Icici i protect-online-term-insurance-plan

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ICICI Prudential Life announces the launch of iProtect, an online term insurance plan. iProtect is extremely affordable and convenient where upto a certain limit, life cover can be bought immediately without the need for any medical tests.

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  • This product of yours is certainly no means to reduce processing time; I certainly have had a first hand experience of this. I went ahead for the product after reading this presentation and was impressed that you were trying to cut process inefficiencies and costs and passing on the benefit to the consumer. I applied for iprotect term insurance on the 19th of November and today after multiple email communications, frustrated calls and with no intimation I just realise through the website that my application has been canceled for no apparent logical reason. This is after receiving numerous assurances from the firm that the process is through, all the information required from my end is complete and only internal process delays are causing a delay in issual of policy. I also have a website snapshot highlighting the same.

    My only advisers to other netizens are please do proper due diligence and not believe any crap such as the above put on websites. Firms while trying to improve customer experience through innovative products must first remove the internal deficiencies before exposing their underbelly to the world!!
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  • Icici i protect-online-term-insurance-plan

    1. 1. ICICI Prudential Life welcomes you August 16, 2010
    2. 2. The evolving internet opportunity in India Gaining critical mass Relative penetration Conducive regulatory environment Increasing preference for online financial transactions
    3. 3. The evolving internet opportunity in India Gaining Critical mass Relative penetration Conducive regulatory environment Increasing preference for financial transactions online
    4. 4. The evolving internet opportunity in India Gaining critical mass <ul><li>Overall population: 1.15 billion </li></ul><ul><li>Total computer literate : 87.1 mn </li></ul><ul><li>Total internet users in India: 71 mn </li></ul><ul><li>E-Commerce growth: 43 % YOY </li></ul>Source: IAMAI Reports
    5. 5. Huge potential for internet growth in India US: 75.9%; UK: 76%; China: 22.5% India: 4.54% The evolving internet opportunity in India Relative penetration People with access to the internet per 100 inhabitants Source: World Bank, World Development Indicators
    6. 6. The evolving online opportunity in India Conducive regulatory environment <ul><li>e-statements across product categories </li></ul><ul><li>online banking transactions </li></ul>Banking <ul><li>online share trading immensely popular </li></ul><ul><li>mandate to operate only in paperless environment </li></ul><ul><li>online tax filing </li></ul>Financial Services <ul><li>online premium payment is now acceptable </li></ul>Insurance BFSI sector transitioning to online platforms
    7. 7. The evolving online opportunity in India Online banking: the only way a whole generation is experiencing banking Banking Share trading & other investments, completely taking the online route Financial Services Online servicing of insurance policies has already gained preference Insurance Increasing preference for financial transactions online
    8. 8. Merging convenience with transparency & cost saving..
    9. 9. Convenience How do we help our customers manage their policies online? Our view of the internet Transparency How do we use the internet to make our customer interactions more transparent? Cost saving How do we leverage the internet to optimize our costs & pass the same to our customers? Leverage the internet to create online products
    10. 10. Servicing (Existing customers) Our view of the internet Convenience Transparency Cost saving Sourcing (Prospects) <ul><li>Online premium payment </li></ul><ul><li>Manage policy </li></ul><ul><li>Track investments </li></ul><ul><li>Reduce cost for customers’ direct interaction </li></ul><ul><li>User who Research Online & Purchase Offline (ROPO) </li></ul><ul><li>Display all product details, T&C & charges upfront before buying </li></ul><ul><li>Pass benefits of reduced cost of operations to customers </li></ul>
    11. 11. Servicing (Existing customers) Our view of the internet Sourcing (Prospects) <ul><li>750,000 unique customer logins </li></ul><ul><li>53% servicing transactions done online </li></ul><ul><li>FY 10: Rs.7210 mn renewal premium received online </li></ul><ul><li>Online campaigns </li></ul><ul><ul><li>25,000+ monthly responses </li></ul></ul><ul><ul><li>Over 5,000 direct leads </li></ul></ul><ul><li>Highest conversion rates </li></ul><ul><ul><li>Compared to other direct sources </li></ul></ul>
    12. 12. What does the internet mean to the users?
    13. 13. Connotations of the internet …… Instant gratification Minimum hassles Easy to buy products Transparency Competitive pricing Online servicing
    14. 14. The need for pure protection plans
    15. 15. Need for pure protection plans.. Current view towards protection plans <ul><li>Universal requirement </li></ul><ul><ul><li>Somehow always underplayed </li></ul></ul><ul><li>Low consumer preference </li></ul><ul><ul><li>Returns oriented tendency </li></ul></ul>
    16. 16. Need for pure protection plans.. Why now? <ul><li>Increase in lifestyle based diseases </li></ul><ul><ul><li>India – cardiac capital of the world* </li></ul></ul><ul><li>Increasing debt ratio </li></ul><ul><ul><li>Higher propensity to assume liabilities </li></ul></ul><ul><li>Increasing consumer awareness </li></ul>Source: RBI data for Indian economy Y-o-Y increase in Assets & Liabilities 60 % of the world's cardiac patients will be Indian by 2010 - WHO
    17. 17. Our role in the area of protection plans
    18. 18. Our role in the area of protection products <ul><li>Protection products have always been an area of focus </li></ul><ul><ul><li>Life guard (2005) </li></ul></ul><ul><ul><li>Pure Protect (2008) - lowest cost term plan* </li></ul></ul><ul><li>Pitched for home loan customers of bank partners </li></ul><ul><ul><li>Commonly called MRTI </li></ul></ul><ul><li>Key component in life stage based product planning </li></ul>* In 2008 Pure Protect was the lowest cost term plan
    19. 19. Hence the consumer proposition is..
    20. 21. <ul><li>Online only term insurance plan </li></ul><ul><li>Extremely affordable </li></ul><ul><li>Instant cover for non medical cases </li></ul><ul><li>Paperless application process </li></ul>First ever pure online term insurance plan
    21. 22. Pure online i-Protect Extremely affordable <ul><li>Paperless process </li></ul><ul><li>No documents required </li></ul><ul><li>Payment also to be done online </li></ul><ul><li>30% cheaper than our earlier term product </li></ul><ul><li>Operational cost saves passed onto the customer </li></ul>
    22. 23. Instant cover i-Protect <ul><li>For non-medical cases cover commences on premium payment </li></ul>
    23. 24. Thank you

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