Survey on Kotak insurance .

DATA GIVES PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY’S NAME	NO.OF RESPONDENT	SHARE (%)
L.I.C.	78	78
OM KOTAK	3	3
ICICI PRUDENTIAL	10	10
SBI LIFE	7	7
HDFC	2	2
TOTAL	100	100

INTERPRETATION

78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.

DATA GIVES BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITS	NO.OF RESPONDENTS	SHARE (%)
Cover Future Uncertainty	55	55
Tax Deductions	20	20
Future Investment	25	25
TOTAL	100	100

INTERPRETATION

§  55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy.

§  Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively.

DATA PROVIDES FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS

FEATURE	NO.OF RESPONDENTS	SHARE (%)
Money Back Guarantee	15	15
Larger Risk Coverance	37	37
Easy Access to Agents	7	7
Low Premium	30	30
Company’s Reputation	11	11
TOTAL	100	100

 INTERPRETATION

§  Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all.

§  DATA PROVIDES NUMBER OF INSURANCE POLICY TYPE RESPONDENTS

POLICY TYPE	NO. OF RESPONDENTS	SHARE (%)
LIFE POLICY	75	75
NON LIFE POLICY	25	25
BOTH	45	45

INTERPRETATION

§  75% of the respondents have Life Insurance Policy while 45% have both. (The % is calculated out of 280 positive response)

DATA GIVES PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
A saving tool	81	81%
A tax saving device	74	74%
A tool to protect your family	100	100%

 

INTERPRETATION

·           81% of the respondents have perception of Insurance being a saving tool.

·           And 74% of the respondents have perception of Insurance being a tax saving device.

·           But 100% of the respondents are with the view that Insurance is a tool to protect your family.

DATA SHOWS PEOPLES HAVING INSURANCE

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Yes	70	70%
No	30	30%
Total	100	100%

INTERPRETATION

Of the sample size of 100 surveyed respondents 70% of the respondents are having Insurance policy.

·           30% of the respondents are either not having any Insurance policy at present or their policy is already matured.

·           And at present 100% of the respondents are with the view that Insurance is a tool to protect your family.

DATA SHOWS BUYING PROCESS OF THE PEOPLE       

BUYING PROCESS	NO. OF RESPONDENTS	SHARE (%)
Customer approached Insurance company/Agent	45	45%
Company/agent approached customer	55	55%
Total	100	100%

INTERPRETATION

·           45% of the respondents approached the Insurance Company / Agent.

·           Whereas, 55% of the respondents were approached by the Company /Agent.

 DATA SHOWS SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Satisfied	60	60%
Not satisfied	40	40%
Not Responded	0	0.0%
Total	100	100%

INTERPRETATION                                                                                                                  

·           60% of the respondents are more or less satisfied with their existing policy.

·           40% of the respondents are not satisfied with their existing policy.

·           In this case all of those who have taken a policy have responded.

DATA SHOWS SATISFACTION OF +RESPONDENTS WITH RESPECT TO SERVICE AGENT

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Satisfied	45	45%
Not satisfied	55	55%
Not Responded	0	0.0%
Total	100	100%

INTERPRETATION

·           45% of the respondents are satisfied with their existing service agent.

·           55% of the respondents are not satisfied with their existing insurance agent.

·           All of those who have taken a policy have responded.

DATA SHOWS NUMBER OF RESPONDENTS PAYING TAX           

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Paying tax	100	100%
Not paying tax	-	0%
Total	100	100%

INTERPRETATION

·           Of the sample size of 100 respondents, all the respondents are paying tax.

·           DATA SHOWS WHAT PEOPLE INTENT TO GAIN FROM THEIR INVESTMENT

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Saving & Returns	100	100%
Security	90	90%
Tax benefits	71	71%

                     INTERPRETATION

·           100% of the respondents intent to gain saving and returns from their investment.

·           90% of the respondent’s intent to gain security from their investments.

·           Whereas, 71.00% of the respondent’s intent to gain tax benefits from their investments.

DATA GIVES PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING INSURANCE

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
After 25 years	29	29%
After 35 years	11	11%
After 45 years	0	0%
Anytime	60	60%

INTERPRETATION

·           29% of the respondents are with the view that insurance should be bought after the age of 25 years. 

·           11% of the respondents are with the view that insurance should be buyed after the age of 35 years.

·           Whereas, 60% of the respondents are with the view that buying of insurance do not have any thing to do with age i.e. there is no age limitations. It can be purchased any time according to the need.

DATA SHOWS PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Rigid plans	67	67%
Non user friendly	30	30%
Unsatisfactory services	26	26%
Non Aggressive	35	35%
Satisfactory	24	24%
Good	11	11%
Very good	0	0%

INTERPRETATION

·           67% of the respondents have the opinion that Indian Insurance Companies have rigid plans.

·           30% feel that Indian Insurance companies are Non-user friendly.

·           26% feel that services of Indian Insurance companies are Unsatisfactory.

·           35% of the respondents are with the view that Indian Insurance companies are Non-aggressive.

·           24% of the respondents feel that products and services of Indian Insurance companies is Satisfactory.

·           Whereas only 11% feel that it is good enough.

·           And according to the data, no single person has felt that it is very good. 

DATA SHOWS WHAT PEOPLE WOULD LOOK FOR IN AN INSURANCE COMPANY

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
A trusted name	82	82%
Friendly service & responsiveness	71	71%
Good plans	81	81%
Accessibility	50	50%

INTERPRETATION

·           82% customers look for a trusted name in a company for insurance.

·           81% customers look for a good plan in a company for insurance.

·           Friendly service & responsiveness and Accessibility are also important factors looked by customers in a company.

DATA SHOWS PEOPLE PLANNING FOR NEW INVESTMENTS.

           

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Planning	87	87%
Not planning	13	13%
Total	100	100%

INTERPRETATION                                                                                             

·           Only 13%of the customers contacted are not planning for new investments presently.

·           Whereas, 87% of the customers are still planning for new investments this can be a great potential for Kotak Life Insurance to take them on their favor.

DATA SHOWS PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Yes	43	43%
No	44	44%
Uncertain	13	13%
Total	100	100%

INTERPRETATION

·           The interested customers i.e. 43% are ready to go for insurance even away from a city if services and products are worthwhile, which again is a good prospect (potential) for Kotak Life Insurance to take them on their favor.

DATA SHOWS PERCENTAGE OF PEOPLE SURFING INTERNET                        

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Surf net	82	82%
Do not surf net	18	18%
Total	100	100%

INTERPRETATION

82% of the customers surveyed generally surf net.

DATA SHOWS PERCENTAGE OF PEOPLE USING NET FOR INFORMATION & DECISION MAKING

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Yes	72	72%
No	28	28%
Total	100	100%

INTERPRETATION

72% of the customer survey takes help of Internet for valuable information & decision-making. This shows the importance of Internet in decision-making process

DATA SHOWS PEOPLE INTERESTED IN TAKING HELP OF INTERNET TO MAKE A DECISION FOR INSURANCE PLAN

RESPONSE	NO. OF RESPONDENTS	SHARE (%)
Interested	82	82%
Not interested	12	12%
Uncertain	6	6%
Total	100	100%

INTREPRETATION

·           82% of the customer survey is interested for taking help of Internet to make a decision for an insurance plan. This shows the essentiality of insurance information through Internet.