Scribd Logo
Upload

Welcome to Scribd!

  • 85 views

    (MANOJ) Presentation of Disertation

    Uploaded by

    manoranjanpatra
    The document summarizes a dissertation project presentation on comparing the service quality of Life Insurance Corporation of India and Reliance Life Insurance Company in Bhubaneswar, India. Key findings from customer surveys show that LIC has the largest market share at 27% due to its large product lines, reliable interest rates, and reputation as a government organization. While private insurers like Reliance are growing, LIC is still preferred for its experience and opportunities provided to customers. The study aims to help private insurers improve their service marketing strategies to better serve customers and compete with established providers like LIC.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd

    (MANOJ) Presentation of Disertation

    Uploaded by

    manoranjanpatra
    85 views12 pages
    The document summarizes a dissertation project presentation on comparing the service quality of Life Insurance Corporation of India and Reliance Life Insurance Company in Bhubaneswar, India. Key findings from customer surveys show that LIC has the largest market share at 27% due to its large product lines, reliable interest rates, and reputation as a government organization. While private insurers like Reliance are growing, LIC is still preferred for its experience and opportunities provided to customers. The study aims to help private insurers improve their service marketing strategies to better serve customers and compete with established providers like LIC.

    Original Title

    (MANOJ)Presentation of Disertation

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PPT, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document summarizes a dissertation project presentation on comparing the service quality of Life Insurance Corporation of India and Reliance Life Insurance Company in Bhubaneswar, India. Key findings from customer surveys show that LIC has the largest market share at 27% due to its large product lines, reliable interest rates, and reputation as a government organization. While private insurers like Reliance are growing, LIC is still preferred for its experience and opportunities provided to customers. The study aims to help private insurers improve their service marketing strategies to better serve customers and compete with established providers like LIC.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    85 views12 pages

    (MANOJ) Presentation of Disertation

    Uploaded by

    manoranjanpatra
    The document summarizes a dissertation project presentation on comparing the service quality of Life Insurance Corporation of India and Reliance Life Insurance Company in Bhubaneswar, India. Key findings from customer surveys show that LIC has the largest market share at 27% due to its large product lines, reliable interest rates, and reputation as a government organization. While private insurers like Reliance are growing, LIC is still preferred for its experience and opportunities provided to customers. The study aims to help private insurers improve their service marketing strategies to better serve customers and compete with established providers like LIC.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 12

    THE PRESENTATION OF

    DISERTATION PROJECT

    PRESENTED BY:

    Gour Manoj Kumar


    Bharatiya Vidya Bhavan
    Bhubaneswar
    BIM0106BM012
    Name of the Topic:- “The Comparative Study Of Service Quality Provided
    By The Insurance Industry ”

    Considering Life Insurance Corporation Of India (LIC) and Reliance Life


    Insurance Company Ltd., at Bhubaneswar, Orissa.

    The Insurance sector is one of the booming sectors of the Indian economy
    and is growing at a speedy rate of 15-20%. Together with banking
    services, insurance services add about 7% to the country’s GDP. This all
    about possible only for the Indian big market size, market segmentation
    and in other words “Qualitative Service Marketing”, though the focus of
    these market research report Indian Insurance Sector is on the potential
    growth.
    Need and Importance of The Study
    To know about the Insurance Industry of India and what is the uniqueness
    among the individual insurance company’s.
    To know the service quality’s of Insurance Industry.
    To know the consumer behaviors about the services, provided by the Insurance
    Industry.

    Objectives of The Study


    1. To identify, how much importance is given by the people to insure their life
    under Insurance Industry and what is consumer behavior?
    2. To identify, how much customer are satisfied on services, which are provided
    by the insurance Industry?
    3. To identify, what is the unique difference between the Life Insurance
    Corporation India (LIC) and Reliance life Insurance Company Ltd.?
    4. To identify, which Insurance Company is more loyal and reliable to customer
    and why?
    5. To identify, whose product mix, product promotion and presentation is best
    and why?
    Methodology Adopted

    For achieving the objectives of the study, researcher was prepared a questionnaire
    relating with the objectives.
    For collecting information the researcher was adopted the “Descriptive Research
    Design Method” and which helps in providing a sharper focus of the situation and a
    clear definition of the problem at hand.
    According to research design method the researcher collected information form both
    Primary and Secondary sources.
    Based on Descriptive Research Design Method, for achieving the objectives of the
    study, the researcher was adopting instrument or tool is the Questionnaire which was
    prepared according to objectives. From the questionnaire, researcher was able to collect
    information from Insurance Industry of Orissa market. The information or data are
    collected form customers and prospects and from the experienced individuals of the
    Industry.
    Major Finding
    (1) According to the comparative study of mapping the service quality of insurance
    industry, the researcher knew that each and every individual are interested to do
    the insurance policy’s and it is very necessary to all. From the research, 68%
    peoples are doing policy’s under LIC, 20% people doing policy’s doing under
    Reliance Life Insurance, 8% peoples doing policy’s under ICICI Prudential life
    Insurance and 4% peoples doing policy’s under HDFC Standard Life
    Insurance. All the above percentage based on providing better service, huge
    product line, and more interest rate and giving more profit and good brand
    name.
    (2) In different Insurance Company’s of Orissa insurance market, the researcher
    knew that, 65% of people did life insurance policies, 35% peoples did pension
    plan policies, 72% peoples did money plan (unit linked endowment plan)
    policy’s and 78% peoples did child future plan policies. The above data is
    collected from the 25-50 range age group peoples.
    (3) According to the survey, 58% people did the policies under short term (10-15
    years) and42% peoples did the policies under long term (15-30 years). This
    data is collected out of 100 samples.
    Cont…
    (4) According to the research, the researcher was taken four dimensions of service
    quality of insurance industry, those aspects are Maturity benefit, bonus, up-to-
    date information providing and relationship between customer & company.
    According to these four dimensions of service quality;

    a) The responds of LIC (68) customers; 8 (11.67%), 35 (51.47%), 5


    (7.35%) & 20 (29.41%) said ‘good, very good, average, & excellent’
    respectively.

    b) The responds of Reliance Life Insurance (20) customers; 2 (10%), 6


    (30%), 10 (50%) & 2 (10%) said ‘good, very good, average, &
    excellent’ respectively.

    c) The responds of ICICI Prudential Life Insurance (8) customers; 2


    (25%), 4 (50%), & 2 (25%) said ‘good, very good, & excellent’
    respectively.

    d) The responds of HDFC Standard Life Insurance (4) customers; 1


    (25%), 3 (75%) said ‘good, very good’ respectively.
    Cont…
    (5) From the survey the researcher take the overall ranking out of 100 samples

    a) 18%, 30%, & 20% peoples of LIC said ‘good, very good, & excellent’
    respectively and on an average 27% peoples of Orissa has prefer LIC.

    b) 2%, 8%, & 10% peoples of Reliance Life Insurance said ‘good, very
    good, & excellent’ respectively and on an average 7% peoples of Orissa
    has prefer Reliance Life Insurance.

    c) 4% and 4%, peoples of ICICI Prudential Life Insurance said ‘good and
    very good’ respectively and on an average 4% peoples of Orissa has
    prefer ICICI Prudential Life Insurance.

    d) 4% peoples of HDFC Standard Life Insurance said ‘very good’ and on an


    average 4% peoples of Orissa has prefer HDFC Standard Life Insurance.
    CONCLUSION FROM ANALYSIS

    Finally after from all above findings, the researcher able to knew that, the peoples
    of Orissa mostly preferred on Life Insurance Corporation of India (LIC), because of
    their good brand name, huge product line, giving more interest rates, more reliable
    and effective in nature. Another cause is that LIC is only one government sector of
    India and offering good opportunities to the customer as comparison to the all other
    private sector Insurance Company’s.
    Implications of the Study
    1. In this study the researcher has analyzed the present stage of the service quality
    providing by the Orissa Insurance Industry for that the researcher was take
    only two insurance company’s i.e. LIC and Reliance Life Insurance company
    Pvt. Ltd. and the major Implications from it, to know the present level of
    performance and a service quality has providing by the insurance industry.

    2. At the time of research work in Orissa market the researcher was able to know
    that, there is a 27% of market is covered by LIC, which on of the government
    sector of India. So that each and every individual perception is that, this
    organization is managed by the India government and having a very good
    market strategy as comparisons to other private insurance company’s. LIC is
    one of the oldest experienced insurance company which having the huge
    product line, reliable interest rates, rules etc. and more number of policy
    holder/ customers.

    3. So from the researcher point of view, the entire private insurance sector should
    try to improve their service marketing strategies, try to give good opportunities
    to the customers/ prospects with good assurance and service which will be
    reliable for prospects.
    Company Scores Ranks

    ICICI Prudential Life Insurance Co Ltd 139.8 1

    HDFC Standard Life Insurance Company Ltd 137.6 2

    Life Insurance Corporation of India 136.7 3

    Aviva Life Insurance 135 4

    Birla Sun life 132.7 5

    Iffco Tokio General Insurance 131.1 6

    Bharti AXA Life Insurance Pvt Ltd 130 7

    The Oriental Insurance Company Limited 128.1 8

    Metlife India Insurance Company Pvt Ltd 126 9

    Tata AIG General Company Limited 125.5 10


    The scores are on the basis of data collected through recent surveys (2006-2007) and
    studies conducted by; Business Today, Hewitt Associations, IDC Data Quest,
    NASSCOM.

    You might also like