This action might not be possible to undo. Are you sure you want to continue?
India Infoline is the biggest corporate agent
for ICICI Prudential Life Insurance Insurance Selling is not like selling any other product. While selling this intangible product we are actually selling death benefit, which makes it less attractive because customers are less interested in a product whose benefit will be received after their death This project deals with spreading awareness about the insurance products and generating leads in Ahemdabad city.
The steps followed by me were: Cold calling Lead generation Visiting the leads Pitching the product
India Infoline is a one-stop financial
services shop, most respected for quality of its advice, personalised service and cuttingedge technology.
India Infoline Group
The India Infoline group, comprising the holding company,
India Infoline Limited and its wholly-owned subsidiaries, straddle the entire financial services space with offerings ranging from Equity research, Equities and derivatives trading, Commodities trading, Portfolio Management Services, Mutual Funds,Life Insurance, Fixed deposits, GoI bonds and other small savings instruments to loan products and Investment banking. India Infoline also owns and manages the websites www.indiainfoline.com and www.5paisa.com The company has a network of 976 business locations (branches and sub-brokers) spread across 365 cities and towns. It has more than 800,000 customers.
INDIA INFOLINE GROUP
India Infoline Media and Research Services Limited.
The content services represent a strong
support that drives the broking, commodities, mutual fund and portfolio management services businesses. Revenue generation is through the sale of content to financial and media houses, Indian as well as global
India Infoline Commodities Limited.
India Infoline Commodities Ltd. enjoys
memberships with the MCX and NCDEX, two leading Indian commodities exchanges, and recently acquired membership of DGCX.
India Infoline Marketing & Services
India Infoline Marketing and Services
Limited is the holding company of India Infoline Insurance Services Limited and India Infoline Insurance Brokers Limited
India Infoline Marketing & Services
It is the largest Corporate Agent for ICICI Prudential Life
Insurance Co Limited, which is India's largest private Life Insurance Company. India Infoline was the first corporate agent to get licensed by IRDA in early 2001. India Infoline Insurance Brokers Limited India Infoline Insurance Brokers Limited is a newly formed subsidiary which will carry out the business of Insurance broking. We have applied to IRDA for the insurance broking licence and the clearance for the same is awaited. Post the grant of license, we propose to also commence the general insurance distribution business.
India Infoline Investment Services Limited
India Infoline Investment Services Private
Limited consists of the following step-down subsidiaries. (a) India Infoline Distribution Company Limited (distribution of retail loan products) (b) Moneyline Credit Limited (consumer finance) (c) India Infoline Housing Finance Limited (housing finance)
IIFL (Asia) Pte Limited
IIFL (Asia) Pte Limited is wholly owned
subsidiary which has been incorporated in Singapore to pursue financial sector activities in other Asian markets.
Management - India Infoline
Name Nirmal Jain Sat Pal Khattar Kranti Sinha R Venkataraman Nilesh Vikamsey A K Purwar Designation Chairman and Managing director Non Executive Director Independent Director Executive Director Independent Director Independent Director
Insurance constitutes one of the major segments of the
Indian Insurance Industry
financial market. Insurance services play predominant role in the process of financial intermediary. Today insurance industry is one of the most growing sectors in India. There is lot of potential in the Indian Insurance Industry.
Recently there has been a hike in FDI (Foreign Direct
Investment) limit from 26% to 49% in the insurance sector. Government may in near future allow 49% FDI in Insurance. This would lead to more capital inflow by foreign partner Right now the insurance industry has great opportunities in a country like India or China which huge population. Also the penetration of insurance in India is very low in both life and non-life segment so there is lot potential to be tapped.
Competitor Analysis of ICICI Prudential
In the Insurance Sector, LIC is the largest
player. But its share has been consistently reducing since liberalization and privatization of this sector
INDUSTRY GROWTH RATE IS 36%
200102 98% Private 2% Players
200203 94% 6%
200304 87% 13%
200405 78% 22%
200506 72% 28%
SHARE BY PREMIUM
AVIVA LIFE BAJAJ ALLIANZ
DABUR BAJAJ AUTO
AVIVA, UK ALLIANZ,GERMANY
BIRLA SUN LIFE
ADITYA BIRLA GROUP
SUN LIFE, CANADA
STANDARD LIFE, UK
KOTAK MAHINDRA ,OLD MUTUAL
KOTAK MAHINDRA BANK OLD MUTUAL, SOUTH AFRICA
NEW YORK LIFE, US
SBI LIFE TATA AIG
SWOT analysis of I.C.I.C.I Prudential Insurance Products
The biggest strength of the organisation is the: Money power which makes them ignorant about the gestation period. Brand image , brand experience and innovative products.
High targets for the financial advisors and
sales deptt. Many competitors in the market sell the same product with a slight difference in premium and offerings The reach in semi-urban areas and rural markets is still very less
Huge market is still untapped, out of 320
million insurable markets only 20 % is insured. Health insurance and pension schemes have an estimated market potential of 15 billion
Players like Bajaj and Birla Sun life have low
premium for similar plans. Entry of many other private companies with equally strong experience and financial strength of foreign partners is making the competition difficult and saturating the urban markets. LIC has woken up from sleep and is following competetive strategies. Its huge surplus in Life fund gives a capability to lodge a price war.
Various products of ICICI prudential
LACK OF AWARENESS AMONG THE PEOPLE: This is the biggest limitation found in this sector that people are not aware of the necessity and importance of the insurance in their life.They are not aware how useful life insurance can be for their family members if something happens to them. Perception of the people towards insurance sector: People still consider insurance as a tax saving device. So today there is always a rush to buy Insurance policy only at the end of the financial year making the other 9 months dry for this business
Insurance does not give good returns: Still people think that insurance does not give good returns. They are not aware of the modern UNIT LINKED INSURANCE PLANS which are offered by most private players these days.They still carry the perception that if they take insurance they will get 56%returns which is not true nowadays.Nowadays most of the modern ULIPs give returns which are much more than the returns from Fixed deposits,National saving certificate,Post office deposits and Public Provident fund. Lack of awareness about the earning opportunity in the insurance sector People still today are not aware about the earning opportunity that the insurance sector gives. After the privatization of the insurance sector many private giants have entered the insurance sector. These private companies in order to beat the competition and to increase their Insurance Advisors to increase their reach to the customers are giving very high commission rates but people are not aware of that.
Increased competition Today the competition in the insurance sector has become very stiff. Currently there are 14 Life Insurance companies working in India including the LIC(life insurance corporation of india). Today each and evey company is trying to increase their Insurance Advisors so that they can increase their rech in the market. This situation has created a scenario in which to recruit life insurance advisors and to sell life insurance policy has become very very difficult.
The insurance products should not be pitched as pure
insurance products but as investment instruments A ULIP offers a wide choice of funds, ranging through equity, debt, cash, or a combination of the three. The customer is also offered the option of choosing fund mix based on his desired asset allocation. Customer can choose from various fund options i.e. R.I.C.H., Multiplier, Flexi Growth, Flexi Balanced, Balancer, Protector,Preserver. These have varying equity and debt mix and accordingly they give returns. Higher investment in equity , higher returns but risk will be also higher .
If the premium is paid for three years and after that if the
customer wishes to stop paying premium he has an option to continue the risk cover and his premiums will not be forfeited. Taking undue advantage of that what insurance salespeople do they pitch the product saying to the customer that you need to pay premium only for 3 years and you can enjoy the risk cover for the rest of the term of the policy. This helps make acquisition of the customer easy and fast, because customer thinks that he is getting the risk cover for only three years of premium so he gets easily acquired
Regional language is very important in
giving personal touch So ICICI prudential should print product details in regional language. ICICI prudential should look forward for more interactions with customers through arranging the annual meeting.
Various needs can be
The insurance products should be pitched according to the life stage need. 25-30 Seeking job, trying to save, house /car loans. 30-35 Marriage expenses, 35-50 Chidren’s education. 50-55 Spending on parent’s medical expenses. 60 onwards Own retired life
A rider is a clause or condition that is added on to a
basic policy providing an additional benefit. Insurers find it easier and covenient to have a small number of basic plans , with riders being offered as options, effectively the prospect has a number of options to choose from. Such options enable customisation of the product. Various riders are: Increased death benefit , being twice or even more than the survival benefit. Accident benefit allowing double the Sum Assured if death happens due to accident.
Permanent disability benefits , covering loss of limbs,
eyesight, hearing , speech etc. Dreaded disease cover, providing additional payments( in lumpsome or in intallments), if the life insured requires medical attention because of specified conditions like cancer, cardiac or stroke , kidney failure etc. Cover to continue beyond maturity age for same Sum assured or higher Sum Assured. Option to increase cover within specified limits or dates
Intermediary plays a very impportant role because of the following reasons : It’s a personalised type of marketing. Moral hazard of the insured is to be judged. Layman does not know insurance He has to be guided for the best cover He has to be given service in terms of proposal form, claim form, getting refunds, giving policies, receipts , cover notes. He has to be told about requirements and documentation.
This action might not be possible to undo. Are you sure you want to continue?
We've moved you to where you read on your other device.
Get the full title to continue listening from where you left off, or restart the preview.