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1 Online Open Access publishing platform for Management Research Copyright by the authors - Licensee IPA- Under Creative Commons license 3.0 Research Article ISSN Unique selling proposition in sales of life insurance A key to success Lecturer in faculty of management studies, ICFAI University Nagaland sanjay_2976@yahoo.com.sg ABSTRACT It is surprising to know that there are some classes of products which are known to the customers but they never think of buying or are not willing to buy. These are known as unsought products and life insurance is one of the most classic examples of these products. Though the concept of life insurance is not new to this world but till date many people do not show their willingness to buy life insurance. It makes the task challenging for those people who are involved in selling life insurance policies. This study has been undertaken in the life insurance market of Assam, a state of India, to find out how unique selling proposition (USP), makes a difference in life insurance sales. USP is a marketing concept which helps the seller to differentiate its product from its competitors and the buyer by giving a valid and logical reason for buying its products over its competitors product. The purpose of this study is to find out those unique strategies which if implemented will bring dramatic change in the field of life insurance sales. To achieve the objectives of this study, survey has been conducted in various parts of Assam using structured questionnaire to identify customers buying behavior in life insurance policies and to find unique selling proposition for selling life insurance with ease. Key words: Customers buying behavior, competitors, life insurance, unsought product, unique selling proposition. 1. Introduction Every human being, knowingly or unknowingly is exposed to some kind of risks. These risks can be risk of loss of property, risk of loss of business, risk of disability, risk of loss of life etc. The most vital risk among these can be considered as risk of loss of life, because property or business can be regained but life cannot. Risks are unavoidable i.e. no one can avoid risk but it can be reduced. As per Maslow s Hierarchy of Needs, after fulfillment of the basic need which is the physiological need people drive to satisfy their second most important need i.e. need for safety or security. This continuous drive of people for the satisfaction of safety need has given birth to a concept called insurance. Insurance is a contract between two parties where one party promises to compensate the losses incurred by other party due to occurrence of any specified event in exchange of an amount known as premium. Insurance can be broadly classified into two major categories- Life Insurance & Non Life insurance (General Insurance). Life insurance gives the economic security to the people on the event of death. Despite this, people show their unwillingness to buy life insurance. It is very hard to convince the customers to buy life insurance policies. This makes the task of the people or the organization who are involved in selling life insurance very challenging. Hence the selling of life insurance is considered as the most difficult job of sales. This study has been undertaken to identify the USP or unique 272

2 selling proposition which will simplify the life insurance sales. USP is a marketing strategy which can be defined as a unique benefit or group of benefits that differentiate goods or services from that of its competitors and it gives a valid reason for a buyer to buy the product over its competitor s product. For the purpose of this study, responses have been collected from the people of various parts of Assam to know the customers unwillingness and the USP for life insurance. 2. Literature review 1. Ionescu.C.O (2012) has defined Life insurance as a form of protection of the dependants or of other people designated as beneficiaries in the event of the insured person s death (the person whose death risk is insured) that gives financial security to the family so that after the insured person dies, the family can be able to manage financially. Life insurance has emerged from man s need of protection during the phase of danger and to find appropriate solutions to remove them. 2. Ghosal. M (2012) has mentioned that for a life insurance company it is very essential to provide its customers tailor made products to satisfy their financial needs for its long term existence. 3. Shameem.B & Dr. Gupta.S (2012) have pointed out that Life Insurance industry needs new strategies in order to survive and survive successfully. Companies instead of focusing only on improving the variety of products, needs to focus on targeting new segments and implement innovative strategies in order to achieve sustain growth and ensure profitability of the business. 4. Morelli.S (2009) has stated that marketers have a number of ways of helping business do this but most of the strategies start with identifying a service s or a product s unique selling proposition (USP). Finding USP is the first step for insurance producers who want to own their niche market in their community. The purpose of USP is to determine what is different about a producer s product and why customer should choose that product over competitor s products. 5. Dr. Mohamed C. P & Murthy G. R (2012) stated that to increase or hold up the current market share in the insurance industry, a company should have well established infrastructure facilities, call centre facilities, different new product development and study of market segmentation before introducing the new product. 6. Saaty.S.A & Ansari.A.Z (2011) stated in their research that unawareness of the customers about the insurance leads to decline in sales for the insurance companies. Hence the insurance companies need to emphasize on educative promotional marketing strategy to spread the insurance geographically as well as motivate the public to purchase insurance. 3. Research Objectives 1. To identify the reasons for customers unwillingness to buy life insurance. 2. To identify the unique selling proposition for selling life insurance with ease. 3.1 Purpose of the study Economic reforms in India led to the rise of intense competition in the market and as a result the market which was once dominated by the Life Insurance Corporation of India (LICI) has now started losing its market shares due to the entry of many private and foreign players in Indian insurance market. As on date there are total 24 life insurance companies in India. 273

3 Everyday a potential customer faces number of insurance agents who try to sell life insurance policies to them. Though life insurance is treated as an investment product nowadays, it has been found that people are ready to invest their money in bank s fixed deposits or other financial instruments such as mutual fund, NSC (National Savings Certificate) etc. They are even ready to invest in gold or real estate but when it comes to life insurance, people do not show interest. Sometimes people say that they already have life insurance policy and they do not want more but they are ever ready to invest their money in other instruments even though they had their earlier investments in them. It is surprising to know that in India people are ready to insure their vehicles but they are not ready to insure their life. It makes the task of insurance sales persons very challenging. So this study has been undertaken to find out the reasons for people s unwillingness to buy life insurance and also to find out the USP or unique selling proposition to sell life insurance with ease. 3.2 Overview of Assam Assam, a state of India is located in the northeastern part of the country which is situated just below the Eastern Himalaya foothills and bordered by the kingdom of Bhutan and the state of Arunachal Pradesh to its north east. The states of Nagaland, Manipur and Mizoram lies in the south. While Meghalaya lies to the south west, West Bengal and neighboring country Bangladesh lies in the west. The state of Assam is spread over an area of 78,438 sq km and has a population of as per 2011 census. The economy of the state is based on agriculture. About 69% of the state s population is engaged in agricultural activities. Tea is the major source of revenue to this state. The state is also doing well in the service sector. The life insurance market of Assam is dominated by Life Insurance Corporation of India (LICI). As on date there are total 18 life insurance companies doing business in this state. 3.3 Life Insurance-An unsought product The primary objective of life insurance is to give economic protection to the customers. It compensates the financial losses incurred to the family after the death of the bread earner. There are two risks always associated with human being, one is dying too early and other is living too long. In both the cases people need monetary support. There are basically two kinds of life insurance product-term insurance, which gives only death benefit and other is Endowment plan, which gives maturity benefit after a certain specified period of time. Nowadays almost all the life insurance products give both death benefit and maturity benefit except pure term insurance which gives only death benefit. With a view to draw the attention of the customers, life insurance companies started to offer two different variety of products, one is traditional plan which gives assured but minimum return as it is invested in debt market and other is Unique Linked Insurance Plan (ULIP), which gives high return but the risk associated with this is too high as this product is purely based on equity market. The tenure for Traditional plan is years and sometimes it goes to 30 years i.e. customers will get their invested money after years which is too long. Along with that they have to give their premium amount on a regular basis for a very long period of time which customers sometimes find difficult because the financial condition of any individual may not be same all throughout his life. They may need money at any point of time when urgency arises. For the ULIP products the tenure is flexible, customer can withdraw their money after 3-5 years of time but the risk associated is too high because of the investment in 274

4 equity market. It has been found that sometimes customers do not even get their principle amount which they have invested for 3-5 years because of the volatile nature of the equity market. This makes the customer less interested for life insurance products. To create the interest among the customers for life insurance, one attractive features associated with all life insurance product is Tax savings. Customer can save their income tax by purchasing life insurance policies as per the income tax regulation. It has been found that nowadays apart from life insurance plan there are a number of other financial products that give tax benefit such as tax savings fixed deposit with banks, National Savings Certificate (NSC) with Indian postal service, Public Provident Fund (India) which is a savings cum tax savings instrument in India. In all of these products customer will get guaranteed return with tax saving benefit. All these factors lead to decline in the demand for life insurance products in the market. 3.4 Unique selling propositions (USP) - makes a difference in life insurance sales USP can be a key to success for selling life insurance, if it has been applied effectively and efficiently. USP helps a seller to differentiate its product from the competitor s product. It has been found that all the life insurance companies are offering products having similar features such as life coverage, Tax benefits, different fund options such as growth fund, balanced fund & secure fund, options for switching of funds etc. Due to this reason these companies are unable to attract the customers. Therefore, in order to draw the customer s attention towards any particular company s offering, the company has to focus on the following parameters. 1. Flexibility-It has been found that customers do not show their willingness to buy life insurance because of its long term nature. They feel comfortable to invest in short term instruments. If Life Insurance Company reduces the tenure for policy up to 3-5 years of term, then customers will find it flexible enough to invest and as a result it can attract more customers compared to its competitors. 2. Assurance- ULIP product was a big hit in the market during its initial period but gradually it has lost its glory because of the volatility of the market. It has been found that many people have lost their hard earned money by investing in ULIP product. This is because of lack of market knowledge and mis communication by the seller. Investors prefer to invest in mutual funds or direct trading rather than in life insurance because they can redeem their investment at any point of time as per their choice which is not possible in case of life insurance because of its lock in period. Also, it has been found that customers feel comfortable by investing in traditional products where the return is assured which is not so in case of ULIP. Hence it is advisable for a life insurance company to give its major focus on traditional products rather than ULIPs. 3. Minimize fees & charges- There are different categories of fees & charges in life insurance policy such as allocation charges, premium loading charge, mortality charge, fund management charge, administration fees, surrender charges, agent commissions etc. A huge amount of money gets deducted from the customers premium as fees & charges, which reduces the money for investment and as a result customers get very low return even after investing for a long period of time. Once upon a time 100% of the first year s premium used to be deducted as allocation charges but nowadays it has been reduced to a permissible limit. So it is suggested to the company to minimize its fees & charges so that it can give a good return to the customers for their invested amount. 275

5 4. Transparency- It has been found that sometimes customers are clueless about their investment and they do not have any idea about the present status of their investment. It increases the fear and uncertainty in the minds of the customers because they will get their return only after a long period of time. So, in order to reduce the uncertainty in customers, company has to be very much transparent and they should intimate the customer about the current status of his investment from time to time. It will help to create confidence and trust in customers which will be a great lead for future possible sales. 5. Quick processing- Many customers complain that they do not receive their insurance policy document on time. Sometimes it takes 4-5 months to receive the policy document. It leads to customer dissatisfaction. It is very much important for the company to complete the entire issuance formality at the earliest, so that customers can receive their policy document within days from the date of purchase. 6. Fast claim settlement- It has been found that the family members of the insured visit insurance offices number of times to settle the death claim of the customer. Death itself is a big loss for a family and if in this situation they do not get their claim amount on time, then they will morally crumple. So it is the responsibility of any life insurance company to settle the death claim and also the maturity claim within 7 days from the date of claim. 7. Tech savvy-information technology has brought dramatic change in all the sectors such as banking, retailing etc. Now a customer can transfer his fund anywhere in the world without even visiting his bank through Net banking, Mobile banking etc. Similarly, insurance companies should also be tech savvy to increase customer satisfaction. 8. Customization- It is a well known fact that needs and wants of the individuals are heterogeneous in nature. Every company is now focusing on customization. Today a customer can buy a new computer by assembling different configuration as per his needs, then why should he buy a life insurance policy which is not customized? It is advisable for a life insurance company to design customized product by adding different riders from which customer can choose as per his needs. It will help a company to gain competitive advantage over its competitors. 4. Research methodology The purpose of this study is based on both quantitative and qualitative research. This study has been undertaken in the state of Assam, India. To achieve the objectives of this study, structured questionnaire has been used. Total nine questions have been used to collect the responses from the respondents. Total 150 respondents were targeted from the various parts of Assam. Size of the sample- Responses collected from a sample of 150 respondents. Period of the Study- April 2015 to June Sampling method used: Convenience Sampling Method. Selection area: Survey has been conducted in the state of Assam, India. Type of Data Collection: 1) Primary data collection: Targeted respondents were surveyed through structured questionnaire and observation to collect primary data. 2) Secondary data collection: To collect the secondary data various journals, books, periodicals etc were studied. 276

6 5. Data Analysis and Interpretation- The data collected through customer survey has been analyzed using SPSS.16 software. The statistical methods used to interpret the data are factor analysis, sample percentage method and descriptive statistics method. Respondents were asked to respond to the questions from question number 1 to question number 6 on five point rating scale, where 5 stands for Extremely Important, 4 stands for Very Important, 3 stands for Moderately Important, 2 stands for Less Important and 1 stands for Not at all important. The first question asked was How do you rate the importance of return on investment in an investment plan?, Second question asked was How do you rate the importance of safety associated with purchase in an investment plan?, Third question asked was How do you rate the importance of liquidity in an investment plan?, Fourth question asked was How do you rate the importance of tenure in an investment plan?, Fifth question asked was How do you rate the importance of transparency in an investment plan?, Sixth question asked was How do you rate the importance of time taken for redemption in an investment plan? Respondents have been asked to rate their degree of importance to the different factors which are important while choosing any financial instrument for savings and investment purposes. In order to achieve the objectives of the study six variables have been identified which are- 1. Return on Investment (ROI) 2. Safety 3. Liquidity 4. Tenure 5. Transparency 6. Redemption Time 4.1 Factor analysis Factor analysis is a very useful tool which is generally used to identify the relationships between different variables. It is used to find out the hidden dimensions which may not be apparent from direct analysis. It is used for data reduction and to find out the factors from the observed variables. The data collected from the survey were analyzed through factor analysis using SPSS.16 software package to find out the factors which are important in any financial plan used for savings and investment purpose. The output of the factor analysis and its interpretation is given below: Table 1: Descriptive Statistics Mean Std. Deviation Analysis N ROI Safety Liquidity Tenure Transparency Redemption Time The descriptive statistics is the first output of the factor analysis. It contains Mean, Standard Deviation and the number of respondents (N) for all six variables ROI, safety, liquidity, tenure, transparency and redemption time. It has been found that ROI (mean=4.7067), safety 277

7 (mean=4.5467), liquidity (mean=4.6933) and tenure (mean=4.0733) are most important variables for any financial instrument used for savings and investment purposes because of their higher mean out of six variables. And among all variables ROI (Return on investment) is the most important variable because it has the highest mean of It has been analyzed that customers give more importance to the return on investment of any financial product, safety with the purchase of financial product, Liquidity in the plan so that customer can withdraw their money at any point of time when need arises and the tenure which is the time period of any financial product. Table 2: Correlation Matrixa ROI Safety Liquid Tenur Transpare Redemptio ity e ncy n Time ROI Safety Liquidity Correlat Tenure ion Transparen cy Redemptio ntime a. Determinant =.102 The next output of the factor analysis is the correlation matrix. It indicates the correlation coefficient between each and every variable. The correlation coefficient of a variable with itself is always 1. Here it has been found that the diagonal matrix is 1 and the correlation coefficients among some variables are positive and other variables are negative. It means that all the variables are related to each other, i.e. they are either positively correlated or negatively correlated.another most important thing to check from this table is the determinant. The determinant should not be zero in any case. If determinant is zero then there must be a computational problem in the factor analysis. Here it is found that the determinant is which is more than zero. Hence it is concluded that there is no computational problem with this factor analysis and we can proceed further. Table 3: KMO and Bartlett's Test Kaiser-Meyer-Olkin Measure of Sampling Adequacy. Bartlett's Test of Sphericity.560 Approx. Chi-Square df 15 Sig..000 The next output is KMO and Barlett s test. It is used to find out the strength of relationship among the variables. KMO measures the sampling adequacy and for a satisfactory factor analysis the sampling adequacy should be greater than 0.5. Here we have found that the KMO measurement of sampling adequacy is It means that the sample adequacy is satisfactory for this factor analysis. Next is Bartlett s test. This test is used to test the null hypothesis that the correlation matrix is an identity matrix where the diagonal components are 1 and off diagonal components are zero. Here, in this correlation matrix we have found that the diagonal components are 1 but off diagonal components are not zero. So, null hypotheses can be rejected. In this table it has been found that the significance is very small 278

8 i.e..000 which is small enough to reject the null hypothesis. Hence null hypothesis is rejected. This means that correlation matrix is not an identity matrix. It can be concluded that variables are perfectly correlated with each other and they have some relationship with other variables. Table 4: Communalities Initial Extractio n ROI Safety Liquidity Tenure Transparency Redemption Time Extraction Method: Principal Component Analysis. The next output of the analysis is Communalities. It is used to measure the percentage of variance in each variable. It generally ranges from 0 to 1. It is always good to have a high communalities value. High communalities value means maximum amount of the variance in each variable is explained by the factor extracted. It has been found that here all the variables have high communalities value and among them safety has the highest communalities value i.e If the communalities value is less than 0.50 then it should be excluded from the factor analysis because factor containing less than half of the variance in original variables and that might be better represented by individual variable. In the above table of communalities it has been found that all the variables have communalities value higher than 0.50 so there will not be any exclusion of factors from factor analysis due to low communalities. Hence there is no need of re run of factor analysis. The above table (Table-5) is used to find out the actual factor extracted from factor analysis along with their Eigen values. In this table we have found that there are two factorscomponent 1 & component 2 whose Eigen values are more than 1 and their percentage of variance are and respectively. These two factors are significant and will help us to understand the percentage of total variability that can be accounted for each factor. All remaining factors are Non significant and their Eigen values are less than 1. Figure 1: Screen Plot 279

9 Table 5: Total Variance Explained Compon ent To tal Initial Eigenvalues % of Vari ance Cumul ative % Tot al Extraction Sums of Squared Loadings % of Varia nce Cumulativ e % Total Extraction Method: Principal Component Analysis. % of Varian ce Rotation Sums of Squared Loadings Cumulative % Screen plot is a graphical representation of the factors with their Eigen values. It is used to identify the actual number of factors. In this graph we have seen that the curve starts to flatten after component 3 but as the Eigen value for the component 3 is less than 1, so we will keep two factors i.e. component 1 and component 2. Table 6: Component Matrix a Component 1 2 ROI.853 Safety Liquidity.880 Tenure.734 Transparency.848 RedemptionTime.696 Extraction Method: Principal Component Analysis. a. 2 components extracted. Component matrix is the next output of the analysis which helps us to find out the loading of the variables on the factors extracted. Here, in the above table, we have found that variables ROI, Safety and Liquidity are under factor 1 and Tenure, Transparency & Redemption Time are under factor 2. A high loading means high contribution of the factors to the variables. 280

10 Table-7: Rotated Component Matrix a Component 1 2 ROI.827 Safety Liquidity.882 Tenure.704 Transparency.873 Redemption.722 Time Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 3 iterations. Rotation component matrix is used to reduce the number of factors on which variables have high loading. Here first three variables viz. ROI, Safety & Liquidity are loaded on factor 1 and next three variables viz. Tenure, Transparency & Redemption Time are loaded on factor 2. Let us call factor 1 as Monetary factor and factor 2 as Time factor. 4.2 Factor 1: Monetary factor Figure 2: Two factor theory Three variables Return on investment (ROI), Safety and Liquidity are explained by the factor 1 which we can call as monetary factor because when any person wants to invest in any financial instrument, the first thing that comes to his mind is Money i.e. how much return he will get, whether his money will be safe and whether he can withdraw his money when need arises. After discussion with the respondents in the survey and analyzing the responses it can be concluded that nowadays majority of the people want to invest in those types of financial instruments which give good return with high or moderate liquidity and most importantly safety of their investment. 4.3 Factor 2: Time factor The other three variables Tenure, Transparency & Redemption Time are explained by the factor 2 which we can call as time factor because after monetary factor the second most 281

11 important concern of majority of the investors is Time i.e. for how much time their money will be invested, whether they can check the status of their invested money from time to time or if require, then within how many days their money will be credited to their account after redemption. Finally it can be concluded that Time and Money are the two most important factors of any financial instrument and here lies the USP i.e. Unique Selling Proposition. If any financial company can manage these two factors effectively, then it can draw the attention of large number of customers and can sell its products with ease. In the next part of the survey respondents were asked to rank their preference on the type of financial products they prefer to buy, where 5 stands for products you highly prefer to buy and 1 stands for products you least prefer to buy. The respondents were given the following choices- (A) Banks fixed Deposit/NSC/PPF (B) Gold/ Real estate (C) Life Insurance (D) Mutual Fund and security trading (E) Others. Responses have been collected and analyzed through descriptive statistics using SPSS.16 software package. Banks fixed Deposit/NSC/PPF Table 8: Descriptive Statistics Maximu N Minimum m Mean Std. Deviation Gold/ Real estate Life Insurance Mutual Fund and security trading Others Valid N (listwise) 150 Descriptive statistics is used to measure the mean, standard deviation and the number of samples (N) for all six variables. Among all variables, banks fixed deposit/nsc/ppf (Mean=4.6267) has the highest mean which is closely followed by Gold /Real estate (mean=4.3733) and Life insurance (Mean=1.5667) has the lowest mean among all six variables. So it can be concluded that majority of the people give least preference to life insurance for savings and investment plan. In the next question, respondents were asked to rank their likings for the different features of a life insurance policy where 5 stands for the features strongly liked and 1 stands for the product strongly disliked. The respondents were given the following choices -(A) Life coverage (B) Tax benefit (C) Return on investment (D) Liquidity (E) Policy Term. Responses have been collected and analyzed through descriptive statistics using SPSS.16 software package. Table 9: Descriptive statistics N Minim um Maximu m Mean Std. Deviation Life coverage Tax benefit Return on investment

12 Liquidity Policy Term Valid N (listwise) 150 Descriptive statistics is used to measure the mean, standard deviation & the Number of samples (N) for all six variables. Among all six variables life coverage has the highest mean = which is closely followed by Tax benefit (Mean=4.3467) and Return on investment, Liquidity and Policy term having lower means. It can be concluded that people buy life insurance because of Life coverage & Tax benefit only. Liquidity in life insurance is such a feature which is strongly dislike by the people because in every life insurance policy there is a minimum lock in period of 3-5 years where people cannot liquidate their money in case of urgent needs within that period. In the last question respondents were asked to choose the type of life insurance policy which they prefer to buy. The respondents were given the following choices (A) Pure Term Insurance (B) Traditional Plan (C) Unit Linked Insurance Plan (D) Whole life Plan.Responses collected were analyzed through sample percentage method. The output and interpretations are given below: Customers buying preference for life insurance plan (in percentage) Customers buying preference for life Figure 3: Customer need analysis It has been found that 57% of the customers prefer to buy pure term insurance which gives only life coverage. 33% of the customers prefer to buy Traditional plan which gives assured return and only 7% of the customers prefer to invest their money in ULIP policy which is related to equity market where risk associated is very high due to the volatile nature of the market and the return is uncertain. 3% of the customers choose to buy whole life plan where maturity term is generally 100 years. 4.4 Research findings Based on the survey conducted in the various parts of the state of Assam through structured questionnaires and observation in order to achieve objectives of the study, it has been found that:- 1. Customers prefer to invest their hard earned money in such financial plan which gives good return on investment with high or moderate liquidity and their invested money should also be safe. Also, customers do not want to 283

13 invest their money for too long, say for15-20 years as they cannot redeem that money during their financial crisis. They want short term investment plan. 2. Customers do not show their willingness or they are less interested to buy life insurance policy because here they have to give premium for a long period of time and also the maturity period is too long, sometimes it goes to years. Apart from this, investing in Unit Linked Insurance Plan is very risky because it is related to equity market where return is totally uncertain. Sometimes people lose their entire principle amount invested in such policies because of the volatility of the market. In case of Traditional policies, the risk is bare minimum as it is associated with the debt market but the return is also very low. At times, it is even lower than banks fixed deposit for the same duration of time. 3. The USP of selling life insurance policy is the improvisation of product features. Companies should focus on designing traditional policies with good assured return for short policy term say for 3-5 years where the cumulative return of the investment should be higher than banks fixed deposit. 4.5 Suggestions & recommendations It has been recommended for the life insurance company 1. To focus on improvisation of product features. 2. To give its major focus on traditional policies with good return having short policy term. 3. To minimize fees & charges 4. To focus on product flexibility & transparency. 5. To focus on fast processing during issuance of policy so that customer can get their policy within 5-7 days of application and to reduce the time during redemption of policy or claim settlement so that customer can get their claim amount within one week of the claim. 6. To focus on customization. 4.6 Limitations of the study 1. The study is limited to the state of Assam only. 2. The responses of the respondents of Assam may not be the responses of the entire population of the state. 3. Subject to personal biasness among the respondents while answering the questions. 5. Conclusion Unsought nature of life insurance makes its sales different from others but USP will make a difference in its sales if implemented efficiently. A company should focus on improvisation of its product features which will give a logical reason to a customer to buy its products over its competitor s products. While designing any life insurance policy a company has to keep in mind two most important factors i.e. money & time which are the main concern for every customer. This gives a company to sell life insurance policies with ease and in the process it can sustain in the market profitably in the long run. 5.1 Future work 284

14 This study has been conducted to identify the customers preference for buying a financial plan and also the reason for showing less interest in buying life insurance policy. The main aim of this study was to identify the USP of selling life insurance policy. Next it can be researched on whether the same USP is applicable for selling mutual funds as mutual fund has nowadays become a cream product for almost every financial organization. In the present scenario, though many people show their interest on investing in mutual fund but there are a considerable number of customers who are reluctant to invest in it. Therefore, by using the findings of this study one can research to indentify the USP of selling mutual funds. 5.2 Nomenclature 6. References USP Unique Selling Proposition ROI Return On Investment KMO Kaiser-Meyer-Olkin Measure of Sampling Adequacy ULIP Unit Linked Insurance Plan 1. Department of industries & commerce, govt. of Assam (Date of access 1.30 PM). 2. Ghosal. M, 2012, Role of Insurance in economic development of India, Zenith International journal of Business economics & Management Research, Vol.2, Issue 7, P Ionescu.C.O, 2012, Life insurance-their characteristics importance and actuality on the Romanian market, Journal of knowledge management, economics and information technology, Issue 4 (august 2012), P-3 & Mohamed C. P & Murthy G. R,2012, Life assurance industry in India: A study on marketing strategies of Indian insurance companies, Indian journal of applied research, vol.2, Issue 2, P Morelli.S, 2009, Sell a step ahead of everyone else: A unique selling proposition can make the difference, Insurance news net magazine, issue October 2009, P Saaty.S.A & Ansari.A.Z 2011, Factors critical in marketing strategies of insurance companies in Saudi Arabia, International journal of marketing services, Vol.3, No.3, P Shameem.B & Dr. Gupta.S, 2012, Marketing strategies in Life Insurance services, International journal of Marketing, Financial services & Management Research, Vol. 1 issue 11, P (date of access PM). 285

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