Submitted by : Robin Juriasingani

Harriet D’Costa
Bhagyashree Vaity
 Introduction
 Problem Areas

 Background

 The LIC Way

 The Insurance Bill of 2000

 Private Players with Multinationals as their partners

 Aggressive Marketing and Promotion Activities

 Strategies Adopted by Private Players

 LIC and Budget of Rs 1 Billion.

 Private Insurance Companies : 70% of the total budget

 LIC : Rs 1000 Cr
 Allianz Bajaj : Rs 200 Cr
 Kotak Mahindra : Rs 150 Cr
 ICICI Prudential : Rs 146 Cr

 In 2002,LIC saw a 25% growth / Private Insurers saw 0.5 %

 LIC : Growth due to Increased Public Awareness caused due to

heavy advertisement by private players.
 Company Profile

 Started operations on 12th Dec 2000.

 India’s Biggest private sector life insurer.
 2000 Branches all over India.
 210000 Advisers and 7 Bancassurance partners
 “Most Trusted Life Insurer” by Economic Times
 “True life club” & “We cover you", the most effective
punch lines in the EFFIE Awards.
 Highest Recall amongst all private players.
Joint Venture..where it all
began

=
 Products

1. Saving and Wealth Creation Solutions

2. Protection Solutions
3. Child Plans
4. Retirement Solutions
5. Health Solutions
6. Group Insurance Solutions
7. Flexible Rider Options
 Life Retirement Medical
Insurance Insurance Insurance
 Campaign Objectives

 To influence the consumer

 To create differentiation

 To achieve leadership

 To build credibility
 Distribution Network

 Bancassurance

 Direct Marketing

 Corporate Agents
 Pricing Strategy

Rupee Cost Averaging Method:–

 No need to time the market.

 Pre-decided amount over a period of time.

 Customer is not affected by fluctuating market conditions.

 Average unit cost will always be lesser than the average

sale price per unit
 Pricing Strategy contd..

A Comparative Analysis –
Name Product Coverage Premium Policy Term
(Rs) (Rs) (yrs)
Tata AIG Raksha 10,00,000 2,420 20

SBI Life SBI-Shield 10,00,000 2,454 20

Max New Level Term 10,00,000 2,710 20

York Life
Bharati AXA Secure 10,00,000 2,850 20
Confident
MetLife Suraksha 10,00,000 3,100 20

LIC Anmol Jeevan 10,00,000 3,260 20

ICICI Pru iProtect 10,00,000 3,450 20

 SWOT Analysis
Strengths
1.No. 1 private life player in India.
2.Innovative insurance policies.
3.Motivation factors.
4.Largest financial Institution of India.
5.2nd largest bank with 469 branches
and 1740 ATM’s across India.
6.Huge database of clients.
7.Training provided.
8.Highest paid up capital deposited in
IRDA.
9.Assets base more then Rs.1, 08,000 Cr
OPPORTUNITIES
1.Tie up with more corporate agents.
2.Tie up with brokers.
3.No. of adopting new technology.
4.Strong Brand of Company Helps to boost
sales inn market
5.Customer centric products
WEAKNESS
1.Very huge premiums of policies.
2.Compare to other insurance sector.
3.Minimum premium is 19000.(Expect
tax saving policy only 12,000)
4.Target upper class people only.
5.Policy charges are very high.
6.And problematic to advisors also.
7.Poor distribution is in English language
only.
THREAT
1.From existing life insurance players
2.Threat from new entrance.
3.Threat to substitute products
4.Change in the policy of IRDA
5.People don’t aware of different
distribution channel
 Ansoff’s Matrix – Planning for Growth

 ICICI Prudential Life Insurance will Lie in the Product Development Segment.

 New Product Innovations like Online-Intent programs.

 New Product Offerings to replace existing ones.

 Increase Demand to suit customer needs require constant changes in policies offered.
 Marketing & Media Strategy

 Creative Strategy

 Suraksha – Kandha Campaign

 Chintamani

 Retire From Work not Life

 Marketing & Media Strategy contd..

 Anytime insurance

 Jeete Raho
 Current Scenario

 Current market share – 17.5%

 Ranks no.1 among the private players

 Statistics across India –

Total number of branches – 1900
Advisor base – 2,10,000

 Current Capital – Rs.4780 crores

Assets held – 57,000 crores
Thank you…