A

MARKET SURVEY REPORT

ON
“THE IMPACT OF INTERNET MARKETING ON
INSURANCE SERVICE”

Submitted in partial fulfillment for the requirement

for the award of degree of

BACHELOR OF COMMERCE
SESSION 2022-23

SUBMITTED TO: SUBMITTED BY:

MR. AKSHAY SHARMA PAWAN KUMAR
ASSISTANT PROFESSOR B.COM 3rd Year Vth sem
Roll. No: 21024063

IFTM UNIVERSITY, MORADABAD

I
 CERTIFICATE OF ORIGINALITY
(To be filled in by the student in his / her handwriting)

I ___________________________________Roll No. ___________________is a

full-time bona-fide student of ______ year of Bachelor of Commerce (BCom)
programme at IFTM University, Moradabad. I hereby certify that this project work
carried out by me and the report submitted in partial fulfilment of the requirements
of the program is an original work of mine under the guidance of the faculty mentor
_____________________________, and is not based or reproduced from any
existing work of any other person or on any earlier work undertaken at any other
time or for any other purpose, and has not been submitted anywhere else at any
time.

(Student’s Signature)
Date: _________________________

(Faculty Mentor’s Signature)

Date: _________________________

II
 ACKNOWLEDGEMENT
It is my pleasure to be indebted to various people, who directly or indirectly
contributed in the development of this work and who influenced my thinking, behavior,
and acts during the course of study and I would like to thank the almighty.
I am thankful to Prof. Nisha Agarwal, Director, School of Business,
Management for her guidance, support, and motivation provided to me to complete
this work.
I also extend my sincere appreciation to Mr. Akshey Sharma who provided his
/ her valuable suggestions and precious time in accomplishing my project report.
Lastly, I would like to thank my parents for their moral support and my friends
with whom I shared my day-to-day experiences and received suggestions that improved
the quality of my work.

(Name of the student)

III
 TABLE OF CONTENTS
S NO. CONTENTS PAGE NO.

TITLE PAGE i
STUDENT’S DECLARATION ii
ACKNOWLEDGEMENT iii
1. INTRODUCTION 1
2. COMPANY’S PROFILE 6
3. OBJECTIVES OF THE STUDY 9
4. SCOPE OF THE STUDY 12
5. RESEARCH METHODOLOGY 14
6. DATA ANALYSIS 17
7. RESULTS AND FINDINGS 24
8. CONCLUSIONS 26
9. LIMITATIONS OF THE STUDY 28
10. SUGGESTIONS AND 31
RECOMMENDATIONS
BIBLOGRAPGHY iv
ANNEXURE v

IV
CHAPTER - 01

INTRODUCTION

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 INTRODUCTION

In the last few decades, internet has significantly changed the way of communication, sharing of
information and business advertisement strategy. World Wide Web enables us as a consumer and as
manager of any firm to participate in the global virtual marketplace (Kothari & Saxena, 2004). This
leads to innovative and effective way of marketing with respect to not only for the sellers but also for
the buyers of any product. In the present ear of technology, digital marketing plays a significant role
in the marketing of any product. Digital marketing or Internet marketing is not become more efficient
than the traditional marketing. However, the effectiveness varies with the variation of the nature of
the products, target customer, the market structure and many more. According to the report of PWC
(2012) titled “Life Insurance 2020: Competing for a future”, (Yoder, Rao, Bajowala, & Sunder, 2012)
almost 50 per cent respondent agreed with the view that internet marketing has changed their way of
selection and purchase of insurance plans. The resent development of Big-Data Analysis, Search
Engine Optimization, Google Analytics and many more makes the strategies of digital marketing
much more effective. N. Kink and T. Hess in their study proves that the consumers are font of using
search engines rather than the traditional source of information (Kink & Hess, 2008, pp. 18-29). A
study based on 12 Indian market of Tire I and Tire II cities reported that around 40 per cent consumers
researched online to make purchasing decision (Nielsen, 2020).

1.1 Marketing:
Digital marketing is the concept of promoting the product (good and services) over internet (Hanson
& Kalyanam, 2007). The concept is synonymously used as web marketing, Internet marketing, e-
marketing, e- ecommerce or e-business. As the cost of using internet is reducing day by day, more
and more people become the user of internet and they developed themselves digital communication
savvy. They are linked with different social media; they are becoming more and more techno savvy
in terms of getting and comparing information regarding the product, purchasing products or using
any services. The corporates – either private or public has also use digital communication technology
as their marketing channel. This channel includes websites, social networking sites, YouTube, online

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communications, email, mobile phones etc. The channels have the capability to find target audience,
track the various e-marketing (Salehi, Mirzaei, Aghaei, & Abyari, 2012).
1.2 Insurance Product and Digital Marketing:
Insurance services, more specifically health insurance services are intangible, inseparable,
heterogonous and perishable in nature and hence the marketing of such services digitally effects
differently than that of tangible product. G. Radha Krishna, in his book, “Marketing of Insurance
Services in India” has discussed the changing scenario of the marketing strategies of health insurance
industry (Radha Krishna, 2008). The paradigm shift of the nature of marketing from traditional agent-
based marketing to e-marketing, digitalization of information of the product in this sector is become
the emerging trend not only exists in the private sector but also in the public sector.
Insurance is a means of protection from financial crunch. It is tool against the risk of losing certain
valuable items. Insurances in India are available with 7 different types which has been classified into
General Insurance and Life Insurance.
Table: Types of Insurance

a) Life
b) Motor
c) Property
d) Mobile
e) Travel
f) Health
7) Cycle

TABLE-1

1.3 Advantages of Insurance in India: Increasing Investment

In order to increase financial situation of Insurance Businesses, Ministry of Finance has decided to
infuse Rs.3000 crore in general insurance business of state-owned organization during Feb 2021.

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1.4 Robust Demand
Innovative products, distribution methods, and rising public interest in insurance are all contributing
to growth. Life insurers' total first-year premium grew by 12.93% in 2021– 2022.
1.5 Attractive Opportunities

In India, access to insurance is still limited. In the fiscal year 2021, the overall insurance penetration
(as a percentage of GDP) was 4.2%, creating a sizable undeserved market.
IRDAI granted insurers permission to Purchase of securities in debt from
a) Infrastructure Investment Trusts
b) Real Estate Investment Trusts.
this is anticipated to increase the country's growing startup ecosystem's investment possibilities.
Shares of Life and Non-Life Insurance Market (FY 22)

2.34%
3.72%
Health

11.64%
Motor Total Other
Other
39.75%
Fire Fire
19.19%

23.36 %

Fig1: Premiums Market Share in First Year Life Insurance (FY22)

1.6 Policy Support: The Indian government plans to use the LIC IPO to raise Rs. 50,000 crore
($6.62 billion) as of April 2022.

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In order to allow further exports of Rs. 5,60,000 crore (75.11 billion US$) over the following 5 years,
Approval of investment of 6000 Rs Crore (804.71 million US$) came from Cabinet of Union during
the month of Sep 2021.
Parliament approved General Insurance Business (Nationalization) Amendment Bill in August 2021.
Source: General Insurance Council, IRDAI

16.15%

4.78%

8.10%

63.24%

Fig 2: Premiums Market Share POLICY SUPPORT Life Insurance (FY22)

1.7 Benefits of Insurance Digital Marketing:

By looking at the statistics of market share capture of different players of Insurance organization and
the way the demand is existing, digital marketing application in insurance industry has many of the
benefits, though it may be a competition for many independent agents but right platform of digital
marketing will lead to success of the agents and also to an organization.

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 CHAPTER – 02

COMPANY’S PROFILE

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 LIC
(LIFE INSURANCE CORPORATION)

Figure 2.1 LIC Logo

Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance
company headquartered in Mumbai. It is India's largest insurance company as well as the largest
institutional investor with total assets under management worth ₹45.7 trillion (US$570 billion) as of
March 2023. It is under the ownership of Government of India and administrative control of the
Ministry of Finance.

Figure 2.2 LIC NEW DELHI

The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament
of India passed the Life Insurance of India Act, nationalizing the insurance industry in India. Over
245 insurance companies and provident societies were merged together.
LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value
of sold policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26
million claims in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue of

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₹775,283 crore (equivalent to ₹8.2 trillion or US$100 billion in 2023) and a profit of ₹4,415 crore
(equivalent to ₹47 billion or US$580 million in 2023).

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 CHAPTER – 03

OBJECTIVES OF THE STUDY

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 OBJECTIVE OF THE STUDY
Objectives are specific, measurable, and time-bound goals that organizations or individuals
set to guide their actions and measure their progress. Here are common types of objectives:
1. Financial Objectives: These focus on financial goals, such as increasing revenue,
profitability, or market share. For example, a company may set an objective to increase annual
sales by 10% in the next fiscal year.
2. Marketing Objectives: These relate to promoting products or services, expanding market
reach, or enhancing brand awareness. An example could be to launch a new advertising
campaign to increase website traffic by 20% within six months.
3. Operational Objectives: These involve improving internal processes, efficiency, and
productivity. An objective might be to reduce production costs by 15% in the next quarter.
4. Customer Service Objectives: These focus on enhancing customer satisfaction, loyalty, and
retention. An objective could be to decrease response times to customer inquiries to within 24
hours.
5. Employee Development Objectives: These center on improving the skills, knowledge, and
job satisfaction of employees. An objective might involve providing training for employees
to enhance their proficiency in a specific area.
6. Social Responsibility Objectives: These aim to demonstrate a commitment to social and
environmental concerns. For example, a company may set an objective to reduce its carbon
footprint by 20% within a year.
7. Quality Objectives: These relate to maintaining or improving the quality of products or
services. An objective could involve reducing the number of product defects by a certain
percentage.
8. Strategic Objectives: These encompass broader, long-term goals that guide the overall
direction of an organization. For instance, an objective might be to enter a new international
market within the next five years.
9. Personal Objectives: On an individual level, objectives can pertain to personal growth and
development, such as earning a professional certification or achieving a certain fitness goal.

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 10. Project Objectives: Within project management, objectives are specific targets that need to
be achieved to complete a project successfully. These are often outlined in project plans and
include deliverables and timelines.
Objectives should be SMART—Specific, Measurable, Achievable, Relevant, and Time-bound.
Setting clear objectives helps organizations and individuals stay focused, track progress, and make
informed decisions to achieve their desired outcomes.

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 CHAPTER – 04

SCOPE OF THE STUDY

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 SCOPE OF STUDY

• Internet marketing bases its activities only on the internet. Digital marketing is wider term that
includes both online and offline digital technologies,

• Furthermore, both digital and internet marketing cover web, search, social media, e mail, digital
advertising, and media buying and both are very effective in conducting, analyzing and
measuring total effects of marketing. Digital marketing is also known as Internet marketing,
Online marketing and Web marketing.

• Internet marketing is term that is expanding its scope each day. Besides, communication with
consumers through the internet channel is getting various forms and names almost each day.

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 CHAPTER – 05

RESEARCH METHODOLOGY

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 RESEARCH METHADOLOGY

Research is the process of systematic and in- depth study of any particular topic, subject or any are
of investigation backed by collection, compilation, presentation and interpretation relevant data in
detail
5.1 RESEARCH PROCESS:
• In research process, the first and foremost step is defining and selecting a research problem.
A Researcher should at first find the problem. Then he should formulate it so that it becomes
susceptible to research. For a systematic presentation, the process of research may be
classified under three stages- primary stages, secondary stage, and the tertiary stage.
5.2 THE PRIMARY STAGE INCLUDES:
• Observation Interest
• Formulating research problems
• Documentation
• Research designs
5.3 THE SECONDARY STAGE INCLUDES:
• Project planning
• Data collection
• Questionnaire preparation
• Analysis of data
• Testing of hypothesis
• Interpretation
• Questionnaire preparation.

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 5.4 TYPE OF RESEARCH:

5.4.1 DESCRIPTIVE RESEARCH:

Descriptive research has been used, it involves survey and fact-finding enquiries if different kinds,
the purpose of descriptive research are the descriptive of stage of affairs, as it exists at present.
5.4.2 PROJECT PLANNING:
Project planning is the first step in actually conducting & directing a research Project. It is one of the
most important tasks of researcher. This includes formulation of the researcher objectives & goals
and determining ways of achieving them.
5.4.3 DATA COLLECTION:
Data collection is one of the most important aspects of research. The information research
methodology must be accurate and relevant, the data collection method can be classified into two
methods.
5.4.4 PRIMARY DATA:
Questionnaire method have been used as a tool for a data collection in this research.

5.4.5 SECONDARY DATA:

Secondary data means data that are already available i.e., they refer to data which has already been
collected and analyzed by someone else. The secondary data for the study was collected google
scholar website and magazines.

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CHAPTER – 06

DATA ANALYSIS

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6.1 DATA ANALYSIS AND INTERPRETATION
The following consist of the data analysis and interpretation of my questionnaire

6.1 survey analysis of data TABLE

Age Percentage %

Below 25 years 47.5 %

26 - 35 years 23.7 %

36 - 45 years 20 %

46 - 55 years 8.8 %
Above 55 years 0%
Age
80 responses
Below 25 years
26-35 years
3645 years
46-55 years
Above SS years

INTERPRETATION;
From the above table interpreted that 47.5 % respondents are below 25 years are between 26-35 years
is 23.7 % are between 36-45 years is 20 % majority of 47.5 % respondents are between the age of
below 25.

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Table 6.2 gender of respondents

Gender No, of. respondents Percentage

Male 59 58.8 %

Female 41 41.3 %
Gender
80 responses
Male
Female

INTERPRETATION;
From the above table interpreted that 59 % was respondent male, 41 % was respondent female.
Majority 59 % respondents was male.

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6.3 EDUCATION QUALIFICATION

Education Percentage

Below SSLC 17.5 %

HSC 32.5 %

Diploma 8.8 %

Degree 41.3 %
Educational qualification
80 responses
Below SSLC
HSC
Diploma
Degree

INTERPRETATION:
From the above table interpreted that 41.3 % respondent degree person and 32.5 % was respondent
HSC, and 17.5 % was respondent SSLC, majority of respondent 41.3 % is degree person.

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6.4 DO YOU HAVE AN INSURANCE POLICY

Insurance policy Percentage

Yes 47.5 %

No 52.5 %

Table 4.4
Do you have an insurance policy?
80 responses
Yes

INTERPRETATION;
From the above table interpreted that 47.5 % respondent Yes and 52.5 % was respondent No,
majority of respondent 52.5 % is No have an insurance policy.

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6.5 INCOME LEVEL OF RESPONDENT
Table 6.5

Income level Percentage

Below 30,000 55 %

30,001 - 50,000 25 %

50,001 - 70,000 15 %

Above 70,000 5%
Monthly income
80 responses

INTERPRETATION;
From the above table interpreted that 55% respondent Below 30,000 and 25% was respondent
30,001-50,000, and 15% was respondent 50,001-70,000 and 5% was respondent Above 70,000,
majority of respondent 55% is Below 30,000.

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TABLE 6.6 WHAT KIND OF INSURANCE POLICY DO YOU HAVE

Percentage
What kind of insurance policy do you have

Savings 33.8 %

Whole life 26.3 %

Money Back 21.3 %

Automobile Insurance 15 %

Any other 0%
What kind of insurance policies do you have? Check as many as you'd like
80 responses

back

INTERPRETATION;
From the above table interpreted that 33.8 % respondent Savings and 26.3 % was
respondent Whole life, and 21.3 % was respondent Money Back and 15 % was respondent
Automobile Insurance and O % was Any other, majority of respondent 33.8 % is Savings

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 CHAPTER – 07

RESULTS AND FINDINGS

24
 RESULTS AND FINDINGS:
Based on the analysis and discussion on primary data in the previous chapter
Finding, Suggestion and Conclusion of the study in logical manner.

FINDING
From the questionaries, the following points are found and noted
• majority of 47.5 % respondent are between the age of below 25.
• majority of 58.8 % respondent was male.
• majority of respondent 41.3 % is degree person.
• majority of respondent 52.5 % is No insurance policy.
• majority of respondent 55 % is below 30,000.
• majority of respondent 33.8 % is savings.
• majority of respondent 60 % is private.
• majority of respondent 42.5 % is insurance agents.
• majority of respondent 52.5 % is up to 5 years.
• majority of respondent 52.5 % is No.
• majority of respondent 36.3 % is 2.
• majority of respondent 38.7 % is quarterly.
• majority of respondent 63.7 % is No.
• majority of respondent 40 % is 1.
• Majority of respondent 58.8 % is No.

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CHAPTER – 08

CONCLUSIONS

26
 CONCLUSION
Certainly, here's a brief conclusion:

The importance of marketing on the internet is increasingly important for company. In fact, online
marketing has become an important focus for most companies as they look to reach customers
online and grow sales. Digital marketing is the future of marketing and will only keep progressing
with time. Social media is the latest way to connect with people.

In various aspects of life, from business to personal development, objectives play a pivotal role.
They serve as guiding lights, directing actions, and measuring progress. By setting SMART
objectives, individuals and organizations can enhance their focus, track achievements, and make
informed decisions to reach their desired goals. Whether it's financial success, marketing
effectiveness, operational efficiency, or personal growth, well-defined objectives are the compass
that leads the way.

Analysis also reveals that Technology utilization for purchase of Insurance Products is much
concerned on Security issues, Services provided by the insurance organization in digital mode and
also the benefits that the customer will seek when they use digital platform for purchase of
insurance Products.

The Insurance organization must adopt digital marketing tools effectively in order to enhance the
business and also should focus on ease of use of the technology for the mid age or old age people.
And also, it should target the rural customers as it is having highest potential.

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 CHAPTER – 09

LIMITATIONS OF THE STUDY

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 LIMITATIONS OF THE STUDY

Limitations of a study refer to the factors or constraints that may have affected the research process
and the validity of its findings. Here are some common limitations researchers might encounter:

1. Sample Size: Limited sample size can reduce the generalizability of findings to a larger
population. Small samples may not accurately represent the diversity of the entire group.

2. Sampling Bias: If the sample is not representative of the population being studied, it can
introduce bias. For example, if a survey only reaches a specific demographic group, the findings
may not apply to others.

3. Data Collection Methods: The accuracy and reliability of data can be affected by the methods
used. If surveys are poorly designed or if data is collected through self-reporting, it may lead to
skewed results.

4. Time Constraints: Research may be limited by the time available for data collection and analysis.
Rushed research may not allow for comprehensive data gathering or in-depth analysis.

5. Resource Constraints: Limited funding or access to resources can affect the scope of a study.
Researchers may be unable to conduct extensive experiments or access certain data sources.

6. Ethical Constraints: Ethical considerations, such as privacy concerns or restrictions on human

or animal subjects, can limit the scope of research or data collection methods.

7. External Validity: Findings from a controlled lab environment may not generalize to real-world
situations, limiting the external validity of the study.

8. Data Quality: If data is incomplete, inaccurate, or outdated, it can undermine the reliability of
study results.

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9. Researcher Bias: Researchers' personal biases and perspectives can influence study design, data
interpretation, and conclusions.

10. Unforeseen Circumstances: Unexpected events or external factors, such as a pandemic or

natural disaster, can disrupt data collection and impact the study's validity.

11. Publication Bias: Journals may be more likely to publish studies with significant or positive
results, leading to an incomplete representation of the research landscape.

12. Causation vs. Correlation: Establishing causation can be challenging, as many studies can only
demonstrate correlations between variables.

13. Language and Cultural Bias: Studies conducted in a specific language or cultural context may
not be easily applicable to other languages or cultures.

14. Longitudinal Studies: Long-term studies can face attrition issues, where participants drop out
over time, potentially skewing the results.

It's important for researchers to acknowledge these limitations in their studies to provide
transparency and context for their findings. Understanding these limitations helps both researchers
and readers interpret the results accurately and assess the study's applicability to real-world
scenarios.

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 CHAPTER – 10

SUGGESTIONS AND
RECOMMENDATIONS

31
 SUGGESTIONS AND RECOMMENDATIONS
• Adopting internet marketing facilities at some local search marketing and fertilizer
advertising to enable insurance services.
• Developing insurance services marketing comprehensively.
• Increasing revenue collections from insurance service through internet modes.
• Implementing internet infrastructure.

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BIBLOGRAPHY

33
 BIBLOGRAPGHY

• Dave Chaffey (2002) defines internet marketing which form online

channels.

• Chaston & Mangles (2003) examined the influence of marketing style on

the utilization of the internet among small UK manufacturing firms.

• Mangold & Faulds (2009) the project entitled which in return increases the
visibility in terms of marketing communication.

WEBSITES
• www.googlescholar.com
• www.opec.org
• www.wikipedia

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ANNEXURE

35
 QUESTIONNARIES:

1. NAME OF THE RESPONDENT:

2. AGE OF THE RESPONDENT

a. Below 25yr
b. 26yr - 35yr
c. 36yr - 45yr
d. 46yr - 55yr
e. Above 55yr
3. GENDER OF THE RESPONDENT
a. Male
b. Female
4. EMAIL.ID OF THE RESPONDENT
a.
5. EDUCATION QUALIFICATION OF THE RESPONDENTS
a. Below SSLC
b. HSC
c. Diploma
d. Degree
6. DO YOU HAVE AN INSURANCE POLICY
a. Yes
b. No
7. WHAT KIND OF INSURANCE POLICY DO YOU HAVE
a. Savings
b. Whole life
c. Money back
d. Automobile insurance
e. Any other

36
8. WHAT TYPE OF INSURANCE POLICY DO YOU HAVE
a. Private
b. Public
9. WHO INFLUENCED YOU TO GET AN INSURANCE POLICY
a. The media
b. Insurance agents
c. Federal government
d. Other
10. WHAT IS THE AVERAGE TERM OF THE POLICIES YOU HAVE
a. Up to 5 years
b. Above 20 years
11. HAVE YOU EVER RECEIVED ANY BENEFITS FROM ANY OF THE POLICIES
YOU CURRENTLY HAVE
a. Yes
b. No
12. HOW REGULARLY DO YOU PAY YOUR PREMIUMS
a. Monthly
b. Quarterly
c. Half year
d. Yearly
13. HAVE YOU EVER SURRENDERED ANY INSURANCE POLICY
a. Yes
b. NO

37