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 A
REPORT ON
PROMOTIONAL STRATEGIES ADOPTED BY
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

Prepared by
Jubin Shah (8NBSU095)
Submitted to
Mrs. Rubina Sheikh
 Objective of the project
 To know the promotional strategies of ICICI prudential
life insurance.
 To know how they face their competitor’s strategies.
 To know how they survive in the cutthroat competition.
 To know the products of the ICICI prudential life
insurance
 To know the product life cycle of the ICICI prudential
life insurance
THE INSURANCE INDUSTRY
o The private players got entry to
this industry in 1999.
o LIC is the Market Leader.
o A dozen of Private players in the
market.
o Huge improvement in service
attitude & delivery.
o The biggest beneficiary of the
competition is the consumer.
Graphical Representation of Market Shares of
different private players.
 Industry profile
Introduction of insurance
 Insurance provides financial protection against a loss arising
out of happening of an uncertain event. A person can avail
this protection by paying premium to an insurance company
 A pool is created through contributions made by persons
seeking to protect themselves from common risk. Premium is
collected by insurance companies which also act as trustee to
the pool. Any loss to the insured in case of happening of an
uncertain event is paid out of this pool.
 Insurance works on the basic principle of risk-sharing. A great
advantage of insurance is that it spreads the risk of a few
people over a large group of people exposed to risk of similar
type.
COMPANY BACKGROUND
 Joint Venture between ICICI Bank & Prudential PLC.
 Amongst the first private sector insurance companies to
begin operations in December 2000 after IRDA approval.
 Equity base of Rs. 6.75 billion, with ICICI Bank and
Prudential Plc. holding 74% and 26% stake respectively.
 The company garnered total received premium (new
business + renewal) of Rs. 3,088 crores for the quarter
ended June 30, 2008 as compared to Rs 1,801 crore for
the quarter ended June 30, 2007.
 The company wrote over 6 lakh policies over this period
and its assets stood at over Rs 26,900 crore.
 Contd…
 For three years in a row, ICICI Prudential has been
voted as India's Most Trusted Private Life Insurer(The
Economic Times)

Foreign Partner:

 Established in 1848, Prudential plc. of U.K. has grown

to be the largest life insurance and mutual fund
company in U.K. Prudential plc. has had its presence in
Asia for the past 75 years catering to over 1 million
customers across 11 Asian countries.

 Prudential is the largest life insurance company in the

United Kingdom
VISION- ICICI Prudential Life Insurance Co.

“The vision of the company clearly states that it wants to

become the dominant Life and Pension player built on
trust by world-class people and services.”
 values:-
Every member of the ICICI Prudential team is
committed to 5 core values
BOARD OF DIRECTORS
ICICI Prudential Life’s competitive
advantage

 Its joint venture status with Prudential Plc which is

a respected partner helps it maintain a strong
presence With valuable product inputs from
Prudential Plc a pension plan specialist in UK.

 ICICI Prudential Life is able to design diversified

plans.

 The ICICI Bank brand always helps the company.

 The Insurance Regulatory and
Development Authority (IRDA):

 Reforms in the Insurance sector were initiated with

the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation
as a statutory body in April 2000 has fastidiously
stuck to its schedule of framing regulations and
registering the private sector insurance companies.

 In the private sector 12 life insurance and 6 general

insurance companies have been registered.
LITERATURE REVIEW
 MEDIA EXPOSURE IN RURAL
MARKET

The estimated annual business from rural markets in 2008 was Rs.
1,23,000 crore, comprising Rs. 65,000 crore of FMCG, Rs. 5000
crore of durables, Rs. 45,000 crore of agricultural inputs & Rs. 8,000
crore of two wheelers and 4 wheelers. 29% of the rural people own
cars, 27% own colour televisions, 24% own refrigerators & 10% own
washing machines.
 CORPORATE ADVERTISING

The advertising idea, which was encapsulated in symbols of

protection from the initial print campaign, culminated in the
corporate film where SINDOOR was used as an endearing and lasting
symbol of protection.
 Advertisers aimed at appealing to the main stream, middle class
family.
 ICICI prudent strategy was to highlight the importance of the
nuclear family, the neighborhood and the country as a whole.
 Each group is attracted to a specific type of content, which
makes it easier for advertisers to target a specific audience a
certain way
 mechanism points out that our media is becoming global, where
people all over the world are being influenced by segment
making media.
Wednesday, April 25, 2007(times of India)
 Learning of icici prudential
 ICICI prudential has been advertising its retirement solutions
through the “chintamani” campaign The focus of this ad campaign
has been on educating consumers about its solutions, which provide
tax savings and investment options. ICICI targeted the office-going
segment and sent direct mailer to them through the dabbawallas.
 ICICI sole mention has been to education the customers about the
services it provides and the related attributes and benefits.
Marketers have begun to realize the importance of teaching the
consumer about their product & services and how these products
and services would benefits him.
(III sem consumer behavior book (page no.
101))
Affect of advertising in brand buliding
 Many astute business people now recognize corporate brands as
fundamental business assets, and have begun reaching out to
customers, prospects, and the financial community by
advertising those brands. Brand building advertising is
synonymous with product advertising and is commonly seen in
traditional mass media, including TV, radio, magazine, and
newspaper.

http://www.asiainsurancereview.com/pages/aw
ards/awardswinner s2008.asp
Power of emotional branding by ICICI prudential
 More and more companies are now days trying to market and
promote their products using emotional advertising. Today we see lot
of advertisement in different segments using different Relationship or
bonding of individuals with others
 Take an example of ICICI Prudential, they successfully used
following emotional branding techniques to create there brand and
marketed there products
http://www.managementparadise.com/forums/archive/inde
x.php/t-18260.html
 Promotional strategy
t Advertising
f Public Relations
f Sales Promotion
f Personal Selling
Direct Mail
 Message & media strategy
An effective communication campaign should comprise of a well thought
out message strategy. What message are you trying to put across to your
target audience

 Nike: Just do it.

 Toyota: The car in front is a Toyota.
 ICICI bank: Hum Hai Na.
 ICICI prudential life insurance: Jeete Raho &Retire from work,
not life
 Strategy
 Pull & puss strategy
Communication by the manufacturer is not only directed towards
consumers to create demand. A push strategy is where the manufacturer
concentrates some of their marketing effort on promoting their product
to retailers to convince them to stock the product.
 Product life cycle
4. Growth
5. Maturity
6. Decline
Internet promotion through website
Www.yahoomail.com Www.way2sms.com
INC student portal Www.monster.co
m
Mobile promotional
 Mobile Promotions is a very individual business. From roadshows
and sampling campaigns to hospitality and shopping center
promotions, we have a team of people who will help you stand
out from the crowd.
 Television advertising
 THE typical approach followed by national brands to attack the lower end of
the market is to introduce an offering, which is priced just above the
unorganized market's offering. The idea is to upgrade the consumer from that
to the branded one.
 Wall hoardings Promotions
strategy
Wall hording promotional strategy used by ICICI prudential company.
In many place in Surat puts the hoardings of ICICI prudential & also puts
the hoarding in a malls so more awareness of the ICICI prudential life
insurance company. Some wall hoardings in a mall shown as below in the
picture
 Radio advertising strategy
 A radio commercial (in the USA also called a spot by
people in the business) is a form of advertising via the
medium of radio. Airtime is purchased from a station or
network in exchange for airing the commercials.
 The first radio commercial is credited to WEAF, New York
on August 28, 1922 for the Queensbury real estate
corporation. The ten-minute live commercial was voiced
by H.M. Blackwell, a representative of Queensbury.
 Print media advertising strategy
 Advertising in India can easily handle your advertising needs.You may
need to design an ad for your business, looking for placing a
matrimonial advertisement or perhaps you want to publish an
advertisement in newspaper for job recruitment
PROJECT OVERVIEW
• Limitations:
Availability of quality resource
Sample selection and size
Time factor
• Primary Objective: To Understand &
Measure the impact of Advertising in
the Life Insurance Market.
• Secondary Objective: To know the
Promotional Strategies of ICICI
Prudential Life Insurance Co. Ltd.
RESEARCH WORK
1. You are regularly connected to which of the following media for advertisement?
2.How often do you share interesting advertising with your family or friends?

40
35
35

30

25
20
20
15
15

10
5 4
5

0
Never Reraly Sometimes Often Very often
3. Have you seen any Life Insurance Product Ad?
4. Have you Awareness of ICICI Prudential life insurance?
5. Have you seen the advertisements of ICICI Prudential Life Insurance?
6. In which of the following media have you seen these advertisements the most?
7. Can you recall the content/message of the ICICI Prudential advertisements now?
8. Understand the message of the advertisement of ICICI Prudential life insurance?
9. ICICI Prudential Life insurance advertisement was believable?
10. Do you think this ad has influence you to?

Buy the insurance policy 15

Recommend the Insurance Policy 10

Suggest the insurance Policy 15

None 60

0% 20% 40% 60% 80% 100%

11. If you hear the word “Life Insurance” what company comes to your mind immediately?
12. Rank the following life insurance companies as per your brand recall capacity?
Share of Life Insurance v/s other insurance
Growth of Life Insurance Advertising
LIMITATIONS
• The research is confined to a certain parts of
Surat due to time constraints and does not
necessarily shows a pattern applicable to all of
Country.
• Some respondents were reluctant to divulge
personal information which can affect the
validity of all responses.
• In a rapidly changing industry, analysis on one
day or in one segment can change very
quickly. The environmental changes are vital to
be considered in order to assimilate the
findings.
FINDINGS
 Majority of the public uses television for entertainment
or information gathering, followed by newspaper and
internet. Radio is seems to be out dated in urban
areas. But after revolution in mobile technology and
satellite radio it has again started growing.
 Majority of the public goes behind brand name.
That’s why corporate advertising plays a vital role in
growing stage.
 It is also found that insurance companies like to give
their ads in News/Business channel.
 Liking an advertisement does not mean that public
would like to buy that product.
 If we talk about the private players, public’s first
choice is ICICI Prudential followed by HDFC Standard
Life and Reliance Life Insurance.
RECOMMENDATIONS
• After the initial promotional campaign the
relative advantage of ICICI PRUDENTIAL Life
Insurance Co. Ltd. Over its competitor should be
highlighted.
• Hoardings at prime areas should be used
• ICICI Prudential should come forward for
development of rural sector by way of
establishing a school, digging wells in villages. It is
one of the ways to gain trust in rural sector.
• ICICI Prudential can also use to advertise by using
the way of “Nukkad Naataks”. It is the most
creative and cheapest way of advertising.
Bibliography

 www.iciciprulife.com
 www.rediff.com, financial section
 www.businesstoday.com, insurance articles
 www.businessworldindia.com, insurance articles
 www.google.com

 Questionnaire
THANK YOU..!