PROJECT REPORT ON

MARKETING TECHINQUES OF ING VYSYA LIFE

INSURANCE

MASTER OF BUSSINESS ADMINSTRATION

TABLE OF CONTENTS PAGES

1. INTRODUCTION ………………………………………..5

2. MEANING AND DEFINITION………………………….7

3. MARKETING PRINCIPLES AND TECHNIQUES……..9

4. DEFINITION AND PRINCIPLES OF INSURANCE…...14

5. AGENTS INVOLVED …………………………………...17

6. OBJECTIVES……………………………………………..18

7. RESEARCH METHODOLOGY…………………………20
8. SAMPLE SIZE……………………………………………20

9. LIMITATIONS…………………………………………..32

10. Analysis of questionnaire……….………………31-38

(DATA ANALYSIS AND PRESENTATION AND IMPLEMENTATION)

11. SUMMARY AND CONCLUSIONS…………………....43

12. SUGGESTIONS………………………………………...44

13. BIBLOGRAPHY………………………………………..45

INTRODUCTION

ING Vysya Life Insurance is a part of the ING groups the world’s fourth
largest financial services company and also the world’s second largest life
insurance provider. ING vysya life insurance is here to provide with the innovative
and well designed products that effectively meet your life insurance needs. ING
vysya life insurance stands 13th in the fortune 500 list.
ING Vysya life insurance company ltd entered the private life insurance
industry in India in September 2001. it has a dedicated and committed advisor
sales force of over 21000 people, working from 140 branches located in 74 major
cities across the country and over 3000 employees. It’s headquarter is situated at
Bangalore.
The company portfolio offers products that later to every financial
requirement at any life stage. It brings to you over 150 years of experience and the
heritage of a name trusted in 50 countries. More than 60 million customers around
the world have entrusted it with over US$700 billion of their wealth.
ING vysya life CEO and managing director, Mr.Frank Koster, said that a
study had found that the life insurance business had a good potential in rural India
because people had a strong savings habit and a high level of awareness about life
insurance. The bulk of the company’s business comes from the traditional
distribution route of insurance agents. ING vysya life insurance recorded an
income of Rs 102 crore in 2003-04.
ING vysya life on Wednesday june 2007 enrolled Madras fertilizers as
corporate agent to use the latter’s infrastructure to penetrate the rural life insurance
market in south India. The company has over 6500 dealers and 100 field staff who
deal with over one lakh farmers.
The company aims to make customers look at fire insurance afresh, not just
as a tax saving device as a means to add protection to life. The company portfolio
offers products that later to every financial requirement, at any life stage

ORIGIN OF ING GROUP:

On the other hand, ING group originated in 1990 from the merger between
Nationale and Nederlanden NV the largest Dutch Insurance Company and NMB
Post Bank Group NV. Combining roots and ambitions, the newly formed company
called Internationale Nederlanden Group. Market circles soon abbreviated the
name to I-N-G. The company followed suit by changing the statutory name to ING
Group N.V.

PROFILE:
ING has gained recognition for its integrated approach of banking, insurance and
asset management. Furthermore, the company differentiates itself from other
financial service providers by successfully establishing life insurance companies in
countries with emerging economies, such as Korea, Taiwan, Hungary, Poland,
Mexico and Chile. Another specialization is ING Direct, an Internet and direct
marketing concept with which ING is rapidly winning retail market share in
mature markets. Finally, ING distinguishes itself internationally as a provider of
employee benefits, i.e. arrangements of non wage benefits, such as pension plans
for companies and their employees.

MEANING AND DEFINITIONS

MARKETING:

Marketing is a societal process which discerns consumers' wants, focusing on a

product or service to fulfill those wants, attempting to mold the consumers toward
the products or services offered. Marketing is fundamental to any businesses
growth. The marketing teams (marketers) are tasked to create consumer awareness
of the products or services through marketing techniques. Unless it pays due
attention to its products and services and consumers' demographics and desires, a
business will not usually prosper over time.

Marketing tends to be seen as a creative industry, which includes advertising,

distribution and selling. It is also concerned with anticipating the customers' future
needs and wants, which are often discovered through market research. Essentially,
marketing is the process of creating or directing an organization to be successful in
selling a product or service that people not only desire, but are willing to buy.
Therefore good marketing must be able to create a "proposition" or set of benefits
for the end customer that delivers value through products or services. A market-
focused, or customer-focused, organization first determines what its potential
customer’s desire, and then builds the product or service. Marketing theory and
practice is justified in the belief that customers use a product or service because
they have a need, or because it provides a perceived benefit.

“Two major factors of marketing are the recruitment of new customers

(acquisition) and the retention and expansion of relationships with existing
customers (base management)”.
Once a marketer has converted the prospective buyer, base management
marketing takes over. The process for base management shifts the marketer to
building a relationship, nurturing the links, enhancing the benefits that sold the
buyer in the first place, and improving the product/service continuously to protect
the business from competitive encroachments

“For a marketing plan to be successful, the mix of the four "Ps" must reflect the
wants and desires of the consumer s or Shoppers in the target market.”
Trying to convince a market segment to buy something they don't want is
extremely expensive and seldom successful. Marketers depend on insights from
marketing research, both formal and informal, to determine what consumers want
and what they are willing to pay for it. Marketers hope that this process will give
them a sustainable competitive advantage. Marketing management is the practical
application of this process. The offer is also an important addition to the 4P's
theory.
THE American Marketing Association (AMA) states,
“Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large.".

LEVELS OF MARKETING

Strategic marketing attempts to determine how an organization competes

against its competitors in a market place. In particular, it aims at generating a
competitive advantage relative to its competitors

Operational marketing executes marketing functions to attract and keep

customers and to maximize the value derived for them, as well as to satisfy
the customer with prompt services and meeting the customer expectations.
Operational Marketing includes the determination of the marketing mix (4
Ps)

PRINCIPLES AND TECHNIQUES OF MARKETING (4P’S&

7P’S)

1. 4P’s OF MARKETING:

Product:
The product aspects of marketing deal with the specifications of the actual
goods or services, and how it relates to the end-user's needs and wants. The
scope of a product generally includes supporting elements such as
warranties, guarantees, and support.
 Pricing:

This refers to the process of setting a price for a product, including

discounts. The price need not be monetary - it can simply be what is
exchanged for the product or services, e.g. time, energy, psychology or
attention

Promotion:
This includes advertising, sales promotion, publicity, and personal selling,
branding and refers to the various methods of promoting the product, brand,
or company

Placement (or distribution):

Refers to how the product gets to the customer; for example, point of sale
placement or retailing. This fourth P has also sometimes been called Place,
referring to the channel by which a product or services is sold (e.g. online vs.
retail), which geographic region or industry, to which segment (young
adults, families, business people), etc

These four elements are often referred to as the marketing mix, which a marketer
can use to craft a marketing plan. The four Ps model is most useful when
marketing low value consumer products. Industrial products, services, high value
consumer products require adjustments to this model. Services marketing must
account for the unique nature of services. Industrial or B2B marketing must
account for the long term contractual agreements that are typical in supply chain
transactions. Relationship marketing attempts to do this by looking at marketing
from a long term relationship perspective rather than individual transaction.

2. 7P’s OF MARKETING:

People:
Any person coming into contact with customers can have an impact on
overall satisfaction. Whether as part of a supporting service to a product or
involved in a total service, people are particularly important because, in the
customer's eyes, they are generally inseparable from the total service . As a
result of this, they must be appropriately trained, well motivated and the
right type of person. Fellow customers are also sometimes referred to under
'people', as they too can affect the customer's service experience, (e.g., at a
sporting event.)

Process:
This is the process(es) involved in providing a service and the behavior of
people, which can be crucial to customer demonstrations

Physical evidence:
Unlike a product, a service cannot be experienced before it is delivered,
which makes it intangible. This, therefore, means that potential customers
could perceive greater risk when deciding whether to use a service. To
reduce the feeling of risk, thus improving the chance for success, it is often
vital to offer potential customers the chance to see what a service would be
like. This is done by providing physical evidence, such as case studies,
testimonial or demonstrations.

Personalization:
It is here refered customization of products and services through the use of
the Internet. Early examples include Dell on-line and Amazon.com, but this
concept is further extended with emerging social media and advanced
algorithms. Emerging technologies will continue to push this idea forward