A REPORT

ON

“MARKETING STRATEGIES OF AIM INDIA PVT LTD”

By
Ishita Maheshwari
17BSP1095

AIM India Pvt Ltd.

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 A FINAL REPORT

On

MARKET STRATEGIES OF AIM INDIA

By

ISHITA MAHESHWARI

(Enrollment Number: 17BSP1095)

IBS PUNE

At

ACCRUAL INTELLIGENCE MANUALS Pvt. Ltd,

Delhi

A Final report submitted in partial fulfilment of the requirements

of PGPM Program of IBS PUNE

SUBMITTED TO

FACULTY GUIDE COMPANY GUIDE

Prof. Arun Prasad Ms. Shivani Gupta

DATE OF SUBMISSION

16th JUNE 2018

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 AUTHORIZATION

This report has been submitted as a requirement of partial fulfillment of PGPM Program in ICFAI
Business School, Pune.

I hereby declare that all the work depicted in this project report is true to the best of my
knowledge. This report was prepared during the span of 13 weeks i.e. from 19 th February 2018
to 15th May.

AIM INDIA is authorizing the submission of this report to ICFAI Business School, Pune for the
partial fulfillment of PGPM Program of 2017-2019.

Ishita Maheshwari
IBS PUNE
17BSP1095
Distribution List:
Faculty Guide Company Guide
Prof. Arun Prasad Ms. Shivani Gupta
IBS Pune HR Area Manger

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 ACKNOWLEDGEMENT

I would like to take this opportunity to thank all those who have made working on this project feasible
for me. I would first like to thank IBS Pune and director Dr. Narsing Rao GS, for giving me an
opportunity to work with a corporate during my PGPM program. I would like to extend my thanks to
AIM, India for providing me with the opportunity to work with them and giving me my first taste of
real corporate and professional world.
I extend a special thanks to Mr. Himalaya Sethi, director of AIM INDIA, for his valuable guidance and
sharing insights from his enlightening experience and Business Knowledge.
I would like to extend my sincere thanks and gratitude to my company guide Ms. Shivani Gupta, HR
Area Manager, AIM INDIA for allowing me to work under her able guidance. Without her guidance,
help and support this project would not have been possible.
I would also like to thank my faculty guide Dr. Arun Prasad, Associate Professor –Marketing, IBS Pune
for his guidance, feedback and support throughout the internship.
Last but not the least, I would like to thank my friends and colleagues Ms. Tanya Dua (Corporate
sales manager), Mr. Vinay kalia (HR Admin Manager) without their support, cooperation and
suggestions this project could not be completed.

Ishita Maheshwari
(17BSP1095)

4
TABLE OF CONTENT
SNO. DESCRIPTION PAGE NO.
1. Cover page 1
2. Title page 2
3. Authorization 3
4. Acknowledgment 4
5. Abstract 5
6. Understanding about the company 6-8
7. My learnings 9-11
8. Competitors list 12-15
9. Products 16
10. About the project 17
11. Forms 18-20
12. Services provided 21
13. Marketing strategies 22-29
14. SWOT Analysis 30
15. Marketing strategies involved 31-32
16. Data Mining 33-35
17. Porter’s five forces model 36-37
18. Job profile 38
19. Different phases of SIP 38-41
20. Sales process 42-43
21. Questionnaire 44-48
22. Limitations and Recommendations 49
23. Learnings from SIP 50
24. Findings & Conclusion 51-52
25. Summary report 53-54
26. Special achievements 55

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 ABSTRACT
The main aim of the undergone Summer Internship Program is to make the students experience the
work culture and the procedures of the Corporate World. This Summer Internship Program consists
of the involvement of the students in company as intern and understand the facts of the company as
well as to make the project on the work done by the students in the Company allotted to them for the
Internship in various domains like Marketing, Marketing research, HR, Finance, Operations etc.
In this report I will share my experience of 97 days in the company. My role as an intern in the
company is to study and understand the company’s product and sell it. I need to have an in-depth
knowledge of entire financial sector and know our product’s special feature which may differentiate
it from others. I also have to lure and convince the customers for our investment plan (Mahajeevan).
And also I have worked for other two verticals of the company that is a consultancy firm and a
coaching institute which were at the initial stage of the business.

In the HR sector, my mentor taught me about various features:

➢ HR Training
➢ Roles of HR
➢ Recruitment Process
➢ Various types of letters
➢ Interviews
➢ Pay slips
➢ Role plays

In the finance sector, my mentor taught me about:

➢ Taxation module
➢ Various types of taxes and their relevance
➢ Tax slabs
➢ Tax calculations’
➢ various deductions (80(C), 80(D), 10(10) D.
➢ Various financial sectors
➢ Portfolio management

In the operations department, I performed backend work in which I was asked to make a database and
fill in all the information’s about the companies which is needed for the ventures of the company.

The reporting time for the interns is 10:00 AM in the morning till 5:30 PM which includes a break of
30 minutes for the lunch.

During my internship I was given training of ten days by my mentor Ms. Shivani Gupta in which she
taught me about all the market sectors and made me do the role plays to face the market.

After this training I was on 15 days field work in which I need to perform sales of the new products
launched by the company dealing with insurance plans and medical claims. It was a great experience
6
as well as a good exposure given by the company as in that field work I was made to interact with
different types of customers and face the new challenges which are already set up by well setup
companies as well as to understand market penetration strategies

My company guide did allot me the project as “Marketing Strategies”. My project is mainly focused
on the marketing strategy used by businesses to attract customers to a new product or service.

 UNDERSTANDING ABOUT THE COMAPANY:

 AIM India Pvt Ltd.:

My experience with AIM India Pvt Ltd has been an eye opening one in terms of teaching me the

various complexities the insurance company undergoes in creating a perfect financial product, pitching

it to potential consumer and yet unable to match the consumers’ abstract needs.

AIM India Pvt Ltd is a third-party agent company which provides the insurance plan of “INDIAFIRST
LIFE CO.” to the potential consumers. The whole work methodology of the organization rotates on
the shifts and all year hiring of the interns. The main work of the firm is “Wealth Management” i.e.
“Helping the individual reach the state of financial independence”. To do this they provide the
assistance of insurances to the clients.
In brief, AIM India Pvt Ltd provides exemplary insurance service extension to the consumers. Aim
India deals in life insurance.
At initial period of our internship, we were taught various aspects to be aware of while a consumer
invests, these are:
 Lock in Period
 Value for money
 Goodwill
 Protection of Loved one
 Privacy statement
 USPs
 Market Stability
 Rights of Policy Holder
 Types of Death covered
 NRI Applicability

AIM INDIA Pvt Ltd deals with consumer on the sale of India first Life Insurance company’s products.
The various financial products that company sells are
1. “India First Life Company” Mahajeevan Plan
2. “Term life insurance”
3. “Mediclaim product of Star Health company”

 We were briefed with the history of Indiafirst Life company which is actually JV between
“Bank of Baroda” & “Andhra Bank” & “Legal & General.” Indiafirst life co. on its independent
7
 performance offers Group insurance product, Individual insurances which is spanned over by
2.4 lakh service distributors due to the presence of the bank branches of its ventured banks.
Hence, it actually works on the principle of “Bank-assurance.”
 The major competitors for our company is LIC, HDFC Life Insurance, Aviva Life Insurance,
Bajaj Life Insurance, LIC etc.
1. Mahajeevan PLAN:
This is actually a traditional plan i.e. non-linked insurance plan which offers both death as well as

maturity benefits to the insurer. It offers life protection plus saving and equally provides revisionary

bonuses to enhance the policy holder’s wealth. In an occurrence of untimely demise of life insured,

death benefits are offered. In case the time period is over, the maturity benefits are offered.

The policy holders receive “Terminal bonuses” as well as “Revisionary bonuses”.

Various key points of this policy are as follow
i. Rider benefit: A rider option is also provided to insured life.
ii. The maturity benefit is equal to the guaranteed sum assured plus the bonuses.
iii. The death benefit is the assured sum i.e. equal to sixteen times the first premium paid plus
accrued revisionary bonus and terminal bonus. But usually this “sixteen time” index is also
dependent on age. The younger the life insured is higher is the probability to receive the sum
closer to sixteen time.
iv. Under the sections of Income Tax of Indian Constitution, the specific tax benefits are offered
via Income Tax Act 80C and full tax saving on the maturity amount on 10(10(D)).
v. The Entry age is 5 years of life assured and policy term is 15 years.
vi. The lock in period of the plan is 3year.However, the co has provided a loan feature for
utilization of cash invested in case of any work. Post two year, the proposer can take 90% of
the sum money as loan, which would be free of interest and next year it has to be paid via
renewal.
vii. EMI feature is available to proposer to put in the premium from second year without any hassle
of interest payments.
viii. Any person with Indian passport can buy this product.
ix. This is a traditional plan fee of market risks.
x. Types of death covered include suicide as well but only after lock in period is completed and
scrutiny report is submitted over by concerned officials.
xi. The market return is 8% (4% + 2% + 2%).
xii. There is provision to expand it to 25 years.
xiii. There is ownership transfer scheme provided.
xiv. Flexibility is provided pan India for nominee change.
xv. In case of Divorce cases, this plan comes under “Marriage Human Act”, whereby the liability
to pay for spouse is no more.
The pitching of the product was taught on the categorization of
 Child Category
 Youngster Plan
 Retirement Plan
8
The child pitching actually consist of the age benefit whereby the proposer can continuously keep

investing even after the maturity occurs via taking out some fund and reinvestment.

For the youngsters, the pitching could involve “Good return”, “Tax benefit”, “Life Security”,
“Ownership transfer”, “Loan feature”.
For the elderly, the plan could be rolled out to someone around 40-45 year. There is provision of
investment for 15year and at the end the maturity amount could be either blocked for 8 years which
would give double money at end or the interest on whole amount if kept with company can be provided
as monthly premiums.
2. Term PLAN:
This is the second plan we have been introduced to. Just like any motor insurance, it only comes into
existence if any accident occurs else it expires.
It covers the clause that if the person smokes, the premium is slightly higher than non-smoker. So, for
the elderly people and one with medical histories and serious backgrounds such as diabetes, genetic
problems etc.
There is no maturity benefit, it only has death benefit. The term plan can’t be extended. The benefit is
really less as compared to Traditional plan of Mahajeevan.

3. MediClaim PLAN:
This is the third plan, which is actually of “Star Health” Company. The plan covers the disease and
medical emergencies, surgeries cover up for the person and family insured under certain acceptable
terms and conditions. This is a comprehensive plan. There is no capping. There is provision of Floater
system, and one can effectively change premium each year leading to change in the coverage span.

My learnings:
 These were the three plans which were supposedly made to be sold to our network. We were
provided time period to work on field and sent to our respective hometowns for making sale,
experiencing the field strategy and mold our learning on project titles. We spent around a
month on field work, post which we were called back and assigned work on different verticals
of company.

 No matter the sale took place or not, the borderline was to experience the field, understand
how consumers react and how can we provide solutions.

 With my title on record “Consumer preference on Insurance sector”, this field work became
handy for me to experience the reactions for the construction of articulate questionnaire. The
main aim was to transform the field experience into a questionnaire to connect the dots on the
thinking and preferences of the consumer.

 Hence my field work acted as a preliminary source of information for my research work that
was carried out from April to May using supports via software such as SPSS

9
  In span of my field work I met six potential consumers, three were working in a Public-sector
unit, two have recently started job and one was in a private sector. To my surprise, I found that
networking plays an important role in insurance sector. It is important to notice that various
factors such as profession, demographic (location), gender plays important role in setting up
of mind of an individual to buy an insurance product.

 The people I met at PSUs told me they trust more of government sector oriented policies rather
the private sector. They equally told me that they have life insurances taken care by their
employers respectively. Though the returns seem to be low but the presence of security of
benefits were more lucrative to them. The ease with which the employers were providing the
insurance was much attractive than to manage them on their own. Plus, the presence of EMIs
from very first year and the provision of tax benefits also disinterested them to move into
private sector insurance.

 The youngsters (20-25) I met have recently started earning and it is to be noted that it is
deterrent for them to shell out premiums even as low as 25000 rupees because at small towns
like Ranchi, even this means a substantial part of their income to support their household. They
said, at a given time in future with salary ranging at somewhat fifty percent more than their
current range, they would like to invest, but now it seems as an impossible job. Also, a friend
of mine has savings but he wants to use it for his personal investments to move out of country
so he couldn’t think of any long-term investments

 Finally, the people I met from the private sector hails from medical industry background and
shown concern over the company’s existence and substantial claim coverage, given the
company is new. Also, they showed me various other company policies which seemed to be
more lucrative for them rather than ours.

Hence, through these I understood that there exists various of reasons which affect the policy to be
sold and how people perceive the life insurance.

INSPLORE CONSULTANTS: This is the second vertical of the Organization, where I am interning.
Insplore is a HR solution provider company which basically matches the candidates with the right job
vacancies they have.
Under the guidance of my mentor “Ms. Shivani Gupta”, we have been taught to data mine and then
do the cold calling.
We were provided the task to accumulate the data of the companies of a particular sector of a particular
city in excel as format:

S.No. Company Address Co. Phone HR Name HR Phone Email Remarks

Name No. No. ID

In initial days, I was given advertisement sectors and cities Mumbai and pune. In pune I found out 50
companies and in Mumbai 150.

10
Post this I was working on it companies in Mohali, Punjab and then Haryana. Of total it resulted in
140 companies.
Total count of data mined were equal to 340 and counting whereby I added 120 more companies on
sector in Delhi NCR.
Post this, we are working on cold calling, whereby we introduce our company, services it provides
and send proposals to the companies. Upon, receiving the proposals, it is expected that they will share
job descriptions post negotiations on charge. A part of my team work on data mining of candidates
looking for job. With a suitable match in process, the company and the candidates are confronted to
one another and the recruitment process begins.
Till now the responses have been mixed, a lot of company does internal hiring, rest are already working
with consultants and many are not interested.
The responses have been as follow:
 Not interested 40%
 Will revert back 30%
 Internal Hiring 25%
 Cut the call 5%

The company in itself is unstructured owing for two reasons:

1. The company is a start-up and started its operations in 2017.

2. The company being in the initial stages of the business life cycle due to which the roles and
responsibilities are undefined.
Though the employees and the interns have to play multiple roles in the company which can be divided
into major functional areas:
 Marketing Team: The marketing team is responsible for all activities related to the field, which
consists of collecting leads and converting those leads into clients for all the three verticals.
 Human Resource: The need of HR in every organization is very necessary and being a start-up
the HR has a huge responsibility of recruiting interns, creating organizational base and defining
the policies of the company. We mainly worked on Insplore in this profile.
 Operation Team: The operations team consists of all the people who do back end work for the
organization. The main work of the operation team is to take care of online promotions, manage
and track the work of the Marketing Team and HR team.

11
COMPETITORS OF INDIA FIRST LIFE INSURANCE COMPANY

 LIC India Life Insurance

 New India Assurance
 National Insurance
 Bajaj Allianz Life Insurance
 United India Insurance
 Oriental Insurance
 ICICI Prudential Life Insurance
 HDFC Life Insurance
 Max life insurance
 SBI Life Insurance
 Birla Sun Life Insurance
 Apollo Munich Insurance
 IFFCO Tokyo Insurance
 Bharti AXA Life Insurance
 HDFC Ergo Insurance
 Tata AIA Life Insurance
 Max Bupa Insurance
 PNB MetLife Insurance
 Kotak Mahindra Insurance
 Future Generali Insurance
 Reliance Life Insurance
 United India Insurance
 Star Health Insurance
 Cigna TTK Insurance
 Aviva India Insurance
 India first Insurance
 Exide life Insurance

12
An Example of various financial product comparison.

The objectives of the project were as under:

 Distribution of the insurance policies.

 Understanding the various uses of Insurance as a Product.
 Proper understanding and analysis of insurance industry.
 Knowledge about the financial Industry.
 Generating and analyzing leads for the sales.
 Doing the basic market analysis for all the three verticals.
 To understand the consumers perception in all the verticals.
 To bring about changes in the product as per the current market situation for effective and
efficient stabilization of the companyIn order to achieve the above objectives, the internship
was broken down in to several phases:

13
 Sales generated to company Tasks Done
First phase Learning about the company and its details
(19th feb-1st march) {Induction/Orientation session}

Second phase
(2nd March-17th March) On field to understand the working of market,
customer dealing, pitching and deal closing.

Third phase Exposure on other two verticals of the company

(18th March-25th May) i.e. INSPLORE, The Learning Street.

PRODUCTS:

MAHAJEEVAN:

India First MahaJeevan Plan is a with profit, non-linked, endowment insurance plan. Under this plan,
you can choose how much you would like to insure yourself based on your requirements. We suggest
you make sure this amount is what your family needs to avoid cash flow problems in case of the
untimely demise of the Life Assured. This is a regular premium plan with the option of choosing from
15 to 25 year plan term.
This plan may include the ‘Life Assured’, the ‘Policyholder’, the ‘Nominee’ and the
‘Appointee’.

KEY FEATURES:
 Plan your future needs by deciding exactly when you need the assured amount -
 anytime between 15 – 25 years
 Ensure your prosperity with the assurance of a guaranteed maturity amount (sum
 assured) along with the bonus, if any
 We prosper only if you prosper. We will share terminal bonus, if any, at the end of
 the plan term
 Accumulate your savings systematically, through regular premium contributions
 based on your income and needs
 The plan offers a death benefit equal to the sum assured in case of the life assured’s
untimely demise. Enhance your life cover through India First Term Rider offered under
 the plan
 Under Section 80C you can enjoy tax benefits on the premium you invest. You can also
get tax benefits on the benefits you receive at maturity of your plan, under Section
10(10D) of the Income Tax Act, 1961


14
TERM PLAN:

COMPLETE COMFORT

Choose a payment option that suits your cash-flow with premium payment options to match.
 
QUICK CLAIMS SERVICE

Utmost importance is given to your time and convenience.

PEACE OF MIND
You get complete peace of mind of having financially secured your family and that they will have
the same standard of living as they would have with you around.


PROTECTION TO MATCH YOUR NEEDS

Every family is unique and so are their financial needs! Our plans are tailor-made to suit yours.



TAX BENEFITS
You get to enjoy tax benefits on the premium you invest as well as the maturity of those, under
Section 80C and Section 10(10D) as per prevailing income tax laws.




STAR HEALTH MEDICAL INSURANCE
Star Health and Allied Insurance Co Ltd launched health, overseas med claim, and personal accident
insurance plans, since their inception in 2006. The insurance company uses its resources to provide
excellent services and customized products to meet the varying needs of their customers. Star Health
and Allied Insurance has a capital base of Rs.1, 050 crore, and is one of the largest private health
insurance providers in India.

 Benefits of individual health insurance plans:
  Individuals aged 18 to 65 years are eligible for the plan.
 There is no sub-limit on room rent and treatment costs.

 Insurance cover includes hospital cash benefits and free health check-up facility after the

 completion of a certain number of consecutive, claim-free years.

 Insurance policies from Star Health cover several day-care procedures.

Benefits of family health insurance plans:

 Affordable health insurance cover is available on a floater basis.

15
For
 a claim-free renewal, you can get up to 100% increase in sum insured.
 No sub-limit on room rent and treatment costs.

 Your policy will cover dental and ophthalmic treatments on Out-Patient Department (OPD)

 basis.
 Insurance benefits include air ambulance facility and second medical opinion.

Benefits of senior citizen health insurance plans:

 Senior citizens aged 60 to 75 years can apply for the plan.
 No-pre insurance medical test is required.
 Insurance covers pre-existing diseases from 2nd year onwards.
 Policy comes with a guaranteed lifetime renewability option.
 Medical consultations can be availed as an outpatient in a network hospital.

Benefits of accident care individual health insurance plans:

 Insurance cover for accidental death, permanent disability, and temporary disablement.
 Get enhanced weekly compensation up to Rs.15, 000 per week for up to 100 weeks.
 Get educational grant for dependent children.
 Get 5% cumulative bonus per annum up to a maximum of 50%.
 Get up to 150% of the sum insured as compensation for permanent total disablement.

16
ABOUT THE PROJECT
In my project I was asked to perform a 15 Days field work in which I was asked to sell the product
MAHAJEEVAN which is a life cover insurance of INDIA FIRST LIFE INSURANCE
COMPANY which is a joint venture of three banks:

  BANK OF BARODA
  ANDHRA BANK
 LEGAL & GENERAL BANK

As well as medical claims of STAR HEALTH INSURANCE COMPANY which helped me to

understand the market and consumer behavior as well as the penetration strategies.

My topic of the project is MARKETING STRATEGIES which tells us that as soon as a company
enters a new market, it strives for market penetration.

Marketing is a widely used term to describe the means of communication between the company
and the consumer audience. Marketing is the adaptation of the commercial activities and use of
institutions by the organizations with a purpose to induce behavioral change on a short-term or
permanent basis. The American Marketing Association most recently defined Marketing as "the
activity, set of institutions, and processes for creating, communicating, delivering, and exchanging
offerings that have value for customers, clients, partners, and society at large."
The techniques used in marketing include choosing target markets through market analysis and
market segmentation, as well as understanding methods of influence on the consumer behaviour.
The marketing planning creates strategies for the company to place advertising to the dedicated
consumers.

The main objective is to enter the market as swiftly as possible and finally, capture a sizeable
market share. Market penetration is also, sometimes used as a measure to know whether a product
is doing well in the market or not.

Marketing is basically the study and management of exchange relationships which is used to
create, keep and satisfy the customer. It is defined as "the activity, set of institutions, and processes
for creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large.”
Philip Kotler defines marketing as:- Marketing is about Satisfying needs and wants through an
exchange process.

17
 COMMON PROPOSAL FORM OF INDIA FIRST LIFE INSURANCE

MAHA JEEVAN PLAN

The plan focused on a long term investment of 15 years with a return opoints:-

1. Long Term Interest

2. Security (Government Sector bank) as the owner of India First is

Andhra bank and Bank of Baroda.

3. Flexible Instalments from second year (as the customer have

the option of paying monthly, quarterly or half yearly from
second instalment)

4. Guaranteed Results

5. 16 times life cover (the death claim was 16 times the original
amount till date)

6. Death Benefits

7. Tax Saving 80c and 1010D (this money was exempted from tax
under 80c and 1010D)

8. High Returns

9. Auto-Debit Procedure (in this the amount will be automatically debited from the customer
account if he/she wants)

18
STAR HEALTH AND ALLIED INSURANCE COMPANY PROPOSAL

19
MAHAJEEVAN PLAN
The plan focused on a long term investment of 15 years with a return of 8%+2% per annum. The
minimum investment which was told us was 25000. And we were told to focus on the following
points:-

1. Long Term Interest

2. Security (Government Sector bank) as the owner of India First is

Andhra bank and Bank of Baroda.

3. Flexible Instalments from second year (as the customer have

the option of paying monthly, quarterly or half yearly from
second instalment)

4. Guaranteed Results

5. 16 times life cover (the death claim was 16 times the original
amount till date)

6. Death Benefits

7. Tax Saving 80c and 1010D (this money was exempted from tax
under 80c and 1010D)

8. High Returns

9. Auto-Debit Procedure (in this the amount will be automatically debited from the customer
account if he/she wants)

20
SERVICES PROVIDED

Growth prospects
Transparency
Flexibility
Ownership transferability
Door service

DOCUMENTS REQUIRED:

PAN card (amount more than 50000)

Bank statement (6 months)
Photograph (latest)
Education proof (higher)
Photo ID card (passport, voter ID card, Aadhar card) - ITR (above 70000-of 3 yrs.)

21
MARKETING STRATEGY

Stage one: Defining strategic marketing objectives

Stage two: Determining strategic focus
Stage three: Defining customer targets
Stage four: Competitor analysis
Stage five: Differential advantage
Stage six: Marketing mix
Stage seven: Implementation
Stage eight: Monitoring market performance

Marketing strategy has the fundamental goal of increasing sales and achieving a sustainable
competitive advantage. Marketing strategies includes all basic, short-term, and long-term activities in
the field of marketing that deal with the analysis of the strategic initial situation of a company and the
formulation, evaluation and selection of market-oriented strategies and therefore contribute to the
goals of the company and its marketing objectives. A strategy is a long-term plan to achieve certain
objectives. A marketing strategy is therefore a marketing plan designed to achieve marketing
objectives. For example, marketing objective may relate to becoming the market leader by delighting
customers. The strategic plan therefore is the detailed planning involving marketing research, and then
developing a marketing mix to delight customers. Every organization needs to have clear marketing
objectives, and the major route to achieving organizational goals will depend on strategy. It is
important, therefore, to be clear about the difference between strategy and tactics.

22
- Build a Referral Network
- A referral network is one of the best ways insurance agencies grow the business.
Strategic partners for insurance agencies include real estate agents, mortgage
lenders, estate planning attorneys and even other insurance agents. If your agency
specializes in a specific type of insurance -- for example, worker's compensation --
many other agencies are instead focused on auto and home insurance, and they can
refer business clients to you.
- When it comes to building strategic partners, plan it out and be consistent. Take a box
of donuts to a mortgage lender's office once a week with a stack of your cards and a
note thanking them for thinking of you. Offer to sit in open houses with real estate
agents. Add value and partners will emerge to provide you with solid referrals.

- Local Networking Events

- Chambers of commerce and professional organizations host networking events all

the time and you won't miss them if you sign up for their email newsletters and pay
attention. Make as many connections as possible and follow up with those who can
assist your insurance marketing with referrals. Networking events are always loaded
with salespeople so focus on how you can be different, help those you meet and
have fun. And check out this article for 34 more ideas about insurance agent
networking.

- Carry Blank Business Cards

- Have you ever made a really great professional contact and they don't have a card
to give you? Of course you can give them your card but then you're dependent on
them to contact you. Carry blank business cards with you and when you meet
someone without a card pull out a pen and one of your blanks and say something
like, "Oh, don't worry. I'm always prepared so I carry blank business cards with me
everywhere. What's your phone number?” They'll never forget you.

- Buy Insurance Leads

- It isn't easy generating a consistent flow of sales leads to your agency through your
marketing efforts alone. That's why most agents supplement their agency's lead
generation with purchased leads. Use this FREE insurance lead tool to find all the
lead companies that sell leads for your target market.

- Email Newsletters

- If you want to build loyalty, boost referrals, generate leads and cross sell more an
email newsletter to your clients is a fantastic tool. Just remember that people
already get a lot of email and don't want you wasting their time unless you have to
have something valuable to say. If you can't do it well use an email marketing service
for insurance agents to produce professional looking newsletters and keep track of
your results.

23
- Door-to-door Relationship Building

- It’s not easy, but it might be one of the cheapest and most effective insurance
marketing strategies. To be successful with face-to-face insurance marketing orient
all conversations around how you can help the organization (with referrals and
promotion, not just insurance). Have a non-sales conversation prepared, like a local
community event you are organizing and recruiting help for. Be respectful and make
an impression without interfering or coming across as a typical salesperson. Get x-
dates and follow up with the decision makers before renewals. You will be surprised
how many non-commercial insurance leads you get.

- Bundle Your Online Marketing

- A successful online marketing strategy requires several different elements like SEO,
PPC, email, etc. It's hard to manage all those pieces through separate vendors and
even harder to do it all in-house. Insurance Splash offers a complete online
marketing package built for insurance agents that includes SEO, PPC, social media,
website, business listings, reputation management, video marketing and everything
else your agency needs to be successful online. You won't find a better online
marketing bundle for agents anywhere.

- Spend Ad Money in Local Social Media

- Social media ads allow the insurance agency owner to target specific clients. It also
gets them in front of Millennials in ways other traditional advertising might not. Use the
tools social media provides to set demographics for certain products. For example,
target young families with small children for life insurance prospects.

- Price Distribution

- The strategy of Price Adjustment is one of the most widely used market penetration tactic. A
market penetration example could be lowering of price of a product or service with the aim of
increasing sales is a price adjustment tactic. Furthermore, the alteration

- (Increase or decrease) in the price of a product after analyzing the competitors’ products is
also a scenario of price adjustment. But, in the real sense this marketing strategy should be
used very judiciously as overdoing it can lead to adverse results. Like, increasing your price
consistently may make the customers to believe that you are a company of high-profit motive.
Decreasing the price too often would make them to believe that your products are of sub-
standard quality.

- Augmented promotion

- The drastic increase in promotion of a product (or service) can lead to dramatic results. For
example, advertising can be a wonderful tool for increasing brand awareness. Companies do

24
 have a choice of making their campaigns long -term or short-term which depends upon their
needs and budget. However, the thing to be considered is that whatever be the size of the
campaign, it must be well-planned and thought-out. An easy to counter promotional campaign
would be simply ruined by competitors in this age of cut-throat competition.

- Distribution Channels

- The strategy of Distribution Channels is one of the most constructive market penetration
strategies. This strategy typically involves opening of new distribution channels through
focusing on a particular distribution channel. For example, if selling through retail outlets is
your primary channel, then you can learn to gain new channels like telemarketing, e-mail
marketing, online marketing etc. Such opening of new distribution channels pave the way for
more new channels and thus lead to increased market space and overall profitability.

- Improving Products

- It is true that to really appeal to your customers, you must improve your product quality.
However, sometimes by communicating to them about the better standard of the product itself
can do the trick and no major improvement in the product may be needed. This is because most
consumers are encouraged to buy a product just by its appeal and do not necessarily check
whether it proves itself or not. Thus, only by doing slight adjustments

25
- With the product and its packaging you can appeal more strongly and increase your sales
revenue.

- Upsurge Usage

- A very potent method of market penetration is that of increased usage of any product or service.
If a marketing promotion campaign is effectively delivered at a specific area, then it would
lead to an upsurge in product use which would thus lead to better market penetration with the
increase in sales figures.

- Knowing Risk and Growth

- Most marketers whenever think of growth think of new launches. However, it is only partially
true. Actually, it can be risky too. When a new product is being launched, there exists the risk
of it being successful or not. But, an efficient distribution channel along with a smooth delivery
process makes it sure that the product does meet the expectations. Similarly, entering a brand
new segment of the market can be risky as well. Therefore, it is absolutely essential to know
your market and your product in order to do well and beyond expectations. An effective way
to do this is to properly communicate with the customers and be sensitive to their requirements
and wants.

- Create barriers to entry

- When it comes to adopting strategic options, it is crucial to leverage your business’s strengths
in a correct and just manner. For example, by minimizing your variable costs, you can boost
your sales and establish a barrier to entry for others. This is why many firms with superior
technology and distinct processes are able to reduce variable costs and earn better gross
margins per item sold. With a substantial share in the market and an efficient marketing
process, your business could create a barrier to entry to prevent competitors from coming into
your industry.

- Be unique and think differently

- Although, the entire process of market strategy seems simple and monotonous, yet it’s a big
challenge if you perceive it to be. To overcome the challenge, you need to be more unique and
highly innovative in your approach. A repetitive selling strategy would yield unsatisfactory
results and hinder your growth potential. So, it would be better to think different and modify
your penetration tactics as and when required. By being more innovative and adding value to
your products you enhance your success chances.

26
27
 - Educate your customers – This is important as many times people are unaware of the
 quality of the product and how it could be of use to them.
- Make purchasing easier – Many successful businesses lend a credit facility to their
 customers and thus increase the customers’ ability to buy.
- Widen the distribution network – Making your product available at more locations and
 better delivery and service options can also significantly boost your sales figures.
- Generate referrals – If you can encourage your customers to give referrals, it would
certainty affect your chances of sales. For example, you can offer gift coupons or reward
 points to those customers whose referrals do actually get converted.
- Changing product designs – By making the product in a more user-friendly manner, your
chances of sales conversion significantly get a lift. For example, you could make a lengthy
novel a paperback one instead of a hardbound one.

- Diversification

- The product penetration tactic of diversification entails manufacturing new products for
new markets. The strategy of diversification is usually followed whenever, there is
saturation in the current market or when environmental changes such as societal, economic,
technological or regulatory make it very hard to generate new sales in those markets. This
strategy is most commonly followed by those businesses in the health sector, such as
hospitals. Hospitals have now diversified their services in the form of long-term care
facilities, reimbursement, network referrals and utilization. Those firms that have
diversified on opportunities of their strengths have been able to gain the most.

- Strategic Alliances

- For some organizations, it is difficult due to one or more reasons to enter new markets. To
solve such an issue, many of these organizations enter into a kind of strategic alliances
with one another to operate in a particular market. Although strategic alliances can be
formed into many forms, the more common one is the joint venture business, in which each
partner business holds an equity position. The most common and natural strategic alliances
are found in the pharmaceutical industry.

- Local Networking Events

-
Chambers of commerce and professional organizations host networking events
all the time and you won't miss them if you sign up for their email newsletters
and pay attention. Make as many connections as possible and follow up with
those who can assist your insurance marketing with referrals. Networking
events are always loaded with salespeople so focus on how you can be
different, help those you meet and have fun.

28
- Carry Blank Business Cards

- Have you ever made a really great professional contact and they don't have a
card to give you? Of course you can give them your card but then you're
dependent on them to contact you. Carry blank business cards with you and
when you meet someone without a card pull out a pen and one of your blanks
and say something like, "Oh, don't worry. I'm always prepared so I carry blank
business cards with me everywhere.

- Buy Insurance Leads

- It isn't easy generating a consistent flow of sales leads to your agency through
your marketing efforts alone. That's why most agents supplement their agency's
lead generation with purchased leads.

- Email Newsletters

- If you want to build loyalty, boost referrals, generate leads and cross sell more
an email newsletter to your clients is a fantastic tool. Just remember that
people already get a lot of email and don't want you wasting their time unless
you have to have something valuable to say. If you can't do it well use an email
marketing service for insurance agents to produce professional looking
newsletters and keep track of your results.

- Door-to-door Relationship Building

- It’s not easy, but it might be one of the cheapest and most effective insurance
marketing strategies. To be successful with face-to-face insurance marketing
orient all conversations around how you can help the organization (with
referrals and promotion, not just insurance). Have a non-sales conversation
prepared, like a local community event you are organizing and recruiting help
for. Be respectful and make an impression without interfering or coming across
as a typical salesperson. Get x-dates and follow up with the decision makers
before renewals. You will be surprised how many non-commercial insurance
leads you get.

- Bundle Your Online Marketing

- A successful online marketing strategy requires several different elements like
SEO, PPC, email, etc. It's hard to manage all those pieces through separate
vendors and even harder to do it all in-house. Insurance Splash offers
a complete online marketing package built for insurance agents that includes
SEO, PPC, social media, website, business listings, reputation management,
video marketing and everything else your agency needs to be successful online.

29
Industry SWOT Analysis: Industry Learning

SWOT analysis is a tool that identifies the strengths, weakness, opportunity and threats of an
organization specifically. SWOT is a basic, straightforward model that assesses what an
organization can and cannot do as well as its potential opportunities and threats.

Strengths: Weakness:

 Independence of access to time and place  Lack of space:

 Impartiality  Access to unsupportive information:
 Enhancing the individual and group  Students’ assessment and feedback is
participation. limited
 Exposure to Global standard of services.  Lack of physical assets.

Opportunities: Threats:

 Threat to Uniqueness and consistency

 Great perks - Had an international visit  High implantation and maintenance cost
sponsored by company.  Growing as start-ups
 Time saving and cost efficient for learners.  Security and authorization issues.
 Education to all category of pupil.  Large no. of competitors.

30
MARKETING STRATEGIES INVOLVED


RECRUITMENT

To attract great candidates, associations need to apply great marketing skills to the
recruitment process. No matter your organization’s size or budget, you can incorporate
these five marketing strategies into your recruitment efforts to ensure that you catch the
attention of the most qualified candidates.

Think like a marketer.
To act like a marketer, you have to start by thinking like a marketer—in terms of objectives,
products, and audience.
 Objectives are the ideal solution to a business dilemma. Before launching into a project,
define your objectives. Your objective could be as simple as: “Attract more qualified
candidates to apply through the association’s website.”

 The product is what you want to “sell.” It could be a specific open position or the
perception of your organization as a great place to work.

 Your audience is composed of the people you are trying to reach in this case, qualified
candidates.




 Create a marketing plan.

While essential, your marketing plan doesn’t need to be overly complicated: It can be as simple as
a one-page document or a basic spreadsheet.
Every marketing plan should include a description of the activities that you will engage in to meet
your objectives and the costs associated with them. Costs may include job-posting fees, “best place
to work” application costs, and hours spent by your staff.
Your marketing plan should also include a detailed timeline for executing on the identified
activities.

31
  Create effective messages.

To write effective messages, you must first understand your audience so you can tailor messages
to them. For an audience of potential job applicants, instead of advertising a laundry list of your
organization’s various features, emphasize the benefits of working there. If you want to attract
millennials to a particular job posting, for example, you might highlight the ways your organization
supports work-life balance and makes mentoring opportunities available, if applicable.
While you want to appeal to your target audience, don’t try to fool them. Your organization can’t
be all things to all people, and that’s OK. What’s important is that you don’t inadvertently create
a retention problem by recruiting with messaging that doesn’t reflect the actual experience of
working at your organization.

 Deploy tactics.

Tactics are the activities that you engage in to achieve your objectives. For recruitment campaigns,
tactics could include building out a talent recruitment page on your website, strategically posting
jobs on external sites, or creating social media campaigns to highlight job openings and key reasons
your organization is a great place to work. You might also employ tactics that involve existing
employees: obtaining testimonials from current employees, training staff on how to effectively
interview candidates, or creating a process for current staff to refer candidates for open positions.

 Identify practical metrics.

To achieve your goals, you have to be able to consistently measure progress. Metrics are the
markers by which you measure success. Your metrics could range from the number of resumes
received to the amount of time it takes to fill an open position to the traffic that your job postings
bring to your organization’s website.
From the job description to the candidate interview experience to a new hire’s first weeks on the
job, every milestone on the recruitment timeline is an opportunity to convey your authentic
employer message and attract the staff your organization needs to fulfill its mission.

32
 DATA MINING

One of the most important problems in modern finance is finding efficient ways to summarize and
visualize the stock market data to give individuals or institutions useful information about the market
behavior for investment decisions. The enormous amount of valuable data generated by the stock
market has attracted researchers to explore this problem domain using different methodologies.
Potential significant benefits of solving these problems motivated extensive research for years. The
research in data mining has gained a high attraction due to the importance of its applications and the
increasing generation information.

APPLICATION OF DATA MINING IN MARKETING

In business environment, most marketers realized, collection of customer data and extraction of
Valuable information from the data plays a major role in development. Business firms have become
desperate for knowledge and intelligent information from these customer data to stay in the global
race and improve the bottom line. The marketing executives are interested in different kind of
information from the data they collect, but it is not always possible as operational computer system
cannot provide day-to-day transaction information. The marketers can market their products
accordingly to their particular customers demand. From a large database of customers, it is very
difficult to find out the particular customers, who are really interested.
Here comes the role of data mining techniques and technologies. Data Mining techniques &
technologies, for recognizing and tracking valuable information from these data- helps businesses,
shift through layers of seemingly unrelated data for meaningful relationships, where they can
anticipate, rather than simply react to, customer needs. Data mining is a part of much larger series of
steps that take place between a company & its customers. For data mining to impact a business, it
needs to have relevance to the underlying business process.
Association Rule is a very important approach to find out combinations of items with correct
predictions of more than 90%.
There are differences between different customers and the marketing executives should understand
those differences to optimize their relations. Data mining, the technology is very reliable method to
help the marketing executives for better result.

33
STEPS INVOLVED IN DATA MINING PROCESS ARE AS FOLLOW



COLD CALLING
A cold call is not about making a sale during the first point of contact—your objective is to arrange
the chance to make a sale. Cold calling rarely results in an immediate sale

Identify targets:

Cold calls help you learn who handles the problem your business solves for at a prospective
company. This is what we use mapping calls for. The goal of the call is simply to speak to a

34
human and learn one piece of information: who manages the issue your company solves? n

Gain insight
Why your response rates low? By using campaign messaging calls, you can often figure out why
you’re not getting the response you intended. If a cold email campaign isn’t returning replies, your
best option may be to call a sample of the recipients (at least 40) and ask why they didn’t respond.
Their explanations can give you a great deal of insight: maybe you’re reaching the wrong people
or perhaps your messaging was confusing or irrelevant. Either way, you can Pinpoint the problem
and take steps to move past it. n

Master your craft:

It can take a while to become confident and comfortable speaking to prospects over the phone
while delivering your value proposition in a compelling way. The best way to practice is not
on your reps’ first “Are We A Fit” call though, it’s on cold calls. New reps should make 250+
cold calls before moving on to AWAF calls. By this point, we think they’ll be ready. n

Appear human:
You’re not just a series of keystrokes; you’re a real human being! Polite voicemails show your
prospect that you’re an actual person too; this is one of the best ways to increase reply rates to
emails.
n
Increase conversions:
Pick up the phone and call every prospect as soon as you receive a reply! When you have a
prospect’s attention and are top of mind, an immediate call is often the best time to capture
interest, qualify/disqualify a prospect, find the decision-maker, or book a demo, leading you
one step closer to that sale.

35
PORTER’S FIVE FORCES MODEL
Porter's five forces analysis is a framework for analyzing the level of competition within an
industry and business strategy development. It draws upon industrial organization economics to
derive five forces that determine the competitive intensity and therefore the attractiveness of an
industry. Porter's five forces include three forces from 'horizontal' competition: the threat of
substitute products or services, the threat of established rivals, and the threat of new entrants; and
two forces from 'vertical' competition: the bargaining power of suppliers and the bargaining
power of customers.

Threat of new entrants: Since it is an insurance company, which holds only 3% of coverage in
India, so there are great chances of new competitors to enter the market, though it has no such
risk because our company has tie up with the government banks that makes its existence secure
and reputed brand name as well.

36
Threat of substitutes: Insurance nowadays is more than a cover but an investment as well, the
other substitutes that are available are fixed deposits, share market, gold etc. which are not
bearing that good returns as insurance so there is no such threat.

Degree of Rivalry: The rivals mainly are the other insurance companies and the major one is
LIC, talking about the private players, till date Indian customers prefers govt. over private for
security of funds, and now talking about LIC it has schemes that are outdated and no asssurit,
though it takes a little more effort and research but it is a better option.

Bargaining power of buyers: Insurance is a sector that requires lots of convincing and patients
because people have to invest their money for a quite long duration, in most of the cases it is
little difficult as the customers bargain a lot. Thus customers has a great say in this field.

JOB PROFILE
Main part of this project is dealing with selling and then with market research. A selling is the first
step of any marketing business. Responsibilities of this profile include understanding the client’s
needs and expectations. In fact, the business strategy begins with the business analyzing of the
business for a brief. He then needs to communicate this to his director. His job is to give result for
new business needs and be a bridge between the company and the client requirement.
Key responsibilities of this profile are managing internal workflow and developing strong
partnerships with client and their requirement. Other strategies include liaising with the clients
on all aspects of marketing communications, briefing business ideas, presenting proposals to
clients, managing advertising spend budget, keeping clients up-to-date on their own and
competitive activity, occasionally negotiating with client’s behalf and approaching prospective
clients whose accounts are under review.

JOB PROFILE – SALES

As my first part of the internship is on sales. I have given the task to sale Bank of Baroda’s India
first Mahajeevan life insurance plan. India First Life Insurance Company is a life insurance
company headquartered in Mumbai, India. It is a joint venture between two of India's public
sector banks – Bank of Baroda (44%) and Andhra Bank (30%), and UK’s Legal and General
(26%).

37
Stages in Policy Issurance:

1) Proposal: A Proposal Stage is the First stage before the policy is issued at COPS. At this stage,
the application form is received by COPS, but it is pending for issuance due to further clarifications
required from the customer.
2) Login: A proposal which is complete i.e., duly filled with all necessary documents attached to
it & accepted by the Branch ops, is called a Login
3) Reject: An Application gets rejected at the Branch Ops level due to necessary details not filled
in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor
for completion.
4) Issurance: Issuance means a policy that is issued to the Customer by Central Ops.
5) Decline Status: When a customer refuses to take a policy post login but before Issuance is
called a Decline
6) Cancellation : When the cheque given by the customer bounces, it amounts to cancellation of
the policy.
7) Lapse : A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
8) Free look: Post issuance of the policy, the policyholder has the option to turn down the policy
within 15 days from the date of issuance. This period of 15 days is called free lookup Period.
9) Surrender : When a customer wants to discontinue with the policy.

Sales

Children
Teenagers
Adults

DIFFERENT PHASES OF SIP

First Phase:
During this phase, we were given induction sessions on the company i.e. about the company,
what is the product of the company & knowing the market (insurance industry) and its
competitors etc. There were various interactive activities held such as money multiplier task,

38
promotional activity (digital marketing task) etc. We were given session on HR role, recruitment
& selection briefing & learnt to make pay slips.
We have gained understanding for taxation, tax slabs, tax calculation and various deductions on
income. We learnt of various financial sectors such as banking, share market, mutual funds,
government bonds, real estate, gold, public provident fund, employee provident fund etc.
We were given session on what insurance is all about & how it is helpful. There are two types of
plans- traditional plan where money is invested in banks and ULIP plan (unit linked insurance
plan) where money is invested in shares with high risk.
Gradually, our company’s product i.e. MAHAJEEVAN plan was launched to us. This product is
of INDIA First Company, we are the third party to reach out to the people to sell this plan. We
were given training on this plan. We understood the plan thoroughly and learnt sales pitching.
We did role plays to learn how practically pitching is done to the target audience. We have learnt
3 different pitching styles for the same product to target different aged group audience {child
plan, youngster plan, retirement plan}.

Second Phase:
During this phase, all the interns were on field for next few days to understand the working of
the market. We were socializing with people around us in order to target prospects. We learnt
customer dealing and pitched for the product trying to convert the prospects into the clients. Few
prospects were converted into leads and meetings were fixed to further explain them about the
product feature & how it is different from other plans and trying to close the meeting in one go.
We learnt that we should keep strong follow-up with our clients during the whole process.
We observed that Indian customers prefer LIC more to private sectors as it is public sector and
they feel it to be more secured. It becomes hard to convince the customers above 45years of age.
The best target audience for our product is the youngsters and middle aged group. People in
India have trust issues considering the insurance companies. We came across many people who
didn’t want to invest their money for long term; hence we have pitched them with customization
in our plan and provided them with flexibilities.

Third Phase:
During this phase, we were given backend work in which we have moved to our second profile
and were given exposure on the new ventures of the organization i.e. Insplore and The learning
street.
For The learning street we have discussed the plan how to establish this venture, discussed on
the location of the institute, collaborated with different best faculties in town, planned out how to
tap the market and attract students. We have learnt how our institute is better than the
competitors and what unique feature we have to offer you. We have also worked on designing
the brochure for the institute and content writing material to be posted on the Facebook page of
TLS so improve the marketing.

For Insplore Consultancy we have been extracting data of various sectors of industries such as
FMCG, BFSI, airlines, IT sector, pharmaceuticals etc. After extracting such data we were made
to call on those numbers to pitch them and get the email id of the HR for that respective
company and send them our Product Proposal for further dealing. We were trained for this type
of cold calling and pitching process. Insplore consultancy basically, provides HR solutions to
various companies. After receiving the vacancies and Job description from various companies

39
for requirement of employees with particular qualification we use to post on different social
media platform to advertise for the opening. Then after receiving of applications and CVs from
various interested job seekers we did screening of the CVs and helped the various companies to
bridge the gap between the talent and the job vacancy. We also provide training to the job
seekers on specific job requirement and train them to crack interviews

ILLUSTRATION

A sample data of sales as seen above.

40
MY DEALINGS/FOLLOW UP’S WITH CLIENTS

RED: The deal is in progress and need a daily follow up.

BLUE: The Company not interested.

GREEN: the deal is done and proposal is send.

41
SALES PROCESS
1. Establish Rapport. The easiest way to do this is to match and mirror their behavior, or
identify their preferred internal representation system and use that to communicate with your
prospect. Without rapport, it’s harder to elicit the information you need to determine whether
you and the prospect are actually a good fit, and if you don’t seem to be getting anywhere in
establishing try to work out why

2. Ask Questions.
You can use questions to continue to build rapport but you are really listening carefully
so that you learn about your prospect’s problems and concerns. You’ll be asking
questions throughout the interview so that you can discover what they value, and what
their decision-making process is, and trying to uncover their objections so that you’ve
answered them effectively before you come to the point of closing the deal. These
questions will help your prospect feel that they were heard, and they will help you know
whether the person is actually a real candidate for your product.

3. Establish Value and Need.

Your questions will show you whether the person actually needs your product or service.
At this point you are making some decisions on their behalf. If you realize that you can’t
add enough value to this particular business for it to be worthwhile that’s okay - you can
tell the other person how you feel and end the conversation. You never want to go into a
deal so hungry that you need to get it at any cost. If you can’t add enough value to make it
worthwhile for the prospect then you’re better off walking away. If you do make a deal
under those circumstances neither of you will be happy with the outcome.

42
4. Propose Solution.
Hopefully you’ve taken all the time you need to ask questions and listen to their answers,
because by the time you get to this fourth step in the sales process you should be ready to
propose your tailored solution succinctly and clearly. Your prospect should be nodding
agreement at this point and demonstrating that they can see the value you are offering to them
specifically. As you outline your solution the prospect should feel confident that it will solve
their specific problem, not just be the package you happen to have in your cart ready to
unload on them.

5. Seal the Deal.

This is the final step in the process - whether it involves signing a contract or a verbal
agreement. If you’ve done your job well, the outcome won’t be a surprise to either party
because you will be offering your prospect a custom solution that will truly fit their needs.

43
FREQUENTLY ASKED QUESTIONS
Few important questions kept in front on clients helped in approaching customers.

1. From which sources you get to know about different Investment options.
 Broker
 Bank
 Relative/ Friend
 T.V./ Newspaper

2. What is your saving objective?

 Retirement
 Healthcare
 Children’s Education
 Growth
 Home Purchase
 New House
 Children marriage

3. In which sector would you like to invest your money?

 Private Sector
 Public Sector
 Foreign Sector
 Government Sector

4. Do you have a formal budget for family expenditure?

 Yes
 No

5. Do you invest your money in fixed deposit?

 Yes
 No

6. Usually do you consult your friend/ relative before making an investment?

 Always
 Often

44
  Sometimes
 Never

7. What % of your income do you invest?

 0-15%
 15-30%
 30-50%

8. What is the time period would you like to invest?

 Short Term (0-1year)
 Medium Term (1-5years)
 Long Term (>5years)

9. Where you would like to invest?

 Debt
 Equity
 Tax Saving

10. Important factors you consider before making an investment?

 Liquidity
 Opportunity for steady growth
 Safety of investment

11. Would you like to invest in risky venture?

 Always
 Often
 Sometimes

12. How do you intend to use the earnings received from investment?
 Reinvest 20-80%
 Reinvest total earnings

13. How much interest rate do you expect from your investment?
 4-5%
 6-7%
 More than 7%

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14. Where you would like to invest?
 PPF
 Fixed Deposits
 Savings Accounts
 Gold
 Mutual Funds

15. Are you satisfied with your investment options?

 Yes
 No

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QUESTIONNAIRE

NAME :
AGE :
OCCUPATION:

Q1. What is your annual income?

a. 0-2.5 lakhs
b. 2.5-5 lakhs
c. 5-10 lakhs
d. 10 lakhs and above
Q2. What portion of your income do you save?
a. 0-10%
b. 10-25%
c. 25-50%
d. 50% and above

Q3. Where do you prefer investing your savings?

a. FD & RDs
b. Gold
c. Real estate
d. Insurance
e. Other banking plans

Q4. Are you a risk taker?

a.Yes

b. No

Q5. Do you have a life insurance?

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 a.Yes

b. NO

Q6.Who influenced you to get insured?

a. insurance agent
b. electronic media
c. print media
d. friends and relative

Q7. For what have you insured yourself?

a. savings
b. covering risk of life
c. tax benefits
d. secure your family
e. All the above

Q8. What is the term of your policy?

a. upto 5 yrs
b. 6-10 yrs
c. 11-15 yrs
d. 16-20 yrs

Q10. How would you like to pay for premium?

a. monthly
b. quarterly
c. half yearly

LIMITATIONS AND RECOMMENDATIONS

48
1) There is a scope to sell insurance policy to an age group 18-24 years. Here there are potential
customers. Example: IT professional, BPO employees etc.

2) AIM India Pvt. Ltd. (India First Life Insurance Co) should try to build trust among the public
by making people aware of their investment is safe, life coverage, high return on investment, Tax
Benefits.

3) As more respondents are investing to get high returns on investment, the company should try to
provide attractive returns on investments in future.

4) AIM India Pvt. Ltd. should introduce attractive policies & bonus on policies to attract more
potential customers.

5) The premium amount and time period should be kept less for better market penetration.

6) As the insurance industry highly works on “word of mouth” publicity, therefore feedback from
customers should be collected and showcased in advertisements and banners to create popularity
of the brand.

I have also faced some constraints and limitations. They have been listed as follows:
 Some clients who were interviewed didn’t share their personal observation or problems
they were facing because they didn’t find it important to share because of their personal
opinions and views.

 Many employees and organization have low awareness about the marketing strategies and
why it is needed in the organization, as well as what benefits will it bring to an individual
or group of people and in turn the organization.

 Some respondents were not aware of the information asked in the questionnaire. So could
not fill the questionnaire appropriately.

LEARNINGS FROM SIP

49
1. On the first day of our internship, I had orientation session. Where I learnt about our
company and basic knowledge of insurance company.
2. By selling insurance, I got to known that first answer to receive from potential customer is
NO. If we target 10 prospects, I can convert only one into clients. Getting an appointment
over telephonic conversation is again a very difficult task. In order to avoid this, I tend to
attended more of social functions so as to meet people easily.
3. Observation on consumer behavior while selling policies :
 Indians are price sensitive (they are not willing to pay high premiums)
 They vest more trust on public sectors like LIC than private sector.
 If a sales deal is closed in the 1st meeting then it’s a successful one. If a client asks for
a second meeting then possibilities of deal getting closed is less.
4. I have also learnt various uses of life insurance products such as savings for future, tax
benefits etc.
5. I also discussed and compared that how private insurance companies will get popular in the
coming years with the rates of FDs and other government instruments dropping their rate of
interests.
6. I have marketed our company’s page (all verticals) over social media and made articles
(content writing) to be posted on the concern page and website.
7. I have also learnt sales/product pitching and how to convince different age groups for the
same product.
8. I have also learnt B2B pitching and converting the prospects through cold calling into the
clients while working on INSPLORE Consultancy.
9. I have learnt data mining i.e. how to extract data from various sources.
10. Understood the customer employee relationship by analysing customers’ needs and wants.

1010you customized accounting solutions as our accounting experts possess

101regional exposure and extensive technical knowledge. Trusting a regional
expert with accounting is el

FINDINGS & CONCLUSION

50
The main aim of this internship is to learn the aspects of marketing and sales through the real
life market situations and implementing the aspects studied through books if needed. The
Internship is almost about to end and experience of the real life world is quiet different as we
study in books though It’s been life transforming

Internship so far as we observe keenly the way in which or the path in which this project has
taken nurtured me as a manager, a consultant, an entrepreneur and a sales representative.

Throughout the project, I was trying to find out new opportunities to implement the ways in
which I could connect to the customer during sale of the insurance policy so as to learn
his/her approach as well as mentality towards the policy and their trust on the bank.

In addition to it while cold calling, I was trying to convince the contact person of the company
so that he/she could provide me with the details of the HR and during the talk with HR I was
trying to convince him to deal with us and share the company proposal with him.

By working in this sector, I am able to understand the importance of customer relationship for
any company and got to understand the market to a great extent.

To generate business
There are following ways to generate business in insurance sector, so here are the some major
ways through which our company generate business
 Direct requests.
 Partnerships
 Network development
 Lead exchange groups
 Co-registration

To understand consumer purchase behaviour

There are some measures through which we are able to understand the consumer behaviour
are:
 The level of satisfaction and loyalty, and the content of information searched
 Knowledge level provided at time of describing policy to consumer.

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  The number of competing companies- changes in the consideration mind set of any
consumer.
 As we are start-ups so consumer think hundred times before investing into our product.

To understand how insurance industry works

Insurance as a concept, is not a new thing in this world. It’s been in existence for
centuries. Insurance is all about transferring the risk to someone else, by paying a small
cost called a premium. The person who runs the insurance business (for profit!), takes
care of all the research and data which makes the business viable in long term.
We majorly focus on LIFE INSURANCE
Life Insurance – They know how many people out of 100, will die on an average in a
year and within how many years. So if a big number of people pay for some years at
least, it will be enough to pay the dead ones families.

SUMMARY REPORT

52
 TOPIC: MARKETING STRATEGIES OF AIM INDIA

ORGANIZATION: ACCRUAL MANUALS INDIA PRIVATE Ltd.

12thFloor, 1208 RG Trade Tower, Netaji Subhash Palace, Pitampura,

New Delhi, 110034
STUDENT NAME: ISHITA MAHESHWARI- 17BSP1095

AIM India has three ventures and is basically a wealth management and consultancy firm
which delivers a one stop solution/ service to achieve financial independence. Our
principle is to deliver high returns to our clients through our network of government sector
banks in India. Talking about its other ventures Insplore is dedicated to empower people
with relevant jobs and development opportunities. We serve small, medium & large
organizations across all industry sectors.

We have a Team of Professionals working every day to provide HR Solutions to the

companies. Our Sole objective is to bridge the gap between the Talented Candidate and
the Talent Seeker.

The objective of my internship was to explore the field of marketing, learning the work in
different sectors, choose my field wisely as well as to undergo a project work in the field
of marketing.

The background of my internship is market research which included data mining of

different companies of different sectors as well as sales in insurance sector which included
a life cover security scheme, a medical insurance policy as well as term loans.

The Methodology used is both secondary, that is, the backend work which included the
data mining of the information of different companies in different sectors as well as
contacting the HR of the respective companies and taking a regular follow up i.e. B2B as
well as primary which included the sales of the insurance policy in which we were
supposed to perform a direct sale, i.e. B2C.

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 The learning experience I gain from the internship is immense. Till now, I am able to
understand the importance of customer relationship for any company. I have completed
the project satisfactorily to my belief as well as collected a survey on the same.
The Limitations of the project was firstly the field work as it was tedious task to deal with
different types of customer as well as to understand their mentality towards insurance
policy and secondly was the calling part as the HR of the company are generally not
available or the information of the HR of the company is not as easy to collect because of
general rules of the company.

SPECIAL ACHIEVEMENTS

- I was able to pitch 25 clients from which I have converted 15 clients and gave business of
Rs.3, 75,000 to the company.

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- I am the one who gave the second maximum business to the company from IBS Pune batch
and qualified for International convention tour to DUBAI.
- Also I won online branding task, in which I was leading my team.
- There was the Money multiplier task on the first day of internship in which I converted
Rs500 to Rs 1800 in 1/2 hour and our team came second.
- Apart from this I got many appreciation from the company including a certificate of “Dubai
achiever”.
- “Champion of the game certificate”

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