A Study on the Promotional Strategies of Idbi Federal Life Insurance Co Ltd
A STUDY ON THE PROMOTIONAL STRATEGIES OF IDBI FEDERAL LIFE INSURANCE CO LTD 1. Abstract of the paper
The paper deals with the study of the promotional strategies of IDBI federal life insurance co ltd vis-à-vis its various competitors like LIC, SBI life, ICICI prudential, etc. The paper aims at the various promotional strategies adopted by the company to make information available, about its products, to its potential customers. The primary objective of the paper is to find out whether the current promotional strategies are effective enough in attracting customers, to find out what customers look for in a life insurance advertisement and to suggest the company as to what are the new sources through which it can advertise its products. The secondary objective is to find out whether the current marketing strategies are sufficient enough to capture the current market in the face of rising competition. The research methodology includes collection of primary data from people by interviewing them over phone, meeting them, getting their opinion through questionnaires, etc. as well as collection of secondary data from internet, published articles, books, research reports and other sources. A Questionnaire was designed to collect information from the respondents about the awareness of the brand IDBI Federal and the data analysis was based on the information collected through the questionnaire. Data analyses were done through graphical representation and excel tools. The limitation faced was that it was confined to one area due to travelling constraints and time constraints. Overall the project has tried to maintain an accuracy of data so that unbiased responses may be recorded which will give a true picture of the respondents’ opinion and help the company in taking a proper decision as to the promotional strategies of the company.
2. Company profile
IDBI Federal Life Insurance co Ltd (formerly known as IDBI Fortis Life Insurance) is a joint venture between
The paper deals with the study of the promotional strategies of IDBI federal life insurance co ltd vis-à-vis its various competitors like LIC, SBI life, ICICI prudential, etc. The paper aims at the various promotional strategies adopted by the company to make information available, about its products, to its potential customers. The primary objective of the paper is to find out whether the current promotional strategies are effective enough in attracting customers, to find out what customers look for in a life insurance advertisement and to suggest the company as to what are the new sources through which it can advertise its products. The secondary objective is to find out whether the current marketing strategies are sufficient enough to capture the current market in the face of rising competition. The research methodology includes collection of primary data from people by interviewing them over phone, meeting them, getting their opinion through questionnaires, etc. as well as collection of secondary data from internet, published articles, books, research reports and other sources. A Questionnaire was designed to collect information from the respondents about the awareness of the brand IDBI Federal and the data analysis was based on the information collected through the questionnaire. Data analyses were done through graphical representation and excel tools. The limitation faced was that it was confined to one area due to travelling constraints and time constraints. Overall the project has tried to maintain an accuracy of data so that unbiased responses may be recorded which will give a true picture of the respondents’ opinion and help the company in taking a proper decision as to the promotional strategies of the company.
2. Company profile
IDBI Federal Life Insurance co Ltd (formerly known as IDBI Fortis Life Insurance) is a joint venture between