LIST OF CONTENTS

S.NO CONTENTS
.

1 INTRODUCTION

2 RESEARCH DESIGN /
METHODOLOGY

3 DATA ANALYSIS
& INTERPRETATIONS

4
SUMMARY & CONCLUSIONS

BIBLIOGRAPHY
 ABSTRACT

The objective of this study is to analyze consumer value dynamics and its related
purchasing behaviour in the insurance market over the years. The study would provide
interesting insights and empirical evidence on values being determinant for consumer
choice and suggests priority areas of development for insurance market players in order
to adapt to changing customer preferences and gain competitive advantages.

Consumer purchasing behaviour is the study of individuals, groups, or

organizations and the processes they use to select, secure, and dispose of products,
services, experiences, or ideas to satisfy needs and the impacts that these processes have
on the consumer and society. It blends elements from psychology, sociology, social
anthropology and economics. It attempts to understand the decision-making processes of
buyers, both individually and in groups.

Consumer purchasing behaviour studies characteristics of individual consumers

such as demographics and behavioural variables in an attempt to understand people's
wants. It also tries to assess influences on the consumer from groups such as family,
friends, reference groups, and society in general. Customer behaviour study is based on
consumer buying behaviour, with the customer playing the three distinct roles of user,
payer and buyer.

“Survival of the fittest”- This quote best suits the today’s competitive world of the
insurance industry. To sustain our product we need to know the market and the cause
behind the limited outrun of the product. Adding to this we also need to know the key
attributes which the consumers want to see in our product for the different consumer
types.

The competitor analysis on the purchase decision dynamics will give us an

overview of where the products offered by IDBI Federal Life Insurance stand and its
scope of improvement. This will help IDBI in developing new products and modifying
the existing products with respect to customer expectations.