3C Report

On IDBI Federal Life Insurance Co Ltd

By
Ankita Sahu.
 3C model
The 3Cs Model is an industry model, which offers a strategic look

at the factors needed for success. It was developed by Japanese

organizational theorist Kenichi Ohmae.

The 3Cs model points out that a strategist should focus on three

key factors for success. In the construction of a business strategy,

three main elements must be taken into account:

The Company

The Customers

The Competitors

Ohmae refers to these key factors as the three Cs

or strategic triangle.

Customers have wants and needs. The company recognises these

and offers a basic product. To cater to their expectations and also to

differentiate from competitors, companies try to offer differentiated

products. Similarly, competitors attempt to offer differentiated

products to generate profits and growth.

 Company Analysis

COMPANY PROFILE
 IDBI Federal Life Insurance established in March
2008
 It received license from IRDAI in December 2007
 Headquarter Mumbai
 Govt. owned by 48%
 CEO- VIGNESH SHAHANE
 Industry Life Insurance
 Type Joint Venture
 Number of employee1941 employees on-roll over
10000 Agents
IDBI Federal Life Insurance Co Ltd. is a three way joint-venture of IDBI Bank, an
Indian development and commercial bank; Federal Bank, one of India’s leading[
private sector banks and Ageas, a multinational insurance giant based out
of Europe.

IDBI Federal distributes its products through a multi-channel network

consisting of Insurance agents, Banc assurance partners (IDBI Bank, Federal
Bank) Direct channel, and Insurance Brokers.
 IDBI Fortis life insurance co ltd officially began its operations in March 2008
in august 2008 the company collected the premium of over rs 100 crore
within a record time of five months.

In August 2010, the company was rechristened as IDBI Federal Life

Insurance Company. In 2012-13, it declared its maiden profits in record 5
years, thus was one of the fastest to do so in the industry. It yet again
clocked Rs. 80 crore profits for the financial year 2013-14 and has
maintained its profitable trajectory from there on.

IDBI Federal Life Insurance is a Joint Venture Among:-

IDBI BANK :-
corporate customer in all corners of the country offers a wide range of
innovative products and services India’s premier development and commercial
bank serving retail and through 1717 branches.

FEDERAL BANK :-
One of India’s leading private sector banks with a dominant presence in the
state of Kerala. It has a strong network of over 1247 branches serves more
than 4 million retail customer with a bouquets of financial products.

AGEAS :-
An European international insurance group with a heritage spanning 190
years and ranking among the top 20 insurance companies in Europe. Ages
has chosen to concentrate its business activity in Europe and Asia which
together constitute the largest share of the global insurance market. They
also focus on 4 segments: Belgium, UK, Continental Europe and Asia. Ages is
ranked among top 20 insurance companies of Europe.
 VISION AND MISSIONS :-

Vision

 To be the leading provider of insurance plans and add value to

peoples life.

Mission

 It strive to enhance customers experience.

 superior service delivery to the customers in the most

convenient and cost effective way.

Values of IDBI Federal Life Insurance :-

 Transparency
 Value to customer
 Rock solid and delivery on promise
 Customer friendly
 Profit to stakeholders

PRODUCTS OF COMPANY:-
IBID Federal has four major products which cater to the needs of Indian
customers. IDBI Federal products are :-

 Wealthsurance
 Incomesurance
 Childsurance
 Lifesurance

Wealthsurance
  One time premium payment
 Freedom to switch investment among funds
 Guaranteed loyalty additions to boost your investment
 Easy access to your investment through partial withdrawals
 Financial protection

Incomesurance
 Pay the premium for the first 7 years of the policy
 Guaranteed Annual payouts irrespective of market conditions
 Tax benefits under sec 80C AND SEC 10(10D)
 Protection of critical illness benefits
 Life cover
 Loan facilities

Childsurance
 Financial protection against uncertainty
 Guaranteed annual payouts for child’s milestones
 Bonuses to boost your savings
 Future premiums waived off in case of an unfortunate event
 Plan continues till maturity in unlikely event of death

Lifesurance

 Lumpsum payout at maturity

 Double protection- Accidental death benefit
 Tax benefit
 Bonuses to boost your savings

SWOT ANALYSIS OF IDBI FEDERAL LIFE INSURANCE

Strengths :
  Innovative products to cater needs of customer
 Strong capital and surplus reserve
 Domestic image of IDBI supported by federal image

Weakness:

 Customer Service Staff Need Training

 Poor Retention Percentage Of Tied Up Agents

Opportunities:

 There will be inflow of managerial and financial expertise from the

world’s leading insurance markets
 Demand for innovative products offering a right mix of
flexibility/risk/return

Threats:

 There private insurance companies also vying for the same uninsured
population.
 Legislation could impact and great risk involved
 Very high competition prevailing in the industry

Competitors Analysis
Competitor analysis in marketing and strategic management is a judgment of
strength and weakness of the competitors. Companies generally do this
analysis to understand the strength and weakness of their current and
potential competitors. This analysis provides both offensive and defensive
strategy to identify both opportunity and threats. Some of the main
competitors of IDBI federal are :

 LIC
  SBI life
 Star union dai- ichi life insurance
 Birla sun life insurance

TOP 3 COMPETITORS
1. Life insurance corporation of india (LIC)
Life Insurance Corporation of India (LIC) is an Indian state-owned insurance
group and investment company headquartered in Mumbai. It is the largest
insurance company in India with an estimated asset value of ₹2,529,390
crore (US$370 billion)(2016). As of 2013 it had total life fund of
₹1,433,103.14 crore and total number of policies sold coming in at ₹367.82
lakh that year (2012-13).
The Life Insurance Corporation of India was founded in 1956 when
the Parliament of India passed the Life Insurance of India Act that
nationalised the private insurance industry in India. Over 245 insurance
companies and provident societies were merged to create the state owned
Life Insurance Corporation
Products offered by LIC
 New jeevan Anand
 LIC Single Premium Endowment Plan
 LIC’s New Jeevan Rakshak

2. Star union dai- ichi life insurance

Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture (JV)
of Bank of India, Union Bank of India and Dai-ichi Life, a leading life
insurance company of Japan.

Dai-ichi Life is the second largest life insurance company of Japan and is one
of the top ten life insurers in the world. Dai-ichi Life was established in 1902
and is a recognized brand name across the globe. Dai-ichi Life is renowned
for sound product knowledge, superior asset management skills, and strong
operational capabilities to manage life insurance businesses globally.

Products offerd by SUD

  Wealth plans
 Protection plans
 Savings plans
 Retirement plans

3. Birla sun Life insurance

Aditya Birla Sun Life Insurance, an Aditya Birla Capital Company

Aditya Birla Sun Life Insurance Company Limited (ABSLI), is a

subsidiary of Aditya Birla Capital Ltd (ABCL). is one of the leading
private sector life insurance companies in India. ABSLI was
incorporated on August 4th, 2000 and commenced operations on
January 17th, 2001. ABSLI is ABSLI is a 51:49 a joint venture between
the Aditya Birla Group and Sun Life Financial Inc., a leading
international financial services organization in Canada.

Formerly known as Birla Sun Life Insurance Company Limited, ABSLI is

one of India's leading life insurance companies offering a range of
products across the customer's life cycle, including children future
plans, wealth protection plans, retirement and pension solutions,
health plans, traditional term plans and Unit Linked Insurance Plans
("ULIPs").

Products offered by birla sunlife insurance

 BSLI protector plus Plan.
 BSLI Easy Protect Plan.
 BSLI Future Guard Plan.
 BSLI Protect@Ease.
 BSLI Vision Star Plan.

SWOT ANALYSIS OF LIC

Strengths:
  Fund Base: LIC has a huge found base of around 150 billion USD and is
also India’s biggest investor making it immensely powerful in the domain
of finance in India.
 A network of Agents: LIC has around 1,337,064 individual agents, 242
Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks across
India who cover each nook and corner of the country.

Weakness:

 Poor advertisement strategy: In comparison to its private counterparts

LIC does not spend too much on advertisement and this shows in the
quality of ads that they release.
 Too many restrictions: The Company has a lot of restriction imposed on
ti being a government entity and there is always red tape challenges.
This makes decision making slow at LIC.

Oppertunity:

 Online Services: As online services grown people have started looking

more into options like insurance and the awareness levels are also higher
than the earlier days. This presents an opportunity for providers like LIC
which are labour intensive to cut down costs by replacing people
with technology.

Threats:

 Competition: With privatization of insurance LIC has lost its older glory
and today faces stiff competition from private insurance players who have
brought in more glamour into the industry.
 Change of governments: With every new government the fiscal and
monetary policies change with the result that policies need to be
reworked accordingly. This creates a lot of hassles.