ACKNOWLEDGEMENT

A Project usually falls short of its expectation unless guided by the right person at the
right time & good opportunities. Success of a project is an outcome of sincere efforts,
channeled in the right direction, efficient supervision and the most valuable professional
guidance. This project would not have been completed without the direct and indirect
help and guidance of such luminaries. They provide me with the necessary recourses and
atmosphere conductive for healthy learning and training.

I am indebted to IDBI Federal for providing me an opportunity to undergo my project

with them. I am greatfull to IDBI Federal for giving me the opportunity to work in
marketing department.

1
CONTENTS

Chapter 1: Introduction
1.1 Overview of the Industry
1.2 Challenges facing insurance industry

Chapter 2: Company Profile

2.1 Origin
2.2 Recent Achievements
2.3 Vision and Mission
2.4 Products
2.5 Organizational Structure

Chapter 3: Objectives
3.1 Objective of study

Chapter 4: Research Methodology

4.1 Sampling Technique
4.2 Sample size
4.3 Methods of data collection
4.4 Tools and techniques of analysis

Chapter 5: Analysis & Interpretation

Chapter 6: Conclusions & Recommendations

EXECUTIVE SUMMARY
2
Title of the project: Promotional Strategies focusing on the role of advertising and
consumer behavior towards the promotional Strategies of IDBI Federal Life Insurance Co
Ltd.

Area of project: Marketing.

Objective of the project: To analyze Promotional Strategies of IDBI Federal Life

Insurance Co Ltd.

Description of the project in brief: My main aim is to understand the Promotional

Strategies adopted by IDBI Federal Life Insurance Co Ltd.

Methodology: Field work based on Primary and secondary data.

3
 Chapter 1

INTRODUCTION

4
1.1 OVERVIEW OF THE INDUSTRY

The insurance industry of India consists of 51 insurance companies of which 24 are in

life insurance business and 27 are non-life insurers. Among the life insurers, Life
Insurance Corporation (LIC) is the sole public sector company. Apart from that, among
the non-life insurers there are six public sector insurers. In addition to these, there is sole
national re-insurer, namely, General Insurance Corporation of India. Other stakeholders
in Indian Insurance market include Agents (Individual and Corporate), Brokers,
Surveyors and Third Party Administrators servicing Health Insurance claims.Out of 27
non-life insurance companies, 4 private sector insurers are registered to underwrite
policies exclusively in Health, Personal Accident and Travel insurance segments. They
are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance
Company Ltd, Max Bupa Health Insurance Company Ltd and Religare Health Insurance
Company Ltd. There are two more specialized insurers belonging to public sector,
namely, Export Credit Guarantee Corporation of India for Credit Insurance and
Agriculture Insurance Company Ltd for Crop Insurance penetration of India .

Market Share:

5
Wherever there is uncertainty there is risk. We do not have any control over uncertainties
which involves financial losses. The risks may be certain events like death, pension,
retirement or uncertain events like theft, fire, accident, etc.

Insurance is a financial service for collecting the savings of the public and providing
them with risk coverage. The main function of Insurance is to provide protection against
the possible chances of generating losses. It eliminates worries and miseries of losses by
destruction of property and death. It also provides capital to the society as the funds
accumulated are invested in productive heads.

Types of Insurance:

Life Insurance - Insurance guaranteeing a specific sum of money to a designated

beneficiary upon the death of the insured, or to the insured if he or she lives
beyond a certain age.

Health Insurance - Insurance against expenses incurred through illness of the

insured.

Liability Insurance - This insures property such as automobiles, property and

properties of other sources

1.2 CHALLENGES FACING INSURANCE INDUSTRY

Threat of New Entrants: The insurance industry has been budding with new
entrants every other day. Therefore the companies should carve out niche areas
such that the threat of new entrants might not be a hindrance. There is also a
chance that the big players might squeeze the small new entrants.

Power of Suppliers: Those who are supplying the capital are not that big a threat.
For instance, if someone as a very talented insurance underwriter is presently
working for a small insurance company, there exists a chance that any big player
willing to enter the insurance industry might entice that person off.

Power of Buyers: No individual is a big threat to the insurance industry and big
corporate houses have a lot more negotiating capability with the insurance

6
 companies. Big corporate clients like airlines and pharmaceutical companies pay
millions of dollars every year in premiums.

Availability of Substitutes: There exist a lot of substitutes in the insurance

industry. Majorly, the large insurance companies provide similar kinds of services
be it auto, home, commercial, health or life insurance.

With the size of world's population reaching gigantic proportions, global insurance is also
gaining in stature. Private as well government insurance agencies around the world are
running for insuring lives of millions (and in the process insuring their own businesses
more).

In fact, the insurance industry is a key component of the world economy today owing to
its premiums, its investment and, above all, the social and economic role it plays in
covering personal and business risks.

DUTIES, POWERS AND FUNCTIONS OF IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA

Subject to the provisions of this Act and any other law for the time being in force,
the Authority shall have the duty to regulate, promote and ensure orderly growth
of the insurance business and re-insurance business.

Without prejudice to the generality of the provisions contained in sub-section (1),

the powers and functions of the Authority shall include,

Issue to the applicant a certificate of registration, renew, modify, withdraw,

suspend or cancel such registration;

Protection of the interests of the policy holders in matters concerning assigning of

policy, nomination by policy holders, insurable interest, settlement of insurance
claim, surrender value of policy and other terms and conditions of contracts of
insurance;
7
 Specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;

Specifying the code of conduct for surveyors and loss assessors;

Promoting efficiency in the conduct of insurance business;

Promoting and regulating professional organizations connected with the insurance

and re-insurance business;

Levying fees and other charges for carrying out the purposes of this Act;

Calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance
intermediaries and other organizations connected with the insurance business;

Control and regulation of the rates, advantages, terms and conditions that may be
offered by insurers in respect of general insurance business not so controlled and
regulated by the Tariff Advisory Committee under section 64U of the Insurance
Act, 1938 (4 of 1938);

Specifying the form and manner in which books of account shall be maintained
and insurers and other insurance intermediaries shall render statement of
accounts;

Regulating investment of funds by insurance companies;

Regulating maintenance of margin of solvency;

Adjudication of disputes between insurers and intermediaries or insurance

intermediaries;

Supervising the functioning of the Tariff Advisory Committee;

Specifying the percentage of premium income of the insurer to finance schemes

for promoting and regulating professional organizations referred to in clause (f).

Financial viability of insurance companies

8
However, although the insurance industry is a flourishing in world economy today, one
need to keep in mind that financial viability/stability of the insurance company is a major
consideration at the time of purchasing insurance contract. The viability factor is
important because many a times, an insurance premium paid currently provides coverage
for losses in distant future and there are instances where a number of insurance
companies have gone insolvent, thus leaving their policyholders with little helpful or no
coverage. Therefore, even if the global industry is strengthening more and more, the
weak links are also co-existent and blind faith can lead to a severe downfall. There are
also independent rating agencies for insurance companies which could be helpful in
providing sound information on financial viability of various insurance companies.

Marketing in Insurance

Insurance comes under the service sector and while marketing this service, due care is to
be taken in quality product and customer satisfaction. While marketing the services, it is
also pertinent that they think about the innovative promotional measures.
It is not sufficient that you perform well but it is also important that you let others know
about the quality of your positive contributions.

The creativity in the promotional measures is the need of the hour. The advertisement,
public relations, word of mouth communication needs due care and personal selling
requires intensive care.

There are insurance marketing strategies that can take any insurance agency from
mediocre to success when utilized correctly. Hence it is necessary that an insurance
company formulize their marketing strategies with lot of thought and diligence to capture
the untapped potential in the insurance industry. Through this project we aim to
understand the strategies adopted by IDBI Federal and to find out the effectiveness of
these promotional strategies through a study on consumer behavior.

Present scenario of Insurance industry

The brief outlook about the regulatory changes done by the Indian Government over the
years is given below:-

9
The effect of insurance reforms has been positive on the insurance industry. There has
been positive growth in all the segments, with investments flowing in the right direction.
Reforms have helped to achieve rapid growth in critical areas and sustain them over a
period of time through channelized strategies.Post reforms, the number of players have
increased from 4 to 22 players presently registered under IRDA (INSURANCE
REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA).

INSURANCE COMPANIES OF INDIA

1. Life Insurance Corporation of India

2. ICICI Prudential.
10
3. SBI Life Insurance company Limited

4. Reliance Life Insurance company Ltd.

5. Max new York Life Insurance

6. HDFC Standard Life

7. Tata AIG Life Insurance

8. Bajaj Allianz Life Insurance

9. Birla Sun life

10. Metlite India Life Insurance

11. ING Vyasa Life insurance

12. Kotak Life Insurance

13. Aviva Life Insurance

14. Bharti AXA life insurance

15. IDBI federal Life Insurance

PROMOTION

Promotion is one of the four elements of marketing mix (product, price, promotion, and
place). It is the communication link between sellers and buyers for the purpose of
influencing, informing, or persuading a potential buyer's purchasing decision.

The following are two types of promotion:

1. Above the line promotion: promotion in mass media (e.g. TV, radio, Newspapers,
internet, mobile phones) in which the advertiser pays an advertising agency to place the
advertisement.

2. Below the line promotion: All other promotion. Much of this is intended to be subtle
enough for the consumer to be unaware that promotion is taking place.

3. E.g. sponsorship, testimonials, sales promotion, merchandising, direct mail, personal

selling, public relations, trade shows

11
The specification of five elements creates a promotional mix or promotional plan. These
elements are personal selling, advertising, sales promotion, direct marketing, and
publicity. A promotional mix specifies how much attention to pay to each of the five
subcategories, and how much money to budget for each. A promotional plan can have a
wide range of objectives, including: sales increases, new product acceptance, creation of
brand equity, positioning, competitive retaliations, or creation of a corporate image.
Fundamentally, however there are three basic objectives of promotion. These are:

1.To present information to consumers as well as others

2.To increase demand

3.To differentiate a product.

There are different ways to promote a product in different areas of media. Promoters use
internet advertisement, special events, endorsements, and newspapers to advertise their
product. Many times with the purchase of a product there is an incentive like discounts,
free items, or a contest. This is to increase the sales of a given product.

PROMOTIONAL STRATEGIES ADOPTED IN IDBI FEDERAL

Following are the main ways in which IDBI Federal life Insurance company ltd promotes
its products/services and creates awareness in the market.

NEWSPAPER: IDBI Federal has attained notice through many articles and
advertisements published in various national and regional newspapers in India
like the Economic Times, Times of India, The Hindu , Samachar Jagat, Vir Arjun,
Meghalaya Guardian etc. IDBI Federal spends around Rs 1040 per sq.cm for
promotional activities through newspapers. They position the ads and articles in
such a way that it catches the eye of the reader as soon as they start reading the
newspaper (See appendix for the articles).

12
HOARDINGS: IDBI Federal has also tried making their potential customer aware of
their products and policies through billboards and hoardings by positioning them in
strategic locations.

As of now, the total number of hoardings which are put up in Hyderabad region counts to
a good 17 number. The total expenses spent by the company for this promotional activity
is Rs 4 lakh.

PAMPHLETS: Pamphlets are distributed across India at least 5 times in a month

without any cost. Its done to create maximum awareness about the
products/services.
MAGAZINES: There is no specific magazine in which advertisement is given. Its
in magzines depending upon their sales and reputed magazines like Outlook,
Money etc. The advertisement is given every month at least once in any
magazine.

TELEVISION: Mainly, the advertisement is shown on cricket channels, Star

channels. The main promotions were done during FEB & MARCH.

DISTRIBUTORS: A strong network of distributors and parent advisors also helps

a lot in promoting products/services of IDBI Federal by word of mouth. A Viral
campaign is also run on the Internet by wherein flash videos of working of
products are explained in a very humorous manner.

LOCAL EVENTS: The overall costs associated with such events totals to Rs.
2,00,000 per annum such events are mainly conducted in Apartments, Schools,
etc. Building an engagement process around the solution being offered gives an
additional boost to this cause. Spelling Bee was a specially created spelling
contest created to connect with children. The engagement started with the spelling
contest for kids and gave their IRMs a natural opening for a discussion with
parents about financial planning for their childrens future needs like education.
This is a sort of channel marketing which IDBI Federal had adopted to create

13
 awareness as well as to educate the future generation about the company and the
importance of saving.

Also IDBI Federal involved them in developing their business by joining hands with
SAMHITA, a community development organization based out of Bhopal which works
towards bringing financial literacy to the underprivileged population in Madhya Pradesh.
They believe that such financial literacy among the under banked population will help
bring a holistic change in the way people perceive and understand financial products and
their utility at various stages in their life.

14
 Chapter 2

PROFILE AND ORGANISATIONAL STRUCTURE OF

IDBI FEDERAL

15
2.1 OVERVIEW OF IDBI FEDERAL

IDBI Federal Life Insurance Co Ltd is a joint venture of IDBI Bank - Indias premier
development and commercial bank, Federal Bank - one of Indias leading private sector
banks and Ageas. Insurance International - a multinational insurance giant, based out of
Europe. In this venture, IDBI owns 48% equity while Federal Bank and Age as own 26%
equity each. IDBI Federal launched its first set of products across India in March 2008,
after receiving the requisite approvals from the Insurance Regulatory Development
Authority (IRDA).In just five months of inception, IDBI Federal became one of the
fastest growing new insurance companies to garner Rs 100 crores in premiums. As on
March 31st, 2009, the Company had collected more than 328 crores in premiums,
through over 87,000 policies and over Rs 2825 crores in Sum Assured. The Company
offers its services through a vast nationwide network across the branches of IDBI Bank
and Federal Bank, in addition to a sizeable network of advisors and partners.

IDBI Bank Ltd continues to be, since its inception, Indias premier industrial
development bank. Created in 1956 to support Indias industrial backbone, IDBI Bank
has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst
Indias foremost commercial banks, with a wide range of innovative products and
services, serving retail and corporate customers in all corners of the country from 689
Branches 1140 ATMs. The Bank offers its customers an extensive range of diversified
services including project financing, term lending, working capital facilities, lease
finance, venture capital, loan syndication, corporate advisory services and legal &
technical advisory services to its corporate clients as well as mortgages and personal

16
loans to its retail clients. As part of its development activities, IDBI Bank has been
instrumental in sponsoring the development of key institutions involved in Indias
financial sector such as the Securities and Exchange Board of India (SEBI), National
Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.

Federal Bank is a scheduled commercial bank founded in 1931.Federal Bank is one of

Indias leading private sector banks, with a dominant presence in the state of Kerala. It
has a strong network of over 612 Branches, 617 ATMs spread across India. The Bank
provides over four million retail customers with a wide variety of financial products.
Federal Bank is one of the first large Indian banks to have an entirely automated and
interconnected branch network. The Bank has a wide range of services like Internet
Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill
payment and call centre facilities to offer round-the-clock banking convenience to its
customers. The Bank has been a pioneer in providing innovative technological solutions
to its customers, having won several awards like the award for Best Use of IT in Retail
Banking by IBA, TFCI and Infosys.

Age as ranks among Europes top 20 financial institutions and is a reputed international
brand in financial services. European financial services provider engaged in banking and
insurance with a presence in over 50 countries. Ageas has subsidiaries in France,
Germany and Hong Kong. Ageas has a track record in developing partnerships with

17
strong financial institutions and key distributors in different markets around the world
and successfully operates Italy, Portugal, China, Malaysia, India and Thailand. Age as
employs more than 13,000 people and has annual inflows of almost EUR 18 billion.

Milestones March 2008 M IDBI Federal starts operations with two products
Homesurance & Wealthsurance. August 2008 A IDBI Federal becomes one of the fastest
growing new life insurers to collect premiums worth Rs 100 crores. October 2008 O
IDBI Federal launches Bondsurance January 2009 J IDBI Wealthsurance Cup 2009
India v/s Sri Lanka held in Sri Lanka. March 2009 M collected premium of over 328
corers and 87,000 policies and a Sum assured of Rs 2825 crores since inception
November 2009 N IDBI Federal launches Incomesurance.

2.2 RECENT ACHIEVEMENTS

March 2008 IDBI Federal starts operations with two products Homesurance &
Wealthsurance.

August 2008 IDBI Federal becomes one of the fastest growing new life insurers to
collect premiums worth Rs 100 crores.

October 2008 IDBI Federal launches Bondsurance

January 2009 IDBI Wealthsurance Cup 2009 India v/s Sri Lanka held in Sri Lanka.

March 2009 Collected premium of over 328 corers and 87,000 policies and a Sum
assured of Rs 2825 crores since inception

November 2009 IDBI Federal launches Incomesurance

2.3 INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY (IRDA)

The Insurance Regulatory and Development Authority (IRDA) is a national agency of the
Government of India, based in Hyderabad. It was formed by an act of Indian Parliament
18
known as IRDA Act 1999, which was amended in 2002 to incorporate some emerging
requirements. Mission of IRDA as stated in the act is "to protect the interests of the
policyholders, to regulate, promote and ensure orderly growth of the insurance industry
and for matters connected therewith or incidental thereto."

Expectations: -

The law of India has following expectations from IRDA

1. To protect the interest of and secure fair treatment to policyholders.

2. To bring about speedy and orderly growth of the insurance industry (including
annuity and superannuation payments), for the benefit of the common man, and to
provide long term funds for accelerating growth of the economy.

3. To set, promote, monitor and enforce high standards of integrity, financial

soundness, fair dealing and competence of those it regulates.

4. To ensure that insurance customers receive precise, clear and correct information
about products and services and make them aware of their responsibilities and
duties in this regard.

5. To ensure speedy settlement of genuine claims, to prevent insurance frauds and

other malpractices and put in place effective grievance redressal machinery.

6. To promote fairness, transparency and orderly conduct in financial markets

dealing with insurance and build a reliable management information system to
enforce high standards of financial soundness amongst market players.

7. To take action where such standards are inadequate or ineffectively enforced.

19
20
2.4 VISION & MISSION

Our Vision

To be the leading provider of wealth management, protection and retirement solutions

that meets the needs of our customers and adds value to their lives.

Our Mission

To continually strive to enhance customer experience through innovative product

offerings, dedicated relationship management and superior service delivery while striving
to interact with our customers in the most convenient and cost effective manner.

To be transparent in the way we deal with our customers and to act with integrity.

To invest in and build quality human capital in order to achieve our mission.

Our Values

Transparency: Crystal Clear communication to our partners and stakeholders

Value to Customers: A product and service offering in which customers perceive

value

21
 Rock Solid and Delivery on Promise: This translates into being financially strong,
operationally robust and having clarity in claims

Customer-friendly: Advice and support in working with customers and partners

Profit to Stakeholders: Balance the interests of customers, partners, employees,

shareholders and the community at large

22
2.5 ORGANIZATIONAL STRUCTURE

23
Human Resource Organizational Structure

24
Operations Organizational Structure

25
2.5 SWOT ANALYSIS

STRENGTH

Superior customer service vs. competitors.

Products have required accreditations.
High degree of customer satisfaction.
Lower response time with efficient and effective service.
Dedicated workforce aiming at making a long-term career in the field.
Large pool of technically skilled manpower with in depth knowledge and
understanding of the market

WEAKNESSES

Some gaps in range for certain sectors.

Customer service staff need training.
Processes and systems, etc
Management cover insufficient.
Sectoral growth is constrained by low unemployment levels and competition for
staff.
Low customer confidence on the private players.

OPPORTUNITIES

Insurable population : According to IRDA only 10% of the population is insured

which represent around 30% of the insurable population. This suggests more than
300m people, with the potential to buy insurance, remain uninsured.
International companies will help in building world class expertise in local market
by introducing the best global practice.
Could extend to overseas broadly.
New specialist applications.
Could seek better customer deals.
Fast-track career development opportunities on an industry-wide basis.

THREATS

Big public sector insurance companies like Life Insurance Corporation (LIC) of
India, National Insurance Company Limited, Oriental Insurance Limited, New
India Assurance Company Limited and United India Insurance Company Limited.
People trust and go to them more.
26
 Legislation could impact and Great risk involved.
Very high competition prevailing in the industry.
Vulnerable to reactive attack by major competitors
Lack of infrastructure in rural areas could constrain investment

27
 CHAPTER 3
OBJECTIVE OF THE STUDY

28
OBJECTIVES

The project aims to study the various promotional studies, the existing ones and
the new areas available to a life insurance company considering their salient
features, business potentials and reach in the market is to focus on the available

To analyse the areas which can be taken into consideration to cater to the larger
area of market, what should be the strategies and how can that channel be
developed

The study is useful to know the Promotional Strategies of IDBI Federal Life
Insurance and quality agent advisors for the company for providing life Insurance
solutions to the customers.

The functioning and the growth prospects of the life insurance industry in India.

The regulators and general regulations pertaining to this industry.

The kinds of promotional and distribution strategies adopted by IDBI Federal.

The kinds of plans offered by the major players and how they segment and target
market with the help of these plans.

This learning will help me during my final year of the course, placement and the
job which I will do if I take up this industry as a career.

29
 CHAPTER 4
RESEARCH METHODOLOGY

30
Research design: Research design is simply the framework or plan for a study, Used
guide in collecting and analysing data.

For the study: For conducting that research I selected the Descriptive research design.

Descriptive research design: Descriptive research is also called Statistical Research.

The main goal of this type of research is to describe the data and characteristics about
what is being studied. The idea behind this type of research is to study frequencies,
averages, and other statistical calculations. Although this research is highly accurate, it
does not gather the causes behind a situation. Descriptive research is mainly done when a
researcher wants to gain a better understanding of a topic. That is, analysis of the past as
opposed to the future.

Descriptive research is the exploration of the existing certain phenomena. The details of
the facts wont be known. The existing phenomenas facts are not known to the persons.

Data Requirement Analysis:

The data required is about the investment pattern of the respondents, the income level
under which they fall, the respondents current status of having any insurance policy,
their awareness level if IDBI Federal and their likeness to invest in IDBI Federal.

Data Collection:

The data is collected through primary and secondary research. The data is collected
through primary research by doing field Survey in Delhi/NCR region and secondary
research through text books, websites, previous studies etc. The scope of research is
restricted to Delhi/NCR region and the research approach descriptive method.

Data source

Primary data- questionnaire,company analysis,discussions.

31
Seconday Data Is collected from Business Magazines, Manual of advertisements,
Websites, Official Publication, Industry market report, Local and International
Newspapers, Articles, Journals, Brochures and Books.

32
 CHAPTER 5

ANALYSIS & INTERPRETATIONS

33
Question 1: You are regularly connected to which of the following media for advertisement?

Option No. of responses % Analysis

Internet 06 60%

Newspaper 01 10%

Television 03 30%

Total responses 10 100%

Interpretation: From the above table we can analyse that 60% people are connected with internet
for advertisement,10% people says through newspaper or magzines while rest of the 30% by the
television.

Question 2: How often do you share interesting advertisement with your family or friend?

Option No of responses %Analysis

Never 04 40%

Rarely 03 30%

Often 03 30%

Total response 10 100%

Interpretation: From the above table we can analyse that 40% of people are there who never share
interesting advertisement from their families or friends,while 30% share rarely,rest 30% share
oftenly.

34
 Question 3:Do you have interest in watching life insurance product advertisement?

Option No. of responses %Analysis

Yes 09 90%

No 01 10%

Total responses 10 100%

Inference: From the above table we can analyse that 90% of the persons are interested in
watching life insurance ad,while 10% of the persons are there who are not interested in watching
the life insurance ad.

Question 4: Are you aware of IDBI federal life insurance co.?

Option No of responses % Analysis

Yes 09 90%

No 01 10%

Total responses 10 100%

Inference: From the above table we can analyse that 90% of the people says that they are aware of
IDBI Insurance while 10% of them says that they are not aware of it.

35
Question 5.Do you want to invest in life insurance?

Option No of responses % Analysis

Yes 10 100%

No 0 0%

Total responses 10 100%

Inference:From the above table we can analyse that 100% people would like to invest in life
insurance.

Question6: If you hear the word lifeinsurance.Which company comes to your mind
immediately?

Option No of responses % Analysis

IDBI 02 20%

LIC 08 80%

Other 0 0%

No of respondents 10

Inference: From the above table we can analyse that as the people hear of the life insurance
company which comes in their mind are IDBI 20%,LIC 80%.

Question7: Do you think brand name is important in insurance company?

36
 Option No of responses % Analysis

Yes 10 100%

No 0 0%

No of respondent 10 100%

Inference:From the above table 100% people think that brand name is important in selection of
insurance companies.

Question8: Have you seen the advertisements of IDBI Federal Life Insurance?

Option No of responses % Analysis

Yes 08 80%

No 02 20%

No of respondents 10 100%

Inference: The above table indicates most respondents have seen the advertisement of IDBI
Federal Life. This indicates good coverage of promotional campaigns of the company among
various sections of population.

37
Question9: Can you recall the content/message of the IDBI Federal advertisements now?

Option No of responses % Analysis

Unable 08 80%

Some 01 10%

Exact 0 0%

No of respondent 09 90%

Inference: With the above data we can come to a conclusion that advertisements of IDBI Federal
are effective. Their television advertisements are so designed to capture the attention of the target
audience and also remain in their mind of the customer. This gives their brand a high recall rate.

38
 CHAPTER 6

CONCLUSIONS & RECOMMENDATIONS

39
CONCLUSIONS

AFTER ANALYSIS IT IS FOUND THAT,

Television for entertainment and gaining information. So it is the best media for
promotion.
People dont give more importance for the advertisements while compared to
brand, tax benefit, death benefit, security and low premium.
It is found that people are least bothered about the celebrity endorsements.
The message and creativity is important for insurance product.
The promotional efforts and word of mouth is most influencing while compared
to internet.
Advertisements play a major role in influencing a person to buy an insurance
policy.
Insurance companies dont need a brand ambassador to endorse the product.
After the analysis it is found that advertisements help the insurance companies to
reach the end users easily. But still the advertisements must be more clear and
creative because there is heavy competition in the market.
The companys must use other promotion strategies like conducting more events
and experience, publicity etc. that would help in reaching the end users
effectively.

40
Recommendations to IDBI Federal Life Insurance Co Ltd:

Print & Electronic Media Advertisement should be used at a high level especially
TV ads should be used as its reach to the interior of the country is strong and also
the kind of influence it show case on people is much higher compare to other
medias.
After the initial promotional campaign the relative advantage of IDBI FORTIS
LIFE INSURANCE Co. Ltd over its competitor should be highlighted.
Hoardings at prime areas should be used.
The most important of all is to create awareness about companys product as well
as a brand in the market is very necessary.
The company can use celebrity to create awareness about the brand and also can
collaborate with some production houses of films and television serials which can
reach people in mass.

41
BIBLOGRAPHY

Websites

1. www.idbifederal.com

2. www.emeraldinsight.com

3. www.scribd.com

4. www.wikipedia.org

5. www.irda.com