This presentation includes all the fatcs BCG matrix of lic porters model

1. MARKETING
STRATEGY

2. MARKETING STRATEGY

3. GROUP MEMBERS

Name:-

Roll No:-

ANSHU TIWARI
AYUSH DIXIT

2012098
2012005


Presented To:-
Prof.Mehul RAJA

5. INTRODUCTION OF LIC

1818: Oriental Life Insurance Company, the first life insurance
company on Indian soil started functioning.

1938: Earlier legislation consolidated and amended the Insurance
Act with the objective of protecting the interests of the insuring
public.

On September 1st, 1956 Life Insurance Corporation of India was
created, by an Act of Parliament, viz. LIC Act, 1956, with a capital
contribution of Rs 5 crore from the Government of India .
It is the largest life insurance company in India and also the
country's largest investor.

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It is fully owned by the Government of India. It also funds close to
24.6% of the Indian Government's expenses

6. BCG MATRIX OF LIC
Jeevan Saral
Jeevan Anand
Jeevan Sathi
Bima Bachat
Jeevan Tarang
Komal Jeevan
Jeevan Ankur
Money Back
Jeevan
Surabhi
Jeevan Amrit
Endowment Plus
Jeevan Shree
Child Career
Plan
Jeevan Ankur

7. BCG MATRIX SOLUTIONS OF LIC

Star:- The products which are already in star to maintain it the LIC should recall and
create and innovative adds for that same product in a new way so as to maintain in the
same category.

Dogs:- The products fall in dogs category it should be present and it should be
renovate with new terms & conditions and new policy should be present with the adds
on the same and then to present it with clients in newer ways with maximum profits for
the insurer due to which it can fall in ? category.

Cash Cow :- The product should be again come up with the newer terms &
conditions. With the higher commission rates for the agents. So that agents can sell
more products and then automatically the revenue will be increasing.

8. PORTERS 5 MODEL IN LIC

9. PORTER’S SOLUTIONS

If the competitors come up with the new plans of policy with lower price &
higher profits then its would be a little bit problem for LIC.

Bargaining power can be low if the LIC himself start insuring the companies as
well instead of taking a help of Munich Insurance.

LIC should maintain and work on its customer care service more efficiently and
treat the clients in proper & disciplined manner. So as to avoid the fear of
moving the clients.

Multiple of companies has multiple offers so the bargaining power is high so to
avoid it the LIC company should maintain and every now and then recall its
advertising, its branding its repositioning the target markets.

10. STP

Segmentation:- Middle Group Mostly
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Targeting:- 20 – 35 Years Age.

Positioning:- Endowment for 10 – 15
Term Insurance.
Also through Ads and Promotions.
Years.(Return)

11. PROBLEM STATEMENT


Problem :- Currently LIC is facing a huge problem in South Region.
Suggestion from my side



Increase the no. of Agents
Commission
Free health Insurance for 2-3 years and For the age group 20-35 yrs.

12. WORKING OF LIFE INSURANCE
AVOID
REDUCE
TRANSFER
Insurance deals with transfer of risk from the consumer to the provider.
Insurance works on a fundamental principle of pooling of risk

13. THE LIFE INSURANCE MIX
The
marketing
mix is
the
combination of marketing activities
that an organisation engages in so
as to best meet the needs of its
targeted market.
The Insurance business deals in
selling services and, therefore due
weight-age in the formation of
marketing mix for the Insurance
business is needed.
Product
 Price
 Place
 Promotion
 People
 Process
 Physical
Evidence


14. PRODUCT
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Auto Insurance  Credit Insurance
Home Insurance  Others:
 All-risk
Health Insurance
Insurance
Accident, Sickne
 Kidnap and
ss and
Ransom
Unemployment
Insurance
Insurance
 Legal expenses
Insurance
Casualty
 Locked funds
Insurance
Insurance
Life Insurance
 Pet Insurance
Property
 Travel
Insurance
Insurance
 Reinsurance
Liability
Insurance
PRICE


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Premium charged against the
policies. (Includes:
Mortality, Expenses, Interests)
Interest charged for defaulting
the payment of premium.
Commission charged for
underwriting and consultancy.

15. 3. PRICE

17. PLACE


Managing the Insurance
Personnel
Locating a Branch
PROMOTION
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Advertising and Publicity
Organisation of
Conferences and Seminars
Incentive to Policyholders
Exhibitions
Participation in fairs and
festivals
Mobile Publicity Van

18. PLACE

19. PEOPLE


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Training &
Development of
Employees.
Strong
Relationship
with
Intermediaries.
Use of IT for
efficiency, both
at staff and
agent level.
PHYSICAL
EVIDENCE
PROCESS

Customer friendly.

Speed and
accuracy in
payment.



Easy and
convenient
processing method.
Schemes catering
demand of
customers.
IT & Data
warehousing to
smoothen the
process flow
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Internet/Web
Pages
Brochures
Business Cards
Building &
Offices
Signage
Financial
Reports
Punch Lines
Employee’s
Dress Code

20. LIC OF INDIA MARKETING TRIANGLE
COMPANY
Internal
Marketing
SERVICE PROVIDER
Marketing
Triangle
External Marketing
CONSUMERS

21. LIC OF INDIA – FLOWER OF SERVICE
Payment
Billing
Safe
Keeping
information
Core
Consultation
Order
Taking
Exception
Hospitality

23. 4 – I‘S OF LIFE INSURANCE
Intangibility
Inseparability
Service
Inventory
Inconsistenc
y

24. STRENGTHS:


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Domestic image of HDFC supported by Prudential’s international image is
strength of the company.
Strong and well spread network of qualified intermediaries and sales person.
Strong capital and reserve base.
The company provides customer service of the highest order
WEAKNESS:


Heavy management expenses and administrative costs.
Low customer confidence on the private players.

25. OPPORTUNITIES:


Insurable population –According to ING only 10% of the
population is insure which represents around 30% of the insurable
population. This suggests more than 300m people, with the
potential to buy insurance, remain uninsured.
There will be inflow of managerial and financial expertise from
the world’s leading insurance markets. Further the burden of
educating consumers will also be shared among many players.

26. THREATS
Reorganization of PSU’s. The all PSU’s have
started to redefine their services to attract
customer’s attention.
 A few foreign Insurance companies have been
permitted to increase their number branches and
its entry has taken away some business of the
existing companies.


27. Porters five forces

28. media mix
Should Increase its Media Mix.

29. Promotion Mix
Should Increase its Promotion in Rural
areas

30. Conclution
Life insurance corporation of India (LIC) is the
biggest life insurance player in India Insurance
Industry.its strong brand backed by long experience
and well established network has helped it to remain
on the peak.
 LIC offers a very vast and huhge range of diversified
products catering to needs of various sections of
people in India. It offers individual solutions
considering their specific financial requirement and
risk profiles.
