A

SUMMER INTERNSHIP PROJECT REPORT ON

LIFE INSURANCE MARKETING BY DIGITAL MEDIA
AT

SUBMITTED TO
SAVITRIBAI PHULE PUNE UNIVERSITY
IN THE PARTIAL FULFILLMENT OF THE COURSE
MASTER OF BUSINESS ADMINISTRATION (MBA-II)

SUBMITTED BY

Mr. HRISHIKESH SURENDRA DUSANE (04)

UNDER THE GUIDANCE OF
PROF. H.S. DESHMUKH

MVP’S
IMRT
NASHIK
YEAR 2022-2023

1
 DECLARATION BY STUDENT

I Mr. Hrishikesh Surendra Dusane, hereby declare that this research work on “life insurance
marketing by digital media” at “Shriram life insurance company limited” in partial fulfilment
of MB degree course of Savitribai Phule University of Pune is our own work and submitted by
me under the guidance of Prof. H.S. Deshmukh. I also declare that the present research has not
submitted by me to any other University for the fulfilment of any degree or diploma. I have
prepared this report independently and have gathered all the relevant information personally. I
have prepared this project for MBA-II curriculum academic year 2022-2023.

DATE: NAME:

PLACE: NASHIK SIGN:

2
 DECLARATION BY GUIDE

This is to verify that Mr. Hrishikesh Surendra Dusane has completed the research report
entitled “Life insurance marketing by digital media” at “Shriram life insurance company
limited.” under my guidance and supervision. I consider this work the award of degree of
MBA-II, in the partial fulfilment of the curriculum. Submitted the report as per the norms laid
down by SAVITRIBAI PHULE UNIVERSITY, PUNE. The material that has been obtained
from the other source is duly acknowledged in the report. It is further certified that the work or
its part has not been submitted to any Institute.

DATE: PROF. H.S. DESHMUKH

PLACE: NASHIK SIGN:

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 ACKNOWLEDGEMENT

I have pleasure in successful completion of this project report titled “life insurance marketing
by digital media ”. I would like to take this opportunity to express my sincere thanks and deep
gratitude to the IMRT. Nashik and the director of the Institute Dr. D. K. Mukhedkar Sir for
providing us a platform for conducting this research. I sincere thanks to my college guide Prof.
H. S. Deshmukh for guiding, how to prepare project as well as evaluating and helping us
throughout the whole process of the project. I also like to thank Shriram life insurance company
limited.” for allowing me to work under his guidance as trainee. Without his guidance and
valuable suggestions, this work would have not been completed. I also pay my sincere thanks
to all those who have directly or indirectly helped me in completion of my project till
preparation of this report. My gratitude to my parents, all my friends for their supportive role.

DATE: NAME:

PLACE: NASHIK SIGN

4
 Executive Summary

As a part of the MBA curriculum, I did my internship at Shriram life insurance company
limited As being new to the practical and corporate world, every hour spent in the internship
was a new learning and experience. The report here is regarding my task performed in the
company for the period of 2 Month. During this span of time the work assigned to us was to
recognize and analysis the target group of the Insurance sector. It was also to understand the
basics of insurance and its market. For this we have done cold calling for collecting data to
understand the importance of insurance and expectation from insurance industry Another stage
of the SIP is the competitor analysis; the task was to identify the competitors of shriram Life
in both government as well as private sector with the help of secondary resources which also
includes competitive analysis for understanding major competitor, their strategy and also the
best products offered by competing players We worked on a little portion of Sales for better
understanding of the Clients and the changing scenarios of the sector.

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 INDEX
Chapter TOPIC NAME PAGE NO
No

1 Introduction

1.1 Objective of the project

1.2 Selection of the topic

1.3 Objective of the study

1.4 Scope of the study

1.5 Rationale of the study

1.6 Limitation of the study

2 Research methodology

2.1 Research (Definition, Meaning & Types)

2.2 Sampling method

2.3 Sources of Data

2.4 Research design

3 Profile of the Organization

3.1 History and Milestone of the organization

3.2 Organization structure

3.3 Product and services of organization

4 Review of Literature

4.1 Meaning and concepts of the topic

4.2 Basic theories of topic

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 4.3 Review of Research Literature

5 Data presentation, Analysis & Interpretation of data

5.1 Presentation of information

5.2 Analysis and Interpretation of data

5.3 Findings of the study

6 Conclusions & Suggestion

6.1 Conclusion of the study

6.2 Recommendation & Suggestions of the study

6.3 Learning of the student through the project

6.4 Contribution to the Organization

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 Chapter 1: Introduction

Insurance is a contract, represented by a project contains details of a well-known insurance

company i.e. Shriram life insurance company (SLIC). It includes details of the insurance sector
and details of the company. It is important to study the sector before facing interview of that
sector. This report consists of industry analysis, company analysis and SWOT, PESTEL
analysis and PORTERS FIVE FORCES MODEL.

Insurance marketing should include an integrated solution for web presence to serve both goals
- retaining customers that are pickier than ever in the competitive marketplace and acquiring
new customers that now have all the freedom to go online and compare every insurance offer.
Customer centric approach, focus on inbound marketing strategies and combining the
marketing channels. Market tendencies are speaking by themselves - report shows that 51% of
life insurance purchasers research online and buy from an agent. Online buyers share is
growing but people still need real human contact! Insurance online marketing success depends
on how insurance companies manage to balance online tools and their own services. A great
website with integrated social media and possibly an ad campaign is a must but the essence is
in interaction, engagement and the ability to capture potential client interest. Customers, both
existing and potential, are smart and expect the best experience possible.

Insurance is a high involvement product, as it is an expense. Consumers obtain information

about insurance from advertisements, salespeople, family, friends, neighbors and
acquaintances. They perceive little difference among brands. However, most buyers today have
access to a more trusted experiential source of information in the form of social networking
sites. Here, buyers share their brand experience, which is then accessible to a larger audience.
In the traditional contact-centered world, customers are routed to agents on the basis of their
perceived business value, purchase history and status. Online social networks provide a larger
platform to socialize and exchange information and opinions. This renders the traditional
method of market segmentation almost meaningless. Social analytics integrate, analyze and
enable enterprises to act on intelligence gathered from online conversations occurring across
professional and consumer-generated media sites. It helps and enables enterprises to attribute
online conversations to specific parts of their business. Enterprises can extract important
insights, sentiments, hidden patterns, trends and unknown correlations from customer-centric

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conversations and proactively act upon them to drive business outcome.

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1.1 OBJECT OF THE PROJECT

Project work is about getting out into the real world and interacting with people – watching
and talking to people where they work, live and play.

Project work focuses on observation and interviews. Because interviews are conducted closer
to our where the activity happens, it’s easier to ask the right questions and participants feel
comfortable in the setting and can answer more accurately.

The object behind Project Work is to link theoretical Knowledge to Practical as well as study
the concept of Marketing and its importance.

To identify and clear project issues.

• To identify innovative solutions and approaches.

• Persevere to overcome project setbacks.

• To deliver project within time, resource and budget constraints.

• Determine project specifications.

• Identify project scope.

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1.2 SELECTION OF THE TOPIC

The main aim of selecting this topic to gain some practical knowledge on this and try to find
out the benefits of Sales promotion.

Initially it appeared to me quite a simple project, but as I started working on it only then I
understood it’s real significance. Often organization comes up with the great product but many
a times they won’t get sold due to lack of promotion or product advertising.

Sales Promotion and Advertisements are importance for spreading information about the brand
to the customers in the market which is useful in stabilizing sales volume and required to
increase short term sales of the products or services. Also, it is helpful in stimulating the
demand for a product in the short term by making the product appear as a great deal for the
customer.

After taking rough idea of the industry, it is found that most important role is played by
Marketing department and hence the selected topic for presenting report in Marketing
department of the industry.

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1.3 OBJECTIVE TO THE STUDY.

The main objectives of this research include understanding

• To know the scope of selling insurance through digital platform

• To know the effectiveness of digital platform for sales and marketing/ conversion rate

• To study effective digital marketing strategy for insurance companies

• To know the general preference of people for investment

• Help to develop awareness in people for insurance.

• To Make the SWOT analysis.

• To study the future vision of Shriram life insurance company.

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1.4 SCOPE OF THE STUDY

The scope of the study is to understand the various processes of marketing life insurance
by digital media.

The study will help organization to understand the marketing by doing advertisement
which will lead to the company profit. By this analysis, company can increase the sales
promotion and advertisement investments which will increase the company productivity.
The research will also help organization in engaging with the customer on the social
platforms so that customer is ware about the products and services of the company.

The research will also help organization to know where they are lacking in terms of
marketing in regards with sales promotion and advertisements so that they can work
accordingly to overcome them.

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1.5 RATIONALE OF THE STUDY

• Rationale of the study refers to the worth and utility of the study from the future point
of view. The project gives the live experience of the various aspects that is helpful from
future point of view the project provides the opportunity to understand the concept of sales
Promotion and advertising strategies & various aspects.

• The study was carried out on the effectiveness of the personal department about how it’s
functions and which type of activities are being carried out by the department for the
benefit of not only for the organization as a whole

• The study would provide the management valuable inputs regarding the conduct and
effectiveness of sales Promotion and advertising strategies.

• The study provides to student the firm base or a platform where they plan their future
role in the business environment. The study immense worth and utility point of view to
the student for future in personnel management.

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1.6 LIMITATIONS OF THE STUDY
There are some limitations for research which are as follows:
• The employ were busy with their work therefore they could not give enough time for
the interview
• The personal biases of the respondents might have entered their response.
• Some of the respondents give no answer to the questions which may affect the analysis.
• The strategies are kept secret due to which less information is collected.
• Respondents were reluctant to disclose complete and correct information because of
small period only small sample had to be considered which doesn’t reflect and accurate
and intact picture.
• Smaller samples tend to reduce the likelihood that the sample is representative of the
population under study.

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 CHAPTER 2:
Research Methodology

Research Methodology involves a systematic way of solving a problem or

investigating underlying causes for a particular phenomenon. It includes various
research methods for solving the problem. This research will mostly be a descriptive
research accompanied by certain exploratory elements. The descriptive research
elements include consumer behavior, attitude, awareness, and perception. The
Exploratory elements include understanding various factors that affect the ultimate
buying decisions in working professionals i.e. factors encouraging or discouraging
buying decisions.

Type of Research Descriptive research

Data Source Primary and Secondary data
Data Collection Method Survey
Data Collection Tools Questionnaire
Sampling Universe Maharashtra
Sample Size 104

Table no. 7.1 research methodology at one glance

Descriptive Research

A Descriptive Research design helps in answering the ‘What’ question regarding the
subject of study. It is an observational study which involves studying individual
behavior or the phenomenon revolving the topic of study without influencing or
affecting the natural behavior. In this study the following topics are going to be studied
as descriptive components: 1. What is the awareness level in regarding of insurance?
2. What is effective marketing strategy of insurance.

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Area of Study (Sampling Universe)

The research study conducted at Maharashtra.

2.2 Sampling Method

The Sampling method that would be used in this research would be a non-probability
sampling method called convenience sampling. In convenience sampling the
research data is obtained from a group of conveniently available respondents. This
kind of sampling technique would be easy to implement due to the current pandemic
situation because of which people are stuck at home. This type of sampling would be
quick, easy and time saving.

Data Collection

Data in this study would be collected via a questionnaire of relevant questions which
would be suitable and pertinent to working professionals. Data collection will begin
after the problem has been defined accurately.

Primary Data

Primary data is that data, which is collected for the first time and is utilized to analyses
the problem. In this study the primary data would be collected by floating a
questionnaire among working professionals in Pune.

Secondary Data

Secondary data is the data that is readily available in different sources and can be used
to study to analyses the research problem efficiently. Secondary data used in this
research would be from different magazines, scholarly articles and other research
reports.

Sample Size
Due to time constraints and other limitations owing to the Pandemic the decided
sample size is 104

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 Sampling method

The researcher had choice between probability and non-probability sampling

methods. In this study a simple non probability method namely convenience
sampling was adopted.

SAMPLING PLAN:

The Sampling plan that is used in this study is non-probability sampling

method in which is adopted convenience sampling method. Non-probability
Sampling Nonprobability sampling is that procedure which does not afford
any basis for estimating the probability that each item in the population has
of being included in the sample.

Non-probability sampling is also known by different names such as deliberate

sampling, purposive sampling and judgment sampling. In this type of
sampling, item for the sample are selected deliberately by the researcher his
choice concerning the items remains supreme.

Convenience Sampling When population elements are selected for inclusion in the
sample based on the ease of access, it can be called as Convenience Sampling.

2.3 SOURCES OF DATA

PRIMARY DATA: When the data is collected through observation or through direct
communication with respondent is one form or another or through personal interview, it is
called as
“Primary Data”. When the data is gathered firsthand or collected a fresh and for the first time
and thus it is original.

Personal interviews are the main tool for collection of primary data and information. The
concern staff of Sula wines was interviewed personally. The data was collected with the
purpose of evaluation.

Discussion with the finance manager regarding the figure of balance sheet. Collection of
information related to working capital from other members of the accounts department of the
organization.

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The primary data are those, which are collected fresh and for first time and thus happen to be
original in character.

a) Questionnaire – It is considered as the heart of a survey operation. It is very effective source

of data and information.
b) Open ended interview with:
▪ Operators
▪ Supervisors
▪ Canteen consultant
▪ Managers
▪ Administration dept.

SECONDARY DATA: The data, which has already been gathered for some other purpose
when it is used, is called “Secondary data”. Secondary data means data that are already
available or collected by someone else.
• Since the study is based on practical aspects of the industry so the information provided by
the directly from people in use besides the theoretical aspects are taken from the secondary
sources annual accounts, literatures, internet websites, magazine and newspapers are the
secondary sources.
• Secondary sources consist of not only published records but also unpublished Data.
• Internet
• Magazines
• Safety, health, and environment journals
• Books.

2.4 RESEARCH DESIGN

When research is carried out it follows a definite pattern or plan of action throughout the
procedure. Since the problem identification to the report preparation & presentation. This
definite pattern or plan of action is called as research design. • According to William
Zikmund,” Research design is defined as a master plan specifying the methods and procedures
for collection and analyzing the needed information.” • According to Kerlinger, Research
design is the plan structure, and strategy of investigation conceived to obtain answers to
research question and to control variance.

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There are two types of Research Design-
1) Qualitative Research
2) Quantitative Research
We see both the types of research in details one by one.
• Qualitative research
Qualitative researchers do not totally deny the utilities of qualitative research but rent to view
it as an essentially exploration way of conducting research.
They see it as useful at the preliminary stage of research.

• Quantitative research

Quantitative research tends to adopt a structured approach to the study of society.

This tendency is a product of the methods with which it is associated, both surveys and
experiments require that the issue to be focused upon to be decided at the outset, survey
research structured in the sense that sampling and questionnaire construction are conducted
prior to the start of the data collection.
• Exploratory Research Design
Exploratory research designs are flexible designs and unstructured designs. The purpose of
exploratory research is the exploratory research is the explore the phenomena and obtain clarity
about it.
The main purpose of exploratory research is to.
A) Define and conceptualize the research problem.
B) Explore the various research opportunities.
c) Development of a research hypothesis.

Methods & Techniques for conducting

Exploratory \Qualitative research

a) Observation method
b) Depth interview
c) Projective techniques

Analysis of Data
A) Research Design

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A Detailed outline of how an investigation will take place. A research design will typically
include how data is to be collected, what instruments will be employed, how the
instruments will be used and the intended means for analysing data collected.
The main objective of any data analysis is to convert data into information.
A) Process of Research Design
Step 1- Locating and defining issues or problems.
This step focuses on uncovering the nature and boundaries of a situation or question
related to marketing strategy or implementation. In defining the issues or problems,
the researcher should consider the purpose of the study, the relevant background
information, what information is needed, and how it will be used in decision making.
Step 2- Designing the Research Project
The step is focused on created a research plan or overall Approach on how you are
going to solve the issue or problem identified. A research plan or approach is a
framework or blueprint for conducting the marketing research project. It details the
procedures necessary for obtaining there required information, and its purpose is to
design a study that will test the hypothesis of interest, determine possible answers to
the research questions, and provide the information needed for decision making.
Research design involves the following steps:
1. Secondary data analysis
2. Qualitative research
3.Methods of collecting quantitative data (survey, observation, experimentation)
4. Definition of the Information needed
5. Measurement and scaling procedures
6. Questionnaire design
7. Sampling process and sample size
8. Plan of data analysis

Step 3- Collecting data

This step revolved round obtaining the Information that you will need to solve the issue
or problem identified. Data collection involves a field force or staff operates either in the
field, as in the case of personal interviewing (in home, mail intercept, or computer-assisted
telephone interviewing), from an office by telephone or computer assisted telephone
interviewing), or through mail (traditional mail and mail panel surveys with pre- recruited
households).

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 Step 4-Interpreting Research Data
Interpreting research data: This step is focuses on examining the data and coming up with
a conclusion that solves the problem.
Step 5-Report Research Findings The final step is to report their search findings to those
who need the data or make decision.2

Type of Research Descriptive

Sample Population Dhule

Sampling unit Shriram life insurance

Sampling Method Simple random

Sampling Size 104

Sources of collecting data:

i) Primary Data Interview, observation, Questions

ii)Secondary Data Books, magazines, company records

Analysis of data Graphs, Percentage , Average charts

Table 2.4.1 Research Methodology

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 CHAPTER 3:
PROFILE OF THE ORGANIZATION

Shriram Life Insurance Company Limited is a Public incorporated on 15 March

2005. It is classified as Non-govt company and is registered at Registrar of Companies,
Hyderabad. Its authorized share capital is Rs. 2,500,000,000 and its paid up capital is
Rs. 1,793,750,020. It is involved in Insurance and pension funding, except compulsory
social security

Shriram Life Insurance Company Limited's Annual General Meeting (AGM) was last
held on 25 July 2019 and as per records from Ministry of Corporate Affairs (MCA), its
balance sheet was last filed on 31 March 2019.

BOARD OF DIRECTORS

CHAIRMAN Mr. T S Krishna Murthy

MANAGING DIRECTOR & CEO Mr. Casparus Jacobus Hendrik Kromhout

MANAGING DIRECTORS Mrs. Akhila Srinivasan

Mr. Manoj Kumar Jain

DIRECTORS Mr. S Lakshminarayanan

Mr. Stephanus Philipus Mostert

Mr. Gaurav Trehan

Mr. R S Krishnan

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 Mr. Umesh Govind Revankar

COMPANY SECRETARY Ms Samatha Kondapally

STATUTORY AUDITORS M/s G D Apte & Co.

Chartered Accountants

3.1History of the organization

Shriram Group, established in 1974, is among the leading corporate houses in India
and is a major player in the Indian financial services sector. Shriram Group’s focus is
on financial services that reach out to a large number of common people providing
them opportunities to improve their prosperity. With its philosophy of "Customers
Are Really Everything" (C.A.R.E.), Shriram Group has taken the financial services to
the doorsteps of the common man. This focus on the common man has proven to be
a profitable business strategy and has resulted in millions of win-win relationships for
the Group.

Shriram Capital Limited (SCL) is the overarching holding arm of the financial
services entities of the Group. Financial Services constitute the core business of the
Group. Shriram Group’s presence in financial services is diverse ranging from
Commercial Vehicle Financing, Retail Financing, Enterprise Financing to small
business, Housing Finance, Equipment Financing, Life Insurance, General Insurance,
Retail Stock Broking, Distribution of Financial Products and Wealth Advisory
Services. Financial Services Companies in the Group manage assets of around INR
1,500 billion.

Shriram Transport Finance Co. Ltd. (a listed entity), the flagship company of the
Group is the largest Asset Financing NBFC in the country and a leading player in the
pre-owned commercial vehicle financing segment. Shriram Group has a presence all
over India in retail finance through Shriram City Union Finance Ltd. (a listed entity)
which is also a leading NBFC. Shriram City has a dominant presence in small
enterprises finance segment and is a market leader in two wheeler financing.

Shriram Group entered the insurance business with a long term focus and to provide
better value and wider range of services to its customers. Sanlam, a leading financial
services group and one of the largest insurers in South Africa has partnered Shriram

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 Group in both its Life and Non-Life Insurance ventures. The effective leveraging of
the network and brand equity of Shriram Group and strategic guidance by Sanlam
Group have facilitated a steady growth of the insurance companies.

The Group’s consistent strong growth pattern and track record have attracted a large
number of private equity funds and strong partners. The Group also enjoys the
patronage of a large number of banks and financial institutions. The Sanlam Group
and the Piramal Group hold an effective beneficial interest of 26% and 20% in SCL,
respectively.

Shriram Network is one of its kind in India having a Pan-India presence.

3.2 Organization structures:

Branch Network (Nos.) Over 3,800

Manpower Strength (Nos.) Over 80,000

Customer Base (Nos in lacs.) Around 190

Table no.3.1 network of shriram life insurance

Partners of shiraz life insurance company

Sanlam group

Mr. John van zyl chairman of Sanlam group. Sanlam is south African financial
services group headquartered in Bellville, western cape and listed on Johannesburg
stock exchange and the Namibian stock exchange established in 1918 as a life
insurance company.

Piramal group

Mr. ajay piramal, chairman of piramal group. The group calls themselves a global,
diversified conglomerate focused on doing business with purpose. Valued at US $ 10
Billion, piramal group is a global business conglomerate with interest in pharma and

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insurance. piramal spent rs. 2014 cr to buy a 20% stake in shiraz capital ltd an arm of
shiraz group

3.3 Product and services of the organization

1. Shriram life growth plus plan

2. Shriram life assured income plus plan
3. Shriram life online term plan
4. Shriram life assured advantage plus
5. Shriram life genius assured advantage plus
6. Shriram life comprehensive cancer care
7. Shriram life my spouse term plan

Awards

Shriram Life Insurance bags award for Best Customer Experience

Customer-centric approach driven by innovation and technology to serve the unique
requirements of our customers won laurels for the company.
Moneycontrol News

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Representative Image

Shriram Life Insurance Company has won the Award for Best Customer Experience in
Financial Sector – Non Banking, during the 13th Edition of The Customer FEST Awards,
2020 conducted by Kamikaze B2B media.
The Award was announced by Kamikaze B2B media, basis the self-assessment report
submitted by the nominees followed by a Jury round to evaluate on the 5 key parameters of
customer experiences and business impact thereof. The Award was received by Bala Sundar,
Executive Director - Shriram Transport Finance Corporation, accompanied by Atul Sharma,
Chief Operating Officer, Madhavi Shrine, Deputy Chief Underwriter & Head – Customer First
on behalf of the company.
Casparus Kromhout, Managing Director & Chief Executive Officer, Shriram Life
Insurance Company Limited, said, “Shriram Life works with the purpose of extending
financial protection to the segments of society that are most vulnerable to financial
catastrophe through the loss of a breadwinner. We believe in a customer centric
approach driven by innovation and technology to serve the unique requirements of
our customers. A large portion of our customers reside in rural areas which requires
us to customize processes and offerings to suit their needs. Shriram Life has inherited
this purpose of Social Service and Economic Inclusion from the Shriram Group; and
receiving this award as the group completes 45 years reaffirms our focus on serving
our customers
SWOT ANALYSIS OF SHRIRAM LIFE INSURANCE COMPANY LIMITED:

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STRENGTHS
1. Insurance products for all strata’s of society Policies with consideration of
social impact
2. International expertise with Sanlam group
3. Spread of 3800 branch network across India
4. More than 75000 loyal and dedicated agents and has a customer base of 30
lacs chit subscribers and investors

WEAKNESS
1. Low IT infrastructure as compared to the big brands
2. Low marketing and brand presence as compared to other competitors
3. Insurance companies have poor image when it comes to payment of dues

OPPORTUNITIES
1. Growing rural market
2. Growing sector

THREAT

1. Threat from existing life insurance players

2. Threat from new entrance.

3. Threat to substitute products

4. Competition from more & more new players

5. People don't aware of different distribution channel

MAJOR PLAYER IN INSURANCE INDUSTRY IN INDIA

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LIFE INSURANCE CORPORATION OF INDIA (LIC):

Life Insurance Corporation of India (LIC) was established on 1 September

1956 to spread the message of life insurance in the country and mobilize
people’s savings for nation building activities. LIC with its central office in
Mumbai and seven zonal offices at Mumbai, Calcutta, Delhi, Chennai,
Hyderabad, Kanpur and Bhopal, operates through 100 divisional offices in
important cities and 2,048 branch offices. LIC has 5.59 lakh active agents
spread over the country.

LIC has even provided insurance cover to five million people living below
the poverty line, with 50 per cent subsidy in the premium rates. LIC's claims
settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of
global average of 40 per cent. Compounded annual growth rate for Life
insurance business has been 19.22 per cent per annum.
ICICI Prudential Life Insurance Company Ltd.:

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse and prudential plc, a leading
international financial services group headquartered in the United Kingdom.
ICICI Prudential was amongst the first private sector insurance companies to
begin operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). The company has a network of
about 56,000 advisors; as well as 7banc assurance and 150 corporate agent
tie-ups

Birla Sun Life Insurance Company Ltd.

Bajaj Allianz General Insurance Company Limited is a joint venture between

Bajaj Auto Limited and Allianz AG of Germany. Both enjoy a reputation of
expertise, stability and strength. Bajaj Allianz General Insurance received the
Insurance Regulatory and Development Authority (IRDA) certificate of

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Registration (R3) on May 2nd, 2001 to conduct General Insurance business
(including Health Insurance business) in India. The Company has an
authorized and paid up capital of Rs 110 crores. Bajaj Auto holds 74% and
Allianz, AG, holds the remaining 26% Germany

TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company,

formed from the Tata Group and American International Group, Inc. (AIG).
Tata AIG combines the strength and integrity of the Tata Group with AIG's
international expertise and financial strength. The Tata Group holds 74 per
cent stake in the two insurance ventures while AIG holds the balance 26 per
cent stake. Tata AIG General Insurance Company, which started its
operations in India on January 22, 2001, offers the complete range of
insurance for automobile, home, personal accident, travel, energy, marine,

property and casualty, as well as several specialized financial lines.

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PESTEL Analysis:

Political and Legal factors

Within Indian political ambitions and rise of communalism, fissiparous tendencies are
on the rise and may well continue for quite some time. Based on this the insurance
companies might introduce political risk coverage in their policies. In India the only
area where customers consider to a take insurance cover is on customs duty change
but also on certain conditions.
The term “political risk” has a wider connotation than commonly understood or
assumed. It covers events raising not just from politics, but risks in the course of
international transactions. Based on this the insurance companies come up with new
policies with respect to the problems arising out of foreign legal jurisdiction, political
changes and also currency exchange difficulties being faced by many developing
countries. Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory
body in April 2000 has fastidiously stuck to its schedule of framing regulations and
registering the private sector insurance companies. In India the entry mode for a
company to start up a new life insurance company is to have a paid-up capital of 100
crore rupees. Other rules got in by IRDA are Mandatory Investments of LIC Life Fund
in government securities to be reduced from 75% to 50% GIC and its subsidiaries are
not to hold more than 5% in any company (There current holdings to be brought down
to this level over a period of time)

Economic Factors
The interest rates at bank and also the provident fund variation affect the life insurance
industry as people are always attracted by a higher return. So, compared to this the
lower return policy is not attractive to the customers. Another factor which affects the
life insurance industry is Unemployment, as unemployed people would not have any
earnings, savings would be comparatively less which would mean less sales in-turn
affecting the GDP of the country and also the industry. Other factors which contribute
to the insurance industry are the natural factors like earthquakes, monsoons etc., as

31
these events lead to a lot of deaths, the insurance companies have to pay claim against
the policy. A typical Indian will want a better product with a low income so he prefers
to pay in annuity or instalments (EMI), so that they will not have extra savings to
invest in the insurance policy.

Social-cultural factors
Population is one of the major factors affecting the industry as the growth in
population will indirectly help the companies to capture more market with more
people. Life styles is another factor which affect the industry, the current life styles of
the people in India are increasingly becoming like nuclear families, as both the parents
would be working there would be a possibility of an accident, which would mean
more sales for the company in terms of life insurance.

Technological Factors
Internet is becoming a fast household name in India where every house in the urban
area has a connection. The life insurance industry has taken advantage of this with
having many policies which can be flexible to the customer. The customer can check
the flexibility sitting at home and select the best policy, pay the monthly instalments
and everything would be done within minutes.

Government support
The existing rule according to the IRDA in India is that a foreign partner can hold a
maximum of 26% of equity in an insurance company. Countering this a proposal has
been submitted to the government to increase the limit to 49% which would mean
more money to be pumped in the market. In 1999, a total of Rs. 8.7 billion has been
supplied by the foreign partners and 21 private companies have been granted licenses.

Competition

The intense rivalry among the players in the life insurance market is going to affect
the industry in a positive way. LIC which has the most market share is showing signs
of losing their grip in the competition and other companies like ICICI prudential,
MetLife India are gaining.

32
CSR Policy:

Scope of Corporate Social Responsibility policy

The Policy would pertain to all activities undertaken by the Company towards
fulfilling its corporate social responsibility objectives. The Policy would also ensure
compliance with the requirements of the Companies Act, 2013 and rules framed
thereunder.
Governance structure
The Corporate Social Responsibility Committee (CSR Committee) is the governing
body that will articulate the scope of CSR activities for the Company and ensure
compliance with the CSR Policy. The CSR Committee would comprise of three or
more Directors including at least one independent Director. The CSR Committee
shall:

I. Formulate and recommend to the Board the CSR Policy and any amendments
thereto. ii. Indicate the activities to be undertaken by the Company as specified in
the Act. iii. Review and recommend the annual CSR plan to the Board. iv. Monitor
the CSR activities and compliance with the CSR Policy from time to time; and v.
Review and implement, if required, any other matter related to CSR initiatives.

The Committee shall meet at least twice in every financial year.

The Board of Directors shall:
1. Approve the CSR Policy based on the recommendation of the CSR
Committee.
2. Approve the CSR activities and annual CSR plan based on the
recommendation of the CSR Committee; and
3. Review the CSR Policy and CSR activities.

Initiative towards social inclusion and environmental conservation:

The growing concept of Corporate Social Responsibility (CSR) goes beyond charity
and requires the company to act beyond its legal obligations and to integrated social,
environmental and ethical concerns into company’s business process. With the rapidly

33
changing corporate environment and more functional autonomy, many organizations
have set up separate CSR wings as a strategic tool for sustainable growth. In the
current scenario, CSR goes way beyond the old philanthropy of the past — donating
money to good causes at the end of the financial year. Instead, it is an all year-round
responsibility. Indeed, the brand names depend not only on quality, price and
uniqueness but on how, cumulatively, they interact with companies’ workforce,
community and environment. Business has today, emerged as one of the most
powerful institutions on the earth.

The globalization and liberalization of the Indian economy has helped in stepping up
growth rates. Companies are expanding their operations and crossing geographical
boundaries. Indian Life insurance companies too have made their way into the
business boom and are today acknowledged as major player and fastest growing sector
in India. This sector has also made momentous contribution towards corporate social
responsibility. CSR has gained unprecedented importance and has become imperative
to any company’s strategic decision making the aim of present paper is to study the
conceptual framework of corporate social responsibility. The paper as well highlights
the CSR initiatives undertaken by the selected life insurance companies operating in
India. The paper is based on secondary data collected from different sources and
websites. The paper concludes that life insurance sector of India has taken a number
of initiatives for corporate social responsibility, LIC, being the prominent initiator

The insurance industry brings numerous positive contributions to society, and that a
number of pioneering companies in the sector are striving hard to operate in a socially
responsible way. 64 The CSR policy of insurance companies in India mainly focuses
on environment, education, community, workforce, human rights, health, senior
citizens, marginalized groups, safety and standard of business conduct. Insurance
companies favor the wellbeing of society as a whole through a variety of initiatives.
They contribute to improve and enhance the quality of life of society in which they
operate by helping to create an equitable society. In addition to it, they are strongly
involved in promoting public health and their interventions have led to the adoption
of higher security standards in several important areas such as car safety.

34
Insurance companies also strive to integrate the environmental concern, both
internally and externally. In recent decades’ economic losses due to natural disasters
have risen sharply and are doubling every ten years, this directly affects the industry
as the claims related to natural disasters are massive. Therefore, insurance industry is
confronted with the responsibility to devise innovative responses to the environmental
challenges. 65 Apart from this insurance companies are also showing great interest in
socially responsible investment. A group of leading insurance companies have
adopted clear policies of socially responsible investment and have undertaken to
implement them in their asset management practices. From the above discussion it is
clear that CSR is now an effective part of organizational objectives of insurance
companies and has become an effective tool by which a company can differentiate
itself from their competitors and can hold strong position in market.

“Environmental and social policies, as well as sustainability management systems

need to be implemented by insurers,”

35
 Chapter 4:
Review of Literature
4.1 MEANING AND THE CONCEPT OF THE TOPIC

Innovation through new technologies is a key driver of change in the financial sector and
this has led to immeasurable efficiency gains, even though these changes can initially be
accompanied by uncertainty and doubt. The insurance sector is no exception to such
developments, with possibilities of new methods of service provision as well as greater
opportunities for data collection and fraud detection that can lead to better risk
identification and mitigation measures, which are being referred to as “InsurTech”.
According to Ananda Ramaiah Shetty Assistant Professor, Department of Commerce
and Management Govt College for Women Kolar, Karnataka, Digital marketing and
especially insurance marketing strategy should include an integrated solution for web
presence to serve both goals - retaining customers that are pickier than ever in the
competitive marketplace and acquiring new customers that now have all the freedom to
go online and compare every insurance offer. Customer centric approach, focus on
inbound marketing strategies and combining the marketing channels. Market tendencies
are speaking by themselves - FIO 2013 report shows that 48% of life insurance
purchasers research online and buy from an agent. Online buyers share is growing
(currently in life insurance - 23% by FIO) but people still need real human contact!
Insurance online marketing success depends on how insurance companies manage to
balance online tools and their own services. A great website with integrated social media
and possibly an ad campaign is a must but the essence is in interaction, engagement and
the ability to capture potential client interest. Customers, both existing and potential, are
smart and expect the best experience possible.
According to research published by Srilakshminarayana, G Assistant
ProfessorQuantitative Methods and Operations Research SDMIMD, Mysore. In the
present day business world, social media is playing an important role in bringing the

36
products to the footsteps of the customer. Most of the organizations ensure that they are
present in almost all the social media websites and also ensure that they are in regular
touch through frequent advertisements. Sometimes they take the help of the celebrities
to endorse their products on social media websites like Facebook, twitter, etc. It is
becoming necessary even to the educational institutions to make their presence felt
amongst the student community in order to sustain the competition. In some cases, the
organizations also upload their videos on the websites like YouTube and based on the
number of viewers, confirm that their products are reaching the customers. All these
show that internet marketing has become a necessary component in an organization’s
promotional strategy.
Among other things, mobile marketing is another important strategy that the
organizations are now adopting to promote their products. Any new product that is being
released into market needs immediate introduction to the customers who are in need of
the same. Most of the customers are experiencing the same on daily basis. Even the
government is using the same strategy to promote their policies and also the election
campaigns are being made popular through mobile marketing. One has to note that either
it is an organization or government, it all depends on the type of product or information
that they wish to pass on to the customer or public. When it comes to products being
introduced by the insurance, it needs special treatment as most of the customers should
know the complete details of the products. In such cases, internet marketing and mobile
marketing should be done more aggressively.
According to mind tree social media analytics report, insurance is a high involvement
product, as it is an expense. Consumers obtain information about insurance from
advertisements, salespeople, family, friends, neighbors and acquaintances. They perceive
little difference among brands. However, most buyers today have access to a more trusted
experiential source of information in the form of social networking sites. Here, buyers
share their brand experience, which is then accessible to a larger audience. In the
traditional contactcentered world, customers are routed to agents on the basis of their
perceived business value, purchase history and status. Online social networks provide a
larger platform to socialize and exchange information and opinions. This renders the
traditional method of market segmentation almost meaningless. Social analytics integrate,
analyze and enable enterprises to act on intelligence gathered from online conversations
occurring across professional and consumer-generated media sites. It helps and enables

37
enterprises to attribute online conversations to specific parts of their business. Enterprises
can extract important insights, sentiments, hidden patterns, trends and unknown
correlations from customer-centric conversations and proactively act upon them to drive
business outcome.
According to, International Journal of Marketing, Financial Services &
Management Research India is a jumbo-sized opportunity for life insurance need hardly
belabored. Here is a nation of a billion people, of whom merely 100 million people are
insured. And, significantly, even those who do have insurance are grossly underinsured.
The emerging middle class population, growing affluence and the absence of a social
security system combine to make India one of the world’s most attractive life insurance
markets. No matter how you look at it – whether in terms of life insurance premiums as a
percentage of GDP or premium per capita – the market is under penetrated and people are
under-insured. In a country where there is high unemployment and where social security
systems are absent, life insurance offers the basic cover against life’s uncertainties. India
has traditionally been a savingsoriented country and insurance plays a critical role in the
development of the Indian economy. The role of insurance in the economy is vital as it
able to mobilize premium payments into long-term investible funds. As such, it is a key
sector for development. So marketing strategies are important and inevitable phenomenon
to tap huge untapped potential. Effective selling of insurance policies depends to a large
extent on the marketing strategies selected. As the market for insurance is dynamic and
accompanied by rapid changes in the environment due to advancements in technology and
uncertain economic conditions, coupled with inflation, increased attention must be given
in the future to the selection of marketing strategies.
According to Olena Prymostka, Doctor of Economics, Professor, Kyiv National
Economic University named after Hetman, Ukraine. Traditional prices will be
undercut by those insurance companies that exploit the new Internet cost structure,
although many are reluctant to fully adopt the Internet, because they are worried about the
impact on their agency force (Conning & Company, 1997).
Internet insurers have a 23.0% cost advantage over agency insurers and a 5.1% cost
advantage over their nearest rivals, the direct response insurer: The Internet is the most
cost-effective means of selling insurance ever devised. This is important since consumers
buy basic “commodity-type” insurance products on price considerations in the majority
of cases (DataMonitor, 1996).

38
Insurance companies selling and servicing over the Internet will have a cost advantage
over traditional insurers in the range of 58% to 71% over the life- time of a customer.
Savings are driven by reduced sales costs, lower customer service and operations costs,
and cheaper and better information capture (Booz-Allen & Hamilton, 1997).
Insurance companies and producers are already taking advantage of the commercial
potential of the Internet by establishing websites (National Association of Insurance
Commissioners, 1998). The insurance industry “remade itself” in response to new issues
and new technologies (Insurance marketing issues). Commercial retail insurance
marketing differs from physical products marketing, as well as other financial services’
marketing (Nogueira & Oliveira, 2003). In banking, information technology investments
have enabled banks to rely more upon ATMs to carry out teller functions, and the lending
function has become standardized and automated to the point where far fewer loan officers
are needed to manage a portfolio of a given size (Wilhelm, 2001). The early empirical
evidence on the impact of the Internet on insurance prices is limited to a study by Brown
and Goolsbee (2002).
Robert P. Hartwig, president of the Insurance Information Institute, says rumors of
the insurance agent’s death have been greatly exaggerated. Online insurance shopping is
already a crowded space, which in addition to comparison portals includes the powerful
marketing arms (Robert P. Hartwig, 2015). As e-commerce becomes more fully integrated
into insurers’ business practices, it will provide researchers with opportunities to
empirically measure the extent to which e-commerce affects insurance costs and insurer
profitability (James R. Garven, 2002).
According to research published by cognizant, Business transformation calls for vast
and enduring change, which may require a complete overhaul of the way marketing is
conceptualized and executed. To be effective at digital marketing, carriers need to do more
than re-budget or re- allocate funds; they need to focus on how they can better reach the
right customers at the right moment with a message contextualized to them. While
everyone agrees that a one-size-fits- all approach is outdated, even traditional
segmentation and categorization approaches often fall short. To enjoy marketing success,
carrier efforts often need to be tailored to individuals rather than segments defined by
demography or life stage. For example, two similar-aged new parents may take a
completely different approach to researching and buying life insurance for their families.

39
4.2
Marketing Communication Marketing communication has a vital role in brand building
in the market.
Mass media advertising, personal selling, public relations, publicity and sales promotion
– are the various communication tools that a marketer generally uses to address the
communication problem which the brand faces in the market and as a part of product
promotion.
1.Advertising: This is the mass media method of marketing communication and provides
exposure to the largest, most geographically dispersed audience at the lowest cost per
head.
2.Direct Marketing: This marketing communication competency enables companies to
reach out directly To consumers without intermediary channels such as those required for
advertising.
3.Personal Selling: This is the most dreaded as well as the most expensive of all methods
in the marketing communication process.
4.Public Relations: This refers to how you handle your relationships and the flow of
information with your various “publics” or the people who have a stake in or are affected
by your business.
5.Sales Promotion This is the last traditional component of the marketing communication
mix that is discussed here as part of the marketing communication process.

Effective digital marketing techniques for private insurance companies The modern
Concept of Insurance Might Have Started in the 17th Century, but consumers and their
decision-making processes have changed drastically over time. Modern-day consumers,
with the power of the internet at their fingertips, are more informed now than ever before.
Prior to making a purchase decision, they extensively research various plans, read reviews
about different providers and ask their peers for recommendations. Insurance companies
need to adapt to this changing funnel and target their consumers at every stage of the
customer journey. Here’s how digital marketing for insurance companies can help brands
widen their audience and revamp their marketing strategies.

40
a. Cohesive brand message across channels Insurance companies in India today
largely operate in the offline space, both in terms of marketing and operations. When
transitioning to digital, companies need to ensure that their branding is cohesive on all
platforms. Having a uniform, strong brand image is crucial to improving recall value
among customers. All of your future communications, promotions and other
marketing activities will depend upon the brand image that your company creates.
b. b. Create a comprehensive & performance driven website When it comes to digital
marketing for insurance companies, a website is more than just a tool for branding.
While one of the most important uses of a website is to communicate your brand image
to your audience, it should also be a useful resource of information for them. When it
comes to making a decision about which insurance provider to partner with, customers
do so only after carrying out extensive research. The Customer Behavior and Loyalty
in Insurance Report by Bain & Company found that more than half of all insurance
holders choose a provider only after conducting research on digital platforms. Does
your website provide consumers with all the information they need to make a
decision?
c. Build thought leadership through content marketing Content marketing is
uniquely suited to the marketing needs of insurance brands. Choosing an insurance
provider isn’t a quick decision, nor is it a one-time process. Customers need to renew
their plans periodically; at which time they can even decide to switch providers.
Effective content marketing techniques can help you gain the trust of your audience
by establishing your brand as a thought leader in the field. When backed by Effective
SEO Strategies to increase organic traffic and help your content rank higher, content
marketing can be one of the most useful ways to reach a wider audience.
d. business services blog
Content marketing can take the form of blog posts, informative videos and how-to
guides. This can help engage with your Customers right from the awareness stage to
acquisition and finally the retention phase. When developing a content marketing
strategy, it’s important that you think from the perspective of your audience and Create
Content That They Will Actually Find Useful. The Blog by Sundaram Business
Services, for example, doesn’t just have information related directly to their services.
Instead, it caters to all related queries that their audience might have. In this way, your

41
 customers will be able to recall your brand when they need to choose an insurance
provider

E. Engage consumers actively on social media Social media isn’t commonly

associated with insurance brands, but it is as important for this segment as it is for any
other. There are currently around 240 million Indians on Facebook and this number is
only going to grow from here.
Insurance, on the other hand, hasn’t penetrated as far in India. Currently, only 20 Per
Cent of Women and 23 Per Cent of Men in The Country Are Covered by Health
Insurance. Social media is a powerful way to develop your brand identity and
consistently engage with your target audience. Through creative posts, digital
marketing for insurance can develop awareness of your product, while at the same
time, entertaining your audience.
F.social media campaign for insurance companies for Shriram life insurance, we
posted a series of quirky posts to highlight the importance of being protected with
insurance in an unusual way. This is an excellent example of how out-of-the-box
thinking can help social media campaigns for insurance companies gain excellent
results.
Digital Transformation of Insurance Industry
Opportunities and threats are often two sides of the same coin and it is especially true
in the current digital scenario. Customers are increasingly demanding in all aspects of
business- be it product, delivery or maintenance. The only way to move forward is to
continually enhance the customer experience. Insurance as a sector has been slow to
take on the digital world with the main emphasis still remaining on ground. However,
with customers demanding faster and error-free processes, digital disruption in the
sector is inevitable. It is for insurers to decide whether they will lead the disruption or
become one of its casualties.
a. Digital Transformation through re-inventing the purchase cycle
Customers are no longer buying insurance through a liner path. If acquiring a customer
is the first step for insurers, then retaining them is equally important because of a
dynamic and multidirectional purchase journey. Insurers need to invent a new model
surrounding the customer that’s more relevant to them.

42
 b. Digital Innovation in Distribution
Insurers are expected to immensely gain through the digital transformation of their
distribution process. It offers opportunities to seriously reduce operational costs and
improve efficiency by creating a holistic system with information and support across
all channels. As of now, digitalization can make way for companies by determining
which customer segment to effectively target and in customers’ post-purchase
experience.
c. Digital Channel for Sales
Digital insurance can significantly improve ROI by activating new channels for sales.
This can be done by creating a new digital brand or extending an existing brand,
generating online sales and achieving higher traditional sales. This is where real-time
data and analytics comes in useful to optimize the online sales funnel.
d. Innovations in Products/ Service
Customers are increasingly demanding and expect personalized interactions with
insurers via any device at any hour. Rich customer data can help in modelling a
behavior based pricing system that could further lead to more efficient products.
e. Digital-innovation-in-auto-insurance-products-and services
Insurers around the world are harnessing the power of digital to re-think their business
and build highly efficient models around the customer. Taking a customer eccentric
view of the organization, using creative strategies to connect and engage, and
innovating products, processes and experiences to enhance revenue is all part of digital
transformation.
The Digital Marketing Imperative: Key Strategies for Insurers to Target Today’s
Modern Insurance Consumer
Today’s insurance consumer shops across more digital channels, turns to social media
for recommendations, and uses mobile during the entire purchase journey. To address
the needs of these digitally savvy consumers, insurers must implement acquisition
strategies that span traditional, digital and mobile channels. Most insurance executives
realize they have to step up their digital investments, yet many remain unclear about
exactly where to start and how to proceed in organizing for digital innovation and
redesigning their processes. According to Bain’s Global Digital Insurance
Benchmarking Report, “many lack confidences in their ability to execute the digital
transition. Almost half of the companies do not believe they have set up an achievable

43
plan, because they are missing some key elements for the journey, such as a clear
vision, or compliance and risk processes.”

How Do Consumers Shop for Insurance?

Mobile and digital channels play a critical role during the insurance decision-making
process. Take a look at these key statistics that indicate the increasing importance of
having a digital strategy in place: 40% of insurance research time was spent on mobile
devices (smartphones, tablets) and 25% of study participants used mobile devices
exclusively in their research. Half of insurance buyers began their research on mobile
devices as well. (Mobile Path to Purchase research by Nielsen, xAd and Telemetric)
According to research by LeadSift, the number of social opportunities on social media
is a huge goldmine of untapped potential. In one month, the company uncovered 3.7
Million tweets about insurance, 23,401 social tweets about purchase intent, and a
dollar value of insurance opportunities on social media of $15 million. 71% of
consumers surveyed used some form of digital research before buying insurance (e.g.
price comparison or social media) and 26% of consumers surveyed bought their
policies online (e.g. web or via a mobile device) (PwC)
Target Insurance Consumers on Social Channels Reaching your customers and
prospects at the right moment and through the right channel is key to any business.
And social media is proving to fulfill this role for businesses across all industries. The
insurance industry is certainly no exception. Research by LIMRA, the world’s largest
association of life insurance and financial services companies, discovered that 93% of
life insurance companies had social media programs in place. Historically, insurance
isn’t known as being an industry that emotionally connects and interacts with
consumers. Yet, insurance covers very emotional events in a person’s life. Social
media is a powerful tool to create these customer connections and to engage with
consumers on a more personal level. When done correctly, social media can establish
your brand’s reputation as being customer focused, reputable, and trustworthy – all
important factors for consumers when deciding which competitor will win their
policy. Consumers also turn to social media when looking for information to help them
make a decision about which insurance carrier or broker to do business with. A study
by Accenture found that 48% of consumers would consider comments on social media

44
when making insurance-buying decisions. Additional research by Celent showed that
insurers stated marketing as being the top benefit of social media, followed by
customer service and new sales leads.
a. Focus on Educating Consumers
Many consumers don’t fully understand insurance. They know they need it, but
when it’s time to really dig into deductibles, coverage, premiums, liability and so
on, consumers don’t know the ins and outs. As an insurance professional, it’s your
job to educate them—and in doing so, find opportunities to gain loyal brand
advocates and new policyholders.
b. Insurance content marketing
Content marketing is one of the best ways to reach out to consumers and put your
brand front and center as they research across digital channels. But your content
must be informative and educational, not simply a sales pitch that will fall on deaf
ears. A consumer can go to your website to read about product details when they
reach that point of their purchase journey. The trick is to drive them there in the
first place with enough interest and intent to purchase.

45
 CHAPTER 5
DATA PRESENTATION, ANALYSIS & INTERPRETATION OF THE DATA
5.1 PRESENTATION OF INFORMATION IN TABULAR FORM, GRAPH
CHART. • Customer’s Information: 1) Age of the customers: Graph 5.1.1 Age of
respondents surveyed Sale

Fig. Gender ratio

The number of male candidates participated in the survey was around 62%

And the nymber of female candidates participated in the survey was around 38.5%

46
Interpretation:

As per the above graph we can see that, number of respondents between age group
below 18 Were 1%, between 18–24 age group were 60.6% and 24-30 age group
Were 38.5%.

Interpretation

Around 89% people are unmarried and 12% are married

Fig. Employment status

From all the responses the students were 81.7%, the percentage of people who are
looking for job were 10.6%

47
 Fig. Household monthly income

The people who are having their household income between 10k to 25k were 14.4%.

The people who are having their household income between 25k to 50k were 38.5%

The people who are having their household income between 50k to 1lakh were 9.6%

The people who are having their household income between 1 lakh and above were
8.7%

Fig. Monthly expenditure

The people who are having their monthly expenditure 17k to 18k were 24%.

48
The people who are having their monthly expenditure 17k to 18k were 24%.

The people who are having their monthly expenditure 17k to 18k were 24%.

The people who are having their monthly expenditure 17k to 18k were 24%.

Fig. Number of Earner

The number of earner for majority of people is 1 (60% of total population) And the
people having 2 number of earners were 24%

Fig. Educational qualification

71.2% have completed their bachelor’s degree and 26.9% have completed their
master’s degree

49
 Fig. Insured people percentage.

65.4% of the population were insured with life insurance policy,17.3% of the
population were not having insurance policy and they are not interested to take one
life insurance policy and 20.2% of the population were not having insurance policy
but they are interested to take one life insurance policy. 2% of the population had a
life insurance policy which get expired.

Fig. life insurance choice

50
51.9% of the population having term plan as a first choice for life insurance,29.8% of
the population were unaware of their life insurance type,9.6% were interested to invest
their capital in shares of companies

Fig. Insurance company preference

60% of the population were insured from LIC,5% of the population were insured from
SBI life insurance and 3% of the population were insured from hdfc life.

Fig. Reason for buying.

51
Reason for buying insurance for the 59.6% were it helps to secure their family in case
of death, Reason for buying insurance for the 26.9% were it helps to save for future
needs like children’s education, retirement planning.

Fig. influencer

45.2% people were influenced by the insurance agent to get insured, 33.7% people
were influenced by the electronic media to get insured, 17.3% people were influenced
by the friends and relatives to get insured.

Fig. marketing campaign

52
49% of the people are agreed on the fact that insurance companies are running their
ads on social media platform and around 34% people are agreed on the fact that
insurance companies are running their ads on television ads

Fig. factors to be considered while buying

High claim settlement ratio is the most important factor for the people to select
insurance policy.

53
5.2 ANALYSIS AND INTERPRETATION OF DATA

Life insurance industry spreads awareness with ‘Sabse Pehle Life Insurance’ campaign
This is the Indian life insurance industry’s first joint mass media campaign aimed at
increasing life insurance awareness in the country.

Life Insurance Council to launch Indian life insurance industry’s first joint mass media
campaign with the slogan ‘Sabse Pehle Life Insurance’. The campaign represents all
24 Indian life insurance companies with the aim to create a common narrative aimed
at increasing life insurance awareness in the country.

In India, while there is reasonable ownership of life insurance, the understanding of

true purpose of life insurance plans is quite low. There is a lack of awareness about
life insurance being the only financial instrument that provides protection to the
lifestyle of our families in case of any eventuality. The campaign stresses on the
importance of life insurance and why it should be a priority for every Indian. The
campaign slogan ‘Sabse Pehle Life Insurance’ urges Indians to first build a shield of
protection by securing their financial future and then build a robust financial plan.

Life insurance companies register 11.4 per cent growth in premium income in FY20
IBEF: April 28, 2020
India's life insurance companies witnessed 11.36 per cent growth in their collective
premium income at Rs 48.26 lakh crore (US$ 684.64 billion) during the fiscal ended
March 2020, as per the data from IRDAI. While in FY19, the 24 life insurance
54
companies' collective premium income stood at Rs 43.33 lakh crore (US$ 614.70
billion).
Although, LIC, the India's largest and the only state-owned insurer, posted a decline
in premium income at Rs 8.32 lakh crore (US$ 118.03 billion) during 2019-20, as per
the data from the Insurance Regulatory and Development Authority of India (IRDAI).
During 2018-19, LIC's premium collection reached Rs 10.74 lakh crore (US$ 152.36
billion).
The company’s market share stood at 82.76 per cent as of March 31, 2020.
The rest of the private sector players observed 22.53 per cent rise in their total premium
income at Rs 39.94 lakh crore (US$ 566.61 billion). In FY19, the overall income stood
at Rs 32.59 lakh crore (US$ 462.34 billion).
As of March 31, 2020, the combined market shares of all private sector life insurers
stood at 17.24 per cent
India's insurance industry is improving efficiency through the use of new-age
technology

55
5.3 FINDING OF THE STUDY
Following are the findings of the study:

o Established market position as one of the leading provider of insurance.

o They have very Experienced management team.

o Insurance rate of all product very low as compare to other competitors

o Insurance market is growing at faster growth.

o people prefer more high number so the demand of Shriram insurance is more

in market.

o In 2020 and 2021 Shriram life insurance are bestselling brand on

Maharashtra’s.

o Shriram life insurance is more reliable as compare to others.

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 CHAPTER 6

CONCLUSION AND SUGGESTION

6.1 CONCLUSION

Insurance digital marketing is one of the most effective ways for a local insurance agency to
compete with the national brands. It is the great equalizer – if you know the best ways to
incorporate digital marketing into your insurance agency marketing plan. This post addresses
5 strategies you should try right away. The answer is with a strong insurance agency marketing
plan that incorporates insurance digital marketing along with persistence. When you decide to
step up and get your agency a website and an online marketing strategy, you are taking the first
steps toward search engine wins and increased revenue flow. Although there are many paths to
success, there are a few key areas of online marketing that will help you come out on top. Doing
advertisements on the online platform or the digital platform, having a paid social media
campaign helps a lot of customers. And the most important thing, the insurance companies
should incorporate this into their business which will help them in raising their business
productivity. And the main motive should be grabbing the attention of more and more people
which can be nowadays done using online platform only.

57
58
6.2 Recommendation & Suggestions of the study

SHRIRAM LIFE INSURANCES digital marketing is one of the most effective ways for a local
insurance agency to compete with the national brands. It is the great equalizer – if you know
the best ways to incorporate digital marketing into your insurance agency marketing plan.

This post addresses 5 strategies you should try right away. The answer is with a strong
insurance agency marketing plan that incorporates insurance digital marketing along with
persistence.

When you decide to step up and get your agency a website and an online marketing strategy,
you are taking the first steps toward search engine wins and increased revenue flow.

Although there are many paths to success, there are a few key areas of online marketing that
will help you come out on top. Doing advertisements on the online platform or the digital
platform, having a paid social media campaign helps a lot of customers. And the most important
thing, the insurance companies should incorporate this into their business which will help them

in raising their business productivity. And the main motive should be grabbing the attention of
more and more people which can be nowadays done using online platform only.

59
60
6.3 Learning of the student through the project

The two months Summer Internship Project at Shriram life insurance was an altogether different
experience and was my small step to the corporate world. Professionalism is one thing which came in
my mind when I entered an organization like Shriram life insurance where all the employees are
always ready to guide and assist you if you are willing to work in a positive manner.
1. There are lot of new things that I learnt from the project. For example, the different dimension in
which the company works and the different parameters it uses to increase the efficiency of the overall
performance.
2. The project helped me to know the practical applicability of different software like MS Word, MS
PowerPoint, and MS excel.
3. After communicating with people who are at senior level, I understand the importance of being
4. Disciplined.
5. This project helped me get a deep knowledge about the topic chosen by me.

61
6.4 Contributions to The Organization-

1.Productivity
2.Positivity
3.Reliability
4.Creativity
5.Diplomacy
6.Marketability

62
REFERENCES -

BIBLIOGRAPHY-
www.shriramlife.com
https://www.ibef.org/industry/insurance
www.irdai.com
www.moneycontrol.com
https://www.joshmeah.com/insurance-marketing-strategies-for-the-new-age
https://www.agencynation.com/10-insurance-marketing-strategies-working-right-now/
https://www.marketresearchreports.com/insuranc

63
MVP’S IMRT NASHIK

Questionnaire on life insurance

hello friends as a part of my research paper, please help me by filling these form. your
response is valuable.
* Required

1. Email address *

2. NAME *

3. GENDER *

Mark only one

oval.

MALE

FEMALE

OTHER

Prefer not to say

64
4. AGE GROUP in years *

Mark only one oval.

BELOW 18

18-24

24-30

30-36

36-42

5. MARITAL STATUS *

Mark only one oval.

Married

Unmarried

Divorced

6. EMPLOYMENT STATUS *

Mark only one oval.

Looking for job

Homemaker

Student

Employed(Salaried)

Self-Employed (Business / freelance / others)

Retired

65
7. Household Monthly income * Mark only one oval. Less than Rs. 10,000/month

Rs. 10,000 – Rs. 25,000/month

Rs. 25,001 – Rs. 50,000/month

Rs. 50,001-Rs. 1 lakh/month

More than Rs. 1 Lakh / month

Would rather not say

8. Do you have your own house: *?

Mark only one oval.

Yes

No

Maybe

9. What is the highest degree you have completed? *

Mark only one oval.

High School (Matriculation/ 12th)

Bachelor’s Degree

Professional/Master’s Degree

Doctorate Degree

66
10. Please check the one that applies *

Check all that apply.

I have a life insurance policy (policies) currently

I do not have a life insurance policy now and do not intend

to get one

I do not have a life insurance policy now and intend to get

one later
I had a life insurance policy which has lapsed

I had a life insurance policy which has matured

11. If you have (had) an insurance policy, do you have (Tick most relevant) *

Mark only one oval.

Term plan

Endowment plan

Children's education plan

Unit-Linked Insurance Plan

Retirement Plan

Don’t know

Shares of companies

67
 12.Reason for buying Life Insurance Policy *

Mark only one oval.

To save for future needs like children's education/my retirement.

To save some amount regularly so that I do not spend it all.

It helps to secure the future of my family in case of death.

To save income tax.

The life insurance agents convinced me that I should take a policy.

Life insurance purchase was needed in order to get some

loans/services from the

Knowing the life insurance agent socially, I felt a social

obligation to invest in an insurance.

12. Who influenced you to get insured *

Mark only one oval.

Insurance agent
Electronic media
newspapers or
magazines
Friends or relatives

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 Insurance agent
Electronic media
newspapers or
magazines
Friends or relatives

13. How insurance companies are running their marketing campaign now a day *

Mark only one oval.

social
media
platforms
Television
ads
14. Newspapers
15. Insurance
16. agent’s other

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Forms

69