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1.1 What is Insurance?

It is a legal agreement between two parties – the insurer and the insured, also known as
insurance coverage or insurance policy. The insurer provides financial coverage for the losses
of the insured that s/he may bear under certain circumstances.

Insurance coverage can be defined as a contract in the form of a financial protection policy.
This policy covers the monetary risks of an individual due to unpredictable contingencies. The
insured is the policyholder whereas the insurer is the insurance-providing company/the
insurance carrier/the underwriter. The insurers provide financial coverage or reimbursement in
many cases to the policyholder.
The policyholder pays a certain amount called ‘premium’ to the insurance company against
which the latter provides insurance cover. The insurer assures that it shall cover the
policyholder’s losses subject to certain terms and conditions. Premium payment decides the
assured sum for insurance coverage or ‘policy limit’.

1.2 History of Insurance sector in India:

In India, insurance has a deep-rooted history. It finds mention in the writings of Manu
(Manusmrithi), Yagnavalkya (Dharmasastra) and Kautilya (Arthasastra). The writings talk in
terms of pooling of resources that could be re-distributed in times of calamities such as fire,
floods, epidemics and famine. This was probably a pre-cursor to modern day insurance.
Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade
loans and carriers’ contracts. Insurance in India has evolved over time heavily drawing from
other countries, England in particular.
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Modern Insurance in India began around 1800 AD with agencies of foreign insurance starting
marine Insurance business. Some Important milestones in insurance history are listed below:

• 1818: Oriental Life Insurance Company, the first life insurance company on Indian soil
started functioning.

• 1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company
started its business.

• 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the

life insurance business.

• 1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.
• 1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.

• 1956: Nationalization of life insurance: Life insurance business was nationalized on 1st
September 1956 and the Life Insurance Corporation of India (LIC) was formed through the
LIC Act, 1956. A capital contribution of Rs. 5 crores from the Government of India were
also made. There were 170 companies and 75 provident fund societies doing life insurance
business in India at that time. From 1956 to 1999, the LIC held exclusive rights to do the
life insurance business in India.

• 1972: Nationalization of non-life insurance: With the enactment of General Insurance

Business Nationalization Act (GIBNA) in 1972, the non-life insurance business was also
nationalized, and the General Insurance Corporation of India (GIC) and its four subsidiaries
were set up. At that point of time, 106 insurers in India doing non-life insurance business
were amalgamated with the formation of four subsidiaries of the GIC of India.
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1.3 IRDA (Insurance Regulatory and Development Authority):

Introduction:

The insurance industry in India is vast and there are various insurance companies that deal with
different types of insurances including life insurance and general insurance. These companies
need a regulatory body to manage their work. This is done by an autonomous body called the
Insurance Regulatory and Development Authority or IRDA.

This body was constituted in the year 1999, to regulate and develop the insurance industry and
was incorporated in August 2000. The Insurance Regulatory and Development Authority or
IRDA operates with the objectives of promoting competition to enhance customer satisfaction
with increased customer choice and lower premiums while ensuring financial security of the
insurance market.

What is IRDA?

Insurance Regulatory and Development Authority or IRDA is an autonomous body in India

that is responsible for managing the insurance industry of India, which covers both life
insurance and general insurance companies. Insurance sector is one of the vast sectors in India
that provides various opportunities to the insurance holders. Hence, it is governed by a separate
body known as the insurance regulatory and development authority or IRDA. IRDA works as
the head of the insurance industry in India and regulates all the rules and guidelines for different
insurance companies in the country. The insurance industry in India has grown extensively
over the years as more new companies are entering the market. This has led to increased
competition in the industry both in the general and life insurance sectors. All these companies
had their own set of rules and guidelines which led to confusion in the market. So, to bring a
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set model of rules and guidelines to be followed by all insurance companies, the insurance
regulatory and development authority or IRDA was established. When talking about the
Insurance Regulatory Development Authority (IRDA), you can say that it acts as the head of
the family that guards the needs of each member of the family and maintains a balance between
the family while also resolving any differences between the family members and helping them
in crisis. As the head of the family is responsible for the entire family, similarly the Insurance
Regulatory Development Authority or IRDA is responsible for the insurance industry in the
country, and it runs the insurance industry by setting certain rules and regulations which all
members and insurance companies have to follow.

1.4 Types of Insurance in India: Following are the types of insurance available in India:

A. Life Insurance: There are various types of life insurance. Following are the most common
types of life insurance plans available in India:

• Term Life Insurance

• Whole Life Insurance
• Endowment Plans
• Unit-Linked Insurance Plans
• Child Plans
• Pension Plans
• Corporate Health Insurance

B. General Insurance: Following are some of the types of general insurance available in
India:

• Health Insurance
• Motor Insurance
• Home Insurance
• Fire Insurance
• Travel Insurance
• Commercial Insurance
• Rural Insurance
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1.5 Features of Insurance Coverage:

• It is a kind of risk management plan to use an insurance policy as a hedge against an

uncertain loss.
• Insurance coverage does not mitigate the magnitude of loss one may face. It only assures
that the loss is shared and distributed among multiple people.
• Various clients of an insurance company pool in their risks. Hence, they pay the
premiums together. So, when one or a few incur a financial loss, the claimed money is
given out of this accumulated fund. This makes each client bear a nominal fee.
• Insurance coverage can be provided for medical expenses, vehicle damage, property
loss/damage, etc. depending on the type of insurance.
• Premium, policy limit, and deductible are the main components of an insurance coverage
policy. The policy buyer should check them thoroughly while buying an insurance policy.

1.6 Benefits of Insurance Coverage:

An insurance policy performs various functions and comes with multiple benefits. Below
are some of its most fundamental advantages, along with some of the secondary and the
rest are additional ones. The basic functions of insurance coverage are:

• Provides Protection: Insurance coverage does reduce the impact of loss that one bears in
perilous situations. It provides monetary reimbursement during financial crises. It not only
protects the insured from financial woes but also helps in checking mental stress arising
out of it.
• Provides Certainty: Insurance coverage provides a feeling of assurance to the
policyholders. The insured pays a small portion of the income for this certainty that will
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help in the future. So, there is a certainty of handsome financial aid against the premium. It
will protect the policy buyer when met with accidents, hazards, or any vulnerabilities.
• Risk Sharing: The very manner in which insurance policy functions makes it a cooperative
scheme. An insurer would be unable to pay from one’s capital. An insurance company
pools in collective risks and premiums because it covers a large number of risk-exposed
people. The payout to the one who claims insurance coverage is out of this fund. Thereby,
all policyholders share the risk of the one who actually suffered the loss.
• Value of Risk: Insurance policy assesses the volume of risk and also anticipates the various
causes of it. It evaluates the amount for insurance coverage and the premium payment
amounts on a risk value basis. It safeguards against unforeseen events and consequential
loss.
Above were the primary benefits of an insurance coverage policy. Apart from the
above, it also has some additional benefits and secondary functions that it performs such as
the ones mentioned below:
• Capital Generation: The fund generated from the various premiums acts as a pooled
investment for the insurance company. The insurers invest this lump sum into money
market instruments. For instance, in stocks, mutual funds, and other productive channels.
This helps in generating income and profit for the business. It guards against the loss of
capital for the company.
• Economic Growth: Insurance policies mobilize domestic savings into providing financial
stability. It also directs towards loss mitigation due to damage or destruction for the insured
community. It not only equivalently spreads the risks but also promotes trade and
commerce by utilizing the fund.
• Saving Habits: Insurance policies help inculcate saving habits among individuals. They
keep a portion of income to pay premiums that will act as a guard for unknown future
predicaments. Many insurance plans come as insurance-cum-savings or insurance-cum-
investment schemes. This further encourages people to save and invest.

1.7 Indian Insurance Industry Scenario:

India is ranked 11th in global insurance business. India’s share in global insurance market
is 1.72% during 2022 and total insurance premium volume in India increased by 0.1%.
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• India’s insurance penetration was pegged at 4.2% in FY21 (from 3.76% in 2019-20), with
life insurance penetration at 3.2% and non-life insurance penetration at 1%.
• The market share of private sector companies in the non-life insurance market rose from
15% in FY2004 to 49.3% in FY2021.
• In terms of the size of insurance industry in India, the share of life insurance in total
premium in India is 75.24% and the share of non-life premium is 24.76% (2020).
• Life insurers recorded new business premium of INR 2.78 Tn ($38 bn) in FY21 growing at
7.49% over the last year with private life insurers growing at 16.29%. Private Life Insurers
account for 33.8% of the industry’s new business premium (FY21) with the rest being
accounted for by the Life Insurance Corporation of India (LIC).
• The Life Insurance Industry in India recorded a total premium of INR 5.73 tn ($81.3 bn) in
FY20 witnessing a growth of 12.75% over the previous year and the private insurers
accounted for 33.7% of total premium underwritten by the industry. New business premium
contributed 45.25% of the total premium and witnessed a strong growth of 20.59% over
FY19. 60% of the new business premium was derived from single premium with remaining
40% accounted for by first year premiums.
• The traditional (non-linked) products accounted for 85% of the total premium written in
FY20 and share of ULIPs (linked products) in the total premium stood at 15%.
• During the last year (FY20), life insurers issued 288.47 lakh new individual policies, out
of which LIC issued 75.9% of policies and the private life insurers issued 24.1% of policies.
• In FY21, non-life insurers (comprising general insurers, standalone health insurers and
specialized insurers) recorded a 5.19% growth in gross direct premiums.
• Motor insurance accounted for 34.1% of the non-life insurance premiums earned, followed
by health insurance at 29.5%, in FY21 Post-Covid rising demand for personal mobility
space is leading to a shift in vehicle ownership patterns and may create an opportunity for
motor insurers.
• Health insurance witnessed 13.3% growth in GDPI in FY21, while fire insurance and
liability insurance observed 28.1% and 16.4% growth respectively in the same period.
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• Government schemes and financial inclusion initiatives shall have helped in driving the
adoption & penetration across all segments. The government’s flagship initiative for crop
insurance (PMFBY) has led to significant growth in the premium income for crop
insurance, and now covers over 55 Mn farmer applications year-on-year. Even during the
COVID-19 lockdown period, nearly 70 lakh farmers have benefitted from it, and claims
worth INR 87.4 bn ($1.2 bn) were transferred to the beneficiaries.
• AB PM-JAY is an entitlement-based scheme under Ayushman Bharat and is fully funded
by the Government. It is the largest health assurance scheme in the world and aims at
providing a health cover of INR 500,000 ($6,900) per family per year for secondary and
tertiary care hospitalization to over 107 Mn vulnerable families (approximately 500 Mn
beneficiaries).
• The insurance regulator IRDAI has also undertaken various initiatives towards boosting the
insurance penetration, such as permitting insurers to conduct video-based KYC, launching
standardized insurance products, and allowing insurers to offer rewards for low-risk
behavior.
• Going forward, general insurance companies will be key beneficiaries of the opening-up of
economies, especially with improved trade activity increasing demand for motor and health
insurance. Strong growth in the automotive industry over the next decade is expected to
boost the motor insurance market. Meanwhile, the life insurance sector will benefit from a
steep yield curve, with low short-term rates and higher long-term rates.
• Digital issuance and online channels are expected to witness continued growth, the share
of web aggregators within digital insurance has been constantly increasing and web-
aggregators currently originate 30-40% of digital insurance.
• The total mortality protection gap in India stands at $16.5 Tn (as of 2019) with an estimated
protection gap of 83% of total protection need. This offers a huge opportunity to life
insurers with an estimated additional life premium opportunity of average $78.2 bn
annually over 2020-30.
• The retail protection sum assured is estimated to grow 8X by over 2020-30, implying 23%
premium CAGR.
• India is the 2nd largest InsurTech market in the APAC region, accounting for 35% of the
$3.66 bn capital invested in this region. The online individual insurance market opportunity
is estimated to be $1.25 bn by FY25 more than tripling from $365 Mn in FY20.
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• The growth of the insurance market is being supported by important government initiatives,
strong democratic factors, conducive regulatory environment, increased partnerships,
product innovations, and vibrant distribution channels.
• The increase in the FDI in Insurance from 49% to 74% announced in the Union Budget
(Feb’21) shall further help in driving increased penetration and coverage by enabling
additional avenues for capital support required for the expansion of the insurance industry
in India.
• The recent pandemic has emphasized the importance of healthcare on the economy, and
health insurance would play a critical role in the effort to strengthen the healthcare
ecosystem.

1.8 SWOT Analysis of the Indian Insurance Industry:

A. Strengths:
• As a vast emerging economy and a country with more than 1bn people, India is too large
to ignore, even if the present barriers to entry are high.
• A democracy with functioning governance and a regulatory framework familiar to
Western corporations, even if it is overloaded with bureaucracy.
• The economy is growing quite strongly and will experience less of a slowdown than a
number of other emerging markets.

B. Weaknesses:
• The market is dominated by state-owned insurers and the progress to open up the market
is glacial. In the current political climate, there is even less support for change.
• The non-life penetration rate is among the lowest in the world, and even though it is
growing it will remain extremely low throughout the forecast period.
• Life density is low, and the market has been growing only slowly.

C. Opportunities:
• The long-term potential of an emerging economy with more than 1bn people is
unmistakable.
• While GDP per capita remains low, there is an emerging wealthier group, loosely referred
to as 'middle class', and an elite group of extremely wealthy Indians.
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• Various economic forces will probably force the government to relinquish ownership of
major insurers.

D. Threats:
• The political environment is not conducive to constructive change or sound economic
management.
• The dominance of entrenched players makes it possible that the industry will stagnate.
• The legal framework, bureaucracy and financial infrastructure worsen the insurance
business environment.

1.9 Road Ahead of India’s Insurance Industry:

The future looks promising for the insurance industry with several changes in the regulatory
framework which will lead to further changes in the way the industry conducts its business
and engages with its customers.

Life insurance industry in the country is expected to increase by 14-15% annually for the
next three to five years. The scope of IoT in Indian insurance market continues to go beyond
telematics and customer risk assessment. Currently, there are 110+ InsurTech start-ups
operating in India. These startups are expected to provide a major boost to the industry and
help increase India’s insurance penetration which plays a crucial role in the overall
development of the country. In the past, the Indian government has played a crucial role in
increasing the scope of the insurance sector through various policies and schemes. This
trend will continue in the further through schemes like the Pradhan Mantri Fasal Bima
Yojana (PMFBY) providing crop insurance and Pradhan Mantri Jeevan Jyoti Bima Yojana
(PMJJBY) providing life insurance coverage to the youth at an affordable price. Schemes
like these coupled with India’s demographic factors such as a growing middle class, young
insurable population, and growing awareness of the need for protection and retirement
planning will support the growth of the Indian insurance sector.
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2.1 Company Profile:

Parth Health & Wealth is an investment management firm located in Killa Pardi, Gujarat, India
established in the year 2016. It is owned by Mr. Alpesh Rajput who is AMFI (Association of
Mutual Funds) and IRDA (Insurance Regulatory and Development Authority) registered
mutual fund and insurance distributor. The firm delivers investment products – helping people
meet immediate spending needs, build wealth, and retire securely.

2.2 Insurance and Investment products provided by the firm:

• Mutual Funds
• Fixed Deposits
• Personal Accidental Policy
• Health Insurance
• Motor Insurance
• Term Insurance
• Workmen Compensation Insurance
• Fire & Marine Insurance
• Loan Cover Insurance
• Group Health Insurance

2.3 Functions:

Providing investment and insurance advice means addressing the concerns of an

investor/policyholder. A professional with requisite skills, qualifications and expertise can
offer sound advice. Therefore, as an investor or as a policyholder, one must consult a certified
mutual fund and insurance agent with relevant experience. The following are the functions of
Parth Health & Wealth:
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A. Educating the investor/proposer: The firm constructs a suitable plan for their
investors/proposer based on their financial goals and educates them on how to achieve the
same. It also involves in exploring different investment and insurance options. Therefore,
this helps to evaluate how each can help or hinder the client’s financial goals.
B. Evaluating Risk Tolerance: The firm suggests an investment strategy and appropriate
insurance based on the risk tolerance level of the client. For instance, equity mutual funds
are riskier than debt mutual funds. Hence, not every retail investor might consider equity
funds each time. Thus, the firm considers the long term and short-term financial goals,
investment tenure, age, family status, total expenses, and current financial responsibilities
before devising an investment or insurance plan.
C. Analyzing Investment Options: Once the investor’s goals and requirements are in place,
Parth Health & Wealth analyses the market conditions. Accordingly, it recommends mutual
funds or insurance plans. For that the firm stays abreast with the latest financial news and
trends to ensure they offer relevant advice.
D. Devising an Investment Strategy: After analyzing different options of the customer, it
plans a suitable investment or insurance strategy. The strategy involves combining other
options to diversify the portfolio to minimize risks and maximize returns. For instance,
building a portfolio by combining equity mutual funds with some portion of the debt mutual
funds.
The investor’s portfolio requires a frequent assessment. The assessment is necessary
because the client’s goals might change. Therefore, the distributor must keep a close watch
on the client’s portfolio and suggest modifications as and when required.
E. Helping Investors for Portfolio Diversification: Diversification plays a crucial role in
spreading the overall risk of the portfolio. The firm stays updated with the current market
conditions and new products being introduced. Also, a lot of research goes into tracking
the best investment and insurance options across sectors and markets. Therefore, the firm
plays a significant role in optimizing the investor’s portfolio and minimizing the risks.
F. Documentation: A critical aspect of the firm is that it handles the discreet financial details
of the client. Hence, it maintains the record of services provided. For example, a record of
invoices, details of the services offered and any other transactions. This documentation is
mandatory during the audit of the firm by regulatory bodies.

2.5 Vision:
• To provide their policyholders with quality insurance products and excellent services,
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assuring financial stability and longevity.

• To fully serve their mutual fund holders by providing fair, equitable and just returns by
unwavering commitment as well as dedication to their responsibilities.

2.6 Mission:

“To bring the appropriate brand of insurance and suitable mutual funds schemes to individuals
and their families, regardless of status or standing in life towards financial security and peace
of mind. “

2.7 Values:

• Integrity: Operating under the highest forms of business conduct.

• Service Excellence: Providing the highest quality services, meeting their clients’ needs
efficiently and promptly at par with industry standards.
• Adaptability: Flexibility in meeting changes and challenges in the ever-evolving business
environment.

2.8 SWOT Analysis of the Firm:

A. Strength:
• Has extra ordinary skill in educating its customers regarding different mutual funds
schemes and insurance policies which is more suitable to them.
• Has better grasp on evaluating risk tolerance and devising strategies.
B. Weaknesses:
• Lack of substantial marketing which results in difficulty to scale and reach out more
customers.
C. Opportunities:
• Technological advancements can lead in scaling the business, quick processing of services
and increase conveniency for the customers.
D. Threats:
• Not evolving digitally may lead to a downfall of the firm and if government increase
expenses and lowers profit margin it can hit hard on the firm.
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3.1 Customer:

A customer is an individual or business that purchases another company's goods or services.

In insurance point of view customer (insured) is a term that refers to any person or entity legally
entitled to receive the benefits of an insurance policy, typically claim payments. Insurers make
payments to insured after they experience a covered loss, damage, or an injury that qualifies
for payment under the policy’s terms.

3.2 Customer Satisfaction:

A happy or pleased feeling because of something that one did or something that happened to a
person or something that makes an individual happy, pleased, or satisfied is knows as
satisfaction.
Customer satisfaction is defined as a measurement that determines how happy
customers are with a company’s products, services, and capabilities. Customer
satisfaction information, including surveys and ratings, can help a company determine
how to best improve or make changes to products or services. An organization’s main
focus must be to satisfy the customers.
Customer satisfaction measures how well the expectations of a customer concerning a product
or service have been met. Customer satisfaction is an abstract concept and involves such factors
as the quality of the product, the quality of the service provided, the atmosphere of the location
where the product or service is purchased, and the price of the product or service.
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3.3 Motor Insurance:

It is an agreement between the insurance company and the vehicle owner wherein, the vehicle
owner will pay premiums and the insurance company covers for loss or damage caused to the
vehicle. Motor Insurance is mandatory in India regardless of whether it is a commercial vehicle
or a personal vehicle. Most of the insurance companies in India have tie-ups with car
manufacturers and they offer car owners instant quotes.

3.4 Inclusions under motor insurance policy in India: There are three types of inclusions
included:

• Third party liability insurance cover- Third party liability insurance offers limited
protection. This type of car insurance protects you only against the costs incurred from the
damage done by your vehicle to another vehicle, property, or person.
• Comprehensive insurance cover- Comprehensive car insurance offers cover against
damage to the vehicle, death of the driver or passengers and damage caused by the vehicle
to a third party vehicle, property or person.
• Own Damage Cover: This is a specialized form of motor insurance, which insurance
companies offer to consumers. Further, you are eligible to avail such a plan only if you
purchased the two-wheeler or car after September 2018. The vehicle must be brand new
and not a second-hand one. You should also remember that you can avail this standalone
own damage cover only if you already have a third-party liability motor insurance policy
in place. With own damage cover, you basically receive the same benefits as a
comprehensive policy without the third-party liability portion of the policy.

3.5 Exclusions under motor insurance policy in India: Knowing the exclusions will ensure
that you won’t face any challenges during claims:
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• Depreciation of the vehicle is not covered under the motor insurance policy as normal wear
& tear and ageing of the components is a consequential loss.
• Driving under the influence of prohibited substances will make you ineligible for claims.
We promote safe driving under all circumstances.
• An invalid license will also nullify your insurance protection as it is illegal to drive without
a valid license.
• Unfavorable risks like war, mutiny, or nuclear attacks are chaotic and uncontrollable, which
results in exclusion from an insurance policy.

3.6 Claims: If the insured vehicle is in any mishap or accident, he/she should call the insurance
company and mention about the incident in detail.

• If there is no fault of the insured vehicle, then he or she should note down the details of the
other vehicle and mention the same to the insurance vehicle.
• File an FIR with the nearest police station of that jurisdiction.
• Submit the required documents like RC, license copy, etc. to the insurance company to
make the claim.
• File the claim with the insurance company and keep the reference number for further
process.
• One can also make cashless claim by repairing the vehicle or contact the nearest hospital
for medical emergencies, with the network of garages or hospitals that the insurance
company has a tie-up with.

One can also claim for reimbursements if they have already borne the expenses which is
covered under the policy, with the insurance company with relevant documents as mentioned
in the policy.
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3.7 Types of Motor Insurance Policy in India: Motor vehicle insurance can be broadly
classified as under:

A. Private Car Insurance Policy:

This is motor insurance that needs to be taken for any private car owned by an individual
and is mandated by the Government of India. It covers the vehicle for damages against
accidents, fire, natural disasters, theft among others and also covers for any injury to the
owner. It also covers any damages and injuries caused to the third party.
B. Two-Wheeler Insurance Policy:

This insurance policy covers two-wheelers like a scooter or a bike and is mandated by the
Government of India. The two-wheeler is covered against damages from accidents,
disasters, fire, theft, etc. as well as any damages and injuries to the third-party. It also offers
a mandatory personal accident cover for the owner rider and can be taken for passengers
too.
C. Commercial Vehicle Insurance:

This insurance covers all vehicles that are not used for personal use. his type of insurance
covers all those vehicles which are not used for personal purpose. Trucks, buses, heavy
commercial vehicles, light commercial vehicles, multi-utility vehicles, agricultural
vehicles, taxi/cab, ambulances, auto-rickshaw etc. are some vehicles that are covered under
this insurance.
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3.8 Benefits of Motor Insurance Policy:

Cars and bikes are increasingly more expensive with each passing day. At such a time,
staying without proper insurance can lead to severe monetary losses for the owner. Listed
below are some advantages of purchasing such a plan:
• Prevents Legal Hassle: Helps in avoiding any traffic fines and other legalities that would
otherwise need to bear.
• Meets All Third-Party Liability: If someone injure a person or damage someone’s property
during a vehicular accident, the insurance policy helps in meeting the monetary losses,
effectively.
• Financial Assistance to Repair one’s own Vehicle: After accidents there is a need to spend
considerable sums on repairing personal vehicle. Insurance plans limit such out of pocket
expenses, allowing to undertake repairs immediately.
• Theft/loss cover: If vehicle is stolen, insurance policy will help in reclaiming a portion of
the car/bike’s on-road price. One can expect similar assistance if vehicle is damaged
beyond repair due to accidents.
Additionally, individuals who own a commercial car/two-wheeler can also avail tax
benefits if they pay premiums for that vehicle.

3.9 Documents Required to buy Motor Insurance in India:

• Proof of Identity (Passport/Driving License/Aadhaar/PAN Card/Government Issued Photo

ID).
• Proof of Address via Passport/DL/Bank or Post Office Passbook/Government Issued Photo
ID.
• Recent Passport size photo.
• Driving License.
• Vehicle Registration Certificate.
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Dr. Mehul P. Desai and Ms. Nikita Kahar (2016) published a research paper Customer
satisfaction towards the services provided by general insurance companies within Surat city
with respect to vehicle insurance. The objective of this study was to study the satisfaction level
of policy holders about services provided by general insurance companies of Surat city. The
data was collected from a sample of 50 people using structured questionnaire. The study
concluded that public insurance companies have to provide some extra facilities. As the
insurance sector is totally depends on insured, general insurance companies have to try
fulfilling the expectations of policy holders.

Sudhir Chandra Das and Shalakha Rao (2017) conducted a study on consumer buying
behavior and satisfaction towards motor insurance policies. The study was intended to assess
the relationship between consumer buying behavior and satisfaction in motor insurance policy
holders and to measure the influences of buying behavior on consumer satisfaction. The data
was collected from a sample of 150 respondents based on random sampling method through
self-administered questionnaire. The study concluded that there isn’t any possible relation
between consumer buying behavior and satisfaction.

Dr (HC) D. M. Arvind Mallik and Suhaib S. (2018) conducted a study on customer awareness
regarding car insurance policies with special reference to United India Insurance, Shivamogga.
The objective of the study was to customer’s awareness and satisfaction level on the car
insurance policies offered by the company for that data was collected from a sample of 150 car
insurance policy holders using questionnaire. The study concluded that customers are usually
looking towards the service offered by the company to the customers, their mindset is on the
basis of promotional activities of the company .and they usually demand for promotional
activities in terms of advertising which is less when compared to other competitive companies.

R. Mayakkannan (2018) conducted a study on customer satisfaction towards life insurance

corporation with special reference to Chennai city. The purpose of the study is to analyze
consumer satisfaction towards life insurance policies for that data was collected from a sample
of 100 consumers using questionnaire. The study concluded that every insurer should
understand the consumer requirement about the policies offered by them.

Kalpesh D. Naik and Preety J Panicker (2018) conducted a study on customer satisfaction on
vehicle insurance of general insurance companies within Vapi city. The main objective of the
study was to study the satisfaction level of policy holders about general insurance companies
of Vapi city. That data was collected from a sample of 50 respondents using structured
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questionnaire. The study concluded that the vehicle insurances provided by general insurance
companies are satisfactory to majority of customers. However, a minority believes that the
service has to be improved.

S. K Gamage and Perera S. L (2019) conducted a study on determinants of the customer

satisfaction in motor insurance. The objective of this study was to analyze the determinants and
effects of customer satisfaction on behavioral intentions of consumers to retain in motor
insurance industry. The data was collected from a sample of 125 motor insurance policy
holders. The study concluded that customer satisfaction in the industry could be significantly
influence by improving upon the customer perception of the Reliability of the service provider.

K. Chandrasekar (2019) conducted a study on customer satisfaction towards online car

insurance at south Tamilnadu a special reference with Madurai and Siva Ganga district. The
objective of the study was to find customer satisfaction towards online car insurance at south
Tamilnadu, especially Madurai and Siva Ganga district. Data collected from a sample of 115
people using questionnaire was used for the analysis of the study. The study concluded that
current online shopping authenticity and safety purchasing of products. But most of the people
are not willing to buy a service in online mode. This study shows the service also very trusty,
less amount of risk and high quality of services for customers.

Babagana Ali, Danladi Bashir Hadejia and Rajender S. Godara (2021) in their research paper
examined the factors influencing the motor insurance in India. The main objective of the study
was to ascertain factors influencing the growth of motor insurance in India, to assess the
influence of Automobile sales on Motor Insurance Premium and to examine the influence of
Auto claims incurred, Road Length and Road accidents on Motor Insurance Premium. For the
study, thirteen years of data from 2005 to 2018 were used from handbook on Indian Insurance
Statistics and Centre for monitoring Indian Economy. The study concluded that the motor
insurance companies are prone to accidental claims and its bottom line is always under
wonderful pressure.

Dr. Sumi Alex & Dr. P.S. Aithal (2022) conducted a study on customer satisfaction on motor
insurance policies with reference to Kerala. The objective of the study was to analyze the
satisfaction level of different motor insurance policyholders. The data was collected from a
sample of 305 motor insurance policy holders and from books, journals, publications, thesis
and from various sites. The study concluded that the motor insurance policy holders are
satisfied with the various motor insurance policies provided by the insurance companies.
 21

Problem Statement: Customer Satisfaction regarding Motor Insurance Policy provided by

various insurance companies within Valsad District.

Objective of the study: The general objective of this study is:

• To identify the customer satisfaction level regarding motor insurance policy

provided by different insurance companies.
• To identify which insurance company, possess the greatest number of policyholders.
• To identify the sources, form which the customer gets to know about motor
insurance.

Research Design: Descriptive – It is a type of research that describes population,

situation or phenomenon that is being studied. The research is designed as per
descriptive way.

Types of Data:

• Primary Data: It is collected by the researcher directly from the main sources
through interviews, surveys, experiments, etc. and also from the administration staff
of the company.
• Secondary Data: It is collected from different websites present over the internet.
They are those which are directly available for the researcher to use.

Data Collection Tools: Questionnaire – It is made and used to collect different types
of answers to the questions and prompts and others that aim to be collected from the
respondents.

Sampling Design:

• Sample Size: 100

• Sampling Method: Convenience sampling method is used for the research. It is also
known as availability sampling. It is a specific type of non-probability sampling
method that relies on data collection from population members who are conveniently
available for a particular study.
 22

Gender:

Gender Frequency

Male 86

Female 14

Total 100

GENDER

14

86

Male Female

Interpretation:
• The above pie chart describes gender wise distribution of the sample people.
• Out of 100 sample people 86 are males and 14 are females.
 23

Age Group:

Age Group Frequency

Between 21 to 30 Years 53

Between 31 to 40 Years 24

Between 41 to 50 Years 12

Above 50 Years 11

Total 100

AGE GROUP
60

53

50

40

30
24

20

12 11
10

0
Between 21 to 30 Between 31 to 40 Between 41 to 50 Above 50

Interpretation:
• Above column graph demonstrates the age group profile of people.
• Majority of people belong to 21–30-year age group (53). 24 people are between 31–
40-year age group followed by 12 who are in 41–50-year age group. Lastly, 11
individuals were above 50 years of age.
 24

Education:

Education Frequency

Secondary 2

Higher Secondary 16

Undergraduate 54

Postgraduate 19

Professional 9

Total 100

EDUCATION
60
54

50

40

30

19
20
16

9
10

2
0
Secondary Higher Secondary Undergraduate Post Graduate Professional

Interpretation:
• The above column graph shows the education level of the sample people.
• 54 people have undergraduate education while 19 have postgraduate education.
Furthermore, 16 and 2 individuals have completed higher secondary and secondary
education respectively and lastly, 9 people have pursued professional education.
 25

Marital Status:

Status Frequency

Married 47

Unmarried 53

Total 100

MARITAL STATUS

47
53

Married Unmarried

Interpretation:
• The above pie chart describes the marital status of the people.
• Majority of the people i.e., 53 are married whereas 47 people are unmarried from
the sample people.
 26

Occupation:

Occupation Frequency

Student 37

Self-Employed/Businessman 32

Employee/Salaried Person 27

Retired 2

Housewife 2

Total 100

OCCUPATION

Housewife 2

Retired 2

Employee/Salaried Person 27

Self-Employed/Businessman 32

Student 37

0 5 10 15 20 25 30 35 40

Interpretation:
• The given clustered bar chart demonstrates occupation of the sample people.
• 37 of them are student, 32 are self-employed/businessman and 27 are
employee/salaried person. Lastly, 2 are Retired individuals and 2 housewives.
 27

Annual Income:

Annual Income Frequency

Less than ₹250000 41

₹250001 to ₹500000 22

₹500001 to ₹1000000 16

₹1000001 to ₹2000000 15

₹2000001 to ₹3000000 6

Total 100

Annual Income
45
41
40

35

30

25
22

20
16
15
15

10
6
5

0
Less than ₹250000 ₹250001 to ₹500000 ₹500001 to ₹1000000 ₹1000001 to ₹2000001 to
₹2000000 ₹3000000

Interpretation:
• The above column graph represents annual income of the sample people.
• 41 people belongs to less than ₹250000 income category, 22 in ₹250001 to ₹500000
income category, 16 individual falls in ₹500001 to ₹1000000 group, 15 in ₹1000001
to ₹2000000 annual income group and 6 in ₹2000001 to ₹3000000 income group.
 28

Q1.) Do you currently have motor insurance coverage?

People having motor insurance Frequency

Yes 100

No 0

Total 100

120

100
100

80

60

40

20

0
0
YES NO

Interpretation:
• The above graph shows the percentage of people having motor insurance.
• Almost all people possess motor insurance, or we can say that 100 individuals
possess motor insurance.
 29

Q2.) Which type of motor insurance policy do you possess?

Type of motor insurance Frequency

Two-wheeler Insurance 50

Private Car Insurance 48

Commercial Vehicle Insurance 2

Total 100

60

50
50 48

40

30

20

10

0
Two Wheeler Insurance Private Car Insurance Commercial Vehicle Insurance

Interpretation:
• The given column chart represents the type of motor insurance policy possessed by
the sample people.
• 50 have two-wheeler insurance, 48 have private car insurance and only 2 individuals
have taken commercial vehicle insurance.
 30

Q3.) From the following, which company’s motor insurance

policy do you have?

Company’s Name Frequency

The Oriental 28

The New India Assurance 19

National Insurance Co. 13

ICICI Lombard 8

Bajaj Allianz 7

TATA AIG 6

HDFC Ergo 4

Reliance 3

United India 3

Shriram 2

Raheja QBE 2

IFFCO Tokio 2

Future Generali 1

SBI 1

Kotak Mahindra 1

Total 100
 31

Kotak Mahindra 1

SBI 1

Future Generali 1

IFFCO Tokio 2

Raheja QBE 2

Shriram 2

United India 3

Reliance 3

HDFC Ergo 4

TATA AIG 6

Bajaj Allianz 7

ICICI Lombard 8

National Insurance Co. 13

The New India Assurance 19

The Oriental 28

0 5 10 15 20 25 30

Interpretation:
• From the above clustered chart, we can analyze that:
• Majority of the people (28) have motor insurance of “The Oriental”, 19 have the
motor insurance of “The New India Assurance”, 13 people possess “National
Insurance Co.” and 8 have of “ICICI Lombard”.
• Furthermore, 7 and 6 individuals have motor insurance policy of “Bajaj Allianz” and
of “TATA AIG” respectively followed by 4 who have of “HDFC Ergo”.
• Lastly, 3 people have motor insurance of “Reliance” and that of “United India” is
also 3. “Shriram”, “United India” and “Raheja QBE” have the same proportion of
motor insurance policy holder which is 2 individuals. “SBI” and “Kotak Mahindra”
have also same proportion of motor insurance policyholders which is 1 individual.
 32

Q4.) How much is your motor insurance premium per

year?

Premium Amount Per Year Frequency

Under ₹10000 43

₹10001 to ₹20000 43

₹20001 to ₹30000 13

Above ₹30000 1

Total 100

50

45 43 43

40

35

30

25

20

15 13

10

5
1
0
Under ₹10000 ₹10001 to ₹20000 ₹20001 to ₹30000 Above ₹30000

Interpretation:
• From the above column chart, we can analyze that:
• 43 sample people are paying premium under ₹10000 per year and 43 are paying
₹10001 to ₹20000 premium per year followed by 13 individuals paying ₹20001 to
₹30000 premium per year and only 1 paying above ₹30000 premium per year.
 33

Q5.) What are the sources from which you get the information
about motor insurance policies?

Sources Frequency

Insurance Agents 30

Television Advertisements 27

Newspaper Advertisements 19

Company Brochures 13

Friends or Relatives 6

Social Media 3

Others 2

Total 100

Others 2

Social Media 3

Friends or Relatives 6

Company Brochures 13

Newspaper Advertisements 19

Television Advertisements 27

Insurance Agents 30

0 5 10 15 20 25 30 35
 34

Interpretation:
• From the above clustered chart, we can analyze that:
• Out of 100 sample people, 30 got information regarding motor insurance from
Insurance Agents, 27 got from Television Advertisements, 19 from Newspaper
Advertisements and 13 got from Company Brochures.
• Furthermore, 6 people got information from their Friends or Relatives, 3 people from
social media and 2 people got from other sources.
 35

Q6.) Which of these is covered in your motor insurance

premium?

Type of Coverage Frequency

Own Damage Cover 41

Comprehensive Coverage 33

Third Party Cover 26

Total 100

45
41
40

35 33

30
26
25

20

15

10

0
Own Damage Cover Comprehensive Coverage Third Party Cover

Interpretation:

• From the above column graph, we can analyze that:

• 41 sample people have opted for Own damage cover, 33 have Comprehensive
coverage and 26 have Third party cover.
 36

Q7.) If you have Comprehensive covered motor insurance

policy, do you have any Add-Ons availed with your policy?

People having Add-Ons Frequency

Yes 10

No 23

Total 33

10

23

YES NO

Interpretation:
• From the above pie chart, we can analyze that:
• Out of 33 sample people who have Comprehensive covered motor insurance only 10
of them have availed Add-Ons whereas the remaining 23 did not availed any Add-
Ons.
 37

Q8.) If yes, which type of Add-Ons have you availed with your
comprehensive motor insurance policy?

Type of Add-On Frequency

Engine Protect Cover 4

Return to Invoice Cover 3

Consumable Cover 2

Tire Protect Cover 1

Total 10

4.5
4
4

3.5
3
3

2.5
2
2

1.5
1
1

0.5

0
Engine Protect Cover Return to Invoice Cover Consumable Cover Tire Protect Cover

Interpretation:
• From the above column graph, we can analyze that:
• Out of 10 sample people who have availed Add-Ons with their comprehensive
covered motor insurance (33), 4 have availed Engine Protect Cover Add-on, 3
availed Return to Invoice Cover followed by 2 individual who have availed
Consumable Cover and lastly, only 1 have availed for Tire Protect Cover Add-On.
 38

Q9.) With your current motor insurance policy, is it easy to

file a claim?

Easy to file a claim Frequency

Yes 82

No 18

Total 100

18

82

YES NO

Interpretation:
• From the above pie chart, we can analyze that:
• 82 sample people’s motor insurance company provide their customer easy terms to
file a claim whereas 18 people’s motor insurance company do not provide easier
ways to file a claim.
 39

Q10.) Have you switched your insurer in the past 12

months?

Switched your insurer Frequency

Yes 11

No 89

Total 100

11

89

YES NO

Interpretation:
From the above pie chart, we can analyze that:
11 sample people have switched their insurer in the past 12 months while 89 did not
switched from their current insurer.
 40

Q11.) If yes, what was the main reason for switching of your
motor insurance company?

Reasons for switching Frequency

Price 5

Customer Service 3

Unhappiness with the Provider 2

More Coverage 1

Total 11

More Coverage 1

Unhappiness with the Provider 2

Customer Service 3

Price 5

0 1 2 3 4 5 6

Interpretation:
• From the above clustered graph, we can analyze that:
• Out of 11 of sample people who have switched their insurer in the past 12 months,
5 of them switched due to price factor, 3 individuals changed due to customer
service, 2 due to unhappiness with the provider and 1 due to more coverage.
 41

Q12.) Satisfaction level for the following parameters:

Trustworthiness of the company:
Satisfaction Level Frequency

Highly Satisfied 42

Satisfied 30

Neutral 24

Dissatisfied 4

Highly Dissatisfied 0

Total 100

Trustworthiness of the Company

45 42

40

35
30
30
24
25

20

15

10
4
5
0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 42 sample people are highly satisfied with the trustworthiness of the company, 30
are satisfied with the trustworthiness of the company, 24 sample people are neither
satisfied nor dissatisfied.
• However, 4 individuals are dissatisfied and none of the sample people are highly
dissatisfied with the trustworthiness of the company.
 42

Easy Claim Settlement:

Satisfaction Level Frequency

Highly Satisfied 20

Satisfied 44

Neutral 18

Dissatisfied 18

Highly Dissatisfied 0

Total 100

Easy Claim Settlement

50
44
45

40

35

30

25
20
20 18 18

15

10

5
0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 20 sample people are highly satisfied with the claim settlement of the company, 44
are satisfied with the claim settlement, 18 sample people are neither satisfied nor
dissatisfied.
• However, 18 individuals are dissatisfied and none of the sample people are highly
dissatisfied with the claim settlement of the company.
 43

Premium Amount:
Satisfaction Level Frequency

Highly Satisfied 14

Satisfied 38

Neutral 36

Dissatisfied 10

Highly Dissatisfied 2

Total 100

Premium Amount
40 38
36
35

30

25

20

15 14

10
10

5
2

0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation
• From the above column graph we can analyze that:
• 14 sample people are highly satisfied with the premium amount, 38 are satisfied with
the premium amount, 36 people are neither satisfied nor dissatisfied with the
premium amount.
• However, 10 people are dissatisfied and only 2 individuals are highly dissatisfied
with premium amount.
 44

Staff Behavior:
Satisfaction Level Frequency

Highly Satisfied 4

Satisfied 50

Neutral 26

Dissatisfied 16

Highly Dissatisfied 4

Total 100

Staff Behavior
60

50
50

40

30
26

20
16

10
4 4

0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation
• From the above column graph we can analyze that:
• 4 sample people are highly satisfied with the behavior of the company’s employees,
50 are satisfied, 26 people are neither satisfied nor dissatisfied with the behavior of
the employees.
• However, 16 people are dissatisfied and only 4 individuals are highly dissatisfied
with behavior of the company’s employees.
 45

Schemes Offered:
Satisfaction Level Frequency

Highly Satisfied 26

Satisfied 42

Neutral 24

Dissatisfied 8

Highly Dissatisfied 0

Total 100

Schemes Offered
45
42

40

35

30
26
24
25

20

15

10 8

5
0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 26 sample people are highly satisfied with the schemes offered by the motor
insurance company, 42 are satisfied, 24 people are neither satisfied nor dissatisfied
with the schemes offered.
• However, 8 people are dissatisfied and none of the sample people are highly
dissatisfied with the schemes offered by their motor insurance company.
 46

Personal Relationships:
Satisfaction Level Frequency

Highly Satisfied 8

Satisfied 44

Neutral 24

Dissatisfied 18

Highly Dissatisfied 6

Total 100

Personal Relationships
50
44
45

40

35

30
24
25

20 18

15

10 8
6
5

0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 8 sample people are highly satisfied with personal relationships, 44 are satisfied, 24
people are neither satisfied nor dissatisfied with the schemes offered.
• However, 18 people are dissatisfied and 6 individuals are highly dissatisfied with
personal relationships between them and their motor insurance company.
 47

Marketing Efforts by Agents:

Satisfaction Level Frequency

Highly Satisfied 22

Satisfied 28

Neutral 34

Dissatisfied 12

Highly Dissatisfied 4

Total 100

Marketing Efforts by Agents

40

35 34

30 28

25
22

20

15
12

10

5 4

0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 22 sample people are highly satisfied with the marketing efforts by agents, 28 are
satisfied, 34 people are neither satisfied nor dissatisfied with the schemes offered.
• However, 12 people are dissatisfied and 4 individuals are highly dissatisfied with
the marketing efforts by agents.
 48

Influence by Advertisements:
Satisfaction Level Frequency

Highly Satisfied 10

Satisfied 27

Neutral 41

Dissatisfied 22

Highly Dissatisfied 0

Total 100

Influence by Advertisements
45
41
40

35

30
27

25
22

20

15
10
10

5
0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 10 sample people are highly satisfied with the influence of advertisement, 27 are
satisfied, 41 people are neither satisfied nor dissatisfied with the schemes offered.
• Surprisingly, 22 people are dissatisfied and none of the sample people are highly
dissatisfied with the influence of advertisements.
 49

Online Support:
Satisfaction Level Frequency

Highly Satisfied 16

Satisfied 38

Neutral 18

Dissatisfied 22

Highly Dissatisfied 6

Total 100

Online Support
40 38

35

30

25
22

20 18
16
15

10
6
5

0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• 16 sample people are highly satisfied with the online support provided to them, 38
are satisfied, 18 people are neither satisfied nor dissatisfied with the schemes
offered.
• However, 22 people are dissatisfied and only 6 people are highly dissatisfied with
the online support provided to them.
 50

Add-On Benefits:
Satisfaction Level Frequency

Highly Satisfied 2

Satisfied 4

Neutral 3

Dissatisfied 1

Highly Dissatisfied 0

Total 10

Add-On Benefits
4.5
4
4

3.5
3
3

2.5
2
2

1.5
1
1

0.5
0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• Out of 10 sample people who have availed Add-Ons with their comprehensive
covered motor insurance (33), 2 of them are highly satisfied with the Add-on
benefits provided to them, 4 are satisfied and 3 people are neither satisfied nor
dissatisfied.
• However, only 1 of them is dissatisfied and none are highly dissatisfied with the
Add-on benefit provided.
 51

Q13.) Tick mark your overall satisfaction:

Satisfaction Level Frequency

Highly Satisfied 16

Satisfied 36

Neutral 34

Dissatisfied 14

Highly Dissatisfied 0

Total 100

Overall Satisfaction
40
36
35 34

30

25

20
16
15 14

10

0
0
Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied

Interpretation:
• From the above column graph we can analyze that:
• Overall, 16 sample people are highly satisfied with their motor insurance company,
36 people are satisfied, 34 people are neither satisfied nor dissatisfied with their
motor insurance company.
• However, 14 people are dissatisfied and none of the sample people are highly
dissatisfied with their motor insurance company.
 52

➢ After the analysis of the collected data, major findings of the study are listed as
below:

• Majority of the respondents are males, i.e., 86 and 14 are females.

• Age group of most of the respondents are between 21 to 30 years and 31 to 40 years
while only 12 people are between 41 to 50 years and 11 are above 50 years.
• Among the respondents 54 people have got undergraduate, 19 have postgraduate, 16
have higher secondary, 9 have professional and only 2 have secondary education.
• Most of the respondents are married i.e., 53 and 47 are unmarried.
• Among the respondents most of them are students and self-employed/businessman
and 27 are salaried. Retired and housewife both have same proportion which is only
2 individuals.
• Majority of the respondents have annual income under ₹250000 and between
₹250001 to 500000.
• All the respondents possess motor insurance.
• Majority of the respondents have two-wheeler insurance and private car insurance
which is 50 and 48 respectively and only 2 individuals have commercial vehicle
insurance.
• Among the respondents, majority of them have motor insurance of the company
Oriental and The New India Assurance followed by National Insurance Co., ICICI
Lombard, Bajaj Allianz and TATA AIG while few have insurance of the rest of the
companies.
• Among the respondents, majority of them have premium under ₹10000 and between
₹10001 to ₹20000 followed by 13 people who have premium between ₹20001 to
₹30000 and only 1individual have premium above ₹30000 per year.
• Among the respondents, majority of them got information from insurance agents and
television advertisements, 19 and 13 individuals got information from newspaper
advertisements and company brochures respectively and very few of them got from
social media and other sources.
• Among the respondents, majority of them have own damage cover motor insurance
and comprehensive covered motor insurance and 26 individuals have third party
cover motor insurance.
 53

• Among the respondents who possess comprehensive covered motor insurance policy
(33) from that only 10 have availed add-ons.
• Among the respondents who have availed add-ons, majority of them have engine
protect cover and return to invoice cover add-on followed by consumable cover add-
on and only 1 have tire protect cover add-on.
• 82 respondent’s insurance provide them easy ways to file a claim.
• Only 11 respondents have switched their insurer in the past twelve months.
• The main reason of 11 people who switched their insurer in the past 12 months was
majorly due to price factor and poor customer service and very few switched due to
unhappiness with the provider and more coverage.
• Among the respondents 42, 20, 14, 4, 26, 8, 22, 10 and 16 individuals are highly
satisfied with the trustworthiness of the company, easy claim settlement, premium
amount, staff behavior, schemes offered, personal relationships, marketing efforts
by agents, influence by advertisements and online support respectively.
• Among the respondents 30, 44, 38, 50, 42, 44, 28, 27 and 38 individuals are satisfied
with the trustworthiness of the company, easy claim settlement, premium amount,
staff behavior, schemes offered, personal relationships, marketing efforts by agents,
influence by advertisements and online support respectively.
• Among the respondents 24, 18, 36, 26, 24, 24, 34, 41 and 18 individuals are neither
satisfied nor dissatisfied with the trustworthiness of the company, easy claim
settlement, premium amount, staff behavior, schemes offered, personal
relationships, marketing efforts by agents, influence by advertisements and online
support respectively.
• Among the respondents 4, 18, 10, 16, 8, 18, 12, 22 and 22 individuals are dissatisfied
with the trustworthiness of the company, easy claim settlement, premium amount,
staff behavior, schemes offered, personal relationships, marketing efforts by agents,
influence by advertisements and online support respectively.
• Among the respondents 2, 4, 6, 4 and 6 individuals highly dissatisfied with the
premium amount, staff behavior, personal relationships, marketing efforts by agents
and online support respectively.
• Among the respondents who have availed add-on (10) with their comprehensive
motor insurance (33), 2 are highly satisfied, 4 are satisfied, 3 are neither satisfied
nor dissatisfied and only 1 are dissatisfied with the add-on benefits.
 54

• In terms of overall satisfaction 16 respondents are highly satisfied, 36 are satisfied,

34 are neither satisfied nor dissatisfied and 14 are dissatisfied with their motor
insurance company.

➢ Conclusion:

• According to objective no.1, Majority of the respondents are highly satisfied with
the trustworthiness of the company. Satisfied with the easy claim settlement,
premium amount, staff behavior, schemes offered, in personal relationships and
online support. Satisfied nor dissatisfied with the marketing efforts by agents and
influence by advertisements.
o The respondents who possessed add-on with their comprehensive covered motor
insurance policy, majority of them are satisfied with the add-on benefits.
o In terms of Overall satisfaction, majority of the respondents are satisfied.
• According to objective no.2, It can be concluded that respondents mostly prefer
motor insurance of The Oriental and The New India Assurance, followed by National
Insurance Co, ICICI Lombard, Bajaj Allianz and TATA AIG.
• According to objective no.3, Majority of the respondents got information regarding
motor insurance policies from insurance agents, television advertisements and
newspaper advertisements followed by company brochures and friends/relatives.
Very few individuals got from social media and other sources.