SWOT, Media Plan

1. F O U N D E R : A M I T C H A U H A N & R O H I T
C H A U H A N
H E A D O F F I C E : B A R O D A , G U J A R A T
Verve Life Insurance Company

2. 
 Verve Life Insurance (VLI) is an insurance company
owned by the Chauhan brothers, Amit and Rohit
Chauhan. The head office is located at Baroda,
Gujarat. Srinivas Dubey is the managing director of
Verve Life Insurance. This project is done to study
Life insurance market in India & major players in the
market. By using IMC strategies MD has to establish
brand name of the company in the market.
Introduction

3. Industry Study
 Life Insurance is the fastest growing
sector in India since 2000 as
Government allowed Private players
and FDI (Foreign Direct Investment).
 The business of life insurance in India
existing since 1818 with the
establishment of the Oriental Life
Insurance Company in Calcutta
(Kolkata).

4. IRDA
O IRDA is an insurance regulator in India.
O In 1993, the Government of India
appointed RN Malhotra Committee to lay
down a road map for privatisation of the
life insurance sector.

5. List of Insurance Companies in India
 Bajaj Allianz Life Insurance Co.
Private
 Aviva Life Insurance
 Birla Sunlife Insurance Co.
 HDFC Standard Life Insurance Co.
 ICICI Prudential Life Insurance Co.
 ING Vysya Life Insurance Co.
 Max New York Life Insurance Co.
 Shriram Life Insurance Co.
 Mert Life Insurance Co.
 Kotak Mahindra Life Insurance
 Reliance Insurance
 SBI Life insurance Co.
 TATA-AIG Life Insurance Co.
 PNB MetLife India Life Insurance
 Sahara Life Insurance
 Bharati AXA Life Insurance
 IDBI Federal Life Insurance
 Star Union Dia-ichi Life Insurance
 Life Insurance Corporation of India Public

6. Major Players in Market
 Life Insurance Corporation of India (LIC)
 Bajaj Allianz general Insurance
 ICICI Prudential Life Insurance
 Birla Sun Life Insurance
 SBI Life
 Reliance Life Insurance

7. Competitor Analysis
LIC Bajaj Allianz ICICI Prudential
Vision "A trans-
nationally
competitive
financial
conglomerate of
significance to
societies and
Pride of India."
 To be the first
choice insurer
for customers
 To be the
preferred
employer for
staff in the
insurance
industry
 To be the
number one
insurer for
creating
shareholder
value
 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.

8. SWOT analysis
LIC BAJAJ ALLIANZ ICICI Prudential
Strength Largest state-
owned
2000 branches &
more than
1000000 agents.
8th most trusted
brand of India
Global exposure in
Insurance through
Allianz SE and Strong
Local Implementation
by Bajaj
network across 200
towns
115 years of financial
experience in over 70
countries
Leading financial
service-provider
Good network and
diverse products and
services 40,000
employees
Strong brand name
and good financial
position

9. LIC BAJAJ ALLIANZ ICICI Prudential
Weaknesses Red tape and
bureaucracy
causes
problems.
Government
agency and
hence lacks
innovation.
Lack of
penetration in
rural areas.
Smaller
Infrastructure as
compared to
established
players.
Product
differentiation.
More centred in
urban areas.
Most of the plans
complicated to
understand.

10. LIC BAJAJ ALLIANZ ICICI Prudential
Opportunities Use of
Technology to
provide effective
services to cater
to urban
population.
Government
Schemes
implementation.
Growing rural
market potential.
Urban Youth with
growing income.
New emerging
markets
Insurance coverage
both to the parent &
children in 1 plan.

11. LIC BAJAJ ALLIANZ ICICI Prudential
Threats Economic
crisis.
Varying
government
policies.
Economic crisis
and economic
instability.
Changing
government
regulations and
financial crisis like
recessions.
Volatile nature of
financial market.

12. SMART MEDIA OBJECTIVES

13. MEDIA PLAN BUDGET FOR 3
MONTHS.
Description
TELEVISION 31,50,00,000 Television is the best and fastest way to reach out to target
customers
ONLINE 2,70,00,000 By creating the company blog and creating various services
help support on the blog. Also by giving ads on internet
specially on financial sites
PRINT-ADS / Flyers /
Display ads
1,87,50,000 Most physical way of approaching people and making them
know about the company.
NEWSPAPERS 2,74,99,950 Newspapers are also a good option as most of working
individuals read the newspapers.
MAGAZINES 15,00,000 Most of the Corporate offices have Business magazines on
their tables.
SOCIAL MEDIA 9,00,00,000 Nowadays social media is one of the best ways to reach
customers easily.
SMS or Tele Calling 45,00,000 Through customer care calling and tele calling to promote the
brand & by sending SMS.
E-MAILS 45,00,000 In this we can get selective customers who have interest to
invest in Insurance Sector
TOTAL 49,99,99,950 -

14. Recommendations & Suggestions
• As high as 60% of population is still not covered by insurance. So
the company can conduct mass campaign and educated the people
more about the products and also about the risk covered and
the various benefits which they can avail.
• Life insurance products are taken mainly by middle and higher
income group. Hence they should be regarded as main targeted
income groups. Increase in standard of living, disposable income,
literacy, insurance awareness throws open huge opportunities on
insurance.
• Due to the intense competition in the life insurance market,
company has to adopt better strategies to attract more customers.
• Company should ask for their consumer feedback to know whether
the consumers are really satisfied or dissatisfied with the service
and product of the companies.
• Although the company’s owners have experience in finance &
marketing, it would be better if Verve Life Insurance Company
collaborate with any foreign insurance companies instead of being a
standalone insurance company to establish itself as a brand.