Products: Childsurance Savings Protection Insurance Plan
Products: Childsurance Savings Protection Insurance Plan
Products: Childsurance Savings Protection Insurance Plan
At IDBI Federal, its our constant endeavor to create innovations that create value for our customers. These innovations are brought to life through our
wide array of products that fit the varying financial and investment needs at different stages of life.
Childsurance Savings
Protection Insurance Plan
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Lifesurance Savings
Incomesurance Guaranteed Insurance Plan
Money Back Insurance Plan
TM
A whole life savings plan to help you live your dreams with
2 lump sum payouts and financially secure your family for
100 years.
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Loansurance Group
Insurance Plan SP
Loansurance Group
Insurance Plan
Retiresurance Group
Insurance Plan
A group credit protection plan where you can make only A group retirement plan designed to help an employer
one payment and cover the loans of your borrowers. This manage funds set aside for their employees retirement
not only ensures the loan repayment but also secures the benefits
Gratuity,
Superannuation
and
Leave
Encashment.
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Termsurance Group
Insurance Plan
A pure group term plan designed to cater to a wide variety A plan that enables you to protect your family in case of an
of formal and informal groups by providing them with basic eventuality. It ensures that your familys dreams remain
life insurance protection.
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Termsurance Sampoorn
Suraksha Micro-Insurance Plan
Wealthsurance Growth
Insurance Plan
Wealthsurance Growth
Insurance Plan SP
A regular premium unit-linked plan that gives you the A single premium unit-linked plan that helps you maximise
freedom to build your wealth, exactly the way you want!
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Wealthsurance Suvidha
Growth Insurance Plan
Comments by the Faculty Indian insurance sector has seen many changes in terms
of number of players in the market competing with Life Insurance Corporation of
India for the same customers. In order to attract more customers, the private
players introduce variety of products that offers tax benefit, minimum risk etc.
Customers are more conscious in selecting an insurance product as compared to
days where only few products available. Today the market is full with variety of
products and the customers have clear idea on their investment plans. Not only
individual employees are interested in the insurance products but also the
organizations who employ are also interested in insuring the employees against
risk. There are few organizations who also work as consultants to the customers in
selecting appropriate investment plans. Insurance products are also considered as
part of investment plan. It is the responsibility of the insurance companies to take
their products and offers in an attractive way. To reach the customers they adopt
different means of advertisement like television ads, newspaper ads etc. The ad
agencies have a challenging job in designing an ad that attracts the customers and
convey the details of the product in an easy way. It is important for the agencies to
consider the details of the products completely before an ad was designed.
Sometimes they have to consider the attitudes of the customers in designing the
ad. Insurance companies are choosy in selecting a promotional strategy as it needs
allocation of budget and other resources. The present study aims at studying the
promotional strategies of IDBI Federal insurance co ltd. This study was carried out
by Ms. Arpita Priyadarshini as part of her PDGM programme in Orissa. The study
includes customers who are willing to invest in the insurance products and their
opinion in developing the ads. The study ends with identifying appropriate means
for promoting IDBI Federals products. Srilakshminarayana G
developing countries in the world. Due to its growth in population, Indian insurance
industry has got ample opportunities to expand and introduce different products
which attracts the individuals to invest. The insurance market in India has witnessed
dynamic changes which has attracted a number of global insurers. Private insurance
companies have joint ventures with foreign insurance companies who have their
presence across the world. One such joint venture is between IDBI bank, Federal
bank and Ageas which has resulted in IDBI Federal insurance co ltd. By the time IDBI
Federal entered into the market, Life insurance Corporation (LIC) of India and other
private players have their presence well established in the market. Thus, IDBI
Federal has to introduce variety of insurance products and market their products
aggressively in an innovative way. This is because they are in competition with
other insurers for the same customers. Thus, the major area of concern of the study
is how IDBI Federal should distinguish itself in terms of reaching customers through
various promotional strategies, so that customers respond to the promotional
strategies of the company Vis--vis those of competitors. Need for the Study As
insurance is a push rather than a pull product, it is a big challenge for the
companies to make their products meaningful to prospective customers. Companies
have taken necessary steps to introduce simplified insurance products and started
designing the benefits that suit the specific needs of policyholders. This has forced
companies to have a higher degree of transparency on policy terms which will make
the customer understand the product and its benefits without any ambiguity. It is
therefore important for the companies to invest not just in expansion and
distribution but also in client servicing and processing. Many customers are
discouraged from buying insurance due to the anticipated complexity involved in
settlement of claims. Insurance companies do assert that the competition in the
industry is forcing them to speed up their claim processes, but the fact remains that
a lot more needs to be done to make general insurance a hassle-free experience for
the customers. Such things are very important to be communicated to the
prospective customers so that they understand the products of the company and
the benefits and features of the products. Thus, having proper promotion means
that take the products to the customer in a much quicker and transparent way has
become an important factor for companies like IDBI Federal, to stand ahead of other
players. This has created a necessity to study the promotional strategies of IDBI
Federal in order to improve the same so that they reach the customer in a better
way. Objectives and Importance of the Study 1. To find out whether the current
promotional strategies are effective in creating awareness among people. 2. To find
out what type of ads the customers like with respect to insurance products. 3. To
suggest a new way of promotion for the company based on peoples awareness
about the brand IDBI Federal life insurance co ltd. Methodology To address the
mentioned objectives, data has been collected from respondents using a
questionnaire. The following gives the details of the survey Primary data: Data has
been collected from respondents by interviewing them over phone, through
questionnaires during the time of sales. Population: The population for the study
constitutes those individuals who have awareness about the insurance companies
and policies. Sample Size and Sampling unit: The sample size for the study is 100
and the sampling unit is office going people who have either joined recently or who
have been working for quite a few years. Place of Study: The research is carried out
in Cuttack, Orissa. Questionnaire: Both open ended and close ended questions are
used in the questionnaire so as to know the opinion of customers relating to
insurance and awareness of IDBI Federal and how they respond to the marketing
stimuli adopted by the company. The type of questionnaire used in this project is
structured. The questions are listed in a prearranged order and respondents are
informed about the purpose of collecting information. The same has been given in
the appendix. Sampling design: The type of sampling is convenient sampling.
1. Analysis and Interpretation of Data To find out whether the current promotional
strategies are effective in creating awareness among people. The survey revealed
that 63% of the respondents are aware of IBDI Federal. From our sample survey,
with 95% confidence, we claim that the interval (0.5354, 0.7246) contains the
proportion of individuals who will be aware of IDBI Federal in future, if the same
conditions prevail. In another words, if the promotional strategies of IDBI Federal
continue to be the same, then with 0.95 probability we claim that the proportion of
individuals who will be aware of IDBI Federal may increase to 0.72 and decrease to
0.53. IDBI Federal should take this opportunity and should improve their
promotional strategies so that they can achieve the upper value, 72 in future. Even
if they do not improve their promotional strategies, they are still assured of 53 for
every 100 who will be aware of them. The following table gives the sources through
which the respondents are aware of IDBI Federal. Table 1 : Sources of Information
About IDBI Source Number TV ad 20 Newspaper/Magazine 9 Personal E-mail/ SMS 9
Word of mouth 12 From IDBI Federals salesperson 13 We assume that individuals
who hear about IDBI Federal are equally likely across the sources. Statistically we
are assuming that all the sources will have equal proportion of individuals who view
the ads of IDBI Federal. The appropriate distribution that fits this situation is
multinomial probability distribution. Chi-Square test for goodness of fit revealed that
the assumption is a valid assumption (p-value >0.05). The sample considered for
the study reveals that all sources will have equal audience and hence need not
think of advertisement more or less in any source. From the analysis we could claim
that proportion of individuals who are aware of IDBI Federal insurance products are
reasonably good in number and there is a possibility of more people getting aware
of the products. Also, the company will have equal number of audience across the
sources. 294 2. To find out what type of ads the customers like with respect to
insurance products Table 2 : Type of Ads the Customers Like Animation 21
Originality 15 Humour 12 Music 15 Storyline / concept 13 Celebrity endorsement 24
The purpose of this objective is to study the type of advertisement that attracts an
individual to insurance products. Chi-Square test for multinomial probability
distribution revealed that the assumption of equal proportion of individuals across
the categories is not rejected (pvalue>0.05). Hence, the study suggests that any of
the above mentioned type of ad will attract the customers equally. IDBI Federal can
now look into the other aspect of how well an ad can be designed in any of the
categories so that they draw the individuals to purchase the products. 3. To suggest
a new way of promotion for the company depending on peoples awareness about
the brand IDBI Federal life insurance co ltd This is one of the major objectives of the
study. In order to suggest IDBI Federal a new promotional way the following analysis
has been done.