A SUMMER INTERNSHIP PROJECT REPORT

ON
CUSTOMER SATISFACTION IN THE INSURANCE INDUSTRY
BY
PNB METLIFE INDIA INSURANCE COMPANY LTD
(A Report Submitted In Partial Fulfilment of the Requirement for the Degree of Bachelor of Business
Administration in SGT University)

(SESSION 2017-2020)

Company Guide: Faculty Guide:

Mr. Rakesh Sharma Mr. Sumit Kumar
Sr. Agency Development Manager, SGT University,Gurgaon
PNB MetLife India Co. Ltd

Submitted By:
Versha
170604067
BBA(G)
SGT University
 BONAFIDE CERTIFICATE

This is to certify that the Project Work titled “CUSTOMER SATISFACTION IN THE
INSURANCE INDUSTRY.” is a bonafide work of Ms. Versha Registration/No:
170604067 carried out in partial fulfilment for the award of degree of (BACHELOR
OF BUSINESS ADMINISTRATION) of SGT University under my guidance. This
project work is original and not submitted earlier for the award of any degree /
diploma or associate ship of any other University / Institution.

Signature of the Guide

Guide's seal*

Place:
Date:
 STUDENT DECLARATION

I, Versha hereby declare that the Project Work titled “CUSTOMER SATISFACTION IN
THE INSURANCE INDUSTRY.” is the original work done by me and submitted to the
SGT University in partial fulfilment of requirements for the award of BACHELOR
OF BUSINESS ADMINISTRATION (BBA) in PNB METLIFE INDIA CO. LTD.
is a record of original work done by me under the supervision of MR. SUMIT
KUMAR of SGT UNIVERSITY.

Registration No.170604067

Date

Student Signature
 ACKNOWLEDGEMENT

I am thankful to PNB MetLife India Co. Ltd. for providing me an opportunity to

undertake project in their esteemed organisation. I would like to special thanks to my
project manager Mr. Rakesh Sharma, SADM at PNB MetLife India Co. Ltd. who
helped me to take this project in future course for my career.

I am also thankful to Mr. Sumit Kumar (faculty guide) for providing me guidance in
preparing my project report.

Last but not the least I am also thankful to all the staff members of PNB MetLife
India Co. Ltd. to make my project successful.

Student name
VERSHA
 TABLE OF CONTENT
1. INTRODUCTION:
Introduction of Insurance
History
Insurance regulatory and development authority
2. COMPANY PROFILE:
Pnbmetlife history
Vision & Mission
Goals & Objectives
3. BUSINESS MODEL
Products
Strategy
Competitors
4. ORGANIZATIONAL STRUCTURE
Organizational performance
5. CUSTOMER SATISFACTION IN THE INSURANCE INDUSTRY
6. SWOT ANALYSIS
7. LEARNING
SUMMARY
8. POINT VIEW REGARDING COMPANY’S
9. REFERENCES
10. CONTACT DETAILS
OBJECTIVE OF THE STUDY

1. To analyse the customer satisfaction in PNB MetLife and to provide suitable

guidelines and suggestions for improvement of the same.
2. To analyse the main reasons behind the sluggish premium payments and
policy lapsation.
3. To study the service delivery system.
4. To study and analyse the issues that customers face while transacting with PNB MetLife.
5. To look out for the ways that can help PNB MetLife in retaining its existing customer base
 CHAPTER – 1

INTRODUCTION
INTRODUCTION

Insurance is nothing but a system of spreading the risk of one onto the shoulders of
many. While it becomes somewhat impossible for a man to bear by himself 100% loss
to his own property or interest arising out of an unforeseen contingency, insurance is a
method or process which distributes the burden of the loss on a number of persons
within the group formed for this particular purpose. Basic Human traits to be averse to
the idea of risk taking. Insurance, whether life or non-life, provides people with a
reasonable degree of security and assurance that they will be protected in the event of
a calamity or failure of any sort .Insurance may be described as a social device to
reduce or eliminate risk of loss to life and property. Under the plan of insurance, a
large number of people associate themselves by sharing risks attached to individuals.
The risks, which can be insured against, include fire, the perils of sea, death and
accidents and burglary. Any risk contingent upon these, may be insured against at a
premium commensurate with the risk involved. Thus collective bearing of risk is
insurance.

INSURANCE INDEMNIFIES ASSETS & INCOME

Every Asset has a value and generates Income to its Owner. There is a normally
expected Life-time for the Asset during which time it is expected to perform. If the
Asset gets lost earlier, being destroyed or made Non-functional through an Accident or
other unfortunate event the Owner is Prejudiced. Insurance helps to reduce
CONSEQUENCES of such Adverse Circumstances which are called Risks.
INSURANCE IS THE SCIENCE OF SPREADING OF THE
RISK

It is the system of spreading the losses of an Individual over a group of Individuals

INSURANCE IS A METHOD OF SHARING OF FINANCIAL LOSSES Of a few
from a common fund formed out of Contribution of the many who are equally exposed
to the same loss. What is uncertainty for an Individual becomes a certainty for a
Group. This is the basis of All Insurance Operations. Thus insurance convert
uncertainties to certainty failure of any sort. Insurance may be described as a social
device to reduce or eliminate risk of loss to life and property. Under the plan of
insurance, a large number of people associate themselves by sharing risks attached to
individuals. The risks, which can be insured against, include fire, the perils of sea,
death and accidents and burglary. Any risk contingent upon these, may be insured
against at a premium commensurate with the risk involved. Thus collective bearing of
risk is insurance.

INSURANCE IS A METHOD OF SHARING OF FINANCIAL

LOSSES

Of a few from a common fund formed out of Contribution of the many who are
equally exposed to the same loss. What is uncertainty for an Individual becomes a
certainty for a Group. This is the basis of All Insurance Operations. Thus insurance
convert uncertainties to certainty
THE HISTORY OF INDIAN INSURANCE INDUSTRY

Life Insurance In 1818 the British established the first insurance company in India in
Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the
industry were made with the introduction of the Indian Life Assurance Companies Act
in 1912. A number of amendments to this Act were made until the Insurance Act was
drawn up in 1938. Noteworthy features in the Act were the power given to the
Government to collect statistical information about the insured and the high level of
protection the Act gave to the public through regulation and control. When the Act
was changed in 1950, this meant far reaching changes in the industry. The extra
requirements included a statutory requirement of a certain level of equity capital, a
ceiling on shareholdings in such companies to prevent dominant control (to protect the
public from any adversarial policies from one single party), stricter control on
investments and, generally, much tighter control. In 1956, the market contained 154
Indian and 16 foreign life insurance companies. Business was heavily concentrated in
urban areas and targeted the higher echelons of society. “Unethical practices adopted
by some of the players against the interests of the consumers then led the Indian
government to nationalize the industry. In September 1956, nationalization was
completed, merging all these companies into the so-called Life Insurance Corporation
(LIC). It was felt hat “nationalization has lent the industry fairness, solidity, growth
and reach.”

Some of the important milestones in the life insurance business in India are: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: The market contained 154 Indian and 16 foreign life insurance companies.

The General Insurance industry in India dates back to the Industrial Revolution and
the subsequent increase in trade across the oceans in the 17th century. As for Life
Insurance, the British brought General Insurance to India, and a similar path was
followed in the development of this industry. A number of private companies were in
existence for years and years until, in 1971, the Indian Government decided that the
public interest would be served by nationalizing the industry, merging all the 107
companies into four companies, depending on the sort of business transacted (Marine,
Fire, Miscellaneous). These were the National Insurance Company Ltd., the Oriental
Insurance Company Ltd., the New India Assurance Company Ltd., and the United
India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and Madras
respectively. The General Insurance Corporation (GIC) was set up in 1972 as a
‘holding’ company, having these four companies as its subsidiaries.

PRESENT SCENARIO IN THE INSURANCE SECTOR

•Insurance agents are the main intermediaries in the Indian insurance market, but with
liberalization brokers will be an additional channel for selling insurance products

Brokers are likely to play a major role in ensuring clients get insurance covers tailor
made to suit their requirements at good terms.

•Fast growing middle class of 300 million who can afford insurance.

•Increasing financial strength of middle class with disposable income.

•Narrowing gap between rural and urban populace in terms of access to information
and services
•More and more entrepreneurs in traditional and modern business areas.

•Increase in number of double income families leading to lifestyles and attitude

changes

•Growth of rural market is at 4 times of urban markets

•The potential of the Indian insurance market is huge with current life insurance
penetration being only1.9 of the GDP

• Insurance market is set to touch 25 billion by 2010 in India. (It was only 7.2 billion
in 98-99 survey. At that time India’s rank in annual premium was 23rd for Life
insurance and contribution in GDP was merely 1.4%). Presently it is still lower then
develops economy but increased to 2.61% of GDP in 2002.So immense opportunity
can’t be ignoring.
INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY (IRDA)
The Insurance Regulatory and Development Authority of India (IRDAI) is
an autonomous, statutory body tasked with regulating and promoting the
insurance and re-insurance industries in India. It was constituted by the
Insurance Regulatory and Development Authority Act, 1999, an Act of
Parliament passed by the Government of India. The agency's headquarters
are in Hyderabad, Telangana, where it moved from Delhi in 2001.

IRDAI is a 10-member body including the chairman, five full-time and four part-
time members appointed by the government of India.

Structure
Section 4 of the IRDAI Act 1999 specifies the authority's composition. It is a ten-
member body consisting of a chairman, five full-time and four part-time members
appointed by the government of India.At present ( 1 Sept, 2018 ), the authority is
chaired by Subhash C. Khuntiaand its full-time membersare P. J. Joseph, Nilesh Sathe,
Pournima Gupte, Praveen Kutumbe and Sujay Banarji

Functions
The functions of the IRDAI are defined in Section 14 of the IRDAI Act, 1999, [1] and
include:

 Issuing, renewing, modifying, withdrawing, suspending or cancelling registrations

 Protecting policyholder interests
 Specifying qualifications, the code of conduct and training for intermediaries and
agents
 Specifying the code of conduct for surveyors and loss assessors
 Promoting efficiency in the conduct of insurance businesses
 Promoting and regulating professional organisations connected with the insurance
and re-insurance industry

 Levying fees and other charges

 Inspecting and investigating insurers, intermediaries and other relevant
organisations

 Regulating rates, advantages, terms and conditions which may be offered by

insurers not covered by the Tariff Advisory Committee under section 64U of the
Insurance Act, 1938 (4 of 1938)

 Specifying how books should be kept

 Regulating company investment of funds
 Regulating a margin of solvency
 CHAPTER – 2

COMPANY PROFILE
 PNB MetLife INSURANCE INDIA COMPANY

PNB MetLife India Insurance Company Limited (PNB MetLife) is one of the leading life insurance
companies in India present since 2001. PNB MetLife has as its shareholders MetLife International
Holdings LLC (MIHL), Punjab National Bank Limited (PNB), Jammu & Kashmir Bank Limited
(JKB), M. Pallonji and Company Private Limited and other private investors, MIHL and PNB being
the majority shareholders. The company serves customers in over 7000 locations providing a range
of health, life and retirement insurance products.

Type – Public company

Industry – Insurance services

Founded – 2001; 18 years ago

Headquarters – Mumbai, India

Area served – India

Key people – Ashish Kumar Shrivastava (Principal Officer &CEO)

Products – Life Insurance, Retirement Solutions, Employee Benefit Programs

Number of Employees – 10000+

Website – www.pnbmetlife.com

HISTORY
PNB MetLife was initially launched as MetLife India Insurance Company Limited in 2001. In 2011,
PNB picked up a 30% stake in MetLife India Insurance. Both PNB and MetLife India approached
the Competition Commission of India (CCI) on 7 December 2012. In January 2013, PNB received
full approval for acquiring 30% stake in MetLife India Insurance. This new private sector life insurer
was re-branded as PNB MetLife India Ltd.

PNB MetLife is now present in over 150 locations across the country and serves customers in more
than 7,000 locations through its bank partnerships with PNB, Jammu and Kashmir Bank
Limited (JKB) and Karnataka Bank Limited.

Key people

The key people of PNB MetLife India Insurance Company Limited as defined by Insurance
Regulatory and Development Authority of India (IRDA) are as follows:

Name of Key Person Designation

Ashish Kumar Principal Officer &

Srivastava CEO

P K Dinakar Appointed Actuary

Chief Investment
Sanjay Kumar
Officer

Viraj Taneja Chief of Internal Audit

Niraj Ashwin Shah Chief Finance Officer

Chief Compliance
Sarang Cheema
Officer

Anjan Bhattacharya Chief Risk Officer

Product and Services

Some key plans include:

 MetLife Endowment Savings Plan – Endowment plan

 MetLife Money Back Plan – Money back at regular intervals
 MetLife Major Illness Premium Back Cover – Protection from 35 illnesses
 MetLife Mera Tera Plan – Protection for your family
 MetLife College Plan – Children’s education policy
 MetLife Retirement Savings Plan – Retirement plan
 MetLife Mera Wealth Plan – Life protection

AWARDS

 2016: PNB MetLife won the ‘Website of the Year’ award at the E-Commerce Summit &
Awards in Mumbai.

 2016: PNB MetLife won ‘Celent Model Insurer Asia’ award for the most responsive
eCommerce platform on a mobile.

 2016: PNB MetLife won honors at the prestigious Asia Training & Development Excellence
Awards 2016 held in Singapore in two categories – Best Education Training Campaigns and
Programs and Best Sales Development Program.

OTHER ACHIEVEMENTS

The company launched its corporate social responsibility programme in August 2014 in support of
the education of children in Karnataka. This project, which is part of the existing Rajiv Gandhi
Crèche Scheme, works in tandem with the Government agenda towards strengthening and supporting
the 30 crèche centres.

On the occasion of World Health Day, PNB MetLife announced the fifth edition of Guinness
Record-holding PNB MetLife Satara Hill Half Marathon 2016.

In June 2016, PNB MetLife rolled out a new digital campaign, which includes a 75-second film
conceptualised by McCann Erickson.
PNBMETLIFE VALUES
VISION AND MISSION
VISION
 To evolve and postion the bank as a world class, progressive ,
cost effective and customer friendly institution providing
comprehensive financial and related services.
 Integrating frointers of technology and serving various segments
of society especially weaker section.
 Committed to excellence in serving the public and also excelling
in corporate values.

MISSION
 To provide excellent professional services and improve its
positions as a leader in financial and related services.
 Build and maintain a team of motivated workforce with high
work allow.
Use latest technology aimed at customers satisfaction and act as an
effective catalyst for socio economic development.
GOALS &OBJECTIVES

 To minimize profit for the seek of management and

shareholders.

 The second objective is to perform social service to the

society by meeting the needs of the people.

 To provide service in the form of generating full

employment.

 To provide satisfaction as for by giving full assurance in

return of their investment.

 Customer oriented service is the main objective to solve

their Problem.
 CHAPTER – 3

BUSINESS MODEL
 Products of met life

1. MetLife Guaranteed income plan

 Guaranteed Returns
 Discount on Higher Sum Assured
 Survival and Maturity Benefits
 Tax Benefits

2. PNB MetLife Mera Heart and cancer care

 Inbuilt Life Cover
 Zero Survival Period
 Pay Outs at different Stages of Illness
 Return of Premium (net of claims paid)

3. MetLife Money Back Plan

 Guaranteed Returns
 Discount on Higher Sum Assured
 Survival and Maturity Benefits
 Tax Benefits

4. MetLife BachatYojana
 Reasonable Premiums
 Long Term Savings
 Financial Securities
5. MetLife Guaranteed Savings Plan
 Guaranteed Additions on Cumulative Premiums
 Guaranteed Sum Assured on Maturity
 Life Cover for the entire Policy Term

6. MetLife Mera Wealth Plan

 Create your own Wealth Plan
 Enhance your Investment
 Protect your Loved Ones

7. MetLife Mera Term Plan

 Cover your Family’s Future
 Cover your Partner, Hassel-Free
 Flexibility to Increase Life Cover

8. MetLife PradhanMantriJeevanJyotiBinaYojana
 Protection at Nominal Cost
 Straight through processing, no Medicals required
 Ease of Enrollment, simplified Proposal Form

9. MetLife Smart Platinum

 Flexible Premium Payment Options
 Auto Rebalance Investment Portfolio
 Option to change Sum Assured

10. PNB MetLifeUnit Linked Employee Benefit Plan

 Choice among Five Funds
 4 Free Switches in a year
 Tax Benefits

11. PNB MetLife Traditional Employee Benefit Plan

 Interest on Each Contribution
 Motivate Employees
 Retain Talent
12. PNB MetLife Superannuation
 Group Variable Insurance Plan
 Excellence means of Attracting, Retaining quality talent.

13. MetLife Guaranteed income plan

  Guaranteed Returns
 Discount on Higher Sum Assured
 Survival and Maturity Benefits
 Tax Benefits

14. PNB MetLife Mera Heart and cancer care

 Inbuilt Life Cover
 Zero Survival Period
 Pay Outs at different Stages of Illness
 Return of Premium (net of claims paid)

15. MetLife Money Back Plan

 Guaranteed Returns
 Discount on Higher Sum Assured
 Survival and Maturity Benefits
 Tax Benefits

16. PNB MetLife Loan and Life Suraksha

 Joint Life Option
 Increases Loyalty among Customers

17. PNB MetLife Group Term Life Plus

 100% of the Sum Assured on Death
 Provides Protection to the Family of Employee
 Tax Benefit to the Employer
18. PNB MetLife Complete Care Plus
 Serves Full Coverage at Reasonable Rate
 Availability of Accelerated Benefit Option
 Choose from 4 Riders
19. MetLife Bhavishya Plus
 Waiver of Premium
 Financial Security
 Survival Benefits

20. MetLife Easy Super

 Reasonable Annual Premium
 Auto Rebalance Investment Portfolio
 Life Coverage

21. MetLife Endowment Savings Plan

 Offers Increase your Savings
 Limited or Regular Premium Payment Terms
 Tax Benefits

22. MetLife College Plan

 Regular Benefit Payouts
 Prepare for Child’s Education Expenses
 Waiver of Premiums-event of Death

23. MetLife Family Income Protector Plus

 Guaranteed Monthly Income
 Freedom to Choose Benefits
 Return of Premiums
24. MetLife Monthly Income Plan-10 Pay
 Guaranteed Monthly Income for your Family
 Financial Protection
 Tax Savings

25. MetLife Immediate Annuity Plan

 Financial Security through Regular Income
 Cover for Spouse
 Create Legacy Creation with Return of Premium.
 26. MetLife Retirement Savings Plan
 Guaranteed Income for your Golden Years
 Part Lump Sum on Maturity
 Extend Accumulated Savings

27. MetLife Critical Illness Rider

 Additional Health Cover
 Flexibility to Meet your Needs
 Tax Advantage

28. MetLife Accidental Disability Benefit Rider

 Additional Health Cover
 Flexibility to Meet your Needs
 Tax Advantage

29. MetLife Smart Child

 Create Wealth for your Child’s Future
 Safeguard your Savings from Market Uncertainty
 Loyalty Additions(15-20 years term) on Maturity

30. MetLife Accidental Death Benefit Rider Plus

 Additional Health Cover
 Flexibility to Meet your Needs
 Tax Advantage

31. MetLife Serious Illness Rider

 Additional Health Cover
 Flexibility to Meet your Needs
 Tax Advantage

32.PNB MetLife Endowment Saving Plan Plus

 Protect your Family Future
 Additional Bonuses from 1 st Policy Year
 Waiver of Premium against 35 Critical Illnesses
 Life Cover for entire Policy Term
PNB MetLife Strategy

 Growing and diversifying our multichannel distribution footprint to

 strengthen our position in various geographies and customer
segments.
 Deliver products aligned to the diverse needs of Indian customers
supported by an end-to-end customer-centric service
 experience.
 Driving profitability by leveraging scale and increasing persistency.

 Utilizing information technology and implementing digitization to

drive efficiencies.
COMPETITORS OF PNBMETLIFE
 CHAPTER – 4
ORGANISATIONAL
STRUCTURE
 MD & CEO: Ashish Kumar Srivastava
 Chief Financial Officer: Khalid Ahmad
 Appointed Actuary: P K Dinakar
 Chief Investment Officer: Sanjay Kumar
 Chief Compliance Officer: Sarang Cheema
 Head - Internal Audit: Viraj Taneja
 Chief Risk Officer: Anjan Bhattacharya
 Director & Head – Human Resources: Shishir Agarwal
 Director & Head - Operations & Services: Vijaya Nene
 Chief Information Officer: Samrat Das
 Chief Distribution Officer: Sameer Bansal
 Chief Strategy Officer: Vineet Maheshwari
 Head – Legal & Board Affairs: Agnipushp Singh
 Chief Marketing Officer: Nipun Kaushal
 Company Secretary and Compliance Officer: Yagya Turker
 ORGANIZATIONAL PERFORMANCE OF
PNBMETLIFE

 FINANCIAL PARAMETERS:

2016 2017

 During FY 2018-19, Pnbmetlife witnessed strong performance in line with our

value accretive growth strategy. We have recorded 17.86% growth in New
Business Premium (NBP). In terms of the value metrics, we delivered an
improved Value of New Business margin of 21.1%. Our operating return on
embedded value has also improved to 16.8% during the year.
 CHAPTER – 5
CUSTOMER SATISFACTION
IN THE INSURANCE
INDUSTRY
 THE CUSTOMER SATISFACTION IN THE INSURANCE
INDUSTRY
Customer satisfaction with a company's services is often seen as the key to a
company's success and long-term competitiveness. The insurance industry is
getting a lot of attention as Customer satisfaction. In the context of relationship
marketing, customer satisfaction is often viewed as a central determinant of
customer retention.
The overall purpose of this article is to develop a conceptual foundation for
investigating the customer retention process, with the use of the concepts of
customer satisfaction and relationship quality. Customer satisfaction is a key
metric for insurance companies to monitor in order to gauge which areas of
their customer service are strong and which areas need improvement in order
to maintain or increase their membership base.

Customer satisfaction is an obvious topic perhaps known by many companies, but

basically little or nothing from the management point of view, so, to start the wise
management of customer satisfaction, it must first be known, explored and therefore,
'"measured"For this reason, the customer’s attention has been widespread in the
companies for a few years and it goes beyond the traditional marketing approaches
proposed by: the attention to each customer
The issue of client satisfaction in service industries is difficult to define, because of
the characteristics of intangibility (the process of service delivery is aimed at
satisfying the need and not the production of a physical good), heterogeneity (there
are no exactly standards services, nor always identical to themselves, because they
depend from company to company, depending on personal contact, so the quality
specifications are set within a range of acceptable quality levels within a margin of
natural variation), perishability (inability to keep the results of production processes
for future moments of sale, hence the need to synchronize demand and
supply) and inseparability (the time between processing and delivery) of the service.
This aspect enhances the contact between staff and customers. This is called the
"moment of truth", in which the customer perceives the quality of the service
actually3. And it’s 'necessary to improve training and recruitment of contact, in order
to make the customer's participation, the process of service delivery insurance, as
productive as possible.
For this reason, it’s been years since it was given emphasis to political loyalty, also
called "customer retention" and exploitation of the "retention".
It has become clear that in the insurance market there has been a real revolution that
has led to changes in the market, strategies of companies, offering products and
services, in the manner of distribution of insurance products. The introduction of new
technologies in the insurance sector has led to further revisions to both the internal
processes and to external ones for the companies, especially distribution. In fact,
companies are aware of the fact that the real competitive challenge in the insurance
sector is to play on the distribution front and on the ability of firms to coordinate the
traditional channels with the innovative ones. Thereby, it will be possible to create
customers’ values and gain competitive advantage compared to competitors.
In the insurance sector, we know little experience using systems to monitor client
satisfaction, although it is felt among the experts, the importance of conducting
evaluations focused on customer satisfaction.
From the foreign literature in the insurance sector - mostly empirical work – the
following elements emerge: The customer, faced with the choice of the policy,
processes information using a variety of sources; Usually, the customer does not do
any large shopping , limited or referred to an agent; The overall client satisfaction is a
function of three key elements:1. satisfaction about the relationship and contact with
sales staff; 2. satisfaction about the product / service insurance; satisfaction with the
insurance company providing the service. The client satisfaction, compared to his own
product/service purchased (the policy), decreases when an individual has been
exposed to messages from other companies, conveyed by the media; For a complete
verification of client satisfaction is not enough to ask the customers to describe their
dissatisfaction about the products / services but also
the latent dissatisfaction of customers should be investigated. Events where the
customer service has failed, have a strong impact on customer satisfaction against
the insurance company. If the individual remembers where the company (as a
whole) has failed to adequately respond to his problem, it significantly reduces the
satisfaction with the company, demonstrating that the latter is the key component
of client satisfaction overall; Personal contacts have a strong positive impact in
relation to satisfaction with personal contact. In this perspective, post-sales activities,
while not an immediate sales, are a strong investment in the client.
The key benefits that customers and potential "online" customers, for example, may
have from the technological revolution are numerous and can be summarized as
follows: Ability to examine and, in some cases, to buy insurance products any time,
seven days a week; Offer greater transparency and access to a larger number of
products, with the possibility to compare the proposals of many companies to find the
best deal in real time; Significant price reductions compared to products purchased
through traditional channels, with the power to block the online requested quote;
Acceleration of policies take-up and, in some cases, immediate insurance coverage;
Simplification of the complaint claims and streamlining of the winding-up
proceedings; Opportunity to provide on-line consulting services and information made
available on the websites of the companies; Besides the advantages discussed so far, a
number of disadvantages can also occur for online shoppers: Difficulties the customer
encounters in the establishment of some tasks on-line (quote request, personal data
entry etc.); Inability to achieve highly customized products (especially for insurance
and financial life product); Inability to establish a personal relationship with the seller
and have a custom-insurance financial advice; Difficulty to pay online the policies
taken out (concerning the security of transactions or complex payment procedures);
No immediate availability of documents certifying insurance coverage and required by
law (for example, the mark of the insurance policies car insurance). The observation
highlighted so far made us give increasing importance to the operation and the
characteristics of new distribution channels. But it is also
essential to identify the potential that they may express, both in terms of knowledge
and interaction with the customer, and in terms of satisfaction customer
The evolution of competitive scenarios (from the early 90's) led the senior
management to adopt the principles of customer satisfaction. Satisfying customers
should be, always, the goal of every business that wants to sell products and services
For the company the client is an increasingly scarce resource, and therefore expensive
and difficult to manage: he is a precious heritage for the company and
here is therefore, the need to develop methods and processes by which to measure the
value of this valuable resource to manage it.
The basis of this value is customer satisfaction: a satisfied customer is worth much
more than an indifferent customer, a dissatisfied customer, however, is a floating mine
organizations normally do not know.
In the insurance sector, customer portfolio analysis suggests that customer retention
(the measure of detention or "preservation" of existing customers) have a
strong impact on the profit levels of insurance companies, especially after the
liberalization of car tariffs (mass market for insurance products is the best) which
made the loyalty of the customer base even more important.
It would seem, in fact, that the best way to compete is to satisfy their customers rather
than attack the competition. In fact, it is much more difficult to acquire a
new customer than repeat sales to the existing customers.
Since the change of the service provider has a cost for the customer, generally
welldisposed towards the old company, demonstrating a degree of loyalty variable, but
in any case, consistent. Since, in the process of service delivery insurance, it is
always possible that the latter does not fully meet the customer, misunderstandings
can arise that build up if the company does not intervene in time managing these
negative situations and turning in their favor (eg handling complaints and making
them clear, because the obvious and recognized claims by the company are certainly
less harmful in terms of customer loyalty, than those unspoken and unheard). Hence
the emphasis of the insurance companies upon strategies to maintain and/or increase
customer satisfaction.
However, what interests the insurance company is the customer loyalty, which is
manifested in the attitude of the repurchase, and it is, therefore, a conclusive customer
satisfaction index. Since, in view of marketing, the service consists of a
set of attributes or characteristics on which the customer defines his preferences,
the customer satisfaction must be measured on attributes or characteristics of the
service, and not on the service itself. Customers, in fact, define their own preferences
on salient features of the service; individuals, in fact for perceptualcognitive (related to
the ability of the human mind to process information), are not able to define
preferences and processing information on ' complete set of attributes of a product /
service. Therefore, if you are able to identify the salient attributes of a service, you
identify those actually affect your choice.
Another idea to be analyzed, in the survey on customer satisfaction, is the definition
of his expectations. The latter can be considered a prediction, a statement about the
future and on the possibility that the product / service shows events compared to
positive or negative attributes. So, the customer opens up to a shopping experience
using a set of expectations where he comes, however, unprepared.
According to another definition, a merely legal meaning, the expectation would not
be a prediction, but something akin to a "should", what the customer thinks about
the characteristics of the product/service. While in the first case, the individual does
rmance evaluation of perceived service through15 selected attributes.
In conclusion, in a becoming highly competitive market (in recent years, several
thousand insurance agencies have gone out of business) is no longer sufficient to grow
only in premium volume. Needless to say, in fact, that the Italian insurance business in
the coming years, according to the analysis of many economic institutions and
insurance, will double.
This development, in anticipation of the aging Italian population and the ongoing
liberalization and privatization in our country (in the health sector, social security,
etc..) will cover life insurance, supplemental security, health insurance policies. It will
involve a wider spread between the insurance citizens through higher quality of the
service, offer tailored policies and targeted to the needs of customers, management
and implementing adequate expertise of the insurance contract, especially in what is
still the weak link of relationship with the insured: the stage of settling claims.
It is clear, then, that competition rather than pricing, will have to measure the ability to
grasp the opportunities offered by new technologies and certified quality of the
contractual relationship of the services offered and solvency, all aimed at the ability to
establish collaborative relationships and based on trust between the insurance
company and its stakeholders (customers and intermediaries primarily).
In fact, a remarkable act of emancipation is on, from the customer's distribution
channel (wide availability of statistics and comparisons, direct electronic distribution
channels) that gives him the opportunity to compare and change the products and
companies, which would make the insurance market more transparent and switching
costs continuing to fall. This is the result in a market increasingly oriented to customer
needs.
It will also pay more attention to respect the rights of clients20 (in terms of fairness,
trust, transparency and speed of contract damages, as set out in the "Charter of rights
of the insured," that companies adhere to 'EU agreed to meet), if you want to achieve
customer loyalty, as well as acquire new ones.
In other words, from the ability to "listen" to customers (internal and external) will
depend on the skill which meet the requirements that determine, then, the criteria of
choice of policies (increasingly oriented, clients, research a relationship of trust,
image, service quality, performance, convenience of access and price); therefore ,a
modern insurance company will measure its success, primarily on customer
satisfaction.
 CHAPTER – 6
SWOT ANALYSIS
Strengths 1. Strong brand name and good financial
position.
2. Major player in insurance sector.
3. Varied range of services and products.
4. Has its presence in 60 countries with a
customer base of 90 million.
5. Over 65,000 employees.

Weaknesses 1.Over-dependence on US.

2.Lacking in global recognition as compared to
competitors.

Opportunities 1.Expansion in other countries

2.Diversifying portfolios for customers
3.Acquisitions and JVs
4.New Emerging markets

Threats 1.Changing govt regulations and financial crisis

like recessions.
2.Natural disasters.
3.US financial service sector
4.Other competitors in the industry
CHAPTER – 7
LEARNING &
SUMMARY
LEARNING’S

1. Communication:
In an insurance role, you will be required to communicate with internal and external links stake
holders.

2. Customer service:
As an insurance professional you will be insuring that you understand customer need
.
3 .Team work:
Working collaboratively to identify new business opportunities an generate a solution to a problem.

4. Professionalism
Insurance is all about peace of mind and it is important that those working in the sector are
seen as the professional they are.
SUMMARY:
In pnb metlife, I get to know about the insurance sector.
Their different plans and policies for an individual or for their
families as well. Pnb metlife have many beneficial plans for the
Customers related to life insurance as well as general
insurance.

In India, the most of the population don’t know the importance

of insurance. that it can help in many ways by securing their
family, their child education and etc.

Their, I have learned how to deal with public how to convince

for life insurance. To tell them the importance and benefits of
the insurance. These plans give them many benefits related to
their health issues as well as accidental benefit.
 CHAPTER – 8
POINT VIEW REGARDING
COMPANY’S PROFILE
My Point of view Regarding Company’s
Profile

 Reputation of the company is good all over the world.

 Wide range of life ,health& retirement insurance products.
 Cooperative Staff
 Way of interaction to Clients is good.
 Different types of plans are available i.e PNB Metlife Endowment
Saving Plan Plus (PMESPP), Term Plan, etc.

 Working Timings are good

 Other privates investors.
 It has a trust of IRDA association as it comes under the IRDA
association.
REFERENCES
BOOKS:

1. Books of Insurance Institute Of India

MAGAZINE & NEWSPAPERS:

1. Times of India

2. India Express

3. Dainikjagran

INTERNET:

 www.metlife.com

 www.metlife.co.in

 www.insuranceindia.com
 CONTACT DETAILS

Supervisor : Mr. Rakesh Sharma

Contact Number : 9811479561

Email Id : rsharma29@pnbmetlife.com