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Positioning & Comparative Study of Various Life Insurance Companies in Insurance Sector

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					Positioning & Comparative Study of Various Life Insurance Companies in Insurance Sector The following article is a summary extract from the dissertation projects of the MBA and BBA students of Skyline College. Skyline, situated in Delhi and Gurgaon (NCR) is a premier institute providing management education specialising in MBA and BBA degrees and specialist courses for travel and tourism as well as mass communication. For further information on the article content or on the institute please CLICK HERE to visit the official college website. This dissertation was completed by Sandeep Verma (2007 – 2009) on the topic Positioning & Comparative Study of Various Life Insurance Companies in Insurance Sector Summary Risks and uncertainties are part of life's great adventure -- accident, illness, theft, natural disaster - they're all built into the working of the Universe, waiting to happen. Insurance then is man's answer to the vagaries of life. If you cannot beat man-made and natural calamities, well, at least be prepared for them and their aftermath. Hence, insurance is essentially the means to financially compensate for losses that life throws at people - corporate and otherwise. Insurance is an attractive option for investment. While most people recognize the risk hedging and tax saving potential of insurance, many are not aware of its advantages as an investment option as well. Insurance products yield more compared to regular investment options, and this is besides the added incentives (read bonuses) offered by insurers. The study was conducted to analyze the performance of the company in comparison to all the top players in the sector be it either public or private. It also gives a detailed analysis about the most popular product of the investment plan and how it varies depending on the premiums, the key features of the products, the benefits and how an individual decides on the plan an d company. It is also followed by the consumer’s behaviour and perceptions. It also includes the strategies and analysis followed by the company in order to increase its market share and market performance.

On the whole, study gives a complete overview about the companies performance and that has helped the company hold the major position among the private players.

Conclusion: The purpose of overall study was to analyse the strategies followed by different companies in the sector of life insurance. It gives an overall picture of why ICICI Prudential is No.1 among the private players in this sector. It has certain factors that makes it overall leader in the private sector which include the charges and the fund management costs. Also the returns given by the company after the investment is higher so overall it is a profitable investment. The company also leads as it is the only company in the private sector which has been accredited “AAA” by the Insurance Regulatory Development Authority (IRDA). As compared to other competitors ICICI Prudential not only deals in the life insurance sector it also provides general insurance and forex transactions under one roof. The on job training gave a good exposure to the corporate world as a chance was given to meet the pioneers in the field. It also gave a lot of experience of dealing directly with the customer and analyzing their need and suggesting them appropriate products. Also the overall perspective of the reason why customers prefer the company over another firms in the same sector. Learnings:  The on job work gave a lot of exposure about different techniques in sales like direct marketing, telemarketing and cold calling.  This gave a lot of experience to meet the pioneers in the field by interacting with marketing heads of different organizations.

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Various opportunities to attend seminars and presentations on different topics and by experts in the field.

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In addition to Life Insurance as the company is these days involved in General Insurance that includes Travel Insurance, Home insurance and Motor Insurance.

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It also gave a good exposure about the funds of different companies by the daily update of the Net Asset Values (NAV’s).

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Healthy interaction during the recruitment of Financial Service Providers (FSP’s) for the company.

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Time Management was one of the essential part as the targets were to be met. The process of cold calling gave a chance to visit various companies and it was an innovative method of sales.

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Enhanced knowledge about market research pertaining to market surveys.

Recommendations:  Though ICICI Prudential built a good brand for itself still it lacks in some areas of advertising. So more emphasis should be laid upon advertising for particular segments like the education plan.  As the company is doing very well in almost all parts of the country but it can get a cutting edge if it concentrates more on the rural areas.  As a major part of Indian Economy is supported by the foreign investments and in these investments a major role is played by the NRI’s so there should be various schemes for these people. The above article was extracted from dissertations in Marketing, Finance, Human Resources, Strategy, Information Systems by the students from Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR). For more information on Skyline College or the MBA, BBA programmes please CLICK HERE. For MBA, BBA Admission queries please CLICK HERE


				
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