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ACKNOWLEDGEMENT TO KOTAK LIFE INSURANCE
The opportunity to get practical training in a reputed organization fulfills
the felt gap between the theory and practical. In the case of a student of finance
& control, this aspect assumes an additional dimension.
I hereby acknowledge Kotak Life Insurance providing the constant
guidance for encouragement which helped me a lot to be successful in my
efforts. This formal acknowledgement will hardly be sufficient to express my
deep sense of gratitude to all of them. It was a memorable experience while
doing my summer training project at Kotak Life Insurance, Kanpur.
I am highly indebted and thankful to Mr. Manish Katara (Sales
Manager), Mr. Jasvinder Singh, Mr. Saurabh Jasiwal for their guidance and
encouragement without which the satisfactory completion of this summer
training project would not have been possible. They are a constant source of
inspiration to me, showing all the patience and abundant encouragement through
out project duration.
In all Kotak Life Insurance provided a wonderful stimulating
environment for this very educative and instructive training.
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ACKNOWLEDGEMENT TO THE M.P.E.C. MANDHANA
KOTHI, KANPUR
I would like to thank Manharana Pratap Engineering, College, Kanpur
for providing me with this window opportunity that helped me to get an
exposure into real life business practices. Research Methodology and its
concepts were a great help to me in the course of the summer training project.
Thanks to my faculty members for teaching me these concepts so that I could
apply these during the course of data analysis and interpretation.
I would also like to thank Mr. Ashutosh (H.O.D.) M.P.E.C. Kanpur, who
were always there to guide and support me in my endeavor.
Above all, I would like to thank almighty God, who helped me in
successfully completing my summer training project.
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CERTIFICATE FROM COLLEGE
This is to certify that the project entitled TO STUDY AND WORK
WITH THE CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK
LIFE INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND
RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS
PRODUCT submitted in partial fulfillment of the requirement of Maharana
Pratap Engineering College, Kanpur in record of bonafied general study work
carried out by under my supervision.
The project or any part of it has not been previously submitted for any
degree.
H. O. D.
Mr. Ashutosh Mishra
Maharana Pratap Engineering College, Kanpur
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PREFACE
The project title I got is TO STUDY AND WORK WITH THE
CHANNEL MARKETING TEAM (TIED AGENCY) OF KOTAK LIFE
INSURANCE TO DEVELOP ITS DISTRIBUTION CHANNEL AND
RECRUITMENT OF ADVISORS AND ANALYSIS OF VARIOUS
PRODUCT.
The nature of the project is, recruitment of lead for Kotak Life
Insurance, by doing so the benefit of the company is, the company will expand
its distribution channel, and on the other hand, by doing so, it has really helped
me a lot in understanding the working of the insurance companies and the
Marketing Procedure of the organization and the important role that the advisors
plays in the insurance companies.
Kotak Life Insurance is India's leading insurance company. It
represents the trust and integrity of Kotak Life Insuracne with the international
expertise and financial strength of old mutual, Inc.
The main importance of this project, from the companys point of view
is that the company will be having life long man power in the form of advisors
who will be bringing lots of business to the company and help the company to
grow and expand.
There is a unique and a patented model of Kotak Life Insurance, which
distinguishes a Kotak Life Insurance advisor from any other advisor in the
insurance market. (Which is discussed in great detail in the later part of the
report)
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The advisors are mainly the people who establish a relation of the
customers with the company by selling the policies of the respective company.
They act as a channel distribution partner, and moreover the advisors are the
idea and the concept sellers who are responsible, not only for selling policies,
but also to bring awareness in the market about the need of life insurance,
especially in the Indian market.
Through this project I have learned effective working in all
situations like, how to take quick decisions, how to deal with customers, and
more over how to maintain cordial relations with them.
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DECLARATION
This is to certify that I have personally worked on this project titled TO
STUDY AND WORK WITH THE CHANNEL MARKETING TEAM (TIED
AGENCY) OF KOTAK LIFE INSURANCE TO DEVELOP ITS
DISTRIBUTION CHANNEL AND RECRUITMENT OF ADVISORS AND
ANALYSIS OF VARIOUS PRODUCT.For the purpose to complete my
summer training. The data mntioned in this project report is genuine and were
collected by me during this course of the project. Any other information or data
has been collected or borrowed from outside agency or some other report has
been duly acknowledged in this project report. It is also to certify that no facts or
information regarding this work has been concealed.
Date Ashu Kushwaha
Place : Kanpur
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INDEX
Summary 11-12
PART 1
INSURANCE [14-28]
Insurance 15
About Insurance 16
Characteristics of Insurance 16-17
About General Insurance 17-18
Life Insurance in India 18-20
Essential Features 20-22
Function of Insurance 22-26
Working of Life Insurance 27-28
PART 2
ABOUT KOTAK MAHINDRA OLD MUTUAL LIFE INSURANCE[30-56]
About Kotak Mahindra Old Mutual Life Insurance 31-32
Kotak Mahindra Group 32-36
Structure of Kotak Life Insurance 37-38
Summer Training Learning 39-40
Kotak Product for Individual Life Insurance 41-46
Bullish Market Situation 47-48
Bearish and Volatile Market Situation 49-51
Newely Launch Product 52-54
Five core values of Kotak Life Insurance 55-56
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PART 3
RESEARCH METHODOLOGY [58-71]
Research Methodology 59
Objective of Study 60-62
SWOT Analysis 63-71
MARKETING [72-83]
Marketing 72
Kotak Adopts different methods of Marketing 73-75
Channel Marketing 76-83
RESEARCH DESIGN [84-94]
Research Design 84-85
Source of Data 86-89
Sampling Plan 90-91
Data Analysis 92-94
Observation 95
Recommendation 96
QUESTIONNAIRE [97-108]
Questionnaire 1 98-102
Questionnaire 2 103-108
Bibliography 109-110
Webliography 111-112
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EXECUTIVE SUMMARY
Monopoly of LIC has been broken to make Indian Insurance to change
its face and pace to tap the market and to make the new challenges in it.
Insurance in India is not about India only; it is an open sector for the
private players.
The name which you would see in Indian insurance market is something
like:- BAJAJ (Indian company) + Allianz (foreign player), TATA (Indian
company) + Aig (foreign player) and so many like them.
Companies now are tapping a lot of ways to capture the market and
hence adopting different ways to hold the large portion of the market.
My project was to understand the different marketing strategies adopted
by the companies to increase their market share and along with it meeting their
own targets to achieve the position of no. 1 in respective field or segment of the
market.
My summer training learning helped me a lot to complete my project in
order to learn a lot of things of the corporate. As a project trainee the first task
given to me was to understand the basic behaviour of the consumer in order to
manipulate the market according to the our target competition. For this we did
developed a questionnaire and I did my survey in important location of Kanpur
Nagar.
From this database I was asked to do the called calling in order to make
strengthen the agency channel and I learnt how to develop this channel and how
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to create the business opportunities besides grabbing them. This made me to
know issues of competitive market in a better manner and it also gave me a lot of
ideas to enhance my communication and convincing skills.
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Insurance :
Insurance is pooling of risk and compensation of lasses to some extent.
I - Innovation
N - Need Based
S - Solution Oriented
U - Urgent
R - Rational
A - Assume
N - Neutral
C - Compensation
E - Effective
Insurance Act comes in 1983.
Life Insurance cooperation Act Start in 1956 with 60 members.
Insurance Regulatory and Development Authority come in 1999.
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About Insurance :-
Insurance may be defines as social device to protect the economic value
of the life and other assets. Under the plan of Insurance a group of people are
brought together and their share of money is pooled to manage the loss suffered
by any of them.
Insurance is a contract whereby in return of the payment of the premium
by the insured the insurers pay the financial loss suffered by the insured as a
result of the loss by the unforeseen events. The term risk is used to define the
probability of loss.
Insurance is a pool where large number of people exposed to similar kind
of risks makes contribution to the common fund out of which the losses suffered
by the unfortunate few due to accidental events are made good.
The sharing of risk among large group of people is the basis of insurance.
Characteristics of Insurance:-
1. Sharing of Risk
2. Cooperative device
3. Evaluation of Risk
4. Payment of event of happening of any special event
5. The amount of payment depends on the size and type of loss.
6. The success of Insurance business depends on the law of large
number of people insured against similar risk.
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7. Insurance is a business which spreads the loss and the risk of few
people in the large number of people.
8. The insurance is a plan in which insured transfer his risk to insurer.
9. Insurance is a legal contract
Insurance is divided in two basic zones :-
1. General Insurance
2. Life Insurance
About General Insurance:-
Insurance of the non life assets are called general insurance, this includes
loss of asset against water, fire, earthquake etc. With the detarrification in the
Indian Market in General Insurance the monopoly of the general Insurance
public sectors companies has been broken. With the entrance of the new private
player market innovative technique has been introduced to capture the market. In
general Insurance around 17% of the market has been captured by the private
players.
General Insurance is a sector which alone has many type of insurance
coverage in it like Fire Insurance, Marine Insurance, motor Insurance, Liability
Insurance, Engineering Insurance etc.
The Non Life Insurers
National Insurance Co. Ltd.
New Indian Assurance Co. Ltd.
Oriental Insurance Co. Ltd.
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United India Insurance Co. Ltd.
Tata AIG General Insurance Co. Ltd.
Bajaj Allianz General Insurance Co. Ltd.
IFFCO Tokio General Insurance Co. Ltd.
ICICI Lombard General Insurance Co. Ltd.
Reliance General Insurance Co. Ltd.
Royal Sundaram Alliance Insurance Co. Ltd.
Bharti Axa General Insurance
HDFC Chub
Life Insurance in India:-
Life Insurance in India existed from long time. The modern concept of
Insurance was brought by Bruisers in India, and Oriental Insurance Company
was the first Insurance Company who did Insurance for the Indian in 1818 and
was established in Calcutta nowadays Kolkata. Then due to no interference of
government in it, private market players ruled the market as they want to, that is
why government intervened in between to protect the interest of the mass and to
safeguard the money involved in it.
From that time i.e. from the year 2001 insurance sector was opened for the
private players too. Since them Insurance sector is on the boom and business is
flourishing and a lot of private players are coming into business. Here the private
players doesnt indicate to Indian Private Companies but also foreign players are
also involved in it, but to manage the money flow in and outside the country
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IRDA takes care of the contribution of the money by foreign partners of private
insurance companies. To control that IRDA has set a limit of FDI i.e. 26%.
The evolution of Insurance in India can be summarized as:-
Year Changes
1818 Oriental Insurance Company. The first Insurance Company in India
1870 Bombay Mutual Life Assurance Company. First Indian Insurance
company.
1912 The Indian Life Assurance Company enacted the first law to regulate the
life insurance business in India
1926 The Indian Assurance company act enacted to enable to government to
collect the statistical information about the insurance.
1938 The earlier legislation consolidated and amended the life insurance act
with the objective of protecting the interest of insurance in the public.
1956 245 Indian and foreign players and prudent societies are taken once by
Central govt. And nationalized
The number of companies in Insurance particularly in life Insurance has
changed drastically now the number is in 17. List of them are mentioned as
below.
1. Bajaj Allianz Life Insurance
2. ICICI Prudential Life Insurance
3. TATA AIG Life Insurance
4. Max New York Life Insurance
5. AVIVA Life Insurance
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6. Bharti AXA Life Insurance
7. Kotak Mahindra Life Insurance
8. Reliance Life Insurance
9. SBI Life Insurance
10. HDFC Standard Life Insurance
11. Birla Sun Life Insurance
12. Sahara Life Insurance
13. ING Vysa Life Insurance
And so on
Life Insurance contracts are the one which has to fulfil the requirements
of the law of Contract as per the Indian Contract Act 1872.
Indian Contract Act 1972 implies : A contract must have certain essential
features in order to make it legally valid and enforceable.
Essential Features :-
1. Offer and Acceptacne :- There should be the offer by the customer in
form of proposal form and Acceptance by the Insurance Company.
2. Consideration :- There should be the valid consideration against the
insured property in terms of the premium to be paid by the consumer.
3. Agreement between the parties :- There should be consensus on the
both side of the parties.
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4. Capacity to contract :- The insured should have the capacity to perform
the contract as that he a?) He should be of sound mind b) he should not
be abided by law to go for any contract c) he should be major that he
should have the age minimum to 18.
5. Legality :- There should be the legality of contract as it should be legal
in nature and must be brought for the lawful consideration.
Above details have some technical words like Insured, Insurer, and
Premium etc. Lets make a brief note on that for a better understandings:-
Policyholder :-
The one who pays the premium against policy
Insured :-
The one who is insured against risk by insurance company.
Insurer :-
The one gives the insurance i.e. Insurance Company.
Premium :-
The amount against continuance of the insurance
P.S. :-
Policyholder and insured can be same person and can be two individuals
even.
Apart from the Legal Structure of the Insurance Contract there are some
principles in Insurance Industry on which every company works on. There
principles are:-
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Utmost Good Faith :-
It is also termed as Uberrima Fides. It is applicable on the proposer that
all the contents which are filled and signed by him on the proposal form are true
as per his knowledge.
Insurable interest :-
It means that the property or life which is to be insured the proposer has
the legal rights upon that. Without insurable interest no insurance can be
provided. In life insurance term legal rights on life means to prove the blood
relation. A husband can take policy for his wife.
FUNCTION OF INSURANCE :-
If asked we should know the benefits of the insurance and that can be
known by knowing the function of the insurance.
PRIMARY FUNCTION:-
1. Provide protection:- As risks controlling is not in the hands of anyone
completely that is why Insurance Company provides the risk protection.
2. Collective bearing of loss:- Insurance Company would have to accept
the loss and give respective claims as for the sake of contract that has
been done between the company and the insured.
3. Assessment of Risk:- There should be the proper assessment of the risk
so as to charge the correct and legible premium to charge the correct and
legible premium to insure the subject matter of insurance.
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4. Provide the certainty:- As the losses appear from the uncertainty so
Insurance Company would have to provide the certainty of absorbing the
loss so as to protect the insured under the risk in which he has been
insured.
SECONDARY FUNCTION:-
1. Prevent Loss:- Insurance cautious businessman and individuals to adopt
suitable device to prevent unfortunate consequences of risk by observing
safety instructions.
2. Small capital to large risk:- Small capital is demanded to cover the risk of
the large capital.
OTHER FUNCTION:-
It is a means of savings and investment apart from it its share in the GDP
counts very important. In India it is in a growing stage in compare of the other
countries letshave a look on it:-
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United Kingdom 8.9%
Japan 8.3%
Korea 7.3%
United States 4.1%
Malaysia 3.6%
India 3.0%
China 1.8%
Brazil 1.3%
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If we talk in terms of India only then the result will be
something like this:-
12
10
8
6
4
2
0
100 1,000 10,000 100,000
GDP per capita in USD (log scale)(1) PPP adjusted GDP per capita higher by a tactor of - 5-8, lower incomes categories not shownSource Swiss Re NCAER
Three avenues for growth
Addition of newcustomers
1
Existingcustomers by
more
2
Extension to newgeographies
3
Insurance premiumas % GDP
Threshold forinsurance pick-up
INDIA
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with some productcategories nascent
!
!
!
!
!
!
!
!
Pension scheme
Annuity scheme
Health insurance
Disability and critical illness
insurance
Professional liability
Crop insurance
Income protection
Credit insurance
1
2
3
... still remains # 19 in insurance terms ...
Premium Income ($ Bn)
USA
Japan
UK
Germany
France
Italy
S Korea
Canada
Netherlands
Spain
China
...
India
1055
479
247
171
164
112
60
59
50
47
47
17
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Working of Life Insurance:-
Risk has to be assessed in order to decide tithe premium or to decide that
subject is insurable or not.
Pure Risk vs. Speculative Risk:-
Event representing there will be possibility of loss or no loss is called
pure risk. These risks are insurable in nature.
Speculative risk is the one which truly resembles gamble. There is the
possibility of loss or gain and wherever there is a chance of making profit there
insurance cannot exist. Therefore these risks are not insurable in nature.
Approaches to Risk Management:-
Risk Management is the process of minimising the risk due to unforeseen
events. Steps involved in selecting the Risk Management are:-
To identify all the things that can be possibly wrong.
To consider possibility that an event can occur.
Techniques Toward The Risk Management:-
1. Avoiding the Risk:- Risk can be managed by avoiding it as when the
perils will come then it will be managed.
2. Eliminate the Risk:- Risk can be managed by eliminating the cause of
the loss.
3. Reducing the Risk:- Risk can be reduced by handling them in a
systematic manner.
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4. Transfer of Risk:- Risk can be minimized by transferring the risk of loss
to any other person which is a true form of the INSURANCE.
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About Kotak Mahindra Old Mutual Life Insurance:-
Kotak Mahindra is in business SINCE 1985, and insurance part of their
business came into existence in the year 2001.
Evolution of Insurance business in Kotak Mahindra business is like this:-
Year Significant Changes Business Development
1985 Trade Finance
1986 Corporate Finance
1990 Car Finance
1991 Investment Banking
1992 GOLD MAN SACHS Brokerage and Distribution
1995 FORD CREDIT Commercial Vehicle
1997 Consumer Finance
1998 Mutual Fund
2001 OLD MUTUAL PLC. Life Insurance
2003 Bank
As stated above Kotak Mahindra Life Insurance has Joint venture with Old
Mutual plc.
Old Mutual Plc is the 12th largest Insurance Company is the world. It has
its base of over 4 million life assurance policyholders. It has one of the best
Payouts among insurers in the world. It has one of the best Solvency Ratios
among insures in the world. A FTSE 100 financial services group and ranks as a
Fortune Global 500 company. The Old Mutual group manages is excess of 239
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billion pounds in funds (Dec06). The company is 160 years old and has
prominent presence in the United States and the United Kingdom.
Kotak Mahindra Group:-
Kotak Group and Mahindra Group had their partnership 1985 between
Uday Kotak and Mr. Mahindra.
Now the question arises that way for the business in India of life
insurance Kotak Mahindra chose Old Mutual plc and vice versa.
Features of Kotak Mahindra and Old Mutual plc at a glance:-
Kotak Mahindra Old Mutual Plc
Brand Equity Domain Knowledge
Branch Network Technology
Entrepreneur Employees Product innovation
Knowledge of Indian Market Training Expertise
Access to customer base Global perspectives
Distribution associates System and Process
Multi Channel Working System
If we look at the status of Kotak Life Insurances market share in comparison of
other private company in comparison of premium earned:-
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No. Insurer Market Share%
1 Bajaj Allianz 7.56
2 ICICI Prudential 7.35
3 HDFC Standard Life 2.87
4 SBI Life 2.31
5 Birla Sun Life 1.89
6 Tata AIG 1.29
7 Max New York 1.23
8 Aviva 1.14
9 Kotak Mahindra OLD Mutual 1.11
10 ING Vysya 0.79
11 Reliance Life 0.54
12 MetLife 0.40
13 Sahara Life 0.06
14 Shriram Life 0.03
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Figure
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1 6 0 0
1 4 0 0
1 2 0 0
1 0 0 0
8 0 0
6 0 0
4 0 0
2 0 0
0
If we talk the growth of Insurance industrys private players in recent years, the
data will reflect:-
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Structure of Kotak Life Insurance:-
MANAGING DIRECTOR:- MR. GAURANG SHAH
CFO:- G. MURALIDHAR
VICE PRESIDENT TRAINING AND MANAGEMENT DEVELOPMENT:-
MR. ARUN PATIL
VICE PRESIDENT HR:- MR. SUGATA DUTTA
VICE PRESIDENTS DISTRIBUTION DEVELOPMENT AND PLANNING:-
MR. KAMLESH VORA
APPOINTED ACTUARY:- JOHN BRYCE
VICE PRESIDENT MARKETING:-
Its hierarchy in Kotak Life Insurance is like this:-
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MARKETING TEAM STRUCTURE:
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Summer Training Learning:-
Developing the source for marketing and development of the business through
the understanding of:-
1. CONSUMER BEHAVIOUR
2. TELE MARKETING
3. CHANNEL DEVELOPMENT
4. UNDERWRITING TRAINING
Consumer Behaviour:-The process and activities people engage in when
searching for, selecting, purchasing, using and disposing of products and
services as to satisfy their needs and desires is consumer behaviour. To
understand so as to know the recognition of KOTAK Life Insurance we
conducted a survey in different areas such as:-
Govind Nagar, Kanpur
Saket Nagar, Kanpur
Civil Lines, Kanpur
Kaka Dev, Kanpur
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I n s u r e d F rI n s u r e d F r
I n s u r e d F r
A w a r e n e s s
8 32 8
1 2
4 7
100 responses of people turned to following:-
No. Of people insured 83
Insured from LIC 79
Insured from Private companies 47
Insured from Kotak 12
Know about the product of Kotak 28
Peoples Response
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Kotaks Product for Individual Life Insurance:-
1. Kotak Capital Multiplier Plan
2. Kotak Flexi Plan
3. Kotak Retirement Income Plan (unit-linked)
4. Kotak Retirement Income Plan (non unit-linked)
5. Kotak Eternal Life Premier Shield
6. Kotak Head Start Assure Wealth
7. Kotak Smart Advantage Plan
8. Kotak Safe Investment Plan
9. Kotak Head Start Future Protect
10. Kotak Easy Growth Plan (1.25 times)
11. Kotak Easy Growth Plan (5 times)
12. Kotak Sukhi Jeevan
Traditional Plans:-
1. Endowment Plan
2. Kotak Term Plan
Kotaks Product for Group Life Insurance
1. Kotak Superannuation Group Plan
2. Kotak Gratuity Group Plan
Additional Features:-
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1. Riders
2. Nominees
3. Life Guard
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Kotak Capital Multiplier Plan:-
Kotak is the only plan of its kind that allows the return to be enjoyed beyond
maturity. It is a kind of super endowment plan that offer the bonus every year,
and also offers the facility to increase the investment and it also offers the
facility to withdraw the money as when wants to over a 15 year period post
maturity, apart from that additional life cover of 10%, which is over and above
the life cover which has been opted.
Other Features like surrender to the policy can be opted out of any medical
urgency, following riders can be opted:-
Preferred term Benefit
Accidental Death Benefit
Permanent disability Benefit
Critical Illness Benefit
Life Guardian Benefit
Accidental Disability Guardian Benefit
Kotak Flexi Plan:-
Kotak Flexi gives a comprehensive long term solution for managing finances. It
gives the insurance which is an important part of the portfolio. It helps in
reducing the loss of investments as done in equity market because different
options are given for the type of aggressiveness required for the investment and
portfolio is managed by the company. As experts are there in the company to
look after the investments made.
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Different Fund options are available like Dynamic floor guaranteed floor etc.
Special Feature:- Flexi also has the feature of Guaranteed Maturity Value that is
on the maturity of the policy one will be getting at least whatever has been
invested, apart from whatever the condition is of the stock market.
Automatic Cover that is policy conversion to paid-up feature is there.
Riders are available
And feature of switching between the funds is also available.
Switching is tax free.
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Kotak Smart Advantage Plan:-
Above were brief descriptions of few products.
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Five Core Values of
Kotak Life Insurance
The Kotak Life Insurance shares five core values u nderstanding,
excellence, unity and responsibility. These values, which have been part of the
Group's beliefs and convictions from its earliest days, continue to guide and
drive the business decisions of Kotak companies. The Group and its enterprises
have been steadfast and distinctive in their adherence to business ethics and their
commitment to corporate social responsibility. This is a legacy that has earned
the Group the trust of many millions of stakeholders in a measure few business
houses anywhere in the world can match.
The Kotak Group has always sought to be a value-driven organization. These
values continue to direct the Group's growth and businesses. The five core Kotak
values underpinning the way we do business are:
Integrity: We must conduct our business fairly, with honesty and
transparency. Everything we do must stand the test of public scrutiny.
Understanding: We must be caring, show respect, compassion ands
humanity for our colleagues and customers around the world, and always
work for the benefit of India.
Excellence: We must constantly strive to achieve the highest possible
standards in our day-to-day work and in the quality of the goods and
services we provide.
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Unity: We must work cohesively with our colleagues across the Group
and with our customers and partners around the world, building strong
relationships based on tolerance, understanding and mutual cooperation.
Responsibility: We must continue to be responsible, sensitive to the
countries, communities and environments in which we work, always
ensuring that what comes from the people goes back to the people many
times over.
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RESEARCH METHODOLOGY
Research methodology is the Procedure adopted for conducting the
research study. Research methodology should be carefully planned as the
accuracy reliability and adequacy of results is totally depending on the Research
Methodology followed. It gives the researcher a guideline by which he/she can
decide which techniques and procedures will be applicable to a given problem.
Moreover it helps in the evaluation of research by other also. So for the research
to be successful, purposeful and effective the researcher should plan the
Research Methodology before preceding the study.
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Objective of The Study
The very objective of any summer Internship project is to get a high degree
of corporate exposure and learning. The objective is to get a high class On the Job
training from the company for practical learning purpose along with full filling the
tasks allotted by the company.
As far as on the job training is concerned, the objective is to train summer
trainees like us in the related subject matter in which the company is doing business.
Before starting the project work, lots of classroom lectures and training have been
undergone. The training included through knowledge about INSURANCE and other
related topics.
I have learned a lot about KOTAK LIFE INSURANCE as a whole and
separately.
When a person works in some company, first of all it is very important for
him to know about the company. Therefore first I have learned a lot about KOTAK
LIFE INSURANCE and in the same time it also took me a good lot of time in
understanding the working and as well as the culture of the company.
In the class room training I have learned not only about KOTAK LIFE
INSURANCE, but also the market share of KOTAK LIFE INSURANCE and,
including the percentage of share of both these companies in this JOINT
VENTURE between KOTAK and OLD MUTUAL FUND.
The nature of the project is to study and work with the channel
marketing team (Tied agency) of KOTAK LIFE INSURANCE to develop its
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distribution channel and recruitment of advisors and analhysis of various
products, by doing so the benefit of the company is, the company will have life
long channel partners and in return The summer Trainees like us, will practically
learn about the working of the company and the Life Insurance Sector as a
whole
The lead generators are mainly the people who establish a relation of the
customers with the company by selling the policies of the respective company.
They act as an channel distribution partner, and moreover the advisors are the
idea and the concept sellers who are responsible, not only for selling policies,
but also to bring awareness in the market about the need of life insurance,
specially in the Indian market LEAD GENERATER are the key persons in an
insurance company, in fact they contribute a lot in the insurance business.
BENEFITS OF LEAD GENERATER
Potential to earn unlimited income
Flexible Timings
No capital investment
Other Benefits
Gratitude of Families in society
Prestige among peers
Network of Contacts
Good Will of Customers
Contribution to nation building
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SWOT analysis came from the research conducted at Stanford Research Institute
from 1960-1970. The background to SWOT stemmed from the need to find out
why corporate planning failed. The research was funded by the fortune 500
companies to find out what could be done about this failure. The Research Team
were Marion Dosher, Dr Otis Benepe, Albert Humphrey, Robert Stewart, Birger
Lie.
It all began with the corporate planning trend, which seemed to appear first at
Du Pont in 1949. By 1960 every Fortune 500 company had a 'corporate planning
manager' (or equivalent) and 'associations of long range corporate planners' had
sprung up in both the USA and the UK.
However a unanimous opinion developed in all of these companies that
corporate planning in the shape of long range planning was not working, did not
pay off, and was an expensive investment in futility.
It was widely held that managing change and setting realistic objectives which
carry the conviction of those responsible was difficult and often resulted in
questionable compromises.
The fact remained, despite the corporate and long range planners, that the one
and only missing link was how to get the management team agreed and
committed to a comprehensive set of action programmes.
To create this link, starting in 1960, Robert F Stewart at SRI in Menlo Park
California lead a research team to discover what was going wrong with corporate
planning, and then to find some sort of solution, or to create a system for
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enabling management teams agreed and committed to development work, which
today we call 'managing change'.
The research carried on from 1960 through 1969. 1100 companies and
organizations were interviewed and a 250-item questionnaire was designed and
completed by over 5,000 executives. Seven key findings lead to the conclusion
that in corporations chief executive should be the chief planner and that his
immediate functional directors should be the planning team. Dr Otis Benepe
defined the 'Chain of Logic' which became the core of system designed to fix the
link for obtaining agreement and commitment.
1. Values
2. Appraise
3. Motivation
4. Search
5. Select
6. Programme
7. Act
8. Monitor and repeat steps 1 2 and 3
We discovered that we could not change the values of the team nor set the
objectives for the team so we started as the first step by asking the appraisal
question ie what's good and bad about the operation. We began the system by
asking what is good and bad about the present and the future. What is good in
the present is Satisfactory, good in the future is an Opportunity; bad in the
present is a Fault and bad in the future is a Threat. This was called the SOFT
analysis.
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When this was presented to Urick and Orr in 1964 at the Seminar in Long Range
Planning at the Dolder Grand in Zurich Switzerland they changed the F to a W
and called it SWOT Analysis.
SWOT was then promoted in Britain by Urick and Orr as an exercise in and of
itself. As such it has no benefit. What was necessary was the sorting of the issues
into the programme planning categories of:
1. Product (what are we selling?)
2. Process (how are we selling it?)
3. Customer (to whom are we selling it?)
4. Distribution (how does it reach them?)
5. Finance (what are the prices, costs and investments?)
6. Administration (and how do we manage all this?)
The second step then becomes 'what shall the team do' about the issues in each
of these categories. The planning process was then designed through trial and
error and resulted finally in a 17 step process beginning with SOFT/SWOT with
each issue recorded separately on a single page called a planning issue.
The first prototype was tested and published in 1966 based on the work done at
'Erie Technological Corp' in Erie Pa. In 1970 the prototype was brought to the
UK, under the sponsorship of W H Smith & Sons plc, and completed by 1973.
The operational programme was used to merge the CWS milling and baking
operations with those of J W French Ltd.
The process has been used successfully ever since. By 2004, now, this system
has been fully developed, and proven to cope with today's problems of setting
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and agreeing realistic annual objectives without depending on outside
consultants or expensive staff resources.
The seven key research findings
The key findings were never published because it was felt they were too
controversial. This is what was found:
1) A business was divided into two parts. The base business plus the
development business. This was re-discovered by Dr Peter Senge at MIT in 1998
and published in his book the 5th Dimension. The amount of development
business which become operational is equal to or greater than that business on
the books within a period of 5 to 7 years. This was a major surprise and urged
the need for discovering a better method for planning and managing change.
2) Dr Hal Eyring published his findings on 'Distributive Justice' and pointed out
that all people measure what they get from their work and divide it by what they
give to the work and this ratio is compared to others. If it is not equal then the
person first re-perceives and secondly slows down if added demands are not met.
(See for interest Adams Equity Theory and the Equity Theory Diagram pdf)
3) The introduction of a corporate planner upset the sense of fair play at senior
level, making the job of the corporate planner impossible.
4) The gap between what could be done by the organisation and what was
actually done was about 35%.
5) The senior man will over-supervise the area he comes from. Finance- Finance,
Engineering-Engineering etc.
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6) There are 3 factors which separate excellence from mediocrity:
a. Overt attention to purchasing
b. Short-term written down departmental plans for improvement
c. Continued education of the Senior Executive
7) Some form of formal documentation is required to obtain approval for
development work. In short we could not solve the problem by stopping
planning.
In Conclusion
By sorting the SWOT issues into the 6 planning categories one can obtain a
system which presents a practical way of assimilating the internal and external
information about the business unit, delineating short and long term priorities,
and allowing an easy way to build the management team which can achieve the
objectives of profit growth.
This approach captures the collective agreement and commitment of those who
will ultimately have to do the work of meeting or exceeding the objectives
finally set. It permits the team leader to define and develop co-ordinated, goal-
directed actions, which underpin the overall agreed objectives between levels of
the business hierarchy.
Translating Swot Issues Into Actions Under The Six Categories
Albert Humphrey advocated that the six categories:
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1. Product (what are we selling?)
2. Process (how are we selling it?)
3. Customer (to whom are we selling it?)
4. Distribution (how does it reach them?)
5. Finance (what are the prices, costs and investments?)
6. Administration (and how do we manage all this?)
provide a framework by which SWOT issues can be developed into actions and
managed using teams.
This can be something of a 'leap', and so the stage warrants further explanation.
Translating the SWOT issues into actions, are best sorted into (or if necessary
broken down into) the six categories, because in the context of the way that
business and organizations work, this makes them more quantifiable and
measurable, responsible teams more accountable, and therefore the activities
more manageable. The other pivotal part in the process is of course achieving the
commitment from the team(s) involved, which is partly explained in the item
summarising Humphrey's TAM model and process.
As far as identifying actions from SWOT issues is concerned, it all very much
depends on your reasons and aims for using SWOT, and also your
authority/ability to manage others, whom by implication of SWOT's breadth and
depth, are likely to be involved in the agreement and delivery of actions.
Depending on pretext and situation, a SWOT analysis can produce issues which
very readily translate into (one of the six) category actions, or a SWOT analysis
can produce issues which overlay a number of categories. Or a mixture.
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Whatever, SWOT essentially tells you what is good and bad about a business or
a particular proposition. If it's a business, and the aim is to improve it, then work
on translating:
Strengths (maintain, build and leverage)
Opportunities (prioritise and optimise)
Weaknesses (remedy or exit)
Threats (counter)
into actions (each within one of the six categories) that can be agreed and owned
by a team or number of teams.
If the SWOT analysis is being used to assess a proposition, then it could be that
the analysis shows that the proposition is too weak (especially if compared with
other SWOT's for alternative propositions) to warrant further investment, in
which case further action planning, other than exit, is not required.
If the proposition is clearly strong (presumably you will have indicated this
using other methods as well), then proceed as for a business, and translate issues
into category actions with suitable ownership by team(s).
This is my understanding of Albert Humphrey's theory relating to developing
SWOT issues into organizational change actions and accountabilities. (I'm
pleased to say that Albert kindly confirmed that this is indeed correct.)
There are other ways of applying SWOT of course, depending on your
circumstances and aims, for instance if concentrating on a department rather than
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a whole business, then it could make sense to revise the six categories to reflect
the functional parts of the department, or whatever will enable the issues to be
translatable into manageable, accountable and owned aims.
STRENGTHS
End-user sales control and
direction.
Right products, quality and
reliability.
Superior product performance
vs competitors.
Better product life and
durability.
Spare manufacturing capacity.
WEAKNESSES
Customer lists not tested.
Some gaps in range for certain
sectors.
We would be a small player.
No direct marketing experience.
We cannot supply end-users
abroad.
OPPORTUNITIES
Could develop new products.
Local competitors have poor
products.
Profit margins will be good.
End-users respond to new
ideas.
Could extend to overseas.
THREATS
Legislation could impact.
Environmental effects would
favour larger competitors.
Existing core business
distribution risk.
Market demand very seasonal.
Retention of key staff critical.
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Marketing:-
According to Kotler, Marketing is a social and managerial process by which
individuals and groups obtain what they need; want through creating, offering
and exchanging of products of value through other.
This definition of marketing rests on the core concepts like: needs, wants, and
demands, products (good, services and ideas); value, cost and satisfaction;
exchanger and transaction; relationships and networks; markets; marketers and
prospects.
NATURE OF GOOD MARKEING
THAT IS WHAT KOTAK LIVE BELIEVES IN, a good marketing
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Create Awareness
Induce Trial
Demonstrate Benefits
Build Brand
Preference
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Kotak adopts different methods for the marketing:-
Using Brand name KOTAK, and its effect can be seen as previously Kotak Life
Insurance needed a name Old Mutual with its name but now people Kotak by the
name ofKotak only not by the name of OM Kotak.
KOTAK has positioned itself in terms of BRAND POSITIONING as:-
FINANCIAL FREEDOM: JEENE KI AZAADI
Kotak always expressed itself as always close to Customers with the help of:-
Ads
Merchandising
Corporate Stationery
TELE MARKETING:- It is a kind of Direct selling, which makes the LEAD
GENERATION for the BUSINESS, or it turned into the SALES that are again
building BUSINESS for the company.
Tele Marketing is marketing the product through telephone. The most important
aspect of Tele Marketing is COLD CALLING, HOT CALLING, and
OBJECTION HANDLING.
Cold Calling means Calling to the unknown telephone number for the first time
and that even without knowing the respondent.
Hot Calling means Calling to already approached person for the further response
Objection Handling means to handle the type of objection that may arise while
calling.
That is what we have done in our Tele Marketing in our summer training.
By different type of calling we used to generate the LEAD for the further
business.
For that a set up was made and provided:-
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Database for calling was given or random calling was done.
Telephone was given
Computer was given so as to mail the respondents who were willing
to have the details via mail.
The one who were interested in knowing the details of the offer by
meeting, space was provided in the office to meet the senior
respondents.
Results from calling :-
Appointment:- Calling used to turn into the appointment to generate the
lead for the business depending upon the motto to call, which was
sometimes for the appointment of the Life Advisors and sometimes for
selling the policies.
Mail Brochure:- Sometimes responses were that the respondent is not
able to talk due to some reasons and they ask to mail the details vie e
mail.
Call Later:- Responses used to come as to call later because of their
busy schedules, incorrect time to call as the persons busy in meeting or
having lunch, or driving or is in roaming area.
Already a customer of Kotak:- little response came as the person is
already a customer of the Kotak Life Insurance.
Not Interested:- Most of the responses turned to not interest the basic
reason for that is, in India Insurance are much about telling then asking.
Database Problem:- If we got the database them problem like wrong
number was frequent to observe.
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Learning from calling:-
Patience:- Patience is require while calling because the probability of a
positive response is 1:25
Timing:-Correct time to call is the key facto to make a person listen to you
with interest. That timing is 1 pm to 3 pm, and then 4 pm to 6 pm
Quick Witted:- One has to be quick witted with the answers in response of
the respondent, if he says that he is a student so we should motivate him with the
option of pocket money and if the person is earning then the way of attracting
the person to Kotak will be the extra income.
This was the case when we are cold calling with the objective making the Life
advisors.
Active and careful:- One has to be active and careful in lieu to contact again
to that person who gave the time to call later or if appointment has been fixed
then one should be active as to give the person a reminder for at least 2 hour
before to confirm the meeting.
Correct pitching:- How to pitch about yourself and about the company is
the important aspect in calling as it creates the base for the person that why he
should listen to you.
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Direct Selling part includes Tele marketing through advertisements etc.
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Brokers are the who can sell the insurance product of a lot of company and is
appointed by the company but works for the individual and earn brokerage
through company.
Life Advisors is the name given to the traditional Agent which we often hear.
Life Advisor is the one who can sell the insurance product of only one company
and commission is what he earns in reference to the business provided by him.
Other channel here means the Corporate Agents, banks, selling through
Franchisee etc. are the parts of the channels which create business for the
company.
Channel developments most important aspect is Life advisor so we should
know the process of recruiting the life advisor.
First of all PHF form has to be filled along with it necessary document has to be
attached:-
PHF means personal History Form in which NAME, ADDRESS, MOBILE NO.,
Type of Training Required etc has to be mentioned.
Simply all those information has to be there which are necessary to be known to
the company so as to decide the potential of the Proposer to bring the business to
the company.
Then basic requirements as per the rule of the Insurance Act, 1938 has to be
fulfilled.
1. Personal has to be major
2. Should be of sound mind
3. Should work for only one company
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4. Should be 10th if going for rural area, and should be 12th passed if going
for the urban area. Urban area means the area having the population
above 5000 persons.
5. Should have residential proof
6. Should have identify proof
7. Copy of PAN card has to be attached.
And then the most important aspect that person will have to go for the 50 hours
training and will have to secure 50% marks to pass the examination conducted
by III (Insurance Institute of India) in behalf of IRDA to get the licence to do the
policy and earn the commission out of the work done.
Company provides the service of the training to its expected Life Advisors as per
their will whether online or manual training.
When a person becomes licentiate and works as a Life advisor for the company
then the rest part in reference to their motivation is done by the company by
throwing different competition and offering different schemes with bonuses and
targets to keep alive the notion of work and to motivate the Life Advisors to
work more.
This whole process in Kotak Life Insurance is called as Reward and Recognition
Programme:-
Kotak Life Insurance has made this programme and designed various stages in it
for different levels of Life Advisors:-
The whole Reward and recognition programme of Kotak is known to Kotak Life
Advisors is MY KOTAK LIFE.
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This was the session in which we were told that how the target is fixed and how
one gets rewarded for what he has done in Kotak Life for the success of him
along with KOTAK too.
My kotak life is the theme that is opted by the KOTAK for its employee
CPI = FOS*% Average case size * Average case rate
CPI: Cash Premium Income
FYP i.e. First Year Premium excluding the renewal premium is CPI of the
company.
FOS : Feet on Street. Sales are source of it and source of sales is Life Advisors.
Percentage active : It is that how many policies the Life Advisors have sold or in
a better manner we can say that active is the one who sells at least one policy in
a year.
Average Case Size : TOTAL PREMIUM / no. of policies
(Focus of Kotak Life much lies on this only)
Average Case Rate : Total policies/No. of Active Life Advisor
AVERAGE CASE SIZE is the one on which whole reward and recognition
program is actually designed, whether it is MDRT, TOT,COT or Power club.
In it different training modules is designed at different levels of life Advisors.
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Rewards and recognition has 5 levels in it :-
The Countdown Program
The Monthly Star Program
The Annual Elite Program
HallOf Fame
ProgramGovernor
In these levels are sub levels such as launch pad, orbit etc.
But the biggest Reward program is Power club which leads Life Advisor to get
attached to MDRT club, TOT club and COT club.
The things that Kotak is doing whether it is tele marketing or brand positioning
or channel development, these all are the part of the strategy in which company
works to increase their productivity.
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Marketing strategy of all the companies is different besides the lot of
similarity in the products.
If we see the data then we will find that Kotak Mahindra Life Insurance
has very less number of branches according to the latest data in annual report of
2008-2009 by IRDA, Kotak Mahindra Life Insurance has 135 branches, but the
premium that they offer to Insurance Industry is 1121 cores, and the number of
life advisors are not much if we compare it to other companies so from where
does this Premium is amounting this much, it shows that Kotak focuses on big
business houses, i.e. they are much desperate for their business with elephant
then humming birds.
If we see the things in a different fashion then we will find that the Kotak is
having the shield of Guaranteed Maturity Value which is the feature which a few
company (Max New Year Life) has.
No doubt the company is having a long list of the product with them. Variety is
there as in the range of the product varies from Child product to retirement
solutions, but there focus is in CHILD PLAY as their CHILD PLAN; KOTAK
HEADSTART WEALTH ASSURE PLAN was a huge success.
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Adding into it JEENE KI AZAADI is the tag that they maintained and they
convey in the market in order to attract the class of 30-45 age who are strong
believer of freedom in working life and 45 is the age group who thinks for the
retirement then to show them the path to get relieved from the responsibilities
they have for their family, which is the part of Advertising and Brand Promoting
the core marketing strategy.
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ICICI Prudential:-
ICICI Prudential Life Insurance, another competitor of Kotak Life Insurance.
ICICI Prudential is joint venture of ICICI Group with Prudential Plc. Prudential
Plc is of UK.
Prudential Plc. is the largest UK life insurance firm. ICICI Prudential was among
those few first companies who started their business in December 2000 in the
Private Insurance market. 74:26 is the stake of the ICICI and Prudential Plc in
their partnership.
ICICI is the no. 1 private player in Insurance market in term of the premium
share, 7913 crores (approx) was the total [premium by ICICI Prudential in the
year 2008, which is 28% of the total premium contribution by all private players
in the market.
2,34,460 is the number of the Life Advisors that ICICI PRUDENTIAL was
having till 2008-2009 and the number of branches that they are having is 583
which ahs drastically changed from year 2006-2007 to 2007-2008. This magic
number 583 has turned from the number 175.
So, here we have the marketing strategy for the ICICI Prudential that it is
playing on the numbers of Life Advisors and widening its network to increase its
market share.
The Product on which ICICI Pru is focusing on is Pension Plans, and the biggest
buzz on this area by ICICI Pru is having from their Product.
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Research design
A research study conducted scientifically has a specific framework of
research from the problem identification to the research study. The framework
of conducting the research is known as Research Design.
Research Design is the blue print of any problem. It is a plan for
collection, analysis and interpretation of data in a manner that is relevant to the
research purpose with economy in procedure.
After defining the research problem in a clear-cut terms it will be
required to prepare such a research design which will state the conceptual
structure within which the research would be conducted.
The research study presently done is both subjective and exploratory
The study is subjective because.
1- The sampling technique was convincing sampling.
2- Use of survey method with the sample population was done in
order to extract data.
3- Structural and well thought out instruments for collection of
data were used.
The study exploratory
1- A new field of research has been approached which was earlier
not tested.
2- Surveys of experienced persons like the top executives and
manager who have practical experience with the matter were
approached.
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Sources of data
Collected almost 100 data by Questionnairebig market complexes of Kanpur
( including malls ) in various sectors and collected data from each very shops,
called them one by one over the telephone from the office in order to make the
persons aware about Kotak Life Insurance.
Yellow Pages and Directories Took the help, the Kotak Life Insurance
DIRECTORIES of Kanpur and made calls to the numbers for the purpose of
recruitment of Lead Generator a training of how to speak to a customer over the
telephone.
Advertisements pamphlets Pasted almost 500 pamphlets in various parts of
Kanpur mentioning the features of what it takes to be a Kotak advertisement
Pamphlets in CYBER CAFES, P.C.O., BUS STANDS and shopping complexes in
various sectors of Kanpur.
Directly Contacted People on The Road During the surveys the people who
came across were contacted directly and on a face to face basis they were also
conveyed the message for joining Kotak Life Insurance Lead Generator.
Telephone Numbers from BANNERS Noted down telephone numbers from
BANNERS, and others places during a survey specially undertaken for collecting
numbers from banners and after that called them one by one
Messages on the Chat Room Flashed messages on the business Chat room and
chatted almost with 30 to 40 people in the Recruitment of Lead generator at Kotak
Life Insurance.
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Telephone Calling More and more focus has been given on telephone calling
because it has really given good results.
Strategy Adopted for Recruitment
Worked as a team of Six people, by dividing equal responsibilities ,
according to the area of strengths, for ex; one person who is good in telephone
pitching has been given the work of telecalling, the one good in documentation has
been allotted the work of completing the documents of each end every applicant, the
one good in field work has been given to see the work in fields, and finally the one
who is expert in dealing with the applicant to motivate them to join Kotak Life
Insurance as Lead generator has been given the job.
More and more emphasis has been given on telephone calling in order to
convey the message of connecting to the Kotak Life Insurance and moreover to
bring the people to the office .
The table below shows a clear picture of individual responsibilities in the
successfully completion of the task given by the company i.e.
Documents Required:-
The following documents are required by an applicant to submit :
Photo Copy of High School Mark sheet.
Six colored Passport size photos.
Photo Copy of Intermediate Mark sheet / Graduation Mark Sheet.
(If the applicant is graduate).
Photo Copy of any Residence proof (electricity bill, telephone bills,
ration card, voter ID card, Driving license).
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Photo Copy of any Photo ID proof (any college Identity card, or
any such document in which the applicants photo is affixed with a
stamp of a authorized body.
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Sampling Plan
Sampling Population
For conducting the research study the population covered selected was
the market of kidwai nager at Kanpur.
Sample size
Using convinces sampling technique the sample size is taken out to be
100 questionnaire for which observation and unstructured interview and
feedback were taken.
Methods of data collection
Data are collected by the questionnaire which have been filled by me for
acquire the Information about their occupation, income, age etc.
.
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satisfied
with their
income
20%
dissatisfie
d but
dont
want
additional
income
45%
wants
additional
income
35%
satisfied with
their income
dissatisfied but
dont want
additional
income
wants
additional
income
Analysis of data collection
LIG
34%
MIG
45%
HIG
21%
LIGMIG
HIG
Number of Lower Income Group (LIG)=34%
Number of Middle Income Group (MIG)=45%
Number of High Income Group (HIG)=21%
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People who are satisfied with their income=20%
People who are dissatisfied with their income but dont want additional
income due to lack of time =45%
People who wants additional income=35%
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OBSERVATION:-
Kotak is spreading its channel of distribution
135 was the number of branches that Kotak had it in 2007-2008 and their
target is to open 175 branches till the end of the calendar year 2009.
Number of Life Advisor has increased over time e.g. At the beginning of
financial year 2007-2008, Kotak had 12,523 Life Advisors which turned
to 24485 at end of the end of the financial year 2009.
Kotak Focuses on large business house inspite of capturing the smaller
business.
Less action on tele-marketing and dependence on individual life advisors
is much there.
Weak Infrastructure as there was hardly any place left open for the
interaction with the customer.
Too much work load on operations department.
Lack of database on which work (calling) can be done.
High commitment of Sales Managers toward the work.
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RECOMMENDATIONS:-
Some more motivation to the employees over there is needed.
Infrastructure has to be built properly because an office is the face of the
company.
Tele marketing need to be focused much.
Networking is needed to be made broad as the number of branches with
Kotak Life is only 75 and the 7 states has been touched by the company
so there is a huge untapped market available for the Kotak.
Marketing in terms of the media via advertisements on Televisions to
small even haveint heard the name of Kotak Life Insurance. FM is
suggested here because the people who can drive the private life
insurance is the youth, and FM is something on which youngsters look
upon too.
Awareness Camp to the sub urban area should be focused by Kotak
Apart from the Brand Postitioning in urban area, a strategy should be
adopted by Kotak to make its brand also near to middle level, or high
aspirant people because they are the main source of the business in India.
Some innovative technique or product is required in order to attract the
consumer.
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QUESTIONNAIRE - 1
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8%
28%
14%
50%
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65%
35%
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10%
90%
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63%
37%
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QUESTIONNAIRE 2
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15%
35%
40%
10%
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12%
46%
38%
4%
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35%
49%
16%
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40%
18%
42%
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60%
30%
10%
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Bibliography:-
1. Money Outlook, January 2009 edition.
2. Marketing Management, Kotler & Keller.
3. Principles of Life Assurance, IC-23
4. Practice of Life Assurance, IC-02
5. IC-33
6. IRDA Annual Report, 2007-2008.
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Webliography:-
1. www.irdaindia.org
2. www.sify.com
3. www.insuranceworld.com
4. www.findarticles.com
5. www.kotaklife.com
6. www.google.com
7. www.managementparadise.com
8. www.lifeinsurance.com
http://www.irdaindia.org/http://www.sify.com/http://www.insuranceworld.com/http://www.findarticles.com/http://www.kotaklife.com/http://www.google.com/http://www.managementparadise.com/http://www.irdaindia.org/http://www.sify.com/http://www.insuranceworld.com/http://www.findarticles.com/http://www.kotaklife.com/http://www.google.com/http://www.managementparadise.com/