Executive Summary

The Velocity Group is a SBU (strategic business unit) which was established in India in 2004 of

Support direct India Pvt Limited, which is one of the world’s largest face to face marketing

companies.

The entire research was carried out for the velocity group with Future Generali as its client.

Future Generali is a 178 year old Italian based MNC trying to penetrate into the indian market

with its new “Future Accident Suraksha” plan and thereby securing entire liabilities of an

individual and his entire family.

The entire research project was carried out in the field of marketing with respect to marketing of

insurance policies for Future Generali by the Velocity group

During the two months training at the velocity group,

The research project was aimed at studying the marketing strategy and customer’s buying

behavior with respect to insurance policies. The marketing strategy adopted was meeting around

80 customers on a daily basis and giving the presentation to almost 25 of them. The number used

to vary from place to place and people living in that territory. The main technique was to create

awareness about the product amongst maximum number of people.

The Entire Promotional Campaign of the product was devised into three stages.
1. Commercial Campaign- The Researcher used to approach the Shop proprietors with the plan

on the weekdays.

2. Residential Campaign-The End Customers and Working professionals on weekends were

being approached.

3. Corporate Campaign- The Researcher used to meet the Big Corporate houses and meet the

concerned proprietor or their HR Executive.

Firstly a structured questionnaire was made to suit the objectives of the study, for which an

intensive study of the “Accidental protection plan” and consumer’s perception was made with

regards to the insurance sector.

It was indeed a challenge to work in this sector because Indians have a Traditional mentality with

respect to Insurance where “No” comes before a “yes”.

The Sample Size taken was 360 customers

Data Collection technique used was Random sampling.

Based on analysis that was done, it was observed that trust in the company played a very vital

role in decision making of the customers.

The new product was very well accepted because of its striking distinguishing features like

income protection and child education support.

It was also observed during the study that there was a set mentality amongst many, wherein LIC

was preferred by the masses.

The Results obtained by us were indeed interesting.

In Indian market where people think twice with regards to insurance, velocity group was signing

up almost 150 customers every week

The Findings were on the basis of the survey which will provide the company a strong base to

work with more ease and comfort with the help of interpretations, analysis, suggestions, findings

and recommendations.

Findings:

The product received a tremendous response in the market due to its distinguishing features.

Price was not such an important factor in making decision for the consumer because of its

affordability. The product was preferred by people over its largest competitor LIC, despite

Future Generali being a private player. It clearly showed people were willing to trust the

private brands in the Insurance Sector.

Introduction

Insurance is a federal subject in India. The insurance sector has gone through a number of phases

and changes. Since 1999, when the government opened up the insurance sector by allowing

private companies to solicit insurance and also allowing foreign direct investment of up to 26%,

the insurance sector has been a booming market. However, the largest life-insurance company in

India is still owned by the government.

Insurance in India has its history dating back until 1818, when Oriental Life Insurance Company

was started by Anita Bhavsar in Kolkata to cater to the needs of European community. The pre-

independence era in India saw discrimination between the lives of foreigners (English) and

Indians with higher premiums being charged for the latter. In 1870, Bombay Mutual Life

Assurance Society became the first Indian insurer.

The product is a need in today’s scenario:

According to an article in Pune mirror Dated Nov.30 2009, Pune has been declared as “Nation’s

Accidental Capital” where almost 90% of people meeting accident result in death.
With this as a backdrop it was a joint initiative of Future Group and Generali to come up with a

product to secure the common man and all his liabilities at a very economical cost and the result

was “Future Accidental Suraksha”

Accident Suraksha

Accidents can happen to anyone anywhere. They come unasked for and leave an "imprint" on

lives for years to come. The Value of Human Life and Sufferings cannot be measured with

money, but with a view to provide some relief to the injured person or members of his family in

the event of an unfortunate accident, insurance companies have designed an insurance cover,

known as "Personal Accident Insurance".

The Accidental Policy Of The Insurance Companies Covers Risk Like:

The plan covers the risks of

Accidental Death

Permanent Total Disablement

Permanent Partial Disability

Temporary Total Disablement

Income protection plan

Child Education support

Family transportation Allowance.

 Objectives of Study

The Objectives OF The Project

• To study and analyze the consumer buying behavior with respect to accidental

policy in the Insurance sector in the Indian Market.

• To analyze the Marketing plan adopted by the velocity group with regard to

their new product of accidental insurance policy

• To find if the product is satisfying the customer’s needs and requirements as

was found in the marketing research

• Analyze how customers react to the new plan in the total insurance market

sector.

• To estimate the future prospects of the accidental policy in the insurance

sector.

• To find out the range of investment made by the customers in the insurance

sector with respect to the accidental policy.

• To study the aggressive promotion of product and its reach to the large number

of consumers.
Scope of the project:

There was an interaction with a variety of respondents and also visited various shop like

retailers, distributors and large corporate houses.

The main objective of the project is “A study of Marketing strategy and factors influencing

consumer buying behavior for future Accident Suraksha of Future Generali”.It also included a

plan to compare the New Accidental protection Plan with one of our best Competitors in the

country.

In today’s market situation, Customers have a wide range of options to choose from.

In India there is a different mindset amongst people when it comes to dealing in Insurance

Sector and LIC seems the most common go to deal.

It was indeed a challenging task undertaken by the Velocity group to promote this new product

of Future Generali wherein the Marketing Strategy adopted by them was indeed a commendable

one.

It was indeed a great experience to understand the marketing strategy of Velocity group about

how they go about reaching to a large population and the way the consumer thinks in making

decisions with respect to the Insurance sector in the Indian markets.

The Findings were on the basis of my survey which will provide the company a strong base to

work with more ease and comfort with the help of interpretations, analysis , suggestions ,

findings and recommendations.

Research Methodology
Methodology used in study

The Research method calls for gathering data. In this project data collected was of two types:

Primary data:

Secondary data

Primary Data

Primary data was collected with the help of Velocity Group For the primary data collection, the

entire end customer target in Kothrud to Warje was being targeted.

In Mumbai, Andheri region was targeted for the purpose of collecting as it all three campaigns

could be carried out on a wide scale in this region.

The entire campaign was carried out in residential, commercial and corporate sectors and

managers who had a decision making powers were administered a questionnaire.

As mentioned, the entire survey was carried out in three different campaigns in Commercial,

residences and large and medium scale corporate houses, with a intention to target large number

of people. The main intention was to cover maximum population in a minimum time.
The sample size of respondents was as follows:

Serial No Campaign Type Number of

Customers

1 Commercials 210

2 Corporate 50

3 Residences 100

Total 360

The sample size of the customers was 360 customers and the sampling technique adopted was

random sampling as the availability of customers and their willingness to spare time to listen to

us was a major factor in deciding the number of presentations we make.

The presentations made for each customer were around 20 minutes and it was indeed very

frustrating for us if the customer said ‘no’ to the product after completing the presentation. The

virtue of maintaining a calm approach was learnt during this process, because sale or no sale we

had to leave customer with a smile.

Secondary data
It includes collection of data through various sources like books, brouchers and catalogues,

different websites, etc.

Research Approach

The research approach used in the project was face-face communication. This is the approach

best suited for gathering descriptive information.

A company that wants to know about people’s knowledge, attitudes, preferences or buying

behavior can often get information by asking those questions directly.

The marketing strategy of the company which was a face-face marketing was closely evaluated

during this process and was found out to be cost-effective and an efficient one in terms of cost

and customer satisfaction.

Research Instrument

The research instrument used to collect the primary data was questionnaire.

The form of questions used in questionnaire was not open ended and direct opinions

of customers were taken into consideration.

Sales promotion opportunities and Limitations:

Sales promotion activities:

 • Increase in sales by visiting more number of customers on a day-day basis, with focus on

increasing sales and customer satisfaction.

• A suitable system of five steps was followed by the entire team to achieve targets.

• The main aim was to provide excellent customer satisfaction and reach to maximum

number of people.

• On-spot registration techniques were used to maximize number of sales.

Limitations:

There is orthodox mentality in the Indian market with respect to Insurance sector.

Meeting almost hundred people a day was a challenge amidst their hectic schedule without prior

appointment

• On-spot registrations were a great challenge because customer in most of the cases

needed time to think and consult others before taking a final decision to go with the

product.

• There was no promotion through Advertisements so creating company awareness and

trust worthiness was a great challenge.

• Good quality of product proved to a great hurdle because of the large number of services

being provided at a economical cost was indeed a surprise to the customer

INSURANCE MARKETING:

A fundamental principle of insurance marketing dictates that insurance products and policies
must be marketed and sold primarily on the basis of the need for security and the ability of the
insurance product and policy to provide adequate financial security from fortuitous losses.
Moreover, new sources of production of business that includes new ways of selling old
traditional insurance policies and products, in conjunction with the marketing of new services,
such as risk management, loss control and loss adjustment services should be pursued by
insurance companies.

However, in some lines of insurance, a governmental-legal or regulatory compulsion to insure is

the driving factor. For example, purchase of automobile liability insurance is required by law in
most jurisdictions the world over. The recently advocated proposed requirement of a title
insurance policy in real estate transactions in Sierra Leone and a national health insurance or
workers compensation insurance policy are all examples of such a legal mandatory requirement.

To a large extent these have and continue to be the principles and services absent in the
marketing mix of insurance products in Sierra Leone, thus resulting in recent spectacular failures
in the introduction of new products and or failures in the market penetration of various new
diverse policies into the insurance marketplace. As an example, the failure of various insurance
companies including the spectacular failure of the country’s largest insurance company, the
National Insurance Company (NIC) to effectively introduce and market a national health
insurance policy (NICARE) since 2004 is a case study of a monumental marketing failure
requiring analysis in a future article.

THE SALES FUNCTION:

To be successful however an insurance producer/agent must develop other skills in addition to

the sales skills to include:
1) Technical expertise in insurance principles and coverages- as customers usually depend on
their agents for guidance in selecting the proper combination of insurance products and
identification of gaps in coverages.
2) Skills in the analysis of consumer needs through risk management identification techniques
and the tailoring of insurance programs are a prerequisite.

The first step in managing a consumer’s risk needs is through the identification and analysis of
the loss exposures to which a customer is exposed or subjected to through an insurance survey.
The agent must educate and be able to impact sufficient knowledge of the client’s loss exposures
and available coverages and other non-insurance transfer mechanisms to the customer.

SALES MANAGEMENT:
Generally, the concept of sales management in insurance involves the active participation and
direction accorded the sales force by management in ensuring the nature and amount of business
desired by the insurance carrier. This entails the determination by management of:
1) The segments of the available market that can be reached most effectively by the company’s
agents.
2) The nature of the product/policy that will be most appealing to the selected market segments
and most profitable to the insurer.

3) How best to select, train and motivate producers/agents to sell to the selected market
segments.

The selection of geographic, demographic and or industrial segments of the market to target in
the marketing of insurance products ensures effective market segmentation and effective use of
resources. The demographic groupings may be further delineated by such characteristics as age,
income, occupation and sex.

With the utilization of such a technique for example, diverse insurance policy coverages
covering health, medical, accident, disability and workers compensation to name but a few,
could be tailored and offered to such segments as civil servants, parliamentarians, teachers,
college lecturers, healthcare providers, Okada riders and farmers throughout the country. The
same could apply to the security segment including policies specifically designed to meet the
needs of the military and police forces.
Moreover, through utilization of product differentiation techniques in its marketing mix, an
insurance carrier can maintain and increase its market share. These can be accomplished by
changing the standard coverage provisions in the contract; charging a different price and by
providing a different level of service than the competition.

TECHNOLOGIES:
With the gradual installation of computers in insurance companies in Sierra Leone, new
technologies are poised to play a major role in the coordination of marketing strategies, planning
and studies including new products and services, consumer attitudes, market potentials and sales
forecasting. The use of computers for not only accounting, statistical analysis and rate making
and issuance of policies and endorsements but also insurance marketing must be vigorously
pursued by individual companies.

The establishment of a marketing database by insurance companies separate and apart from the
underwriting and claims databases must a step in the right direction in implementation the new
marketing strategy.

MARKETING CHALLENGES:

The challenge thus facing the local industry is the need for diversification of insurance products
better tailored and suited to meet the needs and development of the country. For while the
insurance industry can play a very significant and critical role in a nation’s developmental
process, the challenge currently being faced is how our insurance professionals respond by
creatively introducing insurance policies, instruments and marketing techniques to serve as a
basis for the country’s sustained economic development.
In the United States there are four distinguishable systems for marketing property and liability
insurance. These include:

Independent agency system.

The exclusive agency system (also known as the captive agency system).

The direct writing system.

The direct mail system.

The system primarily in use in the Sierra Leone insurance market is the direct writing system
wherein individual carriers employ their paid agents and employees to exclusively market only
their policies. However, if the insurance market in Sierra Leone is to survive and grow, as new
players and products such as the national health insurance scheme and the national title insurance
scheme are introduced into the marketplace, then the development of a new bred of producers,
agents and marketing systems must be pursued to forestall the failures of recent new policy
introductions. These must include and incorporate the direct mail, agency and technology
systems.
To effectuate this new marketing goal a sales force must be recruited and trained into the
intricacies of the insurance business and policies being introduced and marketed with realistic
production objectives, marketing policies and strategies and implementation of an advertisement
and promotion campaign.

Industry Profile

At the dawn of the twentieth century, many insurance companies were founded. In the year 1912,

the Life Insurance Companies Act and the Provident Fund Act were passed to regulate the

insurance business. The Life Insurance Companies Act, 1912 made it necessary that the

premium-rate tables and periodical valuations of companies should be certified by an actuary.

However, the disparity still existed as discrimination between Indian and foreign companies.

The oldest existing insurance company in India is the National Insurance Company Ltd., which

was founded in 1906. It is in business. Before that, the industry consisted of only two state

insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General

Insurance Corporation of India, GIC). GIC had four subsidiary companies.

With effect from December 2000, these subsidiaries have been de-linked from the parent

company and were set up as independent insurance companies: Oriental Insurance Company

Limited, New India Assurance Company Limited, National Insurance Company Limited and

United India Insurance Company Limited.

Industry structure

Currently, a $41 billion industry, India is the world's fifth largest life insurance market and

growing at a rapid pace of 32-34% annually as per Life Insurance Council studies.

Currently, in India only two million people (0.2 % of the total population of 1 billion) are cover

under Medi-claim, whereas in developed nations like USA about 75 % of the total population is

covered under some insurance scheme. With more and more private companies in the sector, the

situation may change soon.

Specialization

ECGC, ESIC and AIC provide insurance services for niche markets. So, their scope is limited by

legislation but enjoy special powers.

Acts

The insurance sector went through a full circle of phases from being unregulated to completely

regulate and then currently being partly deregulated. It is governed by a number of acts.

The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide

strict state control over insurance business.

Life insurance in India was completely nationalized on January 19, 1956, through the Life

Insurance Corporation Act. All 245 insurance companies operating then in the country were

merged into one entity, the Life Insurance Corporation of India

The General Insurance Business Act of 1972 was enacted to nationalize the about 100 general

insurance companies then and subsequently merging them into four companies. All the

companies were amalgamated into National Insurance, New India Assurance, Oriental Insurance

and United India Insurance, which were headquartered in each of the four metropolitan cities.

Until 1999, there were not any private insurance companies in India. The government then

introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-

regulating the insurance sector and allowing private companies.

Furthermore, foreign investment was also allowed and capped at 26% holding in the Indian

insurance companies.

In 2006, the Actuaries Act was passed by parliament to give the profession statutory status on

par with Chartered Accountants, Notaries, Cost & Works Accountants, Advocates, Architects

and Company Secretaries.

Authorities

The industry recognizes examinations conducted by IAI (for actuaries), III (for agents, brokers

and third-party administrators) and IIISLA (for surveyors and loss assessors). TAC is the sole

data repository for the non-life industry.

IBAI gives voice for brokers while GI Council and LI Council are platforms for insurers.

AIGIEA, AIIEA, AIIEF, AILICEF, AILIEA, FLICOA, GIEAIA, GIEU and NFIFWI cater to the

employees of the insurers.

In addition, there are a dozen Ombudsman offices to address client grievances.

Company Profile

About Future Generali

Future Generali is a joint venture between the India-based Future Group and the Italy-based

Generali Group.

Future Generali is present in India in both the Life and Non-Life businesses as Future Generali

India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.

FUTURE GROUP

Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading

business houses with multiple businesses spanning across the consumption space. While retail

forms the core business activity of Future Group, group subsidiaries are present in consumer

finance, capital, insurance, leisure and entertainment, brand development, retail real estate

development, retail media and logistics.

Led by its flagship enterprise, Pantaloon Retail, the group operates over 12 million square feet of

retail space in 71 cities and towns and 65 rural locations across India. Headquartered in Mumbai

(Bombay), Pantaloon Retail employs around 30,000 people and is listed on the Indian stock

exchanges. The company follows a multi-format retail strategy that captures almost the entire

consumption basket of Indian customers.

In the lifestyle segment, the group operates Pantaloons, a fashion retail chain and Central, a chain

of seamless malls. In the value segment, its marquee brand, Big Bazaar is a hypermarket format

that combines the look, touch and feel of Indian bazaars with the choice and convenience of

modern retail.

The group’s specialty retail formats include sportswear retailer, Planet Sports, electronics

retailer, EZone, home improvement chain, Home Town and rural retail chain, Aadhaar, among

others. It also operates popular shopping portal, www.futurebazaar.com.

Future Capital Holdings, the group’s financial arm, provides investment advisory to assets worth

over $1 billion that are being invested in consumer brands and companies, real estate, hotels and

logistics. It also operates a consumer finance arm with branches in 150 locations.
Other group companies include, Future Generali, the group’s insurance venture in partnership

with Italy’s Generali Group, Future Brands, a brand development and IPR company, Future

Logistics, providing logistics and distribution solutions to group companies and business partners

and Future Media, a retail media initiative.

The group’s presence in Leisure & Entertainment segment is led through, Mumbai-based listed

company Galaxy Entertainment Limited. Galaxy leading leisure chains,

Sports Bar and Bowling Co. and family entertainment centers, F123. Through its partner

company, Blue Foods the group operates around 100 restaurants and food

courts through brands like Bombay Blues, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper

Chimney and Gelato.

Future Group’s joint venture partners include, US-based stationery products retailers, Staples and

Middle East-based Axiom Communications. Future Group believes in developing strong insights

on Indian consumers and building businesses based on Indian ideas, as espoused in the group’s

core value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values.’

THE GENERALI GROUP

The Generali Group is a leading player in the global insurance and financial markets. Established

in Trieste in 1831, today the Group is one of Europe’s largest insurance providers and the
European biggest Life insurer. It is also one of the world’s top asset managers with assets

totaling more than € 400 billion. With an employed sales force of more than 100,000 people

serving 70 million clients in 68 countries, the Group occupies a leadership position in Western

Europe and an increasingly important place in Eastern Europe and Asia.

The Group strategy aims to consolidate Generali’s pre-eminence on its key markets and achieve

a premier position on markets with high growth potential, establishing its leadership in

profitability.

IDENTITY CARD

Since its establishment, the Generali Group has always held a reputation for its capital and

financial strength. Its solidity derives from prudent investment management and a focus on

achieving a correct match between risk and medium/long-term profitability.

Generali Group is one of the leading insurance groups in Europe, with a 2009 total premium

income of more than € 70 billion

It is present in 68 countries

It has 70 million clients worldwide

It has 85,322 employees (15,956 in Italy)

It has over € 400 billion of assets under management

High rating assigned by the international rating agencies:

A.M. BEST: A+ STABLE

Standard & Poor’s: AA- STABLE

Fitch Ibca: AA- NEGATIVE

Moody’s: Aa3 STABLE

The Generali group being an Italian based firm, wanted to expand its roots in the Indian scenario

and it achieved by having a merger and acquisition with the future group to have an entry in the

Indian market. Future group known for its quality in marketing segment and the generali group

known for the best quality in terms of the insurance sector merged together to produce one of the

best Insurance companies in india and it has been making great strides of progress in the Indian

segment and eating fair share of customers from the largest competitor.

Vision & Values

Vision Statement:

"Pledged to provide financial security to all people & enterprises through total insurance

solutions".

Values:

Respect: for all our stakeholders- employees, customers, for all rules and regulations both

internal and external.

Indianess: We understand India in all its diversity and different facets and will use for our local

understanding to respond to our specific markets, design our products and craft our processes.

Nimbleness: A combination of speed and quality, and ability to overcome all obstacles which

come in the way of the achievement of our vision.

"Can do”: An attitude which demonstrates our passion, entrepreneurship, and positive thinking.

Future Group under Mr.Kishore Biyani has made rapid strides of progress in the field of retail

sector and has come up with a large number of outlets and is ever expanding and growing at a

rapid pace. Future group firmly believes in giving its best to the society and all its retail outlets

are a prime example of the same fact.

From Big Bazaar to Future Generali, future group has come a long way and has almost 45

different and popular brand outlets in the country today providing the best facilities to the

customer in almost all sectors.

Shaping Great Careers

Career management and counseling skills are critical for our people and we make a significant

investment in helping our people to develop these skills. Our career development program for

our trainees has already had a significant impact in contributing to our success.
Major Insurance players in the Indian Market

Aviva Life Insurance India

Bajaj Allianz

Birla Sun Life Insurance

HDFC Life Insurance

ICICI Prudential

ING Vysya Life Insurance

Kotak Mahindra Old Mutual

LIC
Max New York Life Insurance

MetLife India Insurance

Reliance Life Insurance

SBI Life Insurance

Shriram Life Insurance

Tata AIG Life Insurance

Agriculture Insurance Co of India

Apollo DKV Insurance

Cholamandalam MS General

HDFC Ergo General Insurance

ICICI Lombard General Insurance

IFFCO Tokio General Insurance

National Insurance Company Ltd

New India Assurance

Oriental Insurance Company

Reliance General Insurance

Royal Sundaram Alliance Insurance

Shriram General Insurance Co Ltd

Tata AIG General Insurance

United India Insurance

 Universal Sompo

Bharti AXA Life Insurance

Canara HSBC OBC

DLF Pramerica Life Insurance

Future Generali Life Insurance

IDBI Fortis Life Insurance

Religare Life Insurance

Sahara India Life Insurance

Star Union Dai-ichi Life Insurance

About Velocity Group Pune

The Velocity Group was established in India in 2004 under the dynamic leadership of ,

Oraganisational Velocity Group organization.

It is a SBU (strategic business unit) of Support direct India Pvt Limited, which is one of the

world’s largest face to face marketing companies.

Support Direct is renowned in India for excellent customer service and large volume of sales

satisfying both the consumer and the buyer.

The Researcher was working for Velocity group with Future Generali as its client.

Future Generali is a 178 year old Italian based MNC trying to penetrate into the Indian market

with its new “Future Accident Suraksha” plan and thereby securing entire liabilities of an

individual and his entire family.

The main research was carried out by researcher for velocity group wherein the promotion of the

new protection plan was done by meeting customers directly without any prior appointment.

The company had provided a “On spot Registration” form along with the brochure and the

research team used to go out with an initiative to sign up maximum number of customers on the

spot on a daily basis.

Velocity group provided excellent training with respect to the approach and methodology needed

to be adopted to attain our goals.

Velocity Group works on a 5 step formula which makes the task a cakewalk.

This 5 step “Success Mantra” was:

Step 1: Introduction
We used to introduce ourselves to the customer with SEE factor.

S-Smile

E-Proper Eye to Eye Contact

E-Enthusiasm

Step 2: Relation Building

We used to build rappo with the customer by getting into his comfort zone and there by winning

his trust and generating his interest in having conversation with us.

Step 3: Short story

The main purpose of this was to create the need of the product. This was done by making people

realize that accidents are a unforeseen phenomenon happening and it cannot be avoided but its

aftereffects can be. With this as an intention a large number of policies were being sold by future

generali. The main purpose was to make people realize what the product was all about and reach

out to a large number of people.

Step 4: Presentation

We used to explain our product ant its features to our customers and what benefit do they incur

from it.

Step 5: Close

We used to sign up the customer on spot and thereby close the deal. Only when cheque was

issued by the customer for the corresponding deal, the deal was said to be closed.
Velocity group used to work on a system of meeting almost 80 people a day and thereby also do

a word of mouth publicity of the product.

The Results were indeed interesting. In Indian market where people think twice with regards to

insurance, We were signing up almost 150 customers every week .

The product was indeed an amazing one wherein the income, child education and loan protection

of a person is secured at a Nominal cost of Rs. 5 a day, wherein the company was providing a

entire cover of almost 17 lacs for a entire year. It was not just about the amount but also the fact

that all liabilities of an individual were being covered. Right from Income protection of a person

to his children education and his complete loan protection for a complete year would be covered

by the company at a very economical cost.

During survey it was also found that there is a orthodox mentality in the Indian market with

regard to insurance sector and people are willing to put faith in the old horse LIC.

It was indeed a challenging task to make people realize that LIC was an investment plan and not

as protection one. The domination of LIC in the market has been to such an extent that people

are willing to invest only in that company irrespective of the policy. To educate people regarding

this and then signing them up that to on the spot was a very difficult task.

The aggressive marketing strategy adopted by velocity group was indeed a cost effective,

efficient and result-oriented one. It saved the Advertising cost and conveyed complete

information to people and it gave a personal touch to selling as the customers were being
approached directly by a reputed multi-national at their doorstep. It was like service is walking to

you.

Support Direct is popular in India for excellent customer service and with this as the backdrop

velocity group made rapid strides of progress and achieved large volumes of sales.

The product was very well designed by underwriters of future generali after doing an in-depth

market research as they went out to people asking what they require. The product covered all

liabilities of person and provided him with security when he needed them the most during the

accident period; this indeed was unique selling preposition of the product that made it stand out

compared to others.

The very fact that future generali was awarded by the Economic times as one of the fastest claim

settling companies in this calendar year made it easier for us to approach the masses with our

new product.

The greatest challenge for the research team was the fact to convince customers with respect to

claims settled by the company. Future generali deals in the corporate sector with companies like

Coca-cola, Cap Gemini and Fiat and it was a privilege to work with a company of this stature.

The only grey area wherein future generali is lacking was to ensure faith in customers with

respect to settling of claims, because amount to be paid was not a big issue but while settling

claim, the amount to be settled was always a issue.

It was also a part of Corporate Social Responsibility of the Future group wherein it was giving

back something to the society from where it has earned millions.

It was a great learning experience to get a brief insight of how the corporate world works

1. Accidental Protection plan- The “opinion poll”.

Number of Respondents
Parameter Opinion
76
Excellent 21%
119
Good 33%
93
Average 26%
72
Poor 20%
Percentage wise Accidental Protection plan- The “opinion poll”.

Interpretation:

The product was very well accepted by the common masses and it proved to be a break through

in the field of insurance

2. Preferential Rating of parameters.

Parameter Number of Rating

Respondents
Income Protection 72 9
Child Education Support 61 8
Death benefit 45 6
Loan protection 54 8
Family Transportation Allowance 46 6
Funeral Expenses. 48 7
Total Disablement Benefit. 33 5

Representation of Preferential Rating of parameters.

Interpretation: Income protection and Child Education Support were the two most
important parameters that attracted people towards this plan as they covered all the liabilities of
an Individual.
Income protection and Child Education Support were the two most important parameters that

aattracted people towards this plan as they covered all the liabilities of an Individual.

3. Rating the Accidental Protection plan.

Percentage wise
Rating Number of Respondents Distribution

9 86 24%

8 101 28%

5 75 21%

3 36 10%

Others 61 17%
Percentage wise Rating the Accidental Protection plan

Interpretation The product was indeed widely expected and rated highly by the majority of
the respondents as it was prepared by the underwriters taking the consumer’s basic needs into
consideration
4. Future Generali- Market Status

Percentage wise
Market Status Number of Respondents Distribution

Reliable 100 28%

 Trustworthy 76 21%

Not Dependable 90 25%

Never Heard of 94 26%

Percentage wise Future Generali- Market Status

Interpretation:

Despite being in the India market for over a period of just 4 years, future generali has firmly

established itself amongst the masses.

5. Consumer preference over LIC

 Percentage wise
Preference Number of Respondents Distribution

Yes 263 73%

No 97 27%

Percentage wise. Consumer preference over LIC

80% 73%
70%
60%
50%
40%
27%
30%
20%
10%
0%
Yes No

Interpretation:

The product was preferred by people over its largest competitor LIC, despite future generali

being a private player. It clearly showed people were willing to trust the private brands in the

Insurance Sector

6. Yearly premium paid out on your LIC (yearly basis)

 Number of Percentage wise
Annual premium Respondents Distribution

<10000 83 23%

10000-50000 122 34%

50000> 83 23%

None of the Above 72 20%

Percentage wise Yearly premium paid out on your LIC

Interpretation:

The orthodox mentality of people with regards to Insurance made them Invest a lot in LIC, as it

was an investment plan and not a protection one.

7. Let’s make it a Family protection plan.

Percentage wise
Response Number of Respondents Distribution

Yes 295 82%

No 65 18%
Percentagewise response of let’s make it a family protection plan

90%

80%

70%

60%

50%

40% 82%

30%

20%

10% 18%

0%

Yes No

Interpretation:

Those who liked the plan were very much willing to extend the plan for the entire family

considering its distinguishing features and Versatility

8. Medi-claim Insurance of Respondents

 Number of Percentage wise
Insurance Company Respondents Distribution
83
ICICI 23%
43
Max New York 12%
54
HDFC 15%
94
LIC 26%
Others 86 24%

Percentage wise Medi-claim Insurance of Respondent

Interpretation: All players have a fair share in terms of its customer base and almost

One-fourth of population depend upon LIC

9. Gross Annual Income of the Respondents

Percentage wise
Gross Annual Income Number of Respondents Distribution
<1.2 lacs 83 23%
2.0-3.0 lacs 115 32%
3.0-4.0 lacs 54 15%
>4.0 lacs 108 30%

Percentage wise gross annual income of the respondents

Interpretation:

People with all income brackets were targeted during the survey as it helped us in deciding the

number of units we could sign them up for

10. Target market (age group) for the Accidental protection plan.
 Number of Percentage wise
Target Market Respondents Distribution

18-35 166 46%

35-55 119 33%

55-75 75 21%

Percentage wise distribution of target markets

Interpretation:

The youth seemed to be the most appropriate target market to promote the plan because they are

always on the move

11. Register with us on-spot for this plan for a safe and secure life.

Number of
Respondent
On-spot Registration s Percentage wise Distribution

137
Yes 38%

223
No 62%

Percentage wise register with us on-spot for this plan for a safe and secure life.
 70%
62%
60%

50%
38%
40%

30%

20%

10%

0%
Yes No

Interpretation:

A large population was willing to register on spot which speaks about the changing trends in

Insurance sector and the faith people have in company.

Suggestions & Conclusion

During Every survey there are some positive and negative aspects which are highlighted. Now

these highlighted points are discussed and certain inferences are drawn from it. In case of such

discussions people related or facing problems gives some tips or solutions to problems faced by

them from their point of view. The solutions are nothing but recommendations or suggestions

obtained from the survey.

The suggestions also are very important as they are the outcome of survey and cooperation of

helpful people.
So in every survey suggestion plays a major part as on that suggestion the quality of survey or

project can be concluded.

The most effective recommendations or suggestions together make the conclusion.

Suggestions

The plan must be promoted in market also through other means like advertisement and other

promotional tools to create a awareness amongst the common masses about the product and

company

• Provide more flexible schemes to the corporate sectors as their purchase is in bulk for

large number of customers.

• Company must be a bit flexible with respect to their “On-Spot” Registration and must

give sufficient space and time for customer to think about the plan.

• Motivate the employees to treat the customer in the best possible manner irrespective of

the sale of the product.

• Maintain a more effective feedback network and thereby improve customer satisfaction

levels with respect to after sales service.

Provide Various Training sessions in maintaining a positive attitude and improving various

aspects of body language to improve the confidence of individual and thereby increasing the

sales.
It was a challenging task to make people understand about the Accidental protection plan as it

was a protection plan and not a investment one as compared to LIC.

Conclusion:

The plan was very well received and appreciated by people who understood the plan and went on

to register on spot with us.

• The sample size was quite large in number, but it equally gave a wide target market to

increase our sales.

• The plan is a breakthrough in the field of insurance as it secures the entire liabilities of an

individual at a very nominal cost (Rs 5/- day).

• The plan was prepared by the underwriters of future generali keeping in mind to secure

the common man’s need and cover his liabilities in case of any accident and it was very

well accepted and received in the Indian market.

• The company must lay emphasis on tapping the corporate sector to a larger extent to

increase the customer base which will boost up their sales

• The product received a tremendous response in the market due to its distinguishing

features.

• Price was not such an important factor in making decision for the consumer because of its

affordability.

• The product was preferred by people over its largest competitor LIC, despite future

generali being a private player. It clearly showed people were willing to trust the private

brands in the Insurance Sector.

 • Income protection and Child Education Support were the two most Important parameters

that attracted people towards this plan.

• The youth seemed to be the most appropriate target market to promote the plan because

they are always on the move.

• Many were willing to register on spot for this plan, which clearly shows about the

changing trends in the insurance sector.

• Those who liked the plan were very much willing to extend the plan for the entire family.

From all the information gathered, problems discussed, suggestion considered it can be said there

are a lot of pros and cons that go into making of a successful marketing strategy and understand

the consumer buying behavior and velocity group is making progress on the right strides towards

achieving their targets

Bibliography

Books Referred:

• Kothari,C.R: Research Methodology, Wiley Easter Limited, New Delhi, 1986

• Ramaswamy and Namakumari: Marketing Management

• Schiffman and Kaunk: Consumer Behavi

 •

Websites:

1.www.velocity-group.org

2.www.futuregenerali.in

4.www.cobragroup

Questionnaire

“Future Accident Suraksha” (accidental policy)

Personal Details

Name: Gender:

Age: Mobile No.

1. Describe the “Accidental Protection plan” in one word?

• Excellent

• Good

• Average

• Poor
2. Rate the following parameters on the scale of 1 to 10 in order of your preference. (1 being the

most important and 10 being the least important)

Parameters Ratings

Income Protection

Child Education Support

Death benefit

Loan protection

Family Transportation Allowance

Funeral Expenses.

Total Disablement Benefit.

3. How would you rate the product on a scale of 1-10? (10 being the best and 1 being the worst)

4. What is your opinion about Future Generali?

• Reliable

• Trustworthy

• Not dependable

• Never heard about it

5. Will you prefer this product over LIC?

• Yes
 • No

6. What is the yearly premium you are paying out on your LIC (yearly basis)?

• <10000

• 10000-50000

• >50000

7. Do you want to extend the protection plan for your entire family?

• Yes

• No

8. Do you have a medi-claim of some company? If yes, which one?

• ICICI

• Max New York life

• LIC

• Others(please specify)______________
9. What is your Gross Annual Income?

• <1.2 lacs

• 1.2-2.0 lacs

• 2.0-3.0 lacs

• >3.0lacs

10. What is the appropriate age of people to whom we can recommend this product to?

• 18-35

• 35-55

• 55-70

11. Would you like to go-Ahead and register with us on-spot for this plan?

• Yes

• No

12. Would you like to refer any of your relatives or friends for this plan?

Kindly give their details.

• Name:

• Mobile No:
• Relationship with him/her: ____________