Market Report Hitesh

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8/7/2019 Market Report Hitesh http://slidepdf.com/reader/full/market-report-hitesh 1/24 Pioneer Institute of Professional Studies MARKET REPORT ON LIFE INSURANCE INDUSTRY Submitted to : Submitted by: Prof. ANKITA JAIN HITESH BHAGWANI Prof. SHWETA JAIN MBA 2nd Sem Section µC¶

Transcript of Market Report Hitesh

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Pioneer Institute of Professional Studies

MARKET REPORT

ON

LIFE INSURANCE INDUSTRY 

Submitted to : Submitted by:

Prof. ANKITA JAIN HITESH BHAGWANI

Prof. SHWETA JAIN MBA 2nd Sem

Section µC¶

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Declaration I Hitesh Bhagwani hereby declare that this

presentation is made by mine & I have not

taken anyone¶s help in making it

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Contents:

Introduction

Market size & market growth

Companies available Market share

Market Players & their marketing strategies

Marketing strategies

Future outlook 

Conclusion

References

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Introduction:

Meaning of insurance:

In law and economics, insurance is a form of 

risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss.

Insurance can also be defined as the equitable

transfer of the risk of a loss, from one entity toanother, in exchange for payment.

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CONTD«

Key words involved:

An insurer

An insured or policyholder Premium

Indemnification

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TYPES OF LIFE INSURNCE POLICY:

Traditional plan:

1. Money back policy

2. Child/ education policy3. Investment policy

ULIP

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Market size & market growth:

The US$ 41-billion Indian life insurance industry is

considered the fifth largest life insurance market.

It is growing at a rapid pace of 32-34 per cent

annually, according to the Life Insurance Council.

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Companies available:Following is the list of all life insurance company granted

permission by IRDA.1. Bajaj Allianz Life Insurance Company Limited

2. Birla Sun Life Insurance Co. Ltd

3. HDFC Standard Life Insurance Co. Ltd

4. ICICI Prudential Life Insurance Co. Ltd.5. ING Vysya Life Insurance Company Ltd.

6. Life Insurance Corporation of India

7. Max New York Life Insurance Co. Ltd

8. Met Life India Insurance Company Ltd.

9. Kotak Mahindra Old Mutual Life Insurance Limited

10.SBI Life Insurance Co. Ltd

11.Tata AIG Life Insurance Company Limited

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Contd:12.Reliance Life Insurance Company Limited

13. Aviva Life Insurance Co. India Pvt. Ltd.

14. Sahara India Life Insurance Co, Ltd.

15. Shriram Life Insurance Co, Ltd.

16. Bharti AXA Life Insurance Company Ltd.

17. Future Generali Life Insurance Company Ltd.

18. IDBI Fortis Life Insurance Company Ltd.

19. Canara HSBC Oriental Bank of Commerce Life InsuranceCo. Ltd

20. AEGON Religare Life Insurance Company Limited.

21. DLF Pramerica Life Insurance Co. Ltd.

22. Star Union Dai-ichi Life Insurance Comp. Ltd

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Market share of different companies

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MARKET P

LAYERS

: Life insurance corporation of india(lic)

1. Life Insurance Corporation of India was created

on 1st September, 1956.2. It is fully owned by indian government

3. Before the private players came to india it

enjoyed monopoly in this sector

4. Has extended its activities in 12 countries other

than India with the objective of catering to the

insurance needs of Non Resident Indians.

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Marketingstrategie

s of lic

The early ads of LIC with slogan µ zindagi ke

baad ka saathi¶; this was a marketing strategy,

which was insensitive to the feelings of the

masses

Customised products to suit customer needs ± 

Life, Health and Corporate Insurance.

Wide reach to serve customers better ± anetwork of 1000 offices across the country.

More then 2.5Lac Super Agents

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Contd«

Bajaj allianz:

1. Bajaj Allianz Life Insurance Co. Ltd. is a joint

venture between Allianz SE, one of the world's

largest insurance companies, and Bajaj Auto

Limited

2. In it bajaj is having 74 % market share & allianz

is having 26% market share

3. Bajaj Allianz Insurance started its journey on May

2, 2001 when it received the certificate of 

Registration from IRDA

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Market strategy of bajaj allianz

:

It always hires local youngsters as , customers

are likely to have more faith in locals.

Bajaj Allianz has around 900 offices across the

country, compared with around 330 for ICICI

Prudential.

Bajaj today has 125,000 agents, way behind

LIC's 1 million but ahead of ICICI Prudential's

100,000.

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Contd.

In keeping with its regional focus,it has more

advertisements on local tv channels

In some of the towns, Bajaj has also used local

financial advisors

Bajaj Allianz has also beefed up its distribution

by teaming up with 10 co-operative banks,around 100 district co-operative banks, as well

as some regional rural banks to drive business

to it

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IC

IC

I prudencial: ICICI Prudential Life Insurance Company is a

joint venture between ICICI Bank and Prudentialplc, a leading international financial services group

ICICI Prudential was amongst the first privatesector insurance companies to begin operations inDecember 2000

ICICI is having 74% market share & prudential is

having 26% market share It is the first life insurer in India that received a

National Insurer Financial Strength rating of AAA(Ind) from Fitch ratings.

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M

arketing strategies Taking amitabh bacchan as the brand

ambassador

Punch lines like jeete raho etc

In the past we have seen a series of some

successful campaigns from ICICI Prudentialrevolving around the brand mascotChintamani.

Jiyo shaan se slogan in an ad. was also a goodmove

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Hdfc standard life: It is a joint venture between HDFC, India¶s

largest housing finance institution and Standard

Life Assurance Company, Europe

In it 72.43% share is of hdfc & 26% share is of 

standard.

It was established on 14th August 2000

It has covered over 812,811 lives so far

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M

arketing strategies: The companies used rajasthan royals players during

IPL

HDFC Standard Life was the Associate Sponsor of 

Rajasthan Royals in the third season of the Indian

Premier League (IPL 2010).

It is having 568 branches servicing customer needs in

over 700 cities and towns

The first private life insurer to break the ice using the

idea of self-respect instead of µdeath¶ to convey our

brand proposition (Sar Utha Ke Jiyo).

Focus on Long-Term Value

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Future outlook 

:

Insurance market is having a lot of scope in

future as almost 70% of indian population is

still uninsured. Indian Life Insurance Segment

is growing at a rapid rate due to more liberal

approach from Govt. More financial groups and

banks including global players are eyeing the

Indian Life Insurance Market.

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Conclusion

Insurance is a nice-looking option for

investment but most people are not aware of its

advantages as an investment option but first,

insurance is about risk cover and protection. By

buying life insurance, you buy peace of mind.

Insurance also serves as an excellent tax saving

mechanism.

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REFERENCES: http://sites.google.com/site/anandgujarat/insu

rance/lif e-insurance-players-in-india

http://www.domain-

b.com

/f inance/in

surance/a

llianz_bajaj_

lif e/20041013_aims.html

http://www.scribd.com/doc/20818316/LIC-strategy

http://www.economywatch.com/insurance/mar

keting/lif e-insurance.html http://www.ibef.org/industry/insurance_indust

ry.aspx

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CONTD.. http://www.oppapers.com/essays/Lic-Marketing-

Strategy/433445

http://en.wikipedia.org/wiki/Insurance

http://www.itrust.in/forum/lif e-insurance/list-of -all-insurance-companies-in-india-and-which-one-is/2023.page

http://iciciprudentiallif einsuranceadvisor.blogspo

t.com/2006/11/icici-prudential-lif e-insurance.html

http://www.iloveindia.com/f inance/insurance/companies/hdf c-standard-lif e-insurance.html

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