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A COMPARATIVE STUDY ON MARKET SHARE OF PRIVATE V/S
PUBLIC LIFE INSURANCE COMPANY WITH REFERENCE TO
PNB METLIFE IN VISAKHAPATNAM
By D. GURUSAI HARIKUMAR
Introduction What do you mean by market share? Why it is required? How it can be used in decision making?
Objectives To know the market share of different life
insurance companies in Visakhapatnam. To know where does MetLife stands in terms
of market share in Visakhapatnam To know the percentage of the insured
population in Visakhapatnam To know which of the factors influence in
taking a life insurance policy. To know the awareness level about PNB
MetLife in Visakhapatnam.
Research Methodology Primary Data: Original data collected through
market survey. Secondary Data: Journals, past data of
company and internet. Sample Size: 500 Sampling Technique: Probability Sampling
(Simple Random) Type of Questionnaire: Structured
Analysis Out of 500 people surveyed, 400 were insured. 65% of the insured have LIC policy as against only
2.5% having PNB MetLife policy. 46% people are influenced by family to make a
decision to take life insurance policy. 63% people chose life insurance companies based
on the promotional activities. 45% people take insurance for tax benefits as
against 35% taking for future security. Only 36% people heard about PNB MetLife
Analysis contd… 32.8% people rated 2 out of 5 on brand
image. 47.2% people rated 1 out of 5 on promotional. 28.9% people rated 3 out of 5 on customer
service. 26.1% people rated 0 out of 5 on product
portfolio. 36.7% people rated 2 out of 5 on accessibility
of financial advisors. 72.8% people rated 0 out of 5 on claims
Findings & Suggestions Majority of the population in Visakhapatnam is
insured. Public company LIC has a major market share. Among private companies, ICICI (10.5%) followed
by Bajaj Allianz (5%) and SBI Life (3.5%). PNB MetLife has a market share of 2.5%. Purpose of taking life insurance happens to be
tax benefits and then security. Promotional activities have to be increased to
increase customer base.
Conclusion PNB MetLife has a market share of 2.5% and
stands at 7th position in terms of market share among life insurance companies.
The competitors are Reliance Life, Tata AIA and Birla Sun Life.
Market share can be increased by promotions & brand image.