Promotional Strategies adopted by ICICI Prudential

PRABHJOT KAUR MBA HONS.(FINAL) ROLL NO. 12

INSURANCE
Insurance is the outcome of mans search for security and for finding out ways and means of ameliorating the evil consequences of sudden calamities. Insurance is a co-operative venture whereby risks and losses are shared by many.

Insurance is a contract by which one party, for a compensation called the premium assumes particular risks of the other party and promises to pay to him or his nominee a certain or ascertainable sum of money on a specified contingency.

TYPES OF INSURANCE

SHARE OF LIFE INSURANCE V/S OTHER INSURANCE

20%

LIFE INSURANCE OTHER INSURANCE

80%

NEED OF INSURANCE
Insurance provides security and safety. Insurance affords peace of mind. Insurance eliminates dependency. Insurance encourages saving. Insurance provides loss of human wealth. Insurance provides certainty of payment at the uncertainty of loss.

INSURANCE COMPANIES

IRDA is a Insurance Regulatory and Development Authority which is constituted by an act of parliament to check the regulatory of insurance sector. As per section 4 of IRDA Act 1999

Present
Present chairman of IRDA-Mr. Hari Narayana

ICICI PRUDENTIAL LIFE INSURANCE COMPANY

ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The company was granted certificate of registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000 The authorized capital of the company is Rs. 2300 million and the paid up capital is Rs.1500 million.

 ICICI Prudential is the largest private insurance company and second largest insurance in India after LIC. Profit after tax stands at Rs. 1,384 crore for financial year 2012.

 The company is a joint venture of ICICI Bank (74%) and prudential PLC UK (26%).

Mrs. Chanda Kochhar MD &CEO of ICICI Bank and Chairperson of ICICI Prudential

PRESENT MANAGING DIRECTOR AMD CHIEF EXECUTIVE OF ICICI PRUDENTIAL- MR. SANDEEP BAKSHI.

FORMER MANAGING DIRECTOR AND CHIEF EXECUTIVE OF ICICI PRUDENTIALMRS. SHIKHA SHARMA

MARKET SHARE OF ICICI PRUDENTIAL

MARKET SHARE IN PERCENTAGE
ICICI PRU

1.10% 3.50% 3.70% 4.10%

HDFC BIRLA TATA AIG BAJAJ ALLIANZE MAX NYL OMK AVIVA

5.70%

36.20%

6.20%

8.70%

6% 9.40% 6% 14%
SBI METLIFE AMP S. INGV.

VISION
Understanding the needs of customers and offering them superior products and service. Leveraging technology to service customers quickly, efficiently and conveniently. Providing an enabling environment to foster growth and learning for employees. Building transparency in all dealings

SWOT ANALYSIS
STRENGTHS Strong tie up Strong network High customer data base WEAKNESSES Highly difficult target are provided to unit manager

THREATS OPPORTUNITIES Network building Target rural segment Increasing competition from competitive companies Each company is doing heavy marketing

AWARDS On 18 January 2012- BEST FINANCIAL WEBSITEwww.iciciprulife.com by Indian Digital awards. ICICI Pru iCare- product of the year 2012 in the life insurance category. ICICI Prudential Life Insurance has been conferred the Insurance Company of the Year Award 2011. ICICI Prudential Life Insurance- The Best Leading Private Player Life Insurance 2011 at the Financial Institution Awards. ICICI Prudential-India's Most Customer Responsive Insurance Company.

The ICICI Prudential Edge

Its products have been developed after a clear and thorough understanding of customers' needs. ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute its products . It ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. Its team is given the opportunity to learn and grow, every day in a multitude of ways.

RESEARCH

OBJECTIVES OF STUDY To know the promotional strategies of ICICI Prudential. To understand and measure the impact of advertising in the life insurance market To understand and measure the effect of promotional strategies in brand building, brand recall and finally the choice of a plan while buying it.
Research Instrument: Structured Questionnaire. Contact Method: Personal Interview.

SAMPLE SIZE: 100 respondents.

PROMOTION
PROMOTION is the element in an organizations marketing mix that serves to inform, persuade and remind the market of a product and the organization selling it, in hopes of influencing the recipients feelings, beliefs, or behavior. PROMOTION represents all of the methods of communication that a marketer may use to provide information to different parties about the product.

COMPONENTS OF PROMOTION
Advertising Sales promotion

Personal Selling
Direct Marketing Public relations

PROMOTION STRATEGIES OF ICICI PRUDENTIAL

An effective communication campaign should comprise of a well thought out message strategy. Nike:- Just do it Toyota:- The car in front is a Toyota. ICICI Bank:- Hum hain na ICICI Prudential:- Jeete Raho, Retire from work not life

CORPORATE ADVERTISING

SINDOOR was used as an endearing and lasting symbol of protection

Advertisers aimed at appealing to the main stream, middle class family.

Power of emotional Branding by ICICI prudential

ICICI Prudential has taken an example of CHINTAMANI who is always tensed about tax savings and future security and how ICICI Prudential solves all his problems.

INTERNET PROMOTION THROUGH WEBSITE

MOBILE PROMOTION

Mobile promotion is a very individual business and ICICI Prudential has a team of people to help you stand out of the crowd.

TELEVISION ADVERTISING

WALL HOARDING PROMOTIONAL STRATEGY

RADIO ADVERTISING

PRINT ADVERTISING

ANALYSIS AND INTERPRETATION

AGE
16%
14% BELOW 30 30-40 40-50 30% 40% ABOVE 50 35% MALE FEMALE

GENDER

OCCUPATION

65%

25%

30% SERVICE BUSINESS SELF EMPLOYED RETIRED

20% 25%

YOU ARE REGULARLY CONNECTED TO WHICH OF THE FOLLOWING MEDIA FOR ADVERTISEMENT?
RESPONSE
p e 30 r 25 c 20 e 15 n t 10 5 a g 0 e 24 22 10 14 30

RESPONSE RESPONSE

Media

ARE YOU AWARE OF ICICI PRUDENTIAL LIFE INSURANCE?

RESPONSE
8

YES

NO

92

HAVE YOU SEEN ADVERTISEMENTS OF ICICI PRUDENTIAL LIFE INSURANCE?

RESPONSE
10

YES NO

90

IN WHICH OF THE FOLLOWING MEDIA HAVE YOU SEEN THESE ADVERTISEMENTS THE MOST?
RESPONSE

TELEVISION

50

PRINT MEDIA

12

media

RADIO

8 RESPONSE

INTERNET

25

MOBILE

10

15

20

25 percentage

30

35

40

45

50

CAN YOU RECALL THE CONTENT/MESSAGE OF ICICI PRUDENTIAL ADVERTISEMENTS NOW?

RESPONSE

SOME EXTENT

30

NO

25 RESPONSE

YES

45

0%

10%

20%

30%

40%

50% percentage

60%

70%

80%

90%

100%

IS IT EASY TO UNDERSTAND THE MESSAGE OF ADVERTISEMENTS OF ICICI PRUDENTIAL?

RESPONSE
45 40 35 30 25 percentage 20 15 15 10 4 5 0 0 STRONGLY AGREE AGREE NEUTRAL DISAGREE STRONGLY DISAGREE RESPONSE 41 40

ICICI PRUDENTIAL LIFE INSURANCE ADVERTISEMENT WAS BELIEVABLE?

RESPONSE
40
40 35 30 35

25
percentage 20 20 RESPONSE 5 STRONGLY AGREE AGREE 0 NEUTRAL DISAGREE STRONGLY DISAGREE RESPONSE

15
10 5 0

HOW THIS ADVERTISEMENT HAS INFLUENCED YOU?

RESPONSE

NONE

40

SUGGEST THE INSURANCE POLICY

20

RESPONSE RECOMMEND THE INSURANCE POLICY 10

BUY THE INSURANCE POLICY

30

10

15

20 percentage

25

30

35

40

WHICH COMPANY AD YOU FIND MOSTLY?

RESPONSE

MAX NEW YORK

15

BIRLA SUNLIFE

15

companies HDFC STANDARD

15 RESPONSE

ICICI PRUDENTIAL

25

LIC

30

10

15 percentage

20

25

30

HOW WOULD YOU RANK THE PERFORMANCE OF THE AGENTS OF ICICI PRUDENTIAL, FROM 1-5?
RESPONSE
35% 35% 30% 30% 25% 20% 20% percentage 15% 10% 10% 5% RESPONSE

5%
0% 5 4 3 rank 2 1

RANK THE FOLLOWING LIFE INSURANCE COMPANIES AS PER YOUR BRAND RECALL CAPACITY?
RESPONSE
45 45 40 35 30 25 percentage 20 15 10 5 0 ICICI PRUDENTIAL LIFE INSURANCE LIC HDFC MAX NEW YORK STANDARD LIFE LIFE INSURANCE INSURANCE companies SBI LIFE INSURANCE BIRLA SUNLIFE INSURANCE 8 7 8 7 RESPONSE 25

YOUR OPINION ON ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.?

RESPONE
15 35

20 VERY GOOD GOOD NEUTRAL BAD

30

FINDINGS
Majority of the public uses television for advertisement or information gathering , followed by news paper and internet. Radio seems to be outdated in urban areas. But after revolution in mobile technology and satellite radio it has again started growing Majority of the public goes behind brand name. Thats why corporate advertising plays a vital role in growing stage. It is also found that insurance companies like to give their ad in news/ business channel. Liking an advertisement does not mean that public would like to buy that product.

 If we talk about private players, publics first choice is ICICI Prudential followed by HDFC Standard Life and Reliance Life Insurance. ICICI PRUDENTIAL advertisement like Chintamani and Jeetey Raho make impacts on mind of people as they become concerned about their future. They become ready to invest their money in ICICI PRUDENTIAL Life Insurance Co.Ltd.

SUGGESTIONS
ICICI Prudential should come forward for the development of rural sector by way of establishing a school, digging wells in villages, it is one of way to gain trust in rural sector. ICICI Prudential can also use to advertise by using the way of Nukkad Naataks. It is the most creative and cheapest way of advertising. An intense AIDA model needs to be adopted (Awareness, Internet, Desire ,Action) Creating offers like lucky draws for the users of Internet and giving free gifts to the customers can be helpful to the company.

LIMITATIONS
Most of concerned person were busy with their work. Many of the respondents did not submit their form properly filed. Lack of time, as the study was conducted only for the period of 40 days. Time and money are major constrains of the study. Some respondents were reluctant to divulge personal information which can effect validity of all responses.

THANK YOU