GENERAL INFORMATION (DEMOGRAPHIC & PERSONAL DATA)

Transcription

1 MARKETING STRATEGIES OF LIC IN KERALA (Questionnaire for survey among the Life insurance policy holders of LIC in Kerala) SECTION I 1. Name: 1 GENERAL INFORMATION (DEMOGRAPHIC & PERSONAL DATA) 2. Area/Place of residence: 1) Rural 2) Urban 3. Gender: 1) Male 2) Female 4. Age: (Completed Years) 5. Marital Status: 1) Married 2) Unmarried 3) Others 6. Education: 1) Up to Primary 2) Secondary / Higher Secondary 3) Degree 4) Post Graduation 5) Others 7. Occupation: 1. Agriculture 2.Business and Self- employed 3.Govt. Service 4.Private Service 5.NRI/Foreign Employed 6. Others 8. Family structure: 1. Nuclear 2.Extended 3.Joint 9. Number of earning members in family: 10.1 Monthly Income Gross (self): 1) Below `Rs ) Rs ) ) )Above Family Income (gross monthly) Rs ( approximate ) SECTION II LIFE INSURANCE PROFILE 11. Do you have life insurance policies from LIC? YES NO 12.1 Total number of Life insurance policies bought (of LIC): 12.2 Number of policies in hand having premium payment in the under mentioned categories Single premium Level premium Limited premium

2 2 13. From the following list identify the type of policy that you have subscribed to. Please tick against the policy YES if you have subscribed; otherwise tick against NO. SN PLANS OF LIC YES NO SN PLANS OF LIC YES NO 13.1 Jeevan Anand Komal Jeevan 13.2 Jeevan saral Anmol Jeevan 13.3 Jeevan Tarang Money back plans 13.4 Jeevan Anurag New Bima Gold 13.5 Jeevan Surabhi Child future/career Plan 13.6 Jeevan Chaya Child marriage Endowment Plan 13.7 Jeevan Arogya Bima Account I/II 13.8 Jeevan Kishore Bima Bachat 13.9 Endowment table ULIPS New Jana Raksha Policies Other than listed above 14. Sum assured of all the life insurance policy/policies taken by you from LIC of India Sum assured of Life policies bought Choice Up to1lakh (1) 1lakh-5lakh (2) 6lakh-10 lakh (3) 11lakh-15lakh (4) above 15 lakh (5) 15.1 PERIOD (Please specify period of payment of Life Insurance Premiums) Monthly (1) Quarterly (2) Half Yearly (3) Yearly (4) More than one mode (5) Single premium (6) 15.2 MODE OF PAYMENT OF PREMIUM (please state the means of payment of premium) Through agents Directly in office Premium Collection points Salary saving Scheme (SSS) More than one mode (1) (2) (3) (4) (5) (6) Others 16. Please state the ideal term for life insurance policy (as you feel) Less than/equal 6-9 YEARS YEARS to 5 YEARS (2) (3) (1) IDEAL POLICY TERM YERAS (4) Above 20YEARS (5)

3 3 SECTION III FINANCIAL AWARENESS/KNOWLEDGE/HABITS 17. Please give appropriate score based on your LEVEL OF AWARENESS on the following long -term saving instruments. [5= VERY HIGH 4=HIGH 3=AVERAGE 2= POOR 1=VERY POOR] SN Saving instrument 1 Bank fixed deposit 2 Life insurance 3 Capital Market Products (Mutual funds, Securities, Derivative instruments etc) 4 Govt Schemes ( Treasury deposit, Provident fund, State insurance(sli/gis) etc) 5 Chit funds 6 Post office savings 7 Gold/jewellery 8 Real estate SCORE 18. The facts listed below relate to different aspects of purchase and servicing of products and services of LIC. Please assign a score ranging from 7 to 1 based on your LEVEL OF AWARENESS [7=VERY HIGH, 6=HIGH, 5=GOOD, 4=AVERAGE, 3=LOW, 2=POOR, 1=VERY POOR] SN STATEMENTS SCORE PRODUCT AWARENESS 18.1 Estimation of insurable amount of insurance policies to be purchased 17.2 Selection of suitable policy from the product mix offered 18.3 Various documents to be filled in for purchasing policy 18.4 Policy features and benefits 18.5 Terms and conditions of policy AWARENESS ON PRICE/PREMIUM & RETURN 18.6 Modes of premium payment(agent-office- premium collection points etc) 18.7 Flexible periods for premium payment(monthly, quarterly, half yearly etc) 18.8 Payment of premium in any branch office 18.9 Rate of return on Life insurance policy Payment of premium by online Availability of days of grace option in premium payment AWARENESS ON DISTRIBUTION CHANNELS Different means for purchasing policy e.g. agents, internet etc The service standards/norms the distribution agencies have to keep up The benefits and defects of multiple channels of distribution The types of services available through the multiple channels of distribution AWARENESS ON PROCESS Getting policy details on Reduction of sum assured in case of difficulty of paying high premium Claim settlement procedures Procedure of transfer and assignment of policy

4 18.20 Procedure of surrender and renewal of policy Receipt of policy document within 15 days of first premium payment Modifications/ conversion of one policy to other policies Option to cancel policy on dissatisfaction within 15 days of purchase AWARENESS ON PROMOTION The major media in which products and services are propagated The message and content behind the promotional appeal The market segment which LIC targets with its products Purpose behind selection of particular media for propagation AWARENESS ON PEOPLE SERVICING POLICY Appropriate authority to be approached for policy servicing Authorities, responsibilities and duties of insurance service staff/personnel Appropriate authority to whom grievance is to be filed on defective service The hierarchical structure of insurance personnel in the organisation AWARENESS ON PHYSICAL EVIDENCE The basic amenities provided at service area (Drinking water, sanitary facilities etc) The different sections (Service counters ) in the branch office for servicing The facilities available to know the status of policy and enquiries The facilitating service like seating arrangement, parking facilities etc Do you remember the names of some life insurance products of LIC? YES NO 20. If YES, please state the names of three products/lic Policies that come to your mind Please mention the amount of saving on an average per month (saving means net income in hand for investment after meeting home expenses ) Amount saved Below/equal to Rs Above per month (1) (2) (3) (4) (5) Choice 22. Please state the amount that you spend for payment of premium on life insurance policies of LIC (per annum)[ignoring premium paid on Single Premium Plans] Amount spent per annum Less than 5000 (1) (2) (3) (4) Above (5) Choice

5 5 23. Do you consider the saving through life insurance policies of LIC is better compared to the financial products listed below? If you feel that investment in LIC is better compared to other financial products mark in column YES ; otherwise mark in column NO Financial products YES NO 23.1 Bank deposits 23.2 Mutual funds 23.3 Post office savings 23.4 Provident fund investment 23.5 Chitty(kuris) 23.6 ULIPS 23.7 Govt treasury deposit 23.8 Gold/jewellery 23.9 Real estate Securities (shares/bonds etc) Others 24. Do you think that you are adequately covered under life insurance? [Tip: Multiply your Annual income by the score of the age group you belong to. Compare the amount with the sum assured of LIC Policies taken by you. [If the sum assured of policies taken by you is greater than the amount by which you are adequately covered under life insurances otherwise not] AGE GROUP & ABOVE SCORE Example: Suppose your annual income= 2 lakh; your age=42; Then 2lakh x3 =6 lakh i.e. you must have taken policies worth 6 LAKHS Sum Assured; If so, mark in column YES; otherwise NO. 25. If no; Please mention the reasons for inadequate coverage on Life insurance Policies YES NO SN Reason for inadequate coverage 25.1 Low income 25.2 Lack of sufficient knowledge on life insurance 25.3 Lack of conviction/belief 25.4 Preference to other investments 25.5 Other reasons Rank SECTION IV ANALYSIS OF CUSTOMER PURCHASING BEHAVIOUR AWARENESS ON LIFE INSURANCE CORPORATION OF INDIA 26. How long you are aware of LIC India? Less than one year (1) 1-5 years (2) 6-10years (3) years (4) More than 15 years (5)

6 27. Which of the following is the most dependent source of knowledge on life insurance? SN Media Rank 27.1 Newspaper 27.2 Magazines/Journals 27.3 T V-ads 27.4 Radio-ads 27.5 LIC agents 27.6 Friends/ Relatives 27.7 Internet/web sites 27.8 Tele marketing, Mobile marketing SMS,MMS etc 27.9 Brochures,Diaries,calendars, other gifts Bill boards, wall writings etc 6 FACTORS INFLUENCING PURCHASE DECISION OF LIFE INSURANCE POLICY 28. Who takes the final decision for purchasing life insurance policy in your family? SN Decision maker 28.1 Head of the family 28.2 Own decision 28.3 Joint decision Rank 29. Who/which of the following persuaded/influenced you greatly to choose Life Insurance Corporation of India in buying a life insurance policy? SN INFLUENCING/PURSUADING FACTOR Rank 29.1 Life insurance agents 29.2 Family members/ relatives/spouse 29.3 Friends/ colleagues 29.4 LIC Office staff 29.5 Own perception/interest 29.6 Advertisement in visual /print media 29.7 Informative brochures/ pamphlets 30.Which of the following elements of marketing mix motivated you substantially to purchase a policy from LIC India? SN MARKETING MIX ELEMENTS Rank 30.1 PRODUCT- I purchase life policies in order to meet some of my needs 30.2 PRICE- I invest in Life insurance as it carries affordable price in the form of premium 30.3 PROMOTION- I go for Life insurance products expecting sops declared 30.4 PLACE- I opt for investment in life insurance as it is easy to approach for services 30.5 PROCESS- I prefer investments in life insurance as LIC provides better service 30.6 PEOPLE- I opt for investment in life insurance due to the influence of agent etc 30.7 PHYSICAL EVIDENCE- I prefer investment in LIC as it provides better infrastructure at service point( amenities and facilities)

7 7 31. Please RANK the motives behind purchasing Life insurance Policy SN MOTIVE BEHIND PURCHASE RANK 31.1 Risk coverage(personal Life/ Life of family members/ medical and critical illness) 31.2 Long term savings 31.3 Income tax relief 31.4 Old age protection/ Comfortable retirement (pensions) 31.5 Children marriage/education 31.6 Acquisition of home assets 31.7 Wealth creation /Additional income and Income protection(regular) 31.8 Payment of debts/ Loan facilities(home loan, vehicle loan etc) 31.9 Bequest motives /Final expenses-funeral expenses, burial costs and medical bills Service to agent SECTION V CUSTOMER PERCEPTION ON THE PROMOTIONAL STRATEGIES OF LIC 32. Which media do you mostly use for information/entertainment? SN Media TV Radio Newspaper Internet Others (magazine etc ) Rank 33. How do you evaluate the overall promotional strategies of LIC India as to marketing insurance products? (5=EXCELLENT 4=GOOD 3=AVERAGE 2=POOR 1=VERY POOR) SN OPINION Advertising Personal selling Public relations COMPANY IMAGE 33.1 Serves as good source of information 33.2 Creates awareness of the products 33.3 Differentiates from competitors Products 33.4 Builds better company image PERSONAL ATTITUDE 33.5 Enforces brand loyalty 33.6 Changes attitudes 33.7 Helps to identify right product 33.8 Tempts unnecessarily to buy products PROMOTION 33.9 Exaggerates features & benefits Results in wastage of time/cost Leads to annoyance/confusion UTILITY Enhances sales of policies Presents true picture of product offered

8 34. You might have seen advertisements of LIC through various media/events listed below. Please evaluate these advertisements by ticking in relevant column COLUMN GUIDELINE FOR MARKING 0 EVEN NOT JUST SEEN the advertisement through the listed media/event 1 OBSERVED the advertisement through the listed media/events 2 REMEMBER the advertisement through the listed media/events 3 The Advertisement through the listed media/event PERSUADED me to purchase policy SN PROMOTIONAL TOOL News paper advertisements 34.2 Business publications 34.3 T V advertisements 34.4 Radio advertisements 34.5 TV /Radio Interviews 34.6 Film advertisements 34.7 Bill boards 34.8 Electric displays/trans slides 34.9 Sponsoring academic activities like seminars, conference etc Sponsor contest and sports events Sponsoring social responsible programmes e.g. eye testing camps etc Sending marketing material with every customer communication Consumer review websites Online banner advertisements Advertisement in insurance websites/internet newsletters Social networks e.g. Face Book, Twitter etc Hoardings, Welcome boards at railway stations; bus stations etc Brochures Leaflets, booklets and press releases Bulletins, banners at branch premises Calendars, diaries, Business cards of agents to policy holders Maintaining public parks at important places Transit advertising Sending holiday-birthday cards/messages Tele marketing Poster, Banner, Sign Board etc News paper inserts/bound inserts in books Information kiosks Wall paintings Publicity vans etc 8

9 9 SECTION VI CUSTOMER SATISFACTION ON THE PRODUCTS & SERVICES OF LIC 35. The following statements relate to various products and services offered by the Life insurance Corporation of India. Please express your opinion by giving a score ranging from 5 to 1. [5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE] SN PRODUCT/SERVICE OFFERED BY LIC PRODUCT RELATED SATISFACTION 35.1 Life policies offered have wide variety features/benefits 35.2 The terms and conditions of policies are easy to understand 35.3 The surrender value of policy is adequate and satisfactory 35.4 LIC offers attractive riders along with its policies marketed 35.5 Life insurance policies give short- term financial gains 35.6 The rate of return on life insurance policies is attractive 35.7 The formalities to be satisfied for opening a policy are very simple 35.8 The rate of interest on loan availed on policies is reasonable 35.9 The period (tenor) of policies offered is convenient and apt The age at entry and that at exit are acceptable The life policies of LIC are convertible to other life policies of LIC Loan can be availed on almost all types of policies The amount of loan available on policy is adequate The policy provides for flexible terms of exit Transfer and assignment of policies is easy Most of the products offered are innovative compared to competitors LIC offers the facility of product modifications (reduction of sum assured etc ) PRICE/PREMIUM RELATED SATISFACTION The Premium charged on Policies is reasonable The service charges on life policies are low The penalties charged on delay in payment of premium are reasonable The days of grace given for premium payment are satisfactory LIC offers flexible premium payment schedule (monthly, quarterly etc ) LIC offers innovative modes of premium payment i.e., internet and ECS LIC offers flexible methods for the premium payment (through agent, directly to office) Life policies ensure better rate of return than other saving instruments PLACE/DISTRIBUTION RELATED SATISFACTION LIC agents are easily accessible The branch office is located in convenient area Premium payment points/locations are conveniently located LIC uses Technology at optimum level in delivering /servicing policy Multiple distribution channels are available for purchase of policy PEOPLE SERVICE RELATED SATISFACTION The agents clearly explain the terms / conditions / implications of policy The appearance of employees and staff is neat The service personnel are willing to render help at any point of time The service staff have a sense of public responsibility i.e., punctual, sincere The service staff maintain personal relationship with policyholders The response on service enquiry from officials is precise and accurate The service staff are courteous,trained & well informed The service staff are dependable, trustworthy, honest and polite

10 35.39 The top level officials are available in case of need as to servicing policy The service staff instill confidence in customers by proper behaviour The service personnel are friendly and approachable in servicing policy The LIC office offers wide variety of services The service staff understand intimately the specific customer needs The agents provide expert financial advice The office offers limited (Restricted) services during off-time The agents provide updated information on policies The marketing staff are competent to deliver the service The marketing staff maintain regular contact after issuing policy The service staff never create pressure to reinvest the claim received The service staff render professional service PROCESS RELATED SATISFACTION The procedure for purchasing policy is simple and less time- consuming It takes very little time to get the policy documents after taking policy Encasing cheques on claims etc is less time consuming The Renewal of lapsed policies is easy The operating hours of branch office is convenient The process of availing loan on policies is very time- consuming The grievance(complaint) redressal mechanism is effective Proper communication is effected on various aspects of policies The regular service activities as reminders of premium due are effective Claim on policies are settled at the earliest The claim settlement requires follow up of simple formalities The privacy of information given to LIC is safe Fully computerised branches make policy servicing quick and prompt FAQs/Instructions/DEMO in website help to learn facts Website is user- friendly/ web pages & links are functioning well Web site provides Accurate and updated information The premium paid up in Money Back Policy is returned promptly The toll free number service is very effective in clarifications SATISFACTION WITH REGARD TO PROMOTION- RELATED ELEMENTS Personal Intimation is provided on launching new products/services LIC provides guidelines on future service requirements as Policy loan etc LIC provides information on service innovations regularly The media of advertisement is suitable and relevant The theme, layout, language of advertisement is attractive & informative SATISFACTION WITH REGARD TO PHYSICAL EVIDENCE Adequate and necessary facilities are provided at the office counter The office premises are clean and tidy Sufficient seating arrangements are provided at the service counter The Physical layout of premises,furnishings are comfortable The sign boards are placed in proper places The diaries, business cards and calendars are self- explanatory The designs of policy documents, brochures are simple/ understandable Plenty of parking facility is provided at all branches for customers The interior of service office is comfortable with sufficient space for queues Drinking water/ sanitary arrangement is available at service points 10

11 11 SECTION VII CUSTOMER SATISFACTION ON THE SERVICES OF LIC AGENTS 36 Please rate the LEVEL OF SATISFACTION as to service rendered by life insurance agents in the purchase and servicing of life insurance policies. [7=EXTREMELY HIGH;6=VERY HIGH;5=HIGH;4=NEUTRAL;3=LOW;2=VERY LOW;1=EXTREMELY LOW] SN SERVICE RENDERED BY LIFE INSURANCE AGENTS SCORE SERVICE SATISFACTION BEFORE ISSUE OF POLICY 36.1 Accurate assessment of insurance needs 36.2 Proper advice on Selection of particular policy/plan 36.3 Selection of suitable period and method of premium payment on policy 36.4 Filling up the insurance forms and applications 36.5 Completing medical examination formalities 36.6 Explanation of product features and benefits SERVICE SATISFACTION AFTER ISSUE OF POLICY 36.7 Availing policy documents without delay 36.8 Reminding the premium due dates of payment of premium 36.9 Effecting alterations in policy (reduction of sum assured, change in address etc) Availing duplicate policy on loss or damage Availing Loan on policy, Loan closure and getting back documents Revival of policy on becoming lapsed due to default in premium payment Filling up Claim /surrender forms and ensuring receipt of claims in time Providing latest information on Life insurance policies and services and benefits Grievance settlements & Clarification of general and technical doubts Customer relation activities/ Attending customer needs in time Reviewing further insurance needs 37. The following table intends to evaluate perception of customers on the level of knowledge of LIC Agents on various aspects and attitudinal and behavioural patterns of LIC agents in marketing life insurance products of LIC. [5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE] CUSTOMER PERCEPTION ON KNOWLEDGE OF AGENTS ON CUSTOMER NEEDS AND ATTITUDES 37.1 Agents know the customers mental buying process 37.2 Agents have great concern about my welfare 37.3 Agents maintain a regular contact with me 37.4 Agents fully meet my needs with a life insurance product 37.5 Agents understand my financial goals and needs 37.6 Agents care to relate the benefits of products to my needs 37.7 Agents have good knowledge on buyers interests KNOWLEDGE OF AGENTS ON LIC 37.8 Agents have perfect knowledge about LIC 37.9 Agents know the status of industry and its dynamics Agents always justify taking policy from LIC compared to other players

12 37.11 Agents have perfect knowledge on policies and procedures of LIC Agents have knowledge on higher level authorities in LIC KNOWLEDGE OF AGENTS ON PRODUCTS AND SERVICES Agents explain insurance products exceptionally well Agents always help in selecting right life insurance product for me Agents always put my financial goals and needs above his/her own interest Agents substantiate creditworthiness of LIC products as to competitors Agents know little about the products, services or competitors Agents exaggerate the benefits of the product/service Agents create confusion in choosing a life insurance product ATTITUDE & BEHAVIOURIAL PATTERNS OF AGENTS Agents put too much pressure on me to buy life products Agents normally whine about poor business Agents appear to be interested only in selling the product Agents are not at all enthusiastic in doing their job Agents usually Interrupt me and are over anxious to get their point in Agents are very alert in rendering prompt service Agents can be trusted in full as to life insurance services 38. Please state the basic motive behind choosing the particular agent/s in servicing you life policy SN MOTIVE BEHIND SELECTION OF AGENT RANK 1 Agent is either a family relative or a friend 2 Agent is knowledgeable and expert 3 Agent Offers gifts with policies 4 Agent renders Proper financial advice 5 Agent cares about welfare of policyholders 6 Agent is easily accessible 7 Agent renders Prompt and quick service 8 Agent is having Good salesmanship qualities 9 Agent exerts excessive pressure 10 Agent has Good personality 11 Other reasons 12 SECTION VIII CUSTOMER PERCEPTION ON BRAND IMAGE, BRAND TRUST, BRAND LOYALTY AND BRAND EQUITY OF LIFE INSURANCE CORPORATION OF INDIA 39. Please score the following statements that are related to assessment of brand image of LIC India. [5=STRONGLY AGREE; 4=AGREE; 3=NEUTRAL; 2=DISAGREE; 1=STRONGLY DISAGREE] SN LIC BRAND IMAGE FACTORS I always see that LIC is the best benchmark of life insurance products/ services 39.2 The life insurance brand(lic) is professional in its customer service 39.3 The brand (LIC) is successful in the life insurance market 39.4 The brand is well established with long years of tradition and trust 39.5 The brand is trustworthy in all its dealings and transactions 39.6 The brand is priced reasonably 39.7 The brand is very familiar to me i.e. while thinking of life insurance LIC comes first

13 13 LIC BRAND TRUST FACTORS I feel that the service commitments of the brand are generally reliable 39.9 I feel that the trusteeship argument of LIC is trustworthy I feel that the service and product standards meet my expectations I feel that the brand keeps promises as to return,safety of fund invested LIC BRAND LOYALTY FACTORS I would recommend the service to my friends/relatives I have faith in LIC as to its financial performance / service standards I am highly satisfied with the organisation I want to continue with the current service provider and the only institution I want to associate within life insurance If I wish to have one more policy, I would prefer LIC I would continue with LIC even if other insurance companies provide policies with lower premium I want to stay with the company even if minor mistakes are made I believe that LIC won t do anything affecting policyholders negatively I will keep on buying policies from LIC as it provides me satisfied products LIC BRAND EQUITY FACTORS It makes sense to buy this brand instead of other brands because of its policy service commitments even if they are the same Even if any other brand has the same product features and benefits as this brand, I would prefer this brand If another brand s financial performance is as good as this brand s, I prefer to buy this brand If the concern for the investor (policy holder)is not different from that of this brand, it seems better to buy this brand I will never switch over the brand even if other brands are profitable Life policy from LIC is more than a product to me 40. You may assign a score between 1 to 10 for the combination of the features/benefits of LIC policies for your most preferred aspect of policies of LIC India (H=high M=medium L=low) S.No Safety Liquidity Tax benefit Surrend er value Loan Facility /amount Loyalty addition s /riders/ bonus Maturity benefit Death benefit premiu m Score 1 H H H H H H H H L 2 H H H H H H H H M 3 H H H H H H M H M 4 H M H H M H M H H 5 H M M H M H H M H 6 M H M H H L H H M 7 M L H H L M H H M 8 H H M M H L H H L 9 H M L H M L H H M 10 H M M H M M M H M