16-08-2013, 04:41 PM
CUSTOMERS’ PERCEPTION ON HOME INSURANCE PRODUCTS BY ICICI LOMBARD GENERAL INSURANCE COMPANY LTD.
CUSTOMERS’ PERCEPTION.docx (Size: 297.94 KB / Downloads: 17)
Introduction and research design
People’s perception is a positive reaction of the customer’s satisfaction. In today’s business environment is more important that measures the people’s perception for getting details about Company. It plays vital role in marketing. It is necessary for reducing the misunderstanding of the customer. This study exposes the “people’s perception of home insurance products” and reliable feed back of the product.
Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured.
This project has been made with an objective of find out the perception levels of the customers those who were used home insurance provided by ICICI Lombard General Insurance Company. And an attempt has been made to explain the apex body of Home Insurance.
HYPOTHESIS
There is no significant association between the consumer perception on home insurance such as age, income, and level of agreeableness.
SCOPE OF THE STUDY
The study on the perception of home insurance customers of ICICI Lombard general insurance towards advertising provides information regarding the needs and strategies for advertisement.
The study also provides information regarding the perception of home insurance and its related products.
The data collected could be enhanced to develop effective advertisement strategies.
DATA ANALYSIS
The information is collected from the individuals and analyzed with the help of different statistical tools, for describing the relationship between various types of variables, pertaining to advertisement made by ICICI. Moreover Cross table Analysis has been done for processing the data and information obtained to meet the objectives of the study.
SOURCES OF DATA
Both primary and secondary data are used in this study in order to meet the requirements of the objectives. The Primary data were collected from the individuals residing in Trichy City, with the help of the questionnaire; Secondary data were sourced from General Insurance Companies, Magazines, Books, Pamphlets, and Websites etc.
TOOLS OF THE STUDY
The data has been analyzed mainly by using the following methods, namely, Chi-Square test, Cross Tabulation and Percentage method supplemented by appropriate charts. Preference of the Respondents for advertising media for home insurance has been analyzed using Ranking method.
History
The first homeowner’s policy perse in the United States was introduced in September 1950, but similar policies had existed in Great Britain and certain areas of the United States. In the late forties US insurance law was reformed and during this process multiple line statutes were written, allowing homeowners policies to become legal.
Prior to the 1950s, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950s, policy forms were developed allowing the homeowner to purchase all the insurance they needed on one complete policy. However, these policies varied by insurance company, and were difficult to comprehend.
The need for standardization grew so great that a private company based in Jersey City, New Jersey, Insurance Services Office, also known as the ISO, was formed in 1971 to provide risk information and issued a simplified homeowners policy for resell to insurance companies. These policies have been amended over the years.
Importance of Home Insurance
Home Insurance has evolved as one of the most enterprising sector in the real estate scenario in India. As more and more investments are made in the real estate sector, there has been a rising demand for home finance and home insurance simultaneously. The importance of home insurance in the protection of your house and valuable possessions is as importance as protecting your family from any hazards that act as threat to life and property.
The policy provided by the home insurance companies act as a guarantee that combines insurance of the home, its contents the personal possessions of the homeowner, risk attached to burglary; as well as liability insurance for accidents that may happen at the house like fire and natural calamities. The extent of the risk covered however depends on the type and content of the policy. A generally configured home insurance policy usually covers calamities in two categories - natural and man-made.
Home Insurance in India
The Home insurance sector in India is at a nascent stage as compared to other insurance sectors in the country. With the real estate boom at its prime in India, home finance has become an indispensable part of real estate functioning. Moreover, the housing finance companies (HFCs) are also playing an important role in the evolvement of the home insurance company in India. Due to the new regulations by the finance companies making home insurance mandatory for seeking home loans in India, the home insurance sector has recently seen massive revival in business. Industry analyst say that, if the home loans and insurance sector continue to facilitate each other’s growth, then the insurance segment is soon set to achieve a 100% growth. The latest growth curve shows the home insurance premium touching the Rs 150 crore-mark, registering a growth of 25% in the last financial year; and if the situation prevails, the trend is predicted to continue.
COMPANY PROFILE
ICICI Lombard General Insurance Company Limited provides various general insurance products and services in India. Its products include business solutions, such as burglary, industrial all risk and all risk, consequential loss, electronic equipment, fidelity, fire and special perils, tea crop, marine export import, machinery, boiler, and inland transit insurance; and project solutions, including contractors’ all risk, contractors’ plant and machinery, erection all risk, and performance guarantee insurance coverages. The company’s products also comprise liability solutions comprising directors and officers liability, event insurance, product liability, public liability, workmen’s compensation, and professional indemnity; export solutions, such as export import transit and export credit; and rural solutions, including weather insurance, janata personal accident, tractor, and farmer’s package. It also provides personal solutions consisting of health and group health, and personal accident and group personal accident insurance coverages; travel insurance products, such as domestic, individual overseas, student overseas, senior citizen overseas, and corporate overseas travel insurances, as well as Pravasi Bhartiya Bima Yojana; motor insurance products for two wheelers and four wheelers; and home insurance. The company was incorporated in 2000 and is based in Mumbai, India. ICICI Lombard General Insurance Company Limited is a subsidiary of ICICI Bank Limited