kotak life insurance

OM Kotak Mahindra Life Insurance

MARKETING STRATEGIES

OF KOTAK LIFE INSURANCE

MARKETING STRATEGIES

OF KOTAK LIFE INSURANCE

BY :BY :

MR. Nikhil kumarMR. Nikhil kumar

Ibs -2567Ibs -2567

TOPICS TO BE COVERED

OM Kotak Mahindra Life Insurance Overview

Products And Services Offered By Them

What Is Insurance Marketing?

Marketing Mix

Marketing Strategies Of Different Products

TOPICS TO BE COVERED

OM Kotak Mahindra Life Insurance Overview

Products And Services Offered By Them

What Is Insurance Marketing?

Marketing Mix

Marketing Strategies Of Different Products

OVERVIEWOVERVIEW

Kotak Mahindra Old Mutual Life Insurance is a joint venture of the Kotak Mahindra Bank Limited (KMBL) and Old Mutual Plc. The Kotak Mahindra Old Mutual Life Insurance was established in 2001 and it is considered as one of the fastest growing insurance companies in India.

PERFORMANCE OF

OM Kotak Mahindra Old Mutual Life Insurance

PERFORMANCE OF

OM Kotak Mahindra Old Mutual Life Insurance

1.This joint venture started off with initial net worth of Rs. 150 crore. KMBL currently owns a 26% stake with an option to increase this to 49% when applicable local legislation permits.

2.Gross premiums for the nine months ended December 31, 2008 of Rs.5047 Mn,an increase from last year.

3.Wide network of 79 branches in 51 cities, covered nearly 339700 policies on books representing a basic sum assured of Rs. 206 billion.

4. It has 260 group policies covering 528100 lives with an aggregate sum assured of Rs. 150 billion.

PRODUCTS PRODUCTS

INDIVIDUAL PLANS

Kotak Smart Advantage Kotak Eternal Life Plans Kotak Platinum Advantage Plan Kotak Headstart Child Plans Kotak Sukhi Jeevan Plan Kotak Privileged Assurance PlanKotak Term PlanKotak Preferred Term Plan Kotak Money Back PlanKotak Child Advantage PlanKotak Endowment Plan Kotak Capital Multiplier Plan Kotak Retirement Income Plan

Kotak Retirement Income Plan (Unit-linked) Kotak Safe Investment Plan II Kotak Flexi Plan Kotak Easy Growth Plan Kotak Premium Return Plan

GROUP PLANSEmployee BenefitsKotak Term GrouplanKotak Credit-Term GrouplanKotak Complete Cover GrouplanKotak Gratuity GrouplanKotak Superannuation Grouplan

RURAL PLANS

Kotak Gramin Bima Yojana

WHAT IS INSURANCE

MARKETING?

WHAT IS INSURANCE

MARKETING?

The term insurance marketing refers to the marketing of insurance services with the aim to create customer and generate profit through customer satisfaction.

The insurance marketing focuses on the formulation of an ideal mix for Insurance Business so that the insurance organization survives and thrives in the right perspective.

The organizations can successfully increase the market share, maximize the profitability and keep on the process of development with the help of marketing.

The marketing concept in the insurance business is concerned with the expansion of insurance business in the best interest of the society vis-à-vis the insurance organization.

The selection of risks (product planning), policy writing (customer service) rating or actuarial (pricing) and agency management (distribution)- all marketing activities make up an integrated marketing strategy.

INSURANCE MARKETING IN INDIAN ENVIRONMENT

MARKETING OF INSURANCE SERVICES NEEDS A RATIONAL APPROACH, WHICH MEANS THE FOLLOWING:

Knowing the market.

Suitable pricing decisions.

Product to be developed as per needs.

Designing of sensitive promotional

strategy.

Scientific management of agents.

Proficiency in management.

OBJECTIVES OF LIFE INSURANCE MARKETING

Mobilization of savings in the form of pensions.

Improving customer services.

Increasing customer base and its spread.

Developing corporate image.

Spreading Life Insurance Message.

Developing guiding policies and their

implementation for better results.

Distribution of Life Insurance Policies.

Marketing Profit.

MARKETING MIX

MARKETING MIX

Definition Definition ““Marketing mixMarketing mix is the term is the term

use to describe the combination use to describe the combination of the four inputs which of the four inputs which

constitute the core of the constitute the core of the companies marketing systemcompanies marketing system – – the product, price structure, the product, price structure, promotional activities, and promotional activities, and

distribution systemdistribution system””

MARKETING MIX

PROMOTIONMIX

PRICE MIX

PRODUCT MIX

PLACE MIX

PRODUCT MIXPRODUCT MIX““Product is any article which Product is any article which the manufacturer desires to the manufacturer desires to sell in the open market. It has sell in the open market. It has the capacity to satisfy human the capacity to satisfy human wants.”wants.”

THE FOCUS OF PP & THE FOCUS OF PP & DEVELOPMENTDEVELOPMENT Give due weightage to the socially Give due weightage to the socially & economically backward classes.& economically backward classes.Maximize the mobilization of Maximize the mobilization of saving by offering lucrative saving by offering lucrative schemes.schemes.Assign due weightage to interest Assign due weightage to interest of investors.of investors.

Maintain economy in Maintain economy in business by promoting cost business by promoting cost effectiveness.effectiveness.

Act as a trustee of policy Act as a trustee of policy holders.holders.

Keep in mind the emerging Keep in mind the emerging trends in business trends in business environment.environment.

Improve the quality of Improve the quality of customer services.customer services.

PLACE MIXPLACE MIX““Physical distribution is the Physical distribution is the delivery of goods at the right delivery of goods at the right time and the right place to the time and the right place to the consumers”.consumers”. It includes It includes

Types of Types of intermediariesintermediaries

Marketing channelMarketing channel TransportationTransportation

PRICE MIXPRICE MIXPrice is the valuation of the Price is the valuation of the product mentioned by the seller. product mentioned by the seller. Seller is willing to sell, Buyer is Seller is willing to sell, Buyer is willing to buy at this price.willing to buy at this price.

PRICE MIX DECISION INCLUDES PRICE MIX DECISION INCLUDES Making possible cost of effectiveness.Making possible cost of effectiveness.Restructuring of premiumRestructuring of premiumDue priority o profit generating Due priority o profit generating

investmentinvestment

Weightage to the policies meant for Weightage to the policies meant for the socially and economically backward the socially and economically backward classes. classes.

making the way for mobilizing making the way for mobilizing profitability.profitability.

PROMOTION MIXPROMOTION MIXPromotional activities are for Promotional activities are for encouraging retailers and dealers to encouraging retailers and dealers to keep the stock of company’s product keep the stock of company’s product and also for consumers to purchase and also for consumers to purchase company’s products due to its various company’s products due to its various plus pointsplus points

PM FOR INS SECTOR:PM FOR INS SECTOR: ADVERTISING ADVERTISING PUBLICITY PUBLICITY SALES PROMOTION SALES PROMOTION TELE-MARKETING TELE-MARKETING

MARKETING STRATEGIES OF

PRODUCTS

MARKETING STRATEGIES OF

PRODUCTS

KOTAK CHILD ADVANTAGE PLAN

KOTAK CHILD ADVANTAGE PLAN

The Kotak Child Advantage Plan is an investment plan designed to meet one’s 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

ADVANTAGES OF THIS PLAN

PROMOTION MIX

a. Advertising

b.Publicity

c. Sales Promotion

d.Personal Selling

PRICE MIX

PLACE MIX

KOTAK RETIREMENT INCOME PLAN

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.

Term 5-30 years.

Age to receive annuity Minimum 45 years. Maximum 65 years.

Intervals at which premium can be paid Quarterly, Half Yearly, Annually.

ADVANTAGES OF THIS PLAN

PROMOTION MIX

a. Advertisement

b. Publicity

c. Sales Promotion

d. Telemarketing

PLACE MIX

PRICE MIX

MEDIA CENTREMEDIA

CENTRE

OUTLOOK MONEY

Rates

Kotak Life Insurance

Plans

among best in the industry

OUTLOOK MONEY

Rates

Kotak Life Insurance

Plans

among best in the industry

Business Standard

OTHER ACHIEVEMENTSOTHER ACHIEVEMENTS

Kotak Life Insurance has outlined plans to Kotak Life Insurance has outlined plans to concentrateconcentrate on a richer penetration in on a richer penetration in Kerala for a larger part of the insurance Kerala for a larger part of the insurance market. market.

Kotak Life Insurance Kotak Life Insurance tiesties up with up with Bhosale Bhosale co-op bank.co-op bank.