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Kotak Mahindra Old Mutual Life Insurance Ltd

By: Yogin Vora on June 27, 20101 Comment
1

Kotak mahindra life insurance Marketing Mix Investment Plans Promotion

Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd., its affiliates and Old Mutual. A company that combines its international strengths and local advantages to offer its customers a wide range of innovative life insurance products, helping them in taking important financial decisions at every stage in life and stay financially independent. The company is one of the fastest growing insurance companies in India and has shown remarkable growth since its inception in 2001. Kotak Life Insurance employs around 5,565 people in its various businesses and has 197 branches across 141 cities. Mission: To focus on the needs of customers and create confidence, trust and loyalty by offering a wide range of innovative insurance solutions. Strengthened by commitment to professional management, they ensure the continued growth and advancement of their employees.

Vision: Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers, employees and stakeholders. They aim at improving the long term value in their relationship by continuous innovation and improvements. They do this by their three-prong effort which strives to make Kotak Life Insurance a corporate with values.1. Increase Customer Value: Kotak Life Insurance has gone to the heart of its customers requirements and developed products which are unique and serve the customer needs perfectly. We built a relationship of mutual trust and benefit to serve the Indian customer. At Kotak Life Insurance the customer always comes first. 2. Cohesive Work Environment: We form long-term partnership with our employees by offering them an invigorating work experience. We not only demand loyalty, sincerity and values but also give it back in equal measures. Kotak Life Insurance will like to offer its employees space to grow, innovate and build a long-term career. 3. Work with Honour: Kotak Life Insurance delivers everyday services in the marketplace with the high sense of duty and commitment. Our employees strive to build the long-term value for all those come in contact with Kotak Life Insurance. Our consumers, distributors, employees, shareholders and the nation have our commitment that we will uphold the values of trust, integrity and a Sense of Honour in every thought, act and deed in order to positively contribute to individual, society and nation growth. 7 Ps of Marketing of Kotak Life Insurance: 1. Products and Services: Individual Plans:

Protection Plans:

Kotak Loan protection Plan Kotak Term / Preferred Term Plan Kotak Eternal Life Plans

Savings and Investment Plans:

Kotak Super Advantage Kotak Platinum Edge Kotak Endowment Plan Kotak Money Back Plan

Child Plans:

Kotak Headstart Child Plans Kotak Child Advantage Plan

Retirement Plans:

Kotak Long Life Wealth Plus Kotak Long Life Secure Plus Kotak Retirement Income Plan Kotak Second Innings Plan Group Plans: Kotak Group Shield Kotak Group Assure Kotak Gratuity Group Plan Kotak Superannuation Group Plan Kotak Term Group Plan Rural: Kotak Gramin Bima Yojana 2. Price: Pricing is an important element in the service sector. So Kotak Life Insurance has maintained a good pricing mix for child plan: The disposable income in the hands of the prospects is found low or almost nil so Kotak has adopted his strategy that is beneficial to the end user and also paves the ways for increasing the insurance business. The price mix decisions basically depend upon the premium that they are going to charge from the endusers. As in this case the premium charged will be low in the initial stages and will increase with the increasing age of the child. But in case if the child is physically disabled the premium charged will be high. The customers can even avail for loan facility if they opt for higher premium plan.Kotak life gives more importance to pricing strategy because they feel that it is the only means for attracting the customers in true sense. 3. Place:

Kotak Life has adopted the place strategy in such a way that a gap between the services promised and services offered is bridged over. Kotak agents, brokers, branch office, retail finance service distributors alliances with banks etc. play an important role in delivering their services to policy holders at the right time and at right place. This product is promoted in places like school, colleges and other child zone areas. This product is highly flexible as it is present for children in urban well as rural areas and thereby it facilitates mobility. 4. Promotion: Advertisements This product has been advertised through telecast media broadcast media and print media. Since this product is for children up to 17 years of age the focus of advertisement is on television which is more appealing. Kotak has recognized the need for this plan and therefore has adopted suitable marketing strategy which involves advertisements in popular kids channel like pogo, hungama, star plus etc. Publicity The PROs of Kotak Mahindra life insurance has publicized this product taking into consideration the eligibility and features and has thereby come with an appealing strategy emphasizing not only on children who are main benefit holders of this product but also the family who will actually pay the premium for this product. the PROS of Kotak life have developed a good rapport with hungama to publish it can be seen from the banner of this plan that the happiness is shown on parents face as soon as they secure their childs future which is the prime motive of this plan. This plan gives your child the azaadi to realize his dreams even before he is an adult. Sales promotion The promotion activities are carried out by the agents, development officers and branch officers. Kotak life has promoted this plan by giving calenders dairies bags which they thought should be given as a token of gift along with the plan. Kotak life also conducts, seminars quiz, other contest, games in various malls and play schools. All such activities have increased the volume of saled and has also created a medium of awareness for the children. Personal selling As we know that customer is the king , Kotak gives utmost importance to personal selling of this product. Moreover, Kotak Life conducts special training session for its agents who will finally approach the end customers so that they can demonstrate effectively which will enable the end users i.e childrens to buy the product. 5. People: People are most important component of marketing mix for the insurance industry. Sophisticated process of technological advances makes the way for the development of personnel in such a way that an organization succeeds in making possible a productive utilization of technologies used or likely to be used. Professional qualification requirements

change as technology develops and evolves. The use of computers micro-computers, fax machines, sophisticated telephonic services, and e-mailing, inter-net and intra-net services have been found throwing a big impact on the perception of quality of services. This makes it essential that the insurance organizations also think in favor of developing personnel in line with the development and use of information technologies. The front line staffs as well as the branch managers are required to be given the training facility so that they are in position to make possible and effective use of the technologies. The insurance organization bear the responsibility of the developing the credentials of their employees. In this context, it is also significant that they think about the behavior profile of insurance personnel. It is pertinent that the employees are well aware of the behavioral management they know and understand the changing level of expectations of users and make sincere efforts to fulfill the same. In this context, it is also significant that the senior executive while the recruiting, training and developing the insurance personnel make it sure that employees serving the organizations have a high behavioral profile in which empathy has been given due place. The psychological attributes becomes significant with the view point of influencing the prospect a retaining the users, it is in this context that the insurance companies need a rational plan for the development of insurance personnel. Kotak Life provides training to its employees for making them competitive in the insurance market. 6. Process: In the current scenario, policyholders just log on to website and call insurance advisors to their home or office. This insurance advisors make customers aware about the new and advantageous product for them. Alongwith it also helps customers to ask any query related to any insurance products. So the process of taking life insurance is very convenient . It is due to private players entering into the market. But still the simplest model of life insurance takes place mostly. It is as follows:

The client approaches the insurer through an agent with a proposal containing his personal details, income details, medical history, products ( the product describes the features provided by the insurer like maturity bonus, claims allowed etc. These features vary from product to product), sum assured (the amount for which the client is covered), term (number of years for which the client is to be covered) and premium amount (installment amount to be paid by the client to the insurer). The agent who brings this proposal is termed as a base/servicing agent for the proposal. The proposal will go through various stages of approval and risk evaluation by the Central Processing Centre of the Insurance Company. Upon final approval, a legal agreement, termed as policy, between the insurer and the client is prepared whereby the insurer covers the client for the sum assured. The client is also entitled for some additional benefits, if any, depending on the features of the product taken in the policy. The base agent gets a commission for the policy. The client pays a premium at regular intervals. These subsequent premiums are termed as renewal premiums. The base agent gets a commission on the renewal premium also. The client may come back with some alterations to the policy viz. increase/decrease in sum assured, increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policy and will issue endorsements stating the alterations made and their effect on the policy.

During the term of the policy, the client can submit claims. The insurer makes payment against the claim after verification. Depending on the type of claim the policy is either terminated or is kept in force. At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit under life insurance policies. In addition to this the client will get the maturity bonus and any other benefits depending on the product feature.

7. Physical Evidence: Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports and statements. Signage Signage personifies the insurance company. It gives a identity by which users recognize the company. A signage depicts the companys philosophy and policy. Following are some of the examples Tangibles Insurance companies give their customers and agents various tangible items like pen, letter pad, calendars. Such things try to reduce the intangibility characteristics of this industry. Statements The statements are punch line which briefly depicts the vision and attitude of a insurance company towards its users/potentials. It also indicates their business motive. Popularity: 17% [?] Share and Enjoy:

Related posts: 1. 2. 3. 4. 5. 7 Ps of Marketing Mix of ICICI Prudential What is Life Insurance ? 7 PS OF Marketing on the Internet 7Ps of Marketing Mix of Bank of Baroda 7Ps of Marketing Mix of ICICI Bank

Tags: 7 ps, Advertisement, Azaadi, Bank, Customer, Hungama, Innovation, Insurance, Investment Plans, Kotak Mahindra Life Insurance, Loan, Loyalty, Marketing mix, Personal

Selling, Physical Evidence, Place, Pogo, Price, Process, Product, Promotion, Publicity, Retirement, Sales, Services, Signage, Star Plus, Tangibles, Vision

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One Response to Kotak Mahindra Old Mutual Life Insurance Ltd

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kanna on: 25 September 2010 at 2:59 pm i think it covered on intro part of organization any nice information

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