INTRODUCTION

1.1 INTRODUCTION OF THE STUDY

This study is being conducted to increase the customer base of MetLife India
Insurance Company Limited. Taking into consideration the Market scenario, MetLife
India Insurance has tough time to play in the Market, why because there are other
players in the Insurance Sector, which has got good Market share as well as given a
good service like MetLife India Insurance. Therefore this study would help MetLife
India Insurance to opt the best for their move in the Market. Regarding service,
MetLife India Insurance has a good remark from the customer. I hope definitely this
study will help the Company to understand the requirements for enhancing their
customer base.
When we consider the current market scenario, it will not be easy for MetLife
India Insurance to increase its performance. This is because there are other players in
the Insurance sector who have good Market share and the same time giving excellent
service as that of MetLife India Insurance. The Researcher definitely hopes that this
study will help the company to understand the requirements for enhancing the
customer base.

What is Insurance?
Insurance, in law and economics, is a form of risk management primarily used to
hedge against the risk of a contingent loss. Insurance is defined as the equitable
transfer of the risk of a loss, from one entity to another, in exchange for a premium.
Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor
used to determine the amount, called the premium, to be charged for a certain amount
of insurance coverage. Risk management, the practice of appraising and controlling
risk, has evolved as a discrete field of study and practice.
Insurance is a contract between two parties whereby one party called insurer
undertakes in exchange for a fixed sum called premiums, to pay the other party called
insured a fixed amount of money on the happening of certain events.
Insurance is a protection against financial loss arising on the happening of an
unexpected event. Insurance companies collect premiums to provide for this

protection. A loss is paid out of the premiums collected from the insuring public and
the Insurance Companies act as trustee to the amount collected.
The economic value of a human life arises out of its relations to the other lives.
Whenever continuance of a life is financially valuable to others, either to family
dependents, business associates, or educational and philanthropic situations, the
necessity for the life insurance is present.
For example, in a life policy by paying a premium to the Insurer, the family of the
insured person receives a fixed compensation on the death of the insured.
Similarly, in car insurance, in the event of the car meeting with an accident, the insured
receives the compensation to the extent of damage.
It is a system by which the losses suffered by a few are spread over many, exposed to
similar risks.
Today, only one business, which affects all walks of life, is insurance
business. Thats why insurance industry occupies a very important place among
financial services operative in the world. Owing to growing complexity of life, trade
and commerce, individuals as well as business firms are turning to insurance to
manage various risks.
Therefore a proper knowledge of what insurance is and what purpose does it serve to
individual or an organization is therefore necessary.
Why should you like to take Insurance?
Insurance is desired to safeguard oneself and ones family against possible losses on
account of risk and perils. It provides financial compensation for the losses suffered
due to the happening of any unforeseen events.
By taking a life Insurance a person can have peace of mind and need not worry about
the financial consequences in case of any untimely death.
Let us consider the family of four, which consist of a man, a woman and their two
children. The earning member of the family works hard to get the money flowing to
meet the requirements of his family. They have plans to have their own house
constructed in the next two years. Everything is going as per the plans.
What could be the various events that could upset the plans?
Burglary
3

 Death
Accidental Permanent Disability
Sickness & Critical Illness
All these events are forfituous in nature, i.e., they are out of control of the family and
more in the hands of destiny. Moreover all of these events can actually erode the
wealth of the family.
In order to reduce the element of risk to which this family is subjected and to safeguard
the wealth or economic value, insurance should be carried out.
There are two different branches of insurance, which are Life and Non-Life Insurance.
While Life Insurance insures the life of a person, Non-life insures everything else.
Name some areas covered under Life and Non-Life Insurance
Certain Insurance contracts are also made compulsory by legislation. For example,
Motor Vehicle Act 1988 stipulates that a person driving a vehicle in a public place
should hold a valid insurance policy covering Act risks. Another example of
compulsory insurance pertains to the Environment Protection Act, Wherein a person
using a carrying hazardous substances (as defined in the Act) must hold a valid public
liability (Act) policy.
What are the other benefits of taking Insurance?
1. Tax Relief: Under section 88 of Income Tax Act, a portion of premium is paid
for life insurance policies are deducted from tax liability. Similarly, exemption is
available for Health Insurance Policy premiums.
Money paid as claim including Bonus under a life policy is exempted from
payment of Income Tax. However annuities received under certain pension
plans are taxable.

2. Encourages Savings: An insurance scheme encourages thrift among individuals.

It inculcates the habits of saving compulsorily, unlike other saving instruments,
wherein the saved money can be easily withdrawn.
3. The beneficiaries to an insurance claim amount are protected from the claims of
creditors by affecting a valid assignment.
4. For a policy undertaken the MWP Act 1874, (Married Womans Property Act), a
trust is created for wife and children as beneficiaries.
5. Life Policies are accepted as a security for a loan. They can also be surrendered
for meeting unexpected emergencies.
6. Based on the concept of sharing of losses, the society will benefit as catastrophic
losses are spread globally.

The future is never certain, so its rightly said,

AN INSURANCE POLICY IN HAND KEEPS THE TENSION AWAY.
The earliest transaction of insurance as practiced today can be traced back to
the 14th century AD. The business of insurance started with marine business by Traders
who used to gather in the Lloyds coffee house in London, wherein they had agreed to
insure their ships in transit.
The 1st Life Insurance Policy was issued on 18th June, 1583, on the life of William
Gibbons for a period of 12 months.

INDIAN INSURANCE INDUSRY OVERVIEW

All life insurance companies in India have to comply with the strict regulations
laid down by Insurance Regulatory and development Authority of India (IRDA).
Therefore there is no risk in going in for private insurance players. Life Insurance
Corporation of India (LIC) remains by far the largest player in the market.
The private companies are coming out with better products which are more
beneficial to the customer. Among such products are the ULIPs or the Unit Linked
Investment Plans which offer both life cover as well as scope for savings or investment
options as the customer desires. Further, these types of plans are subject to a minimum
lock-in-period of three years to prevent misuse of the significant tax benefits offered to
such plans under the Income Tax Act. Hence comparisons of such products with
mutual funds would be erroneous.
Life Insurance in its current form came in India from the UK, with the
establishment of British firm, Oriental Life insurance Company, in 1818. The 1stIndian
insurance company was the Bombay Mutual Assurance Society Ltd,formed in 1870. By
the year 1956, when the life insurance business was nationalized and the Life
Insurance Corporation Of India ltd (LIC) was formed on 1st September, 1956.

OVERVIEW OF INSURANCE REGULATION

The insurance sector in India is regulated under the Insurance Act, 1938
and the IRDA Act, 1999. The Insurance Act, 1938 defines four categories of insurance
life, fire, marine and miscellaneous. In general, two categories of insurers are
licensed life and general (covering the last three product categories).
Every insurer seeking to carry out the business of insurance in India is
required to obtain a certificate of registration from the Insurance Regulatory and
Development Authority (IRDA) prior to the commencement of business. The preconditions for applying for such registration have been set out under the Insurance Act,
the IRDA Act and the various regulations prescribed by the IRDA.

INTRODUCTION
Marketing is the moving and exciting activity in everybody activities. The
sellers, distributors, advertising agencies, consultants, transporters, financers, store
agencies and every one as a counter are part of the marketing system. Any exchange
process be it consumer, goods, intermediary goods, services of ideas, comes under the
preview of marketing. It is very often regarded that the development of markets and
marketing is synonymous with the economic development of account. Through
marketing is an action discipline. In the ever-growing corporate world, marketing is
being regarded as a crucial element for the success of an Enterprise.
The marketing discipline is undergoing fresh re aparisal in the light of the vast
global, technological, economic and social challenges facing todays companies and
countries. Marketing at its best is about value creation and raising the worlds living
standards. Todays winning companies are those who succeed most in satisfying, indeed
delighting their target customers.
As quoted by P.P.Drucker Marketing is so basic that it cannot be considered a
separate function. It is whole business seen from the point of view of its final result, that
is, from the customers point of view. Business success is not determined by the
producer but by the customer.
Philip Kotler has therefore defined marketing as it is a social and managerial
process by which individuals and groups obtain what they need and want through
creating, offering and exchanging products of values with others. Many Indian
companies espouse a satisfied customer philosophy and describe marketing as
customer-satisfaction engineering. Since the economy in this country has changed from
a primary condition of scarcity to gradual and steady stage of affluence, largely giving
consumers the opportunity to choose among many varied alternatives, satisfaction has
become a major concern of business.

CUSTOMER SATISFACTION
Customer satisfaction refers to how satisfied customers are with theproducts or
services they receive from a particular agency. The level ofsatisfaction is determined
not only by the quality and type of customerexperience but also by the customers
expectations.
A customer may be defined as someone who:
Has a direct relationship with, or is directly affected by your agency andreceives

or relies on one or more of your agencys services orproducts. Customers in

human services are commonly referred to asservice users, consumers or clients.
An organization with a strong customer service culture places thecustomer at the

centre of service design, planning and servicedelivery. Customer centric

organizations will:
Determine the customers expectations when they plan
Listen to the customer as they design
Focus on the delivery of customer service activities
Value customer feedback when they measure performance.

IMPORTANCE OF CUSTOMER SATISFACTION:

There are a number of reasons why customer satisfaction is important in
Insurance Sector:
Meeting the needs of the customer is the underlying rationale for theexistence of
community service organizations. Customers have a right toquality services that
deliver outcomes.
Organizations that strive beyond minimum standards and exceed theexpectations
of their customers are likely to be leaders in theirsector.
Customers are recognized as key partners in shaping servicedevelopment and
assessing quality of service delivery.
The process for measuring customer satisfaction and obtaining feedbackon
organizational performance are valuable tools for quality andcontinuous service
improvement.
INSURANCE
Functions of Insurances
There are two types of definitions of Insurance
1. Functional Insurance
2. Contractual Insurance
Functional Insurance
The term insurance may be defined as Co- operative mechanism to spread the risk
caused by a particular event over a number of people who are exposed it and to ensure
them against the risk.
Contractual Insurance

10

Insurance has been defined to be that in which a sum of money as a premium is paid in
consideration of the Insurance incurring the risk of paying a large sum upon a give
contingency.

FUNCTIONS OF INSURANCES
Functions of Insurances can be suited in two parts.
Primary
Secondary
PRIMARY FUNCTION:
a) Insurance provide certainty :
The insurance provides certainty of payment at the uncertainty of loss.
b) Insurance provides Protection :
The main function of Insurance is to provide protection.
c) Risk Sharing :
The risk is uncertain and therefore the risk arising from Insurance is uncertain.
d) Prevention of Loss :
The insurance joins hand with those institutions which are engaged in prevention
losses of the society because the reduction in less causes lesser payment to the
assured and so more saving is possible which will assist in reducing the
premium.
e) It provides capital :
The insurance provide capital to the society; the accumulated funds are invested
in productive channel.
f) It improves Efficiency :
The Insurance eliminates worries and miseries of losses of death and destruction
of property.
g) It helps Economic Progress :
11

The insurance by protecting the society from huge losses of dangers destruction
and death provide and initiate to work hard for the betterment of the masses.

Types of Insurances:
Classification based on nature of Insurances
Life Insurances
Fire Insurances
Marine Insurances
Social Insurances
Miscellaneous Insurances
Business Point of view
Fire Insurances
General Insurances
Risk Point of view
Personal Insurances
Property Insurances
Liability Insurances
Fidelity Insurances

12

Role and Importance of Insurance

The process of Insurance has been evolved to safeguard the interest of people from
uncertainty by providing certainty of payment at a given contingency. The insurance
principle comes to be more and more used and useful in modern affairs. Not only does
its serve the individuals, or of special groups of individuals, it tends to pervade and to
transform our modern social orders too.
Use to Individuals
1. Insurance provides security and safety.
2. Insurance afford piece of minds.
3. Insurance protects most property.
4. Insurance eliminates dependency.
5. Life insurance encourages saving.
6. Life insurance provides profitable investment.
7. Life insurance fulfills the needs of protection.
Uses to a special group of individuals / Business
1. Uncertainty of business losses is reduced
2. Business- efficiency is increased with Insurance.
3. Enhancement of credit
4. Business continuation
5. Welfare of employees
Uses to the society
13

1. Wealth of the society is predicted

2. Economic growth of a country
3. Reduction in inflation

SCOPE OF THE STUDY

Project entitled Study on Customer Satisfaction of Insurance Products of MetLife India
Insurance Co. in Delhi helps to understand the untapped Market Potential, derive ways
for expanding the Market share and making the customer satisfied with the product and
service. Also in time to find out different ways for taking advantage of customers
long standing trust and relationship with Insurance Sector.
This project gives a clear picture of the products, service etc offered by the Company.
For a Company customer satisfaction is one of the important factors to consider
because of existence of a Company depends more on customers.

14

OBJECTIVE OF THE STUDY

In this competitive market the level of consumer satisfaction decides the success of any
product and any company. The consumers have to be targeted and the right strategy
should be implemented at the right time. This will give the desired results
The following are the objectives of the study
PRIMARY OBJECTIVE:
To assess the level of customer satisfaction for Life Insurance products of
MetLife India Insurance.
SECONDARY OBJECTIVES:
1) To assess the awareness regarding the Insurance products of MetLife India
Insurance, in Delhi.
2) To know about customer preference for Insurance Products.
3) To find out more reason for customers selecting a particular Company.

15

LIMITATIONS:
Time has been a major constraint throughout the study as it has been only for
duration of 2 months.
As this survey was restricted to Delhi this cannot be stated as an in depth
research on this subject.
Enough care is taken in formulating the questionnaire, still some errors may
creep in.
The consumer satisfation varies according to different products.
Quality verses price was not taken into the consideration.
The project is based on the interview methodology by a stured questionnaire and
the personal skills of the person undertaking the project affect the results.
Some of the customers were reluctant at motive of the Survey to give their
views.
Most of the customers were busy. Therefore, the data supplied by them may not
be exact and accurate

16

COMPANY PROFILE

17

1.3 COMPANY PROFILE

METLIFE BUILDING
THE HEADQUARTERS OF METLIFE
HISTORY OF THE ORGANIZATION
METLIFE PROFILE

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company
or MetLife for short. The firm was founded on March 24, 1868. For most of its life the
company was a mutual organization, but it went public in 2000. The company is
headquartered at 1095 Avenue of the Americas in Midtown Manhattan, New York City,
though it retains some executive offices and its board room in the MetLife Building,
which it sold in 2005

18

MetLife is the largest life insurer in the United States, with more than $3.3 trillion of
life insurance in force. A leader in savings and retirement products and services for
individuals, small business, and large institutions, MetLife serves 90 of the largest
Fortune 100 companies.
Ranked 38 on the Fortune 500 list (April 2004) MetLife insurances (MetLife) is one of
the largest, strongest and most respected financial organizations. MetLife through its'
affiliates is the number one life insurer in the U.S with approx. @2.5 trillion of life
insurance in force (as of Dec. 2002) and has been delivering reliable, high quality
service to its customers since 1868.
MetLife is a leader in group benefits that serve 88 of the top one hundred FORTUNE
500 companies, and providing benefits to 37 million employees and family members
through its sponsors in the U.S.
The MetLife companies are also ranked #1 in group life and #1 in commercial dental in
the U.S. Headquartered in New York. MetLife through its affiliates, subsidiaries and
representative offices, operates in 15 countries throughout the America, Europe and
Asia. MetLife's institutional clients have approx. 35 million employees and members.
MetLife has assets under management worth $255 billion. (FORTUNE 500 is a
registered trademark of FOURTUNE Magazine, a division of Time, Inc)

19

CORE VALUES
1) 1 We lead through innovation to offer world class and competitive products to
our customers.
2) We build long term relationships with our customers by creating a world class
service experience through operational excellence and the innovative use of
technology.
3) We create a customer centred and result focused division that inspires and has
the buy in of all our associates and has their buy-in.
4) We are committed to creating a high performance organization by creating an
environment that allows each one of our associates to perform at their peak. As a
result we will also be recognized as an employer of choice.
5) We are committed to partnering with our internal and external customers for
mutual success.
6) We work with integrity, fairness and financial prudence in all our dealings
keeping the interest of our shareholders, customers and employees paramount

20

VISION
Build financial freedom for all through leadership in providing professional
financial advice and building long term relationships through innovative protection,
accumulation and retirement products, robust underwriting processes and creating a
world-class customer service experience for our customers.
OUR MISSION
By 2010, provide 5 million customers in India world-class solutions for
financial security and in the process add significant value to our shareholders,
associates and society.

21

METLIFE INDIA INSURANCE COMPANY LIMITED

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc.

and was incorporated as a joint venture between MetLife International Holdings, Inc.,
The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private
investors. MetLife is one of the fastest growing life insurance companies in the
country. It serves its customers by offering a range of innovative products to
individuals and group customers at more than 600 locations through its bank partners
and company-owned offices. MetLife has more than 50,000 Financial Advisors, who
help customers achieve peace of mind across the length and breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in
the Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include
the number one life insurer in the United States (based on life insurance in force), with
over 140 years of experience and relationships with more than 90 of the top one
hundred FORTUNE 500 companies. The MetLife companies offer life insurance,
annuities, automobile and home insurance, retail banking and other financial services
to individuals, as well as group insurance, reinsurance and retirement and savings
products and services to corporations and other institutions.

22

MetLife is headquartered in Bangalore with officers and presence in major Indian

cities, and an additional 1000 outreach points through its channel partners. Through
our highly professional agency system, we are dedicated to helping Indian consumers
plan for their financial security through customized solutions.

FINANCIALSTRENGTH

Operating with an intense dedication to managing monetary resources for strong

business results.

INTEGRITY AND HONESTY

Conducting all business endeavors with truth, sincerity and fairness.

INNOVATION

Continuously creating and introducing new and original ideas and ways of doing
things
THE GOAL OF METLIFE
To contribute significantly to the MetLife mission of reaching 100
million customers by 2010. To help reach that goal, MetLife plan on launching
innovative products in the near future, this will act as a major differentiator
among competitors. In additions, with the launch of the new MetLife television
commercials, which is a first for our India operation, this will add greatly to
MetLife's global brand recognition. The combination of this brand and the
continued outstanding efforts will provide the fuel to drive MetLife further up
the road of success. MetLife delivers value and world-class service to customers
through its financial advisors and corporate sales representatives. The mission of
MetLife Insurance is to build financial freedom for all.

23

What is financial freedom?

It is all about securing one's future. It about approaching lifes major
milestones without any worries. True financial freedom arises from identifying
your financial capabilities, setting realistic goals based on your dreams and
aspirations and achieving them through a comprehensive plan. Most
importantly, while you set out to draw up financial plans for your life- you need
to understand that it isn't a one-time plan. The planning that goes into attaining
your financial freedom should be dynamic, since life itself is dynamic. What's
good for you today might not be next year.
During the course of your life you need to achieve your aspirations (life
owning of house), meet certain financial obligations (life educating your
children or-getting them married), ride over unforeseen contingencies and plan a
financially independent retirement phase. The Met Advice Financial Planning
could be the first step in your planning exercise.

24

MANAGEMENT TEAM

RAJESH RELAN
MANAGING DIRECTOR
Rajesh has twenty years experience in the financial services sector, of
which he has spent ten years in the Indian Life Insurance industry. Visualizing the
scope and growth, he became a part of this sunrise industry in 1999, much before
it was opened to the private players.
Over these years, he has contributed significantly through his strategic
vision to the development of the private life insurance industry in areas like
regulatory & policy formulation, product development, policyholders protection
and distribution models. He is widely recognized for the pivotal role he played
towards three different life insurance ventures in the country. In the first, he
played a critical role as a key project team member that led to the successful
formation of the JV. With the second life insurance company, a start-up, he was
one amongst the first five employees instrumental in launching and growing its
Indian operations. Finally, in his third stint he has been leading another life
insurance company MetLife, of which he is the Managing Director for India for
25

the last three and a half years. Rajesh joined MetLife India in 2006 and has
transformed the organization since then. With exceptional skills in business
strategy & planning, he has laid the foundation for MetLifes success.

26

Designations
MSVS Phanesh

Appointed Actuary

Sameer Bansal

Director- Agency

Nitish Asthana

Director- Bancassurance & Business Partnerships

Joydeep Mukherji

Chief Financial Officer

KR Anil Kumar

Director - Legal & Risk and Company Secretary

P. S. Sankaran

Director Compliance & Internal Controls

KS Raghavan

Chief Administrative Officer

Gaurav Sharma

Director - Customer Service and Operations

Shilpa Vaid

Deputy Director- Human Resources

27

PARTNERS

PRODUCTS OF MET LIFE

The plans provided by MetLife Insurance are listed below:
Protection Plans
Met Suraksha
Met Suraksha TROP
Met Suraksha Plus
Savings Plan
Met Sukh
Met Suvidha
Met Saral
Met 100
Investment Plans
Met Wealth Plus
Met Easy Plus
Met Smart Life
Met Gold Plus
Met Fortune
Child Plans
Met Bhavishya
Met Junior Endowment
Met Junior Money Back
Met Magic
28

Retirement Plans
Met Growth Super
Met Pension-Plus
Met Pension - Par
Investments Plans
Met Easy Plus
Met Wealth Plus
Met Gold Plus
Met Smart Life
Rural Plans
Met Vishwas
Met Suvidha - Rural
Health Plans
Met Health Care
Monthly Income
Monthly Income Plan

METLIFES ACHIEVEMENTS
29

 MetLife enjoyed a golden performance on May 15, 2009 (New York) - At

the

15th

Annual

FCS

Annual

Portfolio

Awards,

the

Financial

Communications
Society (FCS): four awards, all Gold trophies, plus the Best-in-Show
Multicultural award for its "South Asian Brand Television Campaign,"
created by IW Group. The award was sponsored by Forbes. MetLife also won
Gold in the new ROI category, which recognized the success of marketing
campaigns for their stated return on investment.
MetLifes corporate vision to build financial freedom for everyone guides
the companys response to peoples growing need for first-rate financial
products and services through various life stages and economic cycles.
MetLifes trusted brand, capital strength, and existing relationships with
millions of individual and institutional customers around the globe uniquely
position MetLife among its competitors.
The "everyone" in MetLifes vision took on added meaning in 2000 as the
company welcomed an important new constituency: shareholders. MetLife
transformed itself from mutual to stock ownership in April of that year
through a demutualization and initial public offering that was completed in
just 18 months after Board authorization.
The year 2001 was a true test of the qualities that define MetLife. The
companys core values, brought to life in what MetLife does every day, were
no more evident than in MetLifes response to the tragic events that shook
our nation on September 11. MetLife responded quickly. The company
served its customers, communities and employees during this difficult time.
At the same time, MetLife invested $1 billion in a broad array of publiclytraded common stocks.
In 2001, MetLife was the first insurance company to establish a financial
holding company with a nationally chartered bank. Leveraging its
30

unparalleled distribution channels, MetLife entered the retail-banking arena

with the launch of MetLife Bank, making it an easy and convenient way for
MetLifes customers to realize their financial goals.
MetLife announced in 2002 that it would be continuing its long-standing
relationship with Snoopy and the rest of the PEANUTS characters. The
company signed a new contract that would allow the characters to appear in
MetLifes domestic and international advertising for the next 10 years.
The sale of State Street Research & Management Company to Blackrock,
Inc. was announced in 2004. In line with MetLifes strategy to focus on core
business growth, the sale benefited many of the companys Individual and
Institutional Business clients who held investments through State Street
Research, as it became part of one of the largest publicly traded investment
management firms in the U.S.
The Companys stated long-term goal is to become the recognized leader
throughout the world for relationship building, connectedness and caring in
financial services in the "giant league" with over 100 million people as
MetLife customers by the year 2010.
MetLife took a major step toward realizing this goal in 2005, when it
acquired Travelers Life & Annuity and substantially all of Citigroups
international insurance businesses for $12 billion. Completed on July 1,
2005, the Travelers acquisition made MetLife the largest individual life
insurer in North America based on sales, the second largest provider of retail
annuities and the largest provider of institutional annuities.
Working Mother magazine honoured MetLife in 2005 by naming the
company one of the "100 Best Companies for Working Mothers," for the
seventh consecutive year. In 2005, the company was named to Diversity
Inc.s list of the Top 50 Companies for Diversity. In early 2006, MetLife was

31

also named to the National Association for Female Executives annual list of
Top 30 Companies for Executive Women.
In 2006, MetLife appointed C. Robert (Rob) Henrikson chairman of the
board of directors, president and chief executive officer of MetLife, Inc.
Henrikson was appointed CEO on March 1, 2006 and chairman of the board
on April 25, 2006.
Henrikson has been the architect of an aggressive growth strategy that
included double-digit organic growth, the divestiture of non-core businesses,
and an M&A strategy which resulted in market leadership in all of MetLifes
core product lines. Before it was commonly talked about, Henrikson
recognized the opportunities presented by the changing demographics in a
global marketplace and set the company on a course for continued success by
developing innovative products and services and strengthening the
companys distribution power in the U.S. and 16 markets in Asia Pacific,
Latin America and Europe.

32

Some other achievements

Largest life insurer in the US with approximately $3.4 trillion of life insurance
in force1
Serves 70 million customers and experiences the existence of over 140 years in
the industry
Ranked 39 on the FORTUNE 500 listing
Ranked 6th In Fortune Magazine 2009 List of Americas Most Admired
Companies
Named by Forbes magazine as The Best Managed Insurance Company in
America (2008)
3rd Runner up in customer loyalty survey Conducted by Business Standard &
AC Nielson in 2008.

33

METLIFE INDIA INSURANCE ON MASSIVE BRANCH EXPANSION PLANINDIA

MetLife India Insurance plans to aggressively embark on a branch expansion
programmed and is eyeing a 275-strong network pan-India by End-March, a top
company official said.

"The insurance market continues to be severely under-penetrated in India and we need

to leverage this opportunity. We plan to increase our number of branches from the
present 195 to 275 by March 2010," MetLife India Insurance's Managing Director,
RajeshRelan.
The company has, so far this fiscal, infused a capital of Rs 370crore into the company
which should suffice for present requirements, he said. The current capital base of the
company is Rs 1,950crore. The company also plans to increase the strength of its
financial advisors to over 1, 00,000 by December 2010.
INSURANCE INDUSTRY POTENTIAL
Asia is amongst the worlds largest insurance markets contributing

nearly

39% of global insurance business.

The Life Insurance Industry has grown by 27% p.a. over the last 5 years and by
about 62% in the first eleven months of 2006 -07.(Source IRDA Journal
-April2007)
Global Life Insurance Market: $1,521 billion, Global Non-Life Insurance
Market: $922 billion
India is 23rd in insurance business with 0.41% share.

34

 Out of one billion people in India, only 35 million people are covered by
insurance.

MAJOR LIFE INSURANCE COMPANIES IN INDIA

Presently there are about 18 Life Insurance companies in the country. There is about
only one public sector LIC and the rest are private sector. Although LIC has been
dominating The Life Insurance business since past few years the private players have
now started to take the momentum.
TABLE NO:A2
MARKET SHARE FOR 5 YEARS.

PLAYERS 2003-04

2004-05

2005-06 2006-

LIC

94%

87%

78%

07
74%

Private

6%

13%

22%

26%

2007-

2008-

2008
56%

2009
64%

44%

36%

Player
LIFE INSURANCE COMPANIES IN INDIA
1. Life Insurance Corporation of India
PRIVATE PLAYERS
2. Tata AIG Life Insurance Company Ltd
3. Kotak Mahindra Old Mutual Life Insurance Ltd
4. Birla Sun Life Insurance
5. ICICI Prudential Life Insurance
6. Aviva Life Insurance
7. Allianz Bajaj
8. Max New York Life Insurance
35

9. Bharti Axa Life Insurance

10. SBI Life Insurance
11. Reliance Life Insurance
12. ING Vysya Life Insurance
13. Sahara India Life Insurance
14. HDFC Standard Life Insurance
15. Shriram Group
LIFE INSURANCE CORPORATION OF INDIA

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past
records. LIC has issued over one crore policies during the current year. It has crossed
the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy
growth rate of 16.67% over the corresponding period of the previous year. From then
to now, LIC has crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business. The same motives which inspired
our forefathers to bring insurance into existence in this country inspire us at LIC to
take this message of protection to light thelamps of security in as many homes as
possible and to help the people in providing security to their families

36

TATA AIG LIFE INSURANCE CO. LTD

American International Group, Inc (AIG). Tata AIG Life combines the Tata
Groups pre-eminent leadership position in India and AIGs global presence as the
worlds leading international insurance and financial services organization. The Tata
Group holds 74 percent stake in the insurance venture with AIG holding the balance 26
percent. Tata AIG Life provides insurance solutions to individuals and corporate. Tata
AIG Life Insurance Company was licensed to operate in India on February 12, 2001
and started operations on April 1, 2001 The Tata Group is one of the Indias largest
and, most respected conglomerates. American Life Insurance (AIG), a world leader in
insurance and financial services, is the leading international insurance organization
with operations in more than 130 countries and jurisdictions.
KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE LIMITED
Kotak Mahindra is one of the Indias leading financial
conglomerates, offering complete financial solutions that encompass every sphere of
life. From commercial banking, to stock broking, to stock broking, to mutual funds, to
life insurance, to investment banking, the group caters to the financial needs of
individuals and corporate.The group has a net worth of over Rs. 5,824crores, employs
around 20,000 people in its various businesses and has a distribution network of
branches, franchisees, representative offices and satellite offices across 370 cities and
towns in India and offices in New York, London, San Francisco, Dubai, Mauritius and
Singapore. The Group services around 4.4 million customer accounts.

37

BIRLA SUN LIFE INSURANCE COMPANY LIMITED

Birla Sun Life Insurance Company Limited (BSLI) is a joint venture

between the Aditya Birla Group and the Sun Life Financial Services of Canada. It
started operations in March 2001 after receiving its registration license from IRDA in
January 1001. The Aditya Birla Group is the second largest business house in India,
with a turnover exceeding Rs. 260 billion and an asset base in excess of Rs. 180
billion. The Groups market capitalization is approximately Rs. 150 billion. It has 7
lakh investors and employees around 72,000 people.
Sun Life Financial has evolved from a single mutual fund life insurance company into
one of the most highly rated insurance and wealth management institutions in the
world. Sun Life Insurance Company of Canada, Sun Lifes primary insurance arm, is
among the largest international financial services organizations in the world, with
assets under management of over US$ 201 billion.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank one of the Indias foremost financial services companies and
prudential plc- a leading international financial services group.

38

MAX NEW YORK LIFE INSURANCE COMPANY LIMITED

Max New York Life Insurance Company Limited is a joint venture between
New York Life, a Fortune 100 company and Max India Limited, one of Indias leading
multi- business corporations. The company has positioned itself on the quality
platform. Incorporated in 2000, Max New York Life started commercial operation in
2001. In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholders funds. The
companys paid up is 1032crores.

BHARTI AXA LIFE INSURANCE COMPANY LTD.

Bharti AXA Life Insurance is a joint venture between Bharti, one of

Indias leading business groups with interests in telecom, agri business and retail,
andAXA, world leader in financial protection and wealth management. The joint
venture company has a 74% stake from Bharti and 26% stake from of AXA. The
company launched national operations in December 2006. Today, we have over 5200
employees across over 12 states in the country. Our business philosophy is built around
the promise of making people Life Confident.

39

SBI Life Insurance COMPANY LTD.

SBI Life Insurance is a joint venture between the State Bank

of India and BNP Paribas Assurance. SBI Life Insurance is registered with an
authorized capital of Rs. 1000 cores. SBI owns 74% of the total capital and BNP
Paribas Assurance the remaining 26%.
State Bank of India enjoys the largest banking franchise in India. Along with
its 7 associate Banks, SBI Group has the unrivalled strength of over 14,500 branches
across the country, arguably the largest in the world. BNP Paribas, part of the worlds
top 10 groups of banks by market value and part of Europe top 3 banking companies, is
one of the oldest foreign banks with a presence in India dating back to 1860. BNP
Paribas Assurance is the fourth largest life insurance company in France, and a worldwide leader in Creditor insurance products offering protection to over 50 million
clients. BNP Paribas Assurance operates in 42 countries mainly through the banc
assurance and partnership model.
Reliance Life Insurance COMPANY LTD.

Reliance Life Insurance Company Limited is a part of

Reliance

Capital Ltd., a part of Reliance - Anil Dhirubhai Ambani Group.

Reliance Capital is one of India's leading private sector financial services companies,
which ranks among the top 3 private sector financial services and banking companies.
Reliance Life Insurance is not only one of India's fastest growing life insurance

40

companies, but also counts among the top 4 private sector insurers. In just 2 years, the
Company has crossed the mark of 1.7 Million policies.

ING VYSYA LIFE INSURANCE

Established in India in September 2001, ING Vysya Life

Insurance Company Limited is a joint venture between Vysya Bank, which is one of
the largest private sector banks in India, and ING Insurance Co., which is the world's
second largest life insurance company. This private life insurance company has around
140 branches all over India, with head office in Bangalore. ING Vysya Life Insurance
Co. has around 3000 employees with over 21,000 sales insurance agents and brokers.
ING Vysya Life presently has around 4.5 lakh customers, and is making a total income
of Rs. 400 crore.
SAHARA INDIA LIFE INSURANCE

The Sahara Pariwars latest foray is in the field of Life

Insurance. The Pariwars life insurance company Sahara India Life Insurance
Company Ltd. - has been granted license by the insurance regulator the IRDA on 6th
February 2004. With this approval Sahara India Life Insurance Company Ltd. becomes
the first wholly and purely Indian company, without any foreign collaboration to enter
the Indian Life insurance market. The launch is with an initial paid up capital of 157
crores. The Chairman of the company is Shri Subrata Roy Sahara who is also the
Chairman of Sahara Pariwar.
41

HDFC STANDARD LIFE INSURANCE

HDFC Standard Life is a strong, financially secure business

supported by two strong and secure promoters HDFC Ltd and Standard Life. HDFC
Ltds excellent brand strength emerges from its unrelenting focus on corporate
governance, high standards of ethics and clarity of vision. Standard Life is a strong,
financially secure business and a market leader in the UK Life & Pensions sector.
SHRIRAM GROUP

Shriram Life Insurance Company is the joint venture

between the Shriram group and the Sanlam Group. The Shriram Group is one of the
largest and well-respected financial services conglomerates in India. The Groups main
line of activities in financial services include chit fund, truck financing, consumer
durable financing, stock broking, insurance broking and life insurance. The Group gas
a customer base of 30 lacs chit subscribers and investors and operates through a
network of 630 offices all over the country. The group has the largest agency force in
the Shriram Group. The Shriram Group is one of the largest and well respected
financial services conglomerates in India. Sanlam Life insurance Limited, a part of
Sanlam group,, is one of the largest providers of Life insurance in South Africa with
3.2 million individual policies under administration.

42

CANARA HSBC ORIENTAL BANK OF COMMERCE LIFE INSURANCE CO.

LTD

The Company commenced business 16th of June, 2008

after receiving requisite approvals from the Insurance Regulatory Development
Authority (IRDA). Canara HSBC Life has access to 4100 bank branches all over
India.The shareholding pattern of the Joint Venture is as follows - Canara Bank holds
51% equity, HSBC Insurance (Asia Pacific) Holdings Ltd 26% and Oriental Bank of
Commerce 23%. The Venture has an initial paid up capital of INR 325 crores, which
will

further

increase

in

line

with

ourexpansionplans.

AEGON RELIGARE LIFE INSURANCE COMPANY LIMITED

AEGON, an international life insurance, pension and

investment company, Religare, one of Indias leading integrated financial services
groups and Bennett, Coleman & company, Indias largest media house, have come
together to launch AEGON Religare Life Insurance Company Limited. This venture is
dedicated to build a firm future, both for customers and employees and will continue to
balance a local approach with the power of an expanding global operation.

.
43

STATE OF THE MARKET

India is the fifth largest general insurance market in Asia with annual premiums
of $6.3 billion in FY09
Second largest population in Asia (and the world) and an increasing middle class
population + low penetration presents tremendous opportunity
It is projected that from 2006-2026 the working class population is expected to
increase from 675.8 million to 795.5 million
21 companies operating in India:
Intense competition and strong growth between FY01 and FY08
Market continues to be dominated by public sector, though share has declined
since FY01
Large middle class population, increased awareness and income levels have
fueled growth
Currently maximum foreign partner investment is 26% - soon expected to
increase to 49%

44

The Road Ahead

Saturation of insurance markets in many developed economies has made the
Indian market more attractive for international insurance players, according to
'Booming Insurance Market in India (2008-2011). Further, according to the report,

Total life insurance premium in India is projected to grow US$ 266 billion by
2010-11

Total non-life insurance premium is expected to increase at a compound annual

growth rate (CAGR) of 25 per cent for the period spanning from 2008-09 to
2010-11

The home insurance segment is set to achieve a 100 per cent growth as financial
institutions have made home insurance obligatory for housing loan approvals

In the next three years, health insurance is poised to become the second largest
business for non-life insurers after motor insurance

45

RESEARCH AND
METHODOLOGY

46

1.4 RESEARCH METHODOLOGY

A research methodology defines what the activity of research is, how to proceed,
how to measure progress and what constitutes success.
STEPS THAT WAS TAKEN FOR THE MARKET RESEARCH:
The objective of the present study can be accomplished by conducting a
systematic Market Research. The Market Research is the systematic design, collection,
analysis and reporting of data and finding that are relevant to different Marketing
situation facing the Company.
The descriptive Research includes survey and facts finding enquiries. The major
purpose of the descriptive Research is the description of state of affairs, as it exists at
present. The main limitation of this method is that the Researcher has no control over
the variable. He can only report what has happened and what is happening.
1) DEFINE THE PROBLEM AND OBJECTIVE DESIGN
The research objective states what information is needed to solve the problem.
The objective of Research is to an opinion of existing customers both the competitors
and developing the Marketing strategies to improve the business. This Research will
also help to identify the competitors strengths and weakness, their promotional
strategies, various products and services offered by the competitor.
As customers are major assets for the company, it is important that the Company
should aware of customer satisfaction level. If the customer is not satisfied with the
present condition then they should take the correct decision. Therefore, this Research is
very helpful to the Company. This study also aims to identify who is the major player
in the Market and who is stronger.
47

2) DEVELOPING RESEARCH PLAN

Once the problem is identified, the next step to prepare the plan for getting the
information needed for the Research. The present study will adopt the exploratory
approach in which large amount of information is needed and finally getting into
conclusion.
3) RESEARCH DESIGN
A research design is a framework for conducting the Market Research. It
includes the procedures necessary for obtaining the information needed to structure or
solve Marketing Research a good Research design will ensure that the marketing
Research should conduct effectively.
Typically a research involves the following steps.

Define information needed.

Design the exploratory, descriptive, and casual phases of the Research.

Specify the measurement and scaling procedure.

Construct a questionnaire of appropriate form of data collection.

Specify the sampling procedure and sampling size.

Develop a plan for the data analysis.

The basic requirement for success in any formal Marketing Research project is a

sound Research design. A good Research design is purely the framework or plan for a
study that followed in completing a study.
Descriptive Research ,Descriptive studies are concerned with describing the
characteristics of a particular individual or group. They are undertaken in many
circumstances. There is a general feeling that descriptive studies or factual and very
simple. Descriptive study is well structured. It is necessary that the Researcher give
sufficient thought to frame the Research questions and deciding.
48

Meaning of Research
According to D. Slessinger and M. Stephenson in the Encyclopedia of social
sciences define research as the manipulation of things, concepts or symbols for the
purpose of generalizing to extend, correct or verify knowledge, whether that
knowledge aids in construction of theory or in the practice of an art.
TYPES OF RESEARCH
1. Exploratory Research,
2. Descriptive Research.

Exploratory Research:
Exploratory research studies are also termed as formulate research studies. The
main purpose of such studies in that of formulating a problem for more precise
investigation or of developing the working hypothesis forms an operational point of
view.
Descriptive Research:
Diagnostic Research studies determine the frequency with something occurs or
its association with something else.
In this project, information pertaining to customer needs satisfaction and their
demographic profile was collected; hence it is a descriptive research.
1)

Primary data:
Meaning: Primary sources of data are the data which needs the personal efforts

of collect it and which are not readily available. Primary source of data are the other
type of source through which the data was collected.

49

Following are few ways in the data was collected:

1. Questionnaires: It is the set of questions on a sheet of paper was being given to the
of fill it, bases on which the data was interpreted.

2. Direct interviewing: Direct interviewing involved the process where I asked the
questions directly to the customers and I got the feedback.
2) Secondary data:
Secondary sources are the other important sources through which the data was
collected. These are the readily available sources of the data where one had need
not put much effort to collected, because it is already been collected and part in an
elderly manner by some researcher, experts and special.
Source of Data
Primary data was obtained with the help of a structured questionnaire. The
questionnaire was administrated by personal interview with respondents. The
questionnaire used for the data collection was a structured one. The questionnaire
consists of choice, closed and open-end questions.
Secondary data refers to the information or facts are already available. The source of
secondary data journals website etc.
Form of Data Collection
Main mode used for collecting data was through Survey Method.
Sampling Technique
The technique Method is used in the study was Random Sampling.

50

Sampling Size
By using judgment random sampling technique 100 respondents are selected for the
purpose of the study.

Area of Study
Area of study was limited to Delhi.
Data Analysis
The data collected from the survey requires an accurate analysis. Therefore, this
analysis was done using Percentage Method and Pie Diagram.
Tools of Data Collection
Questionnaire was designed in accordance with the primary data needed for analysis.
Secondary data was collected from the records of Companies and Websites.
Questionnaire Design
Questionnaire contains both close ended and open ended questions. Close-ended
questions specify all possible answers and provide answers that are easier to interpret
and own words and often reveals about their thinking.
1.6 Techniques Adopted for analysis
Percentage Method
Pie Diagram
.

51

ANALYSIS AND FINDING

52

LOCATION
Particulars
Delhi
Non
Total

No. of respondents
80
20
100

Percentage
80%
20%
100%

INTERPRETATION
From the above pie chart we conclued, 80 people are from Delhi and 20 people are Not
from Delhi.

53

AGE
Particulars
20-30
30-40
40 above
Total

No. of respondents
25
50
25
100

Percentage
25%
50%
25%
100%

INTERPRETATION

54

From the above pie chart, 25 people are of age 20 to 30 and 40 above, and 50 people
are of the middle age i.e. 30-40.

GENDER
Particulars
Male
Female
Total

No. of respondents
80
20
100

Percentage
80%
20%
100%

INTERPRETATION
From the above pie chart, 80people are male and 20 people are female.

55

OCCUPATION
Particulars
Service
Business
Total

No. of respondents
75
25
100

Percentage
75%
25%
100%

INTERPRETATION

56

From the above pie chart, it is inferred that 75 people are in service sector and the rest
of people i.e. 25 people have their own business.

INCOME
Particulars
Rs 5ooo- Rs 10000
Rs 10000- Rs20000
Rrs20000 and above
Total

No. of respondents
15
20
65
100

Percentage
15%
20%
65%
100%

INTERPRETATION

57

From the above pie chart, we conclude that high income group prefers an insurance
policy i.e. 65 people have income above Rs20000 who have insurance. 20 people have
income between Rs 10000-Rs20000 and 15 people have income between Rs 5000- Rs
10000.

1) DO YOU HAVE AN INSURANCE POLICY?

Particulars
Yes
No
Total

No. of respondents
80
20
100

Percentage
75%
25%
100%

58

INTERPRETATION
From the above pie chart, it is inferred that 80% of the people have an insurance policy
and the rest of people are insured.

2) WHAT IS YOUR REASON FOR TAKING AN INSURANCE?

Particulars
Saving
Risk Coverage
Medical
Investment
Tax Rebate
Total

No. of respondents
20
13
12
20
15
80

Percentage (%)
25%
20%
18%
25%
23%
100%

Reasons for taking insurance

23%

25%

20%

25%
18%

Saving
Risk Coverage
Medical
Investment
Tax Rebate

59

INTERPRETATION
From the above pie chart, it is inferred that the investment and savings was the main
reason for customers to take insurance policy (accounted by 50% of the Customers
responses). This was followed by Tax Rebate (accounted by 23% of the Customer
Responses). Risk Coverage (accounted by 20% of the Customers Responses) and
Medical Benefit (accounted by 18% of the Customer Responses). None of the
Customers had taken insurance policy of Necessity.

3) HOW DID YOU COME TO KNOW ABOUT METLIFE?

Particulars
Insurance Advisor
Friends/Relatives
Advertisement
Other
Total

No. of respondents
48
17
11
4
80

Percentage (%)
60%
22%
14%
4%
100%

60

14%

4%

22%

60%

Insurance Advisor
Friends/Relatives
Advertisement
Others

INTERPRETATION
From the above pie chart, it is inferred that 60% of the customers came to know about
METLIFE from the Insurance Advisors, and 22% of the customers came to know from
their Friends/Relatives and the other Customers came to know from the
Advertisements and other sources.

4) WHAT IS THE FACTOR EFFECTING YOUR PURCHACES?

Particulars
Relationship with ad
Policy Plan
Trustworthy Reliablity
Total

No. of respondents
64
14
2
80

Percentage (%)
80%
18%
2%
100%

61

Factors Influencing Purchases

18%

2%
Relationship with ad
Policy plan
Trustworthy/Reliablity

80%

INTERPRETATION
It is inferred that 80% of the customers were influenced by the Relationship with the
Advisors to purchase the Policy,18% were influenced by the Policy Plan to purchase
Insurance Policy, only 2% of the customers were influenced by the Trustworthiness or
Reliability of the Company to Purchase the Insurance Policy.

5) ARE YOU HEPLED BY OUR CUSTOMER CARE DEPT.?

Particulars
Yes
No
Total

No. of respondents
56
44
80

Percentage (%)
70%
30%
100%

62

Costomercontanted by Customer
Care dept.

30%
YES
NO
70%
EMBED Excel.Chart.8 \s

INTERPRETATION
From the above graph, it is inferred that 70% of the customers says that they were
contacted by the customer care department and 30% says they are not often contacted
by the customer care department.

6) IS THE FEEBBACK FROM THE COMPANY GOOD?

Particulars
Yes
No
Total

No. of respondents
58
42
80

Percentage (%)
73%
27%
100%

63

Proper Feedback From Company

27%
YES
NO
73%

INTERPRETATION
From the above graph, it is inferred that 73% of the customers says that they were
provided with proper communications, updates and switch over details by the customer
care department and 23% of the customers says that they were not provided with
proper communications, updates and switch over details by the customer care
department.

7) ARE YOU SATISFIED BY THE SERVICE S PROVIDED BY METLIFE?

Particulars
Satisfied
Dissatisfied
Neutral
Total

No. of respondents
40
16
24
80

Percentage (%)
50%
20%
30%
100%

64

Graph showing the satisfaction level of customers for the calls & notices provided for
the payment of renewal premium.

INTERPRETATION
From the above graph, it is inferred that 30% of the customers are Neutral in their
satisfaction level, 20% of the customers are dissatisfied with the Calls and Notices
provided for the payment of renewal premium and 50% of the customers are satisfied
with the calls and notices provided for the payment of renewal premium.

8) REASON FOR TAKING POLICY WITH METLIFE.

Particulars
Low Premium
Services
Satisfaction
Additional Benefits
Total

No. of respondents
16
32
20
12
80

Percentage (%)
20%
40%
25%
15%
100%
65

15%

20%

25%
40%

Low Permium
Services
Satisfaction
Additional Benefits

INTERPRETATION
From the above graph, it is inferred that 40% of the customers will buy because of its
services, 25% of the customers will buy because they are satisfied with the company,
20% of the customers will buy because of low premium and 15% for additional
benefits.

9) HOW ARE YOUR RELATIONS WITH METLIFE?

Particulars
Excellent
Very Good
Good
Total

No. of respondents
27
33
20
80

Percentage (%)
34%
41%
25%
100%
66

Graph showing the quality of relationship METLIFE maintain with their customers

25%

34%

Excellent
Very Good
Good

41%

INTERPRETATION
From the above graph, it is inferred that 41% of the customers says that quality of
relationship METLIFE maintain with their customers is Very Good, 34% of the
customers says that quality of relationship METLIFE maintain with their customers is
Excellent and 25% of the customers says that quality of relationship METLIFE
maintain with their customers is Good.

QUALITATIVE ANALYSIS
Reasons for customers not to have purchased insurance policy from MetLife are as
given below:
1) Insufficient fund
67

2) Product choice
3) Already have policies
It is to be noted that only a few of the customers who had participated in the survey
had given the reasons for not purchasing insurance policy from MetLife.

Reasons to take Insurance Policy:

Reasons
Risk Coverage
Savings
Tax Rebate
Investments
Medical Benefit

MetLife Customers
20%
25%
23%
25%
18%

Non MetLife Customers

10%
40%
5%
17%
28%

68

From above, it is found that both MetLife and Non MetLife customers were
having similar reasons to take insurance policy. The main reason for both these profile
of customers to take insurance policy was to use it as an investment tool for their
savings. This was followed by risk coverage and tax rebate. Further, the split up s
customers across different reasons were similar for both MetLife and Non MetLife
customers.

Sources of awareness:
Reasons
Insurance Advisors
Advertisement
Friends/Relatives

MetLife Customers
60%
14%
22%

Non-MetLife Customers
51%
24%
25%

69

From above, it is found that both MetLife and Non MetLife customers got awareness
about the Company from the Insurance Advisors.

Influencing factor to purchase insurance policy:

Reasons
Relationship-with Advisor
Policy Plan
Trustworthy/Reliable

MetLife Customers
80%
18%
2%

Non MetLife Customers

45%
55%
0%

70

From above, it is found that there are 2 areas, where there is clear difference in
the influencing factors to purchase insurance policy between MetLife and non MetLife
Customers. MetLife has a clear advantage in comparison with its competitors in the
area of relationship with Advisors. On the other hand, competitors have a clear
advantage over MetLife in the area of Premium Amount. In the other words, MetLife is
able to overcome its relative Premium image through its Advisors developing good
relationship with their customers.

Contacted from customer service department:

Response
Yes
No

MetLife Customers
70%
30%

Non MetLife Customers

80%
20%

71

From above, it is found that both MetLife and Non MetLife customers have been
contacted from Customer Service. But here, Non-MetLife has a slight advantage over
MetLife.

Satisfaction level with insurance products of the companies.

Response
Satisfied
Neutral
Dissatisfied

MetLife Customers
15%
59%
26%

Non MetLife Customers

23%
72%
5%
72

From above, it is clear that MetLife has more proportion of its customers being very
satisfied with its insurance products when compared with that of the competitors. Both
the companies had equal proportion of its customers being dissatisfied and very
dissatisfied with its insurance products when compared with that of competitors.
This indicates that the customers of MetLife were more satisfied with the companys
insurance products when compared with that of its competitors.

Comparison between chance of repurchasing and chance of purchasing:

Response
Very good
Good
Fair
Poor

Chance of repurchasing Chance of purchasing

(MetLife Customers)
4%
54%
41%
1%

(Non MetLife Customers)

0%
47%
49%
4%

73

Here the researcher had made attempt to compare the chance of repurchasing MetLife
insurance policy by MetLife Customers with the chance of purchasing MetLife
insurance policy by non MetLife Customers.

Quality of relationship:
Response
Excellent
Very good
Good
Fair
Poor

MetLife Customers
34%
41%
25%
0%
0%

Non MetLife Customers

6%
52%
38%
0%
4%

74

From above, it is clear that MetLife had more proportion of its customers find quality
of relationship excellent and very good when compared with that of competitors. Also
MetLife had less proportion of its customers find quality of relationship poor when
compared with that of competitors. This indicates that the customers were rated the
companys quality of relationship more when compared with that of competitors.

75

CONCLUSION

CONCLUSION
The researcher had chosen to do the study in the insurance sector, as it is an extremely
competitive industry. Since insurance business is based on a long term relationship
with customers, it is important for the company to understand the current satisfaction
76

level of customers on its insurance products and services. This understanding will
enable the company to understand its competitive advantages areas where it needs to
make improvements.
The major objectives of this study were to assess the customer satisfaction level for
life insurance products of MetLife India Insurance. The other objectives include
assessing the awareness on the insurance products of MetLife Insurance, to
understand customer preferences for insurances products and to find reasons for
customers to select a particular company.
To arrive at the objectives, the researcher had considered two profiles of customers.
One consists of MetLife customers and the other of non MetLife customers.
Questionnaire method was used to collect relevant primary data.
In the influencing factors to purchase insurance policy between MetLife and Non
MetLife customers, MetLife has a clear advantage in comparison with its competitors
and in the areas of relationship with advisor, salaried class are found to be more
willing to take policy.
The researcher is hopeful that this project study would give some insight to MetLife
Insurance that can contribute to further establish its position in the market. Hence
MetLife has an upper hand in the market its competitors.

77

RECOMMENDATIONS

RECOMMENDATIONS

78

MetLife India Insurance is one among the most reputed players in the field of
Indian insurance sector. Based on the market study, a few suggestions are made which
may be helpful to further establish its position in the market. They are:

Emphasis can be given to the salaried class, for they are found to be more
willing to take policy.
Company can introduce new flexible schemes to target the various market
segments. In this, the company can give specific focus to tap market in the rural
areas.
Effective customer relation needs to be maintained by constant interaction with
customers.
Product explanation regarding the policy should be emphasized as it can attract
more customers.
Use of advertisement media to install confidence in the psyche of the people
that MetLife is as capable and efficient as other leading players in the insurance
sector.

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BIBILOGRAPHY

80

BIBLIOGRAPHY

Books: Insurance-Principles and practice by M.N.Mishr

Insurance theory and practice by Nalini Prave Tripathy, Prabir Pal

Websites:

www.economictimes.com
Insurance corporation of India
www.insuranceblogspot.com
www.metlifeinsurace.com
www.indiainsuranceonline.com
www.wikipedia.com
www.google.com

81

QUESTIONNAIRE

QUESTIONNAIRE
(The information furnished by the respondent is strictly for Academic purpose only)
Dear Respondent, as a part of research, a survey is taken up to study the Consumer
Behavior towards the Big Bazaar. Kindly provide the following information.
82

Name:________________________________
Location:
Delhi

Non Delhi

Age:
20-30

30-40

Service

Business

40 above

Occupation:

Gender:
Male

Female

Income for month:

Rs 5000- Rs 10000
Rs 10000- Rs 20000
Rs 20000 and Above
1) DO YOU HAVE AN INSURANCE POLICY?

Yes

No

2) WHAT IS YOUR REASON FOR TAKING AN INSURANCE?

Tax Rebate

Savings

Investment

Risk Coverage

Medical

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3) HOW DID YOU COME TO KNOW ABOUT METLIFE?

Insurance Advisor

Friends/Relative

Advertisement

Others

4) WHAT IS THE FACTOR EFFECTING YOUR PURCHACES?

Relationship with ad

Policy Plan

Trustworthy/Reliability

5) ARE YOU HEPLED BY OUR CUSTOMER CARE DEPT.?

Yes

No

6) IS THE FEEBBACK FROM THE COMPANY GOOD?

Yes

No

7) ARE YOU SATISFIED BY THE SERVICE S PROVIDED BY

a. METLIFE?

Satisfied

Dissatisfied

Neutral
8) REASON FOR TAKING POLICY WITH METLIFE.

Low Premium

Services

Additional Benefits

Satisfaction
84

9) HOW ARE YOUR RELATIONS WITH METLIFE?

Excellent

Very Good

Good

10) ANY SUGGESTIONS, HOW METLIFE CAN IMPROVE

THEIR PRODUCTS?

85