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Marketing challenges of life insurance industry
Group Members
• Neha Dand - 7720
• Swarupa Dhawade - 7724
• Preeti Bangar-7710
• Shruti Borkar - 7715
• Madhuri Bhamre -7712
• Neelam Dalvi - 7719
What is insurance?
• Insurance is an integral part of everyone’s life in present scenario.
• Came to India from UK
• With the establishment of the Oriental Life Insurance Corporation in 1818
BAJAJ ALLIANZ
• Introduction on 12th March 2001.
• Received the Insurance regulatory and Development Authority (IRDA) certificate of Registration (R3) No. 116
• Joint venture between two companies. – Bajaj Auto– Allianz AG.
BAJAJ AUTO
• One of the largest 2 and 3 wheeler manufacturers in the world
• Bajaj auto finances one of the largest companies in India
ALLIANZ AG
• Allianz AG is in the business of General Insurance.
• 3rd largest Assets Under Management (AUM) and largest amongst
insurance companies.
• 11th largest corporation in the world.
• A Global Finance Powerhouse.
Vision
• To be the first choice insurer for customers.
• To be the preferred employer for staff in the insurance industry.
• To be the number one insurer for creating shareholder value.
Mission
• As a responsible, customer focused
market leader.
• Understand the insurance needs of the consumers
• Translate it into affordable products that delivervalue for money.
Achievements
• Bajaj Allianz has received AAA Rating.
• “Business Leader in General Insurance” awarded by NDTV Profit Business Leadership Awards 2008.
Marketing mix of Bajaj Allianz
Ranking of Top 10 Private Insurance Companies
1. Allianz Bajaj Life Insurance Company Limited
2. Birla Sun-Life Insurance Company Limited
3. HDFC Standard Life Insurance Co. Limited
4. ICICI Prudential Life Insurance Co. Limited
5. ING Vysya Life Insurance Company Limited
6. Max New York Life Insurance Co. Limited
7. MetLife Insurance Company Limited
8. Om Kotak Mahindra Life Insurance Co. Ltd.
9. SBI Life Insurance Company Limited
10.TATA AIG Life Insurance Company Limited
Product Mix
Traditional plans
• Endowment plans like super saver, life time care.
• Money back plans.
• Cash gains plans.
Modern plans
Health insurance
• Health Guard
• Personnel Guard
• Hospital Cash
• Star Package
• Silver Health
• Family Care First (Cash less mediclaim)
Travel Insurance
• Travel Companion
• Student Companion
• Travel Asia
• Travel Elite
• Swades yatra
Child Care Plans
• Child care 21
• Child care 24
• Child care 21 plus
• Child care 24 plus
Smart Child Education Plan
Women Insurance Plan
• House Wives
• Working Women
Corporate insurance
• Specialty Lines
• Office Plans
• Manufacturing Unit Plans
• Group plans– Employer Employee– Non Employer Employee
Group insurance Solution
• Bajaj Allianz Group Gratuity Plan
• Bajaj Allianz Superannuation Plan
• Bajaj Allianz Term Plan
Retirement and Pension Solutions
Unit Linked Plans
• Regular Premium Plans
• Single Premium Plans
Micro Insurance Plans
• Alp Nivesh Yogana
• Jana Vikas Yogana
• Saral Surakha Yogana
Other Life insurance Plans
• Family Assurance
• Fortune Plus
• Capital Shield
• Century Plus II
Other Products of Bajaj Allianz
• Asset Insurance
• Motor Insurance
• Under Writing
• Consultancy Services
Key benefit of Bajaj Allianz products
• Additional Security
• Best value for money
• Availability in various terms
• Flexibility in Withdrawals
• Moderate premium rates
Promotion Mix
Promotion• Advertising
• Sales promotion
• Personal selling
• Word of mouth
• Public relations
• Publicity
• Sponsorship
• Direct marketing
Promotional tools of Bajaj Allianz
Recent television Advertisements
Telemarketing
Other promotion tools
• Radio Advertisements
• Promotion in corporate offices
• Internal marketing
• Hoardings and brochures
Other Promotion strategies of Bajaj Allianz
Boxing Campaign Virender Singh becomes the Brand Ambassador
Bajaj Allianz in Pantaloon Femina Miss India Contest 2009-10
Bajaj Allianz sponsors Miss Confident Award in Miss India Contest
Bajaj Allianz in IPL matches
Promotion in movies
Bajaj Allianz in association with IBN7 gives 18 super idol Award to physically
challenged people
Promotional Strategies in Rural areas
Price Mix
• Two types of Pricing in Insurance:
o Policy pricing
o Premium pricing
Policy Pricing
• Premium charged against policy
• Interest charged for defaulting the payment
• Commission charged
• Consultancy services
Bases for Premium Pricing
• Mortality
• Expenses
• Interest
Bajaj Allianz Pricing Strategies
• Customer Oriented
• Competition based
• To increase the market share
Place Mix
Important facets of place Mix
• Initial approach of face to face interaction
• Modern approaches of intermediaries
• Managing the insurance Personnel
• Locating the branch
Strategic Locations of Bajaj Allianz
People Mix
People
• Requirement of talented and experienced personnel
• Performance expectations and returns from the company should be clear
• Empowerment of people
• Build a learning culture
• Respect and value individuals
Process Mix
Process of Bajaj Allianz
• Customer Friendly process
• Easy and convenient installation schemes
• Concentration on improvement of customer service level
• Prestigious awards
• Strong position
Physical evidence
• Material part of service
• No physical attributes
• Focus on making the concept understandable to the consumer.
• Some examples
Internet/Websites
Bajaj Allianz Building In Pune
Other Physical evidence
• Business cards
• Furnishings
• Internal infrastructure
4 I’S of Bajaj Allianz
• Intangible
• Inseparable
• Inconsistency
• Inventory
Marketing challenges
• Provide right information to right person at right time
• Cost saving
• Effective development and quality processes
• Accessibility issues
• Portal approach
• Cover wide range of audience
• Inconsistent users experience
Swot analysis
Strength
• Insurance cover
• Past year performance
• Flexibility
• Withdrawal after 3 year
• Tax benefit
Weakness
• It is purely private company
• Less awareness among people about ULIPs
• No guaranteed return on ULIP
Opportunities
• Insurable population
• Inflow of managerial and financial expertise
• World class expertise in local markets
• Increase in sales of ULIPs
• Insurance liberalization
Threats
• Existing players
• New entrants
• Competitor’s position in eyes of customers
Suggestions • Branding
• Industrial client
• Hire experienced sales managers
• Loyalty rewards
• More publicity
• Focus on young and low aged people
• Organizing information giving seminars
• Minimization of ULIPs minimum premium payment
Other information about Bajaj Allianz
• Current market trends
• Strategies of the company
• Complaints handling and compensation management
Conclusion
