This research has been conducted with a view to understand the buyer's behaviors and to get some insight about the typical traits of buying behavior for the insurance policy. Important insights obtained through the in-depth interview has been analyzed and interpreted to facilitate the marketing decisions of the company. The objective of the research is to broaden the understanding of the company about the buyer's behavior for the Insurance policy. In-depth interview has been conducted with a view to understand the decision process that governs the purchase of insurance policy.
Bancassurance and Corporate Agents, parts of multi-distribution channel system of the modern companies, are also started doing well. Therefore it is necessary to have all possible distribution channels to reach the customers in an efficient and effective manner.
[...] But a true life insurance product offers the right balance between protection against risk and savings, rather than being a pure investment product. This realization of prioritizing protection is starting to take shape in India, with more and more people realizing the true value of life insurance. Since insurance is a high involvement purchase product, there will be lot of information research and the customer will take some time to decide on a particular brand. APPENDICES: QUESTIONNAIRE Name : E-Mail : Age : Contact No. : Who have taken the policy? Myself [...]
[...] Also Insurance Advisors plays a very important role in the decision process, because before selling the policy, they have influenced the customer to recognize the need of insurance and then provided quality information about the real value of insurance, which in tern induced the customer to take a decision. The following table is presented to view, what influenced or triggered the buyer to take the policy. Reason No. of customers For Tax saving 3 For Investments and Savings 6 For covering the financial risk 6 For retirement plans 5 This shows that, awareness about the insurance policies among the public is increasing greatly from last few years. [...]
[...] They decided the final choice, keeping in mind, the risk cover available, tax benefit, steady growth, safety, returns and also the brand image of the company. Pattern of arriving at brand choice: The following pattern is observed in arriving at a particular brand and the particular plan. Customer recognized the need of having an insurance policy when somebody approached him and provided information about the real value of insurance. Customer expects a quality aspect from the Insurance Advisers / Corporate Agents which suits his needs, requirements and financial condition. [...]
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