PREPARED BY TEAM 1Aarav Rastogi PGFA1601Abhijeet Singh PGFA1602Aseem Bansal PGFA1631Ayushi Pathak PGFA1636Diksha PGFA1645

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3Out of 53 insurance companies 24 are in life insurance29 are in non life insuranceLIC - sole public sector companyRecorded new premium income of RS. 1.38 trillion during April 2015 to March 2016Growth rate 22.5%Biggest in the world with about 360 million policiesExpected to increase at a COMPOUND ANNUAL GROWTH RATE of 12-15% over the next 5 yearsLIFE INSURANCE INDUSTRY

SPONSORS OF THE COMPANY4

Commenced its operations in 2008Achieved breakeven in 2013Offers a diverse range of Wealth Management Protection solutionsRetirement solutions

COMPANY DESCRIPTION5

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MARKET SHARE

8PEST ANALYSIS

9PEST ANALYSIS

10TARGETED SEGMENTCUSTOMER NEEDSCORRESPONDING FEATURESTIER 1 AND TIER 2 CITIESGet in touch fast Within customer reachNUMBER OF AGENTS- 10000+NUMBER OF OFFICIES- 2000+FAMILYPolicies for everyone in the familyCHILDSURANCELIFESURANCESOCIAL CLASSYearly premium for insurance policiesPREMIUM STARTS AT RS. 25000/YEARUSER STATUSInstant renewal at the time of maturityPOLICY RENEWAL OFFLINE/ONLINE

PRODUCT REVIEW

11COMPETITOR NAMEFEATURES PRICESLIC MATURITY AGE UPTO 75 YEARSMONTHLY PREMIUM ACCEPTEDRS. 250/ MONTH (70 YEARS)ICICIMATURITY AGE 75 YEARSANNUAL PREMIUM ACCEPTEDRS. 2000/ YEAR = POLICY TERM( 10 TO 30 YEARS)MAX LIFEMATURITY AGE 70 YEARSPREMIUM DEPENDS ON POLICY TERM RS. 8050/ YEAR = POLICY TERM( 10 TO 35 YEARS)BAJAJ ALLIANZMATURITY AGE 70 YEARSANNUAL/HALF YEARLY/QUARTERLY/MONTHLY PREMIUM ACCEPTEDRS. 3000/YEAR ( 10 TO 30 YEARS)

COMPETITIVE REVIEW

SWOT ANALYSISSTRENGTHSProducts( Incomesureance plan)Existing distribution and sales networksSkilled manpower with in depth knowledgeWill open 100 more branchesWEAKNESSBrand awarenessPromotionsOPPORTUNITIESInsurable populationFast track developmentInternational companies help in building world class expertise in local market

THREATSTrust on big public sector insurance company. Example: LICVery high competition Increasing costsGovernment regulations

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To continually strive to enhance customer experience through innovative product offerings, dedicated relationship management and superior service delivery while striving to interact with our customers in the most convenient and cost effective mannerTo be transparent in the way we deal with our customers and to act with integrityTo invest in and build quality human capital in order to achieve our mission

MISSION OF THE COMPANY13

14Equip itself with necessary tools to deliver increased operational and cost efficiency through IT developmentIncrease transparency through crystal clear communication to our partners and stakeholdersProvide value to customersBalance the interest of the customers, partners, employees, shareholders and the community at largeBe financially strong, operationally robust and having clarity in claimsOBJECTIVES OF THE COMPANY

15Updating the existing Life Insurance Products as per current market situationBuilding Trust among the customers by providing them efficient servicesFeedback and Reviews to be continuously monitored and worked upon if neededHOW WILL THEY REACH THEIR GOALS?

ANSOFFS MATRIX

Secured Incomesurance Insurance Plan

17Market penetration ChildsuranceLifesurance PlanProduct Development Secured Incomesureance Plan 6 PayANSOFFS MATRIX

18STP ANALYSIS OF CHILDSURANCE PLAN

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SEGMENTATION OF CHILDSURANCE

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SEGMENTATION OF CHILDSURANCE

21TARGETING

22At 18, Your Angry Child wont look this cuteBuy Childsurance the Right Child Plan

POSITIONING

23Both Male and Females are RespondentAge Group of 18-30 years were more aware and interested in this planAwareness about the product was More by Friends and Family members Tax benefits, Good Returns, Hassle-free policy are benefits of this planMost of the people were prompted to buy this policy due to-Brand ImageConvinced by Marketing GuysPast record of performance

CONSUMER BEHAVIOUR

24PRODUCT MIX

25BRAND NAME: -IDBI FEDERAL LIFE INSURANCE COMPANY LIMITEDJoint Venture of IDBI Bank, Federal Bank and Ageas

FEATURES:-Bonus to boost your savingsFuture Premiums waived offPlan continues till maturity even after deathPaid off ValueFree Lookup Period of 30 days

ACTUAL PRODUCT

26DESIGN:-Different Needs Different ProductsDifferent Customers Different Payment Plans

PACKAGING:-No physical or outer packingVarious benefits offered at different prices as a package

QUALITY LEVEL:-License taken from IRDA to operate in IndiaACTUAL PRODUCT

27AFTER SALE SERVICES:-Maturity amount Received within 2-3 daysAmount after surrendering the policy Received within a week after proper verificationAmount at the time of Death Received within a week after applying for claim

WARRANTY:-No products offeredGuarantee given for bonus in some products

AUGMENTED PRODUCT

28PRODUCT SUPPORT:-Toll Free Number Provided : 1800 209 0502Complaints can be registered on www.idbifederal.comNearest IDBI Federal Life Insurance Office can be reached for personal interaction

DELIVERY AND CREDIT:-Product or Policy is issued within a week after verification

AUGMENTED PRODUCT

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PRODUCTS DECISIONSWhole LifesurancePlan Incomesureance Guaranteed Moneyback Plan 6th payDiscontinued

Introduced

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31Incomesurance Guaranteed Money Back Insurance Plan(6 pay) INTRODUCTION STAGE

Childsurance Saving Protection Plan GROWTH STAGE

Lifesurance Saving Insurance Plan MATURITY STAGE

Whole Lifesurance Saving Insurance Plan DECLINING STAGEPRODUCT LIFE CYCLE-

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Incomesureance Guaranteed Money Back Insurance Plan(6 pay) Rs.35,000/YEAR TO Rs.20,00,000/YEAR

Childsurance Saving Protection Plan RS.25000/YEAR

Lifesurance Saving Insurance Plan RS.25000/YEARPRODUCT LINE PRICING

PRICING STRATEGIESSkimming Geographical Pricing

Rs 25,000 -zonal office(Delhi-C.P)

Rs 20,000 -metro cities

Below Rs 20,000- other cities

Rs 25,000 p.a minimum premiumValue Based Pricing

Rs 35,000 p.a premium for Incomesurance product34

35IDBI DISTRIBUTION CHANNELSONLINEOFFLINE

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CHANNEL BEHAVIOUR-No channel conflict

VERTICAL MARKETING SYSTEMS-Head office, Insurance agents act as unified systemCorporate VMS is followedCHANNEL BEHAVIOUR AND ORGANISATION

CORPORATE VMS

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ANALYSING CUSTOMER NEEDSInsurance agents Over 10,000Policy Purchase Online and OfflinePolicy delivery Within 3 days with verificationAmount reimbursed Within a weekQuery handling Toll Free Number, Branch Office, Insurance AgentsProduct options More than 6 products at disposalProduct Pricing Premium stating at Rs. 25000/-Returns on Policy More than its competitors

CHANNEL DESIGN DECISIONS

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SETTING CHANNEL OBJECTIVESSame channel for all products

IDENTIFYING MAJOR ALTERNATIVESType of Intermediary AgentsNumber of intermediaries OneResponsibility of Channel Members :Company Provide information and back end supportInsurance Agents Provide company with clients

CHANNEL DESIGN DECISIONS

40 EVALUATING CHANNEL ALTERNATIVESNo channel alternatives

CHANNEL DESIGN DECISIONS

41SELECTING CHANNEL MEMBERSHiring marketing fresher from collegesTrained sales peopleMANAGING AND MOTIVATING CHANNEL MEMBERSBonusRewards & CertificationsEVALUATING CHANNEL MEMBERSMonthly performance checkingComparison among members in a regionCHANNEL MANAGEMENT DECISIONS

42Advertising Hoardings, Newspapers, Television Advertisements, CanopiesPersonal Selling Insurance AgentsPublic Relations Contests and Competitions in schoolsDirect Marketing Email, Telephone, InternetPROMOTION MIX

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PROMOTION BY CELEBRITIES

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DESIGNING A MESSAGE

46Facebook page

47Awareness AdvertisementsKnowledge Internet and Insurance AgentsLiking What policy offersPreference How policy is better than other company offeringConviction Believing in IDBI Federal Life InsurancePurchase Policy is purchasedBUYER READINESS STAGE

48Word of Mouth Influence Referral systemBuzz Marketing - The features offered by the company helps in creating buzzPERSONAL COMMUNICATION CHANNELS

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Advertising and Marketing Budget is around Rs. 20 croresExpected sales Rs. 1200 croresPoints considered while making Advertisement Budget:-Current market conditionsFlow of customer demandPayments to brand ambassadors

PROMOTION BUDGET

50CHALLENGES WHILE IMPLEMENTATION

51Annual Plan ControlMonitor and take corrective action whether planned sales results are being achievedResponsibility lies with Marketing DepartmentProfitability ControlPeriodic research to determine the actual profitability of their products, territories, etc.Efficiency ControlMore efficient ways to manage the sales force, advertising, sales promotion, etc.Strategy ControlExamine critically their policies, objectives, marketing strategy and competitive advantages and growth opportunitiesMARKETING CONTROL

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