india infoline-insurance ppt
TRANSCRIPT
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Spreading awareness about the
insurance products and
generating leads
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Executive Summary
India Infoline is the biggest corporate agent forICICI Prudential Life Insurance
Insurance Selling is not like selling any otherproduct. While selling this intangible productwe are actually selling death benefit, whichmakes it less attractive because customers areless interested in a product whosebenefit will be received after their death
This project deals with spreading awarenessabout the insurance products and generatingleads in Ahmadabad city.
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The steps followed by me were:
Cold calling
Lead generation
Visiting the leads
Pitching the product
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Introduction
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India Infoline is a one-stop financial services
shop, most respected for quality of its advice,
personalized service and cutting-edge
technology.
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India Infoline Group
The India Infoline group, comprising the holding company,India Infoline Limited and its wholly-owned subsidiaries ,straddle the entire financial services space with offeringsranging from Equity research, Equities and derivativestrading, Commodities trading, Portfolio ManagementServices, Mutual Funds, Life Insurance, Fixed deposits, GoIbonds and other small savings instruments to loan productsand Investment banking. India Infoline also owns andmanagesthewebsiteswww.indiainfoline.comandwww.5paisa.com
The company has a network of 976 businesslocations(branches and sub-brokers) spread across 365cities and towns. It has more than 800,000 customers.
http://www.indiainfoline.com/aboutus/%20http:/www.indiainfoline.comhttp://www.indiainfoline.com/aboutus/%20http:/www.indiainfoline.comhttp://www.5paisa.com/http://www.5paisa.com/http://www.indiainfoline.com/aboutus/%20http:/www.indiainfoline.com -
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INDIA INFOLINE GROUP
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India Infoline Media and Research
Services Limited.
The content services represent a strong
support that drives the broking , commodities,
mutual fund and portfolio management
services businesses. Revenue generation is
through the sale of content to financial and
media houses, Indian as well as global
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India Infoline Commodities Limited.
India Infoline Commodities Ltd. Enjoys
memberships with the MCX and NCDEX, two
leading Indian commodities exchanges ,and
recently acquired membership of DGCX.
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India Infoline Marketing &Services
India Infoline Marketing and Services Limited
is the holding company of India Infoline
Insurance Services Limited and India Infoline
Insurance Brokers Limited
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India Infoline Marketing &Services
It is the largest Corporate Agent for ICICI Prudential LifeInsurance Co Limited, which is India's largest privateLife Insurance Company. India Infoline was the firstcorporate agent to get licensed by IRDA in early 2001.
India Infoline Insurance Brokers Limited India InfolineInsurance Brokers Limited is a newly formed subsidiarywhich will carry out the business of Insurance broking.We have applied to IRDA for the insurance broking
license and the clearance for the same is awaited. Postthe grant of license, we propose to also commence thegeneral insurance distribution business.
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India Infoline Investment Services
Limited
India Infoline Investment Services Private Limitedconsists of the following step-down subsidiaries.
(a) India Infoline Distribution CompanyLimited(distribution of retail loan products)
(b) Money line Credit Limited (consumer finance)
(c) India Infoline Housing Finance Limited(housingfinance)
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IIFL (Asia) Pte Limited
IIFL (Asia) Pte Limited is wholly owned
subsidiary which has been incorporated in
Singapore to pursue financial sector activities
in other Asian markets.
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Indian Insurance Industry
Insurance constitutes one of the major segments of the financialmarket. Insurance services play predominant role in the process offinancial intermediary. Today insurance industry is one of the mostgrowing sectors in India. There is lot of potential in the IndianInsurance Industry.
Recently there has been a hike in FDI (Foreign Direct Investment)limit from 26% to 49%
in the insurance sector. Government may in near future allow 49%FDI in Insurance. This would lead to more capital inflow by foreignpartner
Right now the insurance industry has great opportunities in acountry like India or China which huge population. Also thepenetration of insurance in India is very low in both life and non-lifesegment so there is lot potential to be tapped.
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Competitor
Analysis of ICICI
Prudential
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In the Insurance Sector, LIC is the largest
player. But its share has been consistently
reducing since liberalization and privatization
of this sector
INDUSTRY GROWTH RATE IS 36%
Left (Image)
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SWOT analysis ofI.C.I.C.I Prudential
Insurance Products
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Strengths
The biggest strength of the organization is
the:
Money power which makes them ignorant
about the gestation period.
Brand image , brand experience and
innovative products.
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Weakness
High targets for the financial advisors and
sales department.
Many competitors in the market sell the same
product with a slight difference in premium
and offerings
The reach in semi-urban areas and rural
markets is still very less
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Opportunity
Huge market is still untapped, out of 320millio
n insurable markets only 20 % is insured.
Health insurance and pension schemes have
an estimated market potential of 15billion
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Threats
Players like Bajaj and Birla Sun life have low
premium for similar plans.
Entry of many other private companies with
equally strong experience and financial strengthof foreign partners is making the competition
difficult and saturating the urban markets.
LIC has woken up from sleep and is followingcompetitive strategies. Its huge surplus in Life
fund gives a capability to lodge a price war.
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Observations
LACK OF AWARENESS AMONG THE PEOPLE:
This is the biggest limitation found in this sector thatpeople are not aware of the necessity and importanceof the insurance in their life. They are not aware howuseful life insurance can be for their family membersif something happens to them.
Perception of the people towards insurance sector:
People still consider insurance as a tax saving device.So today there is always a rush to buy Insurance policyonly at the end of the financial year making the other 9months dry for this business
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Insurance does not give good returns:
Still people think that insurance does not give good returns. They are notaware of the modern UNIT LINKED INSURANCE PLANS which are offeredby most private players these days. They still carry the perception that ifthey take insurance they will get 5-6%returns which is not true now adays. Now a days most of the modern ULIPs give returns which are much
more than the returns from Fixed deposits, National saving certificate,Post office deposits and Public Provident fund.
Lack of awareness about the earning opportunity in the insurancesector-People still today are not aware about the earning opportunity thatthe insurance sector gives. After the privatization of the insurance sector
many private giants have entered the insurance sector. These privatecompanies in order to beat the competition and to increasetheir Insurance Advisors to increase their reach to the customers aregiving very high commission rates but people are not aware of that.
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Increased competition
Today the competition in the insurance sector hasbecome very stiff. Currently there are 14 LifeInsurance companies working in India includingthe LIC(life insurance corporation of India). Todayeach and every company is trying to increasetheir Insurance Advisors so that they can increasetheir re chin the market. This situation has
created a scenario in which to recruitlife insurance advisors and to sell life insurancepolicy has become very very difficult.
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Recommendations
The insurance products should not be pitched as pureinsurance products but as investment instruments
A ULIP offers a wide choice of funds, ranging throughequity, debt, cash, or a combination of the three. The
customer is also offered the option of choosing fundmix based on his desired asset allocation.
Customer can choose from various fund options i.e.R.I.C.H., Multiplier, Flexi Growth, Flexi Balanced,Balancer, Protector, Preserver. These have varying
equity and debt mix and accordingly they give returns.Higher investment in equity , higher returns but riskwill be also higher .
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Regional language is very important in giving
personal touch So ICICI prudential should print
product details in regional language.
ICICI prudential should look forward for
more interactions with customers through
arranging the annual meeting.
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Various needs can be
The insurance products should be pitched
according to the life stage need.25-
30 Seeking job, trying to save, house /car
loans.30-35 Marriage expenses,35-
50 Children's education.50-
55 Spending on parent's medicalexpenses.60 onwards Own retired life
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Riders
A rider is a clause or condition that is added on to abasic policy providing an additional benefit.
Insurers find it easier and covenient to have a smallnumber of basic plans , with riders being offered as
options, effectively the prospect has a numberof options to choose from. Such options enablecustomisation of the product. Various riders are:
Increased death benefit , being twice or even more
than the survival benefit.
Accident benefit allowing double the Sum Assuredif death happens due to accident.
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Permanent disability benefits , covering loss oflimbs, eyesight, hearing , speech etc.
Dreaded disease cover, providing additionalpayments( in lump some or in installments), if the
life insured requires medical attention because ofspecified conditions like cancer, cardiac or stroke ,kidney failure etc.
Cover to continue beyond maturity age for same
Sum assured or higher Sum Assured. Option to increase cover within specified limits or
dates
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Managerial Learning
Intermediary plays a very important role because ofthe following reasons :
Its a personalized type of marketing.
Moral hazard of the insured is to be judged.
Layman does not know insurance He has to be guided for the best cover
He has to be given service in terms of proposal form,claim form, getting refunds, giving policies, receipts ,
cover notes. He has to be told about requirements and
documentation.