EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the TATA AIG
insurance Company ltd. It is done to find out whether the customers are satisfied with
the benefits they get with their respective policies or not,
Further, in this Project
Chapter 1 includes the introduction of the company where the Objectives of the study
and profile of the TATA AIG are discussed.
Chapter 2 includes the Research Methodology where I have discussed the Research
Design and Various sources of the Data Collection.
Chapter 3 includes the Data analysis and Findings where I have analyzed the data
collected from the Questionnaire.
Chapter 4 represents the conclusion and the suggestions based on the customer
satisfaction survey.

CHAPTER - I
1. INTRODUCTION
CUSTOMER SATISFACTION
The project aims at analyzing customer satisfaction for TATA AIG
insurance products.
Customer satisfaction refers to how satisfied customers are with the products or
services they receive from a particular agency. The level of satisfaction is determined
not only by the quality and type of customer experience but also by customers
expectations.
A customer may be defined as, Someone who has a direct relationship with, or
is directly affected by your agency and receives or relies on one or more of your
agencys services or products.
Customers in human services are commonly referred to as service users,
consumers or clients. They can be individuals or groups. An organization with a strong
customer service culture places the customer at the centre of service design, planning
and service delivery.
Customer centric organizations will:
determine the customers expectations when they plan
listen to the customer as they design
focus on the delivery of customer service activities
value customer feedback when they measure performance.

IMPORTANCE OF CUSTOMER SATISFACTION IN INSURANCE

SECTOR
There are a number of reasons why customer satisfaction is important in
Insurance Sector:
Meeting the needs of the customer is the underlying rationale for the existence of
community service organizations. Customers have a right to quality services that
deliver outcomes.
Organizations that strive beyond minimum standards and exceed the expectations of
their customers are likely to be leaders in their sector.
Customers are recognized as key partners in shaping service development and
assessing quality of service delivery.
The process for measuring customer satisfaction and obtaining feedback on
organizational performances are valuable tools for quality and continuous service
improvement.
Although customer service is very important for winning new and retaining
existing customers, insurance companies struggle to achieve acceptable customer
satisfaction levels in their call centres. In particular, more sophisticated members are
demanding expanded advisory services for their retirement, pension, healthcare and
life insurance needs.
Insurance companies also have trouble meeting the needs of specific
constituents, namely agents, brokers and networks who are the most important
channels for bringing in new business. FileNet, an IBM company, conducted an

insurance industry survey on customer service, and results indicate that more than half
of insurance carriers identified current policy holders as the primary target audience for
their customer service efforts, whilst only 20% identified agents and brokers. Larger
agencies may require dedicated service teams and demand service level agreements,
whilst mid-size agencies may need local service and smaller agencies that are
expensive to service may need centralized call centres and self-service tools.

OVERVIEW OF THE INDUSTRY

The insurance industry provides protection against financial losses resulting
from a variety of perils. By purchasing insurance policies, individuals and businesses
can receive reimbursement for losses due to car accidents, theft of property, and fire and
storm damage; medical expenses; and loss of income due to disability or death.
The insurance industry consists mainly of insurance carriers (or insurers) and
insurance agencies and brokerages. In general, insurance carriers are large companies
that provide insurance and assume the risks covered by the policy. Insurance agencies
and brokerages sell insurance policies for the carriers. While some of these
establishments are directly affiliated with a particular insurer and sell only that carriers
policies, many are independent and are thus free to market the policies of a variety of
insurance carriers. In addition to supporting these two primary components, the
insurance industry includes establishments that provide other insurance-related services,
such as claims adjustment or third-party administration of insurance and pension funds.
Insurance carriers assume the risk associated with annuities and insurance
policies and assign premiums to be paid for the policies. In the policy, the carrier states

the length and conditions of the agreement, exactly which losses it will provide
compensation for, and how much will be awarded. The premium charged for the policy
is based primarily on the amount to be awarded in case of loss, as well as the likelihood
that the insurance carrier will actually have to pay. In order to be able to compensate
policyholders for their losses, insurance companies invest the money they receive in
premiums, building up a portfolio of financial asset and income-producing real estate
which can then be used to pay off any future claims that may be brought. There are two
basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible
for the initial underwriting of insurance policies and annuities, while reinsurance
carriers assume all or part of the risk associated with the existing insurance policies
originally underwritten by other insurance carriers.
Direct insurance carriers offer a variety of insurance policies. Life insurance
provides financial protection to beneficiariesusually spouses and dependent children
upon the death of the insured. Disability insurance supplies a preset income to an
insured person who is unable to work due to injury or illness, and health insurance pays
the expenses resulting from accidents and illness. An annuity (a contract or a group of
contracts that furnishes a periodic income at regular intervals for a specified period)
provides a steady income during retirement for the remainder of ones life. Propertycasualty insurance protects against loss or damage to property resulting from hazards
such as fire, theft, pilferage, malicious damage, war, riots and natural disasters. Liability
insurance shields policyholders from financial responsibility for injuries to others or for
damage to other peoples property. Most policies, such as automobile and homeowners
insurance, combine both property-casualty and liability coverage.

Some insurance policies cover groups of people, ranging from a few to

thousands of individuals. These policies usually are issued to employers for the benefit
of their employees or to unions, professional associations, or other membership
organizations for the benefit of their members. Among the most common policies of
this nature are group life and health plans. Insurance carriers also underwrite a variety
of specialized types of insurance, such as real-estate title insurance, employee surety
and fidelity bonding and medical malpractice insurance.
In addition to individual carrier-sponsored Internet sites, several lead
generating sites have emerged. These sites allow potential customers to input
information about their insurance policy needs. For a fee, the sites forward customer
information to a number of insurance companies, which review the information and, if
they decide to take on the policy, contact the customer with an offer. This practice gives
consumers the freedom to accept the best rate.
The insurance industry also includes a number of independent organizations that
provide a wide array of insurance-related services to carriers and their clients. One such
service is the processing of claims forms for medical practitioners. Other services
include loss prevention and risk management. Also, insurance companies sometimes
hire independent claims adjusters to investigate accidents and claims for property
damage and to assign a dollar estimate to the claim.

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

(IRDA)
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill
in Parliament in December 1999.
The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies. The other decisions taken simultaneously to provide the
supporting systems to the insurance sector and in particular the life insurance
companies were the launch of the IRDAs online service for issue and renewal of
licenses to agents.
The approval of institutions for imparting training to agents has also ensured that
the insurance companies would have a trained workforce of insurance agents in place to
sell their products.
Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations.

OBJECTIVES OF THE STUDY

PRIMARY OBJECTIVE
To study the preferences and satisfaction level of customers of TATA AIG
insurance products.

SECONDARY OBJECTIVES

To identify the insurance needs of the Indian population with respect to their

emotional, physical and financial conditions.

To study the awareness of customers regarding TATA AIG insurance.

To bring out the features of insurance preferred by customers.

To measure the customer satisfaction level of customers on various services
provided.
To identify the factors influencing customers during the selection of insurance
policies.
To know the most preferred insurance policy of TATA AIG insurance policies so that
other policies can also be provided in a better way.

COMPANY PROFILE
TATA AIG INSURANCE
Tata AIG General Insurance Company Limited (Tata AIG General) is a joint
venture company, formed by the Tata Group and American International Group, Inc.
(AIG). Tata AIG General combines the Tata Group's pre-eminent leadership position in
India and AIG's global presence as the world's leading international insurance and
financial services organization. The Tata Group holds 74 per cent stake in the insurance
venture with AIG holding the balance 26 percent. Tata AIG General Insurance
Company, which started its operations in India on January 22, 2001, provides insurance
solutions to individuals and corporates. It offers a complete range of general insurance
products including insurance for automobile, home, personal accident, travel, energy,
marine, property and casualty. The Company believes in offering innovative and
relevant insurance solutions in the retail and commercial space. Each product offering is
backed by expertise and an unparalleled claims service. The Company's products are

available through various channels of distribution like agents, brokers, banks (through
bank assurance tie ups) and direct channels like Tele Marketing, worksite etc.

ABOUT TATA GROUP

The Tata Group companies operate in seven business sectors:
Communications and Information Technology, Engineering, Materials, Services,
Energy, Consumer Products and Chemicals. The Group was founded by Jamsetji Tata
in mid 19th century, a period when India had just set out on the road to gaining
independence from British rule. Consequently, Jamsetji Tata and those who followed
him aligned business opportunities with the objective of nation building. This
approach remains enshrined in this Group's ethos to this day.
The Tata Group is one of India's largest and most respected business
conglomerates, Tata companies together employ some 3,50,000 people. The Group's 27
publicly listed enterprises have a combined market capitalization of some $ 60 billion
and a shareholder base of 3.2 million. The major Tata Companies are Tata Steel, Tata
Consultancy Services, Tata Motors, Tata Chemicals, Tata Communications, Tata Power,
Indian Hotels and Tata Tea. The Tata Group has operations in more than 85 countries
across six continents and its companies export products and services to eighty countries.
The Tata family of companies shares a set of five core values: integrity,
understanding, excellence, unity and responsibility. These values, which have been part
of the Group's beliefs and convictions from its earliest days, continue to guide and drive
the business decisions of Tata companies. The Group and its enterprises have been
steadfast and distinctive in their adherence to business ethics and their commitment to
corporate social responsibility. This is a legacy that has earned the Group the trust of

many millions of stakeholders in a measure few business houses anywhere in the world
can match.

ABOUT AMERICAN INTERNATIONAL GROUP INC. (AIG)

American International Group, Inc. (AIG) is a leading international insurance
organization with operations in more than 130 countries and jurisdictions. AIG
companies serve commercial, institutional, and individual customers through one of the
most extensive worldwide property-casualty networks of any insurer. In addition, AIG
companies are leading providers of life insurance and retirement services around the
world. AIG common stock is listed on the New York Stock Exchange, as well as the
stock exchanges in Ireland and Tokyo.

COMPANY BACKGROUND
AIGs history dates back to 1919, when Cornelius Vander Starr established
an
insurance agency in Shanghai, China. Starr was the first Westerner in Shanghai to sell
insurance to the Chinese. In 1962, Starr gave management of the company's less than
successful U.S. holdings to Maurice R. \"Hank\" Greenberg, who shifted the company's
U.S. focus from personal insurance to higher levels.American International Group, Inc
is the leading U.S. based international insurance and financial services organization and
the largest underwriter of commercial and industrial insurance in the United States. Its
member companies write a wide range of commercial and personal insurance products
through a variety of distribution channels in over 130 countries and jurisdictions
throughout the world. AIG's Life Insurance operations comprise of the most extensive
worldwide network of any life insurer. AIG's global businesses also include financial

services and asset management, including aircraft leasing, financial products, trading
and market making, consumer finance and savings products.

MANAGEMENT PROFILE
The management team consists of many reputed people from the finance
industry.
Gaurav D. Garg, Managing Director and CEO
Kaushal Mishra, Executive Vice President
Kurush Jal Daruwalla, Senior Vice President, Company Secretary , General Counsel
Miranjit Mukherjee, Chief Financial Officer
M. Ravichandran, National Head Commercial Lines
Ramesh Ramani, National Head Accident & Health
Bharat Govinda , National Head Personal Lines
Parvathi Singh, National Head Claims
Atri Chakraborty, National Head Operations
Suryanarayanan Subramanian, National Head Human Resources
Mohit Goel, Head Marketing

VISION AND VALUES

OUR VISION:To be India's most preferred General Insurance Company.

OUR VALUES:-

To create unmatched value for our customers, employees, business partners

and shareholders by delivering remarkable service that is consistent, fair and
transparent. Our values represent the core, shared beliefs that guide how we act and
work together to achieve our goals. We share a set of 6 core values: Customer First,
People, Passion, Performance, Integrity and Empathy.

CUSTOMER FIRST: Anticipate their priorities. Exceed their expectations.

INTEGRITY: We must conduct our business fairly, with honesty and transparency.

Everything we do must stand the test of public scrutiny.

PEOPLE: We must work cohesively with our colleagues across the Group and with

our customers and partners around the world, building strong relationships based on
tolerance, understanding and mutual cooperation. Strive to develop talent and reward
excellence.
PERFORMANCE: We must constantly strive to achieve the highest possible

standards in our day-to-day work and in the quality of the goods and services .

PASSION: We must be excited about what we do. We must have a strong

internalized drive to meet goals. Relentless determination to solve customer problems.

RESPECT: We must be caring, show respect, compassion and humanity for our

colleagues and customers around the world and always work for the benefit of the
communities we serve.

ORGANISATION STRUCTURE OF TATA AIG

TATA AIG insurance company follows a centralized form of organization. The
board of directors is in overall charge of the company and provides all policy decisions.
The board of directors is assisted by several officers like:
General manager
Assistant secretary
Head management services
Investment Committee or Manager
HR manager
It has offices at headquarters, regions, main and sub-branches whose number
depend upon size and geographic coverage of operations. The board of directors is
further by several heads of functions like ,
Actuary
Agency
Legal
Finance
Advertising
Medical
Accounting

 Underwriting
DISTRIBUTION CHANNELS OF TATA AIG
Tata AIG has corporate agency channels, which handles its corporate agents and
have tie-ups with 38 corporate houses. Insurers want to lower distribution costs by
finding more efficient channels. The new private players are developing multiple
channel models; many insurers use or plan to use several banks as distributors. Because
most banks have strong regional bias, in this regards Tata AIG has agreement with
HSBC (corporate agency distribution) through that it is doing both life insurance and
general insurance business.. Because most banks have a strong regional bias, Insurers
can use several banks without creating large overlap. Many larger banks are sourcing
products from several insurers acting as manufacturers.
An important distribution challenge facing insurers is the need to meet the rural
and social sector legislative requirements stipulated in terms of market opening. For
Tata AIG, it takes rural insurance as an opportunity and not an obligation. For achieving
objective in rural area it has also tie with NGOs (Bridge stone for Karnataka and
Kerala).
In this project main focus is distribution channel of Life Insurance of Tata AIG
and little bit of distribution of General Insurance of Tata AIG also. So as the whole
topic of distribution can be known for the both company of Tata AIG (Life and General
insurance). Gradually channels are incorporating day by day for the growth of business.
In the span of two to three years Tata AIG achieve much more business growth
what it expected at the time of entrance in Indian market. It happened because it has

quality people, innovative management, be able to employ technology effectively

besides having right products with effective and modern distribution channel.

PERFORMANCE OF TATA AIG INSURANCE PRODUCTS

TATAAIG was awarded

the

Company

of the Year Award 2011 for Health

Insurance segment during the Indian Insurance Awards. This award was to recognize th
e

company that stood out amongst its peers in terms of its

Revenue growth, Profitability, Innovation and Customer service.

The award reinforces their perception as a strong health insurance company as
evidenced also by the HT MaRs Customer Satisfaction Survey (results published in
March, 2011) which ranked us as No.1 in customer service satisfaction and No.2 in clai
msettlement satisfaction.
It is a testament to their wide and strong product range of benefit based
secondary medical insurance products that have not only delivered a profitable
business line but also awards from the industry and a high degree of customer
satisfaction.
TATAAIG was recognized with the Best Product Innovation award
amongst General Insurance players in the Indian Insurance Awards. The
recognition was for Private Client Group Home secure Policy that was launched
in August 2009. It is a unique product catering exclusively to the High Net
Worth clients need of insuring their high value possessions such s paintings,
valuables, work of art, jewelry, collectibles etc. It offers packaged cover for the
entire home contents including above items with first in the market covers such
as hole in on expenses, loss in value for fine art, pairs and sets, etc. Additional

services are offered along with the insurance cover e.g. vulnerability assessments,
transit supervision, conservation and storage assistance.
Tata AIG General Insurance Co. Ltd. was awarded the E-Commerce Award by
Asia Insurance Technology Awards (AITA) 2011 at a glittering ceremony held at The
Imperial Hotel in Seoul, South Korea on November 9, 2011.
The E-Commerce Award recognizes an insurer who demonstrates a marketleading e-commerce offering which has deployed a distinct implementation that
demonstrated true innovation in the use of the distribution channel.Some other awards
won by TATA AIG insurance company in 2011 are,
Celent Model Insurer Awards 2011, NewYork
Indian Insurance Awards 2011: Company of the Year Award 2011 for Health
Insurance
Indian Insurance Awards 2011: Best Product Innovation Award 2011 for PCG
MIF-ILO (Microfinance Innovation Facility International Labour Organization)
grant for implementation of project, Usage of Mobile devices for enrolment and claim
settlement in cattle insurance.

PRODUCT/SERVICES PROFILE
INSURANCE SOLUTIONS FOR INDIVIDUALS
1. MOTOR INSURANCE SOLUTIONS


PRIVATE CAR INSURANCE
i. Comprehensive Value Added Car Insurance
ii.

Extra protection through new and unique Add on covers

TWO WHEELER INSURANCE

i. Cover Loss or Damage to your Vehicle
ii. No Claim Bonus on claim free experience
COMMERCIAL VEHICLE INSURANCE
i. Cover Loss or Damage to your Vehicle
ii. No Claim Bonus on claim free experience
2. HOME INSURANCE SOLUTIONS
INSTACHOICE
i. Instant Home insurance with the flexibility to decide your insurance cover basis
your needs
ii.

Insures appliances as well as jewellery.

HOME SECURE SUPREME

i. A flexible home insurance product, which can be customized for individual
requirements.
ii. 15 comprehensive coverage options to choose from.

 HOME COUPON
i. On the spot cover for your home. Easy documentation.
ii. Covers Fire and Special perils and Burglary.
INDIA FIRE- FIRE AND SPECIAL PERILS
i.

Covers loss due to fire and some special perils.

ii. Affordable, offers additional coverage against earthquakes and terrorism.

3. HEALTH INSURANCE SOLUTIONS

WELLSURANCE
i. Wellsurance is the first insurance product designed with unique features and
exclusive benefits that address the needs of todays lifestyle.
ii. A comprehensive health insurance product, it provides for benefits like Critical
illness benefit, Surgical procedure benefit, Convalescence benefit, Childrens
education benefit and more.
ACCIDENT GUARD
i. Personal and family Accident Insurance Plan
ii. Offers Education allowance, repatriation of remains allowance..etc in case of
family option

INCOME GUARD
i. Personal Accident Insurance Plan designed to cover Accidental Death,
Dismemberment, Permanent Total Disability in one plan.

ii.

Simple enrollment procedure with additional benefits like educational

allowance

and home/ vehicle alteration benefit in case of an accident

SECURED INCOME PLAN

i. Provides the family with initial lump sum cash
ii. Monthly cash benefits for the next 5 years in case of accidental death.

SECURED FUTURE PLAN

i. Depending upon your monthly expenditure you can choose from Monthly
income benefits options.
ii. Monthly Income benefits ranging from Rs.10000 to Rs.35000, for a period of 5
years to 20 years.

MAHARAKSHA PERSONAL INJURY PLAN

i. Cash benefit for accidental injuries and hospitalization, loss of activity of daily
living.
ii.

Provides protection up to 75 years of age.

INDIVIDUAL ACCIDENT AND SICKNESS HOSPITAL CASH

i. Hospitalization expenses due to sickness up to Rs. 5000/day
ii. Accident hospital cash benefit available up to Rs.10000/day
iii. Accident Reimbursement benefit of upto Rs. 25000/-

4. TRAVEL INSURANCE SOLUTIONS

 CRITICARE- CRITICAL ILLNESS COVER

i. Covers 11 Critical Illnesses
ii. Free Second Opinion

OVERSEAS TRAVEL INSURANCE

i. Global Protection policy valid 24 hours a day, 365 days a year
ii. Coverage of Medical Expenses, baggage delay / loss, loss of passport and more

DOMESTIC TRAVEL INSURANCE

i. A unique Travel Insurance product for travel anywhere within India for missed
departure, accommodation charges due to trip delay, lost ticket reimbursement
and more.

STUDENT TRAVEL INSURANCE

i. Designed for students travelling abroad to pursue their higher studies to cover
Study Interruption, Sponsor Protection, Compassionate Visit (2-way) apart from
Accident & Sickness Reimbursement and Personal Accident.

PROCEDURE FOR LODGING AND SETTLEMENT OF CLAIMS

The following steps are involved in general for lodging and settlement of claims:-1. After the occurrence of a loss normally intimation to be given to the Policy issuing
office immediately.
2. This will be preceded by lodging a FIR to the nearest Police Station , in case the loss
has occurred due to any cause like Fire, Burglary, Theft, Damage to third party,

Accident etc., i.e. for any reason other than Act of God Peril e.g. Flood, Earthquake,
inundation etc.
3. Collect relevant claim form.
4. Fill up the claim form correctly after reading it thoroughly.
5. Submit claim form to the Policy issuing office either directly or by an authorized
Agent along with documents required /asked for, such as Police Reports, Doctors
Prescriptions, Reports of Pathological tests, Cash Memos from the Chemists Shop
for the medicine purchased, Admission and Discharge Certificates, Receipts from
Surgeon, Doctors etc. as the case may be.
6. The Policy issuing office may appoint Surveyor/ Loss Assessor or may refer the
case

to panel Doctors, if necessary.

7. Claim is finally settled by the Policy issuing office and payment is made to the
Policy holder as a full and final settlement of claim.
8. Please note in some cases provisional payment is also made to the Policy holder
pending the final processing of the claim, depending on the merits of the case.

STAGES IN POLICY ISSUANCE

Once the underwriting process on the application for any of the insurance
policies is completed, TATAAIG insurance company will issue the new policy. The
customers are expected to submit all relevant documents to the insurer to support their
policy. At this point, the customers rating class and final premium rate are determined.
After issuing the policy, the details will be stored in one of the companys mails.

It will be processed by the TATA AIG insurance staff and mailed to the customer
within one business day. Processing includes Quality Control of the policy for errors
and in putting policy information into database . The customers when they open this
mail, they are expected to check inside the package for a policy cover letter issued by
TATA AIG. This letter contains important information for putting the policy in
force.Also included will be a Business Reply return envelope for the customers
convenience.
Please note that any delivery requirements listed are time sensitive and must be
returned to TATA AIG promptly. If no delivery requirements are listed in the policy
cover letter, the policy will already be in force as of the policy date. Provided
everything is included and accurate, the insurance coverage will be effective as always.

SWOT ANALYSIS
STRENGTHS:
TATA AIG has the strong brand name of TATA and AIG .
It offers a good career path for advisors.
TATA AIG has a good reputation among customers.
It gives first year highest commission.
TATA AIG has a strong training support.
TATA AIG is the only insurance company in the world to be rated AAA by
SWP.

 It is the only company that provides whole infrastructure to new advisors.

WEAKNESSES:
TATA AIG is conservative in the context of advertising.

OPPORTUNITIES:
TATA AIG provides protection against financial losses and helps in future planning.
They also provide additional rewards for advisors.

THREATS:
Because of the mushrooming of the private insurance companies , there is
increased competition.

CHAPTER II
RESEARCH METHODOLOGY
RESEARCH INSTRUMENT
The research instrument used in this project is the questionnaire method. A
questionnaire is a form prepared and distributed to secure responses to certain
questions. It is a device for securing answers to questions by using a form for
which information is desired. Purposes of questionnaire are two- fold.
To collect information from the respondents who are scattered in a vast area.
To achieve success in collecting reliable and dependent data.

RESEARCH DESIGN
The research design of this project is exploratory. Though each research study
has its own specific purpose, the research design of this project on TATA AIG is
exploratory in nature as the objective is the development of the hypothesis rather than
their testing.

METHODOLOGY
Every project work is based on certain methodology, which is a way to
systematically solve the problem or attain its objectives. It is a very important guideline
and lead to completion of any project work through observation, data collection and
data analysis.
According to Clifford Woody, Research Methodology comprises of defining
and redefining problems, collecting, organizing and evaluating data, making deductions
and researching to conclusions.
Accordingly, the methodology used in the project is as follows: Defining the objectives of the study
Framing of questionnaire keeping objectives in mind (considering the objectives)
Feedback from the employees
Analysis of feedback
Conclusion, findings and suggestions.

SAMPLING TECHNIQUE USED

This research has used convenience sampling technique.

CONVENIENCE SAMPLING TECHNIQUE

Convenience sampling is used in exploratory research where the researcher is
interested in getting an inexpensive approximation of the truth. As the name implies, the
sample is selected because they are convenient.

SELECTION OF SAMPLE SIZE

For the survey, a sample size of 50 has been taken into consideration.

SOURCES OF DATA COLLECTION

1) PRIMARY DATA:
QUESTIONNAIRE
Primary data was collected by preparing questionnaire for customers. The
questionnaire was filled through direct research.

2) SECONDARY DATA:
Secondary data will consist of different literatures like books, articles, internet,
the company manuals and websites of company.

STATISTICAL TOOLS
Questionnaire
Pie Charts
Bar Diagrams
Doughnut chart
Bubble chart
Line diagram

LIMITATIONS OF STUDY
Some of the problems faced while conducting the survey are as follows: Time and cost constraints were there.
Chances of some biasness and lack of cooperation could not be eliminated.
A Samples size of fifty has been use due to time limitations.

CHAPTER III
DATA ANALYSIS AND INTERPRETATION
FREQUENCY ANALYSIS
AGE OF RESPONDENTS
AGE

MALE

FEMALE

PERCENTAGE

BELOW 20

20-30

12

19

62

30-40

26

ABOVE 40

23

27

100

TOTAL

INFERENCE:
We can see that more respondents of age group 20-30 prefer TATA AIG insurance a lot
as it is very much beneficial to them. TATA AIG insurance provides a lot of attractive
policies for youngsters. It is then followed by the other age groups.

AGE OF THE RESPONDENTS

EDUCATIONAL LEVEL OF THE RESPONDENTS

EDUCATION
10th OR BELOW

MALE

FEMALE

TOTAL

10

10, +2 OR BELOW

GRADUATE

12

22

68

POST GRADUATE

18

TOTAL

18

32

100

INFERENCE:
The above table shows the educational level of respondents. Many graduates
and post graduates utilize insurance for their security. This is because TATA AIG
insurance policies help in their education and savings also. It is then followed by school
students.

EDUCATIONAL LEVEL OF THE RESPONDENTS

OCCUPATION OF THE RESPONDENTS

OCCUPATION
SALARIED

MALE
15

FEMALE
14

TOTAL
58

SELF EMPLOYED

RETIRED

HOUSEWIFE

STUDENT

22

NRI

21

29

100

TOTAL

INFERENCE:
Salaried persons use TATA AIG insurance more as they offer a lot of scope for
savings and investments. It is then followed by students as it helps in their
education. Homemakers seem to prefer TATA AIG insurance more than self
employed, retired persons and NRI respondents.

OCCUPATION OF THE RESPONDENTS

MONTHLY INCOME (IF APPLICABLE)

MONTHLY
INCOME
5,000-10,000

MALE

FEMALE

TOTAL

18

10,000-20,000

16

44

ABOVE 20,000

TOTAL

13

18

62

INFERENCE:
The above table shows the monthly income levels of the respondents who are
working. Most of the respondents are in the middle income group.Hence we can infer
that most of TATA AIG insurance customers are in the middle income group.

MONTHLY INCOME (IF APPLICABLE)

AWARENESS OF TATA AIG INSURANCE

AWARENESS
OF TATA AIG
INSURANCE

MALE

FEMALE

TOTAL

NEWSPAPERS

14

17

62

RADIO

TELEVISION

12

DIRECT SALES
EXECUTIVE
TOTAL

10

26

20

30

100

INFERENCE:
TATA AIG insurance advertises a lot by means of newspapers and this is noticed
by most respondents as they are educated. Other than newspapers, TATA AIG
insurance is noticed more through the efforts of their direct sales executives.
TATA AIG insurance is also known through television. None of the respondents
seem to listen to radio.

AWARENESS OF TATA AIG INSURANCE

CLAIMING OF MATURITY VALUE FOR LIFE INSURANCE

COVERAGE
CLAIMING OF
MATURITY
YES

MALE

FEMALE

TOTAL

NO

24

22

92

TOTAL

26

24

100

INFERENCE:
The above table shows the claiming of maturity value for life insurance coverage.
Most of the respondents have not claimed yet while the rest have claimed as their
policy has expired as it has finished its tenure or because the insured have deceased.

CLAIMING OF MATURITY VALUE FOR LIFE INSURANCE

COVERAGE

IF CLAIMED , OPINION ON THE KIND OF RESPONSE

RECEIVED FROM INSURER
THE KIND OF
RESPONSE
RECEIVED
EXCELLENT

MALE

FEMALE

TOTAL

VERY GOOD
GOOD
FAIR
BAD
TOTAL

INFERENCE:
The above table shows the opinion on the kind of response received in case of
claims , all the respondents who claimed felt that the kind of response received
from insurer is excellent. This shows how well TATA AIG insurance provides its
customer services.

IF CLAIMED , OPINION ON THE KIND OF RESPONSE

RECEIVED FROM INSURER

HAS ANY POLICY BEEN DECLINED, POSTPONED , ACCEPTED AT

EXTRA PREMIUM , ACCEPTED ON SPECIAL TERMS , ACCEPTED
WITH REDUCED COVER OR WITHDRAWN BY YOURSELF
HAS ANY
POLICY BEEN
DECLINED,ETC
YES

MALE

FEMALE

TOTAL

NO

26

24

100

TOTAL

26

24

100

INFERENCE:
All the respondents have said that no policy has been postponed, declined ,
accepted at extra premium , accepted on special terms, accepted with reduced cover
or withdrawn by yourself. This shows

how much TATA AIG insurance `s services

have been effective.

HAS ANY POLICY BEEN DECLINED, POSTPONED , ACCEPTED AT

EXTRA PREMIUM , ACCEPTED ON SPECIAL TERMS , ACCEPTED
WITH REDUCED COVER OR WITHDRAWN BY YOURSELF

RESPONDENTS REASON FOR PREFERENCE OF TATA AIG

INSURANCE
REASON FOR
PREFERENCE
BRAND IMAGE
EXCELLENT

MALE

FEMALE

TOTAL

10
20

5
1

30
42

PAST RECORD
MARKETING
PEOPLE
INSISTED
COMPANY ADS
FRIEND
SUGGESTED
ANY OTHER
REASON
TOTAL

20

42

100

INFERENCE:
Majority of the respondents have selected TATA AIG insurance due to its excellent
past record as it has always maintained it so over so many years, followed by its brand
image, mainly due to the brand `TATA. The remaining respondents have selected
TATA AIG insurance due to the company ads and friend suggestions.

RESPONDENTS REASON FOR PREFERENCE OF TATA AIG

INSURANCE

CLAIMING OF INSURANCE COVERAGE FOR LOSS INCURRED

( GENERAL INSURANCE )
CLAIMING OF
INSURANCE
COVERAGE
YES

MALE

FEMALE

TOTAL

NO

25

23

96

TOTAL

26

24

100

INFERENCE:
Most of the respondents have not claimed coverage for loss incurred as either the
policy has not expired its term or as the loss insured did not occur. The remaining
respondents have claimed their payments.

CLAIMING OF INSURANCE COVERAGE FOR LOSS INCURRED

( GENERAL INSURANCE )

HAS ANY DEFAULT IN PAYMENT RESULTED IN LOSS OF

INSURANCE POLICY
ANY DEFAULT
RESULTED IN
LOSS OF
INSURANCE
POLICY

MALE

FEMALE

TOTAL

YES

NO

26

24

100

TOTAL

26

24

100

INFERENCE:
All the respondents have said that no default in payment has resulted in
loss of insurance policy. This shows that a certain level of default is allowed to
be paid later by the assured.

HAS ANY DEFAULT IN PAYMENT RESULTED IN LOSS OF

INSURANCE POLICY

REASON FOR CHOOSING TATA AIG INSURANCE

REASON FOR
CHOOSING
TATA AIG

MALE

FEMALE

TOTAL

RISK
COVERAGE
LONG TERM
SAVINGS
PROVISION
FOR OLD AGE
TOTAL

25

23

96

26

24

100

INFERENCE:
Most of the respondents have chosen TATA AIG for risk coverage while the

rest have chosen TATA AIG for long term savings. This shows how well TATA
AIG insurance covers all kinds of risks possible.

REASON FOR CHOOSING TATA AIG INSURANCE

IMPORTANCE OF MAKING RIGHT CHOICE OF A BRAND

IMPORTANCE
OF MAKING
RIGHT
CHOICE
VERY MUCH

MALE

FEMALE

TOTAL

25

25

100

SOMEWHAT

NOT AT ALL

25

25

100

TOTAL
INFERENCE:

All the respondents feel that making right choice of brand is very much
important. This shows that all the respondents would prefer only good brands like
TATA AIG.

IMPORTANCE OF MAKING RIGHT CHOICE OF A BRAND

DO YOU STICK TO SAME BRAND AND REMAIN LOYAL TO

TATA AIG INSURANCE AND ITS PRODUCTS
DO YOU
STICK TO
SAME BRAND
YES

MALE

FEMALE

TOTAL

23

25

96

NO

TOTAL

24

26

100

INFERENCE:

Almost all the respondents stick to same brand as they feel that quality of
services provided should be as good as TATA AIG insurance. It is only few
respondents who dont seem to mind using any brand.

DO YOU STICK TO SAME BRAND AND REMAIN LOYAL TO

TATA AIG INSURANCE AND ITS PRODUCTS

IS THERE ANY INSURANCE POLICY FOR WHICH YOU DO NOT

PREFER TATA AIG INSURANCE
INSURANCE
FOR WHICH
YOU DO NOT
PREFER TATA
AIG
HOME
INSURANCE
CAR

MALE

FEMALE

TOTAL

20

10

60

INSURANCE
FIRE
INSURANCE
HEALTH
INSURANCE
LIFE
INSURANCE
TOTAL

20

10

60

INFERENCE:
Of all the 50 respondents , some of the respondents have stated that they do
not prefer home insurance alone of all the TATA AIG insurance products. Other
products seem to be more suitable to them due to certain reasons.

IS THERE ANY INSURANCE POLICY FOR WHICH YOU DO NOT

PREFER TATA AIG INSURANCE

REASON FOR NOT PREFERRING TATA AIG INSURANCE

REASON FOR NOT
PREFERRING TATA

MALE

FEMALE

TOTAL

AIG
HIGH PREMIUM

20

10

60

INVESTMENTS/SAVINGS

LACK OF SECURITY

20

10

60

TOTAL
INFERENCE:

The same number of respondents have said that high premium is the
reason they do not prefer home insurance. Hence TATA AIG insurance should
try to reduce its premium atleast reasonably.

REASON FOR NOT PREFERRING TATA AIG INSURANCE

IS THE COVERAGE FOR EVEN PARTIAL LOSS IN CASE OF

THEFTS, ACCIDENTS AND ALLIED PERILS USEFUL

IS THE
COVERAGE
FOR EVEN
PARTIAL
LOSS USEFUL
YES

MALE

FEMALE

TOTAL

25

25

100

NO

TOTAL

25

25

100

INFERENCE:
All the respondents feel that coverage for even partial loss in case of thefts,
accidents and allied perils is very much useful. Hence this special feature
provided by TATA AIG insurance is quite beneficial to its customers.

IS THE COVERAGE FOR EVEN PARTIAL LOSS IN CASE OF

THEFTS, ACCIDENTS AND ALLIED PERILS USEFUL

IS THERE ANY SPECIFIC COMPLAINTS FOR YOU AGAINST

TATA AIG INSURANCE
COMPLAINTS
AGAINST
TATA AIG

MALE

FEMALE

TOTAL

INSURANCE
YES

NO

25

25

100

TOTAL

25

25

100

INFERENCE:
None of the respondents have any specific complaints against TATA AIG
insurance. This indicates the companys excellent products and pleasing customer
service.

IS THERE ANY SPECIFIC COMPLAINTS FOR YOU AGAINST

TATA AIG INSURANCE

RANKING OF TATA AIG INSURANCE COMPANY

RANKING OF
TATA AIG
INSURANCE

MALE

FEMALE

TOTAL

EXCELLENT

17

20

74

VERY GOOD

26

GOOD

FAIR

BAD

TOTAL

25

25

100

INFERENCE:
Most of the respondents feel that TATA AIG insurance is excellent , while
the rest feel it is very good. We can see that none of the respondents rank
TATA AIG insurance in a wrong manner.

RANKING OF TATA AIG INSURANCE COMPANY

FINDINGS
According to my survey the noteworthy points are:
Most of the people buy life insurance as just a tax benefit tool or as a life cover while
only a few of the respondent take it as a saving option. The reason for this is lack of
knowledge of insurance benefits among the people.
A Majority of the respondent buy insurance products because of the need reason
while rest of the respondents buy for the brand purpose.

A Majority of the people come to know about the policies from the Direct Selling
Agents.
A Majority of the people are satisfied by the incentives associated with their policies.
Most of the respondents are satisfied by the services offered by their insurance
company while some says that they are not satisfied by the services.
Most of the respondents want more transparency from the side of the company.

CHAPTER IV
CONCLUSIONS AND SUGGESTIONS
CONCLUSIONS
After overhauling the all situation that boosted a number of Pvt. Companies
associated with multinational in the Insurance Sector to give befitting competition to
the established behemoth TATA AIG in private sector, we come at the conclusion that
TATA AIG has vast market and very firm grip on its traditional customers and
monopoly of life insurance products.

IRDA is also playing very comprehensive role by regulating norms mandating to

private players in this sector, that increases the confidence level of the customers to the
private players.

SUGGESTIONS
The study has provided with the useful data from the respondents. There has a
lot to be recommended. Following are the recommendations:
There is a need for better promotion for the insurance products and services. The
company should advertise its products more through television.
More returns should be provided on Insurance plans.
It should provide this facility by tie up with the other Insurance organizations as well.
They should have choice while selecting a suitable Insurance plans. This will definitely
add to the goodwill and profit for TATA AIG insurance company.

ANNEXURE
QUESTIONNAIRE ON CUSTOMER
SATISFACTION
FOR TATA AIG INSURANCE PRODUCTS
Dear Sir/Madam

Name

Gender

No of dependants

Address

I am Aishwarya Menon, a student of Meenakshi College for Women, Department

of Commerce, Chennai and presently doing a project on Customer Satisfaction For
TATA AIG Insurance Products. I request you to kindly fill the questionnaire below and
assure you that the data generated shall be kept confidential.
1. Educational Qualification
10th or below

10+2 or below

Post Graduate and above

Graduate

Others (please specify)

2. Age Group
20-30

30-40

above 40

3. Your Occupation
Salaried

Self Employed

Student

NRI (Please specify the country you belong)

4. If Salaried, employed with

Retired

Housewife

Private Limited

Partnership

Public Sector

Proprietorship

Government

Public Limited

Multinational

Mention the type of industry employed,

5. Monthly income (if applicable)
5,000-10,000

10,000-20,000

above 20,000

6. Which of the insurance policies have you taken from TATA AIG Insurance?
Home insurance
Life insurance

Car insurance

Fire insurance

Health insurance

Any others please specify, _____________

REASONS FOR SELECTION

7. How did you come to know TATA AIG insurance?
Newspapers
Friend

Radio

Internet

Bank

Television

Direct Sales Executive

Others (please specify)

8. What prompted you to buy insurance from TATA AIG? (Please rate them on scale of
Importance from 1 to 5)
A)

REASONS
Brand image

B)

Excellent past record

C)

Marketing people insisted

D)

Company ads

E)

Friend suggested

F)

Any other reason

CLAIMS
9. Have you ever claimed value for any insurance coverage for loss incurred (general
insurance)?
Yes

No

10. Have you ever claimed maturity value for life insurance coverage?
Yes

No

11. If yes, please provide your opinion on the kind of response received from the
insurer?
Excellent

Very good

Good

Fair

Bad

12. Has any policy ever been declined, postponed, accepted at extra premium, accepted
on special terms, accepted with reduced cover or withdrawn by yourself?
Yes

No

DEFAULT
13. Has any default in payment of premium resulted in loss of insurance policy?
Yes

No

14.If yes, was the policy later accepted on special terms and conditions ?
Yes

No

YOUR RATINGS
15. In selecting from many types and brands of the insurance products available in the
market, you chose TATA AIG as,
Risk coverage

Long term savings

Provision for old age

16. How important would it be to you to make a right choice of the brand?
Very much

Somewhat

Not at all

YOUR PREFERENCES
17. Do you tend to stick to the same brand and remain loyal to TATA AIG insurance
company and its product?
Yes

No

18. For which insurance policy you do not prefer TATA AIG?
Home insurance

Car insurance

Fire insurance

Health insurance

Life insurance

Any others please specify , _____________

19. Your reasons?

High premium

investments/ savings

Lack of security

SPECIAL FEATURE
20. Is the coverage for even partial loss in case of thefts, accidents and allied perils useful?
Yes

No

COMPLAINTS
21. Is there any specific complaints for you against TATA AIG insurance?
Yes

No

CONCLUSION
22. How much do you rank TATA AIG insurance company?
Excellent

Very good

Good

Fair

Bad

BIBLIOGRAPHY
www.tata-aig.com
en.wikipedia.org/wiki/Main Page
Brochures provided by the TATA AIG insurance company.
Kothari C .R. Research and Methodology- Methods and Techniques, New
Age International (P) Ltd., 2004