IDBI Federal Life insurance SIP presentation
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IDBI Federal Life Insurance is a joint venture between IDBI Bank, Federal Bank and Ageas. The document provides an overview of the company, including its products, mission, values and SWOT analysis. It then outlines a project for trainees which involves researching the company's current advertising strategies and developing a new strategy to improve awareness and market share, particularly through digital advertising and campaigns throughout the year. Key findings from a questionnaire indicate low brand awareness and a need for more frequent advertisements, especially online. Suggestions include using the AIDA model and advertising across various media channels on a consistent basis.
IDBI Federal Life insurance SIP presentation
- 1. UNDER SUPERVISION OF MR. EZAD AHMED
- 2. Industry Background The insurance industry of India consists of 51 insurance companies: 24 are in Life Insurance business 27 are non- life insurers Among the life insurers LIC ( Life Insurance Corporation) is the sole public sector company The insurance sector in India is expected to attract over Rs. 12,000 crore (US $ 1.76 billion ) in 2016. IDBI Federal Life Insurance 2
- 3. Introduction Started in March 2008 Joint-venture One of the fastest growing Customer-centric brand CEO Mr. Vighnesh Shahane IDBI Federal Life Insurance 3
- 4. Continues IDBI Federal Life Insurance 4
- 5. IDBI Bank Constituted under Industrial Development bank of India Act, 1964 Universal Bank with its operations driven by a cutting edge core Banking IT platform For over 40 years, has essayed a key nation-building role Headquartered in Mumbai IDBI Federal Life Insurance 5
- 6. Federal Bank Incorporated on April 28, 1931 Authorized capital of rupees five thousand The Bank operates in four segments: Treasury operations Wholesale banking Retail banking Other banking operations IDBI Federal Life Insurance 6
- 7. Ageas International insurance group with a heritage spanning more than 180 years Ranked among the top 20 insurance companies in Europe Market leader in Belgium Strong presence as the fourth largest player in private car insurance and the over 50s market IDBI Federal Life Insurance 7
- 8. Mission & vision VISION To be the leading Provider of insurance plans Adds value to their lives MISSION Continually strive to enhance customer experience Superior service delivery Customers in the most convenient and cost effective IDBI Federal Life Insurance 8
- 9. Values Transparency Value to Customers Rock Solid and Delivery on Promise Customer-friendly Profit to Stakeholders IDBI Federal Life Insurance 9
- 10. Products of company IDBI Federal has 4 major products which cater to the needs of the Indian customers. IDBI Federal products:- IDBI Federal Life Insurance 10
- 11. Wealthsurance One time premium payment Freedom to switch investment among funds Guaranteed loyalty additions to boost your investment Easy access to your investments through partial withdrawals Financial protection for your loved ones IDBI Federal Life Insurance 11
- 12. Incomesurance Pay the premiums for the first 7 years of the policy Guaranteed Annual Payouts irrespective of market condition Tax benefits under sec 80 C and sec 10(10D) Protection of critical illness benefits Life cover Loan Facilities IDBI Federal Life Insurance 12
- 13. Childsurance Financial protection against uncertainty Guaranteed annual payouts for childs important milestones Bonuses to boost your savings Future premiums waived off in case of an unfortunate event Plan continues till maturity in unlikely event of death IDBI Federal Life Insurance 13
- 14. Lifesurance Lump sum payout at maturity Double protection Accidental Death Benefit Tax benefits Bonuses to boost your savings IDBI Federal Life Insurance 14
- 15. Awards & Accolades IDBI Federal Life Insurance 15
- 16. Market Share IDBI Federal Life Insurance 16
- 17. SWOT analysis Strength 9.24 crore B.E.P. in 5 years 2nd company to achieve Brand name Weakness National level advertisement Low frequented promotional activities Low awareness Opportunity Market expansion. Only 6 percent of the market is insured Uncovered rural areas Threat Tough competition from market leader LIC IRDAI intervention FDI limit increased to 49%. SWOT IDBI Federal Life Insurance 17
- 18. Contribution IDBI Federal Life Insurance 18
- 19. Module 1 IDBI Federal Life Insurance 19
- 20. Module 2 Special class from the External faculty Training from the Senior Branch Manager Project Work IDBI Federal Life Insurance 20
- 21. Project work Topic - Advertising strategy Suggest company to improve its weak areas Research work IDBI Federal Life Insurance 21
- 22. Objective of project work Current Advertising strategies Type of ads customers like with respect to insurance products Why company should advertise aggressively throughout the year To make an effective advertising strategy for the company To suggest a new way of advertising IDBI Federal Life Insurance 22
- 23. Research Methodology Questionnaire design Random sampling Sample size Sample area IDBI Federal Life Insurance 23
- 24. Source of data Primary Data Structured Questionnaire and also through face to face & by share the questionnaire online with customers. Secondary Data Internet, companys website, articles, blogs, newspaper, magazines etc. IDBI Federal Life Insurance 24
- 25. Questionnaire From which insurance company you would like to buy? ( ) IDBI federal ( ) LIC ( ) SBI life insurance ( ) HDFC life insurance ( ) ICICI prudential ( ) Max insurance IDBI Federal Life Insurance 25
- 26. Continue Have you heard of IDBI federal life insurance company ? ( ) Yes ( ) No IDBI Federal Life Insurance 26
- 27. Continue On which media you spend most of your time? ( ) Television ( ) Internet ( ) Radio IDBI Federal Life Insurance 27
- 28. Continue On which social media you spend most of your time? ( ) Facebook ( ) Twitter ( ) Youtube ( ) Instagram ( ) Snapchat IDBI Federal Life Insurance 28
- 29. Continue Which mode of advertisement attracts you most? ( ) Online advertisements ( ) Television59 ( ) magazine ( ) Newspaper ( ) Hoardings/posters ( ) Others IDBI Federal Life Insurance 29
- 30. Continue On which channel you saw Insurance ad mostly? ( ) Entertainment & lifestyle Channels ( ) Sports Channels ( ) Science & discovery related Channels ( ) Movie Channels ( ) News Channels ( ) Music Channels ( ) Other Channels IDBI Federal Life Insurance 30
- 31. Continue Which type of advertisement attracts you most? ( ) Animation ( ) Originality ( ) Humor ( ) Storyline / concept ( ) Celebrity endorsement IDBI Federal Life Insurance 31
- 32. Continue In which way would you want to receive information related to Insurance? ( ) Print Ad ( ) Magazine Ad ( ) Hoardings ( ) TV Ad ( ) Online Ad ( ) Agents IDBI Federal Life Insurance 32
- 33. Continue Which company Ad you find mostly in the media? ( ) LIC. ( ) Bajaj Allianz ( ) ICICI Prudential ( ) IDBI Federal ( ) Birla Sun life ( ) SBI Life ( ) Max insurance ( ) Others IDBI Federal Life Insurance 33
- 34. Continue How often did you see IDBI Federal advertisement in Television in last month? ( ) 0 ( ) 1-3 ( ) 4-7 ( ) More than 7 IDBI Federal Life Insurance 34
- 35. Continue Do you feel you need to see more advertisements to know about the products of IDBI Federal? ( ) Yes ( ) No IDBI Federal Life Insurance 35
- 36. Findings Awareness of brand IDBI Lacks of awareness of its insurance business Advertisement play bigger role No presence on online platform Online advertisement more attractive than TV Only 60% of people do insurance for tax saving IDBI Federal Life Insurance 36
- 37. Suggestions IDBI Federal Life Insurance 37 AIDA model Print & Electronic Media Advertisement Hoardings at prime areas Online campaigns Advertise throughout the year Aim to increase it market share 0.3% every year
- 38. Learnings IDBI Federal Life Insurance 38 Consumer behaviour Working under pressure Persuade to customer Role of advertising Analysis of data and interpretation
- 39. Weblography www.google.com www.wikipedia.org www.yahoo.com/question-answer/ www.idbifederal.com www.ageas.com www.federal.com www.irda.org http://www.swissre.com/media/news_releases/Swiss_Re_sigma_study_o n_world_insurance_in_2014_shows_premium_growth__resumed.html http://www.idbifederal.com/Products/Healthsurance/Pages/What-is- Healthsurance.aspx# http://www.studymode.com/essays/Market-Segmentation-40523.html http://en.wikipedia.org/wiki/Q_methodology IDBI Federal Life Insurance 39
- 40. By- Chanchal sharma MB 76 IDBI Federal Life Insurance 40