SSM FINAL PPT
Transcript of SSM FINAL PPT
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Marketing challenges of life insurance industry
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Group Members
• Neha Dand - 7720
• Swarupa Dhawade - 7724
• Preeti Bangar-7710
• Shruti Borkar - 7715
• Madhuri Bhamre -7712
• Neelam Dalvi - 7719
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What is insurance?
• Insurance is an integral part of everyone’s life in present scenario.
• Came to India from UK
• With the establishment of the Oriental Life Insurance Corporation in 1818
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BAJAJ ALLIANZ
• Introduction on 12th March 2001.
• Received the Insurance regulatory and Development Authority (IRDA) certificate of Registration (R3) No. 116
• Joint venture between two companies. – Bajaj Auto– Allianz AG.
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BAJAJ AUTO
• One of the largest 2 and 3 wheeler manufacturers in the world
• Bajaj auto finances one of the largest companies in India
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ALLIANZ AG
• Allianz AG is in the business of General Insurance.
• 3rd largest Assets Under Management (AUM) and largest amongst
insurance companies.
• 11th largest corporation in the world.
• A Global Finance Powerhouse.
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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.
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Mission
• As a responsible, customer focused
market leader.
• Understand the insurance needs of the consumers
• Translate it into affordable products that delivervalue for money.
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Achievements
• Bajaj Allianz has received AAA Rating.
• “Business Leader in General Insurance” awarded by NDTV Profit Business Leadership Awards 2008.
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Marketing mix of Bajaj Allianz
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Ranking of Top 10 Private Insurance Companies
1. Allianz Bajaj Life Insurance Company Limited
2. Birla Sun-Life Insurance Company Limited
3. HDFC Standard Life Insurance Co. Limited
4. ICICI Prudential Life Insurance Co. Limited
5. ING Vysya Life Insurance Company Limited
6. Max New York Life Insurance Co. Limited
7. MetLife Insurance Company Limited
8. Om Kotak Mahindra Life Insurance Co. Ltd.
9. SBI Life Insurance Company Limited
10.TATA AIG Life Insurance Company Limited
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Product Mix
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Traditional plans
• Endowment plans like super saver, life time care.
• Money back plans.
• Cash gains plans.
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Modern plans
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Health insurance
• Health Guard
• Personnel Guard
• Hospital Cash
• Star Package
• Silver Health
• Family Care First (Cash less mediclaim)
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Travel Insurance
• Travel Companion
• Student Companion
• Travel Asia
• Travel Elite
• Swades yatra
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Child Care Plans
• Child care 21
• Child care 24
• Child care 21 plus
• Child care 24 plus
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Smart Child Education Plan
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Women Insurance Plan
• House Wives
• Working Women
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Corporate insurance
• Specialty Lines
• Office Plans
• Manufacturing Unit Plans
• Group plans– Employer Employee– Non Employer Employee
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Group insurance Solution
• Bajaj Allianz Group Gratuity Plan
• Bajaj Allianz Superannuation Plan
• Bajaj Allianz Term Plan
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Retirement and Pension Solutions
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Unit Linked Plans
• Regular Premium Plans
• Single Premium Plans
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Micro Insurance Plans
• Alp Nivesh Yogana
• Jana Vikas Yogana
• Saral Surakha Yogana
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Other Life insurance Plans
• Family Assurance
• Fortune Plus
• Capital Shield
• Century Plus II
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Other Products of Bajaj Allianz
• Asset Insurance
• Motor Insurance
• Under Writing
• Consultancy Services
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Key benefit of Bajaj Allianz products
• Additional Security
• Best value for money
• Availability in various terms
• Flexibility in Withdrawals
• Moderate premium rates
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Promotion Mix
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Promotion• Advertising
• Sales promotion
• Personal selling
• Word of mouth
• Public relations
• Publicity
• Sponsorship
• Direct marketing
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Promotional tools of Bajaj Allianz
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Recent television Advertisements
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Telemarketing
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Other promotion tools
• Radio Advertisements
• Promotion in corporate offices
• Internal marketing
• Hoardings and brochures
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Other Promotion strategies of Bajaj Allianz
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Boxing Campaign Virender Singh becomes the Brand Ambassador
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Bajaj Allianz in Pantaloon Femina Miss India Contest 2009-10
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Bajaj Allianz sponsors Miss Confident Award in Miss India Contest
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Bajaj Allianz in IPL matches
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Promotion in movies
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Bajaj Allianz in association with IBN7 gives 18 super idol Award to physically
challenged people
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Promotional Strategies in Rural areas
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Price Mix
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• Two types of Pricing in Insurance:
o Policy pricing
o Premium pricing
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Policy Pricing
• Premium charged against policy
• Interest charged for defaulting the payment
• Commission charged
• Consultancy services
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Bases for Premium Pricing
• Mortality
• Expenses
• Interest
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Bajaj Allianz Pricing Strategies
• Customer Oriented
• Competition based
• To increase the market share
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Place Mix
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Important facets of place Mix
• Initial approach of face to face interaction
• Modern approaches of intermediaries
• Managing the insurance Personnel
• Locating the branch
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Strategic Locations of Bajaj Allianz
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People Mix
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People
• Requirement of talented and experienced personnel
• Performance expectations and returns from the company should be clear
• Empowerment of people
• Build a learning culture
• Respect and value individuals
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Process Mix
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Process of Bajaj Allianz
• Customer Friendly process
• Easy and convenient installation schemes
• Concentration on improvement of customer service level
• Prestigious awards
• Strong position
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Physical evidence
• Material part of service
• No physical attributes
• Focus on making the concept understandable to the consumer.
• Some examples
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Internet/Websites
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Bajaj Allianz Building In Pune
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Other Physical evidence
• Business cards
• Furnishings
• Internal infrastructure
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4 I’S of Bajaj Allianz
• Intangible
• Inseparable
• Inconsistency
• Inventory
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Marketing challenges
• Provide right information to right person at right time
• Cost saving
• Effective development and quality processes
• Accessibility issues
• Portal approach
• Cover wide range of audience
• Inconsistent users experience
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Swot analysis
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Strength
• Insurance cover
• Past year performance
• Flexibility
• Withdrawal after 3 year
• Tax benefit
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Weakness
• It is purely private company
• Less awareness among people about ULIPs
• No guaranteed return on ULIP
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Opportunities
• Insurable population
• Inflow of managerial and financial expertise
• World class expertise in local markets
• Increase in sales of ULIPs
• Insurance liberalization
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Threats
• Existing players
• New entrants
• Competitor’s position in eyes of customers
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Suggestions • Branding
• Industrial client
• Hire experienced sales managers
• Loyalty rewards
• More publicity
• Focus on young and low aged people
• Organizing information giving seminars
• Minimization of ULIPs minimum premium payment
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Other information about Bajaj Allianz
• Current market trends
• Strategies of the company
• Complaints handling and compensation management
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Conclusion
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