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PROGRESS REPORT 3 Submitted by: Soumen Mandal Roll No:18202197 Section:C
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NAME OF THE PROJECT: CONSUMER BUYING BEHAVIOUR IN LIFEINSURANCE INDUSTRY WITH RESPECT TO INVESTMENT OBJECTIVE OF MY PROJECT: To reach out to customers, through empowered and engaged employees and ditributors facilitated by cutting edge technology, right selling and seamless sevice to meet ever evolving needs.I have to do one market survey on the behaviour of indivisual customers and make them understand of various insurance products .I have meet 100 indivisual clients and motivates them to buy insurance products which will be helpful in their long run future. OPPERTUNITIES: 1. Fast growing economy and increasing per capita income in india. 2. Growing rural and semi urban markets 3. Insurable population. 4. Inflow of managerial and financial expertise from the foreign companies. THREAT: 1. Changing the government regulation and financial crisis like recession . 2. Increase in insurance frauds 3. Still competition in market. STRENGTH: 1. Alliance between IDBI AND federal bank giving a strong brand backing. 2. Huge baskets of product range which are suitable to all age and income groups. 3. Superior customer service.
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4. Strong and well spread network of qualified intermediaries and sales persons. Weakness 1. Lack of awareness about insurance on people. 2. Less penetration in rural market 3. Low customer confidence on private players. 4. Low brand awareness due to lack of advertisement. SWOT ANALYSIS STRENGTH 1.A range of new product has been lunched to different segments of the market. 2.The indian insurance market has great growth potential,with life premiums predicted to reach US$230 billion by 2025. 3.There has been increased in proportion of household assets budgeted for insurance.In fact there was a 71% increase from 2001 to 2011, according to IRDA .Indian has large population with an increase in its per capita income. 4.India’s middle income group is rapidly increasing and would be emerging as profitable market. WEAKNESS 1.Lake of consumer knowledge which creates a problem for the consumer to understand which product is best suitable for an indivisual. 2.Lack of rural market penetration. 3.Terms and condition of policy are not properly explained to customer resulting in delay in the claim process. 4.The profitability of the private sector life insurance companies have been in loses. None of the life insurance companies are listed on the stock exchange in india.
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  • Winter '17
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