“BRANDING ROYAL SUNDARAM NATIONALY”

Hypothesis

“Importance of Branding an Insurance Company like Royal Sundaram on a National

Level”

Introduction:

A brand for a company is like a reputation for a person. You earn reputation by trying to do hard
things well. A brand is the identity of a specific product, Brand awareness refers to customers'
ability to recall and recognize the brand under different conditions.

Scope of Branding in a Insurance company:

The insurance industry's biggest challenge lies in how insurance brand have traditionally
positioned themselves. Insurance brands are typically rooted in stability, trust, and protection
from risk through a standard set of products. This positioning gives them the credibility to sell
"risk-free" products designed to help customers ensure that their families and assets are
protected.
But a branding challenge arises when they extend into products and services that are, by their
very nature, risky. So branding a insurance company becomes mandatory.

Why is it important for Royal Sundaram:

A prestigious company like Royal Sundaram, first private insurer of country must be branded to
extend its stable of offerings. Royal Sundaram has tried to differentiate itself by using the
analogy of cricket -- a game followed with an extraordinary passion by most Indians. The
analogy, however, is poorly and inconsistently implemented. The tagline “Beyond Expectations”
seems an unconvincing show of bravado aimed at reassuring prospects that this brand is
aggressive and will exceed customer expectations (as opposed to earlier players who often fell
woefully short of their customers’ expectations). However insurance is merely one part of a
consumer's larger financial picture. It will play a crucial role in establishing and extending what

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insurers both stand for and promise, and, ultimately, it will shape the new image for Royal
Sundaram

INTRODUCTION

REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing sectors in India. The Branding is one
of the most powerful, efficient and effective way through which the company sales increases. It
is really difficult to convince customers and sell a single product but branding make the entire
task easier to sell a product.

IMPORTANCE TO THE COMPANY:

The ultimate purpose of giving us the topic was to know about the customer’s perceptions about
the brand image of the insurance company, how Royal Sundaram can attract them and how the
company can generate maximum profit by Branding their image in the market.

LEARNING FROM THE STUDY:

 Different products and services provided by the insurance company.

 Customers’ perception about the different products.
 The brand image of the insurance company.
 How to aware the customers about the insurance company.
 Different techniques of dealing with the customers.

INSURANCE SECTOR

Brief history

The insurance sector in India has completed all the facets of competition –from being an open
competitive market to being nationalized and then getting back to the form of a liberalized
market once again. The history of the insurance sector in India reveals that it has witnessed
complete dynamism for the past two centuries approximately. 

With the establishment of the Oriental Life Insurance Company in Kolkata, the business of
Indian life insurance started in the year 1818. 

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 Important milestones in the Indian life insurance business

 1912: The Indian Life Assurance Companies Act came into force for regulating the
life insurance business.

 1928: The Indian Insurance Companies Act was enacted for enabling the government
to collect statistical information on both life and non-life insurance businesses.

 1938: The earlier legislation consolidated the Insurance Act with the aim of
safeguarding the interests of the insuring public.

 1956: 245 Indian and foreign insurers and provident societies were taken over by the
central government and they got nationalized. LIC was formed by an Act of Parliament,
viz. LIC Act, 1956. It started off with a capital of Rs. 5 crore and that too from the
Government of India.

The history of general insurance business in India can be traced back to Triton Insurance
Company Ltd. (the first general insurance company) which was formed in the year 1850 in
Kolkata by the British. 

Important milestones in the Indian general insurance business

 1907: The Indian Mercantile Insurance Ltd. was set up which was the first company
of its type to transact all general insurance business.
 1957: General Insurance Council, an arm of the Insurance Association of India,
framed a code of conduct for guaranteeing fair conduct and sound business patterns.
 1968: The Insurance Act improved for regulating investments and set minimal
solvency levels and the Tariff Advisory Committee was set up.
 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India. It was with effect from 1st January 1973.

107 insurers integrated and grouped into four companies viz. the National Insurance Company
Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the
United India Insurance Company Ltd. GIC was incorporated as a company.

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Insurance companies in India

IRDA has till now provided registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are considered then there
are presently 13 insurance companies in the life side and 13 companies functioning in general
insurance business. General Insurance Corporation has been sanctioned as the "Indian reinsurer"
for underwriting only reinsurance business. 

ORGANIZATION PROFILE

Royal Sundaram Alliance Insurance Company Limited has been at the forefront of providing
innovative insurance solutions for you, your family and business. Company became the first
private insurer in the country to be licensed post privatization in 2001. Since then company have
been innovating constantly for customers. Like being the first to offer cashless hospitalization,
the first to offer segment specific business solutions, first to offer cobranded credit cards, first to
introduce industry-specific proposition.
Company product range is designed to provide extra cover to a varied range of customers
starting from the common man to corporate conglomerates. Company does business in over 150
cities through a combination of own branches and those of companies partners.
Royal  Sundaram  brings  to  you  the  golden  heritage  and reliability of Sundaram Finance
(AAA), one  of  the  most  respected  non-insurance companying  financial institution in India,
and RSA, one of the oldest and the second largest general insurer in the UK.
The coming together of these two financial giants allows company to offer you the best global
practices in insurance industry, innovation in terms of products and services, and unmatched,
personalized customer service.

Sundaram Finance, a Triple A rated Non-Insurance companying Finance Company, is one of the
most respected financial services companies in India. The Sundaram Finance group’s operations
span Vehicle finance, Home mortgages, Asset management, General Insurance, Business process
outsourcing, IT solutions and distribution of financial products. Sundaram Finance has a network
of over 320 branches across India with over 2,500 employees. With a 300 year heritage, RSA is
one of the world’s leading multinational quoted insurance groups. It has the capability to write

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business in over 130 countries and with major operations in the UK, Scandinavia, Canada,
Ireland, Asia and the Middle East, Latin America and Central and Eastern Europe. Focusing on
general insurance, it has around 21,000 employees and, in 2009, its net written premiums were
£6.7bn.

VISION

Do everything to offer our customers peace of mind through innovative insurance solutions,
products and superior service. 
• Conduct our dealings with honesty, without ever compromising on integrity.
• Empower ourselves and others to be committed and take responsibility. 
• Strive to share knowledge. 
• Invest in our people and recognize as well as reward superior performance.
• Provide our people with a challenging and rewarding work environment.  
• Develop and maintain the highest standards of professionalism backed by continuous learning
and improvement. 
• Be a responsible corporate citizen and a caring member of the community. 
• Enjoy what we do. 
At Royal Sundaram, you will join a bunch of enthusiastic individuals who are determined to
define the service standards of the industry.

Company Culture: Both Sundaram Finance and Royal & SunAlliance share of pedigree of trust
that goes back decades before the two entered into partnership to form Royal Sundaram.
Hence the culture at Royal Sundaram is the best of both these worlds. Honesty, openness and
trust mean everything to us. It is the very foundation of our business and we foster these qualities
in every employee, encouraging him or her to uphold these values in the execution of even the
smallest detail.
We are a ''learning organisation'' where we continuously learn and explore more about our
business and environment.
Six shared values have been at the heart of Royal Sundaram since our formation. These values
influence the way we meet customer’s needs while respecting the regulatory requirements in the
field we operate, and the way we promote ethically sound practices within India and in our
partnerships.

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Truth: In everything we do, we will strive to be open and conduct our dealings with honesty.
We will never compromise on integrity.
Trust: Empowering ourselves and others to be involved and take responsibility.
Teamwork: Sharing knowledge and working well together including with business partners.
People Commitment: Invest in our people and recognize as well as reward superior
performance.
Customer commitment: Meet and exceed our customers’ needs.
Professionalism: Develop and maintain the highest standards of professionalism backed by
continuous learning and improvement. We will enjoy what we do.

RESEARCH ,OBJECTIVES AND SCOPE OF PROJECT

OBJECTIVES OF RESEARCH PROJECT:

PRIMARY OBJECTIVES:

 To study brand image of the insurance company.

 To increase the business of the insurance company.

SECONDARY OBJECTIVES:

 To understand the deciding criteria for people to become Brand loyal customers.
 To offer suggestions based upon the findings.

GEOGRAPHICAL SCOPE:

The same problem was with the all other branches of Royal Sundaram. The management is
conducting the same research on a big ground while our contribution is tiny. Though our sample
size and geographical area was defined and confine to a particular territory but the application of
output from the research are going to be wide.

PRODUCT SCOPE:
 Studying the increasing business scope of the insurance company.
 Market segmentation to find the potential customers for the insurance company.
 Customers’ perception on the various products of the insurance company.
 Increase the brand image of the Royal Sundaram.

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RESEARCH METHODOLOGY AND LIMITATIONS

All the findings and conclusions obtained are based on the survey done in the working area
within the time limit. We tried to select the sample representative of the whole group during our
research. we have collected data from people linked with different profession at New Delhi.

RESEARCH PLAN:

Preliminary Investigation: In which data on the situation surrounding the problems shall be
gathered to arrive at

 The correct definition of the problem.

 An understanding of its environment.
Exploratory Study: To determine the approximate area where the problem lies.

RESEARCH DESIGN:

Research was initiated by examining the secondary data to gain insight into the problem.
By analyzing the secondary data, the study aim is to explore the short comings of the present
system and primary data will help to validate the analysis of secondary data besides on
unrevealing the areas which calls for improvement.

DEVELOPING THE RESEARCH PLAN:

The data for this research project has been collected through self Administration. Due to
time limitation and other constraints direct personal interview method is used. A structured
questionnaire was framed as it is less time consuming, generates specific and to the point
information, easier to tabulate and interpret. Moreover respondents prefer to give direct answers.

COLLECTION OF DATA:

1: Secondary Data: It was collected from internal sources. The secondary data was collected on
the basis of magazines, personal interview from vice president of the company, management
books and website of the company.

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2: Primary data: All the people from different profession were personally visited and
interviewed. They were the main source of Primary data. The method of collection of primary
data was direct personal interview through a structured questionnaire.

SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample from
the universe to know about its characteristics.

 Sampling Units: Different professionals Chartered Accountants, Tax Consultants,

Lawyers, Business Man, Professionals and House Wives of New Delhi.
 Sample Technique: Random Sampling.
 Research Instrument: Structured Questionnaire.
 Contact Method: Personal Interview.

SAMPLE SIZE:

My sample size for this project was 100 respondents. Since it was not possible to cover
the whole universe in the available time period, it was necessary for me to take a sample size of
100 respondents.

DATA COLLECTION INSTRUMENT DEVELOPMENT: The mode of collection of data

will be based on Survey Method and Field Activity. Primary data collection will base on
personal interview. We have prepared the questionnaire according to the necessity of the data to
be collected.

RESEARCH LIMITATIONS:

 It was not possible to understand thoroughly about the different marketing aspects of the
Financial Consultant within 60 days.
 As stipend, money was not given it was difficult to continue the project work.
 All the work was limited in some limited areas of New Delhi so the findings should not
be generalized.
 The area of research was New Delhi and it was too vast an area to cover within 60 days.

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 DATA ANALYSIS, INTERPRETATION AND PRESENTATION

QUESTIONNAIRE

Dear Sir/Madam,

We are the students of Indian Institute of Planning And Management, New Delhi and
presently doing a project on “BRANDING ROYAL SUNDARAM NATIONALY”. We
request you to kindly fill the questionnaire below and we assure you that the Data generated
shall be kept confidential

1. What brand name could you remember for a INSURANCE?

 LIC
 BAJAJ ALLIANZE
 ICICI
 ROYAL SUNDARAM
 SBI
 OTHERS

BRAND RECALL

15%

LIC
5% BAJAJ ALLIANZE
ICICI
RS
10% SBI
OTHERS
57%

13%

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2. Do you have Insurance? If so which brand Insurance you have?

 LIC
 BAJAJ ALLIANZE
 ICICI
 ROYAL SUNDARAM
 SBI
 OTHERS

INSURANCE PEOPLE HAVE

10%

10% LIC
BAJAJ ALLIANZE
ICICI
43%
RS
8% SBI
OTHERS

10%

19%

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3. Will you insure again with the same brand or will you try some other company’s insurance?

 Same Brand
 Some Other Brand
 No Idea

BRAND SATISFACTION

22%

SAME BRAND
SOME OTHERS
46% NO IDEA

32%

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4. Are you satisfied with your insurance policy you have?

 Yes
 No

SATISFACTION

27%

YES
NO

73%

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5. What motivates you to buy insurance?

 Advertisement’s
 Offers
 Premium Amount
 None of the above

CUSTOMERS MOTIVATION TO BUY

28%
35% ADVERTISEMENT
OFFERS
PREMIUM AMOUNT
NONE OF ABOVE

10%

27%

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6. Will you recommend other to insure with that same brand?

 Yes
 no

CUSTOMER RECOMMENDATION
33%

YES
NO

67%

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7. What insurance do you have currently?

 Home
 Auto
 Health
 Travel
 Hospital case insurance
 Accident insurance
 Others

INSURANCE CUSTOMER HAS

9%
13%

HOME
11%
AUTO
HEALTH
TRAVEL
HOSPITAL
ACCIDENT
OTHER
36%

31%

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8. How was last experience with insurance company?

 Bad
 Good
 Excellent

LAST EXPERIENCE

27% 26%

BAD
GOOD
EXCELLENT

47%

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9. Do they provide personal assistance?

 Yes
 No
 No idea

PERSONAL ASSIATANCE
3%

31% YES
NO
NO IDEAD

66%

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10. What features are required by CUSTOMERS for a INSURANCE?

………………………………………………………………………………………………………
………………………………………………………………………………………………………
……………………………………………………………………………………

FEATURES REQUIRED
10%

GOOD SERVICE
10% EASY AND COMFORTABLE TO
ACCESS
POLICY FOR PEOPLE ABOVE 60
PERSONAL ASSISTANCE
10% 50% AVOIDANCE OF HIDDEN
AMOUNT
FLEXIBLE PREMIUN AMOUNT
10%

10%

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11. Have you heard of this brand ROYAL SUNDARAM INSURANCE COMPANY?

 Yes
 No

DO YOU KNOW ROYAL SUNDARAM

17%

YES
NO

83%

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12. What types of associations first comes into mind,when you think of this brand royal
sundaram?

………………………………………………………………………………………………………
………………………………………………………………………………………………………
……………………………………………………………………………………………………

RELATION

SOUTHINDIAN BRAND
45% NO IDEA

55%

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Your Age?

TABLE

Serial No. Age Category Number of Respondents

1. 18-23 Years 20
2. 24-29 Years 35
3. 30-35 Years 30
4. 35 Years and above 15
Total 100

GRAPH

15% 20%

18-23 Years
24-29 Years
30-35 Years
35 & above
30%

35%

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Marital Status?
TABLE

Sr. No. Category No. of Respondents

1 Married 70

2 Unmarried 30

Total 100

GRAPH

30%

Married
Unmarried

70%

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Educational Qualification?

TABLE

Sr. No. Category No. of Respondents

1 Under graduate 25

2 Graduate 40

3 Post graduate 35

Total 100

GRAPH

25%
35%

Under graduate
Graduate
Post graduate

40%

Number Of years Are You in New Delhi?

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TABLE

Sr. No. Category No. of Respondents

1 Less than five years 39

2 More than five years 61

Total 100

GRAPH

39%

Less than five years

More than five years
61%

Your Occupation?

TABLE

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 Sr. No. Category No. of Respondents

1 Business 20

2 Profession 54

3 Service 26

Total 100

GRAPH

20%
26%

Business
Profession
Service

54%

Your annual household income?

TABLE

Sr. No. Category No. of Respondents

1 Less than 2 lacs 49

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 2 Between 2 to 5 lacs 31

3 Between 5to 8 lacs 15

4 More than 8 lacs 5

Total 100

GRAPH

5%
15%
Less than 2 lacs
49% Between 2 to 5 lacs
Between 5to 8lacs
More than 8 lacs

31%

CONCLUSIONS AND SUGGESTIONS

CONCLUSIONS:

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SUGGESTIONS:

Finally some recommendations for the company are as fallows:-

LIMITATIONS

LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process should not
exceed. Limitations of this project are:-

.
 Mindset of people may vary depending upon their age, gender, income etc.
 People mind set about the survey was an obstacle in acquiring complete
information & positive interaction.
 Respondents were very busy in their schedule. So it was very time consuming for
them to answer all the questions properly.

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