MAX LIFE INSURANCE IN THE MARKET OF ..

INSURANCE
Insurance is a contract between two parties whereby one party called insurer
undertakes in exchange for a fixed sum called premiums, to pay the other party
called insured a fixed amount of money on the happening of a certain event.

Insurance types :-
Life Insurance
Term & Permanent Life Insurance

General Insurance
1)Fire Insurance 4) Marine Insurance
2) Accidental 5) Medical claim
3)Motor Vehicle


All life
insurance
companies
were
nationalised to
form LIC in
1956 to
increase
penetration
and protect
policy holders
from
mismanageme
nt
The non-life
insurance
business was
nationalised to
form GIC in
1972
Before
1956
1956-
72
1993-
99

2000
The life
insurance
sector was
made up of
154
domestic
life insurers,
16 foreign
life insurers
and 75
provident
funds
Malhotra
Committee
recommended
opening up the
insurance sector
to private
players
IRDA, LIC and
GIC Acts were
passed in 1999,
making IRDA
the statutory
regulatory body
for insurance
and ending the
monopoly of LIC
and GIC
Post
liberalisation, the
insurance industry
recorded
significant growth;
the number of
private players
increased to 44 in
2012*
Customers are
more conscious of
the benefits of
insurance and its
importance for a
secure future
The industry has
been spurred by
product innovation,
vibrant distribution
channels, coupled
with targeted
publicity and
promotional
campaigns by the
insurers.
MAX LIFE INSURANCE
Business -
Largest non-bank Pvt Sector Life Insurer
Joint Venture with Mitsui Sumitomo Insurance Co. Ltd
Max Life Insurance has a strong customer-centric approach.
First organization to have provided a free look period of 15 days for
the customers - later on IRDA made this mandatory
First Indian life insurer to have provided different services to the
agents and customers over phone
It has various Plans and Products like Protection Plans , Child
Plans , Saving Plans , Retirement Plans etc.


Market Share
Life Insurance Corporation of India
ICICI Prudential Life Insurance Co
Allianz Bajaj Life Insurance Co
SBI Life Insurance Co
Birla Sun Life Insurance Co
HDFC Standard Life Insurance Co
TATA- AIG Life Insurance Company
Max New York Life Insurance Co.
Aviva Life Insurance
Om Kotak Mahindra Life Insurance
ING Vysya Life Insurance Co.
MetLife Insurance Co.
AMP SANMAR
SAHARA LIFE
STEPS FOLLOWED FOR MARKETING

1
Research on consumer perception
Planning
2
Segmentation and Targeting
Positioning
3
Advertisement
Selling
CUSTOMER PERCEPTION AND PLANNING
Consumer perception studies the behavior of individual or a group of
people. The study of consumer behavior provides marketers to
understand and predict the future market behavior.



Max life insurance understand the customer needs and
come up with these ideas .


SEGMENTATION , TARGETING AND POSITIONING

FLOW CHART OF TARGET SEGMENT AND PLANS
FOR THEM

BRIEF DETAILS OF PLANS AND THEIR
ADVERISTING STRAGEGIES .
CHILD PLANS SAVING PLANS PROTECTION PLANS
RETIREMENT PLANS

COMPETITIVE ANALYSIS


SWOT ANALYSIS OF MAX LIFE INSURANCE
STRENGTH
1.Strong brand name and good financial position
2.Major life-insurance provider
3.Stable and growing revenue
WEAKNESS
1.Direct access to equity-capital lacking
2.Lacking extensive global services
3.Limited global operations as compared to competitors
OPPORTUNITY
1.Expansion in other countries
2.Diversifying portfolios for customers
3.Asset management sector
4.New emerging markets
THREATS
1.Changing Govt regulations and financial crisis like recessions
2.Increase in insurance frauds
3.Stiff competition in the market