1

PROJECT REPORT ON

“A STUDY ON CUSTOMER SATISFACTION TOWARDS GENERAL

INSURANCE”

A CASE STUDY OF BAREILLY CITY

Submitted For

THE PARTIAL FULLFILLMENT OF THE AWARD OF DEGREE OF

MASTER OF BUSINESS ADMINISTRATON (MBA)

TO

MAHATMA JYOTIBA PHULE ROHILKHAND UNIVERSITY, BAREILLY

Submitted to: Submitted By:

PROF. A.K SARKAR TANUJA MISHRA

MBA(GENERAL)4TH SEMESTER

ROLL NO - 8409011623
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CERTIFICATE

This is to certify that Tanuja Mishra d/o Farendra Mishra , a student of MBA IV Semester has
completed her Research project titled ‘‘CUSTOMER SATISFACTION TOWARDS
GENERAL INSURANCE’’ assigned by MBA Department under my supervision .

It is further certified that she has personally prepared this report that is the result of her personal
survey / observation . It is of the standard expected to MBA Student.

Hence therefore it is being recommended for evaluation.

HEAD OF DEPARTMENT
SUPERVISOR
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DECLARATION

I Tanuja Mishra, a student of MAHATMA JYOTIBA PHULE ROHILKHAND UNIVERSITY

,BAREILLY hereby declare that this Project Report entitled “Customer satisfaction towards
General insurance” is a bonafide work done by me for the award of degree of Master of
Business Administration, submitted to MJP Rohilkhand University, Bareilly. The results
embodied in this thesis have not been submitted to any other University or Institution for the
award of any degree/diploma certificate or published any time before.

TANUJA MISHRA

MBA(GENERAL)4TH SEMESTER

ROLL NO - 8409011623
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ACKNOWLEDGEMENT

It is a great pleasure and honor to express my deep sense to Prof. P.B. SINGH, Head of the
Department, for allowing me to work in the field of interest.

I would like to express my sincere thanks to the guide Prof. A.K. SARKAR for his constant
guidance and endeavor help and cooperation in completion of this project.

I express my deep sense to my all faculty member and co-guide Mr. Rahul Kumar who in spite
of their busy schedule extended their valuable advice , constant encouragement and construction
suggestion whenever required.

There are no words to pay regards to my parents and family member, friends who took so many
difficulties to bring me to this stage . Without their love and blessing I could not have
accomplished this task.

Above all, I thank almighty for giving me patience and strength to overcome the difficulties ,
which crossed my way in accomplishment of his Endeavour.

TANUJA MISHRA

MBA (GENERAL) 4TH SEMESTER

ROLL NO. 8409011623

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TABLE OF CONTENT

Pg. No.
PARTICULARS

CHAPTER 1 (INTRODUCTION TO CONCEPT)

1.1 CONSUMER 7
1.2 CONSUMER SATISFACTION 7
1.3 INSURANCE SECTOR IN INDIA 8
1.4 LIFE INSURANCE SECTOR IN INDIA 9
1.5 GENERAL INSURANCE SECTOR IN INDIA 12
1.6 TYPES OF GENERAL INSURANCE 16

CHAPTER 2 (INDUSTRY PROFILE)

PUBLIC SECTOR SUBSIDIARIES
2.1 ORIENTAL INSURANCE COMPANY 23
2.2 THE NEW INDIA INSURANCE COMPANY 25
2.3 THE NATIONAL INSURANCE COMPANY 25
2.4 UNITED INDIAN INSURANCE COMPANY 26
PRIVATE COMPANIES

2.5 BAJAJ ALIANZ GENERAL INSURANCE COMPANY 27

2.6 ROYAL SUNDARM GENERAL INSURANCE 27
2.7 ICICI LOMBARD GENERAL INSURANCE 27
2.8 TATA AIG GENERAL INSURANCECOMPANY Ltd 28
2.9 RELIANCE GROUP INSURANCE COMPANY 28
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CHANGING SENARIO OF GENERAL INSURANCE MARKET 29

THE SCHEMES 30
CLAIMS 31
CHAPTER 3 (LITERATURE REVIEW) 32
CHAPTER 4 (RESEARCH METHODOLOGY)
RESEARCH OBJECTIVE 34
DATA COLLECTION 37
DATA ANALYSIS AND INTERPRETATION 38
CHAPTER 5 (FINDINGS AND CONCLUSION)
FINDINGS 60
CONCLUSION 62
SUGGESTIONS 63

BIBLIOGRAPHY 64

APPENDIX

QUESTIONNAIRES 66
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INTRODUCTION

Consumer

A consumer is an individual who purchase or has the capacity to purchase goods and services
offered for sale by marketing institution in order to satisfy personal or hosehold needs , wants or
desires. According to a statement made by Mahatma Gandhi ,’consumer refers to the following,
‘A Consumer is the most important visiter on our premises. He is not dependent on us. We are
dependent on him. He is not an outsider to our business. He is part of it. We are not doing him a
favour by serving him. He is doing us a favour by giving us an opportunity to do so.” So
consumer is like the blood of our business and also a satisfied customer is a word of mouth
advertisement of a product /services.

CONSUMER SATISFACTION

Every human being is a consumer of different of different produces . If there is no

consumer , there is no business . therefore , consumer satisfaction is very important
to every business person According to Philip Kotler consumer satisfaction is
defined on ‘personal feeling of pleasure resulting from comparing a product ‘s
pursued performance in relation to his/her expectation’’.

Customer satisfaction is a term frequently used in marketing. It is a measure of how products and
services supplied by a company meet or surpass customer expectation. Customer satisfaction is
defined as "the number of customers, or percentage of total customers, whose reported
experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals."
 8

PURPOSE

"Customer satisfaction provides a leading indicator of consumer purchase intentions and

loyalty." "Customer satisfaction data are among the most frequently collected indicators of
market perceptions. Their principal use is twofold:"

"Within organizations, the collection, analysis and dissemination of these data send a message
about the importance of tending to customers and ensuring that they have a positive experience
with the company's goods and services."

"Although sales or market share can indicate how well a firm is performing currently,
satisfaction is perhaps the best indicator of how likely it is that the firm’s customers will make
further purchases in the future. Much research has focused on the relationship between customer
satisfaction and retention. Studies indicate that the ramifications of satisfaction are most strongly
realized at the extremes."

INSURANCE SECTOR IN INDIA

Insurance in India refers to the market for insurance in India which covers both the public and
private sector organizations. It is listed in the Constitution of India in the Seventh Schedule as
a Union List subject, meaning it can only be legislated by the Central government.

The insurance sector has gone through a number of phases by allowing private companies to
solicit insurance and also allowing foreign direct investment. India allowed private companies in
insurance sector in 2000, setting a limit on FDI to 26%, which was increased to 49% in
2014. Since the privatization in 2001, the largest life-insurance company in India, Life Insurance
Corporation of India has seen its market share slowly slipping to private giants like HDFC Life
Insurance, Exide Life Insurance, ICICI Prudential Life Insurance and SBI Life Insurance
Company.
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The Indian Insurance Sector

The Indian Insurance Sector is basically divided into two categories – Life Insurance and Non-
life Insurance. The Non-life Insurance sector is also termed as General Insurance. Both the Life
Insurance and the Non-life Insurance is governed by the IRDAI (Insurance Regulatory and
Development Authority of India).

This government organization thoroughly monitors the entire insurance sector in India and also
acts like a custodian of all the insurance consumer rights. This is the reason all the insurers have
to abide by the rules and regulations of the IRDAI.

The Insurance sector in India consists of total 57 insurance companies. Out of which 24
companies are the life insurance providers and the remaining 33 are non-life insurers. Out which
there are seven public sector companies.

Life insurance companies offer coverage to the life of the individuals, whereas the non-life
insurance companies offer coverage with our day-to-day living like travel, health, our car and
bikes, and home insurance. Not only this, but the non-life insurance companies provide coverage
for our industrial equipment’s as well. Crop insurance for our farmers, gadget insurance for
mobiles, pet insurance etc. are some more insurance products being made available by the
general insurance companies in India.

The life insurance companies have gained an investment prospectus in the recent times with an
idea of providing insurance along with a growth of your savings. But, the general insurance
companies remain reluctant to offer pure risk cover to the individuals.

LIFE INSURANCE SECTOR IN INDIA

Life Insurance is one of the fastest growing sector in India since 2000 as Government allowed
Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to
49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to
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₹2,950 & ₹7,859[1] (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was
nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life
insurance companies at that time were taken over by LIC. In 1993, the Government of
India appointed RN Malhotra Committee to lay down a road map for privatization of the life
insurance sector.

While the committee submitted its report in 1994, it took another six years before the enabling
legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and
legislating the Insurance Regulatory and Development Authority Actt of 2000. The same year the
newly appointed insurance regulator - Insurance Regulatory and Development
Authority IRDA—started issuing licenses to private life insurers.

Types of Life Insurance in India

Life insurance products come in a variety of offerings catering to the investment needs and
objectives of different kinds of investors. Following is the list of broad categories of life
insurance products:

Term Insurance Policies

The basic premise of a term insurance policy is to secure the immediate needs of nominees or
beneficiaries in the event of sudden or unfortunate demise of the policy holder. The policy holder
does not get any monetary benefit at the end of the policy term except for the tax benefits he or
she can choose to avail of throughout the tenure of the policy. In the event of death of the policy
holder, the sum assured is paid to his or her beneficiaries. Term insurance policies are also
relatively cheaper to acquire as compared to other insurance products.

Money-back Policies

Money back policies are basically an extension of endowment plans wherein the policy holder
receives a fixed amount at specific intervals throughout the duration of the policy. In the event of
the unfortunate death of the policy holder, the full sum assured is paid to the beneficiaries. The
terms again might slightly vary from one insurance company to another.
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Whole life policies

A whole life insurance plan covers the insured over his life. The primary feature of this product
is that the validity of the policy is not defined so the policyholder enjoys the life cover
throughout his life.

Unit-linked Investment Policies (ULIP)

Unit linked insurance policies again belong to the insurance-cum-investment category where one
gets to enjoy the benefits of both insurance and investment. While a part of the monthly premium
pay-out goes towards the insurance cover, the remaining money is invested in various types of
funds that invest in debt and equity instruments. ULIP plans are more or less similar in
comparison to mutual funds except for the difference that ULIPs offer the additional benefit of
insurance.

Pension Policies

Pension policies let individuals determine a fixed stream of income post retirement. This
basically is a retirement planning investment scheme where the sum assured or the monthly pay-
out after retirement entirely depends on the capital invested, the investment timeframe, and the
age at which one wishes to retire. There are again several types of pension plans that cater to
different investment needs. Now it is recognized as insurance product and being regulated by
IRDA.
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GENERAL INSURANCE SECTOR IN INDIA

Any insurance other than the life insurance is called as general insurance. There are certain
principles that guide any insurance contract, the principle of indemnity being one of them. This
principle states that the insured should not profit out of the insurance claim, i.e. insurance
contract is supposed to return less than or equal to the loss suffered by the insured.

All insurance policies, be it health, marine, fire, etc. follow this principle in covering and
disbursing the claims. However, life insurance is entirely different. Life insurance contracts do
not follow this principle as it is not possible to accurately determine a person’s economic value
(value lost by his nominee or the insured) at the time of his/her death.

Thus, all the insurance whether for the property, motor, car, accident, health, marine, error
and omission insurance, etc. except for the life insurance will be called general insurance.

Conceptually and legally, Insurance is of two types – life and general insurance. Any insurance
policy insuring anything other than risk to a person’s life is a ‘general insurance’ or ‘non-life
insurance policy.’

General insurance policies will insure anything other than the life of an individual. For example:

:
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COMMON TERMS USED IN GENERAL INSURANCE

Insurance- Insurance is a contract in which an insurance company promises to compensate

an insured

.
Agent - A person or a group of people selling insurance on behalf of an insurance company.

Insurer- Is the company which accepts risks after receiving premiums and pays claims.

Insured- The term ‘insured’ refers to the person who has taken insurance against various
risks and who pays a premium for the insurance.

Broker -An independent professional person who is registered under the Insurance Act who
advises customers on insurance. The broker operates as your agent, and not that of any
insurance company. In Kenya, most Brokers are members of the Association of Insurance
Brokers of Kenya (AIBK).
Underwriter-The person who decides how much to charge and who manages the account that
bears the cost of claims for motor or household insurance, or the person who decides

Premium-The amount you pay to an insurance company, sometimes in regular installments

or as per your agreement with the insurer for your insurance policy.

Commission-This is the money that is paid to agents or brokers who sell an insurance
product on behalf of an insurance company. Commissions are paid by insurers

Excess-This is the amount the insured is expected to make when making acclaim. This
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amount is usually specified in the policy. It discourages the insured from making very small
claims and instead meeting this cost themselves.

Liability - Your responsibilities for the adverse effects of your actions, or lack of actions on
others.

Third Party-Any other person who may be affected by your actions – for example, in a car
accident, it would relate to damage to their car. In this context, it is well to recognize that the
first party in an insurance policy is you, and the second is your insurance company and the
third is the other person or vehicle in the accident.

Proposal- This is the application form which you have to fill in when you apply for
insurance cover.

Sum insured-It relates to the value of goods at risk and this is the basis upon which the
premium is calculated.

How To purchase a general insurance policy?

You can choose to purchase a general insurance policy directly from a general insurance
company or through an insurance broker or an insurance agent.
If you decide to purchase an insurance policy through an agent, before doing any business with
an agent, you must be satisfied with the agent's reputation and qualification.
All agents who sell insurance must pass the Certificate of Proficiency examination administered
by the College of Insurance. Those agents who are undergoing training are required to have
provisional certificates. The agents are all registered with the Insurance Regulatory Authority
where you can check to verify.
 15

Applying for insurance policy is a very straightforward matter. In summary, the process
involves:

1. Completing a proposal form

2. Paying the premium
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TYPES OF GENERAL INSURANCE

Also known as non-life insurance, general insurance offers a gamut of insurance covers against
eventualities such as illness, property damage, motor accidents, etc. Assets have a value of their
own and are susceptible to damages. The specific general insurance cover can protect the
economic value of the asset and prevent huge financial loses. For example, a home insurance
policy can protect your home and the valuables inside from calamities and theft. In this article,
we look at the different types of general insurance policies and the cover they provide.

Motor Insurance
You love long drives and speeding on the highways. But have you secured your lovable ride?
Motor insurance, that includes car insurance and two wheeler insurance, covers all damages and
liability to the vehicle. Moreover, according to the Motor Vehicles Act, 1988, driving a motor
vehicle without insurance in a public place is a punishable offense.

A motor vehicle can be covered either by a Liability Only policy which is a statutory
requirement and covers the legal liability for injury, death, and/or property damage caused to a
third party in the event of an accident caused by or arising out of the use of the vehicle, or a
package policy which includes the Liability Only policy and also covers the damage to owner’s
vehicle, usually called O.D. Cover.

The common motor insurance plans include:

Car insurance: A comprehensive coverage against physical damage and bodily injury to the car,
and also covers against third-party liability.

Two wheeler insurance: A comprehensive two-wheeler insurance policy provides hassle-free

protection to your bike or scooter against physical damage, theft and third party liability.

Commercial vehicle insurance: Commercial vehicle insurance is a Liability Only policy for
commercial vehicles across the various classes of vehicles like goods carrying vehicles – private
and public carrier, passenger carrying vehicles, miscellaneous and special types of vehicles.
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Health Insurance

Ill health can result in a major halt in your life and work. Moreover, the escalating price of health
care costs means that you would be shelling out a massive amount of money to bear the brunt of
these costs. This is the reason why you would need health insurance to cover your medical
expenses following hospitalization from sudden illnesses or expenses caused by accidents. This
also includes cashless facility in empanelled hospitals, pre and post hospitalization expenses, and
ambulance charges. Here are some of the common types of health insurance policies:

Individual –A health insurance policy, such as Bajaj Allianz Health Guard Individual policy,
provides cover for an individual with cashless hospitalization and other features. In case you feel
that the sum insured of your existing health insurance plan does not suffice for expenses due to
illness or accidents then opt for a cover such as the Extra Care health insurance policy to extend
your health insurance.

Family Floater Policy – A policy such as the Health Guard Family Floater Option covers family
members under a single plan. The fixed sum insured can be availed by individual member or as a
sum total for treatment of one person.

Surgery Cover – A Surgical Protection Plan provides a fixed benefit amount for specified
surgeries and helps you to take care of the expensive medical treatment in a hospital. This benefit
plan that is used for the surgical treatment of serious illnesses such as cancer, kidney failure, and
heart attack can be availed as a standalone plan or a rider.

Comprehensive Health Insurance – A high value comprehensive health insurance policy, such
as Health Care Supreme with a wide range of sum insured, add-on covers, special benefit covers
such as maternity benefits and dental treatments, fulfills all the healthcare needs and ensures
complete peace of mind, regardless of the situation of life you are in.

Other health insurance covers:

 Personal Accident
 Hospital Daily cash Allowance
 Critical Illness
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Travel Insurance

Despite all your planning, a trip abroad can go wrong due to medical eventualities, and non-
medical contingencies such as loss of baggage, trip delay and other incidental expenses. Travel
insurance covers the insured against these misfortunes while traveling. Catering to people from
all walks of life, Bajaj Allianz offers three different plans – Travel Companion, Travel Elite and
Student Travel. Choose a basic plan or go for extended covers as per your requirements.

The different travel insurance policies include:

 Individual travel policy

 Family travel policy
 Senior citizens travel policy
 Student travel insurance

In addition, there are insurance companies that offer special plans such as a corporate travel
policy or a comprehensive policy for travel to a special place such as Asia.

Home Insurance

Your home is a priceless possession and possibly one of the largest financial investments that
you have made. It needs to be safeguarded from unforeseen events. Along with your home,
property insurance also protects the valuables and other assets that are the interest of the insured.
A comprehensive cover, such as My Home, for your house as well as the contents ensures that
your home is well protected.
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Commercial Insurance

Commercial insurance offers solutions for all sectors of the industry ranging from automotive,
aviation, construction, chemicals, foods and beverages, manufacturing, oil and gas,
pharmaceuticals, power, technology, telecom, textiles, transport and logistics.

sSome common types of commercial insurance include:

 Property insurance
 Marine insurance
 Liability insurance
 Financial lines insurance
 Engineering insurance
 Energy insurance
 Employee benefits insurance
 International insurance solutions.

 PROPERTY INSURANCE - Property insurance is a policy that provides financial

reimbursement to the owner or renter of a structure and its contents in the event of
damage or theft. Property insurance can include homeowners insurance,
renters insurance, flood insurance and earthquake insurance.

 MARINE INSURANCE- Marine insurance covers the loss or damage of ships, cargo,
terminals, and any transport or cargo by which the property is transferred, acquired, or
held between the points of origin and the final destination. Cargo insurance is the sub-
branch of marine insurance, though Marine insurance also includes Onshore and Offshore
exposed property, (container terminals, ports, oil platforms, pipelines), Hull, Marine
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Casualty, and Marine Liability. When goods are transported by mail or courier, shipping
insurance is used instead.

 LIABILITY INSURANCE- Liability insurance is a part of the

general insurance system of risk financing to protect the purchaser (the "insured") from
the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in
the event he or she is sued for claims that come within the coverage of the insurance
policy. Originally, individual companies that faced a common peril formed a group and
created a self-help fund out of which to pay compensation should any member incur loss
(in other words, a mutual insurance arrangement). The modern system relies on dedicated
carriers, usually for-profit, to offer protection against specified perils in consideration of
a premium.

 FINANCIAL LINES INSURANCE - “Financial Lines” stands for insurance products

covering financial loss and costs thereof. Financial Loss means loss which is neither
personal nor property damage nor derived from such damages. Comprehensive advice
with regard to financial loss requires a combination of different financial loss and cost
insurance products.

 ENGINEERING INSURANCE- Engineering insurance refers to the insurance that

provides economic safeguard to the risks faced by the ongoing construction project,
installation project, and machines and equipment in project operation. Product categories:
Depending on the project, it can be divided into construction project all risks insurance
and installation project all risks insurance; depending on the attribute of the object, it can
be divided into project all risks insurance, and machinery breakdown insurance.
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 ENERGY INSURANCE- With dedicated energy insurance teams serving both the
onshore and the offshore oil and gas industries, Allianz Global Corporate & Specialty
offers a flexible and customized approach for the most demanding global energy
insurance challenges. Specialist risks need both specialist expertise and specialist
resources.

 EMPLOYEE BENEFIT INSURANCE- An employee benefit insurance plan refers to

insurance offered by employers to their current employees in the form of a group
insurance program. It also serves as a way to attract and retain workers in a company.

Advantages of General Insurance

 The expenses of medical treatments are compensated by the policies of health and
medical insurances.
 If you care your pets too much, don’t forget to go through pet insurance policies. They
can be a lot handy while dealing with the costs associated with pets.
 In case of accidents, you may have to arrange huge amount in least possible time. It’s
then you can’t stop appreciating accident insurance policies.
 As a protection to your home, which provides you shelter, insure it..!! Home insurance
policies aid you in securing your home against damages caused by natural calamities
and fire accidents.
 Secure your motor vehicles from accidents or breakdowns from motor vehicle
insurance plans.
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 Got a new job…!! The very first you need to do is to insure your job by referring
policies of unemployment insurance.
 When you plan to travel outside India, make sure you have awareness about travel
insurance plans. These plans have a validity of 180 days.

 What is the purpose of general insurance?

In this extremely fast changing world, there are many things which are out of our control. That is
why its more important to have an coverage for unexpected. There are few core purposes of
general insurance which are:

Protecting your assets: Your home, car & other valuable assets are covered under different
general insurance policies.

Accidents and Hospitalization: Accident & hospitalization are out of your control. Having
covered with these incidences gives you peace of mind.

Similarly in case of theft, burglary, fire general insurance serves extremely great help to reduce
stress.

 WHY GENERAL INSURANCE IS GOOD ?

Many reputed companies like New India Assurance , United India Insurance , HDFC
ERGO all provides general insurance policy.

A Health Insurance covers the entire financial expenses which can cause due to any treatment or
diagnosis. Not only that a health insurance is also very much beneficial and helpful during any
emergencies.
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INDUSTRY PROFILE

Public Sector Subsidiaries

Oriental Insurance Company.

The Oriental Insurance Company Ltd. (OICL) is one of the leading General Insurance
companies in India and is a subsidiary of the General Insurance Corporation (GIC) of India. It is
one of the oldest Insurance. If companies and was established in the year 1947.The Company
transacts all kinds of non-life insurance business ranging from insurance covers for very big
projects to small rural insurance covers. OICL, is the -

•First to have underwritten the biggest Grass Root Refinery Project, Reliance Jamnagar Refinery.
•First to have issued a Package Policy under mega risk to PSU Oil giants. .
•First to have issued Advance Loss of Profits policy in India.

MISSION

 To develop general insurance business in the best interest of the community.

 To provide financial security to individuals, trade and commerce by offering insurance

products and service of high quality at affordable cost

PRODUCTS: The various products can be grouped under the following categories:

 Individuals/Family
 Marine
 24

 Professionals
 Business/Office/Traders
 Engineering/Industry
 Agriculture/Sericulture/Poultry
 Animals/Birds
 Aviation
 Motor Vehicle – Private/Commercial
 Health-Medi claim/Overseas Medi claim/Personal Accident
 25

The New India Assurance Company.

Established by Sir Dorab tata in 1919, New India’ was the first fully Indian owned insurance
company in India. There were nearly 150 insurance firms in India – including ones from France,
the UK and America. These were operated through managing agencies in India largely held by
Indian business houses. New India is a leading global insurance group, with offices and branches
throughout India and various countries abroad. The company services the Indian subcontinent
with a network of 1,130 offices, comprising26 Regional offices, 366 Divisional offices and 738
Branches. With approximately25,000 employees, New India has the largest number of specialist
and technically qualified personnel at all levels of management, who are empowered to
underwrite and settle claims of high magnitude

The National Insurance Company

Since incorporation in the year 1906, National Insurance~ Company has been carrying out
general insurance business under private management until 1972, the year of its nationalization.
In the same year 22 foreign and 11 Indian Insurance Companies were amalgamated with
National Insurance Company Limited, as a subsidiary company of General Insurance
Corporation of India Headquartered in Calcutta it has an organizational network of over 964
offices with around 20,077 trained workforces. The company also has operations in Hong
Kongand Nepal and ranks among the top global business insurers. Later on in 2002, with the
passage of Insurance amendment Bill (2002), National Insurance Company has been delinked
from GlC and. has been functioning as an independent company

Its product range includes motor vehicle insurance; fire insurance on buildings and other assets;
various crime covers like burglary and theft of cash; machinery breakdown cover for industrial
equipment; transit damage cover for imported or exported goods; as well as legal liability cover.

United India Insurance Company

United India Insurance is one of the four subsidiaries of the General Insurance Company
carrying on general insurance business with its head office at Chennai. Later on in 2002, with the
 26

passage of Insurance amendment Bill (2002), United India Insurance has been Del inked from
GIC and has been functioning as an independent company

UII continues to be a dominant player in the Indian insurance industry, with anoverall market
share of 25% and a leadership position in the southern markets. UII is aPioneer of Personal
Insurance Products in India who specializes in non-life insuranceproducts including Medical and
Accident Insurance. It enjoys a market share of over 25percent of the non-life insurance sector
in India
 27

PRIVATE COMPANIES

Bajaj Allianz General Insurance Company:

Allianz group was founded in 1890 and is one of the world's leading insurance companies with
over 100 year's experience in insurance and related services. It is also the largest insurer in
Europe. Allianz group has multi-local structure and presence in over 70countries. The key
business areas of Allianz group include General Insurance (property, , marine, motor, casualty
and miscellaneous), Reinsurance, Risk Management, Life & health insurance, Asset
Management and Pension Funds Management

Bajaj Allianz General Insurance a joint venture non-life company promoted jointly by Bajaj
Auto and German insurer- Allianz. Indian auto major holds 74% while Allianz holds 26% in the
Joint Venture, and has an authorized and paid up capital of Rs.ll0 crores. Mr. Graham Norris is
the CEO of the company. Bajaj Allianz General Insurance will leverage the customer base and
expertise of Bajaj Auto Ltd and Allianz..

Royal Sundaram General Insurance company lmt. :

Sundaram Finance Limited (SF) was established In 1954 with a paid-up capital of Rs. 0.02
million, primarily to assist the development of Road Transport Industry. SF has been providing
financial assistance to road transport operators for acquiring commercial vehicles under hire
purchase system. Emerging as the leader in the industry, SF has been staying at that position for
over four decades. SF diversified into equipment leasing in 1981.

The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance
Limited started its operations from March 2001. The company is Head Quartered at Chennai, and
has two Regional Offices, one at Mumbai and another one at Delhi. The venture is aiming at Rs.
120 Crores in revenue during first year of its operations and is confident of breaking even by
fifth year
 28

ICICI Lombard General Insurance

ICICI Ltd. was established in 1955 by the World Bank, the Government of India and the Indian
Industry, to promote industrial development of India by .Providing project and corporate finance
to Indian industry. Since inception, ICICI has grown from a development bank to a financial
conglomerate and has become one of the largest public financial institutions in India. ICICI has
thus far financed all the major sectors of the economy, covering 6,848companies and 16,851
projects.

Lombard Canada Ltd., is a leading insurance management company responsible for providing
insurance management services for all of the Lombard group's commercial ,personal, and
specialized insurance companies. Canadian owned and operated, Lombard Canada Ltd. has its
head office in Toronto and has annual sales in excess of$500 million and is a wholly owned
subsidiary of Fairfax Financial Holdings Limited (FFH on the TSF Lombard Canada Ltd. has
achieved a reputation for providing solid underwriting performance, diversified books of
business and strong capital positions.

Tata AIG General Insurance Company Limited. :

The Late Sir Dorab Tata was the founder Chairman of New India Assurance Co.Ltd., a group
company incorporated way back in 1919.Government of India took over the management of this
company as a part of Nationalization of general insurance companies in 1972. Not deterred by
the move, Tata group have ventured into" risk management services having tied up with AIG
group, back in 1977, with the incorporation of Tata AIG Risk Management Services Pvt. Ltd.

Reliance General Insurance Company

Reliance 'Group is India's largest business house has annual sales turnover of Rs. 41,280crore
(US$ 9,003 million) and has posted a net profit of Rs. 2,940 crore (US $ 641million) for the 12-
month period ending June 30, 2000. The Group has total assets of Rs.52,100 crore and net worth
of Rs. 22,415 crore. It has a large investor base of over 5million, as well as a large customer base
in retail (textiles, LPG, Cellular phones, etc.)and commercial segments.
 29

CHANGING SCENARIO OF GENERALINSURANCE

MARKET
In India General Insurance business started, Marine Insurance started on later part of the17th
century. Before nationalization in 1947 we have 147 insurance companies, foreign and Indian
both. But during there nationalization, in 1973 we have 107 companies that merge into four
companies, i.e. taken over by Government. General Insurance Corporation of India (GIC) was
set up in 1973 as a holding company, four subsidiary operating companies - National Insurance
co Ltd., New India Assurance Co. Ltd., Oriental Insurance co Ltd., and United India Insurance
Co Ltd., with a clear cut mission as set out in the Act. The overall scenario in the insurance
market in India after nationalization. GIC and its subsidiaries function through a vast country -
wide network of around 4100offices spread across the length and breadth of the country, GIC has
taken the benefit of insurance to almost every district, across hilly terrain and often inaccessible
areas of the country. The customer interface is made easy through a network of agents,
development officers and employees at Branch, Divisional and Regional offices as well as at the
corporate level.

The GIC and its subsidiaries have a workforce of approximately 86,000In 1973 tainted at various
levels through in house training institutions. Now the total number of employees went up. The
industry has also promoted the National Insurance Academy (NIA), which is the premier training
institute in insurance, catering not only to Indian Nationals but also to select foreign nationals.
The industry issues around 23 million documents and settles 2million claims every year. Country
wide computerization in the recently past has made the task of policy- holder's servicing easier
and rapid. At the same time, profitable lines and premium components increases and we became
a investment company.
 30

The Schemes
Recognizing its organizational strengths, the Govt. of India has also entrusted the corporation
with the administration of various schemes for social melioration and public welfare. Social
security schemes benefiting millions of Citizens below the poverty line. Personal Accident
Insurance and Hut Insurance are operated all over the country for which the premiums are paid
by the Government. The GIC administers on behalf of Government, the crop Insurance scheme
for areas and crops notified under the crop Insurance Scheme. Various low cost mass insurance
policies have been evolved over a period of time, e.g. 'Jan Arogya Bima Policy'.

Role General Insurance Industry is playing in the growth of

economy of the country:

The General Insurance Industry has an enviable track record among public sector units. It has a
consistent profit and dividend paying record accompanied by a steady growth in its financial
resources. Through investments in the- Government sector and: socially - oriented Sectors the
Industry has contributed immensely to the nation's development. The industry is recognized as
one of the largest financial' Institutions in the Country. The ventures initiated by the industry in
the areas of Mutual Fund, Housing Finance have done exceedingly well in recent years. To
protect the country's foreign exchange reserves, the reinsurance arrangement are so organized
that maximum retention is made possible within the country while at the same time protecting
interests of the policy holders. The GIC'S inwards reinsurance wing, the SWIFT, maximizes the
foreign exchange balance by acting as an international insurer-accepting risk from all over the
globe.
 31

Claims
The Settlement of claims constitutes one of the important functions in an insurance organization.
The proper settlement of claims requires a sound knowledge of the law, principles and practices
governing insurance contracts and in particular a thorough knowledge of the terms and
conditions of the standard policies and various extensions and modifications there under. The
procedure in respect of claim a under various classes of insurance follows a common pattern and
may be considered under 3 broad headings:

Preliminary procedure

It is essential that early notification of the loss is received by insurance undue delay in
notification would adversely affect the position of the insurer. However if there is any delay in
notification or not or weather is material will be ultimately decided by the courts based on the
facts of the individual cases

Notification of the happening of the accident immediately followed byb.)

Notification of the receipt of claim or suit filed against the insured. Under certain types of
policies (e.g. Burglary) notice is also to be given to police authorities.

Loss Minimization

At common law, there is a duty on the part of the insured to observe good faith .This duty of
good faith means that at all times the insured has to act as if he is un insured. For E.g., the private
car package policy provides , among other things , that the insured shall take all reasonable steps
to safeguard the motor car from loss or damage and to maintain it in efficient condition. In the
event of any accident or breakdown the motor car shall not be left unattended without proper
precautions being taken to prevent further damage or loss
Procedural
 32

On receipt of intimation of loss or damage insurers check that:

 the policy is in force on the date of occurrence of the loss or damage.

 The loss or damage is by a peril insured by the policy.c.)

 Notice of loss received without undue delay.

After this check up the loss is allotted a number and entered in the claims register.

Claim Forms
The contents of the claim form vary with each class of insurance .In general the claim in general
the claim form is designed to elicit full information regarding the circumstances of the loss such
as date of loss, time, cause of loss, extent of loss etc claim forms are invariably sued in fire and
miscellaneous insurance.

Investigation and Assessment

On receipt of the claim form duly completed from the insured the insurers decide about the
investigation and assessment of loss if the loss is small the investigation to determine the cause
and extent of loss is done by an officer of the insurers. Sometimes even this may be waived
and the loss settled he basis of the claim form only. The investigation of larger or complicated
claims is entrusted to independent professional surveyors who are specialist in their line the
appointment of a surveyor is intimated to the claimant the surveyor is furnished with all relevant
claim papers such as claim form policy copy etc…However, many a times surveyor is appointed
and survey is carried immediately on receipt on notice of loss, that is even before claim form
could be issued.

Claims documents
 33

In addition to the claim form independent survey report certain documents are required to be
submitted by the insurers to substantiate the claim for example for fire claims for fire claims a
report for the fire brigade for motor claims driving license registration copy police report etc

Arbitration

It is distinct from litigation and is a method of settling disputes under contract in accordance and
conciliation act 1996.

Settlement
The claim is processed on the basis of Claim form Independent report from Surveyors, legal
opinion, medical opinion etc as the case maybe. Various documents furnished by the insured.
Any other evidence secured by the insurers If the claim is in order settlement is effected by
cheque the payment is entered in claims register as well as in the relevant process record.
Appropriate recoveries are made from the insurers if any.
 34

LITERATURE REVIEW

Kavitha, Latha, and Jamuna., (2012) made a study titled, “Customers’ Attitude towards
General Insurance - A Factor Analysis Approach”, explains that with over a billion people, India
is fast becoming a global economic power. With a relatively youthful population, India will
become an attractive insurance market over the next decades. This study examines the customer
attitude towards the General Insurance. A study has been conducted at Erode district with the
sample of 750 respondents to find out the influencing factor of the policy holders in the study
area. In this context, the respondents’ opinion on the various related statements were collected
with a 5 point scaling. Factor analysis, an important multivariate technique has used to reduce
the large number of factors in a small group of factors. 25 factors which are considered to be the
different type of policy holders conscious. This study helps to find out the various customers
which are having different expectation from the General Insurance Companies in the study area

Legendary Kumar (2009) made a study titled, “Significant developments in health insurance
sector”, this research refers to development of health insurance sector. The healthcare in India is
in a state of enormous transition. Increased income for the middles class, health consciousness
among the majority of the classes price liberalization, reduction in bureaucracy, and the
introduction of private health care financing have all made a world of difference. It’s aim agents
of both life and general insurance sectors to sell health covers, for life insures and non-life
insurers to continue to write health covers as now. Claims under the health insurance are settled
by the third party. Administrator but the experience with the agency has so for not been
satisfying to the policyholders. The record of private sector companies relating to individual
policyholders and small businessman and traders holding new positive and not much different
from that prevailing in public sector companies.

Santhana Vadivu. N. (2008) in his study on, “Insurance industry and its role in Indian
economy”, the present distribution channels of insurance industry and the awareness of insurance
 35

among the Dubai and rural population and the comparative reach of different advertising the
promotional media as being used by the insurance selling companied the insurance product
awareness and the insurance agents performance in different areas the relative faith of the private
and public insurance players in the rural mass and the urban population. The findings of the
study were measured to compare insurance in India activities in insurance companies and their
products among the respondents

Narsimha Rao. A.V (2007) in his study on, “Law of motor vehicle insurance an analysis of
insurance’s liability”, explains that the insurance companies face complex problems is addition
to the financial liabilities after marketing of insurance policies against the risks of motor
vehicles. The Motor Vehicles Act, 1988 is a comprehensive piece of legislation defining various
aspects of administration and ‘use of’ motor vehicles. Chapter 10 of the Act provides for
mandatory insurance of motor vehicles. It specifically deals with the liabilities arising out of the
‘use of’ vehicles in public places. The owners of the vehicles are liable to pay for the damages
suffered by the individual. The insurance companies protect the owners by covering their
liability towards the third party and also for the damage of the vehicle.

Ram Pratap Sinha (2007) in his study entitled, “Productivity and efficiency of Indian general
insurance industry” The deregulation of general insurance industry in India is having far-
reaching consequences in terms of market size, structure and operational practices. The
penetration level of general insurance in India is quite low compared to the international
standards and, therefore, has tremendous potential for growth. The present paper compares the
performance of 12 general insurance companies in respect of technical and scale efficiency and
total factor productivity in a three-output three-input framework, for the years 2003-04 and 2004-
05, by using Data Envelopment Analysis and Malmquist Total Factor productivity Index. The
public sector insurers dominate the private sector insurers in terms of mean technical efficiency
in constant returns to scale, while the private sector insurers have a slightly higher mean
technical efficiency than the public sector insurers in variable return to scale.
 36

Rajesham. C.H and Rajender. K (2005) made a study on, “Changing scenario of India
Insurance Sector”, reports that this research is highlighted historical based of insurance,
insurance penetration and density. This research concluded insurance companies of India are
required to come up with multi-benefit policies including tax benefits with quality based timely
customer services and need to focus on health insurance, which is one of the untapped areas of
insurance including services through innovative products, smart marketing and aggressive
distribution with internet facility, with much individual attention, transparency and flexibility to
increase the quality and volume of insurance business
 37

RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It is the scientific
method of conducting a research. The process used to collect information and data for the
purpose of making business decisions.

It is a science of studying how research is to be carried out. Essentially , the producers by which
researchers

Go about their work of describing , explaining and predicting phenomena are called research
methodology.

It is also defined as the study of methods by which knowledge is gained.

Some important factors in research methodology include validity of research data.

RESEARCH OBJECTIVES:

 To analyze the customer awareness about General insurance.

 To access the extent to use General insurance by customers.
 To access the various aspects of services provided by General insurance companies.
 To compare the extent of customer satisfaction with quality of general insurance services.
 To determine and compare the extents of customer satisfaction with quality of services on
basis of different constituent factors.

RESEARCH DESIGN:

The research design was descriptive in nature.

METHOD OF DATA COLLECTION

 38

PRIMARY DATA COLLECTION: The data collected for the purpose or for a particular
problem in original known as primary data.

I have used the structured questionnaire in my research process which has carefully designed
keeping the entire objective in mind.

The structured questionnaire consists both open- ended and close- ended type question.

SECONDARY DATA COLLECTION: The data which is already available i.e., they refer to
data which have already been collected or analyzed by someone else.

Various sources of secondary data is:

Internet

Books and journals

SAMPLING: In statistics, quality assurance and survey methodology, sampling is the selection
of the subset (a statistical sample) of individual’s from within a statistical population to estimate
characterstics of the whole population.

SAMPLING PLAN: Sampling plan was detailed outline of measurements will taken at what
time , on Which material , in what manner and by whom.

SAMPLING TYPE: In my research process I have used Convenience sampling which involves
deliberate selection units of a sample.

SAMPLING SIZE: I have taken 116 sample size.

TOOLS AND TECHNIQUES: I have used Survey chart , Pie chart , Bar chart in my study.
 39

DATA ANALYSIS AND INTERPRETATION

Age respondent

25 and below 74

26-35 18

36-45 12

above 45 12

25 and below 26-35 36-45 above 45

10%

10%

16%
64%

INTERPRETATION- From the surveyed data 64% respondent are from the age group of 25
and below ,16% respondent are from the age group of 26-35, 10% respondent are from the age
group of 36-45 and 10% of respondent are from the age group of above 45.
40
 41

GENDER

MALE 51
FEMALE 65

Chart Title

MALE
44%
FEMALE
56%

INTERPRETATION:- From the surveyed data 44% respondent are male and 56%
respondent are female.
 42

Employment Status

self employment 9
wage employment 4
professionals 23
students 67
others 5

Chart Title
5%
4%
8%
self employment
wage employment
21%
professionals
students
62% others

INTERPRETATION:- From the surveyed data 8% respondents are self employment ,4%
respondents are wage employment , 21% respondents are professionals 62% respondents are
students and 5% respondents are others.
 43

CUSTOMER SATISFACTION TOWARDS INSURANCE

SERVICES

For which item below you have taken insurance cover?

Two wheeler 63
Four wheeler 35
home 37
office 8
jwellery 14
locker 19
computer/laptop 10
mobile 20
health 47
travel 11
marine 2

70 63
60
47
50
35 37
40
30
19 20
20 14 11
8 10
10 2
0

Series1
 44

INTERPRETATION:-
From the surveyed data 63 respondents have taken insurance cover of Two Wheeler
vechile,35 respondents have taken insurance cover of Four Wheeler vechile,37 respondents
have taken insurance cover of home, 8 respondents have taken insurance cover of office ,14
respondents have taken insurance cover in Jwellery,19 respondents have taken insurance
cover of locker, 10 respondents have taken insurance cover of laptop/computer, 20
respondents have taken insurance cover of mobile, 47 respondents have taken insurance
cover of health,11 respondents have taken insurance cover of travel ,2 respondents have
taken insurance cover of marine.
 45

Have you taken the Medi claim policy for you?

yes 46

no 70

40%
yes
no
60%

INTERPRETATION:- From the surveyed data 46 respondents have taken Medi claim policy
while 70 respondents have not taken medi claim policy.
 46

One must take general insurance cover every year for the assets as
long as they last.

Strongly agree 20
Agree 69
Neutral 20
Disagree 4
strongly disagree 3

Chart Title
3% 3%

17%
Strongly agree
17%
agree
neutral
disagree
strongly disagree
60%

INTERPRETATION:-
From the surveyed data 20 respondents are strongly agree that one must take general insurance
cover every year for the assets as long as they last, 69 respondents are agree, 20 respondents are
neutral , 4 respondents disagree and 3 respondents strongly disagree
 47

a. Do you go for general insurance because it is compulsory?

Yes 62

No 54

47% yes

53% no

INTERPRETATION:-

From the surveyed data 62 respondents go for general insurance because it is compulsory while
54 respondents not go for general insurance because it is compulsory.
 48

b. Do you go for general insurance to cover risk?

yes 63

no 53

Chart Title

46% yes

54% no

INTERPRETATION:-

From the surveyed data 63 respondents go for general insurance to cover risk while 53 not go for
general insurance to cover risk.
 49

Are you aware of the terms and conditions of the policy which you
have taken?

Aware 74
Not aware 24
not idea at all 18

15%
Aware
Not awrae
21% not idea at all
64%

INTERPRETATION:-
From the surveyed data it is clear that 64 % respondents are aware about terms and condition of
the policy , 21% respondents does not have idea at all and 15% respondents are not aware about
terms and conditions of the policy.
 50

Your general insurance company gives you good service.

Strongly agree 25
Agree 59
Neutral 29
Disagree 2
strongly disagree 1

70
59
60

50

40
29
30 25

20

10
2 1
0
Strongly agree neutral disagree strongly
agree disagree

Series1

INTERPRETATION-
From the surveyed data it is clear that 25 respondents are strongly agree that general insurance
company give good services , 59 respondents are agree , 29 respondents are neutral , 2 are
disagree and 1 respondent is strongly disagree that general insurance company give good
services
 51

Settlement of claims by Private sector general insurance companies is

faster than Public sector general insurance companies.

Strongly agree 23
agree 63
neutral 26
Disagree 3
strongly disagree 1

70 63
60
50
40
30 26
23
20
10 3 1
0
Strongly agree neutral disagree strongly
agree disagree

Series1

INTERPRETATION- From the surveyed data 23 respondents are strongly agree,63

respondents are agree that settlement of claims by private sector general insurance companies is
faster than public sector general insurance companies while 26 respondents are neutral , 3
respondents are disagree and 1 respondent strongly disagree that settlement of claim by private
sector general insurance companies is faster than public sector general insurance companies.
 52

public 62

private 54

Which type of general companies are more reliable according to you?

public
47% private
53%
 53

INTERPRETATION-
From the surveyed data it is clear that 53% respondents prefer private general insurance
company and 47% prefer public general insurance company.
 54

The general insurance agents have sufficient knowledge about the

procedures.

Strongly agree 14
agree 70
neutral 26
disagree 3
strongly disagree 1

80
70
70
60
50
40
30 26

20 14
10 3 1
0
Strongly agree neutral disagree strongly
agree disagree

Series1

INTERPRETATION-
From the surveyed data it is clear that 14 respondents are strongly agree that general insurance
agents have sufficient knowledge about the procedures, 70 respondents are agree, 26 respondents
are neutral , 3 respondents are disagree and 1 respondent is strongly disagree that general
insurance agents have sufficient knowledge about the procedures .
 55

What made you choose your current general insurance company?

brand image 49

efficient service 41

low cost 13

Quick settlements of claims 13

Chart Title
brand image
11%

11% efficient service

42%

low cost

36%
Quick settlements
ofclaims

INTERPREATION –
From the surveyed data it is clear that 42 % respondents choose current general insurance
company because of brand image, 38% respondents choose because of efficient services , 11 %
respondents choose because of low cost and 11 % respondents choose because of quick
settlements of claims.
 56

Are you satisfied by the services provided by your general insurance

company?

yes 85

no 31

Chart Title

27%

yes
no

73%

INTERPRETATION-
From the surveyed data it is clear that 73% respondents are satisfied by the services provided by
general insurance whereas 27 % respondents are not satisfied with the services.
 57

If NO, what are your reasons for dissatisfaction?

Policy document not received on time 11

Dissatisfied by the Agent's services 2
Delay in claim settlement 8
others 10

12 11
10
10
8
8
6
4
2
2
0
Policy Dissatisfied by Delay in claim others
document the settlement
notrecieved on Agent'sservices
time

Series1

INTERPRETATION
From the surveyed data it is clear that 11 respondents dissatisfied with services because of policy
document not received at time ,2 respondents dissatisfied as they are dissatisfied by the agent
services , 8 respondents dissatisfied because of delay in claim settlement and 10 respondents
dissatisfied because of other reasons
 58

How do you rate your satisfaction with the service you received?

Excellent 23
very good 33
Good 55
Poor 4
very poor 1

60 55

50

40
33
30
23
20

10 4
1
0
excellent very good good poor very poor

Series1

INTERPRETATION-
From the surveyed data it is clear that 23 respondents rate excellent about their satisfaction with
services, 33 respondent rate very good about their satisfaction with services , 55 respondents rate
good, 4 respondents rate poor and 1 respondent rate very poor about their satisfactiojn towards
service they received.
 59

How do you rate your general insurance company overall?

Excellent 18
very good 38
Good 56
Poor 3
very poor 1

60 56

50

40 38

30

20 18

10
3
1
0
excellent very good good poor very poor

Series1

INTERPRETATION-
From the surveyed data it is clear that 18 respondents rate excellent to general insurance
company, 38 respondents rate general insurance very good , 56 respondents rate good to general
insurance ,3 respondent rate poor and 1 respondent rate very poor to general insurance.
 60

FINIDINGS
 It is found that 63 respondents have taken insurance cover of Two Wheeler vechile,35
respondents have taken insurance cover of Four Wheeler vechile,37 respondents have
taken insurance cover of home, 8 respondents have taken insurance cover of office ,14
respondents have taken insurance cover in Jwellery,19 respondents have taken insurance
cover of locker, 10 respondents have taken insurance cover of laptop/computer, 20
respondents have taken insurance cover of mobile, 47 respondents have taken insurance
cover of health,11 respondents have taken insurance cover of travel ,2 respondents have
taken insurance cover of marine.
 It is found that 46 respondents have taken Medi claim policy while 70 respondents have
not taken medi claim policy.
 It is found that 20 respondents are strongly agree that one must take general insurance
cover every year for the assets as long as they last, 69 respondents are agree, 20
respondents are neutral , 4 respondents disagree and 3 respondents strongly disagree.
 It is found that 62 respondents go for general insurance because it is compulsory while 54
respondents not go for general insurance because it is compulsory.
 It is found that it is clear that 64 % respondents are aware about terms and condition of
the policy , 21% respondents does not have idea at all and 15% respondents are not aware
about terms and conditions of the policy.
 It is found that it is clear that 25 respondents are strongly agree that general insurance
company give good services , 59 respondents are agree , 29 respondents are neutral , 2
are disagree and 1 respondent is strongly disagree that general insurance company give
good services
 It is found that it is clear that 53% respondents prefer private general insurance company
and 47% prefer public general insurance company.
 It is found that it is clear that 14 respondents are strongly agree that general insurance
agents have sufficient knowledge about the procedures, 70 respondents are agree, 26
respondents are neutral , 3 respondents are disagree and 1 respondent is strongly disagree
that general insurance agents have sufficient knowledge about the procedures .
 61

 It is found that it is clear that 42 % respondents choose current general insurance

company because of brand image, 38% respondents choose because of efficient services
, 11 % respondents choose because of low cost and 11 % respondents choose because of
quick settlements of claims.
 It is found that it is clear that 73% respondents are satisfied by the services provided by
general insurance whereas 27 % respondents are not satisfied with the services.
 It is found that it is clear that 11 respondents dissatisfied with services because of policy
document not received at time ,2 respondents dissatisfied as they are dissatisfied by the
agent services , 8 respondents dissatisfied because of delay in claim settlement and 10
respondents dissatisfied because of other reasons.
 It is found that it is clear that 23 respondents rate excellent about their satisfaction with
services, 33 respondent rate very good about their satisfaction with services , 55
respondents rate good, 4 respondents rate poor and 1 respondent rate very poor about
their satisfactiojn towards service they received.
 It is found that it is clear that 18 respondents rate excellent to general insurance company,
38 respondents rate general insurance very good , 56 respondents rate good to general
insurance ,3 respondent rate poor and 1 respondent rate very poor to general insurance.
 62

CONCLUSION
General insurance is a practical option for every person who would like to live a risk –free life.
Risk is associated with everything and so , it is important to secure all the things that we own and
that security is provided by insurance .General insurance covers insurance policies like burglary,
theft ,etc. Personal insurances like health and accident insurance are also covered up by general
insurance.

From the study (survey) it reveals that most of the respondents go for two wheeler vehicle/four
wheeler vehicle insurance and also for home insurance .

Respondents also agree that they take general insurance cover every year & they go for general
insurance to cover risk.

Respondents are aware of the terms and conditions of the policy which they take. They also
agree that they are satisfied with services of their company.

Respondents thinks that settlement of claim in private sector companies is faster than public
sector general insurance companies.

Respondents choose their general insurance company on the basis of brand image, efficient
service etc.

About 73% respondents are satisfied with their general insurance company.

Thus , from the study it is clear that about 70% customers are satisfied with general insurance
services as they have the knowledge about the services which are being offered to them .
 63

SUGGESTIONS

1. Consumer should be aware of company’s profile and returns associated with insurance.
2. The financial advisor should be right enough to serve the consumers. The consumers
should also be aware of the advisor or others who is looking after their investments.
3. Company should publish their performance by comparing it with their competitors.
4. Company should adopt strategies to explore that private insurance companies are safer
and securer than public insurance company like LIC.
5. Middle income people suggest that premium can be collected on monthly basis instead of
twice a year.
6. Company’s reputation is more important because bad impression on image or brand name
is considered while decision making among consumers.
 64

BIBLIOGRAPHY

BOOKS

Agarwala, A.N. Insurance in India – A Study of Insurance Aspect of Social Security in India,
Allahabad Law Journal Press, Allahabad, 1962.

Balu.V., “Marketing Management”, Sri Venkateshwara Puplications, Chennai,2003,p.63

Bellur Venkatakrishnan. V., “Marketing Research” Theory and Practice, Bombay, Himalaya
Publishing House, 1987, pp.87-90

Bhir B.S. and Limaye M.D." Insurance Principles and practice. Lakshmi Book Depot, Bombay,
First Edition 1957.

Claude Jean. Insurance and marketing. London Witherby & Co. Ltd., Firsdition

JOURNALS AND MAGAZINES

 Ahmed A. & Kwatra N., “Level of Customers Satisfaction with their Perception on the
Quality of Insurance Services Galaxy”, International Interdisciplinary Research Journal
(2014), 2(3), 188-193.

 Gautam V. & Kumar M., “A study on attitudes of Indian consumers towards Insurance
Services”, Management Research and Practice (2012), 4 (1), 51-62.

 Babita Y., & Anshuja T., “A study on factors affecting customers investment towards life
insurance policies”, International Journal of Marketing, Financial Services &
Management Research (2012), 1(7), 106-123.
 65

 Goswami P., “Customer Satisfaction with Service Quality in the Life Insurance Industry
in India”, The ICFAI Journal of Services Marketing (2007), 5(1), 25-30.

WEBSITES

• www.licindia.com

• www.insuranceinstituteofindia.com

• www.irdaindia.org

• www.insurancejournal.com

• www.indiainfoline.com
 66

QUESTIONNAIRE

Name : Mrs/Ms/Mr

Age (years)

o 25 and below
o 26 – 35
o 36 – 45
o Above 45

Gender

o Male
o Female

Educational Qualification

o Graduate
o Post Graduate
o Other

Employment Status

o self-employment
o Wage Employment
o Professional
o Student
 67

For which item below you have taken insurance cover? (plzz tick as many as
appropriate)

o two wheeler vehicle

o four wheeler vehicle
o home
o office
o jwellery
o locker
o computer/ laptop
o mobile
o health
o travel
o marine

Have you taken the Medi claim policy for you?

o Yes
o No

One must take general insurance policies for items stated in Q2.

o Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree.
 68

One must take general insurance cover every year for the assets as long as
they last.

o Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree

Do you go for general insurance because it is compulsary?

o Yes
o No

Do you go for general insurance to cover risk?

o Yes
o No

Are you aware of the terms and conditions of the policy which you have
taken?

o Aware
o Not aware
o Not idea at all

Your general insurance company gives you good service.

o Strongly Agree
o Agree
o Neutral
o Disagree
 69

o Strongly Disagree.

Settlement of claims by Private sector general insurance companies is faster

than Public sector general insurance companies.

o Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree.

Which type of general companies are more reliable according to you?

Public sector

Private sector

The general insurance agents have sufficient knowledge about the

procedures.

o Strongly Agree
o Agree
o Neutral
o Disagree
o Strongly Disagree

What made you choose your current general insurance company?

o Brand image
o Efficient services
o Low cost
o Quick settlements of claims
o Others
 70

Are you satisfied by the services provided by your general insurance

company?

o Yes
o No

If NO, what are your reasons for dissatisfaction?

o Policy document not recieved on time

o Dissatisfied by the Agent's services
o Delay in claim settlement
o Others

How do you rate your satisfaction with the service you recieved?

o Excellent
o Very good
o Good
o Poor
o Very poor

SHow do you rate your general insurance company overall?

o Excellent
o Very good
o Good
o Poor
o Very poor