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Bharti AXA General Insurance is a joint venture between Bharti, one of Indias leadingbusiness groups with interests in Telecom, Agri Business and Retail; and AXA, world leader in Financial Protection and Wealth Management. Bharti Group holds 74% of equity and AXA holds 26% of the equity. With a vision to become the leader and preferred company for financial protection in India,Bharti AXA General Insurance offers its customers individuals and businesses- a wide range of products and services that meet their insurance needs. The values upon which its business practices are based are availability, attentiveness and reliability. The company leverages the Bharti Groups large customer pool, and has developed a strong multi-channel distribution network in both urban and rural markets. The company was incorporated on 13th July 2007. Headquartered in Bangalore, the company currently has 40 branches across India. The Management team at Bharti AXA General Insurance consists of experienced leaders who are passionate about their companys vision and goals and are committed to the development ofBharti AXA General Insurance as the preferred company for Financial Protection in India. Bharti AXA presents an array of protective plans to suit clients personal and business requirements. Bharti AXA system of values are as follows: a) Reliable prompt settlements, customer service and professionalism. b) Attentive to customer needs as they change with time, and actively listening to our customers. c) Available easy customer access to money and to our company, and plans that have built-in flexibility and convenience. Mission: To be the preferred company for general insurance in India Strategy: Quality Policy To provide fast, fair and friendly service to customers & partners To achieve a leadership position in India through a multi-distribution, multi-product platform To adapt AXAs best practice blueprints as a sound platform for profitable

growth To leverage Bhartis local knowledge, infrastructure and customer base To deliver high levels of shareholder return To build long term value with our business partners by enhancing the proposition to their customers To be the employer of choice to attract and retain the best talent in India

Strong distribution network & customer base of Bharti provides access to customer base of more than 60 million Strategic differentiators: Multi channel execution capability AXAs current Asia product range which is a strong match to products sold to the masses Global scale of AXA providing cost effective and speedy re-use of systems, products and business capability. 7 Ps of Marketing of Bharti AXA General Insurance: 1. Products and Services: A)Retail Insurance: a. Motor b. Health c. Personal Accident d. Home e. Shop B)Commercial: a. Fire b. Engineering c. Marine d. Property Crime e. Liability f. Package C)Rural: a. Agricultural Pumpset b. Cattle Insurance Policy 2. Price: Pricing factor is decided on the basis of the type of products which the customer buys. But in true sense, pricing is very competitive as there are lots of competitors all over the country. Bharti AXA is a strong player in private companies and its price structure is highly competitive and reliable. Example of Bharti AXA General Insurance: Policy of Two Wheeler Insurance: This policy provides the following covers 1.Accidental damage to the vehicle due to: Fire, lightning, self-ignition, external explosion, burglary, housebreaking or theft, malicious act. Riot and strike; terrorism; earthquake; flood, cyclone and inundation Whilst in transit by rail, road, air, elevator, lift.

2.Liability cover for: Third party injury or death Third party property damage caused to their property.

3. Place: Bharti AXA General Insurance Co. Ltd. Plot No. 844/4, Mazzanine Floor, Fun Republic, Shah Industrial Estate, New Link Road, Andheri(W) Mumbai:400053 Bharti AXA has selected good location in Mumbai. They are Fort and New Link Road of Andheri(W). 4. Promotion: The following are the tools through which Bharti AXA promotes its general insurance business: Tele-marketing Internet Hoardings Personal Selling Advertisement through newspapers, business magazines and FM radio

5. People: Bharti AXA has a vision to ascend to the preferred company status by 2012 to be preferred by customers, shareholders and employees. The Company believes that by being available, attentive and reliable, it will become the preferred company for its customers. And its people are Human Capital who have a key role in this process, and it is committed to create an emotional commitment with its employees. The company also have synergy of the Global best practices of AXA Group, the Country specific proven best practices of Bharti Group and supplement it with its own set of initiatives towards creating a culture that can attract best of the talents, nourish and retain them to achieve the long term Corporate Vision. 6. Process: From the minute customers claim intimation is received, the Claims Team becomes active and acts efficiently and swiftly towards its settlement. This is part of their endeavour to make theBharti AXA General Insurance customer experience always a positive one. Bharti AXA CLAIMS MISSION is Fast, fair and friendly services, delivered in a proactive, cost efficient manner through technology platforms. Alongwith the claim procedure being so smooth, the general insurance customer is very much satisfied while taking policy. The customer is given every minute details about a particular policy which he wants. 7. Physical Evidence: Stationery Separate departments for smooth functioning of work like Public Relation Department Brochures

Internet / Web Pages Business cards

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual. A company that combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them in taking important financial decisions at every stage in life and stay financially independent. The company is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. Kotak Life Insurance employs around 5,565 people in its various businesses and has 197 branches across 141 cities.

Mission: To focus on the needs of customers and create confidence, trust and loyalty by offering a wide range of innovative insurance solutions. Strengthened by commitment to professional management, they ensure the continued growth and advancement of their employees. Vision: Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers, employees and stakeholders. They aim at improving the long term value in their relationship by continuous innovation and improvements. They do this by their three-prong effort which strives to make Kotak Life Insurance a corporate with values.1. Increase Customer Value: Kotak Life Insurance has gone to the heart of its customers requirements and developed products which are unique and serve the customer needs perfectly. We built a relationship of mutual trust and benefit to serve the Indian customer. At Kotak Life Insurance the customer always comes first. 2. Cohesive Work Environment: We form long-term partnership with our employees by offering them an invigorating work experience. We not only demand loyalty, sincerity and values but also give it back in equal measures. Kotak Life Insurance will like to offer its employees space to grow, innovate and build a long-term career. 3. Work with Honour: Kotak Life Insurance delivers everyday services in the marketplace with the high sense of duty and commitment. Our employees strive to build the long-term value for all those come incontact with Kotak Life Insurance. Our consumers, distributors, employees, shareholders

and the nation have our commitment that we will uphold the values of trust, integrity and a Sense of Honour in every thought, act and deed in order to positively contribute to individual, society and nation growth. 7 Ps of Marketing of Kotak Life Insurance: 1. Products and Services: Individual Plans: Protection Plans: Kotak Loan protection Plan Kotak Term / Preferred Term Plan Kotak Eternal Life Plans
Savings and Investment Plans:

Kotak Super Advantage Kotak Platinum Edge Kotak Endowment Plan Kotak Money Back Plan Child Plans:

Kotak Headstart Child Plans Kotak Child Advantage Plan Retirement Plans:

Kotak Long Life Wealth Plus Kotak Long Life Secure Plus Kotak Retirement Income Plan Kotak Second Innings Plan Group Plans: Kotak Group Shield Kotak Group Assure Kotak Gratuity Group Plan Kotak Superannuation Group Plan Kotak Term Group Plan Rural: Kotak Gramin Bima Yojana 2. Price: Pricing is an important element in the service sector. So Kotak Life Insurance has maintained a good pricing mix for child plan: The disposable income in the hands of the prospects is found low or almost nil so Kotak has adopted his strategy that is beneficial to the end user and also paves the ways for increasing the insurance business.

The price mix decisions basically depend upon the premium that they are going to charge from the endusers. As in this case the premium charged will be low in the initial stages and will increase with the increasing age of the child. But in case if the child is physically disabled the premium charged will be high. The customers can even avail for loan facility if they opt for higher premium plan.Kotak life gives more importance to pricing strategy because they feel that it is the only means for attracting the customers in true sense. 3. Place: Kotak Life has adopted the place strategy in such a way that a gap between the services promised and services offered is bridged over. Kotak agents, brokers, branch office, retail finance service distributors alliances with banks etc. play an important role in delivering their services to policy holders at the right time and at right place. This product is promoted in places like school, colleges and other child zone areas. This product is highly flexible as it is present for children in urban well as rural areas and thereby it facilitates mobility. 4. Promotion: Advertisements This product has been advertised through telecast media broadcast media and print media. Since this product is for children up to 17 years of age the focus of advertisement is on television which is more appealing. Kotak has recognized the need for this plan and therefore has adopted suitable marketing strategy which involves advertisements in popular kids channel like pogo, hungama, star plus etc. Publicity The PROs of Kotak Mahindra life insurance has publicized this product taking into consideration the eligibility and features and has thereby come with an appealing strategy emphasizing not only on children who are main benefit holders of this product but also the family who will actually pay the premium for this product. the PROS of Kotak life have developed a good rapport with hungama to publish it can be seen from the banner of this plan that the happiness is shown on parents face as soon as they secure their childs future which is the prime motive of this plan. This plan gives your child the azaadi to realize his dreams even before he is an adult. Sales promotion The promotion activities are carried out by the agents, development officers and branch officers. Kotak life has promoted this plan by giving calenders dairies bags which they thought should be given as a token of gift along with the plan. Kotak life also conducts, seminars quiz, other contest, games in various malls and play schools. All such activities have increased the volume of saled and has also created a medium of awareness for the children. Personal selling As we know that customer is the king , Kotak gives utmost importance to personal selling of this product. Moreover, Kotak Life conducts special training session for its agents who will finally approach the end customers so that they can demonstrate effectively which will enable the end users i.e childrens to buy the product. 5. People:

People

are

most

important

component

of marketing

mix for

the

insurance

industry.

Sophisticated process of technological advances makes the way for the development of personnel in such a way that an organization succeeds in making possible a productive utilization of technologies used or likely to be used. Professional qualification requirements change as technology develops and evolves. The use of computers micro-computers, fax machines, sophisticated telephonic services, and e-mailing, inter-net and intra-net services have been found throwing a big impact on the perception of quality of services. This makes it essential that the insurance organizations also think in favor of developing personnel in line with the development and use of information technologies. The front line staffs as well as the branch managers are required to be given the training facility so that they are in position to make possible and effective use of the technologies. The insurance organization bear the responsibility of the developing the credentials of their employees. In this context, it is also significant that they think about the behavior profile of insurance personnel. It is pertinent that the employees are well aware of the behavioral management they know and understand the changing level of expectations of users and make sincere efforts to fulfill the same. In this context, it is also significant that the senior executive while the recruiting, training and developing the insurance personnel make it sure that employees serving the organizations have a high behavioral profile in which empathy has been given due place. The psychological attributes becomes significant with the view point of influencing the prospect a retaining the users, it is in this context that the insurance companies need a rational plan for the development of insurance personnel. Kotak Life provides training to its employees for making them competitive in the insurance market. 6. Process: In the current scenario, policyholders just log on to website and call insurance advisors to their home or office. This insurance advisors make customers aware about the new and advantageous product for them. Alongwith it also helps customers to ask any query related to any insurance products. So the process of taking life insurance is very convenient . It is due to private players entering into the market. But still the simplest model of life insurance takes place mostly. It is as follows: The client approaches the insurer through an agent with a proposal containing his personal details, income details, medical history, products ( the product describes the features provided by the insurer like maturity bonus, claims allowed etc. These features vary from product to product), sum assured (the amount for which the client is covered), term (number of years for which the client is to be covered) and premium amount (installment amount to be paid by the client to the insurer). The agent who brings this proposal is termed as a base/servicing agent for the proposal. The proposal will go through various stages of approval and risk evaluation by the Central Processing Centre of the Insurance Company. Upon final approval, a legal agreement, termed as policy, between the insurer and the client is prepared whereby the insurer covers the client for the sum assured. The client is also entitled for some additional benefits, if any, depending on the features of the product taken in the policy. The base agent gets a commission for the policy.

The client pays a premium at regular intervals. These subsequent premiums are termed as renewal premiums. The base agent gets a commission on the renewal premium also. The client may come back with some alterations to the policy viz. increase/decrease in sum assured, increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policy and will issue endorsements stating the alterations made and their effect on the policy.

During the term of the policy, the client can submit claims. The insurer makes payment against the claim after verification. Depending on the type of claim the policy is either terminated or is kept in force.

At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit under life insurance policies. In addition to this the client will get the maturity bonus and any other benefits depending on the product feature.

7. Physical Evidence: Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports and statements. Signage Signage personifies the insurance company. It gives a identity by which users recognize the company. A signage depicts the companys philosophy and policy. Following are some of the examples Tangibles Insurance companies give their customers and agents various tangible items like pen, letter pad, calendars. Such things try to reduce the intangibility characteristics of this industry. Statements The statements are punch line which briefly depicts the vision and attitude of a insurance company towards its users/potentials. It also indicates their business motive

ICICI Prudential Life Insurance : ICICI Prudential Life Insurance Company is a joint venture betweenICICI Bank one of Indias foremost financial services companies-and Prudential plc a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, withICICI Bank holding a stake of 74% and Prudential plc holding 26%. It began its operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, their nation -wide reach includes 1,960 branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 bancassurance partners. For three years in a row, ICICI Prudential has been voted as Indias Most Trusted Private Life Insurer, by The Economic Times AC Nielsen ORG MARG survey of Most Trusted Brands. As they

grow their distribution, product range and customer base, they continue to tirelessly uphold their commitment to deliver world-class financial solutions to customers all over India. For the past nine years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life. ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with 1,960 branches (including 1,096 micro-offices) and an advisor base of over 230,000 (as on December 31, 2009). The company has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon Peoples Co-op Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank. 7 Ps of Marketing of ICICI Prudential : 1. Products and Services: Insurance Solutions for Individuals: ICICI Prudential Life Insurance offers several novel, customercentric products for customers at every stage of life. The products and services offered by the organization are in various fields, such as: Protection Plans: 1. Save n Protect : Its a perfect plan to collect funds as savings and be protected by the insurance policy. 2. Cashback : Its a policy with a combination of three benefits periodic liquidity, protection & savings. 3. Home Assure : It is a policy where you can cover your home loan which is a term assurance plan. 4. Pure Protect : It secures your life and your familys in case of any unforeseen situation. It is a term plan which is a flexible and inexpensive product. 5. Life Guard : It is a cover which is available at a low cost. This plan comes with 2 options level term assurance with return of premium & single premium. Premium Guarantee Plans: 1. InvestShield CashBack : It provides a premium guarantee and also balancing the returns, safety & liquidity. It is a unit linked plan. 2. InvestShield Life New : A plan where the customer is guaranteed that he will at least get back his premiums. It is a unit linked plan which also provides premium guarantee and the customer gets the benefits of high returns. The policy also offers a protection to the family with a life insurance cover. Education Insurance Plans: 1. SmartKid Regular Premium : It is a tradional plan where funds are provided for the needs of the child in the future. 2. SmartKid New Unit-linked Regular & Single Premium : The policy is made in such a way that the child receives money at a stage, for his educational needs. Wealth Creation Plans:

1. PremierLife Gold : Premier Life Gold helps with long-term wealth creation .It is a limited premium paying plan. And from the second year onwards it also provides flexibility of premium reduction. 2. LifeStage RP : The LifeStage RP is unit linked plan that provides you with a portfolio strategy and keeps distributing your funds across the different asset classes depending on your profile. 3. Wealth Advantage : Its an exclusive whole life single premium unit linked plan that provides long term coverage up to the age of 70 years. And you have the option of withdrawing your funds systematically. 4. Lifetime Gold : This plan is a unit linked plan from which you can get high returns over a long term with easy investment options. It offers 8 fund options Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth. 5. LifeStage Assure : A unit linked insurance plan that provides Guaranteed Maturity Addition of 100%- 450% of first year premium based on the term and number of premiums paid. Also your funds are allocated across several asset class based on your profile. 6. LifeLink Super : Its a single premium unit linked insurance which offers premium allocation along with a chance to get high returns over the long term, and your family is also protected by this plan. Group Plans: 1. Group Term Insurance Plan : Its a flexible group term plan which provides an inexpensive cover to members of a group. The cover is either given based on uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 2. Group Gratuity Plan : The plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. 3. Group Super Annuation Plan : This plan offers a flexible market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimize returns for members of the trust and rationalize cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. 4. Annuity Solutions : This plan has annuity products which give you income and help you realize your needs. In addition to the annuities offered to existing superannuation customers, the plan also offers immediate annuities to superannuation funds managed by the team. Health Insurance Plans: 1. Diabetes Plans : It is a long term insurance policy created for individuals with Type II diabetes and pre-diabetes. It offers long term (upto 20 years) control over diabetes through a specially designed Wellness Programme including regular health checkups and a Diabetes Coach to facilitate diabetes management. It also provides you coverage against seven major critical illnesses. 2. Cancer Plans : It provide a regular premium plan that helps you with a cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. 3. Comprehensive Health coverage : provides comprehensive hospitalization cover and reimburses all other medical expenses by building a health fund.

4. Critical Illness Plan : It is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. 5. Hospitalisation Plan : A health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years. Also there is another hospital care plan where there is a fixed benefit plan covering various stages of treatment hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. Retirement Plans: 1. Forever Life : A traditional retirement product that offers guaranteed returns for the first 4 years. 2. Immediate Annuity : A single premium annuity product that assures an income for life at the time of your retirement. It has the benefit of 5 payout options. 3. LifeStage Pension : A regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your age and risk profile. 4. Premier Life Pension : It is a unit-linked pension policy with a limited premium paying option for preferred customers. 5. Lifetime Super Pension : It is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase pric5. at the time of retirement. 6. LifeLink Super Pension : A single premium unit linked pension plan. Rural Plans : Suraksha & Suraksha Kavach : Its a rural plans which offer benefits like life Cover, low and Affordable Premiums and Hassle Free Procedure. Micro Insurance Sarv Jana Suraksha : Sarv Jana Suraksha is a plan to provide protection and security to rural population at a very affordable cost. The family members are protected in this plan incase of death of the policyholder. The 1. New Anmol Product Launched for by tea ICICI tribes in Prudential Assam in is as January follows2009 Nivesh

2. Health Saver in January 2009 2. Price: Pricing is very important in life insurance as policyholders are attracted towards it more often. ICICI Prudential has some unique policies which is different from other companies. Example: ICICI Prudential- Pure Protect Below is the table that shows premium for various age-term combinations for a Sum Assured of Rs.50 lakhs.

Age 30 year 35 year

10 years Rs.7608 Rs.9889

15 years Rs.8378 Rs.11390

20 years Rs.9444 Rs.13,327

25 years Rs.12558 Rs.18809

40 year
Features 1. Entry Age

Rs.14394
of

Rs.17064
Pure

Rs.20067
Protect

Rs.27075
:

Policy Minimum age(years) Maximum age(years)

2. Policy Term:

Pure Protect Classic 18 65 Pure Protect Classic 10 30

Pure Protect Elite 18 65 Pure Protect Elite 3 15

Policy Minimum age(years) Maximum age(years)

3. Place:

Mostly Life Insurance companies have offices at main locations in cities and towns. But most of the customers buy insurance policies with the help of agents. Therefore place is important but other than place what is more important is wide distribution of policies through banks directly. It is known as Bancassurance. Bancassurance is the term used to describe the partnership or relationship between a bank and an insurance company whereby the insurance company uses the bank sales channel in order to sell insurance products. Bank staff and tellers, rather than an insurance salesperson, become the point of sale/point of contact for the customer. Bank staff are advised and supported by the insurance company through product information, marketing campaigns and sales training. Both the bank and insurance company share the commission. Insurance policies are processed and administered by the insurance company. By selling insurance policies bank earns a revenue stream apart from interest. It is called as fee-based income. This income is purely risk free for the bank since the bank simply plays the role of an intermediary for sourcing business to the insurance company.So, ICICI Bank uses bancassurance to distribute policies to its customers. ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with 1,960 branches (including 1,096 micro-offices) and an advisor base of over 230,000 (as on December 31, 2009). ICICI Prudential has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon Peoples Coop Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank. Mostly all private life insurance companies are using bancassurance model. Other than this all ICICI Prudential Life Insurance offices are at significant locations. 4.Promotion: Over the last few months, ICICI Prudential has been advertising in outdoor, TV and press. The company launched a corporate television campaign Saat Phere which took the emotions and thoughts of initial Sindoor corporate film a few steps further. The film highlights the strength of promises that a husband makes to his wife, through the depiction of everyday situations, and then goes on to emphasise that ICICI Prudential will stand by the husband to help him fulfill all these promises. The TV campaign has also been extended to outdoor.

The company has also undertaken press and internet campaigns to inform customers about benefits of some of its products, particularly retirement solutions, through the Chintamani campaign. After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns, ICICI Prudential Life Insurance also introduced some innovations in the category, such as: having a tax planner by the name of Chintamani on radio, who would answer consumers queries about the role of insurance in financial planning. Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a direct marketing exercise, to talk to the customer through a non-cluttered route, and thereby have a higher impact. The direct mailer was about ICICI Prudentials retirement solutions and the tax benefits that one can avail of by investing in any of these. About 100,000 direct mailers were attached to the dabbas, in areas such as Churchgate, Bandra and Andheri where there are mostly officegoers . In addition to advertising, the company has also initiated several activities to raise consumer awareness about life insurance and ICICI Prudential. It includes seminars ICICI Prudential regularly holds consumer awareness meets on the need for retirement planning in different cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore and Mangalore. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Apart from this, it also entered into alliances with telecom companies, as well as companies like BPCL and Dominos 5.People: People are the main assets in any organization . They are very precious in the service sector. Therefore, ICICI Prudential has good number of talented people in their organization . The people strategy of ICICI Prudential is To build a committed team with a culture of innovation, learning and growth. The Human Resource Function at ICICI Prudential drives the people strategy of the business. With its initial focus on operational excellence to deliver benefits and services to staff members, HR is now committed to building capability through state of the art processes. A robust performance management system, compensation system and a segmented training architecture enable it to deliver value to the organization. The company provides an enabling environment to foster growth and learning for their employees. Every member of the ICICI Prudential team is committed to 5 core values: Integrity Customer First Boundaryless Ownership Passion

These values shine forth in all we do, and have become the keystones of our success. 6. Process: The client approaches the insurer (ICICI Prudential) through an agent with a proposal containing his personal details, income details, medical history, products ( the product describes the features

provided by the insurer like maturity bonus, claims allowed etc. These features vary from product to product), sum assured (the amount for which the client is covered), term (number of years for which the client is to be covered) and premium amount (installment amount to be paid by the client to the insurer). The agent who brings this proposal is termed as a base/servicing agent for the proposal. The proposal will go through various stages of approval and risk evaluation by the Central Processing Centre of the ICICI Prudential. Upon final approval, a legal agreement, termed as policy, between the insurer and the client is prepared whereby the insurer covers the client for the sum assured. The client is also entitled for some additional benefits, if any, depending on the features of the product taken in the policy. The base agent gets a commission for the policy. The client pays a premium at regular intervals. These subsequent premiums are termed as renewal premiums. The base agent gets a commission on the renewal premium also. The client may come back with some alterations to the policy viz. increase/decrease in sum assured, increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policy and will issue endorsements stating the alterations made and their effect on the policy. During the term of the policy, the client can submit claims. The insurer makes payment against the claim after verification. Depending on the type of claim the policy is either terminated or is kept in force. At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit under life insurance policies. In addition to this the client will get the maturity bonus and any other benefits depending on the product feature. 7. Physical Evidence: Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports and statements. Signage: Signage personifies the insurance company. It gives a identity by which users recognize the company. A signage depicts the companys philosophy and policy. Following are some of the examples Tangibles: Insurance companies give their customers and agents various tangible items like pen, letter pad, calendars. Such things try to reduce the intangibility characteristics of this industry. Example: Pen of ICICI Prudential Statements: The statements are punch line which briefly depicts the vision and attitude of a insurance company towards its users/potentials. It also indicates their business motive. Example: ICICI Prudential have a punch line called We cover you at every step of Life and also the advertisement of Jeete Raho was hit among the TV viewers.

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration on 2nd May, 2001 to conduct General Insurance business (including Health Insurance business) in India. The Company has an authorized and paid up capital of Rs 110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz, SE. As on 31st March 2009, Bajaj Allianz General Insurance maintained its premier position in the industry by achieving growth as well as profitability. The company garnered a premium income of Rs. 2866 crore, achieving a growth of 11 % over the last year. Bajaj Allianz has made a profit before tax of Rs. 149.8 crore and has become the only private insurer to cross the Rs.100 crore mark in profit before tax in the last three years. The profit after tax was Rs.95 crores, which is also the highest by any private insurer. Bajaj Allianz today has a countrywide network connected through the latest technology for quick communication and response in over 200 towns spread across the length and breadth of the country. From Surat to Siliguri and Jammu to Thiruvananthapuram, all the offices are interconnected with the Head Office at Pune.

Vision:

To be the first choice insurer for customers To be the preferred employer for staff in the insurance industry. To be the number one insurer for creating shareholder value

Mission: As a responsible, customer focused market leader, we will strive to understand the insuranceneeds of the consumers and translate it into affordable products that deliver value for money. Bajaj Allianz General Insurance offers technical excellence in all areas of General and Health Insurance as well as Risk Management. This partnership successfully combines Bajaj Finservs in-depth understanding of the local market and extensive distribution network with the global experience and technical expertise of the Allianz Group. As a registered Indian Insurance Company and a capital base of Rs. 110 crores, the company is fully licensed to underwrite all lines of general insurance business including health insurance. Achievements: Bajaj Allianz has received iAAA rating, from ICRA Limited, an associate of Moodys Investors Services, for Claims Paying Ability.This rating indicates highest claims paying ability and a fundamentally strong position. Bajaj Allianz General Insurance has received the prestigious Business Leader in General Insurance, awarded by NDTV Profit Business Leadership Awards 2008. The company was one of the top three finalists for the year 2007 and 2008 in the General Insurance Company of the Year award by Asia Insurance Review. 7 Ps of marketing of Bajaj Allianz : 1. Products and Services: Bajaj Allianz General Insurance Company Ltd. offers a range of insurance products to

its clients. The following insurances are offered by the company:

Motor Insurance Asset Insurance Home Insurance Shop / Showroom: Protection against all risks Health Insurance Health Guard Personal Guard Hospital Cash Critical Illness Silver Health E-Opinion Star Package Health Ensure Insta Insure Sankat Mochan Family Floater HG Tax Gain Travel Insurance Travel Companion Student Companion Pravasi Bharati Bima Yojana Travel Asia Travel Elite Travel Assist Swades Yatra Corporate Insurance Specialty Lines Aviation Marine Hull Insurance Project Insurance Sports & Entertainment Insurance Your Employees Group Personal Accident Group Health Guard Group Critical Illness Workmens Compensation Group Travel Office Office Package Burglary Plate Glass Public Liability Fire Money D & O Liability Fidelity Guarantee Manufacturing Unit Fire Business Interruption Industrial All Risk

Workmens Compensation Engineering Public Liability Product Liability Composite Public & Product Liability Fidelity Guarantee Marine Insurance Credit Insurance

2. Price: The price structure is based on the type of policies. The price variation has to be kept due to intense competition among private players. Pricing element is very important for Bajaj Allianz as they want to increase market share. The price of Bajaj Allianz policies are made as per keeping the customer in mind. 3. Place: 3rd Floor, 349 Business Point, Western Express Highway Road,
Andheri(E). The locations of every corporate offices of Bajaj Allianz is magnificent. They locate themselves in a very professional manner. This indicates their corporate approach towards their work. Work culture is also conducive to such environment. 4. Promotion: Huge advertisements on Television and radios. Tele-marketing Promotion in front of corporate offices Internet Marketing Hoardings and brochures 5. People: People are the main assets of financial organization because of service factor attached to it. Here in this case of insurance business, talented and experienced personnel are required. Bajaj Allianzrecruits highly intellectual persons with good market knowledge. They also provide training to brief them up about Bajaj Allianz to its new staff members. This is the reason they are No.1 position in General Insurance among private players. They create an emotional commitment and strong two-way relationship between the employees and the Company. To have clear performance expectations and a clear return from the Company (working environment, development, reward, career opportunities etc), which helps employees to make a connection between their contribution and the progress made by the Company. To inspire and empower people to achieve their best and reward them competitively for their contribution and provide attractive career opportunities.To build a learning culture which fosters personal development and professional mobility and upholds values of professionalism,innovation, pragmatism, team spirit, integrity.To respect and value individuals, their diversity and support them in their need to balance professional and personal lives. 6. Process:

The prestigious awards itself speaks the smooth functioning of the insurance activities. They have the highest claims paying ability and a fundamentally strong position. They want to be the first choice for insurers in the country. So, they understand the insurance needs of the customers and translate it into affordable products that deliver value for money. Below case study is a clear evidence of proof:

7. Physical Evidence: Physical evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following: a) Business cards b) Internet / Websites c) Furnishings d) Bajaj Allianz Building in Pune e) Internal Infrastructure