Presentation on Analyzing customer decision-making process in insurance services
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The document details a winter internship project analyzing customer decision-making in the Indian insurance sector, highlighting the industry's growth and challenges. It includes an overview of Aim India's services, organizational structure, and experiences gained during the internship, such as sales processes and customer relationship management. Additionally, it presents findings from a survey revealing factors influencing insurance purchases, emphasizing trust, security, and demographic preferences.
Presentation on Analyzing customer decision-making process in insurance services
- 1. Winter Internship Project Analyzing customer decision making process in insurance services Presented by: Anand Singh Tomar DM17B04 Core Marketing-1
- 2. Sector Information India Insurance Sector • 57 Insurance companies • Growth rate 32-34% • 3.4% Insurance penetration • Revenue of Rs 1.23 trillion from premiums • CAGR is 12% • 28.80 crore people have insurance policies
- 3. Insurance Regulatory and Development Authority (IRDA) • Established in 1999 under the IRDA Act • Responsible for regulating, promoting and ensuring orderly growth of the insurance and re-insurance business in India
- 4. Growth
- 6. Company Information Vision Aim India vision is to deliver high rate of returns to our clients and to move towards financial independence Mission To become an organization that is knowledge centric and offers expert advice to our clients.
- 7. AIM India Services Internship Compliance & Consulting Accounting & Taxation Recruitment, Training & Development Insurance & Mutual Funds Retirement planning & Wealth advisory service International Expansion Service
- 8. AIM India Product Aim India deals with various products, one of the product which I had sold was India First life insurance Maha Jeevan product 8% Return on Investment Tax benefits under sec 80c & sec 1010d Life Cover of 1 premium* (16-18) times Joint Ventures of India first Life Insurance
- 9. SWOT Analysis AIM India Strength Corporate collaborations Global presence Business growth Rise in per capita income Emerging middle-income group Weakness Dominance of public sector Less promotions Opportunities Creation of strong future growth Rise in income Rise in awareness Creation of stronger demand Threat Competition Entry of new NBFCs in the sector Varying government policies
- 10. Organizational Structure AIM India CEO Director General Manager Corporate Sales Manager Executives Interns HR Area Manager Executives Interns Finance Manager Executives Interns Admin Manager
- 11. Recruitment & Selection process of AIM India Pre- Placement talk Personal Interview Offer Letter Pre-placement talk GD/Aptitude Personal Interview Skype Interview Offer Letter
- 12. Internship Summary at AIM India Induction HR profile training Finance profile training Marketing Profile training Role-plays Field work (Sales) Market Research Analysis of data Evaluations Counselling Feedback Recognition
- 13. Sales Process Summary at AIM India Fixing appointment with potential customer. Meeting with potential customer. Follow-up through calls and 1-2 more meeting with potential customer. Closure and cheque taken from customer. Insurance bond delivery to the customer address.
- 14. Learnings Importance of organization goals. HR practices. Employee Lifecycle. CTC Payroll. Taxation. Different financial sectors. Tax benefits. Daily sales report. Various Products. Patience Situation Handling Marketing Strategies Market scenario and insights Customer perception Customer Relationship Management Making your brand better and stronger If the customer doesn't have need generate it. Sales pitching skills. Customer follows up skills. Customer retention skills. Conversion of customer needs into the want. Promotion of product
- 15. Findings Analyzing customer decision making process in insurance services 533 respondents Female : Male = 6 : 9 People of age 30-35 prefer more to buy insurance policy Private job occupation people buy more insurance People with income of 10-12.5lacs prefer more to buy insurance Indian people are risk averse Most of the people have insurance policy at New Delhi Mostly people insurance is still running Security is the main reason that people by insurance Mostly people buy insurance on the criteria of trust toward insurance company People prefer to buy insurance from insurance agents 90% people feel protected when they have insurance