3094597 subodh-final-project-report

PROJECT FINAL REPORT
ON
Agency business model of insurance
companies “competitive strategies”
BY
SUBODH GUPTA
(07BS4336)
SBI Life Insurance Company Limited
Summer Internship Project
(Batch of 2009)
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PROJECT TITLE
Agency business model of insurance
companies “competitive strategies”
A report submitted in partial fulfillment
of the requirements of MBA program
COMPANY GUIDE FACULTY GUIDE
Mr. Suresh Kumar V. Prof. T.N.Ramakumar
DSM, Calicut branch ICFAI Business
School
KOCHI
SUBMITTED BY
SUBODH GUPTA
(07BS4336)
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Certificate
This is to certify that the project report entitled “Agency business
model of insurance companies competitive strategies” at SBI
Life Insurance Company Limited is a bonafide record of work
done by Subodh Gupta, and submitted in partial fulfillment of the
requirements of MBA program of ICFAI Business School, Kochi.
Prof. T. N. Ramakumar
Faculty Guide
IBS kochi
3

TO WHOMSOEVER IT MAY CONCERN
This is to certify that Mr. Subodh Gupta, doing MBA at ICFAI
Business School, Kochi has done a project entitled “Agency
business model of insurance companies competitive strategies”
at SBI Life Insurance company Limited, Calicut Branch from
February 22, 2008 to May 24, 2008.
From SBI Life Insurance Company LTD.
Mr. Suresh Kumar V.
Divisional Sales Manager
Calicut Branch
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Declaration
I hereby declare that this report on “Agency business model of
insurance companies competitive strategies” has been written
and prepared by me during the academic year 2008-2009.This
project was done under the able guidance and supervision of Prof.
T.N. Ramakumar, Faculty, ICFAI Business School and Mr. Suresh
Kumar V., DSM, SBI Life Insurance Company Ltd., Calicut in partial
fulfillment of the requirement for the Master Of Business
Administration Degree course of the ICFAI Business School.
I also declare that this project is the result of my own effort and has
not been submitted to any other institution for the award of any
Degree or Diploma.
Place: Kochi
Subodh Gupta
07bs4336
5

Acknowledgements
If words are considered to be signs of gratitude then let these words convey
the very same
My sincere gratitude to SBI Life for providing me with an opportunity to
work with SBI Life and giving necessary directions on doing this project to
the best of my abilities.
I am highly indebted to Mr. Suresh Kumar V., Divisional Sales Manager
and company project guide, who has provided me with the necessary
information and also for the support extended out to me in the completion
of this report and his valuable suggestion and comments on bringing out
this report in the best way possible.
I also thank Prof. T. N. Ramakumar, ICFAI, Kochi, who has sincerely
supported me with the valuable insights into the completion of this project.
I am grateful to all faculty members of ICFAI, Kochi and my friends who
have helped me in the successful completion of this project.
I extend my hearfelt thanks to Mr. Sukumaran, territory manger, Mr.
Sunil K. Menon, unit manager, and Mr. Vinod P., unit manager, to help
me during this project.
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Contents
Sr. No. Subjects Covered Pages
1. Project Proposed 9 - 11
1.1 Objective of the project
1.2 Methodology
1.3 Sampling
1.4 Limitations
2. Introduction 12 - 16
2.1 Definition of insurance
2.2 Functions of insurance
2.3 Definitions of life insurance
2.4 Role of life insurance
2.5 Importance of life insurance
3. Agency business model 17 - 19
3.1 Insurance agencies
3.2 Functions of agency manager
3.3 Operational work of insurance agency
4. Indian insurance industry 20 - 27
4.1 History
4.2 IRDA
4.3 Changing perception of customers
4.4 Changing face of Indian life insurance industry
4.5 Possibilities
5. Global insurance industry 28 - 29
6. Functioning of insurance industry 30 - 36
6.1 Insurer’s business model
6.2 Investment management
6.3 Key ratios and terms
6.4 Requirements of an insurance risk
6.5 Various types of insurance products
7. Insurance and economy 37 - 39
8. SBI Life insurance company 40 - 42
9. Distribution of insurance product 43 - 46
10. Effective marketing strategies for insurance
companies
47 - 52
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11. Competitors of SBI Life 53 - 62
12. Comparison of ULIP products 63 - 69
13. Questioner 70 - 71
14. Conclusions and findings 72 - 91
15. Recommendations 92
1. Project proposed
Agency business model of different insurance companies- competitive
strategies.
Different agencies of different insurance companies are having some
strategies to survive in the market. Their strategies may be in the form of:
• How they target their customers.
• How they make their advisors active.
• How they make their operational and sales department effective.
• How they promote their employees.
• How they handle the conflict in agency.
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Objective of the project: - Main objective of the project is to find out
the strategies of different insurance agencies and evaluate them. Project is
about to penetrate the competitors of SBI life. Conclusion of this project can
give an idea of strategies of different companies which may be helpful to
the company. Now days all the insurance companies in India are trying to
establish themselves in the competitive market. They are introducing
innovative marketing strategies to survive in the market. Many other private
companies are looking to enter in the Indian insurance market .so it is very
essential to a company to innovate their marketing strategies in terms of
• Recruiting their advisors
• To make their advisors active
• Well educated and capable employee in the agency
• Marketing of their products
• Deployment of their products
• Targeting the right and potential customers
• Differentiating from other companies
• Future plan of the company
This study consists of to find out the marketing strategies of
different insurance companies which are the competitors of SBI Life
insurance. This research requires the interview of branch managers of
different insurance companies and find out their branches are working in
terms of above mentioned factors.
Methodology
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Research is totally based on primary data. Secondary data can be used only
for the reference. Research has been done by primary data collection, and
primary data has been collected by meeting with the branch and agency
manager of different insurance agencies and branches in Calicut. Data
collection has been done through by giving structured questioner. Research
has been done after 27 branch managers or agency manager. This study will
be based on judgment sampling and this research is skewed to organization
level. This is an exploratory type of research. And this research needs
further study also Research is a kind of pilot study.
Sampling
Sample size has been taken by judgment sampling. Judgment sampling is a
process in which the selection of a unit, from the population is based on the
pre judgment. This research requires the survey of different insurance
agencies in Calicut city. So research concentrates on the branch or agency
manager of different insurance companies. So the selection of unit for this
research has been judged by the researcher. Sample size for this research is
27.
Limitations:
• Time limitation
• Research has been done only in Calicut.
• Companies did not disclose their secrets data and strategies.
• Possibility of Error in data collection.
• Possibility of Error in analysis of data due to small sample size.
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2. Introduction
The story of insurance is probably as old as the story of mankind. Tendency
of a human being to secure themselves against loss and disaster has been
from the starting of world. They sought to avert the evil consequences of
fire and flood and loss of life and were willing to make some sort of
sacrifice in order to achieve security. Though the concept of insurance is
largely a development of the recent past, particularly after the industrial era
– past few centuries – yet its beginnings date back almost 6000 years as per
records.
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Insurance business is divided into four classes:
• Life Insurance
• Fire
• Marine
• Miscellaneous Insurance.
Insurance provides:
• Protection to investor.
• Accumulation of savings.
• Channeling these savings into sectors needing huge long term
investment.
Functions of insurance:
• Provide protection: The primary function of insurance is to provide
protection against future risk, accidents and uncertainty. Insurance
cannot check the happening of the risk, but can certainly provide for
the losses of risk. Insurance is actually a protection against economic
loss, by sharing the risk with others.
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• Collective bearing of risk: Insurance is an instrument to share the
financial loss of few among many others. Insurance is a mean by
which few losses are shared among larger number of people. All the
insured contribute the premiums towards a fund and out of which the
persons exposed to a particular risk is paid.
• Assessment of risk: Insurance determines the probable volume of
risk by evaluating various factors that give rise to risk. Risk is the
basis for determining the premium rate also.
• Provide certainty: Insurance is a device, which helps to change
from uncertainty to certainty. Insurance is device whereby the
uncertain risks may be made more certain.
• Small capital to cover larger risk: Insurance relieves the
businessmen from security investments, by paying small amount of
premium against larger risks and uncertainty.
• Contributes towards the development of industries: Insurance
provides development opportunity to those larger industries having
more risks in their setting up. Even the financial institutions may be
prepared to give credit to sick industrial units which have insured
their assets including plant and machinery.
• Means of savings and investment: Insurance serves as savings and
investment, insurance is a compulsory way of savings and it restricts
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the unnecessary expenses by the insured's For the purpose of availing
income-tax exemptions also, people invest in insurance.
• Source of earning foreign exchange: Insurance is an international
business. The country can earn foreign exchange by way of issue of
marine insurance policies and various other ways.
• Risk free trade: Insurance promotes exports insurance, which
makes the foreign trade risk free with the help of different types of
policies under marine insurance cover.
Life insurance:
Life insurance is a contract under which the insurer (Insurance Company) in
Consideration of a premium paid undertakes to pay a fixed sum of money
on
The death of the insured or on the expiry of a specified period of time
Whichever is earlier. In case of life insurance, the payment for life
insurance policy is certain. The Event insured against is sure to happen only
the time of its happening is not known. So life insurance is known as ‘Life
Assurance’. The subject matter of insurance is life of human being. Life
insurance provides risk coverage to the life of a person. On death of the
person insurance offers protection against loss of income and compensate
the titleholders of the policy.
Roles of life insurance:
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• Life insurance as an investment: - Insurance products yield more
than any other investment instruments and it also provides added
incentives or bonus offered by insurance companies.
• Life insurance as risk cover: - Insurance is all about risk cover and
protection of life. Insurance provides a unique sense of security that
no other form of invest can provide.
• Life insurance as tax planning: - Insurance serves as an excellent
tax saving mechanism too.
Importance of life insurance:-
• Protection against untimely death: - Life insurance provides
protection to the dependents of the life insured and the family of the
assured in case of his untimely death. The dependents or family
members get a fixed sum of money in case of death of the assured.
• Saving for old age: - After retirement the earning capacity of a
person reduces. Life insurance enables a person to enjoy peace of
mind and a sense of security in his/her old age.
• Promotion of savings: - Life insurance encourages people to save
money compulsorily. When life policy is taken, the assured is to pay
premiums regularly to keep the policy in force and he cannot get back
the premiums, only surrender value can be returned to him. In case of
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surrender of policy, the policyholder gets the surrendered value only
after the expiry of duration of the policy.
• Initiates investments: - Life Insurance Corporation encourages and
mobilizes the public savings and canalizes the same in various
investments for the economic development of the country. Life
insurance is an important tool for the mobilization and investment of
small savings.
• Credit worthiness: - Life insurance policy can be used as a security
to raise loans. It improves the credit worthiness of business.
• Social Security: - Life insurance is important for the society as a
whole also. Life insurance enables a person to provide for education
and marriage of children and for construction of house. It helps a
person to make financial base for future.
• Tax Benefit: - Under the Income Tax Act, premium paid is allowed
as a deduction from the total income under section 80C.
3. Agency business model
In India insurance is sold through mainly four channels.
• Through branch
• Through agency
• Through financial institution
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• Through banks
Independent agency system means of selling and servicing property and
casualty insurance through agents who represent different companies. The
agents own the records of the policies they sell.
Insurance is now governed by a blend of statutes, administrative agency
regulations, and court decisions. State statutes often control premium rates,
prevent unfair practices by insurers, and guard against the financial
insolvency of insurers to protect insureds.
In most states, an administrative agency created by the state legislature
devises rules to cover procedural details that are missing from the statutory
framework. To do business in a state, an insurer must obtain a license
through a registration process. This process is usually managed by the state
administrative agency. The same state agency may also be charged with the
enforcement of insurance regulations and statutes.
Administrative agency regulations are many and varied. Insurance
companies must submit to the governing agency yearly financial reports
regarding their economic stability. This requirement allows the agency to
anticipate potential insolvency and to protect the interests of insureds.
Agency regulations may specify the types of insurance policies that are
acceptable in the state, although many states make these declarations in
statutes. The administrative agency is also responsible for reviewing the
competence and ethics of insurance company employees.
Insurance agencies:
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Insurance agency can be defined as a group of insurance agents or advisor.
These agents or advisors create a distribution channel to sell the different
insurance products. These advisors are the strongest distribution channel for
an insurance agency. An advisor or agent works as a third party or
intermediate between insurance company and customers. All the advisors in
an agency work as a team. Main work of insurance advisor or agent is to
promote and sell different insurance products of company.
Functions of agency manager:
a person who governs a group of insurance advisors is known as agency
manager. Success of an agency manager depends on the success of their
advisors. work of agency manager is to control the advisors in an efficient
way. Agency manager is like a creature of two wings. He has to recruit
advisors as well as to give sales to the insurance company.
• To recruit advisors.
• Make them aware of different insurance products.
• To give them training session.
• To motivate them for efficient work.
• To get maximum and efficient work from their advisors.
Operation work of insurance agency (SBI Life):
Every industry has an operational department which supports the market
division.
Front office partners (independent agents)
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Develop insurance products Distribute product
CUSTOMERS Plan and manage company BUSINESS
PARTNERS
Fulfill and service product Claims
Back office provider Regulatory institutions
In the reference to the SBI Life insurance, development of insurance
products, distribution, planning services products and claims are taken care
by the head office. Back office providers are those persons who take care of
the operational part of the organization and front office providers are the
people who brings sell to the organization. Back office has its own
hierarchy which is connected to head office, and every policy has to be
processed to head office. Unit for the operations is known as processing
centre, and processing centre within the city is known as mini processing
centre. Proposal forms come through front office and the verification of the
proposal is done by manually which is known as scrutiny. After scrutiny the
operational staff enters it in SBI Life website, which is done online. the
entry of a proposal is done in a sequential order starting with scrutiny,
inwards, proposal wise inwards, cashier entry, cashier entry approval, data
entry and finally outwards. After finishing all these operations policy issues
from the head office of the state.
4. Indian insurance industry
History:
Life insurance came to India from England in 1818 when
oriental life insurance company started in Calcutta by Europeans. After this
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many insurance companies had been started in India. But these companies
were looking after only the needs of European community established in
India. Indian people were not being insured by these companies. First
Indian life insurance company came as Bombay mutual life insurance
assurance. Second company was Bharat insurance company came in 1896.
After this the united India in madras, national Indian and national insurance
in Calcutta and the co-operative assurance in Lahore were established in
1906.
To regulate Indian insurance business first insurance act came
in 1912 as life insurance company act and provident fund act. These acts
consist of premium rates tables and periodical valuations of companies. In
the first two decade of 20th
century many life insurance companies were
started. So the insurance act came in 1938 to governing life and non life
insurance companies and to provide strict state control. In 1956 the life
insurance business in India was nationalized. In 1956 life insurance
corporation of India (LIC) was created to spreading life insurance much
more widely particularly in rural areas. In that year LIC had 5 zonal offices,
33 divisional offices and 212 branch offices. In 1957 the business of LIC of
sum assured of 200crores, 1000crores in 1970, and 7000crores in 1986.
Indian regulatory development authority:
In 1999, the Insurance Regulatory and Development Authority (IRDA) was
constituted as an autonomous body to regulate and develop the insurance
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industry. The IRDA was incorporated as a statutory body in April, 2000.
The key objectives of the IRDA include promotion of competition so as to
enhance customer satisfaction through increased consumer choice and lower
premiums, while ensuring the financial security of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for
application for registrations. Foreign companies were allowed ownership of
up to 26%. The Authority has the power to frame regulations under Section
114A of the Insurance Act, 1938 and has from 2000 onwards framed
various regulations ranging from registration of companies for carrying on
insurance business to protection of policyholders’ interests.
Role of IRDA:
• Protecting the interests of policyholders.
• Establishing guidelines for the operations of insurers, and brokers.
• Specifying the code of conduct, qualifications, and training for
insurance intermediaries and agents.
• Promoting efficiency in the conduct of insurance business.
• Regulating the investment of funds by insurance companies.
• Specifying the percentage of business to be written by insurers in
rural sectors.
• Handling disputes between insurers and insurance intermediaries.
Changing perception of Indian customers:
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Indian Insurance consumers are like Indian Voters, they are soft but when
time is right and ripe, they demand and seek necessary changes. De-tariff of
many Insurance Products are the reflection of changing aspirations and
growing demand of Indian consumers.
For historical years, Indian consumers were at receiving end. Insurance
Product was underwritten and was practically forced onto consumers on a
“Take-it-As-it-basis”. All that got changed with passage of IRDA act in
1999. New insurance companies have come into existence leading to open
competition and hence better products for customers.
Indian customers have become very sensitive to Coverage / Premium as
well as the Products (read Risk Solution), that is given to them. There are
not ready to accept any product, no matter even if that is coming from the
market leader, should that product is not serving the purpose. A case in
point is ULIP Product / Group Life and Credit Life in Life Insurance
segment and Travel / Family Floater Health and Liability Insurance in the
Non-life segment are new age Avatar. The new products are constantly
being demanded by Indian consumers, which is putting huge pressures on
Insurance companies (Read Risk Under-writers) and Brokers to respond.
Customers are looking at Insurance for covering Pure Risk now which I
have covered in my next section. Another good reason why we are seeing
quick changes in the buying behavior of Insurance from mere Investment to
risk mitigation is the cost of Replacement of Goods (ROG) or Cost of
Services (COS).
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Now Indian customers are aware of insurance industry and insurance
products provided by companies. They have become more sensitive. They
would not accept any type of insurance product unless it fulfills their
requirements and needs. In historic day’s customers looking at insurance
products as a life cover which can provide security against any unacceptable
events, but now customers look at insurance products as an investment as
well as life cover. So today’s customers wants good return from the
insurance companies. The Indian customer’s forms the pivot of each
company’s strategy.
Investment of Indian household savings (as a % in different sector)
BANK DEPOSITS 39%
CORP. BANKS 2%
SHARES AND DEBENTURES 1%
MUTUAL FUNDS 2%
NBFC’S 3%
GOVT. BONDS 13%
INSURANCE 13%
PF/ RETIRE FUNDS 21%
CURRENCY 6%
Source: - www. avivaindia.com
Changing face of Indian insurance industry:
After the Insurance Regulatory and Development Authority Act have
been passed there has been establishment of many private insurance
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companies in India. Previously there was a monopoly business for Life
Insurance Corporation of India (L.I.C.) who was the only life-insurance
company for the people till 2000. L.I.C. still holds 71.4% of the market
share in 2006. But after the introduction of private life insurance companies
there is a great competition in Indian market now. Everyone is trying to
capture the fresh market here and penetrate it with aggressive marketing
strategies. Today life-insurance is not only limited up to just life risk cover
and maturity period bonuses but changed to greater return from the
investments. With the introduction of the unit linked insurance policies
these companies are investing the money in different investment
instruments like shares, bonds, debentures, government and other securities.
People are demanding for higher returns with the life risk cover and private
companies are giving 30-40% average growth per annum. These life-
insurance companies have every kind of policies suiting every need right
from financial needs of, marriage, giving birth and rearing up a child, his
education, meeting daily financial needs of life, pension solutions after
retirement. These companies have every aspects and needs of our life
covered along with the death-benefit.
In India only 25% of the population has life
insurance. So Indian life-insurance market is the target market of all the
companies who either want to extend or diversify their business. To tap the
Indian market there has been tie-ups between the major Indian companies
with other International insurance companies to start up their business. The
government of India has set up rules that no foreign insurance company can
set up their business individually here and they have to tie up with an Indian
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company and this foreign insurance company can have an investment of
only 24% of the total start-up investment.
Indian insurance industry can be featured by:
• Low market penetration.
• Ever growing middle class component in population.
• Growth of customer’s interest with an increasing demand for better
insurance products.
• Application of information technology for business.
• Rebate from government in the form of tax incentives to be insured.
Today, the Indian life insurance industry has a dozen private
players, each of which are making strides in raising awareness levels,
introducing innovative products and increasing the penetration of life
insurance in the vastly underinsured country. Several of private insurers
have introduced attractive products to meet the needs of their target
customers and in line with their business objectives. The success of their
effort is that they have captured over 28% of premium income in five years.
The biggest beneficiary of the competition among life
insurers has been the customer. A wide range of products, customer focused
service and professional advice has become the mainstay of the industry,
and the Indian customer’s forms the pivot of each company’s strategy.
Penetration of life insurance is beginning to cut across socio-economic
classes and attract people who have never purchased insurance before.
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Life insurance is also now being regarded as a versatile
financial planning tool. Apart from the traditional term and saving insurance
policies, industry has seen the entry and growth of unit linked products.
This provides market linked returns and is among the most flexible policies
available today for investment. Now products are priced, flexible, and
realistic and sustain so people in better position to understand the risk and
benefits of the product and they are accepting these innovative products.
So it is clear that the face of life insurance in India is
changing, but with the changes come a host of challenges and it is only the
credible players with a long term vision and a robust business strategy that
will survive. Whatever the developments, the future and the opportunities in
this industry will surely be exciting.
There are 12 private players in Indian life insurance market.
6 bank owned insurers: - HDFC standard life, ICICI prudential, ING
Vysya, MetLife, OM Kotak, SBI life.
6 independent insurers: - Aviva, ANP sanmar, Birla sun life, Bajaj
Allianz, Max New York life, Tata AIG.
Major international insurers are- Prudential and
Standard life from UK, Sun life of Canada, AIG, MetLife and New York
life of the US.
Increasing growth since liberalization:
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YEAR LIC (in bn rs.) PRIVATE PLAYER
FY03 110 10
FY04 120 20
FY05 130 40
FY06 140 60
FY07 240 160
Source: - Insurance Industry (ICFAI publication book)
Possibilities for insurance companies in India:
• Further deregulation of the market.
• Greater concern for the customers.
• Newer products and services.
• Competition and quality consciousness.
• Cost effective operations.
• Restructuring of the public sector.
• Consolidation of domestic insurance markets.
• Technology driven shift in product design.
• Actual operations and distribution.
• Convergence of financial services.
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5. Global insurance industry
Globally, insurers increasingly are pressured by the demands of their
clients. The development of global insurance industry over the past few
years was influenced by booming stock markets which enabled considerable
capital gains to be made in non life business. Increase in insurers equity
capital increased underwriting capacity, while demand did not develop at
the same pace, resulting in decrease in insurance policies prices. The stock
market boom of the past few years led to demand for unit linked insurance
products.
The global insurance industry is growing at rapid pace. Most of the
markets are undergoing globalization. Lot of mergers and acquisition are
taking place in the insurance world. The rapidity in the industry,
technological improvement has resulted in pressures on a few economic
parameters. The world insurance industry is at peak of its globalization
process.
Global insurance market is increasing by an average of six
percent per year since 1990. Insurance companies have collected $2443.7
billion premium world wide according to the global development of
premium volume in 144 countries in 2005. $1521.3 has been generated as
life insurance premium and $922.7 as non life insurance premium. The US
accounted for 35% of global life and non life premium, Japan had global
share of 21%, and UK was having 10% of global share.
Influence on Indian insurance industry:
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In this era of globalization, insurance companies face a dynamic global
environment. Dramatic changes are taking place owing to the
internationalization of activities, appearance of new risk, new types of
covers to match with new risk situations, and unconventional and
innovative ideas on customer services. Low growth rates in developed
markets, changing customers needs, and the uncertain economic conditions
in the developing world are exerting pressure on insurer’s resources and
testing their ability to survive. Now the existing insurers are facing
difficulties from non-traditional competitors those are entering the retail
market with new approaches and through new channels.
India has a rapidly growing middle class and this section can afford
to buy insurance products. This shows the attraction that the Indian market
holds for foreign insurers who have been putting pressure on developing
countries as well as on India to open up its market.
Life insurance penetration as a % of GDP
United kingdom 8.9%
Japan 8.3%
Korea 7.3%
United states 4.1%
Malaysia 3.6%
India 3.0%
China 1.8%
Brazil 1.3%
Source: - www.indianinsuranceresearch.com
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6. Functioning of insurance industry:
Insurer’s business model:
Profit = earned premium + investment income - incurred loss - underwriting
expenses
Insurers make money in two ways: (1) through underwriting, the processes
by which insurers select the risks to insure and decide how much in
premiums to charge for accepting those risks and (2) by investing the
premiums they collect from insured.
The most difficult aspect of the insurance business is the underwriting of
policies. Using a wide assortment of data, insurers predict the likelihood
that a claim will be made against their policies and price products
accordingly. To this end, insurers use actuarial science to quantify the risks
they are willing to assume and the premium they will charge to assume
them. Data is analyzed to fairly accurately project the rate of future claims
based on a given risk. Actuarial science uses statistics and probability to
analyze the risks associated with the range of perils covered, and these
scientific principles are used to determine an insurer's overall exposure.
Upon termination of a given policy, the amount of premium collected and
the investment gains thereon minus the amount paid out in claims is the
insurer's underwriting profit on that policy.
An insurer's underwriting performance is measured in its combined ratio.
The loss ratio (incurred losses and loss-adjustment expenses divided by net
earned premium) is added to the expense ratio (underwriting expenses
divided by net premium written) to determine the company's combined
ratio. The combined ratio is a reflection of the company's overall
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underwriting profitability. A combined ratio of less than 100 percent
indicates underwriting profitability, while anything over 100 indicates an
underwriting loss.
Insurance companies also earn investment profits on “float”. “Float” or
available reserve is the amount of money, at hand at any given moment that
an insurer has collected in insurance premiums but has not been paid out in
claims. Insurers start investing insurance premiums as soon as they are
collected and continue to earn interest on them until claims are paid out.
. Naturally, the “float” method is difficult to carry out in an economically
depressed period. Bear markets do cause insurers to shift away from
investments and to toughen up their underwriting standards. So a poor
economy generally means high insurance premiums. This tendency to
swing between profitable and unprofitable periods over time is commonly
known as the "underwriting" or insurance cycle.
Finally, claims and loss handling is the materialized utility of insurance. In
managing the claims-handling function, insurers seek to balance the
elements of customer satisfaction, administrative handling expenses, and
claims overpayment leakages.
Investment management:
Investment operations are often considered incidental to the business of
insurance, and have traditionally viewed as secondary to underwriting. In
the past risk management was the most important part of business, whereas
today the focus has shifted to fund management. Investment income is a
large component of insurance revenues, skilful and careful management of
funds. Insurance is a business of large numbers and generates huge amount
31

of funds over time. These funds arise out of policyholder funds in the case
of life insurance, and technical and free reserves in the non-life segments.
Time lag between the procurement of premium and the payment of claim
provides an interval during which the funds can be deployed to generate
income. Insurance companies are among the largest institutional investors
in the world. Assets managed by insurance companies are estimated to
account for over 40% of the world’s top ten asset managers.
Returns on investments influence the premium rates and
bonuses and hence investment income will continue to be an important
component of insurance company profits. In life insurance, benefits from
insurance profits accrue directly to policy holders when it is passed on to
him in the form of a bonus. In non life insurance the benefits are indirect
and mostly by the creation of an investment portfolio. Investment income
has to compensate for underwriting results which are increasingly under
pressure. In the case of insurance, the difference between revenue and the
expenses is known as operating surplus.
Revenue =premium.
Expenses =sum of claims + commission payable on procurement of
business + operating expenses.
Operating surplus =revenue-expenses.
Net investment income includes income from trading in and holding stock
market securities including government securities, special deposits with the
central government, loans to several public utilities and service providers in
state government.
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Insurance premium collected is converted in a pool of fund
then divided in to four expenses.
• To pay the expenses of the management.
• To pay agency commission.
• To pay for the claims.
• Surplus money will be invested in govt. securities.
Requirements of an insurance risk
Insurance normally insure only pure risks .However, not all pure risk is
insurable .certain requirements usually must be fulfilled before a pure risk
can be privately insured .From the view point of the insurer, there are
ideally six requirement of an insurable risk
• There must be a large number of exposure units
• The loss must be accidental and unintentional.
• The loss must be determinable and measurable.
• The loss should not be catastrophic.
• The chance of loss must be calculable.
• The premium must be economically feasible
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Comparison of Insurance with other Similar Factors
(1)Insurance and gambling compared
Insurance is often erroneously confused with gambling .There are
two important differences between them .First ,gambling creates a new
speculative risk ,while insurance is a technique for handling an already
existing pure risk .thus ,if you bet Rs 300 on a horse ,a new speculative
technique is created ,but if you pay Rs 300 to an insurer for fire insurance
,the risk of fire is already present and is transferred to the insurer by a
contract. No new risk is created by the transaction.
The second difference between insurance and gambling is that
gambling is socially unproductive, because the winner’s gain comes at the
expense of the loser .In contract; insurance is always socially productive,
because neither the insurer nor the insured is placed in a position where the
gain of the winner comes at the expense of the loser. The insurer and the
insured have a common interest in the prevention of a loss. Both parties win
if the loss does occur .Moreover, consistent gambling transaction generally
never restore the losers to their former financial position .In contract
,insurance contracts restore the insured’s financially in whole or in part if a
loss occurs
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(2)Insurance and hedging compared
The concept of hedging is to transferring the risk to the speculator
through purchase of future contracts .An insurance contract, however, is not
the same thing as hedging .Although both technique are similar in that risk
is transferred by a contract, and no new risk is created, there are some
important difference between them. First, an insurance transaction involves
the transfer of insurable risks, because the requirement of an insurable risk
generally can be met .However, hedging is a technique for handling risks
that are typically uninsurable ,such as protection against a decline in the
price agriculture products and raw materials.
A second difference between insurance and hedging is that insurance and
hedging is that insurance can reduce the objective risk of an insurer by
application of the law of large numbers. As the number of exposure units
increases, the insurer’s prediction of future losses improves, because the
relative variation of actual loss from expected loss will decline .thus, many
insurance transactions reduce objective risk. In contract, hedging typically
involves only risk transfer , not risk reduction .The risk of adverse price
fluctuation is transferred because of superior knowledge of market
conditions .The risk is transferred, not reduced, and prediction of loss
generally is not based on the law of large numbers.
Various types of life insurance policies:-
• Endowment policies: This type of policy covers risk for a
specified period, and at the end of the maturity sum assured is paid
back to policyholder with the bonuses during the term of the policy.
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• Money back policies: This type of policy is for periodic
payments of partial survival benefits during the term of the policy as
long as the policy holder is alive.
• Group insurance: This type of insurance offers life insurance
protection under group policies to various groups such as employers-
employees, professionals, co-operatives etc it also provides insurance
coverage for people in certain approved occupations at the lowest
possible premium cost.
• Term life insurance policies: This type of insurance covers risk
only during the selected term period. If the policy holder survives the
term, risk cover comes to an end. These types of policies are for those
people who are unable to pay larger premium required for
endowment and whole life policies. No surrender, loan or paid up
values are in such policies.
• Whole life insurance policies: This type of policy runs as long
as the policyholder is alive and is covered for the entire life of the
policyholder. In this policy the insured amount and the bonus is
payable only to nominee on the death of policy holder.
• Joint life insurance policies: These policies are similar to
endowment policies in maturity benefits and risk cover, but joint life
policies cover two lives simultaneously such as married couples. Sum
assured is payable on the first death and again on the death of
survival during the term of the policy.
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• Pension plan: a pension plan or annuity is an investment over a
certain number of years but does not provide any life insurance cover.
It offers a guaranteed income either for a life or certain period.
• Unit linked insurance plan: ULIP is a kind of insurance plan
which provides life cover as well as return on premium paid over a
certain period of time. The investment is denoted as units and
represented by the value called as net asset value (NAV).
7. Insurance and economy
• Indian economy is growing in reference to global market. Business of
insurance with its unique features has a special place in Indian
economy.
• It is a highly specialized technical business and customer is the most
concern people in this business, therefore this business is able to spur
the growth of infrastructure and act as a catalyst in the overall
development of Indian economy.
• The high volumes in the insurance business help spread risk wider,
allowing a lowering of the rates of the premium to be charged and in
turn, raising profits. When there is a bigger base, the probabilities
become more predictable, and with system wide risks balanced out,
profits improve. This explains the current scenario of mergers,
acquisitions, and globalization of insurance.
• Insurance is a type of savings. Insurance is not only important for tax
benefits, but also for savings and for providing security. It can be
serving as an essential service which a welfare state must make
available to its people.
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• Insurance play a crucial role in the commercial lives of nations and
act as the lubricants of economic activities. Insurance firms help to
spread the potentially financial consequences of risk among the large
number of entities, to mobilize and distribute savings for productive
use, facilitate investment, support and encourage external trade, and
protect economic entities against external risk.
Insurance and economic growth mutually influences each other. As the
economy grows, the living standards of people increase. As a consequence,
the demand for life insurance increases. As the assets of people and of
business enterprises increase in the growth process, the demand for general
insurance also increases. In fact, as the economy widens the demand for
new types of insurance products emerges. Insurance is no longer confined
to product markets; they also cover service industries. It is equally true that
growth itself is facilitated by insurance. A well-developed insurance sector
promotes economic growth by encouraging risk-taking. Risk is inherent in
all economic activities. Without some kind of cover against risk, some of
these activities will not be carried out at all. Also insurance and more
particularly life insurance is a mobilizer of long term savings and life
insurance companies are thus able to support infrastructure projects which
require long term funds. There is thus a mutually beneficial interaction
between insurance and economic growth. The low income levels of the vast
majority of population have been one of the factors inhibiting a faster
growth of insurance in India. To some extent this is also compounded by
certain attitudes to life. The economy has moved on to a higher growth
path. The average rate of growth of the economy in the last three years was
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8.1 per cent. This strong growth will bring about significant changes in the
insurance industry.
At this point, it is important to note that not all activities can be
insured. If that were possible, it would completely negate entrepreneurship.
Professor Frank Knight in his celebrated book “Risk Uncertainty and
Profit” emphasized that profit is a consequence of uncertainty. He made a
distinction between quantifiable risk and non-quantifiable risk. According
to him, it is non-quantifiable risk that leads to profit. He wrote “It is a
world of change in which we live, and a world of uncertainty. We live only
by knowing something about the future; while the problems of life or of
conduct at least, arise from the fact that we know so little. This is as true of
business as of other spheres of activity”. The real management challenges
are uninsurable risks. In the case of insurable risks, risk is avoided at a cost.
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8. SBI Life insurance
SBI Life insurance is a joint venture between the State Bank of India and
Cardiff SA of France. SBI Life insurance is registered with an authorized
capital of Rs 500 crore and a paid up capital of Rs 350 crores. SBI owns
74% of the total capital and Cardiff the remaining 26%. State Bank of India
enjoys the largest banking franchise in India. Along with its 7 Associate
Banks, SBI Group has the unrivalled strength of over 14,000 branches
across the country, the largest in the world.
Cardiff is a wholly owned subsidiary of BNP Paribas, which is The Euro
Zone’s leading Bank. BNP is one of the oldest foreign banks with a
presence in India dating back to 1860. It has 9 branches in the metros and
other major towns in the country. Cardiff is a vibrant insurance company
specializing in personal lines such as long-term savings, protection products
and creditor insurance. Cardiff has also been a pioneer in the art of selling
insurance products through commercial banks in France and 29 more
countries .In 2004, SBI Life insurance became the first company amongst
private insurance players to cover 30 lakh lives.
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The company expects to carve a niche in the Indian insurance market
through extensive product innovation and aims to provide the highest
standards of customer service through a technological interface. To
facilitate this, call centre’s have been already installed and help lines will be
installed and customers will have access to their accounts through the
Internet or through SBI branches. SBI Life insurance is uniquely placed as a
pioneer to usher banc assurance into India. The company hopes to
extensively utilize the SBI Group as a platform for cross-selling insurance
products along with its numerous banking product packages such as
housing loans, personal loans and credit cards. SBI’s access to over 100
million accounts provides a vibrant base to build insurance selling across
every region and economic strata in the country.
Under section 88 of insurance act 1961 an individual is entitled to a rebate
of 20 per cent on the annual premium payable on his/her life and life of
his/her children or adult children. The rebate is deductible from tax payable
by the individual or a Hindu Undivided Family. This rebate is can be
availed up to a maximum of Rs 12,000 on payment of yearly premium of Rs
60,000. By paying Rs 60,000 a year, you can buy anything upwards of Rs
10 lakh in sum assured. (Depending upon the age of the insured and term of
the policy) This means that you get an Rs 12,000 tax benefit. The rebate is
deductible from the tax payable by an individual or a Hindu Undivided
Family.
SBI Life Insurance is currently growing at an impressive rate of 200%. As
per the latest IrDA report SBI Life ranks No. 3 amongst the private insurers.
The company's market share has increased to 10% amongst the private
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players and is 2.25% in the total industry. This year, the company is aiming
at a growth of 150%. The new business premium of the company from
beginning of the year to September 2006 is Rs 660 crores. The total
business premium of the company from the beginning of the year till
September 2006 is Rs 765 crores. The company aims to collect first year
premium of over Rs 2,000 crores. SBI Life follow a multi distribution
channel approach and expect all channels to contribute to the overall
growth. Today, the agency channel contributes over 50% and banc
assurance channel contributes to 40% of the business. Other channels like
Credit Life and Group Corporate are also performing very well.
Products of SBI Life insurance: - (Source: - www.sbilife.co.in)
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(1)Unit Linked products
• Horizon 11
• Unit Pus 11
• Unit plus child Plan
• Unit Plan Elite
(2)Pension Products
• Horizon 11 Pension
• Unit Plus 11 Pension
• Lifelong Pension
(3)Pure Protection Products
• Swadhan
• Shield
• keyman
(4)Protection cum savings products
• Sudarshan
• Scholar11
• Setubandhan
(5)Money back scheme products
• Money Back
• Sanjeevan Supreme
(1) Group Employee Benefit
Products
Retirement Solutions
• Cap Assure Gratuity
• Cap Assure Superannuation
• Cap Assure Leave
Encashment
• Group Immediate Annuity
• SBI Life Golden Gratuity
Protection Plan
• Sampoorn Suraksha
• SBI Life Group Term Life
Scheme In Lieu of EDLI
Specialized Term Insurance
• SBI Life Keyman Insurance
(2) Group Loan Protection Products
Dhanaraksha Plus
• Dhanaraksha Plus SP
• Dhanaraksha Plus LPPT
• Dhanaraksha Plus RP
(3) Group Savings Protection Plan
• Nidhi Raksha RP
(4) Group Micro Insurance
• Grameen Shakti and Super
Suraksha
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9. Distribution of insurance products
Insurance has to be sold the world over. The Touch point with the ultimate
customer is the distributor or the producer and the role played by them in
insurance markets is critical. It is the distributor who makes the difference
in terms of the quality of advice for choice of product, servicing of policy
post sale and settlement of claims. In the Indian market, with their distinct
cultural and social ethics, these conditions will play a major role in shaping
the distribution channels and their effectiveness. In today's scenario,
insurance companies must move from selling insurance to marketing an
essential financial product. The distributors have to become trusted
financial advisors for the clients and trusted business associates for the
insurance Companies.
Challenges for insurance companies and intermediaries in India-
• Building faith about company in the mind of clients.
• Building personal credibility with the clients.
Different distribution channels in India:-
A multi-channel strategy is better suited for the Indian market. Indian
insurance market is a combination of multiple markets. Each of the
markets requires a different approach. Apart from geographical spread
the socio-cultural and economic segmentation of the market is very
wide, exhibiting different traits and needs. Different multi-distribution
channels in India are as follows
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• Agents: Agents are the primary channel for distribution of
insurance. The public and private sector insurance companies have
their branches in almost all parts of the country and have attracted
local people to become their agents. Today's insurance agent has to
know which product will appeal to the customer, and also know his
competitor's products to be an effective salesman who can sell his
company, the product, and himself to the customer. To the average
customer, every new company is the same. Perceptions about the
public sector companies are also cemented in his mind. So an
insurance agent can play an important role to create a good image of
company.
• Banks: Banks in India are all pervasive, especially the public sector
banks. Many insurance companies are selling their products through
banks. Companies which are bank owned, they are selling their
products through their parent bank. The public sector banks, with
their vast branch networks, are helpful to insurance companies. This
channel of selling insurance is known as Banc assurance.
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INSURANCE COMPANY ASSOCIATE BANKS
ICICI prudential ICICI bank, bank of India, Citibank,
Allahabad bank, Federal bank, south
Indian bank, Punjab and Maharashtra
cooperative bank
SBI life State bank of India
Birla sun life Deutsche bank, Citibank, bank of
Rajasthan, Andhra bank
ING Vysya bank Vysya bank
Aviva life insurance ABN amro bank, canara bank
HDFC standard life Union bank, Indian bank
Met life Karnataka bank, j&k bank
Source: - Hindu Business Line, January 08, 2007
• Brokers: Now a day’s different financial institution are selling
insurance. These financial institutions are known as brokers. They are
taking some underwriting charges from the insurance companies to
sell their insurance products.
• Corporate agents: Corporate agency is a cross selling type of
channel. Insurance companies’ tie-up with business houses in other
industries to sell insurance either to their employees or their
customers. Insurance industry, during the past 2 years has witnessed a
number of such strategic tie-ups and alliances. Corporate agents have
become a major force to reckon with in distributing insurance
products. Such as- Bajaj Allianz tied up with Maruti Udyog and Ford
for auto insurance and Tata AIG life has tied up with Tata tea,
khaitan’s Williamson major and bridge foundation for selling rural
policies.
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• Internet: In this technological world internet is also a channel of
selling insurance. This can be as direct marketing.
10. Effective marketing strategies
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Now the Indian consumer is knowledgeable and sensitive. Consumers are
increasingly more aware and are actively managing their financial affairs.
People are increasingly looking not just at products, but at integrated
financial solutions that can offer stability of returns along with total
protection. In view of this, the insurance managers need to understand more
about the details that go into the introduction of insurance products to make
it attractive in this competitive market. So now days an insurance manager
requires leadership, commitment, creativity, and flexibility. "Every family
in every village in the country should feel safe and secure". This vision
alone will help to bring the new ideas to the insurance manager.
Financial, marketing and human resource polices of the
corporations influence the unit mangers to make decisions. Performance of
insurance company depends on the effectiveness of such policies. Insurance
corporations formulate and revise these policies from time to time to ensure
that the performance of the managers is best for the organization.
In the competitive market, insurance companies are being forced to adopt a
strictly professional approach in marketing. The insurance companies face
the challenge of changing the uninspiring public image of the industry.
Some of the important marketing elements are-
• Marketing mix.
• The importance of relationship.
• Positioning.
• Value addition.
• Segmentation.
• Branding.
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• Insuring service quality.
• Effective pricing.
• Customer satisfaction research.
The growth of insurance sector is governed largely by factors external to it.
The following factors influence the market and demand of product-
• Government policies.
• Growth in population.
• Changing age profile.
• Income wise distribution of the population.
• Level of insurance awareness.
• The pricing of the policies.
• The economic climate of the country.
• The aversion to risk.
• Social and political features of the country.
• Growth scenario in the world.
Different companies adopt different approaches in their marketing
strategies. One approach is focus upon product quality which can give
confidence in the mind of customers that they are offered by best featured
products. And other approach is focusing on customer’s needs, which
involve a heavy investment in developing relationships with policyholders.
Under this approach customer can expect a range of products and service
offered to him. Third approach is market segmentation under which the
population can be divided into several homogeneous products and groups,
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the effort should be tie clients to the company by customized combination
of coverage, easy payment plans, risk management advice, and convenient
and quick claim handling.
An insurance product can be classified in three phases:
Core product: In insurance industry the core product is the policy that
provides protection to the customers.
Expected product: Because of competition customers start to expect
more from an insurance product. Then insurance companies provide some
tangible attributes in their product to differentiate from competitors, such
as-
• Brand
• Some additional features in existing product
• By providing instruction manual with the policy.
Augmented product: An insurance company can provide different
types of services to differentiate their products-
• Post sales services.
• Branches in different places for customers.
• Customer complaint management.
• Payment option convenient to customers.
The entry of private players and their foreign
partners has given domestic players a tough time, because the opening
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up of the sector has not brought in only foreign players, but also
professional techniques and technologies. The present scene in India is
such that everyone is trying to put in the best efforts. There are
marketing strategies more for survival than growth. But the most
important gift of privatization is the introduction of customer-oriented
services. Utmost care is being taken to maximize customer satisfaction.
Success of an insurance company depends on four important
functions:-
• Identification of markets: Identification of markets means need to
understand the trends in culture and businesses constantly, through
conducting research and analysis. Insurance companies can take this
job on their own or assign it to an external agency. Relying on an
external agency can be risky due to the questionable loyalty of the
agents.
• Assessment of risks (of the insured and the insurance
corporation) and estimation of losses: Efficiency of actuaries and
assessors of the insurance policies in fixing premiums and settling
claims is foremost an important area for achieving overall efficiency
in operations. The quality of assessing the risk and estimation of
losses has the largest claim on the performance of an insurance
company. Well trained, experienced and expert hands are needed for
the operations.
• Penetration into and exploitation of markets: Market penetration
or exploitation of a company can be identified with the growth in
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number of policies in each type of insurance, growth rate in earnings
or turnover, company’s market share, increase in number of branches
and divisions etc. Efforts of the company as a whole and that of the
divisions and branches are assessed to measure the effectiveness.
• Control over investment and operating costs: Control over
resources such as men, machines, and materials at each level of the
organization provides measures of efficiency of a unit as well as the
organization. Investment control and expense control are dealt
separately and the effectiveness of management’s’ decisions at
various levels is to be assessed separately
To find best prospects:
• Allocating marketing strategies against market potential.
• Estimating potential for specific products within local markets.
• Identifying high opportunity areas.
• Measuring agency performance relative to market potential.
• Optimizing your agency network against market potential.
Attributes to develop marketing strategies:
• Channel data: - Useful to know future buying preferences, learning
about products and purchase channels.
• Consumer attitudes.
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• Consumption data: - Useful to evaluate annual premiums, number of
annuities owned, value of annuities, and with which company the
current policy is held.
Effective strategies for insurance agents:
• Learn how to construct a mental image for success.
• Learn how to find a proper perspective and how to turn off all the
signals that cause people not to buy from you.
• Learn how to get and set more appointments.
• Learn how to convert a new lead into sales.
• Learn how to act when you meet a client for the first time.
• Learn how the order in which you explain the types of policies can
double your income.
• Take Easy steps to avoid delays in issuing policies.
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11. Competitors of SBI life insurance
ICICI prudential: ICICI prudential insurance is a joint venture of ICICI
bank and prudential plc a leading financial service group in the UK. Total
capital stands for Rs. 37.72 billion, with ICICI Bank holding a stake of 74%
and Prudential plc holding 26%. ICICI begin their operations in December
2000 after receiving approval from IRDA. Now ICICI prudential is having
over 1000 offices, over 270000 advisors and 21bancassurance partners.
ICICI Prudential was the first life insurer in India to receive a National
Insurer Financial Strength rating of AAA from Fitch ratings. ICICI
prudential is working on the base of five core values-
• Integrity
• Customer first
• Boundary less
• Ownership
• Passion
Key features:
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• 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
policyholders.
• Providing an enabling environment to foster growth and learning
for employees.
HDFC standard life insurance: HDFC Standard Life Insurance Company
Ltd. is one of India's leading private insurance companies. It is a joint
venture of Housing Development Finance Corporation Limited, India's
leading housing finance institution and a Group Company of the Standard
Life in UK. HDFC as on March 31, 2007 holds 81.9 per cent of equity
venture. Gross premium income of the HDFC for the year ending March
31, 2007 was Rs. 2, 856 crores and new business premium income was Rs.
1,624 crores. The company has covered over 8, 77,000 lives year ending
March 31, 2007. HDFC standard is having 1000 advisors in 11 towns.
Key features:
• Creating corporate agents through HDFC bank in India.
• Creating agents to provide total financial consultancy.
• Introducing low cost group schemes for companies and NGOs.
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Reliance life insurance: Reliance Life Insurance Company Limited is a
part of Reliance Capital Ltd. of the Reliance - Anil Dhirubhai Ambani
Group. Reliance Capital is one of India’s leading private sector financial
services companies, and ranks among the top 3 private sector financial
services and banking companies, in terms of net worth. Reliance Capital has
interests in asset management and mutual funds, stock broking, life and
general insurance, proprietary investments, private equity and other
activities in financial services. Reliance Capital Limited (RCL) is a Non-
Banking Financial Company (NBFC) registered with the Reserve Bank of
India under section 45-IA of the Reserve Bank of India Act, 1934.
Aviva life insurance: Aviva is UK’s largest and the world’s fifth largest
insurance Group. It is one of the leading providers of life and pensions
products to Europe and has substantial businesses elsewhere around the
world. Aviva has a joint venture of Dabur, one of India's oldest, and largest
Group of companies. And country's leading producer of traditional
healthcare products. In accordance with the government regulations Aviva
holds a 26 per cent stake in the joint venture and the Dabur group holds the
balance 74 per cent share. Aviva has 193 Branches in India (including rural
branches) supporting its distribution network. Through its Banc assurance
partner locations, Aviva products are available in more than 2,795 locations
across India. Aviva has a sales force of over 30000 financial planning
advisors.
Key features:
• Through the “Financial Health Check” (FHC) Aviva’s sales force has
been able to establish its credibility in the market. The FHC is a free
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service administered by the FPAs for a need-based analysis of the
customer’s long-term savings and insurance needs. Depending on the
life stage and earnings of the customer, the FHC assesses and
recommends the right insurance product for them.
• Introduced the concept of Banc assurance in India.
• Products to provide customers flexibility, transparency and value for
money.
• Differentiation in fund management operations.
MetLife insurance: MetLife India Insurance Company Limited is an
affiliate of MetLife, Inc. and was incorporated as a joint venture between
MetLife International Holdings, Inc.and The Jammu and Kashmir Bank, M.
Pallonji and Co. Private Limited and other private investors. MetLife is one
of the fastest growing life insurance companies in the country. It offers a
range of innovative products to individuals and group customers at more
than 600 locations through its bank partners and company-owned offices.
MetLife has more than 32,000 Financial Advisors. It has approximately 70
million customers all over world. MetLife is working on the base of six core
values-
• Innovation
• Long term relationship
• Customer centered and result focused vision
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• Creating high performance organization
• Working with integrity, fairness and financial prudence
• Partnering with internal and external customers
Max New York life insurance: Max New York Life Insurance Company
Ltd. is a joint venture between New York Life, a Fortune 100 company and
Max India Limited, one of India's leading multi-business corporations The
Company's paid up capital is Rs. 907.4 crore. Max New York life is
working on the base of six core values-
• Excellence,
• Honesty,
• Knowledge,
• Caring,
• Integrity
The Company practices a lot of importance on its selection process of
insurance advisors which comprises four stages - screening, psychometric
test, career seminar and final interview. 337 agent advisors have
qualified for the Million Dollar Round Table (MDRT) membership in 2007
and Max New York Life has moved up to 21st rank in MDRT global list.
Key features:
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• Max New York Life has adopted prudent financial practices to ensure
safety of policyholder's funds.
• Investing significantly in its training programme and each agent is
trained for 152 hours as opposed to the mandatory 100 hours
stipulated by the IRDA before beginning to sell in the marketplace.
• Using a five-pronged strategy to pursue alternative channels of
distribution which include the franchisee model, rural business, direct
sales force involving group insurance and telemarketing
opportunities, banc assurance and corporate alliances.
Bharti Axa life insurance: Bharti Axa life insurance is a joint venture
between Bharti, one of India’s leading business groups with interests in
telecom, agri business and retail, and Axa world leader in financial
protection and wealth management. The joint venture company has a 74%
stake from Bharti and 26% stake of Axa. The company started its operations
in December 2006. Now company is having over 5200 employees across
over 12 states in the country. Company is working on the base of five core
values-
• Professionalism
• Innovation
• Team Spirit
• Pragmatism
• Integrity
Key features:
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• Using multi-distribution, multi product platform techniques.
• Adapting AXA's best practices as a sound platform for profitable
growth.
• Leveraging Bharti's local knowledge, infrastructure and customer
base.
• Delivering high levels of shareholder return.
• Building long term value with business partners by enhancing the
proposition to their customers.
• Retaining the best talent in India.
Tata AIG life insurance: Tata AIG Life Insurance Company Limited
(Tata AIG Life) is a joint venture company of the Tata Group and American
International Group, Inc. (AIG). The Tata Group holds 74 per cent stake in
the insurance venture with AIG holding the balance 26 percent. Tata AIG
Life provides insurance solutions to individuals and corporate. Tata AIG
Life Insurance Company started to operate its business in India on April 1,
2001. Tata AIG is having 3000 advisors all over India.
Key features:
• Establishing direct mailers; call-centers in 60 centers.
• Creating awareness workshops in housing societies.
• 15-day trial period with refund, premium payment through credit
card.
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Bajaj Allianz life insurance: Bajaj Allianz life insurance company ltd. Is a
joint venture of Allianz AG, one of the world’s largest insurance companies
and Bajaj auto, one of the biggest two and three wheeler manufacturing
companies in the world. Company is having over 440000 satisfied
customers in India. Company is having 550 branches across the country and
over 60000 advisors.
Key features:
• Tying up with seven regional rural banks sponsored by Syndicate
Bank to tap the rural market.
• Introducing micro-insurance products and coming out with a new
capital guarantee product.
• Expanding its agency force from 1.60 lakh to 2 lakh and the branch
network will also be increased from 900 to 1400.
ING Vysya life insurance: ING Vysya Life Insurance Company
Limited a part of the ING group the world’s largest financial services
provider entered in the private life insurance industry in India in September
2001.ING Vysya Life is currently present in 246 cities and has a network of
over 300 branches, staffed by 7,000 employees and over 51,000 advisors,
serving over 5.5 lakh customers. ING Vysya Life has a diversified
distribution channels,. While Tied Agency remains the strongest channel,
the Alternate Channels business within ING Vysya Life is one of the fastest
growing distribution channels. ING Vysya Life has strengthened its position
as the unparallel leader in the life insurance industry in cooperative banks
tie ups. The company currently has tie ups with 130 cooperative banks
61

across the country. The Alternate Channels division has Banc assurance,
ING Vysya Bank, Corporate Agents and SMINCE. ING Vysya is working
on the base of five core values-
• Professionalism
• Entrepreneurial
• Trustworthy
• Approachable
• Caring
Birla sun life insurance: Birla Sun Life Insurance Company Limited
(BSLI) is a joint venture between the Aditya Birla Group and the Sun Life
Financial Services of Canada. It started operations in March 2001 after
receiving its registration license from IRDA in January 2001. Company is
having more than 45 branches across India.
Key features:
• Focus on unit linked insurance products supported with protection
products to maintain leadership in product innovation.
• Use of multi distribution channels- Direct Sales Force, Alternate
Channels and offering convenient channels of purchase to customers.
• Web-enabled IT systems for superior customer services and issuing
policies on the internet.
62

• High degree of transparency in all business practices and procedures.
• Working on operational Business Continuity Plan.
Market share of different insurance companies:
ICICI Prudential 9.1%
HDFC Standard 2.4%
SBI Life 3.0%
Bajaj Allianz 4.2%
Aviva life insurance 1.3%
MetLife insurance 0.6%
Reliance life insurance 1.1%
Birla sun life insurance 1.0%
Max new York life insurance 2.3%
Bharti AXA life insurance 0.1%
Tata AIG 1.6%
ING Vysya 0.7%
Kotak Mahindra 0.9%
Source: - www.irdaindia.org
63

Growth in premiums of different insurance companies:-
Companies Premium up
to oct 07
(Rs.mill.)
Premium up
to oct 06
(Rs.mill.)
Growth %
ICICI
Prudential
31831.8 20808.5 53
HDFC Standard 10675.7 6595.7 61.9
SBI Life 14717.4 8142.4 80.8
Bajaj Allianz 26498.1 15208.2 74.2
Aviva life
insurance
4586.8 3464.2 32.4
MetLife
insurance
2756.0 1162.7 137.0
Reliance life
insurance
8571.2 2803.7 205.7
Birla sun life
insurance
7595.4 3844.7 97.6
Max new York
life insurance
6942.0 3720.4 86.6
64

Bharti AXA life
insurance
258.7 1.1 22907.8
Tata AIG 4413.0 3264.8 35.2
ING Vysya 3047.7 2086.7 46.1
Kotak
Mahindra
3476.6 2172.6 60.0
12. Comparison of ULIP products of different
insurance companies
ICICI Prudential
Fund options- growth fund, balanced fund, income fund, and preserver.
allocation to equities- upto 100% in growth fund, upto 40% in balanced
fund, nil in income fund, 50% in preserver.
minimum premium- 20,000.
min/max age at entry- upto 65 years.
sum assured- annual premium*term/2.
fund management charges- 1.5% in growth fund, 1.0% in balanced fund, .
75% in income and preserver fund.
fixed monthly expenses- 60rs.
partial withdrawals- above one partial withdrawal 100 rs. charge per
withdrawal.
charges on top ups- 1%.
switching charges- above 4 switches in a year 100 rs. Per switching.
Birla Sun Life Insurance
65

fund options- enhancer fund, builder fund, protector fund.
allocation to equities- maximum 35% in enhancer fund, maximum 20% in
builder fund, maximum 10% in protector fund.
minimum premium- 20,000 rs.
min/max age at entry- 30 days to 60 years.
sum assured- face amount + policy fund.
fund management charges- 1% for all the fund options.
fixed monthly expenses- 22 rs.+ annual charges as applicable.
partial withdrawals- 2 free partial withdrawals in a year.
switching charges- 2 free switches in a year, and 100 rs. Per switching.
HDFC Standard Life Insurance
fund options- growth fund, balanced fund, defensive fund, secure fund,
liquid fund.
allocation to equities- 100% in growth fund, 30-60% in balanced fund, 15-
30% in defensive fund, 0% in secure and liquid fund.
min/max age at entry- 18- 65 years.
sum assured- annual premium*term/2, to 40 times the regular premium
amount.
fund management charges- .80%.
fixed monthly expenses- 20 rs.
partial withdrawals allowed- above 6 partial withdrawals 250 rs. per
withdrawal.
charges on top ups- 2.5% for initial 2 years, after 1%.
switching charges- 24 free switching and then 100 rs. per switching.
66

SBI Life Insurance
fund options- equity fund, bond fund, growth fund, balanced fund.
allocation to equities- upto 100% in equity fund, upto 20% in bond fund,
40 - 100% in growth fund, 40 – 60% in balanced fund.
min/max age at entry- 7 – 65 years.
sum assured- 5 – 50 times the regular premium amount.
fund management charges- 1.5% for equity fund, 1.35% for growth fund,
1.25% for balanced fund, 1% for bond fund.
partial withdrawals allowed- above 4 partial withdrawals 100 rs. per
withdrawals.
switching charges- above 4 switching 100 rs. per switching.
Max New York Life Insurance
fund options- growth fund, balanced fund, conservative fund, secure fund.
allocation to equities- 20 – 70% in growth fund, 10 – 40% in balanced
fund, 0 – 15% in conservative fund, 0% in secure fund.
min/max age at entry- 12 – 60 years.
sum assured- minimum sum assured 100,000 rs.
fund management charges- .90% - 1.25% of net assets in the fund.
charges on top ups- nil.
switching charges- above 2 switching per year 500 rs. Per switching.
67

Reliance Life Insurance
fund options- equity fund, growth fund, balanced fund, capital secure fund.
allocation to equities- upto 100% in equity fund, upto 40% in growth fund,
upto 20% in balanced fund, 0% in capital secure fund.
min/max age at entry- 30 days to 65 years.
sum assured- for age of 12 years 5 times, above 12 years 5 times to
unlimited.
fund management charges- 1.75% in equity and growth fund, 1.5% in
capital secure fund.
partial withdrawals allowed- rs. 100 for every withdrawal.
switching charges- above 1 switching 100 rs. Per switching.
68

Insurer Market view Product focus Distribution
strategy
Others
69

ICICI
Prudential
Market
growth at
60%CAGR
in medium
term, target
to maintain
share at 30%
in private
segment.
Pension and
healthy
products likely
to grow given
aging
population and
increasing life
expectancy.
Product
awareness is
slightly behind
LIC despite a
significant
time
disadvantage;
health could
comprise 3 –
5% of product
mix in 5 years.
Significantly
diversified
with 40%
from non
agency force,
expanding
reach to non
metro areas.
Significant
capital
requirement
for maintain
share in a
high growth
market, both
partners
willing to
contribute,
HDFC
Standard life
insurance
Expect high
double digit
market
Focus on
regular
premium
Prefer own
offices versus
franchisees,
Breakeven
not
necessarily in
70

growth over
next few
years, steady
state not
expected
products and
higher
persistency
levels, group
focus given
flexibility in
equity
investment,
competitive
versus mutual
funds for
longer tenure
products given
lower amc
charges
higher focus
on training
agents rather
than hard sell,
rural focus
required but
obstacles
include lack
of bank
infrastructure.
next 18
months, it
would
require
capital even
if FDI were
raised to
49%.
Bajaj
Allianz life
insurance
Current
industry
growth
sustainable
for next 7 –
10 years,
target 10%
market share
in next 5
years
Most products
homogeneous
across players,
not much price
differentiation,
ULIPsales
unlikely to be
affected by
recent
regulations,
not much
threat from
More focus
on smaller
towns,
greater
emphasis on
agency force
expansion.
Growth and
market share
oriented
strategy,
detarrifing
would hit
non life
segment
adversely.
71

mutual funds.
Birla sun life
insurance
Target to be
top in 5
years
Currently only
unit linked
products sold
but group
linked
products are
focus area for
development.
Agent
productivity
is an issue
given their
part time
nature, target
is 130
branches all
over India,
also will
leverage on
group’s
products
distribution
strengths.
It believes
some
marginal
players could
br bought
out.
13. Questioner
IBS Kochi
Chakrampilly Towers Puthiya Road, NH-47 Bye Pass
72

Palarivattom, PO
Kochi 682025
Ph. 0484-2338823
Name-
Company-
Designation-
Contact no.-
The following questionnaire is for the purpose of our research project as a part of
our MBA curriculum on ‘Marketing Strategy of different Insurance companies’. It
is assured from us that any information given by the company will not be disclosed
by any means. With this assurance I expect accurate data from company to help me
for my project.
________________________________________________________________
1. How long you have been in insurance industry?
(a) < 2 years (b) 2-5 years (c) 5-8 years (d) >8 years
2. When did you join your present company?
(a) < 2 years (b) 2-5 years (c) 5-8 years (d) >8 years
3. Your designation while joining this company………………………..
……………………………………………………………………………….
4. How many advisors do you have?
(a) <250 (b) 250-400 (c) 400-550 (d) >550
5. On what basis do you recruit your advisor?
(a) Through personal reference
(b) Through advertisement
(c) Through walk in interviews
(d) Through placements agencies
6. How do you make them active?
(a)By increasing incentives
(b)By offering higher channel position
73

(c)By awarding non-cash prizes
(d)By giving training session
7. How many MBAs do you have in your agency?
(a) None (b) 1-3 (c) 4-6 (d) more than 6
8. On what products you are stressing more?
(a) Term insurance
(b) Unit linked products
(c) Money back products
(d) Endowment products
9. What is the basis of your product deployment?
(a) Profit oriented
(b) On customers need and demand
(c) On channel feedback from market
(d) By adding some additional benefits in current product
10. How do you differentiate your product from your competitors?
(a) By advertising and promotional activities
(b) By pricing of the product
(c) Based on the deployment of funds
(c) By providing better service quality
11. Your mode of interaction with customers.
(a) Direct marketing
(b) By telephonic contacts (creating database)
(c) Through advertisement
(d) Through online contacts
12. Which kind of strategies should an insurance company use to compete
in the market (in your view)?
(a) Better service quality
(b) Accordingly change in the pricing of product
(c) By increasing periodicity of interaction with advisors and customers
(d) By providing extra benefits to advisors and customer
13. What is average total premium collection in your branch (in a month)
(a) <2 Cr. (b) 2-4 Cr. (c) 4-5 Cr. (d) >5 Cr.
74

14. Other useful activities which you do in agency (if any, please mention)
……………………………………………………………………...
………………………………………………………………………………..
.
………………………………………………………………………………..
.
15. What are your future plans (please define)………………………….
………………………………………………………………………………..
………………………………………………………………………………..
14. Findings
75

Primary data has been collected by the survey of branch and agency
manager of different insurance companies in Calicut. sample size for this
research is 27.
Recruitment of advisors:- In insurance industry advisors play most
important role, and these advisors are recruited through different ways.
Mainly four ways for recruiting the advisors are-
1. Through personal references.
2. Through advertisements.
3. Through walk in interviews.
4. Through placement agencies.
Recruitment_Personalreference
Response Frequency Percent
yes 24 88.9
no 3 11.1
Total 27 100.0
Recruitment_Advertisement
yes 10 37.0
no 17 63.0
Total 27 100.0
Recruitment_Interviews
yes 12 44.4
no 15 55.6
Total 27 100.0
76

Recruitment_Placementagencies
no 27 100.0
So most of the companies are recruiting their advisors through personal
reference and through advertisement, some companies are recruiting their
advisors through walk in interviews also, but none company is recruiting
their advisors through placement agencies.
Recruitment of advisors
0 5 10 15 20 25 30
Through personal references
Through advertisement
Through walk in interviews
Through placement agencies
Series1
Making advisors active: To get efficient work from their advisors
companies do some practices to make them active. some practices are-
77

1. By increasing incentives.
2. By offering higher channel position.
3. By awarding them non cash prizes.
4. By giving them training session.
Active_Incentives
yes 7 25.9
no 20 74.1
Total 27 100.0
Active_Higherchannelposition
yes 6 22.2
no 21 77.8
Total 27 100.0
Active_Noncashprizes
yes 10 37.0
no 17 63.0
Total 27 100.0
Active_Trainingsession
78

yes 14 51.9
no 13 48.1
Total 27 100.0
So most of the companies are giving training session and awarding non cash
prizes to make their advisors active, some of the companies are increasing
incentives and offering higher channel position to make their advisors
active.
Type of products: Different insurance companies are having different
categories of insurance products. Some product categories are-
1. Term insurance products.
2. Unit linked products.
3. Money back products.
4. Endowment products.
Products_Terminsurance
79

yes 5 18.5
no 22 81.5
Total 27 100.0
Products_Unitlinked
yes 26 96.3
no 1 3.7
Total 27 100.0
Products_Moneyback
yes 1 3.7
no 26 96.3
Total 27 100.0
Products_Endowment
yes 2 7.4
no 25 92.6
Total 27 100.0
So all the companies are promoting their unit linked products and some
companies are promoting rest of the products including unit linked
products.
80

Type of products promoted
0 5 10 15 20 25 30
Term insurance products
Unit linked products
Money back products
Endowment products
Series1
Basis of product deployment: - All insurance companies are
deploying their products in various categories. Some of the tactics are-
1. Profit oriented.
2. On customers need and demand.
3. On channel feedback from market.
4. By adding some additional benefits in current products.
Productdeployment_Profitoriented
yes 6 22.2
no 21 77.8
Total 27 100.0
Productdeployment_Customersneed
81

yes 20 74.1
no 7 25.9
Total 27 100.0
Productdeployment_Marketfeedback
yes 2 7.4
no 25 92.6
Total 27 100.0
Productdeployment_Additionalbenefits
yes 5 18.5
no 22 81.5
Total 27 100.0
So most of the companies are deploying their products based on the
customers need and demand.
82

Baiss of product deployment
0 5 10 15 20 25
Profit oriented
On customer need
On channel feed back from
market
By adding extra benefits
Series1
Differentiation strategies: To make their products different from their
competitors companies are using some strategies which are-
1. By advertisement and promotional activities.
2. By pricing of the product.
3. Based on the deployment of the funds.
4. By providing better service quality.
differentiation_promotionalactivities
yes 4 14.8
no 23 85.2
Total 27 100.0
83

differentiation_pricing
yes 13 48.1
no 14 51.9
Total 27 100.0
differentiation_deploymentoffunds
yes 7 25.9
no 20 74.1
Total 27 100.0
differentiation_service
yes 17 63.0
no 10 37.0
Total 27 100.0
So most of the companies are giving better service quality and better pricing
to differentiate their products from their competitors.
84

Differentiation strategies
0 2 4 6 8 10 12 14 16 18
By promotional activities
By pricing of product
Based on deployment of funds
By better service quality
Series1
Mode of interaction: There are different types of way to interact with
customers. Some of the important ways are-
1. Direct marketing.
2. By creating database (telephonic contact).
3. Through advertisement.
4. Through on line contacts.
Modeofinteraction_Direct
yes 17 63.0
no 10 37.0
Total 27 100.0
85

Modeofinteraction_Telephone
yes 15 55.6
no 12 44.4
Total 27 100.0
Modeofinteraction_Advertisement
yes 1 3.7
no 26 96.3
Total 27 100.0
Modeofinteraction_Onlinecontacts
yes 1 3.7
no 26 96.3
Total 27 100.0
So almost all the companies are interacting with customers through direct
marketing and by telephonic contacts (creating database).
86

Mode of interaction with customers
0 2 4 6 8 10 12 14 16 18
Direct marketing
By telephonic contacts
Through advertisement
Through online contacts
Series1
Strategy to compete in market: Most common strategies to compete
in the market for insurance companies are-
1. Better service quality.
2. Change in pricing of products.
3. By increasing periodicity of interaction with advisors and customers.
4. By providing extra benefits to advisors and customers.
Strategies_Service
yes 21 77.8
no 6 22.2
Total 27 100.0
87

Strategies_Pricing
yes 2 7.4
no 25 92.6
Total 27 100.0
Strategies_Interaction
yes 7 25.9
no 20 74.1
Total 27 100.0
Strategies_Extrabenefits
yes 3 11.1
no 24 88.9
Total 27 100.0
So most of the insurance companies think that providing better service
quality is most suitable strategy to compete in the market.
88

Competitive strategies
0 5 10 15 20 25
Better service quality
Change in pricing
By increasing periodicity of
interaction
By providing extra benefits
Series1
Premium collection:-
Premium Collection
Premium Frequency Percent
less than 2 cr. 20 74.1
2 to 4 cr. 5 18.5
4 to 5 cr. 1 3.7
more than 5 cr. 1 3.7
total 27 100.0
So most of the companies are collecting premium less than 2 crores. at an
agency or branch level in a month.
89

Premium collected
0 5 10 15 20 25
Less than two cr.
Two to four crore
Four to five crore
More than 5 cr.
Series1
90

Recruitment of advisors through personal reference and
making them active:-
Recruitment through personal reference
6
5
9
14
By increasing incentives
By giving them higher channel position
By awarding non cash prizes
By giving them training session
Companies, recruiting their advisors through personal reference are doing
practices to make them active in under mentioned numbers.
By increasing incentives- 6 (17.65%)
By awarding non cash prizes- 9 (26.47%)
By giving higher channel position- 5 (14.71%)
By giving them training session- 14 (41.78%)
So companies are concentrating on training session and awarding non cash
prizes to make their advisors active.
91

Recruitment of advisors through advertisement and making
them active:-
Recruitment through advertisement
4
2
4
5
Companies, recruiting their advisors through advertisement are doing
So companies, recruiting their advisors through advertisement are
concentrating on increasing incentive, awarding non cash prizes and
training session.
92

Recruitment of advisors through walk in interviews and
making them active:-
Recruitment through walk in interviews
4
3
6
4
Companies, recruiting their advisors through walk in interviews are doing
So companies, recruiting their advisors through advertisement are
concentrating on increasing incentive, awarding non cash prizes and
training session.
93

Conclusion
• Insurance companies are recruiting their advisors mainly through
personal reference, through advertisement, and through walk in
interviews. None of the company is recruiting their advisors through
placement agencies. But some companies have started recruiting their
advisors through placement agencies as a trial basis.
• Those advisors who are recruited through personal references need
more training session and company has to put effort to make them
active. Most of the companies are giving training session to advisors
to make them active. Only one or two companies are providing
higher channel position and increasing incentives to make them
active.
• Most of the insurance companies have started recruiting agency
manager and high posted people from professional colleges to
improve efficiency of the insurance company.
• Insurance companies have forgotten their traditional products.
Companies are totally concentrating on selling ULIP products. Now
insurance companies are selling their products as an investment
product not as life insurance products.
• Insurance companies are deploying their products mostly based on
customer needs and demands. Insurance companies are not doing
enough market researches to know the potential of the market.
• Most of the insurance companies are differentiating themselves from
the competitors by providing better service quality. Some companies
are differentiating themselves providing better pricing of the product.
• Branch managers of most of the companies think that providing
better service quality is the best tool to compete in the market. Better
service quality may be in the form-
1. Issuing policy in time.
94

2. Providing claims in time.
3. Making customers aware about their status of policy.
15. Recommendations
• SBI Life should start recruiting advisors through placement agencies.
By practicing this SBI Life will get more capable advisors who can
work efficiently. Inactive advisors kind of thing would not happen.
• SBI Life should also promote the term and endowment insurance
products including ULIP products. Because these are basic insurance
products. Promote products as life insurance products not an as
investment products.
• Somewhat the brand name of SBI is harming the SBI Life insurance,
because most of the people are not happy with the service provide by
SBI bank, so it is necessary to change the mentality of the people that
SBI Life insurance is different from SBI bank. SBI Life should
promote their product features rather than promoting their brand
name.
• To increase awareness in rural market SBI Life should do some
activities in villages and small towns. This can be done by putting
kiosk in fairs and festival melas organizing in villages.
• SBI Life can sell their products through charitable institutions.
• SBI Life should sell their products through head of the villages or
through panchayat in villages. People in villages believe on the head
and panchayat so selling insurance will be easier in villages.
• SBI Life can introduce some special policies for the farmers to tap
the rural market, and pricing for these kinds of products should be
less so farmers can easily afford to take policies.
95

• As SBI Life is coming in general insurance so it can introduced
products like cattle insurance and water pump insurance. It will
also help to promote the products of SBI Life insurance.
16. References
Books Magazines News papers Internet
Insurance in India Business world The Hindu IRDA website
Insurance
distribution (ICFAI
Publications)
Magazines on
investment
Business Line Google search
Insurance industry
(ICFAI
Publications)
Economic Times Websites of different
insurance companies
96

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