Service Industry

Chetan Khanna

Rules of Insurance
1. Insure against the big catastrophes and disasters only. Differentiate what you can't afford to pay for out of pocket and always remember that "the cheapest insurance is self-insurance". 2. Carry the largest possible deductibles you can afford. The larger the deductible, the more you are self-insuring and the cheaper the premium will be. 3. Trust only the best-rated insurance companies. You need insurance companies you can depend on and no hidden costs and conditions. 4. Choose your agent carefully. He should not be a mere third party, rather he should be the first person you contact in case of an emergency knowing that he will take a prompt action on the insurance front while you take care of the damage. 5. Study your insurance plan very carefully and discuss every situation possible. Also study the feedback given by previous or existing customers of Chetan Khanna the company.

About
Kotak Mahindra Old Mutual Life Insurance Limited is a joint venture between Kotak Mahindra Bank (74%) and Old Mutual Plc (26%) headquartered in London. The company started its operations in the year 2001. The company has more than 200 branches in India and along with the distribution reach of its group companies, is well positioned to reach out to the length and breadth of the country. It has a large spectrum of life insurance products catering to protection, savings and retirement solutions.

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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.
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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.

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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. They build a relationship of mutual trust and benefit to serve the Indian customer. At Kotak Life Insurance the customer always comes first.
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Cohesive Work Environment

They form long-term partnership with the employees by offering them an invigorating work experience. They not only demand loyalty, sincerity and values but also give it back in equal measures. Kotak Life Insurance offers its employees space to grow, innovate and build a long-term career.

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Work with Honour

Their employees strive to build the long-term value for all those come in contact with Kotak Life Insurance. The consumers, distributors, employees, shareholders and the nation have their commitment that they 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.
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Kotak child advantage plan

The Kotak Child Advantage Plan is an investment plan designed to meet ones child's future financial needs. It's a plan that gives the child "azaadi" to realize his dreams. The plan is a participating plan with a 15-day free look period.

Age of the child required to attain the

plan: Minimum 0 years. Maximum 17 years.

Term:10- 30 years. Maximum sum assured allowed:

25,00,000
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Kotak retirement income plan

The Kotak Retirement Income Plan
is a savings plan designed to meet the post-retirement needs. It is a plan that gives "Jeene ki azaadi". It gives the choice to remain independent even after retirement. The Kotak Retirement Income Plan is a participating plan.

The plan comes in two forms:

(i) With Cover (ii) Without Cover.

Age of the person required to attain

the plan: Minimum 18 years. Maximum 60 years.

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Price
The disposable income in the hands of the prospects is found low or almost nil so Kotak has adopted its strategy that is beneficial to the end user and also paves the ways for increasing the insurance business Kotak life gives more importance to pricing strategy because they feel that it is the only means for attracting the customers in true sense.

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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. The product is highly flexible as it is present for children in urban well as rural areas and thereby it facilitates mobility

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Promotion
Advertisements
The products have 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 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.

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Promotion(Contd..)
Sales promotion 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. Personal selling Kotak gives utmost importance to personal selling of this product. Kotak Life conducts special training session for its agents who will finally approach the end customers so that they can demonstrate effectively

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People
Kotak Life provides training to its employees for making them competitive in the insurance market.

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Process
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 pays a premium at regular intervals. These subsequent premiums are termed as renewal premiums. The base agent gets a commission on the renewal premium
Overview Unique Strategy

Marketing Chetan Khanna Mapping Mix

Process
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

Overview

Unique Strategy

Marketing Chetan Khanna Mapping Mix

Physical Distribution
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. 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.
Overview Unique Strategy Marketing Chetan Khanna Mapping Mix

Advertisement -Positioning
Advertising space in life insurance industry is highly cluttered and the biggest challenge faced by the company was to create a distinct identity for its brand In December, 09, a new Child Plan TV campaign was launched. The ad was well received. The new tag line Faidey Ka Insurance is based on your companys core strength of Investment Expertise and neatly combines the idea of good returns with protection The TV campaign in December was followed by extensive Outdoor, radio and internet campaigns spread across India, from Jan. to Mar. 2010

To further strengthen the impact of the campaign your Company in association with Mattel India conducted a Scrabble Championship in 8 cities, reaching out to 85,000 children in 171 schools.
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Advertisement -Positioning
As per AC Nielsen ORG MARGs March, 2010 survey, your companys total brand awareness scores have moved up from 82% in March, 2009 to 92% Last year the company spread its internet footprint beyond lead generation to include initiatives such as Online Brand Promotion, Social Media Optimization and Search Engine Optimization Cost reduction was another area of focus and inspite of increase in output the company managed to reduce the collateral printing and logistics cost significantly. In all 15 products and 15 funds were either launched or repackaged, enabling the company to offer a better portfolio for its customers.

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Positioning Reliance Money

The company has positioned itself as the financial supermarket where all the needs of customers in terms of financial services/products are fulfilled under one roof as it offers differential financial services of various companies like insurance policies of ICICI, HDFC, AVIVA life Insurance and many more It regularly conducts events, seminars and also sponsor various events to provide knowledge of its offered financial services/products and to have a direct face to face contact with customers and prospective customers It does promotion and advertisement in such a manner which draws public attention and there tagline is Yes we are something different

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