HDFC Standard Life Insurance Company Ltd
customer-buying behavior with a focus on market segmentation
Submitted in partial fulfillment of requirement of
MASTER of Business Administration (MBA)
University Of Madras, Chennai
Session: 2007 – 2009
INTRODUCTION TO THE INDUSTRY07
INTRODUCTION TO THE COMPANY20
← Objective of the Study
← Scope of the Study
← Significance of the Industry
← Significance of the Research
← Research Technique
← Sampling Methodology
← Sampling unit
← Sampling Area
← Sample Size
FACTS AND FINDINGS32
DATA AND INTERPRETATION 34
CONCLUSION & RECOMMENDATIONS54
First of fall I would like to thank the Management at HDFC Standard Life Insurance Company Ltd Life Insurance co.for giving me the opportunity to do my two-month project training in their esteemed organization. I am highly obliged to Mr. A.GANESH PANDIAN (Sales Development Manager) for granting me to undertake my training at Ashok Nagar branch.
I express my thanks to all Sales Managers under whose able guidance and direction, I was able to give shape to my training. Their constant review and excellent suggestions throughout the project are highly commendable.
My heartfelt thanks go to all the executives who helped me gain knowledge about the actual
working and the processes involved in various departments
The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premia, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector.
As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance.
Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges and opportunities. But the key issues, possible trends, opportunities and challenges that insurance sector will have still remains under the realms of the possibilities and speculation. What is the likely impact of opening up India’s insurance sector?
The large scale of operations, public sector bureaucracies and cumbersome procedures hampers nationalized insurers. Therefore, potential private entrants expect to score in the areas of customer service, speed and flexibility. They point out that their entry will mean better products and choice for the consumer. The critics counter that the benefit will be slim, because new players will concentrate on affluent, urban customers as foreign banks did until recently. This seems to be a logical strategy. Start-up costs-such as those of setting up a conventional distribution network-are large and high-end niches offer better returns. However, the middle-market segment too has great potential. Since insurance is a volumes game. Therefore, private insurers would be best served by a middle-market approach, targeting...