3. IDBI Federal Life Insurance Co. Ltd.
Marketing plan of
IDBI Federal Life Insurance Co. Ltd.
Study Group 1
Aayush Arora
Ashay Jain
Eshita Singh
Luke Noronha
Utkarsh Kapur
PGDM(M)-( )

4. Flow of presentation Where we are? Where we want to be?
How do we get there?
Did we reach

5. Where we are?

6. Current marketing situations
Joint Venture

7. Product Mix Types of products Endowment plan ULIP PLAN
Childsurance Savings Insurance plan
Lifesurance savings Insurance plan
Secured Incomesurance plan
Incomesurance guaranteed moneyback insurance plan 6th pay
ULIP PLAN
Wealthsurance Growth Insurance plan
Wealthsurance Future Star plan

8. Factors affecting marketing strategies
Micro factors
Customers
Competitors
Agents
Macro factors
Technology
Culture
Economy
Unaware
Word of mouth
Low salary
Performance pressure
No click and mortar selling
Ban on Rs 500 and Rs 1000 currency
Much stronger
Long existence period
No Non-Life Insurance products

9. Internal Analysis Competitor Analysis First year premium Market Share
Bajaj Allianz crore
ING vyasa crore
Reliance Life crore
SBI life crore
Tata AIG crore
HDFC standard crore
ICICI prudential crore
Birla Sunlife crore
Aviva crore
Max New York crore
Met Life crore
Shriram Life crore
IDBI federal crore
LIC crore

10. Weaknesses Strengths Threats Opportunities Brand Awareness 1. Products
Promotion
Not Trustworthy
Less Popularity in Villages
1. Products
2. Customer satisfaction
In depth knowledge
Attained BEP in the 5th Year
Threats
Opportunities
Lack of trust
2. Very high competition
3. Lack of infrastructure is rural areas
1. Insurable population
2. About to open 100 branches
3. Fast-track career development

11. Where we want to be?

12. Segmentation Targeting Positioning Quick deal settlement
Tier 1 and 2 cities
Tier 1 ,Tier 2 and Tier 3 cities
Middle and Upper class
Children less than 17 years and parents less than 50 years
Income group of Rs 4,00,000 and above
Touching product’s name
Childsurance
Incomesurance
Upper middle and upper class
‘IDBI Federal’
Parents with children of 1 to 10 years

13. Termsurance Grameen Suraksha Plan for rural market
Ansoff’s Matrix
Existing Products
New Products
Secured Incomesurance Plan
Incomesurance Guaranteed Moneyback Plan 6th pay
Existing Markets
Expansion in Tier 2 and few of Tier 3 cities, by adopting geographical pricing
Termsurance Grameen Suraksha Plan for rural market
New Markets

14. Vision Mission To be the leading provider of wealth management
protection ,and
retirement solutions,
Mission
To enhance customer experience through:
innovative product offerings
dedicated relationship management
superior service delivery
To operate in a transparent way

15. How do we get there?

16. Marketing Mix Price Products’ decisions Promotion Place Discontinued
Skimming
Value added pricing
Geographical pricing
Products’ decisions
Incomesurance moneyback
Plan 6th pay
Secured incomesurance
plan
Promotion
Advertising
Recommendation
CSR
Events
Word of mouth
Discontinued
Introduced
Whole lifesurance
plan
Lifesurance Savings Insurance Plan
Place
Internet
Retail

17. Awareness among urban customers Interesting and humorous ads
Branding
Awareness among urban customers
Interesting and humorous ads
Competitions for kids, through which their parents are being made aware about company and products
Awareness among rural customers
IDBI Federal Termsurance Grameen Suraksha especially designed to make life insurance affordable to rural customers

18. Strategies to maximize sales
Introducing new and effective products
(Secured Incomesurance Plan)
Launched on 24 october,2016
Eliminating ineffective products
(Whole lifesurance savings insurance plan)(10th Nov) (Lifesurance Savings Insurance Plan)(30th Nov)

19. Did we reach there?

20. Market share of IDBI Federal Life Insurance Co. Ltd.
Source:

21. Sales
8.15 Cr
40% growth
Only of IDBI Federal Life Insurance Co. Ltd.

22. Can enter into Non-Life segment
Can start with click and mortar system
Can focus much upon team cohesiveness
Proper advertisement and brand awareness needed
Can have a proper HR team
Can involve customers above 55 years of age