01-06-2012, 04:39 PM
MARKET RESEARCH AND CUSTOMER SATISFACTION
MARKET RESEARCH AND CUSTOMER SATISFACTION.doc (Size: 94.5 KB / Downloads: 44)
INTRODUCTION
Wherever there is uncertainty there is risk. The risk cannot be averted. The
risk is uncertainty of the financial loss. We don t have any command on
uncertainties. This makes it essential that we think in favor of a device that
becomes instrumental in spreading the loss. It is in this context that we think
about insurance.
Protection against the possible chances of generating uncertain losses. It
eliminates worries and miseries of losses or destruction of property and
death.
INDUSTRY PROFILE
The industries, businesses and individuals are considerably by the services
of insurance organization.
A. The oldest form of insurance (12th century) is marine insurance. After
wards in 16th century fire insurance is started in Germany.
B. The first registered life office was Hand in Hand Society
established in 1696.
C. In India the first life insurance was started in the Bengal Presidency in
1818 knows as oriental life insurance company.
D. Experiencing so many ups and downs the insurance business was
found in changed shapes. Particularly after attaining independence
and to the more specific after nationalizing in 1956.
E. There was major change in the insurance sector after globalization in
2001. The private player in the insurance industry and ends the
dominance of LIC.
ENTRANCE OF PRIVATE PLAYERS IN INSURANCE SECTORS
India still has low insurance penetration of 1.95 percent, 51st in the world.
Despite the fact that India boosts a saving rate of around 25 percent, less
than 5 percent is spent on insurance.
The insurance landscape in India is undergoing major changes. Close to
foreign competition since nationalization in 1956, the life insurance industry
had been protected from competitive pressures. Now, with the reopening of
the sector, several new players have entered the scene.
CONCLUSION
After conducting market research for Kotak Mahindra Life Insurance
Company we came to know different needs of consumers, their valuable
suggestions, responses to the different questions. With this information we
can conclude that there is good market awareness about Kotak Mahindra
Life Insurance Company in the market.
Customer satisfaction level of most respondents is higher for Kotak
Mahindra Life Insurance Company, which is provided by survey. Higher
satisfaction level of Kotak Mahindra life insurance company was monthly
due to Kotak provides good tax benefit for the consumers also ROI, security
etc.
Kotak Mahindra Flex s plan is the best-sold plan in market by Kotak
Mahindra Life Insurance. This conveys that the customer s are switching to
retirement plan.