Differentiation of Undifferentiated Life Insurance Products Essay Example
Executive Summary
The global economies are all facing a difficult period.
Despite the financial crisis, insurers have successfully weathered it and played a vital role in safeguarding individuals and businesses. They have also restored confidence and promoted economic growth. This is especially significant in India, where insurers face difficulties in establishing investor trust. Presently, all 23 insurers are focusing on expanding their customer base by enhancing product quality and flexibility, along with launching effective advertising campaigns. However, most companies provide similar products presented differently.
The objective is to create a distinct image in the minds of customers, and this project aims to assess how similar products from different companies are perceived by customers. Additionally, the project aims to determine which policies customers perceive as most beneficial and gauge their brand awareness. The marketing
...research problem involves analyzing the factors individuals consider before choosing an insurance policy, as well as the role of income in investment policies.
The main objective of the study is to examine individuals' familiarity with different insurance brands and their perceptions of these brands, which aids in distinguishing among similar policies offered by various insurance companies prior to making a purchase.
In India, there are currently 23 Life insurance companies that are regulated by IRDA and provide consumers with a range of investment and insurance plans. These plans include term life policies, endowment policies, joint life policies, whole life policies, loan cover term assurance policies, unit-linked insurance plans, group insurance policies, pension plans, and annuities. However, many companies offer identical plans that are not differentiated by law.
The primary goal of this project is to identify the criteria customers utilize to differentiat
between multiple brands that offer comparable products.
Throughout the study, we will explore the factors that consumers consider when choosing a brand and determine what influences them to differentiate one brand from another.
Objective of the project:
Primary objective:To identify the key parameters that consumers consider when differentiating life insurance brands and determine the main features that customers take into account when selecting a product offered by these brands.
Secondary objective:Brand awareness of the consumers
Secondary Research
The secondary research for our project involves determining the number of Life Insurance Companies operating in India and the different policies offered by these companies under their portfolio.
Methodology
Research Design: The data collection method used in this study was exploratory. The sampling method employed was simple random sampling, with a sample size of 100. The area of study for this research was Royapettah, Chennai.
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