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Submitted By
Roll No: 09
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
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:
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) 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 our project guide for her 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.
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.
Chapter 1 Introduction
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.
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.
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).
I
Chapter 4 Action Plan
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.
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.
Chapter 6 Findings
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.
Chapter 7 Recommendations
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.
II
Table of Contents
13 Chapter-6 Findings 68
14 Chapter-7 Recommendations 71
15 …………………… References 75
16 ………………….. Annexures 77
III
List of Illustrations
Figures
Tables
IV
Chapter-1
Introduction to the Sector/ Company
1
Chapter 1
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.
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.
2
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,
1.12%
Birla Sunlife, 1.60%
Others,
Max Life, 2.08%
8.06%
Bajaj Allianz, 2.08%
HDFC, 4.08%
ICICI, 4.88%
SBI, 5.10%
LIC, 70.40%
Source: http://www.rsec.co.in/market-updates/news-detail?coid=366947
3
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.
The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:
4
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.
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.
5
g. Levying fees and other charges for carrying out purpose of the IRDA Act.
5. Whole Life Insurance – Life coverage to the life assured for whole life
6
6. Child’s Plan – For fulfilling your child’s life goals like education, marriage, etc.
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.
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.
7
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.
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
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.
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
8
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:
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.
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:
9
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.
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.
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SUM ASSURED (WITH
PREMIUM ANNUAL
GUARANTEED
PAYING PREMIUM MATURITY BENEFIT
MATURITY SUM
TERM RANGE
ASSURED)
any) + non-guaranteed
terminal bonus (if any)
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)
11
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.
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").
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
12
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:
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.
Seamlessness: Thinking and working together across functional groups, hierarchies,
businesses and geographies.
13
Speed: Responding to internal and external customers with a sense of urgency.
Continuously striving to finish before deadlines.
MAJOR PLAYERS IN THE INDUSTRY/COMPETITORS
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.
14
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.
15
Key people of organization
16
Management Team
17
ORGANIZATIONAL STRUCTURE OF BSLI
18
Birla Sun Life Insurances(BSLI) Services
PROTECTION
Plan and ensure that you spend time with your loved ones
when they need you the most rather than worrying about
medical expenses.
CHILDREN’S FUTURE
RETIREMENT
19
WEALTH WITH PROTECTION
1. Protection Solutions
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.
Plan and ensure that you spend time with your loved ones when they need you the most
rather than worrying about medical expenses.
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.
Secure your family’s dreams and live through life’s highs and lows with confidence while
you reach your financial milestones as planned.
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
Source: https://www.mapsofindia.com/insurance/birla-sun-life-insurance-india.html
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Chapter-2
Review of Assignments
23
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.
As per the title of the project the assignments given are as follows
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.
24
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
Chapter-3
Project Objectives
26
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
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.
27
Chapter-4
Action Plan
28
Chapter 4
Action Plan
29
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.
30
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.
Source:http://www.faycreative.co.ke/article/breaking-the-tradition-personalised-
imc-plan/
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business itself can change the aspects of integrated communicational marketing as it spreads to
targeted audience like
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
Public Relation
Direct Marketing
Personal Selling
Social media, and so on
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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.
Cons
Pros
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:
33
Table 1:The reach of T.V channels and rate
Entertainment:
News:
34
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:
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
35
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
Circulation:
Times of India- 9,92,600
Hindustantimes- 9,85,000
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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.
37
Pros Cons
38
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
I.Not good
More I.High I.Short span I.No visual
I.Low cost for all
life involvement
affordable frequency products
Detailed Analysis:
Considered Radio stations:
39
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.
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.
40
Pros Cons
I.Provides
I.Easy visual I.Noticeable I.24/7 I.Visibility issues limited
I.Brief exposure
references and attractive advertising time
information
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.
41
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.)
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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.
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
43
Impressions per month:
Hotstar= 20,00,00,000
Business Insider= 6,10,00,000
Moneycontrol= 2,70,00,000
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.
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Pros
Cons
• Youtube.com
• Insurance companies advertisements and their total number of views
Facebook.com
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Cost and Revenue of Prank Campaign:
Samples of 6 such prank videos were taken and their views were:
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
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Figure 7:Mother’s Day Campaign
Cost
Decoration per room 5000
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.
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Figure 8:Chasing Dreams Initiative
Cost
Place Cost Per Week Viewership
CP 180000 578671
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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 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.
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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.
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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.
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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.
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Figure- 10
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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.
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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.
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Figure- 13
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Chapter-5
SWOT Analysis
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Chapter 5
SWOT Analysis
Strength Weakness
Opportunities Threats
Insurance market is very big, where
company can expand its horizon in insurance OLD HABITS DIE HARD’: It’s still difficult task
to win the confidence of public towards
industry.
private company.
Though good investment and insurance it is
The company is facing major threats from
easy to top Indian customers.
LIC-which is an only government company.
The huge insurance market (77%) is left so
Major Competitor at a Glance LIC (Life
company has opportunity to expand our
Insurance Corporation)
products.
Stiff competition from LIC
Huge potential in rural market
Entry of new firms in insurance sector
Create awareness about life insurance
Government insurance schemes being
Build brand trust through investment in
launched at very low rates
promotional activities
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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
Substitute Products
• Similarity in services makes switchover a potent threat
• Investment oriented customers have switched to other avenues.
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• Supplier being the distributor or agent have high bargaining power because
they have customer database and can influence customers in making choices
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Chapter-6
Findings
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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.
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Media that companies can use for advertisements. Each IMC channel has pros 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
71
Chapter 7
Recommendations
According to the analysis and findings, there are some recommendation for the
marketers based on the study-
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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.
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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
http://www.rsec.co.in/market-updates/news-detail?coid=366947
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.
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
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Annexures
Advertisement posters made during internship for Birla Sun Life Insurance
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SURVEY QUESTIONNAIRES
Name:
Age:
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
Others
Q3. Which ad mediums you find appealing?
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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?
<10 secs
<30 secs
<60 secs
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<2 mins
>2 mins
Q12. When do you generally like seeing ads.?
Weekdays
Weekends
Anyday
Q13. Which time period you like seeing ads?
Morning
Afternoon
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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