Kotak Mahindra Old Mutual Life Insurance

Ltd :
Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between
Kotak Mahindra Bank Ltd., its affiliates and Old MutualThe 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.

7 P’s of Marketing of Kotak Life Insurance:

1. Products and Services:

Individual Plans:

Ø Protection Plans:

• Kotak Loan protection Plan

• Kotak Term / Preferred Term Plan

• Kotak Eternal Life Plans

• and Investment Plans:

• Kotak Super Advantage

• Kotak Platinum Edge

• Kotak Endowment Plan

• Kotak Money Back Plan

Ø Child Plans:

• Kotak Headstart Child Plans

• Kotak Child Advantage Plan

• Ø Retirement Plans:

• Kotak Long Life Wealth Plus

• Kotak Long Life Secure Plus

• Kotak 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 insurance business.

The price mix decisions basically depd will be low in the initial stages and will
increase with the increasing age of the childend upon the premium that they
are going to charge from the endusers. As in this case the premium charge.
But in case if the child is physically disabled the premium charged will be
high. Thecustomers 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 for attracting 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:

AdvertisementsThis 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 the eligibility 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 child’s
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 be given 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 endcustomers so
that they can demonstrate effectively which will enable the end users i.e
childrens to buy the product.

5. People:

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. In this 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 their home or office. These insurance advisors make customers
aware about the new and advantageous product for them. Along with 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.

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 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.

7. Physical Evidence:

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 company’s 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

7 P’s of Marketing of Bharti 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 Pump set

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.

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 AXA has 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 the Bharti AXAGeneral Insurance customer
experience always a positive one.
Bharti AXA CLAIMS 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

• Internet / Web Pages