Marketing Strategy of Bharti Axa Life Insurance - 191468884
Marketing Strategy of Bharti Axa Life Insurance - 191468884
index
S. no.
content Page no.
1. Executive Summary 04
2. About Insurance 04
9. Bharti Group 15
15. Marketing 23
16. TELE-Marketing 24
20. Recommendations 27
21. Bibliography 28
EXECUTIVE SUMMARY
Companies now are tapping a lot of ways to capture the market and
hence adopting different ways to hold the large portion of the
market.
About Insurance:-
Characteristics of Insurance:-
1. Sharing of Risk
2. Cooperative device
3. Evaluation of Risk
7. Insurance is a business which spreads the loss and the risk of few
people in the large number of people.
1. General Insurance
2. Life Insurance
Insurance of the non life assets are called general insurance, this
includes loss of asset against water, fire, earthquake etc. With the
desertification in the Indian Market in General Insurance the
monopoly of the general Insurance public sectors companies has
been broken. With the entrance of the new private player market
innovative technique has been introduced to capture the market. In
general Insurance around 17% of the market has been captured by
the private players.
Life Insurance in India existed from long time. The modern concept
of Insurance was brought by Bruisers in India, and Oriental
Insurance Company was the first Insurance Company who did
Insurance for the Indian in 1818 and was established in Calcutta
nowadays Kolkata. Then due to no interference of government in it,
private market players ruled the market as they want to, that is why
government intervened in between to protect the interest of the mass
and to safeguard the money involved in it. All private companies
were took over by Government and Insurance market was turned to
Public sector and Life Insurance Corporation of India was formed in
1956 to make the Insurance reachable at remote areas and that even
by low premiums or better said as affordable premium so as to
secure their life.
From that time i.e. from the year 2001 insurance sector was opened
for the private players too. Since then Insurance sector is on the
boom and business is flourishing and a lot of private players are
coming into business. Here the private players doesnt indicate to
Indian Private Companies but also foreign players are also involved
in it, but to manage the money flow in and outside the country IRDA
takes care of the contribution of the money by foreign partners of
private insurance companies. To control that IRDA has set a limit of
FDI i.e. 26%.
Year Changes
1870 Bombay Mutual Life Assurance Company. First Indian Insurance company.
1912 The Indian Life Assurance Company enacted the first law to regulate the life
insurance business in India
1926 The Indian Assurance company act enacted to enable the government to collect
the statistical information about the insurance.
1938
The earlier legislation consolidated and amended the life insurance act with the
objective of protecting the interest of insurance in the public.
1956 245 Indian and foreign players and prudent societies are taken once by Central
govt. And nationalized
And so on....
Indian Contract Act 1872
Life Insurance contracts are the one which has to fulfil the
requirements of the Law of Contract as per the Indian Contract Act
1872.
Essential Features:-
P.S.:- Policyholder and Insured can be same person and can be two
individuals even.
Apart from the Legal Structure of the Insurance Contract there are
some principles in Insurance Industry on which every company
works on. These principles are:-
PRIMARY FUNCTION:-
SECONDARY FUNCTION:-
The following quote from their website and other press media did
make a connection to what we got as an answer to one of the
questions about their expansion strategies and customer acceptance.
"As we expand our presence across the country to cater to your
insurance and wealth management needs with our product and
service offerings, we continue to bring 'life confidence' to customers
spread across India. Whatever your plans in life, you can be
confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them"
The Bharti group is very popular across the length and breadth of the
country as leading cell phone service provider - Airtel and if
marketed as Airtel Insurance, people easily recognize the brand
name. Also marketing message and bundling could very well be
done with the backing of Airtel.
Features :
Following are some of the milestones
There are certain restrictions on how the assets are allocated and
how the profits are to be shared and this underpins the time to return
to profitablity for the private players. 50 % of the assets to be
invested in Government Bonds and 15 % in Infrastructure bonds
leaving only 35 % for the fund managers to creatively manage. It is
typically known to be a 6 year period and with the opening up of this
sector only in year 2000, none of the private players are profitable
yet. This makes it ever more challenging for Bharti AXA which is
the newest player in the market.
o Future Confident II
o Secure Confident
o Save Confident
o Invest Confident
Market Share
If we look at the status of Bharti AXA Life Insurances market share
in comparison of other private company in comparison of premium
earned:-
9. Aviva 1.14
1. Individual Plans :
2. Group Plans :
a. Bharti AXA Life Swasthya
Sanjeevani :- Swasthya Sanjeevani is
a single premium group critical illness
product, providing comprehensive
protection against 6 critical illnesses.
To respect and value individuals, their diversity and support them in their need to
balance professional and personal lives.
Ads
Merchandising
Corporate Stationery
TELE MARKETING:
CHANNEL MARKETING
Distribution Network of Individual Life Insurance
Business in India
Brokers are the one who can sell the insurance product of a lot of
company and is appointed by the company but works for the
individual and earn brokerage through company.
Then basic requirements as per the rule of the Insurance Act, 1938
has to be fulfilled.
4. Should be 10th if going for rural area, and should be 12th passed if
going for the urban area. Urban area means the area having the
population above 5000 persons.
And then the most important aspect that person will have to go for
the 50 hours training and will have to secure 50% marks to pass the
examination conducted by III (Insurance Institute of India) in behalf
of IRDA to get the licence to do the policy and earn the commission
out of the work done.
Bharti AXA life is the theme that is opted by the Bharti for its
employee
FYP i.e. First Year Premium excluding the renewal premium is CPI
of the company.
FOS: Feet on Street. Sales are source of it and source of sales is Life
Advisors.
Percentage active: It is that how many policies the life Advisors
have sold or in a better manner we can say that active is the one who
sells at least one policy in a year.
RECOMMENDATIONS:-
Some more motivation to the employees over there is
needed.
Infrastructure has to be built properly because an office
is the face of the company.
Tele marketing need to be focussed much.
Networking is needed to be made broad as the number
of branches with KotakLife is only 75 and the 7 states
has been touched by the company so there is a huge
untapped market available for the Kotak.
Marketing in terms of the media via advertisements on
Televisions to small commercials on FM has to be
made because there were respondents in our survey
who even havent heard the name of KOTAK Life
Insurance. FM is suggested here because the people
who can drive the private life insurance is the youth,
and FM is something on which youngsters look upon
too.
Awareness Camp to the sub urban area should be
focussed by kotak.
Apart from the Brand Positioning in urban area, a
strategy should be adopted by Kotak to make its
brand also near to middle level, or high aspirant
people because they are the main source of the
business in India.
1. TIMES OF INDIA
2. THE HINDU
3. Business world
4. Outlook Business
5. Business Today
Webliography:-
1. www.bharti.com
2. www.indiatimes.com
3. www.insuranceworld.com
4. www.findarticles.com
5.www.wikipedia.org
6.www.managementparadise.com
7.www.google.com
Other sources:-
2. Blogs by admin
ANNEXURE
Education :
Graduate
Post Graduate
Non-Graduate
Professional :
Doctor
Engineer
C.A.
M.B.A.
L.L.B.
Other ---------------------------
Up to Rs. 2 Lakh
----------------------------------------------------------------------------------
------------------------------
Yes No
Childs future
Others :----------------------------------
Yes No
Life Health
Children
Others :---------------------------------------------
Yes No
If no, state the
reasons :---------------------------------------------------------------
-----
Definitely No No
Definitely No No