In some sense we can say that insurance appears simultaneously with the appearance of human society. We know of two types of economies in human societies: money economies (with markets, money, financial instruments and so on) and non-money or natural economies (without money, markets, financial instruments and so on). The second type is a more ancient form than the first.
In such an economy and community, we can see insurance in the form of people helping each other. For example, if a house burns down, the members of the community help build a new one. Should the same thing happen to one's neighbour, the other neighbours must help Otherwise; neighbours will not receive help in the future. This type of insurance has survived to the present day in some countries where modern money economy with its financial instruments is not widespread (for example countries in the territory of the former Soviet Union). Turning to insurance in the modern sense (i.e., insurance in a modern money economy, in which insurance is part of the financial sphere), early methods of transferring or distributing risk were practiced by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC, respectively.
Chinese merchants travelling treacherous river rapids would redistribute their wares across many vessels to limit the loss due to any single vessel's capsizing. The Babylonians developed a system which was recorded in the famous Code of Hammurabi, c. 1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan should the shipment be stolen.
Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured.
To analyze briefly about the companies products and also the promotional strategies following for the development of the company. Through this research we can also know about the customer, competitors of the company.
• Our main objective is to selling the various life insurance policies and creating need to the customer to save their amount.
• To create awareness among the customers about different products of Centrum direct.
To know the promotional strategies of the company and what extent that strategies helped the company to develop in the competitive market
• Up to what extent the people are aware of there policies.
• Which product has increased the company
There is more competition in this industry so there is a need to retain the customer with the organization. So to sustain in the market the company has to follow various strategies by attracting new investors and to retain the existing investors.
• They can able to know for what extent there promotional strategies helping to increase the business.
• They can able to know for extent the customers aware of there products.
• If any necessary changes should be taken if any lacking is there.
The objective of the present study can be accomplished by conducting a systematic market research. Market research is the systematic design, collection, analysis and reporting of data and findings that are relevant to different marketing situations facing the company. The marketing research process that will be adopted in the present study will consist of the following stages:
a. Defining the problem and the research objective :
The research objective states what information is needed to solve the problem. The objective of the research is to derive the opinion of the users and opinion of the potential customers.
b. Developing the research plan :
Once the problem is identified, the next step is to prepare a plan for getting the information needed for the research. The present study will adopt the exploratory approach wherein there is a need to gather large amount of information before making a conclusion. If required, the descriptive and casual approaches may also be used.
c. Collection and Sources of data :
Market research requires two kinds of data, i.e., primary data and secondary data. Being a firm in financial services, data gathering will involve usage of both primary and secondary data though there Will be an extensive usage of primary data. Well-structured questionnaires will be prepared for both the existing and potential customers. There will be personal interview surveys mostly in-home (door-to-door) surveys. The questionnaires will contain both open-ended and close-ended questions. Here, open-ended questions will be more useful, as it is an exploratory research being conducted, wherein the main objective is to get an insight into how investors think. Secondary data will be collected from various journals, books and web sites.
d. Analyze the collected information :
T his involves converting raw data into useful information. It involves tabulation of data, using statistical measures on them for developing and calculating the averages.
e. Report research findings :
This phase will mark the culmination of the marketing research effort. The report with the research findings is a formal written document. The research findings and personal experience will be used to propose recommendations to develop the performance of the organization.
Promotional Mix of Insurance Products
Right know company has so many types' products which will suitable for Indian people.
(1) TRADITIONAL POLICIES
(2) PENSION POLICIES
(3) UNIT LINKED POLICIES
(4) HEALTH POLICIES
• INVESTMENT GAIN
• CASH GAIN
• CHILD GAIN
• RISK CARE
• TERM CARE
• UNIT GAIN EASY PENSION
• UNIT GAIN SINGLE PREMIUMEASY PENSION
• UNIT GAIN PENSION REGULLAR
UNIT ILNKED POLICIES
• NEW UNIT GAIN
• NEW UNIT GAIN PLUS
• NEW UNIT GAIN SUPER
• UNIT GAIN PREMIER (SINGLE PREMIUM)
• UNIT GAIN PLUS SINLLE PREMIUM
• CAPITAL UNIT GAIN
• HEALTH CARE
• CARE FIRST