A SUMMER TRAINING PROJECT REPORT ON MARKETING STRATEGY OF METLIFE INDIA INSURANCE CO. PVT. LTD.

By BHANU SHARMA Master of Business Administration (MBA) 4th Sem 2007-2009

{AFFILIATED TO M.D.UNIVERSITY}

SUBMITTED TO

SUBMITTED BY BHANU SHARMA ROLL NO

DECLARATION
I hereby declare that the project work entitled is an original and bonafide work done by me. This project is being submitted in partial fulfillment for award of degree of Master of Business Administration(MBA) from ZAD Institute of I.T & Management, Rohtak {Haryana}.

BHANU SHARMA

PREFACE
Progress is a continuous process. It is relative and absolute. We cant stop a certain destination and declare that target has been achieved and we need not go further. The summer training program is designed to give the future managers feel of the corporate happenings and work culture. These real life situations are entirely different from the stimulated exercise enacted in an artificial environment inside the classroom and it is precisely because of this reason that this summer training program is designed, so that the manager of tomorrow not feel ill in the case when the time comes to shoulder responsibilities. The summer training is a bridge between the institution and organization. Summer training program made us to understand how theoretical knowledge will be applied in the practical field. It was exactly in this context that I was privileged to join Met Life Insurance (No one US Insurance Company) on the 1nd of May 2009, as a summer trainee.. Met Life Insurance is known not only for its professional management, but also for its enlightened and progressive approach towards employee welfare and betterment of the society. The experience that I have gathered over the past two months has certainly provided me with an orientation, which, I believe, will help me shoulder any assignment successfully in future. During this period the report which I made was done after a deep,

comprehensive and full-fledged study and is based on my original research and investigation.

ACKNOWLEDGEMENT
This research in itself is an acknowledge to the inspiration, drive, technical assistance contributed to it by many individuals. This research work would have never been completed without the guidance and assistance that I received from time to time during the whole research process. I express my sincere gratitude and indebtness to (Mba Faculty) for giving me an opportunity to enhance my skill in the field of my project.

BHANU SHARMA MBA 4th Sem 2007-2009

INDEX
DECLARATION ACKNOWLEDGEMENT EXECUTIVE SUMMARY OBJECTIVES COMPANY PROFILE MANAGEMENT TEAM BEGIN STORY PRODUCT RANGE MARKETING STRATEGY RESEARCH METHODOLOGY HYPOTHESIS ANALYSIS FINDINGS SUGGESTION BIBILOGRAPHY

 QUESTIONARIES

OBJECTIVE
My objective in this training is the overall Marketing Strategy of MetLife India Insurance co. Pvt. Ltd. And try to find out its Whole Marketing Strategy compare with other insurance company through Questionnaires.

COMPANY PROFILE

With over 137 years of experience, the MetLife companies serve millions of customers in the Americas and Asia with one goal in mind to build financial freedom for everyone. The MetLife companies are a leader in group benefits that serve 88 of the top one hundred FORTUNE 500* companies, and provide benefits to 37 million employees and family members through its plans sponsors in the U.S. The MetLife companies are also ranked #1 in group life and #1 in commercial dental in the U.S. The MetLife companies are the number one life insurer in the U.S. with approximately US $2.8 trillion of life insurance in force. In India, MetLife was incorporated in 2001, and aims to differentiate itself through customized need based selling, simple and innovative products, and technology-backed service experience, to tread its path to build financial freedom for everyone

Board of Directors

Phone Nos. E-Mail Chairman: Mr. C. S. Rao 04023241273 04066820957 Fax : 04066823334 Whole-Time members: Mr.C.R. Muralidharan Member (Finance) 04066820965 Fax : 04066823334 04066820959 Fax : 04066823334 04066820958 [email protected] [email protected]

Mr.K.K Srinivasan

Member (Non-Life)

[email protected]

Mr.G.Prabhakara Member (Life)

[email protected]

Fax : 04066823334 Mr.R.Kannan Member (Actuary) 040-66820960 Fax : 04066823334 [email protected]

Part-Time Members: Sri Sunil Talati President Institute of Chartered Accountants of India P O Box No. 7100 Indra Prastha Estate NEW DELHI 110 002 Ph: 01130110400 (D) Reception Centre, Opp Victoria Garden, Bhadra, AHMEDABAD 380 001. Phone 07925506444, 25506477 [email protected] Bhartiya Samruddhi Finance Limited 5-1664/665/679
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[email protected]

Smt. Ela R Bhatt

Self Employed Womens Association (SEWA)

Sri Vijay Mahajan

Managing Director

3rd Floor, Surabhi Arcades, Troop Bazar, Bank Street Hyderabad, AP-500 001 Ph: 91-406661-8846 Dr Sanjiv Misra Secretary Ministry of Finance Dept of Expenditure North Block NEW DELHI 110 001 Ph: 91-011 2309 2929

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KARV Y

JEOJIT
DHANLAKHMI BANK

UTI BANK

MetLife

J & K BANK

MINI MUTHO OTTU

KARNATAKA BANK

WAY2 WEALT H

ORGANISATION STRUCTURE

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Partners of MetLife
1. UTI Bank 2. J & K Bank 3. KARVY 4. GEOJIT Securities 5. WAY2WEALTH 6. MINI MUTHOOTTU 7. DHANLAXMI BANK 8. KARNATAKA BANK

DETAILS OF THE PARTNER

1. UTI BANK

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UTI Bank was the first of the new private banks to have begun operations in 1994, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United Insurance Company Ltd. The Bank today is capitalized to the extent of Rs. 282.65 crore with the public holding (other than promoters) at 57.05%. The Bank's Registered Office is at Ahmedabad and its Central Office is located at Mumbai. Presently, the Bank has a very wide network of more than 578 branch offices and Extension Counters. The Bank has a network of over 2383 ATMs providing 24 hrs a day banking convenience to its customers. This is one of the largest ATM networks in the country. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.

2. J & K BANK
History Jammu and Kashmir Bank Limited was incorporated on 1st October, 1938 and commenced its business from 4th July, 1939 at in Kashmir (India). The Bank was the first in the country as a State owned bank. According to the extended Central laws of the state, Jammu & Kashmir Bank was defined as a govt. Company as per the provision of Indian

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companies act 1956. In the year 1971, the Bank received the status of scheduled bank. It was declared as "A" Class Bank by RBI in 1976 Today the bank has more than 500 branches across the country and has recently become a billion Dollar Company. Profile

Incorporated in 1938 as a limited company. Governed by the Companies Act and Banking Regulation Act of India. Regulated by the Reserve Bank of India and SEBI. Listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) 53 per cent owned by the Government of J&K. Rated "P1+" by Standard and Poor- CRISIL connoting highest degree of safety. Four decades of uninterrupted profitability and dividends.

3.KARVY KARVY, is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporates, comprising the who is who of Corporate India. KARVY covers the entire spectrum of financial services such as Stock broking, Depository Participants, Distribution of financial products like mutual funds, bonds, fixed deposit, Merchant Banking & Corporate Finance, Insurance Broking, Commodities Broking, Personal Finance Advisory Services, placement of equity, IPOs, among others. Karvy has a professional management team and ranks among the best in technology, operations, and more importantly, in research of various industrial segments.

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Karvy Computer share Private Limited is a 50:50 joint venture of Karvy Consultants Limited and Computer share Limited, Australia. Computer share Limited is world's largest -- and only global -- share registry, and a leading financial market services provider to the global securities industry. The joint venture with Computer share, reckoned as the largest registrar in the world, servicing over 60 million shareholder accounts for over 7,000 corporations across eleven countries spread across five continents. Computer share manages more than 70 million shareholder accounts for over 13,000 corporations around the world.

Karvy Computer share Private Limited, today, is India's largest Registrar and Share Transfer Agent servicing over 300 corporates and mutual funds and 16 million investors.

4. JEOJIT SECURITIES Mr. C.J. George and Mr. Ranajit Kanjilal founded Geojit as a partnership firm in the year 1987. In 1993, Mr. Ranajit Kanjilal retired from the firm and Geojit became a proprietary concern of Mr. C .J. George. In 1994, it became a Public Limited Company by the name Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd. (KSIDC), in 1995, became a co-promoter of Geojit by acquiring 24% stake in the company, the only instance in India of a government entity participating in the equity of a stock broking company. Geojit listed at The Stock Exchange, Mumbai (BSE) in the year 2000. In 2003, the Company was renamed as Geojit Financial Services Ltd. (GFSL). The board of the company consists of professional directors; including a Kerala government nominee with 2/3rd of the board
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members being Independent Directors. With effect from July 2005, the company is also listed at The National Stock Exchange (NSE). Geojit is a charter member of the Financial Planning Standards Board of India and is one of the largest DP brokers in the country.

Overseas Joint Ventures

Barjeel Geojit Securities, LLC, Dubai, is a joint venture of Geojit with Al Saud Group belonging to Sultan bin Saud Al Qassemi having diversified interests in the area of equity markets, real estates and trading. Barjeel Geojit is a financial intermediary and the first licensed brokerage company in UAE. It has facilities for off-line and on-line trading in Indian capital market and also in US, European and FarEastern capital markets. It also provides Depository services and deals in Indian and International Funds. An associate company, Global Financial Investments S.A.O.G provides similar services in Oman.

Doha Bank-Geojit in Qatar: Geojit has a tie up with Doha Bank

in Qatar, which offers capital market services from the India Desk.

5. WAY2WEALTH Way2Wealth is a premier investment consultancy firm that has been launched with the aim of making investing simpler more understandable and profitable for the investors. Insurance and mutual fund to equity and
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derivatives (on the national stock exchange) for the convince and benefit of it customers . Way2Wealth has over 40 easily accessible investment outlets spread across 20 major towns and cities in the countries

6. DHANLAKHMI BANK
Dhanalakshmi Bank was incorporated on 14th November 1927 by a group of enterprising entrepreneurs at Thrissur, the cultural capital of Kerala with a Capital of Rs.11,000/- and had only 7 employees. It became a Scheduled Commercial Bank in the year 1977. It has today attained national stature with 181 branches and 26 Extension Counters spread over the States of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal. The Bank serviced a business of Rs. 4223 crores as on 31.03.06 comprising deposits of Rs.2533 crores and advances of Rs.1690 crores. As at the end of March 2006, the Capital Adequacy Ratio of the Bank was 9.75% well above the mandatory requirement of 9%. The Bank made a net profit of Rs.9.51 crores for the year ended 31st March 2006. The Bank is techno savvy and has deployed technology widely as an instrument for enhancing the quality of customer service. It has introduced Centralised Banking Solution (CBS) on the Flexcube Platform for extending Anywhere/Anytime banking to its clientele through multiple delivery channels. The Bank has deployed CBS in 150 branches covering nearly 95% of total business. The Bank has set-up a state-of-the-art DATA CENTRE in Bangalore, to keep the networked system operational 24 hours a day and 7 days a week. The Bank lays stress on customizing services and personalizing relations. It has introduced in November 2005 an International Debit Card with tie-up with M/s Visa International. In another customer-friendly move, the Bank has joined CASHNET, the first independent nation-wide shared ATM network in India and the National Financial Switch (ATM network) of the IDRBT, promoted by Reserve Bank of India. By joining Cash net and NFS, our customers have been provided access to more than 14,000 ATMs in the

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country. The Bank has installed 63 networked ATMs thus far at centres of high banking activity. The Bank has introduced tele-banking in 50 branches and Internet banking in 84 branches. It has also put in place a Cash Management System (CMS) that provides speedier cheque collection through 59 branches. The Bank has put in place Real Time Gross Settlement (RTGS) System to facilitate large value inter-bank payments and settlements in real time online mode on a transaction-by-transaction basis. It is in the process of extending RTGS to customer transactions. The Bank has ventured into both life and non-life insurance. It is selling life insurance products of M/s. MetLife India, a renowned global player in this segment and non-life insurance products of M/s. Iffco Tokio, as their corporate agent. The Bank is also a depository participant of NSDL (National Security Depository Limited) offering Demat services through selected branches . With a view to making available value-added services to the NRIs, the Bank has set up NRI Boutiques (Relationship Centres) at 8 locations in the State of Kerala. The Bank has also plans to open specialized NRI branches with accent on quality of service and thrust on specialization at potential locations. As at the end of March 2006, the Bank had rupee drawing arrangements with 7 Exchange Houses in the Middle East. The Banks Industrial Finance Branch at Kochi and Corporate Office, Trichur have been accredited with certification under ISO 9001-2000. On the socio-economic front, the Bank is a leading player in dispensation of Micro Credit among Kerala-based Private Sector Banks. As at the end of March 2006, the outstandings under micro credit were Rs.55.63 crores. This involvement is part of the Banks objective to act as catalysts for the
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economic prosperity of the country. The Bank has recognized micro finance intervention as an effective tool for poverty alleviation and has streamlined the linkage between the Bank and Self Help Groups through 100 branches. The Priority sector advances of the Bank as at 31st March 2006 constituting 43.84% of net bank credit well above the RBI benchmark of 40%. The Bank is managed by a Board of Directors comprising professionals drawn from various walks of life with Mr A.D. Navaneethan as the Chairman and Sri P.S.Prasad as Managing Director & CEO.

7. KARNATAKA BANK
At Karnataka Bank, we understand that all customers are different in unique ways, which is why, regardless of the size of your business or your aspirations, we treat every one as individual and special. This means offering you choices, not only in relation to our products and services but also in the way you interact with us. We understand the changes in your lifestyle, recognize these changes and support you with a high standard of professionalism and service.

As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need - Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions.

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We believe in total quality at all levels. We have deployed the most modern information technology to deliver products & services for your benefit with an aim to develop an effective long-term relationship. But most of all, Technology is matched to your expectations of service, for today & for the future.

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Our Vision and Mission Build financial freedom for all through leadership in providing financial advice and building long-term relationships through innovative protection, accumulation and retirement products, robust underwriting processes and creating world-class customer service experience for our customers. We want to provide customers in India with world-class solutions for financial security, and in the process add significant value to our shareholders, associates and society.

Our Core Values

We lead through Innovation to offer world class and competitive products to our customers We build Long Term Relationships with our customers by creating a world class service experience through operational excellence and the innovative use of technology We create a Customer Centered and Result Focused Vision that inspires each one of our Associates and has their buy-in We are committed to creating a High Performance Organization by creating an environment that allows each one of our Associates to perform at their peak. As a result we will also be recognized as an Employer of Choice We are committed to Partnering with our internal and external Customers for mutual success We work with Integrity, Fairness and Financial Prudence in all our dealings keeping the interests of our Shareholders, Customers and Associates paramount
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BEGIN STORY

The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863, when a group of New York City businessmen raised $100,000 to found the National Union Life and Limb Insurance Company .The new company insured Civil War sailors and soldiers against disabilities due to wartime wounds, accidents, and sickness. In 1868, after several reorganizations and five difficult years, the company decided to focus on the life insurance business. A new company was chartered to sell "ordinary" insurance to the middle class. The founders chose the name because they had been most successful in New York City, or the "Metropolitan" District. This new venture also faced difficulties. A severe business depression that began in the early 1870s rapidly put half of the 70 life insurance companies operating in New York State out of business. Only very large, longestablished ordinary life insurance companies remained strong. Policy lapses over successive years forced the company to contract until it reached its lowest point in the late 1870s. In 1879, MetLife President Joseph F. Knapp turned his attention to England, where "industrial" orworkingmen's" insurance programs were widely successful. American companies had not bothered to pursue industrial insurance up to that time because of the expense involved in building and

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sustaining an agency force to sell policies door to door and to make the

weekly collection of five- or ten-cent premiums By importing English agents to train an American agency force, MetLife quickly transferred successful British methods for use in the United States. By 1880, the company was signing up 700 new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs, and the new program proved immediately successful.

The MetLife agent became an important person in the lives of these striving families. Manuals instructed agents to call at a home at the same time each week to ensure familiarity and contact. In the process of collecting premiums, insurance agents listened to the problems, concerns, and hopes of their clients. So successful was this approach that by 1909, MetLife became the nation's largest life insurer in terms of insurance in force, a leadership position we continue to hold today in North America

TYPES OF POLICIES
1. Endowment Policies

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2. Group Insurance 3. Joint Life Insurance Policies 4. Loan Cover Term Assurance Policies 5. Money back Policies 6. Pension Plan 7. Term Life insurance Policies 8. Unit linked Insurance Plan ( ULIP ) 9. Whole Life insurance Policies

1. Endowment Policies
An endowment policy covers risk for a specified period, at the end of which the sum assured is paid back to the policyholder, along with the bonus accumulated during the term of the policy. An endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore, it is more of an investment than a whole life policy. Endowment life insurance pays the face value of the policy either at the insured's death or at a certain age or after a number of years of premium payment. Endowment policy is an instrument of accumulating capital for a
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specific purpose and protecting this savings program against the saver's premature death.

2. Group Insurance
Group insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, weaker sections of society, etc. It also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost. Group insurance plans have low premiums. Such plans are particularly beneficial to those for whom other regular policies are a costlier proposition. Group insurance plans extend cover to large segments of the population including those who cannot afford individual insurance. A number of group insurance schemes have been designed for various groups. These include employer-employee groups, associations of professionals (such as doctors, lawyers, chartered accountants etc.), members of cooperative banks, welfare funds, credit societies and weaker sections of society.

3. Joint Life Insurance Policies

Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policyholders, apart form covering risks like all life insurance policies. But joint life policies are categorized separately as they cover two lives simultaneously, thus offering a unique advantage in some cases, notably, for a married couple or for partners in a business firm.

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Under a joint life policy the sum assured is payable on the first death and again on the death of the survivor during the term of the policy. Vested bonuses would also be paid besides the sum assured after the death of the survivor. If one or both the lives survive to the maturity date, the sum assured as well as the vested bonuses are payable on the maturity date. The premiums payable cease on the first death or on the expiry of the selected term, whichever is earlier.

4. Loan Coverage Term Assurance

Loan cover term assurance policy is an insurance policy, which covers a home loan. Such a policy covers the individual's home loan amount in case of an eventuality. The cover on such a policy keeps reducing with the passage of time as individuals keep paying their EMIs (equated monthly instalments) regularly, which reduces the loan amount. This plan provides a lumpsum in case of death of the life assured during the term of the plan. The lump sum will be a decreasing percentage of the initial sum assured as per the policy schedule. Since this is a non-participating (without profits) pure risk cover plan, no benefits are payable on survival to the end of the term of the policy.

Various insurance companies offering loan repayment protection insurance policy are HDFC Standard Life Insurance Tata AIG ING Vysya LIC MetLife

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5. Money Back Policies

Money back policy provides for periodic payments of partial survival benefits during the term of the policy, as long as the policyholder is alive. They differ from endowment policy in the sense that in endowment policy survival benefits are payable only at the end of the endowment period. An important feature of money back policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money-back components. The bonus is also calculated on the full sum assured.

6. Pension Plan
A pension plan or an annuity is an investment that is made either in a single lump sum payment or through installments paid over a certain number of years, in return for a specific sum that is received every year, every half-year or every month, either for life or for a fixed number of years. Annuities differ from all the other forms of life insurance in that an annuity does not provide any life insurance cover but, instead, offers a guaranteed income either for life or a certain period. Typically annuities are bought to generate income during one's retired life, which is why they are also called pension plans. By buying an annuity or a pension plan the annuitant receives guaranteed income throughout his life.

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He also receives lump sum benefits for the annuitant's estate in addition to the payments during the annuitant's lifetime.

7. Term Life Insurance Policies

Term life insurance policy covers risk only during the selected term period. If the policyholder survives the term, the risk cover comes to an end. Term life policies are primarily designed to meet the needs of those people who are initially unable to pay the larger premium required for a whole life or an endowment assurance policy. No surrender, loan or paid-up values are granted under term life policies because reserves are not accumulated. If the premium is not paid within the grace period, the policy lapses without acquiring any paid-up value.

8. Unit Linked Insurance Plan

Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time. ULIP provides multiple benefits to the consumer. The benefits include: Life protection Investment and Savings Flexibility
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Adjustable Life Cover Investment Options Transparency Options to take additional cover against Death due to accident Disability Critical Illness Surgeries Liquidity Tax planning

9. Whole Life Insurance Policies A whole life policy runs as long as the policyholder is alive. As risk is covered for the entire life of the policyholder, therefore, such policies are known as whole life policies. A simple whole life policy requires the insurer to pay regular premiums throughout the life. In a whole life policy, the insured amount and the bonus is payable only to the nominee of the beneficiary upon the death of the policyholder. There is no survival benefit as the policyholder is not entitled to any money during his / her own lifetime.

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PRODUCT RANGE
No one can give you all the answers when it comes to dealing with life's ups and downs. But we can certainly equip you to deal with life better. Please find below the various products offered by MetLife to suit your specific need: Accumulation

Whole Life Policy Met 100- Limited Pay Whole life Non - Participating Met 100- Limited Pay Whole life Participating

Endowment Policy MET Suvidha

Money Back Policy Met Sukh Money Back Non Participating Met Bhavishya

Multi Purpose Met Ultimate Met Smart Plus Met Smart Premier Met Smart Plus - Single Pay Met Smart Premier - Single Pay

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Protection Met Suraksha - TROP Met Suraksha - TA Met-Mortgage Protector SP/Limited pay(MRTA)

Retirement MET Pension - Participating Deferred Annuity MET Advantage Plus

Add Ons Accidental Death Benefit (ADB) Term Rider Waiver Of Premium Critical Illness

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PRODUCT ANALYSIS

Accumulation
Worldwide, accumulation products help our customers invest wisely and enjoy benefits during those important phases of life be it their childrens education, marriage or buying a house. In addition to providing risk coverage. MetLife's accumulation products are ideal for those who like to avail of life cover as well as investment benefits. The following policies are available under the accumulation plans:

Whole Life Policy Endowment Policy Money Back Policy

Multi Purpose Met Ultimate

Your needs in life keep changing with time. There is no reason to keep buying new insurance products to keep pace with your changing responsibilities. Now all you need is the convenience of Met Ultimate , the participating Universal Life Insurance Plan. Met Ultimate is an insurance plan that keeps evolving to suit every stage of your life. It is a plan that covers you till age 100, with an investment plan linked to guaranteed as well as market interest rates.

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Met Smart Plus & Met Smart Premier Unit-Linked Life Insurance Plans (Non-Par) You want to protect your family from lifes uncertainties; at the same time, you wish insurance would yield higher returns on your investments. You want your insurance policy to help realize all your dreams. Met Smart Plus & Met Smart Premier is our answer for your quest. Met Smart Plus & Met Smart Premier are transparent, Unit Linked whole life plans that mature at the age 100. The premium you pay is used partly forinsurance cover and the balance is invested in funds to buy units. Met Smart Plus - Single Pay & Met Smart Premier - Single Pay Unit-Linked Life Insurance Plans (Non-Par) At times, you feel the need for a plan that offers you more that just protection. A plan that makes your money work that extra bit for you. And offers you an excellent balance between wealth creation and protection. Presenting Met Smart Plus Single Pay and Met Smart Premier Single Pay. All it needs is a single payment in return for a lifetime of your familys protection.

Protection
Protection plans, as the name implies, protects your loved ones against liabilities that might be left out, should something unfortunate happen to you. For instance, if you have a home loan pending, Protection Plans pay off the balance amounts on your demise and lets them enjoy the asset. MetLife has a comprehensive plan that allows you to provide that allimportant shelter for your family against lifes uncertainties.

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MET Suraksha - TROP

The most important things in life are inexpensive. If you think precious life cover costs the earth, think again. Met Suraksha, a non participating term assurance plan, offers cover for a large sum assured at rates that are very economical. Met Suraksha is an invaluable protection at a not-so-valuable cost. MET Suraksha - TA The most important things in life are inexpensive. If you think precious life cover costs the earth, think again. Met Suraksha, a non participating term assurance plan, offers cover for a large sum assured at rates that are very economical. Met Suraksha is an invaluable protection at a not-so-valuable cost. Met-Mortgage Protector Single Pay / Limited Pay (MRTA) Met-Mortgage protector Single Pay / Limited Pay is specially designed to protect your dependents against the liabilities incurred on a housing loan. Available in terms of 5 through 25 years, the Met Mortgage Limited pay version continues even after the premium paying term is over.

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Retirement
There's a day in all our lives that we look forward to with anticipation and some anxiety too - the first day of retirement. A time when finances are crucial. A time when you want to be sure that you are financially independent and secure. MetLife has comprehensive plans that allow you to build a fund to enjoy financial security on retirement.

MET Pension (Par) gives you a friendly helping hand so you can be s, eight annuity options, and much more plan, Met Advantage Plus comes with six investment option

ADDS ON
At MetLife, we want our customers to get maximum out of their lives. Be it in terms of making their dreams come true or getting the best out of their insurance plan. With this in mind, we created MetMore, which allows you to customize your life insurance plan. So that it can be tailored to meet the unique needs of you and your family members. MetMore offers you a choice of riders, which are optional contracts that allow you to enjoy additional benefits. They are always attached to the basic policy at the time of purchasing it, and cannot be bought separately or independently. Each rider comes with its own premium rates and separate policy conditions. The premium, nature and characteristics of the rider are based on the base policy to which the rider is attached. So go on, get more out of life.

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Here are all the riders you can choose under MetMore

Accidental Death Benefit Term Rider Waiver of Premium Critical Illness

INTRODUCTION TO MARKETING STRATEGY

Marketing strategy as a key part of the general corporate strategy A marketing strategy is most effective when it is an integral component of corporate strategy, defining how the organization will engage customers, prospects and competitors in the market arena for success. It is partially derived from broader corporate strategies, corporate missions, and corporate goals. They should flow from the firm's mission statement. They are also influenced by a range of microenvironmental factors.

Marketing strategy and sectorial tactics and actions A marketing strategy also serves as the foundation of a marketing plan. A marketing plan contains a set of specific actions required to successfully implement a marketing strategy. For example: "Use a low cost product to attract consumers. Once our organization, via our low cost product, has established a relationship with consumers, our organization will sell additional, higher-margin products and services that enhance the consumer's interaction with the low-cost product or service." A strategy consists of well thought out series of tactics. While it is possible to write a tactical marketing plan without a sound, well-considered strategy,
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it is not recommended. Without a sound marketing strategy, a marketing plan has no foundation. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives[3]. It is important that these objectives have measurable results. A good marketing strategy should integrate an organization's marketing goals, policies, and action sequences (tactics) into a cohesive whole. Many companies cascade a strategy throughout an organization, by creating strategy tactics that then become strategy goals for the next level or group. Each group is expected to take that strategy goal and develop a set of tactics to achieve that goal. This is why it is important to make each strategy goal measurable. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics. Types of marketing strategies Every marketing strategy is unique, but if we abstract from the individualizing details, each can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:

Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies: o Leader o Challenger o Follower Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firms sustainable competitive advantage. o Cost leadership o Product differentiation o Market segmentation

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Innovation strategies - This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types: o Pioneers o Close followers Late followers Growth strategies - In this scheme we ask the question, How should the firm grow?. There are a number of different ways of answering that question, but the most common gives four answers: Horizontal integration Vertical integration Diversification Intensification

A more detailed schemes uses the categories: Prospector Analyzer Defender Reactor
o

Marketing warfare strategies|Warfare based strategies- This scheme draws parallels between marketing strategies and military strategies

There are only three marketing strategies needed to grow a business: (1) Increase the number of customers (2) Increase the average transaction amount, and (3) Increase the frequency of repurchase. Every marketing strategy should be measured by it's ability to directly impact and improve upon each of these three factors. Increasing only one factor will produce linear business growth. Increasing all three factors will produce geometric business growth.

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Marketing Strategy #1. Increase the number of customers Increasing the total number of customers is the first step most business owners and managers take to grow their business.

Losses can occur when inexperienced sales personnel are put in charge of designing and implementing a marketing program - investing corporate resources to find more customers. Executed correctly, basic marketing strategies cost efficiently produce new prospects who are ready, willing and able to buy products or services. The main purpose of a marketing strategy is to give sales personnel prospects to convert into paying customers. Rewarding existing customers for referring new ones is one easy step business owners can take to increase their total number of customers.

Marketing Strategy #2. Increase the average transaction amount Owners and managers spend most of their time operating their business and searching for new customers. They often overlook the customers they see regularly. These repeat customers are usually taken for granted and left to conduct entire transactions without ever being asked if they would like to buy more product or service.

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Complacency, expecting customers to buy a minimum amount of product or service without ever being asked to buy more, can be the undoing of a business. This attitude can eventually cause customers to spend less money. Customers who arent continuously offered compelling reasons to keep buying more of the same products and services from one business will look for new reasons to buy from another. Cross selling and upselling, systematically offering customers more value via additional products or services at the point of sale, are two simple steps business owners can take to increase their average transaction amount. Marketing Strategy #3. Increase the frequency of repurchase In an established business, an average customer purchasing pattern develops and (like the average transaction amount) is usually taken for granted and rarely improved upon. A customer's repeat business is earned by the business who gives the customer what they want. Without having basic marketing strategies or processes for consistently offering customers more of what they want, repeat business is earned less frequently. Frequently communicating news and offers to past and present customers via telephone or mail generally increases their frequency of repurchase and is one more step owners can take to grow their business. To learn more about Tim Cohn's Thesis In Marketing Strategies, Basic Marketing Strategies or to get 101 Marketing Strategies visit the Marketing Strategies Catalog section of this site.

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Research Methodology
Under Methodology, we would study the following OBJECTIVES OF THE STUDY ASSUMPTIONS TAKEN HYPOTHESIS TAKEN UP RESEARCH FRAMEWORK and METHODS USED UNDER THIS LET US DEAL WITH THEM ONE BY ONE.

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Objectives Of The Study 1. To obtain a general understanding of the marketing strategies adopted by an insurance company. 2. To analyze the strategies of MetLife Insurance company. and to ascertain the relationship between effectiveness of the strategies and profitability. 3. To obtain the brand awareness and Promotion of the company

Assumptions 1. The time frame of all marketing strategies and Public Relations procedures is fairly long and they are not implemented for short term selling only. 2. It is taken into consideration that there exists a positive correlation between the various marketing strategies of the company. 3. MetLife Insurance company Pvt. Ltd. is a renound name in the insurance sector. At times it is the name or the goodwill that sells rather than the actual product features.

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Hypothesis 1. The marketing strategies of MetLife Insurance company pvt. Ltd. have a direct bearing with the perception of the products or service in a consumers mind. 2. Marketing strategies practices have highest influence on profitability in comparison to other aspects and factors.

Research frame The study involved an analysis of the marketing strategies and public relations practices of a leading newspaper daily. As the thesis project tried to establish a relationship between the marketing strategies, Promotion of the company, Its Brand marketing, consequences in terms of profitability, the framework for the research was chosen to be EXPLORATORY in nature. Exploratory research is that part of the overall market research, which is used to discover something new. Normally in any case there can be a number of opportunities or possible problems and it is impractical to study each of them. Exploratory research in such a case is very useful to find out the most likely alternatives. These alternatives are then turned into hypothesis. Hypotheses are tentative and logical answers to questions that serve as guides for most research projects. The various means of going about or executing exploratory research are Survey of knowledgeable person Case study This thesis report is largely based on Survey of knowledgeable persons and Survey of knowledgeable persons. The case study method could not be

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applied to a very great extent due to the intricacies involved and hence its role was limited.

Methods Used Under This Study

1. SURVEY OF KNOWLEDGEABLE CUSTOMER This pertains to the collection of data from a primary source. People those who have MetLife Policies and those people who have other company policies. About the product of MetLife. Its brand awareness.

DEPTH INTERVIEW A larger part of the information was collected using this method. Although there was a proper formal questionnaire for the customer either MetLife or any other company , the interview with Sales Manager of the company was a more flexible one. This helped in obtaining facts and data that would not have been obtained otherwise.

PRIMARY DATA Lucky enough to be a part of MetLife Insurance Company, myself it was easy to meet with the Sales Manager 1. Vipin Balian ( Sales Manager ) 2. Somdutta ( Sales Manager )

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2. SEARCH OF SECONDARY DATA Probably the quickest and the most economical way of finding possible hypothesis to take advantage of others work and utilize earlier efforts. Secondary data gives one a n already built platform to work on. A large volume of basic research is reported in professional and trade journals and these sources are maintained in public libraries, newspapers, , and government documents. Specifically speaking, this method is most convenient for students and is also the most economical. Constraints of cost time and also overall research tools and resources make this method most dependable. While doing this project on MetLife India Insurance Company Ltd. the secondary data was collected from:

1. INTERNET www.google.com www.metlife.co.in www.metlife.com http://en.wikipedia.org/wiki/Marketing_strategy

2. MAGAZINES & NEWSPAPERS BUSINESS TODAY TIMES OF INDIA BUSINESS LINE ECONOMIC TIME

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ANALYSIS
1. Life insurance corporation control 79 % of Insurance market Delhi And NCR regions where as MetLife is fastly emerging and its rank is now 9th and its growth rat is 146% . 2. Maximum policies are brought by the age group of 30-40 followed by 25-30 AGE GROUP 30-40 25-30 20-25 30-35 40-45 45-50 50(ABOVE STAKE .30 .18 .16 .12 .10 .10 .04

3. The role of channel of in information in insurance has a significant part to play. The public perception in long term investment giving low returns need to be changed as per my studies the maximum reach in the market is through advisors /insurance agents which almost has 40% reach stake .The second most reachable channel of information is Friends and relatives which contributes 25% TV/Media holds 30% and brokers investment agent has 5% stake in the channel through which information about insurance about insurance is disseminated. 4. The customers preferences amongst attributes of service and credibility is slightly more towards credibility as 51% persons has
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preference at credibility where as rest 49% preferred services over credibility. 5. The customer preferences amongst the four attributes of investment in insurance viz Investment ,saving for future ,risk cover & tax saving is as below Order First preference Second preference RISK COVER SAVING FOR 1 FUTURE TAX SAVING RISK COVER 2 SAVING FOR TAX SAVING 3 FUTURE INVESTMENT INVESTMENT 4 Third preference Fourth preference INVESTMENT

INVESTMENT TAX SAVING TAX SAVING SAVING FOR FUTURE RISK COVER RISK COVER SAVING FOR FUTURE

6. Results drawn on the basis of likert scale rating method gave

Following conclusions :(1) As far as service is concerned MetLife Insurance is the best service provider Closely followed by LIC and ICICI Prudential. The excellent customer perception about service of MetLife insurance is due of its Bank partner, which has been the best service provider among private and Public sector banks in India. (2) In terms of accessibility LIC is No. one followed by MetLife is No.9 in Life Insurance Company, the accessibility of LIC can be attributed to the vast network of its agents operating in life insurance services in the
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country. MetLife swiftly gaining ground due of enhanced network of distribution (Branches) and insurance agent/advisor. Company has 53 branches and a advisor force of 50000 persons.

(3) The credibility of LIC is far better than all other insurance companies operating in India. The reason behind the high credibility of LIC is due of its being a public sector undertaking apart it is the oldest life insurance company operating since 1955 in India.

Customer Preferences Of Following Attributes In Buying Life /General Insurance (a) Investment (b) Saving for future (c) Risk cover (d) Tax saving

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PREFERENCES
FIRST ATTRIBUTES INVESTMENT SAVING FOR FUTURE RISK COVER TAX SAVING 15 25 20 40 SECOND 20 30 17 33 THIRD 30 23 13 24 FOURTH 35 27 50 3 TOTAL 100 100 100 100

50 40 30 20 10 0 Investment Shaveing for future Risk Cover Tax Shaveing

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CUSTOMER PREFERENCES
1. 2. 3. 4. Risk Cover Tax Shaving Investment Shaving for Future

MARKET SHARE OF DIFFERENT INSURANCE COMPANIES IN DELHI AND NEAR BY REGION :SIZE OF UNIVERSE 13,00,000 SAMPLE SIZE 100 COMPANIES LIFE INSURANCE CO. ICICI PRUDENTIAL BAJAJ ALLIANZ BIRLA SUN LIFE KOTAK MAHINDRA METLIFE HDFC PROFILE PUBLIC SECTOR PRIVATE SECTOR PRIVATE SECTOR PRIVATE SECTOR PRIVATE SECTOR PRIVATE SECTOR PRIVATE SECTOR SAMPLE BELONGING TO 70 10.2 7 4 0.8 3.0 5.0

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LIFE INSURANCE CO. PUBLIC SECTOR ICICI PRUDENTIAL PRIVATE SECTOR BAJAJ ALLIANZ PRIVATE SECTOR BIRLA SUN LIFE PRIVATE SECTOR KOTAK MAHINDRA PRIVATE SECTOR METLIFE PRIVATE SECTOR HDFC PRIVATE SECTOR

MARKET SHARE

7% 4%1%3% 10%

5%

70%

Insurance Company
LIC ICICI Prudential Bajaj Allianz HDFC Standard Life SBI Life Birla Sun Life Max New York Life` TATA AIG Aviva OM Kotak Mahindra ING Vyasa Reliance MetLife

Market Share (Fig. in %)

71.44 11.35 7.06 2.37 1.81 1.49 0.98 0.79 0.89 0.86 0.57 0.37 0.24

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LIMITATION
The following limitation that is incurred to the researcher while making the project report: The first and the main is the time boundness. Because of the time boundness of the project the data is not much more relevant for the project. Along with the time boundness there is a mass area which was not captured with in the given time. The information which the researcher collected can be biased. Perception of the people are different so that the information should not be much more reliable. According to the needs of the people, people thinks differ from other.

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CONCLUSIONS
The study, which I conducted on the analysis of marketing strategy of MetLife Insurance India pvt. Ltd ., has been a great experience. As the objective was to examine the marketing and public relations departments of the leading Insurance Companies, the entire report has been an effort to do just that. The insight obtained has been helpful in understanding what happens in the industry. The Indian Insurance Industry which for long had been dominated by LIC is now coming of age, with the entry of new Insurance Companies entering the market and relaxed regulations providing a conducive environment for launching new products and services. Due to intense competition a wide range of services at the disposal of the customer, these Insurance Companies are now rethinking their Marketing strategies increase their market shares. Let us go in details of the various departments of marketing and advertising.

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FINDING
STRENGTH
Strong infrastructure. Backing from financial institution. MetLife insurance company is a joint venture between four bank and four financial institute. MetLife has 24% stake and the rest of 74% holding by the Indian partner Easy accessibility due to strong distribution network consisting of branches and bancassurance. Providing smart services all over the country. Availability if various product line (choices for customer) Trained and customer oriented staff. Maximum returns through various MMF fund investment plan. Proving a customer oriented investment option for persons Liquidity and flexibility of investment. Better customer care services in comparison to other life insurance companies. More relaxation on paying of premiums. Minimum penalty and foundations on paying of premium.

WEAKNESS
Lack of brand image Promotion of the company is not good Few financial Advisors comparable with LIC and ICICI Pru. Number of offices are Less
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SUGGESTION
The rapid increase in competition and the never ending launches of new products and services describe the insurance sector of today. This transformation has been because in order to attract a share of the financial market and to increase it over time, the companies are coming out with strategies that are novel in nature. Tailor made schemes for niche segments of the society are an attempt in this direction. However this is not the end of road. They should strive for introducing new products and services and at the same time updating the old ones. Problem posed by bouncing of cheque (difficulty in cheque clearance). Stringent terms and condition of insurance policies. Insurance is product of solicitation. Unavailability of MetLife Insurance branches in small cities, towns and rural area. High amount of base premium. Fear of policy lapse on not paying premium on right time. Lack of faith amongst low income group customers. Unit linked plans do not assure fixed returns. Entry of global and national players in to life insurance sector poses danger of greater competition and realignment of life insurance market. Company should spent more in advertising Company should expand their branches Company should recruit more and more Financial Advisors

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BIBILOGRAPHY
BOOKS

PHILIP KOTLER MARKETING MGMT ANALYSIS TECHNIQUES AND CONTROL

PLANNING

C.R.KOTHARI RESEARCH METHODOLOGY HAWKINS MARKETING RESEARCH COOPER MARKETING RESEARCH CUSTOMER BEHAVIOUR METLIFE PRODUCT MODULE

WEBSITES www.metlife.co.in www.metlife.com www.google.com

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QUESTIONAIRE
1. Name ____________________________ 2. Age Group (Tick appropriate One) 20-25 25-30 3 0-35 45-50 50(Above) 3. Sex Male Female

35-40

40-45

4. Do You Have any Life Insurance Policy (If Yes , Mention It) ?

5. Under which company policy you are taken ? (Mention the company name)

6. Which Policy you are taken ? a. ULIP b. Others 7. Do you heard about MetLife Insurance Company ? a. yes b. no 8. From Where Did You Come To Know About MetLife? (A) T.V / Media (C) Insurance Agents/Advisor Agent/Brokers 9. Have you seen MetLife advertise ? ( If yes ) a. T.V c. Magazine b. Newspaper d. Others (B) Friends /Relatives (D) Investment

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10. Do you have any relative or friend who have any police of MetLife? a. yes b.no

11.which insurance company advertise you can easily find ? ( Mention the company name)

12. Do You know about the benefits of being the advisor of a insurance company? (A) yes (B) No

Address Phone No. ____________________________________ ____________________________________ ____________________________________

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