In this paper we

In this paper we are looking forward to initialize a

Assignment on Professional Project Name: RAYAPROLU HARSHA VARDHANA SAI RAM. Student id: S0282606. Contents 1. Introduction: 2 2. Research Aim 2 3. Research Objective 2 4. Research Questions 2 5. Literature Review 3 6. Methodology 4 Data collection 4 Data analysis 5 7. Discussion 6 8. Work Breakdown structure 7 9. Gantt chart 8 10. Recommendation 8 11. Conclusion 8 12. References 9 Introduction: In this paper we are looking forward to initialize a research in studying behaviour of customer in relation to insurance policies in United States. The increasing demand of the ICT technologies and the digitization requires the transformation of insurance company for the sale of insurance policies through the online marketing channel (Mathur and Tripathi, 2011). The demand of customers is the important part for the growth of the insurance company. The insurance company are based on the customer behaviour. The growth of the company depends on the excessive marketing of the insurance policies among the customers. As the project manager of the insurance company, I proposed a project of developing an online marketing of insurance policies through the online portal for the company. The web portal develops strong bonding between customers and the insurance company (Sahu, Jaiswal, and Pandey, 2009). Research Aim The aim of the research is to analyse the behaviour of the customers which affects the working of the insurance company through the development of the web application for the organization. The goal of the organization is to increase it profitability for gaining long term sustainability. Research Objective The objective of the research is to analyse: the difficulties faced by the organization in the traditional working structure Changing requirement of the customers Attraction of customers towards the ICT application Study of customer behaviour Impact of developing web portal for the organization Increase in sale of insurance policies Research Questions Primary Question: What is the requirement of developing online application for the sale of insurance policies? Secondary Question: What is the impact of web portal on the sale of insurance policies? What types of insurance policies generally preferred by the customers? How the marketing of the insurance policies can be enhanced? What are the changes occurred in the customer behaviour? Literature Review The research study on the customer behaviour associated with the insurance policies helps in analysing the factors which affects the buying process of insurance policies (Deloitte, 2015). Some of the policies are generally preferred by the consumers such as compensation policies, erection risks insurance policies, plant and machinery insurance policies, medical insurance, vehicle insurance policies, and life insurance policies (Ioncica, Petrescue, Ioncica, and Constantinescue, 2012). The purchasing of the insurance policies get affected through the trigger process, requirement of the consumers, availability of information, quality of customer service support, expert review on the undertaken policy, availability of online portal of the insurance provider, effective communication with the insurance agents (Pandey, and Rao, 2011). The choice of selecting the insurance policies get affected by analysing the price of the policies, quality, analysing the pre-purchase reviews of the customers, pre-sale services , after sale services, reputation, branding, and financial condition of the company. The premium services provided to the customers can helps in increasing the sale of the insurance policies. The Behaviour of the customers gets affected through the psychological impact of advertising of insurance policies and customers reviews. The positive response of the customers increases the sale of the insurance policies. The analysis of the competitors help in signifying the development of the web portal has a positive impact on the companys growth. The strong bonding and healthy relationship can be developed by providing premium services to the customers, facility of 24 hours customers service support, good communication with the insurance agent, and others. The decision of the customers for buying the policies gets influenced by the marketing schemes and offers organized by the company. The profitability of the insurance companies depends on the behaviour of the customers towards the policies developed by the organization for the betterment and support to the customers in their bad time. The strategic plan should be developed for promoting the insurance policies according to the requirement of the customers. The interest of the customers gets increased if he is looking forward to initialize new insurance policies. From the analysis, we can summarise that the medical insurance policies is the most preferred policies which is frequently adopted by the customers for the good well of their family. The development of the web application for the insurance company is the requirement for gaining long term sustainability in the market. The market research should be conducted for analysing the change in customers behaviour with respect to price of the insurance policies, quality of the policies, communication with the insurance agent, reviews of the customers generated on the portal, and other. The decision of the customers get affected and changed on analysing the competitive market, reviews of the customers, and interpersonal relationship between the customers and the organization. The choice of the customers for buying the insurance policies depends upon the need and requirement of the insurance, quality of service provided by the company, faith and confidence in the brand, amount of the insurance schemes, term and condition of the policies, and term of service provided to the customers. The development of web portal gives the centralization to the purchasing and sailing of the insurance policies between customers and organization without any interaction with the third party. The feedback system and rating of the organization helps in increasing the association of the new and existing customers towards the organization which in turns profit of the company. The interest of the customers depends upon the branding and the financial condition of the organization. Methodology Data collection Nature of Data used for conducting research study: The focus should be given on the target audience and their associated behaviour towards the purchasing of the insurance policies. The most preferred insurance policies by the customers should be taken under consideration. The study should be conducted on the satisfaction level of the customers with the previously taken insurance policies (Solanki, 2009). The impact of branding and marketing through the online portal on the growth of the companys profit should be given privilege. Sources of Data Collection: The primary data source which is used for collecting the data is the organization of interviews and questionnaires conducted with the customers, professional experts, insurance agents, and others. The secondary data is collected through the online and offline sources such as literature review, magazines, websites of the insurance companies, online feedback posted by the customers, and others (Osewe, 2012). Data collection methods: Interview: The interview is arranged with the customers, professional experts, and insurance agents for getting revert on the criteria used for purchasing the insurance policies. Questionnaire: It is arranged for getting the feedback of many customers on the development of web portal for getting insurance through the online web application Survey: The working of the insurance company should be analysed for knowing the challenges which the company face is completing their day to day operations (Solanki, 2009). Online sources: The study of the literature review and analysis of the competitors website helps in focusing the negative and the positive impact of the web portal (Talonen, 2011) Data analysis The analysis of the data collected helps in predicting the techniques which the company used for marketing of the insurance policies so that customers get motivated for purchasing insurance policies. The increasing demand of digitization will affect the sustainability of the company. The long term sustainability of the enterprise can be achieved by developing online portal for sailing of the insurance policies. It helps in attracting new customers from the global world (Pawar, 2011). Discussion The development of the web application for changing the behaviour of the customers towards the purchasing of the insurance policies can be done by doing marketing and advertising of the policies through the portal. The customers are provided with the notification related to the old and new insurance policies which intimate the user about the benefit and insurance cover provided by the company to face the hard time of their life with ease. The customers can retrieve instant information from the customer service support about the enquiry which they want to conduct about the insurance cover and policies. The online portal serves a good communication medium for satisfying all the requirement and enquiry of the customers. The notification sent to the customers should clearly defines the term, condition, and services provided by the policies undertaken. The transparency can be maintained in the working procedures of the organization with the development of commercial website for the enterprise. The clear understanding of the customer behaviours helps in developing strategic plan for marketing which helps in increasing the sale of the insurance policies developed by the company for the betterment of the customers life support. Work Breakdown structure Development of the program code Development of the testing plan Scheduling of the testing methodology Deployment of the implementation plan Development of the strategic plan Designing of the user interface module Documentation of the insurance policies design Release of the design plan Post-Implementation phase Implementation phase Improvement in the implementation Plan Maintenance and operation Customer service support Data collection Data analysis Data interpretation Requirement specification plan Design phase Planning phase Project on Online marketing of Insurance policies Data gathering and analysis phase Project goal Project scope management plan of insurance policies Development of Gantt chart Cost scheduling chart Feasibility analysis Risk identification and management plan Communication plan Release of plan Gantt chart Recommendation It is recommended that insurance company should take an step forward for initializing marketing schemes for the sale of insurance policies which can be effectively does through the development of online working portal for the company. The behaviour of the customers gets affected by reading the positive comments of the other consumers which were posted on the portal (Boldosova, 2012). The review system helps in knowing the satisfaction level of the customers in regards to the insurance policies. The development of web portal gives the centralization to the purchasing and sailing of the insurance policies between customers and organization without any interaction with the third party. Conclusion From the literature review conducted on the change in customer behaviour with respect to the insurance policies helps in concluding that the marketing and advertising of the insurance policies helps in changing the psychological behaviour of the customers. The focus should be given on the target audience and their associated behaviour towards the purchasing of the insurance policies. The positive response of the customers increases the sale of the insurance policies. The analysis of the competitors help in signifying the development of the web portal has a positive impact on the companys growth. The strategic plan should be developed for promoting the insurance policies according to the requirement of the customers. References Boldosova, B. (2012).Online marketing plan proposal (1st ed.). Retrieved from https://www.theseus.fi/bitstream/handle/10024/49917/Boldosova_Valeriia.pdf?sequence=1&isAllowed=y Deloitte. (2015).Life insurance consumer purchase behaviour(1st ed.). Retrieved from https://www2.deloitte.com/content/dam/Deloitte/us/Documents/strategy/us-cons-life-insurance-consumer-study.pdf Ioncica, M., Petrescue, E., Ioncica, D., and Constantinescue, M. (2012).The role of education on consumer behaviour on the insurance market (1st ed.). Retrieved from https://ac.els-cdn.com/S1877042812019532/1-s2.0-S1877042812019532-main.pdf?_tid=5fb09a69-c714-4b0c-8e6a-35be22691e8f&acdnat=1524159603_d792092d29314c49e228758af01831bd Mathur, D., and Tripathi, A. (2011).Factors influencing customers choice for insurance companies (1st ed.). Retrieved from https://pdfs.semanticscholar.org/7e01/e30d84f78c99dde648ffd32ccfcda27f0bcc.pdf Osewe, G. (2012).The effectiveness of internet advertising on consumer behaviour (1st ed.). Retrieved from http://chss.uonbi.ac.ke/sites/default/files/chss/MBA%20RESEARCH%20PROJECT%20REPORT.pdf Pandey, K. and Rao, T. (2011).A study on factors influencing claims in general insurance business in India (1st ed.). Retrieved from https://www.researchgate.net/publication/258255375_A_Study_on_Factors_Influencing_Claims_in_General_Insurance_Business_in_India Pawar, A. (2011).Study of the effectiveness of online marketing on integrated marketing communication (1st ed.). Retrieved from http://www.dypatil.edu/schools/management/wp-content/uploads/2015/05/Study-Of-The-Effectiveness-Of-Online-Marketing-On-Integrated-Marketing-Communication-Amruta-Pawar.pdf Sahu, P., Jaiswal, G., and Pandey, V. (2009).A study of buying behaviour of consumers towards life insurance policies (1st ed.). Retrieved from https://apps.aima.in/ejournal_new/articlespdf/gaurav_jaiswal_nrc3_2408099220093389294.pdf Solanki, K. (2009). Study of consumer behaviour in insurance services retated to construction sector in UAE(1st ed.). Retrieved from https://www.researchgate.net/publication/230875556_Study_of_Consumer_Behaviour_in_Insurance_Services_related_to_Construction_Sector_in_UAE Talonen, A. (2011).Systematic literature review of research on mutual insurance companies (1st ed.). Retrieved from https://www.sciencedirect.com/science/article/pii/S2213297X16300210

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