Lyf Insurance

8/3/2019 Lyf Insurance

1/20

Newspaper

Bharti AXAGeneral Insuranceis a joint venture between Bharti, one of Indias leadingbusiness

groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial

Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the

equity.

With a vision to become the leader and preferred company for financial protection in India,Bharti

AXA General Insurance offers its customers individuals and businesses- a wide range of products

and services that meet their insurance needs. The values upon which its business practices are based

are availability, attentiveness and reliability. The company leverages the Bharti Groups large

customer pool, and has developed a strong multi-channel distribution network in both urban and

rural markets.

The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company

currently has 40 branches across India.

The Management team at Bharti AXA General Insurance consists of experienced leaders who are

passionate about their companys vision and goals and are committed to the development

ofBharti AXA General Insurance as the preferred company for Financial Protection in India.

Bharti AXA presents an array of protective plans to suit clients personal and business

requirements. Bharti AXA system of values are as follows:a) Reliable prompt settlements,customer serviceand professionalism.

b)Attentive to customer needs as they change with time, and actively

listening to our customers.

c)Available easy customer access to money and to our company, and plans that have

built-in flexibility and convenience.

Mission:

To be the preferred company for general insurance in India

Strategy:

Quality Policy To provide fast, fair and friendly service to customers & partners

To achieve a leadership position in India through a multi-distribution, multi-product platform

To adapt AXAs best practice blueprints as a sound platform for profitable

growth

To leverage Bhartis local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition to their customers

To be the employer of choice to attract and retain the best talent in India
http://managementfunda.com/general-insurance/http://managementfunda.com/general-insurance/http://managementfunda.com/general-insurance/http://managementfunda.com/customer-service/http://managementfunda.com/customer-service/http://managementfunda.com/customer-service/http://managementfunda.com/wp-content/uploads/2010/07/ManagementFunda.pnghttp://managementfunda.com/customer-service/http://managementfunda.com/general-insurance/


2/20

Strong distribution network & customer base of Bharti provides access to customer base of more

than 60 million

Strategic differentiators:

Multi channel execution capability

AXAs current Asia product range which is a strong match to products sold to the masses

Global scale of AXA providing cost effective and speedy re-use of systems, products and business

capability.

7 Ps of Marketing ofBharti AXA General Insurance:

1. Products and Services:

A)Retail Insurance:

a. Motor

b. Health

c. Personal Accident

d. Home

e. Shop

B)Commercial:

a. Fire

b. Engineering

c. Marine

d. Property Crime

e. Liability

f. Package

C)Rural:

a. Agricultural Pumpset

b. Cattle Insurance Policy

2. Price:

Pricing factor is decided on the basis of the type of products which the customer buys. But in true

sense, pricing is very competitive as there are lots of competitors all over the country. Bharti AXA is

a strong player in private companies and its price structure is highly competitive and reliable.

Example of Bharti AXA General Insurance:

Policy of Two Wheeler Insurance:

This policy provides the following covers

1.Accidental damage to the vehicle due to:

Fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act.

Riot and strike; terrorism; earthquake; flood, cyclone and inundation

Whilst in transit by rail, road, air, elevator, lift.


3/20

2.Liability cover for:

Third party injury or death

Third party property damage caused to their property.

3. Place:

Bharti AXA General Insurance Co. Ltd.

Plot No. 844/4, Mazzanine Floor, Fun Republic,

Shah Industrial Estate, New Link Road, Andheri(W)

Mumbai:400053

Bharti AXA has selected good location in Mumbai. They are Fort and New Link Road of Andheri(W).

4. Promotion:

The following are the tools through which Bharti AXA promotes its general insurance business:

Tele-marketing

Internet

Hoardings

Personal Selling

Advertisement through newspapers, business magazines and FM radio

5. People:

Bharti AXAhas a vision to ascend to the preferred company status by 2012 to be preferred by

customers, shareholders and employees. The Company believes that by being available, attentive

and reliable, it will become the preferred company for its customers. And its people are Human

Capital who have a key role in this process, and it is committed to create an emotional commitment

with its employees.

The company also have synergy of the Global best practices of AXA Group, the Country specific

proven best practices of Bharti Group and supplement it with its own set of initiatives towards

creating a culture that can attract best of the talents, nourish and retain them to achieve the long

term Corporate Vision.

6. Process:

From the minute customers claim intimation is received, the Claims Team becomes active and acts

efficiently and swiftly towards its settlement. This is part of their endeavour to make theBharti

AXA General Insurance customer experience always a positive one.

Bharti AXACLAIMS MISSION is Fast, fair and friendly services, delivered in a proactive, cost

efficient manner through technology platforms.

Alongwith the claim procedure being so smooth, the general insurance customer is very much

satisfied while taking policy. The customer is given every minute details about a particular policy

which he wants.

7. Physical Evidence:

Stationery

Separate departments for smooth functioning of work like Public Relation Department Brochures


4/20

Internet / Web Pages

Business cards

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank

Ltd., its affiliates and Old Mutual. A company that combines its international strengths and local

advantages to offer its customers a wide range of innovative life insurance products, helping them in

taking important financial decisions at every stage in life and stay financially independent. The

company is one of the fastest growing insurance companies in India and has shown remarkable

growth since its inception in 2001. Kotak Life Insurance employs around 5,565 people in its various

businesses and has 197 branches across 141 cities.

Mission:

To focus on the needs of customers and create confidence, trust and loyalty by offering a

wide range of innovative insurance solutions.Strengthened by commitment to professional management, they ensure the continued growthand advancement of their employees.

Vision:

Kotak Life Insurance has a deep rooted commitment to improve the quality of life of itscustomers, employees and stakeholders. They aim at improving the long term value in theirrelationship by continuous innovation and improvements. They do this by their three-prongeffort which strives to make Kotak Life Insurance a corporate with values.1. IncreaseCustomer Value:Kotak Life Insurance has gone to the heart of its customers requirements and developed

products which are unique and serve the customer needs perfectly. We built a relationship ofmutual trust and benefit to serve the Indian customer. At Kotak Life Insurance the customeralways comes first.2. Cohesive Work Environment:We form long-term partnership with our employees by offering them an invigorating workexperience. We not only demand loyalty, sincerity and values but also give it back in equalmeasures. Kotak Life Insurance will like to offer its employees space to grow, innovate andbuild a long-term career.3. Work with Honour:Kotak Life Insurance delivers everyday services in the marketplace with the high sense ofduty and commitment. Our employees strive to build the long-term value for all those comeincontactwith Kotak Life Insurance. Our consumers, distributors, employees, shareholders
http://managementfunda.com/contact/http://managementfunda.com/contact/http://managementfunda.com/contact/


5/20

and the nation have our commitment that we will uphold the values of trust, integrity and aSense of Honour in every thought, act and deed in order to positively contribute toindividual, society and nation growth.7 Ps of Marketing of Kotak Life Insurance:

1. Products and Services:

Individual Plans:

Protection Plans:Kotak Loan protection Plan

Kotak Term / Preferred Term Plan

Kotak Eternal Life Plans

Savings and Investment Plans:Kotak Super Advantage

Kotak Platinum Edge

Kotak Endowment Plan

Kotak Money Back Plan

Child Plans:

Kotak Headstart Child Plans

Kotak Child Advantage Plan

Retirement Plans:

Kotak Long Life Wealth Plus

Kotak Long Life Secure PlusKotak Retirement Income Plan

Kotak Second Innings Plan

Group Plans:

Kotak Group Shield

Kotak Group Assure

Kotak Gratuity Group Plan

Kotak Superannuation Group Plan

Kotak Term Group Plan

Rural:

Kotak Gramin Bima Yojana

2. Price:

Pricing is an important element in the service sector. So Kotak Life Insurance has maintained a good

pricing mix for child plan:

The disposable income in the hands of the prospects is found low or almost nil so Kotak has adopted

his strategy that is beneficial to the end user and also paves the ways for increasing the insurancebusiness.


6/20

The price mix decisions basically depend upon the premium that they are going to charge from the

endusers. As in this case the premium charged will be low in the initial stages and will increase with

the increasing age of the child. But in case if the child is physically disabled the premium charged

will be high. The customers can even avail for loan facility if they opt for higher premium plan.Kotak

life gives more importance to pricing strategy because they feel that it is the only means forattracting the customers in true sense.

3. Place:

Kotak Life has adopted the place strategy in such a way that a gap between the services promised

and services offered is bridged over. Kotak agents, brokers, branch office, retail finance service

distributors alliances with banks etc. play an important role in delivering their services to policy

holders at the right time and at right place. This product is promoted in places like school, colleges

and other child zone areas. This product is highly flexible as it is present for children in urban well as

rural areas and thereby it facilitates mobility.

4. Promotion:

Advertisements

This product has been advertised through telecast media broadcast media and print media. Since

this product is for children up to 17 years of age the focus of advertisement is on television which is

more appealing. Kotak has recognized the need for this plan and therefore has adopted suitable

marketing strategy which involves advertisements in popular kids channel like pogo, hungama, star

plus etc.

Publicity

The PROs of Kotak Mahindra life insurance has publicized this product taking into consideration theeligibility and features and has thereby come with an appealing strategy emphasizing not only on

children who are main benefit holders of this product but also the family who will actually pay the

premium for this product. the PROS of Kotak life have developed a good rapport with hungama to

publish it can be seen from the banner of this plan that the happiness is shown on parents

face as soon as they secure their childs future which is the prime motive of this plan. This

plan gives your child the azaadi to realize his dreams even before he is an adult.

Sales promotion

The promotion activities are carried out by the agents, development officers and branch officers.

Kotak life has promoted this plan by giving calenders dairies bags which they thought should begiven as a token of gift along with the plan. Kotak life also conducts, seminars quiz, other contest,

games in various malls and play schools. All such activities have increased the volume of saled and

has also created a medium of awareness for the children.

Personal selling

As we know that customer is the king , Kotak gives utmost importance to personal selling of this

product. Moreover, Kotak Life conducts special training session for its agents who will finally

approach the end customers so that they can demonstrate effectively which will enable the end users

i.e childrens to buy the product.

5. People:


7/20

People are most important component of marketing mix for the insurance industry.

Sophisticated process of technological advances makes the way for the development of personnel in

such a way that an organization succeeds in making possible a productive utilization of technologies

used or likely to be used. Professional qualification requirements change as technology develops and

evolves. The use of computers micro-computers, fax machines, sophisticated telephonic services,and e-mailing, inter-net and intra-net services have been found throwing a big impact on the

perception of quality of services. This makes it essential that the insurance organizations also think

in favor of developing personnel in line with the development and use of information technologies.

The front line staffs as well as the branch managers are required to be given the training facility so

that they are in position to make possible and effective use of the technologies. The insurance

organization bear the responsibility of the developing the credentials of their employees. In this

context, it is also significant that they think about the behavior profile of insurance personnel. It is

pertinent that the employees are well aware of the behavioral management they know and

understand the changing level of expectations of users and make sincere efforts to fulfill the same. Inthis context, it is also significant that the senior executive while the recruiting, training and

developing the insurance personnel make it sure that employees serving the organizations have a

high behavioral profile in which empathy has been given due place. The psychological attributes

becomes significant with the view point of influencing the prospect a retaining the users, it is in this

context that the insurance companies need a rational plan for the development of insurance

personnel. Kotak Life provides training to its employees for making them competitive in the

insurance market.

6. Process:

In the current scenario, policyholders just log on to website and call insurance advisors to theirhome or office. This insurance advisors make customers aware about the new and advantageous

product for them. Alongwith it also helps customers to ask any query related to any insurance

products. So the process of taking life insurance is very convenient . It is due to private players

entering into the market. But still the simplest model of life insurance takes place mostly. It is as

follows:

The client approaches the insurer through an agent with a proposal containing his personal

details, income details, medical history, products ( the product describes the features provided by

the insurer like maturity bonus, claims allowed etc. These features vary from product to

product), sum assured (the amount for which the client is covered), term (number of years for

which the client is to be covered) and premium amount (installment amount to be paid by the

client to the insurer). The agent who brings this proposal is termed as a base/servicing agent for

the proposal.

The proposal will go through various stages of approval and risk evaluation by the Central

Processing Centre of the Insurance Company. Upon final approval, a legal agreement,

termed as policy, between the insurer and the client is prepared whereby the insurer covers the

client for the sum assured. The client is also entitled for some additional benefits, if any,

depending on the features of the product taken in the policy. The base agent gets a commission

for the policy.


8/20

The client pays a premium at regular intervals. These subsequent premiums are termed as

renewal premiums. The base agent gets a commission on the renewal premium also.

The client may come back with some alterations to the policy viz. increase/decrease in sum

assured, increase/decrease of the term of policy etc. The insurer will make the relevant changes

to the policy and will issue endorsements stating the alterations made and their effect on thepolicy.

During the term of the policy, the client can submit claims. The insurer makes payment against

the claim after verification. Depending on the type of claim the policy is either terminated or is

kept in force.

At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit

under life insurance policies. In addition to this the client will get the maturity bonus and any

other benefits depending on the product feature.


Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports andstatements.

Signage

Signage personifies the insurance company. It gives a identity by which users recognize the

company. A signage depicts the companys philosophy and policy. Following are some of the

examples

Tangibles

Insurance companies give their customers and agents various tangible items like pen, letter pad,

calendars. Such things try to reduce the intangibility characteristics of this industry.

Statements

The statements are punch line which briefly depicts the vision and attitude of a insurance company

towards its users/potentials. It also indicates their business motive

ICICI Prudential Life Insurance :

ICICI Prudential Life Insurance Company is a joint venture betweenICICI Bank one of Indias

foremost financial services companies-and Prudential plc a leading international financial

services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80

billion, withICICI Bank holding a stake of 74% and Prudential plc holding 26%.

It began its operations in December 2000 after receiving approval from Insurance Regulatory

Development Authority (IRDA). Today, their nation -wide reach includes 1,960 branches

(inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 bancassurance partners.

For three years in a row, ICICI Prudential has been voted as Indias Most Trusted Private Life

Insurer, by The Economic Times AC Nielsen ORG MARG surveyof Most Trusted Brands. As they
http://managementfunda.com/wp-content/uploads/2010/06/Managementfunda.JPG


9/20

grow their distribution, product range and customer base, they continue to tirelessly uphold their

commitment to deliver world-class financial solutions to customers all over India.

For the past nine years, ICICI Prudential Life has retained its leadership position in the life

insurance industry with a wide range of flexible products that meet the needs of the Indian customer

at every step in life.

ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in

India. It has a strong presence across India with 1,960 branches (including 1,096 micro-offices) and

an advisor base of over 230,000 (as on December 31, 2009).

The company has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon Peoples Co-op

Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik

Sahakari Bank, Bhandara Urban Co-operative Bank.

7 Ps of Marketing of ICICI Prudential :

1. Products and Services:Insurance Solutions for Individuals: ICICI Prudential Life Insurance offers several novel, customer-

centric products for customers at every stage of life. The products and services offered by the

organization are in various fields, such as:

Protection Plans:

1. Save n Protect :Its a perfect plan to collect funds as savings and be protected by the

insurance policy.

2. Cashback : Its a policy with a combination of three benefits periodic liquidity, protection &

savings.

3. Home Assure : It is a policy where you can cover your home loan which is a term assuranceplan.

4. Pure Protect : It secures your life and your familys in case of any unforeseen situation. It is

a term plan which is a flexible and inexpensive product.

5. Life Guard : It is a cover which is available at a low cost. This plan comes with 2 options level

term assurance with return of premium & single premium.

Premium Guarantee Plans:

1. InvestShield CashBack : It provides a premium guarantee and also balancing the returns,

safety & liquidity. It is a unit linked plan.

2. InvestShield Life New :A plan where the customer is guaranteed that he will at least get backhis premiums. It is a unit linked plan which also provides premium guarantee and the customer gets

the benefits of high returns. The policy also offers a protection to the family with a life insurance

cover.

Education Insurance Plans:

1. SmartKid Regular Premium : It is a tradional plan where funds are provided for the needs of

the child in the future.

2. SmartKid New Unit-linked Regular & Single Premium : The policy is made in such a way

that the child receives money at a stage, for his educational needs.

Wealth Creation Plans:


10/20

1. PremierLife Gold : Premier Life Gold helps with long-term wealth creation .It is a limited

premium paying plan. And from the second year onwards it also provides flexibility of premium

reduction.

2. LifeStage RP : The LifeStage RP is unit linked plan that provides you with a portfolio strategy

and keeps distributing your funds across the different asset classes depending on your profile.3. Wealth Advantage : Its an exclusive whole life single premium unit linked plan that provides

long term coverage up to the age of 70 years. And you have the option of withdrawing your funds

systematically.

4. Lifetime Gold : This plan is a unit linked plan from which you can get high returns over a long

term with easy investment options. It offers 8 fund options Preserver, Protector, Return Guarantee

Fund, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth.

5. LifeStage Assure :A unit linked insurance plan that provides Guaranteed Maturity Addition of

100%- 450% of first year premium based on the term and number of premiums paid. Also your

funds are allocated across several asset class based on your profile.6. LifeLink Super : Its a single premium unit linked insurance which offers premium

allocation along with a chance to get high returns over the long term, and your family is also

protected by this plan.

Group Plans:

1. Group Term Insurance Plan : Its a flexible group term plan which provides an

inexpensive cover to members of a group. The cover is either given based on uniform or based on

designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary

nominated by the member on his/her death.

2. Group Gratuity Plan : Theplan helps employers fund their statutory gratuity obligation in ascientific manner and also avail of tax benefits as applicable to approved gratuity funds.

3. Group Super Annuation Plan : This planoffers a flexible market linked scheme that provides

substantial benefits to both employers and employees. Both defined contribution (DC) and defined

benefit (DB) schemes are offered to optimize returns for members of the trust and rationalize cost.

Members have the option of choosing from various annuity options or opting for a partial

commutation of the annuity at the time of retirement.

4. Annuity Solutions : This plan has annuity products which give you income and help you realize

your needs. In addition to the annuities offered to existing superannuation customers, the plan also

offers immediate annuities to superannuation funds managed by the team.Health Insurance Plans:

1. Diabetes Plans : It is a long term insurance policy created for individuals with Type II

diabetes and pre-diabetes. It offers long term (upto 20 years) control over diabetes through a

specially designed Wellness Programme including regular health checkups and a Diabetes Coach to

facilitate diabetes management. It also provides you coverage against seven major critical illnesses.

2. Cancer Plans : It provide a regular premium plan that helps you with a cash benefit on the

diagnosis as well as at different stages in the treatment of various cancer conditions.

3. Comprehensive Health coverage : provides comprehensive hospitalization cover and

reimburses all other medical expenses by building a health fund.


11/20

4. Critical Illness Plan : It is a 360-degree product that will provide long-term coverage against

35 critical illnesses, total and permanent disability, and death.

5. Hospitalisation Plan :A health insurance policy that provides assured insurability till age 75

years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3

years. Also there is another hospital care plan where there is a fixed benefit plan covering variousstages of treatment hospitalisation, ICU, procedures & recuperating allowance. It covers a range

of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.

Retirement Plans:

1. Forever Life :A traditional retirement product that offers guaranteed returns for the first 4

years.

2. Immediate Annuity :A single premium annuity product that assures an income for life at the

time of your retirement. It has the benefit of 5 payout options.

3. LifeStage Pension :A regular premium unit linked pension plan that provides you with a

unique lifecycle-based strategy that continuously re-distributes your money across various assetclasses based on your age and risk profile.

4. Premier Life Pension : It is a unit-linked pension policy with a limited premium paying option

for preferred customers.

5. Lifetime Super Pension : It is a regular premium unit linked pension plan that helps one

accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of

purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed

for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase

pric5. at the time of retirement.

6. LifeLink Super Pension :A single premium unit linked pension plan.Rural Plans :

Suraksha & Suraksha Kavach :Its a rural plans which offer benefits like life Cover, low and

Affordable Premiums and Hassle Free Procedure.

Micro Insurance Sarv Jana Suraksha : Sarv Jana Suraksha is a plan to provide protection and

security to rural population at a very affordable cost. The family members are protected in this plan

incase of death of the policyholder.

The New Product Launched by ICICI Prudential is as follows-

1. Anmol Nivesh for tea tribes in Assam in January 2009

2. Health Saver in January 2009

2. Price:

Pricing is very important in life insurance as policyholders are attracted towards it more often. ICICI

Prudential has some unique policies which is different from other companies.

Example: ICICI Prudential- Pure Protect

Below is the table that shows premium for various age-term combinations for a Sum

Assured of Rs.50 lakhs.

Age 10 years 15 years 20 years 25 years

30 year Rs.7608 Rs.8378 Rs.9444 Rs.1255835 year Rs.9889 Rs.11390 Rs.13,327 Rs.18809


12/20

40 year Rs.14394 Rs.17064 Rs.20067 Rs.27075

Features of Pure Protect :

1. Entry Age

Policy Pure Protect Classic Pure Protect Elite

Minimum age(years) 18 18Maximum age(years) 65 65

2. Policy Term:

Policy Pure Protect Classic Pure Protect EliteMinimum age(years) 10 3Maximum age(years) 30 15

3. Place:

Mostly Life Insurance companies have offices at main locations in cities and towns. But most of the

customers buy insurance policies with the help of agents. Therefore place is important but other

than place what is more important is wide distribution of policies through banks directly. It is

known as Bancassurance. Bancassurance is the term used to describe the partnership or relationship

between a bank and an insurance company whereby the insurance company uses the bank sales

channel in order to sell insurance products. Bank staff and tellers, rather than an insurance

salesperson, become the point of sale/point ofcontactfor the customer. Bank staff are advised and

supported by the insurance company through product information, marketing campaigns and sales

training. Both the bank and insurance company share the commission. Insurance policies are

processed and administered by the insurance company. By selling insurance policies bank earns a

revenue stream apart from interest. It is called as fee-based income. This income is purely risk free

for the bank since the bank simply plays the role of an intermediary for sourcing business to the

insurance company.So, ICICI Bank uses bancassurance to distribute policies to its customers. ICICI

Prudential Life has one of the largest distribution networks amongst private life insurers in India. It

has a strong presence across India with 1,960 branches (including 1,096 micro-offices) and an

advisor base of over 230,000 (as on December 31, 2009).

ICICI Prudential has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon Peoples Co-

op Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka

Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank.

Mostly all private life insurance companies are using bancassurance model. Other than this all ICICI

Prudential Life Insurance offices are at significant locations.

4.Promotion:

Over the last few months, ICICI Prudential has been advertising in outdoor, TV and press. The

company launched a corporate television campaign Saat Phere which took the emotions and

thoughts of initial Sindoor corporate film a few steps further.

The film highlights the strength of promises that a husband makes to his wife, through the depiction

of everyday situations, and then goes on to emphasise that ICICI Prudential will stand by the

husband to help him fulfill all these promises. The TV campaign has also been extended to outdoor.
http://managementfunda.com/contact/http://managementfunda.com/contact/http://managementfunda.com/contact/http://managementfunda.com/contact/


13/20

The company has also undertaken press and internet campaigns to inform customers about

benefits of some of its products, particularly retirement solutions, through the Chintamani

campaign.

After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns, ICICI

Prudential Life Insurance also introduced some innovations in the category, such as: having a tax

planner by the name of Chintamani on radio, who would answer consumers queries about the

role of insurance in financial planning.

Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a direct

marketing exercise, to talk to the customer through a non-cluttered route, and thereby have a higher

impact. The direct mailer was about ICICI Prudentials retirement solutions and the tax benefits

that one can avail of by investing in any of these. About 100,000 direct mailers were attached to

the dabbas, in areas such as Churchgate, Bandra and Andheri where there are mostly office-

goers .

In addition to advertising, the company has also initiated several activities to raise consumer

awareness about life insurance and ICICI Prudential. It includes seminars ICICI Prudential

regularly holds consumer awareness meets on the need for retirement planning in different

cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore and Mangalore. These are very

well attended and have contributed significantly towards increasing awareness about the category

and the company. Apart from this, it also entered into alliances with telecom companies, as well as

companies like BPCL and Dominos

5.People:

People are the main assets in any organization . They are very precious in the service sector.Therefore, ICICI Prudential has good number of talented people in their organization . The people

strategy of ICICI Prudential is To build a committed team with a culture of innovation, learning

and growth. The Human Resource Function at ICICI Prudential drives the people strategy of the

business. With its initial focus on operational excellence to deliver benefits and services to staff

members, HR is now committed to building capability through state of the art processes. A robust

performance management system, compensation system and a segmented training architecture

enable it to deliver value to the organization. The company provides an enabling environment to

foster growth and learning for their employees.

Every member of the ICICI Prudential team is committed to 5 core values:

Integrity

Customer First

Boundaryless

Ownership

Passion

These values shine forth in all we do, and have become the keystones of our success.

6. Process:

The client approaches the insurer (ICICI Prudential) through an agent with a proposal containinghis personal details, income details, medical history, products ( the product describes the features


14/20

provided by the insurer like maturity bonus, claims allowed etc. These features vary from product to

product), sum assured (the amount for which the client is covered), term (number of years for which

the client is to be covered) and premium amount (installment amount to be paid by the client to the

insurer). The agent who brings this proposal is termed as a base/servicing agent for the proposal.

The proposal will go through various stages of approval and risk evaluation by the Central

Processing Centre of the ICICI Prudential. Upon final approval, a legal agreement, termed as

policy, between the insurer and the client is prepared whereby the insurer covers the client for the

sum assured. The client is also entitled for some additional benefits, if any, depending on the

features of the product taken in the policy. The base agent gets a commission for the policy.

The client pays a premium at regular intervals. These subsequent premiums are termed as renewal

premiums. The base agent gets a commission on the renewal premium also.

The client may come back with some alterations to the policy viz. increase/decrease in sum assured,

increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policyand will issue endorsements stating the alterations made and their effect on the policy.

During the term of the policy, the client can submit claims. The insurer makes payment against the

claim after verification. Depending on the type of claim the policy is either terminated or is kept in

force.

At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit

under life insurance policies. In addition to this the client will get the maturity bonus and any other

benefits depending on the product feature.


Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports and

statements.

Signage:

Signage personifies the insurance company. It gives a identity by which users recognize the

company. A signage depicts the companys philosophy and policy. Following are some of the

examples

Tangibles:

Insurance companies give their customers and agents various tangible items like pen, letter pad,

calendars. Such things try to reduce the intangibility characteristics of this industry. Example: Pen ofICICI Prudential

Statements:

The statements are punch line which briefly depicts the vision and attitude of a insurance company

towards its users/potentials. It also indicates their business motive. Example: ICICI Prudential have

a punch line called We cover you at every step of Life and also the advertisement of

Jeete Raho was hit among the TV viewers.


15/20

Bajaj AllianzGeneral InsuranceCompany Limited is a joint venture between Bajaj Finserv Limited

(recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise,

stability and strength.Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority

(IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business

(including Health Insurance business) in India. The Company has an authorized and paid up capital

of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE.

As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier position in the

industry by achieving growth as well as profitability. The company garnered a premium income of

Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj Allianz has made a profit before

tax of Rs. 149.8 crore and has become the only private insurer to cross the Rs.100 crore mark in

profit before tax in the last three years. The profit after tax was Rs.95 crores, which is also thehighest by any private insurer.

Bajaj Allianz today has a countrywide network connected through the latest technology for quick

communication and response in over 200 towns spread across the length and breadth of the

country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are

interconnected with the Head Office at Pune.Vision:

To be the first choice insurer for customers

To be the preferred employer for staff in the insurance industry.

To be the number one insurer for creating shareholder value

Mission:As a responsible, customer focused market leader, we will strive to understand theinsuranceneeds of the consumers and translate it into affordable products that delivervalue for money.Bajaj Allianz General Insurance offers technical excellence in all areas of Generaland Health Insurance as well as Risk Management. This partnership successfullycombines Bajaj Finservs in-depth understanding of the local market and extensivedistribution network with the global experience and technical expertise of the AllianzGroup. As a registered Indian Insurance Company and a capital base of Rs. 110 crores,the company is fully licensed to underwrite all lines of general insurance businessincluding health insurance.Achievements:Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of MoodysInvestors Services, for Claims Paying Ability.This rating indicates highest claimspaying ability and a fundamentally strong position.Bajaj Allianz General Insurance has received the prestigious Business Leader inGeneral Insurance , awarded by NDTV Profit Business Leadership Awards 2008.The company was one of the top three finalists for the year 2007 and 2008 in theGeneral Insurance Company of the Year award by Asia Insurance Review.

7 Ps of marketing of Bajaj Allianz :

1. Products and Services:Bajaj Allianz General Insurance Company Ltd. offers a range of insurance products to
http://managementfunda.com/general-insurance/http://managementfunda.com/general-insurance/http://managementfunda.com/general-insurance/http://managementfunda.com/general-insurance/http://managementfunda.com/wp-content/uploads/2010/07/Managementfunda1.jpghttp://managementfunda.com/general-insurance/


16/20

its clients. The following insurances are offered by the company:

Motor Insurance

Asset Insurance

Home Insurance

Shop / Showroom: Protection against all risks

Health Insurance Health Guard

Personal Guard

Hospital Cash

Critical Illness

Silver Health

E-Opinion

Star Package

Health Ensure

Insta Insure

Sankat Mochan

Family Floater HG Tax Gain

Travel Insurance

Travel Companion

Student Companion

Pravasi Bharati Bima Yojana

Travel Asia

Travel Elite

Travel Assist

Swades Yatra

Corporate Insurance

Specialty Lines Aviation

Marine Hull Insurance

Project Insurance

Sports & Entertainment Insurance

Your Employees

Group Personal Accident

Group Health Guard

Group Critical Illness

Workmens Compensation

Group Travel

Office

Office Package

Burglary

Plate Glass

Public Liability

Fire

Money

D & O Liability

Fidelity Guarantee

Manufacturing Unit

Fire

Business Interruption Industrial All Risk


17/20

Workmens Compensation

Engineering

Public Liability

Product Liability

Composite Public & Product Liability

Fidelity Guarantee Marine Insurance

Credit Insurance

2. Price:The price structure is based on the type of policies. The price variation has to be keptdue to intense competition among private players. Pricing element is very importantfor Bajaj Allianz as they want to increase market share. The price of BajajAllianz policies are made as per keeping the customer in mind.

3. Place:3rd Floor, 349 Business Point,Western Express Highway Road,

Andheri(E).

The locations of every corporate offices of Bajaj Allianz is magnificent. They locate themselves in a

very professional manner. This indicates their corporate approach towards their work. Work culture

is also conducive to such environment.

4. Promotion:

Huge advertisements on Television and radios.

Tele-marketing

Promotion in front of corporate offices

Internet Marketing

Hoardings and brochures

5. People:

People are the main assets of financial organization because of service factor attached to it. Here in

this case of insurance business, talented and experienced personnel are required. Bajaj

Allianzrecruits highly intellectual persons with good market knowledge. They also provide training

to brief them up about Bajaj Allianz to its new staff members. This is the reason they are No.1

position in General Insurance among private players. They create an emotional commitment and

strong two-way relationship between the employees and the Company.

To have clear performance expectations and a clear return from the Company (working

environment, development, reward, career opportunities etc), which helps employees to make a

connection between their contribution and the progress made by the Company.

To inspire and empower people to achieve their best and reward them competitively for their

contribution and provide attractive career opportunities.To build a learning culture which fosters

personal development and professional mobility and upholds values of professionalism,innovation,

pragmatism, team spirit, integrity.To respect and value individuals, their diversity and support them

in their need to balance professional and personal lives.

6. Process:


18/20

The prestigious awards itself speaks the smooth functioning of the insurance activities. They have

the highest claims paying ability and a fundamentally strong position. They want to be the first

choice for insurers in the country. So, they understand the insurance needs of the customers and

translate it into affordable products that deliver value for money. Below case study is a clear

evidence of proof:


19/20
http://managementfunda.com/wp-content/uploads/2010/07/viewer.png


20/20


Physical evidence is the material part of a service. Strictly speaking there are no physical

attributes to a service, so a consumer tends to rely on material cues. There are many examples of

physical evidence, including some of the following:

a) Business cardsb) Internet / Websites

c) Furnishings

d) Bajaj Allianz Building in Pune

e) Internal Infrastructure

Lyf Insurance

Documents

Transcript of Lyf Insurance