Marketing Strategy of Hdfc Slic
MARKETING STRATEGY OF HDFC SLIC
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Summer Internship Project
1th April To 31st May 2010
Prepared By:
Rishi Uppal
PGDM (2009-2011): 09PGDM103
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Executive summary of project
A) Title of the project :- “Marketing strategy of HFC STANDARD LIFE INSURANCE CO.LTD.”
B) Objective of the project:-
HDFC Standard Life insurance Company was a strategic merger of HDFC(banking powerhouse in India) and Standard Life – largest insurer in the UK and is also the 28th largest company in the world. In India, the company is marketing life insurance products and unit linked investment plans. From my research at HDFC SLIC, I found that the company has a lot of competition from other private insurers like ICICI, Aviva, Birla Sun Life and Tata AIG. It also faces competition from LIC. To compete effectively HDFC SLIC could launch cheaper and more reasonable products with small premiums and short policy terms (the number of year’s premium is to be paid).
Insurance sector has become more dynamic and critical for thriving existence in today’s uncertain world. Selling insurance as a product is a lot difficult in practicality as it looks theortically. One has to get an insight into this field to resolve it.Working for such objective will definitely hone us and once accomplished it provides a great satisfaction of fulfillment. It also helps us to understand the real organizational problems, perceptions and challenges. This will add a very useful knowledge to our repertoire in the form of knowledge about the nitty-gritty of one of the most promising sectors in India i.e the banking and insurance sector.
C) Scope of the project:-
The scope of this project is analysis of marketing strategies of other insurance companies with HDFC’s marketing strategy and is limited to Indian sector.
D) Limitations of the project :-
❖ Insurance companies are
[pic]
Summer Internship Project
1th April To 31st May 2010
Prepared By:
Rishi Uppal
PGDM (2009-2011): 09PGDM103
[pic]
Executive summary of project
A) Title of the project :- “Marketing strategy of HFC STANDARD LIFE INSURANCE CO.LTD.”
B) Objective of the project:-
HDFC Standard Life insurance Company was a strategic merger of HDFC(banking powerhouse in India) and Standard Life – largest insurer in the UK and is also the 28th largest company in the world. In India, the company is marketing life insurance products and unit linked investment plans. From my research at HDFC SLIC, I found that the company has a lot of competition from other private insurers like ICICI, Aviva, Birla Sun Life and Tata AIG. It also faces competition from LIC. To compete effectively HDFC SLIC could launch cheaper and more reasonable products with small premiums and short policy terms (the number of year’s premium is to be paid).
Insurance sector has become more dynamic and critical for thriving existence in today’s uncertain world. Selling insurance as a product is a lot difficult in practicality as it looks theortically. One has to get an insight into this field to resolve it.Working for such objective will definitely hone us and once accomplished it provides a great satisfaction of fulfillment. It also helps us to understand the real organizational problems, perceptions and challenges. This will add a very useful knowledge to our repertoire in the form of knowledge about the nitty-gritty of one of the most promising sectors in India i.e the banking and insurance sector.
C) Scope of the project:-
The scope of this project is analysis of marketing strategies of other insurance companies with HDFC’s marketing strategy and is limited to Indian sector.
D) Limitations of the project :-
❖ Insurance companies are