EXECUTIVE SUMMARY

Insurance, in law and business, is a contractual arrangement between an individual/organization (the insured) and the insurer (insurance company) for a consideration (the premium). The contractual terms including the premium are determined rather scientifically based on actuarial calculations. An insurer guarantees the insured for compensation if or when a specified set of circumstances occurs. uch circumstances may include death or personal in!ury, accident, unemployment or old age, loss of or damage to property, or any one of a number of instances that can be compensated financially. The life cycles of property as well as individuals as provided by historical and pro!ected data constitute an important input for this purpose. This reports gives a birds eye view of the "a!a! Allianz #ife Insurance and the customers satisfaction level with its products and brand image of the company. The report also gives a view of the company, its activities and product profile. The life insurance sector In India is in e$istence for more than fifty year. "a!a! Allianz is a new player and it is the fastest growing private life insurance company in India . "a!a! Allianz is a !oint venture between two leading conglomerates% "a!a! Auto, one of the biggest & and ' wheeler manufacturers in the world and Allianz A( of (ermany, one of the world)s largest insurance companies. "oth en!oy a reputation of e$pertise, stability and strength. *haracterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, The company wants to improve its mar+et share further with the help of information from this study. There are lots of new and innovative concepts being brought into the mar+et by this company which serve to almost all the age groups. The transparency between the customer and the organization is very high. This study was mainly conducted to understand the customer satisfaction level with respect to "a!a! Allianz, a leading private life insurance company, to understand the brand image of "a!a! Allianz in the mar+et of life insurance products and also to understand the level of security that the customers have owning an insurance policy of "a!a! Allianz. ,-*. "A,(A#/0. 1

The ma!or outcome of this study is that the customers are very satisfied with the performance of the company. They feel the company has given a lot of importance to the needs of customers and have come out with innovative and great products. The service provided by the company is also good. The advisors performance is in handling customers complications is highly satisfactory. The customers feel highly secured after owning the insurance policy of this company. There are some improvements needed in customer service department with regards to waiting time and transferring of the call. o as a whole the study came out with positive results by showing the high level of customer satisfaction with policies of "a!a! Allianz. This study is based on descriptive research method The considerations which enter into ma+ing decision regarding what, where, when, how much, by what means constitute a plan of study or a research design. ,on random (convenience and !udgmental sampling) methods was used due to constraints on time and cost. ample size (122 customers) refers to the number of elements to be included in the study. I chose personal interview method, where I met customers personally in their house, office and got the re3uired data first hand. *ollection of data refers to systematic recording of results either by counting or by enumeration. The entire structure of statistical analysis for any en3uiry is based on systematic collection of data. The Actual collection of data was done using the following procedures4 5rimary 6ata 7 8uestionnaire and Interviews econdary 6ata 7 0ecords, Trade 9ournals and :ebsites

,-*. "A,(A#/0.

&

GENERAL INTRODUCTION 2.1 Theoretical background o the !tud"

This study is all about customer satisfaction level which has lot of importance in any +ind of business and I have chosen "a!a! Allianz as the company for which I can ma+e a study over the customer satisfaction level with its products, its activities and services. "a!a! Allianz is a strong player in providing life insurance and pension product to the e$panding mar+et of insurance in India. The life insurance Industry is growing at an accelerating pace in the global scenario. As compared to few years bac+, the industry has shown tremendous growth. -owever, in the Indian conte$t, the industry is in e$istence from many years. The Indian life insurance industry is estimated at billions of dollars today. "a!a! Allianz is the fastest growing private life insurance company in India.

The #ife Insurance sector in India is now at boom. It is absorbing millions of people in to the field and yielding revenue in billions to the mar+et. This particular study is a response to the issue regarding the customer satisfaction and brand awareness with respect to "a!a! Allianz. The mar+et survey is designed to dispel the opinion of the e$isting customers owning various policies of life insurance and pension plans. *ontinuing with its )*ustomer ;irst) philosophy, "a!a! Allianz has significantly e$panded its presence to &< operational "ranches (&221%&22&4 1=), with the Advisor ;orce growing to over 1>,222. It has also strengthened its Alternate 6istribution channels, i.e. "an+ assurance, *orporate Agents and 6irect ?ar+eting, ma+ing purchase of insurance more accessible. "an+ assurance and 6irect ?ar+eting channels have contributed to over 1>@ of the Annualized 5remium. "a!a! Allianz was amongst the first to identify the emerging opportunity in the 5ension segment and launched two lin+ed pension products% #ifetime 5ension and #ife #in+ 5ension, which have been well received in the mar+et.

,-*. "A,(A#/0.

'

The branches, call centre, email and snail mail are the eyes and ears. Through the data they collect via each of these channels, the company gets to +now, see what everyone)s thin+ing. ;urther, through specific surveys such as "0.s, focus groups, annual customer satisfaction surveys, advisor surveys and doctor surveys, the company get to +now the concerns and e$pectations of all our customers. "ut the ball doesn)t stop rolling until the company used this information to improve the products and processes. *onvenience and !udgmental sampling has been used for the convenience of the student. The sample size was 122 and all the respondents were the e$isting customers of "a!a! Allianz. The study is to analyze, identify, understand A improve the satisfaction of the customer by aligning the organization to address their various wants and needs. This pro!ect is a combination of ?ar+eting urvey and "rand "uilding.

#a$a$ Allian% Li e In!urance Co&'an" Li&ited

"a!a! Allianz #ife Insurance *o. #td. is a !oint venture between two leading conglomerates% "a!a! Auto, one of the biggest & and ' wheeler manufacturers in the world and Allianz A( of (ermany, one of the world)s largest insurance companies. "oth en!oy a reputation of e$pertise, stability and strength. *haracterized by global presence with a local focus and driven by customer orientation to establish high earnings potential and financial strength, "a!a! Allianz #ife Insurance *o. #td. was incorporated on 1&th ?arch &221. "a!a! Allianz #ife Insurance logs B C 1.2D bn (0s D&E2 cr.) in new business with profits of B C 1F.' mn (0s =' cr.) A & million policies in the ;G 2=%2E.

,-*. "A,(A#/0.

(alient Features It is the fastest growing private life insurance company in India. *urrently has over ', 22,222 satisfied customers. It has customer care centers in 1FF cities with &>,222 Insurance *onsultants providing the finest customer service. It is one of the India)s leading private life insurance companies. #argest distribution networ+ to reach the customers across the country with &, 1',222 agents, >E= offices in >D2 towns, &22 corporate agents A "anc assurance partners. Achieving a growth of >D@ and registered a F&@ growth in net profits of 0s.&2 *rores over the last year for the same period.

2.2 (tate&ent o the )roble&

The life insurance sector in India is in e$istence for more than fifty years. "a!a! Allianz is a new player in India which is into the mar+et from past five years and now it stands in a greater position amongst the private insurance companies. The company wants to improve its mar+et share further with the help of information from this study. There are lots of new and innovative concepts being brought into the mar+et by this company which serve to almost all the age groups. The transparency between the customer and the organization is very high. This study is made to +now and understand the satisfaction level of the customers of "a!a! Allianz, which will identify the areas of improvement for "a!a! Allianz.

,-*. "A,(A#/0.

2.* Ob$ecti+e! o the Re!earch

1. To understand the customer satisfaction level with respect to "a!a! Allianz, a leading private life insurance company. 2. Bnderstand the brand image of "a!a! Allianz in the mar+et of life insurance products. *. To understand the level of security that the customers have owning an insurance policy of "a!a! Allianz.

2., (co'e o the Re!earch

A detailed survey of the Cu!to&er (ati! action o #a$a$ Allian% customer was under ta+en in "angalore. The scope of the study is defined below4 ince the survey was conducted in "angalore city it gives a good generalization on the suitability of Insurance products for the urban customers. The survey method used in the study could be further used by other researchers to carry out the customer satisfaction in other parts of the country. The report gives detailed information of industrial and company profile, which can be used as a data ban+ for further researches. /n the basis of information received from the customers of "a!a! Allianz, the company can improve its service accordingly. The study gives a detailed view on the positive A negative points of the product to the management. *onclusion A recommendations have been given at the end of the study, which can be used by the company to improve its performance A customer service. ,-*. "A,(A#/0. =

2.-. RE(EARC. /ET.ODOLOG0 2.-.1 RE(EARC. DE(IGN This study is based on descriptive research method The considerations which enter into ma+ing decision regarding what, where, when, how much, by what means constitute a plan of study or a research design. The main aim of the study is to find out the Cu!to&er (ati! action o #a$a$ Allian% in "angalore city. The study is descriptive in nature. urveys are the best%suited methods for descriptive research, so survey method is used for the study. Ta+ing into account the time factor, a survey was planned in the city of "angalore. In this city there are substantial number of customers for "a!a! Allianz by which we can get the idea about the customer psychology, perception and customer satisfaction. A structured non%disguised 3uestionnaire was designed for the respondents. The

3uestion as+ed was in a pre%arranged order and the ob!ect of the en3uiry was revealed to the respondents so as to ta+e them into confidence. 2.-.2 (A/)LING /ET.OD ampling methods are classified as either probability or nonprobability. In probability samples, each member of the population has a +nown non%zero probability of being selected. 5robability methods include random sampling, systematic sampling, and stratified sampling. In nonprobability sampling, members are selected from the population in some nonrandom manner. These include convenience sampling, !udgment sampling, 3uota sampling, and snowball sampling. The advantage of probability sampling is that sampling error can be calculated. ampling error is the degree to which a sample might differ from the population. :hen inferring to the population, results are reported plus or minus the sampling error. In nonprobability sampling, the degree to which the sample differs from the population remains un+nown.

,-*. "A,(A#/0.

,on random (convenience and !udgmental sampling) methods was used due to constraints on time and cost. 2.-.2.1 (A/)LE (I1E ample size (122 customers) refers to the number of elements to be included in the study. Important 3ualitative factors which were considered in determining of the sample size included4 The importance of the decision, the nature of the research, the number of variables, and the nature of analysis, sample sizes used in the similar studies, incidence rates, completion rates and resource constraints. 2.-.2.2 (A/)LING TEC.NI2UE As the study was based on H*ustomer atisfactionI I had to collect first hand information from the customers so I chose personal interview method, where I met customers personally in their house, office and got the re3uired data first hand.

2.-.2.* (A/)LE DE(CRI)TION ,o research wor+ can be underta+en without the co%operation of the respondents, who are interviewed from which data was collected through 3uestionnaire. Therefore, respondents play an important role in these types of studies. The data collected were through 3uestionnaire. The customers of "a!a! Allianz have filled the 3uestionnaire. The data regarding suggestions were through general tal+.

,-*. "A,(A#/0.

>

2.-.* (OURCE( O3 DATA *ollection of facts and figures about a phenomenon is one of the most important steps for any study whether it is related to business, management, economics, or natural sciences. *ollection of data refers to systematic recording of results either by counting or by enumeration. The entire structure of statistical analysis for any en3uiry is based on systematic collection of data. "roadly spea+ing there are two types of data

5rimary 6ata econdary 6ata

)RI/AR0 DATA 5rimary data is that which is collected for the first time by investigators to serve a particular purpose. uch a data is of original nature, the sources from where these data can be collected are +nown as primary sources. 5rimary data can be collected by any one of the following methods4

6irect 5ersonal Interview Indirect /ral Interview ?ailed 8uestionnaire ?ethod chedule sent through .numerators

In this report the primary data has been collected by personal interview schedule 3uestions related to ob!ectives of the study from the ma!or portion of the interview schedule. It consists of multiple choice 3uestions so that the respondents can easily mar+ one or more choice answer and few 3uestion based so that they give the answers what they feel is right. ?ost mar+eting research consists of surveying samples of people either by personal interview, by mail, by telephone, or these days via computer.

,-*. "A,(A#/0.

<

(ECONDAR0 DATA econdary data refers to the data, which is originally collected and published by authorities other than who re3uire it. uch data is already available in some government publications, research study, !ournals, newspapers and magazines. It is observed that presently in large number of investigations secondary data are generally used because of the availability of large amount of reliable published data from the above said resources. Gou can save time and money by utilizing e$isting information, research must be very careful in using secondary dataJ a careful scrutiny has to be made. econdary data re3uired for the study has been gathered from various sources, which has enabled the researcher to compare the previous data and the present data. econdary data was collected from *ompany 5rofile, ?emorandum Association and other boo+s.

2.-.*.2 )RI/AR0 DATA 5rimary data are collected directly from people and organizations via 3uestionnaires or surveys before being analyzed to reach conclusions concerning the issues covered in the 3uestionnaire or survey. Thus 5rimary data is collected from the field and it consists of original information gathered for a specific purpose. The obvious advantages of primary research are that it is timely, focused, and involves no unnecessary data collection, which could be a wasted effort. Thus the primary data collect was through telephonic interview calls

5rimary 6ata4 *ollecting information from the consumers through 3uestionnaires. econdary 6ata4 *ollecting information regarding products and brands from

internet and company

,-*. "A,(A#/0.

12

The considerations which enter into ma+ing decision regarding what, where, when, how much, by what means constitute a plan of study or a research design. The main aim of the study is to find out the Cu!to&er #u"ing )re erence! o in!urance 'olicie! of "A#I* in "angalore city. The study is descriptive in nature. urveys are the best%suited methods for descriptive research, so survey method is used for the study. Ta+ing into account the time factor, a survey was planned in the city of "angalore. In this city there are substantial number of customers for insurance policies by which we can get the idea about the customer psychology, perception and customer satisfaction. A structured non%disguised 3uestionnaire was designed for the respondents. The 3uestion as+ed was in a pre%arranged order and the ob!ect of the en3uiry was revealed to the respondents so as to ta+e them into confidence. ;our types of 3uestions were included in the 3uestionnaire. They are % 6ichotomous ?ultiple choice /pen ended 0an+ing type

The respondents were surveyed at different parts of "angalore. In a time frame of four wee+s of fieldwor+, E2 customers were surveyed

2.-., In!tru&ent De!ign

?ethod Adopted for communication is based on the recruitment ;or this we are came a cross through the telephone, mail, and some personnel interviewing. In the personnel interviewing we have the some assessment tools so they can be more easily than when 3uestioning is done by mail or phone. After these differing delivery mechanisms results li+e different introduction and the instrument layout and its conclusion.

,-*. "A,(A#/0.

11

And were the problem they phase through telephone li+e networ+ etc so they can get through the mails. o they can communicate easily for the re3uirements. As far as the primary concerned my study was purely based on the one Interaction with employees. ;ew 3uestion to be addressed to the employees during the interactions. This 3uestions needs to be simpler. 2.-.,.1 /ethod ado'ted or co&&unication The 3uestion framed above was purely to be 3uestioned to the employees during their leisure time. The mode of communication is been oral as the .mployees are not willing to fill the 3uestionnaire, which is again a loo+ very ?onotonous. -ence the strategy of using the interaction method was used during the collection of primary data. This been very effective as the employees were 3uite comfortable answering it orally rather reading writing the 8uestionnaire. It was very helpful as there were certain 3uestions which were not thought off, but able to fill the gap with help of employees who were able to through their e$perience in the department and through some light on certain which were not even thought offK

2.-.,.2 (tructure o the In!tru&ent 6ata collection instruments are developed as part of a studyLs total research design to systematize the collection of data and to ensure that all respondents are as+ed the same 3uestions in the same order. 6ata collection instruments include 3uestionnaires, personal inventories, attitude scales, and for 3ualitative data, discussion guides. 6ata collection instruments are usually pre% tested and MdebuggedL to ensure validity and reliability of the research study. There are various instruments for data collection some are as follows 2ue!tionnaire! ,-*. "A,(A#/0. 1&

i. ii. iii. iv. v.

/pen 7 ended 3uestions *lose 7 ended 3uestions 6ichotomous 3uestions ?ultiple 7 choice 3uestions

Attitude !cale! vi. vii. viii. #i+ert scale emantic differential scale "ehavior intention scale

Likert (cale The #i+ert scale is the most popular form of attitude scale because it is easy for researchers to prepare and to interpret, and simple for consumers to answer. They chec+ or write the number corresponding to their level Magreement or disagreementL with each of a series of statements that describes the attitude ob!ect under investigation. The scale consists of an e3ual number of agreement/disagreement choices on either side of a neutral choice. A principal benefit of the #i+ert scale is that it gives the researcher the opinion of considering the responses to each statement separately or of combining the responses to produce overall score.

Dichoto&ou! 2ue!tion! There are 3uestions, which as+ the respondents to choose between two given alternatives. The choices given are HyesI, HnoI, and Hneither li+e nor disli+eI. ( ometimes, Hany other, please specifyNNNNNNNI is used, instead of Hneither li+e nor disli+eI.)

,-*. "A,(A#/0.

1'

The Questionnaires used were Multiple choice and dichotomous questions. ?ultiple 7 choice 3uestion encourages the respondent to describe and choose the options given where as in dichotomous 3uestions, the respondents are as+ed to choose between two given alternatives. The choices given are HyesI, HnoI. 2.-.- (TATI(TICAL TOOL( tatistical tools such as tabulation, construction of charts, 5ercentage ?ethod for analysis from the raw data are widely used. As decided earlier, personal interview was decided as the method of collecting the information. This is becauseJ this tool is much more helpful in obtaining data on such factors as attitudes, satisfaction level, and mode of servicing, etc. The rate of reliable information to be collected was higher in the method.

2.4 LI/ITATION( O3 T.E (TUD0

ample size was not large enough to represent an entire population and was limited to 1&F respondents. The study was constrained only to "angalore city. A more intensive study would be necessary to arrive at e$act conclusion. The entire respondent did not answer each and every given in the 3uestionnaire. The survey includes mainly the urban customers i.e., the response of the rural customers is not much included, thus leading to some level of error in the analysis. :hile answering 3uestions people tend to give best answers instead of true answers.

,-*. "A,(A#/0.

1D

DATA ANAL0(I( AND INTER)RETATION

Data anal"!i! refers to the computation of certain measures along with searching for patterns of relationship that e$ist among data groups. This is essential for a scientific study and for ensuring that we have all relevant data for ma+ing contemplated comparisons and analysis. Inter'retation refers to the tas+ of drawing inferences from the collected facts after an analytical and/or e$perimental study. In fact, it is a search for broader meaning of research findings. Interpretation is essential for the simple reason that the usefulness and utility of research findings lie in proper interpretation. It is being considered as a basic component of research process.

,-*. "A,(A#/0.

1F

Table51 A6ARENE(( O3 #A7A7 ALLIAN1 -ow did you come to +now about H"a!a! Allianz life InsuranceIK (l.No 1 & ' D )er!on 8ho 'ro&'ted to bu" 5olicy holder *ustomer service "rand name Advertisement Total No o re!'ondent! &> &F &F && 199

;rom the above table shows that &>@ of respondent given ratings on :)olic" holder;, &F@ of respondent given ratings on HCu!to&er !er+ice; and Hbrand na&e; is the ne$t best service in "A9A9 Allianz, &&@ of respondent given ratings on H Ad+erti!e&ent; best service in "A9A9 Allianz.

,-*. "A,(A#/0.

1=

Gra'h51 #elo8 gra'h !ho8! that re!'ondent 8ho 'ro&'ted "ou to bu" in!urance in #A7A7 Allian% li e In!urance.

*9= 2-= 29=

)ercentage =

2<= 2-= 2-= 22=

1-= 19= -= 9=
5olicy holder *ustomer service "rand name Advertisement

A8arene!!

,-*. "A,(A#/0.

1E

Table52 REA(ON 3OR TA>ING LI3E IN(URANCE :hat is the main reason for ta+ing life insurance as benefitK (L. NO 1 & ' D F No o re!'ondent! 'D 1& 'F 1F D Total 199

No o #ene it! or in!urance holder Ta$ savings safety ;amily protection -igh returns /ther

;rom the above Table shows that 'F@ of respondents ta+en M a&il" 'rotectionL is the main reason for ta+ing life insurance as benefit and other 'D@ of respondent ta+en M ta? !a+ing!@ as a benefit and other 1&@ of respondents ta+en A!a et"@ as a benefit and 1F@ of respondents ta+en Ahigh return@ as a benefit and remaining D@ of respondents ta+en both benefit. 0espondentLs main reason for ta+ing life insurance for family protection and less no respondent chosen as safety ,-*. "A,(A#/0. 1>

Gra'h52 #elo8 chart !ho8! that &ain rea!on or taking li e In!urance a! #ene itB

40% 35% 30% 34% 35%

)ercentage =

25% 20% 15% 10% 5% 0% Tax savings Safety Family protection High returns Others 4% 15% 12%

#ene it!

,-*. "A,(A#/0.

1<

Table5 * 2UALIT0 O3 (ERCICE RECEICED DrecentE. In thin+ing about the recent e$perience with "a!a! Allianz, please comment on the 3uality of service you received. (L. NO 1 & ' D F 2UALIT0 O3 (ERCICE RECEICED uperior Oery satisfactory Above average ome what unsatisfactory Oery poor Total 1E FD && E 2 199 No o re!'ondent!

The above Table shows the 3uality of service received by the customers in the recent e$perience with "a!a! Allianz. FD@ of customers feel that it was A+er" !ati! actor"@. ome of them feel that it was A!u'erior@ and some said it was Mabo+e a+erage@. o by this Table we can understand that "a!a! Allianz is good enough in providing 3uality service to the customers. Inference4 <'@ of the customers are satisfied with the 3uality of service received in the recent e$perience.

,-*. "A,(A#/0.

&2

Gra'h * #elo8 gra'h !ho8! that the recent e?'erience 8ith #a$a$ Allian%

60% 54% 50%

40%

)ercentage =

30% 22% 20% 17%

10%

7% 0%
Superior Very satisfactory Above average Some what unsatisfactory Very poor

0%

E?'erience

,-*. "A,(A#/0.

&1

Table5, )ROCE(( O3 GETTING CONCERN( RE(OLCED The process of getting your concern resolved was (L. NO 1 & ' D F 'roce!! o getting "our concern re!ol+ed uperior Oery satisfactory Above average ome what unsatisfactory Oery poor Total < F& '& F & 199 No o re!'ondent!

The above Table depicts how the customers felt about the process of resolving their concerns. ?ost of them have rated the process to be A+er" !ati! actor"@ and some of them have rated it as Mabo+e a+erage@. This gives a clear picture that the customerLs concerns are given lot of importance and are resolved very well. "ut there are few customers who even feel that their concerns are not at all resolved and they rate the process as A+er" 'oor@. In erenceB <'@ of the respondents are highly satisfied with the process of getting their concerns resolved. ,-*. "A,(A#/0. &&

Gra'h5, #elo8 gra'h !ho8ing the 'roce!! o getting concern re!ol+ed.

=2@ F&@ F2@

)ercentage =

D2@ '&@ '2@

&2@ <@ F@ &@ 2@

uperior Oery satisfactory Above average ome what unsatisfactory Oery poor

12@

'roce!! o getting concern re!ol+ed

,-*. "A,(A#/0.

&'

Table53EATURE( AND #ENE3IT( O3 )OLICIE( 5lease thin+ about the features and the benefits of the product (policy) itself. -ow satisfied are you with the product. 3eature! and the bene it! o the 'roduct (L. NO 1 & ' D F D'olic"E uperior Oery satisfactory Above average ome what unsatisfactory Oery poor Total No o re!'ondent! 1F F2 '1 ' 1 199

The above Table shows the features and benefits of the policies. ?ost of the customers are very satisfied with them. ome rate the products as M abo+e a+erage@. ;ew feel great about the benefits. o the products of the company are having good image and the customers are highly satisfied with them. "ut there are few customers who are not satisfied with the benefits of the policies. In erenceB <=@ of the respondents are satisfied with the benefits and features of the policies.

,-*. "A,(A#/0.

&D

Gra'h5#elo8 gra'h !ho8! the eature! and the bene it! o the 'roduct D'olic"E.

=2@ F2@

F2@

D2@

)ercentage =

'1@ '2@

&2@

1F@

12@ '@ 2@
uperior Oery satisfactory Above average

1@
Oery poor

3eature! and the bene it! o the 'olic"

ome what unsatisfactory

,-*. "A,(A#/0.

&F

Table54 CU(TO/ER (ERCICE RE)RE(ENTATICE DADCI(ORE a) 0epresentative was courteous. (L. NO 1 & ' D Re're!entati+e 8a! courteou! trongly agree Agree ,eutral 6isagree Total F1 '> 12 2 199 No o re!'ondent!

The Table shows the courteousness of the advisor when he is with the customers. ?ost of the customers A!trongl" agree@ with it. The representatives or the advisors are considered to be courteous with the customers. ,o one has rated the advisor here as A+er" 'oor@. In erenceB ><@ of the respondents feel that the advisors are courteous.

,-*. "A,(A#/0.

&=

Gra'h54 #elo8 gra'h !ho8! the Re're!entati+e 8a! courteou!.

=2@

F1@
F2@

D2@

'>@

)ercentage =

'2@

&2@

12@
12@

2@
2@ trongly agree Agree ,eutral 6isagree

Cu!to&er !er+ice re're!entati+e

,-*. "A,(A#/0.

&E

Table54.1

b) 0epresentative handled call 3uic+ly Re're!entati+e handled call Fuickl" trongly agree Agree ,eutral 6isagree Total '2 =& > 2 199

(L. NO 1 & ' D

No o re!'ondent!

This graph shows level to which the customers feel that the advisors attended their 3uic+ly. ?ost of the customers said that their calls are attended 3uic+ly and very few felt that it was a bit slow. o there is no need of improvement in this area as such. ,one of the customers disagree here. In erenceB <&@of the respondents feel that the advisors handled their call 3uic+ly.

,-*. "A,(A#/0.

&>

Gra'h54.1 #elo8 gra'h !ho8! the Re're!entati+e handled call Fuickl"

,-*. "A,(A#/0.

&<

E2@

=&@
=2@

F2@

)ercentage =

D2@

'2@
'2@

&2@

12@

>@ 2@

2@ trongly agree

Re're!entati+e handled call Fuickl"

Agree

,eutral

6isagree

,-*. "A,(A#/0.

'2

Table54.2 c) 0epresentative was very +nowledgeable. Re're!entati+e 8a! +er" kno8ledgeable trongly agree Agree ,eutral 6isagree Total &> F& &2 2 199

(L. NO

No o re!'ondent!

1 & ' D

The following graph shows the level to which the customers feel that the advisor is +nowledgeable. ?ost of them agree that the advisors are +nowledgeable and very few customers feel low on this factor so, no much of improvement needed here as such. In erenceB >1@ of the respondents feel that the advisors are highly +nowledgeable.

,-*. "A,(A#/0.

'1

Gra'h54.2 #elo8 gra'h !ho8! the Re're!entati+e 8a! +er" kno8ledgeable

=2@ F&@ F2@ D2@ '2@ &2@ 12@ 2@

trongly agree Agree ,eutral

)ercentage =

&>@ &2@

2@
6isagree

Re're!entati+e 8a! +er" kno8ledgeable

,-*. "A,(A#/0.

'&

Table5G )RO/)TNE(( O3 #A7A7 ALLIAN1 /pinion about "a!a! Allianz life insurance compared to others on settlement of claims after maturity (L. NO 1 O'inion about #a$a$ Allian% "etter '2 No o re!'ondent!

&

/n progressive

=2

'

#ess effective

12

Total

199

In erenceB

;rom the above table =2@ of respondents shows "A9A9 Allianz company Hon

progressiveI on settlement of claim of maturity, '2@ of respondents shows company HbetterI on settlement of claim of maturity,12@ of respondent shows company Hless effectiveI on settlement of claim of maturity

,-*. "A,(A#/0.

''

Gra'h5G #elo8 chart !ho8! that 'ro&'tne!! o #A7A7 Allian% li e In!urance on !ettle&ent o clai& o /aturit"B
E2@

=2@
=2@

F2@

)ercentage =

D2@

'2@
'2@

&2@

12@
12@

2@
"etter /n progressive #esseffective

)ro&'tne!! o #a$a$ Allian%

,-*. "A,(A#/0.

'D

Table5< (ATI(3ACTION O3 (ERCICE( atisfaction of the services provided by "A9A9 AllianzK

(.No 1 & ' D

(er+ice! !ati! ied b" cu!to&er Information on polices ?ore advantages on polices 8uic+ transaction 5romptness of sending reminders for payment of premium Total 199

No o re!'ondent! 1& D> &= 1D

;rom the above table D>@ of respondent shows :&ore ad+antage! on 'olice!; compared to other company, &=@ of respondent shows H 2uick tran!action; compared to other company, 1D@ of respondent shows :)ro&'tne!! o !ending re&inder! or 'a"&ent o 're&iu&; compared to other company, 1&@ of respondent shows :In or&ation on 'olice!; compared to other company.

,-*. "A,(A#/0.

'F

Gra'h5< #elo8 gra'h !ho8! that are "ou !ati! ied 8ith the allo8ing !er+ice! 'ro+ided b" #A7A7 Allian%

=2@ F2@ D2@ '2@ &2@

12% 14% 48%

)ercentage =

26%

12@ 2@
Information on polices ? ore advantage on polices 8uic+ transaction 5romptness of sending reminders

(ati! action o !er+ice!

,-*. "A,(A#/0.

'=

Table5H EI)LAINING T.E CO/)LICATION( 5rocess of e$plaining the complication was (by the advisor). )roce!! o e?'laining the co&'lication (L. NO 1 & ' D F uperior Oery satisfactory Above average ome what unsatisfactory Oery poor Total No o re!'ondent! && '> 'E & 2 199

The above Table shows the capability of the advisors in e$plaining and simplifying the complications of the policies. ?ost of the customers are satisfied with it and could comfortably understand the complication easily with the help of the advisor. In erenceB <>@ of the respondent felt that the advisors could easily e$plain the complications of the policies.

,-*. "A,(A#/0.

'E

Gra'h5H #elo8 gra'h !ho8! the )roce!! o e?'laining the co&'lication

'#! 3$! 3#! )ercentage = &$! &#! %$! %#! $! #!

3 !

3"!

3! #!
Superior Very satisfactory Above average Some what unsatisfactory

)roce!! o e?'laining the co&'lication

,-*. "A,(A#/0.

'>

Table519 2UALITIE( O3 CU(TO/ER (ERCICE RE)RE(ENTATICE DADCI(ORE (5/ ITIO.) :hich of the following 3ualities of the (advisor) customer service representative stood outK (L. NO 1 & ' D F = 2ualitie! o cu!to&er !er+ice re're!entati+e 5atience .nthusiastic #isten carefully ;riendly 0esponse /thers Total > 1& 1= '= &1 E 199 No o re!'ondent!

The above Table tal+s about the positive 3ualities of the advisors which the customers could see mostly. ?ost of the advisors are considered to be friendly, customers are impressed by the responses given by the advisors, they are also considered to be enthusiastic and good listeners also. In erenceB '=@ of the respondents feel that the advisors are very friendly.

,-*. "A,(A#/0.

'<

Gra'h519

#elo8 gra'h !ho8ing the Fualitie! o the Dad+i!orE cu!to&er !er+ice re're!entati+e

,-*. "A,(A#/0.

D2

'#! 3(! 3$! 3#! )ercentage = &$! &#! %$! %#! $! #!

5atience .nthusiastic #isten carefully ;riendly 0esponse /thers

&%! %(! %&! ! "!

2ualitie! o cu!to&er !er+ice re're!entati+e

,-*. "A,(A#/0.

D1

Table511 2UALITIE( O3 CU(TO/ER (ERCICE RE)RE(ENTATICE DADCI(ORE :hat 3ualities of the customer service representative ir+ed youK (L. NO 1 & ' D F = Fualitie! o the cu!to&er !er+ice re're!entati+e ,ot 5atient ,ot enthusiastic 6idnLt #isten carefully Bnfriendly /thers ,othing ir+ed me Total 2 ' ' & &2 E& 199 No o re!'ondent!

The table shows those 3ualities which irritated the customers. ;ew of the customers felt that some of the advisors were irritating with their bad 3ualities. ;ew felt they are not enthusiastic and didnLt listen carefully. In erenceB E&@ of the respondents feel that there was no factor as such which ir+ed them.

,-*. "A,(A#/0.

D&

Gra'h511 #elo8 gra'h !ho8! tho!e Fualitie! 8hich irritated the cu!to&er!

>2@ E2@ =2@ )ercentage = F2@ D2@ '2@ &2@ 12@ 2@ 0%

,ot patient

72%

20%

3%
,ot .nthusiastic

3%
6idn)t listen carefully

2%
unfriendly /thers ,othing ir+ed me

Fualitie! o the cu!to&er !er+ice re're!entati+e

,-*. "A,(A#/0.

D'

Table512 U)DATION A#OUT T.E NE6 )OLICIE( 6oes the advisor update you with the new product or the policies that the company has launchedK (L. NO 1 U'dating about ne8 'olice! ometimes No o re!'ondent! &>

&

,o

1&

'

Ges

=2

Total

199

The above table shows that how often the advisor updates the customers with the new policies and products. ?ost of the customers feel yes and some are informed sometimes. o in this case there is a need of improvement. In erenceB =2@ of the respondents are informed about the new policies that are launched by the company, &E@ are sometimes informed and the rest were never informed.

,-*. "A,(A#/0.

DD

Gra'h512 #elo8 gra'h !ho8! that ho8 o ten the ad+i!or u'date! the cu!to&er! 8ith the ne8 'olicie! and 'roduct!.

E2@ =2@ F2@ )ercentage = D2@ '2@ &2@

12= 2<= 49=

12@ 2@
ome times ,o Ges

U'dating about ne8 'olice!

Table51* CU(TO/ER (ERCICE The customer service department.

,-*. "A,(A#/0.

DF

(l.No 1 & ' D F = E

Cu!to&er !er+ice de'art&ent (ave me the wrong information 6idnLt understand the 3uestion (ave unclear answers *ouldnLt solve problem 6isorganized /ther ,o improvement needed Total 2 & 2 2 D 1D >2

No o re!'ondent!

199

The above Table shows the details of how the customers have felt about the customer service department. ?ost of the customers feel that there is no improvement re3uired in the performance of this department. ;ew of the customers have faced few problems but they are negligible. o the performance of this department is good enough and needs no improvement. In erenceB >2@ of the respondents feel there is no improvement needed in the customer service department. Those who have mar+ed other were not clear about e$act problem.

Gra'h51*

,-*. "A,(A#/0.

D=

#elo8 gra'h !ho8! the detail! o ho8 the cu!to&er! ha+e elt about the cu!to&er !er+ice de'art&ent.

<2@ >2@ E2@

)ercentage =

80%

=2@ F2@ D2@ '2@ &2@ 12@ 2@

0%
(ave me the wrong information

14% 2%
6idn)t understand the 3uestion

0%

0%

4%
other ,o improvement needed

(ive unclear *ouldn)t solve 6isorganized answers problem

Cu!to&er !er+ice de'art&ent

Table51, )OLIC0 O6NED :hich policy of "a!a! Allianz do you ownK (l.No 1 & ' )olic" o8ned No o re!'ondent! Bnit #in+ed 5ension #ife time F1 &1 12 DE

,-*. "A,(A#/0.

D F =

-ealth *hildren plan /thers Total

> = D 199

The above Table shows us the most bought policies by the customers. The highest number of policies bought are HBnit lin+edI, H5ensionI and H#ife timeI. In erence4 F1@ of the respondents have bought Bnit lin+ed policies.

Gra'h51, #elo8 gra'h !ho8! u! the t"'e o 'olic" o8ned b" the cu!to&er!.

,-*. "A,(A#/0.

D>

=2@
-1=

F2@ D2@ '2@

21=

)ercentage =

&2@ 12@ 2@
Bnit lin+ed 5ension #ife time -ealth *hildren plan /thers

19=

<=

4=

,=

)olic" o8ned

,-*. "A,(A#/0.

D<

Table513EELING O3 (ECURIT0 -ow secured do you feel owning an insurance policyK (l.No 3eeling o !ecurit" 1 & ' D -ighly secured omewhat secured ,eutral :astage of money Total '1 DE && 2 199 No o re!'ondent!

The above Table shows the level of security that the customer feels after owning the policy of "a!a! Allianz. ?ost of them feel somewhat secured and some of them feel highly secured so the policies have a good image in the minds of the customerLs minds. In erenceB E<@ of the respondents feel secured owning an insurance policy.

,-*. "A,(A#/0.

F2

Gra'h51#elo8 gra'h !ho8! the le+el o !ecurit" that the cu!to&er eel! a ter o8ning the 'olic" o #a$a$ Allian%.

F2@ DF@ D2@ 'F@ )ercentage = '2@ &F@ &2@ 1F@ 12@ F@ 2@
-ighly secured

47%

31% 22%

0%
ome what secured ,eutral :astage of money

3eeling o !ecurit"

,-*. "A,(A#/0.

F1

Table514 ONLINE (ERCICE( Are you satisfied with the online services provided by the "a!a! AllianzK (L. NO 1 & U'dating about ne8 'olice! ometimes ,o No o re!'ondent! &> 1&

'

Ges

=2

Total

199

The above table shows that the satisfaction level of online services provided by "a!a! Allianz. ?ost of the customers feel yes and some are informed sometimes. o in this case there is a need of improvement. In erenceB =2@ of the respondents are satisfied , &E@ are sometimes informed and the rest were never informed.

,-*. "A,(A#/0.

F&

Gra'h514 #elo8 gra'h !ho8! that the !ati! action le+el o online !er+ice! 'ro+ided b" #a$a$ Allian%.

E2@ =2@ F2@ )ercentage = D2@ '2@ &2@

12= 2<= 49=

12@ 2@
ome times ,o Ges

(ati! action

,-*. "A,(A#/0.

F'

,.1 3INDING(
This section has been e3uipped with all the related findings of the researcher the researcher has tried and analyzed all the aspects such as variables and factors given in the 3uestionnaire. The researcher has given all the findings individually. 1. The customers are very satisfied with the performance of the company. They feel the company has given a lot of importance to the needs of customers and have come out with innovative and great products. &. ?ost of the respondents feel that their concerns were resolved very well as and when re3uired. '. The products or the policies are really good as per the customersJ they are highly satisfied with the benefits and features of the policies. D. The advisors are rated to be very +nowledgeable and highly s+illed. F. The advisors have performed very well in simplifying the complications involved in buying the policies. =. The advisors have displayed high level of positive 3ualities li+e friendly nature, patience, enthusiasm, good listening and efficient responses. E. There is some improvement re3uired in the advisors as the customers feel they are sometimes not very enthusiastic. >. The advisors have mostly been updating the customers with the newly launched products or policies. <. The customer service department is doing well with very organized wor+. The waiting time, the transferring of the call to the right person and factors li+e this are to be improved as per the customers. 12. ?ost of the customers own products li+e life time, life time pension and cash bac+. 11. ome customers of "a!a! Allianz have gone for the products of other insurer (#I*, I*I*I and ?et#ife). 1&. The customers feel highly secured after owning the insurance policy in this company.

,-*. "A,(A#/0.

FD

,.2 (UGGE(TION(
1. The company should promote all the products individually than !ust promoting its brand as a life insurance company which will help in increasing the mar+et share. &. The advisors should always update their customers with the new product launched by the company. '. Transferring of the phone call to the right person should become faster and effective in the customer care department. D. There customers sometimes felt that the advisors were not on very punctual. F. There is improvement re3uired in the case of customer waiting time for their 3uestion to be addressed. =. The customerLs service department has to improve their product +nowledge and communication s+ills in regional languages. E. ome of the customers feel that the advisors were not very confident when they met. The advisors should improve their communication s+ills.

,-*. "A,(A#/0.

FF

,.* CONCLU(ION
"a!a! Allianz #ife Insurance company is performing e$tremely well as per this research. ?ost the factors are being ta+en care very well which ma+es "a!a! Allianz the best insurer in the mar+et. :ith the creative and innovative culture of the company it has been successful in creating a very nice image in the minds of customers. As per the customers most are highly satisfied with the company and its products. The insurance advisors who +eep the direct contacts with the customers are performing very well. These advisors represent the company and the customers are highly satisfied with the +nowledge, s+ills and the enthusiasm that they have in serving the customers and advising them for the best investment options they have. There are few improvements li+e transferring the call to the right person in time, the waiting time for the call to be attended and the updating of the new products being launched. The customer service department is also performing very well and the customers are satisfied with its performance. They donLt find any difficulty when they call up to this department and their problems are resolved in no time. The best selling products as per the respondents are life time, life time pension and the cash bac+. Though some of the customers own similar +ind of other insurers products they are more satisfied with the products "a!a! Allianz and with the transferability between the customers and the company. The customers feel highly secured after owning the insurance policies of "a!a! Allianz. o finally this research has given positive results by showing the high level of customer satisfaction with policies of "a!a! Allianz.

,-*. "A,(A#/0.

F=

2UE(TIONNAIRE

6ear sir/madam,
I am ?adhu +iran.v, currently pursuing ?"A in ,ew -orizon college of .ngineering. This 3uestionnaire helps, for the purpose of collecting your valuable information regarding "A9A9 A##IA,P life insurance. I shell e$tremely than+ full if you spare few minutes to complete my 3uestionnaire which would help me to complete my pro!ect on

*ustomer satisfaction level towards life Insurance services provided by "a!a! Allianz life insurance company limited.I
,ame of respondent4 Address4 Age of respondent4 81. -ow did you come to +now about H"a!a! Allianz life InsuranceIK (a) 5olicy holder (c) "rand name (b) *ustomer service (d) Advertisement

8&. :hat is main reason for ta+ing life insurance for as benefitK a) Ta$ savings c) ;amily protection e) If other specify 8'. In thin+ing about the most recent e$perience with "a!a! Allianz life Insurance, please comment on the 3uality of service you received. a) uperior c) Above average e) Oery poor In case of unsatisfactory, specify what happenedQQQQQQQQQQQQQQQQQQQQQQQQQQQQ.. ,-*. "A,(A#/0. FE b)Oery satisfactory d) ome what unsatisfactory b) safety d) high return

8D. The process of getting your concern resolved was a) uperior c) Above average e) Oery poor 8F. 5lease thin+ about the features and the benefits of the product( policy) itself. -ow satisfied are you with the product. a) uperior c) Above average e) Oery poor If not satisfied please describe whyQQQQQQQQQQQQQQQQQ.. 8=. The following 3uestion pertain to the customer service representative( advisor) you meet mostly. trongly agree 0ep was very courteous 0ep handled call 3uic+ly 0ep was very +nowledgeable Agree ,eutral 6isagree b)Oery satisfactory d) ome what unsatisfactory b)Oery satisfactory d) ome what unsatisfactory

8E. :hat is your opinion about promptness of "a!a! Allianz life insurance compared to others on settlement of claims after maturityK a) "etter b) /n progressive c) #ess effective

,-*. "A,(A#/0.

F>

8>. Are you satisfied with the fallowing services provided by "a!a! Allianz a) Information on policies while purchasing polices b) ?ore advantages on polices compared to other company c) 8uic+ transaction d) 5romptness of "a!a! Allianz in sending reminders for 5ayment /f premium 8<. The process of e$plaining the complications was (by the Advisor) a) uperior c) Above average e) Oery poor 812. :hich of the following 3ualities of the (advisor) customer service representative stood outK a) 5atience c) #isten carefully e) 0esponse /therQQQQQQQQQQQQ 811. :hat 3ualities of the customer service representative ir+ed youK a) ,ot patient c) 6idnLt listen carefully e) ,othing ir+ed me /therQQQQQQQQQQQQ b) ,ot enthusiastic d) Bnfriendly b) .nthusiastic d) ;riendly b)Oery satisfactory d) ome what unsatisfactory

,-*. "A,(A#/0.

F<

81&. 6oes the advisor update you with new products or the policies that the company has launchedK a) Ges c) ometimes b) ,o

81'. The customer service a) (ave me the wrong information c) (ave unclear answers e) 6isorganized b) 6idnLt understand the 3uestion d) couldnLt solve problem f) ,o improvement needed.

/therQQQQQQQQQQQQQQQQQ 81D. :hich policy of I*I*I 5rudential do you ownK a) ave and protect c) #ife time e) *ash bac+ /thersQQQQQQQQQQ b) mart +id d) #ife time pension

81F. -ow secured you feel owning an insurance policy a) -ighly secured c) ,eutral b) omewhat secured d) :astage of money

:hyQQQQQQQQQQQQQQQQQ

,-*. "A,(A#/0.

=2

81=. Are you satisfied with the online services provided by the "a!a! AllianzK

a) Ges c) ometimes

b) ,o

,-*. "A,(A#/0.

=1

#I#LOGRO).0

*ompany broacher and pamphlet. :ebsites4 www.ba!a!allianzlife.com www.allianzba!a!.co.in www.google.com ,ewsletter and magazines. Rennith 9r blac+, -arold 6, 9r s+ipper, life insuranceJ 5rentice -allJ 1<<' 5hilip Rotler4 ?ar+eting ?anagement. 0esearch ?ethodology4 *ooper A hindler

,-*. "A,(A#/0.

=&