IDBI Federal Life insurance SIP presentation

Summer Internship in

UNDER SUPERVISIONOF

MR. EZAD AHMED

Industry Background • The insurance industry of India consists of 51 insurance

companies:24 are in Life Insurance business27 are non- life insurers

• Among the life insurers LIC ( Life Insurance Corporation) is the sole public sector company

• The insurance sector in India is expected to attract over Rs. 12,000 crore (US $ 1.76 billion ) in 2016.

IDBI Federal Life Insurance 2

Introduction• Started in March 2008

• Joint-venture

• One of the fastest growing

• Customer-centric brand

• CEO – Mr. Vighnesh Shahane


Continues

IDBI Federal Life

Insurance

IDBI Bank

Federal Bank

Ageas


IDBI Bank• Constituted under Industrial Development bank of India Act,

1964

• Universal Bank with its operations driven by a cutting edge core Banking IT platform

• For over 40 years, has essayed a key nation-building role

• Headquartered in Mumbai


Federal Bank• Incorporated on April 28, 1931

• Authorized capital of rupees five thousand

• The Bank operates in four segments: Treasury operationsWholesale bankingRetail banking Other banking operations


Ageas• International insurance group with a heritage spanning more

than 180 years

• Ranked among the top 20 insurance companies in Europe

• Market leader in Belgium

• Strong presence as the fourth largest player in private car insurance and the over 50’s market


Mission & vision • VISION

To be the leading Provider of insurance plans Adds value to their lives

• MISSIONContinually strive to enhance customer experienceSuperior service deliveryCustomers in the most convenient and cost effective


Values

Transparency

Value to Customers

Rock Solid and Delivery on Promise

Customer-friendly

Profit to Stakeholders


Products of company• IDBI Federal has 4 major products which cater to the needs

of the Indian customers. IDBI Federal products:-


Wealthsurance• One time premium payment

• Freedom to switch investment among funds

• Guaranteed loyalty additions to boost your investment

• Easy access to your investments through partial withdrawals

• Financial protection for your loved ones


Incomesurance• Pay the premiums for the first 7 years of the policy

• Guaranteed Annual Payouts irrespective of market condition

• Tax benefits under sec 80 C and sec 10(10D)

• Protection of critical illness benefits

• Life cover

• Loan FacilitiesIDBI Federal Life Insurance 12

Childsurance• Financial protection against uncertainty

• Guaranteed annual payouts for child’s important milestones

• Bonuses to boost your savings

• Future premiums waived off in case of an unfortunate event

• Plan continues till maturity in unlikely event of death


Lifesurance• Lump sum payout at maturity

• Double protection – Accidental Death Benefit

• Tax benefits

• Bonuses to boost your savings


Awards & Accolades


Market Share


SWOT analysis

Strength9.24 crore B.E.P. in 5 years2nd company to achieve Brand name

WeaknessNational level advertisementLow frequented promotional activities Low awarenessOpportunity

Market expansion.Only 6 percent of the market is insured Uncovered rural areas

ThreatTough competition from market leader LICIRDAI interventionFDI limit increased to 49%.

SWOT


Contribution

SIP

Module 1 Module 2IDBI Federal Life Insurance 18

Module 1

Training of insurance products

Product selling

Target of selling 2 insurance


Module 2

Special class from the External faculty

Training from the Senior Branch Manager

Project Work


Project work

Topic - Advertising strategy

Suggest company to improve its weak areas

Research work


Objective of project work

Current Advertising strategies

Type of ads customers like with respect to insurance products

Why company should advertise aggressively throughout the year

To make an effective advertising strategy for the company

To suggest a new way of advertising


Research Methodology

Questionnaire design

Random sampling

Sample size

Sample area


Source of data• Primary DataStructured Questionnaire and also through face to face & by share the questionnaire online with customers. • Secondary DataInternet, company’s website, articles, blogs, newspaper, magazines etc.


Questionnaire• From which insurance company you would like to buy? ( ) IDBI federal ( ) LIC ( ) SBI life insurance ( ) HDFC life insurance ( ) ICICI prudential ( ) Max insurance


Continue• Have you heard of IDBI federal life insurance company ? ( ) Yes ( ) No


Continue• On which media you spend most of your time? ( ) Television ( ) Internet ( ) Radio


Continue• On which social media you spend most of your time? ( ) Facebook ( ) Twitter ( ) Youtube ( ) Instagram ( ) Snapchat


Continue• Which mode of advertisement attracts you most?

( ) Online advertisements( ) Television59( ) magazine

( ) Newspaper ( ) Hoardings/posters ( ) Others


Continue• On which channel you saw Insurance ad mostly? ( ) Entertainment & lifestyle Channels ( ) Sports Channels ( ) Science & discovery related Channels ( ) Movie Channels ( ) News Channels ( ) Music Channels ( ) Other Channels


Continue• Which type of advertisement attracts you most?

( ) Animation( ) Originality( ) Humor( ) Storyline / concept( ) Celebrity endorsement


Continue• In which way would you want to receive information related

to Insurance?( ) Print Ad( ) Magazine Ad( ) Hoardings( ) TV Ad( ) Online Ad( ) Agents


Continue• Which company Ad you find mostly in the media?

( ) LIC.( ) Bajaj Allianz( ) ICICI Prudential( ) IDBI Federal( ) Birla Sun life( ) SBI Life

( ) Max insurance ( ) Others


Continue• How often did you see IDBI Federal advertisement in

Television in last month?( ) 0( ) 1-3( ) 4-7( ) More than 7


Continue• Do you feel you need to see more advertisements to know

about the products of IDBI Federal?( ) Yes( ) No


Findings

Awareness of brand IDBI

Lacks of awareness of its insurance business

Advertisement play bigger role

No presence on online platform

Online advertisement more attractive than TV

Only 60% of people do insurance for tax saving


Suggestions


AIDA model

Print & Electronic Media Advertisement

Hoardings at prime areas

Online campaigns

Advertise throughout the year

Aim to increase it market share 0.3% every year

Learnings


Consumer behaviour

Working under pressure

Persuade to customer

Role of advertising

Analysis of data and interpretation


Weblography

• www.google.com• www.wikipedia.org• www.yahoo.com/question-answer/• www.idbifederal.com• www.ageas.com• www.federal.com• www.irda.org• http://

www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2014_shows_premium_growth__resumed.html

• http://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspx#

• http://www.studymode.com/essays/Market-Segmentation-40523.html• http://en.wikipedia.org/wiki/Q_methodology

http://www.google.com/

http://www.wikipedia.org/

http://www.yahoo.com/question-answer/

http://www.idbifederal.com/

http://www.ageas.com/

http://www.federal.com/

http://www.irda.org/

http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_on_world_insurance_in_2014_shows_premium_growth__resumed.html




http://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspx

http://www.idbifederal.com/Products/Healthsurance/Pages/What-is-Healthsurance.aspx

http://www.studymode.com/essays/Market-Segmentation-40523.html

http://en.wikipedia.org/wiki/Q_methodology

By-Chanchal sharma

MB76


THANK YOU

IDBI Federal Life insurance SIP presentation

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Transcript of IDBI Federal Life insurance SIP presentation