ICICI prudent life insurancePresentation Transcript
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A REPORT ON PROMOTIONAL STRATEGIES ADOPTED BY ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. Prepared by Jubin Shah (8NBSU095) Submitted to Mrs. Rubina Sheikh
Objective of the project
To know the promotional strategies of ICICI prudential life insurance.
To know how they face their competitor’s strategies.
To know how they survive in the cutthroat competition.
To know the products of the ICICI prudential life insurance
To know the product life cycle of the ICICI prudential life insurance
T HE I NSURANCE I NDUSTRY
The private players got entry to this industry in 1999.
LIC is the Market Leader.
A dozen of Private players in the market.
Huge improvement in service attitude & delivery.
The biggest beneficiary of the competition is the consumer.
Graphical Representation of Market Shares of different private players.
Introduction of insurance
Insurance provides financial protection against a loss arising out of happening of an uncertain event. A person can avail this protection by paying premium to an insurance company
A pool is created through contributions made by persons seeking to protect themselves from common risk. Premium is collected by insurance companies which also act as trustee to the pool. Any loss to the insured in case of happening of an uncertain event is paid out of this pool.
Insurance works on the basic principle of risk-sharing. A great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.
Joint Venture between ICICI Bank & Prudential PLC.
Amongst the first private sector insurance companies to begin operations in December 2000 after IRDA approval.
Equity base of Rs. 6.75 billion, with ICICI Bank and Prudential Plc. holding 74% and 26% stake respectively.
The company garnered total received premium (new business + renewal) of Rs. 3,088 crores for the quarter ended June 30, 2008 as compared to Rs 1,801 crore for the quarter ended June 30, 2007.
The company wrote over 6 lakh policies over this period and its assets stood at over Rs 26,900 crore.
For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer(The Economic Times)
Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance and mutual fund company in U.K. Prudential plc. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries.
Prudential is the largest life insurance company in the United Kingdom
VISION- ICICI Prudential Life Insurance Co. “ The vision of the company clearly states that it wants to become the dominant Life and Pension player built on trust by world-class people and services. ”
Every member of the ICICI Prudential team is committed to 5 core values
B OARD OF D IRECTORS
ICICI Prudential Life’s competitive advantage
Its joint venture status with Prudential Plc which is a respected partner helps it maintain a strong presence With valuable product inputs from Prudential Plc a pension plan specialist in UK.
ICICI Prudential Life is able to design diversified plans.
The ICICI Bank brand always helps the company.
The Insurance Regulatory and Development Authority (IRDA):
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies.
In the private sector 12 life insurance and 6 general insurance companies have been registered.
L ITERATURE R EVIEW
MEDIA EXPOSURE IN RURAL MARKET
The estimated annual business from rural markets in 2008 was Rs. 1,23,000 crore, comprising Rs. 65,000 crore of FMCG, Rs. 5000 crore of durables, Rs. 45,000 crore of agricultural inputs & Rs. 8,000 crore of two wheelers and 4 wheelers. 29% of the rural people own cars, 27% own colour televisions, 24% own refrigerators & 10% own washing machines.
The advertising idea, which was encapsulated in symbols of protection from the initial print campaign, culminated in the corporate film where SINDOOR was used as an endearing and lasting symbol of protection.
Advertisers aimed at appealing to the main stream, middle class family.
ICICI prudent strategy was to highlight the importance of the nuclear family, the neighborhood and the country as a whole.
Each group is attracted to a specific type of content, which makes it easier for advertisers to target a specific audience a certain way
mechanism points out that our media is becoming global, where people all over the world are being influenced by segment making media.
Wednesday, April 25, 2007(times of India)
Learning of icici prudential
ICICI prudential has been advertising its retirement solutions through the “chintamani” campaign The focus of this ad campaign has been on educating consumers about its solutions, which provide tax savings and investment options. ICICI targeted the office-going segment and sent direct mailer to them through the dabbawallas.
ICICI sole mention has been to education the customers about the services it provides and the related attributes and benefits. Marketers have begun to realize the importance of teaching the consumer about their product & services and how these products and services would benefits him.
(III sem consumer behavior book (page no. 101))
Affect of advertising in brand buliding
Many astute business people now recognize corporate brands as fundamental business assets, and have begun reaching out to customers, prospects, and the financial community by advertising those brands. Brand building advertising is synonymous with product advertising and is commonly seen in traditional mass media, including TV, radio, magazine, and newspaper.
More and more companies are now days trying to market and promote their products using emotional advertising. Today we see lot of advertisement in different segments using different Relationship or bonding of individuals with others
Take an example of ICICI Prudential, they successfully used following emotional branding techniques to create there brand and marketed there products
An effective communication campaign should comprise of a well thought out message strategy. What message are you trying to put across to your target audience
Nike: Just do it.
Toyota: The car in front is a Toyota.
ICICI bank: Hum Hai Na.
ICICI prudential life insurance: Jeete Raho & Retire from work, not life
Pull & puss strategy
Communication by the manufacturer is not only directed towards consumers to create demand. A push strategy is where the manufacturer concentrates some of their marketing effort on promoting their product to retailers to convince them to stock the product.
Product life cycle
Internet promotion through website Www.yahoomail.com Www.way2sms.com
INC student portal Www.monster.com
Mobile Promotions is a very individual business. From roadshows and sampling campaigns to hospitality and shopping center promotions, we have a team of people who will help you stand out from the crowd.
THE typical approach followed by national brands to attack the lower end of the market is to introduce an offering, which is priced just above the unorganized market's offering. The idea is to upgrade the consumer from that to the branded one.
Wall hoardings Promotions strategy
Wall hording promotional strategy used by ICICI prudential company. In many place in Surat puts the hoardings of ICICI prudential & also puts the hoarding in a malls so more awareness of the ICICI prudential life insurance company. Some wall hoardings in a mall shown as below in the picture
Radio advertising strategy
A radio commercial (in the USA also called a spot by people in the business) is a form of advertising via the medium of radio. Airtime is purchased from a station or network in exchange for airing the commercials.
The first radio commercial is credited to WEAF, New York on August 28, 1922 for the Queensbury real estate corporation. The ten-minute live commercial was voiced by H.M. Blackwell, a representative of Queensbury.
Print media advertising strategy
Advertising in India can easily handle your advertising needs. You may need to design an ad for your business, looking for placing a matrimonial advertisement or perhaps you want to publish an advertisement in newspaper for job recruitment
Availability of quality resource
Sample selection and size
Primary Objective : To Understand & Measure the impact of Advertising in the Life Insurance Market.
Secondary Objective : To know the Promotional Strategies of ICICI Prudential Life Insurance Co. Ltd.
1. You are regularly connected to which of the following media for advertisement?
2.How often do you share interesting advertising with your family or friends?
3. Have you seen any Life Insurance Product Ad?
4. Have you Awareness of ICICI Prudential life insurance?
5. Have you seen the advertisements of ICICI Prudential Life Insurance?
6. In which of the following media have you seen these advertisements the most?
7. Can you recall the content/message of the ICICI Prudential advertisements now?
8. Understand the message of the advertisement of ICICI Prudential life insurance?
9. ICICI Prudential Life insurance advertisement was believable?
10. Do you think this ad has influence you to?
11. If you hear the word “Life Insurance” what company comes to your mind immediately?
12. Rank the following life insurance companies as per your brand recall capacity?
Share of Life Insurance v/s other insurance
Growth of Life Insurance Advertising
The research is confined to a certain parts of Surat due to time constraints and does not necessarily shows a pattern applicable to all of Country.
Some respondents were reluctant to divulge personal information which can affect the validity of all responses.
In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.
Majority of the public uses television for entertainment or information gathering, followed by newspaper and internet. Radio is seems to be out dated in urban areas. But after revolution in mobile technology and satellite radio it has again started growing.
Majority of the public goes behind brand name. That’s why corporate advertising plays a vital role in growing stage.
It is also found that insurance companies like to give their ads in News/Business channel.
Liking an advertisement does not mean that public would like to buy that product.
If we talk about the private players, public’s first choice is ICICI Prudential followed by HDFC Standard Life and Reliance Life Insurance.
After the initial promotional campaign the relative advantage of ICICI PRUDENTIAL Life Insurance Co. Ltd. Over its competitor should be highlighted.
Hoardings at prime areas should be used
ICICI Prudential should come forward for development of rural sector by way of establishing a school, digging wells in villages. It is one of the ways to gain trust in rural sector.
ICICI Prudential can also use to advertise by using the way of “Nukkad Naataks”. It is the most creative and cheapest way of advertising.