Market Research on Expectation of Consumer Requirement for Understanding Life Insurance Category

Abstract

Sbi life was established in 2001, it is a joint venture between SBI and BNP Paribas Cardif. It offers various plans to its customers e.g. Child Plans, Term Plans, ULIPs, Retirement plans, Online plans, etc. The purpose of the research project was to find out different ways of online communication and understand the customers' expectations for online products offered by the company. The data was collected from secondary sources like brochures, company websites, etc. The current problems that the insurance industry is facing are lack of trust, tough competition, and high customer expectations and the insurance companies have to deal with all these and come up with solutions to function in the industry. It is suggested that- 1. The company should make the plans flexible as competitors plan to attract the customers 2. Communication through emails, text message, etc. must be made more creative and eye-catching. 3. Video messages are the most effective way of communicating to customers and hence they should be made more frequently and posted on social media handles The company targets the young and middle aged population. The plans are made keeping in mind the young and middle aged group. The marketing campaigns and educational videos target them because these videos are available on internet, and social media handles which are mostly operated by the young and middle aged people. It is positioned as the most trusted company of life insurance for customers. They cater to needs of every section of the society by having plans for all the sections of the society. Overall, this report contains all the details of the various task that I carried out in the span of two months,