ICICI ppt`s

7/30/2019 ICICI ppt`s

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Promotional Strategies adopted by ICICI

Prudential

PRABHJOT KAUR

MBA HONS.(FINAL)

ROLL NO. 12


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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.


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Insurance is a contract by which one party, for acompensation called the premium assumes

particular risks of the other party and

promises to pay to him or his nominee acertain or ascertainable sum of money on a

specified contingency.


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TYPES OF INSURANCE


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80%

20%

SHARE OF LIFE INSURANCE V/S OTHER INSURANCE

LIFE INSURANCE

OTHER INSURANCE


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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 atthe uncertainty of loss.


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INSURANCE COMPANIES


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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


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ICICI PRUDENTIAL LIFE INSURANCE

COMPANY

ICICI Prudential Life Insurance CompanyLimited was incorporated on July 20, 2000.

The company was granted certificate of

registration for carrying out Life Insurancebusiness, by the Insurance Regulatory andDevelopment Authority on November 24,2000

The authorized capital of the company is Rs.2300 million and the paid up capital is Rs.1500million.


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ICICI Prudential is the largest private insurance

company and second largest insurance in Indiaafter LIC.

Profit after tax stands at Rs. 1,384 crore for

financial year 2012.
http://en.wikipedia.org/wiki/LIChttp://en.wikipedia.org/wiki/LIC


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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


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

SANDEEP BAKSHI.

FORMER MANAGING DIRECTOR AND CHIEF EXECUTIVE OF ICICI PRUDENTIAL-

MRS. SHIKHA SHARMA


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MARKET SHARE OF ICICI PRUDENTIAL

36.20%

9.40%

14%

6%

6%

8.70%

6.20%

5.70%

3.70%

3.50%4.10%

1.10%

MARKET SHARE IN PERCENTAGE

ICICI PRU

HDFC

BIRLA

TATA AIG

BAJAJ ALLIANZE

MAX NYL

OMK

AVIVA

INGV.

SBI

METLIFE

AMP S.


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VISION

Understanding the needs of customers andoffering 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


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SWOT ANALYSIS

STRENGTHS

Strong tie up

Strong network

High customer data base

WEAKNESSES

Highly difficult target are

provided to unit manager

OPPORTUNITIES

Network building

Target rural segment

THREATS

Increasing competition fromcompetitive companies

Each company is doing heavy

marketing


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AWARDS

On 18 January 2012- BEST FINANCIAL WEBSITE-

www.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 YearAward 2011.

ICICI Prudential Life Insurance- The Best LeadingPrivate Player Life Insurance 2011 at the

Financial Institution Awards. ICICI Prudential-India's Most Customer

Responsive Insurance Company.


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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 andbrokers 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.


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RESEARCH


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OBJECTIVES OF STUDY

To know the promotional strategies of ICICIPrudential.

To understand and measure the impact ofadvertising in the life insurance market

To understand and measure the effect ofpromotional strategies in brand building, brand

recall and finally the choice of a plan while buyingit.

Research Instrument: Structured Questionnaire.

Contact Method: Personal Interview.

SAMPLE SIZE: 100 respondents.


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PROMOTION

PROMOTIONis 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 therecipients feelings, beliefs, or behavior.

PROMOTIONrepresents all of the methods of

communication that a marketer may use toprovide information to different parties about the

product.


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COMPONENTS OF PROMOTION

Advertising

Sales promotion

Personal Selling

Direct Marketing

Public relations


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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 fromwork not life


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CORPORATE ADVERTISING

SINDOOR was used as an endearing and lasting symbol of

protection

Advertisers aimed at appealing to the main stream, middle

class family.


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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.


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INTERNET PROMOTION THROUGH WEBSITE


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MOBILE PROMOTION

Mobile promotion is a very

individual business and

ICICI Prudential has a teamof people to help you stand

out of the crowd.


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TELEVISION ADVERTISING


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WALL HOARDING PROMOTIONAL

STRATEGY


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RADIO

ADVERTISING

PRINT

ADVERTISING


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ANALYSIS AND INTERPRETATION


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14%

40%

30%

16%

AGE

BELOW 30

30-40

40-50

ABOVE 50

30%

25%

20%

25%

OCCUPATION

SERVICE

BUSINESS

SELF EMPLOYED

RETIRED

65%

35%

GENDER

MALE

FEMALE


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YOU ARE REGULARLY CONNECTED TO WHICH

OF THE FOLLOWING MEDIA FOR

ADVERTISEMENT?

RESPONSE

0

5

10

15

20

25

3024

10

14

22

30

p

e

r

c

e

n

t

a

g

e

Media

RESPONSE

RESPONSE


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ARE YOU AWARE OF ICICI PRUDENTIAL LIFE INSURANCE?

92

8

RESPONSE

YES

NO


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HAVE YOU SEEN ADVERTISEMENTS OF ICICI PRUDENTIAL LIFE

INSURANCE?

90

10

RESPONSE

YES

NO


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IN WHICH OF THE FOLLOWING MEDIA HAVE YOU SEEN THESE

ADVERTISEMENTS THE MOST?

0 5 10 15 20 25 30 35 40 45 50

MOBILE

INTERNET

RADIO

PRINT MEDIA

TELEVISION

5

25

8

12

50

percentage

media

RESPONSE

RESPONSE

CAN YOU RECALL THE CONTENT/MESSAGE OF


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CAN YOU RECALL THE CONTENT/MESSAGE OF

ICICI PRUDENTIAL ADVERTISEMENTS NOW?

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

YES

NO

SOME EXTENT

45

25

30

percentage

RESPONSE

RESPONSE


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IS IT EASY TO UNDERSTAND THE MESSAGE OF

ADVERTISEMENTS OF ICICI PRUDENTIAL?

0

5

10

15

20

25

30

35

40

45

STRONGLY AGREE AGREE NEUTRAL DISAGREE STRONGLY

DISAGREE

4140

15

4

0

percentage

RESPONSE

RESPONSE


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ICICI PRUDENTIAL LIFE INSURANCE ADVERTISEMENT WAS

BELIEVABLE?

RESPONSE

0

5

10

15

20

25

30

35

40

STRONGLY

AGREE AGREENEUTRAL

DISAGREESTRONGLY

DISAGREE

40

35

20

5

0

percentage

RESPONSE

RESPONSE


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HOW THIS ADVERTISEMENT HAS INFLUENCED YOU?

0 5 10 15 20 25 30 35 40

BUY THE INSURANCE POLICY

RECOMMEND THE INSURANCE POLICY

SUGGEST THE INSURANCE POLICY

NONE

30

10

20

40

percentage

RESPONSE

RESPONSE


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WHICH COMPANY AD YOU FIND MOSTLY?

0 5 10 15 20 25 30

LIC

ICICI PRUDENTIAL

HDFC STANDARD

BIRLA SUNLIFE

MAX NEW YORK

30

25

15

15

15

percentage

companies

RESPONSE

RESPONSE


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HOW WOULD YOU RANK THE PERFORMANCE OF THE AGENTS

OF ICICI PRUDENTIAL, FROM 1-5?

0%

5%

10%

15%

20%

25%

30%

35%

5 4 3 2 1

30%

35%

20%

10%

5%

percentage

rank

RESPONSE

RESPONSE

RANK THE FOLLOWING LIFE INSURANCE COMPANIES AS PER


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RANK THE FOLLOWING LIFE INSURANCE COMPANIES AS PER

YOUR BRAND

RECALL CAPACITY?

0

5

10

15

20

25

30

35

40

45

ICICI

PRUDENTIAL

LIFE INSURANCE

LIC HDFC

STANDARD LIFE

INSURANCE

MAX NEW YORK

LIFE INSURANCE

SBI LIFE

INSURANCE

BIRLA SUNLIFE

INSURANCE

25

45

87

87

percentage

companies

RESPONSE

RESPONSE


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YOUR OPINION ON ICICI PRUDENTIAL LIFE INSURANCE CO.

LTD.?

35

30

20

15

RESPONE

VERY GOOD

GOOD

NEUTRAL

BAD

FINDINGS


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FINDINGS

Majority of the public uses television foradvertisement or information gathering , followedby news paper and internet. Radio seems to beoutdated in urban areas. But after revolution inmobile technology and satellite radio it has againstarted growing

Majority of the public goes behind brand name.Thats why corporate advertising plays a vital rolein growing stage.

It is also found that insurance companies like togive their ad in news/ business channel.

Liking an advertisement does not mean thatpublic would like to buy that product.


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If we talk about private players, publics first

choice is ICICI Prudential followed by HDFCStandard Life and Reliance Life Insurance.

ICICI PRUDENTIAL advertisement like

Chintamani and Jeetey Raho make impacts onmind of people as they become concerned

about their future. They become ready to

invest their money in ICICI PRUDENTIALLife Insurance Co.Ltd.


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SUGGESTIONS

ICICI Prudential should come forward for thedevelopment of rural sector by way ofestablishing a school, digging wells in villages, it isone of way to gain trust in rural sector.

ICICI Prudential can also use to advertise by usingthe way of Nukkad Naataks. It is the mostcreative 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 canbe helpful to the company.


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LIMITATIONS

Most of concerned person were busy with theirwork.

Many of the respondents did not submit theirform properly filed.

Lack of time, as the study was conducted only forthe period of 40 days.

Time and money are major constrains of thestudy.

Some respondents were reluctant to divulgepersonal information which can effect validity ofall responses.


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THANK YOU

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