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“DEVELOPING AN EFFICIENT MARKETING COMMUNICATION AND

ADVERTISING STRATEGY FOR BIRLA SUN LIFE INSURANCE”

CORPORATE INTERNSHIP PROGRAM PROJECT REPORT

SUBMITTED IN PARTIAL FULFILMENT OF PGDM PROGRAM 2017-19

Submitted By

Name: Chandan kumar

Roll No: 09

Company Mentor Faculty Mentor

Name: Mr. Saurabh Srivastava Name: Dr. Sudhir Rana

Designation: Associate partner Designation: Assistant professor

Company: Aditya Birla Capital


Certificate from Company

This is to certify that Chandan Kumar, a student of PGDM Programme, (2017-19) Batch of
Fortune Institute of International Business, Delhi has undertaken the Corporate Internship
Training at Birla Sun Life Insurance during 2rd April, 2017 to 23rd July, 2017 under my
supervision & guidance. He has conducted a study & completed the Project on Developing an
efficient Marketing Communication and Advertising Strategy for Birla Sun Life
Insurance During Training his work was

Seal of Organization Signature of Company Mentor


Date:
Certificate from Faculty Mentor

This is to certify that the Project Report titled Developing an efficient Marketing
Communication and Advertising Strategy for Birla Sun Life Insurance is a bonafide
work carried out by Chandan Kumar of PGDM (2017-18) Batch of Fortune Institute of
International Business, Delhi as a fulfilment of PGDM Programme. He has worked under my
guidance and satisfactorily completed his project work.

Date:

Dr. Sudhir Rana


Declaration by the Student

I, hereby, declare that the work presented in this report, entitled “Developing an efficient
Marketing Communication and Advertising Strategy for Birla Sun Life Insurance” in
fulfillment of the requirements for PGDM Programme, submitted to Fortune Institute of
International Business, Delhi is an authentic record of my own work and is free from any type
of plagiarism, carried out under the supervision of Dr. Sudhir Rana.

I also declare that the work embodied in the present report

(i) is my original work and has not been copied from any source, and

(ii) has not been submitted for any other Degree or Diploma of any university/institution.

Chandan kumar

09
Acknowledgement

“Accomplishment of any task necessarily depends upon the willingness and enthusiastic
contribution of time and energy of many people.”

I, therefore, acknowledge all who generously helped me by sharing their time,


experience and knowledge with me without which this project would have been
accomplished.

We, would like to extend our thanks to Fortune Institute of International Business
(FIIB) Delhi, for given us the platform for corporate interaction through this Corporate
Internship Program (CIP) which has helped us to understand the duties & responsibility
that comes with a job.

Moreover, I would like to extend my thanks and appreciation to Birla Sun Life Insurance
Company, Saket for giving us the opportunity and a platform to work in a healthy and
knowledgeable corporate working environment. Through Birla Sun Life, we got the
opportunity to meet some wonderful and highly intellectual people.

I would like to thank Mr. Saurabh Srivastava for his welcome to the organization and
introducing us to the various phase of the co-operate front with perceptive guidance,
constant encouragement, constructive criticism and affection were the light of guidance
during tenure of my work.

Finally, I would like to thank Dr. Sudhir Rana. My project guide for his patience and
guidance, which not only fulfilled an academic requirement, but would also help me in
future endeavours in the years to come.

Chandan Kumar
Executive Summary

This project aims to develop an appropriate marketing communication strategy using


Integrated Marketing Communication(IMC)/Advertising channels for Birla Sun Life
Insurance in Delhi that would help the company in best promotion and positioning of its brand
and increase sales of life insurance policies through successful marketing campaigns.

General Paragraph about Project

In introduction to sector/company, the insurance sector of India was studied by learning about
types of insurance and how it works. It helped me knew about the major insurance players and
their market size in the insurance sector. Then, the management system of Birla Sun Life
Insurance and its policies was studied. Further, the role of Insurance Regulatory and
Development Authority of India(IRDAI)and Indian Government in insurance sector has also
been studied.

Paragraph Chapter 1

In review of assignments, few research works done by scholars with respect to Integrated
Marketing Communication(IMC)/Advertising channels has been summarized.

In project objectives, 3 broad objectives that has been achieved successfully during my 3
months of internship as a Marketing Trainee has been stated.

Paragraph Chapter 2

This chapter contains the assignment given by the mentor to perform during the internship.
This also includes the roles and responsibilities that was given during the internship. This
segment contains the breakup of objective into assignment which collectively leads to
completion of the project title. The roles and responsibilities that are performed are described
with its importance in the company.

Paragraph Chapter 3

This section contains the list of objectives which are covered under this project and are
completed in the same chronology as they are listed. The Insurance sector is analyzed by
completing these objectives separately. After these objectives the suggestions are given to the
company to improve their Integrated Marketing Communication(IMC).
Paragraph Chapter 4

In Action plan, the entire market was mapped and the target market of Birla Sun Life
Insurance was found out. Consumer behavior of the target market was analysed. Then, every
information about advertisements and various IMC channels like pros and cons of each
advertising channel, cost and time duration of advertisements, its impact, revenue that will be
generated etc. was collected and analysed. Then, a research on consumer behavior and IMC
channels was done through online survey to understand reasons for poor customer
engagement through advertisements and strategize marketing communication channels by
interpreting the responses for successful marketing campaigns of Birla Sun Life Insurance and
get optimum ROI on expenditures made on advertisements and advertising channels.

Paragraph Chapter 5

Under this chapter the SWOT analysis of BSLI is done based on the present conditions of
both the external environment as well as the internal environment which involves the merger
with Videocon d2h as well. This tells about the positives for the company in coming future.

Paragraph Chapter 6

In findings, observations and insights made from my research has been stated and
summarized by me after my 3 months of internship at Birla Sun Life Insurance.

Paragraph Chapter 7

In recommendations, as an intern of Birla Sun Life Insurance, few recommendations have


been suggested by me through which the company can build a good brand image and also
improve its marketing campaigns by considering the advertising channels and advertisement
optimization based on my research did on consumer behavior and IMC channels.

Brief Conclusion

The overall internship experience and making project report on it was great learning time. It
helped me to think in a 360° manner. It helped me know how marketing campaigns are
planned by companies considering all costs, reach and revenue to be generated with choosing
right advertising channels as a major challenge due to complex consumer behavior towards
advertisements made by companies. But a research by me on Integrated Marketing
Communication(IMC)/Advertising Channels helped me understand that marketing campaigns
can work wonder for companies if done right.
Table of Contents

S.N Chapter No. Contents Page No.


o
From - To
1. …………………… Title Page ……………….
2. …………………… Company Certificate ………………..
3. …………………… Faculty Mentor Certificate ………………..
4. …………………… Declaration ……………….

5. …………………… Acknowledgement ………………..

6. …………………… Executive Summary I-II

7. …………………… Table of Contents / List of Illustrations III- IV

8. Chapter-1 Introduction to the Sector/ Company 1-22

9. Chapter-2 Review of the Assignments 23-25

10 Chapter-3 Project Objectives 26-27

11 Chapter-4 Action Plan 28-63

12 Chapter-5 SWOT Analysis 64-67

13 Chapter-6 Findings 68-70

14 Chapter-7 Recommendations 71-74

15 …………………… References 75-76

16 ………………….. Annexures 77-80

List of Illustrations
Figures

Figure 1:Division of Insurance Sector of India.......................................................................................2

Figure 2:Market share of Life Insurance companies in India.................................................................3

Figure 3:organizational structure of BSLI.............................................................................................18

Figure 4:Birla Sun Life Insurance Company Locations.........................................................................22

Figure 5:Target Market of Birla Sun Life Insurance..............................................................................33

Figure 6:Integrated Marketing Communication channels...................................................................35

Figure 7:Mother’s Day Campaign........................................................................................................50

Figure 8:Chasing Dreams Initiative......................................................................................................51

Tables

Table 1:The reach of T.V channels and rate..............................................................................43

Table 2: Advertising Rates for Newspaper...............................................................................45

Table 3: Advertising rate of magazine.....................................................................................46

Table 4: Advertising rate of Radio..........................................................................................48

Table 5: Advertising rate of Billboards....................................................................................49

Table 6: Ratet of Online Advertising.......................................................................................51

Table 7: Social media advertising rate.....................................................................................52


Chapter-1
Introduction to the Sector/ Company

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Chapter 1

Introduction to the Sector

1.1 Insurance Sector in India

Introduction
The insurance industry of India consists of 57 insurance companies of which 24 are in life
insurance business and 33 are non-life insurers. Among the life insurers, Life Insurance
Corporation (LIC) is the sole public sector company. Apart from that, among the non-life
insurers there are six public sector insurers. In addition to these, there is sole national re-
insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in
Indian Insurance market include agents (individual and corporate), brokers, surveyors and
third party administrators servicing health insurance claims.

Figure 1:Division of Insurance Sector of India

Source: http://www.postallifeinsurance.gov.in/html/aboutus.html

Out of 33 non-life insurance companies, five private sector insurers are registered to
underwrite policies exclusively in health, personal accident and travel insurance segments.
They are Star Health and Allied Insurance Company Ltd, Apollo Munich Health Insurance
Company Ltd, Max Bupa Health Insurance Company Ltd, Religare Health Insurance
Company Ltd and Cigna TTK Health Insurance Company Ltd. There are two more
specialized insurers belonging to public sector, namely, Export Credit Guarantee Corporation
of India for Credit Insurance and Agriculture Insurance Company Ltd for crop insurance.

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1.2 Current market Scenario

LIC is by far the biggest life insurance company in India both in terms of market share and
their presence in India – it is the only government owned entity. Most of the private players,
in both life and non-life sectors, have started business in India with the partnership of
established insurance players in the world. The expertise of these global players helps the
Indian insurance company’s perform much better as they can replicate the learning gained
from other markets over a large period of time. The number of lives covered under Health
Insurance policies during 2015-16 was 36 crore which is approximately 30 per cent of India's
total population. The number has seen an increase every subsequent year as 28.80 crore
people had the policy in the previous fiscal.

Reliance Life; 1.13% Others; 8.11%


Birla Sunlife; 1.61%
Max Life; 2.09%
Bajaj Allianz; 2.09%
ICICI; 4.91% HDFC; 4.10%

SBI; 5.13%

LIC; 70.82%

Figure 2:Market share of Life Insurance companies in India

Source: http://www.rsec.co.in/market-updates/news-detail?coid=366947

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Premium income of the life insurance segment had increased 14.04 per cent in FY17 to Rs
4.18 trillion (US$ 64.92 billion). In August 2017, the Life Insurance industry reported a 24 per
cent growth in overall annualized premium equivalent with the help of both private players
and Life Insurance Corporation.

1.3 Government Initiatives

The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:

1. Government of India launches Pradhan Mantri Vaya Vandana Yojana, a pension


scheme which will provide guaranteed 8 per cent annual return to all the senior
citizen above 60 years of age for a policy tenure of 10 years.

2. The Union Cabinet has approved the public listing of five Government-owned
general insurance companies and reducing the Government’s stake to 75 per cent
from 100 per cent, which is expected to bring higher levels of transparency and
accountability, and enable the companies to raise resources from the capital market
to meet their fund requirements.

3. The Insurance Regulatory and Development Authority of India (IRDAI) plans to


issue redesigned initial public offering (IPO) guidelines for insurance companies
in India, which are to looking to divest equity through the IPO route.

4. IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds that are issued by banks to augment their tier 1 capital, in order to expand
the pool of eligible investors for the banks.

1.4 Future of Insurance Sector of India


The future looks promising for the life insurance industry with several changes in regulatory
framework which will lead to further change in the way the industry conducts its business and
engages with its customers. India with 3.42 per cent penetration rate in the insurance sector
offers greater penetration potential when compared to global average of 6.2 per cent
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The country’s insurance market is expected to quadruple in size over the next 10 years from
its current size of US$60 billion.
Demographic factors such as growing middle class, young insurable population and growing
awareness of the need for protection and retirement planning will support the growth of
Indian life insurance.

1.5 Independent Regulatory Body - IRDA

Insurance sector has been opened up for competition from Indian private insurance companies
with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA
Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development
Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of
insurance policy and to regulate, promote and ensure orderly growth of the insurance industry.
IRDA Act 1999 paved the way for the entry of private players into the insurance market
which was hitherto the exclusive privilege of public sector insurance companies/ corporations.

The duties and functions of IRDA include the following: -

a. To issue to the applicant Certificate of Registration, renew, modify, cancel, and


suspend such registration.

b. To ensure protection of Policy-holders’ interest.

c. To specify requisite qualification, code of conduct and Practical Training to for


the Intermediaries / Agents.

d. Promoting efficiency in the conduct of Insurance Business.

e. Promoting and Regulating professional organization connected with Insurance


Business.

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f. Specifying Code of Conduct for Surveyor & Loss Assessor.

g. Levying fees and other charges for carrying out purpose of the IRDA Act.

h. Regulating investment of funds of Insurance Companies.

i. Calling information, conducting enquiry, investigation, audit, inspection of


insurers and other Organizations connected with Insurance Business.

j. Control / Regulation of Rates, Terms, Conditions and Advantages of Products


offered by Indian Insurers.

k. Specifying Form and Manner in which Books of Accounts and Statement of


Accounts to be maintained by Insurers and Intermediaries.

l. Regulating Maintenance of Solvency Margin of Insurers.

m. Adjusting dispute between insurer and intermediaries.

n. Supervising the currently assigned functions of Tariff Advisory Committee


(TAC).

o. Specifying percentage of Insurance Business to be undertaken in Rural &


Social Sectors.

1.6 Different Types of Life Insurance Policies in India


1. Term Plan – pure risk cover

2. Unit linked insurance plan (ULIP) – Insurance + Investment opportunity

3. Endowment Plan – Insurance + Savings

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4. Money Back – Periodic returns with insurance cover

5. Whole Life Insurance – Life coverage to the life assured for whole life

6. Child’s Plan – For fulfilling your child’s life goals like education, marriage, etc.

7. Retirement Plan - Plan your retirement and retire gracefully

Let’s dive deeper to know each plan in detail.

1. Term Life Insurance


Term insurance is the simplest form of life insurance plan. Easy to understand and affordable
to buy.

A term plan provides death risk cover for a specified period. In case the life assured passes
away during the policy period, the life insurance company pays the death benefit to the
nominee. It is a pure risk cover plan that offers high coverage at low premiums.

There’s an option to add riders to widen up the coverage.

The death benefit is payable as lump sum, monthly pay-outs, or a combination of both.

There’s no pay-out if the life assured outlives the policy term. However, these days there are
companies offering Term Plans with Return of Premiums (TROPS), where insurance
companies payback all the paid premium amount in case the life assured outlives the term
period. But, such plans are costlier than the vanilla term insurance plan.

Example:

An individual non-smoker male who is looking for a term life plan of Rs.1 crore cover, will
cost him approximately Rs.6, 800 to Rs.10, 500 per year.

AGE TERM SUM ASSURED ANNUAL PREMIUM RANGE

25 years 40 years Rs.1 Crore Rs. 6,800 – Rs. 10,500

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Best known for: High sum assured (coverage) at a low premium.

Benefit of Term Plan: In case of an untimely death of the breadwinner, family is supported
with an enormous amount of money – sum assured, which helps them to replace the loss of
the income caused due to the breadwinner’s death. Moreover, the money could be utilized to
pay off loan, monthly household expenses, child’s education, child’s marriage, etc.

2. Unit Linked Plans (ULIPs)

A unit linked plan is a comprehensive combination of insurance and investment. The premium
paid towards ULIP is partly used as a risk cover (insurance) and partly is invested in funds.
One can invest in different funds offered by the insurance company depending on his risk
appetite. The insurance company then invests the accumulated amount in the capital market
i.e. in bonds, equities, debts, market funds, or a hybrid funds...

Example:

SUM ANNUAL
TERM FUND VALUE
ASSURED PREMIUM

20 Depending on the fund value at the


Rs.2 lakh Rs. 20,000
years time of maturity.

Best known for: Long-term investment option with much more flexibility to invest.

Benefit of ULIP: Invest money as per your risk appetite. You have the option to invest either
in equity, debt or in hybrid funds through the life insurance company with complete
transparency.

3. Endowment Plans
Endowment plan is another type of life insurance plan, which is a combination of insurance
and saving.

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A certain amount is kept for life cover – insurance, while the rest is invested by the life
insurance company. In an endowment plan, if the life assured outlives the policy term, the
insurance company offers him the maturity benefit. Moreover, endowment plans may offer
bonuses periodically, which are paid either on maturity or to the nominee under death claim.
On death, the death benefit is payable to the nominee.

Endowment plans are also commonly known as traditional life insurance, although, there is an
investment component but the risk is lower than the other investment products and so are the
returns.

Example:

SUM ANNUAL PREMIUM


TERM BONUS
ASSURED RANGE

30 Depending on the Bonus at the


Rs.10 lakh Rs. 20,000 – Rs.25,000
years time of maturity.

Best known for: Long-term saving option for people with much lower risk appetite for
investment.

Benefit of Endowment Plan: Long-term financial planning and an opportunity to earn


returns on maturity.

4. Money Back Life Insurance


Money back plan is a unique type of life insurance policy, wherein a percentage of the sum
assured is paid back to the insured on periodic intervals as survival benefit.

Money back plans are also eligible to receive the bonuses declared by the company from time
to time. This way, policyholder can meet short-term financial goals.

Example:

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ANNUAL
SUM PERIODIC
TERM PREMIUM MATURITY BENEFIT
ASSURED RETURNS
RANGE

A percentage of
Accrued
20 Rs. 20,000 – Sum Assured paid
Rs.5 lakh bonuses/Guaranteed
years Rs. 25,000 on regular
Money Back + Coverage
intervals

Best known for: Short-term investment product to meet short-term financial goals.

Benefit of Money Back Plan: Short-term financial planning and an opportunity to earn
returns on maturity.

5. Whole Life Insurance


A whole life insurance policy covers the life assured for whole life, or in some cases, up to the
age of 100 years. Unlike, term plans, which are for a specified term.

The sum assured or the coverage is decided at the time of policy purchase and is paid to the
nominee at the time of death claim of the life assured along with bonuses if any.

However, if the life assured outlives the age of 100 years, the insurance company pays the
matured endowment coverage to the life insured.

The premiums are higher as compared to term plans. Whole life insurance plans also offer
partial withdrawals after completion of premium payment term.

SUM ASSURED (WITH


PREMIUM ANNUAL
GUARANTEED
PAYING PREMIUM MATURITY BENEFIT
MATURITY SUM
TERM RANGE
ASSURED)

20 years Rs.3 lakh Rs. 10,000- Guaranteed Sum Assured


Rs. 15,000 + non-guaranteed bonus
(if any) + non-guaranteed

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SUM ASSURED (WITH
PREMIUM ANNUAL
GUARANTEED
PAYING PREMIUM MATURITY BENEFIT
MATURITY SUM
TERM RANGE
ASSURED)

terminal bonus (if any)

Best known for: Life coverage for whole life.

Benefit of Whole Life Plan: Lifelong protection to the insured and an opportunity to leave
behind a legacy for heirs.

6. Child Plan
Child plan helps to build corpus for child’s future growth. Child plans help to build funds for
child’s education and marriage. Most of the child plans provides annual installments or one
time pay-out after the age of 18 years.

In case of an unfortunate event, the insured parent passes away during the policy term -
immediate payment is payable by the insurance company. Some child plans waive off the
future premiums on death of the life insured and the policy continues till maturity.

ANNUAL
SUM PERIODIC
TERM PREMIUM MATURITY BENEFIT
ASSURED RETURNS
RANGE

Maturity benefit +
Lump sum pay-
20 guaranteed returns + non-
Rs.18 lakh Rs.1 lakh outs on regular
years guaranteed accumulated
interval
bonus (if any)

Best known for: Building funds for your child’s future.

Benefit of Child Plan: Helps in fulfilling your child’s dream.

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7. Retirement Plan
Retirement plan helps to build corpus for your retirement. Helping you to live independently
financially and without worries. Most of the child plans provide annual installments or one-
time pay-out after the age of 60 years.

In case of an unfortunate event, life assured passes away during the policy term - immediate
payment is payable to the nominee by the insurance company. Death benefit will be higher of
coverage or fund value or 105% of premiums paid. Vesting Benefit will be payable if the life
assured survives the maturity age. In which case, payout will be fund value which has to be
utilized for buying an annuity.

Best known for: Long-term savings and retirement planning.

Benefit of Retirement Plan: Helps in building corpus for retirement.

This is just a simplified guide to different types of life insurance policies.

1.2 Introduction to the Company

About Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company Limited (ABSLI) is a subsidiary of Aditya Birla
Capital Ltd (ABCL). is one of the leading private sector life insurance companies in India.
ABSLI was incorporated on August 4, 2000, and commenced operations on January 17, 2001.
ABSLI is ABSLI is a 51:49 a joint venture between the Aditya Birla Group and Sun Life
Financial Inc., a leading international financial services organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is one of India's
leading life insurance companies offering a range of products across the customer's life cycle,
including children future plans, wealth protection plans, retirement and pension solutions,
health plans, traditional term plans and Unit Linked Insurance Plans ("ULIPs").

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As of September 2017, total AUM of ABSLI stood at Rs. 357,314 million. (Source: Life
Insurance Council). ABSLI recorded a gross premium income of Rs. 24,331 million in H1 FY
2017-18 and registering a y-o-y growth of 21% in First Year Premium and posted a net profit
of Rs. 70 Crore. ABSLI has a nation-wide distribution presence through 433 branches, 6 banc
assurance partners, 7 distribution channels, over 80,000 direct selling agents, other Corporate
Agents and Brokers and through its website. The company has over 8,000 employees and
more than 16 lac active customers.

The Company offers a complete range of protection solutions to help secure your family's
future and provide financial support for your child's education, wealth with protection
solutions, health and wellness solutions, retirement solutions and savings with protection
solutions to help you stay financially secure in the future with small disciplined savings at
regular intervals. ABSLI puts people's need first and aims to protect what is dear to the
customer, with assurance. While, Life Insurance cannot prevent risk, it can definitely
compensate financial losses arising from risk.

Vision, Mission & Values:

Vision:
To be a leader and role model in a broad based and integrated financial services business.

Mission:

To help people mitigate risks of life, accident, health and money at all stages and under all
circumstances enhance the financial future of our customers including enterprises.

Values:

 Integrity: Acting and taking decisions in a manner that is fair and honest.
 Commitment: On the foundation of Integrity, doing all that is needed to deliver value
to all stakeholders.
 Passion: An energetic, intuitive zeal that arises from emotional engagement with the
organization that makes work joyful and inspires each one to give his or her best.

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 Seamlessness: Thinking and working together across functional groups, hierarchies,
businesses and geographies.
 Speed: Responding to internal and external customers with a sense of urgency.
Continuously striving to finish before deadlines.
MAJOR PLAYERS IN THE INDUSTRY/COMPETITORS

1. LIC (Life Insurance Corporation)

Life Insurance Corporation of India (LIC) is an Indian state-owned insurance


group and investment company headquartered in Mumbai. The Life Insurance
Corporation of India was founded in 1956 when the Parliament of India passed the
Life Insurance of India Act that nationalized the private insurance industry in India.
Over 245 insurance companies and provident societies were merged to create the state-
owned Life Insurance Corporation.

2. Reliance Life Insurance


Reliance Life Insurance is a part of the Reliance group. It is one of the partners of
Reliance Capital Ltd which is a Anil Dhirubhai Ambani Group. Reliance Capital is
one India's most dominant private sector financial services companies. They offer
insurance products which help you with savings as well as give you protection.

3. Canara HSBC Life Insurance


Canara HSBC Life is a joint venture of Canara Bank, HSBC Insurance (Asia pacific)
& Oriental bank of Commerce. The Company got its approval from IRDA in June
2008 and from that commencing its business. They have more than 4100 branches all
over India.

4. MetLife Insurance
MetLife One of the fastest growing insurance company in India is MetLife. The
company started its operations in between 2000-2001. They have a range of various
products to offer.

5. ICICI Prudential Life Insurance


ICICI Prudential ICICI Bank with Prudential plc, both well known & strong financial
institutions came together in December 2000 to form an insurance company - ICICI
Prudential Life Insurance.

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6. Max New York Life
Max New York Life Max India’s leading multi business corporation & New York Life
joined their hands in 2000.The company started their operations in 2001. The
company is involved in Life & health products.

7. Bajaj Allianz
Bajaj Allianz Bajaj who are into iron & steel, finance, insurance & etc and Allianz
who provides financial services when came together they formed Bajaj Allianz Life
Insurance Company.

8. Bharti AXA Life Insurance


Bharti AXA Bharti AXA Life Insurance is a joint venture between Bharti & AXA. The
company started its functionality in December 2006 and they always believe to be a
strong financial institute.

9. HDFC Standard Life


HDFC Standard Life HDFC Standard Life Insurance is a joint venture between
Housing Development Finance Corporation Limited & a Group of Standard Life Plc.
The Company started commencing its business in December 2000.

10. Kotak Mahindra


Kotak Mahindra A joint venture of Kotak Mahindra group & Old Mutual plc is known
as Kotak Mahindra Old Mutual Funds. The Company started commencing its business
in 2001. The company aim is to help customers in making their financial decisions.

11. SBI Life Insurance


SBI Life SBI Life Insurance Company Limited is a joint venture between State Bank
of India and BNP Paribas Assurance. It is present in more than 41 countries across the
world. SBI Life offers a variety of plans in life insurance and pension.

12. TATA AIG


TATA AIG The TATA Group and American International Group Inc. together formed
Tata AIG Life Insurance Co. Ltd. Tata Group holds 74% stake in the insurance venture
with AIG holding the balance 26%. They started their operations in April 2001

13. AVIVA Life Insurance


Aviva Aviva, one of UK's largest insurance company and world's 5th largest insurance
group. It was one of the first international insurance company to set up its office in
India in the year 1995. They introduced the concept of banc assurance in India.

Key people of organization


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Mr. Kumar Mangalam Birla

Chairman

Mr. Donald A. Stewart

Mr. Pankaj Razdan


Chief Executive Officer, MD & Director

Mr. Ajay Srinivasan

Non-Executive Director

Mr. Bishwanath Puranmalka

Non-Executive Director

Mr. Kevin Strain

Non-Executive Director

Mrs. Tarjani Vakil

Independent Director

Mr. Sandeep Asthana

Non-Executive Director

Mr. Colem Freyne

Non-Executive Director

Mr. Haigreve Khaitan

Independent Director

Mrs. Pinky Atul Mehta

Non-Executive Director

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Mr. Shobhan Thakore

Independent Director

Management Team

Mr. Pankaj Razdan


MD & Chief Executive Officer, Birla Sun Life Insurance
Dy. Chief Executive – Financial Services, Aditya Birla Group

Mr. Amit Jain


Chief Financial Officer (CFO) & Head – Group Business

Mr. Anil Kumar Singh


Chief Actuarial Officer

Mr. Devendra Singhvi


Chief Investment Officer – Debt

Mr. Deven Sangoi


Chief Investment Officer – Equity

Mr. Parag Raja


Chief Distribution Officer (CDO)

Mr. Rajesh Nambiar


Chief Marketing Officer (CMO)

Mr. Rajesh Varrier


Chief Technology and Digital

Mr. Shailendra Kothavale


Chief Compliance & Risk Officer

Ms. Shobha Ratna


Head – Human Resource & Training

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ORGANIZATIONAL STRUCTURE OF BSLI

Figure 3:organizational structure of BSLI

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PROTECTION

Secure your family’s future in this


increasingly uncertain world and don’t
leave their dreams to fate.

HEALTH & WELLNESS

Plan and ensure that you spend time with


your loved ones when they need you the
most rather than worrying about medical
expenses.

Birla Sun Life


CHILDREN’S FUTURE

Give your child the freedom to pursue


Insurances(BSLI) his/her real passion by ensuring that you
Services give him the right financial support.

RETIREMENT

Plan your retirement well to build a good


corpus because during retired life, income
stops but expenses don’t

WEALTH WITH PROTECTION

Secure your family’s dreams and live


through life’s highs and lows with
confidence while you reach your financial
milestones as planned.
1. Protection
Solutions

SAVINGS WITH PROTECTION

Strike the right balance between living


comfortably 19today and staying financially
secure in the future with small
disciplined savings at regular intervals.
BSLI Protector BSLI Future BSLI Protect at
Plus Plan Guard Plan Ease

 Secure your family’s future in this increasingly uncertain world and don’t leave their
dreams to fate.

2. Health & Wellness Solutions

BSLI Hospital Plus Plan BSLI Cancer Shield Plan


 Plan and ensure that you spend time with your loved ones when they need you the most
rather than worrying about medical expenses.

3. Children’s Future Solutions

BSLI Vision Star Plan


 Give your child the freedom to pursue his/her real passion by ensuring that you give him
the right financial support.

4. Retirement Solutions

BSLI Empower BSLI Immediate BSLI Empower


Pension Plan Annuity Plan Pension- SP Plan
 Plan your retirement well to build a good corpus because during retired life, income stops
but expenses don’t.

5. Wealth with Protection Solutions

BSLI
BSLI Wealth BSLI Wealth BSLI Wealth BSLI Wealth
Fortune
Assure Plan Aspire Plan Secure Plan Max Plan
Elite Plan
 Secure your family’s dreams and live through life’s highs and lows with confidence while
you reach your financial milestones as planned.

20
6. Savings with Protection Solutions

BSLI Vision BSLI Vision BSLI Vision BSLI Vision


BSLI Savings
Life Secure Endowment Life Income Money Back
Plan
Plan Plan Plan Plus Plan

BSLI Vision BSLI BSLI Vision


BSLI Secure BSLI Income
Endowment Guaranteed Regular
Plus Plan Assured Plan
Plus Plan Future Plan Returns Plan

 Strike the right balance between living comfortably today and staying financially secure in
the future with small disciplined savings at regular intervals.

21
GEOGRAPHICAL SPREAD

22
Figure 4:Birla Sun Life Insurance Company Locations

Source: https://www.mapsofindia.com/insurance/birla-sun-life-insurance-india.html

23
Chapter-2

Review of Assignments

Chapter 2

Review of Assignments

This is the one of the important part of the report because here we will discuss the

assignments those were given during the internship. Also, the roles and responsibilities their

importance in the company.

24
2.1 Project Assignments

As per the title of the project the assignments given are as follows

 To analyze Indian Insurance Industry.


 Determine size of the market- identify service gaps
and areas for self-improvement where competition is
exploiting at the moment.
 Generate suggestions after the analysis of competitors
 To identify the most effective among the IMC
 Analyze the primary data.
 Create Online Marketing campaign for BSLI

2.2 Description of the Roles and Responsibilities.


This part includes all the responsibilities and detailed description of the job I had to do during my
internship period-

Our most important task here was to generate exceptional ‘out of the box’ ideas for brands and
campaigns. we had to find out the best digital marketing campaign using a game/app for the brand.

Day-to-day Operations: As an Intern, we have to Report on activities conducted on daily basis.


There was some day to day tasks in sales department and most importantly in the Marketing and
Communication Department. Are most remarkable among the day-to-day tasks.

Query Management: Query management of different client’s Facebook pages was one of the biggest
roles of the job. It was really an interesting job. I along with the other intern had to manage mainly the
Facebook pages of Dummy Product.

25
26
Chapter-3
Project Objectives

27
Chapter 3

Project Objectives

The Primary objective of this report is to understand the roles of Integrated marketing
communications over the conventional marketing from the customer point of view to find out
how digital marketing communication is helping conventional marketing process.

Objective-1

To understand the insurance sector of India and BSLI services

Understanding of insurance sector is required to know how insurance companies function and
compete among themselves. It will also help to know the contribution of Birla Sun Life
Insurance in the insurance sector by their service offerings to the people.

Objective-2

To position and increase the sales of BSLI policies by understanding the consumer
behavior

Right positioning of the Birla Sun Life Insurance brand is required due to increased
competition in the insurance sector. Positioning will be done based on understanding and
analysis of consumer behavior with the help data collected through survey.

Objective-3

To make marketing communication and Advertising strategy for BSLI using Integrated
Marketing Communication

Here, analysis of different marketing communication channels will be done and will find out
which combination of marketing communication channels will work best for the company.
Return on Investment(ROI) on advertisements and advertising channels expenditure will be
the deciding factor for this.

28
Chapter-4
Action Plan

29
Chapter 4

Action Plan

4.1 Target Market Analysis


In order to reach our customers efficiently, the entire market available was studied and found
out the target market with whom Birla Sun Life Insurance can communicate and serve them
with their services. In this case, TAM is the total insurance market in India. SAM is the
segment of total insurance market in India that Birla Sun Life Insurance has access to. TM is
the actual market segment with whom Birla Sun Life Insurance can communicate and sell its
services to its customers.

Figure 5:Target Market of Birla Sun Life Insurance


Source: https://en.wikipedia.org/wiki/File:TAM-SAM-Market.jpg

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 AM or Total Available Market is the total market demand for a product or service.

 SAM or Serviceable Available Market is the segment of the TAM targeted by your
products and services which is within your geographical reach.

 SOM or Serviceable Obtainable Market is the portion of SAM that you can capture.

To reach TM, 4 pillars of market segmentation was analysed i.e. Geographic, Demographic,
Psychographic and Behavioral. In Geographic, factors like country, region, cities, population,
density etc. was analysed. In Demographic, factors like age, gender, occupation, income,
family size etc. was analysed. In Psychographic, factors like lifestyle, social class, attitudes,
personal values etc. was analysed. In Behavioral, factors like degree of loyalty, usage,
occasions, benefits sought, user status etc. was analysed. The target market for Birla Sun Life
Insurance was reached that consists of customers that share similar characteristics, such as
age, location, income and lifestyle.

4.2 Consumer Behavior Analysis


After reaching TM, consumer behavior towards insurance services in India was understood.
Consumer behavior is the study of how individual customers, groups or organizations select,
buy, use goods and services to satisfy their needs and wants. Understanding consumer
behavior was important to know which services are needed in the marketplace, which are
obsolete, and how best to present the services to the consumers. Consumer behavior is
influenced by various factors, it constantly undergoes changes, it varies from consumer to
consumer, product to product and region to region.

31
4.3 Integrated Marketing Communication Analysis(IMC)
Then, Integrated Marketing Communication(IMC) was understood and its applicability for
Birla Sun Life Insurance was analysed.

Marketing communication (or Marcom) consists of the messages and related media used to
communicate with a market. Various IMC channels are T.V, Newspaper, Magazines, Radio,
Billboards, Online advertising, Social Media etc. Integrated Marketing Communication(IMC)
was centered on aligning organizational communications with the needs of customers and
employed large datasets, statistical analysis and Return on Investment (ROI) models to make
marketing communication more accurate and accountable.

Figure 6:Integrated Marketing Communication channels

Source:http://www.faycreative.co.ke/article/breaking-the-tradition-personalised-
imc-plan/

Marketing communications can be divided into two periods-

32
Traditional Marketing communications (before the Internet) and Integrated Marketing
Communications (after the Internet). New ways of exchange of information and new
categories of interaction are possible because of the invention of the Internet and
corresponding digital medium. Determining on the way a business in the market uses
integrated communications, the business itself can change the aspects of integrated
communicational marketing as it spreads to targeted audience like

1. Traditional marketing Digital market

2. Mass media Specialized media

3. Low accountability in market spending High accountability in market spending

4. Limited marketing connectivity Pervasive marketing connectivity

5. Mass advertising Niche marketing

4.4 Why research on Integrated Marketing Communication(IMC) ?

It is essential for Birla Sun Life Insurance to promote their brands well among the end-users
not only to outshine competitors but also survive in the long run. Brand promotion increases
awareness of products and services and eventually increases their sales, yielding high profits
and revenue for the organization.

To understand integrated marketing communication, let us first understand what does brand
communication mean?

Brand communication is an initiative taken by organizations to make their products and


services popular among the end-users. Brand communication goes a long way in promoting
products and services among target consumers. The process involves identifying individuals
who are best suited to the purchase of products or services (also called target consumers) and
promoting the brand among them through any one of the following means:

 Advertising

 Sales Promotion

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 Public Relation

 Direct Marketing

 Personal Selling

 Social media, and so on

4.5 Analysis of Integrated Marketing Communication(IMC) channels


 T.V
Television advertising is the most popular advertising option. It is popular because it has the
lowest cost per reach among all other media verticals. Rates for advertising in television in
India are quoted in terms of advertising rate per 10 sec. By placing an ad in television, a brand
can reach out to complete India in a single instance and in multiple times. TV ad engages with
two senses of humans, eyes and ears, and is more impactful than other formats. There are
more than 1000 Television channels in India. India also has a strong network of cable and
DTH TV. Media options available for advertising in TV are video ads, scrollers, aston bands,
teleshopping and L Bands.

Pros Cons

Fusion of sight, Overexposure of One way


Access to vast Convenient and advertisement communication
Low recall
sound and
audiences effective
motion

34
 Feasibility Study:
 All the channels were divided into several segments i.e. Entertainment, Movies and
Music, Sports, News, Spiritual, Kids, Cable network, etc.
 Selected segment:
1. News
2. Sports
3. Music and Movies
4. Entertainment

 Detail Analysis:
 For each segment, data was found out about the reach of channels and rate for a 10
second time slot. The data is presented here under Sports:
Table 1:The reach of T.V channels and rate

Entertainment:

Movies and Music:

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News:

 Now, few channel networks on basis of their popularity, viewership and taste and
preferences were selected according to the insurance sector, cost to viewership ratio.
 Channels that were selected are mentioned here after.

Table-5
 Calculation of Investment:
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Total TVC Investment would be:
Total amount for all channels x Total seconds of ad x Slots per day x 30 Days
= 50,000 x 2 x 20 x 30
= Rs.6,70,00,000

 Calculation of Returns:
Taking conversion rate as 0.01% as per the data available by research.
Returns = Total Viewership x 0.0001 x Average Premium rate
= 80,57,83,000 x 0.0001 x 5000
= Rs.40,28,91,500
Profit = Returns – Investments
= Rs.40,28,91,500 –Rs.6,70,00,000 = Rs.33,58,91,500

 Newspaper
Newspapers advertising have the largest spend share among total marketing budget. The
popular formats to advertise in Newspapers are Display ads and Classified ads. Advertising
Rates for Newspaper ads depends on the readership and page number. Newspaper ads in India
are largely sold through Newspaper advertising agency. INS is an accredited body for
Newspaper advertising agencies in India.

Pros Cons

In-depth Cheapest in per Expensive Ad No audio-


capita viewing Short shelf life
Mobility
coverage space video element

 Circulation:
Times of India- 9,92,600

Hindustantimes- 9,85,000

Economic Times- 1,40,000

Navbharat Times- 4,80,000

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Table 2: Advertising Rates for Newspaper

38
 Magazine
Magazine advertising has been used by advertisers to reach out to their consumers for a long
time. Advertising cost is one of the lowest to reach out to a niche segment. Advertising in
magazine gives an advertiser the capability to reach out to his consumers in a well-defined
context. Print ad format of magazines advertising also gives an opportunity to engage with
readers using interesting creative content. The popular magazine categories for advertising in
India are interior design magazines, in-flight magazines and current affairs magazine.

Pros Cons

Ads look High reader More shelf High cost of


Longer lead time space and ad Limited reach
better involvement life layout

 Circulation and Readership:


India Today= 4,85,000 and 16,40,000
Business Today= 1,65,000 and 9,00,000
Businessworld= 1,85,000 and 5,55,000
Women’s Era= 2,30,000 and 7,00,000

Table 3: Advertising rate of magazine

39
 Radio
FM Radio Advertising in India started with the launch of Radio City Bangalore, on July 3,
2001 as India's first private FM radio station. All India Radio(AIR) broadcast radio content
and radio ads in India. In India, Radio Advertising accounts for less than 5% of marketing
spend.There are approximately more than 80 FM stations across cities in India. Large FM
Radio markets are Bangalore, Delhi, Chennai, Kolkata and Mumbai.

Pros Cons

More High Not good for No visual


Low cost all products
Short span life
involvement
affordable frequency 
Detailed Analysis:

 Considered Radio stations:

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Table 4: Advertising rate of Radio

 Based on popularity and estimated returns on investment, selected networks are


written below. Viewership is calculated from market share by calculating market share
with total population of Delhi.

 Calculation of Return on Investment:


Investment= Total Amount for all stations x Duration x Slots per day x 30 Days x Number of Ads
= 2700 x 2 x 2 x 30 x 2
= Rs.6,48,000
Return= Total Viewership x Conversion rate (Approx.) x Policy Average Amount
= 45,36,220 x 0.0001 x 5000
=Rs.22,68,110
Profit= Return – Investment
= 22,68,110 - 6,48,000
= Rs.16,20,110

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 Billboard
Billboard advertising is highly prominent and does not require the consumer to do anything to
access it. No tune in or click onto it or turn a page. Most people regard it as less intrusive than
other methods of advertising. Lot of billboard advertising engages the consumer. In locations
where it sits in front of a large audience i.e. on public transport or at waiting places, it can be
seen as a welcome distraction. To make a big impact in a local area, billboard advertising can
raise the company's brand image and deliver results. Outdoor ads put the message right in
front of potential customers.

Pros Cons

Easy visual Noticeable 24/7 Visibility issues


Provides limited Brief exposure
references and attractive advertising information time

  Cost of each flying balloon ad= Rs.60000(Max)


 Total= 60000*4= 2,00,000+ 40,000(operational cost) = Rs.2,40,000(Max)
 Locations and Reach (Monthly)

Table 5: Advertising rate of Billboards

 The data is based on the research of various advertisement agencies in Delhi and
7 places in Delhi has been chosen, where billboards will be put.

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Metro Digital Billboard across Yellow Line
Total Commuters = 40 lakhs daily (Average)
Tapping on 5 major Metro Stations
 Rajeev Chowk
 Central Secretariat
 Mandi House
 Kashmeri Gate
 Sikandarpur
Yellow Line
30 lakhs per month per station (Average)
Total = 1.5 crore/month (for major 5 stations)
Digital Billboards
7-8 lakhs at peak hours per week
Total= 1.5 crores approx. per month for 5 stations
Total commuters per day= 18 lakhs for 5 stations (approx.)

• IPL Commercial on Decision Board


• Total viewers in IPL 2016 = 297 million(Average)

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• Total viewers in Delhi NCR = 7.8 million(Average)
• While we are sponsoring ‘NOT OUT’ in Decision Board
it would cost 3.15 lakhs per time in a day.
• Apart from the Media Channels viewers, it taps avg. 30000 spectators per match.
• Total Match = 58
• Average Time on Decision Board = 4 times
4*3.15= 1,26,000 per match
• Whole IPL = 1,26,000*58= 7,308,000 cr.

For Associate Sponsorship


5.75/lakhs per 10 sec.

Benefits from IPL billboard advertisement


 Approx. 8 million Delhi NCR coverage
 Apart from that 30,000 per match spectator also get tapped
 Strong brand recall

 Online Advertising
Digital advertising spends were about 12 per cent of the total advertisement spends in India.
40% of BFSI overall spends were on digital, followed by e-commerce, telecom, and travel.
Spends on video ads on Youtube, showed huge gains in past years and accounted for 17
percent of the overall ad spends in the digital space. With Digital India push, increase in
mobile penetration and increased adoption of mobile internet, online advertisements is
expected to gain further. Majority of digital ad spend in India goes to Google, Facebook and
other social media networks. Other popular digital advertising options in India are news
websites like Timesofindia.com, sports channels like cricinfo.com, finance sites like
moneycontrol.com among many others.

Pros Cons

Extensive Strong and real Customization ofLack of internet Clutter of Use of Ad-
coverage time interaction ads access advertisements blockers

44
Impressions per month:
Hotstar= 20,00,00,000
Business Insider= 6,10,00,000
Moneycontrol= 2,70,00,000

Table 6: Ratet of Online Advertising

Total cost:
Hotstar= Rs.4,40,00,000
Business Insider= Rs.1,00,65,000
Moneycontrol= Rs.62,10,000

 Social Media
Social media advertising is a paid internet marketing that utilizes social networking websites
as a marketing tool. The goal of social media advertising is to produce content that users will
share with their social network. It is useful for a very targeted audience. It works well for
companies with a limited budget and an audience that could be easily reached. Social Media
advertising create striking advertising experiences that capture interest through creativity and
unpredictably.

Pros Cons

Reach to large Increases brand Uncovers Negative Potential for


Time intensive
audiences loyalty valuable insights feedback embarrassment

45
• Youtube.com
• Insurance companies advertisements and their total number of views

Table 7: Social media advertising rate.

Average views expected = 10,99,476

 Facebook.com

 Cost and Revenue of Prank Campaign:


Samples of 6 such prank videos were taken and their views were:

46
• YouTube provides an average Rs. 150 per 1000 views

• Cost includes that of Camera, Prank Artist, Editors and others


• Revenue= Rs.1,50,000 (Approx.)

Objective: The major objective is to connect with your target audience through some
innovative advertisement and campaigns. Generally, products and sales should not be talked
about in quarter April to June.

Mother’s Day campaign- Under this campaign we decided that the company would
decorate the new born babies room in hospital of Delhi-NCR for all the babies which are born
on Mother’s Day and would surprise those respective families. On average 10 babies were
taken for each hospital

Figure 7:Mother’s Day Campaign

Cost
Decoration per room 5000
Hospital Donation 100000

47
Cost of 5 hospital 500000
Cost of 5*10 rooms 250000
Total 750000

Chasing Dreams Initiative- The idea behind this campaign was to let the parents
motivate their children to pursue their own dreams. The parents should not pressurise their
children regarding scoring good marks. Instead they observe the interest of their children and
let them fly towards it.

Figure 8:Chasing Dreams Initiative

Cost
Place Cost Per Week Viewership
South Campus 110000 132000
North Campus 150000 223418
CP 180000 578671
Laxmi Nagar 150000 273752
Dwarka 125000 172000
MG Road Gurugram 150000 151000
Total Cost for 1 week 865000 1530841

48
Cost for 1 month 3460000

4.5 Interpretation of survey responses


It’s a survey on Integrated Marketing Communication(IMC)/ Advertising Channels and a
research to identify appropriate IMC/Advertising channels for Birla Sun Life Insurance
company.

Figure-6

1. Looking at the responses of people, most of them are aware of insurance companies
like LIC(96.7%), HDFC Life(90%) and SBI Life Insurance(76.6). This represents the
effective use of IMC channels by the top 3 insurance companies in Delhi. So, now

49
Birla Sun Life Insurance(66.7%) has to catch up to top 3 position by making a good
marketing communication strategy to reach more people in less time and cost.

Figure-7

2. Looking at the responses of people, most of them knew the presence of insurance
companies through T.V(96.7%), Newspaper(73.3%) and Online advertisement(70%).
This represents insurance advertisements were mostly shown to people using these
top 3 advertising channels, which Birla Sun Life Insurance somehow failed to use
them to spread awareness about their company presence in Delhi.

50
Figure- 8

3. Looking at the responses of people, most of them find advertising mediums like
T.V(76.6%), Online advertisement(46.6%) and Social Media(40%) most appealing.
This represents Birla Sun Life should invest their money on these advertising
channels as people love to watch advertisements on these channels the most.

51
Figure-09

4. Looking at the responses of people, again most of them are exposed to advertising
mediums like T.V(76.7%), Social Media(73.3%) and Online advertisement(56.7%).
This represents Birla Sun Life should capitalize on these advertising mediums as
much as possible to spread awareness of the company and also promote their
insurance services to people in Delhi.

52
Figure- 10

5. Looking at the responses of people, most of them like humorous


advertisements(73.3%). This represents Birla Sun Life Insurance should stop making
emotional advertisements(56.7%) and rather it should focus on making
advertisements that has fun element and give people a joyful feeling.

53
Figure-11

6. Looking at the responses of people, most of them are comfortable with


advertisements shown in both(66.7) online and offline advertising channels rather
than focusing only on online(20%) or offline(13.3%) advertising channels. So, Birla
Sun Life Insurance should use appropriate combination of both channels to advertise
about their company and their insurance services.

54
Figure-12

7. Looking at the responses of people, most of them have outrightly rejected the
traditional advertising channels. This represents most people like modern advertising
channels(93.3%) where creative and innovative advertisements are shown to them.
So, Birla Sun Life Insurance should focus on creating quality content and creative
advertisements to capture the attention of new age customers. Creative advertisements
also help in advertisement retention in customers mind easily.

55
Figure- 13

8. Looking at the responses of people, most of them like interactive


advertisements(60%). This represents people like advertisements that has audio
capability and also visually appealing. So, Birla Sun Life Insurance should make
advertisements that people can connect easily and this is possible by showing
interactive advertisements in various digital advertising channels.

56
Figure- 14

9. Looking at the responses of people, most of them prefer the ideal length of video
advertisements should be less than 30 seconds(63.3%). This represents people have
less time to watch a particular advertisement video. So, Birla Sun Life Insurance
should try to shoot and show video advertisements which is less than 30 seconds
instead of showing a long video(>2 minutes), where people lose their patience and
skip the advertisement.

57
Figure- 15

10. Looking at the responses of people, they have no issue seeing advertisements on
anyday of the week(70%). This represents that there is no point in spamming lots of
advertisements to people on weekends, which many companies do in India. So, Birla
Sun Life Insurance should stop following the suit of other companies and show their
advertisements to people on any suitable days of the week.

58
Figure- 16

11. Looking at the responses of people, most of them prefer seeing advertisements at
night(50%) and some during evening(30%). This represents people don’t have time to
see advertisements during any other time of the day may be due to their busy work
schedule. So, Birla Sun Life Insurance should run most of their advertisements at
evening and night, so that most people can see them with patience.

59
Figure- 17

12. Looking at the responses of people, most of them prefer seeing a particular
advertisement of the company once a day(43.3%) or few times a day(40%). This
represents people dislike seeing the same advertisements of the company frequently
in a day. They feel only advertising few times a day is enough to make them decide
whether they want to purchase the product of the company or not. So, Birla Sun Life
Insurance should stop spamming advertisements to people on various advertising
channels instead show them maximum 1-3 times a day.

60
Figure-18

13. Looking at the responses of people, it is seen that men(76.7%) are more interested in
insurance products than female(23.3%). This represents that men in Delhi are more
likely to take insurance product for themselves and for their family than females. So,
Birla Sun Life Insurance should target advertisements more towards men than
females. This will help the company reach their advertisements to right people.

61
Figure- 19

14. Looking at the responses of people, young earning people in India between age 18-25
years(46.7%) and even people of age 26-35 years(40%) are interested in insurance
products. This represents that people in broad age bracket ranging from 18-35 years in
Delhi are more likely to invest in insurance products. So, Birla Sun Life Insurance
should run and target advertisements towards the people in the age bracket 18-35
years.

62
Figure- 20

15. Looking at the responses of people, most people who are service holders(70%) prefer
insurance products than people in other professions. This represents that service
holders in Delhi are more concerned about themselves and their families and more
likely to invest in insurance products. So, Birla Sun Life Insurance should focus on
service holder people and target advertisements towards them.

63
Chapter-5
SWOT Analysis

64
Chapter 5

SWOT Analysis

5.1 SWOT Analysis

Strength Weakness

 Multi-channel distribution and one of  Company does not penetrate on the


the largest distribution networks in rural market at a time.
India.  There is no plan for the lower income
 Implementing Six-Sigma process. group.

 Customer centric products and services.  Fees for the advisor is high than the
other company.
 Training process of the company is very
strong.  Number of advertisements is very less

 Different plan for different peoples.

 Superior investment and risk


management framework.

 Transparent functioning

 Customer satisfaction

Opportunities Threats

 Insurance market is very big, where


 OLD HABITS DIE HARD’: It’s still difficult
company can expand its horizon in
task to win the confidence of public
insurance industry.
towards private company.
 Though good investment and insurance
 The company is facing major threats
it is easy to top Indian customers.
from LIC-which is an only government

65
 The huge insurance market (77%) is lef company.
so company has opportunity to expand
our products.  Major Competitor at a Glance LIC (Life
Insurance Corporation)
 Huge potential in rural market
 Stiff competition from LIC
 Create awareness about life insurance
 Entry of new firms in insurance sector
 Build brand trust through investment in
 Government insurance schemes being
promotional activities
launched at very low rates

5.2 PORTERS’S 5 FORCES ANALYSIS

Competitive Rivalry
• Insurance industry is becoming highly competitive with 53 players
operating in the industry
• Companies are competing on price and also using low price and high
returns strategy for customers to lure them

Threat of New Entrants


• Other financial companies can enter the industry
• Overall threat is medium given that entry is subject to license and
regulations

66
Substitute Products
• Similarity in services makes switchover a potent threat
• Investment oriented customers have switched to other avenues.

Bargaining Power of Suppliers


• Supplier being the distributor or agent have high bargaining power
because they have customer database and can influence customers in
making choices

Bargaining Power of Buyers


• Bargaining power of customers especially corporate is very high because
they pay huge amount of premium

67
Chapter-6
Findings

68
Chapter 6

Findings

After getting all details about insurance sector and insurance companies in India, consumer
behavior, information about various Integrated Marketing Communication(IMC)/Advertising
channels, following points can be drawn as major findings:

1. After studying the insurance sector of India, it was found out that there are 24 major
players in life insurance sector and trying to grab each other market share. Looking at
ranking of the insurance companies on the basis of their total market share, Birla Sun
Life Insurance ranks at 7th position. This may be due to poor marketing
communication made by the company or may be due poor claim settlement ratio of
the company(15th position) but has great opportunities to scale up the business and
reach top 3 position.

2. Consumer behavior in insurance sector is different from other sectors in India. People
have different perception when it comes to insurance products as huge sum of money
and lots of time is invested by people while going for insurance products. There is
huge untapped market that can be captured by Birla Sun Life Insurance by
understanding the consumer behavior and making appropriate marketing campaigns.

3. Birla Sun Life Insurance has somehow failed to position its company’s brand image
and insurance products in customers mind. This may be due to poor communication
through advertisements made by the company which customers also fail to recall at a
given point of time.

4. There are various Integrated Marketing Communication(IMC)/Advertising channels


available for promotion of content/advertisements. Primarily, there are 7 IMC
channels i.e. T.V, Newspaper, Magazine, Radio, Billboard, Online advertisement and
Social Media that companies can use for advertisements. Each IMC channel has pros

69
and cons, has different cost of advertisements and revenue generation on advertising
investment also varies accordingly.

5. While other insurance companies in India like LIC, HDFC Life Insurance, SBI Life
Insurance etc. has used IMC channels strategically by considering ROI as main factor,
Birla Sun Life Insurance has somehow restrictively used IMC channels for
advertisements. As a result, it incurs costs but loses revenue and market share due to
poor awareness of the company and its services.

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Chapter-7
Recommendations

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Chapter 7

Recommendations

According to the analysis and findings, there are some recommendation for the
marketers based on the study-

1. Marketers should do something that can make the female users


encouraged to use digital media which may increase the number of
female user base.

2. The businesses that are still thinking of doing only conventional


marketing should start investing in digital media and make their
communications more effective. Birla SunLife Insurance needs to
work on their Social Media Strategy, which includes increasing
customer interaction on Facebook, daily or weekly updates on twitter
which also involves “Hashtags” in accordance with CSR campaign.
Social Media Marketing in today’s world is the most cost effective
solution for customer engagement. Taking small but immediate steps
in social media marketing will gradually benefit the company in the
long run.

3. Digital marketing communication is not so costly than any other


media but content management in digital marketing communication
is really very important. So marketers should give more emphasize
on content management and integrate that with conventional media
and invest effectively both in digital and conventional media.

4. Increasing awareness level by increasing number of hoardings in


prime areas such as Bank Square Sector, railway station, bus stand

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and industrial area.

5. Birla Sun Life Insurance should go for a mass publicity campaign


called “INSURANCE FOR ALL” for a week, inviting people in
Delhi NCR to educate them about insurance services and how Birla
Sun Life Insurance is helping bridge the gap between people’s dream
with their future without making them face any financial
uncertainties in their path to success. This will help Birla Sun Life
Insurance build a good brand image in public and spread awareness
of insurance among people at the same time.

6. Birla Sun Life Insurance should target the new generation of people
who have just started earning. So, the company should use T.V,
Online advertisement and Social Media advertisement as an
appropriate Integrated Marketing Communication(IMC)/Advertising
channels as these people are most exposed these advertising channels
and also find them appealing. This would help the company reach
more people in less cost and generate more revenue in return.

7. Birla Sun Life should run fewer advertisements everyday on T.V,


Online websites and Social Media with main focus during evening
and night where most people watch advertisements with patience.
This will help the company reach their advertisements to maximum
people in less time period and will also save company’s unnecessary
wastages in advertising expenditure.

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LEARNINGS

 During the study to be found that majority of people are aware of life insurance sector.

 During the survey, it was observed that major source of information for consumer are
television, newspaper, internet and least preference are given to magazines, agents and
friends.

 Attractive schemes and brand image are the most important factor that influences the
buying behavior of the consumers.

 Majority of respondents will shift to any other insurance company. People are not satisfied
with the opted insurance.

 It was found that the reason for the dissatisfaction of consumer is high premium, delay in
claim settlement and poor after sales service.

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References

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References

References

Media Reports, Press Releases, Press Information Bureau, Union Budget 2017-18, Insurance
Regulatory and Development Authority of India (IRDA)

https://lifeinsurance.adityabirlacapital.com/about-us/company-profile.aspx

Insurance sector to get boost from new insurance bill

http://www.rsec.co.in/market-updates/news-detail?coid=366947

Insurance sector in India: challenges and opportunities


https://www.slideshare.net/sumanjeetkaurgill/insurance-sector-in-indiachallenges-and-opportunities

Indian Insurance Industry Overview & Market Development Analysis


https://www.ibef.org/industry/insurance-sector-india/showcase

RDAI Approved Insurance Web Aggregator

https://www.myinsuranceclub.com/articles/insurance-industry-in-india-e28093-an-overview

The Investment Division, PLI is headed by the Chief Investment Officer, PLI

http://www.postallifeinsurance.gov.in/html/aboutus.html

The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide Content Team.
MSG Content Team comprises experienced Faculty Member, Professionals and Subject Matter
Experts.

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https://www.managementstudyguide.com/integrated-marketing-communications.htm

TAM, SAM and SOM are acronyms that represents different subsets of a market.

https://www.thebusinessplanshop.com/blog/en/entry/tam_sam_som

Annexures

Advertisement posters made during internship for Birla Sun Life Insurance

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SURVEY QUESTIONNAIRES

Name:

Age:

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Occupation:

Q1. Which insurance company are you aware of? (Tick as many as possible)

 LIC
 SBI life Insurance
 HDFC Life
 Birla Sun Life Insurance
 Bharti AXA
 Exide Life Insurance
 IDBI Federal
 TATA AIA Life
 Kotak Life Insurance
 MAX Life Insurance
 BAJAJ Allianz
 ICIC LOMB
 Oriental Life
 Future gener.
Q2. How you come to know about their presence in general?

 TV
 Newspaper
 Magazine
 Radio
 Billboard
 Online Advertising
 Social Media
 Third Party

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 Others
Q3. Which ad mediums you find appealing?

 T.V
 Newspaper
 Magazine
 Radio
 Billboard
 Online Advertising
 Social Media
Q4. Which ad mediums you are generally exposed to?

 T.V
 Newspaper
 Magazine
 Radio
 Billboard
 Online Advertising
 Social Media
Q5. What kind of ad do you like?

 Emotional
 Humorous
 Fearful
 Rational
 Romantic
Q8. Which ad channel do you prefer?

 Online
 Offline
 Both
Q9. Which form of ad channel do you like the most?

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 Traditional (old way ad advertising)
 Modern (creative way of advertising)
Q10. What type of ad do you like.?

 Static (no audio and visual)


 Interactive (with audio and visual)
 Both
Q11. What should be the ideal length of video ads?

 <10 secs
 <30 secs
 <60 secs
 <2 mins
 >2 mins
Q12. When do you generally like seeing ads.?

 Weekdays
 Weekends
 Anyday
Q13. Which time period you like seeing ads?

 Morning
 Afernoon
 Evening
 Night
Q14. How many times a day you want a particular ad to make you reach a purchase decision?

 Once a day
 Few times a day
 Frequently a day
 Very frequently a day

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