in the same year to=

interalia= from ;-+3 -OSL

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Ins$rance Re($'atory an! De*e'opment A$thority &IRDA+

Act< =>>>

Till 1= there were not any pri$ate insurance companies in

-ndian insurance sector. The ,o$t. of -ndia then introduced the

-nsurance

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INTROD1CTION TO C1)TOMER

%RO)%ECTING

De.ination o. c$stomer prospectin(

)ustomer rospecting is a type of mar"eting analysis that helps

identify areas of interest for targeting new customers. Areas are

determined #y analy/ing the demographic $aria#les in the areathat contain your current target customers.

Approach .or prospectin(

=",enerating sales lead A sales lead can #e in the form of an

indi$idual or an organi/ation that might need or #uy companysproduct.

2. -dentifying prospect rospect is the indi$idual or an

organi/ation that indicate need for the product. A sales person

can identify a prospect #y using $arious prospecting techni?ues.

. Qualifying prospect After identifying a potential lead= the

sales person ?ualifies weather the prospect can afford to ma"e apurchase or not.

2)

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2ario$s metho! o. C$stomer prospectin( :

="#$siness Netorkin( E*ents

This is real world #usiness networ"ing e$ent such as power

lunch= #rea"fast meeting= or leisure gathering.

2. Roa!shos

Setting up sales #ooth on roadshows not only increase thee4posure of your#usiness#ut also increase the num#ers of your

prospects that could #ecome your customers in the future.

. %ro!$ct La$nchin( %arties

%oing a product launching party may #e one of a good

prospecting methods as this not only increase the e4posure #ut

also the image of your#usinessand #randing.

. Mai' Or!er &)nai' Mai'+ )ystem

This is one of the $ery popular con$entional method in doing

prospecting. This prospecting methods ha$e e$ol$ed into email

mar"eting as it is more targeta#le and more cost effecti$e.

2*

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6. eMai' Marketin(

email mar"eting as one of the recent uprising prospecting

methods has #ecome so popular due to its efficiency= time and

cost sa$ings nature. Besides= the o$erall prospecting plan not

only can #e measured upon the effecti$eness (mostly

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. Co'! Ca''in(

)ontrary to popular #elief= the reason this method "eeps re

occurring in sales is that it wor"s. Oo other method can increase

your prospecting efforts li"e cold calling can.

Oo matter which prospecting methods

you prefer or used= remem#er that each prospecting methods has

its own target prospect groups.hen you run a roadshows= you

may #e e4pecting your prospects from a $ery wide source of

industries as these people may #e :ust happened to drop #y the

shopping mall or con$ention center that happened to #e one ofyour roadshow locations.

*owe$er= when you are doing prospecting $ia #usiness

networ"ing e$ents= you may already "now that the prospects that

turn out are somehow #usiness people= either a #usiness owner

or selfemployed person= in most cases.There is no such thing as

the #est prospecting methods as it pretty much depends on your

prospecting ideas and your prospecting plan.-f you ha$e smaller#udget and want a more targeted group and more accurate

effecti$eness reporting= eMail Mar"eting and Social Oetowr"ing

Sites may #e more a #etter prospecting methods for this

o#:ecti$e.

3ffecti$e prospecting is a critical component of sustaina#le sales

success. *owe$er= prospecting is not selling. >ou may #e a

welltrained and5or e4perienced salesperson. But your trainingmay not ha$e included prospecting. 9r perhaps you ne$er

prospected at all. -n either case= read on.

The output of prospecting is a list of ?ualified leads that may

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#uy your product or ser$ice. Selling #egins only after a lead is

categori/ed as ?ualified. -f you start selling too early= you run

the ris" of pigeonholing your products and ser$ices #efore you

ha$e the opportunity to understand your prospect@s re?uirements.That generally leads to commoditi/ationwhere price #ecomes

the most important #uying criteria.

inners understand that= as with effecti$e selling= prospecting

should not #e done #y the seat of one@s pants. >ou need a plan.

That means an o#:ecti$e assessment of your situation= a goal=

and resulting strategies and tactics to achie$e that goal. So if you

aren@t comforta#le with prospecting or ha$en@t had to do it= -would li"e to share with you my plan that has wor"ed for many

of those winners.

This is a simple one& rospecting is the process #y which we

turn KsuspectsK those with a potential need for our product into

KprospectsK those who e4press a need for our product. -f we are

selling dishwashers= suspects could #e homeowners li$ing intheir homes long enough for a dishwasher to wear out a

KprospectK has told you on a cold call that he is remodeling his

"itchen. Suspects fit a demographic. rospecting is the process

of weeding through those suspects

Sales rospecting is the hunt. -n other words it is finding and

?ualifying new potential customers. The prospecti$e customer

needs to fit into the needs 5 capa#ilites match to ?ualify as aprospect. hy call on someone who for any num#er of reasons

cannot #uy from youR rospecting at one time was called

panning for gold and that is what sales people should #e doing

all day. 9nce you achie$e some traction and are ma"ing money=

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it is a matter of finding new customers. >ou will #e #oth adding

and replacing to your customer #ase. That@s when prospecting

#ecomes a sport and is fun.

DATA ANAL3)I) FOR EM%LO3EE

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%ata analysis was done using Microsoft 34cel. %ata was

analy/ed #y using percentage. Appropriate graph ha$e #een

aligned along with the data collected more understanda#le and

for the purpose of ma"ing report is more presenta#le.

O9ser*ation &On %rimary !ata+

By analy/ing the primary data following o#ser$ation can #e

done

Graph =:

-n total sample si/e of 0. The 100P of the sample are agree forinsurance is contact #ase #usiness.

Graph :

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-n the total sample si/e= according to GP sample customer

prospecting is reason and according to 18P sample employee

limitation.

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Graph ?:

-n the total sample si/e= according to 100P sample they were

use customer prospecting method through ad$isor.

Graph :

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-n the total sample si/e= according to 6P sampleuse customer

prospecting method through cold call and remaining 76P not

use it.

Graph :

-n the total sample si/e= according to 100P sample use customer

prospecting method through reference calling.

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3)

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Graph B:

-n the total sample si/e= according to 22P sample use customer

prospecting method through media calling and remaining 8GP

not use media calling.

3*

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Graph :

-n the total sample si/e= according to 100P sample peoples are

a$oid to in$est in insurance.

4+

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Graph @:

-n the total sample si/e= according to 100P sample attrition rate

is high in insurance.

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Graph >:

-n the total sample si/e= according to GP sample= employee were

switch their :o# due to good pac"age and remaining 2P sample

say they were una#le to prospecting thats why switch the :o#.

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DATA ANAL3)I) FOR AD2I)OR

Graph =:

-n total sample si/e of G0 ad$isor. The 100P of the sample are

using referral calling for customer prospecting.

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Facts O9ser*ation in emp'oyee !ata

-n our total sample 100P sample are agree that -nsurance is

contact #ase #usiness= thats why they were recruited their

ad$isor.

-n our total sample according to GP sample customer

prospecting is the reason and 18P sample say employee

limitation is the reason.

-n our total sample si/e 100P sample are prospecting

through ad$isor through reference= 6P through cold call=6P through repeat call= 18P through catalog call= 78P

through tele call and 22P through media.

According to all 100P sample= peoples are a$oid insurance.

They gi$en ran"ing top most lower one to constrain what

they are facing li"e= 1th to short term interest of in$estment

2 thlac" of awareness regarding insurance th-ntensecompetition th pu#lic company and pri$ate company= 6 th

high insurance charges= 7 this product intangi#ility.

According to all employee attrition rate is high in

insurance industry= according to 2P sample una#le to

prospect and GP sample say good pac"age is the reason.

According to G6Psample insurance industry offer high

pac"age for prospecting 10P say attract new employee and

6P say to reain e4isting one.

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Facts O9ser*ation in !ata

All ad$isor in our sample si/e are using reference calling

method to prospecting that is 100P

Ad$isor also gi$en the same ran"ing as employee to their

constrain e4cept one li"e 1th to short term interest= 2th is

lac" of insurance awareness= this pu#lic company and

pri$ate company= th is intense competition= 6this high

charges= 7this product intangi#ility.

Tren! o9ser*ation in the samp'e

e o#ser$e the trend #y using our data ta#ulated e4cel

sheet= findings are as follow

-n our total sample o#ser$ation we ne$er find any trend in

our employee data and ad$isor data.

e o#ser$e same general trend in all sample.

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)EONDAR3 DATA

COM%AN3&

The primary purpose of life insurance is to pro$ide financial

sta#ility to families in the e$ent the #readwinner dies. -n

addition= owning life insurance has many other #enefits in terms

of cash $alue= ta4 and estate planning. *owe$er= regardless of

these #enefits= purchasing life insurance can pose se$eral

challenges to the insured or policy owner.

AEGON RELIGARE LIFE IN)1RANCE COM%AN3

Re'i(areEnterprises Lt!. is an -ndia#ased financial ser$ices

company with operations around the glo#e. )ommonly referred

46

http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Financial_serviceshttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Financial_services

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to as

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and #ennett< Co'eman ; company= -ndias largest media

house= ha$e come together to launch AEGON Re'i(are Li.e

Ins$rance Company Limite! &ARLI+. This $enture is

dedicated to #uild a profita#le customercentric #usiness withscale= pro$iding a wor" en$ironment that fosters e4cellence and

inno$ation. This :oint $enture will #alance a local approach with

the power of an e4panding glo#al operation.

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2G=000 people and ser$e some 0 million customers across the

glo#e. The companys common shares are listed on three stoc"

e4changes& Amsterdam= Oew >or" and ;ondon. A3,9O has

more than 170 years of e4perience with its roots going #ac" to1G. A3,9O holds 27P e?uity in A

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outloo"= traditional at heart and national in spirit. +rom the $ery

first edition on Oo$em#er = 1GG the mammoth B)); ,roup

has come a long way. By way of the inno$ati$e $enture of

Times ri$ate Treaties.

C1)TOMER :

1! ,o$erment employee

5+

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2! ri$ate employee

! Businessman

! +armer

COM%ETITOR :

1! A$i$a ;ife -nsurance

2! Ba:a: Allian/

! Bharati AA ;ife -nsurance

! Birla Sun ;ife -nsurance

6! *%+) Standard ;ife -nsurance

7! -)-)- rudential

8! -O, UysyaG! 'ota" Mahindra

! ;-)

10! Ma4 Oew >or" ;ife -nsurance

11!

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Li.e Ins$rance %'ans

A3,9O

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maintain your lifestyle as today. A3,9O

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CONCL1)ION

hat assumption or hypothesis we made is totally $alid=

what feed#ac" gi$en #y the sample is totally match with

our assumption.

9n the #asis of sample feed#ac" we may a#le to say that

short term short term in$estment interest of people are the

top most constraint for insurance industry.

roduct intangi#ility doesnt matter for employee as well as

ad$isor also #ecause they it 7th ran" to this constrain.

-t is again pro$e that insurance is the contact #ase #usiness =

#ecause all employee and ad$isor all were using contact

#ase prospecting tool.

-t is also pro$e that insurance industry are offering high

pac"age to their employee only for customer prospecting.

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So ma:or pro#lem for life insurance company is peoples are

do not aware a#out their human life thats why industry are

facing customer prospecting pro#lem.

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RECCOMENDATION

-t is $ery true that in todays scenario no one ha$e time to

wait for his in$estment return= so if the all insurance

company will launch some term in$estment tool along with

long term one= it may #e #eneficial for insurance industry.

Still insurance industry focusing on ur#an area= if

they di$ert their focus from ur#an to rural= then it

may #e #eneficial for them for customer prospecting.

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A##RI2ATION)

-

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REFERENCE):

1! ww. ,oogle .com

2! Business %ictionary.com

! )ompany product manual

! Mr. Bhushan athe (+aculty ,uide!

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H$estionnaire .or emp'oyee o. the company :

3mployee %esignation

)ompany Oame

1! %o you aware a#out customer prospecting R

>es

Oo

2! hy you recruited ad$isorR

+or #usiness generation

Because company norm

! %o you thin" there is specific reason for ad$isor

recruitingR

;imitation of employee

;imitation of ad$isor

)ustomer prospecting

6+

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! %o you thin" life insurance is contact #ase #usinessR

>es

Oo

6! -f yes then why is it soR

)ontri#ution of #usiness through contact is more

9ther

7! )an you tell me what are the customer prospecting method

you #een useR

rospecting through ad$isor

)old call

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8! %o you thin" most of the peoples are a$oid to in$est

in insuranceR

>es

Oo

G! -f yes then why is it soR

;ac" of insurance awareness

-nterested in short term in$estment

10!%o you facing any constraint regarding customer

prospecting which concern to #usiness generationR

>es

Oo

11! hat do you thin" a#out customer prospecting constraint

and which are thoseR

;ac" of awareness regarding insurance need

eople interested in short term in$estment

*igh charges of insurance

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-ntangi#ility of product

-ntense completion

u#lic company and pri$ate company

12! )an you gi$e the se?uence for a#o$e customer

prospecting constraint from top most to lower oneR

;ac" of awareness regarding insurance need

eople interested in short term in$estment

*igh charges of insurance

-ntangi#ility of product

-ntense competition

u#lic company and pri$ate company

1! Are you thin" employee attrition rate is high in life

insurance #usinessR

>es

Oo

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1! hat do you thin" a#out employee attrition rate= whats

the reasonR

Business generation (not a#le to prospecting!

Because of good pac"age offer #y others

16! %o you thin" insurance sector offer high salary as

compare to other sectorR

>es

Oo

17! -f you thin" yes then why is it soR

To attract new employee

To retain employee

+or customer prospecting

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H$estionnaire .or A!*isor o. company

1! %o you thin" you are the #ase of your ;ife insurance

companyR

>es

Oo

2! hy you thin" li"e thatR

More contri#ution in customer prospecting

More contri#ution in total #usiness of the company

! *ow you prospect your customer R

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! hat do you thin" regarding constrain in customer

prospecting R

;ac" of awareness regarding insurance need

eoples interested in short term in$estment

*igh charges of insurance

-ntangi#ility of product

-ntense competition

u#lic company and pri$ate company

6! )an you gi$e the se?uence for a#o$e customer prospecting

constraint from top most to lower oneR

;ac" of awareness regarding insurance need

eoples interested in short term in$estment

*igh charges of insurance

-ntangi#ility of product

-ntense competition

u#lic company and pri$ate company

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