reliance
DESCRIPTION
Hey its an power point presentation made on reliance insurance. Life insurance and others are also been included in this. A presentation thats been featuring the SWOT analysis and marketing mix of insurance sector. Hope it counts handy for other people.TRANSCRIPT
A Reliance Capital company
PRESENTED BY :-ABHISHEK - 02SONAM – 54ANISHA – 06RICHA – 29ANUJ - 63
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.
TYPES OF INSURANCE…… General Insurance Life Insurance
• Reliance Capital is a part of the Reliance Anil Dhirubhai Ambani Group.•3rd largest private player •Amongst the fastest growing Companies for 4 years in a row
Continuous increase in market share over 4 years; from 1.9% in
2005-06 to 10.26% in 2009 -10
RLIC has achieved a growth rate of 21% while the private industry has
grown at 13%
Fastest to reach the 5 million policy mark
Largest private insurer in terms of policy
count in 2009-10
70.4
15.6
2.6
2.01
1.810.6
1.361.20.90.720.510.370.21
LICICICI PRUBIRLA SUNBAJAJ ALLIANZSBIRELIANCEHDFCTATA AIGMAX NEWAVIVAOM KOTAKING VYASAMET LIFE
Contradiction between IRDA and SEBIGovernment Rules and Regulations
InflationIncome of the FamilyMarket Condition (Equity and Debt)Taxation
Changing Life StyleChanging Attitude of the SocietyChange in the Perception of the Society
Changes in the Medical TreatmentWorld of Computerization
Michael Porter Five Force Model
Reliance Capital is our own company which provides us our equity
No. of other Substitutes companies present in the Market
Up coming Companies in the market with new Products and Latest Technologies.
No. of other substitutes available in the market e.g LIC
No. of Competitors Present in the market
• Brand Name• Strong solvency & financial
stability.• Private placement of Rs. 10,000
crs worth of securities with RBI• 3rd largest private player in a
span of just 4 years • Fastest to reach the 5
million policy mark • 1145 branches 1,95,000
Advisors and over 16,000 employees
•Newly Established Company•No Foreign Partner bringing in FDI•Lack of Advertising•Sudden expansion increased operations and administration expenses due to which losses incurred.•All Inner Facts known to family member/Brother Mukesh Ambani
•Vast untapped market •De-Tariff by IRDA.•Customers needs growing with change in society•Premium Collection Growing
•Fierce Competition•Already EstablishedStrong Public Players•New EntrantsForeign Giants with large pockets•Strong Tie-ups by competitors
ST Avoiding Threats strategyUse Support from other Reliance setups for better Penetration in market and search for suitable Tie-ups
WT Avoid and Overcome StrategyKeep a lookout for a suitable partner as FDI allowed increases
WO Overcoming Weakness Strategy•Establish More Presence•Effective Advertising
SO Advancement strategy•Foray into Rural Segment& Micro Insurance•Improved Customer Service and Claim Settlement
STRENGTHS•Brand
•Strong solvency & financial stability.
•Growing
WEAKNESS
•Newly Established Company•Lack of Advertising•No FDI backing
OPPURTUNITY•Vast untapped market.•De-Tariff by IRDA.•Premium Collection Growing.
THREATS•New Entrants ,Foreign Giants entering Market.•Already EstablishedStrong Public Players.•TieUps by competitors
Demographic•Focus on growing share in Metropolitans and Tier 1 Cities•Focus on developing Share in Tier 2 and Tier 3 Cities
Lifestyle•Better Customer Service•Better investment and returns
Income• < 1,00,000•1,00,000-5,00,000•5,00,000 >
Age•Married and starting a Family•Middle Age•Retirement
INFOSYS WIN THE FLAT WORLD
HOW Do WE GET THERE?STEP - 3
8 p’s of marketing mix
8 8 p’sp’s
PRODUCT
General InsuranceMotor InsuranceHelp Wife Policy Home protector PolicyShop Keeper PolicyMarine PolicyFire PolicyCar Insurance Student Medical InsuranceTravel Insurance
ULIP ( Unit Link Insurance Policy) Endowment Plan Health Insurance Protection plan Saving and Investment plan Retirement Plan Child Plan Health + Wealth Plan
PRODUCT ( Contd.)
Reliance Life Insurance Products
PLACEALREADY DONE:-HIGH COVERAGE IN SOUTH INDIA
METROPOLITIAN CITIES
•FUTURE PLANS:- TO COVER SUB URBAN INDIA AND RURAL INDIA•WIDE EXPANSION OF 1200 TO 1500 STORES
PRICE Pricing is done on the basis of case to
case bases. Low Cost Low Risk Product For Rural Market and Micro Finance Interest charged for defaulting the payment of premium and credit facility. Commission charged for under writing and consulting activities. Our pricing of the premier rate under life insurance are effected by–
MortalityExpensesInterest
De tariff by IRDA will bring more competition
PROMOTION•For Rural and Suburban market we want to use Street shows and play as tool to promote our Brand and increase awareness•For Urban markets we will use help and resources our other companies to increase market depth and reach•Mobinsure already in place•We will not Hard sell our product but instead have a Policy of subtle persuasion for which even our agents will be trained•Use of Media and Entertainment industry to highlight our Salient Features
PEOPLE & PROCESS
CEO
COO
CHANNEL HEADS
REGIONAL HEADS
REGIONAL HEADS
REGIONAL HEADS
BRANCH MANAGERS
BRANCH MANAGERS
BRANCH MANAGERS
SALES MANAGER
SALES MANGER
SALES MANAGER
AGENT
AGENT
AGENT
AGENT
AGENT
AGENT
AGENT
AGENT
AGENT
PEOPLE & PROCESS
Claim Settlement Speedy and Efficient
Focus on Agents as they are single most important part of process by effective training
One Stop Shop for customer at our Super stores
Well Trained Agent with Fully equipped Comprehensive Information Broachers at standby to respond at early notice
Sales Manager with full Local Knowledge and depth of market
Physical EvidencePhysical Evidence•All Branches and Regional Offices are connected with Network and MIS System•We have been Awarded ISO 9001:2000 Process Rating•Claim Process Also Streamlined•One Stop shops- SUPER STORES•New upcoming offices in116 Cities•Customer Care centers all over different Regions
PRODUCTIVITY