[Document subtitle]

MINI PROJECT OF MOFS

TOPIC- INSURANCE

Submitted by- NAVEEN SEMWAL

Section-b2b2
UID- 2019-0606-0001-0001
Table of Contents
What is Insurance?................................................................................................................................2
What is Life Insurance?.........................................................................................................................3
What is General Insurance?...................................................................................................................5
BUSINESS SUMMARY OF BAJAJ ALLIANZ GENERAL INSURANCE........................................6
BUSINESS INTIATIVES BY COMPANY..........................................................................................7
PRODUCTS OF BAJAJ ALLIANZ GENERAL ibiiiiiiiiinxniiiinxksnxINSURANCE...............................8
CYBER INSURANCE..........................................................................................................................9
ANSWERS TO SOME COMMON QUESTIONS..............................................................................11
Swot analysis.......................................................................................................................................12
MARKET MAPPING.........................................................................................................................13
MARKETING STRATEGY...............................................................................................................14
Actions to take:............................................................................................................................14
Actions to take:............................................................................................................................16
Target Market......................................................................................................................................17
BUDGET.............................................................................................................................................18
MARKETING CHANNELS...............................................................................................................18
What is Insurance?
• Insurance is a contract of reimbursement. For example,
it reimburses for losses from specified perils, such as
fire, hurricane, and earthquake. An insurer is the
company or person who promises to reimburse
• The insured (sometimes called the assured) is the one
who receives the payment, except in the case of life
insurance, where payment goes to the beneficiary named
in the life insurance contract
• The premium is the consideration paid by the insured—
usually annually or semiannually—for the insurer’s
promise to reimburse. The contract itself is called
the policy. The events insured against are known
as risks or perils
What is Life Insurance?
• Life insurance is a contract with between an
individual and an insurance company, in which
the insurance company provides financial
security in return for regular payments (known as
premiums) to the insurance company. In case of the
policyholder’s death or if the policy matures, the
insurance company shall pay a lump sum  to the
individual after a period of time or to their family,
on basis of the contract  Typically, this type of
policy is chosen based on your needs and goals
• Insurance can prove advantageous in meeting several
financial goals of the individual and his family. Here are
some of the important ones
• Financial cover against loss of life, which makes sure
your family can support itself in your absence
• Child’s education
• Child’s marriage
• Buying a house
• Pension or regular income post-retirement
• Post-retirement income for NRI

Types of Life Insurance

Term insurance
Term Plans are the most basic form of life insurance. They
provide life cover with no savings / profits component. They
are the most affordable form of life insurance as premiums are
cheaper compared to other life insurance plans.

Endowment plans
Endowment plans differ from term plans in one important
aspect i.e. maturity benefit. Unlike term plans which pay out
the sum assured, along with profits, only in case of an
eventuality over the policy term, endowment plans pay out the
sum assured under both scenarios – death and survival.

Unit linked insurance plans (ULIP)

ULIPs are a variant of the traditional endowment plan .They
pay out the sum assured (or the investment portfolio if it’s
higher) on death/maturity. Since ULIPs invest in stock
markets they are well-suited for individuals with appetite for
risk.

Whole life policy

A whole life insurance plan covers a policyholder over his
life. The main feature of a whole life policy is that the validity
of the policy is not defined so the individual enjoys the life
cover throughout his life.

Money back policy

this is a variant of the endowment plan. A money gives
periodic payments over the policy term. To that end, a portion
of the sum assured is paid out at regular intervals. If the policy
holder survives the term, he gets the balance sum assured.
What is General Insurance?
All Non-life Insurances fall under General Insurance, which
cover all related costs of the insured as well as his/her
belongings. For instance, a Passenger Car Insurance covers
your car; Health insurance covers your health, Home
Insurance covers your home and its contents and a Travel
Insurance policy insures you against untoward events during
the travel.
Types of General Insurance
• Health Insurance
• Travel Insurance
• Motor Insurance
• Marine Insurance
• Home Insurance
• Commercial Insurance
BUSINESS SUMMARY OF BAJAJ
ALLIANZ GENERAL INSURANCE
Bajaj Allianz Life Insurance began operations on 12 March 2001 and
today has a pan India presence of 759 branches. It is headquartered in
Pune, India. Bajaj Allianz Life Insurance received the Insurance
Regulatory and Development Authority (IRDA) certificate of
Registration on 3 August 2001 to conduct Life Insurance business in
India.
Currently Bajaj Allianz Life has a strong life insurance portfolio and
caters to all kinds of customer needs from ULIPs to Child plans, from
group insurance to health insurance. The Allianz Group is a global
financial services provider with services predominantly in
the insurance and asset management business.
Bajaj Allianz Life is one of the leading private life insurance
companies in India. The company is a partnership between two
powerful and successful entities in their own right-Bajaj Finserv
Limited, one of India’s most diversified non-banking financial
institution and Allianz SE, one of world’s leading asset manager and
insurer. Bajaj Allianz Life has constantly transformed to offer tech-
enabled state-of-the-art services to enhance customer delight. The
company continues to engage with customers through several unique
platforms, and has secured a place in the Guinness Book of world
Records with the Bajaj Allianz Life Plankathon 2018.
The mission 2020 of the company is to become undisputed leader
amongst non-bank promoted life insurance companies in top-line and
profitability.
Company offers insurance facilities which cover motor insurance,
health insurance, travel insurance, home insurance, commercial
insurance and cyber insurance.
BUSINESS INTIATIVES BY
COMPANY
FIRST INTIATIVE
To enhance the quality of your user experience and to make it as seamless as
possible, the Company has embraced digitalization as a primary enabler and has
been working continuously on automation and digitization of its service
offerings.
Company’s world class systems and processes offer real time solutions to both,
our customers and partners via mobile applications and dedicated portals.
SECOND INTIATIVES
The industry second initiatives by the company like cashless claim
settlements, in-house health management team (HAT) and image based
policy as well as claim processing, digital offices and mobile applications such
as Eezee Tab and Insurance Wallet have set a benchmark in the industry. We
are the first insurance company in the country to lay the foundation for usage
based insurance through its telematics offering, Drive Smart.
THIRD INTIATIVE
Company’s latest innovation, Cyber Insurance, protects individuals from fast
emerging threats in the digital domain. This is the first product of its kind to
have been launched in the Indian market.
 PRODUCTS OF BAJAJ ALLIANZ
GENERAL
MOTOR Car Insurance HOME My Home Insurance

Two Wheeler Insurance House Holders Package Policy

Long Term Two Wheeler Insurance Easy Householders Package

Policy
Car Third Party Insurance

Two Wheeler Third Party Insurance

Commercial Vehicle Third Party Insurance

COMMERICIAL HEALTH
Property Insurance Individual Health
Insurance
Marine Insurance
Family Health
Liability Insurance Insurance
Financial Lines Health Infinity Plan
Insurance
Arogya Sanjeevani
Engineering Insurance Policy
Commercial Insurance Extra Care Plus
Critical Illness
Global Personal Guard
Silver Health
M-Care
Other

TRAVEL CYBER Individual Cyber

Individual Travel Insurance
Insurance
Extended
Family Travel Warranty
Insurance Insurance
Student Travel
Insurance
Bharat Bhraman
Travel Insurance
Asia Travel Insurance
Senior Citizen Travel
Insurance
Corporate Travel
Insurance
CYBER INSURANCE
The Most Dangerous Thing About Cyber Threats Is That They Are Usually Not
Detectible Until After They Have Already Happened. Unlike A Stalker In Real
Life, A Cyber Stalker Cannot Be Seen And Unlike A Suspicious Person
Lingering Near An ATM, Phishers Are Hard To Perceive. Considering All the
Possible Cyber Threats and Risks You’re Exposed to Every Time You’re
Online, We’ve Designed Our Cyber Insurance Policy to Help Protect You.
However, in today’s world, it is almost impossible to function without exposing
yourself to the online world, at least to a certain degree. And this makes one
very vulnerable to the flip side.
Identify fraud, Phishing, Cyber stalking
You’re potentially exposed to these threats almost every day. What do you do
then? Stop using the internet? Of course not! You find a way to protect yourself
from potential cyber threats and risks and Bajaj Allianz Cyber Insurance helps
you do just that.
Realizing the growing need for Cyber Insurance in India, we designed our
policy to support the Personal Cyber Insurance Market and became the first
Indian Insurer to offer Cyber Insurance.
The internet is, perhaps, the best and worst creation mankind has invented. With
its benefits of connectivity, communication and convenience, it brings with it a
set of new-age risks. These can range from misuse of your financial information
and data theft to cyber stalking and identity theft.

PROTECTION AGAINST
 IDENTITY THEFT
 CYBER STALKING
 MALWARE ATTACK
 IT THEFT LOSS
 PHISHING
 EMAIL SPOOFING
 MEDIA LIABILITY CLAIMS
 CYBER EXTORTION
 PRIVACY & DATA BREACH BY THIRD PARTY
 ADDITIONAL BENEFITS OF BUYING PERSONAL CYBER
INSURANCE POLICY
Counselling Services 
We understand that taking care of the financial burden – pure
financial loss and legal expenses – is only part of the solution. Most
things tend to have a ripple effect and being subject to a cybercrime
like cyber-stalking or identity theft can have some serious
consequences on one’s mental health and wellbeing. Our Individual
Cyber Insurance Policy therefore covers all reasonable fees, costs and
expenses of an accredited psychiatrist, psychologist or counsellor
chosen by you, to take treatment for stress, anxiety or such similar
medical conditions resulting from being subject to any of the above
cybercrimes.
We’re the first Indian insurer to offer Cyber Crime Insurance Policy
in India and we’ve made sure to design our policy in a way that it
offers a holistic cover. 

IT Consultant Services Cover 

There a lot of costs that you can’t anticipate until they are thrown at
you. This tends to hamper budgeting and staying on track with
financial goals.  When you’re the victim of a cybercrime, you will
require an IT Consultant to help you prove the amount and extent of a
covered loss. IT Consultants are tech geniuses, but their services can
be on the costlier end.
However, our Personal Cyber Insurance Policy will cover the IT
consultant services cost. You can go ahead and get the best help you
can find to fight back against cybercrime and don’t once think about
the cost, because we’ve got your back.
ANSWERS TO SOME COMMON
QUESTIONS

Q1. Who can buy this policy?

ANS. Any Individual person above 18 years of age. We get that everyone
now uses the internet on a daily, if not an hourly basis, and we want to
make the protection of our Individual Cyber Safe Policy easily accessible.
Hence, our requirement is as basic as someone being of legal age.
Q2. What is the policy period?
ANS. This is an Annual policy. The renewal of the policy, however, is
super quick and easy and you can keep enjoying the protection of the
Personal Cyber Insurance Policy for as long as you use the internet by
renewing it online within a few clicks. 
Q3. What are the plans available under the policy?
ANS. We understand that every individual has different needs and
depending upon your internet usage habits, among other things, you may
require a different coverage amount. Hence, we have plans under our
Cyber Insurance Policy that start from Rs 1 lakh and go up to Rs 1 Crore.
The Personal Cyber Insurance Cost will also vary accordingly and
includes several affordable plans.
Q4. What is the excess in this policy?
ANS. There is NO excess in the Cyber Insurance Policy. An excess is the
amount of money you’re required to pay towards a claim before the
insurance provider settles the claim. The amount is decided at the time of
buying the insurance policy. Our Cyber Insurance Policy, however, levies
no excess. 
Q5. What if I am the victim of more than one cybercrime at the same
time?
ANS. We’re sorry to hear that. In case that happens, you can make go
ahead and make a claim under the policy. However, you can claim only
under one of the insuring clauses per event. 
Swot analysis
Strengths
 Global exposure in insurance through Allianz SE and strong local
implementation by Bajaj
 Large network of 722 offices spread across India
 Strong financial base, total assets of Rs 42,995 crore
 Excellent services
 Wide product range which covers home, health, travel, two-wheeler, car
and life insurance.
Weakness
 Lot of competitor with better premiums and offerings
 Unfavourable public perception towards private sector insurance
company. Total asset of LIC is Rs 1560482 crores V/S Rs 42995 crores
of Bajaj Allianz
 Low rural penetration of 6-7% only
 Long and complicated procedures for getting insured customers have to
undergo lengthy procedures before getting insured
Opportunity
 Untapped markets- Vast amount of insurance market is untapped. 27% of
India’s health-insurance pay-outs comes from just 6 cities.
 Insurance offers security with high returns
 India’s large population. India is second most populous country in the
world, and has many children and people reaching age of retirement.
 Huge automobile sector. India is one of the largest automobile markets in
the world, with over 40 million vehicles. This provide huge opportunities
in two wheeler as well as car insurance sector.
Threats
 Large number of competitor
 Increasingly strict rules and supervision by IRDA
 Increased capital flow from abroad
 Strong presence of traditional public sector competitor
 MARKET MAPPING

LONG DURATION

 Lic India  ICIC

Prudential
 TATA AIG  Bajaj
Allianz
 HDFC
Standard  Kodak  SBI Life
Mahindra

HIGH PREMIUMS LOW PREMIUMS

 Mett Life

 Max life

SHORT DURATION

 As we can see there is much competition in first quadrant that

is long duration and low premiums so we can develop a
product for the third quadrant short duration and high
premiums because there is not much competition and also for
MARKETING STRATEGY
1. UNDERSTANDING YOUR AUDIENCE
Understanding your audience is essential, and should be the first step in marketing
strategies. To do this well, we have to create some marketing personas.

A persona is a semi-fictional representation of your ideal customer. Personas not only

put a face to your target audience but also provide actionable insights to help you
decide which strategies will work best, including how to communicate, which
marketing channels to use and what kind of messaging will have the desired impact.

If you are selling to smaller businesses, you need to resolve problems facing smaller
businesses. For instance, writing blogs which focus solely on the high-profile
cybersecurity attacks affecting the Deloittes and NHS’s of this world may leave small
business owners thinking: “Well, my company of 12 people probably isn’t at risk”. On
the other hand, messaging such as: “43% of cyber-attacks are aimed at small
businesses” will resonate with them more.

You also need to be clear about who your message is targeted at within these
organisations. Create at least two or three personas to cover the different roles that you
need to speak to. It is likely that you will need to target both the CTO and the CEO.
But, at larger organisations, this may also include CISOs, risk managers and CFOs.
All of these individuals will have different pain points and will need to be addressed
in different ways.

Actions to take:

 Research your audience

 Create and use personas

2. PROVIDE EDUCATION
Every business needs cybersecurity, but few people outside of the tech world know
more than what they see in the headlines. Education is therefore essential when it
comes to a cybersecurity marketing strategy.

Many business owners read about cyber-attacks in the news and are left asking: how
does this affect my business? What are the dangers? How do I mitigate against the
risks? Where do I start? A cybersecurity marketing strategy needs to answer these
questions.
Actions to take:

 Create informative digital content – blogs, downloadable content, webinars,

video tutorials

 Use other types of content – flyers and brochures to hand out to customers at
events or adverts/advertorial in print publications

3. GAIN TRUST/SHOWCASE EXPERTISE

When businesses make decisions about cybersecurity solutions, there’s a lot on the
line – the average cost of a cyber-attack is Rs 16,40,000. With the EU’s new data
protection laws (e.g. the GDPR) coming into play in 2018, there is a further
consideration that non-compliance can be punished with huge fines. Aside from this,
there’s the risk of reputational damage, which can be just as difficult to come back
from as any financial hit.

With so much at stake, business owners are taking care to find solutions they can rely
on. Therefore, they need to know that they’re in safe hands.

You need to build trust and showcase your expertise. This doesn’t mean producing
text-heavy manuals full of jargon and technical language. It means providing easy-to-
digest explainers about how effective your products and services have been in
protecting customers from cyber threats in the past. Testimonials from satisfied
customers and case studies that showcase success stories are the way to go. Bringing
your blogs to life with real examples of your services, product or team in practice can
work well.

Actions to take:

 Use stats, facts, figures, case studies and interviews with experts

 Create authoritative whitepapers

 Ask satisfied customers for quotes you can use on your website

 Don’t use jargon

 4. CREATE A SENSE OF URGENCY

Unfortunately, many businesses do not see cybersecurity as a priority. One of your

challenges is to convince them that they should.

There may be many different reasons why businesses are reluctant to prioritise
cybersecurity. It could be down to complacency; it could be because they don’t fully
understand the threat; it could be because they believe their core work is more
important and want to focus their resources towards that end; it could be simply down
to the expense.

Your job is to use your personas to figure out what messaging will convince your
target audience that cybersecurity is critical – you need to create a sense of urgency.

Actions to take: 

 Use your personas to find the right messaging.

 Avoid scare-mongering and stick to the facts.

 Use stats to outline the reality of the threat.

5. TAKE AWAY THE FEAR

It’s important that you steer clear of deploying scare tactics to market your solution. It
can be easy to slip into the fear-based approach when your product protects businesses
from alarming outcomes – especially considering the bleak picture the statistics paint.
For example, an estimated two million cyber-attacks in 2018 cost more than $45 in
losses worldwide.

People are emotional creatures and it’s important to know and understand these stats
to tailor your content to hit emotional triggers. However, you need to keep customers
comfortable throughout the decision-making process. Fear based messaging doesn’t
affect behaviour in the way you’d want it to. Yes, you’ll grab the attention of the
reader but rather than concentrating on your offering, they’ll concentrate on managing
their fear. Then, reassure themselves that “It’ll never happen to them” or “come on,
what are the chances?” Consider that their fear controlled and your product forgotten
about.

It’s better to put a positive spin on your marketing campaign. You can’t hide from the
figures and you’d be remiss to ignore them in your content. But you can offer up
reassurance that the fears can be resolved. Your product just happens to be the perfect
solution. The only fear you want your potential customers to feel, is the fear that
they’re missing out on the best solution out there.

Actions to take: 

o Steer clear of fear tactics in your marketing

o The figures are scary, but put a positive spin on your content, painting
you as the solution
 

Target Market
Cybercrime is still a serious threat and no longer is considered as a risk covered
under traditional network security insurance product. Organizations from all industries
need coverage for liability and property exposure which is a result of cyber-attacks.
This is an opportunity for insurers and reinsurers to innovate cyber insurance products
that manage various degrees of risks and cover cost-associated data breaches, credit
monitoring, forensic investigations, reputation management, and business interruption.
MARKET SIZE
 The global market is expected to garner $14 billion by 2022, registering a CAGR
of nearly 28% during the period 2016-2022. North America constituted the largest
cyber insurance market share in 2015 and it would continue to dominate the market
during the forecast period.
SEGMENTS WHICH CAN BE TAREGETED FOR THIS INSURANCE
B2B-In B2B we can target different organisations whether it is a big organisation or
small, data for every organisation is important nowadays as it plays critical role in the
organisation. This insurance mitigate the risk of data breach and also cover a lot of
malware practices which is done by hackers.
B2C-In B2C we can target different individuals who want to insure their data and
keep it safe in terms of breaching, but in this segment it’s not easy to convince the
customer to buy insurance as they do not contain much data and they prefer to keep it
safe by passwords and not by insurance.
B2G-In B2G we can target government organisation as government data is very
important and it needs to be insured and safe because safety of the country depends on
the data with the government organisation.
BUDGET
Marketing Expense Estimated Price
Marketing Software Google Analytics and Google AdWords Software
- Rs 20000
Event Conducting an awareness program with our
channel partners - Rs 20000
Event 2 Attending the auto expo or webinars so that we
our team can do promotion and gain attention -
Rs 5,000
Content Sponsorship [time period of campaign] Setting primary and secondary goal. The time
period of campaign will be Annually – Rs 5000
Pay-per-click (Google) The subscription plan will be quarterly and a
contract will be given to Digital marketing
company Rs 12500 per Quarter
Total 100000

MARKETING CHANNELS

We will use of the following channels for educating our customers, generating leads,
and developing brand awareness:
1. All the Electronic media like Money Control, in shorts, The Quint etc.
Purpose of channel: To create awareness about the IIFCO TOKIO 2 in 1 Auto
insurance Policy
It is easy way to spread information n through electronic media
2. Policy Bazar/ Channel Partners
Purpose of channel: To give information about our Auto Insurance Policy and
generate lead, here customer can easily know about the policy information
3. LinkedIn
Purpose of channel: To create brand awareness among the professional as it the
Facebook of corporates and professionals.
4. Instagram
Purpose of channel: To attract and generate lead from the digitally enabled users
through this platform there are high chances of attracting the customers because of the
its large user base
5. YouTube and Television
Purpose of channel: To create a campaign by releasing a short video on our policy.
Metrics to measure success - The success of these channels will be measured by the
amount of lead generation and enquiry received and how many people have purchased
the policy in a quarter.