Spreading awareness about the

insurance products and

generating leads
Exexutive Summary
 India Infoline is the biggest corporate agent
for ICICI Prudential Life Insurance
Insurance Selling is not like selling any other
product. While selling this intangible product
we are actually selling death benefit, which
makes it less attractive because customers
are less interested in a product whose
benefit will be received after their death
This project deals with spreading awareness
about the insurance products and generating
leads in Ahemdabad city.
The steps followed by me were:
Cold calling
Lead generation
Visiting the leads
Pitching the product
Introduction
India Infoline is a one-stop financial
services shop, most respected for quality of
its advice, personalised service and cutting-
edge technology.
India Infoline Group

The India Infoline group, comprising the holding company,

India Infoline Limited and its wholly-owned subsidiaries,
straddle the entire financial services space with offerings
ranging from Equity research, Equities and derivatives
trading, Commodities trading, Portfolio Management
Services, Mutual Funds,Life Insurance, Fixed deposits, GoI
bonds and other small savings instruments to loan products
and Investment banking. India Infoline also owns and
manages the websites www.indiainfoline.com and
www.5paisa.com
The company has a network of 976 business locations
(branches and sub-brokers) spread across 365 cities and
towns. It has more than 800,000 customers.
INDIA INFOLINE GROUP
India Infoline Media and
Research Services Limited.
The content services represent a strong
support that drives the broking,
commodities, mutual fund and portfolio
management services businesses. Revenue
generation is through the sale of content to
financial and media houses, Indian as well
as global
India Infoline
Commodities Limited.
India Infoline Commodities Ltd. enjoys
memberships with the MCX and NCDEX,
two leading Indian commodities exchanges,
and recently acquired membership of
DGCX.
India Infoline Marketing &
Services
India Infoline Marketing and Services
Limited is the holding company of India
Infoline Insurance Services Limited and
India Infoline Insurance Brokers Limited
India Infoline Marketing &
Services
It is the largest Corporate Agent for ICICI Prudential Life
Insurance Co Limited, which is India's largest private Life
Insurance Company. India Infoline was the first corporate
agent to get licensed by IRDA in early 2001.
India Infoline Insurance Brokers Limited India Infoline
Insurance Brokers Limited is a newly formed subsidiary
which will carry out the business of Insurance broking. We
have applied to IRDA for the insurance broking licence and
the clearance for the same is awaited. Post the grant of
license, we propose to also commence the general
insurance distribution business.
India Infoline Investment
Services Limited
India Infoline Investment Services Private
Limited consists
of the following step-down subsidiaries.
(a) India Infoline Distribution Company Limited
(distribution of retail loan products)
(b) Moneyline Credit Limited (consumer
finance)
(c) India Infoline Housing Finance Limited
(housing finance)
IIFL (Asia) Pte Limited

IIFL (Asia) Pte Limited is wholly owned

subsidiary which has been incorporated in
Singapore to pursue financial sector
activities in other Asian markets.
Management - India
Infoline
 
Name Designation
Nirmal Jain Chairman and Managing director 
Sat Pal Khattar Non Executive Director
Kranti Sinha Independent Director 
R Venkataraman Executive Director 
Nilesh Vikamsey Independent Director
A K Purwar Independent Director
 
 Indian Insurance Industry
 Insurance constitutes one of the major segments of the
financial market. Insurance services play predominant role in
the process of financial intermediary. Today insurance industry
is one of the most growing sectors in India. There is lot of
potential in the Indian Insurance Industry.

 Recently there has been a hike in FDI (Foreign Direct

Investment) limit from 26% to 49% in the insurance sector.
Government may in near future allow 49% FDI in Insurance.
This would lead to more capital inflow by foreign partner
 Right now the insurance industry has great opportunities in a
country like India or China which huge population. Also the
penetration of insurance in India is very low in both life and
non-life segment so there is lot potential to be tapped.
Competitor Analysis of ICICI
Prudential
In the Insurance Sector, LIC is the largest
player. But its share has been consistently
reducing since liberalization and
privatization of this sector
 INDUSTRY GROWTH RATE IS 36%
  2001- 2002- 2003- 2004- 2005-
02 03 04 05 06
LIC 98% 94% 87% 78% 72%
Private 2% 6% 13% 22% 28%
Players
COMPANY INDIAN PROMOTER FOREIGN INSURANCE SHARE BY
PREMIUM

ICICI PRUDENTIAL ICICI BANK PRUDENTIAL,UK 7.11

AVIVA LIFE DABUR AVIVA, UK 1.12

BAJAJ ALLIANZ BAJAJ AUTO ALLIANZ,GERMANY 6.12

BIRLA SUN LIFE ADITYA BIRLA SUN LIFE, CANADA 1.84

GROUP

HDFC STANDARD HDFC STANDARD LIFE, UK 2.96

ING VYSYA VYSYA BANK ING INSURANCE,NETHERLANDS .63

KOTAK MAHINDRA ,OLD KOTAK MAHINDRA BANK OLD MUTUAL, SOUTH AFRICA .71
MUTUAL

MAX NEWYORK MAX INDIA NEW YORK LIFE, US .40

SAHARA LIFE SAHARA INDIA NONE .80

SBI LIFE SBI CARDIFF,FRANCE 1.52

TATA AIG TATA AIG,US 1.78
SWOT analysis of I.C.I.C.I
Prudential
Insurance Products
Strenghts
The biggest strength of the
organisation is the:
 Money power which makes them ignorant
about the gestation period.
Brand image , brand experience and
innovative products.
Weakness
High targets for the financial advisors and
sales deptt.
Many competitors in the market sell the
same product with a
slight difference in premium and offerings
 The reach in semi-urban areas and rural
markets is still very less
Opportunity
Huge market is still untapped, out of 320
million insurable markets only 20 % is
insured.
Health insurance and pension schemes
have an estimated market potential of 15
billion
Threats
Players like Bajaj and Birla Sun life have low
premium for similar plans.
Entry of many other private companies with
equally strong experience and financial
strength of foreign partners is making the
competition difficult and saturating the
urban markets.
LIC has woken up from sleep and is
following competetive strategies. Its huge
surplus in Life fund gives a capability to
lodge a price war.
Various products of ICICI
prudential
Observations
LACK OF AWARENESS AMONG THE PEOPLE:
This is the biggest limitation found in this sector that people are
not aware of the necessity and importance of the insurance in
their life.They are not aware how useful life insurance can be for
their family members if something happens to them.
 
Perception of the people towards insurance sector:
 People still consider insurance as a tax saving device. So today
there is always a rush to buy Insurance policy only at the end of
the financial year making the other 9 months dry for this business
Insurance does not give good returns:
 Still people think that insurance does not give good returns. They
are not aware of the modern UNIT LINKED INSURANCE PLANS
which are offered by most private players these days.They still
carry the perception that if they take insurance they will get 5-
6%returns which is not true nowadays.Nowadays most of the
modern ULIPs give returns which are much more than the returns
from Fixed deposits,National saving certificate,Post office deposits
and Public Provident fund.
Lack of awareness about the earning opportunity in the
insurance sector-
 People still today are not aware about the earning opportunity
that the insurance sector gives. After the privatization of the
insurance sector many private giants have entered the insurance
sector. These private companies in order to beat the competition
and to increase their Insurance Advisors to increase their reach to
the customers are giving very high commission rates but people
are not aware of that.
Increased competition
Today the competition in the insurance sector has become
very stiff. Currently there are 14 Life Insurance companies
working in India including the LIC(life insurance corporation
of india). Today each and evey company is trying to increase
their Insurance Advisors so that they can increase their rech
in the market. This situation has created a scenario in which
to recruit life insurance advisors and to sell life insurance
policy has become very very difficult.

 
Recommendations
The insurance products should not be pitched as pure
insurance products but as investment instruments
A ULIP offers a wide choice of funds, ranging through
equity, debt, cash, or a combination of the three. The
customer is also offered the option of choosing fund mix
based on his desired asset allocation.
Customer can choose from various fund options i.e.
R.I.C.H., Multiplier, Flexi Growth, Flexi Balanced, Balancer,
Protector,Preserver. These have varying equity and debt
mix and accordingly they give returns. Higher investment
in equity , higher returns but risk will be also higher .
If the premium is paid for three years and after that if the
customer wishes to stop paying premium he has an option to
continue the risk cover and his premiums will not be forfeited.
Taking undue advantage of that what insurance salespeople do
they pitch the product saying to the customer that you need to
pay premium only for 3 years and you can enjoy the risk cover
for the rest of the term of the policy.
This helps make acquisition of the customer easy and fast,
because customer thinks that he is getting the risk cover for
only three years of premium so he gets easily acquired
Regional language is very important in
giving personal touch
So ICICI prudential should print product
details in regional language.
 ICICI prudential should look forward for
more interactions with customers through
arranging the annual meeting.
Various needs can be
The insurance products should be pitched
according to the life stage need.
25-30 Seeking job, trying to save,
house /car loans.
30-35 Marriage expenses,
35-50 Chidren’s education.
50-55 Spending on parent’s
medical expenses.
60 onwards Own retired life
Riders
A rider is a clause or condition that is added on to a
basic policy providing an additional benefit.
Insurers find it easier and covenient to have a small
number of basic plans , with riders being offered as
options, effectively the prospect has a number of
options to choose from. Such options enable
customisation of the product.
Various riders are:
Increased death benefit , being twice or even more
than the survival benefit.
Accident benefit allowing double the Sum Assured if
death happens due to accident.
Permanent disability benefits , covering loss of limbs,
eyesight, hearing , speech etc.
Dreaded disease cover, providing additional payments( in
lumpsome or in intallments), if the life insured requires
medical attention because of specified conditions like
cancer, cardiac or stroke , kidney failure etc.
Cover to continue beyond maturity age for same Sum
assured
or higher Sum Assured.
 Option to increase cover within specified limits or dates
Managerial Learning
Intermediary plays a very impportant role
because of the following reasons :
 It’s a personalised type of marketing.
 Moral hazard of the insured is to be judged.
 Layman does not know insurance
 He has to be guided for the best cover
 He has to be given service in terms of
proposal form, claim form, getting refunds,
giving policies, receipts , cover notes.
 He has to be told about requirements and
documentation.