Service Management
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SERVICE MANAGEMENT
INSURANCE INDUSTRY
GROUP MEMBER Vinod
Parmar Ashok Manda Kartik Sangani Dhawal Parmar
- 41 - 28 - 52 - 40
Flow of Presentation Overview
LIC
ICICI
Prudential
Conclusion
OVERVIEW
Insurance sector size is estimated at Rs.500 billion.
Annual growth rate of 15-20%
Only 400 million people can afford
20% have insurance
22 players
WHY INSURANCE ?
FUNCTION
provide protection against the possible chances of generating losses
eliminates worries and miseries of losses by destruction of property and death
provides capital to the society
7 P’s Product Price Place Promotion People Process Physical
Distribution
LIFE INSURANCE CORPORATION OF INDIA
Introduction
One of the World’s Largest Life Insurance Company
Mission and Vision Mission Ensure & enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.
Vision A trans-nationally competitive financial conglomerate of significance to societies & PRIDE OF INDIA
Values Initiative
and Innovation
• Integrity and Transparency • Participation and Relationship • Trustworthiness and Reliability
7 P’s of Marketing Mix PRODUCT
• PRICING • PLACE • PROMOTION • PEOPLE • PROCESS • PHYSICAL DISTRIBUTION
AC Nielsen ORG-MARG Survey 2004 to 2007
(For the 4th consecutive year)
About Company Joint
Venture
First
Private Insurance Company
First
Company to get AAA Rating by Fitch
Most
Trusted Private Life Insurer: Economic Times
Vision Be dominant in Life, Health and Pension Player Strategies •Understanding needs of Customers •Levering Technology •Risk management and Investment Strategies •Growth and Learning for Employees •Transparency
Insurance plans •
•
Traditional Plans - Steady Investment - Generally withdrawals are not allowed Unit Linked Insurance Plan - Flexibility - Transparency - Liquidity - Fund options (funds from equity, debit , cash..)
Insurance Plans Education Insurance PLAN TYPE
PLAN NAME
1) Smart kid new regular
Unit linked
2) Smart kid new single
Unit linked
3) Smart kid regular Premium
Traditional
Premium Guarantee Plan PLAN TYPE
PLAN NAME
1) Investshield Life New
Unit Linked
2) Investshield Cash bank
Unit linked
Protection Plan PLAN NAME
PLANT TYPE
1) Life Guard
Traditional
2) Save “n” Protect
Traditional
3) Cash Bank
Traditional
4) Home Assure
Traditional
Retirement Plans PLAN NAME
PLANT TYPE
1) Life Link Super Pension Plans
Traditional
2) Lifetime Super Pension Plans
Traditional
Health Care Plans PLAN NAME
PLAN TYPE
1) Life Time Gold
Unit Linked
2) Life Link Super
Unit Linked
3) Premier Life Gold
Unit Linked
4) Life Time Plus
Unit Linked
5) Life Stage
Unit Linked
Health Care Plans PLAN NAME
PLAN TYPE
1) Crisis Cover
Unit Linked
2) Hospital Care
Unit Linked
3) Diabetes Care/ Diabetes Care Plus
Unit Linked
4) Cancer Care
Unit Linked
5) Health Assure Plus
Unit Linked
Summary of key achievements Sustained private market leadership: 6 years in a row Rs 284.09 bn (USD 7.2 bn) of assets held More than 6 million policies sold Total premiums of Rs 77.58 bn (USD 2.0 bn) in 9m-2008 Fitch rating of ‘AAA (Ind)’ Awarded most respected private life insurer
Going forward ●
Distributio n & Scale Profitabilit y
● ●
Product Disclosure
Rural foray: Continue to expand to smaller towns to take advantage of potential market and increased affluence Expand advisor base with focus on efficiencies Leverage technology to match scale Manage expenses through increased efficiency and economies of scale
Comprehensive & customer centric product portfolio Thrust
on pensions and health
Continue to focus on innovation
Enhanced business and financial reporting
Reasons for Success
Strength of the ICICI Bank brand behind it Started out with the traditional endowment products Started offering Ulip policies from Year 1 and was selling more policies Endowment products had little transparency Product innovation First to come up with health products
Allowed customers to pay varying amounts depending on the stage of life ICICI's upfront charges have always been lower Competitors charged 50-60 per cent of the first year premium, ICICI charged 1820 per cent ICICI remains among the top advertisers Big advantage of leverage of customer base of its parent.
Pension Plans LIC Jeevan Needhi Features: Regular Premium Retirement option from age of 40 Years Joint Life Last Survivor Annuity: 50% Annuity
ICICI Prudential LifeLink Super Pension Features: Option of One time Permium Retirement option from age of 45 years Joint Life Last Survivor Annuity: 100% Choice of Investment Switching option
Child Plans
Child Fortune Fund Life Insured: Child Death Benefit: Sum Assured Maturity Benefit: Fund Value paid in Lump sum
Smart Kid Unit Linked Life Insured: Parent Death Benefit: Sum Assured + Policy Benefit Maturity Benefit: Fund Value settlement options Riders Available: Income Benefit, Accidental death and Benefit Choice of Investment Funds
Conclusion
Thank You
INSURANCE INDUSTRY
GROUP MEMBER Vinod
Parmar Ashok Manda Kartik Sangani Dhawal Parmar
- 41 - 28 - 52 - 40
Flow of Presentation Overview
LIC
ICICI
Prudential
Conclusion
OVERVIEW
Insurance sector size is estimated at Rs.500 billion.
Annual growth rate of 15-20%
Only 400 million people can afford
20% have insurance
22 players
WHY INSURANCE ?
FUNCTION
provide protection against the possible chances of generating losses
eliminates worries and miseries of losses by destruction of property and death
provides capital to the society
7 P’s Product Price Place Promotion People Process Physical
Distribution
LIFE INSURANCE CORPORATION OF INDIA
Introduction
One of the World’s Largest Life Insurance Company
Mission and Vision Mission Ensure & enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development.
Vision A trans-nationally competitive financial conglomerate of significance to societies & PRIDE OF INDIA
Values Initiative
and Innovation
• Integrity and Transparency • Participation and Relationship • Trustworthiness and Reliability
7 P’s of Marketing Mix PRODUCT
• PRICING • PLACE • PROMOTION • PEOPLE • PROCESS • PHYSICAL DISTRIBUTION
AC Nielsen ORG-MARG Survey 2004 to 2007
(For the 4th consecutive year)
About Company Joint
Venture
First
Private Insurance Company
First
Company to get AAA Rating by Fitch
Most
Trusted Private Life Insurer: Economic Times
Vision Be dominant in Life, Health and Pension Player Strategies •Understanding needs of Customers •Levering Technology •Risk management and Investment Strategies •Growth and Learning for Employees •Transparency
Insurance plans •
•
Traditional Plans - Steady Investment - Generally withdrawals are not allowed Unit Linked Insurance Plan - Flexibility - Transparency - Liquidity - Fund options (funds from equity, debit , cash..)
Insurance Plans Education Insurance PLAN TYPE
PLAN NAME
1) Smart kid new regular
Unit linked
2) Smart kid new single
Unit linked
3) Smart kid regular Premium
Traditional
Premium Guarantee Plan PLAN TYPE
PLAN NAME
1) Investshield Life New
Unit Linked
2) Investshield Cash bank
Unit linked
Protection Plan PLAN NAME
PLANT TYPE
1) Life Guard
Traditional
2) Save “n” Protect
Traditional
3) Cash Bank
Traditional
4) Home Assure
Traditional
Retirement Plans PLAN NAME
PLANT TYPE
1) Life Link Super Pension Plans
Traditional
2) Lifetime Super Pension Plans
Traditional
Health Care Plans PLAN NAME
PLAN TYPE
1) Life Time Gold
Unit Linked
2) Life Link Super
Unit Linked
3) Premier Life Gold
Unit Linked
4) Life Time Plus
Unit Linked
5) Life Stage
Unit Linked
Health Care Plans PLAN NAME
PLAN TYPE
1) Crisis Cover
Unit Linked
2) Hospital Care
Unit Linked
3) Diabetes Care/ Diabetes Care Plus
Unit Linked
4) Cancer Care
Unit Linked
5) Health Assure Plus
Unit Linked
Summary of key achievements Sustained private market leadership: 6 years in a row Rs 284.09 bn (USD 7.2 bn) of assets held More than 6 million policies sold Total premiums of Rs 77.58 bn (USD 2.0 bn) in 9m-2008 Fitch rating of ‘AAA (Ind)’ Awarded most respected private life insurer
Going forward ●
Distributio n & Scale Profitabilit y
● ●
Product Disclosure
Rural foray: Continue to expand to smaller towns to take advantage of potential market and increased affluence Expand advisor base with focus on efficiencies Leverage technology to match scale Manage expenses through increased efficiency and economies of scale
Comprehensive & customer centric product portfolio Thrust
on pensions and health
Continue to focus on innovation
Enhanced business and financial reporting
Reasons for Success
Strength of the ICICI Bank brand behind it Started out with the traditional endowment products Started offering Ulip policies from Year 1 and was selling more policies Endowment products had little transparency Product innovation First to come up with health products
Allowed customers to pay varying amounts depending on the stage of life ICICI's upfront charges have always been lower Competitors charged 50-60 per cent of the first year premium, ICICI charged 1820 per cent ICICI remains among the top advertisers Big advantage of leverage of customer base of its parent.
Pension Plans LIC Jeevan Needhi Features: Regular Premium Retirement option from age of 40 Years Joint Life Last Survivor Annuity: 50% Annuity
ICICI Prudential LifeLink Super Pension Features: Option of One time Permium Retirement option from age of 45 years Joint Life Last Survivor Annuity: 100% Choice of Investment Switching option
Child Plans
Child Fortune Fund Life Insured: Child Death Benefit: Sum Assured Maturity Benefit: Fund Value paid in Lump sum
Smart Kid Unit Linked Life Insured: Parent Death Benefit: Sum Assured + Policy Benefit Maturity Benefit: Fund Value settlement options Riders Available: Income Benefit, Accidental death and Benefit Choice of Investment Funds
Conclusion
Thank You
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