Submitted by : Robin Juriasingani Harriet D¶Costa Bhagyashree Vaity

Introduction € Problem Areas Background The LIC Way The Insurance Bill of 2000 Private Players with Multinationals as their partners Aggressive Marketing and Promotion Activities € € € € € .

LIC saw a 25% growth / Private Insurers saw 0. Private Insurance Companies : 70% of the total budget LIC : Rs 1000 Cr € Allianz Bajaj : Rs 200 Cr € Kotak Mahindra : Rs 150 Cr € ICICI Prudential : Rs 146 Cr € In 2002.Strategies Adopted by Private Players € € € LIC and Budget of Rs 1 Billion. € .5 % LIC : Growth due to Increased Public Awareness caused due to heavy advertisement by private players.

India¶s Biggest private sector life insurer. € . the most effective punch lines in the EFFIE Awards. Highest Recall amongst all private players. 210000 Advisers and 7 Bancassurance partners ³Most Trusted Life Insurer´ by Economic Times ³True life club´ & ³We cover you". 2000 Branches all over India.Company Profile € € € € € € Started operations on 12th Dec 2000.

.where it all began = .Joint Venture.

4. 7. 5. 6. Saving and Wealth Creation Solutions Protection Solutions Child Plans Retirement Solutions Health Solutions Group Insurance Solutions Flexible Rider Options .Products 1. 3. 2.

Life Insurance Retirement Insurance Medical Insurance .

Campaign Objectives To influence the consumer To create differentiation To achieve leadership To build credibility € € € € .

Distribution Network € Bancassurance Direct Marketing Corporate Agents € € .

Customer is not affected by fluctuating market conditions. Average unit cost will always be lesser than the average sale price per unit € € € .Pricing Strategy Rupee Cost Averaging Method:± € No need to time the market. Pre-decided amount over a period of time.

000 10.00.000 10.454 2.000 10..000 10.100 3.850 3.000 10.00.00.00.00. A Comparative Analysis ± Name Tata AIG SBI Life Max New York Life Bharati AXA MetLife LIC ICICI Pru Product Raksha SBI-Shield Level Term Secure Confident Suraksha Anmol Jeevan iProtect Coverage (Rs) 10.260 3.710 2.420 2.Pricing Strategy contd.000 Premium (Rs) 2.000 10.00.00.450 Policy Term (yrs) 20 20 20 20 20 20 20 .

Tie up with more corporate agents. 3. Threat from new entrance. 6. Minimum premium is 19000. 2. And problematic to advisors also. 5. THREAT 1. Poor distribution is in English language only. Target upper class people only. of adopting new technology. Training provided.000) 4. Innovative insurance policies.1. 4. 5. Tie up with brokers. 2. 4. 8. Largest financial Institution of India. 3. 3. From existing life insurance players 2.SWOT Analysis Strengths 1. 2nd largest bank with 469 branches and 1740 ATM¶s across India. Threat to substitute products 4. Compare to other insurance sector. 1 private life player in India. 7. Motivation factors. Highest paid up capital deposited in IRDA. Change in the policy of IRDA 5. Policy charges are very high.000 Cr OPPORTUNITIES 1. 6.(Expect tax saving policy only 12. 9. 7. 08. Huge database of clients. No. Customer centric products WEAKNESS 1. No. Very huge premiums of policies. 2. Assets base more then Rs. People don¶t aware of different distribution channel . Strong Brand of Company Helps to boost sales inn market 5. 3.

Ansoff¶s Matrix ± Planning for Growth  ICICI Prudential Life Insurance will Lie in the Product Development Segment.  Increase Demand to suit customer needs require constant changes in policies offered. .  New Product Innovations like Online-Intent programs.  New Product Offerings to replace existing ones.

Marketing & Media Strategy € Creative Strategy Suraksha ± Kandha Campaign Chintamani Retire From Work not Life € € € .

€ Anytime insurance Jeete Raho € .Marketing & Media Strategy contd..

4780 crores Assets held ± 57.10.5% Ranks no.1 among the private players Statistics across India ± Total number of branches ± 1900 Advisor base ± 2.000 Current Capital ± Rs.Current Scenario € € € Current market share ± 17.000 crores € .

Thank you« .

Sign up to vote on this title
UsefulNot useful