kotak life insurance

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kotak life insurance

  1. 1. <ul><li>BY : </li></ul><ul><li>MR. Nikhil kumar </li></ul><ul><li>Ibs -2567 </li></ul>OM Kotak Mahindra Life Insurance MARKETING STRATEGIES OF KOTAK LIFE INSURANCE
  2. 2. <ul><li>TOPICS TO BE COVERED </li></ul><ul><li>OM Kotak Mahindra Life Insurance Overview </li></ul><ul><li>Products And Services Offered By Them </li></ul><ul><li>What Is Insurance Marketing? </li></ul><ul><li>Marketing Mix </li></ul><ul><li>Marketing Strategies Of Different Products </li></ul>
  3. 3. OVERVIEW
  4. 4. Kotak Mahindra Old Mutual Life Insurance is a joint venture of the Kotak Mahindra Bank Limited (KMBL) and Old Mutual Plc . The Kotak Mahindra Old Mutual Life Insurance was established in 2001 and it is considered as one of the fastest growing insurance companies in India.
  5. 5. PERFORMANCE OF OM Kotak Mahindra Old Mutual Life Insurance
  6. 6. <ul><li>This joint venture started off with initial net worth of Rs. 150 crore. KMBL currently owns a 26% stake with an option to increase this to 49% when applicable local legislation permits. </li></ul><ul><li>Gross premiums for the nine months ended December 31, 2008 of Rs.5047 Mn,an increase from last year. </li></ul><ul><li>Wide network of 79 branches in 51 cities, covered nearly 339700 policies on books representing a basic sum assured of Rs. 206 billion. </li></ul><ul><li>It has 260 group policies covering 528100 lives with an aggregate sum assured of Rs. 150 billion. </li></ul>
  7. 7. PRODUCTS
  8. 8. <ul><li>INDIVIDUAL PLANS </li></ul><ul><li>Kotak Smart Advantage </li></ul><ul><li>Kotak Eternal Life Plans </li></ul><ul><li>Kotak Platinum Advantage Plan </li></ul><ul><li>Kotak Headstart Child Plans </li></ul><ul><li>Kotak Sukhi Jeevan Plan </li></ul><ul><li>Kotak Privileged Assurance Plan </li></ul><ul><li>Kotak Term Plan </li></ul><ul><li>Kotak Preferred Term Plan </li></ul><ul><li>Kotak Money Back Plan </li></ul><ul><li>Kotak Child Advantage Plan </li></ul><ul><li>Kotak Endowment Plan </li></ul><ul><li>Kotak Capital Multiplier Plan </li></ul><ul><li>Kotak Retirement Income Plan </li></ul>
  9. 9. <ul><li>Kotak Retirement Income Plan (Unit-linked)   </li></ul><ul><li>Kotak Safe Investment Plan II </li></ul><ul><li>Kotak Flexi Plan  </li></ul><ul><li>Kotak Easy Growth Plan </li></ul><ul><li>Kotak Premium Return Plan </li></ul><ul><li>GROUP PLANS </li></ul><ul><li>Employee Benefits </li></ul><ul><li>Kotak Term Grouplan </li></ul><ul><li>Kotak Credit-Term Grouplan </li></ul><ul><li>Kotak Complete Cover Grouplan </li></ul><ul><li>Kotak Gratuity Grouplan </li></ul><ul><li>Kotak Superannuation Grouplan </li></ul>
  10. 10. <ul><li>RURAL PLANS </li></ul><ul><li>Kotak Gramin Bima Yojana </li></ul>
  11. 11. WHAT IS INSURANCE MARKETING?
  12. 12. <ul><li>The term insurance marketing refers to the marketing of insurance services with the aim to create customer and generate profit through customer satisfaction. </li></ul><ul><li>The insurance marketing focuses on the formulation of an ideal mix for Insurance Business so that the insurance organization survives and thrives in the right perspective. </li></ul><ul><li>The organizations can successfully increase the market share, maximize the profitability and keep on the process of development with the help of marketing. </li></ul>
  13. 13. <ul><li>The marketing concept in the insurance business is concerned with the expansion of insurance business in the best interest of the society vis-à-vis the insurance organization. </li></ul><ul><li>The selection of risks ( product planning ), policy writing ( customer service ) rating or actuarial ( pricing ) and agency management ( distribution )- all marketing activities make up an integrated marketing strategy. </li></ul><ul><li>INSURANCE MARKETING IN INDIAN ENVIRONMENT </li></ul>
  14. 14. <ul><li>MARKETING OF INSURANCE SERVICES NEEDS A RATIONAL APPROACH, WHICH MEANS THE FOLLOWING: </li></ul><ul><li>Knowing the market. </li></ul><ul><li>Suitable pricing decisions. </li></ul><ul><li>Product to be developed as per needs. </li></ul><ul><li>Designing of sensitive promotional strategy. </li></ul><ul><li>Scientific management of agents. </li></ul><ul><li>Proficiency in management. </li></ul>
  15. 15. <ul><li>OBJECTIVES OF LIFE INSURANCE MARKETING </li></ul><ul><li>Mobilization of savings in the form of pensions. </li></ul><ul><li>Improving customer services. </li></ul><ul><li>Increasing customer base and its spread. </li></ul><ul><li>Developing corporate image. </li></ul><ul><li>Spreading Life Insurance Message. </li></ul><ul><li>Developing guiding policies and their implementation for better results. </li></ul><ul><li>Distribution of Life Insurance Policies. </li></ul><ul><li>Marketing Profit. </li></ul>
  16. 16. MARKETING MIX
  17. 17. Definition “ Marketing mix is the term use to describe the combination of the four inputs which constitute the core of the companies marketing system – the product, price structure, promotional activities, and distribution system ”
  18. 18. MARKETING MIX PROMOTION MIX PRICE MIX PRODUCT MIX PLACE MIX
  19. 19. PRODUCT MIX “ Product is any article which the manufacturer desires to sell in the open market. It has the capacity to satisfy human wants.” <ul><li>THE FOCUS OF PP & DEVELOPMENT  Give due weightage to the socially & economically backward classes.  Maximize the mobilization of saving by offering lucrative schemes.  Assign due weightage to interest of investors. </li></ul>
  20. 20.  Maintain economy in business by promoting cost effectiveness.  Act as a trustee of policy holders.  Keep in mind the emerging trends in business environment.  Improve the quality of customer services.
  21. 21. PLACE MIX “ Physical distribution is the delivery of goods at the right time and the right place to the consumers”. <ul><li>It includes </li></ul><ul><li>Types of intermediaries </li></ul><ul><li>Marketing channel </li></ul><ul><li>Transportation </li></ul>
  22. 22. PRICE MIX Price is the valuation of the product mentioned by the seller. Seller is willing to sell, Buyer is willing to buy at this price. <ul><li>PRICE MIX DECISION INCLUDES </li></ul><ul><li> Making possible cost of effectiveness. </li></ul><ul><li> Restructuring of premium </li></ul><ul><li> Due priority o profit generating investment </li></ul><ul><li> Weightage to the policies meant for the socially and economically backward classes. </li></ul><ul><li> making the way for mobilizing profitability. </li></ul>
  23. 23. PROMOTION MIX Promotional activities are for encouraging retailers and dealers to keep the stock of company’s product and also for consumers to purchase company’s products due to its various plus points <ul><li>PM FOR INS SECTOR:  ADVERTISING  PUBLICITY  SALES PROMOTION  TELE-MARKETING </li></ul>
  24. 24. MARKETING STRATEGIES OF PRODUCTS
  25. 25. KOTAK CHILD ADVANTAGE PLAN
  26. 26. <ul><li>The Kotak Child Advantage Plan is an investment plan designed to meet one’s child's future financial needs. It's a plan that gives the child &quot; azaadi &quot; to realize his dreams. The plan is a participating plan with a 15-day free look period. </li></ul><ul><li>Age of the child required to attain the plan: </li></ul><ul><li>Minimum 0 years. </li></ul><ul><li>Maximum 17 years . </li></ul><ul><li>Term : 10- 30 years. </li></ul><ul><li>Maximum sum assured allowed: 25,00,000 </li></ul>
  27. 27. <ul><li>ADVANTAGES OF THIS PLAN </li></ul><ul><li>PROMOTION MIX </li></ul><ul><li>Advertising </li></ul><ul><li>Publicity </li></ul><ul><li>Sales Promotion </li></ul><ul><li>Personal Selling </li></ul><ul><li>PRICE MIX </li></ul><ul><li>PLACE MIX </li></ul>
  28. 28. KOTAK RETIREMENT INCOME PLAN
  29. 29. <ul><li>The Kotak Retirement Income Plan is a savings plan designed to meet the post-retirement needs. It is a plan that gives &quot; Jeene ki azaadi &quot;. It gives the choice to remain independent even after retirement. The Kotak Retirement Income Plan is a participating plan. </li></ul><ul><li>The plan comes in two forms: </li></ul><ul><li>(i) With Cover (ii) Without Cover. </li></ul><ul><li>Age of the person required to attain the plan: </li></ul><ul><li>Minimum 18 years. </li></ul><ul><li>Maximum 60 years. </li></ul>
  30. 30. <ul><li>Term </li></ul><ul><li>5-30 years. </li></ul><ul><li>Age to receive annuity </li></ul><ul><li>Minimum 45 years. </li></ul><ul><li>Maximum 65 years. </li></ul><ul><li>Intervals at which premium can be paid </li></ul><ul><li>Quarterly, Half Yearly, Annually. </li></ul><ul><li>ADVANTAGES OF THIS PLAN </li></ul>
  31. 31. <ul><li>PROMOTION MIX </li></ul><ul><li>Advertisement </li></ul><ul><li>Publicity </li></ul><ul><li>Sales Promotion </li></ul><ul><li>Telemarketing </li></ul><ul><li>PLACE MIX </li></ul><ul><li>PRICE MIX </li></ul>
  32. 32. MEDIA CENTRE
  33. 33. OUTLOOK MONEY Rates Kotak Life Insurance Plans among best in the industry
  34. 34. Business Standard
  35. 35. OTHER ACHIEVEMENTS <ul><li>Kotak Life Insurance has outlined plans to concentrate on a richer penetration in Kerala for a larger part of the insurance market. </li></ul><ul><li>Kotak Life Insurance ties up with Bhosale co-op bank. </li></ul>

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