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IDBI FEDERAL LIFE INSURANCE CO.LTD.

MARKETING MIX AND PROMOTIONAL STRATEGIES FOCUSING ON THE ROLE OF ADVERTISING AND THE CONSUMER BEHAVIOR TOWARDS THE PROMOTIONAL STRATEGIES OF IDBI FEDERAL LIFE INSURANCE COMPANY.
FINAL SIP REPORT Aveena Ghosh (10BSPHH010176)

2011

IBS HYDERABAD

A REPORT
ON

MARKETING MIX AND PROMOTIONAL STRATEGIES FOCUSING ON THE ROLE OF ADVERTISING AND THE CONSUMER BEHAVIOUR TOWARDS THE PROMOTIONAL STRATEGIES OF IDBI FEDERAL LIFE INSURANCE COMPANY.

SUBMITTED BY: AVEENA GHOSH 10BSPHH010176 IBS HYDERABAD

TO: PROF.Y.L.N.KUMAR FACULTY GUIDE IBS HYDERABAD

IDBI FEDERAL LIFE INSURANCE CO LTD

A REPORT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS OF MBA PROGRAM OF THE ICFAI UNIVERSITY, HYDERABAD

DATE OF SUBMISSION- 13th MAY, 2011

AUTHORISATION
This is to certify that this is a project report submitted in partial fulfillment of the requirements of MBA program of ICFAI Business School, Hyderabad. This report document titled Marketing mix and promotional strategies focusing on the role of advertising and the consumer behaviour towards the promotional strategies of IDBI Federal Life Insurance Company is a submission of work done by Aveena Ghosh. This report has been formally submitted to Prof.Y L N Kumar, Faculty Guide, IBS Hyderabad and Mrs. C.Shanthi ( Manager Distribution-Chief ),IDBI Federal LIC ltd.

This report has been verified and authenticated by

Prof. YLN Kumar Faculty guide IBS Hyderabad.

Mrs.C.Shanthi Manager Distribution-Chief IDBI Federal LIC ltd.

ACKNOWLEDGMENT

I would like to express my gratitude to Mrs. Shanthi Yagyanath for providing us an opportunity to work in IDBI Federal Life Insurance Co. Ltd. I sincerely express my gratitude to Prof. Y.L.N.Kumar (MY FACULTY GUIDE), for giving his valuable guidance, healthy support and suggestions to make the project a successful one. I would also like to express my gratitude to Mrs. Shanthi Yagyanath & Mr. Sathya Balan (MY COMPANY GUIDE) for providing their valuable feedback and intense support relentlessly throughout the project. I am really thankful to my friends for helping me to study and giving feedback in all possible ways to make me feel comfortable during my project. There have been numerous influences, big and small that have helped me to work on my project successfully. Regardless of the source, I thank all those who may have contributed to this project.

Contents 1.EXECUTIVE SUMMARY ............................................................................. 6

2.COMPANY PROFILE:................................................................................... 8

3.INTRODUCTION.......................................................................................... 13

4.MARKETING MIX IN INSURANCE INDUSTRY .................................. 16

5.PROMOTIONAL STRATEGIES IN INSURANCE INDUSTRY ........... 25

6.PROMOTIONAL STRATEGIES ADOPTED IN IDBI Federal .............. 31

7.CONSUMER RESPONSE TOWARDS THE PROMOTIONAL STRATEGIES OF IDBI Federal..................................................................... 35

8.LIMITATIONS OF THE STUDY ............................................................... 48

9.RECOMMENDATIONS AND CONCLUSIONS ...................................... 49

10.REFERENCES ............................................................................................. 50

11.APPENDIX ................................................................................................... 51

1.EXECUTIVE SUMMARY
This project involves an understanding of the marketing mix and finding out the various promotional strategies presently implemented by IDBI Federal Life Insurance Co.Ltd and to find out its effectiveness through a study on consumer behaviour towards these strategies. Insurance industry is an industry which is said to be in its Golden period now. And IDBI Federal is a fast growing company in this industry. 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, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. IDBI Federal, endeavours to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery IDBI intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception it has become one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. 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. This project aims in understanding the marketing mix which exists in the insurance industry. The marketing mix is the combination of marketing activities that an organisation engages in so as to meet the needs of its targeted market. The Insurance business deals in selling services and therefore due weight age in the formation of marketing mix for the insurance business is needed. The marketing mix includes sub-mixes of the 7 Ps of marketing i.e. the product, price, place,promotion, people, process & physical attraction. This project also aims to help the company to achieve its objective by focusing on their promotional strategies and to understand its effectiveness by understanding the customer perception towards these strategies. There are insurance marketing strategies that can take any insurance agency from mediocre to success when utilized correctly. Breaking into a new business climate and finding customers is hard work, but when equipped with innovative ideas and proven techniques, financial markets sales personnel can become extremely successful. Getting an education and training is very important in every industry, sales is certainly no exception. Those selling insurance will want begin their careers with the very best tools of the trade and those with already established businesses that are in need of a motivational push will also gain great benefits by researching and learning new insurance marketing tips. Through this project we will be able to understand the promotional strategies implemented by the company and also make an attempt to find out its effectiveness and suggest better promotional strategies which would help in increasing the overall profitability of the company. Commercial advertisements also create huge impact upon the minds of the customers hence this project also focuses upon the role of advertising in this industry.

Insurance industry is a service oriented industry where promotional strategies play a vital role because this is an industry which deals with intangible products. Hence it is very necessary that the company adopt the best marketing strategies which help to communicate the product to the customer. With the help of questionnaires and interviews ,this project also aims to understand the perception of the customer regarding the promotional strategies especially the commercial ads and thereby bringing the company more closer to the customers heart. Thus this project aims to study the insurance marketing strategies and the importance of these strategies in creating increased sales and customer base for the company.

2.COMPANY PROFILE:
About IDBI Federal Life Insurance 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, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. At IDBI Federal, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver worldclass wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. 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. As on January 31st 2011, the company has issued over lakh 2.68 lakh policies with over Rs 14, 230 Cr in Sum Assured. About the sponsors of IDBI Federal Life Insurance Co Ltd 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 783 branches and 1328 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 and technical advisory services to its corporate clients as well as mortgages and personal 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 National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd, SHCIL (Stock Holding Corporation of India Ltd), CARE (Credit Analysis and Research Ltd). 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 739 branches and 797 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. In addition to interconnected branches and ATMs, 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 and the Bank has won several awards and recommendations.

Ageas is an international insurance company with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. They are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia. It is an undisputed leader in the Belgian market for individual life and employee benefits, as well as a leading non-life player, through AG Insurance. Internationally Ageas has a strong presence in the UK, where it is the second largest player in private car insurance. The company also has subsidiaries in France, Germany and Hong Kong. Ageas has a track record in developing partnerships with strong financial institutions and key distributors in different markets around the world and successfully operates partnerships in Luxembourg, Italy, Portugal,China, Malaysia, India and Thailand. Ageas employs more than 13,000 people and has annual inflows of almost EUR 18 billion.

IDBI FEDERAL LIFE INSURANCE LIMITED ORGANIZATIONAL CHART

CHIEF EXECUTIVE OFFICER Mr.Nageshwara Rao

COUNTRY HEAD Mr.Murali

HUMAN RESOURCES HEAD Mrs. Radhika Venkatraman

MARKETING HEAD Mr. Amit Tripathi

TRAINING HEAD Mrs. Vaishali

ZONAL WISE ORGANIZATIONAL STRUCTURE

COUNTRY HEAD Mr.Murali

NORTH ZONAL HEAD

EAST ZONAL HEAD

WEST ZONAL HEAD

SOUTH ZONAL HEAD Mr.Balaji

MUMBAI

LUCKNOW

COIMBATORE

BENGALURU

HYDERABAD

AREA HEAD Mr. Vijay Kumar m

AREA HEAD

AREA HEAD

AREA WISE ORGANIZATIONAL STRUCTURE


COIMBATORE AREA HEAD Mr. Vijay Kumar

BRANCH HEAD

CHIEF MANAGER Mrs.Shanthi Yagyanath

DEPUTY MANAGER

SENIOR EXECUTIVE

BAND 1

BAND 2

BAND 3

BAND 1

BAND 2

BAND 3

BAND 1

BAND 2

BAND 3

AGENCY

BANKS

DISTRIBUTION CENTER

MANAGEMENT TRAINEES

CORPORATE CHANNELS

3.INTRODUCTION
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: 1. 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. 2. Health Insurance - Insurance against expenses incurred through illness of the insured. 3. Liability Insurance - This insures property such as automobiles, property and professional/business mishaps. 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 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. To illustrate the steady growth in the global insurance industry in recent times, in 2004, global insurance premiums grew by 9.7% to reach $3.3 trillion (as against the 11.7% growth in 2003). While life insurance premiums grew by 9.8% during the year due to rising demand for annuity and pension products, non-life insurance premiums grew by 9.4%. The developed nations/economies account for the bulk of the affluence in global insurance industry. North America (with two of the major developed countries in the world, viz., Canada and the USA) has been one of the most important regions, followed by the EU and Japan as far as the global insurance industry goes. The United States and Japan alone account for a half of world insurance, which is much higher than their share of the global population. The volume of UK insurance business totalled $295bn in 2004 (9.1% of global premiums). The emerging markets, on the other hand, although account for more than 85% of the world's population, but they generate only 10% of premiums.

Financial viability of insurance companies: 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.

4.MARKETING MIX IN INSURANCE INDUSTRY


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 marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The Insurance business deals in selling services and therefore due weight age in the formation of marketing mix for the Insurance business is needed. The marketing mix includes sub-mixes of the 7 Ps of marketing i.e. the product, its price, place, promotion, people, process & physical attraction. The above mentioned 7 Ps can be used for marketing of Insurance products, in the following manner:

PRODUCT: A product means what we produce. If we produce goods, it means tangible product and when we produce or generate services, it means intangible service product. A product is both what a seller has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore services are their product. When a person or an organization buys an Insurance policy from the insurance company, he not only buys a policy, but along with it the assistance and advice of the agent, the prestige of the insurance company and the facilities of claims and compensation. It is natural that the users expect a reasonable return for their investment and the insurance companies want to maximize their profitability. Hence, while deciding the product portfolio or the product-mix, the services or the schemes should be motivational. IDBI Federal provides many products which caters to the needs of the Indian customers. IDBI Federal products: WEALTHSURANCE INCOMESURANCE BONDSURANCE TERMSURANCE HEALTHSURANCE RETIRESURANCE GROUP MICROSURANCE HOMESURANCE LOANSURANCE

The Wealthsurance Milestone Plan is a unique Insured Wealth Plan designed to help cross different milestones in ones life. It enables customers to save and build wealth under the protection of Insurance to meet their financial goals. The Wealthsurance Milestone Plan offers a wide range of Investment options, Insurance options and unmatched flexibility that allows customers to customize a plan suited to their needs. Customers can plan for their milestones like completion of school education for their child, a marriage, acquisition of a new house and so on. This Plan comes with a wide range of 13 investment options and 7 insurance benefits - all packaged with a low charge structure and unmatched flexibility.

IDBI Federal Homesurance Plan is a mortgage reducing term assurance plan MRTA, which offers protection to your home from your home loan. The Plan provides a cover equal to the outstanding balance of your home loan against any unfortunate events that may occur to you. This plan gives you the option of a Single Premium. IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups. This plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to insure the lives of their group members and thus provide security to the group members families. The plan can also be used for providing loan protection to the group members families. IDBI Federal Termsurance Protection Plan (Termsurance) comes with three cover options which you can select on the basis your requirement. Termsurance is designed with a host of benefits & options aimed at satisfying your every need. It not only allows you to customise your plan as per your individual and familys needs, it also comes with a host of benefits like convenient insurance cover options, flexible premium payment terms, choice of policy term and lots more flexible options. IDBI Federal Incomesurance Endowment and Money Back Plan is loaded with lots of benefits which ensure that you get Guaranteed Annual Payout along with insurance protection which will help you to reach you goals with full confidence. Incomesurance Plan is very flexible and allows you to customise your Plan as per your individual and familys future requirements. Moreover it also allows you to choose Premium Payment Period, Payout Period, Payout Options and more. A retirement plan designed to accumulate money to aid a comfortable retirement. The plan provides a guaranteed return on your investment and grows steadily over the years to ensure that you have a corpus on your retirement date, guaranteed. Presenting the IDBI Federal Healthsurance Hospitalisation and Surgical Plan. If youre aged 18 years to 55 years and currently in good health, this new insurance plan is designed to help you manage the extra financial burden that comes with hospitalisation, by providing a wide range of attractive benefits. Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the unfortunate event of death of the insured member. This term assurance plan provides cover to a person directly liable for loan repayment (and the partners, in case of a partnership), as per the benefit schedule The IDBI Federal Bondsurance Advantage Plan is a single premium plan where you need to make just a one-time investment. You can choose a Maturity Period of 5, 7, 10, 15 or 20 years. At the end of the chosen period, you will receive a guaranteed maturity amount. In case

of death of the insured person before the Maturity Date, a guaranteed Death Benefit will be paid. Despite all these tailored products there is still scope for improvement in this field. The Group Insurance scheme is required to be promoted, the Crop Insurance is required to be expanded and the new schemes and policies for the villagers or the rural population are to be included. . The introduction of Rural Career Agents Scheme has been found instrumental in inducing the rural prospects but the process is at infant stage and requires more professional excellence. So there is lot of potential in insurance sector which is waiting to be uncorked hence revealing to the economy the benefits of insurance industry. The policymakers are required to activate the efforts. It would be prudent that the LIC is allowed to pursue a policy of direct investment for rural development. Investment in Government securities should be stopped and the investment should be channelized in private sector for maximizing profits. In short, the formulation of product-mix should be in the face of innovative product strategy. While initiating the innovative process it is necessary to take into consideration the strategies adopted by private and foreign insurance companies. PRICING: In the insurance business the pricing decisions are concerned with: i) The premium charged against the policies ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities. With a view of influencing the target market or prospects the formulation of pricing strategy becomes significant. In a developing country like India where the disposable income in the hands of prospects is low, the pricing decision also governs the transformation of potential policyholders into actual policyholders. The strategies may be high or low pricing keeping in view the level or standard of customers or the policyholders. The pricing in insurance is in the form of premium rates. The three main factors used for determining the premium rates under a life insurance plan are mortality, expense and interest. The premium rates are revised if there are any significant changes in any of these factors. Mortality (deaths in a particular area): When deciding upon the pricing strategy the average rate of mortality is one of the main considerations. In a country like South Africa the threat to life is very important as it is played by host of diseases. Expenses: The cost of processing, commission to agents, reinsurance companies as well as registration are all incorporated into the cost of instalments and premium sum and forms the integral part of the pricing strategy.

Interest: The rate of interest is one of the major factors which determine peoples willingness to invest in insurance. People would not be willing to put their funds to invest in insurance business if the interest rates provided by the banks or other financial instruments are much greater than the perceived returns from the insurance premiums. PLACE: This component of the marketing mix is related to two important facets i) ii) Managing the insurance personnel, and Locating a branch.

The management of agents and insurance personnel is found significant with the viewpoint of maintaining the norms for offering the services. This is also to process the services to the end user in such a way that a gap between the services- promised and services offered is bridged over. In a majority of the service generating organizations, such a gap is found existent which has been instrumental in making worse the image problem. The transformation of potential policyholders to the actual policyholders is a difficult task that depends upon the professional excellence of the personnel. The agents and the rural career agents acting as a link, lack professionalism. The front-line staff and the branch managers also are found not assigning due weight age to the degeneration process. The insurance personnel if not managed properly would make all efforts insensitive. Even if the policy makers make provision for the quality up gradation, the promised services hardly reach to the end users. It is also essential that they have rural orientation and are well aware of the lifestyles of the prospects or users. They are required to be given adequate incentives to show their excellence. While recruiting agents, the branch managers need to prefer local persons and provide them training and conduct seminars. In addition to the agents, the front-line staff also needs an intensive training programme to focus mainly on behavioral management. Another important dimension to the Place Mix is related to the location of the insurance branches. While locating branches, the branch manager needs to consider a number of factors, such as smooth accessibility, availability of infrastructural facilities and the management of branch offices and premises. In addition it is also significant to provide safety measures and also factors like office furnishing, civic amenities and facilities, parking facilities and interior office decoration should be given proper attention. Thus the place management of insurance branch offices needs a new vision, distinct approach and an innovative style. This is essential to make the work place conducive, attractive and proactive for the generation of efficiency among employees. The branch managers need professional excellence to make place decisions productive. IDBI Federal has around thousands and thousands of insurance agents all over India to manage their regional customers effectively. Also, IDBI Federal has over 796 branches all over India which help in increasing their customer base.

PROMOTION: The insurance services depend on effective promotional measures. In a country like India, the rate of illiteracy is very high and the rural economy has dominance in the national economy. It is essential to have both personal and impersonal promotion strategies. In promoting insurance business, the agents and the rural career agents play an important role. Due attention should be given in selecting the promotional tools for agents and rural career agents and even for the branch managers and front line staff. They also have to be given proper training in order to create impulse buying. Advertising and Publicity, organization of conferences and seminars, incentive to policyholders are impersonal communication. Arranging Kirtans, exhibitions, participation in fairs and festivals, rural wall paintings and publicity drive through the mobile publicity van units would be effective in creating the impulse buying and the rural prospects would be easily transformed into actual policyholders.

IDBI Federal has also adopted various promotional strategies like: Commercial Ads Print Ads Events Personnel selling Word of mouth Viral marketing They have brought out many interesting and humorous ads of their products such as Wealthsurance, Incomesurance, Retiresurance etc which has got very good response from customers. They have also conducted events with an aim to create interest around financial planning with Life Insurance at branches which was critical to getting prospects interested in IDBI Federal products. 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 philosophy of this module hinged around making learning fun. The event was timed to coincide with Childrens day in November 2010. The spellings to be completed revolved around visual and verbal cues to words related to saving, money and finance and aimed at teaching children the value of money early in life. 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

awareness as well as to educate the future generation about the company and the importance of saving. Also IDBI Federal involved themselves 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. This will ultimately help bring them closer to financial inclusion. They started this journey with SAMHITA in 2008 by providing low cost group coverage female members of SAMHITA under Group Microsurance. This way they have covered 86,721 lives for a sum assured of Rs. 66.7 crores since then. They also offer the protection of Termsurance Grameen Suraksha to the family members of these people. IDBI Federal Termsurance Grameen Suraksha is especially designed to make life insurance affordable to rural customers with options of four convenient premium slabs of Rs 49.08, Rs 98.17, Rs 147.25 and Rs 196.33 (inclusive of taxes) with corresponding sums assured of Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000. In this way IDBI Federal has made intelligent moves to capture the rural market which has lot of potential and promise in the future. Promotional strategies are very important for any intangible product especially like life insurance and financial savings where people should be given complete education about such products because of which all insurance companies take due care while formulizing their promotional strategies. PEOPLE: Understanding the customer better allows in designing appropriate products. Being a service industry which involves a high level of people interaction, it is very important to use this resource efficiently in order to satisfy customers. Training, development and strong relationships with intermediaries are the key areas to be kept under consideration. Training the employees, use of IT for efficiency, both at the staff and agent level, is one of the important areas to look into. IDBI Federal has created various financial products which have been tailored according to the needs of the customers. They have over thousands of sales personnel who are trained efficiently to bridge in the gap between the customers and the company. PROCESS: The process should be customer friendly in insurance industry. The speed and accuracy of payment is of great importance. The processing method should be easy and convenient to the customers. Instalment schemes should be streamlined to cater to the ever growing demands of the customers. IT & Data Warehousing will smoothen the process flow. IT will help in servicing large number of customers efficiently and bring down overheads. Technology can

either complement or supplement the channels of distribution cost effectively. It can also help to improve customer service levels. The use of data warehousing management and mining will help to find out the profitability and potential of various customers product segments. IDBI Federal cushions their customers with their services in such a way that the whole process involved is simple and convenient for them. They have trained personnel to convert the prospective clients to net worthy customers. The whole process starts off with meeting the prospect client and making them understand the product and finally closing the deal .They also categorize their high net worth customers from others. The customers are also given a set of choices for their mode of payment. They also get the forms and bonds delivered to their doorstep thus making the whole buying process very simple and tension free. PHYSICAL DISTRIBUTION: Distribution is a key determinant of success for all insurance companies. Today, the nationalized insurers have a large reach and presence in India. Building a distribution network is very expensive and time consuming. If the insurers are willing to take advantage of Indias large population and reach a profitable mass of customers, then new distribution avenues and alliances will be necessary. Initially insurance was looked upon as a complex product with a high advice and service component. Buyers prefer a face-to-face interaction and they place a high premium on brand names and reliability. As the awareness increases, the product becomes simpler and they become off-the-shelf commodity products. Today, various intermediaries, not necessarily insurance companies, are selling insurance. For example, in UK, retailer like Marks & Spencer sells insurance products. The financial services industries have successfully used remote distribution channels such as telephone or internet so as to reach more customers, avoid intermediaries, bring down overheads and increase profitability. A good example is UK insurer Direct Line. It relied on telephone sales and low pricing. Today, it is one of the largest motor insurance operators. Technology will not replace a distribution network though it will offer advantages like better customer service. Finance companies and banks can emerge as an attractive distribution channel for insurance in India. In Netherlands, financial services firms provide an entire range of products including bank accounts, motor, home and life insurance and pensions. In France, half of the life insurance sales are made through banks. In India also, banks hope to maximize expensive existing networks by selling a range of products. It is anticipated that rather than formal ownership arrangements, a loose network of alliance between insurers and banks will emerge, popularly known asbancassurance. Another innovative distribution channel that could be used is the non-financial organizations. For an example, insurance for consumer items like fridge and TV can be offered at the point of sale. This increases the likelihood of insurance sales. Alliances with manufacturers or retailers of consumer goods will be possible and insurance can be one of the various incentives offered. IDBI Federal has built a vast network of distributors and agents because a face to face interaction is mostly preferred by the customers.

Also, they have formed alliances with IDBI Bank and Federal Bank through which they have been able to tap the bank customers too.

5.PROMOTIONAL STRATEGIES IN INSURANCE INDUSTRY


Promotional strategies are very important especially in a service oriented sector because it deals with intangible products. Insurance is a field where much effort is required in making people understand about the product and educate them about its features. Every insurance company put their best efforts in formulizing promotional strategies which attract people to their product and company. Push strategy is followed in insurance industry .This is the strategy used when the manufacturer uses its sales force and trade promotion money to induce intermediaries to carry, promote and sell the product to end users.

Consumers today value information. We live in the information age, and the savvy, faithful customer is one that has knowledge about the products and services offered. The next most valuable insurance marketing tips include the salesperson being the source of financial information for the client. Newsletters, email updates, and notifications will keep customers informed about issues surrounding insurance and other financial programs. There are creative ways to approach these insurance marketing strategies. Newsletters could include contests, special interest areas for kids, safety concerns, and economic updates. There could even be an

area for customer spotlights, or encouraging testimonies of how the customers were helped through the office. Of course, all new products and services should be showcased in any informative hard copy or email communication. There are insurance marketing strategies that can take any insurance agency from mediocre to success when utilized correctly. Breaking into a new business climate and finding customers is hard work, but when equipped with innovative ideas and proven techniques, financial markets sales personnel can become extremely successful. Getting an education and training is very important in every industry, sales is certainly no exception. Those selling insurance will want begin their careers with the very best tools of the trade and those with already established businesses that are in need of a motivational push will also gain great benefits by researching and learning new insurance marketing tips. Key insurance marketing strategies will always include an in-depth review of the value of follow-up. All successful sales agents understand that consumers need to be contacted again and again in order to make a vital connection. Also, great follow-up protocol lets the potential customer know that good, solid customer service will be part of the over-all package. Follow-up says to a consumer that they are important, thought of, and that their business would be greatly appreciated. The consumer today not only wants a product at a great price, they also want a personal relationship, especially when it comes to financial system sales, such as various insurances. Letters and phone calls are gentle reminders that the salesperson intends to serve with his or her whole heart. And, once a sale is secured, a thank you call is strongly advised. Those in this industry will also want to keep constant contact with existing customers, too. The competition is fierce today, and no one wants to loose a customer to the next guy or service to come along. Clients that have had no contact for a period of time loose loyalty. Keep birthday and anniversary postcards going into the home on a regular basis. Keeping a name before a consumer will keep a name in their conscience. A small gift or token of appreciation is also a means for keeping customers loyal. Christmas goody packages or dinner out certificates will leave lasting impressions on consistent customers. These are few necessary tips which will help any insurance company to take its business to the path of success. Community marketing is another great way to get advertising and name recognition. Successful networkers join local community agencies, such as the local Chamber of Commerce, and sign up to help in activities. This is a great way to get name and photographs listed in newspaper articles and other media avenues. Also, charity work cannot only be greatly beneficial to the community and those served, but may also open doors to communicating with other volunteers, who could be potential clients. People enjoy using services extended by like-minded providers. Creating a sense of community is extremely important to insurance marketing strategies.

There are other insurance marketing tips and resources available and insurance agents may find investigating several options to be beneficial. Many marketing support companies offer email or publication updates, sharing information and techniques that are proven to bring in success. Agents may want to browse the Internet and find a few different insurance marketing tips programs to choose from. Not only will these resources help keep salespersons abreast of the latest strategies, but these support programs can also create a sense of community and an opportunity for agents to share their own struggles and challenges with others in the field. Perhaps the most important insurance marketing tips are tips that speak of integrity and honest business dealings. There are so many scams in various industries today; consumers are looking for products and services that they can trust. Building trust will be crucial to keeping a business growing in a stable direction. The most effective and followed modes of communication are: ADVERTISING: Advertising reaches geographically dispersed buyers it can build up a long term image for a product or trigger quick sales . certain forms of advertising such as television can require a large budget were as other forms such as news paper do not. Just the presence of advertising might have an effect on sales . Consumers might believe that a heavily advertised brand must offer good value .Because of the many forms and uses of advertising it is worth wise to note few observations Pervasiveness: Advertising permits the seller to repeat a message many times it also allows the buyer to receive and compare the messages of various competitors .large scale advertising says something positive about the sellers size ,power and success . Amplified Expressiveness: Advertising provides opertunities for dramatising the company and its products through the artfull use of print , sound and colour. Impersonality: the audience does not feel obligated to pay attention or respond to advertising. Advertising is a monologue in front of , not a dialog with the audience. They have brought out many interesting and humorous ads of their products such as Wealthsurance, Incomesurance, Retiresurance etc which has got very good response from customers. SALES PROMOTION: Companies use sales promotion tools like coupons, contest,premiums,and the like to draw a stronger and quicker buyer response , including short run effects , such as highlighting, product offers and boosting sagging sales. Sales promotion tools offer three distinctive benefits:

Communication: they gain attention and may lead the customer to the product Incentive: They incorporate some concession, inducement, or contribution that gives value to the customer. Invitation: They include a distinct invitation to engage in the transaction now. This mode of communication is mostly followed by insurance companies because this sector deals with a product which requires the full knowledge of the customer. PUBLIC RELATIONS AND PUBLICITY: Marketers tend to underuse public relations yet a well thought out program coordinated with the other communication mix elements can be extremely effective, especially if a company needs to challenge consumers misconceptions. A company can generate brand awareness either by creating good will or negative buzz to capture the attention of customers. The appeal of public relations and publicity is based on three distinctive qualities: High Credibility: News, stories and features are more authentic and credible to readers than ads. Ability to catch buyers off guard: Public relations can reach prospects that prefer to avoid salespeople and advertisements. Dramatization: Public relations have the potential for dramatizing a company or product. EVENTS AND EXPERIENCES: Events and experiences reach out to the customer and can be used for brand- building as well as selling products. There are many advantages to events and experiences. Relevant: A well chosen event or experience can be seen as highly relevant because the customer gets personally involved. Involving: Given their live , real time quality, events and experiences are more actively engaging for customers. Implicit: Events are an indirect soft sell. IDBI Federal have also conducted events with an aim to create interest around financial planning with Life Insurance at branches which was critical to getting prospects interested in their products. 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 philosophy of this module hinged around making learning fun. The event was timed to coincide with Childrens day in November 2010. The spellings to be completed revolved around visual and verbal cues to words related to saving, money and finance and aimed at teaching children the value of money early in life. 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 awareness as well as to educate the future generation about the company and the importance of saving. Also IDBI Federal involved themselves 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. This will ultimately help bring them closer to financial inclusion. They started this journey with SAMHITA in 2008 by providing low cost group coverage female members of SAMHITA under Group Microsurance. This way they have covered 86,721 lives for a sum assured of Rs. 66.7 crores since then. They also offer the protection of Termsurance Grameen Suraksha to the family members of these people. IDBI Federal Termsurance Grameen Suraksha is especially designed to make life insurance affordable to rural customers with options of four convenient premium slabs of Rs 49.08, Rs 98.17, Rs 147.25 and Rs 196.33 (inclusive of taxes) with corresponding sums assured of Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000. DIRECT AND INTERACTIVE MARKETING: Direct and interactive marketing takes many forms over the phone, online or in person. They share three distinctive characteristics. Direct and interactive marketing messages are: Customised: The message can be prepared to appeal to the addressed individual. Up- to date: The message can be prepared very quickly. Interactive: the message can be changed depending on the persons response. WORD-OF- MOUTH MARKETING: Word of mouth marketing also takes many forms, online or offline. Three noteworthy characters are: Credible: Because people trust others they know and respect, word of mouth can be highly influential. Personal: Word of mouth can be very intimate dialogue that reflects personal facts, opinions and experiences. Timely: It occurs when people want it to and when they are most interested, and it often follows noteworthy or eventful events or experiences.

PERSONAL SELLING: Personal selling is the most effective tool at later stages of the buying process, particularly in building up buyer preference, conviction and action. Personal selling has three distinctive qualities: Personal interaction: Personal selling creates an immediate and interactive episode between two or more persons. Each party is able to observe the others reaction. Cultivation: Personal selling also permits all kinds of relationships to spring up, ranging from a matter of fact selling relationship to a deep personal friendship. Response: The buyer may feel under some obligation for having listened to the sales talk. IDBI Federal has over thousands of sales personnel all over India to help them with their sales thereby clarifying the doubts of any customer then and there.

6.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.

PRINT MEDIA: The main ways of advertising via print media are as follows: 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). 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 throughout the nation. 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.

. High visibility backlit display ensuring visibility at night time

Strategically located large format front lit display at a high footfall location

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 given in magazines depending upon their sales and reputed magazines like Outlook, Moneyetc.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 to: Highlight Tax benefits. To combat competition as all the Insurance companies would advertise during this time at a great frequency. Also the company will soon start displaying their advertisements on Satellite TV like SUN network, etc.

The complete cost of making a commercial which includes all the equipments, actors, etc is approximately Rs. 20 lacs. The company has tie-up with Ogilvy and Mather as its advertising agency along with Equinox (TLG) as its media partner. The life of usage of a single television commercial is 2 years.Mainly the ads are shown in between TV soaps and Cricket matches to gain attention of the consumers. 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. The same is shownon www.bosskaboss.com. LOCAL EVENTS: Some great events are also conducted in and out the city to create more awareness about the IDBI Federal and free gifts are given wherein local marketing people interact with the prospects and try to gauge their financial needs and respectively pitch the products. The overall costs associated with such events totals to Rs. 2,00,000 per annum such events are mainly conducted in Apartments, Schools, etc. They have also conducted events with an aim to create interest around financial planning with Life Insurance at branches which was critical to getting prospects interested in IDBI Federal products. 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 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. This will ultimately help bring them closer to financial inclusion.

7.CONSUMER RESPONSE TOWARDS THE PROMOTIONAL STRATEGIES OF IDBI Federal


With the help of questionnaire (appendix) distributed among a hundred people, I was able to record the customer perception regarding the promotional activities adopted by the company. The responses have been analyzed through bar charts and pie graphs. The following were the responses: Awareness of the company: Have you heard about IDBI Federal Life Insurance Co.Ltd?

83% of the people were aware of IDBI Federal and its operations .Around 17% of them were not at all ware of the company and said that they came to know about this company through the questionnaire.

How did they come to know of the company?

Around 41 % of the respondents said that they came to know of the company through their TV ads. 26% of them came to know about the company through their friends followed by 18% who came to know through the newspaper ads. Rest 15% came to know through agents, billboards, others etc. 41

Awareness of the advertisements done by IDBI Federal:

Around 74% of the respondents were aware of the advertisements ( i.e, TV or Newspaper ads) done by the company.The rest 26% were not aware of the advertisements done by IDBI Federal.Out of the 74% the most viewed advertisement by the respondents were that of Wealthsurance followed by Retiresurance and then by that of Incomesurance. The analysis shows that they are not that aware of the advertisements of Bondsurance and Homesurance.

Effectiveness of these ads:

72% of the respondants felt that the advertisements done by the company give them the true picture of the product and help them to get an idea of the same.Rest 28% felt that these ads do not educate them about the product.

TV Ad Viewers:

Around 60% of the respondents has viewed the advertisements of IDBI which has been aired in television .Out of this 60% the viewers have watched the advertisemnet of Retiresurance more compared to Wealthsurance and Incomesurance.They have also rated it to be Average to Good..

Effectiveness of Print Ads:

Excellent

Worst

Around 43 % of respondents said that they have seen the print Ads of IDBI Federal and the majority 57% said that they have not come across the print ads of the company.The respondents who have stated that they have seen the print ads of IDBI Federal has rated them Average.

Best way to be aware of a financial product:

The respondants have stated that the best way to know a financial product is through the means of TV Ads followed by word of mouth then newspaper ads and Insurance agents. Purchase of IDBI Federal Products:

Around 11 % of the respondents have bought the products of IDBI Federal and the mostly sought product is Incomesurance followed by Wealthsurance and Retiresurance. After Sales Support:

Around 14% of the customers who have readily become respondents mentioned that they were satisfied by the after sales service provided by that of IDBI Federal . The rest twelve mentioned they were not satisfied by the after sales support which the company offered.

Familarity with the website:

Only 26 % of the respondents have gone through the website of IDBI Federal and out of which only 23 % felt the webite was user friendly.

Influence on the buying behaviour through these promotional strategies:

45 % of the people felt that the promotional strategies adopted by IDBI Federal have affected their buying decision whereas the rest 55% felt these strategies have no role in their buying decision.

Celebrity Endorsement:

Majority of the respondents felt that there is no need for celebrity endorsement (64%) and the rest 36% felt there was a need for celebrity endorsement. Out of this 36%, they felt that a person who has knowledge of such products for example; business tycoons may be used for endorsing the same.

Promotions through films:

Majority of the respondents ( 53%) said that they would like to see IDBI Federal promoted through films whereas the rest 47% were against this idea.

Awareness of the events conducted by IDBI Federal:

83% of the respondents said that they are unaware of the events held by IDBI Federal. There were only a minor 17 % who stated that they are aware of the events held by IDBI Federal. Connecting Factor:

Majority of the respondents felt that the reputation of IDBI Bank is one main connecting factor which draws them to notice IDBI Federal followed by their logo and the ads respectively.

Awareness about other insurance companies:

Majority of the respondents were aware of other insurance companies with LIC taking the first position followed by ICICI, Metlife, and Bajaj Alliance etc.

8.LIMITATIONS OF THE STUDY

The research is confined to a certain parts of Bangalore due to time constraints and does not necessarily shows a pattern applicable to all of Country. Also the sample size might not be appropriate.

Some respondents were reluctant to divulge personal information which can affect the validity of all responses.

In a rapidly changing industry, analysis on one day or in one segment can change very quickly.

The environmental changes are vital to be considered in order to assimilate the findings.

9.RECOMMENDATIONS AND CONCLUSIONS


IDBI Federal can build upon their customer loyalty by sending thank you cards, small gifts etc. which will help in retaining the customer loyalty and preference. It is recommended that print ads to be strengthened so as to increase the customer base for the company. Hoardings at prime areas in recommended. It is recommended that the company strengthen their print ads through magazine and newspapers. They should publish their ads regularly at least in any one of the magazines every month so as to catch the attention of the readers. The customer should be made aware about the events being conducted by the company. More awareness about the same is required. Though most of the people dont recommend celebrity endorsements, those who have ,have suggested the company to have a business tycoon endorsing the product. The after sales support can be strengthened to enhance the customer preference. The respondents were of the opinion that the company enhance their promotional strategies as they felt that the presence of the company was not felt due to the cut throat completion. It is suggested that the company enforce the strict binding upon all their agents and distribution channels to disclose all the rules to a customer in order to reduce rejection percentage. Since most of the people connect IDBI Federal to IDBI Bank it is suggested that the company can bring out ads which show the relationship of IDBI Bank with that of IDBI Federal.

10.REFERENCES
Books: Philip Kotler,Kevin Lane Kellar,Abraham Koshy and Mithileshwar Jha., 2009, Marketing Management, 13th Edition, New Delhi, Pearson Education(484-587). INTERACTION internal magazine in IDBI Federal. Internet Sources: www.idbifederal.com www.christianet.com www.scribd.com www.articlesbase.com www.web-promotion-articles.com www.ezineartciles.com www.emeraldinsight.com www.Courseware.finntrack.edu

11.APPENDIX
Articles published by IDBI Federal:

Publication: Daily News Date: 09.03.11 Edition: Jaipur l Page No: 07

Publication: Rajasthan Patrika Date: 09.03.11 Edition: Jaipur l Page No: 13

Publication: North East Times Date: 09.03.11 Edition: Guwahati l Page No: 02

Publication: Dainik Janmabhumi l Date: 09.03.11 Edition: Guwahati l Page No: 02

Publication: Meghalaya Guardian Date: 09.03.11 Edition: Guwahati l Page No: 02

Publication: DNA Money l Date: 09.03.11 Edition: Mumbai l Page No: 10

QUESTIONNAIRE

Primary Objective: 1. To find out the importance of promotional strategies in an insurance industry and the consumer behavior towards such promotional activities. 2. To find out the various promotional strategies being presently implemented by IDBI Federal Life Insurance Co.Ltd and to find out the effectiveness of these promotional strategies through a study on consumer behavior on these strategies. Secondary Objective: 1. An attempt to suggest new promotional strategy or an efficient way which would enhance the consumer awareness about the company by strengthening the present promotional strategies. Questionnaire NAME: . AGE: . QUALIFICATION: . OCCUPATION: . ADDRESS Contact No: Email id: .

Age: Below 25 Yrs 25-35 Yrs 35-45 Yrs 45-55 Yrs Above 55 Yrs

1. Have you heard about IDBI Federal Life Insurance Co.Ltd? YES NO 2. How did you know about IDBI Federal? TV Ads Newspaper Ads Billboards/ Hoardings Agent Friends Others please specify .. 3. Have you seen the advertisements of IDBI Federal? YES NO If yes, specify the ads seen: Incomesurance Wealthsurance

Retiresurance Bondsurance Homesurance Protection Plan

4. Do you feel these ads educate people of the product? YES NO 5. Have you seen the TV ads of IDBI Federal? YES NO If yes, please specify the ads seen and rate them: Incomesurance Wealthsurance Retiresurance Bondsurance Homesurance Protection Plan

Excellent 5 4

Good 3

Average 2

Poor 1

Worst

6. Have you seen the print ads of IDBI Federal? YES NO If yes, please rate them: Excellent Good Average Poor Worst

7. Which, according to you is the best way of knowing about a financial product? TV Ads Newspaper Ads Billboards/Hoardings Insurance Agent Word of mouth Others specify . 8. Have you bought any products of IDBI Federal? YES NO If yes, please specify the product: Incomesurance Wealthsurance Retiresurance Bondsurance Homesurance Protection Plan

9. Are you satisfied by the after sales support given by IDBI? YES NO 10. Have you gone through the website of IDBI Federal?

YES NO 11. If yes, do you find the website user-friendly? YES NO

12. Do you think the promotional strategies adopted by IDBI Federal have influenced your buying decision? YES NO 13. Do you think a celebrity endorsing a financial product would influence your buying decision? YES NO If yes, stars from which of the following fields would you prefer to endorse our products? Film industry Politics Business tycoons Sports Social Activists Others specify ..

14. Would you like to see IDBI Federal products promoted through films? YES NO

15. Are you aware of the events held by IDBI Federal? YES NO 16. What is the first thing which comes into your mind when you think of IDBI Federal? IDBI Bank Logo Ads Services provided Products Others specify .. 17. Which other Insurance Company you know? MetLife LIC Bharati Axa Bajaj Allianz ICICI SBI Life HDFC Others Specify..

18. How did you come to this insurance company? TV Ads Newspaper Ads Billboards/Hoardings Word of mouth

Sales Representatives Friends Others specify..

19. Any Suggestions for IDBI Federal: ....

I am attaching the excel sheet format of partial responses received by distributing this questionnaire. A STUDY ON CONSUMER BEHAVIOR TOWARDS THE PROMOTIONAL STRATEGIES OF IDBI FEDERAL LIFE INSURANCE COMPANY. (1).xls