1

Chapter: I
COMPANY PROFILE



1.1 INTRODUCTIONS:

United India Insurance Company

United India Insurance Company Limited was incorporated as a
Company on 18th February 1938. General Insurance Business in India
was nationalized in 1972. 12 Indian Insurance Companies, 4
Cooperative Insurance Societies and Indian operations of 5 Foreign
Insurers, besides General Insurance operations of southern region of Life
Insurance Corporation of India were merged with United India Insurance
Company Limited. After Nationalization United India has grown by
leaps and bounds and has 18300 work forces spread across 1340 offices
providing insurance cover to more than 1 Crore policy holders. The
Company has variety of insurance products to provide insurance cover
from bullock carts to satellites.
United India has been in the forefront of designing and implementing
complex covers to large customers, as in cases of ONGC Ltd, GMR-
Hyderabad International Airport Ltd, and Mumbai International Airport
Ltd Tirumala-Tirupati Devasthanam etc. We have been also the pioneer
in taking Insurance to rural masses with large level implementation of
2

Universal Health Insurance Programme of Government of India &
Vijaya Raji Janani Kalyan Yojana ( covering 45 lakhs women in the
state of Madhya Pradesh) , Tsunami Jan Bima Yojana (in 4 states
covering 4.59 lakhs of families) , National Livestock Insurance and
many such schemes.
United India Insurance Company Limited also made presence in more
than 200 tier II & III towns and villages through our innovative Micro
Offices.

















3

1.2 ACHIEVEMENTS:
Corporate Mission:
UI is a leading General Insurance Company.
More than three decades of experience in Non-life Insurance business.
Formed by the merger of 22 companies, consequent to nationalization of
General Insurance.
Head Quarters at Chennai.
To provide Insurance protection to all.
To ensure customer satisfaction
To function on sound business principles.
To help minimize national waste and to help develop the Indian
economy



Corporate vision:
We United India will be
The most preferred insurer in India with global footprint &
recognition.
Trusted brand admired by all stakeholders
The best-in-class customer service provider leveraging technology &
multiple channels
The provider of a broad range of innovative products to meet the
needs of all customer segments
Great place to work with highly motivated and empowered
employees
Recognized for its contribution to the society
4

1.3 TOP MANAGEMENT:






Shri Milind A Kharat
Chairman cum Managing Director


Smt Priya Kumar
Director
Department of Financial services Govt
of India


Shri T M Bhasin
Chairman cum Managing Director
Indian Bank


Shri A Thrivikraman Thampi
Director


Smt Asha Nair
Director & General Manager


Shri M V Chalam
General Manager


Shri A. Hoda
General Manager


Shri V. Easwara Kaimal
General Manager


Smt T.L. Alamelu
General Manager


Shri Rajasekharan
Chief Vigilance Officer


5

1.4 PRODUCT OFFERED:

1. Fire insurance:
Insure your property against Natural calamities & disaster.

2. Health insurance:
Health insurance for all age group with most flexible option.

3. Motor insurance:
Insure your vehicles with convenience.

4. Marine insurance:
We cover from ship to cargo to road.

5. Industrial insurance:
Bouquets of cover for industrial across domain.

6. Liability insurance:
Protection against all kind of third party liabilities.

7. Micro insurance:
Cover for weaker section & rural masses of the society.

8. Credit insurance:
Safeguard employers against employees infinities.
6

1.5 DOCUMENTATION:

Add- on cover

Motor claim form- commercial vehicles

Motor claim form- two wheeler or private vehicles


7


8




9

Chapter: II
Motor Insurance- United India Insurance co,



2.1 INTRODUCTION:
Motor insurance or auto insurance are more popularly known as car
insurance, is an insurance cover which is meant to protect your vehicle
against the losses incurred due to unforeseen instances. It covers you
from the risk of loss from theft, loss from accidents or any subsequent
liabilities.
Motor insurance can be generally classified into 3 broad categories.

Car Insurance:
It covers all kinds of losses or damage by accident, fire, any kind of
natural calamities, theft and the third party claims.

Two Wheelers Insurance:
This type of auto insurance is meant for the two wheelers. It provides
protection to the vehicle from the loss or damage from natural calamities
like earthquakes, floods, hurricanes and man-made calamities like
fire, landslide etc.
10



Commercial Vehicle Insurance:
It covers all those vehicles which are not used for personal purpose.
Vehicles like trucks, passenger buses, heavy commercial vehicle, light
commercial vehicles, agricultural vehicles, multi-utility vehicles,
ambulances etc are covered under this type of insurance.

Motor Insurances are also mandatory by the law. It is a legal
requirement in India to have insured a minimal level of insurance
protection before driving any motor vehicle.








2.2 OBJECTIVES OF THE STUDY:

Primary Objective:
To create an awareness about the Motor Insurance Policy of the United
India Insurance Company


Secondary Objective:
To identify the potential policy holders among end users and to create
relationship between the companies and potential customers.

To find out the customer satisfaction level with United India Insurance
Company.

11





2.3 PURPOSE OF THE STUDY:

The purpose of this study is to analyze, find out and relate the various
benefits & Features of Motor Insurance Policy provided by United India
Insurance Company by Creating Awareness on:
Services Provided
Draw Backs
Benefits
Conditions
Claims




2.4 LIMITATIONS OF THE STUDY:

Even though every effort was made to complete all areas of the project,
it still has its own limitations.

Due to time constraints the sample was restricted to 5 respondents

The time factor was not in favor as the period of study was limited to
one month

The respondents were willing to provide information. They were free to
share their information

The tools used for analysis has its own limitations

12



2.5 RESEARCH DESIGN:

Research design is the plan, structure to answer whom, when, where and
how the subject is under investigation. Here plan is an outline of the
research scheme & which the researcher has to work. The structure of
the research is a more specific outline and the strategy out, specifying
the methods to be used in the connection & analysis of the data.





2.6 IMPORTANCE OF THE STUDY:

The importance of this project is concerned with the study of the
Awareness of Motor Insurance Policy provided by the United India
Insurance Company.

Make an Aware of Features, Benefits and the Claims of a Policy.

Identifying the Customer needs and feedback on the existing policy.

The result arrived out of this study would know about their need for
better performance in future.

Study on the benefits earned by the customer through the policy of
United India Insurance Company.

Gives suggestions to the customer to choose the services at the time of
buying policy.


13


2.7 METHODOLOGY OF RESEARCH:

Methodology is usually a guideline system for solving a problem, with
specific components such as phases, tasks, methods, techniques and
tools.
It can be defined also as follows:

"The analysis of the principles of methods, rules, and postulates
employed by a discipline"

"The systematic study of methods that are, can be, or have been applied
within a discipline
















14

Chapter: III
Motor Insurance

3.1 HISTORY & FUTURE OF MOTOR
INSURANCE:

The Motor Insurance Industry has seen much change over the past 100
years and it is not taking the prospect of the Internet and its implications
lightly. Those who do are likely to be making a big mistake.
There is clearly a market developing for everyone to get cheaper
insurance whether they want the high street, the call centre or the
internet it is clearly a matter of choice at the moment and who knows
where we might be in the next 100 years.
The most popular form of marketing and consumer interest at the present
time is the insurance aggregators market place where customers can go
onto price comparison sites such as Money supermarket, Confused.com,
Us witch and Go Compare. By typing in one question set the consumers
is then presented with a variety of insurance prices from which they can
then go to that company and purchase their insurance at competitive
rates. One thing is for sure and that is that paper advertising and paper
media is dying and being replaced with online solutions.

15

MOTOR INSURANCE INDUSTRY:

Insurance in broad term may be described as a method of sharing
financial losses of few from a common fund that are equally exposed to
the same loss.
Ex. 1000 motor cars, valued @ 300000/- are observed over a period of 5
years. On an average say, per year two cars are loss by accident. Then
the total annual loss would be Rs 600000/-. If the loss is too shared by
the entire thousand owners then they have to contribute Rs 600/- year.

The loss experience will be established by taking the past experience,
geographic area in which the vehicles are used and density of traffic

What is it?

Motor insurance protect you against financial loss if you have an
accident it is a contract between you and the insurance co, agrees to pay
your loss as defined in your policy.

Why do we need it?

Teen have the highest involvement rates in all types of crashes.

Many fatal teen crashes involve excessive speed or driving too fast for
existing road condition.

Motor insurance crashes are the leading cause of death for 15-20
avoidable drive error.



16

What will your policy cover?

Bodily injury liability
Medical payment or personal injury protection
Property damage liability
Collision
Comprehensive
Uninsured and underinsured
Motorist coverage


What is not payable under the policy?

Contractual liability.
War perils nuclear perils and drunken driving
Consequential loss Depreciation Wear and tear mechanical or
electrical break down
Damage suffered due to driving the vehicle under the influence of
intoxicating liquor or drugs
Claims arising outside the geographical area specified in the policy
Claims arising whilst the vehicle is used in contravention of the
limitations as to use
Claims arising when the vehicle is driven by a person without valid
driving license

Liability only policy:
Liability to third parties bodily injury and or death and property
damage
Personal accident cover for the owner driver for a specified sum
insured
17

3.2 DISCOUNTS:
The following are the discounts available on the premium
payable.

Vintage Cars - Cars manufactured prior to 31.12.40 and
duly certified by the Vintage and Classic Cars Club of
India :
A discount of 25% on the OD rates is available. Policies issued
covering these vehicles are Agreed Value Policies.
No Claim Bonus :
Ranging from 20-50% depending on the number of claim free years.
Automobile Association Membership Discount :
Discount of 5% on the Own Damage premium subject to a maximum of
Rs. 200/- for private cars and Rs. 50/- for Motorised Two wheelers only.
Discount for Anti Theft Devices :
A discount of 2.5% on the OD component of premium subject to a
maximum of Rs. 200/-. Device approved by the ARAI Pune -
installation of the same in vehicle certified by the Automobile
Association of India.
50% discount on the OD premium on the vehicle specially
designed / modified for use of the blind handicapped and
mentally challenged persons

Use of vehicles within Insured's premises/sites :
A discount of 33 1/1 % on the tariff rates is permissible.

18

3.3 PREMIUM PAYMENT:
Additional premium is payable to extend the cover under the Package
and Liability Only policies in case of the following:

The Geographical area may be extended to include :

a) Bangladesh b) Bhutan c) Nepal d) Pakistan e) Sri Lanka f)
Maldives by charging additional premium of Rs. 500/- per vehicle
in case of package policy and Rs.100/- per vehicle in case of
Liability only Policy.

Personal Accident covers are available to names and unnamed
persons travelling in the Motor Vehicles including employees
In case of vehicles belonging to Embassies / Consulates etc. where
the "import duty" element is not included in the IDV the premium
for Own Damage shall be loaded by 30%.


Electrical / Electronic Fittings :
Electrical /Electronic Fittings which do not form part of the
vehicle manufactured and imported have to be specifically covered
separately by paying additional premium of 4% on the value of such
fittings.

CNG / LPG-Bi-fuel Kits :
Vehicles fitted with CNG/LPG Bi-fuel kits have to be separately
declared and premium is chargeable at 4% on the value of such kit.


19


Fiber Glass Fuel Tanks :
An additional premium of Rs.50/- for OD covers for all vehicles
except Miscellaneous Type of Commercial Vehicle

Transfers
In case of change of ownership please ensure to affect the transfer
of Insurance policy within 14 days from the date of transfers of
ownership.

Change of vehicles
a vehicle can be substituted by another vehicle for the same class
for the balance period of a policy subject to adjustment of premium
if any on prorate basis from the date of substitution.






20

3.4 CLAIMS PROCEDURE:

Motor Insurance:

In case an unfortunate loss covered in the policy occurs we request you
to take the following steps to get prompt service

Contact the policy issuing Office of United India immediately or
if the accident takes place anywhere other than the City/ Town
where policy issuing Office is located contact the nearest Office of
United India so that survey is arranged. List of our Offices with
addresses across the country with Phone Numbers are available in
our Company's web site for your ready reference. Check our web
site www.uiic.co.in for list of our Offices across the country

In case of major accidents including fire/riot losses keep the
vehicle at the accident spot/ site until the spot surveyor comes to
the place of accident and inspects the same. However please note
that spot survey is necessary in case of accident to all commercial
vehicles. Please keep the phone No. of the agent/ policy issuing
Office for quick response from our side.

21


Simultaneously if there are any third party injuries/ deaths make
sure to inform the nearest Police Station about the accident and
also full details of injuries/ deaths or damage to any Third Party
Property as the case may be. In case you provide treatment to any
injured person/s in any Hospital the name of the hospital and also
Doctor's Name who has given the treatment may be informed to
us.

After completing the said formalities you may move/ tow the
vehicle to any authorized workshop of your choice and obtain
estimate from them and the same may be submitted to us together
with completed claim form (this can be obtained from any of our
nearest office) for our arranging final survey. You may also please
submit to the surveyor copy of the complaint lodged with the
police station along with original FIR if immediately available.
However in case where TP injuries are involved FIR is
compulsory and the same must be submitted to the office


It should be ensured that under no circumstances repair work is
commenced until the final surveyor verifies the damage and gives
green signal to proceed with the repairs

After the repairs are carried out for partial loss claims you have to
submit the cash bills for spare parts and labour and seek
reimbursement if the claim is admissible.








22

3.5 UNINSURED AND UNDERINSURED
MOTOR VEHICLES:
Almost a third of cars on Indian road may not have mandatory third
party liability insurance, according to analysis by insurance company.
The insurance companies exposed to cover shortfall by comparing the
number of registered vehicles with the number of policies issued.
Uninsured wheelers are a problem in motor insurance. Nearly 70% of
two vehicles and 30-35% of four wheelers are uninsured. It s clearly a
challenge to society as victim of accidents caused by these vehicles do
not get adequate compensation.
Some insurers estimate that the number of uninsured vehicles on road
could be lower, however around 20-25% car are uninsured and in two
wheelers the uninsured vehicles are likely t be around 50%. In two
wheelers, the renewals of firs year policies are as low as25%. Although
most of the insurer do send renewal notice, lower premium on two
wheelers makes it difficult to do a personalized follow up.
Some insurers have proposed the adoption of long-term policies, but this
poses it own challenges. Issuing long term policies is a challenge
because it is difficult to predict the movement of income and inflation
over a long period. In some markets in Europe and the UA, insurers
issue only six month policies. However, there are discussions on long
term insurance policies foe some segments of vehicles, which may be
filed with the regulator for approval shortly
When an owner fuse or is unable to cay motor vehicles insurance, that
owned puts more than just him- or herself a risk. If he injures another
person, the compensation will not be there to cover the damages.
23

3.6 POLICY:

Section 1: {own Damage- OD} :
Section I of package policy covers loss or damage to the
vehicle and / or accessories due to:
Accidental external means
Fire Self ignition lightning
Burglary house breaking or theft
Terrorist activity
Riot Strike and Malicious Damage
Earthquake
Flood cyclone and Inundation etc
While in transit by rail road air elevator lift or inland waterways
Landslide or work slide

Loss or damage to accessories by burglary/house
breaking/theft:
For private car it is covered
In case of Motorized Two Wheelers this can be covered on payment
of an additional premium at 3% of the IDV of such accessories.
24

Loss or damage to Lamp Tyros mudguard and / or Bonner side parts
bumpers etc. can be covered on payment of additional premium.
This is applicable only to Commercial Vehicles.

If the vehicle is disabled in an accident cover is provided for
the reasonable cost of the following:
its removal to nearest repairers
The cost of reasonable repairs immediately necessary subject to the
limit provided for.


Section II :{ Liability}:
Liability to third parties bodily injury and or death and property
damage
Personal accident cover for the owner driver for a specified sum
insured
Subject to the limit of liability laid down in the Motor
Vehicles Act:
The insured's legal liability for death / disability of third party
Loss or damage to third party property
Claimant's cost as decided by the court
All costs and expenses incurred with company's written consent
In case of death of an Insured person entitled to indemnity for a
liability incurred under this policy his legal representative will be
indemnified in place of insured if he observed all conditions as the
insured himself.



25

Chapter: IV
LITERATURE REVIEW

With the initiation of the deregulation in the Indian insurance market,
the monopoly of big public sector companies in life insurance as well as
general (non-life insurance) market has been broken. New private
players have entered the market and with their innovative approaches
and better use of distribution channels and technology, they are eating
in to the shares of established public sector companies in Indian
Insurance Market.McKinseysdirector in India and banking industry
expert LeoPuri says the opening of insurance has been a smooth
deregulation process. The state mammoth, the LIC has not been
established and the objective of deregulation has been met. Employment
has grown so as the insurance business.

Consumer attitudes and perception about insurance have changed;
Insurance is now considered a viable financial instrument to meet
different needs.










26

4.1 EVOLUTION OF INSURANCE
INDUSTRY:

IMPORTANT MILESTONES:
In India, insurance has a deep-rooted history. It finds mention in the
writings of Manu (Manuscript), Yagnavalkya Dharmasastra) and
Kautilya (Arthasastra). The writings talk in terms of pooling of resources
that could be re-distributed in times of calamities such as fire, floods,
epidemics and famine. This was probably pre-cursor to modern day
insurance. Ancient Indian history has preserved the earliest traces
of insurance in the form of marine trade loans and carriers contracts.
Insurance in India has evolved over time heavily drawing from other
countries, England in particular.


4.2 EVOLUTION OF NON-LIFE
INSURANCE:

The boycott of British goods and British institutions, which occurred
because of the nationalist movement, encouraged formation of Indian-
owned commercial and business houses. By 1907, the Indian mercantile
the first of the long lasting general insurance companies to be
established with Indian capital, had started functioning five

Offices, the New India, Vulcan, Jupiter, British India General and the
Universal, were established in 1919 almost simultaneously for
transacting general insurance business. In 1928, prominent insurance
men of Bombay met and formed the Indian insurance companies
association to protect the interest of Indian insurers. Leaders of the
insurance industry began to organize conferences, educate public on the
benefit of insurance, focus attention on the annual remove of national
wealth through invisible
27

Chapter: V
Popular Articles about Motor
Insurance

NEWS
How do companies calculate car insurance premium
August 27, 2010 | Kartik Varma & Dhruv Agarwala
Ever wondered how your car insurance premium is calculated? Often the
premium can be adjusted for any bonus or discount that the insurer is
willing to offer you, but in any case these are calculated only after the
insurer has fixed a premium that they want to charge you. Here we
explain the factors that influence the premium that you pay for your
car....

NEWS
Free pricing of motor insurance
June 4, 2004 | TNN
For car owners April 1 '05 would be a day to look forward to. In all
likelihood, the cost of a comprehensive insurance cover for new cars
will come down from this day. The reason: detariffing or discontinuing
the tariff, which prescribes the fixed rate that every insurer must charge.
Insurers have been shouting themselves hoarse about how motor
insurance losses are killing them. But that's just half the story. Insurers
do run losses on motor third-party insurance?the compulsory insurance
that every...



28



NEWS
Is motor insurance hike justified?
June 7, 2002
Dalip Verma Any change in the pricing of motor insurance, which
accounts for 41 per cent of the premium and a substantial component of
the claims of the entire general insurance industry, is bound to generate
interest. Historically, motor insurance business has been loss making,
running at loss ratios of approximately 120 per cent, that too without
accounting for management expenses. While the losses on account of
vehicle damages are high?

NEWS
Bharti Axa to reduce dependence on motor insurance
March 12, 2014 | PTI
MUMBAI: Private General Insurer Bharti Axa General Insurance will
gradually reduce its dependence on motor insurance segment and will
focus more on commercial and health insurance lines in its bid to risk its
growth prospects, a top company official said. "We will focus more on
commercial and health insurance segments going ahead to increase their
share in overall business. This will help us to reduce dependence on
motor segment," Bharti Axa General Insurance MD and CEO...










29




NEWS
Discounts galore on motor insurance
January 10, 2007 | Debjoy Sengupta, TNN
KOLKATA: There's good news for vehicle owners. They can now
avail discounts up to 80% on basic premium for the 'own damage'
portion of motor insurance. In insurance parlance, 'own damage' refers to
a vehicle cover against accidents, theft or breakdown. Basic premiums
are reference rates laid down by the Tariff Advisory Committee (TAC)
for 'own damage' scenarios. Discounts being offered are on these
reference rates. Earlier, insurers had to adhere to these reference rates in
the...

NEWS
Claims under motor insurance cover
January 6, 2008 | Ashish Gupta, TNN
Motor Insurance is intended to provide against risk of loss or damage.
The insurance may be life insurance, vehicle insurance or household
insurance. According to Indian Motor Vehicle Act, all vehicles need to
be insured. Driving any uninsured vehicle on roads is a serious offence.
One may either take a comprehensive cover or a third party insurance
only. In case the owner of the vehicle has paid proper and timely
insurance premium, then the insurer is liable to compensate the...







30

NEWS
Motor insurance breaks free from tariff regime
May 10, 2003 | Nandini Goswami, TNN
KOLKATA: It's official now. Motor insurance will get 'detariffed'
from April 1, '05. Seems a long way off, but that's the 'preparation time'
given to all insurance companies to face a competitive pricing regime.
That's when you'll be able to choose your car model, colour, price and
variable insurance rates (read detariffed own damage, or OD rates, in
insurance parlance). Although nationalized and private general insurance
companies will be free to fix motor insurance...


NEWS
Motor insurance detariff plan on back burner
January 8, 2005 | TNN
KOLKATA: The Insurance Regulatory & Development Authority
(IrDA) has decided to call off the proposal to detariff motor insurance, at
least for now. A part of motor tariff?own damage (OD)- was scheduled
to kick off from April, 2005. The regulator has veered round to this
crucial decision following feedback from insurance companies who felt
that the entire motor portfolio including the third party portion of motor
insurance should be detariffed. While...









31

NEWS
Nationalized insurers move into motor insurance
April 24, 2002 | Nandini Goswami, TNN
Kolkata: it's a scramble out there to grab the largest piece of the motor
insurance business. And nationalized insurance companies are now a
step ahead, sharply pushing up agency commissions on motor insurance
to 15 per cent on all private vehicles. Agency commission on all
commercial vehicles however will remain at five per cent in most cases.
But the companies are unanimous on doing away with commissions on
individual third party insurance. All the four nationalized insurers have
moved...

NEWS
Insurance premium on luxury cars likely to increase
January 10, 2014 | Shilpy Sinha, ET Bureau
MUMBAI: Insurance companies are considering increasing the
premium charged on luxury cars because claims from this segment have
outpaced the auto industry average and costs to repair these high-end
vehicles are high. According to insurance industry executives, the
increasing number of claims has made the business of insuring luxury
cars a loss-making one for them. The ratio of claims to premium paid in
this segment doubled from a year earlier to 80 per cent in the...







32

Chapter: VI
DATA ANALYSIS & INTERPRETATION


6.1 DATA COLLECTION
The main source of information for this study is based on the data
collection. Data collected are both primary and secondary in nature.


Primary Data:
Primary data have been directly collected from the clients of United
India Insurance Company by survey method through undisguised
structured questionnaire. Questions like close ended, multiple choices,
dichotomous and ranking type has been used for the purpose of data
collection.


Secondary Data:
Secondary data have been collected from official website of United
India Insurance Company and also from other official websites related
to Motor Insurance Policy.

Table showing the source most preferred to know about United
India Insurance Company and its products.

Sr.no Preferred source No. of
Respondents
1. Adds / prints/ radio 1
2. Insurance Agents 2
3. Friends/ Relatives 1
4. Others 1
Total 5
33


6.2 SAMPLING:

Sampling is the process of selecting units (e.g., people, organizations)
from a population of interest so that by studying the sample we may
fairly generalize our results back to the population from which they
were chosen. When taking a sample from a larger population, it is
important to consider how the sample will be drawn. To get a
representative sample, the sample must be drawn randomly and
encompass the entire
population.Sampling is defined as a process used in statistical analysis in
which apredetermined number of observations will be taken from a
larger population. The methodology used to sample from a larger
population will depend on the type of analysis being performed, but will
include simple random sampling, systematic sampling and observational
sampling.
















34


6.3 TYPES OF QUESTIONS:


Close ended question:
Close ended question are the type of questions with a clear declined set
of alternatives that confine the respondents to choose one of them.


Multiple choice questions:
It consists of multiple choices in which the respondents can choose more
than one.


Dichotomous question:
It consists of two choices of answers in which the respondent has to
choose one of them.

Ranking:
In ranking, questions will have the ranking skill, which the respondents
are free to rank them according to their preference.










35

QUESTIONNAIRE ON CUSTOMERS
EXPECTATION OF A MOTOR INSURANCE
PRODUCT
I am a student of BBI doing my project work on the topic mentioned above. You
are invited to participate in the survey that will help me understand. Your
participation in this study is completely voluntary. Your survey responses will be
strictly confidential and the data from this research will be reported only in the
aggregate. Your information will be coded and will remain confidential for
academic purpose only.
I request you to kindly fill the question below and I assure you that the data
generated shall be kept confidential.
EMOGRAPHICS
Name :

Gender : 1) Male 2) Female

Age :
Employment status :

Q1) which vehicle do you have?
o 2wheeler
o 4 wheeler

36

Q2) what is the brand of your vehicle?

Q3) How many vehicles do you own?
o 1
o 2
o 3
o 4
o More than 4
Q4) How many years has it been since you purchased your vehicle?
o Less than one year
o More than one year
o More than three years
o More than five years
Q5) what is the year of manufacture of the car?
o 2012
o 2010 - 2012
o 2007-2012
o Older than that
Q6) is there any loan on the vehicle?
o Yes
o No



37

Q7) for what purpose is the car used?
o Personal
o Official
Q8) Have you ever got your car majorly repaired in the past?
o Yes
o No
Q9) if the answer is yes, what was the reason for getting it repaired?
o Accident
o Mechanical breakdown

Q10) which insurance company is your car insured with?

Q11) how did you purchase your insurance product?
o Automotive dealer
o Insurance company
o Broker
Q12) is your car insurance comprehensive or third party?
o Comprehensive
o Third party



38

Q14) what is your opinion on the pricing of the insurance product? Is it priced
properly?
o Yes
o No
Q15) Have you changed your insurance company in the past?
o Yes
o No
Q17) what about the services provided by your insurance company? Are you
happy with that?
o Yes
o No
Q18) If yes, what are the reasons?
o Reasonable premium
o Good service
o Excellent quality of workshops

Q19) If no, what are the reasons?
o High premium
o Lack of good service
o Poor quality of workshops
o Other


39

Q20) is your insurance company offering you value added services?
o Yes
o No
Q22) from the following which services would you prefer your insurance
company to offer you?
o Free 7 day rent a car service
o Free 15 day rent a car service
o 3 year dealer service
o Roadside assistance with GCC coverage:
Q24) would you mind paying an excess over your premium for these services?
o Yes
o No

Q26) Would you be interested in a Garage protection clause, which says that if
the car is not parked in a closed and secured owned garage, then the loss of
theft would attract a higher excess (possibly in the range of RO. 500 to RO.
1,000)?
o Yes
o No

Q27) would you be willing to pay an additional premium for 5 years Dealer
repair or Zero Depreciation allowance during a claim?
o Yes
o No

40

Q28) would you pay an extra premium for 7 Day claim settlement clause
which guarantees the claim to be paid in 7 working days?
o Yes
o No

Q29) what are the different types of services the client would like to have
within a range of extra premium of RO. 50/- in the event of a claim.

Q30) would you easily hand over the vehicle to a third party (family, friends,
relatives, etc for usage?
o Yes
o No
Q31) If yes, what extra care would you take to avoid any claim?
o Ensure that you are travelling with them
o Other measure

Date:

Signature:


*** Thank you for your cooperation***


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QUESTIONNAIRE FOR THE AGENT
OF A MOTOR INSURANCE

I am a student of BBI doing my project work on the topic mentioned above. You
are invited to participate in the survey that will help me understand. Your
participation in this study is completely voluntary. Your survey responses will be
strictly confidential and the data from this research will be reported only in the
aggregate. Your information will be coded and will remain confidential for
academic purpose only
Name :

Gender : 1) Male 2) Female

Picking a company
Do all auto insurance companies offer the same coverages and discounts?
Are auto insurance companies regulated?
How many branches of your company are there in India, particularly in
Maharashtra?
How many consumers you are having?
Whether your company introduced any new policy this year?



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Rates and payments
How can a customer make payment?
Is payment accepted immediately?
What happen if customers mail a payment on the due date?
How can customer receive rates for other car insurance companies?
Does anyone regulate what you charge for insurance?
Understanding coverages
How much insurance coverage does an individual customer need or get?
How customer does may know if he has chosen right coverage or not?
What if the customer have question about the coverage?
Making policy changes
How quickly does changes that customer make go into effect?
How can customer make any changes to his policy online?
How much policy you are providing?
Which policy does u sell more in your company?
Do you have any changes in your policy?
Can you suggest the best policy for the aged or retired person?
Can you suggest the best policy for working person?
Can you suggest the best policy for women?
Can you suggest the best policy for Group?

Signature:
Thank u for your cooperation
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6.5 Findings:

Majority of the respondents who has taken Motor Insurance Policy
are private sector employees.

Majority of respondents have stated insurance agents as the most
preferred source to know about United India Insurance Company
and its products


It is evident from the study conducted that majority of the
respondents holds at least 1 Insurance Policy.

It is inferred that a higher percentage of respondents, who are
policyholders with United India Insurance Company have agreed
that providing the Authentic Information about the Motor
Insurance Policy.


It is inferred that a higher percentage of respondents have indicated
that the service rendered by United India Insurance Company as
very good, while respondents have indicated the service of United
India Insurance Company as excellent, the respondents have
indicated the service of United India Insurance as Moderate and
the rest of them have indicated it as Poor.

Majority of respondents have agreed that is well known for
offering Customer Centric Products.


Among the policy holders of United India Insurance Company as,
of the respondents feel that the premium paid on their policy is
Reasonable.
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Among the respondents, who are holding Motor Insurance Policy it
is found that higher percentage of respondents have been paying
yearly insurance premium is less than Rs. 1000.







Table showing occupation of Respondent:


















Sr.no Occupation No. of
Respondent
1. Business 2
2. Professional 1
3. Student 2
Total 5
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Chapter: VII
SUGGESTIONS


The present scenario demands almost all the customers to have a Motor
Insurance Policy in order to protect from future uncertainty. The
company always has an opportunity to grow and expand its operations in
the non-life insurance segment. Hence, the company can seize
this opportunity and pay attention to introduce more Insurance Policies
to cater to the needs of various classes of people.

Majority of the respondents, who are policy holders with united India
insurance company have felt that the premium being paid is
comparatively reasonable and the 32% of them says its high with the
premium rates of other insurance companies. Hence, amendment can be
made in this regard by offering insurance cover at low premium rates to
increase the customers and their satisfaction level.

The promptness of claim settlement procedure can be maintained as it is
one of the important aspects which would enhance the reputation of the
company, as well as build trust in the minds of the customers. Also,
it helps to retain existing customers and attract new customers.

The company has to focus more on the Auto/Car/Motor Insurance
segment. Majority of the respondents have preference
towards Auto/Car/Motor Insurance as it is a must to have insurance for
their vehicles by law. Therefore, the company has got enough
opportunities to earn huge profits from this segment.





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Chapter: VIII
Conclusion

The study was conducted to find the Awareness of Motor Insurance
policy and the performance with the reference of United India insurance
company. The study has been able to accomplish its objectives, by
thoroughly analyzing and identifying the competitive position of united
India insurance company among the clients of various insurance
companies, customers awareness and perception about the company
and its products. The company may highly be benefited by the outcome
of this study. The outcome of the study has proved that the performance
and the customers are highly aware about the company is outstanding in
the non-life insurance segment and that the company has a higher
reputation among customers. It is concluded that the company could
initiate various steps based on the recommendations given in this report.
The company by adopting some of the recommendations, if not all, can
further improve its performance and occupy a leading position among
other competitors in the non-life insurance market in future years to
come.














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References & Recommendation:


Recommended Websites

http:/ /www.nationalinsuranceindia.com

http:/ /www.scribd.com

http:/ /www.citehr.com

http:/ /www.managementparadise.com

http:/ /www.slideshare.net

Journals and books:

Motor Insurance Theories and Law

Guide Book for Motor Insurance

Insurance Magazines

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