INTERNSHIP: HDFC STANDARD LIFE

INSURANCE

AREA OF WORK: UNIQUE SELLING PROPOSITION OF

HDFC STANDARD LIFE INSURANCE

NAME: FAISAL AHMED KHAN

ST XAVIER’S COLLEGE
DEPARTMENT OF COMMERCE
(MARKETING DEPARTMENT)
ROLL NO: 113
COMPANY PROFILE:

HDFC Standard Life believes that establishing a strong and ethical foundation is an essential
prerequisite for long-term sustainable growth. To ensure this, they have concentrated their focus
on expansion of branch network, organizing an efficient and well trained sales force, and setting
up appropriate systems and processes with optimum use of technology. As all these areas form
the basic infrastructure for establishing the highest possible customer service standards.

Their core values are drilled down to all levels of employees, as these are inviolable. They
continue to promote high integrity in business practices and shun short cuts and unethical
practices, as we wish to be perceived as an institution with high moral standing. Since their
inception in 2000, when the Indian insurance space was opened for private participation, they
have consistently focused on setting benchmarks in all aspect on insurance business. Being the
first private player to be registered with the IRDA and the first to issue a policy on December 12,
2000, they are ahead of their competitors differentiators are:

HDFC STANDARD LIFE INSURANCE VISION

'The most successful and admired life insurance company, which means that they are the most
trusted company, the easiest to deal with, offer the best value for money, and set the standards in
the industry'.

'The most obvious choice for all'.

HDFC STANDARD LIFE INSURANCE VALUES

Values that they observe while at work:

• Integrity
• Innovation
• Customer centric
• People Care "One for all and all for one"
• Team work
• Joy and Simplicity

OBJECTIVE of PROJECT:

My basic objective was to give reason to myself as to why would people choose HDFC
STANDARD LIFE INSURANCE and not any other Life Insurance provider. I found the below
mentioned USPs which give HDFC STANDARD LIFE INSURANCE and edge over its
competitors
The USP of HDFC STANDARD LIFE INSURANCE are as listed below:

• Strong Promotor

HDFC Standard Life is a strong, financially secure business supported by two strong and secure
promoters - HDFC Ltd and Standard Life. HDFC Ltd's excellent brand strength emerges from its
unrelenting focus on corporate governance, high standards of ethics and clarity of vision.
Standard Life is a strong, financially secure business and a market leader in the UK Life &
Pensions sector

• Preferred and trusted brand

The HDFC brand has managed to set a new standard in the Indian life insurance communication
space. They were the first private life insurer to break the ice using the idea of self-respect
instead of 'death' to convey their brand proposition (Sar Utha Ke Jiyo). Today, they are one of
the few brands that customers recognize, like and prefer to do business. Moreover, their brand
thought, Sar Utha Ke Jiyo, is the most recalled campaign in its category.

• Investement and Philosophy

They follow a conservative investment management philosophy to ensure that our customer's
money is looked after well. The investment policies and actions are regularly monitored by a
formal Investment Committee comprising non-executive directors and the Principal Officer &
Executive Director.

As a life insurance company, they understand that customers have invested their savings with
them for the long term, with specific objectives in mind. Thus, their investment focus is based on
the primary objective of protecting and generating good, consistent, and stable investment
returns to match the investor's long-term objective and return expectations, irrespective of the
market condition.

• Need Based Selling Approach

Despite the criticality of life insurance, sales in the industry have been characterized by over
reliance on tax benefits and limited advice-based selling. Their eight-step structured sales
process 'Disha' however, helps customers understand their latent needs at the first instance itself
without focusing on product features or tax benefits. Need-based selling process, 'Disha', the first
of its kinds in the industry, looks at the whole financial picture. Customers see a plan not
piecemeal product selling.

• Risk Control Framework

HDFC Standard Life has fully implemented a risk control framework to ensure that all types of
risks (not just financial) are identified and measured. These are regularly reported to the board
and this ensures that the company management and board members are fully aware of any risks
and the actions taken to ensure they are mitigated

• Focus on Training

Training is an integral part of their business strategy. Almost all employees have undergone
training to enhance their technical skills or the softer behavioral skills to be able to deliver the
service standards that our company has set for itself. Besides the mandatory training that
Financial Consultants have to undergo prior to being licensed, they have developed and
implemented various training modules covering various aspects including product knowledge,
selling skills, objection handling skills and so on.

• Focus on Long-Term Value

HDFC Standard Life does not focus in the business of ramping up the top-line only, but to create
maximization of stakeholder's value. Today, they are extremely satisfied with the base that they
have created for the long-term success of this company.

• Transparent Dealing

They are one of the few companies whose product details, pricing clauses are clearly
communicated to help customers take the right decision.

• Strict Compliance with Regulations

They have initiated and implemented many new processes, some of which were found useful by
the IRDA and later made mandatory for the entire industry. The agents who successfully
completed this training only, were authorized by the company to sell ULIPs. This has now been
made compulsory by IRDA for all insurance companies under the new Unit Linked Guidelines.

• Diversified Product Portfolio

HDFC Standard Life's wide and diversified product portfolio help individuals meet their various
needs, be it:

• Protection: Need for a sound income protection in case of your unfortunate demise
• Investment: Need to ensure long-term real growth of your money
• Savings: Save for the milestones and protect your savings too
• Pension: Need to save for a comfortable life post retirement
• Health: Cover for health related exigencies
Accolades won by the prestigious brand- HDFC
STANDARD LIFE INSURANCE

• YoungStar Super' voted 'Product of the Year 2010'

HDFC Standard Life's YoungStar Super has been voted 'Product of the Year 2010' in the
'Insurance' category by more than 30,000 consumers nationwide across 36 markets. YoungStar
Super is an unit linked Children Plan with unique benefits such as bumper additions, double and
triple benefits, attractive allocations rates, and seven different funds.

The consumer study on product innovation in India was conducted by A C Nielsen,

the leading global research firm. Entries were accepted from products that demonstrate
innovation in their product function, design, packaging or process or any other specified form.
Entries were then filtered by a jury of distinguished industry professionals to ensure that the
products meet the innovation criteria before they were passed on to the consumer votes/survey
round. Product of the Year is an Internationally Recognised Standard that celebrates and rewards
the best innovations in consumer products and services. The Product of the Year is selected
through an independent consumer survey across the country in 26 countries for the past 20 years.

• Top Television Advertisement-by MINT in Feb, 2008

Standard Life, one of the leading private insurance companies in India, has topped Mint's Top
Television Advertisement survey conducted, for February 2008. HDFC Standard Life's Unit
Linked Savings Plan advertisement was ranked 4th in terms of a combined score of ad awareness
and brand recall and 3rd in terms of ad diagnostic scores (likeability, enjoyment, believability,
and claim). The respondents were between 18 and 40 years. Mint's exclusive report, 'New voices
in a makeover' outlines the survey in detail.