A

Project Study Report

On
VYASYA LIFE
ING
INSURANCE COMPANY LTD.
“CUSTOMER-BUYING BEHAVIOUR WITH
A FOCUS ON MARKET SEGMENTATION”
Submitted in partial fulfillment for the Award of degree of

BACHELOR OF BUSINESS ADMINISTRATION

Submitted To:- Submitted By:-

Mrs. Poonam Swami Aakash Gupta

PODDAR INTERNATIONAL COLLEGE, JAIPUR

2008-2011

CERTIFICATE
This is to certify that Mr. Aakash Gupta Student of B.B.A. Final Year of
PODDAR INTERNATIONAL COLLEGE, Jaipur has successfully
completed this project Report on “Customer Buying Behaviour with a Focus
on Market Segmentation Jaipur” at ING Vyasya Life Insurance Co. Ltd.
under my supervision.
 DECLARATION

I, the undersigned Aakash Gupta, student of BBA 3rd Year of PODDAR

INTERNATIONAL COLLEGE, Jaipur declare that the project work
presented in this report is my own work and has been carried out under the
supervision of Mr. S.C. AGARWAL

This work has not been submitted to any other university for any other
examination.

(Aakash Gupta)
 ACKNOWLEDGEMENT

First of all I would like to thank the Management at ING VYASYA Life Insurance
Company Ltd Life Insurance co. for giving me the opportunity to do my two-month
project training in their esteemed organization. I am highly obliged to Mr. A.GANESH
PANDIAN (Sales Development Manager) for granting me to undertake my training at
Ashok Nagar, Jaipur branch.

I express my thanks to Mr. S.C. Agarwal under whose able guidance and direction, I
was able to give shape to my training. Their constant review and excellent suggestions
throughout the project are highly commendable.

My heartfelt thanks go to all the executives who helped me gain knowledge about the
actual working and the processes involved in various departments.

I would also like to thanks my college guide Mrs. Poonam Swami (lecturer of BBA
Deptt.) she give me timely and valuable information for completion of this project.

Aakash Gupta
 PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated

debate for some years. The policy makers where in the catch 22 situation wherein for one

they wanted competition, development and growth of this insurance sector which is

extremely essential for channeling the investments in to the infrastructure sector. At the

other end the policy makers had the fears that the insurance premium, which are

substantial, would seep out of the country; and wanted to have a cautious approach of

opening for foreign participation in the sector.

As one of the rare occurrences the entire debate was put on the back burner and the IRDA

saw the day of the light thanks to the maturing polity emerging consensus among factions

of different political parties. Though some changes and some restrictive clauses as

regards to the foreign participation were included the IRDA has opened the doors for the

private entry into insurance.

Whether the insurer is old or new, private or public, expanding the market will present

multitude of challenges and opportunities. But the key issues, possible trends,

opportunities and challenges that insurance sector will have still remains under the realms

of the possibilities and speculation. What is the likely impact of opening up India’s

insurance sector?
The large scale of operations, public sector bureaucracies and cumbersome procedures

hampers nationalized insurers. Therefore, potential private entrants expect to score in the

areas of customer service, speed and flexibility. They point out that their entry will mean

better products and choice for the consumer. The critics counter that the benefit will be

slim, because new players will concentrate on affluent, urban customers as foreign banks

did until recently. This seems to be a logical strategy. Start-up costs-such as those of

setting up a conventional distribution network-are large and high-end niches offer better

returns. However, the middle-market segment too has great potential. Since insurance is a

volumes game. Therefore, private insurers would be best served by a middle-market

approach, targeting customer segments that are currently untapped.

 CONTENTS

1. Introduction to the Industry 1-13

2. Introduction to the Company 14-21

3. Research Methodology 22-26

4. Facts and Findings 27-28

5. Data Analysis and Interpretation 29-49

6. Recommendations 50

7. Conclusion 51

8. Bibliography 52

9. Annexure and Questionnaire 53-58