1

LIFE INSURANCE

#FamilyKaFarishta

ASHWIN NAIR

SAP ID 9028687

MARKETING INTERN

COMPANY REPORT

2

AKNOWLEDGEMENT

An endeavour over a period can be only with the advice and support of well-wishers. I take

this opportunity to express my gratitude and appreciation to all those encouraged me to

complete this tenure of Internship.

I express my profound and sincere thanks to Mr.Utpal who acted as an mariner's compass and

steered me to a right person.

I take this opportunity to express my deep regards to Mrs.Ranjeeta Tamang, Senior Manager

Marketing, Reliance Life Insurance Co. Ltd., for her cordial support, valuable information

and guidance, which helped me in completing this task through various stages.

I am obliged to staff members of Reliance Life Insurance, for the valuable information

provided by them in their respective fields. I am grateful for their cooperation during the

period of my assignment.

I shall be failing my duty if I don't acknowledge my debt to Mr.Sunil Somarajan, Head of

Human Resource, Reliance Corporate.

Lastly, I thank almighty, my parents and friends for their constant encouragement without

which this assignment would not be possible.

3

PERFOMA OF REPORT

Founder's Revelation 4

INTRODUCTION 5

Competitor Analysis 7

SWOT Analysis 15

BCG - Cases 18

Recommendations 24

4

p

Few men in history have made as dramatic a contribution to their country's economic

progress as did the founder of Reliance, Shri. Dhirubhai H. Ambani. Fewer still have left

behind a legacy that is more enduring and timeless.

As with all great pioneers, there is more than one unique way of describing the true genius of

Dhirubhai: the corporate visionary, the unmatched strategist, the proud patriot, the leader of

men, the architect of India's capital markets, and the champion of shareholder interest.

But the role Dhirubhai cherished most was perhaps that of India's greatest wealth creator. In

one lifetime, he built from scratch, India's largest private sector enterprise.

Under Dhirubhai's extraordinary vision and leadership, Reliance scripted one of the greatest

growth stories in corporate history anywhere in the world, and went on to become India's

largest private sector enterprise.

Throughout this amazing journey, Dhirubhai always kept the interests of the ordinary

shareholder above all else; in the process making millionaires out of many of the initial

investors in the Reliance stock, and creating one of the world's largest shareholder families.

Founder Of Reliance

Group

5

Reliance Life Insurance Company (RLIC)

Vision

To be a Company people are proud of, trust in and grow with; providing financial

independence to every life we touch.

Mission

Create unmatched value for everyone through dependable, effective, transparent and

profitable life insurance and pension plans.

Goals

Reliance Life Insurance would strive hard to achieve the 3 goals mentioned below:

Emerge as transnational Life Insurer of global scale and standard

Create best value for Customers, Shareholders and all Stake holders

Achieve impeccable reputation and credentials through best business practices

INTRODUCTION

6

Reliance Life Insurance Company (RLIC) is amongst the top five private sector life insurance

companies in terms of individual WRP (weighted received premium) and new business WRP.

The company has over 9 million policy holders with a strong distribution network of over

900 branches with over 100,000 agents as of March 31, 2014. Reliance Life offers life

insurance products targeted at individuals and groups, catering to four distinct segments:

protection, children, retirement and investment plans.

As of March 31, 2014, the Total Premium (net of re-insurance) was Rs. 4,283 crores, whereas

new business premium stood at Rs. 1,934 crores. The company achieved a profit of Rs. 359

crores. The company sold 5.8 lakh policies during 2013-14 with total managed funds valuing

to Rs. 18,328 crores, through a wide network of distribution with 900 offices and over

100,000 advisors.

Rated amongst the Top 4 Most Trusted Service Brands by Brand Equity A C Neilson Most

Trusted Brand Survey 2013, the company aims to emerge as a transnational life insurer of

global scale and standards.

Reliance Life Insurance is a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani

Group. Reliance Capital is one of India's leading private sector financial services companies,

and ranks among the top private sector financial services and non-banking companies, in

terms of net worth. Reliance Capital has interests in asset management and mutual funds,

stock broking, life and general insurance, proprietary investments, private equity and other

activities in financial services. Reliance Group also has presence in Communications, Energy,

Natural Resources, Media, Entertainment, Healthcare and Infrastructure. Nippon Life

Insurance Company acquired 26% interest in equity share capital of the Company effective

October 7, 2011 subsequent to receipt of all regulatory approval.

Nippon Life Insurance (26% share), also called Nissay, is Japan's largest private life insurer

with revenues of Rs. 346,834 crore (US$ 80 Billion) and profits of over Rs. 12,199 crore

(US$ 3 billion). The Company has over 14 million policies in Japan, offers a wide range of

products, including individual and group life and annuity policies through various distribution

channels and mainly uses face-to-face sales channel for its traditional insurance products. The

company primarily operated in Japan, North America, Europe and Asia and is headquartered

in Osaka, Japan. It is ranked 81st in Global Fortune 500 firms in 2011.

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COMPETITOR

ANALYSIS

8

1000

50 0

100 100 12 15

70 80

200

0

200

400

600

800

1000

1200

Series1

Name (Company) Followers Frequency(month) Engagement

LIC 20,82,417 17 1000

SBI 2,14,376 4 50

Birla Life Insurance 373 0 0

Reliance Life Insurance 1,00,443 20 100

ICICI Life Insurance 40,480 18 100

Tata AIG 2,873 0 12

Exide Life Insurance 2,432 2 15

Bajaj Allianze 1,27,004 22 70

Max Life 6,66,969 20 80

HDFC 1,80,376 14 200

Engagement Chart

Statistics

NOTES :

Companies that are

highlighted yellow on

the table above, show

really poor engagement

and is really not

keeping their Facebook

profile updated (2013)

and haven't taken any

initiative to increase

their followers or brand

name in social media.

9

2082417

214376

373

100443

40480

2873

2432

102004

666469

180376

0

500000

1000000

1500000

2000000

2500000

1000

50 0

100 100

12 15 70 80

200

0

200

400

600

800

1000

1200

Series1

Facebook contents :

Photos

Quotes

TVC

Q & A

Quiz

puzzle

Brochure

Videos

Followers Chart

Frequency Chart

(Day)

Notes :

Frequency chart,

contains no. of

posts posted in

entire month.

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Name (Company) Tweets Followers P/V Frequency(month)

LIC 1,942 65 0

SBI 406 91 65 4

Birla Life Insurance 6 147 2 2

Reliance Life Insurance 814 17,600 136 70

ICICI Life Insurance 3,832 2,319 261 25

Tata AIG 5 166 2 0

Exide life Insurance 0 0 0 0

Bajaj allianze 10,700 5,631 1091 100

Max Life 4,860 29,300 404 250

HDFC 3,974 101,000 186 150

7 406

6

814

3832

5 0

10700

4860

3974

0

2000

4000

6000

8000

10000

12000

Statistics

All the brands that are

highlighted are doing

exceptionally good

work on twitter they

are quick,

spontaneous and

twitting at their best.

TWEETS Chart

11

1942 91 147

17600

2319 166 0 5631

29300

101000

0

20000

40000

60000

80000

100000

120000

0 4 2

70

25

0 0

100

250

150

0

50

100

150

200

250

300

Followers Chart TWITTER CONTENTS

1.TVC

2.Photos

3.Brochure

4.Festive Tweets

5.Events

6.Puzzle

7.Crosswords

8.Contests

9.NEWS Updates

Frequency

CsdcsCahrChart(Day

s) Notes :

Frequency chart,

contains no. of

posts posted in

entire month.

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Name (Company) Followers Frequency (months)

Engagement

LIC 22,246 0 0

SBI 7,434 1 15

Birla Life Insurance 17,545 1 20

Reliance Life Insurance 597 3 5

ICICI Life Insurance 15,621 0 0

Tata AIG 4,589 0 0

Exide life Insurance 8,366 4 80

Bajaj allianze 1,482 12 15

qqMax Life 28,101 14 7

HDFC 34,145 24 5

22246

7434

17545

597

15621

4589

8366

1482

28101

34145

0

5000

10000

15000

20000

25000

30000

35000

40000

Notes:

All the brands that are

highlighted in yellow

are doing really poor

work on LinkedIn as

they have nil

engagement and nil

posts.

FOLLOWERS

CHART

13

0 1 1

3

0 0

4

12 14

24

0

5

10

15

20

25

30

Chart Title

0

15 20

5 0 0

80

15

7 5

0

10

20

30

40

50

60

70

80

90

Frequency

Chart(Days)

Engagement Chart

Notes:

Companies with

"Zero" no. of days

have no valid post

since the origin of

their LinkedIn

Page.

Notes :

Frequency chart,

contains no. of posts

posted in entire

month.

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Name (Company) SCORE

LIC 46

SBI 0

Birla Life Insurance 48

Reliance Life Insurance 46

ICICI Life Insurance 45

Tata AIG 0

ING Vysya 0

Bajaj Allianze 56

Max Life 47

HDFC 0

46

0

48 46 45

0 0

56

47

0 0

10

20

30

40

50

60

Notes :

All the companies

highlighted in blue

have not made

their KLOUT

profile.

Hence they have

NIL Score.

Score Graph

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SWOT

ANALYSIS

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Strengths 1. Conversational approach and consumer centric product.

2. Policy : INR 15/Day for a Rs 1 Crore cover.

3. We connect to consumers with our versatile theme

Ex: #FamilykaFarishta on of the best running theme by us;

4. We are in almost all social media sites :

a. Facebook - LinkedIn - Pinterest - Twitter- Klout

5. We have strong no. of followers in facebook.

Weakness

1. Any negative comments or remarks is public 2. So its a negative impact to a brand as we are heavily exposed in facebook

with 1lakh+ fan following, its bad because it leaves an negative impression

on a new customer who is going through our profile.

3. Consistency: yes we can counter it by solving their queries ASAP and setting an example of our customer service..

4. Lowest no. of Followers in LinkedIn in the bracket top 10 brands.

Opportunities

1. Creation of new themes. 2. We can't stretch #FamilykaFarishta to long.So can come with varieties : 3. #Barsaatkafaishta, - monsoon special 4. #DeshkaFarishta. - Soldiers special or Independence day special 5. PyaarKaFarishta - Valentines Day 6. Developing audience that auto nurtures itself.

7. We can create social media forums like GIFFGAFF

SWOT ANALYSES

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Threats :

1. The giants are close: Other stronger competitors that will be in social media too may result in your efforts having to double in order to reach out to your audience.

2. Consumer Do judge : your mistakes are noticed and the consumer WILL expose you.

3. How happy are your employees? You have to accept that your employees skills are more exposed: Either if they blog/facebook or have a strong

LinkedIn profile, their own views are out there for head-hunters to take them

away from you. Value the good people. Also, as everything gets more and

more social, this means that employees may talk about your brand online,

for the good or the bad. 4. Espionage? Your competitors are more likely to know what you are up to. 5. Loyalty of customers towards other brands.

SEGMENTATION TARGETING & POSITIONING

DEMOGRAPHIC Focus on growing shares in metropolitans and Tier 1 cities. Focus on developing share in Tier 2 and Tier 3 cities.

ATTRIBUTES Better customer service Better investment returns

INCOME < 4,00,000 5,00,000 - 10,00,000 10,00,000 >

AGE Married and starting family. Middle age. Retirement.

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BCG

CASES

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TELEMATICS - PAY AS YOU DRIVE

Telematics enables you to get information about the location,

movement, and state of your vehicle It also enables your

vehicle to communicate wirelessly, which opens up a wide

range of services. You can discover useful information about

your vehicle, even if your not beside it such as:

When your vehicle was last started.

When it was shut down.

Where it is at any point in time.

When your vehicle is sitting idling.

What speed its being driven at.

How Does Telematics Car Insurance Work?

Black Box insurance allows drivers flexibility to choose,

when, where and how to drive in order to reduce premiums

and also to maximize their security (from accidents). The data

collected also records the exact position of the vehicle device

at any time useful, for example, to deter theft, though

creating a privacy issue which all insurers are addressing. This

kind of insurance relies on small databox (black box) the size

of a cell mobile phone fitted into your car by the insurance

company. This box does not tamper with the normal car

operations nor does it affect the warranty. Moreover less

energy is required to power this device (less energy than your

car radio) so you shouldnt worry about your car battery being

drained.

What Data Is Collected by the Black Box?

The distance the car travels

The period of time the car is used

The location of your car all times

What type roads is the driver travelling in.

The drivers speed

What Is Telematics?

Telematics is a general

term that refers to any

device which merges

telecommunications and

infomatics. Telematics

includes anything from

GPS systems to navigation

systems. It is responsible

for many features in

vehicles from OnStar to

hands free mobile calling.

Car Insurance

Telematics insurance is

enabling drivers to

experience substantial

savings on their car

insurance by getting

premiums solely based on

how well they drive. How it

works is your car is

outfitted with a Telematic

device that tracks your

driving behaviour.

It looks for many different

signs of bad behaviour like:

Sharp turns

Tailgating

Sudden stops

Speeding

You are assigned a score

between 1.0 to 5.0 and your

insurance premium is based

on the score. The better your

score is, the lower your

premium will be. This is

enabling drivers to pay

exactly how much they

should pay based on their

driving ability not on others

abilities.

Article :

http://www.thehindu.com/bus

iness/Industry/telematics-at-

sweet-spot-say-

experts/article6214172.ece

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How Is The Collected Data Used?

The collected data is analysed by the insurance company and helps them in charging

the insurance premiums and a multiplicity of other uses which include:

1. Mileage Policies The insurance company recognises that some drivers rarely use their cars and if they do, they

use them for local or short journeys, or maybe it is because they are trying to save on fuel.

Such drivers drive their cars only a few thousand miles a year. The mileage policy is

generally suitable for any type of a car where premiums are charged according to the number

of miles you drive.

2. Assess My Driving Some insurance companies use the black box technology to assess the drivers acceleration, cornering and braking and use the information collected from assessment to offer discounts

or premium loads depending on the scheme. Features offered in various schemes include:

Higher mileage rates charging for use during peak/rush hours; Higher mileage rates charges for young drivers during night hours especially during the weekends;

Higher mileage rates charges on dangerous routes; Lower mileage rates charges to the drivers who adhere to speed limits and avoid sharp braking.

3. Accident rescue

In case you are involved in an accident in your car, the black box immediately alerts your

insurance company of a sudden alteration in g-forces. The device can also be used as a

telephone, thus they call you to check on your status and to establish whether you require any

emergency assistance. Moreover, the insurance company can immediately take down the

details of the accident, which will hasten the claims process and deter probability of any

fraudulent claims by the other party involved in the accident.

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Q & A:

Why choose telematics ?

According to industry experts, more and more companies are gradually coming into contact

with Telematics as they have started believing that Telematics is not just about monitoring,

but it is all about achieving more efficiency and transparency in business processes.

Expert Say's :

Anush Gopalan, Chief Executive Officer of Hetrogenous Communications

Technologies, said that In the last two years, a lot of consolidation has happened in the Indian Telematics industry, which has seen more quality players coming into the market.

These developments will definitely change the face of the industry in the coming months.

Futuristic :

According to estimates, the market size for Telematics is projected at $30 billion globally

over the next 3-4 years. In India, however, it is still in nascent stage, and is estimated to reach

$150 million over the next few years.

Industry experts pointed out that regulatory interventions would also be critical, and

favourable laws would accelerate the adaption of Telematics.

My View :

" As world is being taken over technologies, why shouldn't we go with the trend and think a

decade down the line. As Telematics is a new cherry to the creamy world of insurance I

think we should grab that opportunity and start with this unique concept and be the first

one to hold such a versatile technology in the Indian market. "

Advantages if we use this :

Easy handling of revenues and policies would become more simpler.

Time Saving :Accidents would be claimed in fraction of minutes, as the equipment would

store.

Transparency, of premium rates.

Free Marketing, News Channels would cover us for adapting with a new concept.

SocialMedia Hype, for sure. We can come up with so many more themes which can

differentiate us from others in the market.

22

FRIENDSURANCE - peer to peer insurance.

Friendsurance

Friendsurance is the first company to add social networks to the

insurance equation. Through connecting on our platform, policy

holders can build up a network deductible and thereby significantly lower their insurance costs.

How it works

On our platform, people can find their individual insurance

coverage, selecting from a broad range of providers. In most cases,

they can already lower their costs significantly through this

comparison.

People then can connect to each other. This process is similar to,

and facilitated by social networks: send invitation, accept

invitation, done. In this process, people can connect regardless of

the scheme or the provider they choose. When two people connect,

they agree to support each other with a small amount of money in

case of a claim (e.g. max. 30). The more connections a user has, the higher his support in case of a claim. The insurance provider

only has to regulate the part of the claim, which lies above the

network support, and he rewards the policy holder with a payback.

With about 10 connections, a payback of 50% of the insurance

fees can be achieved.

Friendsurance- group

of friends are allowed to

create groups online ,

pooling funds to share

limit risk. This model

helps both customers and

insurers, enabling

reduced fraud, better risk

selection, low processing

costs ,lower cost of sales

and lower premium for

customers.

Peer-to-peer insurance

start-ups Friendsurance

has announced two new

investors: the Hong

Kong billionaire Li Ka-

Shing and his technology

focused Horizons

Ventures, plus

VantageFund from

Australia. The funding

round was undisclosed

but we understand the

round is in the millions of Euros. The company already has funding from

private investors

including e.ventures.

In January, 94 percent of

customers on

the Friendsurance

network received cash

back. The Friendsurance

cashback is currently

available on a range of

retail products.

The business has grown

to over 40 staff since

launch in 2010 and is

headquartered in Berlin,

Germany.

Aritcle :

http://techcrunch.com/20

14/04/03/innovative-

crowd-sourced-insurance-

startup-friendsurance-

raises-new-cash/

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Additional perk: They built in a stop loss, which guarantees each customer, that the support

he has to provide to others never exceeds his premium payback. Everybody can only win

through our system.

Why it works :

Friendsurance has found that connecting people leads to a number of cost decreasing effects,

which include:

Reduced fraud Fraud reduces the payback of a policyholders network, causing a strong moral blocker for fraudulent cases.

Better risk selection Policyholders use private information to decide whom to connect with, shutting out bad risk profiles.

Reduced process costs Small claims can be handled without using the insurance company, using the networks payback.

Reduced cost of sales our model offers incentives for viral growth, reducing the customer acquisition costs and thus the cost of sales.

CONCLUSION

Utilizing Friendsurances services benefit both the policyholders and

insurance providers on different levels.

The insurance provider receives a new

mode of distribution, increasing their

accessibility to attractive groups, as

well as simultaneously reducing their

claim ratios. Friendsurance offers

policyholders high discounts in

insurance premiums and provides users

with tools including an accessible,

friendly website and helpful support

staff.

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RECOMMENDATION

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APP - Tech For Reliance Life.

APP's- these platforms not only improves sales but

also increase customer engagement and improve

operational efficiency.

Description :

Store complete medical histories.

Keep critical and hard to remember information on the hand

all the time.

Ex: Medications, allergies, track of Hospitalisation, family

history, Health Insurance.

An organised database that is yours to control.

It will also store the important contacts that is required for the

patient.

Ex: Ambulance, Doctors, Blood donation camps, Specialist.

It can also link with your calendar.

So that you are updated with your checkups as well as your

premiums.

Data gets stored in your device and also to your icloud account

and Dropbox so that even if you lose your device you can

access it online and sync to your new phone by your email

address and password.

We can make an app which meets the industry standard

Continuity of Care Record (CCR) format of personal medical

record transmission between systems.

The long and short of it : if you already have records in other

systems like Google Health or Microsoft Health Vault, then

it's a breeze to automatically move much of that data to our

app instead of having to manually retype it.

Basic FAQ :

What information can I

keep in the app?

Can I customize the section

in the app?

Will app work offline?

How often do you update

app?

How can I sync my info on

all devices.?

Is Dropbox sync secure?

Will it cost to update?

What file types are

supported?

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This would get linked with our(Insurance) database and accordingly your premiums will be

taken.

With this app customers can easily then instantaneously complete the purchase of policy on

their mobile devices.

My View :

" As world is being taken over technologies, why shouldn't we go with the trend and think a

decade down the line. As Apps will soon become new cherry to the creamy world of

insurance I think we should grab that opportunity and start with this unique concept and be

the first one to hold such a versatile app in the Indian market. "

Key research Areas :

Easy handling of revenues and policies would become more simple.

Time Saving :Accidents would be claimed in fraction of minutes, as the equipment would

store.

Transparency, of premium rates.

Free Marketing, News Channels would cover us for adapting with a new concept.

SocialMedia Hype, for sure. We can come up with so many more themes which can

differentiate us from others in the market.

27

IDEAS for Branding

I - Materialistic Branding

: Railway indicators (1000 of people look at railway

indicators at a time, why not use it as an opportunity)

: Bus Handles (an important accessory of the bus which is being used by all . .

who use the bus transport , why not use as a branding option.)

: Raincoats and Umbrellas with RLI logo - (IDEA) #Barsaat ka FARISHTA

"10 min for your next

train.

10 min is all you need to insure your family"

-Reliance Life

"HOLD ME AND U

WON'T STUMBLE."

JOURNEY OF LIFE.

- Reliance Life.

"Our products can

protect you from RAINS,

but policy from all

calamities."

- Reliance Life

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II ) Tapri Marketing : We can make hording for Tapri shops (cigarette shops) and

brand our product by means of an awareness(Smoking Kills), by showing we care, obviously

in a day a Tapri guy has more customers than a restaurant.

a) Why would they allow us to keep our brands hording?

Ans: We will give them customised one with their store name on our hording.

b) When do we do it?

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Ans : This is the perfect season for Tapri Shops and this season they need good hording to

just defend their shops from rains.

2) HIGHWAY Marketing : Banners and hording "DRIVE SAFE" - #familykafarishta.

III - Social Media Branding :

1)Highlight your Brand by helping an NGO with your scheme and takeover NEWS channels.

2)An initiative to help students who wants to go abroad for education. A scheme Idea (A

brand which every NRI wants to have.)

3)RLI - THEME (RELY on us)

Reliance Life Insurance , with your FARISHTA.

RLI, with your FARISHTA.

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4)TWITTER : Define your family in a word and #FamilyKaFarishta.

ex; Religious #FamilyKaFarishta; Sweet #FamilyKaFarishta; Happiness#FamilyKaFarishta

5)We can create a Farishta Quiz :

Brand engagement contest

- Farishta term was evolved from____________

- Name 3 bollywood movies named with Farishta .

- What does Farishta mean in English ?

6)A brochure idea :

- Have you ever being a Farishta for some one.

------YES -------------------: THIS IS THE PLAN TO CONTINUE YOUR STREAK. (LINK)

------NO --------------------: EXPERIENCE THE FEELING OF BEING ONE. (LINK)

7) HERE Comes Ganesha - #FamilykaFarishta#

"God would surely do his part, but did you do yours". - Reliance Life Insurance

-Ashwin Nair

31