India Infoline-Insurance Ppt

8/13/2019 India Infoline-Insurance Ppt

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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.

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India Infoline-Insurance Ppt

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