A STUDY ON CUSTOMER AWARENESS AND SATISFACTION

TOWARDS HEALTH INSURANCE IN TIRUPPUR CITY

CHAPTER I

INTRODUCTION

1.1 INTRODUCTION TO THE STUDY

Insurance is a contract whereby, in return for the payment of premium by the insured,
the insurers pay the financial losses suffered by the insured as a result of the occurrence of
unforeseen events. With the help of insurance, large number of people exposed to a similar risk
makes contributions to a common fund out of which the losses suffered by the unfortunate few,
due to accidental events, are made good.

The insurance sector continues to defy and stall the course of financial reforms in India.
It continues to be dominated by the two giants, Life Insurance Corporation of India (LIC) and
the General Insurance Corporation of India (GIC), and is marked by the absence of a credible
regulatory authority.

The first sign of government concern about the state of the insurance industry was
revealed in the early nineties, when an expert committee was set up under the chairmanship of
late R.N.Malhotra. The Malhotra Committee, which submitted its report in January 1994, made
some far-reaching recommendations, which, if implemented, could change the structure of the
insurance industry. The Committee urged the insurance companies to abstain from
indiscriminate recruitment of agents, and stressed on the desirability of better training facilities,
and a closer link between the emolument of the agents and the management and the quantity
and quality of business growth. It also emphasized the need for a more dynamic management
of the portfolios of these companies, and proposed that a greater fraction of the funds available
with the insurance companies be invested in non-government securities. But, most importantly,
the Committee recommended that the insurance industry be opened up to private firms, subject
to the conditions that a private insurer should have a minimum paid up capital of Rs. 100 crore,
and that the promoter's stake in the otherwise widely held company should not be less than 26
per cent and not more than 40 per cent.
 Finally, the Committee proposed that the liberalized insurance industry be regulated by
an autonomous and financially independent regulatory authority like the Securities and
Exchange Board of India (SEBI). Subsequent to the submission of its report by the Malhotra
Committee, there were several abortive attempts to introduce the Insurance Regulatory
Authority (IRA) Bill in the Parliament. It is evident that there was broad support in favor of
liberalization of the industry, and that the bone of contention was essentially the stake that
foreign entities were to be allowed in the Indian insurance companies.
In November 1998, the central Cabinet approved the Bill which envisaged a ceiling of
40 per cent for non-Indian stakeholders: 26 per cent for foreign collaborators of Indian
promoters, and 14 per cent for nonresident Indians (NRI’s), overseas corporate bodies (OCB’s)
and foreign institutional investors (FII’s). However, in view of the widespread resentment
about the 40 per cent ceiling among political parties, the Bill was referred to him, standing
committee on finance. The committee has since recommended at each private company be
allowed to enter only one of the three areas of business-life insurance, general or non-life
insurance, and reinsurance that the overall ceiling for foreign stakeholders in these companies
be reduced to 26 per cent from the proposed 40 per cent. The committee has also recommended
that the minimum paid up share capital of the new insurance companies be raised to Rs. 200
crore, double the amount proposed by the Malhotra Committee.
The insurance sector is of considerable importance to every developing economy; it
inculcates the savings habit, which in turn generates long-term investible funds for
infrastructure building. The nature of insurance business ensures constant inflow of funds - the
payout is staggered and contingency related - thereby making it readily available for investment
on infrastructure building. Insurance is one sector whose contribution to GDP is quite
significant. Post-independence, the Indian Government nationalized the private life insurance
companies with a view to raise funds for the infrastructure developments, which lagged behind
pathetically. The scatter of general insurance companies was brought under one umbrella – the
General Insurance Company in 1972.

Nationalization however brought with it the public sector bureaucracies, cumbersome

procedures and inefficiencies but still these nationalized companies managed to have millions
of policyholders who had no other options. Any attempt to even suggest private participation
with a view to instill healthy competition and efficient services was only met with stiff
resistance. While the early 90s brought forth liberalization on all major economic fronts, the
insurance was left untouched. But before long, the passage of IRDA bill in 1999 paved the way
for the liberalization of the Indian insurance sector.
 The insurance premium in India accounted for a mere 2% of GDP as against the world
average of 7.8% and G-7 average of 9.2% during 90s. The insurance premium as a percentage
of savings in India is 5.95% as compared to 52.5% in UK. The nationalized insurance
companies could barely unearth the vast potential of the Indian population since the policies
lacked flexibility and the Indian life insurance products are not linked to the contemporary
investment avenues. LIC had a total premium income of $5 billion during 1995-96 and General
Insurance recorded a net premium of $1.3 billion. LIC’s income has grown substantially on an
average of 10% as against the industry’s 6.7% in the rest of Asia. LIC has catered its services
to more than 5 million people living below poverty line with a subsidized premium rate. Claim
settlement ratio of LIC stood at 95% and GIC at 74% which much higher than the global
average of 40%.

But the other side of the coin gives a dismal picture. Large-scale operations and
bureaucracies entangled in the public sector companies were the main areas of concern of the
nationalized insurers. The state-owned insurance companies did not show any initiative to
venture into the rural areas to sell crop insurance or any other personal insurance. Another area,
which requires an in-depth study, is the pension segment. Indian demand for pension products
will be huge keeping in mind the lack of a comprehensive social security system leading to an
upward trend in the savings sentiments. But LIC despite its optimal performing abilities
brought in pension premium only to the tune of $22 million. Hence innovative measures to
convert the pension products into lucrative saving instruments became the need of the day by
which the investors would be allowed to deploy funds before the annuities commence and to
invest them in different schemes that would yield a relatively higher income.

BRAND AWARENESS

The marketing communicator’s target market may be totally unaware of the product,
know only its name, or know one or a few things about it. The communicator must first build
awareness and knowledge. For example, when Nissan introduced its Infiniti automobile line,
it began with an extensive “teaser” advertising campaign to create name familiarity. Initial ads
for the Infiniti created curiosity and awareness by showing the bike’s name but not the bike.
Later ads created knowledge by informing potential buyers of the bike’s high quality and its
many innovative features. Assuming target consumers know the product, how do they feel
about it? Once the potential buyers knew about the Infiniti, Nissan’s marketers wanted to move
them through successively stronger stages of feelings towards the bike.
 And also, the awareness is the first step to the communication objectives. So, awareness
having the most preference in the communication process. Without awareness there is no
communication. With the awareness of the different brands only, customers can make correct
decision about their needs. Because, different peoples having the different needs. So, with the
awareness of the different brands can make the correct solution for the customers. Customer
satisfaction is the individual’s perception of the performance of the product or service in
relation to his or her expectations. Customers will have drastically different expectations, of an
expensive. The concept of customer satisfaction is a function of customer expectations. The
over all objectives of providing value to customers continuously and more effectively than the
competition is to have and to retain highly satisfied.

HEALTH INSURANCE

How many accidents you need to realise that you need Health Cover? It takes just one
visit to a hospital to make us realize how vulnerable we are, every passing second. For the rich
as well as poor, male as well as female and young as well as old, being diagnosed with an
illness and having the need to be hospitalized can be a tough ordeal. Heart problems, diabetes,
stroke, renal failure, cancer – the list of lifestyle diseases just seem to get longer and more
common these days. While the well-to-do segment of the population both in rural & urban
areas have acceptability and affordability towards medical care, at the same time cannot be said
about the people who belong to poor segment of the society. It is well known that more than
75% of the population utilizes private sectors for medical care unfortunately medical care
becoming costlier day by day and it has become almost out of reach of the poor people.

Health insurance is a form of group insurance, where individuals pay premiums or taxes
in order to help protect themselves from high or unexpected healthcare expenses. Health
insurance works by estimating the overall "risk" of healthcare expenses and developing a
routine finance structure (such as a monthly premium, or annual tax) that will ensure that
money is available to pay for the healthcare benefits specified in the insurance agreement. The
healthcare benefit is administered by a central organization, which is most often either a
government agency, or a private or not-for-profit entity operating a health plan.
1.2 STATEMENT OF THE PROBLEM

The study is more concerned with the customer awareness and satisfaction of health
insurance policy. Health insurance delivers access to and financial protection against medical
costs in an accident and chronic illness that a specialist needs ongoing treatment. Medical
coverage also defends individuals who need immediate care for a broken leg, stroke, or heart
attack. Buying a health insurance policy for individuals and family is essential because medical
care is expensive, especially in private sector hospitals. Due to environmental changes, many
diseases are spreading to humans quickly. The illness severely affected the individuals and
family. Presently, medical expenses are very high in modernized hospitals. Bearing the hospital
expenses of the middle class and upper-middle-class people is very tough.

The medical care policy is essential for individuals to avoid the unexpected financial
burden. An acceptable health insurance policy would usually cover expenses made towards
doctor consultation fees, costs towards medical tests, ambulance charges, hospitalization costs,
and even post-hospitalization recovery costs to a certain extent. Increasing medical cost is the
primary cause for the financial instability among poor and middle-class people. The majority
of them depend either on private loans or dispose of their assets to meet the medical burden.
Lack of awareness about the health insurance cost aspect in payment of premium and claim
processing prevents many customers from taking a health insurance policy. Similarly, customer
satisfaction is determined by their perception of the product primarily built from awareness.
Hence, it is essential to analyse customers' attention regarding the health insurance products
and the inter-relation between understanding and customer satisfaction.

1.3 OBJECTIVES OF THE STUDY

• To study the socio-economic characteristics of respondents.
• To study the awareness level of health insurance among the respondents.
• To identify the perception of the customer towards the services provided by the health
insurance service.
• To know the important services which are considered before buying a health insurance
product.
• To identify the level of satisfaction of health insurance among customers.
• To offer suggestions from the findings of the study.
1.4 SCOPE OF THE STUDY
Lifestyles have changed.

Indians today suffer from high levels of stress. Long hours at work, little exercise,
disregard for a healthy balanced diet and a consequent dependence on junk food have weakened
our immune systems and put us at an increased risk of contracting illnesses.

Rare non-communicable diseases are now common.

Obesity, high blood pressure, strokes and heart attacks, which were earlier considered
rare, now affect an increasing number of urban Indians.

Medical care is unbelievably expensive.

Medical breakthroughs have resulted in cures for dreaded diseases. These cures
however are available only to a select few. This is because of high operating and treatment
expenses.

Indirect costs add to the financial burden.

Indirect sources of expense like travel, boarding and lodging, and even temporary loss
of income account for as much as 35% of the overall cost of treatment. These facts are
overlooked when planning for medical expenses.

Incomplete financial planning.

Most of us have insured our home, vehicle, child’s education and even our retirement
years. Ironically however we have not insured our health. We ignore the fact that illnesses
strike without warning and seriously impact our finances and eat into our savings in the absence
of a good health insurance or medical insurance plan.
1.5 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem. It

specifies the approach; the researcher intends to use with respects to proposes steady
scientifically.

15.1 RESEARCH DESIGN

The present study is diagnostic descriptive type of research, which focus in the study
on customer awareness level and satisfaction about the health insurance policies among
customers in Tirupur city.

1.5.2 SOURCE OF DATA

The information relevant for the study was drawn from secondary data, which alone was
not sufficient. Primary data was collected through survey method using questionnaire to
conduct the study successfully. A questionnaire was designed for this purpose.

PRIMARY DATA

The primary data is defined as the data, which is collected for the first time and fresh
in nature, and happen to be original in character through field survey.

Primary data collection, you collect the data yourself using methods such as interviews
and questionnaires. The key point here is that the data you collect is unique to you and your
research and, until you publish, no one else has access to it.

SECONDARY DATA

The secondary data are those which have already been collected by someone else and have
been passed through statistical process. The secondary data for this study are already available
in the firm's internal records, annual report, broaches, and company's website.

1.5.3 SAMPLING DESIGN

In this study the researcher used convenience sampling. The sample was selected
according to the convenience of the researcher.
1.5.4 AREA OF THE STUDY

The study was conducted with health insurance policies holders in Tirupur.

1.5.5 PERIOD OF STUDY

The study was conducted for the period of 6 months.

1.5.6 SAMPLE SIZE

Sample size taken is 120.

1.5.7 TOOLS FOR ANALYSIS

1. Percentage Analysis
2. Chi-Square
3. Weighted average method

STATISTICAL TOOLS USED

PERCENTAGE METHOD

In this project Percentage method test and used. The following are the formula

Percentage of Respondent = No. of Respondent x 100

Total no. of Respondent

CHI - SQUARE ANALYSIS

In this project chi- square test was used. This test is used to test significance of
association between two attributes. Chi- square, symbolically written as 2 (pronounce as
Ki- square), is a statistical measure used in the context of sampling analysis for comparing
a variance to a theoretical variance.

Formula for finding chi square is

2 = ∑(O-E)2/ E
 Where
• O-The observed frequency,
• E -The expected frequency
Expected frequency formula E- (Row total) (Column total) / Grand total
Degree of freedom (r – 1) (c – 1)
Where
r -Number of rows
c-Number of columns

WEIGHTED SCORE METHOD

In weighted score method the weights are obtained by multiplying the rating given with
the frequency, this gives a very basic idea as to the factor carrying highest to lowest weight.

Rating * Frequency
Weighted average =
Total No. of Respondents

1.6 LIMITATIONS OF THE STUDY

• Due to very large size of the population, only a selected sample of customer could be
contacted.
• Personal biases might have come while answer the questionnaire.
• Due to fast pace of life, some customers were not able to do justification to the
questionnaire.
• There is some restriction to meet the customers directly.
• All the findings and observations related to service are purely based on respondent’s
answer; the response may be due to personal factor.
1.7 CHAPTER SCHEME

CHAPTER 1:

This chapter deals with the Introduction of study, statement of the problem, scope of
the study, need of the study, objectives, Research Methodology, limitations and chapter
scheme.

CHAPTER 2:

This chapter deals with Review of Literature

CHAPTER 3:

This chapter deals with the Overview of the study

CHAPTER 4:

This chapter highlights the Analysis and Interpretation

CHAPTER 5:

This chapter deals with the Findings, Conclusion and Suggestions

 CHAPTER II

REVIEW OF LITERATURE

2.1 INTRODUCTION:

Review of related literature is an important pre-requisite to actual planning and

execution of any research work. Work any worthwhile research in any field, the research work
needs an adequate familiarity with the literature available in that field of study. For the purpose
of this study a lot of literature has been reviewed, that is, books, journals, magazines,
newspapers, etc. Some of the reviewed literature has been discussed below:

2.2 REVIEW OF LITERATE:

Aggarwal, Kapoor and Gupta (2021)1 examined the recent innovations in health
insurance sector. Also, they identified the future areas for innovation in health insurance sector
and associated challenges and complex issues involving health insurance. They suggest to
maximum usage of customer satisfaction is to fully capture and track data about customers from
all sales and marketing channels like call centre face book etc., for effective selling and building
of customer loyalty all customer data must be available to guide them carefully through the
purchase decision.

James (2020)2 describes the difference between private and public insurance, he also
reported that in private insurance the benefit of recentness focus on risk reduction and cost
reduction in seen. But it is not seen consciously in govt. schemes as they are focused on welfare.
To choose one service or product among many, alternatives can be difficult for some people and
they can end up not choosing any. Since time for decisions regarding purchases is not
predetermined or predictable, consumers usually have the option not to choose.

SOURCE:

1. Aggarwal A, Kapoor N & Gupta A, “Health Insurance: Innovations and Challenges

Ahead”, Global Journal of Management and Business Studies, Vol.3, No.5, (2021), pp.475-
880.

2. James, P.C., “In Pursuance of Universal Health Insurance in India”, IRDA Journal Jan
2020 pg 12.
 Rohit Kumar and Rangarajan (2020)3 argue that the complexity of dealing with
disease management among the various sections in India would automatically drive health
insurance to a different level in the days to come. Health insurance mechanism is the only way
to overcome increase in disposable income and high out of pocket expenditure for funding
healthcare

Sanjay Datta (2020)4 reported that insurance companies have to manage the claims
rather than handling them. They must have a corporate claim management philosophy for
effective claim management. Thrust areas such as gradation of technology, market research
and training and human resource development were identified and acted upon. He suggests that
as recommended by the Malhotra committee, Urban Career Agency System should be
upgraded claims procedures must be liberalized for easier quicker settlement of death claims.

The outlook Magazine (2019)5 highlighted the performance of health insurance as it

is truly personal and caring. Apart from the core policy benefits, there are a number of ways in
which the customer is benefits such as tie ups with leading organisations, medical consultations
over the phone and information on health treated issues personal touch is maintained with the
customer health is moving and taking each and every step towards its customers empowerment.

SOURCE:

3. Rohit Kumar and K. Rangarajan, “Strategies for Synergy-Health Insurance in India”,

IRDA Journal, Jan 2020, P.25.

4. Sanjay Datta, “Need for Utmost Clarity”, IRDA Journal May 2020 pp.13-15.

5. The outlook magazine dated 10th Feb. 2019 in the article “reach of the star”.
 Abdollah Poursamad, Aiahanna (2019)6 asserts that health insurance increases the
fair access of people to health care, in fact the final aim from improvement of health insurance
systems is to have a better reach at all-inclusive development. The research was undertaken in
order to determine the method of providing health insurance service. Since most insured people
employees and managers evaluated insurance services in an average rate and there is
considerable difference between views of managers and employees about the quality with
respect to the significance of the problem, eliminating this difference and rendering services as
desirable form is essential.

Alavi and Shirin (2018)7 traces the usage of online communities for various customer
satisfaction functionalities like campaign management, consumer segmentation, response
management and response modelling and how consumers interacting with organizations can
newline be segmented on the basis of their individual network values, their degree of
participation, their emotional attachment or even with respect to their profit or relationship
potential.

Kavitha Mahajan (2018)8 opines that to fill the gap in customer services in insurance
industry, they may have a service quality system, policies process and procedures in place to
support their ability to deliver the levels of service and support that their customers require. The
insurance companies should involve customers in developing products through customer
suggestions and feedback for modification in the products.

SOURCE:

6. Abdollah Poursamad, K.V. Aiahanna, “Determining the method of providing health

insurance services from viewpoint of insured, service providers, insurance
organizations”-A study of Tehran City, Golden Research Thoughts, Vol. 2, Issue 12, 2019.

7. Alavi Shirin, “Customer Relationship Management and Customer Experience

Management Using Business Online Communities”, Ph.D thesis submitted to Jaypee
institute of information tech, 2018.

8. Kavitha Mahajan, “Gaps in Customer Services in Insurance Industry and Strategy to

close the gaps”, International Journal of Marketing, Financial Services & Management
Research, Vol.2, No.7, July 2018, pp.22-29.
 Outlook Money (2017)9 interviewed the CMD of health and Allied Insurance. V.
Jagannathan a question of rejection of claims is asked and he answered that the denial of claims
takes places due to three factors one is claiming for a disease which is excluded in a policy,
second is claiming for pre-existing disease which occurs before taking the policy and the third
is real fraud. He suggested that any customer is not satisfied with the denial of claim can
approach the Ombudsman.

Rama (2017)10 the assistant vice president of health opines that customer awareness has
increased only in a limited circle, efforts have to be made by both regulators and insurance
industry. Customers need to understand it is a protective measure and not something to be used
during emergencies only. Corporate restructuring is an increasingly popular means to attain and
retain competitive advantage. An organization is making structural changes as well as
adjustments to their products and services to better meet the constantly changing preferences of
their customers.

Rohit Kumar (2017)11 denotes that the ultimate aim of the thesis was to develop
strategies for synergy at different levels that could be implemented by insurers. To actually
understand this, primary research was conducted to find out the level of awareness towards the
rights and duties of the policy holders across demographic profiles and about the level of
awareness towards life insurance policies prevailing in the Indian market. The study totally
concentrates on the individual behaviour, attitudes and also crating the awareness regarding
their contribution on Indian insurance sector.

SOURCE:

9. The outlook money magazine, July 24, 2017.

10. Rama, D., “Product Cell of Health Insurance in the interview in the Magazine
“entrepreneurs”, March 2017.
11. Rohit Kumar, “Health insurance in India: Strategies for Synergy among insurers and
providers”, Indian Institute of Foreign trade, 2017.
 Sivakumar (2017)12 observes that innovative strategies can be used for customers
location. He added that issuance of biometric smart cards to provide timely service for a
sustained growth of the industry the vision of insurers matters a great deal although technology
would be there to support this vision in times of need. The study revealed that educational
level, income and financial status of the policyholders are the important factors influencing
their decision to take the policy. Most of the policyholders get the information about various
plans & schemes of health only through its agents. Policies are taken up by the policyholders
for various purposes, such as future safety, family welfare, children's education, marriage, tax
benefits etc.

Sumesh Sheth (2017)13 writes that the low penetration of Health insurance in India is
primarily due to three barriers namely Accessibility, Affordability and Awareness. These
barriers can be overcome by reaching out to the customer by the industry and other stakeholders
like regulator & govt. He adds that combo products can be offered to customers with multiple
benefits like pensions etc.

Ahmad Barati Marnani, Ehsan Teymourzadeh (2016)14 discusses challenges of a

large Health Insurance Organisation in Iran. They categorized the challenges in four themes
they are structure and organisation, Policy making, the management of providing services and
culture and public education which were identified as the effective factors in health insurance
coverage.

SOURCE:

12. Sivakumar, “Innovative techniques in insurance”, IRDA Journal, Vol. XI, No.1, Jan
2017, p.35.
13. Sumesh Sheth, “Health insurance scenario in India”, IRDA Journal, Aug 2017, p.25.
14. Ahmad Barati Marnani, Ehsan Teymourzadeh, “Challenges of a large health insurance
organization in Iran & qualitative study”, International Journal of Collaborative Research
on Internal Medicine & Public Health, Vol.4, Iissue.6, 2016, pp.1050-1062.
 Anju Nitin Khandekar and Deshmukh (2016)15 reviews that globalisation has brought
drastic changes in government policies towards insurance industry as a whole. The customer
satisfaction got the prime importance for every player. In-depth study of customer satisfaction
vis-avis loyalty of customers in insurance sector revealed that better the customer satisfaction
practices more retention of customers and thereby increase in profitability.

Antony Jacob (2016)16 emphasizes that a better environment in the domain of health
insurance would certainly be possible if the insured understand their role comprehensively. The
atmosphere of transparency and goodwill will ensure that the customer receives an excellent
experience. Certain respondents showed skepticism and distrust towards the intentions of
insurance companies, and they desire more information about the conditions of various
insurances. Finally, customers desire flexibility in the services offered by insurance companies
by providing individually adjusted services, according to the specific needs of the customer. By
enhancing integrity, building trust-based relationships, offering more precise information and
instilling a customer-oriented mindset in the company culture; companies can enhance their
ability of meeting the constant changes in customers’ preferences.

Ashutosh Gupta and Gurpreet Randhwa (2016)17 reveals that miss-selling is

prevalent in insurance and mostly in private sector and people are not properly disclosed all the
information about the policy. They also suggested that consumers education about insurance is
needed and the insurer should treat the customer fairly and must sell the products to fit the
customers.

SOURCE:

15. Anju Nitin Khandekar and Deshmukh, “CRM practices in insurance companies”,
Golden Research Thoughts, Vol-2, Issue-1, 2016, pp.1-3.

16. Antony Jacob, “The Customer’s Rights and responsibilities” IRDA Journal Dec 2016,
p.26.
17. Ashutosh Gupta and Gurpreet Randhwa, “Services in Insurance sector –A Doubtful
Case”, International Journal of Marketing, Financial Services & Management Research, Vol.
I, Issue.5, pp.34-40.
 Ferdy Van Beest et. al., (2016)18 avers that the new health insurance system aimed to
create a more competitive market in which consumers would switch health plans, thereby
stimulating insurers to price competition and quality improvement. This study evaluates the
switching behaviour of Dutch consumers and evaluates whether this behaviour is advantageous
to the goals of the reform. Consumers have difficulties finding the proper information making
the right decision and believe they may not be accepted for the supplementary insurance. They
concluded that clear and unambiguous information, combined with an obligatory acceptance for
the supplementary insurance might help to improve the potential mobility of Dutch consumers.

Kamal Gulati (2016)19 opines customer relationship management in the insurance

industry is in the nascent stage. Firms are framing new strategies to combat stiff competition.
The study focuses on effectiveness customer satisfaction program in insurance sector in India.
It was concluded that the program is effective, which was evidenced by the results obtained
from analysis. The changes which have been witnessed in the last seven years are: product
innovation, unbundling of features and becoming more customer-responsive. Detarriffing that
is being driven by the regulator has presented another huge opportunity to the non-life sector.
The insurance industry has been huge contributor to the creation of both direct and indirect
employment opportunities.

Kasirajan (2016)20 pointed out that the health insurance companies should come out
with clear-cut policy details, as many of the respondents had vague ideas about the various
benefits and risks involved in a policy. To develop a viable health insurance scheme, is
important to understand people’s perceptions and develop a package that is accessible, available
affordable and acceptable to all sections of the society.

SOURCE:

18. Fedrdy Van Beest , Christian Lako and Esther Mirijam, “Health insurance and Switching
behaviour: Evidence from the Netherlands”, Health, Vol.4, Issue.10, 2016, pp.811-820.
19. Kamal Gulati, “E-CRM practices of insurance companies in India”, Golden research
thoughts, Vol.2, Issue.5, 2016, pp.1-6.
20. Kasirajan, G., “Health Insurance-An Empirical Study of Consumer Behaviour in
Tuticorin District”, Indian Streams Research Journal, Vol.2, Issue.iii, Apr 2016, pp.1-4.
 Lavanya (2016)21 analyses the willingness of households to join and pay for potential
health insurance schemes. The majority of the people wish to join health insurance. She
suggests that appropriate policies need to be formulated to reduce the financial burdens of
illness on people. Govt. should catalyse and guide development of such social health insurance
in India.

Nkanikpo Ibok (2016)22 analysed factors affecting health insurance consumption in

Akwa Ibom State. The socio-economic and demographic profile of the people revealed that
most of the sampled NHIS patrons and not patrons were literate, engaged in meaningful
employment, mostly married with average income, and were still in their active ages and
demonstrated meaningful exposure to insurance health information, which enable them to be or
not to be active participants of the scheme. They recommended among other things, a re-
alignment of health insurance marketing strategies with consumers socio-economic and
demographic characteristics as a measure to boost patronage.

Sunder Krishnan (2016)23 asserts that the challenges for insurance companies are to
integrate online insurance sales to the existing IT infrastructure. In insurance company could
derive its own methods, technology and processes. Policy holders’ services in the new era are
likely to be extensively technology enabled. He concluded that the need of the hour would be a
combination of well-trained personnel, technology –oriented processes and emerging
regulations.

SOURCE:

21 Lavanya, V.L., “Estimating Urban Households Willingness to Pay for Health Insurance
in Tirupur” International Journal of Marketing, Financial Services & Management Research,
Vol.1, Issue.2, Feb 2016, pp.20-26.
22. Nkanipo Ibok, “Socio–Economic and Demographic Determinants of Health Insurance
Consumption”, Canadian Research & Development Center of Sciences and Cultures, Vol.8,
Issue.5, 2016, pp.58-64.
23. Sunder Krishnan (2016) “Designed to deliver policy holder service strategy”. IRDA
Journal, March 2016, p.30.
 Venugopal (2016)24 opines that both the customer and the company share the
responsibility of creating an atmosphere of an excellent service situation. The insurance agent
acts as a bridge between these two entities. This triangle of customer –company-agent is
extremely valuable in this fine art of policy holders servicing. In their paper titled "customer
perception on life insurance services: a comparative study of public and private sectors", they
explained the importance of quality services and its significance in raising customer satisfaction
level. A comparative study of public and private sectors helps in understanding the customer
perception, satisfaction and awareness on various life insurance services.

Ahmad Ali Yazdan Panah, Horsein Gazor (2016)25 analyses that having established
a customer satisfaction system, institutions will witness an increase in efficiency, staff
satisfaction and eventually customer satisfaction. The feature of some huge investments in
implementing modern technology to disseminate information and establish communication by
indicating that large investments in technology do not necessarily bring about required
improved in efficiency.

Ashish Darva (2016)26 asserts that it is deficiency in service that eventually leads to
customer complaints and further says that unattended complaints exhibit the issue leading to
serious problems to insures. Empirical studies indicated that in the modern age of the society,
the technology savvy customers‟ awareness about the several existing life insurance products
depends on a number of factors where over times these factors vary situation wise, culture wise,
nation wise, sector wise as well as industry wise. Considering awareness scenario of the
customers of Life Insurance Corporation of India.

SOURCE:

24. Venugopal, R., “The Finest Policy Serving”, IRDA Journal, Mar 2016, p.24.
25. Ahmad Ali Vazdan Panah, Hossein Gazor “Detecting Success Factors of Electronic
Relationship Management to Establish An Appropriate Model in Police call center of
Iran”, Management Science Letters, Vol.2, Issue-1, 2016, pp.339-350.
26. Ashish Darva “Customer Dissonance in Service” IRDA Journal, Feb 2016, p.25.
 Parul Bajaj, Mohammad Shadab Khan (2016)27 discusses the current scenario in the
insurance industry. The current scenario is a complex and competitive environment tinged with
little stability. The major hassle the industry faces is obtaining clients. insurance enables
insurance organisation to survive in a tough economic climate by using the data the insurance
company has on the existing customers and then use it to increase the level of profitability.
CUSTOMER SATISFACTION system engages solid business relationship to meet customer
demands for better results.

Sandeep Bakshi (2016)28 avers that designing customer centric products and adopting
a process that encourage need-based selling would certainly go a long way in improving the
long-term sustenance of business as also the reputation of the insurer. The various segments of
the markets divided in terms of insurance needs, age groups, satisfaction levels etc were taken
into account to know the customer perception and expectation from private insurers.

Senthil (2016)29 concludes that the insurance companies will have to transform sat to
satisfaction value-based client relationship. The insurance could focus on pricing, distribution,
risk management and investment decision making. It has been described that the outstanding
customer service although conceptually simple, is difficult to achieve. It takes quite a long time
and requires energy and staying power. It has to be part of the fundamental philosophy of the
organization - understood and embraced by everyone. It has to be built into products and
processes; and systems have to be set up to deliver it. Above all, the people who make up the
organization need to have the skills, passion and commitment to make it work.

SOURCE:

27. Parul Bajaj, Mohammed Sha Dab Khan, “Customer Relationship Management in
Insurance Sector: An Overview”, International Journal of Knowledge and Research in
Management & e-commerce, Vol.2, Issue.3, 2016, pp.5-12.
28. Sandeep Bakshi, IRDA Journal, Apr 2016, p.15.
29. Senthil, G., “Insurance Sector in India – the Changing Scenario”, Change Ahead, I
edition, 2016, pp.53-57.
 Senthil Kumar and Srinivasan (2016)30 noted that customer satisfaction focuses on
nurturing customer loyalty thereby gaining market share profitability and business growth. In
order to collect opinion of policyholders, a well- structured questionnaire was prepared. The
sample comprised of 200 respondents selected randomly. The study revealed that educational
level, income and financial status of the policyholders are the important factors influencing their
decision to take the policy. Most of the policyholders get the information about various plans &
schemes of health insurance only through its agents.

SOURCE:

30. Senthilkumar, S., and Srinivasan, J., “CRM in Banking Sector”, Journal of Management
& Science, Vol.III, 2016, pp.66-69.
 CHAPTER III

OVERVIEW OF THE STUDY

4.1 INTRODUCTION:

A health insurance policy is a contract between an insurance company and an

Individual, by estimating the overall risk of healthcare expenses, a routine finance structure
(such as a monthly premium or annual tax) is developed, ensuring that money is available to
pay for the healthcare benefits specified in the insurance agreement. The type and amount of
health care costs that will be covered by the health plan are specified in advance, in the member
contract or Evidence of Coverage booklet.

The concept of health insurance was proposed in 1694 by Hugh the Elder Chamberlain
from the Peter Chamberlain family. Accident insurance was first offered in the United States
by the Franklin Health Assurance Company of Massachusetts. This firm, founded in 1850,
offered insurance against injuries arising from railroad and steamboat accidents. Before the
development of medical expense insurance, patients were expected to pay all other health care
costs out of their own pockets, under what is known as the fee-for-service business model.
During the middle to late 20th century, traditional disability insurance evolved into modern
health insurance programs.

Today, most comprehensive private health insurance programs cover the cost of
routine, preventive, and emergency health care procedures, and also most prescription drugs,
but this is not always the case. The basic concept of health insurance is population solidarity.
There are inherent risks in a population but the population absorbs the cost of risks to an
individual by spreading the impact of incurred costs amongst the insured population. However,
if the population is split into insured and uninsured groups, or into selectively groups (as with
private insurance with pre-insurance selection either by the insurance company or the insured)
the concept of population solidarity breaks down. The insurance balances costs across a large,
random sample of individuals. For instance, an insurance company has a pool of 1000
randomly selected subscribers, each paying Rs.100 per month. One person becomes very ill
while the others stay healthy, allowing the insurance company to use the money paid by the
healthy people to pay for the treatment costs of the sick person.
 However, when the pool is self-selecting rather than random, as is the case with
individuals seeking to purchase health insurance directly, adverse selection is a greater concern.
Insurance systems must then typically deal with two inherent challenges: adverse selection and
ex-post moral hazard. Because of adverse selection, insurance companies employ medical
underwriting, using a patient's medical history to screen out those whose pre-existing medical
conditions pose too great a risk for the risk pool. Before buying health insurance, a person
typically fills out a comprehensive medical history form that asks whether the person smokes,
how much the person weighs, whether the person has been treated for any of a long list of
diseases and so on. In general, those who present large financial burdens are denied coverage
or charged high premiums to compensate.

Moral hazard occurs when an insurer and a consumer enter into a contract under
symmetric information, but one party takes action, not taken into account in the contract, which
changes the value of the insurance. A common example of moral hazard is third-party
payment—when the parties involved in making a decision are not responsible for bearing costs
arising from the decision. An example is where doctors and insured patients agree to extra tests
which may or may not be necessary. Doctors benefit by avoiding possible malpractice suits,
and patients benefit by gaining increased certainty of their medical condition. The cost of these
extra tests is borne by the insurance company, which may have had little say in the decision.
Co-payments, deductibles, and less generous insurance for services with more elastic demand
attempt to combat moral hazard, as they hold the consumer responsible.

Insurance companies like to compare buying health insurance after being diagnosed
with a serious medical condition like HCV to trying to buy fire insurance on a burning house.
That sounds really logical…. except…. most fire insurance policies are never used as most
houses don’t burn down. Everyone has medical problems, however, at one time or another. To
prevent a person from buying health insurance only when they need it, the insurance Industry
uses a procedure called “medical underwriting.” Loosely translated into plain English, it means
“discriminating against anyone we feel may cost us money.” And this type of discrimination
against people with health problems is perfectly legal. The French model of health insurance
has been ranked by the World Health Organization as the best in the world, because it permits
a high quality of care and nearly total patient freedom. It was a compromise between Gaullist
and Communist representatives in the French parliament.

The Conservative Gaullists were opposed to a state-run healthcare system, while the
Communists were supportive of a complete nationalization of health care along a British
Beverage model. The resulting programme was profession-based. All people working were
required to pay a portion of their income to a health insurance fund, which mutualised the risk
of illness, and which reimbursed medical expenses at varying rates. Children and spouses of
insured people were eligible for benefits, as well. Each fund was free to manage its own budget
and reimburse medical expenses at the rate it saw fit.

3.2 Health Care Insurance Scenario in India

The health care system in India is characterized by multiple systems of medicine, mixed
ownership patterns and different kinds of delivery structures. During the last 50 years India has
developed a large government health infrastructure with more than 150 medical colleges, 450
district hospitals, 3000 Community Health Centres, 20,000 Primary Health Care centers and
130,000 Sub-Health Centres. On top of this there are large number of private and NGO health
facilities and practitioners scatters though out the country. Over the past 50 years India has
made considerable progress in improving its health status.

Public sector ownership is divided between central and state governments, municipal
and Panchayat local governments. Public health facilities include teaching hospitals,
Secondary level hospitals, first-level referral hospitals (CHCs or rural hospitals), dispensaries;
primary health centres (PHCs), sub-centres, and health posts. Also included are public facilities
for selected occupational groups like organized work force (ESI), defence, government
employees (CGHS), railways, post and telegraph and mines among others.

The private sector (for profit and not for profit) is the dominant sector with 50 per cent
of people seeking indoor care and around 60 to 70 per cent of those seeking ambulatory care
(or outpatient care) from private health facilities. India spends about 6% of GDP on health
expenditure. Private health care expenditure is 75% or 4.25% of GDP and most of the rest
(1.75%) is government funding. At present, the insurance coverage is negligible. Most of the
public funding is for preventive, promotive and primary care programmes while private
expenditure is largely for curative care. Over the period the private health care expenditure has
grown at the rate of 12.84% per annum and for each one percent increase in per capital income
the private health care expenditure has increased by 1.47%. Number of private doctors and
private clinical facilities are also expanding exponentially.

Indian health financing scene raises number of challenges, which are:

1) Increasing health care costs,

2) High financial burden on poor eroding their incomes,

3) Increasing burden of new diseases and health risks and

4) Neglect of preventive and primary care and public health functions due to underfunding of
the government health care.

Around 24% of all people hospitalized in India in a single year fall below the poverty
line due to hospitalization (World Bank, 2002). An analysis of financing of hospitalization
shows that large proportion of people; especially those in the bottom four income quintiles
borrow money or sell assets to pay for hospitalization (World Bank, 2002).

Given the above scenario exploring health-financing options becomes critical. In light
of the fiscal crisis facing the government at both central and state levels, in the form of
shrinking public health budgets, escalating health care costs coupled with demand for health-
care services, and lack of easy access of people from the low-income group to quality health
care, health insurance is emerging as an alternative mechanism for financing of health care.

Health insurance is very well established in many countries. As global insurance

premiums grew by or 5% in real terms to reach $3.7 trillion due to improved profitability and
a benign economic environment characterized by solid economic growth, moderate inflation
and strong equity markets. Advanced economies account for the bulk of global insurance. The
top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan
alone accounted for 43% of world insurance, much higher than their 7% share of the global
population. Emerging markets accounted for over 85% of the world’s population but generated
only around 10% of premiums. But in India the health insurance market is very limited
covering about 10% of the total population. It is a new concept except for the organized sector
employees. In India only about 2 per cent of total health expenditure is funded by public/social
health insurance while 18 per cent is funded by government budget. In many other low- and
middle-income countries contribution of social health insurance is much higher.

3.3 INTRODUCTION TO THE COMPANY

Health and Allied Insurance Co. is a joint venture between Oman Insurance Company,
Mr. Syed Mohamed Salahuddin, Mr. Essa Abdullah Al Ghurair, leading Indian industrialists
and business houses. It is their endeavour to provide dedicated, affordable and quality health
insurance that preserves and values human lives. This company aim to be the most favoured
brand in the health insurance segment. We offer a wide range of health insurance services and
related products at affordable prices. Our prime objective is to offer services in the health
segment that enable you to manage stressful situations.

Health and Allied Insurance Company Limited (Health) has a capital base of Rs.108
crores, more than what is adequate to form a General Insurance Company. However, Health
has chosen to be in the field of Health and was the First stand-alone Health Insurance Company
in India and deals in Personal Accident, Mediclaim and Overseas Travel Insurance.

Mr. V. Jagannathan, Chairman cum Managing Director. He is a doyen of the Insurance

industry with over 40 years of experience in Insurance. He has held various positions of
authority, including that of CMD of one of India's largest Public Sector insurance companies.

3.4 BOARD OF DIRECTORS

• Mr. Syed Mohamed Salahuddin - Chairman - Emeritus. Managing Director of ETA

ASCON and ETA STAR group of Companies in Dubai, U.A.E
• Mr. Essa Abdullah Al Ghurair was educated in San Diego, USA. The Al Ghurair family
has business interests in Banking, Food & Beverages and Real estates.
• Dr. M. Y. Khan is currently the Chairman of the Banking and Advisory council of YES
Bank Ltd.
• Mr. D. R. Kaarthikeyan is currently a visiting professor in many prestigious institutions.
• Mr. V.P. Nagarajan is the Executive Director of ETA ASCON and ETA STAR group
of Companies headquartered in Dubai, UAE.
• Mr. Mohammed Hassan is a prominent educationalist and industrialist and has wide
knowledge in the respective fields for over three decades.

Health & Allied Insurance Company

• Is the first standalone health insurance Company in India. It specializes in Health

Insurance, provides quality service at the best rates, and commits itself to the service of
the insured.
 • Offers hassle free cashless settlement to the insured. There is no Third-Party
Administrator involved, which means better service, in shorter time and no hassles... at
all!
• Provides a No Claim Discount - one that has never been offered before in the country.
• Has a round-the-clock GP service, which provides counseling and advice. When
necessary, the insured will be guided to the Company's large network of doctors in
different localities.
• Provides periodic health check-up for the clients. Has a range of policies suited to every
age group, different health aspects and concerns.
• And last but not the least, HEALTH is first and foremost, a dedicated insurer who cares
for your health...in every way!

3.5 Exclusive Features

• Cashless service without TPA intervention the USP of the Company

• Direct tie-up with hospitals on all India basis
• 24 hours General Practitioner's advice and medical counselling
• 24x7 in-house Call Centre
• Toll free telephone assistance
• Complete knowledge backed website to offer medical information, including health
tips.
 CHAPTER IV
DATA ANALYSIS & INTERPRETATION
TABLE NO 4.1

AGE

S.No Age Number of Respondents Percentage (%)

1 Below 20 Years 44 37

2 20-40 Years 33 28

3 40-60 Years 21 17

4 Above 60 Years 22 18

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 37% of the respondent’s age is Below 20 Years, 28%
of the respondent’s age is 20-40 Years, 18% of the respondent’s age is 40-60 Years and 18%
of the respondent’s age is Above 60 Years.

Mostly 37% of the respondent’s age is Below 20 Years.

 CHART NO 4.1

AGE

40%
37%
35%

30% 28%

25%

20% 17% 18%

15%

10%

5%

0%
Below 20 Years 20-40 Years 40-60 Years Above 60 Years

Age
 TABLE NO 4.2

GENDER

S.No Gender Number of Respondents Percentage (%)

1 Male 69 58

2 Female 51 42

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 58% of the respondents were Male and 42% of the
respondents were Female.

Majority 58% of the respondents were Male.

 CHART NO 4.2

GENDER

70%

60% 58%

50%
42%
40%

30%

20%

10%

0%
Male Female
Gender
 TABLE NO 4.3

MARITAL STATUS

S.No Marital status Number of Respondents Percentage (%)

1 Married 57 47

2 Unmarried 63 53

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 47% of the respondents were married and 53% of the
respondents were Unmarried.

Majority 53% of the respondents were Unmarried.

 CHART NO 4.3

MARITAL STATUS

53% 53%

52%

51%

50%

49%

48% 47%

47%

46%

45%
Married Unmarried
Marital status
 TABLE NO 4.4

EDUCATION QUALIFICATION

S.No Education qualification Number of Respondents Percentage (%)

1 School level 14 12

2 Under graduate 77 63

3 Post Graduate 27 23

4 No formal education 2 2

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 12% of the respondents School level, 63% of the
respondents Under graduate, 23% of the respondents Post Graduate and 2% of the respondents
No formal education.

Majority 63% of the respondents under graduate.

 CHART NO 4.4

EDUCATION QUALIFICATION

70%
63%

60%

50%

40%

30%
23%
20%
12%
10%
2%
0%
School level Under graduate Post Graduate No formal
education
Education qualification
 TABLE NO 4.5

OCCUPATION

S.No Occupation Number of Respondents Percentage (%)

1 Student 30 25

2 Business / Own trade 20 17

3 Agricultural 20 17

4 Professional 12 10

5 Govt. Officials 18 15

6 Others 20 16

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 25% of the respondents were Student, 17% of the
respondents were doing Business / Own trade and Agricultural, 10% of the respondents were
Professional, 15% of the respondents were Govt. Officials and 16% of the respondents were
Others.

Majority 25% of the respondents were Students.

 CHART NO 4.5

OCCUPATION

30%

25%

25%
20%

15% 17%
17% 16%
15%

10%

10%

5%

0%
Student Business / Agricultural Professional Govt. Officials Others
Own trade
Occupation
 TABLE NO 4.6

MONTHLY INCOME

S.No Monthly income Number of Respondents Percentage (%)

1 Below Rs.10000 17 14

2 Rs.10000-20000 66 55

Rs. 20000-30000 22 18

3 Above Rs. 30000 15 13

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 14% of the respondent’s monthly income is Below
Rs.10000, 55% of the respondent’s monthly income is Rs.10000-20000, 18% of the
respondent’s monthly income is Rs. 20000-30000 and 13% of the respondent’s monthly
income is Above Rs. 30000.

Majority 55% of the respondent’s monthly income is Rs.10000-20000.

 CHART NO 4.6

MONTHLY INCOME

60%
55%

50%

40%

30%

20% 18%
14%
13%
10%

0%
Below Rs.10000 Rs.10000-20000 Rs. 20000-30000 Above Rs. 30000
Monthly income
 TABLE NO 4.7

NUMBER OF MEMBERS IN YOUR FAMILY

S.N Number of members in your Number of Percentage

o family Respondents (%)

1 Up to 2 27 23

2 2 to 5 79 65

3 More than 5 14 12

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 23% of the respondents have family size of Up to 2,
65% of the respondents have family size of 2 to 5 and 12% of the respondents have family size
of More than 5.

Majority 65% of the respondents have family size of 2 to 5.

 CHART NO 4.7

NUMBER OF MEMBERS IN YOUR FAMILY

70% 65%

60%

50%

40%

30%
23%
20%
12%
10%

0%
Up to 2 2 to 5 More than 5
Number of members in your family
 TABLE NO 4.8

TYPE OF FAMILY

S.No Type of family Number of Respondents Percentage (%)

1 Joint 25 21

2 Nuclear 95 79

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 21% of the respondents living in Joint family and 79%
of the respondents living in nuclear family.

Majority 79% of the respondents living in nuclear family.

 CHART NO 4.8

TYPE OF FAMILY

90%
79%
80%

70%

60%

50%

40%

30%
21%
20%

10%

0%
Joint Nuclear
Type of family
 TABLE NO 4.9

NUMBER OF EARNING MEMBERS IN YOUR FAMILY

Number of earning members in your Number of Percentage

S.No
family Respondents (%)
1 Up to 2 88 73

2 2 to 4 11 9

3 More than 4 21 18

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 73% of the respondents have family earning members
Up to 2, 9% of the respondents have family earning members 2 to 4 and 18% of the respondents
have family earning members More than 4.

Majority 73% of the respondents have family earning members Up to 2.

 CHART NO 4.9

NUMBER OF EARNING MEMBERS IN YOUR FAMILY

80%
73%
70%

60%

50%

40%

30%

20% 18%
9%
10%

0%
Up to 2 2 to 4 More than 4
Number of earning members in your family
 TABLE NO 4.10

SOURCE OF AWARENESS ABOUT HEALTH INSURANCE

Source of awareness about health Number of Percentage

S.No
insurance Respondents (%)
1 Company & Agent 22 18

2 Friends & family 31 26

3 Social Media 55 46

4 TV &Newspaper 8 7

5 Others 4 3

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 18% of the respondents were aware about health
insurance through Company & Agent, 26% of the respondents were aware about health
insurance through Friends & family, 46% of the respondents were aware about health insurance
through social media, 7% of the respondents were aware about health insurance through TV
&Newspaper and 3% of the respondents were aware about health insurance through Others.

Mostly 46% of the respondents were aware about health insurance through social media.
 CHART NO 4.10

SOURCE OF AWARENESS ABOUT HEALTH INSURANCE

50%
46%
45%
40%
35%
30%
26%
25%
20% 18%

15%
10% 7%
5% 3%

0%
Company & Friends & Social Media TV &Newspaper Others
Agent family
Source of awareness about health insurance
 TABLE NO 4.11

DURATION OF USAGE OF HEALTH INSURANCE POLICY

Duration of usage of health insurance Number of Percentage

S.No
policy Respondents (%)
1 Below 1 year 29 24

2 1-2 years 55 46

3 3-4 years 22 18

4 Above 5 years 14 12

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 24% of the respondents using health insurance for
Below 1 year, 46% of the respondents using health insurance for 1-2 years, 18% of the
respondents using health insurance for 3-4 years and 12% of the respondents using health
insurance for Above 5 years.

Mostly 46% of the respondents using health insurance for 1-2 years.
 CHART NO 4.11

DURATION OF USAGE OF HEALTH INSURANCE POLICY

50%
46%
45%

40%

35%

30%
24%
25%

20% 18%

15%
12%
10%

5%

0%
Below 1 year 1-2 years 3-4 years Above 5 years
Duration of usage of health insurance policy
 TABLE NO 4.12

PREFERRED HEALTH INSURANCE DURING PANDEMIC

Preferred health insurance during Number of Percentage

S.No
pandemic Respondents (%)
1 Individual health insurance policy 19 16

2 Health insurance for the whole family 66 55

3 Health insurance for spouse 24 20

4 Health insurance for father/mother 11 9

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 16% of the respondents prefer Individual health
insurance policy, 55% of the respondents prefer Health insurance for the whole family, 20%
of the respondents prefer Health insurance for spouse and 9% of the respondents prefer Health
insurance for father/mother.

Majority 55% of the respondents prefer Health insurance for the whole family.
 CHART NO 4.12

PREFERRED HEALTH INSURANCE DURING PANDEMIC

60% 55%

50%

40%

30%
20%
20% 16%
9%
10%

0%
Individual health Health insurance Health insurance Health insurance
insurance policy for the whole for spouse for father/mother
family

Preferred health insurance during pandemic

 TABLE NO 4.13

COVERAGE OF SUM INSURED (SI)

S.No Coverage of sum insured (SI) Number of Respondents Percentage (%)

1 Rs. Below 100000 18 15

2 Rs. 100000- 200000 32 27

3 Rs.200000- 300000 59 49

4 Above Rs.300000 11 9

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 15% of the respondents have Coverage of sum insured
(SI) Rs. Below 100000, 27% of the respondents have Coverage of sum insured (SI) Rs. 100000-
200000, 49% of the respondents have Coverage of sum insured (SI) Rs.200000- 300000 and
9% of the respondents have Coverage of sum insured (SI) Above Rs.300000.

Mostly 49% of the respondents have Coverage of sum insured (SI) Rs.200000- 300000.
 CHART NO 4.13

COVERAGE OF SUM INSURED (SI)

60%

49%
50%

40%

30% 27%

20%
15%

9%
10%

0%
Rs. Below 100000 Rs. 100000- 200000 Rs.200000- 300000 Above Rs.300000
Coverage of sum insured (SI)
 TABLE NO 4.14

PREFERRED PAYMENT OPTION

S.No Preferred payment option Number of Respondents Percentage (%)

1 Monthly 41 35

2 Half yearly 22 18

3 Quarterly 29 24

4 Yearly 28 23

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 35% of the respondent’s preferred payment is Monthly,
18% of the respondents’ preferred payment is Half yearly, 24% of the respondent’s preferred
payment is Quarterly and 23% of the respondent’s preferred payment is Yearly.
Mostly 34% of the respondent’s preferred payment is Monthly.
 CHART NO 4.14

PREFERRED PAYMENT OPTION

40%

35% 35%

30%

25% 24% 23%

20% 18%

15%

10%

5%

0%
Monthly Half yearly Quarterly Yearly
Preferred payment option
 TABLE NO 4.15

SATISFACTION WITH YOUR HEALTH INSURANCE

Satisfaction with your health Number of Percentage

S.No
insurance Respondents (%)
1 Very much satisfied 51 43

2 Somewhat satisfied 31 25

3 Neutral 27 23

5 Not at all satisfied 11 9

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 43% of the respondents were Very much satisfied with
your health insurance, 25% of the respondents were somewhat satisfied with your health
insurance, 23% of the respondents were Neutral with your health insurance and 9% of the
respondents were Not at all satisfied with your health insurance.

Mostly 43% of the respondents were Very much satisfied with your health insurance.
 CHART NO 4.15

SATISFACTION WITH YOUR HEALTH INSURANCE

45% 43%

40%

35%

30%
25%
25% 23%

20%

15%

10% 9%

5%

0%
Very much satisfied Somewhat satisfied Neutral Not at all satisfied
Satisfaction with your health insurance
 TABLE NO 4.16

PREFERRED PAYMENT PREMIUM

S.No Preferred payment premium Number of Respondents Percentage (%)

1 Below 10000 23 19

2 10000-20000 31 26

3 20000-30000 37 31

4 Above 30000 29 24

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 19% of the respondents were preferred payment
premium of Below 10000, 26% of the respondents were preferred payment premium of 10000-
20000, 31% of the respondents were preferred payment premium of 20000-30000 and 24% of
the respondents were preferred payment premium of Above 30000.

Mostly 31% of the respondents were preferred payment premium of 20000-30000.

 CHART NO 4.16

PREFERRED PAYMENT PREMIUM

35%
31%
30%
26%
25% 24%

20% 19%

15%

10%

5%

0%
Below 10000 10000-20000 20000-30000 Above 30000
Preferred payment premium
 TABLE NO 4.17

SATISFIED WITH TIME TAKEN FOR REIMBURSEMENT

Satisfied with time taken for Number of Percentage

S.No
reimbursement Respondents (%)
1 Very much satisfied 49 41

2 Somewhat satisfied 29 24

3 Neutral 19 16

4 Not at all satisfied 23 19

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 41% of the respondents were Very much satisfied with
time taken for reimbursement, 24% of the respondents were Somewhat satisfied with time
taken for reimbursement, 16% of the respondents were Neutral with time taken for
reimbursement and 19% of the respondents were Not at all satisfied with time taken for
reimbursement.

Mostly 41% of the respondents were Very much satisfied with time taken for
reimbursement.
 CHART NO 4.17

SATISFIED WITH TIME TAKEN FOR REIMBURSEMENT

45%
41%
40%

35%

30%
24%
25%
19%
20%
16%
15%

10%

5%

0%
Very much satisfied Somewhat satisfied Neutral Not at all satisfied
Satisfied with time taken for reimbursement
 TABLE NO 4.18

PURCHASE OR RENEW HEALTH INSURANCE POLICY ONLINE

Purchase or renew health insurance Number of Percentage

S.No
policy online Respondents (%)
1 Yes 77 64

2 No 43 36

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 64% of the respondents were purchase or renew health
insurance policy through online and 36% of the respondents were not purchase or renew health
insurance policy through online.

Majority 64% of the respondents were purchase or renew health insurance policy through
online.
 CHART NO 4.18

PURCHASE OR RENEW HEALTH INSURANCE POLICY ONLINE

70%
64%

60%

50%

40% 36%

30%

20%

10%

0%
Yes No
Purchase or renew health insurance policy online
 TABLE NO 4.19

COMPARING HEALTH INSURANCE POLICIES

S.N Comparing health insurance Number of Percentage

o policies Respondents (%)

1 Yes 61 51

4 No 59 49

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 51% of the respondents were comparing health
insurance policies and 49% of the respondents were not comparing health insurance policies.

Majority 51% of the respondents were comparing health insurance policies.

 CHART NO 4.19

COMPARING HEALTH INSURANCE POLICIES

51% 51%

51%

50%

50%
49%

49%

49%

48%
Yes No
Comparing health insurance policies
 TABLE NO 4.20

CHANGING HEALTH INSURANCE PLANS

S.No Changing health insurance plans Number of Respondents Percentage (%)

1 Always 23 19

2 Frequently 66 55

3 Sometimes 32 28

4 Never 22 18

Total 120 100

Source: Primary data

INTERPRETATION

From the above table we found that 19% of the respondents were Always Changing their
health insurance plans, 55% of the respondents were Frequently Changing their health
insurance plans, 28% of the respondents were Sometimes Changing their health insurance
plans and 18% of the respondents were Never Changing their health insurance plans.

Majority 55% of the respondents were Frequently Changing their health insurance plans.
 CHART NO 4.20

CHANGING HEALTH INSURANCE PLANS

60%
55%

50%

40%

30% 28%

19% 18%
20%

10%

0%
Always Frequently Sometimes Never
Changing health insurance plans
 TABLE NO 4.21

CHI-SQUARE TEST TO FIND THE SIGNIFICANT RELATIONSHIP BETWEEN

DURATION OF USAGE OF HEALTH INSURANCE POLICY AND PREFERRED
INSURANCE COMPANY
Null Hypothesis (Ho)

There is no significant relationship between duration of usage of health insurance

policy and preferred insurance company.

Alternative Hypothesis (Ha)

There is significant relationship between promotional duration of usage of health

insurance policy and preferred insurance company.

Preferred
Star
Policy
company LIC health HDFC Others
Bazaar Total
insurance
Duration
Below 1 year 4 21 1 2 1 29
1-2 years 13 2 2 5 4 26
3-4 years 7 18 8 5 3 55
Above 5 years 2 6 2 9 5 24
26 47 13 21 13 120
Total
The table value showing chi-square analysis:

Calculated value χ2 75.97

Degree of freedom 12
Level of significant 50%
Table value 28.300
Result Reject
CONCLUSION

Since the calculated value is higher than the table value and our hypothesis is proved,
null hypothesis is rejected. Hence alternate hypothesis is accepted. So there is significant
relationship between duration of usage of health insurance policy and preferred insurance
company.
ANALYSIS USING WEIGHTED AVERAGE METHOD

TABLE 4.22
SATISFACTION LEVEL OF VARIOUS FACTORS OF HEALTH INSURANCE

Highly Satisfied Neutral Dissatisfied Highly

Total
Factor
satisfied dissatisfied

Additional Benefit of Free

12 84 24 0 0 120
Health Check up

Additional Protection
19 48 40 13 0 120
over Employer Coverage

Cashless Benefit 27 55 10 28 0 120

Coverage against Medical

20 10 66 18 6 120
Expenses

Claim Settlement Ratio 28 37 47 8 0 120

Most of the health

insurance company offer
31 20 24 33 12 120
health insurance policies

Purchasing health
22 31 56 10 1 120
insurance policy is easy

Online purchase facilities

are offered by most
18 32 46 20 4 120
insurance companies

Separate health policies

are available for children, 44 21 8 28 19 120
adults & senior citizens
 Highly Satisfied Neutral Dissatisfied Highly Mean
Factor Mean Rank
satisfied dissatisfied score
Additional Benefit
of Free Health
Check up 60 336 72 0 0 468 31.20 1

Additional
Protection over
Employer Coverage 95 192 120 26 0 433 28.87 4

Cashless Benefit 135 220 30 56 0 441 29.40 3

Coverage against
Medical Expenses 100 40 198 36 6 380 25.33 9

Claim Settlement
Ratio 140 148 141 16 0 445 29.67 2

Most of the health

insurance company
offer health
insurance policies 155 80 72 66 12 385 25.67 8

Purchasing health
insurance policy is
easy 110 124 168 20 1 423 28.20 5

Online purchase
facilities are offered
by most insurance
companies 90 128 138 40 4 400 26.67 7

Separate health
policies are
available for 220 84 24 56 19 403 26.87 6
children, adults &
senior citizens

INTERPRETATION

The above table result it is found that additional benefit of free health check-up ranks
1, claim settlement ratio ranks 2, cashless benefit ranks 3, additional protection over employer
coverage ranks 4, purchasing health insurance policy is easy ranks 5, separate health policies
are available for children, adults & senior citizens ranks 6, online purchase facilities are offered
by most insurance companies ranks 7, most of the health insurance company offer health
insurance policies ranks 8 and coverage against medical expenses ranks 9.

INFERENCE

Majority of the respondent’s additional benefit of free health check-up ranks 1.

 TABLE 4.23

FACTORS YOU CONSIDER WHILE CHOOSING HEALTH

INSURANCE

Strongly Strongly
Factor Disagree Neutral Agree Total
Disagree Agree

Name and reputation of

21 34 55 10 0 120
insurance company
Availability of tax benefits 32 41 33 7 7 120
Flexibility of policy offered 27 44 23 22 4 120
Reliability of service
20 10 66 18 6 120
offered
Nature and benefits offered
28 37 47 8 0 120

Strongly Strongly
Mean
Disagree Neutral Agree Agree Mean Rank
Factor Disagree score

Name and reputation

105 136 165 20 0 426 28.40 4
of insurance company
Availability of tax
160 164 99 14 7 444 29.60 2
benefits
Flexibility of policy
135 176 69 44 4 428 28.53 3
offered
Reliability of service
100 40 198 36 6 380 25.33 5
offered
Nature and benefits
140 148 141 16 0 445 29.67 1
offered
INTERPRETATION

The above table result it is found that Nature and benefits offered ranks 1, Availability
of tax benefits ranks 2, Flexibility of policy offered ranks 3, Name and reputation of insurance
company ranks 4 and Reliability of service offered ranks 5.

INFERENCE

Majority of the respondent’s consider Nature and benefits offered ranks 1.

 CHAPTER V
FINDINGS, SUGGESTIONS AND CONCLUSION

5.1 FINDINGS

• Mostly 37% of the respondent’s age is Below 20 Years.

• Majority 58% of the respondents were Male.
• Majority 53% of the respondents were Unmarried.
• Majority 63% of the respondents under graduate.
• Majority 25% of the respondents were Students.
• Majority 55% of the respondent’s monthly income is Rs.10000-20000.
• Majority 65% of the respondents have family size of 2 to 5.
• Majority 79% of the respondents living in nuclear family.
• Majority 73% of the respondents have family earning members Up to 2.
• Mostly 46% of the respondents were aware about health insurance through social media.
• Mostly 46% of the respondents using health insurance for 1-2 years.
• Majority 55% of the respondents prefer Health insurance for the whole family.
• Mostly 49% of the respondents have Coverage of sum insured (SI) Rs.200000- 300000.
• Mostly 35% of the respondents’ preferred payment is Monthly.
• Mostly 43% of the respondents were Very much satisfied with your health insurance.
• Mostly 31% of the respondents were preferred payment premium of 20000-30000.
• Mostly 41% of the respondents were Very much satisfied with time taken for
reimbursement.
• Majority 64% of the respondents were purchase or renew health insurance policy through
online.
• Majority 51% of the respondents were comparing health insurance policies.
• Majority 55% of the respondents were Frequently Changing their health insurance plans.
• Result shows there is significant relationship between duration of usage of health insurance
policy and preferred insurance company.
• Majority of the respondent’s additional benefit of free health check-up ranks 1.
• Majority of the respondent’s consider Nature and benefits offered ranks 1.
5.2 SUGGESTIONS

• It is very interesting to note that all respondents who are aware of health insurance
product dealing with it. Thus, clearly reveals us the relationship between awareness and
sales. The company may go in for aggressive awareness development programme by
resorting to advertisements or sales promotion.
• Since most of the respondents are buying insurance products from direct to company
the Company may concentrate on personal selling. Sales persons or agents are
encouraged is trained by the company and depend up on performance may be awarded
with bonus and incentives.
• This would motivate advisors to increase the sales product and maximize their
contribution to the company.
• Profit margin provided to the customer s one of the most important factors that
determines the customer satisfaction. Customer always prefer to deal a brand, with
offers them high margin provided them for getting attracted by the company.
• To increase more promotional activities like gift coupon vouchers, free for every etc.
• To increase advertising by using various communication channel.
5.3 CONCLUSION

A study on comparison of sales volume among health insurance products in Tirupur

city to find out the preferred health insurance among the consumers various insurance product
of Health insurance co ltd.

The survey has given a clear picture of the level of customer preference which exists
among the existing customer. The results were tabulated and charts were tabulated and charts
were drawn to give a graphical representation to data. Suggestions and recommendations were
given to company. Awareness as the findings shows that 60% of the are satisfied with the
various benefits offered by the various insurance plan, steps are to be taken to eliminate
dissatisfaction among those 40% consumers.
 BIBLIOGRAPHY

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 A STUDY ON CUSTOMER AWARENESS AND SATISFACTION

TOWARDS HEALTH INSURANCE IN TIRUPPUR CITY

Questionnaire
1. Name: _______________________________________________

2. Gender

a. Male b. Female

3. Age

a. Below 20 Years b. 20-40 Years c. 40-60 Years

d. Above 60 Years

4. Education qualification

a. School level b. Under graduate

c. Post Graduate d. no formal education

5. Marital status

a. Married b. Unmarried

6. Occupation

a. Student b. Business / Own trade

c. Agricultural d. Professional

e. Govt. officials f. Others

7. Monthly income

a. Below Rs.10000 b. Rs.10000-20000

c. Rs. 20000-30000 d. Above Rs. 30000

8. Number of members in your family

a. Up to 2 b. 3-5 c. More than 5

9. Type of family structure?

a. Joint b. Nuclear

10. Number of earning members in your family

a. Up to 2 b. 2-4 c. More than 4

11. What is your source of awareness about health insurance?

a. Company &Agent b. Friends & family c. Social Media

d. TV &Newspaper e. Others

12. How long you are having health insurance policy?

a. Below 1 year b. 1-2 years c. 3-4 years

d. above 5 years

13. What type of health insurance do you prefer to buy during pandemic?

a. Individual health insurance policy

b. Health insurance for the whole family
c. Health insurance for spouse
d. Health insurance for father/mother

14. What is your coverage of sum insured (SI)?

a. Rs. Below 100000 b. Rs. 100000- 200000

c. Rs.200000- 300000 d. Above Rs.300000

15. Which insurance company do you prefer?

a. LIC b. Policy Bazaar c. Star health insurance

d. HDFC e. Others

16. How you would like to pay health insurance premium amount?

a. Monthly b. Half yearly c. Quarterly d. Yearly

17. How much satisfied are you with your health insurance?

a. Very much satisfied b. somewhat satisfied c. Neutral

d. Not at all satisfied

18. What type of amount are you willing to pay for health insurance?

a. Below 10000 b. 10000-20000 c. 20000-30000

d. Above 30000
19. Are you satisfied with the time that health insurance takes to provide you with
reimbursement?

a. Very much satisfied b. somewhat satisfied c. Neutral

d. Not at all satisfied

20. Do you like to purchase or renew health insurance policy online?

a. Yes b. No

21. Have you compare any other health insurance policies?

a. Yes b. No

22. How often you change your health insurance plans?

a. Always b. Frequently c. Sometimes d. Never

23. State the level of satisfaction for the following factors of health insurance

Highly Highly
S.No Factor Satisfied Neutral Dissatisfied
satisfied dissatisfied
Additional Benefit of Free
1 Health Check up

Additional Protection over

2 Employer Coverage

Cashless Benefit
3

Coverage against Medical

4 Expenses

5 Claim Settlement Ratio

Most of the health insurance

6 company offer health
insurance policies

Purchasing health insurance

7 policy is easy

Online purchase facilities are

8 offered by most insurance
companies

Separate health policies are

9 available for children, adults &
senior citizens
24.. State the factors you consider while choosing health insurance

Strongly Strongly
S.No Factors Disagree Neutral Agree
Disagree Agree

Name and reputation of

1
insurance company
2 Availability of tax benefits

3 Flexibility of policy offered

4 Reliability of service offered

5 Nature and benefits offered

Service provided by the

6
company

25. Mention your suggestions…......................................................................................