MARKETING, PLANNING AND CONTROL

Group Assignment
on
“ABSLI FIELD VISIT 4”

POSTGRADUATE DIPLOMA IN MANAGEMENT

(Term-3 Batch 2019-21)
Under the Supervision
PROF. VINITA SRIVASTAVA

SUBMITTED BY-
GROUP 7-ABHISHEK DIMRI (PGFC 1901)
NEHA AGARWAL (PGFC 1918)
RACHIT RATHI (PGFC 1925)
SHUBHANGI ASTHANA (PGFC 1937)
SHUBHI MITTAL (PGFC 1938)
PROMOTION MIX OF ADITYA BIRLA SUN LIFE INSURANCE:

PROMOTION MIX:
In promotion mix the company uses the company uses different types of promotion tools for
promoting their products. The different types of promotion tools the companies’ uses are as
follows:

 Advertising
 Personal selling of the product
 By sales promotion
 Public relations
 Direct Marketing

PROMOTION MIX OF ABSLI:

Aditya Birla sun life insurance is most trusted brand nowadays because of its reputation in the market and their
promotion policies. ABSLI was the first company who bought the concept of selling policies online. The advertising
tools of ABSLI are billboards, newspapers, magazines, internet, personal selling through policy agents.

HOW ABSLI USES DIGITAL PLATFORMS FOR PROMOTION:

 E-APP:

 E-App is an application which can be accesses through various gadgets like

Android Tablets, Android phones, I-pad, laptops and website etc.
 By using this app the policy holder can access their policy anywhere by using
his/her phone or any other gadget.
 It offers innovative features like filling the form on the website and accessible
through E-app.
 On- boarding takes place in 15 minutes in this app.
 E- App provides a facility to pay the premium through the app.
 Policy holder can upload their documents in just one click.
 In the financial year 2018-19 Adoption of E-APP was around 70%.

 D2C:

 Direct to consumer ecosystem of Aditya Birla sun life insurance provides one
stop shop experience to the users who want to buy policy online.
 The main advantage of this channel is it eliminates agent intervention.
 ABSLI offers 6 products on online d2c ecosystem which are as follows:
o Digi shield term plan
o Cancer shield
o Vision star plan
o Ultima term plan
o Wealth assure plan
o Secure plus plan
ABSLI EXPENSES ON ADVERTISEMENT AND SALES PROMOTION:

ABSLI has invested 61.38 crores on advertising and sales promotion in the financial year 2017-
18 as per the balance sheet of the company and in the financial year 2018-19 this amount was
reduced to 35.30 crores which means company has allocated less budget in FY 2018-19
compare to FY 2017-18.

DEVELOPING COMMUNICATION STRATEGY

Communication strategy helps to achieve the overall objective of the firm and help in devilment
of firm by engaging efficiently with the shareholders. It helps to generate more leads by mainly
focusing on 4 aspects
1 – Target audience
2- Goals
3- Channel
4- Target plan

So in order to develop a good communication strategy ABSLI focus in all these 4 aspects
1 Target audience – the mainly target working professionals who work in corporates the age
group for which the make their products are 18- 70 years.

2 Goals- they can be classified as long term and short term.

The long-term goal of Aditya Birla was to became the market leader in India by providing world
class financial services to individuals and corporates
Short term goal – To help the people to mitigate the risk of life and money by focusing in
integrity and honesty.

3 Channel- the target channel which they use to reach customers are
1 Agents they mainly hire these people as intermediaries of the company to deal with the
customers
2- they use advertisement also to promote their products and also deal through online platform
through their website
So in increase their brand recognition in future they should also focus on social media
marketing and sales promotion

Target plan – It is essential for ABSLI to promote their brand well among the end user so that
they not all beat their competitors but also will be able to sustain as a market leader of
insurance products. So brand communication is an initiative to make their products popular
among customers by promoting them through various means
*public relation
*sales promotion
*Digital marketing
*Advertisement

DO YOU THINK COMPANY IS AWARE ABOUT ETHICAL AND ISSUES?

“Yes,”company is aware about the ethical and social issues pertaining as companys
vision,”statement is “to actively contribute to the social and economic development of the
communities in which we operate and in doing so build a better,”sustainable way of life for the
weakerand,marginalized sections of society”.
“In collaboration with FICCI,”Aditya birla-CSR Centre for Excellence to make CSR an integral
part,of corporate culture”.
“Collaborative”partnerships are formed.with the Government,”the District Authorities, the village
panchayats,”NGOs, this helps widen the Company’s CSR reachs and leverage upon a collective expertises, wisdom
and experience,that these partnerships brings”.

“TheCompany engages with well-established and recognized programs and national platforms
such as the CII,.FICCI,. ASSOCHAM to name a few,”gives their commitment- to inclusive
growth”.
“A specific budget is allocated for CSR activities”.“This budget is, programmes driven”.

CHANNEL DESIGN
Aditya Birla sun life insurance uses direct and indirect channels, or a combination of both to sell
their products. The company has 6 distribution channels and 9 bancassurance partner. It has
over 83,000 direct selling agents, Brokers, Other corporate agents and its website. It is the first
company to sell policies on internet. Advertisement tools of the company are billboard,
internet, newspaper, magazine. Their brand ambassador is cricketer Kapil Dev.
Direct channel- “In this insurer can directly contact their customer. Person with skills are
employed who provide product to customer”. BSLI is using call centres, Insurance agents to sell
their products.
Indirect channel-“There is a break in the link between the customer and the company. There is
a skilled intermediary with a customer base that is the insurers target audience”. Brokers,
independent financial adviser.

AGENCY BROKER

WORK SITE MARKETING

BANCASSURANCE CHANNEL DESIGN

DIRECT INTERNET MARKETING

MARKETING

CORPORATE AGENCY

RECOMMENDATION- The company to reach rural investors should develop viable and cost-
effective distribution channel and build awareness in consumer about their products. They
should interact with local government agencies, and prepare service according to it. Creating
awareness through newspaper, pamphlets can also help their company grow. CHANNEL
DESIGN
Aditya Birla sun life insurance uses direct and indirect channels, or a combination of both to sell
their products. The company has 6 distribution channels and 9 bancassurance partner. It has
over 83,000 direct selling agents, Brokers, Other corporate agents and its website. It is the first
company to sell policies on internet. Advertisement tools of the company are billboard,
internet, newspaper, magazine. Their brand ambassador is cricketer Kapil Dev.
Direct channel- “In this insurer can directly contact their customer. Person with skills are
employed who provide product to customer”. BSLI is using call centres, Insurance agents to sell
their products.
Indirect channel-“There is a break in the link between the customer and the company. There is
a skilled intermediary with a customer base that is the insurers target audience”. Brokers,
independent financial adviser.

AGENCY BROKER

WORK SITE MARKETING

BANCASSURANCE CHANNEL DESIGN

DIRECT INTERNET MARKETING

MARKETING

CORPORATE AGENCY
RECOMMENDATION- the Company to reach rural investors should develop viable and cost-
effective distribution channel and build awareness in consumer about their products. They
should interact with local government agencies, and prepare service according to it. Creating
awareness through newspaper, pamphlets can also help their company.

PRODUCT- ABSLI Monthly Income Plan in Rural Areas

TARGET CUSTOMERS
 Joint families
 Mid aged workers and farmers
 Small businessmen
 Old landlords

COMMUNICATION OBJECTIVE AND STRATEGY

The objective is to attract more investors and sell the plan to more no, of investors as possible. As in rural areas,
more of the PSUs exist, the challenge in front of the company is to compete with them, as these PSUs have more
branches in comparison to the pvt. Units, and hence they have a higher penetration in rural areas. Thus, they are
able to attract more people
Communication strategy that the company can use is by-

 Contacting more with the trusted people of that area, eg. The panchayat heads and educated
person of that area to whom people have trust on. If these can be the agents of that area, t
would help the company to expand more in that area
 The company can put up awareness campaigns in schools and during meals to make people
more aware of such plans
 ABSLI should try to put up branches in rural areas and penetrate more in rural areas

BEST SUITED COMMUNICATION MEDIA FOR PRODUCT PROMOTION

 Agents- as in rural areas, people can be communicated and convienced better in person
 Youtube- with the increased usage of internet and media, a proper detailing and benefits can
also be communicated to the people in different regional languages
 Branch offices in that area
 Interns- a company can send a group of interns and students to educate people about these
plans
WHY ABSLI MONTHLY PLAN OVER OTHER COMPETITORS FOR RURAL AREAS OR SMALL INVESTORS?

 Goes for relatively low risk investments in comparison to the competitors due to relatively low
asset base)
 Better assured returns in comparision to investors
 A better option for low risk taking investors
 A better claim ratio than competitors (98.7% approx.)
 SUGESSTIONS:
 “The awareness about the brand can be increased by putting up more posters and
hoarding on prime areas like: “Bus stations, Banks, railway “station and industrial
areas”.
 “ABSLI can conduct free seminars showcasing how their insurance products are more
like investment products. “Free seminar will attract customers and with this step we can
also educate and encourage them to take ABSLI’S products”.
 “Increase employees to serve the customer service better”, “as many of the issues faced
by the customers were related to after sales customer services”. “Also provide them
proper training to resolve the issues quickly and escalate any major issue to a greater
authority, “so that customer do not face the trouble for long”.
 “The company should cover various risks in one policy with same premium”.
 “More presence in rural market”.

“Use of social media platform for digital marketing strategies”.

PEER RATING:
SHUBHANGI ASTHANA- do you think company is aware about ethical and issues? And
suggestion.
ABHISHEK DIMRI- Developing communication strategy.

RACHIT RATHI-promotion mix

Shubhi – product, Communication objective and strategy

NEHA – Channel Design