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SERVICE MANAGEMENT

INSURANCE INDUSTRY
GROUP MEMBER
 Vinod Parmar - 41
 Ashok Manda - 28
 Kartik Sangani - 52
 Dhawal Parmar - 40
Flow of Presentation
 Overview

 LIC

 ICICI Prudential

 Conclusion
OVERVIEW
 Insurance sector size is estimated at Rs.500 billion.

 Annual growth rate of 15-20%

 Only 400 million people can afford

 20% have insurance

 22 players
WHY INSURANCE ?
FUNCTION
 provide protection against the possible chances of
generating losses

 eliminates worries and miseries of losses by


destruction of property and death

 provides capital to the society


7 P’s
 Product

 Price

 Place

 Promotion

 People

 Process

 Physical Distribution
LIFE INSURANCE CORPORATION OF INDIA

Introduction

One of the World’s Largest


Life Insurance Company
Mission and Vision
Mission
Ensure & enhance the quality of life of people through
financial security by providing products and services of
aspired attributes with competitive returns, and by rendering
resources for economic development.

Vision
A trans-nationally competitive financial conglomerate
of significance to societies & PRIDE OF INDIA
Values
 Initiative and Innovation

• Integrity and Transparency

• Participation and
Relationship
• Trustworthiness and
Reliability
7 P’s of Marketing Mix
 PRODUCT

• PRICING
• PLACE
• PROMOTION
• PEOPLE
• PROCESS
• PHYSICAL
DISTRIBUTION
AC Nielsen ORG-MARG Survey 2004 to 2007

(For the 4th consecutive


year)
About Company
 Joint Venture

 First Private Insurance Company

 First Company to get AAA Rating by Fitch

 Most Trusted Private Life Insurer: Economic Times


Vision
Be dominant in Life, Health and Pension Player
Strategies
•Understanding needs of Customers
•Levering Technology
•Risk management and Investment Strategies
•Growth and Learning for Employees
•Transparency
Insurance plans
• Traditional Plans
- Steady Investment
- Generally withdrawals are not allowed
• Unit Linked Insurance Plan
- Flexibility
- Transparency
- Liquidity
- Fund options (funds from equity, debit , cash..)
Insurance Plans

Education Insurance

PLAN TYPE PLAN NAME


1) Smart kid new regular Unit linked
2) Smart kid new single Unit linked
3) Smart kid regular Premium Traditional

Premium Guarantee Plan


PLAN TYPE PLAN NAME
1) Investshield Life New Unit Linked
2) Investshield Cash bank Unit linked
Protection Plan
PLAN NAME PLANT TYPE
1) Life Guard Traditional
2) Save “n” Protect Traditional
3) Cash Bank Traditional
4) Home Assure Traditional

Retirement Plans
PLAN NAME PLANT TYPE

1) Life Link Super Pension Traditional


Plans

2) Lifetime Super Pension Traditional


Plans
Health Care Plans
PLAN NAME PLAN TYPE
1) Life Time Gold Unit Linked
2) Life Link Super Unit Linked
3) Premier Life Gold Unit Linked
4) Life Time Plus Unit Linked
5) Life Stage Unit Linked

Health Care Plans


PLAN NAME PLAN TYPE
1) Crisis Cover Unit Linked
2) Hospital Care Unit Linked
3) Diabetes Care/ Diabetes Care Plus Unit Linked
4) Cancer Care Unit Linked
5) Health Assure Plus Unit Linked
Summary of key achievements

Sustained private market leadership: 6 years in


a row
Rs 284.09 bn (USD 7.2 bn) of assets held
More than 6 million policies sold
Total premiums of Rs 77.58 bn (USD 2.0 bn) in
9m-2008
Fitch rating of ‘AAA (Ind)’
Awarded most respected private life insurer
Going forward
● Rural foray: Continue to expand to
smaller towns to take advantage of
potential market and increased
Distributio
affluence
n & Scale ● Expand advisor base with focus on
efficiencies
● Leverage technology to match scale
Profitabilit  Manage expenses through increased
y efficiency and economies of scale

 Comprehensive & customer centric


product portfolio
Product Thrust on pensions and health
 Continue to focus on innovation
 Enhanced business and financial
Disclosure reporting
Reasons for Success
 Strength of the ICICI Bank  Allowed customers to pay
brand behind it varying amounts depending
 Started out with the on the stage of life
traditional endowment  ICICI's upfront charges
products have always been lower
 Started offering Ulip policies  Competitors charged 50-60
from Year 1 and was selling per cent of the first year
more policies premium, ICICI charged 18-
 Endowment products had 20 per cent
little transparency  ICICI remains among the
 Product innovation top advertisers
 First to come up with health  Big advantage of leverage
products of customer base of its
parent.
Pension Plans
LIC ICICI Prudential
Jeevan Needhi LifeLink Super Pension
Features:- Features:-
 Regular Premium  Option of One time Permium

 Retirement option from age of


 Retirement option from age
45 years
of 40 Years
 Joint Life Last Survivor
 Joint Life Last Survivor
Annuity: 100%
Annuity: 50% Annuity
 Choice of Investment

 Switching option
Child Plans
Child Fortune Fund Smart Kid Unit Linked
 Life Insured: Child
 Life Insured: Parent
 Death Benefit: Sum
 Death Benefit: Sum Assured + Policy Benefit
Assured  Maturity Benefit: Fund
 Maturity Benefit: Fund Value settlement options
Value paid in Lump  Riders Available: Income
sum Benefit, Accidental death
and Benefit
 Choice of Investment Funds
Conclusion
Thank You