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Project Report on

Study of Marketing Strategy


of BHARTI AXA INSURANCE LTD.
ACKNOWLEDGEMENT
This project grew out of our preparation for more than twenty days.
An enormous debt is owed to our tutor, Professor-------, for his
wisdom, enthusiasm, support and encouragement. It is his profound
knowledge an insight, and constant strictness and kind understanding
that help us in overcoming difficulties, mastering basic writing skills,
an deforming our own ideas, which consequently have enabled me to
finish this project. Without his revising for several times, the
project would not be what it is now.

We are eager to take the opportunity to thank - -------------- and


other teachers who have given us guidance, assistance and concern.
They have imparted to us so much valuable knowledge, which will
befit us a whole lifetime.

In addition, we would like to thank family who always support us in


whatever conditions. Their encouragement and love give me warmth,
strength and confidence, which help us in surmounting so many
obstacles and in realizing our dreams.

Finally, we give our heartfelt thanks to dear friends and fellow


students, who have accompanied us throughout the project.

index
S. no.
content Page no.
1. Executive Summary 04

2. About Insurance 04

3. About General Insurance 05

4. Life Insurance and India 06

5. Indian Contract Act 1872 08

6. Working of Life Insurance 12

7. About Bhari AXA Insurance 13

8. Features Bhari AXA Insurance 14

9. Bharti Group 15

10. Market share 17

11. Structure of Bhari AXA Insurance 18

12. Marketing Team Structure 19

13. Descriptions of few products 19

14. Carriers in Bharti AXA Insurance 21

15. Marketing 23

16. TELE-Marketing 24

17. Result from Calling 24

18. Channel Marketing 25

19. Procedure of getting Insurance 26

20. Recommendations 27

21. Bibliography 28

22. Annexure ( Questionnaire For Comparision ) 29

EXECUTIVE SUMMARY

Monopoly of LIC has been broken to make Indian Insurance to


change its face and pace to tap the market and to make the new
challenges in it.
Insurance in India is not about India only; it is an open sector for the
private players.

The name which we would see in Indian insurance market is


something like: - Bharti (Indian company) + AXA(foreign player),
BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian
company) + AIG (foreign player) and so many like them.

Companies now are tapping a lot of ways to capture the market and
hence adopting different ways to hold the large portion of the
market.

Our project is to understand the different marketing strategies


adopted by the companies to increase their market share and along
with it meeting their own targets to achieve the position of no.1 in
respective field or segment of the market.

About Insurance:-

Insurance may be defines as social device to protect the economic


value of the Life and other assets. Under the plan of Insurance a
group of people are brought together and their share of money is
pooled to manage the loss suffered by any of them.

Insurance is a contract whereby in return of the payment of the


premium by the insured the insurers pay the financial loss suffered
by the insured as a result of the loss by the unforeseen events. The
term risk is used to define the probability of loss.

Insurance is a pool where large number of people exposed to similar


kind of risks makes contribution to the common fund out of which
the losses suffered by the unfortunate few due to accidental events
are made good.

The sharing of risk among large group of people is the basis of


insurance.

Characteristics of Insurance:-

1. Sharing of Risk

2. Cooperative device

3. Evaluation of Risk

4. Payment on event of happening of any special event

5. The amount of payment depends on the size and type of loss.


6. The success of Insurance business depends on the law of large
number of people insured against similar risk.

7. Insurance is a business which spreads the loss and the risk of few
people in the large number of people.

8. The insurance is a plan in which insured transfer his risk to


insurer.

Insurance is divided in two basic zones:-

1. General Insurance

2. Life Insurance

About General Insurance:-

Insurance of the non life assets are called general insurance, this
includes loss of asset against water, fire, earthquake etc. With the
desertification in the Indian Market in General Insurance the
monopoly of the general Insurance public sectors companies has
been broken. With the entrance of the new private player market
innovative technique has been introduced to capture the market. In
general Insurance around 17% of the market has been captured by
the private players.

General Insurance is a sector which alone has many type of


insurance coverage in it like Fire Insurance, Marine Insurance,
motor Insurance, Liability Insurance, Engineering Insurance etc.

The Non Life Insurers

National Insurance Co. Ltd


New Indian Assurance Co. Ltd
Oriental Insurance Co. Ltd
United India Insurance Co. Ltd
Tata AIG General Insurance Co. Ltd
Bajaj Allianz General Insurance Co. Ltd
IFFCO Tokio General Insurance Co. Ltd
ICICI Lombard General Insurance Co. Ltd
Reliance General Insurance Co. Ltd
Royal Sundaram Alliance Insurance Co. Ltd
Bharti Axa General Insurance Ltd.
HDFC Chub
Life Insurance and India:-

Life Insurance in India existed from long time. The modern concept
of Insurance was brought by Bruisers in India, and Oriental
Insurance Company was the first Insurance Company who did
Insurance for the Indian in 1818 and was established in Calcutta
nowadays Kolkata. Then due to no interference of government in it,
private market players ruled the market as they want to, that is why
government intervened in between to protect the interest of the mass
and to safeguard the money involved in it. All private companies
were took over by Government and Insurance market was turned to
Public sector and Life Insurance Corporation of India was formed in
1956 to make the Insurance reachable at remote areas and that even
by low premiums or better said as affordable premium so as to
secure their life.

From the beginning of Insurance in India till now a lot of changes


have been made but the most significant change was in 1999, when
IRDA was formed. IRDA means Insurance Regulatory and
Development Authority. This was formed to rethink upon opening
the insurance sector for the Private players again but along with that
to have a check upon those private players an IRDA has to act as a
governing body to safeguard the interest of the public whose money
is involved in it.

From that time i.e. from the year 2001 insurance sector was opened
for the private players too. Since then Insurance sector is on the
boom and business is flourishing and a lot of private players are
coming into business. Here the private players doesnt indicate to
Indian Private Companies but also foreign players are also involved
in it, but to manage the money flow in and outside the country IRDA
takes care of the contribution of the money by foreign partners of
private insurance companies. To control that IRDA has set a limit of
FDI i.e. 26%.

The evolution of Insurance in India can be summarized as:-

Year Changes

1818 Oriental Insurance Company. The first Insurance company in India

1870 Bombay Mutual Life Assurance Company. First Indian Insurance company.

1912 The Indian Life Assurance Company enacted the first law to regulate the life
insurance business in India
1926 The Indian Assurance company act enacted to enable the government to collect
the statistical information about the insurance.
1938
The earlier legislation consolidated and amended the life insurance act with the
objective of protecting the interest of insurance in the public.

1956 245 Indian and foreign players and prudent societies are taken once by Central
govt. And nationalized

The number of companies in Insurance particularly in Life Insurance


has changed drastically now the number is in 17. List of them are
mentioned as below:-

1. Bajaj Allianz Life Insurance

2. ICICI Prudential Life Insurance

3. TATA AIG Life Insurance

4. Max New York Life Insurance

5. AVIVA Life Insurance

6. Bharti AXA Life Insurance

7. Kotak Mahindra Life Insurance

8. Reliance Life Insurance

9. SBI Life Insurance

10. HDFC Standard Life Insurance

11. Birla Sun Life Insurance

12. Sahara Life Insurance

13. ING Vysa Life Insurance

And so on....
Indian Contract Act 1872
Life Insurance contracts are the one which has to fulfil the
requirements of the Law of Contract as per the Indian Contract Act
1872.

Indian Contract Act 1872 implies: A contract must have certain


essential features in order to make it legally valid and enforceable.

Essential Features:-

1. Offer and Acceptance: - There should be the offer by the


customer in form of proposal form and Acceptance by the Insurance
Company.

2. Consideration- There should be the valid consideration against


the insured property in terms of the premium to b paid by the
consumer.

3. Agreement between the parties: - There should be consensus on


the both side of the parties.

4. Capacity to contract: - The Insured should have the capacity to


perform the contract as that he a?) He should be of sound mind b) he
should not be abided by law to go for any contract c) he should be
major that he should have the age minimum to 18.

5. Legality: - there should be the legality of contract as it should be


legal in nature and must be brought for the lawful consideration.

Above details have some technical words like Insured,


Insurer, and Premium etc. Lets make a brief note on
that for a better understanding:-
Policyholder: - The one who pays the premium against policy
Insured: - The one who is insured against risk by insurance
company.

Insurer: - The one gives the insurance i.e. Insurance Company.

Premium: - The amount against continuance of the insurance

P.S.:- Policyholder and Insured can be same person and can be two
individuals even.

Apart from the Legal Structure of the Insurance Contract there are
some principles in Insurance Industry on which every company
works on. These principles are:-

Utmost Good Faith: - It is also termed as Uberrima Fides. It is


applicable on the proposer that all the contents which are filled and
signed by him on the proposal form are true as per his knowledge.

Insurable Interest: - It means that the property or life which is to


be insured the proposer has the legal rights upon that. Without
insurable interest no insurance can be provided. In life insurance
term legal rights on life means to prove the blood relation. A
husband can take policy for his wife.

Indemnity:- The prinviple of indemnity is an insurance principle


stating that an insured may not be compensated be the insurance
company in an amount exceeding the insured's economic loss.

Contribution:- Where there are two or more insurance on one risk,


the principle of contribution comes into play. The aim of
contribution is to distribute the actual amount of loss among the
different insurers who are liable for the same risk under different
policies in respect of the same subject matter. Any one insurer may
pay to the insured the full amount of the loss covered by the policy
and then become entitled to contribution from his co-insurers in
proportion to the amount which each has undertaken to pay in case
of loss of the same subject-matter.
Subrogation:- The doctrine of subrogation is a corollary to the
principle of indemnity and applies only to fire and marine insurance.
According to it, when an insured has received full indemnity in
respect of his loss, all rights and remedies which he has against third
person will pass on to the insurer and will be exercised for his
benefit until he (the insurer) recoups the amount he has paid under
the policy.
Causa Proxima:- The rule of causa proxima means that the cause of
the loss must be proximate or immediate and not remote. If the
proximate cause of the loss is a peril insured against, the insured can
recover.

Mitigation of Loss - In the event of some mishap to the insured


property, the insured must take all necessary steps to mitigate or
minimize the loss, just as any prudent person would do in those
circumstances.

If asked we should know the benefits of the insurance


and that can be known by knowing the function of the
insurance.

PRIMARY FUNCTION:-

1. Provide protection: - As risks controlling is not in the hands of


anyone completely that is why Insurance Company provides the risk
protection.

2. Collective bearing of loss: - Insurance Company would have to


accept the loss and give respective claims as for the sake of contract
that has been done between the company and the insured.

3. Assessment of Risk: - There should be the proper assessment of


the risk so as to charge the correct and legible premium to insure the
subject matter of insurance.

4. Provide the certainty: - As the losses appear from the


uncertainty so Insurance Company would have to provide the
certainty of absorbing the loss so as to protect the insured under the
risk in which he has been insured.

SECONDARY FUNCTION:-

1. Prevent Loss: - Insurance cautious businessman and individuals to


adopt suitable device to prevent unfortunate consequences of risk by
observing safety instructions.

2. Small capital to large risk: - Small capital is demanded to cover


the risk of the large capital.
OTHER FUNCTION:-

It is a means of savings and investment apart from it its share in the


GDP counts very important. In India it is in a growing stage in
compare of the other countries lets have a look on it:-

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%

If we talk in terms of India only then the result will be something


like this:-
Working of Life Insurance:
Risk has to be assessed in order to decide tithe premium or to decide
that subject is insurable or not.

Pure Risk vs. Speculative Risk:-

Event representing there will be possibility of loss or no loss is


called pure risk. These risks are insurable in nature.

Speculative risk is the one which truly resembles gamble. There is


the possibility of loss or gain and wherever there is a chance of
making profit there insurance cannot exist. Therefore these risks are
not insurable in nature.

Approaches to Risk Management:-

Risk Management is the process of minimising the risk due to


unforeseen events. Steps involved in selecting the Risk Management
are:-

To identify all the things that can be possibly wrong.


To consider possibility that an event can occur.
Techniques toward the Risk Management;-

1. Avoiding the Risk: - Risk can be managed by avoiding it as when


the perils will come then it will be managed.

2. Eliminate the Risk: - Risk can be managed by eliminating the


cause of the loss.

3. Reducing the Risk: - Risk can be reduced by handling them in a


systematic manner.

4. Transfer of Risk: - Risk can be minimized by transferring the


risk of loss to any other person which is a true form of the
INSURANCE.

About Bharti AXA Insurance


Ltd.:-

Bharti AXA Life Insurance is a joint venture between Bharti, one


of Indias 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 Asia Pacific Holdings Ltd
(APH).

The company that launched its national operations in December


2006 has over 3000 employees across over 12 states in the country
and their business philosophy is built around the promise of making
people "Life Confident".

The following quote from their website and other press media did
make a connection to what we got as an answer to one of the
questions about their expansion strategies and customer acceptance.
"As we expand our presence across the country to cater to your
insurance and wealth management needs with our product and
service offerings, we continue to bring 'life confidence' to customers
spread across India. Whatever your plans in life, you can be
confident that Bharti AXA Life will offer the right financial
solutions to help you achieve them"

The Bharti group is very popular across the length and breadth of the
country as leading cell phone service provider - Airtel and if
marketed as Airtel Insurance, people easily recognize the brand
name. Also marketing message and bundling could very well be
done with the backing of Airtel.

The market as of 2006, is dominated by LIC with 63 % share while


ICICI Prudential and Bajaj Allianz are leading private players with
market shares of 10.6 % and 7.4 % respectively. Bharti AXA has the
challenges of second wave entrant while it has the advantage to
learn from the existing players and enjoy the already created
insurance awareness.

Features :
Following are some of the milestones

1870 - Establishment of first Indian Life Insurance office -


Bombay Mutual Assurance Society

1912 ; 1938 - Life Insurance Sector regulated - Indian Life


Insurance Companies Act enacted; Insurance Act 1938
passed

1956 - Life Insurance Nationalized through Life Insurance


Corporation of India Act - LIC becomes a State monopoly
2000 - Opening of the Insurance sector for private players.
Presently Foreign Direct Investment (FDI) is permitted upto
26 %

2005 - 14 companies offering life insurance - one dominant


nationalized player and 13 pvt companies

2006 - 15 private sector companies - 2 wholly Indian owned.

Some of the interesting facts about Life Insurance Sector in India

1. Contributes 4.1 % of India's GDP


2. Second largest financial service after banking

3. Total number of lives insured and on books as of March 31,


2006 - 198,466,127

4. As of same date above, Rs. 5,496 billion is the total Assets


under Management of Life Insurance Corporations

5. A statutory requirement exists to reach rural areas

There are certain restrictions on how the assets are allocated and
how the profits are to be shared and this underpins the time to return
to profitablity for the private players. 50 % of the assets to be
invested in Government Bonds and 15 % in Infrastructure bonds
leaving only 35 % for the fund managers to creatively manage. It is
typically known to be a 6 year period and with the opening up of this
sector only in year 2000, none of the private players are profitable
yet. This makes it ever more challenging for Bharti AXA which is
the newest player in the market.

The insurance products by Bharti AXA Life Insurance Company Ltd


include:
o Wealth Confident
o Future Confident

o Future Confident II
o Secure Confident

o Save Confident

o Invest Confident

Each life insurance or general insurance product of Bharti AXA


Life is named confident as they believe in making each customer
'Life Confident' giving them the assurance that the future of their
loved ones is financially secure even in their absence.

Bharti AXA Group:-


Bharti Airtel / Airtel Ltd.
Bharti AXAInsurance
Bharti-Tele Tech Ltd
Bharti AXA Investment Managers
Bharti Tele Soft
Bharti Resources
Bharti Foundation

1. Bharti Airtel Ltd. :- Bharti Airtel Ltd is one of


Asia's leading telecommunications service provider.
The Company is Indias largest integrated telecom
company in terms of customer base and offers Mobile
Services, Fixed Line services, Broadband & IPTV,
DTH service named Airtel Digital TV , Long
Distance and Enterprise services. Airtel also offers
mobile services in Sri Lanka on a state-of-the art 3.5
G network.

2. Bharti AXAInsurance :- Bharti AXA Insurance


Company, India, is a leader in life insurance products,
financial protection, wealth management and
financial services.

3. Bharti-Tele Tech Ltd : Bharti-Tele tech currently


commands a leading share in retail as well as the
telecom service provider segments. Buoyed by its
experience & success in distribution & marketing as
well as the changing sphere of Indian economy, the
Company plans to offer a high range of products to
the consumers, going forward.

4. Bharti AXA Investment Managers :- Bharti AXA


Investment Managers Pvt. Ltd. is a joint venture
between Bharti Ventures Limited - one of the
foremost business groups in India, AXA Investment
Managers (AXA IM) and AXA Asia Pacific Holdings
(AXA APH) (through NMIPL). We focus on
excellence and performance, with our professional
fund management taking care of your imperative
financial needs, keeping tomorrow in check while
tracking a dynamic today.

5. Bharti Tele Soft :- Bharti Tele soft is the leading


provider of integrated VAS solutions for mobile
operators in emerging markets. Among the top 3
global providers of integrated VAS solutions in
rapidly growing markets, Bharti Telesoft has
deployed solutions for over 100 mobile operator
customers in over 70 countries worldwide.

6. Bharti Resources :- Bharti Learning Systems is a


wholly owned subsidiary of Bharti Enterprises, which
provides end-to-end learning and skill- building
solutions for the Bharti Group companies and several
large corporates. It provides solutions that impact
business performance through enhanced employee
productivity, customer profitability and effective
talent transformation. Besides, Bharti Learning
partners a host of leading organisations such as
American Express, Genpact, Maruti Suzuki, PepsiCo,
HCL, Cummins, LG, JCB, Deutsche Bank, Motilal
Oswal, Blue Dart, Kaya, CEAT, Everest Industries
and AXIS Sales etc.

7. Bharti Foundation :- Bharti Foundation, the


philanthropic arm of Bharti Enterprises was
established in 2000 with a vision "To help
underprivileged children and young people of our
country realize their potential". Bharti Foundation is
an organization established under the Laws of India
with charitable status pursuant to a "Deed of Trust"
dated August 7, 2000; registered at New Delhi on
August 25, 2000.

Market Share
If we look at the status of Bharti AXA Life Insurances market share
in comparison of other private company in comparison of premium
earned:-

No Insurer Market Share (%)

1. Bajaj Allianz 7.56

2. ICICI Prudential 7.35

3. Bharti AXA 4.10

4. HDFC Standard Life 2.87

5. SBI Life 2.31

6. Birla Sun Life 1.89

7. Tata AIG 1.29

8. Max New York 1.23

9. Aviva 1.14

10. Kotak Mahindra OLD Mutual 1.11

11. ING Vysya 0.79

12. Reliance Life 0.54

13. MetLife 0.40

14. Sahara Life 0.06


15. Shriram Life 0.03

Structure of Bharti AXA Insurance Ltd.:-

Managing Director & Chairman : - MR. Sunil Bharti Mitta

CFO :- Mr Milind Chalisgaonkar,

Chief Operating Officer :- Tim Thomas

Director Human Resources :- Priya Ranjan

Chief Distribution and Marketing Officer :- Shyamal Saxena

Its hierarchy in Bharti AXA Life Insurance is like this:-


Marketing Team Structure:
Few Products :-

1. Individual Plans :

a. Bharti AXA Life Bright Stars :- A


Unit Linked Child product. Bharti
AXA Life Bright Stars provides a
launch pad for your childs bright
future. What else, we also have
Jumpstart benefit which is paid out at
maturity along with Policy Fund
Value, which enables your child to
explore more career options.

b. Bharti AXA Life Spot Suraksha :-


Spot Suraksha helps us to create a
pool of wealth to meet your long-term
needs, with an added advantage of
simplified buying process.

c. Bharti AXA Dream Life Pension :-


A Unit Linked Pension Product,
Dream Life Pension, Bharti AXA Life
Insurances unique pension product
ensures that our retirement life is your
Dream Life.

d. Bharti AXA Life AspireLife :- Unit


Linked Endowment Product, Aspire
Life helps us to create a pool of wealth
to meet our long-term needs, while
also providing us adequate protection
in case the need arises.

e. Bharti AXA Life InvestConfident :-


Unit Linked Single Premium Product,
we have always strived hard to
achieve the best for us and your loved
ones, so when it comes to making an
investment decision, we would expect
the best from it too.

f. Bharti AXA Life WealthConfident:-


A unit-linked investment cum
protection policy, our wealth, your
status ensures that we get preferential
status wherever we go.

g. Bharti AXA Life FutureConfident :-


A unit-linked policy which offers
comprehensive protection along with
wealth creation in the long term.

h. Bharti AXA Life SaveConfident :-


Traditional money back insurance
product for long term savings,our
changing lifestages decide our
financial milestone planning. When
we foresee intermittent financial
requirements in the years to come, like
regular expenses related to our childs
education, liquidity becomes a key
aspect of your planning along with
long term savings, and protection for
your family.

i. Bharti AXA Life SecureConfident :-


A Long Term Life Insurance, all of us
desire to maximise the happiness for
our family at all times, irrespective of
the circumstances. The thought of
unfortunate events befalling us may
cause us anxiety about providing a
secured happiness to our loved ones.

2. Group Plans :
a. Bharti AXA Life Swasthya
Sanjeevani :- Swasthya Sanjeevani is
a single premium group critical illness
product, providing comprehensive
protection against 6 critical illnesses.

b. Bharti AXA Life Sanjeevani :-


Sanjeevani is a single premium group
term life insurance product, offering
protection to your family.

c. Bharti AXA Life Mortgage Credit


Shield :- Mortgage Credit Shield is a
Group Product that provides coverage
to people who have availed of a
Mortgage\ Home loan\ Home equity
loan from an Institution/Bank.

d. Bharti AXA Life Credit Shield :-


Credit Shield is a Group Product that
provides coverage to people who have
availed of a loan for 1 to 5 years from
Group Policyholder.

e. Bharti AXA Life Life Shield :- Life


Shield is a single premium group term
life insurance product.
Carriers in Bharti AXA Insurance :-

Talent Engagement objectives:

To create an emotional commitment and strong two-way


relationship between the employees and the Company.
To have clear performance expectations and a clear return
from the Company (working environment, development,
reward, career opportunities etc), which helps employees
to make a connection between their contribution and the
progress made by the Company.
To inspire and empower people to achieve their best and reward them competitively
for their contribution and provide attractive career opportunities.
To build a learning culture which fosters personal development and professional
mobility and upholds values of professionalism, innovation, pragmatism, team spirit,
integrity.

To respect and value individuals, their diversity and support them in their need to
balance professional and personal lives.

"Core Job Functions" in following categories


Sales & Distribution
Marketing & Communications
Product Development, Underwriting & Acturial
Operations Management
Claims Management
Risk Management
Program Management
Finance & Accounts / Legal
Administration & Facilities Management
Information Technology
Human Resources, Training & Development
Marketing:-
According to Kotler, Marketing is a social and managerial process
by which individuals and groups obtain what they need; want
through creating, offering and exchanging of products of value
through other.

This definition of marketing rests on the core concepts like: needs,


wants, and demands, products (good, services and ideas); value, cost
and satisfaction; exchanger and transactions; relationships and
networks; markets; marketers and prospects.
NATURE OF GOOD
MARKETING

THAT IS WHAT BHARTI AXA INSURANCE BELIEVES IN, a


good marketing

Kotak adopts different methods for the marketing:-

Bharti AXA has positioned itself in terms of BRAND


POSITIONING as:-

FINANCIAL FREEDOM: lifes full of fabulous choices .

Bharti AXA always expressed itself as always close to Customers


with the help of:-

Ads
Merchandising
Corporate Stationery

TELE MARKETING:

It is a kind of Direct selling, which makes the LEAD


GENERATION for the BUSINESS, or it turned into the SALES
that are again building BUSINESS for the company.

Tele Marketing is marketing the product through telephone. The


most important aspect of Tele Marketing is COLD CALLING,
HOT CALLING, and OBJECTION HANDLING.
Cold Calling means Calling to the unknown telephone number
for the first time and that even without knowing the respondent.

Hot Calling means Calling to already approached person for the


further response

Objection Handling means to handle the type of objection that


may arise while calling.

By different type of calling we used to generate the LEAD for


the further business.

Result from Calling:-


Appointment: - Calling used to turn into the appointment to
generate the lead for the business depending upon the motto
to call, which was sometimes for the appointment of the Life
Advisors and sometimes for selling the policies.

Mail Brochure: - Sometimes responses were that the


respondent is not able to talk due to some reasons and they
ask to mail the details via e mail.

Call Later: - Responses used to come as to call later because


of their busy schedules, incorrect time to call as the persons
busy in meeting or having lunch, or driving or is in roaming
area.

Already a customer of Bharti AXA: - little response came


as the person is already a customer of the Bharti AXA
Insurance.

Not Interested: - Most of the responses turned to not interest


the basic reason for that is, in India Insurance are much about
telling then asking.

Database Problem: - If we got the database then problem


like wrong number was frequent to observe.

CHANNEL MARKETING
Distribution Network of Individual Life Insurance
Business in India

Direct selling part includes Tele marketing through advertisements


etc.

Brokers are the one who can sell the insurance product of a lot of
company and is appointed by the company but works for the
individual and earn brokerage through company.

Life Advisors is the name given to the traditional Agent which we


often hear. Life Advisor is the one who can sell the insurance
product of only one company and commission is what he earns in
reference to the business provided by him.

Other channel here means the Corporate Agents, banks, selling


through Franchisee etc. are the parts of the channels which create
business for the company.

Channel developments most important aspect is Life advisor so we


should know the process of recruiting the life advisor.
Procedure of Getting Insurance :-
First of all PHF form has to be filled along with it necessary
document has to be attached:-

PHF means Personal History Form in which NAME, ADDRESS,


MOBILE NO., Type of Training Required etc has to be mentioned.

Simply all those information has to be there which are necessary to


be known to the company so as to decide the potential of the
Proposer to bring the business to the company.

Then basic requirements as per the rule of the Insurance Act, 1938
has to be fulfilled.

1. Person has to be major

2. Should be of sound mind

3. Should work for only one company

4. Should be 10th if going for rural area, and should be 12th passed if
going for the urban area. Urban area means the area having the
population above 5000 persons.

5. Should have residential proof

6. Should have identity proof.

7. Copy of PAN Card has to be attached.

And then the most important aspect that person will have to go for
the 50 hours training and will have to secure 50% marks to pass the
examination conducted by III (Insurance Institute of India) in behalf
of IRDA to get the licence to do the policy and earn the commission
out of the work done.

Bharti AXA life is the theme that is opted by the Bharti for its
employee

CPI = FOS*% active * Average case size * Average


case rate

CPI: Cash Premium Income

FYP i.e. First Year Premium excluding the renewal premium is CPI
of the company.

FOS: Feet on Street. Sales are source of it and source of sales is Life
Advisors.
Percentage active: It is that how many policies the life Advisors
have sold or in a better manner we can say that active is the one who
sells at least one policy in a year.

Average Case Size = TOTAL PREMIUM / no. of policies

Average Case Rate = Total policies/ No. of Active Life Advisor

In it different training modules is designed at different levels of life


advisors.

Rewards and recognition has 5 levels in it:-

RECOMMENDATIONS:-
Some more motivation to the employees over there is
needed.
Infrastructure has to be built properly because an office
is the face of the company.
Tele marketing need to be focussed much.
Networking is needed to be made broad as the number
of branches with KotakLife is only 75 and the 7 states
has been touched by the company so there is a huge
untapped market available for the Kotak.
Marketing in terms of the media via advertisements on
Televisions to small commercials on FM has to be
made because there were respondents in our survey
who even havent heard the name of KOTAK Life
Insurance. FM is suggested here because the people
who can drive the private life insurance is the youth,
and FM is something on which youngsters look upon
too.
Awareness Camp to the sub urban area should be
focussed by kotak.
Apart from the Brand Positioning in urban area, a
strategy should be adopted by Kotak to make its
brand also near to middle level, or high aspirant
people because they are the main source of the
business in India.

1. TIMES OF INDIA

2. THE HINDU

3. Business world

4. Outlook Business

5. Business Today

Webliography:-

1. www.bharti.com

2. www.indiatimes.com

3. www.insuranceworld.com

4. www.findarticles.com

5.www.wikipedia.org

6.www.managementparadise.com

7.www.google.com
Other sources:-

1. The Economic Times

2. Blogs by admin

ANNEXURE

Questionnaire For Comparision


Basic Information

Name : Mr./Mrs./Ms. ---------------------------------------- Phone


No.: ------------------

Age : -------------- Occupation : -----------------------


Designation:----------------

Education :

Graduate

Post Graduate

Non-Graduate

Professional :

Doctor

Engineer

C.A.

M.B.A.

L.L.B.

Other ---------------------------

Annual Income of Household :

Up to Rs. 2 Lakh

Rs. 2 Lakh to Rs. 5 Lakh

Rs. 5 Lakh to Rs. 8 Lakh

Above Rs. 8 Lakh


Address :----------------------------------------------------------------------
-----------------------------

----------------------------------------------------------------------------------
------------------------------

1. Are you an active investor ?

Yes No

2. What are your investment objectives ?

For tax saving For old age


High return

Childs future
Others :----------------------------------

3. Do you have any Insurance Policy ?

Yes No

4. What kind of Insurance Policy you have ?

Life Health
Children

5. Which companys Insurance Policy you have ?

Bharti AXA ICICI Prudential Life

Bajaj Allianz HDFC Standard Life

SBI Life Avira Life

Max NY Life LIC India

Birla Sunlife Reliance Life

Others :---------------------------------------------

6. Does your Insurance Provider fulfils all your expectations


regarding Insurance Policies?

Yes No
If no, state the
reasons :---------------------------------------------------------------
-----

7. Are you willing to invest in same Insurance Provider in


future ?

Definitely Yes Yes


Cant Say

Definitely No No

8. Will you choose Bharti AXA Insurance Ltd. as your


Insurance Provider ?

Definitely Yes Yes


Cant Say

Definitely No No

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