A STUDY ON CONSUMER PERCEPTION TOWARDS

INSURANCE SECTOR, DESIGNING MARKETING

CAMPAIGNS FOR PRODUCTS AND LEAD
GENERATION
FOR
FUTURE GENERALI INDIA LIFE INSURANCE

SUMMER INTERNSHIP PROJECT REPORT

Course Name – PGDM

Specialization – Marketing Name of the Student – Tejas S. Samarth

BATCH – 2020-2022 Roll No. 110

SIES SCHOOL OF BUSINESS STUDIES

NERUL, NAVI MUMBAI 400706
 A STUDY AND CONSUMER PERCEPTION TOWARDS INSURANCE
SECTOR, DESIGNING MARKETING CAMPAIGNS FOR PRODUCTS AND
LEAD GENERATION
FOR
FUTURE GENERALI INDIA LIFE INSURANCE
SUMMER INTERNSHIP PROJECT REPORT

SUBMITTED

AS A PARTIAL FULFILMENT OF THE CURRICULUM

FOR THE DIPLOMA

POST GRADUATE DIPLOMA IN MANAGEMENT (PGDM)

SIES SCHOOL OF BUSINESS STUDIES

NAVI MUMBAI

BY

NAME OF THE STUDENT – TEJAS S. SAMARTH

ROLL NO.: 110

SPECIALIZATION - MARKETING

ii
 Declaration

I, Mr. Tejas Surendra Samarth studying in the second year of PGDM in Marketing Specialization at
SIES School of Business Studies, Nerul, Navi Mumbai, hereby declare that I have completed the Summer
Internship Project titled “A Study and Consumer Perception Towards Insurance Sector, Designing
Marketing Campaigns for Products and Lead Generation for Future Generali India Life Insurance” as a part
of the curriculum requirement for PGDM”.

I also declare that the work undertaken by me is original and has not been copied from any source. I further
declare that the information presented in this project report is true and has not been submitted to SIESSBS
or any other Institute for any other examination.

Signature of the Student: Date:

Name of the student – Tejas Surendra Samarth

Roll No.: 110

iii
Certificate by the Company Guide

iv
 Certificate by Faculty Guide

This is to certify that Mr. Tejas Surendra Samarth, studying in the second year of PGDM at SIES
College of Management Studies, Nerul, Navi Mumbai, has completed the Summer Internship Project titled
““A Study and Consumer Perception Towards Insurance Sector, Designing Marketing Campaigns for
Products and Lead Generation for Future Generali India Life Insurance” as a part of the curriculum
requirement for PGDM” as a part of the curriculum requirementfor PGDM.

Signature of the Faculty GuideName:

Prof. Deepa Donde

Date:

v
 Acknowledgements

We express our sincere gratitude to SIES School of Business Studies for providing an
opportunity to work on this project. We are highly indebted to mentors of Future Generali
India Life Insurance for their guidance and constant supervision as well as providing
necessary information regarding the project & also for their valuable inputs and constant
motivation. We would like to express our gratitude to Dr.Bigyan Verma, Director of
SIESCOMS & SIESSBS for providing us this internship opportunity. We would also like to
express our gratitude to our faculty mentor Prof. Deepa Donde. We are also thankful to
our family and friends for their help and support which made it possible for us to complete
this project successfully.

Signature

Tejas Surendra Samarth

Date:

vi
 EXECUTIVE SUMMARY

The Internship with Future Generali India Life Insurance helped in understanding what is
meant by Consumer Behavior and how to study it and also how to design marketing campaigns to
appeal to different audiences by doing market segmentation and conducting marketing research on the
basis of primary and secondary data. The history as well as the Current Scenario of Life Insurance
Sector in India has been discussed in detail.

Different marketing concepts like ATL Marketing- Print ads and Billboards, Market
segmentation, and Consumer Behavior were discussed. Also, the concept of marketing campaign, what
is the purpose of crafting a marketing campaign for a given product, what are the elements of the
marketing was learnt in depth. A marketing campaign was also designed for a specific product.

Analysis was done on the market research data which was obtained through surveys and
then was analyzed through Excel. Consumer behavior was observed through factors derived from
the market research.

As a part of internship, lead generation was also performed under which two insurance
products were to be pitched to a potential customer from personal network. The process of generating
leads was conducted by using various techniques such as financial profiling and pitching through video
call since the pandemic proved to be a barrier in getting on the field and completing a task.

During the internship presentations were also given for which we conducted secondary
research in depth and further utilized that in order to completed other assigned tasks. The presentations
consisted of the company background and offerings, Future Generali’s competitor analysis and also
ATL activities presentations.

vii
 Table of Content

Page
Particulars
No
ACKNOWLEDGEMENT vi
EXECUTIVE SUMMARY vii
Chapter 1: Company Overview
1.1 Introduction of the company
1.2 Leaders of the organization
1.4 Industry Analysis
Chapter 2: The Assignment
2.1 The assignment at a glance
2.2 Responsibilities and Description
2.3 Critical Observations
Chapter 3: The Project
3.1 Objective of the report
3.2 Scope
3.3 Methodology
3.4 Methods
3.5 Overview of the Data Collected and Used
3.6 Sample
3.7 Data Analysis
Chapter 4: Findings & Results, Recommendations & Limitations
4.1 Findings & Results
4.2 Recommendations
4.3 Limitations
Chapter 5: Conclusion
REFERENCES
List of Tables
List of Figures
List of Graphs

viii
 Chapter 1: Company Overview

1.1 Introduction of the company

Future Generali India Life Insurance Company Limited is a joint venture between three leading groups:
Future Group – A leading retailer in India, Generali Group- A global insurance group that features
among top 50* smartest companies in the world and Industrial Investment Trust Limited (IITL) – A
leading investment company.

At Future Generali India Life Insurance Company Limited, our mission is to actively protect and
enhance peoples’ lives. With operations spread across 136 branches and a complete range of simplified
solutions for the financial security of customers and enterprises, we aim to become the first choice by
delivering relevant and accessible insurance solutions

Vision Statement
Future Generali India Life Insurance’s vision is to actively protect and enhance people's lives.
• Actively
We play a proactive and leading role in improving people's lives through insurance.
• Protect
We are dedicated towards managing and mitigating risks of individuals and institutions.
• Enhance
Future Generali is also committed to creating value.
• People
We deeply care about our customer and our employee lives and their future.
• Lives
Ultimately, we have an impact on the quality of people's lives - wealth, safety, advice and service
are instrumental in improving a person's chosen way of life in the long term.
Mission statement
Future Generali India Life Insurance’s mission is to be the first choice by delivering relevant and
accessible insurance solutions.
• First choice
Logical and natural action that acknowledges the best offer in the market, based on clear
advantages and benefits.
• Delivering
We ensure achievement striving towards better performance.
• Relevant
Anticipating or fulfilling a real-life need or opportunity, tailored to local and personal needs and
habits, perceived as valuable.
• Accessible
Simple and easy to find, understand and use; always available, at a competitive value for money.
• Insurance solutions
We aim to offer and tailor a combination of protection, advice and service.

Values
• Deliver on the promise
We tie a long-term contract of mutual trust with our people, customers and stakeholders; all of our
work is about improving the lives of our customers.
We commit with discipline and integrity to bringing this promise to life and making an impact
within a long-lasting relationship.
• Value our people
We value our people, encourage diversity and invest in continuous learning and growth by creating
a transparent, cohesive and accessible working environment. Developing our people will ensure
our Company's long-term future
• Live the community
We are proud to belong to a global Group with strong, sustainable and long-lasting relationships in
every market in which we operate. Our markets are our homes.
• Be open
We are curious, approachable and empowered people with open and diverse mindsets who want to
look at things from a different perspective.
1.2 Leaders of the organization
1.3 Industry Analysis

History of Insurance

The insurance industry is the backbone of risk management in the country. The Indian
insurance industry’s beginning dates back to the nineteenth century. In 1818, Europeans started
the Eastern Life Insurance Company in Kolkata (Calcutta) to serve their community
exclusively. Colonial masters with racial prejudice have unfairly characterized the age and
premium of the Indians. Indian policy holders have paid more premiums than European
counterparts. Indians desperately wanted Indian insurance companies to put their foot on the
market. Bombay Mutual Life Assurance Society, which began in 1870, was the first Indian
insurance company to cover the lives of Indians at normal rates. Triton Insurance Company Ltd
in the year 1850 is the first general insurance company. Gradually insurance business fledged
into a huge sector boosting the economy of India.

Only during the early years of twentieth century new companies started mushrooming
in India. In order to regulate these insurance companies, Life Insurance Companies Act and
Provident Fund Act were passed in 1912. The evolution of the insurance industry has gone
through three phases: pre-nationalization, nationalization and privatization. The insurance
industry was nationalized only after the passing of the Life Insurance Corporation Act of 1956.
There were more than two hundred insurance companies of Indian and European origin.

Even after nationalization, government insurance companies did not make any profits.
Privatization was the preferred solution for effective distribution and implementation of
marketing strategies. With privatization, the insurance industry almost changed overnight.
Competition has forced suppliers to advertise their products effectively. Once the gates were
opened to private players, the insurance industry improved remarkably. In addition to
safeguarding lives and property, insurance companies have also offered enormous job
opportunities. Privatization has helped to increase the efficiency of insurance business. Some
of the major private players in the Indian market is ICICI Prudential, Bajaj Allianz Life
Insurance, Tata AIG life, Kotak Life Insurance, HDFC Standard Life, Reliance Life, ICICI
Lombard, etc.
 This millennium marked a dramatic change in the administration of insurance with the
introduction of computers. The Internet has made insurance business more accessible and user-
friendly. Now you can buy the policy of your choice by sitting at home. The biggest benefit of
online purchases is that you can compare life insurance policies offered by different companies
on a single website. E-India Insurance is acombination of the Internet and insurance revolutions
in India. Juxtaposing modern times with the colonial era, we are seeing rapid growth prospects
for the insurance industry. According to Insurance Regulatory and Development Authority
(IRDA), Indian insurance industry registered an impressive growth rate of 120% in the year
2008. Economic experts anticipate that Indian domestic insurance would touch US $ 60.5
Billion by 2010.

Current Scenario of Life Insurance Sector in India

The life insurance industry is expected to grow by 5.3% between 2019 and 2023.
Insurance penetration in India is set at 3.76% in FY20, with life insurance penetration at 2.82%
and non-life penetration of 0.94%. In terms of insurance density, India's total density in FY20
was $78. There are 24 life insurance and 34 non-life insurance companies in the Indian market
competing for prices and services to attract customers while there are two reinsurance
companies. The industry is driven by product innovation and vibrant sales channels, combined
with targeted advertising and promotional campaigns by insurance companies.

The market share of private sector companies in the general and health insurance market
increased from 47.97% in FY19 to 48.03% in FY20. In the life insurance segment, private
players held a market share of 33.78% in insurance premiums in FY20. In fiscal year 21
(February 2021), premiums from new business by life insurance companies in India were $31.9
billion.

Non-life insurance gross premiums in India reached $24.41 billion in FY21 (between April
2020 and February 2021) from $24.55 billion in FY20 (between April 2019) and February
2020, driven by strong growth in non-life insurance companies The total amount of
compensation claimed by the private life insurance company is Rs 5,725 crowns ($780 million)
while LIC has a total claim of Rs. 13,694 crores ($1,866 million) in FY20. With such a large
base, LIC has managed to maintain a settlement rate of 96.69% with total policies and 93.45%
with compensation amounts.
 In the Union 2021 budget, the limit on foreign direct investment in insurance was raised from
49% to 74%. Insurance Regulatory Authority of India (IRDAI) has announced that insurers will
issue digital insurance policies through Digilocker. According to Union's budget for 2021, Finance
Minister Nirmala Sitaraman has announced that an initial public offering (IPO) of LIC will take
place in FY22 as part of consolidation in the banking and insurance sectors. Although no formal
market assessment has been made, the LIC's initial public offering has the potential to raise Rs. 1
crore of paint ($13.62 billion).

In February 2021, the Treasury announced an inflow of Rs 3,000 crowns ($413.13 million)
to state non-life insurance companies to improve the overall financial health of companies.
According to the Institute for Insurance Regulation and Development in India (IRDAI), 25 non-life
insurance companies saw a collective premium increase of 10.8% in January 2021 to Rs 16,247.24
crores ($2.24 billion) compared to Rs 14,663.40 koruna ($2.02 billion) as of January 2020. In
February 2021, Star Health Insurance partnered with PhonePe to offer PhonePe digital health
insurance through the Arogya Sanjeevani policy.

Looking ahead, higher life expectancy, affordable savings, and higher private sector
employment are likely to drive demand for retirement plans. The strong growth of the automotive
industry will also be an important driver for the motor vehicle insurance market over the next ten
years. Auto insurance accounted for 32.59% of premiums earned for non-life insurance, followed by
health insurance with 28.9% in November 2020.

Investments and Recent Developments:

The following are some of the major investments and developments in the Indian insurance
sector.

• The non-life insurance companies witnessed a rise of 13.1% in their collective premium
in November to Rs. 14,590.50 crore (US$ 20.09 billion).
• In November 2019, Airtel partnered with Bharti AXA Life to launch prepaid bundle
with insurance cover.
• In September 2019, Competition Commission of India (CCI) approved acquisition of
shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat.
 • As of November 2018, HDFC Ergo is in advanced talks to acquire Apollo Munich
Health Insurance at a valuation of around Rs. 2,600 crore (US$ 370.05 million).
• In October 2018, Indian e-commerce major Flipkart entered the insurance space in
partnership with Bajaj Allianz to offer mobile insurance.
• In August 2018, a consortium of West Bridge Capital, billionaire investor Mr. Rakesh
Jhunjunwala announced that it would acquire India’s largest health insurer Star Health
and Allied Insurance in a deal estimated at around US$ 1 billion.
• In September 2018, HDFC Ergo launched ‘E@Secure’ a cyber-insurance policy for
individuals.
• Insurance sector companies in India raised around Rs. 434.3 billion (US$ 6.7 billion)
through public issues in 2017.
• In 2017, insurance sector in India saw 10 merger and acquisition (M&A) deals worth
US$ 903 million.
• India's leading bourse Bombay Stock Exchange (BSE) will set up a joint venture with
Ebix Inc. to build a robust insurance distribution network in the country through a new
distribution exchange platform.

Government Initiatives:

The Government of India has taken a number of initiatives to boost the insurance
industry. Some of them are as follows:

• As per Union Budget 2019-20, 100 per cent foreign direct investment (FDI) permitted
for insurance intermediaries.
• In September 2018, National Health Protection Scheme was launched under Ayushman
Bharat to provide coverage of up to Rs 500,000 (US$ 7,723) to more than 100 million
vulnerable families. The scheme is expected to increase penetration of health insurance
in India from 34% to 50%.
• Over 47.9 million famers were benefitted under Pradhan Mantri Fasal Bima Yojana
(PMFBY) in 2017-18.
• The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
• IRDAI has allowed insurers to invest up to 10% in additional tier 1 (AT1) bonds that
are issued by banks to augment their tier 1 capital, in order to expand the poolof eligible
investors for the banks.
 Chapter 2: The Assignment

2.1 The Assignment at a glance

➢ Product study:
In order to create marketing campaigns, print ads and billboards for Future Generali India Life
Insurance products, a deep technical study of the product is necessary. It is equally important to
understand the market consisting of competitor products. To make a comparison a detailed
understanding of the insurance policy is necessary. In this project, mainly two insurance plans were
at focus

1. Future Generali Immediate Annuity Plan

Future Generali Immediate Annuity Plan is a Traditional Non-Participating Plan where the customer
gets the benefit in the form of regular income for a period of 14years after the customer pays for the
first 15years. They can start getting your Annuity immediately after paying the premium depending
upon the mode they choose.

2. Future Generali New Assured Wealth Plan

Future Generali New Assured Wealth Plan, a Life Insurance Plan that gives the customer a financial
security in form of lumpsum death benefit and a guaranteed lump sum amount at the end of the policy
term. It also gives the Guaranteed Additions every year from 8th year, calculated at a simple percent
rate of the Sum Assured. So that the customer doesn’t have to worry about the rising cost of living.

Tasks assigned:

1. Understand insurance sector in detail.

2. Study the products in deep.

➢ ATL Marketing:

ATL is the most widely used approach to build brand awareness and goodwill. This is
a broad campaign that is largely unfocused and carried out at a general level. Instead of
targeting ads to people who have been identified as potential customers, the goal of advertising
is to broaden the brand's horizons, reach more people, and establish yourself more clearly and
with a clear image. ATL marketing includes print media and billboards, which in turn reach
many different people on a large scale.
 Tasks assigned:

1. Prepare market segmentation to identify the target audience.

2. Design Print ads for the assigned product.

3. Design billboards for the assigned product.

➢ Consumer behavior:

Consumer behavior is the study of how individuals, groups and organizations select,
buy, use and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
Studying consumers provides clues for improving or introducing products or services, setting
prices, devising channels, crafting messages, and developing other marketing activities (Kotler,
et al., 2008). Elements of Consumer Behavior:

1. Info search

2. Perception

3. Choices

4. Preferences

5. Beliefs

6. Communication

Tasks assigned:

1. Conduct a survey to study the consumer perceptions towards insurance sector.

2. To understand what consumer expectations are from insurance companies.

3. To analyze the competitors based on the factor of brand awareness.

 ➢ Marketing campaign designing

A marketing campaign is an organized and well-planned course of actions crafted to

achieve a marketing goal of the business. This marketing goal could be to communicate the
new or existing product to the target audience, reinforce the brand promise and brand
positioning, and/or acquire more customers to bring in more revenue to the organization.
Tasks assigned:
1. Prepare market segmentation for the given product.
2. Craft the purpose of the marketing campaign
3. Design the tasks to achieve the marketing campaign goals.
4. Analyze the outcomes of the marketing campaign.

➢ Lead Generation:

• The whole team was first acquainted with the purpose of Insurance,
• We were briefed about the different product offering, their benefits and various
calculations to be used while pitching a new client.
• Financial profiling was also conducted for prospects in excel.
• Financial profiling was used to explain the prospects about the benefits of the plan on
a video call.
 2.2 Responsibilities and Description:

➢ Strategic development:

Description:

• Secondary research on the competitors of Future Generali India Life Insurance to

understand:
1. Type of marketing activities done by them.
2. What type of social media was more focused for marketing?
3. How they reach out to their audience.
4. Which ideas we more focused on for marketing campaigns.
5. If the main focus was on trends, social causes or importance of insurance.
• Conclusions from this research was then compared with Future Generali India
Life Insurance to know where it excelled and where it lagged when compared to
its competitors.
• Concept of SWOT was applied to give solutions to these lagging factors.
• Understanding customer behaviour towards insurance.
• A number of questionnaires were made to understand:
1. Expectations of consumers from FGILI as a brand.
2. Expectations of the consumers from all the companies in the insurance
domain.

➢ Marketing:

Description:

1. Numerous billboards and prints were given to identify the segment

targeted, USP and consumer behaviour and what other segments could
possibly be targeted from those particular ATL activities.
2. Re-designing those billboards and print ads for the child plan.
3. Designing a marketing campaign for Future Generali Life Insurance India
on the child plan to create a brand awareness amongst the targeted market
audience and bringing the concept and importance of insurance into the
picture by inserting the brand POV into those campaigns.
➢ Lead Generation

Description:

1. After the survey over the consumer behaviour, the target audience was
selected. The product was pitched to them as per their affordability.
2. A serious financial profiling of the prospect was done.
3. A compulsion of at least 1customer worth of 1lakh rupees was given with
2 different types of plans to be sold.
 2.3 Critical Observations

There are many places where Future Generali India Life Insurance is lagging from the other
competitors and can readily improve in those areas. Those areas are mentioned in a comparison
form:

• BIRLA
1. Birla has focused a lot on health-based issues and has spread a lot of awareness
on cancer.
2. They have also promoted their ABSLI Cancer Shield Plan, followed shortly by
their plans focused on children protection plans.
3. Also, while wishing people on that specific occasion; Birla has promoted their
products on most of these occasions.
4. Birla has taken part in a handful of social causes where human life is involved.
5. However, all these factors are somehow covered by FGILI, proving them equal
to BIRLA

• BAJAJ ALLAINZ
1. Bajaj has created and run a campaign (#Plankthon) which focused on customer
engagement with the company. This campaign created a new Guinness world
record.
2. Bajaj always focused on the betterment of their engagement with the audience
which FGILI lacks in.

• KOTAK MAHINRA
1. Kotak also started a campaign of Plant a Life to protect the environment where
for every policy purchased, they plant a tree to link Tree Plantation (a social
cause) with their policy of saving the environment for future.
2. GGILI has not focused that much on the environment but it is focusing more on
family sentimental aspects of the clients
• TATA AIA
1. One unique thing which Tata AIA does is post motivational quotes on Monday
and Thursday of every week by connecting the need for life insurance.
2. Tata AIA also conducts online polls, contests, etc. to get the solutions and be
engaged with customers.
3. Tata also recognizes their best employee monthly which when compared to
FGILI is more.

• ICICI
1. ICICI on 15th of every month has set a trend of celebrating protection day where
they convey the message to protect loved ones through their insurance policies.
2. ICICI focuses more on social causes (like fighting cancer) where FGILI is not
that behind.
3. When compared with FGILI, ICICI has covered every type of AD campaign
where it has upper hand in little types of ad campaigns and lower in few.
 Chapter 3: The Project

3.1 Objective of the report

Primary Objective

• To understand the importance of insurance from a consumer’s perspective, major factors

affecting the same through primary research.

• To create various ATL marketing resources such as print ads and billboard ads for the
given insurance product.
• To create and design marketing campaigns for the given insurance product.
• To generate lead using various techniques like financial profiling and other calculations.
3.2 Scope

India, one of the fastest growing economies in the world, has a growing number
of people with high or growing wealth. The future looks bright for the life insurance
industry, especially with some changes in the regulatory framework that will lead to
further changes in the way the industry does business and treats its customers. India's
life insurance industry is likely to boom in 2020 due to the COVID-19 pandemic
situation. This is because the pandemic has made people more aware of their own
mortality and thus the value of insurance has increased many times over.

The entire insurance industry is expected to reach $280 billion by 2020, taking all
current factors into account and expected future changes. In addition, the life insurance
industry in the country is expected to grow 12-15 percent per year over the next three
to five years.

Several demographic factors such as a growing middle class, young insurance

population and growing awareness of the need for coverage and retirement planning
will support India's life insurance growth.
3.3 Methodology:

There are three different methodologies which were followed for the project.

1. Studying the consumer behavior towards the insurance sector.

A survey was to be conducted to understand the behavioral aspect of customers. For this
various parameter were to be fixed which were really important to be considered from a
customer’s point of view. The responses were to be collected via Google Form. A detailed
analysis of the survey was performed using Microsoft Excel.

• Finding out parameters of questions of the survey

1

• Deciding target audience

2

• Developing and designing the questionnaire

3

• Administering questionnaire using google form

4

• Analyzing the responses with the help of MS Excel

5

Fig.1: Flow chart of the process of conducting the survey

 2. Designing the marketing campaigns
Designing the marketing campaigns for the given products which included secondary
research and a thorough understanding of the product. Analyzing the target market and
crafting the purpose of the campaign.

• Understanding the target segment

1

• Researching and analyzing a perfect location

2

• Cost estimation for the required material for the event.

3

• Placing props to attract children.

4

•Engaging children into activites and pitching about the child plan to their parents.
5

• Covering Data
6

Fig.2: Flow chart of the process of designing a marketing campaign

3. The process of lead generation

The process of lead generation involved a series of activities right from financial profiling
of the prospect to calling them and maintaining their feedbacks for the reviews.
 • Deciding the target audience
1

• Establishing Contact with prospective clients and understanding their needs

2

• Knowing the client deeply.

3

• Determining the product is a good fit for them

4

• Pitching the product

5

• Financial Profiling
6

• Following Up
7

• Closure
8

Fig.3: Flow chart of the process of lead generation

3.4 Methods

➢ Primary Research
Primary research for consumer behavior
Survey with 52 responses. Factors were selected from articles and blogs posted by
customers themselves in reviews with LIC, Future Generali, ICICI Prudential, HDFC Life
and other competitors.

➢ Secondary Research
Secondary research for consumer behavior:
To find the consumer behavior toward insurance we went through some of the paper
published before and similarly found the gap and decided the generic objectives, to finalize
the questioner we tried accessed the website of competitors of the Future Generali India
Life Insurance, including policy bazar and many more to find view of consumer toward
buying the Insurance and based on findings we made the survey

Secondary research for campaign design:

We studied the policy before actually working on the campaign design, for that we tried
finding out,
1. Segmentation
2. Targeting
3. Positioning
of the policy and based on the data and conclusion obtained after this study we made print
ads that appeals the customer to buy the product with some emotional content attached,
followed by bill-bords and finally, after studying some similar campaigns of other relevant
products we made a campaign for the policy we were assigned with.
3.5 Overview of the Data Collected and Used

➢ Product study
In order to create marking campaigns, print ads, billboard ads or to generate leads it was essential
to understand the product which was being offered. A detailed explanation of the products were
provided and the supported documents were also given for the ease of studying the products in
depth.

• First Product name: Future Generali New Assured Wealth Plan

Product Variation:

1. Annualized Premium: ₹60,000

2. Annualized Premium: ₹1,00,000

Fig.4: Product name: Future Generali New Assured Wealth Plan (₹60,000)
 Fig.5: Product name: Future Generali New Assured Wealth Plan (₹1,00,000)

• Second Product name: Future Generali Assured Income Plan

Product Variation:

1. Annualized Premium: ₹60,000

2. Annualized Premium: ₹1,00,00

Fig.6: Product name: Future Generali Assured Income Plan (₹60,000)

 Fig.7: Product name: Future Generali Assured Income Plan (₹1,00,000)

➢ ATL Marketing
As a part of marketing activities, we were assigned the task of designing the print ads for the product-
Future Generali Assured Income Plan.

• Print Ads:

Print advertising is a form of marketing in which customers are reached on a large scale through physical
print media. Advertisements are printed on paper in various types of publications such as newspapers,
magazines, brochures or direct mail. It can reach prospects in a way that digital marketing can't

After analyzing the various print ads designed by competitors and other players in the market, a task of
creating two print ads were assigned using the free designing tool canva. Three important factors were
taken into consideration while designing these print ads:

1. Attractive tagline

Taglines enables people to make light hearted associations with companies. Since the target
audience of these print ads were the working-class Indians who were in the age group of 30-
45years or having children of 3-8 years of age, it was decided to use Hindi wordings for the
taglines to provide a deeper connect to the audience. The taglines, “Ek Ashirwaad Unke Ujjwal
 Bhawishya Ke liye…”

2. Uniqueness of the concept

For a print ad to create an everlasting impression on the audience’s mind, the concept of
designing the print ad should be unique. So in the first print ad, our team tried to connect with
emotion of a family growing together. It showed that the parents save money to make their child
future ready, so why just save them? Invest them in our child plan. The basic idea behind making
this print ad was to keep it simple and make parents understand that their child’s future can be
secured by saving their money and investing it into a piggy bank called Future Generali India
Life Insurance.

In the second print ad, we tried to highlight the importance of a Father-Child relationship, where
the father goes on to lengths to take care of his beloved child. In this print ad we showed a man
holding an umbrella to save in his daughter from getting wet in rain. And by rain we tried the
highlight the darker realities of life through which a child has to go if proper funds are not
available. And by the red umbrella we tried to show that our brand, Future Generali India Life
Insurance, will save you and your child from drowning in the flood of financial debts.

3. Proper placement of the elements

A print ad should be crisp and clear and should fulfill the purpose of designing it. The goal of
the print ad should be achieved. Hence, while designing the print ad it should be made sure that
all the elements should be placed properly and it should be clean and decluttered. It should also
be taken care that all the necessary company details such as website, contact info, mail social
media handles and company logo are visible properly.

Fig.8.: Print ad (1) for Future Generali Child Plan.

 Fig.9: Print ad (2) for Future Generali Child Plan.

• Billboard ads:

A billboard is a large outdoor advertising structure typically found in high-traffic areas such
as near office buildings or on a busy road. Billboards display large advertisements for passersby.
Brands usually use billboards to build their brand or push new products.

Billboard ads are designed to grab someone's attention and make a memorable impression very
quickly so the reader think about the ad after seeing the ad. They should be readable in the shortest
possible time because they are usually read at high speed while commuting. Usually there are just a
few words in large print and a captivating picture in brilliant color.

Some billboard designs stand out from the actual space a billboard offers, with parts of the image
hanging off the edge of the billboard or protruding from the billboard in three dimensions.

A similar concept has been tried in the first billboard design, where a big 3-D child is seen coming
out of the billboard space which catches the first attention of any viewer. The second element to
notice is the catapult used to trigger and launch the child in the air. This billboard displays the idea
that by taking the benefits of the Future Generali’s Child plan, your child will get a trigger like the
catapult to their career and will succeed with flying colors. The billboard itself shows the supposed
father of the child using the catapult (platform as the Future Genrali Child Plan) to launch his child
in the air to achieve success with the tagline, “Ek Udaan Unke Ujwal Bhavishya Ki Or”.
In the second billboard we tried to depict the journey of a child’s life is like a swing, but proper
precautions and safety measures should be taken to ensure their safety and growth. And even the
tagline, “Your Child’s Ride to Success with Future Generali”, also depicted the same. In this
billboard, we tried to show that your child’s success is secured and guaranteed with us.

In the third billboard we tried to address a social issue, where poverty takes toll on so many people
and many children are deprived from getting good education which actually is supposed to be their
birth right. In this print ad we tried to give out a sentimental message by showing that your child’s
future is your responsibility and not his. So secure his future by joining hands with us and give your
child what he deserves.

This billboard design in a way encourages the viewers, specifically the parents, to not just pay
attention on their children but also secure their future and in a way, your too.

Fig.10: Billboard ad (1) for Future Generali Child Plan

Fig.11: Billboard ad (2) for Future Generali Child Plan

 Fig.12: Billboard ad (3) for Future Generali Child Plan

➢ Consumer Behavior

• Understanding the nature of the respondents

The survey conducted received 52 responses, a proper analysis of the received data was performed using
excel.
It is important to understand the target segment in detail. The questionnaire consisted of few questions
which were designed to understand the nature of the respondents.
Following is the overview of the data collected for those specific question which helped in understanding
the segmentation.

In the questionnaire, age and occupation of the respondents were asked. Further, using excel it was
determined the age wise respondents and their type of occupation.
 • Age v/s occupation parameter

Graph 1: Age v/s Occupation graph

From the sample size collected it was observed that 27 respondents from the age group of 21-35 years
and 3 from the age group of 51-65 years were salaried. 3 from the age group of 21-35 years were self-
employed. 18 from the age group of 21-35 years and 1 from the age group of 51-65 years were
unemployed.

• Marital status v/s occupation parameter

Graph 2: Marital v/s Occupation graph

The responses recorded in the survey indicated that there were 22 unmarried and 8 married respondents
who were salaried. 3 unmarried respondents were self-employed whereas there were 18 unmarried and
1 married respondent who were unemployed.
 • Income status

Graph 3: Income status graph

The survey questionnaire circulated consisted of five different income slabs. 3LPA-4.5LPA, 4.5LPA-
6LPA, 6LPA-9LPA and more than 9LPA. It was observed that there were 11 respondents who earned
more than 9LPA, 10 respondents earned between the range of 4.5LPA-6LPA, 8 were in the range of

3LPA-4.5LPA and only 4 in the range of 6LPA-9LPA.

• Availability of Insurance

Graph 4: Availability of Insurance

To have a basic understanding of the sample size a general question was asked to the respondents
whether they had insurance or not. Out of the complete sample size recorded 33 already had insurance
but 19 didn’t.
All the above-mentioned parameters are crucial to understand the nature of respondents The data is
valuable in order to determine what kind of target audience is responding to the questionnaire, what their
perceptions are towards the insurance sector, whether they are aware about all the players in the market
and lastly, what are their expectations from the insurance companies.

➢ Marketing Campaign Designing

To formulate the marketing campaign for the Future Generali Child Plan, various blog articles, websites,
competitor blogs were read. The basics of formulating a marketing campaign was learnt. The first step
was to make the segmentation from the point of view of the product i.e., child plan. Various elements of
a marketing campaign were noted and brainstorming in groups was done. A theme for the marketing
campaign was decided and the elements were elaborated taken into consideration the child plan.
The following elements were considered while designing a marketing campaign:
1. Purpose
2. Plan of Action
3. Opportunity
4. Objective
5. Tagline
6. Target audience
7. Attitude
a. Campaign tone
8. Message
a. The takeaway
9. Resources
10. Channels
The Marketing Campaign
Purpose
The purpose of the campaign was to raise awareness about child insurance plan. And also generate
revenue. It is important to secure your child’s future in today’s fast changing world. With the growing
competition, it is necessary to secure your child’s dream. Every parent wants the best for their child, be
it facilities, opportunities or education. They always want their child to get what they want without any
obstacles.

Plan of action
This will be achieved with a fun activity which will be set up in malls by Future Generali India Life
Insurance for the children. Malls are a place where almost all the families visit as they are a fascination
to the children and a good idea to spend time with family and enjoy. The basic idea of theis campaign
was to create a brand image in the mind of the TG and that was done by showing a lot of concern towards
the most concerned part of their life that is their child. We decided to install a kid’s inflatable jumping
balloon of red colour which matches the colour palette of Future Generali’s brand logo, which was our
call to action strategy to attract the kids who in return will bring us our TG, that is, their parents. And
once the kids are busy enjoying their time on the balloon, our executives will make sure that they are
safe and sound. In the meantime, the parents of the kids, who are our TGs will be briefed about the
product and the importance of child insurance plan. This will stimulate an emotion of parent love in our
TG and will urge them to plan the future of their child.

Opportunity
This marketing campaign will not only help in generating the revenue but it will also create multiple
opportunities such as increased brand engagement with the customers. It will also help in increasing
awareness about child plan and why is it necessary.

Objective

The objective of crafting this campaign were:

• Greater Brand engagement

• Stronger Brand recall

• Quality Lead generation

• Awareness about planning child’s future

Taglines

#MakeYourChildFutureReady

#EkkadamTereLiye

#HumareAankhoKaTara

Target audience
The campaign is targeted to reach the middle-aged working population who have children specifically
in the age group of 3-8years. This slot of population usually is found in the areas of recreation like malls.
They tend to spend quality time in malls with their children where there are a lot of external activities
set up for children.

Attitude

The attitude of the campaign consists of the following campaign tone:

• Happy

• Informative

• Positivity

• Awareness

• Selling

Message
Key takeaway
All parents live the dream of giving their child the best of everything in this world. For this they strive
hard all their lives. But through this campaign we wanted to give a message to all the parents that you
enjoy your parenthood with your child while Future Generali will take care of making their child’s future
bright.
Resources
Table 1: Resources requirement
RESOURCE DESCRIPTION

People Executives to visit malls and set up pitch.

 1. Social media posting by users with the generated
Tools hashtags. (Challenge participation)
2. Set-up Equipments.

1. Billboards
ATL Marketing 2. Print ads

➢ Lead Generation

The process of lead generation involved a lot of primary research. Task was assigned to generate leads
for two plans:

1.Product name: Future Generali New Assured Wealth Plan

Product Variation:

a. Annualized Premium: ₹60,000

b. Annualized Premium: ₹1,00,000

2.Product name: Future Generali Assured Income Plan

Product Variation:

a. Annualized Premium: ₹60,000

b. Annualized Premium: ₹1,00,000

from personal network keeping into account, the demographic factors such as age, income, occupation,
prior insurance history and spending capacity.
In all there were 68 leads which were generated and polished throughout the span of the internship which
belonged to various backgrounds and demographics.
A detailed excel database was maintained throughout the process where the details of the prospects were
recorded under parameters mentioned above.

Additionally, the responses, behaviors and feedbacks from these prospects were also taken into account.
This helped in analyzing the pitch more effectively and helped in altering it for further leads.
The next initiative was to make the prospects understand the benefits of availing the offered plans.
In order to achieve that, Financial Profiling was introduced where a detailed calculation of the prospect’s
financials was conducted in excel and it was explained to the prospects on a video call.

Following is the step-by-step procedure of conducting a financial profiling of a prospect. The

explanation is also supported by the workings in excel.

Financial Profiling Procedure

Base Profile of the prospect: This is the initial step of financial profiling where the basic details of the
prospects were taken into consideration. The demographic aspects like age, profession, marital status,
etc. of the prospects were considered. Adding to that, information like the prospect’s annual income,
risk taking appetite and retirement age too were considered.
Table 2: Sample Base Profile of the Prospect
Financial Profiling: Once the basic details of the prospect were understood, the next step was to analyze
their annual income and bifurcate it into the investment-expenditure chart. After preparing the chart, the
prospect was made to understand of how they can invest their 50% of annual earnings in various
investments like equity, ELSS, Gold/Silver and insurance.
Table 3: Sample Financial Profile of the Prospect

Tax saving calculations: As per the 80C section of the Income Tax Act of India, various expenditure
and investments are exempted from the income tax. It allows a maximum deduction up to the Rs. 1.5lakh
from an investor’s total taxable income. And considering this clause, the prospects were pitched the
product and made to understand that they will get a return in their income tax as per the given below
table.
Table 4: Tax Saving Calculations

IRR calculations: Internal Rate of Return is a financial term to estimate profitability potential of the
investment. And in the below given chat the prospect was made to understand the value of fixed returns
they would get after investing in the insurance policy and how much return they would get on their
income tax.
Table 5: IRR Calculations
3.6 Sample

Importance of insurance and expectations of customers from an insurance policy

and an insurance company was discussed within the group. After brainstorming certain
factors were decided and taken into consideration to proceed with the survey. The survey
consisted of the above discussed factors and a five-point Likert scale response system was
created ranging from Strongly Agree to Strongly Disagree. It was also decided to record
and analyse the top factors which plays an important role in forming customers’ perception
towards an insurance company. Later the most prominent factors were deduced and
recommendation revolving around these factors were brainstormed within the group.
Additionally, the questionnaire also consisted of questions which reflected brand awareness
of various insurance companies. A sample size of 52 was the sample size received.
3.7 Data Analysis

A survey with a sample size of 52 was conducted by deciding the target segment and an analysis was
performed using excel. An analysis was done to understand the sample size received based on the factors
like age, income, occupation, marital status etc. A Likert Scale was decided and the feedback was
collected for the given questions. Following are the results of the analysis:

Why is insurance important?

• Financial aid

Graph 5: Factor which make insurance important - Financial aid

To gauge how important the mentioned factors are to the consumer one of the factors which makes
insurance important is- Financial aid. Responses were collected on a Likert scale of 1 to 5 where 1 is
strongly agree and 5 is strongly disagree. 7 respondents from the income slab of more than 9LPA
strongly agreed that financial aid is one of the factors which makes insurance important.
 • Investment avenue

Graph 6: Factor which make insurance important - Investment Avenue

From the point of view of investments, it was observed that more males agreed that insurance is
important when it comes to investment. 15 males agreed to the fact that insurance was important for
investments whereas only 10 females agreed the same.

• Encourages saving

Graph 7: Factor which make insurance important – Savings

Out of all salaried respondents, a whooping 17 people agreed that insurance is a better way of
saving money adding to that 3 people strongly agreed at the same time equal number of people
disagreed to. There were 2people who strongly disagreed with the fact with 5 being very neutral
about it. Similarly when it came to self-employed respondents, only 3 of them replied amongst
which 2 agreed with the question and 1 strongly agreed to it. And now talking about the
unemployed, 6 people strongly agreed adding to 8 people who agreed and 5 who were neutral.
 • Tax benefits

Graph 8: Factor which make insurance important - Tax benefits

The section 80C gives all the taxpayers a provision to file income tax returns under which they get a
10% return on their investment in insurance. With this provision, 26people in the age group of 21-35
agreed to this, with 10 and 11 people strongly agreeing and being neutral respectively and one person
totally disagreeing with it.

• Settling debts

Graph 9: Factor which make insurance important - Settling debts

As many times people get a huge amount on maturity of their insurances, people also think about
settling their outstanding debts. But with the survey considering the gender of the clients, we
found out that 6 females are neutral as well as agree to the fact, with 2 strongly agreeing and 1
disagreeing.
 • Retirement benefits

Graph 10: Factor which make insurance important - Retirement benefits

Insurance plays a very important role in the retirement of the customer. As many people prefer
to get a huge amount or maybe a fixed income to cover their needs after retirement. And
considering the gender aspect again, 15 males agree to the point with 9 strongly agreeing, 4
disagreeing, 1 strongly disagreeing and 8 being neutral. On the contrary, 7 women agreed with 2
disagreeing, 4 being neutral and 2 strongly agreeing.

• Ratings of insurance companies based on their brand image.

Table 5: Factor which make insurance important - Retirement benefits

 Graph 11: Consumer ratings based on brand image

On the scale of 1 to 5, 17 respondents rated HDFC the most highly recognized insurance company. After
which ICICI takes the second place and then Bajaj Allianz.

• Easily recognized taglines

Graph 12: Consumer ratings based on brand image

The questionnaire also consisted of a question which was aimed at analysing brand awareness of the
insurance companies. The respondents recognized the tagline of HDFC (Sar Utha Ke Jiyo) more
frequently. Bajaj Allianz’s Jiyo Befiqar was the second most recognized tagline.
 • Top factors which customers expect from an insurance company.

Graph 13: Top 3 Customer expectations

To understand what the customers expect from insurance companies, a list of few factors
was given for them to choose from which they feel the insurance companies should focus
on for their customers. The analysis shown above in the tree map indicates that the top 3
factors which the customers want insurance companies to focus on are:

3 Trust factor

4 Faster claims

5 Maintaining good customer relations

 Chapter 4: Findings & Results, Recommendations &
Limitations

4.1 Findings & Results

Consumer Behaviour

• Out of total sample size, 36.53% of user don’t purchase any insurance policy

• Male are more agree towards importance of insurance from investment avenue point of view

• Samples with salaried in nature are more agree toward investment in insurance from saving
purpose

• Age group of 21-35 purchase insurance for tax benefits purpose

• Sample who has salaries more than 9 LPA and 6 LPA – 9 LPA find importance of insurance
from financial aid.

• Sample are more familiar with insurance from HDFC followed by ICICI and then Bajaj Allianz

• HDFC insurance has deep penetration into market as the tagline “Sar Uthake Jiyo” have more
votes as compare to others

· Marketing Campaign Design

• The study concludes that consumers rely upon more than one medium in order to enhance their
brand related knowledge. It means that they use the combination of various sources for making
final purchase decision. Along with the traditional sources, they heavily rely on modern
marketing tool i.e. Marketing Campaign, online advertising

• Consumers do require detailed information about the Product so as to evaluate its strengths &
weaknesses; this ample amount of information then saves their time by allowing them to make
the purchase decision quickly

· Lead Generation

• It’s a continuous process, one need to keep constant contact with hot prospects.
• Conversion of warm prospect to the hot prospects and customer is truly challenging activity

• Process should start with identifying the objectives, research your target audience followed by
planning our content, create an offer followed by constant follow up at the end
4.2 Recommendation
Consumer Behaviour

• For more customer acquisitions in future company should focus on following parameter, in order
(order of below parameter are obtain from study)
➢ Trust Factor
➢ Faster Claims
➢ Maintaining good customer relations
➢ Product awareness
➢ Expert advice & consulting
➢ ROI
• Study should have approx. equal number sample size of male and female count, equal sample
size for occupation, age differentiation etc.
• Study suggest company should focus more on age group of 32-35 for tax benefit purpose
• Study suggest company should focus more on salaried customer for saving purposes

Marketing Campaign Design

• Companies should mix & match various mediums to reach their desired target audience. This
will help to spread awareness among them and to influence buyers’ behavior
• Every company big or small should grab this advantage and include online marketing in their
marketing efforts.
• Consumers find certain benefits in online marketing over traditional marketing; therefore,
companies can spend more on online media rather than the traditional tools.
Lead Generation

• Identify the needs of prospects available and accordingly suggest the products you offer
• Make customize changes in the offering if allow for early purchase
• Optimize website, brochure or marketing material to promote lead magnet.
 4.3 Limitations
Consumer Behaviour

• Problem of rapid changes in consumer behavior

• Sample size consist of more male than female
• Marketing research studies consumer behavior and marketing environment. Since these factors
keep on changing, it cannot give exact information
• It can reduce the business risks. However, it cannot totally eliminate all these risks.
• Non-availability of a reliable data affects it.

Marketing Campaign Design

• Cost consideration
• Problem of rapid change of consumer needs
• Limited to the online application only

Lead Generation

• Capture a contact not a lead

• Disconnect between you and the customers you’re targeting.
• Need more supportive material
• Prospect dose not trust brand easily specially for financial products
 Chapter 5: Conclusion

This internship has most importantly given me a real picture of how the real-corporate-world functions.
Prior to this I had a small stint in the BFSI sector, but this time over, I had an experience which imbibed
corporate values in me and taught sustainability. The insurance sector covers a major chunk of the Indian
service sector, and through this internship I got the chance to learn and understand how the insurance
companies work and how they differ from others, when we worked tirelessly to know how they can
enhance their performances in near future, by applying the finding through research project.

Following are some conclusions of the project

• To sell your product you need a thorough of your product, but with that, you also should be
convince with the product. If you like the product, you can sell it to anyone.
• Lead generation for product like insurance needs a constant feedback from prospects. Because
the it is a high cost product and the prospect generally are not convinced to purchase it in one go.
• Not every contact is the prospect, we need to apply set algorithm to identify the prospect and
need of the customer.
• Campaign designing need a proper understanding of segmentation, targeting and positioning of
the product/ services followed by target audience for whom we are launching the campaign.
• Campaign can be truly successful if the marketer knows the market properly and implementation
of campaign is done according to plan only
• By understanding consumer behavior toward insurance company should focus on following
aspects for good response rate from buyers
✓ Trust factor
✓ Faster claims
✓ Maintaining good consumer relations
✓ Product awareness
Overall internship experience was with full of learnings and real time working experience with
corporates, and also It taught me how I can use my skills to help in various ways, learned about how
once can create financial profiling of the prospect and convince them to buy the product, also to make
the internship more interesting we had group discussion sessions regularly where we discussed world
happenings and news.
 References

• https://life.futuregenerali.in/
• https://lifeinsurance.adityabirlacapital.com/
• https://www.bajajallianz.com/
• https://insurance.kotak.com/
• https://www.tataaia.com/
• https://www.iciciprulife.com/
• https://life.futuregenerali.in/about-us/press-releases/2020
• A Study on the Customer's Perception towards Insurance with reference to Bangalore City |
Lina George | June 2014
• A Study of Consumers' Preferences and Perceptions on Life and Medical Insurance | Dr.
Gopaldas Pawan Kumar | June 2016
• A comparative study of customers’ perception towards traditional and modern channels of
distribution in insurance sector in Mumbai region | Charanjit Kaur Banga | 2017
• Customers Perception for Taking Life Insurance: A Critical Analysis of Life Insurance Sector in
Nagpur | Mr. Sandeep Deshmukh1 & Dr. Rajiv Jadhao | 2017
• https://www.linkedin.com/company/future-generali-india-life-insurance/
• https://www.instagram.com/fglifeind/
 List of Figures

Sr. Particulars Page

No. no.
Flow chart of the process of conducting the survey
1

2 Flow chart of the process of designing a marketing campaign

3 Flow chart of the process of lead generation

4 Product name: Future Generali New Assured Wealth Plan (₹60,000)

Product name: Future Generali New Assured Wealth Plan

5
(₹1,00,000)

Product name: Future Generali Assured Income Plan (₹60,000)

6
Product name: Future Generali Assured Income Plan (₹1,00,000)
7
Print ad (1) for Future Generali Child Plan.
8
Print ad (1) for Future Generali Child Plan.
9
Billboard ad (1) for Future Generali Assured Income Plan
10
Billboard ad (2) for Future Generali Assured Income Plan
11
Billboard ad (3) for Future Generali Assured Income Plan
12
 List of Graphs

Sr. No. Particulars Page no.

1 Age v/s Occupation graph

2 Marital Status v/s Occupation graph

3 Income Status graph

4 Availability of Insurance

5 Ratings of insurance companies based on their brand image.

6 Factor which make insurance important - Investment Avenue

7 Factor which make insurance important – Savings

8 Factor which make insurance important - Tax benefits

9 Factor which make insurance important - Settling debts

10 Factor which make insurance important - Retirement benefits

11 Consumer ratings based on brand image

12 Consumer ratings based on brand image

13 Top 3 Customer expectations

 List of Tables

Sr. No. Particulars Page no.

Resources requirement
1

2 Sample Base Profile of the Prospect

3 Sample Financial Profile of the Prospect

Tax Saving Calculations
4

5 IRR Calculations