SUMMER INTERNSHIP PROJECT REPORT

Understanding Applied
Digital Marketing through
Market Research
Summer Internship Project Report

Indian Institute of Management Amritsar

Submitted By: Submitted to:

Sandeep Herenj Prasanna Pathak

 Acknowledgement
I am very glade and pleased to an offer to work with Future Generali Total Insurance
Solutions as an intern. It offered me a lot of opportunities for learning and
professional development. I am also grateful for having a chance to meet so many
wonderful people and professionals who led me though this internship period.

With this in my mind first of all I am using this opportunity to express my deepest
gratitude and special thanks to Mr Prasanna Pathak who in spite of being
extraordinarily busy with his duties, was always there to train us, guide us also
helped me to be on the right path on the course of this internship.

I express my deepest thanks to Mr.Aayush Chandgothia who acted as our facilitator

in sales as well as in conducting our project, he tried his best so that we take away
for ourselves more and more from this summer internship.

I would also like to thank Mr Parth Jena for creating an atmosphere of learning and
competition as well as motivating and counselling us so that we do not get
exhausted or feel left out. It was extremely valuable for my study both theoretically
and practically.

I believe that this opportunity is big milestone in my career development. I will strive
to use gained skills and knowledge in the best possible way, and I will continue to
work on their improvement, in order to attain desired career objectives.

Hope to continue cooperation with all of you in the future.

Sincerely,

Sandeep Herenj

Place: Indian Institute of Management, Amritsar

Date:
Table of contents

INTRODUCTION 1

LIFE INSURANCE SECTOR 1

CLASSIFICATIONS OF LIFE INSURANCE POLICIES 2

RIDERS 2

BONUSES 3

FUTURE GENERALI INDIA LIFE INSURANCE PRODUCTS 3

ROLE OF BUSINESS DEVELOPMENT EXECUTIVE AND
FINANCIAL
PLANNING 4

INTRODUCTION TO DIGITAL MARKETING 4

TYPES OF DIGITAL MARKETING 7

MARKETING AUTOMATION 11
DIGITAL MARKETING FRAMEWORK 12

OPERATIONS IN FUTURE GENERALI 12

CONCLUSION 14

REFRENCES 14
INTRODUCTION
Future Generali India Life Insurance
Future Generali India is a joint venture between Future Group and Assicurazioni
Generali. Future Group are leading player in Retail Trade and Generali is a 187-
year-old global insurance group. Generali group is an Italian group with strong
international presence and established in 1831. Future Group was established in
1987 and owns brands like Central, Big Bazaar, HomeTown and EZone. Both these
groups went into joint venture in September 2007 to form this insurance company to
provide retail, commercial and personal insurance. It obtained break-even in the
sixth year of its operations. It received an ISO 9001:2008 certification in 2013 and
ISO 27001:2013 Certification in 2014.
Vision: Our vision is to actively protect and enhance people lives.
Mission: Our mission is to be the first choice by delivering relevant
and accessible insurance solutions.

LIFE INSURANCE SECTOR

In all the life insurance industry comprises of 24 companies among which 23 are
private companies, chief among them are ICICI Prudential, Bharti AXA and Future
Generali, Bajaj Allianz and a public company Life Insurance Corporation (LIC).
There is a regulatory body for insurance sector known as IRDAI – Insurance
Regulatory and Development Authority of India which frame rules related to policy
making, forming an insurance company, it also takes care of the insured. Life
Insurance sector was nationalized in 1956 to form Life Insurance Corporation, and
was finally reopened to private sector in 1990s. General Insurance Corporation is
the re-insurer in India, which essentially means that it insures the risk taken by the
insurance companies. In 2000, Foreign investment was allowed up to 26 percent
ownership and in 2016 foreign investment limit was raised to 49 percent.
What is Life Insurance?

It is a contract between the policy holder and the insurer to provide an assured
amount of money to the beneficiary in case of death of the life assured. Life
insurance policies are legal contracts wherein the two parties, i.e. the policy holder
and the insurer with their free consent, form a binding legal agreement by way of
offer and acceptance for a consideration, that is the premium to be paid by the policy
holder.
Why take out a Life insurance policy?

It is an ideal instrument to financially secure a family in case of untimely

demise of that family’s bread earner.

Certain events in life cannot be forfeited like child education and marriage and these
events need to be secured no matter what. Life insurance policy allows you to plan
these events and secure them financially.The second aspect to Life insurance is
the tax savings. The premium paid for life insurance is exempted from income tax
under section 80C up to the amount of Rs. 1,50,000.

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CLASSIFICATIONS OF LIFE INSURANCE POLICIES
Life insurance policies are primarily divided into two types based on benefits
promised.

1. Term insurance policy: This type of policy offers only death benefit and no
benefit upon maturity of the policy. Such policy incurs very low premium and
can offer high death sum assured.
2. Endowment policy: This type of policy offers maturity benefit and incurs a
higher premium amount as compared to term insurance policy for same
amount of sum assured.
Generally insurance policies are a combination of the above both types and offer
both death benefit and maturity benefit. Also, based on company participation
there a further two types

1. Participating: where the policy participates in company profits, so every

year the policy sum assured is credited with the bonus declared by the
company.
2. Non-Participating: where the policy does not participate in the company
profits and sum assured does not change during the course of policy term.
Further based on market participation it can be classified into

1. Linked: where the policy holder is allotted units from market investment
and the returns are linked to market performance apart from the sum
assured.
2. Non linked: where the sum assured is fixed and the policy is not linked
to market performance.

RIDERS
These are additional premiums that the policy holder can opt for to assure
additional payout for certain events like accidental death or critical illness.
There are four types of riders

1. Accidental Death Rider: wherein for additional premium beneficiary would

receive additional payout on accidental death of the life assured.
2. Critical Illness Rider: where the life assured would receive lump sum payout
in case they are diagnosed with one of the 34 critical illnesses mentioned in
the policy document like heart disease, cancer etc.
3. Waiver of Premium Rider: where future premiums are waived off in the
event of a mishap as declared in the policy document.
4. Disability Rider: where the policy holder receives benefit as declared under
the policy document in case of a disability.

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BONUSES
In a participating life insurance policy, bonuses declared yearly are added to the
sum assured of the policy. These bonuses are a part of the profits made by the
company and become guaranteed when declared. There can be three types of
bonuses

1. Reversionary Bonus: are added to the sum assured and are declared
yearly. Further these can be simple reversionary bonus that are calculated
on the sum assured or compounded reversionary bonus that is calculated
on sum assured plus past reversionary bonuses declared, if any.
2. Terminal Bonus: is declared and added only for those policies that
have attained maturity.
3. Interim Bonus: if the policy matures or death occurs in between of
declaration of bonuses then this bonus is paid by calculating it for remaining
days from last bonus date.

FUTURE GENERALI INDIA LIFE INSURANCE PRODUCTS

The key products offered by Future Generali India Life Insurance are

1. Assured Money Back: It offers flexible premium payment and policy terms to
suit the needs of the client and offers yearly payouts after the premium
payment term that acts as support income apart from the payout at the
maturity of the policy. Total benefit amounts to 200 percent of the sum
assured.

2. Assured Income Plan: It offers two premium payment terms and the benefit
is yearly payout that is 1.5 times or 2 times the premium paid for the same
duration as the premium payment term. Apart from this there is a maturity
benefit that ranges up to 4 times the premium amount.

3. Assured Education Plan: This plan is ideal to assure the education of your
child wherein for premium payment till the age of 17 years of the child the
parent is insured and in case of untimely demise offers the death benefit as
well as maturity benefit of the sum assured apart from yearly payout of 5
percent of sum assured till the age of 16 years and waiver of future premiums.

4. New Assure Plus: This a participating plan and offers compounded

reversionary bonus and terminal bonus.

5. Express Term Life Plan: This is pure tem cover that offers high sum assured
for very low premium apart from the riders like accidental death rider,
disability rider, critical illness rider.

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ROLE OF BUSINESS DEVELOPMENT EXECUTIVE AND
FINANCIAL PLANNING
Key aspect of being a Business Development Executive at Future Generali
India Life Insurance is to be able to perform financial planning for clients. This
activity is a strong relationship builder and helps ascertain the needs of the
client and identifying the ideal product that suits client needs.

The first step is to identify the life stage in which the client belongs to and the key
events to come in life.
Age Life stages

20-25 Learner

25+ Earner

28-30 Partner

28-35 Parents

28-55 Providers

55+ Empty Nester

58+ Retirement

So for example in parents stage the client needs to start planning for the
education of child, thus making Education plan an ideal choice.
The selection of premium amount is based on the future needs and earning
capacity of the client.

The second step is to identify the taxation needs of the client. The premium paid
for the policy is exempted under section 80C of Income Tax Act. Similarly, the
premium paid for critical illness rider and premium for medical insurance is
exempted under section 80D of Income Tax Act. Further the death and maturity
benefits received from insurance policy are exempted from tax under section
10(10D) of Income Tax Act.

The third step is to link this analysis with the uncertainty of life and the importance
of keeping their loved ones financially secure. Further, always take proactive
measures to take follow up and never push too much.

The natural market is ideal for approaching and sell life insurance. Always ascertain
the family and economic background before starting financial planning and only
suggest products that suit the needs of the client. Selling income plan to a family
with new born is less effective the proposing an education plan.

INTRODUCTION TO DIGITAL MARKETING

Digital Marketing can be understood as a well-targeted, conversion-oriented,
quantifiable, and interactive marketing of products or services by utilizing digital
innovation to achieve the customers, and transform them into clients in a
sustainable fashion. The whole concept and functionalities of Digital Marketing

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are more competent, effective, result-oriented and measurable, which make it very
different from traditional marketing.
The traditional way of marketing lets businesses market their products or
administrations on print media, radio and TV commercials, bill boards, business
cards, and in numerous other comparable ways where Internet or web-based social
networking sites were not utilized for promoting.
However, traditional promoting approaches had constrained client reachability and
extent of driving clients’ purchasing conduct. In addition, traditional marketing
methods were not quantifiable too. Let us understand noticeable difference
between Traditional Marketing & Digital Marketing-
Difference b/w Traditional Marketing & Digital
Marketing Traditional Marketing
1. Communication is unidirectional in traditional marketing, which means, an
organization communicates about its services with its audiences.
2. Medium of communication in traditional marketing is generally phone calls,
emails, and letters.
3. Campaign in Traditional marketing takes more time as designing,
preparing, and launching are involved.
4. It is best for reaching local audience.
5. It is almost impossible to measure the effectiveness of a traditional
marketing campaign.
Digital Marketing
1. Communication is bidirectional in Digital Marketing as businesses can
communicate with customers and customers can ask queries or make
suggestions to businesses as well.
2. Medium of communication is more powerful and involves social media
websites, chats, apps and Email.
3. Digital marketing campaigns can be developed quite rapidly and with
digital tools, channelizing Digital Marketing campaigns is easier.
4. It is very effective for reaching global audiences.
5. Digital Marketing lets you measure the effectiveness of a digital marketing
campaign through analytics.
Digital Marketing accomplishes targets of marketing of a business through various
Digital Marketing Channels.
Now, in this Introduction to Digital marketing guide, we will go through different
digital marketing channels and understand their roles-

1. Search Engine Optimization (SEO)

SEO can be understood as the process of optimizing the structure, design, and
content of your website so the Search engines can index them accurately and
position sites in the top results of SERPs. SEO also incorporates different
promotional activities that boost search engine ranking of your site. How does
Search Engine Work?
Generally, most of the Search engine does- Spiders or Web Crawling, Indexing &
Displaying.

a. Spiders & Crawlers: In this, spiders crawl over the web for searching
the content. Once spiders finish the scanning process, they copy the
searched content to store that in a search

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 engines database. Web crawlers collect following information from
webpage-

b. Indexing: Search engines crawl and index the content of different

web pages and additionally, they keep track of all those relevant
pages in keyword-based indices. To determine ranking, search
engine looks into the content of the page, Page URL, Page Title,
Domain Age, Topicality, Domain Trust, Social Signals, Number and
relevance of external pointing links to the page and other factor

c. Displaying: This is the last step in how search engine works and it
involves retrieving of the best-matched results for the search queries
and then displaying of the search result to the visitor

Role of Keywords in SEO

Introduction to digital marketing PDF emphasizes that keywords play the most
important role in SEO, as its right use is the key to successful SEO. It is what a
user enters on the search bar to find specific information. Different important terms
associated with Keywords are-
  Keyword Density- More keywords can even get you penalized for
“spamming “or keyword stuffing and that is why having keyword density
from SEO point of view becomes mandatory. For best result, you need to
have keyword density around 3-7% for the major and 1-2 % for minor
 keywords.
 Keywords in URL- You need to know that first word is best position for
 keyword in URL
 Keywords in Title tag- Keywords should be in beginning of title tags, 10-60
 characters, no special characters
  Keywords in description meta tag- Show theme less than 200 characters
  Keywords in Keyword meta-tag- Show theme less than 10 words
 Keywords in Headlines- Use Hx font style tags appropriately
Link Building in SEO- It involves Off-page and On-page
optimization-Off-Page Optimization
It is the process of boosting search engine rankings of your website by getting
external links pointing back to your site. The more effective quality links you can get
to your webpage, your site will have better chance to rank in SERPs. A quality
Backlink has following qualities-
1. Incoming links from high page rank webpage
2. Use of different anchor text
3. Use of Do-follow or No-follow links
4. Having Backlink from similar niche blog or website
5. Avoiding black hat SEO
6. High Trust
7. Good Domain Authority
8. High Relevance in the subject matter of the linking and destination
domains
9. Site Age that shows site stability

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 TYPES OF DIGITAL MARKETING
1.On-Page Optimization
On-page optimization is directly related to the content and structure of the website
and it focuses on-
1. Unique title tags and Headlines
2. Keyword frequency in the URL, Body Text and Headings
3. Synonyms
4. Copywriting
5. Adding description to images
6. Good Internal Navigation
2. Social Media Marketing
Social Network Marketing incorporates marketing strategies that use social media
channels as marketing tools for optimizing exposure of a brand, targeting
audiences, conversions and returns. Social Media marketing can be done by
adding social media links to the site content e.g. RSS feeds and sharing buttons. It
can also be done by promoting sites through social media channels by updating
tweets, statuses, blog posts, photos and so on. Most of the Digital Marketing PDF
considers SMM as the second most important digital marketing channels.
 Social Media Marketing aids an online business get direct feedback from
their customer on different social websites like Twitter, Instagram,
 Facebook, LinkedIn, MySpace, Instagram, YouTube, etc.
 The success of a social media marketing campaign is based on “Personal”
interactions between the user and business

Facebook Marketing

 Facebook includes most powerful social media marketing features that

allow marketers provide videos, photos, longer description option and
 testimonials on their Facebook page for others to see.
 Marketers can make a group or join a group of their liking on Fb and ask
questions or give answers related to topics associated with your kinds of
 businesses.
 There are automated scheduling tools available to automate Facebook
Marketing, which makes it one of the most quantifiable SMM channels
incorporated in most of the basics of digital marketing e-guides.

Twitter Marketing
 Twitter marketing is one of the best ways to reach out new customers
 without invading their privacy.
 Twitter is actually a micro blogging service that lets marketers send and
 receive messages.
  It helps businesses contact and communicate with their customers.
 You can also create your personal page in twitter, upload your site and
share information regarding your business on Twitter.
LinkedIn Marketing
 As one of the most preferred SMM channels of ‘Introduction to Digital
Marketing PDF’, LinkedIn connects professionals from various
backgrounds.

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  It provides professionals an opportunity to expand their businesses by
 connecting with other business professionals.
 By using widgets, LinkedIn members can promote their company directly
 to their clients.
 “Company Page” can also be created on LinkedIn that acts like a business
resume for your client to have a quick overview of your business.
Google+ Marketing
Google Plus offers a variety of social media marketing features that are
considered essential to know while going through the basics of Digital Marketing
  Circles: Helps marketers create groups or join circles of their likings
  Stream: Offers instant updates on selected contacts or groups
  Photos: Helps marketers upload photos
 Sparks: Lets marketers specify their area of interest every time they
 logged in
 Plus One: It is similar to Facebook’s ‘like button’ through which you can
 express your opinion about any particular product or service
 Video Chat and Huddles: Helps you solve all the queries by using video
chat facility that can be used to channelize live customer interactions while
huddles allow marketers to conduct group chats.
Video Promotion
 Video promotions are amongst the quickest ways to reach your prospects.
Visual effect creates more powerful impact on customer than print or digital
 text.
 Video promotion enables marketers explain the product more convincingly
 compared to any other medium.
 Social Media Marketing on “YouTube” help marketers turn their viewers
 into fans then fans into customers.
 Video promotion also aids in getting a good rating because there is very
 less competition for video promotion pages.
 Attaching script with your video helps you gain maximum viewers. In
addition, you can repurpose your video content into a presentation,
transcription, screenshots as podcasts and images, and digital marketing
PDF downloads

3. Online Paid Marketing
Online Paid Advertising, Pay per click advertising or PPC is another important
digital marketing channel that you need to understand while going through
introduction to digital marketing. In paid advertising, you need to pay each time a
user clicks on your Ad.

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 4. Email Marketing, Mobile App Marketing & Web
Analytics Email Marketing

Email Marketing Process

Email marketing is one of the most pervasive and effective strategies to reach
optimum users with least expenses. It is a type of direct marketing that utilizes email
as a method for correspondence. Email marketing is a proficient approach to
remain associated with the customers and in the meantime advancing your
business and services. With email marketing, marketers can likewise track how
much percentage of individuals has demonstrated enthusiasm for your item or
administration. Proficient email marketing is considered as a superior approach for
well-organized digital marketing campaigns. Here are a few advantages for email
marketing-
 Permission-based list building, which is a making of an email list by giving
a sign box to imminent email contacts and affirming their endorsement with
 a subsequent email.
 Campaign creation that is understood as the capability to organize and
 structure extensive volumes of e-mails by branding, subject and schedule
 Online reporting that offers the ability to track the sending of individual
 email campaigns, their bouncing rates and other related details.
 Rich content Integration that provides features like addition of graphics,
 audio, video, and test using templates along with drag and drop editor.
 List Management that offers the ability to organize, edit, segment, grow
and manage a database of client e-mail contact details.

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 Mobile App Marketing

Mobile App Marketing Strategy

Growing prevalence of smart-phones makes mobile app one of the most important
parts of ‘digital marketing PDF’. While building your mobile App, below given are
the important things you need to pay heed upon-
 You need to optimize social media presence of your App by improving a
steady social media following on different social networks like Facebook,

Google+, Twitter, Instagram, Tumblr, etc.
 You should drive engagement across your mobile app by focusing your
efforts on boosting ongoing engagement and keep updating fresh content
 to influence users have interest in your app.
 Another important factor is to increasing app store ratings that you ought
 to try, as this will drive a lot of traffic to your app.
 Ensuring a steady rise in app downloads is one of the important things you
need to consider in mobile marketing. However, if your product is valuable,
its download rate will automatically increase.

Web Analytics

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 Web Analytics Process
Web Analytics is the review, examinations, and reporting of a web information and
data for motivations behind comprehension and enhancing web utilization. This
strategy is helpful to quantify what numbers of individuals have gone by a site, and
how frequent they have used the site or what course they have selected to reach
your site. It is exceptionally helpful for marketers as they can make sense of it,
which digital marketing strategy is effective, and which is most certainly not. This is
thoroughly covered during introduction to Digital Marketing.
 Different Web analytics tools can be used to measure whether your site
 page is working effectively or not.
  Some of the most common Web Analytics tools are Google Analytics, IBM
Coremetrics web analytics, Adobe site catalyst, IBM’s Unica Netsight,
Piwik, Yahoo marketing dashboard, Moz, etc.

MARKETING AUTOMATION
Marketing automation refers to software platforms and technologies designed for
marketing departments and organizations to more effectively market on multiple
channels online and automate repetitive tasks.

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DIGITAL MARKETING FRAMEWORK

OPERATIONS IN FUTURE GENERALI

Along with the project we got a chance to generate sales of insurance policies. I was
asked to create a list of prospects and contact them. In case personal meeting was
required I was allowed to go and meet the clients. I got an experience of pitching the
product features to the clients. Whichever got converted there was a proper procedure
which was to be followed so that there is no mismatch of any data of the client with the
documents provided.

Step # 1. Procedure for Taking a Life Policy:

Life policy is based on the principle utmost good faith. The procedure-filling in the form
is quite simple. It is almost like a home industry where the person who wishes to make
an investment in the form of insurance. The first thing to do is to fill in a proposal form.

The proposal form contains the following details:

(a) Name, nationality, permanent residential address, occupation, nature of duties,
present employer’s name, length of service, previous employment record, father’s name
in full.
(b) Place of birth, date of birth, proof of age and district of birth.
(c) Term of insurance, nature of insurance, type of policy, amount to be insured, mode
of premium payable — yearly, half-yearly, quarterly and monthly.
(d) Personal information regarding height, weight where the life is proposed.
(e) Details of any previous policies whether one or double insurance.

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 (f) Family history, history of father, mother, brothers, sisters, children.
(g) Information regarding diseases like epileptics, asthma, tuberculosis, cancer, leprosy,
etc.
(h) Information regarding previous records of accident, injury, operation diseases.
Step # 2. Medical Examination:
If the applicant has a family history of disease then the investment procedure is more
detailed and description about permanent immunity and other family diseases have to
be given including habits, name, income, occupation and salary. A person of normal
health almost goes through a medical examination as a matter of formality.
Step # 3. Medical Report:
The next step after filling-in proposal form is to undergo a medical examination from one
of the doctors approved by the insurance company.
The examination is usually of a routine kind where the identification of the applicant, his
appearance, measurement, weight, condition of teeth, eyes, throat, tongue, ears,
condition of heart, chest, digestion, nerve system and past operation is taken into
consideration to find out the life span of the individual.
Step # 4. Agent’s Report:

The third step consists of a report which is confidential in nature. It is made by the agent
who is underwriting the life of the person. His report consist of the age of the person
insuring himself, his health, occupation, soundness of payment of premium, proper
health and longevity of life.
Step # 5. Acceptance of Proposal:
The insurance company accepts the proposal of the insurer on the commitment made
by the agent and after taking into consideration the doctor’s medical report. The factors
which play a dominating role is the mode of premium, type of policy, the age of the
applicant, his health, occupation and habits.
Once these factors have been considered and the insurance company’s officers are
satisfied, the form is accepted. An investor’s form will be rejected only if he suffers from
serious diseases or the longevity of life cannot be guaranteed.
Step # 6. Proof of Age:
The next step after accepting the proposal of a person is to ask him to submit the proof
the age.
The person who is interested in insuring himself may give this proof by
submitting any of the following documents:
(a) A copy of a certificate giving details of the school leaving examination with age or
date of birth stated therein;
(b) Municipal records;
(c) Original horoscope prepared at the time of birth, if no proof of age is available;
(d) In the case of uneducated families, entry in the family record through birth register;
(e) Employer’s Certificate’
(f) Any other satisfactory proof.
Step # 7. Mode of Premium:
When an investor takes a life policy on his portfolio he must pay some installment to the
life insurance company for this investment. This installment is called premium and may
be paid periodically.
It may be paid annually, half-yearly, quarterly or monthly. Usually, a period of 30 days is
given as grace beyond the due date of payment of premium. The rates of premium are
different for different kinds of policies offered as investment.
Step # 8. Issue of Policy:
When all these formalities are completed the insurance company sends a life policy to
the insured. This legal document between the life company and the insured states the
details of the policy.

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It gives details regarding the age, address, sum assured, type of policy with or without
profits, date of maturity, premium, mode of payment of premium, name of person who is
entitled to receive the ultimate sum, amount at the termination of the policy, the
surrender value of the policy, the settlement of claims of policy and all other conditions
of the contract.
The insurance company sends this policy under its seal and signature of its officers. On
receiving this policy, the investor begins his investment with the life insurance company.

CONCLUSION
SEO, Social Media, Paid Advertising, Email Marketing along with Mobile Marketing
and Web Analytics are the pillars while making an introduction to digital marketing.
In this introduction to online marketing, we tried to explain all these digital marketing
channels in the most elaborative manner possible.

REFRENCES
https://general.futuregenerali.in/
https://blog.hubspot.com/marketing/digital-strategy-guide
https://hbr.org/2017/07/6-digital-strategies-and-why-some-work-better-than-
others
https://www.digitalvidya.com/blog/introduction-to-digital-marketing/
https://docuri.com/queue/future_59c1ea44f581710b286da5f7_pdf?queue_id=
59cb2332f58171e10428bba1

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