a presentation on insurance industry1

8/7/2019 A Presentation on INSURANCE INDUSTRY1

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A Presentation on INSURANCEINDUSTRY

Presented by,

Group 3

Stevens Business School

SEM-2


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Insurance

Introduction

Types

Market shares Products

Media Preference

Major players in Insurance Industry

Competitions in Insurance Industry


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Introduction

Insurance = collective bearing of risk

Basic human trait is to be averse to the idea of

risk taking. Insurance whether life or non life it provides

people with reasonable degree of security and

assurance that they will be protected in the

event of a calamity or failure of any sort.


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Types

INSURANCE

GENERAL INSURANCE LIFE INSURANCE

FIRE

INSURANCE

MARINE

INSURANCEMEDICLAIM

MOTOR

VEHICLE


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Life insurance

is a written contract between the insured and the

insurer, that provides for the payment of the insured sum on

the date of the maturity of the contract or on the unfortunate

death of the insured, whichever occurs earlier.

General insurance or non-life

insurance policies, including automobile and homeowners

policies, provide payments depending on the loss from a

particular financial event. General insurance typically

comprises any insurance that is not determined to be Life

Insurance.


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Main Objectives

Maximize mobilization of people's savings by

making insurance-linked savings adequately

attractive.

Conduct business with utmost economy and

with the full realization that the moneys

belong to the policyholders.

Act as trustees of the insured public in their

individual and collective capacities.


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Major Players Of LI And their Market Share

COMPANIES MARKETSHARE (%)2010

LIC 48.3

ICICI Prudential 13.7

BAJAJ LIC 10.3

SBI 6.2

HDFC LIC 4.1

BIRLA SUN LIC 3.4

MAX NEW YORK LIC 2.4

KOTAK LIC 1.9

RELIANCE LIC 3.4

AVIVA LIC 1.8


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Major Players Of LI And their

Market Share


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Major Players Of GIC And their

Market ShareCOMPANIES MARKETSHARE (%) 2010BAJAJ ALLIANZ 7.2

ICICI LOMBARD 9.5

TATA AIG 6.5

NATIONAL INSURANCE 5.7

NEW INDIA ASSURANCE 6.3

ORIENTAL INSURANCE

Others

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58.1


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Major Players Of GIC And their

Market Share


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Products Provide by LICs

Health Care Insurance

Retirement and Pension Plan

Asset Plan

Life time Gold Investment

Mutual Fund

Children Plan

Group Insurance Plan


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Products Provide by GICs

Motor Insurance

Home Insurance

Accident and Health Insurance

Travel Insuarnce

Small Business Insurance Plan

Corporate

Liability

Energy

Health


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Advertisement

These Insurance companies mainly do advertisement

through television media.

But mainly top insurance companies frequency of

advertisement is quick.

Other sources of media used by insurance companies

are magazine, Radio, Newspaper, Hoardings, etc

Their most of the advertisements are emotionalpromotion.


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Trends of promotion

PAST

In past they did promotion through bank

promotion

They did promotion through flyers

Did individual promotion

And maximum promotion had been done by

direct contact with public.


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Present

Use of upgraded hoardings

Internet Television

Magazines

Sponsorships

Events

Radio

Weekly letters


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How much do they spent on advertisement?

Life Insurance Corporation kind of companies

spending on advertisement is high.

Top insurance companies do more then 20%

expense on advertisement from their profit.

They do advertisement through some events,

brand promotion, etc


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These are the logos and advertisement

Picture They Do


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Recall Exercise on LIC

Founded in 1956

Largest insurance company in India

Owned by Government

More then 8 zonal Offices

100 divisional offices

2049 Branches

More then 100,21,500 agents


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Recall exercise On LIC

Life Insurance in its existing form came to

India from the United Kingdom with the

establishment of a British firm Oriental Life

Insurance Company in Calcutta in 1818

followed by Bombay Life Assurance Company

in 1823.


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Products


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Insurance Plans

Bima account plans

Endowment plus

Children plan

Plans for handicapped dependent

Endowment assurance plans

Money back plans


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Life Insurance Corporation Of India Use

Media Sources

TV Commenrcial

Health Protection

Na Chinta Na fikar

Jeevan Anand

New Bima Gold

Jeevan Saral

Childrens Plan

Market Plus


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Promotion

The company is pursing aggressive marketing

strategy advertising in TV, magazines,

newspaper, hoardings and other media.

The TV advertising is taken care of by

corporate office while the strategies for

newspaper and hoardings advertising is

prepared by the zonal office.


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Up till now the advertising budget of LIC was

1% of the total business, but now to create

awareness the company is spending more.

55% of LICs business is from rural area and

45% is from urban.

As we know insurance companies now-a-days

try to reach customers heart, want to affect

their emotions, etc


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Analysis

From the 100 samples

40% of the respondents are in the age group of 15

to 30. People say that, Life Insurance Corporation

is the company that first comes in their mind.

48% of respondents in the age group of15 to 30

knows the symbol of Life Insurance Corporation.

60% of the respondents said their awareness ofinsurance company is from TV commercial

a presentation on insurance industry1

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