TRAINING REPORT

ON

Analysis Customer Behavior towards Motor insurance

Submitted to
FMS

MANAV RACHNA INTERNATIONAL UNIVERSITY,

FARIDABAD

Submitted To
Dr. Anindita c. rao

Submitted By
Hariprasad
15/FMS/MBA/017

STUDENT DECLARATION
I hereby declare that the Training Report conducted at

Wealthmax financials, Faridabad

Under the guidance of

Mr. Amal Magazine

Submitted in partial fulfillment of the requirement for the
Degree of

Masters OF BUSINESS ADMINISTRATION

TO

ManavRachna International University, Faridabad

Is my original work and the same has not been submitted for the award of any
other Degree/Diploma/ fellowship or other similar titles or prices.
Place:
Date:
Student signature
Name:
Roll No:

Hariprasad
15/FMS/MBA/017

ACKNOWLEDGEMENT
Project work is never the work of an individual. It is more a combination of views,
ideas, suggestions, contributions and work involving many individuals. This
project report forms an integral part of our curriculum.
I would like to express my sincere gratitude to my Respected Teachers for their
constant encouragement and support during my training period and their assistance
while preparing the Project Report.
I convey my sincere thanks to my Project Head Mr. Amal magazine under which I
did my training and colleagues at Wealthmax financials for providing me an
opportunity to work on this project. Their excellent guidance, advice and directions
are invaluable.

(HARI

PRASAD)

(Certificate by

Student)

CERTIFICATE

This is to certify that the project titled Analyze Customer Behavior towards
Motor insurance submitted for partial fulfillment of the MBA program (Faculty
of Management Studies, ManavRachna International University), embodies
original work done by me. It has been conducted during Summer Internship
Program in May- July 2016

Signature of the Student

Name (in Capitals)

: HARI PRASAD

Enroll Number

: 15/FMS/MBA/017

Signature of the Faculty Supervisor

Name (in Capitals)

Dr. Anindita Chatterjee Rao

Designation

Assistant professor

Signature of the Director

CERTIFICATE TO BE ISSUED BY THE SUPERVISOR FROM INDUSTRY

CERTIFICATE OF AUTHENTICITY
CERTIFICATE

This is to certify that the Summer-Training Project of Mr.HARI PRASAD Titled

Analyze Customer Behavior Towards Motor insurance is an original work
and that this work has not been submitted anywhere in any form.
The project work was carried during 4TH JULY 2016 to 4TH SEPTEMBER 2016 under
the guidance of Mr. AMAL MAGAZINE in WEALTHMAX FINANCIAL.
Date:
Signature & Stamp:
Students Name:
Batch:

HARI PRASAD
(2015-2017)

Signature:
Name of the Supervisor:

MadhurPratap Singh

Name of the Organization: Wealthmax Financials

Seal of the organization:

List of Contents
Sr. No.
Chapter1

Particulars
Introduction

General introduction about the sector

Industry profile
a. Origin and development of the industry
b. Growth and present status of the industry
c. Future of the industry

Page No.

9-21

Chapter2

Organizational Profile

Chapter3

Origin of Wealthmax financials

Growth and Development of Wealthmax Financials
Present status of Wealthmax financials
Functional Departments of Wealthmax financials
Market Profile of the Organization
Discussions on training

Chapter4

Introduction to the project- students work profile

Key learnings
Study of related research problems

Chapter5

Research design
Sampling design
Methods and sources of data collection
Data collection
Analysis and interpretation
Research constraints
Data analysis and interpretation

48-57

Chapter6

Data analysis
Interpretation
Summary and conclusions
Summary of learning experience
Findings and conclusions
Recommendations
Annexure (Questionnaire)

57-62

22-39

40-43

44-47

63-64

List of Figures and Charts

Sl. No.

Figures and

Particular

Page No.

Chart No.
1

5.1

Preference of which type of Company you 50

5.2

prefer for your motor insurance

Preference of basis you choose

5.3

insurance cover
Preference of how do you buy Motor 52

5.4

insurance
Preference of have you ever logged claim for 53

5.5

your Motor insurance

Preference of what was your contribution 54

5.6

towards claim
Preference of awareness about add-on cover 55

5.7

in the Motor insurance

Preference of awareness

5.8

depreciation cover
Preference of they would like to know about 57

about

Zero Depreciation Cover

CHAPTER-1

your 51

Zero 56

Introduction
About
The
Insurance Sector

General Introduction about the Insurance Sector

Insurance business has emerged as one of the prominent financial services during recent times,
particularly in developing countries where it could not grow before globalization. But it is very
difficult to trace exactly when insurance originated.

If we go back to ancient times, we realize that the first insurers of life were the marine insurance
underwriters. They used to issue life insurance policies on the lives of their master and the crew
of the ship and the merchants. These policies were issued only for short periods. The first life
insurance policy was issued on 18th June 1583 on the life of William Gibbons, for a period of 1
year.
People always felt the need to have security of their lives and the property they owned.
Somewhere in 18th century, societies like the Amicable Society, Equitable Life Assurance
Society, Hand in Hand Society etc. were formed for issuing life insurance policies. During the
early 19th century, a large number of life insurance companies were formed in India as well,
which eventually became part of todays Life Insurance Corporation of India.
As far as the evolution of non-life insurance is concerned, it all began with the boycott of British
goods and the British administration. These nationalists movements made Indians come together
for the common cause of protection of life and goods. This was the time when the swadeshi
movement began. Thus over the years it forced the Government to have its own autonomous
bodies like LIC and GIC taking care of the life and the general insurance in India.
Insurance today is not restricted just to life alone. But it has become the trend or the need of the
hour to insure each and everything one has. So the different areas wherein insurance business can
be done are - Life insurance, Health insurance, Automobile insurance, Property insurance,
Casualty insurance, Liability insurance, Title insurance, Credit insurance, Terrorism insurance,
Political risk insurance.
Life is full of risks. Insurance can provide security against some of these risks. For example,
motor insurance provides cover for certain costs resulting from a road accident or the theft of a
car.
For example:
Commercial Combined Insurance - This covers physical damage to premises and to equipment,
stock etc. as well as goods in transit, business interruption, employers' liability and
public/product liability.

History of Insurance in India

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi), 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 a 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.
1818 saw the advent of life insurance business in India with the establishment of the Oriental
Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras
Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the
enactment of the British Insurance Act and in the last three decades of the nineteenth century, the
Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay
Residency.
The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a
large number of insurance companies and the level of competition was high. There were also
allegations of unfair trade practices. The Government of India, therefore, decided to nationalize
insurance business.
The history of general insurance dates back to the Industrial Revolution in the west and the
consequent growth of sea-faring trade and commerce in the 17 th century. It came to India as a
legacy of British occupation. General Insurance in India has its roots in the establishment of
Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian
Mercantile Insurance Ltd was set up. This was the first company to transact all classes of general
insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of
India. The General Insurance Council framed a code of conduct for ensuring fair conduct and
sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business (Nationalization) Act, general
insurance business was nationalized with effect from 1st January, 1973. 107 insurers were

amalgamated and grouped into four companies, namely National Insurance Company Ltd., the
New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India
Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a
company in 1971 and it commence business on January 1sst 1973.
Today there are 27 general insurance companies including the ECGC and Agriculture Insurance
Corporation of India and 24 life insurance companies operating in the country.
The insurance sector is a colossal one and is growing at a speedy rate of 15-20%. Together
with banking services, insurance services add about 7% to the countrys GDP. A well-developed
and evolved insurance sector is a boon for economic development as it provides long- term funds
for infrastructure development at the same time strengthening the risk taking ability of the
country.

Sector Outlook
Since the life insurance sector was opened up in 2000, it has now gone through two clear cycles the first of very high growth (CAGR of over 12 per cent in number of new policies between
2000-10) and then one of substantive moderation (CAGR of over 9 per cent between 2010-12).
Despite this, long-term growth prospects for the industry remain intact.
Guidelines for traditional and pension products, currently in the draft stage, will be standardized
in the year ahead. While standard guidelines should reduce approval time, and therefore time to
develop and market new products, too much standardization can stifle innovation.
The new Banc assurance regulations are also expected next year. These should allow for a bank
to collaborate with more than one insurer. While this will allow for more choices for a customer
of the bank, choices will remain limited if the numbers of insurers are restricted to one per state
or zone as proposed in the draft regulation

1.2 Industry
Origin and Development Of Industry
Meaning of Insurance
Financial protection - Against a loss arising out of happening of an uncertain event.
Managing risk Insurance is one of the methods of managing risk to physical & human asset .
Pool creation - A pool is created through contributions made by persons seeking to protect
themselves from common risk.

Risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a
large group of people exposed to risk of similar type.

Definition Of Insurance
Insurance is a contract between two parties whereby one party agrees to undertake the risk of
another in exchange for consideration known as premium and promises to pay a fixed sum of
money to the other party on happening of an uncertain event (death) or after the expiry of a
certain period in case of life insurance or to indemnify the other party
On happening of an uncertain event in case of general insurance. The party bearing the risk is
known as the 'insurer' or 'assurer' and the Party whose risk is covered is known as the 'insured' or
'assured'.

Types Of Insurance:

1. General Insurance
Insurance other than Life Insurance falls under the category of General Insurance.General
Insurance comprises of insurance of property against fire, burglary etc,personal insurance such
as Accident and Health Insurance, and liability insurance which covers legal liabilities.

2. Life Insurance
Human life is an income generating asset. If the source of income (which is the asset), is lost
fully or partially, then the economic needs of self /dependents get affected. Life Insurance
provides a sum of money if the person insured dies/lives too long/ is disabled when the policy is
in force. In an insurance contract the insurer agrees to pay the insured nominee/beneficiary a

stated sum of money if an event occurs during the policy period in return for a certain periodic
/lump sum payment (premium) received.
Life insurance isProtection as it ensures that in case the bread earner dies, the family not
does suffer financial losses.

Type of Life Insurance Plans

1. Term Insurance
2. Term Plan with Returns of Premiums
3 Endowment Plans
4 Whole Life Plans
5.Money-Back Plans / Anticipated Endowment Plans
6.Pension Plans
7. Unit Linked Insurance Policy
Policy Condition
Mode of Payment

Grace Period

Yearly

30 Days

Half Yearly

30 Days

Quarterly

30 Days

Monthly

15 Days

(b) Growth and present status of the Industry

Growth and Present Scenario

The liberalization, privatization and globalization policies of the nation along with the revolution
in the field of Information Technology and communication have been advantageous for the
insurance sector in India.

Entry of private players and foreign collaborations:

It was on the recommendation of the Malhotra Committee that private players were
allowed to enter into the insurance market. Today there are almost 22 players who have
entered the Indian insurance market besides the giant Life Insurance Corporation of India
(LIC).
Another major development that has taken in the field of general insurance is the delinking of the 4 subsidiaries of the General Insurance Corporation of India (viz. Oriental
Insurance Company Ltd., New India Assurance Company Ltd., National Insurance
Company Ltd. and United India Insurance Company Ltd) from the parent company.

Marketing strategies and approaches:

The entry of private players and their foreign partners has given domestic players a tough
time, because the opening up of the sector has not brought in only foreign players, but
also professional techniques and technologies. The present scene in India is such that

everyone is trying to put in the best efforts. One can see strategies being more for survival
than growth. But the most important gift of privatization is the introduction of customeroriented services. Utmost care is being taken to maximize customer satisfaction.

Insurance Sector Today: Opportunities and Challenges

Opportunities
As compared to the Western countries, where they have already reached a stage of saturation,
India can exploit some golden opportunities in the following fields.
1. Mass Marketing
India is a highly populated country and would continue to be so in the near future. New players
may tend to favor the "creamy" layer of the urban population. But, in doing so, they may well
miss a large chunk of the insurable population. A strong case in point is the current business
composition of the dominant market leader - the Life Insurance Corporation of India. The lion's
share of its new business comes from the rural and semi-rural markets. In a country of 1 billion
people, mass marketing is always a profitable and cost-effective option for gaining market share.
The rural sector is a perfect case for mass marketing etc.
2. Job Opportunities
Job opportunities are likely to increase manifold. The liberalization of the insurance sector
promises several new job opportunities for those who are equipped with degrees in finance.
Finance professionals who had witnessed a slump in the job market would be much relieved.
There will be demand for marketing specialists, finance experts and human resource
professionals. Apart from this, there will be high demand for professionals in streams like
underwriting and claims management, and actuarial sciences.
3. Inflow of Funds
There could be a huge inflow of funds into the country. Given the industry's huge requirement of
start-up capital, the initial years after opening up are bound to see a strong inflow of foreign
capital. A rise in the equity share of foreign partners to 49 percent will act as a boost to them.
4. Reinsurance
Huge capacity is likely to be created in the area of reinsurance. Apart from pure reinsurance
activities, which involve providing insurance protection, there will be a revolution in service-

related fields like training, seminars, workshops, know-how transfer regarding risk assessment
and rating, risk inspections, risk management and devising new policy covers, etc.
5. Marketing Strategies
Also, with more players in the market, there will be significant increase in advertising, brand
building, and this will benefit whole lot of ancillary industries.
A substantial shift is likely to take place in the distribution of insurance in India. Many of these
changes will echo international trends. Worldwide, insurance products move along a continuum
from pure service products to pure commodity products. Initially, insurance is seen as a complex
product with a high advice and service component. Buyers prefer a face-to-face interaction and
place a high premium on brand names and reliability.
6. Bank assurance
In other markets, notably Europe, this has resulted in bank assurance: banks entering the
insurance business. The Netherlands led with financial services firms providing an entire range
of products including bank accounts, motor, home and life insurance, and pensions. Other
European markets have followed suit. In France, over half of all life insurance sales are made
through banks. In the UK, almost 95% of banks and building societies are distributing insurance
products today.
In India too, banks hope to maximize expensive existing networks by selling a range of products.
Many bankers have shown an inclination to enter the insurance market by averaging their
strengths in the areas of brand image, distribution network, face to face contact with the clients
and telemarketing coupled with advanced information technology systems. Insurers in India
should also explore distribution through non-financial organizations. For example, insurance for
consumer items such as refrigerators can be offered at the point of sale.
7. Information Technology
Worldwide interest in E-commerce and India's predominant position in Information Technology
and software development are also likely to be major factors in the marketing of insurance
products in the immediate future. The number of Internet account is increasing and the trend has
already been set by some of the leading insurers and insurance brokers worldwide
Challenges

If one has opportunities, one has to face challenges; it is like two sides of the same coin. No
doubt India has a lot of opportunities coming her way, but there are a few challenges and threats
as well.
The four main challenges facing the industry are product innovation, distribution, customer
service, and investments. Unit-linked personal insurance products might find greater
acceptability with rising customer awareness about customized, personalized and flexible
products. Flexible products and new technology will play a crucial role in reducing the cost and,
therefore, the price of insurance products. Finding niche markets, having the right product mix
through add-on benefits and riders, effective branding of products and services and product
differentiation will be some of the challenges faced by new companies.
1. Technology
In today's highly competitive financial services environment, effective organizations will employ
technology in a strategic way so to achieve a competitive edge. Technology will play an
increasing role in aiding design and administering of products, as well in efforts to build life-long
customer relationships. At the same time, investment in technology will only help as long as
firms find the right people: people with the right attitude, values, and ethics, commitment to
excellence, and focus on customer services
2. Competition
Thus, apart from the normal issues facing any new company, many new Indian private insurance
players will need to cope with the challenges of working with a joint venture partner. They will
be competing with large and well-entrenched government-owned players. They have to
overcome regulatory hurdles, change the attitude of new recruits and satisfy some very high
customer expectations. Also, the players will have to consider the Indian market as a long-term
investment, and maintain clear-cut objectives and constant monitoring at all levels.
Major Players in the Insurance Sector Today:

S.No.
1
2

Date of Reg.
23.10.2000
23.10.2000

Name of the Company

HDFC Standard Life Insurance Company Ltd.
Royal Sundaram Alliance Insurance Company
Limited

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23

23.10.2000
15.11.2000
24.11.2000
04.12.2000
10.01.2001

Reliance General Insurance Company Limited.

Max New York Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Company Ltd.
IFFCO Tokio General Insurance Co. Ltd
Kodak Mahindra Old Mutual Life Insurance

22.01.2001
31.01.2001
12.02.2001
30.03.2001
02.05.2001
02.08.2001

Limited
TATA AIG General Insurance Company Ltd.
Birla Sun Life Insurance Company Ltd.
Tata AIG Life Insurance Company Ltd.
SBI Life Insurance Company Limited .
Bajaj Allianz General Insurance Company Limited
ING Vysya Life Insurance Company Private

03.08.2001

Limited
ICICI Lombard General Insurance Company

03.08.2001
06.08.2001
03.01.2002
14.05.2002
15.07.2002
27.08.2002
27.08.2002
06.02.2004
17.11.2005

Limited.
Bajaj Allianz Life Insurance Company Limited
MetLife India Insurance Company Pvt. Ltd.
AMP Sanmar Life Insurance Company Limited.
Aviva Life Insurance Co. India Pvt. Ltd.
Cholamandalam General Insurance Company Ltd.
Export Credit Guarantee Corporation Ltd.
HDFC-Chubb General Insurance Co. Ltd.
Sahara India Insurance Company Ltd.
Shriram Life Insurance Company Ltd.

(c) Future of Industry

With the entry of competition, the rules of the game are set to change. The market is already
beginning to witness a wide array of products from players whose number is set to grow. In such
a scenario, the differentiators among the different players are products, pricing, and service.
Consumers are increasingly more aware and are actively managing their financial affairs. Today,
while boundaries between various financial products are blurring, people are increasingly
looking not just at products, but at integrated financial solutions that can offer stability of returns
along with total profits. To satisfy these myriad needs of customers, insurance products will need

to be customized. Insurance today has emerged as an attractive and stable investment alternative
that offers total protection - Life, Health and Wealth Protection. Consumers today also seek
products that offering flexible options, preferring products with benefits unbundled and
customizable to suit their diverse needs.

The trend in developed economies where people live longer and retire earlier is now emerging in
India too. With the breakdown of traditional forms of social security like the joint family system,
consumers are now concerned with the need to provide for a comfortable retirement. This trend
has been further driven by the long-term decline in interest rates, which makes it all the more
necessary to start saving early to ensure long term wealth creation. Today's consumers are
increasingly interested in products to help build wealth and provide for retirement income.
This all adds up to a major change in the demand for insurance products. While sales of
traditional life insurance products like individual, whole life and term will remain popular, sales
of new products like single premium, investment linked, retirement products, variable life and
annuity products are also set to rise. Firms will need to constantly innovate in terms of product
development to meet ever-changing consumer needs. However, product innovations are quickly

and easily cloned. Pricing will also not vary significantly, with most product premiums hovering
around a narrow band.
In this competitive scenario, a key difference will be the customer experience that each life
insurance player can offer in terms of quality of advice on product choice, along with policy
servicing, and settlement of claims. Service should focus on enhancing the customer experience
and maximizing customer convenience. Long-term growth in the business will depend greatly on
the distribution network, where the emphasis must evolve from merely selling insurance to
acting as financial advisors, helping customers plan their finances depending on life stage and
personal requirements. This calls for a strong focus on training of the distribution force to act as
financial consultants and build a lasting relationship with the customer. This would help create a
sustainable competitive advantage that cannot be easily matched.

CHAPTER 2

Profile
Of
The Organization
VISION:
TO BE A PRE-EMINENT FIRM LOOKED UP AS A TRUSTED PARTNER
FOR FINANCIAL WELL BEING
MISSION:
DELIVERING A SECURE TOMORROW TO ORGANIZATIONS AND
INDIVIDUALS BY OFFERING TAILORED SOLUTIONS WITH AN
UNBIASED ACCESS TO PRODUCTS SPANNING INVESTMENTS &
INSURANCE.

INTRODUCTION

Wealthmax Financials is an evolving, emerging & enterprising proprietary of Amal Magazine with its roots
in the financial services sector. Established in year 2003, Wealthmax Financials is engaged in
spreading awareness about the right way of taking financial decisions by educating populace about
concept of financial planning.
Since beginning, our focus has been to provide clean and unbiased advice to our customers which has
not just helped us to sustain in the competitive market but also helped us to earn customers loyalty. Our
experience in financial services, combined with execution capabilities and strong process & system
orientation has enabled us to shape a rising growth trajectory in our business.
We believes in offering unbiased customer centric advice to our clients. To carry our business philosophy
forward, we have association with Indias leading financial product distribution company NJ India Invest.
NJ as a financial powerhouse manages assets of about Rs. 25,000 crore of approx. 12 Lac customers
across India. In association with NJ India, we promote the concept of financial planning as Sampoorna
Suraksha.
Our expertise is in understanding Salaried Individuals profile and adhere to this segment of market.

INTRODUCTION

Wealthmax Financials is an evolving, emerging & enterprising proprietary of Amal Magazine with its roots
in the financial services sector. Established in year 2003, Wealthmax Financials is engaged in spreading
awareness about the right way of taking financial decisions by educating populace about concept of
financial planning.
Since beginning, our focus has been to provide clean and unbiased advice to our customers which has
not just helped us to sustain in the competitive market but also helped us to earn customers loyalty. Our
experience in financial services, combined with execution capabilities and strong process & system
orientation has enabled us to shape a rising growth trajectory in our business.
We believes in offering unbiased customer centric advice to our clients. To carry our business philosophy
forward, we have association with Indias leading financial product distribution company NJ India Invest.
NJ as a financial powerhouse manages assets of about Rs. 25,000 crore of approx. 12 Lac customers
across India. In association with NJ India, we promote the concept of financial planning as Sampoorna
Suraksha.
Our expertise is in understanding Salaried Individuals profile and adhere to this segment of market.

Amal Magazine
Amal Magazine is the founder of Wealthmax Financials. With more than 10 years of experience in
financial industry, he is advising his clients on investments and financial planning for creating and
maintaining wealth they need to sustain their ideal lifestyle, today and in future.
Amal is amongst the very few in India to satisfactorily complete all requirements to attain the title of Life
Underwriter Training Council Fellow (LUTCF) from The American College, Pennsylvania, USA.
For demonstrating commitment to achieve the highest standards in professional education and ethics, and

fulfilling the requirements The American College, U.S.A. and The International Academy of Insurance and
Financial Management, India awarded Amal with Certificate In Professional Ethics and
Compliance.
Financial Planning Standard Board, India has awarded him the designation of Associate Financial
Planner (AFP). He Has also been a registered member of Million Dollar Round Table (MDRT-2005).
Graduate in Business Administration, he has a vast client base in spread across various cities In India &
abroad. In addition, with influential oration and teaching skills he has developed core competence of
training and up-skilling people on financial products and selling proficiency.

Motor Insurance

What is Motor Insurance?

Why Motor Insurance?

What is covered in Motor Insurance?

What is not covered in Motor Insurance?

Types of motor insurance available in the market:

Important terms

What is Motor Insurance?

Motor insurance (also known as vehicle / car / auto insurance) is insurance purchased for cars, trucks, and other road
vehicles. Its primary objective is to provide protection against physical damage resulting from traffic collisions and
against liability that could also arise there-from.
Motor insurance in India covers for the loss or damage caused to the automobile or its parts due to natural and manmade calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers
and third party legal liability.
Why Motor Insurance?

Motor Insurance (Third Party) is compulsory on purchase of new vehicles whether acquired for commercial
or private usage as per Motor Vehicle Act in India. One can be penalized for driving without a valid cover.

An accident can happen to anyone even if the driver of the car is not at fault. This may result into a lot of
damages caused in person as well as to the car. Motor Insurance turns to be very beneficial under such
circumstances.

If the driver is liable for an accident which results in bodily injuries to a third party, then the expenses have to
be borne by the owner of the car? In such a case third party motor insurance saves from a devastating
financial blow.

Cars are an expensive investment for an individual. An accident can turn this investment into a huge loss as
well. Hence it is important to have motor insurance.

It also helps to cover for damages caused other than an accident like fire, theft, etc.

What is covered in Motor Insurance?

Motor Insurance covers:

Accident caused by external means.

Manmade calamities, such as Explosion, Burglary, Theft, Riots & Strikes, Malicious Acts, Terrorism, etc.

Natural calamities like Earthquakes, Fire, Floods, Typhoons, Hurricanes, Storms, Cyclones, Lightning, etc.

While in Transit by rail/road, air or waterway.

Third party legal liability

Cover for an owner driver in case of death

What is not covered in Motor Insurance?

Normal wear and tear of the vehicle due to usage

Loss or damage due to depreciation of vehicle

Electrical / Mechanical breakdown

Wear and tear of consumables like tires and tubes

Loss or damage incurred outside the geographical area

Loss or damage caused as result of driving under intoxication (DUI) (alcohol/drugs)

Loss or damage caused to the vehicle by a unauthorized person without valid driving license

Loss or damage due to nuclear risks

Vehicle being used otherwise than in accordance with restrictions as to use.

Loss/Damage attributable to War/Mutiny/Nuclear risks

Damages caused due to speed testing/ racing

Known or deliberate accidental damage

These may vary from insurer to insurer.

Types of motor insurance available in the market:
Car Insurance policy can be broadly classified as follows:

Private Car Insurance: It is compulsory for all the new cars to have motor-car insurance. It is insurance for
vehicles not used for commercial purposes. The amount of premium depends on the make and value of the
car, state where the car is registered and the year of manufacture.

Two Wheeler Insurance: It covers accidental insurance for the drivers of the two wheeler vehicle.

Commercial Vehicle Insurance: It provides cover for all the vehicles which are not used for personal
purposes, goods carrying vehicles like the Trucks, Tempos and HMVs.

Third Party Insurance Policy: This type of policy only covers the third person who has been damaged or
injured in an accident where the owner is accountable. It covers the insured person's liability to third parties'
loss caused by an accident involving the auto vehicle of the insured. This refers to the minimum risks that
are to be covered under the Auto Vehicles Act 1938 (Act Liability). It doesn't cover the expenses, damage,
theft or injuries of the owner. This type of plan is made compulsory by the law of India.

Comprehensive Insurance Policy: This type of plan has a wider scope and covers all the above
mentioned liability along with the insured person's damage, theft, expenses and injuries in result of an
accident of the auto vehicle. This type of policy can be extended to increase benefits as an additional
feature.

Liability only policy: It covers third party liability for bodily injuries and/or death and property damage.
Personal accident cover for owner driver is also included.

Important Terms:

NCB (No Claim Bonus): No claim bonus is a special discount given for every claim-free year. This therefore
reduces the premium in succeeding years. It can be accumulated over a period of insurance. NCB starts
with 20% and goes up to 50%. In case of claim, NCB becomes nil. The NCB accumulated on an old car can
be transferred on a new car.

IDV: IDV means Insured's Declared Value. It is the value of the vehicle, which is arrived at by adjusting the
current manufacturer's listed selling price of the vehicle with depreciation percentage as prescribed in the
Tariff.

Roll over cases: When an individual, shifts his insurance premiums from one insurance company to
another, then it is known as roll over.

Road side assistance: Roadside Assistance provides additional services such as towing, flat tire change,
locksmith service and battery jump-start to customers. This service can be opted for by paying an extra
premium if it is not included with the existing insurance policy.

Voluntary deductible: Deductible is the portion of the claim that an individual has to bare and is not paid by
the insurance company. Voluntary deductible is the amount the insured is ready to bare in case a claim is
made. It is an out of pocket expense. Higher discounts on premiums are given to individuals for choosing
higher deductibles.

Total loss: When damage is caused to an automobile to such a great extent, that the repair costs are higher
than the depreciated value of the vehicle or even if it is stolen, then it is termed as total loss.

Partial loss: The repairable losses occurred due to an insurable cause are known as partial losses. Thefts
of certain parts or accessories are also termed as partial loss. Accessories are covered only in private cars.

2.4

Functional Departments of the Wealthmax

Sales
A main role of sales is to improve the efficiency of converting prospects into customers.
Salespeople can directly interact with prospects, ask questions to help, address any
possible buyer concerns and ultimately recommend products or services. Without these
important sales steps, a company has to rely on passive marketing messages to carry
weight when buyers look to make a purchase decision. Advertising, for instance, can't
answer follow-up questions customers have after the original ad messages. Salespeople
have the benefit of back-and-forth discussion.
Finance
Key points

Maximizing shareholder value can be done over the long-term or the short-term,

so the job of the finance department is to determine how best to do both.

Sometimes, the goals may appear to contradict each other.
The finance department is devoted to the task of figuring out how
to allocate assets for the overarching goal of maximizing shareholder value. They
must ensure that the right assets are in the right place at the right time.
The finance department must also manage the company's liabilities so that an
Administration.

The function of administration Department

The Department lies within the Directorate of Finance and Administration. It is tasked
with providing administrative and logistical support to the entire organization.
Mandate of the Administration Department include:
General office Management and Running.
Transport Management.
Registry Management.
Assets Management.
Property Management.
Security and Safety.
General Office Management and Running provides services, which include:
Provision of offices for all staff.
Provision of all office equipment for use by staff e.g. Computers.
Ensuring a clean and secure office environment.
Ensuring availability of adequate lighting, water, telecommunication, email, fax,
computers etc.
Providing, where possible, designated parking for vehicles.
Ensuring availability of stationery. All stationery must be procured within the
PPDA Act and guidelines
Ensuring availability of adequate photocopying services/facilities.
Setting of internal operating rules.
Registry Management
All incoming and outgoing mails must go through the registry. The registry must have in
place good and efficient record filing and trucking systems for all the records i.e. all mail
must be recorded in a mail book, filed and the file sent to the addressee for action. The
registry shall maintain a file movement book for tracking all station files.

Assets Management

This includes;
Acquisition of assets
Management of assets (engraving, locating, checking/counting etc.)
Recommending disposal of assets

Property Management
Management of all the property of includes buildings installations e.g. quarry sites, land
etc.
Security and Safety
Security is supposed to be provided at all sites.
Security should be for all assets and property.
Users must ensure safety of assets in their possession.
Security shall be provided through hiring of a reputable firm.
Risk assessment must be conducted to determine what special areas the security
firm shall cover.
Human Resource
The making in government delivery of government services in terms of efficiency and
effectiveness main focus of the division is the provision of information system which will
support decision:Its functions are to:
1. Set frameworks and standards for the development of software applications for
government.
2. Enforce standards and procedures pertaining to the administration and management of
software systems throughout the department.
3. Undertake forward planning and feasibility studies pertaining to the development and
implementation of software solutions.
4. Focus on the development, implement and maintain software applications that respond
to common needs of the different government sectors.
5. Provide end-user training and support of implemented solutions.
6. Provide support in the development and maintenance of software solutions to other
divisions of the department.
7. Undertake the planning, coordination, monitoring and evaluation (complete project
management) of software development projects being undertaken by third parties
(outsourced projects).

8. Provide consultancy services pertaining to the provision of software solutions.

9. Set direction and plans for the ICT infrastructure of government.
10. Establish and enforce standards and procedures pertaining to ICT infrastructure
within the department. Implement and maintain hardware and software infrastructure
systems of the department/ministry and government.
11. Undertake the planning, coordination, monitoring and evaluation (complete project
management) of infrastructure projects being undertaken by third parties for the
department.
12. Ensure electronic security of sensitive and critical government systems.
13. Provide infrastructure related support to other divisions of the department.
14. Participate in the training of staff in the use of infrastructure systems and the
upgrading of technicians at all levels.
15. Provide technical support to events organized by the ministry when required.
16. Cultural change that puts internal and external customers at the heart of support
services' provision.
Operations
The Operations function brings together raw materials with the production process to
make products that customers need. It also shares ideas across the company about how to
improve processes and achieve cost savings.
The benefits include increased efficiency and more effective management of health and
safety and environmental issues. For example, Tarmac is implementing sustainable
projects such as restoring quarries after use.

2.5 Organisation Structure and Organisation Chart

Amal Magazine
Amal Magazine is the founder of Wealthmax Financials. With more than 10 years of
experience in financial industry, he is advising his clients on investments and financial planning
for creating and maintaining wealth they need to sustain their ideal lifestyle, today and in future.
Amal is amongst the very few in India to satisfactorily complete all requirements to attain the
title of Life Underwriter Training Council Fellow (LUTCF) from The American College,
Pennsylvania, USA.
For demonstrating commitment to achieve the highest standards in professional education and
ethics, and fulfilling the requirements The American College, U.S.A. and The International

Academy of Insurance and Financial Management, India awarded Amal with Certificate In
Professional Ethics and Compliance.
Financial Planning Standard Board, India has awarded him the designation of Associate
Financial Planner (AFP). He Has also been a registered member of Million Dollar Round
Table (MDRT-2005).
Graduate in Business Administration, he has a vast client base in spread across various cities In
India & abroad. In addition, with influential oration and teaching skills he has developed core
competence of training and up-skilling people on financial products and selling proficiency.

Sales Team:
MadhurPratap Singh
<Employee> is the Relationship Manager, having an experience over 3 years in the
financial services industry. He is responsible for investment advisory and portfolio
management.
Rakesh Saini
<Employee> is the Relationship Manager, having an experience over 3 years in the
financial services industry. He is responsible for investment advisory and portfolio
management.

Operations & Admin

Kumar Munna

<Employee> is the Relationship Manager, having an experience over 3 years in the

financial services industry. He is responsible for investment advisory and portfolio
management.
Sarvesh Kumar Sharma
<Employee> is the Relationship Manager, having an experience over 3 years in the
financial services industry. He is responsible for investment advisory and portfolio
management.

Organization Chart

Chief executive
officer
Mr.Amal
magazine

Prosuct
/Sales
/Operations
Mr.Munna kumar

Administration
Mr. Sarvesh
sharma

Sales/SIP/Insura
nce/
Mr.
Madhurpratap
singh
Sales/SIP/Insura
nce
Mr.Rakesh saini
House Keeping
Mr. Deepak
kumar

2.6 Market Profile of the Organization

Insurance provides financial protection to a common man against uncertainties of life. While
buying a policy, a common man puts his trust and hopes that his Claim would be honored
when the situation arises. It is important that this trust and confidence of a common man is
not only maintained but nurtured for the welfare of the society.
Insurance companies across the world exist for a motive of profit and it is important to ensure
their profit motive does not intervene in their fair behavior while issuing or honoring claims
on policies. As a consequence, the Government of India has created the Insurance
Ombudsman, which aims to speedily address any grievance that a buyer would have against
the insurer. This would ensure that people as a whole are able to place their trust in the
system and hence the insurance industry can prosper and grow.
Ombudsman is appointed by the insurance council and is a person from Insurance Industry,
Civil Services or Judicial Service. The tenure of his services is 3 years. Currently, there are
12 ombudsmen in India and each has a jurisdiction.
To take a grievance to the ombudsman, the Insured or his legal heir can file a written
complaint. While doing so, they need to take care of the following points 1) The Insurance Ombudsman is not empowered to handle grievances on insurance plans
whose value exceeds 20 lakhs.
2) Before you write a written complaint to the ombudsman, it is mandatory for the Policy
holder to have shared high grievance with the insurance provider. The complaint can relate to

any matter including Claim settlement, a dispute related to Premium paid or Premium
payable and likewise.
Only if the Insurer does not reply to the grievance, or the Policyholder is not satisfied with
the reply, the matter can be elevated to the ombudsman. Dissatisfaction may be either due to
complete or partial rejection of a policyholders claims.
3) Time Limits - The complaint to the Insurance Ombudsman should be filed within 12
months of receiving a final reply from the insurance company on the grievance and within 13
months of filing a complaint if the insurance company fails to give a reply.
4) If the complaint has also been filed in a court or consumer forum, and is pending a
resolution, it cannot be taken to the ombudsman.
While handling the grievance, the ombudsman will play the role of a counselor and mediator
between the Insurer and the insured. Based on what the ombudsman believes as a fair
opinion, he will issue a recommendation within a month of receiving the complaint. If the
recommendation is acceptable to the complainant, the Insurer will have to abide by it. If the
recommendation is not found to be satisfactory by the complainant, then the ombudsman will
issue an award within 3 months of receiving the complaint and if the complainant is still
dissatisfied he can choose to take the matter further to an alternate authority. The insurance
company does not have a choice and it has to compulsorily adhere to the order of the
ombudsman, if the same is acceptable to the complainant.
As a policyholder, you are entitled to certain aspects that are your rights. A Policy involves
investing considerable amounts of your hard-earned money into your own future and into the
personal wellbeing of your loved ones. Hence, it is essential that you know what the rights of
insurance buyer is, to make sure that you get the most value out of your insurance policy.
Enjoy your free look period: Insurance buyer would not know of the associated free look
period that comes with every policy. Insurance plans are often sold online or over the phone,
and it takes time for a Policy to be drafted from the time that an insurance buyer actually
decides to buy from an insurance company. Hence, it comes as the right of the Policy buyer
to cancel the Policy within fifteen days of buying it and to get full refund, excluding
administrative or surrender charges. In other words, Policy termination is one of your rights
that you should know when you consider buying insurance plans.

Right to obtain information: Never hesitate to ask for information about your Policy or
about plans that you are interested in. As a policyholder, you are entitled to get information
and it becomes the obligation of the company to provide the relevant information.

Right for grievance redressed: It is important to realize that you have all the rights to
contend what the insurance company says, and, if necessary, complain! A Policyholder may,
sometimes, hesitate to complain, considering the problems in procedures and time delays that
it may involve. However, the fact is that you are entitled to complain. The law provides for
options such as portability, only to facilitate the satisfaction of the policyholder. It is a right to
raise voices against impropriety or mistakes in plans, and you, as a policyholder, are only
expected to exercise this right when necessary.
Go for portability: As observed earlier, portability is your right and is very much active in
India. However, it has been observed that not many people exercise their right when it comes
to portability. And this is despite the fact that there is so much to choose from in terms of the
insurance company that consumers would want to deal with and the plans that are available
in the market. If you are not happy with your policy, portability may be the option, where you
would retain the same benefits but from a different company.
How to ensure a profitable investment portfolio
Every investment has a common goal to make money and there are numerous ways to do
that. Certain plans have high Risk associated to them while there are others where the Risk is
negligible. Every person has different Risk taking capacity and one cannot imitate the other
when it comes to financial matters. So, one can make a combination of various financial
instruments and balance the Risk as per his capacity and can build the portfolio by putting the
money according to his individual financial situation.
Research done in advance always helps. There are so many online investment plans
available. Pick the best investment plan that suits your requirement and study each and every
detail. As investment plans are associated with market risks, one has to be careful while
selecting them. There are certain steps one can follow to ensure success in his investments.

1. Understand your objectives

Your objective depends on various factors such as your future plans, financial
responsibilities, your present age, your retirement age, so on and so forth. Besides reward and
risk, time is also considered to build your portfolio. If you want to accomplish a goal in few
years, you should have short Term investments. If there is something you want after 15-20
years, allocate the fund in long Term investments.
2. Measure return on investment
Return on your investments is your priority after your objective. Measure return on
investment or ROI by deducting cost from profit and divide it by cost. Higher the ROI, the
higher is the Risk attached to the funds. This way, you can compare investment plans and
select as per your Risk tolerance.
3. Measure your Risk tolerance
ROI should not be the only base to pick any financial stock. You have to check your Risk
tolerance. If you are young, you can have investment plans that are riskier as you have no
other financial responsibilities and have time to cover the losses, if any. However, if
somebody is planning for retirement in few years, he does not have enough time to cover up
the losses and has financial obligations too. So, there is less room for risk. Furthermore,
consider your capital also. Retirement should not stop you to take the Risk if you have
enough capital with you.
4. Move forward with your experience
One cannot become so aggressive when he is a new player. It takes time to learn and
understand. If you are new to investment, put forward your funds in a limit so that even if
there is loss, you are able to manage other things.
5. Own the financial products you know more about
It is always in best interest of the investor to invest where he has knowledge. If the person is
aware of entire know-how of particular industry, he would be able to gauge well its success
or downfall. He would understand which stocks he should maintain and which ones are to be
sold.
6. Revise your portfolio once in a while

Market conditions are never constant. As well as an individuals financial requirements and
situations keep on changing with time. Reviewing the portfolio at regular intervals of time
helps an individual to understand where he is lagging behind.
A good research and diversification is all you have to do to build a sound investment
portfolio. Not only does it help you to protect and grow your assets, but it will also facilitate
you to accomplish the future goals.
2.7 Product and service profile of the organization/ Competitors
1. Policy Bazaar
PolicyBazaar.com helps you compare Financial Products like Life Insurance, General
Insurance, Loans and Credit Cards. To enable easy and sensible comparison, we have tied up
with most of the Financial Institutions disbursing Loans and selling Insurance in India. Policy
Bazaar helps you get free insurance quotes and you can compare plans based on multiple
features; we help you select the most suitable plan for your needs. Policy Bazaar is your one
stop platform for comparing Loans and Insurance in India.
Insurance can be divided into two categories of Life and General Insurance. In Life Insurance
you can compare Term Insurance, Pension Plans or Retirement Plans, Child Plans and
Investment Plans; both Endowment and Unit Linked Plans. In General Insurance you can
compare Health Insurance or Med claim Plans, Car Insurance, 2 Wheeler Insurance, Travel
Insurance as well as Home Insurance.
Compare Financial Services in India
Along with Insurance Products, Policy Bazaar also lets you compare Personal Loans and
Home Loans since we have tie-ups with most of the Financial Institution in India. We offer
end-to-end services right from Free Loans & Insurance Quotes, to Application to Disbursal of
Loans.
We strongly suggest that you compare insurance plans and loan products on Policy Bazaar
before choosing any particular plan. Every time you see our analysis and compare insurance
plans on the basis of price, services, duration, etc. you get a better understanding of what is
being offered and which of the offers are most suitable for you.
Policy Bazaar brings to its customers unbiased comparison of financial services from all
major insurance companies and banks. Our focus on providing online systems and

integrations help you directly link to insurance companies & banks; which in turn results in
large amounts of saving while taking an insurance plan or applying for a loan. We are the one
of the largest insurance and loans destination in the country and our proficiency in financial
services helps our customers make balanced and beneficial financial decisions.
Still in confusion; don't worry you can call and talk to our consultants on our Toll- Free
number. They will help you select the product that best suits your needs.
2. Insuring India
InsuringIndia.com is Indias first multilingual ecommerce site. The website enables its users
to compare and buy almost all insurance products, from all life and non-life insurers in India.
General
InsuringIndia.com was established in early 2010, and went live in April 2011. The website
provides information in 10 languages-English, Hindi, Punjabi, Gujarati, Marathi, Tamil,
Telugu, Malayalam, Kannada and Bengali. Insuringindia.com was the first site to focus on
detailed features of insurance products rather than just listing prices.
Innovation
In February 2012, InsuringIndia.com became the first insurance aggregator in India to launch
a mobile application for health and term insurance; which helped insurance products reach
the rural market of India
Insuringindia.com also released India's first whitepaper on online insurance trends in India, at
a seminar held in Gurgaon, India.
Insuring India Foundation
Insuring India makes organizations profitable by operating with a responsible perspective.
They view corporate social responsibility as a value creation tool where the foundations
purpose is to make a fundamental positive impact on the community. The goal is to embrace
responsibility for Insuring Indias actions and encourage a positive impact through the
various activities on the environment, consumers, employees, communities, stakeholders and
all other members of the public sphere. Furthermore, Insuring India wants to proactively
promote public interest by encouraging community growth and development.
3. Insurance Club

We insure for peace of mind. Whether it is life insurance, health insurance, motor insurance,
home insurance or any other insurance policy, we need to ensure that our assets are secure.
While insurance is important, we realize that affordable insurance is equally important.
At My Insurance Club, we have a simple insurance comparison engine which will let you
compare the premium rates and features of product offering from different insurance
companies in India. Wherever we cannot share premium with you with the click of a button,
we will ensure that you get the quotes directly from the insurance companies in a very short
period of time. Comparing insurance policies can save you a lot of time and money.
With so many options available it becomes a difficult task in deciding which insurance policy
would be most cost-efficient and suitable for your individual requirement or familys.
Comparing insurance is easy - do it and save money at My Insurance Club

CHAPTER 3
DISSCUSSION
ON
TRAINING

Discussions on Training
3.1 STUDENTS WORK PROFILE (ROLE AND RESPONSIBILITIES), TOOLS AND
TECHNIQUES USED.
ROLES AND RESPONSIBILITIES:
*Calling the existing customer who has booked for the policy or have visited the website
For comparing the insurance prices and their premium.
* Communicate about the goodwill program.
* Generate references from the previous customer who have booked the policy through
Wealthmax financials
* Handling the queries and complaints of the customer.
* Interaction with the customer for booking the policy for themselves or for their
References.
* Asking for the feedback of the customers.
* If negative feedback then send the respective complaint to the respective Team Leaders.
* If positive feedback then note and thank the customer.
* Helping and guiding the customer to the respective Insurance company if the complaint
Is regarding the documents.
* Handled various pre-sales functions like lead generation and business planning.
* Closing the customers query from wealthmax financials.

* Arranging the calls for customer to booking the policy or solving the issue to the
Respective sales executive.
* Understanding the pattern of how to speak politely to the customers who are
Aggressive.
* How to convert a cold customer into the perspective customer through the sales
Techniques.
* Forward the various data of perspective candidates to the senior level persons.
* Generated various references to the perspective ones.
* Follow up interaction with the customers that were generated.
*Explaining the goodwill program to the interested customers.
* Organize the Data of interested, not interested, contacted and not contacted.
* working on Customer Support of the Wealthmax financials.
* Interact with online customers.
* Maintain the record of the customers daily.
* Dealing with customers who are interested.
* Talk with the customer and assist then sign up for the goodwill program.
* Forward the report of various customers to my senior.
* Interpret the data that has to be submitting to the upper level.
* Telling about the gift offers that is providing once the customers reference books the
Policy.
* Collected the database from the seniors and maintain the complete report on it.
* Look after various databases that were maintained.
* Planning the calls need to be done for a month and number customer needs to be
Registered in a month.
* Implement the ideas on the planned ones.
* Summarize the report of allocated assignments.
3.2 KEY LEARNINGS
Leanings:
During my training I learnt what things HR persons would want to listen, how to pitch in that to
them. I learnt how to work in corporate world and how issues are tackled with a professional
approach.

Personal Growth

Development of new skills

Confidence

Healthy competition

Constant motivation to do perform better.

Handle work pressure.

My training definitely boosted my confidence and also helped in developing new skills. It helped
me in adjusting to new environment and how to deal with pressure at work.
In all it was my complete personal growth.
And the extra learning that I grabbed from there was:

Wealthmax Financials also offers placement support to all their students who excel in their
academics and display a remarkable performance during the course.

I did my summer training in Wealthmax financials, SEC-33 FARIDABAD. There were many
trainees along with me in the Customer Delight Process. There we have to call different
customers who have purchased the policies from the companies such as RELIGARE HEALTH
INSURANCE, AVIVA LIFE INSURANCE, MAXBUPA LIFE INSURANCE, SBIRLA
SUNLIFE INSURANCE etc.

I have to call different type of customer who had queries, complaints and request. The following
steps were followed:-

Handling with Customers in Customer Support.

Sending the mails to the customer about the particular Insurance companies ID and

Contact number for further proceedings.

Goodwill link to be send to the interested customers.

Registering the customers for goodwill program.

Preparing the report of the calling which has been done on daily basis.

CHAPTER 4

STUDY
OF
SELECTED

RESEARCH
PROBLEM

STUDY OF SELECTED RESEARCH PROBLEM

4.1 RESEARCH PROBLEM
I was involved in Customer Delight Process in which the research was carried on for the
presentation of customers data with relevance to Type of policy, Feedback strategy, interest and
their preference of premium.
There is a procedural methodology followed for adding Customers to the Wealthmax.com. This
whole structure involved few phases which comprise of:

Data Base Generation

Calling for the feedback of the customers

Sending Mails to interested customers for Goodwill Program

Registration For Share ID

Becoming a customer of Goodwill Program

Giving References

Sharing the Goodwill ID with the references.

I took the help of both primary as well as secondary sources. Secondary sources being interaction
with various Department people of the selected and has been chosen for the research by the
researcher.

Wealthmax Corporate selling and feedback and market trends of Wealthmax and compared
to other Insurance Comparison companies.

The business of Wealthmax and the company through its researchers wants to know the
potential in order to expand and retain its market strategy.

4.2 Research Objective

Increase the number of customers on Wealthmax.com from existing data.

Representing the customers data on the basis of type of insurance.
Representing the customers data on the basis of their Booking date.
Representing the customers data on the basis of their feedback.
Representing the customers data on the basis of their category of insurance policy.
Representing the customers data on the basis of their age group.
Representing the customers complaint on basis of their type of complaint for particular type
of policy.

4.3 Research Design and Methodology

Determined the Information Sources: The researcher gathered data through secondary sources.

PRIMARY DATA is collected through questionnaire, search and research

through which source Insurance policy has been mostly bought. The telephonic
selling was conducted by asking customers.

SECONDARY DATA is being search sites like magazines, newspapers, journals,

websites and the data has been collected through other approaches. Secondary sources
are being the internet as the medium and the official sites of the companies of
insurance comparing and corporate selling and feedback of Wealthmax Customers.

CHAPTER 5
ANALYSIS
OF
DATA

ANALYSIS
5.1 ANALYSIS OF DATA

Towards the services of Wealthmax.in and their reasons, awareness about the
services and how many customers prefer these services or not and their reasons.
Through This chapter contains deep analysis about the customer perception this
deep Analysis Company can have a vision to look at their strengths and
weaknesses. This topic is about know the market condition of Wealthmax.in and
identify the competitors, through this study and data analysis we will be able to
fulfill the objective of the study.

Q1. Which type of company you prefer for your Motor Insurance?
1. Government Owned
2. private

Which type of company you prefer for your Motor Insurance?

33% 2

67%

(Source: Primary Data Collected from survey)

Q2. On what basis you choose your insurance cover?

1. Low price
2. Features

On what basis you choose your insurance cover?

42%

58%

(Source: Primary Data Collected from survey)

Q3. How do you buy Motor Insurance?

1. Online
2. Agent
3. Broker

How do you buy Motor Insurance?

12%
1

37%

52%

(Source: Primary Data Collected from survey)

Q4 (A). Have you ever logged claim for your Motor Insurance?
1. Yes
2. No

Have you ever logged claim for your Motor Insurance?

30%

70%

(Source: Primary Data Collected from survey)

Q4 (b). If yes, what was your contribution towards claim?

1. Contributed Significantly
2. 100% Claim Paid By Insurer

If yes, what was your contribution towards claim?

28%

72%

(Source: Primary Data Collected from survey)

Q5. Are you aware about add-on covers in your Motor Insurance Policy?
1. Yes
2. No

Are you aware about add-on covers in your Motor Insurance Policy?

138%

62%

(Source: Primary Data Collected from survey)

Q6 (A). Are you aware about Depreciation cover?

1. Yes
2. No

Are you aware about Depreciation cover?

28%

72%

(Source: Primary Data Collected from survey)

Q6 (B). I would like to know more about Zero depreciation cover.

1. Yes
2. No

I would like to know more about Zero depreciation cover.

42%2

58%

(Source: Primary Data Collected from survey)

CHAPTER 6
SUMMARY

AND
CONCLUSION

Summary and Conclusion

6.1 Summary:
Based on the above comparison and analysis, the following conclusions can be pointed out:
The organization should design and develop Goodwill programs completely based on the need
and requirements of the customers. The organization respects the positive feedback of the
customers. Undoubtedly, the organization should devote towards the improvement of the quality
of the Feedback programs to build a good image among the existing Customers.
According to survey researcher got that most of the customers were interested in Goodwill
Program. Most of them were interested to know the offers of the goodwill program and as they
were happy with the services of Wealthmax they wanted to give references of their friends and

families.
On the basis of the study, it was concluded that most of the potential customers were interested in
this program and they wanted to register in such programs which had better Gift vouchers. It was
also found that there were so many competitors in existing market and they were also providing
the same programs with good quality and good scheme. The most important aspect which could
be pointed out that most of the customers wanted the Policy for them and was very keen to know
about the Goodwill benefits. It was found that Wealthmax had a very good name in the market
and customers mainly preferred it because of Wealthmax Company name. So the organization
should take proper initiatives to provide such benefits for the customers.

6.2 Summary on Findings:

From the analysis of the results and based on the objectives of the study the following findings
can be ascertained.
In India mostly Customers belongs to southern regions and 86% customers are interested
in Goodwill program.

 50% customers are aware and have knowledge about the Wealthmax comparison website
and mostly the customers would like to get gifts and want to take other policy in
comparison to other comparison website.
Most of the people in India know about Wealthmax through Mailers and Advertisements
which are able to satisfy the people about Wealthmax products. So Wealthmax should
adopt some new promotional activities for awareness and capture the potential customers.
Wealthmax has a strong image in India. It has invested in building a brand recall in the
minds of its customers through advertising products. Wealthmax brand image coupled
with its strong customer relationship and cutting-edge solutions have helped the company
in creating value for its clients. It has collaborated with many companies whose products
and solutions are in line with its business segments, such as Aviva Life insurance, Max
life insurance, TATA AIG, AEGON Religare, Royal sundaram, Star Health insurance,
Kotak Mahindra, Birla Sun life insurance, LIC, National Insurance etc. which helps to
provide better customer services.

6.3 Summary on Learning Experience:

In my internship, I worked on the project Analyze Customer Feedback Strategy and Marketing
Techniques of the Company WEALTHMAX. I got the opportunity to understand the practical

aspects of working environment. It was a good experience to work in such an organization which
is under the Insurance sector.
I learnt how to work with a team, how a manager manages his team to get the maximum output.
At times the response from different departments has to be really fast to meet the urgent
requirements. I saw few such emergency situations & learnt the importance of the contribution of
each person in the chain of activities to achieve the organization objectives.
I learnt to interact and develop a professional relationship with people belonging to different
functional departments and also gained a brief knowledge about the working areas of these
departments. The overall experience in Wealthmax.com was a very educating one that helped in
enhancing my professional credibility. I wish the Wealthmax.com team all the very best and I
look forward to fruitful and a long term association with them.

6.4 Conclusion & recommendations.

In my summer internship, I worked on the project Analyze Customer Feedback Strategy and
Marketing Techniques of the Company WEALTHMAX. In this, we have to add More
Customers in Wealthmax.com that Connects network by the end of July according to the target

given to my team because the organization has to starts its new project in September.

With an excellent team effort, we were successfully able to add More Customers in
Wealthmax.com that Connects network almost one week before the compliance time.

Consumer Behavior Survey

Motor Insurance
Name .
Mobile No

Q1. Which car so you drive?

Q.2. which year you purchased your car? .
Q3.Which type of company you prefer for your Motor Motor Insurance?
[ ] private

[ ] Government Owned

Q 4. On what basis you choose your insurance cover?

[ ] Low price

[ ] Features

Q.5. How do you boy Motor Insurance?

[ ] Online

[ ] Agent

[ ] Broker

Q.6Have you ever logged claim for your Motor Insurance?

[ ] Yes

[ ] No

If yes, what was your contribution towards claim?

[ ] Contributed significantly

[ ] 100% claim paid by insurer

Q.7 Are you aware about add-on covers in your Motor Insurance Policy?
[ ] Yes

[ ] No

Q8.Are you aware about Zero Depreciation cove

[ ] Yes

[ ] No

[ ] I would like to know more about Zero Depreciation Cover

[ ] Yes

[ ] No

SIGNATURE

Date

References

Books:
Kothari, C.R., 2008, Research Methodology, Second

revised edition, New Age

International Publisher, New Delhi, Page no. 5, 8, 37, 39.

Kotler, Philip and Keller, Kevin Lane, 2009, Marketing Management, 13th Edition, PHI
Learning Private Limited, New Delhi.
Internet:
1. www.google.com
2. www.Wealthmax.in