The role of integrates marketing communications in life insurancet

1,074
-1

Published on

Hi Friends
This is supa bouy
I am a mentor, Friend for all Management Aspirants, Any query related to anything in Management, Do write me @ supabuoy@gmail.com.
I will try to assist the best way I can.

Cheers to lyf…!!!
Supa Bouy

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,074
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
9
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

The role of integrates marketing communications in life insurancet

  1. 1. 1 TO WHOMSOEVER IT MAY CONCERN CERTIFICATE This is to certify that the project titled the role of integrates marketing communications in life insurance is a bonafide work carried out by Anand singh (Roll No.453) For ICICI PRUDENTIAL CO.LTD.. He is a student of Vishwakarma Institute Of Management, Pune and has worked under our direction and guidance .The project report is submitted in the partial fulfillment of Masters in Business Administration course of University Of Pune for the academic year 2004-2006. Dr. Sharad Joshi Prof .Avinash Nene Director Project Guide EXECUTIVE SUMMARY: ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). In today s highly competitive environment companies are rigoursly searching for programmes which would give them an edge over their competitors.These programmes range within a myriad of activities,the marketing communications forming the pivotal among them.A marketing communications which includes the
  2. 2. 2 various promotional tools mixed in appropriate proportion and integrated into a single marketing programme is supposed to give an strategic advantage to the companies. Objectives : To find out the specific roles played by the various constituents of integrated marketing communications. To identify the most effective among the IMC To identify the ineffectual constituents. To suggest various ways of improving the IMC Methodology Initiation of project. Study Design Survey Data Analysis Recommendations. Sample size : 100 respondents. Sampling Method used : Deliberate Sampling In the first phase of my project I studied about life insurance industry and few products of ICICI PRUDENTIAL in detail. I interviewed the respondents by administering them the questionnaire. The various tools that I used to analyze the data was simple and cross tabulation. The major findings of my survey are: Advertising serves as a door opener
  3. 3. 3 Personal selling is very important in consumer decision making Sales literature gives credibility to company s promise Telecalls play important part in fixing appointments Internet marketing helps in maintaining CRM Publicity increase awareness and inclination The recommendations that I suggested to ICICI PRUDENTIAL are: Advertisements of ICICI PRULIFE should be more product expressive and easily comprehensive, so that a customer feels an urge to enquire about the products. Since from the findings it is clear that advisors are extremely Improtant in selling the policies, they should be trained on the concepts of marketing and not just selling . Sales literature should be written in more customer friendly language. Telemarketers should enquire the brief background of prospects during the appointments calls . Internet should be used to maintain CRM. Company should engage in keeping itself in news, should organize events, seminars etc.
  4. 4. 4 INTRODUCTION Man is exposed to risks and uncertainities.For instance the time of the death of a person is uncertain,and in the case of his premature death his dependant s may find themselves deprived of all means of existence.Every pudent man will carefully consider how best he can prevent such risk or minimize or provide against its effects.It is difficult for for an individual to survive unless the arrangement for covering the risk is possible.This arrangemrnt is made possible by insurance. Insurance stepds in to transfer such risk and dangers to the shoulders of the person who are willing to accept the burden for monetary considerations Insurance is a device by which the loss likely to be caused by an uncertain event is spread over a number of persons who are exposed to it and who propose to insure themselves against such an event.The essence of insurance is that it compensates the financial losses of a person and thus his
  5. 5. 5 dependents have a security of fixed income even if the person is not around. As these days there are a number of companies both private and public who are providing the service of insurance,so it becomes essential foer a firm to distinguish their brand from its competitors and also make people aware about their presence.Integrated Marketing communications is one such tool by which a firm can achieve the above objectives.Integrated Marketing communications has gained popularity in recent years in order to market a product especially in the highly competitive markets such as that of India. PROJECT INITIATION
  6. 6. 6 UNDERSTANDING THE ORGANIZATION COMPANY S PROFILE ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI
  7. 7. 7 Bank and Prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The company has a network of about 56,000 advisors; as well as 7 bancassurance and 150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in his life. VISION To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This we hope to achieve by: Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings.
  8. 8. 8 The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. UNDERSTANDING THE SCOPE OF PROJECT In today s highly competitive environment companies are rigoursly searching for programmes which would give them an edge over their competitors.These programmes range within a myriad of activities,the marketing communications form the pivotal among them.A marketing communications which includes the various promotional tools mixed in appropriate proportion and integrated into a single marketing programme is supposed to give an strategic advantage to the companies. This project aims at finding out the specific roles that the constituents of promotional programmes in life insurance play so that the stronger areas could be further reinforced ,the ineffectual
  9. 9. 9 areas could be weeded out as they unnecessarily consume useful resources and the other important areas could be given a facelift, such that upon their integration into a single marketing programme they could become a lethal armory in the marketers quiver. Training programme for conducting the field work The training programme started with comprehensive study adout the life insurance.I was given information about the life insurance industry and its functions.I was also given information regarding some of the products of life ICICI PRUDENTIAL. LIFE INSURANCE IN A NUTSHELL Life insurance is chiefly a risk management tool meant to offer financial protection to you and your dependents in the events of your unfortunate death If you are adequately insured your life insurance should enable your dependents to maintain their current life style and pursue their life goals.. But in India individual understanding and awareness of life insurance is very low, may people don t even know that the policies are on offer which will them meet their insurance and their own financial needs.That is why today a marketing programme is needed which will provide enough information to them so that they could understand their insurance needs and
  10. 10. 10 find appropriate fits.In todays economy life insurance has come to represent more than risk cover.The best selling insurance products in the market has attractive investments and tax benefits offer. Life insurance started in India in 1870 when Bombay Mutual Assurance Society, the first Indian life assurance society, was formed . Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s. It was during the swadeshi movement in the early 20th century that insurance witnessed a big boom in India with several more companies being set up. As these companies grew, the government began to exercise control on them. The Insurance Act was passed in 1912, followed by a detailed and amended Insurance Act of 1938 that looked into investments, expenditure and management of these companies' funds. By the mid-1950s, there were around 170 insurance companies and 80 provident fund societies in the country's life insurance scene. However, in the absence of regulatory systems, scams and irregularities were almost a way of life at most of these companies. As a result, the government decided nationalize the life assurance business in India. The Life Insurance Corporation of India was set up in 1956 to take over around 250 life companies. For years thereafter, insurance remained a monopoly of the public sector. It was only after seven years of deliberation and debate - after the RN Malhotra Committee report of 1994 became the first serious document calling for the re-opening up of the insurance sector to private players -- that the sector was finally opened up to private players in 2001.
  11. 11. 11 The Insurance Regulatory & Development Authority, an autonomous insurance regulator set up in 2000, has extensive powers to oversee the insurance business and regulate in a manner that will safeguard the interests of the insured. THE BASICS OF LIFE INSUARNCE The basic concept of insurance is that it does not protect the asset. It does not prevent the loss; it only compensates the economic losses. Insurance is the mechanism in which people who are exposed to same risks come together and agree that if anyone among them suffers a loss the others will share the loss and make good to the person who lost. The occurrence has to be random, accidental, and not deliberate. Life insurance policy is a contract in terms of Indian contract act, 1872. Life insurance is a branch of insurance in which human life is insured and in which compensation is made available to the designated survivors of the deceased person. The cost of the policy is called premiums or contributions which are paid either yearly, half yearly or monthly depending upon the terms stipulated in the policy. In life insurance there are usually two types of plans (a) term insurance (b) pure endowment In term insurance claim is paid only on death during the term and in pure endowment claim is paid only on surviving the period. All other plans are mixture of term and pure endowment.
  12. 12. 12 Some of popular plans are annuity, marriage endowment plans, children plans etc. Nowadays unit linked plans are in great demand which includes the term insurance + investment plan. Rider is a clause or condition that is added to a basic policy and provides an additional benefit. Some of the riders ADBR, CIR, WOPR. The claims could be maturity claims, death claims, accidents and disability benefits. There are group insurances which provide cover to a large number of individual under a single policy called master policy . Ombudsman resolve disputes between policy holders and insurers. Person who asks for policy is called proposer and the person to whom death claimed is nominated by the proposer. Is called nominee. PRODUCTS OFFERED BY ICICI PRUDENTIAL ICICI PRUDENTIAL OFFERS SEVERAL TYPES OF PRODUCTS. THE PRODUCTS OF ICICI PRUDENTIAL ARE : PROTECTION PLANS SAVINGS PLAN CHILD PLANS INVESTMENT PLANS RETIREMENT PLANS GROUP PLANS
  13. 13. 13 KEYMAN PLANS SOME OF THE PRODUCTS OF ICICI PUDENTIAL :
  14. 14. 14
  15. 15. 15 Minimum age at entry 0 years Maximum age at entry 60 years Minimum sum assured Rs 1,00,000 Minimum premium Rs 18000 yearly Rs 9000 half yearly Rs 1500 monthly Maximum age at maturity 75 years Minimum term 3 years Maximum term Life time Premium payment mode Yearly,half yearly,monthly Death benefits Higher of sum assured or value of investment Flexibility Increase/decrease death benefits,flexibile contribution,4 switches a year free,top ups Surrender value After 3 years 100% of investment. Riders allowed ADR,CIR,MSABR Tax benefits Sec 88,sec 10(10D)
  16. 16. 16
  17. 17. 17 Minimum age at entry 0 years Maximum age at entry 60 years Minimum sum assured Rs 1,00,000 Minimum premium Rs 8000 yearly Rs 4000 half yearly Rs 667 monthly Maximum age at maturity 75 years Minimum term 10 years Maximum term 30 years Premium payment mode Yearly,half yearly,monthly Death benefits sum assured +higher of value of units fund/ guranteed value of unit fund. Flexibility Increase/decrease death benefits,flexibile contribution,4 switches a year free,top ups Surrender value Differs from year to year. Riders allowed ADR,CIR,WOP Tax benefits Sec 88,sec 10(10D)
  18. 18. 18 RIDERS Riders are options that allow one to enhance one s life cover, qualitatively and quantitavely.They can be considered as toppings that add value to the policies. They are optional and are available in variety of flavors to be choosen based on one s preferences. They are in addition to the policies bought and come at an extra cost. Some common riders offered by ICICI PRUDENTIAL are : Critical Illness Benefit Rider Accident & Disability Benefit Rider Accident Benefit Rider Income Benefit Rider Waiver of Premium Rider (WOP)
  19. 19. 19 Integrated Marketing Communications
  20. 20. 20 For many years the promotional function in most sectors was dominated by mass media advertising. companies relied primarily on their advertising agencies for their guidance in most areas of their promotional activities. But in today s competitive generation the need for a marketing programme which includes all relevant areas of communication is being felt like never before.The companies are anxious to find that which part of their marketing communications programme is ineffectual so that they could substitute them with other more effective means of communication. Marketers are adopting the IMC approach because they have understood the strategic importance of integrating the various communications functions rather them having them operate autonomously. By coordinating their marketing efforts companies can avoid duplication, take advantage of synergy among promotional tools and develop more effective marketing communications programme. DEFINITION OF IMC ; "Integrated marketing communication simply recognizes the need to plan and build-up all relevant marketing communications so that they work together in harmony to greatest effect with greatest efficiency" In its simplest form, it is the "process of integrating all elements of marketing communications mix across all customer contact points to achieve greater brand coherence
  21. 21. 21 ROLE OF IMC: IMC has an increasingly central role to play in today's market place, because if offers company a way to strategically coordinate messages and establish a meaningful dialogue with customers. In short, IMC provides organizations with a strategic method for both establishing and maintaining relationships with key stakeholders. And this is essential for marketing success in the twenty-first century. DRIVERS OF IMC: The marketplace is changing. What was once a single audience has fragmented and companies have to establish and maintain brand relationships with a variety of groups of people-customers, as well as other stakeholders, such as employees, investors, suppliers and distributors, local communities, and the media. Organizations now have to communicate with these groups using a wide variety of media. Because the mass media now have considerably less importance than they have had in the past, dialogue is becoming increasingly critical in this marketplace. That means that companies can no longer rely only on one-way communication targeted to large groups of customers. To be successful now, organizations must not only be able to target messages to individual customers, but also to listen and respond to all their stakeholders. That means they must know who these people are, and the key to that is database-driven communication. IMC is critical to brand relationship programs, because it provides the skills and new ways of thinking that are necessary if organizations are to create and successfully manage dialogue with customers and other key stakeholders.
  22. 22. 22 THE TOOLS OF IMC: ADVERTISING PERSONAL SELLING SALES PROMOTION DIRECT MARKETING TELE MARKETING INTERNET MARKETING PUBLICITY/PUBLIC RELATIONS
  23. 23. 23 ADVERTISING: Advertising is defined as any paid form of non personal communication about an organization, product, service, or idea by an identified sponsor. Its paid form because the space and time for the advertisements are bought. Non personal because advertising is a tool of mass communication and is aimed at larger audience, one to one dialogue is absent in advertising. Advertising are of many form: Print advertising which includes advertisements in print medium like newspapers, magazines etc. Electronic medium includes broadcasting mediums like television, radio etc. Outdoor advertising like billboards, display signs etc. Brochures and booklets. Some of the advertisements of ICICI PRUDENTIAL are:
  24. 24. 24 Subhead: We cover you. Bodycopy: At ICICI Prudential Life Insurance, we keep life smooth, even when you have wrinkles. We show you that retirement is also about living. We're with you, in sun or storm. It's how we, a joint venture between India's leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone. Baseline: Joy Hope Freedom Life Agency: Lowe Lintas Client: ICICI
  25. 25. 25 Headline: Beneath every wave, is an anchor. Subhead: We cover you. Bodycopy: Welcome to ICICI Prudential Life Insurance. We keep your family encased in a cocoon of happiness, even when you're not there. We're your navigator through life's troubled waters. It's how we, a joint venture between India's leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone. Baseline: Joy Hope Freedom Life
  26. 26. 26 Headline: On every long journey, there's a partner to keep it safe. Subhead: We cover you. Bodycopy: We're ICICI Prudential Life Insurance. As your partner in life's journey, we vow to always protect you against risks & uncertainties. It's how we, a joint venture between India's leading financial services provider and one of the world's finest life insurance companies, cover you. At every step in life. So, always remember, that you're not alone. Baseline: Joy Hope Freedom Life
  27. 27. 27 PERSONAL SELLING: is a form of person to person communication which a seller attempts to assist or persuade prospective buyers to purchase the company s product or service. Personal selling involves direct contact with buyers and sellers. Personal selling include Sales presentations. Sales meetings Fairs and trade shows. Life insurance policy could be sold only through the agents according to the IRDA, who work on commission basis. These agents have to undergo 100 hours of compulsory training in any of the IRDA certified institutes and then they have to pass an examination of 100 marks conducted by the IRDA, the pass marks for the examination is 50. In ICICI PRUDENTIAL these agents are called advisors. After the advisors pass their IRDA exam they undergo product training at the respective branches. DIRECT MARKETING: Use of mail, telephone, fax, email, to communicate directly with or solicit a direct response from the customer. The most common types of direct Marketing are Telemarketing Internet marketing
  28. 28. 28 SALES BROCHURES: Sales brochures contain the information about the product, the terms and conditions, the various specifications about the product. The sales literature is usually prepared by the technical writers who try to give detailed information about the product and at the same time try to maintain the presentations in an attractive way so as to get attention of the customers. Some of the sales literature which form a part of ICICI PRUDENTIAL S marketing communications programme are:
  29. 29. 29
  30. 30. 30
  31. 31. 31
  32. 32. 32
  33. 33. 33
  34. 34. 34
  35. 35. 35
  36. 36. 36
  37. 37. 37
  38. 38. 38
  39. 39. 39
  40. 40. 40 OBJECTIVES
  41. 41. 41 OBJECTIVES: For many years the promotional function in most sectors was dominated by mass media advertising. companies relied primarily on their advertising agencies for their guidance in most areas of their promotional activities. But in today s competitive generation the need for a marketing programme which includes all relevant areas of communication is being felt like never before. Objectives of study: The research was carried out to accomplish the following Objectives: To identify the specific roles played by the constituents of IMC To identify the major and minor drivers of IMC. To identify the areas that needs to be improved upon. To suggest various measures to improve communications programme.
  42. 42. 42 Research methodology: Research methodology is a way to systematically solve the research problem. It may be understood as science of studying how research is done scientifically. In it we study various steps that are generally adopted by a researcher in studying his research problem along with logic behind them. Sampling It involves procedures that use a small part of population to make conclusion regarding the whole population Sampling plan for the project. Geographical / sample area: VADODRA Sampling unit: The recent policy holders of ICICI PRUDENTIAL. Sample size: 100 DATA COLLECTION The project was to identify the specific roles played by the constituents of integrated marketing communications, so I used the primary and secondary methods of data collection. I used the company s database of new policy holders and then collected the primary information from them by administering the questionnaire to them.
  43. 43. 43 FIELD WORK PLAN The field work was carried according to the sampling plan formed, by visiting the policy holders at their respective homes or offices as agreed upon the appointments.The main motive for these visits was to get the questionnaire filled up which would give us important data for our research purpose. The questionnaires are either directly filled up by the respondents targeted. DATA COLLECTION TOOL The data collection tool that I have used is Questionnaire. I have selected questionnaire as a data collection tool primarily because of descriptive nature of sampling & secondly it was the most suitable tool that could help in achieving all the objectives of the study. LIMITATIONS People happens to be a little hesitant in disclosing their financial dealings with everyone,so at first they were little skeptic about giving appointments on the issues of policies that they had bought. But when I gave them the nature and importance of research then they agreed to meet me.
  44. 44. 44 ADVERTISEMENTS OF ICICI PRUDENTIAL PROVIDES INFORMATION ABOUT COMPANY S BUSINESS. Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 66 20 0 7 7 0 10 20 30 40 50 60 70 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 66% 20% 0% 7% 7% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION Since 66% of the respondents strongly favour that the advertisements of ICICI PRUDENTIAL provide information about the company s business we can infer that the advertisements plays a major role in informing the target customers about the existence of company dealing in a particular business.
  45. 45. 45 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 66 2 132 agree 20 1 20 neither agree nor disagree 2 0 0 disagree 7 -1 -7 strongly disagree 7 -2 -14 total 131 WEIGHTED AVERAGE SCORE =131/100 =1.31 INTERPRETATION Since the mean is 1.31 it is greater than 1 and is more inclined towards 2 ,it means that the given statement is favourable.so it can be safely be assumed that the advertisements of ICICI PRUDENTIAL does inform people about the business it deals in.
  46. 46. 46 PEOPLE AGREE TO MEET IPRU ADVISORS BECAUSE THEY ARE AWARE ABOUT ICICI PRUDENTIAL FROM VARIOUS ADVERTISEMENTS. Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 78 12 0 6 4 0 10 20 30 40 50 60 70 80 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 78% 12% 0% 6% 4% Strongly Agree Agree Disagree Strongly disagree INTERPRTATION: Here the effectiveness of brand awareness could be seen the ads have established ICICI prudential as a successful brand and people have started associating I pru with life insurance which
  47. 47. 47 earlier was considered to be a domain of LIC that is why 78% of respondents strongly agree that they agreed to meet the advisors because they were aware of ICICI prudential from various ads. Analysis on the attitude summation scale: Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 78 2 156 Agree 12 1 12 neither agree nor disagree 0 0 0 disagree 6 -1 -6 strongly disagree 4 -2 -8 Total 154 WEIGHTED AVERAGE SCORE = 154 / 100 =1.54 INTERPRTATION Since the weighted mean is 1.54 so we can infer that the average respondents feel that the advertisements work as a door opener in life insurance industry.
  48. 48. 48 ADVERTISEMENTS OF ICICI PRUDENTIAL CONVINCES PEOPLE TO BUY POLICIES Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 1 3 0 7 89 0 10 20 30 40 50 60 70 80 90 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 1% 3% 0% 7% 89% Strongly Agree Agree Disagree Strongly disagree
  49. 49. 49 INTERPRETATION: Since 89% of the respondents strongly disagree that that advertisements of ICICI PRUDENTIAL convinced them to buy policy we can infer that advertisements does not sell policy. Analysis on the attitude summation scale: Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 1 2 2 agree 3 1 3 neither agree nor disagree 0 0 0 disagree 7 -1 -7 strongly disagree 89 -2 -89 -91 WEIGHTED AVERAGE SCORE = - 91/100 = - 0 .91 INTERPRETATION Since the weighted mean is -.91 ,that is it is closer to respondents who disagree, so we can infer that this statement is not favourable,the advertisements of ICICI PRUDENTIAL is not enough to sell the policy.
  50. 50. 50 ADVERTISEMENTS OF ICICI PRUDENTIAL GIVE INFORMATION ABOUT THE PRODUCTS OFFERED Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 4 11 0 18 67 0 10 20 30 40 50 60 70 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 4% 11%0% 18% 67% Strongly Agree Agree Disagree Strongly disagree INTERPRETATION : since 67% of the respondents disagree that the advertisements that advertisements provided them the product information we can infer that the advertisements of ICICI PRUDENTIAL are not enough to detail about the products offered by them
  51. 51. 51 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 04 2 8 agree 11 1 11 neither agree nor disagree 0 0 0 disagree 18 -1 -18 strongly disagree 67 -2 -134 total -133 WEIGHTED AVERAGE SCORE = -133 /100 = -1.33 INTERPRETATION: Since the mean score is -1.33 ,it means that the respondents did not favour the statement that the advertisements of icici prudential provided them product information.
  52. 52. 52 ADVISORS PROVIDE RELEVANT INFORMATION ABOUT INSURANCE PRODUCTS Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 78 13 0 6 3 0 10 20 30 40 50 60 70 80 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 78% 13% 0% 6% 3% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : since 78% strongly agree that the advisors provided them information regarding we can infer that the advisors play important role in explaining the insurance products to the customers.
  53. 53. 53 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 78 2 156 agree 13 1 13 neither agree nor disagree 0 0 0 disagree 6 -1 -6 strongly disagree 3 -2 -6 total 157 WEIGHTED AVERAGE SCORE = 157 /100 = 1.57 INTERPRETATION : Since the average is 1.57 which shows that the statement is favourable so we can infer that advisors play important role in explaining the products to the prospects.
  54. 54. 54 ADVISORS CONVINCE CUSTOMERS TO BUY POLICY Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 89 8 0 2 1 0 10 20 30 40 50 60 70 80 90 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 89% 8% 0% 2% 1% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRTATION : Since 89% of the respondents strongly feel that without advisors visiting them they may not have been convinced to buy policy, we can infer that advisors play important role in convincing people to buy the policy.
  55. 55. 55 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 78 2 156 agree 13 1 13 neither agree nor disagree 0 0 0 disagree 6 -1 -6 strongly disagree 3 -2 -6 total 157 WEIGHTED AVERAGE SCORE =157 /100 =1.57 INTERPRETATION : the average of 1.57 indicates that this is a very favourable statement ,so we can say that advisors play important part in convincing the prospects.
  56. 56. 56 ADVISORS ARE AN INDISPENSIBLE PART IN CONSUMER DECISION MAKING Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 56 22 0 11 11 0 10 20 30 40 50 60 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 56% 22% 0%11%11% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION Since 56% of the respondents strongly agree that advisors where indispensable in their decision making we can infer that advisors play important play very important part in consumer decision making in life insurance.
  57. 57. 57 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 56 2 56 agree 22 1 22 neither agree nor disagree 0 0 0 disagree 11 -1 -11 strongly disagree 11 -2 -22 total 45 WEIGHTED AVERAGE SCORE =45/100 =0.45 INTERPRETATION : This average weighted score suggests that this statement is very favourable, so we can say that the advisors play an important part in consumer decision making in life insurance.
  58. 58. 58 ADVISORS MAKE THE CUSTOMERS FEEL THAT THEY ARE OFFERING FINANCIAL SECURITY TO THEM AND THEIR FAMILY. Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 46 12 0 38 4 0 10 20 30 40 50 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 46% 12% 0% 38%4% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 46% of the respondents strongly agree that the advisors made them feel that they where offering financial security to them and their family members, we can infer that advisors play an important part in consumer decision making in life insurance industry.
  59. 59. 59 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 46 2 46 agree 12 1 12 neither agree nor disagree 0 0 0 disagree 38 -1 -38 strongly disagree 4 -2 -8 total 12 WEIGHTED AVERAGE SCORE=12/100 =1.2 INTERPRETATION : The average weighted score of 1.2 indicates that this statement is favourable,so we can infer that advisors do play important part in consumer decision making in life insurance.
  60. 60. 60 SALES BROUCHERS ARE EASY TO UNDERSTAND Strongly Agree Agree neither agree nor dis agree Disagree Strongly disagree 10 11 0 10 69 0 10 20 30 40 50 60 70 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 10% 11% 0% 10% 69% Strongly Agree Agree neither agree nor dis agree Disagree Strongly disagree INTERPRETATION : since 69% of the respondents strongly disagree that the sales brochures of understandable without help we can infer that sales brochures published by icici prudential are not easy to understand .
  61. 61. 61 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 10 2 20 agree 11 1 11 neither agree nor disagree 0 0 0 disagree 10 -1 -10 strongly disagree 69 -2 -138 total -117 WEIGHTED AVERAGE SCORE = -117/100 = -1.17 INTERPRETATION : The average weighted score of -1.17 indicates that this statement is not favourable so we can infer that sales brochures are not easy to understand.
  62. 62. 62 SALES BROCHURES GIVES CREDIBILITY TO COMPANY S PROMISE Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 70 12 12 4 2 0 10 20 30 40 50 60 70 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 70% 12% 12%4% 2% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION: Since 70% of the respondents strongly agree that the sales brochure gives credibility to the company s promises we can infer that the sales brochures play an important part in persuading consumer to buy policy.
  63. 63. 63 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 70 2 140 agree 12 1 12 neither agree nor disagree 12 0 0 disagree 4 -1 -4 strongly disagree 2 -2 -4 total 144 WEIGHTED MEAN =144/100 =1.44 INTERPRETATION : The average weighted score of 1.44 indicates the statement is favourable so we can infer that the sales brochures play an important part in marketing of life insurance policies.
  64. 64. 64 BROCHURES OF ICICI PRUDENTIAL ARE COMPREHANSIVE IN CONTENT Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 36 24 0 28 12 0 5 10 15 20 25 30 35 40 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 36% 24% 0% 28%12% Strongly Agree Agree neither agree nor dis agree Disagree Strongly disagree INTERPRTATION: Since 36% strongly agree and 24% agree that the product brochures of icici prudential are comprehensive in content we can infer that it answers that queries of the prospects and thus form an important constituent in the marketing of policies.
  65. 65. 65 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 36 2 72 agree 24 1 24 neither agree nor disagree 0 0 0 disagree 28 -1 -28 strongly disagree 12 -2 -24 total 44 WEIGHTED AVERAGE SCORE =44 /100 = 0.44 INTERPRETATION : The average weighted score of .44 indicates that the statement is favourable so we can infer that the sales brochures of ICICI PRUDENTIAL are comprehensive in content.
  66. 66. 66 BROCHURES ARE AN INDISPENSIBLE PART IN CONSUMER DECESION MAKING IN LIFE INSURANCE INDUSTRY Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 39 22 0 19 20 0 5 10 15 20 25 30 35 40 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 39% 22% 0% 19% 20% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 39% of the respondents strongly agree that brochures were an integral part in their decision making we can infer that sales brochures plays an important role in selling the life insurance policy
  67. 67. 67 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 39 2 78 agree 22 1 22 neither agree nor disagree 0 0 0 disagree 19 -1 -19 strongly disagree 20 -2 -40 total 41 WEIGHTED AVERAGE SCORE = 41/100 = 0.41 INTERPRETATION : The average weighted score of .41 indicates that the statement is favourable so we can infer that the sales brochures of ICICI PRUDENTIAL play a very important role in consumer decision making.
  68. 68. 68 APPOINTMENT OVER PHONE PRIOR TO SALES CALL IS ESSENTIAL Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 82 10 0 6 2 0 20 40 60 80 100 No. of Respondents Strongly Agree Agree neithr agree nor disagree Disagree Strongly disagree 82% 10%0%6%2% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 82% of the respondents strongly agree that appointment over phone prior to sales call is essential we can infer that phones play very important role in fixing appointment in the life insurance policy.
  69. 69. 69 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 82 2 164 agree 10 1 10 neither agree nor disagree 0 0 0 disagree 6 -1 -6 strongly disagree 2 -2 -4 total 164 WEIGHTED AVERAGE SCORE = 164/100 =1.64 INTERPRETATION The average weighted score of 1.64 indicates that the statement is favourable so we can infer that the phones play very important role in fixing appointment in life insurance.
  70. 70. 70 PHONES COULD BE USED TO SELL POLICIES Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 1 2 0 20 77 0 10 20 30 40 50 60 70 80 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 1% 2% 0% 20% 77% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 77% of the respondents strongly disagree that they would buy policy over phone we can infer that phones cannot be used to sell life insurance policies.
  71. 71. 71 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 1 2 2 agree 2 1 2 neither agree nor disagree 0 0 0 disagree 20 -1 -20 strongly disagree 77 -2 -154 total -170 WEIGHTED AVERAGE SCORE = -170/100 = -1.70 INTERPRETATION the average weighted score of -1.70 indicates that the statement is not favourable so we can infer that the phones could not be used to sell policies.
  72. 72. 72 PHONES ARE THE BEST MEANS OF MAKING APPOINTMENTS Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 64 13 11 7 5 0 10 20 30 40 50 60 70 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 64% 13% 11% 7% 5% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 64% of the respondents strongly agree that phones are the best means of making appointments we can infer that phones can play an important role in fixing appointment.
  73. 73. 73 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 64 2 128 agree 13 1 13 neither agree nor disagree 11 0 11 disagree 07 -1 -7 strongly disagree 5 -2 -10 total 135 WEIGHTED AVERAGE SCORE = 135/100 =1.35 INTERPRETATION the average weighted score of 1.35 indicates that the statement is favourable so we can infer that the phones could play an important role in fixing appointment.
  74. 74. 74 THE CONTENTS OF POLICIES COULD BE EXPLAINED ON THE EMAIL Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 7 11 17 23 42 0 10 20 30 40 50 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 7%11% 17% 23% 42% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 42% of the respondents strongly agree that the contents of the policy could explained on the net w can infer that internet cannot be used to sell policies.
  75. 75. 75 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 7 2 14 agree 11 1 11 neither agree nor disagree 17 0 0 disagree 21 -1 -21 strongly disagree 42 -2 -84 total -80 WEIGHTED AVERAGE SCORE = -80/100 = - .80 INTERPRETATION the average weighted score of - .80 indicates that the statement is not favourable so we can infer that internet cannot be used to sell policies.
  76. 76. 76 INDIAN CUSTOMERS WILL PREFER TO PAY PREMIUMS OVER INTERNET Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 17 21 0 23 39 0 5 10 15 20 25 30 35 40 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 17% 21% 0% 23% 39% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 39% of the respondents strongly disagree that the contents of the policy could explained on the net we can infer that internet cannot be used to collect premiums as for now..
  77. 77. 77 Analysis on the attitude summation scale: Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 17 2 34 agree 21 1 21 neither agree nor disagree 0 0 0 disagree 23 -1 -23 strongly disagree 39 -2 -78 total -46 WEIGHTED AVERAGE SCORE = -46/100 = - .46 INTERPRETATION The average weighted score of - .46 indicates that the statement is not favourable so we can infer that internet cannot be used to collect premiums.
  78. 78. 78 INTERNET IS A GOOD MEANS OF CHECKING POLICY STATUS Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 86 8 0 4 2 0 20 40 60 80 100 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 86% 8% 0% 4% 2% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 86% of the respondents strongly agree that internet is a good means of checking policy status we can infer that internet could be used in updating customers with the policy detail.
  79. 79. 79 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 86 2 172 agree 08 1 8 neither agree nor disagree 0 0 0 disagree 04 -1 -4 strongly disagree 02 -2 -4 total 172 WEIGHTD AVERAGE SCORE = 172/100 =1.72 INTERPRETATION the average weighted score of 1.72 indicates that the statement is favourable so we can infer that internet could be used to update customers with their policy status.
  80. 80. 80 INTERNET IS OF GREAT IMPORTANCE IN MAINTAINING CRM Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 42 24 0 21 13 0 10 20 30 40 50 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 42% 24% 0% 21% 13% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 42% of the respondents strongly agree that internet is a good means of maintaining CRM we can infer that internet could be used in maintaing relations with the customers.
  81. 81. 81 Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 42 2 84 agree 24 1 24 neither agree nor disagree 0 0 0 disagree 21 -1 -21 strongly disagree 13 -2 -26 total 61 WEIGHTED AVERAGE SCORE = 61/100 =0.61 INTERPRETATION the average weighted score of 0.61 indicates that the statement is favourable so we can infer that internet could be used to maintain relations with the customers.
  82. 82. 82 THE NEWS OF ICICI PRUDENTIAL AS THE LEADING PVT.LIFE INSURANCE COMPANY SUPPORTS ITS SALES Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 53 30 0 6 1 0 10 20 30 40 50 60 No. of Respondents Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 59% 33% 0% 7%1% Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree INTERPRETATION : Since 59% of the respondents strongly agree that they bought policy from ICICI PRUDENTIAL because it was the no.1 pvt.life
  83. 83. 83 insurance company we can infer that the publicity of the company boost its sales. Analysis on the attitude summation scale : Assigning numerical weights Strongly Agree Agree neither agree nor disagree Disagree Strongly disagree 2 1 0 -1 -2 strongly agree 53 2 106 agree 23 1 23 neither agree nor disagree 0 0 0 disagree 6 -1 -6 strongly disagree 1 -2 -2 total 121 WEIGHTED AVERAGE SCORE = 121/100 =1.21 INTERPRETATION The average weighted score of 1.21 indicates that the statement is favorable so we can infer that the publicity of ICICI PRUDENTIAL does boost its sales.
  84. 84. 84 FINDINGS Role of various constituents of IMC ADVERTISING Provides information about company s business The advertisements have positioned ICICI prudential as a successful brand in life insurance, this serves as a door opener for the advisors. PERSONAL SELLING Provide relevant information about policies Is very important in life insurance It is important in consumer decision making SALES LITERATURE Sales literature gives credibility to company s promise Sales literature helps in convincing customer Sales literature provides comprehensive information about ICICI PRUDENTIAL S products DIRECT MARKETING TELE MARKETING Telecalls play important part in fixing appointments Telecalls helps in knowing brief back ground of customers INTERNET MARKETING Internet marketing helps in maintaining CRM Internet is useful to customers to get updated on their policy status PUBLICITY /PR Publicity increase awareness and inclination ICICI PRUDENTIAL in news favour the company sales
  85. 85. 85 RECOMMENDATIONS Advertisements of ICICI PRULIFE should be more products expressive and easily comprehensive, so that a customer feels an urge to enquire about the products. Since from the findings it is clear that advisors are extremely Important in selling the policies, they should be trained on the concepts of marketing and not just selling. They should be equipped with proper CRM techniques so that they could increase the frequency of call conversion as well as they could retain the existence clientele. Sales literature should be written in more customer friendly language, the technical terms should be clearly explain since it is considered as providing credibility to company s promise, company s seal on it will give even more authenticity to the promises made in the brochure. Telemarketers should enquire the brief background of prospects during the appointments calls so that proper strategies could be planned before the visit of the sales personnel. Internet should be used to maintain CRM and update policy holder about the position of their fund, as well as informing them about a new product even before it is launched so that they would get a feeling of preferential treatment. Company should engage in keeping itself in news, should organize events, seminars etc.
  86. 86. 86 The company should initiate hassle free claim settlements as this communicates to the consumers that the company is prompt in keeping its promises and this influences consumer decision making in a big way. The IMC program is effective when the message carried by its constituents is uniform that is each constituents of this program should communicate the same message to the prospects, this is when the tools of IMC will work in tandem and their fusion and unison will bring about the desired impact in influencing consumer decisions. Since the heart of any services is the framework of services triangle Company Internal marketing External Marketing (Enabling promises) (Making Promises) Providers Customers Interactive Marketing (Keeping Promises) The three interlinked groups that work together to develop promote and deliver services, should be put into effect in the life insurance industry and could be best done while settling the claims. The services providers who deal in interactive marketing should get full backup while enabling the promises which were made through external marketing. Thus the internal marketing assumes a paramount importance in life insurance, and an effective internal marketing communication would ensure that the promises, which are made, are delivered and this in turn will induce publicity.
  87. 87. 87 CONCLUSIONS : Thus we can see the role of integrated marketing communication in life insurance industry. It is the effect of the fusion of the individual components of the integrated marketing communications that clicks and bring about the realization of the goal that the communications programme is intended to achieve.
  88. 88. This document was created with Win2PDF available at http://www.daneprairie.com. The unregistered version of Win2PDF is for evaluation or non-commercial use only.

×