Market Research for
IFFCO-TOKIO General Insurance
1. To know the knowledge of consumer in the sector of General Insurance in Bulandshaher District.
2. To know the difference between General Insurance and Medical Insurance in consumers’ mind 3. To know the preferences of the insurance companies
4. To know the needs of the consumers from any insurance companies and the unmet needs
Note: Suggest Promotional Activities on the basis of research
REPORT ON VOX-POP FOR IFFCO-TOKIO: -
Rural mindset for Insurance policy is only benefited after long being time as a fixed deposit or money generator; even they don’t know exactly what the insurance is. •
Basically people have known about LIC policies but few of them have Fasal Bima, Pasu Dhan Bima & Vahan Bima. Some of them were well aware about the co. from where their Vahan Bima is. •
Major competitor as per result is LIC, OBC, Reliance and BAJAJ ALIANCE. •
Known well about IFFCO as a fertilizer Co. who looks after kissans always, but not able to fulfill the fertilizer needs as of shortage in availability. Even they said “IFFCO ne khad boht achi kiya, sabse badiya hai magar woh jaldi mil hi nhi pati hai” •
Only 1 old man know about IFFCO insurance policy as he told that he got the information from the Newspaper advertisement. •
Basic medium for communication & intermediaries are Agents, Animal doctors for pashu dhan bima, wall paintings & newspaper. Daily gatherings of people also influence them. •
Level of awareness is quite average as they all know only about the LIFE INSURANCE policies and some of the other companies like BAJAJ ALIENCE and OBC, but they don’t know about the terms and conditions, claim procedures and etc. •
Final decision in doing investment is generally by own, in some cases by their parents also. •
They were dissatisfied in the claiming way of Fasal Bima as one old man said that last year he did this policy for the protection of ‘fasal’ from drought but at the end time when he claimed he didn’t receive claiming amount yet. •
Co-operative society are the main resources for these peoples as they get whole information for there fasal and other stuffs. •
Even a person said that IFFCO gives Fasal Bima with fertilizers & some of them also said if IFFCO is pursuing these policies for them then these are the best as IFFCO won’t do any wrong commitments. •
According to our (Titas & Sneha) opinion people are well aware about the different types of policies but they are not getting exact information about policies, terms and conditions. Insurance policies for them are LIC or a bond of benefit in future.
Key findings from VoX-PoP for IFFCO-TOKIO: -
Number of Respondents- 15
For Rural mindset, Insurance policy is only beneficial for the long term, mostly as a fixed deposit or money generator; generally speaking the concept of insurance is alien to them.
Basically people are aware about LIC policies, It was observed that few of them do have Fasal Bima, Pasu Dhan Bima & Vahan Bima. Mostly the beneficiaries are aware about the co. from where Vahan Bima is done. Major competitors as per our learning are LIC, OBC, Reliance and BAJAJ ALIANCE.
IFFCO brand name enjoys high credibility in the market as a fertilizer Co. who cares for the farmers, but not due to high demand of fertilizers, the supply is not met. According to one respondent, “IFFCO ne khad boht achi kiya, sabse badiya hai magar woh jaldi mil hi nahi pati hai”
Almost 99% of the respondents have not seen any communication on ITGI Basic medium for communication & intermediaries are Agents, Vets have also been seen as influencers for cattle insurance. Other mediums being, wall paintings & newspaper. Daily gatherings of people also influence them. Level of awareness is quite average as they all know only about the LIFE INSURANCE policies and some of the other companies like BAJAJ ALIENCE and OBC, but they don’t...
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