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    PROJECT

    On

    STUDY OF MARKETING STRATERGY ADOPTED BY ICICI

    LOMBARD GENERAL INSURANCE IN NAGPUR

    FOR THE PERIOD 20142015

    Submitted to

    Rashtrasant Tukdoji Maharaj Nagpur University, Nagpur

    In partial fulfillment of the requirement of

    Bachelor of Business Administration

    B.B.A-III (2014-15)

    Submitted by

    M A Y U R . Y . K U M A R L E Y

    Under Guidance of

    Mr. SARANG WARUDKAR

    Department of Management studies and Research

    Tirpude College of Social work

    2014-15

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    INDEX

    Sr.No. CONTENTS

    1. Introduction to the topic

    2. Introduction of company

    3. History

    4. Importance and Significance of the study

    5. Objectives

    6. Research Methodology

    Data Collection

    Hypothesis

    Limitation

    7. Finding/data analysis & interpretation

    8. Conclusion

    9. Recommendation and Suggestion

    10. References

    11. Bibliography

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    INTRODUCTION :

    Using a right type of marketing strategy can make a big difference in the amount of

    success that a company is able to achieve. This project report studies the marketing

    strategy of the company. It also Elucidate the benefits and drawbacks as well as recent

    advancement in the field of marketing. The project report will cover the various methods

    of MARKETING strategy adopted by the company in the area of general insurance.

    Marketing strategies allow management to determine and gradually modification in the

    advertising policies for the product sales activities. This project report will be useful for

    the people to study marketing structure adopted by ICICI LOMBARD in the sector of

    general insurance & will focus onmain concepts of Marketing & sales strategies adopted

    by the company.

    In India General Insurance business started, Marine Insurance started on the laterpart of the 17th century. Before nationalization in 1947 we have 147 insurancecompanies, foreign and Indian both. But during their nationalization, in 1973 wehave 107 companies that merge into four companies, i.e. taken over byGovernment.General Insurance Corporation of India (GIC) was set up in 1973 as a holdingcompany, with four subsidiary operating companies- National Insurance co. Ltd.,New India Assurance Co. Ltd., New India Assurance Co. Ltd., oriental Insurance co.Ltd. and United India Insurance Co. Ltd., with a clear cut mission as set out in the AcInsurance may be described as a social deviceto reduce or eliminate risk of lifeand property. Under the plan of insurance, a large number of people associatethemselves by sharing risk, attached to individual. The risk, which can beinsuredagainst include fire, the peril of sea, death, incident, & burglary. Anyrisk contingent upon these may be insured against at a premium commensuratewith the risk involved.

    Insurance is a contract between 2 parties whereby one party calledinsurer undertakes in exchange for a fixed sum called premium to paythe other party happening of a certain event.

    Definition of InsuranceInsurance is a contract whereby, in return for the payment of premium by theinsured, the insurers pay the financial losses suffered by the insured as a result ofthe occurrence of unforeseen events. With the help of insurance, large number ofpeople exposed to a similar risk make contributions to a common fund out ofwhich the losses suffered by the unfortunate few, due to accidental events, are

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    made good.

    t.BRIEF HISTORY OF INSURANCE SECTOR IN INDIA

    The insurance sector in India has come a full circle from being an opencompetitive market to nationalisation and back to a liberalised market again.

    Tracing the developments in the Indian insurance sector reveals the 360 degreeturn witnessed over a period of almost two centuries.The business of lifeinsurance in India in its existing form started in India in the year 1818 with theestablishment of the Oriental Life Insurance Company in Calcutta.

    Some of the important milestones in the life insurance business in India are:1912: The Indian Life Assurance Companies Act enacted as the first statute toregulate the life insurance business.

    1928: The Indian Insurance Companies Act enacted to enable the government to

    collect statistical information about both life and non-life insurance businesses.

    1938: Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.

    1956: 245 Indian and foreign insurers and provident societies taken over by thecentral government and nationalised. LIC formed by an Act of Parliament, viz.LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government ofIndia.The General insurance business in India, on the other hand, can trace its roots tothe Triton Insurance Company Ltd., the first general insurance companyestablished in the year 1850 in Calcutta by the British.

    Some of the important milestones in the general insurance business in India are:1907: The Indian Mercantile Insurance Ltd. set up, the first company to transactall classes of general insurance business.

    1957: General Insurance Council, a wing of the Insurance Association of India,frames a code of conduct for ensuring fair conduct and sound business practices.

    1968: The Insurance Act amended to regulate investments and set minimum

    solvency margins and the Tariff Advisory Committee set up.

    1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised thegeneral insurance business in India with effect from 1st January 1973.

    107 insurers amalgamated and grouped into four companies viz. the NationalInsurance Company Ltd., the New India Assurance Company Ltd., the

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    Oriental Insurance Company Ltd. and the United India Insurance CompanyLtd. GIC incorporated as a company

    What is the overall scenario in the insurance market in India afternationalisation?

    GIC and its subsidiaries function through a vast country - wide network of around4100 offices spread across the length and breadth of the country, GIC has taken thebenefit of insurance to almost every district, across hilly terrain and ofteninaccessible areas of the country. The customer- interface is made easy through anetwork of agents, development officers and employees at Branch, Divisional andRegional offices as well as at the corporate level.The GIC and its subsidiaries have a workforce of approximately 86,000 in 1973tainted at various levels through in house training institutions. Now the total numberof employees went up. The industry has also promoted the National InsuranceAcademy (NIA), which is the premier training institute in insurance , catering notonly to Indian nationals but also to select foreign nationals. The industry issuesaround 23 million documents and settles 2 million claims every year. Country widecomputerization in the recently past has made the task of policy - holder's servicingeasier and rapid. At the same time, profitable lines and premium componentsincreases, and we became a investment company.

    Where does Indian Insurance sector stand compared to InternationalInsurance Sector?

    Technologically, Indian insurance sector is quiet comparable with the internationalsector. Our vast resources of skilled and technical manpower, huge marketpotentiality and technical know-how - all are comparable with the international

    market. But lacking in the process of computerization and in pricing (premium rate)are also seen. In product, we have demand in less because lack of awareness foradequate insurance cover in India with insuring public. Our marketing strategy arenot very modern. But we are trying to rectify both these (Technology and Marketing)areas.

    * What about the schemes?

    Recognizing its organizational strengths, the Govt. of India has also entrusted thecorporation with the administration of various schemes for social amelioration andpublic welfare. Social security schemes benefiting millions of citizens below thepoverty line. Personal Accident Insurance and Hut Insurance are operated all overthe country for which the premiums are paid by the Government .The GICadministers on behalf of Government, the crop Insurance scheme for areas and

    crops notified under the crop Insurance Scheme. Various low cost mass insurancepolicies have been evolved over a period of time, e.g. `Jan Arogya Bima Policy'.

    * What role General Insurance Industry is playing in the growth ofeconomy of the country?

    The General Insurance Industry has an enviable track record among public sectorunits. It has a consistent profit and dividend paying record accompanied by a steadygrowth in its financial resources. Through investments in the Government sector andsocially- oriented sectors the Industry has contributed immensely to the nation's

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    development. The industry is recognised as one of the largest financial Institutions inthe country. The ventures initiated by the industry in the areas of Mutual Fund,Housing Finance have done exceedingly well in recent years.To protect the country's foreign exchange reserves, the reinsurance arrangement areso organized that maximum retention is made possible within the country while atthe same time protecting interests of the policy holders. The GIC'S inwards

    reinsurance wing, called the SWIFT, maximizes the foreign exchange balance byacting as an international insurer accepting risks from all over the globe.

    FUNCTION OF INSURANCE:

    I Primary Functions - The primary functions of insurance include the following.

    i) Provide Protection

    The primary function of insurance is to provide protection against future risk,accidents and uncertainty. Insurance cannot check the happening of the risk, but

    can certainly provide for the losses of risk. Professor Hopkins observe "Insuranceis a protection against economic loss, by sharing the risk with others.

    ii) Collective bearing of risk

    Insurance is a device to share the financial loss of few among many others.Dinsdale opines, insurance is a mean by which few losses are shared amonglonger people. Similarly, William Bevridge observes, "The collective bearing ofrisks is insurance." All the insured contribute the premiums towards a fund andout of which the persons exposed to a particular risk is paid.

    iii) Assessment of risk

    Insurance determines the probable volume of risk by evaluating various factorsthat give rise to risk. Risk is the basis for determining the premium rate also

    iv) Provide certainty

    Insurance is a device which helps to change from uncertainty to uncertainty. Thismay the reason that John Magee writes that the function of insurance is to

    provide certainty. Similarly, Riegel and-Miller observe, "Insurance is devicewhereby the uncertain risks may be made more certain".

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    II. Secondary functions

    i) Prevention of losses

    Insurance cautions individuals and businessmen to adopt suitable device to

    prevent unfortunate consequences of risk by observing safety instructions;installation of automatic sparkler or alarm systems, etc. Prevention of lossescause lesser payment to the assured by the insurer and this will encourage formore savings by way of premium. Reduced rate of premiums stimulate for morebusiness and better protection to the insured.

    ii) Small capital to cover larger risks

    Dinsdale observes, insurance relieves the businessmen from securityinvestments, by paying small amount of premium against larger risks and

    uncertainty.

    iii) Contributes towards the development of larger industries

    Insurance provides development opportunity to those larger industries havingmore risks in their setting up. Even the financial institutions may be prepared togive credit to sick industrial units which have insured their assets includingplant and machinery.

    III. Other functions- They include:

    Means of savings and investment: insurance serves as savings andinvestment, insurance is a compulsory way of savings and it restricts theunnecessary expenses by the insureds For the purpose of ava iling income-tax exemptions also, people invest in insurance.

    Source of earning foreign exchange: Insurance is an international business.The country can earn foreign exchange ^ by way of issue of marineinsurance policies.

    Promotes exports insurance makes the foreign trade risk free with the help

    of different types of policies under marine insurance cover.

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    Vision: To be the market leader in the field of private general insurance.

    Mission: To bring innovative insurance solutions to customers' doorstep. The market looked promising with a net premium income of Rs 9,300

    crore, and it was growing at 11.4 per cent. In 2001, the ICICI Group entered the private general insurance sector by

    forming a partnership with Fairfax Holdings of Canada to establish ICICILombard.

    OBJECTIVE OF COMPANYEmployees:

    Increasing market share Increasing premium revenue

    Retaining and increasing customer base Creating brand value

    Shareholders: maximizing shareholder valueSales, agents and brokers: publicizing the company's servicesCustomers:

    Added value in return for premium Greater customer satisfaction

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    SERVICES OFFERED BY ICICI LOMBARDICICI Lombard offers a wide range of services covering various areas of

    insurance and different segments of customers. Its services can be classifiedunder four broad categories:

    1.) Health insurance: The company offers protection in cases of unexpectedmedical emergencies.

    Home insurance Motor insurance Overseas travel insurance Domestic travel insurance Student medical insurance

    2.) Business products: These services are aimed at businesses of all kinds andsizes. The insurance products are as follows:

    Fire insurance Marine insurance

    Industrial insurance Corporate insurance Liability insurance Credit insurance

    3.) Non-resident Indian (NRI) services: These services are the same as thoseoffered in personal products, but the focus here is on NRIs. A service speciallyoffered in this category is parents' overseas travel.4.) Rural insurance: At ICICI Lombard, investing in rural markets is seen as amajor social responsibility. The protection provided to the rural class isspecified and customized according to the class's needs.

    STRATEGY USED TO ATTRACT CUSTOMERS:The main objectives of such strategy are:

    To create value beyond the product. To convert potential customer to clients. To spread awareness about the company and its products.

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    Depending on the effectiveness, the CHANNELS are used are: Physical Direct

    Indirect Online policy.

    The whole organizational function can be divided into four different heads: Sales Claims Underwriting Marketing

    CORPORATE STRATEGY OF ICICI LOMBARD

    Fixing the Premium AmountThe premium amount for a particular product is fixed by the underwriter team.

    For example, vehicle premium has three parts: Owned damage

    Third-party damage

    Sales taxOut of the aforementioned three parts, sales tax is fixed by the sales tax

    department.The third-party damage amount is fixed by the Insurance Regulatory

    Authority of India (IRDA).The underwriter team on behalf of the company fixes the amount for owned

    damage.ORGANIZATIONAL STRUCTURE:

    The organizational structure of ICICI Lombard is as follows:

    It is headed by SANDEEP BAKSHI, who is the managing directorcum chief executive officer of the company. VISAKHA MULE is the executivedirector of the company. She is followed by RAKESH JAIN as the retail head.

    Sales

    ClaimsUndertaking

    Marketing

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    SIGNIFICANCE OF THE TOPIC:

    Marketing strategy development includes all the activities in the creation of place, time andpossession utilities. Place utility is created when goods and services are available at the

    places they are needed and so is the case with time and possession utility. In this study

    the primary concept of marketing activities adopted by ICICI LOMBARD is to satisfytheir customer so that goodwill can be developed. The project will throw light on the

    Marketing strategies of the company. The project report would be significant to

    understand the effectiveness of the policies or procedures. And if there are any benefits

    and drawbacks they would try tThe significance or the utility of insurance can be categorized into the followingfour groups for the convenience of the study.

    I. Significance for the individuals/family

    II. Significance for the businessIII. Social significance; andIV. National significanceI. Significance for the individuals/family

    i) Security and stability

    Angel writes insurance is a permanent base to secure against uncertain risk. Aman's life always involved with different types of risks like death, old age,accident, sickness etc. Similarly he is concerned about the risk of property and

    money by theft, dangers of fire, etc. Insurance provides security against risks.

    ii) Increase efficiencyInsurance relieves the people from mental worries due to safeguard provided byit against future risk and uncertainties. People who have insured their lives, neednot worry about the future and can concentrate more efficiently on the presenttasks. This may the reason that Angell observes that those who have littleworried about the future can be a more efficient worker.

    iii) Self reliance

    Death or accident are the instances in which the people become unsupportive.On the death of the earning member, the family members, especially thedependants face much problems of subsistence. Insurance is such a mean tomake oneself self reliant economically. Mark Doreman observes that the basicelement of insurance is to provide economic self sufficiency to the insured.

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    iv) Security of the property mortgagedIf a person mortgages his property against any debt and fails to return the debtbefore his death, the mortgaged takes charge of the property. In case mortgagedproperty was secured by insurance policy the liability of paying off the debt canbe transferred to the insurer.

    v) Mental peaceRiegel and Miller observe that the important function of insurance is to reduceuncertain risk of individuals into certainty. Un security in life is the main causeof mental worries. A person insures against such uncertain risks get rid ofhimself from the bad effects and can lead a peaceful life.o overcome by making necessary changes.

    Benefits of General Insurance

    1) Insurance is the instrument of Security, saving and peace of mind. It providesseveral benefits by paying a small amount of premium to an insurancecompany.

    2) Safeguards ones assets.3) Peace of mind-in case of financial loss.4) Encourage saving.5) Tax rebate.6) Protection from the claim made by creditors.7) Security against a personal loan, housing loan or other types of loan.

    OBJECTIVES:

    To study the marketing strategy followed by the company.

    To study sales promotion and advertisement adopted by the company.

    To understandthe sources of personal and interpersonal promotion.

    To understand various present competitors tackled by the company.

    To understand the benefits and the weakness of the processes.

    To provide suggestions for improvement.

    EXTERNAL MARKETING

    In this stage the company has to design the services according to the needand wants of the consumers. This requires the study of the market andknowledge of the consumers. LIC listens to the customers and

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    evolves/develops various insurance policies and communicates theattractiveness and the utility of the policy directly to the customers. Here it(the company) performs external marketing. The company makes promises tothe customers. LIC conducts the market survey, make use of business as wellas marketing intelligence to tap the potential customer, make consumer

    aware of their existence through publicity, advertising etcINTERNAL MARKETINGThe customer comes to the LIC for availing the service, thus to Enable thePromise made; it becomes very essential for the company motivate theirsalesperson as well as to train them to serve the customer better. Necessaryinfrastructure, technology, security, facilities, after sales service, onlineinformation, claim settlement, easy structure for the payment of premium,flexibility in the policy, insurance advisor, and complaint cell are some of theattributes which form the part of the internal marketing and also enable thecompany to fulfill the promises made to the customers. The agents of LIC are

    ready to meet their prospects at their choice of destination, for the purpose ofdelivering the promise made to them. This also compromises of the internalenvironment and the mannerism existing in the company.INTERACTIVE MARKETING

    Here the providers are the only ones who interact with the customers, like theinsurance agents interact with the customers and not the company. Theadvisors interact with their customers and study their financial condition andoffers policies accordingly. The agents perform interactive marketing which ison-time, all-time, every-time basis. This is the most crucial aspect of servicemarketing in the insurance sector. In LIC the agents remain in constant touch

    with their clients and gets in touch with them according to their convenience.THE MOMENTS OF TRUTH is the provocative point and also the judgmentperiod where the customer finally gauges the difference between thepromises made, the promises kept, thus evaluating the services worth. Theseare called the Moments of Truth because what was dreamt is achieved andalso if it is not achieved this moment gives an insight into the shortcomingsand why it could not be achieved.

    PRIMARY DATA COLLECTION METHOD

    The branch manager of ICICI Lombard Mr. PRASHANT.P.DAHAKE helped in the

    study.

    A survey i.e. fieldwork will be conducted and a small sample size will betaken.

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    SECONDARY DATA COLLECTION METHOD

    Internet (knowledge Management sites);

    Different study materials;

    Private circulations from consultants;

    Deliberations with practicing consultants and experts in the field;

    HYPOTHESIS:

    ICICI Lombard has got good share in market.

    The strategy adopted by the company is receiving good response from the people.

    LIMITATIONS

    The study will be actively conducted only in the Nagpur City.

    Limited response from respondent response may not reveal the accurate picture as

    accurate data was not revealed by the respective respondents.

    The study is do for the specific period of 1 year (2014-15)

    EXPECTED CONTRIBUTION:

    Finding/Data analysis & interpretation

    Markets performance

    The market share of private players rose to 13.7 per cent, recording a growth of86.72 per cent on an annual basis, while the market share of public sector majorsstood at 86.3 per cent, registering a marginal growth of 6.03 per cent. The overall

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    market has recorded a growth of 12.71 per cent.

    The total premium collections of general insurance industry stood at Rs 8,081.05crore for the first half of current fiscal, of which the private sector contributed Rs1,107.27 crore and the balance Rs 6,973.78 crore was brought in by the public

    sector non-life majors. Among the private sector insurers, ICICI Lombard toppedthe list with premium collection of Rs 234.85 crore, with a market share of 2.91per cent, followed by Bajaj Allianz with Rs 218.06 crore of premium and 2.7 percent market share and Tata AIG with 194.01 crore premiums and 2.4 per centmarket share.

    Among the public sector players, New India garnered a market share of 24.09 per cent with Rs1,946.7 crore premium, followed by National with 20.59 per cent (Rs 1,664.18crore), United India with 20.5 per cent (Rs 1,656.3 crore) and Oriental with 18.62

    per cent (Rs 1,504.69 crore) share.

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    The company will know the detailed information of the negative and positive aspects and

    even about the suggestions related to the mind of its employee thus this project may help

    the company to overcome the necessary changes. This project would contribute to know

    about the management of their policies and procedures. And even it will help the

    outsourcers or the new entering employees of the company.

    Key Findings of the Research Rural sector offers a huge business opportunity for insurance companies Savings ratio is a healthy 30% of income across all socio economic

    segments Awareness about Life Insurance is near universal 27% of CWEs already have a life policy 51% of all respondents have expressed intention to purchase a life policy

    There are a total of 124 million rural households Nearly 20% of all farmers in rural India own a Kissan Credit Cards. The 23

    million credit cards issued till date offer a huge data base and opportunityfor insurance.

    Delivery infrastructure in the form of District Cooperative Banks,Cooperative Societies, NGOs and Self Help Groups already exists inmost villages.

    LIC

    ICICI lombard

    SUNIFE BIRLA

    TATA AIG

    OTHERS

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    Rural connectivity through IT. E-choupal of ITC and other similar initiatives are available as additional

    delivery channels of insurance An extensive rural agent network for sale of Life insurance products exists The agent plays a major role in creating awareness, motivating purchase

    and rendering other insurance services 78% of respondents prefer various combinations of life insurance like life

    + accident, life + loan, life + health + accident. Flexibility in Premium payments is important.

    FUTURE POSSIBILITIES (NEXT 5-10 YEARS)

    Job opportunities are likely to increase manifold. The number of people workingin the insurance sector in India is roughly the same as in the UK with apopulation that is 1/7 India's; the US with a population 1/4 the size of India hasnearly 4 times the number. In the emerging markets, the picture is no lessencouraging. In S Korea, the no of full time employees more than doubled over aten year period. Thailand added 50 per cent more jobs in four years.

    The liberalization of the insurance sector promises several new jobsopportunities for those employed in the finance sector who are equipped withdegrees in finance. Finance professionals who had witnessed a slump in the jobmarket would be a much-relieved lot to hear about the privatization of theinsurance sector.

    Let us look into the type of jobs that will be created once the private playerscome on the scene. Certainly, it won't be far different from the traditional streamsin any other industry. There will be demand for marketing specialists, financeexperts, human resource professionals, engineers from diverse streams like thepetrochemical and power sectors, systems professionals, statisticians and evenmedical professionals. Apart from this, there will be high demand forprofessionals in the streams like Underwriting and claims management andactuarial sciences.

    There could be a huge inflow of funds into the country. Given the industry'shuge requirement of start-up capital, the initial years after opening up are boundto see a strong inflow of foreign capital. Moreover, given that the break-even,typically, comes much later than in the case of other sectors, odds are that thefirst remittance of dividend will not happen before a good 10-15 years.

    In the areas of reinsurance, huge capacity is likely to be created with players likeSwiss Re and Munich Re keenly observing the unfolding saga of liberalization of

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    insurance industry in India. Not only the outward reinsurance will reduce, it isbound to attract inward reinsurance from the neighboring countries and regions.If the regulator is forward looking and legislature is supportive, this trend maywell lead to the creation of a Lloyds like market for the direct as well asreinsurance businesses.

    However, increased competition is very likely to result in rate reductions incertain classes of business, but in those areas that have so far been crosssubsidized, an increase in rates may be possible. Overall, the rate reductions mayoutweigh the increases, thus bringing down the re-insurance premium volumeavailable.

    Apart from pure re-insurance activities, which is providing insurance protection,a revolution will come in service related fields like training, seminars,workshops, know-how transfer regarding risk assessment and rating, riskinspections, risk management and devising new policy covers, etc. Also, with

    more players in the market, there will be significant increase in advertising,brand building, and keen pricing not ridiculous pricing and this will benefitwhole lot of ancillary industries.

    Another effect of de-regulation will be that, projects, especially mega-projectswhere one needs the capacities of the international re-insurance market, will getexposed to international trends to an even greater extent than is the case today.This will affect rates too. Areas like the personal lines segment, where we alsoexpect to see substantial growth as also new types of covers, would usually notbe affected by international trends in the same way as, there is much less needfor global re-insurance support.

    Substantial shift in the distribution of insurance in India is likely to take place.Many of these changes will echo international trends. Worldwide, insuranceproducts move along a continuum from pure service products to purecommodity products. Initially, insurance is seen as a complex product with ahigh advice and service component. Buyers prefer a face-to-face interaction andplace a high premium on brand names and reliability.

    As products become simpler and awareness increases, they become off-the-shelf,commodity products. Sellers move to remote channels such as the telephone ordirect mail. Various intermediaries, not necessarily insurance companies, sellinsurance. In the UK for example, retailer Marks & Spencer now sells insurance

    products. In some countries like Netherlands and Japan, insurance is marketedusing post office's distribution channels. At this point, buyers look for low price.Brand loyalty could shift from the insurer to the seller.

    In other markets, notably Europe, this has resulted in banc assurance: banksentering the insurance business. The Netherlands led with financial servicesfirms providing an entire range of products including bank accounts, motor,home and life insurance, and pensions. Other European markets have followed

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    suit. In France over half of all life insurance sales are made through banks. In theUK, almost 95% of banks and building societies are distributing insuranceproducts today.

    In India too, banks hope to maximize expensive existing networks by selling arange of products. Various seminars and conferences on banc assurance aretaking place and many bankers have clearly shown their inclination to enterinsurance market by leveraging their strengths in the areas of brand image,distribution network, face to face contact with the clients and telemarketingcoupled with advanced information technology systems. The mergers ofCitibank with Travellers in USA and of Winterthur, the largest Swiss Co. withCredit Suisse are recent examples of the phenomenon likely to sweep India too.

    Insurers in India should also explore distribution through non-financialorganizations. For example, insurance for consumer items such as refrigeratorscan be offered at the point of sale. This piggybacks on an existing distribution

    channel and increases the likelihood of insurance sales. Alliances withmanufacturers or retailers of consumer goods will be possible. With increasingcompetition, they are wooing customers with various incentives, of whichinsurance can be one.

    Another potential channel that reduces the need for an owned distributionnetwork is worksite marketing. Insurers will be able to market pensions, healthinsurance and even other general covers through employers to their employees.These products may be purchased by the employer or simply marketed at theworkplace with the employers co-operation.

    Worldwide interest in E-commerce and India's predominant position in

    information technology and software development is also likely to be a majorfactor in the marketing of insurance products in the immediate future. Theinternet account is increasing in arithmetic progression and the trend has alreadybeen set by some of the leading insurers and insurance brokers worldwide.

    Finally, some potential Indian entrants into insurance hope to ride their existingdistribution networks and customer bases. For example, financial organizationslike ICICI, HDFC or Kotak Mahindra intend to tap the thousands of customerswho already buy their deposits, consumer loans or housing finance. Otherhopeful entrants anticipate specific alliances such as with hospitals to providehealth cover.

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    BIBLOGRAPHY

    Service Marketing by:- Ravi Shankar

    Insurance by:- M.J. Mathew

    Service Sector Management by:- Romeo Mascreaneous

    Financial Times

    Internet

    Times of Indin www.icicilombard.comwww.en.wikepedia.org

    CHAPTERIZATION

    Introduction

    Introduction of company

    a) Problem Definitionb)

    Theoretical prospectivec)

    Objectives of the studyd) Limitations of the study (Research boundaries)

    Research Methodology

    a) Data collection

    b) Hypothesis

    c) Limitations of the study

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    Data analysis and Interpretation

    Conclusion

    Recommendations and Suggestions

    References

    Bibliography