Insurance Decision Making
There are many factors to be considered when taking a policy.
So this study gives an idea about the importance given to some of the main factors when taking a policy.
It will also give an idea about the reasons for choosing a insurance company be it a private or a public sector company.
The opening of the insurance sector in 2000 was to keep up with the globalization of the economy and to offer more choices to the customer.
Today, every life insurance company is competing for the share of savings with other financial instruments.
Various factors and customer preferences have introduced many variants of these simplest forms of life insurance.
The speed of product innovation has left the customer gasping.
Recent trends suggest a shift in consumer preference due to rising awareness about financial markets.
The presence of the regulator ensures immunity to the customer from the market turmoil.
More players are likely to enter the market in future, which will provide customers with even more choices.
Since the basic premium rates for all the products on offer by insurers are approved by IRDA and are hence compatible, the choice of insurer will be guided by the servicing and brand image that the customers carry.
As the study of the customer preference towards the insurance sector plays a vital role in understanding the contribution of insurance industry.
I want to study the customer perception & preferences for the various facilities provided by the insurance policies.
A comparison between private insurance industries will help in assessing the expectation of the customers about the services provided by them.
This analysis will provide public as well as private insurance players to improve their quality standards and also to provide better facilities to the customer.
Progress:
I am going to collect data from 100 respondents for studying Customer preference and selected randomly from different areas in Mumbai such as:
• Public places like shopping centers, malls, restaurants etc.
• Employees of Government Departments
• Employees of Private Firms
• Business / self employed
There are many factors to be considered when taking a policy.
So this study gives an idea about the importance given to some of the main factors when taking a policy.
It will also give an idea about the reasons for choosing a insurance company be it a private or a public sector company.
The opening of the insurance sector in 2000 was to keep up with the globalization of the economy and to offer more choices to the customer.
Today, every life insurance company is competing for the share of savings with other financial instruments.
Various factors and customer preferences have introduced many variants of these simplest forms of life insurance.
The speed of product innovation has left the customer gasping.
Recent trends suggest a shift in consumer preference due to rising awareness about financial markets.
The presence of the regulator ensures immunity to the customer from the market turmoil.
More players are likely to enter the market in future, which will provide customers with even more choices.
Since the basic premium rates for all the products on offer by insurers are approved by IRDA and are hence compatible, the choice of insurer will be guided by the servicing and brand image that the customers carry.
As the study of the customer preference towards the insurance sector plays a vital role in understanding the contribution of insurance industry.
I want to study the customer perception & preferences for the various facilities provided by the insurance policies.
A comparison between private insurance industries will help in assessing the expectation of the customers about the services provided by them.
This analysis will provide public as well as private insurance players to improve their quality standards and also to provide better facilities to the customer.
Progress:
I am going to collect data from 100 respondents for studying Customer preference and selected randomly from different areas in Mumbai such as:
• Public places like shopping centers, malls, restaurants etc.
• Employees of Government Departments
• Employees of Private Firms
• Business / self employed