Customer Preference for Insurance Companies

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A Training Report submitted in the part fulfillment of the requirements for the award of “Post Graduate Diploma in Management”
Year 2009-2011.

Submitted By: Project Guide:
Partha Pratim Pathak Prof. Dhruva Chak
09DM083 BIMTECH,
PGDM Greater Noida,
2009-2011. Uttar Pradesh.

ACKNOWLEDGMENT

At the very outset, I would like to thank my project mentor Prof. Dhruva Chak, for his continuous support during this project work. He was always there to listen and to give advice. He showed me the most appropriate way to formulate the objectives of the study and then to accomplish them. It would not be an exaggeration to remark that without his help, the whole project would have been difficult to pursue. A special thanks for my industry mentor, Mr. Gaurav Gupta and Miss Lakshmi Kapoor. They were always approachable and helpful. They taught me how the corporate world works. I am really grateful to them for giving me the exposure that I was seeking. I am also very thankful to my group members Vidhu, Rashi, Sujay, Tanvi and Karan. We were always together through thick and thin. Their advices and suggestions kept me moving to finish this project. I would also like to thank my family members for their constant support and encouragement to complete the project in the stipulated time. At last, I am grateful to God for providing me strength and energy to sail through the unfavorable situations with ease.

ABSTRACT
Insurance is a contract in which a sum of money is paid to the assured as consideration of insurer’s incurring the risk of paying a large sum upon a given contingency.

........... Justice Tindall

Insurance is the device by the help of which people can ward off their perceived risk about something they own. Insurance helps to reduce or eliminate the risk of life and property. Any risk contingent upon life and property may be insured against at a premium commensurate with the risk involved.

The success of a company is immensely dependant on the availability of their products to the consumers and thus is inextricably bound up with an efficient distribution channel. In the insurance sector, the distribution channel includes only agents or agency holders of the company. In HDFCSLIC, the financial consultants are given utmost importance because they act as the medium to reach the customers. Hence, highest priority is given to the selection process and training of the financial consultants. The financial consultants are the primary source for procurement of insurance business and therefore their role is the corner stone for building a solid foundation of any life insurance organization.

An attempt has been made to study the customer buying behaviour with a focus on determining the factors affecting the consumers’ preference for a particular company. The study of customer behaviour is very important for an organization because it helps the organization to be customer focused, design products as per the choices and preferences of the consumers and thus eliminate the risk of failure. Product features, accessibility, low premium amount, advertising, proper redressal of complaints and better claim settlement are some of the factors that drastically influences the choice of a company.

The training of the financial consultants is one of the important fields where an insurance company should concentrate. The training should not be confined only to provide product knowledge but also to providing training on behavioural skills. A financial consultant with sound product knowledge and pleasant behaviour is an asset for an insurance company. EXECUTIVE SUMMARY

Ten years from now, the Indian government finally gave green signal to the private players to enter the Insurance Industry, prior to which the industry was ruled by a...
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