Sridhar Mt Synopsis
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A Comparative Study On Level of Customer perception towards HDFC STANDARD LIFE INSURANCE to BIRLA SUN LIFE INSURANCE
An InterimReport Submitted by: M.SRIDHASR III SEM-MBA 7NBNL005 (2007-2009)
Submitted To:
Mr. SUNDEEP KUMAR FACULTY SUPERVISOR INC- NELLORE
CONTENTS 1. Introduction 2. Objectives 3. Hypothesis 4. Need for the study 5. Methodology 6. Time estimates 7. Limitations 8. Bibliography
INTRODUCTION
CUSTOMER PURCEPTION
Customer perceptions are dynamic. First of all, with the developing relationship between customer and company, his perceptions of the company and its products or services will change. The more experience the customer accumulates, the more his perceptions will shift from fact-based judgements to a more general meaning the whole relationship gains for him. Over time, he puts a stronger focus on the consequence of the product or service consumption. Moreover, if the customers’ circumstances change, their needs and preferences often change too. In the external environment, the offerings of competitors, with which a customer compares a product or service will change, thus altering his perception of the best offer around. Another point is that the public opinion towards certain issues can change. This effect can reach from fashion trends to the public expectation of good corporate citizenship. Shells intention to dump its Brent Spar platform into the ocean significantly altered many customers perception of which company was worth buying fuel from. Research has been donning on the impact of market share on the perceived quality of a product Depending on the nature of the product and the customers’ preferences, increasing market share can have positive or negative effects on how the customer perceives the product. In these days customer perception is very important .When compared to customer perception of the insurance company to other insurance company. The customer perception is showing the problems of company. One company to other company will be show the difference of the customer services like high quality, low price, offering door delivery service and sometimes company offering free demo class regarding some electronic products. That’s why many people are attracted to private organization.
ABOUT BIRLA SUN LIFE INSURANCE COMPANY LIMITED: Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India Within 4 years of its launch, BSLI has cemented its position as a leading player in the Private Life Insurance Industry. There has been focus on Investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation. Multi Distribution Channels- Direct Sales Force, Alternate Channels and Group offering convenient channels of purchase to customers Web-enabled IT systems for superior customer services First to have issued policies over the Internet Corporate governance and a high degree of transparency in all business practices and procedures First to have an operational Business Continuity Plan Strong fundamentals based on the Aditya Birla group's local insight and Sun Life financials's global expertise
Vision To create long term value along with market leadership
Mission To help people mitigate risks of life, accident, health and money at all stages and under all circumstances Enhance the financial future of our customers, including enterprises.
Values Integrity Commitment Passion Seamlessness Speed
HDFC STANDARD LIFE INSURANCE COMPANY HDFC standard life insurance company ltd. is one of India’s leading private life insurance companies, which offers a range of individual and group insurance solutions. it is a joint venture between housing development finance corporation limited (HDFC ltd.), India’s leading housing finance institution and one of the subsidiaries of standard life, leading providers of financial services in the united kingdom. Both the promoters are well known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry – all-important factors to consider when choosing your insurer. HDFC Limited. •
In Financial Year 2007-2008 its assets under management crossed Rs. 1,20,000, Cr.
•
As at March 31, 2008 outstanding deposits stood at Rs. 20,000 crores. The depositor
base now stands at around 3.2 million depositors.
•
Rated ‘AAA’ by CRISIL and ICRA for the 14th consecutive year
•
Stable and experienced management
•
High service standards
Standard Life Group (Standard Life and its subsidiaries) •
The Standard Life group has been looking after the financial needs of customers for
•
over 180 years
It currently has a customer base of around 7 million people who rely on the company
for their insurance, pension, investment, banking and health-care
needs •
Its investment manager currently administers £125 billion in assets
•
It is a leading pensions provider in the UK, and is rated by Standard & Poor's as
•
'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's
Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at
the Money Marketing Awards, and it was voted a 5 star life and
pension’s provider at
the Financial Adviser Service Awards for the last 10
years running. The '5 Star'
accolade has also been awarded to Standard Life
Investments for the last 10 years,
and to Standard Life Bank since its
inception in 1998. Standard Life Bank was
awarded the 'Best Flexible
Mortgage Lender' at the Mortgage Magazine Awards in
2005.
Objectives •
Compare to the government organization s and private organizations in satisfaction of customer level.
•
A comparative study on level of customer perception towards HDFC Stan dared Life Insurance to Birla Sun Life Insurance Company
•
To evaluate the impact of different service offered by the one company to other company services.
Hypothesis H0: Customer perceptions are customer opinion of our company services provide and also compare to our company to other company. H1: customer is not satisfied with our company and solve he customer problem the customer is automatically go to the other company.
Need for study Now the insurance sector is in booming stage where all the employees and un employees are undergoing insurance in order to meet their needs. Now day’s insurances play a major role in all aspects regarding life and general insurance where the customers are satisfied with all this kind of facility that the insurance is providing.
METHODOLOGY
Sources of data: The data is collected mainly from primary and secondary data. Primary data: •
Questionnaire method.
•
Direct interview method
Secondary data: Text Books: 1. Philip Kotler – Marketing Management – 10th Edition ICFA Derivative Books: 1. Ammen malle - The New Age of Marketing– Sample Size: 50members Type of sampling: convenience method. The information collected is interpreted using a pie chart, bar chart, line chart
Time estimates S.No 1.
Week No 1st Week
Duration July 14- July 19
2.
2nd Week
July 21 –July 26
Details Selecting the Management thesis-1 title by discussing with the faculty supervisor Gathering of information from the customer data base through different models
3.
3rd Week
July 28- August 2
Preparation of the questionnaire
4.
4th Week
August 4 –August 9
5.
5th Week
August 11-August 16
6.
6th Week
August 18- August 23
7.
7th Week
August 25-August 30
Collecting the data on the basis of questionnaire Recheck the data and collection of more accurate data Analyzing the data and framing the report Submission of the interim thesis
8.
8th Week
September 1- September 6
Interim thesis presentation
9.
9th Week
September 8-September13
Conducting interviews with the middle class customers and other customers
10.
10th Week
September 15-September 20
11.
11thWeek
September 22-Septmeber 27
Gathering information from the various secondary sources Tabulation of the collecting raw data
12.
12th Week
September 29-October 4
13.
13the Week
October 6- October 11
14.
14th week
October 13- October 18
Analyzing the data and framing the report Preparation of the final thesis Final thesis presentation, Submission of the report
Limitations •
This research is limited to only surroundings of NELLORE
•
Time is restricted to only 16 weeks.
•
The data is to be collected from the customers and some of the managerial level people and electronic media it may be biased because they don’t have time to answer.
•
More people are not interested regarding insurance sector that’s way I am conduct a survey regarding interested to the customer perception or satisfaction of the different insurance companies in this survey limits only Nellore.
Bibliography •
www.google.com
•
www.birlasunlife.com
•
www.hdfcstandardlifeinsurance.com
•
www.insuranceinindia.org
An InterimReport Submitted by: M.SRIDHASR III SEM-MBA 7NBNL005 (2007-2009)
Submitted To:
Mr. SUNDEEP KUMAR FACULTY SUPERVISOR INC- NELLORE
CONTENTS 1. Introduction 2. Objectives 3. Hypothesis 4. Need for the study 5. Methodology 6. Time estimates 7. Limitations 8. Bibliography
INTRODUCTION
CUSTOMER PURCEPTION
Customer perceptions are dynamic. First of all, with the developing relationship between customer and company, his perceptions of the company and its products or services will change. The more experience the customer accumulates, the more his perceptions will shift from fact-based judgements to a more general meaning the whole relationship gains for him. Over time, he puts a stronger focus on the consequence of the product or service consumption. Moreover, if the customers’ circumstances change, their needs and preferences often change too. In the external environment, the offerings of competitors, with which a customer compares a product or service will change, thus altering his perception of the best offer around. Another point is that the public opinion towards certain issues can change. This effect can reach from fashion trends to the public expectation of good corporate citizenship. Shells intention to dump its Brent Spar platform into the ocean significantly altered many customers perception of which company was worth buying fuel from. Research has been donning on the impact of market share on the perceived quality of a product Depending on the nature of the product and the customers’ preferences, increasing market share can have positive or negative effects on how the customer perceives the product. In these days customer perception is very important .When compared to customer perception of the insurance company to other insurance company. The customer perception is showing the problems of company. One company to other company will be show the difference of the customer services like high quality, low price, offering door delivery service and sometimes company offering free demo class regarding some electronic products. That’s why many people are attracted to private organization.
ABOUT BIRLA SUN LIFE INSURANCE COMPANY LIMITED: Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India Within 4 years of its launch, BSLI has cemented its position as a leading player in the Private Life Insurance Industry. There has been focus on Investment Linked Insurance Products, supported with protection products to maintain leadership in product innovation. Multi Distribution Channels- Direct Sales Force, Alternate Channels and Group offering convenient channels of purchase to customers Web-enabled IT systems for superior customer services First to have issued policies over the Internet Corporate governance and a high degree of transparency in all business practices and procedures First to have an operational Business Continuity Plan Strong fundamentals based on the Aditya Birla group's local insight and Sun Life financials's global expertise
Vision To create long term value along with market leadership
Mission To help people mitigate risks of life, accident, health and money at all stages and under all circumstances Enhance the financial future of our customers, including enterprises.
Values Integrity Commitment Passion Seamlessness Speed
HDFC STANDARD LIFE INSURANCE COMPANY HDFC standard life insurance company ltd. is one of India’s leading private life insurance companies, which offers a range of individual and group insurance solutions. it is a joint venture between housing development finance corporation limited (HDFC ltd.), India’s leading housing finance institution and one of the subsidiaries of standard life, leading providers of financial services in the united kingdom. Both the promoters are well known for their ethical dealings and financial strength and are thus committed to being a long-term player in the life insurance industry – all-important factors to consider when choosing your insurer. HDFC Limited. •
In Financial Year 2007-2008 its assets under management crossed Rs. 1,20,000, Cr.
•
As at March 31, 2008 outstanding deposits stood at Rs. 20,000 crores. The depositor
base now stands at around 3.2 million depositors.
•
Rated ‘AAA’ by CRISIL and ICRA for the 14th consecutive year
•
Stable and experienced management
•
High service standards
Standard Life Group (Standard Life and its subsidiaries) •
The Standard Life group has been looking after the financial needs of customers for
•
over 180 years
It currently has a customer base of around 7 million people who rely on the company
for their insurance, pension, investment, banking and health-care
needs •
Its investment manager currently administers £125 billion in assets
•
It is a leading pensions provider in the UK, and is rated by Standard & Poor's as
•
'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's
Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at
the Money Marketing Awards, and it was voted a 5 star life and
pension’s provider at
the Financial Adviser Service Awards for the last 10
years running. The '5 Star'
accolade has also been awarded to Standard Life
Investments for the last 10 years,
and to Standard Life Bank since its
inception in 1998. Standard Life Bank was
awarded the 'Best Flexible
Mortgage Lender' at the Mortgage Magazine Awards in
2005.
Objectives •
Compare to the government organization s and private organizations in satisfaction of customer level.
•
A comparative study on level of customer perception towards HDFC Stan dared Life Insurance to Birla Sun Life Insurance Company
•
To evaluate the impact of different service offered by the one company to other company services.
Hypothesis H0: Customer perceptions are customer opinion of our company services provide and also compare to our company to other company. H1: customer is not satisfied with our company and solve he customer problem the customer is automatically go to the other company.
Need for study Now the insurance sector is in booming stage where all the employees and un employees are undergoing insurance in order to meet their needs. Now day’s insurances play a major role in all aspects regarding life and general insurance where the customers are satisfied with all this kind of facility that the insurance is providing.
METHODOLOGY
Sources of data: The data is collected mainly from primary and secondary data. Primary data: •
Questionnaire method.
•
Direct interview method
Secondary data: Text Books: 1. Philip Kotler – Marketing Management – 10th Edition ICFA Derivative Books: 1. Ammen malle - The New Age of Marketing– Sample Size: 50members Type of sampling: convenience method. The information collected is interpreted using a pie chart, bar chart, line chart
Time estimates S.No 1.
Week No 1st Week
Duration July 14- July 19
2.
2nd Week
July 21 –July 26
Details Selecting the Management thesis-1 title by discussing with the faculty supervisor Gathering of information from the customer data base through different models
3.
3rd Week
July 28- August 2
Preparation of the questionnaire
4.
4th Week
August 4 –August 9
5.
5th Week
August 11-August 16
6.
6th Week
August 18- August 23
7.
7th Week
August 25-August 30
Collecting the data on the basis of questionnaire Recheck the data and collection of more accurate data Analyzing the data and framing the report Submission of the interim thesis
8.
8th Week
September 1- September 6
Interim thesis presentation
9.
9th Week
September 8-September13
Conducting interviews with the middle class customers and other customers
10.
10th Week
September 15-September 20
11.
11thWeek
September 22-Septmeber 27
Gathering information from the various secondary sources Tabulation of the collecting raw data
12.
12th Week
September 29-October 4
13.
13the Week
October 6- October 11
14.
14th week
October 13- October 18
Analyzing the data and framing the report Preparation of the final thesis Final thesis presentation, Submission of the report
Limitations •
This research is limited to only surroundings of NELLORE
•
Time is restricted to only 16 weeks.
•
The data is to be collected from the customers and some of the managerial level people and electronic media it may be biased because they don’t have time to answer.
•
More people are not interested regarding insurance sector that’s way I am conduct a survey regarding interested to the customer perception or satisfaction of the different insurance companies in this survey limits only Nellore.
Bibliography •
www.google.com
•
www.birlasunlife.com
•
www.hdfcstandardlifeinsurance.com
•
www.insuranceinindia.org
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