SUMMER TRAINING REPORT

ON
“A STUDY ON CUSTOMER RELATIONSHIP
MANAGEMENT
IN PNB METLIFE INSURANCE LIMITED”

Submitted in partial fulfillment of the Requirements for the

Post Graduate Diploma in Management (PGDM)

Session: 2019-2021

SUBMITTED TO: SUBMITTED BY:

CMA (Dr.) MAMTA SHAH ANKSHIT SINGHAL
(Assistant Professor) PGDM. (2019-2021)
Roll No.:7090

GURU NANAK INSTITUTE OF MANAGEMENT

ROAD NO. 75, PUNJABI BAGH, NEW DELHI
(APPROVED BY AICTE, MINISTRY OF HRD GOVT. OF INDIA)

[1]
 ACKNOWLEDGEMENT

The present work is an effort to throw some light on “A Study on Customer Relationship Management in
PNB Metlife Insurance Company Limited” The work would not have been possible to come to the present
shape without the able guidance, supervision and help to me by number of people.
This thesis is great source of learning, a good experience as it made me aware of professional culture
and conducts that exist in the industry.
Though at the onset of any ambitious thesis one always encounters certain difficulties in the
beginning, however, overcoming these difficulties, completing the thesis as well as making it a success
greatly depends on the encouragement, inspiration. For completion of this thesis various people have put lot
of efforts.
With deep sense of gratitude I acknowledged the encouragement and guidance received by CMA (Dr.)
Mamta Shah (Assistant Professor). GNIM Punjabi Bagh, New Delhi, who helped and supported me
during the course, for completion of my project.

CMA (Dr.) Mamta Shah Ankshit Singhal

PGDM (2019-2021)
Roll No.:7090

[2]
 DECLARATION

I, Ankshit Singhal, declare that the project In the Fulfillment of Post Graduate Diploma in Management entitled
“A Study on Customer Relationship Management in PNB Metlife Insurance Limited” is completed and submitted
by me to Guru Nanak Institute of Management, Punjabi Bagh, New Delhi and under overall supervision of CMA
(Dr.) Mamta Shah, Assistant Professor, GURU NANAK INSTITUTE OF MANAGEMENT.

Name: Ankshit
PGDM (2019-2021)
Roll No.: 7090

[3]
[4]
 TABLE OF CONTENTS

TITLE

Introduction of the topic 6-13

Research Methodology 14-18

Scope of Study 15

Objectives of Study 16

Research Design and methodology 18

Literature Review 19-22

Data Analysis & Interpretation 23-43

Findings and Recommendations 44-45

Conclusion 46

ANNEXURE

BIBLIOGRAPHY

[5]
INTRODUCTION OF THE TOPIC

[6]
 INDUSTRY PROFILE
INSURANCE

Insurance may be described as a social device to reduce or eliminate risk of loss to life and property.
Under the plan of insurance, a large number of people associate themselves by sharing risks attached to
individuals. The risks which can be insured against include fire, the perils of sea, death and accidents and
burglary. Any risk contingent upon these, may be insured against at a premium commensurate with the
risk involved. Thus collective bearing of risk is insurance.

CHARACTERISTICS OF INSURANCE
1. Sharing of risks

2. Cooperative device

3. Evaluation of risk

4. Payment on happening of a special event

5. The amount of payment depends on the nature of losses incurred.

HISTORY OF INDIAN INSURANCE

Insurance has a long history in India. Life Insurance in its current form was introduced in 1818 when
Oriental Life Insurance Company began its operations in India. General Insurance was however a
comparatively late entrant in 1850 when Triton Insurance company set up its base in Kolkata.

History of Insurance in India can be broadly bifurcated into three eras:

a. Pre Nationalization

b. Nationalization and

c. Post Nationalization

[7]
Life Insurance was the first to be nationalized in 1956. Consolidating the
operations of various insurance companies formed Life Insurance Corporation
of India. General Insurance followed suit and was nationalized in 1973. General
Insurance Corporation of India was set up as the controlling body with New
India, United India, National and Oriental as its subsidiaries. The process of
opening up the insurance sector was initiated against the background of
Economic Reform process, which commenced from 1991.

For this purpose Malhotra Committee was formed during this year who
submitted their report in 1994 and Insurance Regulatory Development Act
(IRDA) was passed in 1999. Resultantly Indian Insurance was opened for private
companies and Private Insurance Company effectively started operations from
2001.

FIGURE - - I Market share of Indian Life insurance companies

INSURANCE MARKET- PRESENT

The insurance sector was opened up for private participation a decade back. For
years now, the private players are active in the liberalized environment. The
insurance market has witnessed dynamic changes, which include presence of a
fairly large number of insurers both life, and non- life segment. Most of the
private insurance companies have formed joint venture partnering well-
recognized

[8]
foreign players across the globe.

The Indian life insurance market generated total revenues of $41.36 billion in
2007, thus representing a compound annual growth rate (CAGR) of 11.84% for
the period spanning 2000- 2007. Life insurance market had a growth of $22.46
billion within a period of 7 years with a growth rate of 118.24%. Estimated life
premiums rose to INR 1,470,800 million ($36.77 billion) in 2006 from INR
1,301,540million ($32.54billion) in 2005. We envisage that life premiums in
2011 will be $65.96 billion, a growth larger than they were in 2007. The
performance of the market is forecast to accelerate, with an anticipated CAGR
of 9.78% for the four-year period 2007-2011 expected to drive the market to a
value of $65.96 billion by the end of 2011. There would be a growth of $24.6
billion i.e. 59.48% in the next 4 years. Non-life premiums in India were $6.53
billion in 2007. Gross written premium (GWP) in the Indian non-life insurance
market reached a value of $5.75 billion in 2006, this representing an annual
growth of 13.55% for the period spanning 2006-2007. Estimated non-life
premiums rose from INR230 billion ($5.75 billion) in 2006 to INR261 billion

($6.53 billion) in 2007. We anticipate that non-life premiums will grow by a

CAGR of 9.40% between 2007-2011. We are looking for non-life premiums to
rise by $405 million over the five years to the end of 2011 with a growth rate of
62.02%.

FIGURE - - II The trend of Indian Insurance Industry ($Bn) 2000-2011

[9]
CUSTOMER RELATIONSHIP MANAGEMENT

Changes in customer expectations can be identified throughout the world.

Customer relationship management (CRM) strategies have become increasingly
important worldwide due to these changes in expectations from customers as
well as changes in the nature of markets. Changes have been noted across the
world, but opportunities present themselves in South Africa and other developing
countries for CRM strategies. Customer Relationship Management (CRM) is a
managerial philosophy that seeks to build long term relationships with
customers. CRM can be defined as “the development and maintenance of
mutually beneficial long-term relationships with strategically significant
customers”. Under certain circumstances it may result in the termination of
relationships. It can also be noted that the relationship is developed with
strategically significant customers, and hence it is necessary for the organization
to determine the nature of the significance. Traditionally this would be done by
determining the value of the customer to the organization, but other criteria that
can be used include whether a customer serves as a benchmark for other
customers or whether the customer inspires change in the supplier.

The implementation of CRM is regarded as desirable by organizations due to

the benefits that accrue from these strategies among their customers, such as
greater loyalty and resulting profits. The focus of a CRM strategy is the
acquisition, retention and overall customer profitability of the specific group of
customers.

• Acquisition of customers: This refers to the need of organization to find

new customers for their products. This means they are required to develop
strategies to attract potential customers to purchase the product. The cost of
attracting a new customer is estimated to be five times the cost of keeping a
current customer happy.

• Retention of customers: Organizations also need to focus on existing

customers in order to ensure that they continue purchasing and continue

[10]
 supporting the product. Organizations can increase their profitability by between
20% and 125% if they boost their customer retention rate by 5 percent.

• Profitability: Customer profitability reflects the financial performance of

customers with respect to all the costs associated with a transaction. Profitability
in the case of CRM is determined in the light of the lifetime value of the customer
to the organization, taking account the income and expenses associated with each
customer and their respective transactions over time.

In attempting to understand the implementation of CRM programmes, it must be

borne in mind that economies differ in terms of their level of development. Two
economic criteria can be used in this economic analysis - population size and
per capita income have been incorporated into the calculation of per capita GNP
and per capital GDP. This analysis makes it possible to categorize economies as
being Developed, Developing and Less-Developed.

Developed economies are characterized by political stability, highly-educated

and literate populations, high levels of innovation and entrepreneurship as well
as high levels of both industrial and information technology.

Less-developed economies (such as Bulgaria, Bangladesh and Ethiopia) have

political instability (sometimes political anarchy), government inefficiency, low
standards of living and low levels of economic wealth.

An emerging market (or developing economy) is defined as markets that are

in the process of evolving to becoming developed (i.e. higher income).

Developing economies have the following characteristics:

• Improving educational standards, literacy and work skills levels

• Relatively efficient technology systems

• Relative political stability and a movement towards market-based economies

[11]
The characteristics of developing economies as listed above form part of the
imperatives for the implementation of CRM. CRM includes the use of
technology in the building of databases and the use thereof to develop and
improve the relationship with the various markets, including the final consumer.
In order to exploit this technology, skills among staff are required. Organizations
within developing markets have customer information in databases, though many
do not have the advanced technology or skills to exploit the information that is
stored. This indicates that CRM can be used within developing markets, though
organizations will still be required to manage its implementation with care.

The answer to this question has to be no. The reason for this is that not all
organizations have customer information, which makes the implementation of
CRM impossible. Examples of these products include mass products. Further,
businesses where there is a high customer churn (where customers remove their
patronage) or where there is a low Customer Lifetime Value (CLV) which
impacts on the profitability of the organization is not suitable to the
implementation of CRM. These are true, irrespective of the nature of the
economic development within markets. It can thus be said that CRM is
appropriate for certain organizations in emerging markets. Organizations that can
implement CRM successfully are those that have a great deal of information
concerning the customer and where there are differentiated needs among the
customers. Financial services meet the criteria for the implementation of CRM.
Financial institutions have a great deal of information concerning their customers
and their needs differ. This means that banks offer different products to different
customers. Some customers require a mortgage bond in addition to their current
account and credit card, while for other customers, vehicle financing is more
important. The financial circumstances of customers differ, resulting in different
packages being offered to customers. It is also possible for financial institutions
to tailor their packages thereby making them customer specific.

[12]
 COMPANY PROFILE

i. Name of Organization (Full name, registered address and website)

Name: PNB Metlife Insurance

Head Office

Plot No.23, 3rd Floor, Part-I,

Parmesh Business Centre II,
Community Centre-5, E-11,
New Delhi, Delhi 110092
Phone: 080 – 66006969 / 26438638
Fax : 080-22421970
Pin: 110001

Registered Office

S-214, 215, 216, 2nd Floor, King’s Mall Plot No. 1B1,
Twin District Centre, Sector-10
Near Rohini West Metro Station,
Rohini- 110085,
New Delhi, Delhi 110085
Phone: 1800-425-69-69
Fax: 2572748
Pin: 110085

Headquarters: Hong Kong

Financial Highlights Fiscal Year End:
Revenue (2010): 52717.00 Million
Revenue Growth (1 yr): 28.40%

[13]
Objective and Methodology

[14]
Introduction

The system of collecting data for research projects is known as research

methodology. The data may be collected for either theoretical or practical research
for example management research may be strategically conceptualized along with
operational planning methods and change management. Research methodology is to
describe how to gather information (method) this can be survey interview, litterateur
review etc. And then explain each method what are they, what are the method. Some
important factors in research methodology of measure most of your work is finished
by the time you finish the analysis of data. Formulation of research questions along
with sampling weather probable or non-probable is followed by measurement that
includes surveys and scaling. This is followed by research design, which may be
either experimental or quasi-experimental. Methodology includes a philosophically
coherent collection of theories, concepts or ideas as they relate to a particular
discipline or field of inquiry.

PURPOSE

The project is being done as a part of summer internship program of GURU

NANAK INSTITUTE OF MANAGEMENT, DELHI. The completion of the
project is a partial fulfillment requirement for being awarded the Post Graduate
Diploma in Management from the college.

SCOPE OF THE STUDY

This study aims to know the consumer mind set and perception towards various
insurance policies. The analysis is based on the empirical data collected from the
Delhi city. The study also aims to discuss in detail the various strategies adopted by
different companies providing intangible services to know how they are maintain
long term relationship with their customers and implement that strategy in PNB
Metlife India Insurance Ltd.

[15]
OBJECTIVE OF THE PROJECT

To maintain Relationship of PNB Metlife India Insurance Ltd.

with the customers.

To know about the strategy adopted by different companies which provide

intangible services and implementing that strategy in PNB Metlife.

Features which the people consider the most while taking any insurance policy
and work on to strengthen that feature.

Segmenting the customers on the basis of their expectations.

[16]
Method of Data Presentation

Any research finally leads to a result, which would be analyzed, from the data that
have been received by the researcher. Data analysis is meant to be the most
sensitive part of any research work. On achieving this various methods can be
adopted there are three different methods using for data analysis such as univariate
statistic.
The univariate analysis consist of mean, standard deviation, percentage etc.
although the mean most commonly seen representation of central tendency and the
stranded deviation takes into account each observation’s distance from the mean.
The obtained data were presented through table based on the percentage of the
respondents and were analysis through spread sheet under the univariate measures
such as mean, standard deviation.

[17]
Sampling Method:

The data collection was done from a sample of existing PNB Metlife customers.
Sample Size = 100

The sample consisted of existing PNB Metlife customers from different locations of
India. Thus, stratified sampling method was used. The customers were grouped into
separate strata based on their location. Each stratum was then sampled as an
independent sub-population, out of which individual elements were randomly
selected. This implies that Simple Random Sampling was used for each stratum.

Method of Data Collection: After the data analysis, it must be evaluate to get the
decision. The likert’s scale is given 1-3 to each statement in the questionnaires.

1) Agree 2) Neutral 3) Disagree.

Personal Information: The research is to identify the customer retention in PNB

Metlife India Insurance Ltd in Delhi branch. Retaining the customer is based on the
customer satisfaction. Age, sex, civil status, education level, occupation, income also
decide the satisfaction.

[18]
LITERATURE REVIEW

[19]
 REVIEW OF LITERATURE

Shantilal Sarupria (1963) in the study captioned “Individual Savings in an under

Development Economy-India-A Case Study” has made an attempt to disprove
certain widely held views about the individuals‘ savings behaviour in an under
developed country like India and suggested the ways of potential savings which
could be mobilized for investment. It was regrettably contended that a large
section of our population held the savings in the form of gold, landed property and
other unproductive assets.
The National Council of Applied Economic Research (NCAER) conducted a
survey of households (1964)2 entitled “Attitude Towards and Motivations for
Savings”. The survey covered a sample of 4650 households spread over India. It
provides an insight into the attitude towards and motivations for savings of
individuals. One of the important finding was that the investment in securities was
preferred by the high income households.

Stern P. Walter (1969) in his study “The Investment scene – An overview”

identified the two broad styles of investing that are emerging; firstly the ―Guns
Lingers‖ – the aggressive investor, who feels that he can identify changes before
they invest and capitalise on it. He is identifiable, he is young, he is able, he is
arrogant, and he deals in concepts, not in price earnings ratio. He is opportunity
oriented‖ and he checks out every idea you present to him before he acts. He wants
freedom to act quickly, secondly the ―Serious long term investor‖, basically
interested in earnings trend, concepts relating to area of long term growth and
fundamental work. He is fewer concepts oriented and is more profit earnings ratio
oriented.

[20]
 Stovic Paul (1972) in his study entitled “Psychological Study of Human
Judgement: Implications for Investment Decision Making” examined the use of
psychological approach in the field of financial decision making. According to him
many decisions were made not by individuals but by groups. The ultimate finding
was that decisions made by groups were riskier than the average of the individual
member‘s decision.

Fama (1972) in the study titled “Components of Investment Performance”

analysed the Investment and introduced two terms ―Selecting‖ and ―Timing‖
which were more important compared to risk and return. Further, he suggest
methods for measuring the efforts of foregone diversification when an investment
manager decides to concentrate his holdings in which he thinks that there are only
a few winners. Eventually he was successful in presenting a multi period model
that allowed evaluation both on period by period and on a cumulative basis.

Lease Ronald et al (1974) carried out a study entitled “The Individual Investor
Attributes and Attitude” studied the demographic characteristics, investment
strategy patterns, informative sources, assets holdings, market attitudes and
perception of investors. The study also analysed the records of portfolio position
and realised investment returns of the group. The samples of the study which
comprise 990 investors stratified according to the geographical distribution of all
the American shareholders as reported by the ―New York Stock Exchange‖ were
surveyed. The data for the study were collected through a questionnaire and it was
processed with the help of a cluster analysis and automotive interaction detection
analysis. The study revealed that there was a significant positive correlation
between.
a) Individual income and total wealth

b) Age and percentage of portfolio invested in income securities

[21]
Lewellen Wilbur.G et.al. (1977) in their study “Pattern of Investment Strategy
and Behaviours among Individual Investors” ascertained the portfolio decision
process of individual equity investors. Data was collected from 972 individual
investors residing in the
U.S. The result shows that age has a strong influence on the portfolio goals of the
Investors. Older Investors have interest in long term capital gains and young
investors have a desire for short-term capital gains. Age and risk taking
propensities were found to be inversely related. The study concluded that the
women investors were found to be broker reliant unlike men.

James R.F. Gay (1978) in his article “The performance of the British Investment
Trust Industry” evaluated the risk adjusted performance of the UK Investment
Trusts through the applications of the Sharpe and Jensen measure. The study
concluded that no trust had exhibited superior performance compared to the
London Stock Exchange Index.

[22]
DATA COLLECTION, ANALYSIS
& INTERPRETATION

[23]
Analysis:

A1. Age Distribution

AGE DISTRIBUTION PERCENTAGE

17-35 YEARS 73%

35-50 YEARS 15%

OVER 50 YEARS 12%

AGE DISTRIBUTION (PERCENTAGE)

17-35 YEARS
35-50 YEARS
OVER 50 YEARS

[24]
A2. Gender

GENDER PERCENTAGE

MALE 78%

FEMALE 22%

GENDER PERCENTAGE

MALE
FEMALE

[25]
A3. Marital status

MARITAL STATUS PERCENTAGE

SINGLE 37%
MARRIED 63%

MARITAL STATUS PERCENTAGE

SINGLE
MARRIED

[26]
A4. Educational Qualification

QUALIFICATION PERCENTAGE
U.G. DEGREE HOLDER 29%
P.G. DEGREE HOLDER 71%

QUALIFICATION PERCENTAGE

U.G. DEGREE HOLDER

P.G. DEGREE HOLDER

[27]
A5. Income

INCOME RANGE (PER MONTH) PERCENTAGE

10000-25000 24%
25000-45000 48%
ABOVE 50000 28%

MONTHLY INCOME RANGE PERCENTAGE

10000-25000
25000-45000
ABOVE 50000

[28]
PART B: A6.
CUSTOMER SATISFACTION PERCENTAGE
AGREE 40%
NEUTRAL 8%
DISAGREE 52%

CUSTOMER SATISFACTION PERCENTAGE

AGREE
NEUTRAL
DISAGREE

[29]
A7.

FAST CONCERN RESOLUTION PERCENTAGE

AGREE 45%
NEUTRAL 15%
DISAGREE 40%

FAST CONCERN RESOLUTION

AGREE
NEUTRAL
DISAGREE

[30]
A8.

SATISFIED WITH INSURANCE PERCENTAGE

FEATURES AND BENEFITS
AGREE 30%
NEUTRAL 10%
DISAGREE 60%

SATISFIED WITH INSURANCE FEATURES AND

BENEFITS

AGREE
NEUTRAL
DISAGREE

[31]
A9(a).

CUSTOMER SERVICE PERCENTAGE

REPRESENTATIVE WAS VERY
COURTEOUS
AGREE 82%
NEUTRAL 8%
DISAGREE 10%

CUSTOMER SERVICE REPRESENTATIVE WAS VERY

COURTEOUS

AGREE
NEUTRAL
DISAGREE

[32]
A9(b).

CUSTOMER SERVICE PERCENTAGE

REPRESENTATIVE HANDLED
YOUR CALL QUICKLY
AGREE 55%
NEUTRAL 5%
DISAGREE 40%

CUSTOMER SERVICE REPRESENTATIVE HANDLED

YOUR CALL QUICKLY

AGREE
NEUTRAL
DISAGREE

[33]
A9(c).

CUSTOMER SERVICE PERCENTAGE

REPRESENTATIVE WAS
KNOWLEDGEABLE
AGREE 60%
NEUTRAL 7%
DISAGREE 33%

CUSTOMER SERVICE REPRESENTATIVE WAS

KNOWLEDGEABLE

AGREE
NEUTRAL
DISAGREE

[34]
A10.

THE POLICY PLANS OF PNB PERCENTAGE

METLIFE COMPANY PROVIDE
HIGHEST BENEFITS FOR YOU?
AGREE 30%
NEUTRAL 15%
DISAGREE 55%

THE POLICY PLANS OF PNB METLIFE COMPANY

PROVIDE HIGHEST BENEFITS FOR YOU?

AGREE
NEUTRAL
DISAGREE

[35]
A11.

EASILY UNDERSTANDABLE? PERCENTAGE

AGREE 70%
NEUTRAL 8%
DISAGREE 22%

EASILY UNDERSTANDABLE?

AGREE
NEUTRAL
DISAGREE

[36]
A12.

IS THE PREMIUM PAYMENT MODE PERCENTAGE

OF PNB METLIFE INSURANCE IS
EASY?
AGREE 80%
NEUTRAL 5%
DISAGREE 15%

IS THE PREMIUM PAYMENT MODE OF PNB METLIFE

INSURANCE IS EASY?

AGREE
NEUTRAL
DISAGREE

[37]
A13.

LONG TIME CUSTOMER RELATION PERCENTAGE

AGREE 26%
NEUTRAL 15%
DISAGREE 59%

LONG TIME CUSTOMER RELATION

AGREE
NEUTRAL
DISAGREE

[38]
A14.

DO YOU RECOMMEND PNB PERCENTAGE

METLIFE INSURANCE COMPANY
TO YOUR FRIENDS?
AGREE 45%
NEUTRAL 8%
DISAGREE 47%

DO YOU RECOMMEND PNB METLIFE INSURANCE

POLICY TO YOUR FRIENDS?

AGREE
NEUTRAL
DISAGREE

[39]
A15.

INFLUENCE OF FRIENDS FOR PNB PERCENTAGE

METLIFE INSURANCE?
AGREE 56%
NEUTRAL 4%
DISAGREE 40%

INFLUENCE OF FRIENDS FOR PNB METLIFE

INSURANCE?

AGREE

40% NEUTRAL
DISAGREE
56%

4%

[40]
A16.

ANOTHER INSURANCE POLICY IN PERCENTAGE

PNB METLIFE IN FUTURE
AGREE 42%
NEUTRAL 9%
DISAGREE 49%

ANOTHER INSURANCE POLICY IN PNB METLIFE IN

FUTURE

AGREE
NEUTRAL
42%
49% DISAGREE

9%

[41]
 INTERPRETATION

The target group is between 17-35 years of age and from middle income group

Problems/Threats to Customer Retention:

• Over 50% of the sample of existing customer base is dissatisfied with the PNB
Metlife Insurance policies
• 59% of the sample do not wish to continue long time customer relation with PNB
Metlife. This implies that the customer retention ability currently is poor.
• 47% of the sample does not recommend PNB Metlife Insurance policies to others
over competitors’ policies. This indicates poor word of mouth and customer
dissatisfaction.
• 49% of the sample disagreed to take another insurance policy in future. This is
another indication of customer dissatisfaction.

Strengths:

• Customer Service Representative

o Good behaviour
o Knowledgeable
o Efficient in handling service calls
• Policy terms and conditions are easily understandable to the customers
• Easy and convenient premium payment mode

Weaknesses:

• Concern resolution speed is slow

• 60% of the sample dissatisfied with the insurance policy features and benefits
• 55% of the sample did not rate PNB Metlife policy to be best in the market

[42]
 FINDINGS AND
RECOMMENDATIONS

[43]
 FINDINGS

1. Even though the sales officers and advisors provide sufficient information to
customers, while selling the product some of the customers feel that they had not
received sufficient information. Information was rather complex, rest of the
respondents feel that the information provided was less.

2. Found that PNB Metlife Insurance has large variety of products in its portfolio,
it is observed that many of the customer feel that the product purchased by them and
their needs are not matching.

3. Most of the advisors do not prepare themselves for the sales call; in turn they
may not perform better at the call of the customer. They do not provide adequate help
to the customers and they just try to avoid it and refer it to the higher officials.

4. Due to lack of the effective training, most of the advisors were not able to
handle the customer properly, and may not solve the customer’s queries

[44]
 RECOMMENDATIONS

The PNB Metlife Insurance company in Delhi branch has to take some action to
have customers for long time.

i. Free some amount of premium on continuous purchase.

ii. Give some gifts which must satisfy the needs of the customers.
iii. Establish membership cards and membership programs
iv. Frequent buyer programs which permit customers to build up fair play
v. Databases that keep track of customer’s purchases, preferences, complements and
complaints, which are used to carry out loyalty building services and dialogs.
vi. Integrated marketing programs where the advertising, direct communications,
customer service, database marketing and sales programs are all orchestrated
together and designed to build loyalty.

[45]
 CONCLUSION

The data were collected from the customer’s response of the PNB Metlife
Insurance Company Limited Delhi branch. Based on the percentage of the
customers 100 sample size was collected. The age, gender, marital statuses,
educational qualification, occupation, monthly income, were analyzed as personal
information in the questionnaire. According to the collected personal information,
most of the sample customers were young age, single, educated, middle income
customers who got insurance. According to the research, it is analyzed that people
consider life insurance as a tool which covers life risk and also an investment plan.
Another inspiring trend was in terms of people viewing insurance as a tax saving
and investment instrument. A lot of respondents have opted for insurance for such
purposes and it shows how insurance companies have been successful to attract
public money in recent times.
The general satisfaction levels among public with regards to policy and agents still
requires improvement. But therein lies the opportunity for a relative player like
PNB MetLife Insurance Co. Ltd. LIC has never been known for punctual service or
customer oriented methods and PNB MetLife Insurance Co. can build on these
factors.

[46]
 ANNEXURES

Questionnaire:

Good morning. I am Ankshit from PNB Metlife one of the leading

wealthsurance solution provider in India. Do you have a moment to talk? I
work extensively in the area of proving future financial planning solution to
people. My expertise includes planning for your family’s financial security,
your children’s education, marriage or your personal retirement. The reason
why I called you today is to get your idea and feedback about PNB Metlife can
I continue?

Part A: Personal Details

1. Is your age:

a) 17-35 years

b) 35-50 years

c) Over 50 years

2. Gender:

a) Male

b) Female

[47]
 3. Marital status

a) Single

b) Married

4. Education qualification

a) UG degree holder

b) PG degree holder

5. Monthly income

a) Rs 10000-25000

b) Rs 25000-45000

c) Above Rs 50000

Part B: Research Details

Evaluate the statement on the basis of the point given below 1. Agree 2.
Neutral 3. Disagree

6. In thinking about the recent experience with PNB Metlife Insurance, rate the
satisfaction with the customer service received by you?

7. The process for getting your concerns resolved is fast?

8. Please think about the features and the benefits of the insurance you took. Are
you satisfied with the insurance?

[48]
 9. Customer service Representative Pertain to the customer service representative
you spoke with most recently please indicate whether you agree or disagree or
none to the following statements

a.) The customer service representative was very courteous

b.) The customer service representative handled your call quickly

c.) The customer service representative was knowledgeable

10. The policy plans of PNB Metlife Company provide highest benefits for
you?

11. The insurance plans policy and procedure of PNB Metlife Company are
understandable easily?

12. Is the premium payment mode of PNB Metlife Insurance is easy?

13. Do you like work or held the relationship between you and PNB Metlife
Company for long time?

14. Do you recommend PNB Metlife Company to your friends?

15. You insure in PNB Metlife because friends insisted?

16. Would you like to have another insure policy in PNB Metlife in future?

Thanks a lot for your response Have a nice day!

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 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

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