Description
PROJECT ON RELIANCE LIFE INSURANCE
INSURANCE
PRESENTED BY :ABHISHEK - 02 SONAM – 54 ANISHA – 06 RICHA – 29 ANUJ - 63
A Reliance Capital company
?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 Fastest to reach the 5 part of the million policy mark Reliance Anil Dhirubhai Continuous increasea in RLIC has achieved market share over 4 Ambani Group. growth rate of 21% while years; from 1.9% in •3rd largest private Largest private the private industry has 2005-06 toat 10.26% in insurer in terms of policy grown 13% player 2009 -10 count in 2009-10 •Amongst the fastest growing Companies for 4 years in a row
0.51 0.37 0.21 0.72 0.9 1.2 1.36 10.6 1.8
LIC
2.01 2.6
ICICI PRU BIRLA SUN BAJAJ ALLIANZ SBI RELIANCE HDFC TATA AIG MAX NEW AVIVA OM KOTAK ING VYASA MET LIFE
15.6 70.4
?Contradiction between IRDA and SEBI ?Government Rules and Regulations
?Inflation ?Income of the Family ?Market Condition (Equity and Debt) ?Taxation
?Changing Life Style ?Changing Attitude of the Society ?Change in the Perception of the Society
?Changes in the Medical Treatment ?World 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 Established Strong Public Players •New Entrants Foreign Giants with large pockets •Strong Tie-ups by competitors
STRENGTHS
•Brand
WEAKNESS •Newly Established Company •Lack of Advertising •No FDI backing
•Strong solvency & financial stability.
•Growing
OPPURTUNITY •Vast untapped market. •De-Tariff by IRDA. •Premium Collection Growing.
SO Advancement strategy
•Foray into Rural Segment & Micro Insurance •Improved Customer Service and Claim Settlement
WO Overcoming Weakness Strategy •Establish More Presence •Effective Advertising WT Avoid and Overcome Strategy
Keep a lookout for a suitable partner as FDI allowed increases
THREATS •New Entrants ,Foreign Giants entering Market. •Already Established Strong Public Players. •TieUps by competitors
ST Avoiding Threats strategy
Use Support from other Reliance setups for better Penetration in market and search for suitable Tie-ups
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
STEP - 3
INFOSYS
HOW Do WE GET THERE? WIN THE FLAT
8 p’s of marketing mix
Product Process
Plac e
Produ ctivity
8 p’s
Price
Physical evidence
Pro moti on
People
PRODUCT
General Insurance
Motor Insurance Help Wife Policy Home protector Policy Shop Keeper Policy Marine Policy
Fire Policy
Car Insurance Student Medical Insurance Travel Insurance
PRODUCT ( Contd.)
Reliance Life Insurance Products
? ULIP ( Unit Link Insurance Policy) ? Endowment Plan ? Health Insurance ? Protection plan ? Saving and Investment plan ? Retirement Plan ? Child Plan ? Health + Wealth Plan
PLACE
ALREADY 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– Mortality Expenses Interest
? 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 BRANCH MANAGERS SALES MANAGER AGENT AGENT AGENT REGIONAL HEADS BRANCH MANAGERS SALES MANGER AGENT AGENT AGENT REGIONAL HEADS BRANCH MANAGERS SALES MANAGER 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 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
doc_447271774.ppt
PROJECT ON RELIANCE LIFE INSURANCE
INSURANCE
PRESENTED BY :ABHISHEK - 02 SONAM – 54 ANISHA – 06 RICHA – 29 ANUJ - 63
A Reliance Capital company
?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 Fastest to reach the 5 part of the million policy mark Reliance Anil Dhirubhai Continuous increasea in RLIC has achieved market share over 4 Ambani Group. growth rate of 21% while years; from 1.9% in •3rd largest private Largest private the private industry has 2005-06 toat 10.26% in insurer in terms of policy grown 13% player 2009 -10 count in 2009-10 •Amongst the fastest growing Companies for 4 years in a row
0.51 0.37 0.21 0.72 0.9 1.2 1.36 10.6 1.8
LIC
2.01 2.6
ICICI PRU BIRLA SUN BAJAJ ALLIANZ SBI RELIANCE HDFC TATA AIG MAX NEW AVIVA OM KOTAK ING VYASA MET LIFE
15.6 70.4
?Contradiction between IRDA and SEBI ?Government Rules and Regulations
?Inflation ?Income of the Family ?Market Condition (Equity and Debt) ?Taxation
?Changing Life Style ?Changing Attitude of the Society ?Change in the Perception of the Society
?Changes in the Medical Treatment ?World 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 Established Strong Public Players •New Entrants Foreign Giants with large pockets •Strong Tie-ups by competitors
STRENGTHS
•Brand
WEAKNESS •Newly Established Company •Lack of Advertising •No FDI backing
•Strong solvency & financial stability.
•Growing
OPPURTUNITY •Vast untapped market. •De-Tariff by IRDA. •Premium Collection Growing.
SO Advancement strategy
•Foray into Rural Segment & Micro Insurance •Improved Customer Service and Claim Settlement
WO Overcoming Weakness Strategy •Establish More Presence •Effective Advertising WT Avoid and Overcome Strategy
Keep a lookout for a suitable partner as FDI allowed increases
THREATS •New Entrants ,Foreign Giants entering Market. •Already Established Strong Public Players. •TieUps by competitors
ST Avoiding Threats strategy
Use Support from other Reliance setups for better Penetration in market and search for suitable Tie-ups
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
STEP - 3
INFOSYS
HOW Do WE GET THERE? WIN THE FLAT
8 p’s of marketing mix
Product Process
Plac e
Produ ctivity
8 p’s
Price
Physical evidence
Pro moti on
People
PRODUCT
General Insurance
Motor Insurance Help Wife Policy Home protector Policy Shop Keeper Policy Marine Policy
Fire Policy
Car Insurance Student Medical Insurance Travel Insurance
PRODUCT ( Contd.)
Reliance Life Insurance Products
? ULIP ( Unit Link Insurance Policy) ? Endowment Plan ? Health Insurance ? Protection plan ? Saving and Investment plan ? Retirement Plan ? Child Plan ? Health + Wealth Plan
PLACE
ALREADY 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– Mortality Expenses Interest
? 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 BRANCH MANAGERS SALES MANAGER AGENT AGENT AGENT REGIONAL HEADS BRANCH MANAGERS SALES MANGER AGENT AGENT AGENT REGIONAL HEADS BRANCH MANAGERS SALES MANAGER 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 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
doc_447271774.ppt