Submitted To

Aditya Birla Sun Life Insurance

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Table of Contents
Executive Summary..............................................................................................8
CHAPTER I: INTRODUCTION AND RATIONALE OF THE STUDY.........10
- Introduction to the title.................................................................................................................11
-Significance of the study...............................................................................................................12
Chapter II: Industry/ Sector Profile....................................................................13
- Overview Of the Industry/ Sector.................................................................................................14
- Contribution Of the Sector Towards GDP...................................................................................14
- Major Players...............................................................................................................................14
- Regulatory Framework................................................................................................................18
CHAPTER III: Company Overview...................................................................21
• History..........................................................................................................................................22
• Mission, visions etc.......................................................................................................................22
• Registered Address/ Number of branches....................................................................................24
• Composition Of Board (Shareholding patterns).........................................................................25
• Major Customers..........................................................................................................................25
• Financial Performance................................................................................................................25
• Achievements................................................................................................................................26
• Organogram.................................................................................................................................29
• Functional Overview....................................................................................................................31
• Products........................................................................................................................................31
• Business Segment- Income, Asset Size and Profitability.............................................................32
CSR and Sustainability...................................................................................................................32
Chapter IV: Theoretical Framework...................................................................34
Chapter V: Objectives and Scope of Project......................................................37
Objectives of Project.......................................................................................................................38
Scope of Project..............................................................................................................................38
Chapter VI: Methodology Followed for The Project.........................................39
 Rational For the Study............................................................................................................40
 Statement Of Problem.............................................................................................................40
 Significance Of the Problem...................................................................................................40
 Research Objectives................................................................................................................41
 Scope Of the Study..................................................................................................................41
 Research Design.....................................................................................................................41

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  Data Sources...........................................................................................................................41
 Data Collection Instrument....................................................................................................42
 Sampling Design.....................................................................................................................42
 Process Flow Chart.................................................................................................................43
 Limitations Of the Project.......................................................................................................44
CHAPTER VII: DATA ANALYSIS..................................................................45
CHAPTER VIII: FINDINGS.............................................................................55
CHAPTER IX: CONCLUSIONS & SUGGESTIONS......................................57
CHAPTER XI: Bibliography..............................................................................59

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List of Charts

Sr No. Charts

1 Business Performance of Intermediaries in Life

Insurance

2 Business Performance of Intermediaries in Life

Insurance

3 Insurance Penetration and Density in India

4 Premium Underwritten by Life Insurers

5 Complaints on Unfair Business Practices Registered

against Life Insurers
6 Annual Premium' by 'Gender' and 'Response

7 'Age' by 'Gender' and 'Response

8 Frequency of CPM

9 Amount Spent

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 Executive Summary

Title Of the Project and Organization Where Project Was Undertaken

Title: Lead Generation and Customer Acquisition at Aditya Birla Sun Life
Insurance.

Head Office: Aditya Birla Sun Life Insurance Company Limited

One India bulls Centre, Tower 1,
15th & 16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg,
Elphinstone Road,
Mumbai – 400013

Importance Of the Project

Some Of the Key Takeaways of The Project Are-

 To Understand Different segments from where lead can be generated to selling life
insurance plan.
 Lead generation and customer acquisition for life insurance sector.
 To find out which form of way can generate more lead for the life insurance sector.

Objectives Of the Project

 To deploying strategies that/ to attract potential customers.

 To stimulating and capturing interest in the product.
  To acquiring new customers for business and converting existing prospect into new
customers.

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Utility To the Organization

 Expansion Of Business
 Getting a greater Number of Clients
 Increase In Customer Base

Conclusion
The project report will be helpful for organization as it states the different lead generation and
how effective they are and how many of such lead end up in the acquisition of the customer.
To find out which form will generate more lead and help them to acquire the customer for the
life insurance plans.

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 CHAPTER I: INTRODUCTION
AND RATIONALE OF THE STUDY

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- Introduction to the title

Lead generation and Customer acquisition at ABSLI

Lead generation, the marketing process of stimulating and capturing interest in a product or
service for the purpose of developing a sales pipeline, allows companies to nurture targets
until they’re ready to buy. Lead generation can be useful for any type or size of client.
When we implement a lead generation program, we increase brand awareness, build
relationships, generate qualified leads, and ultimately close deals. The higher quality leads we
direct our sales team to, the more of those leads will result in sales. In doing this, we are
helping our company grow, while also growing the credibility for your marketing department
by showing tangible results and proving yourself to be a valuable part of the revenue team.
Lead generation has been around for a long time, but methods have changed from simply
finding a customer early on in their sales journey and sending the sales team their way. The
self-directed buyer is inundated with information, so it’s vital to find new, creative ways to
cut through the static and reach potential customers. Instead of finding customers through
mass advertising and email blasts, marketers must rely on being found and building
relationships with their buyers. In the age of information abundance, marketing is going
through a massive shift.
Put simply, customer acquisition refers to gaining new consumers. Acquiring new customers
involves persuading customer to purchase a company’s plans. Companies consider the cost of
customer acquisition as an important measure in evaluating how much value customers bring
to their businesses. Customer acquisition management refers to the set of methodologies and
systems for managing customer prospects and inquiries that are generated by a variety of
marketing techniques. Some successful customer acquisition strategies include customer
referrals, customer loyalty programs, and the like. One way to think about customer
acquisition management is to consider it the link between advertising and customer
relationship management, as it is the critical connection that facilitates the acquisition of
targeted customers in an effective way.

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-Significance of the study

Lead generation and Customer acquisition at ABSLI is important is because to understand

which process are more effective in not only generating lead but also helping them acquire
those lead and making them customer for long period of time. To enhance the significance of
the life insurance sector for the company not only in the private sector but also with the
government companies.

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 Chapter II: Industry/ Sector
Profile

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- Overview Of the Industry/ Sector

The insurance industry of India has 57 insurance companies 24 are in the life insurance
business, while 34 are non-life insurers. Among the life insurers, Life Insurance Corporation
(LIC) is the sole public sector company.

There are six public sector insurers in the non-life insurance segment.
In addition to these, there is a sole national re-insurer, namely the General Insurance
Corporation of India (GIC Re). Other stakeholders in the Indian Insurance market include
agents (individual and corporate), brokers, surveyors and third-party administrators servicing
health insurance claims.

- Contribution Of the Sector Towards GDP

Currently, the insurance penetration in India is 3.7 per cent of the gross domestic product
(GDP) as against the world average which is 6.31 per cent. The life insurance sector in India
is growing from 11 per cent to 12 per cent. General insurance is growing at 18 per cent per
annum. 

- Major Players

The top 10 Life Insurance Companies in India are as follows:

1) LIC Insurance Corporation of India

LIC Insurance Corporation of India is one of the best life insurance companies in India. LIC
of India stands for ‘Life Insurance Corporation. LIC Insurance Corporation of India is the
oldest insurance company that provides a life insurance policy. This company was founded in
the year 1956. LIC Insurance Corporation of India provides an offline life insurance policy.
LIC Insurance Company. LIC Insurance Corporation sells many different products such as

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endowment plans, money back plans, term assurance plans, pension plans, children plan,
group schemes, special plans, unit-linked plans, etc.

The claim settlement ratio of the life insurance policy of this company is 98.31%. That is
7,42,243 claims have been paid by this life insurance company till present.

2) ICICI Prudential Life Insurance

ICICI company is promoted by ICICI bank Prudential Corporation Holdings Limited. ICICI
Prudential Life Insurance is the second-best life insurance company in India which is on the
list of top life insurance companies in India 2019. ICICI Prudential Life Insurance was
established in the year 2001. From then it has been serving life insurance companies.

Claim Settlement Ratio of ICICI Prudential Life Insurance is 96.68%. That is 11,546 claims
have been paid by this life insurance company till present.

3) SBI Life Insurance

SBI Life Insurance is the third top life insurance company in India in 2019. This life
insurance company is classified as one of the best life insurance companies in India by IRDA
(Insurance Regulatory and Development Authority of India).

SBI Life Insurance Company is a joint venture between India’s largest bank State Bank of
India and the leading global insurance company BNP Paribas Cardiff.

This life insurance company is one of the best life insurance companies in India.

SBI Life Insurance Company has a claim settlement ratio of 96.69%. That is 13,303 claims
that have been paid by this life insurance company till present.

4) HDFC Standard Life Insurance

HDFC Standard Life Insurance company ranks as the fourth top life insurance company in
India 2019 – 2021. Full form of HDFC is “Housing Development Finance Corporation”.

HDFC Life is a leading long-term life insurance solutions supplier in India, offering a scope
of individual and group insurance solutions that meet different customer needs, for example,

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Protection, Pension, Savings, Investment, and Health. HDFC Standard Life Insurance is a
renowned joint venture between HDFC Ltd. and Standard Life Aberdeen. The claim
settlement ratio of HDFC Standard Life Insurance is 97.62%. That means 11,031 claims have
been settled by this life insurance company till the present.

5) Max Life Insurance

Max Life Insurance company ranks as the fifth top life insurance company in India in 2019.
Max Life Insurance company offers one of the best life insurance plans in India. Max Life
Insurance company offers a very low premium and one of the best lives securing a policy that
is why it is listed in top insurance companies in India 2019.

The claim settlement ratio of Max Life Insurance Company is 97.81%. That is 8,804 claims
have been settled by this life insurance company till present.

6) Bajaj Allianz Life Insurance

Bajaj Allianz Company ranks in the sixth position in the list of top insurance companies in
India 2019 – 20. This company is classified as one of the best life insurance companies in
India by IRDA.

Bajaj Allianz is a joint venture of the Bajaj company and Allianz company. Whereas Bajaj is
an Indian company and Allianz is a German company.

Bajaj Allianz Life Goal Assure, a life goal-based investment plan (ULIP) offers people the
chance to plan ideal experiences with zero worries.

The Claim Settlement Ratio of Bajaj Allianz Life Insurance Company is 91.67%. That means
about 18,978 claims have been paid by this life insurance company till the present.

7) Reliance Nippon Life Insurance

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Reliance Nippon Life Insurance Company ranks in the eighth position in top life insurance
companies in India in 2019. This life insurance company has been classified as one of the
best life insurance companies in India.

The Claim Settlement Ratio of this life insurance company is 95.17%. That means 15,211
claims have been paid by this life insurance company.

8) TATA AIA Life Insurance

TATA AIA Life Insurance Company ranks at the ninth position in top life insurance
companies in India 2021. Tata AIA Life Insurance Company Limited is a leading joint
venture company, formed by Tata Sons Ltd. and AIA Group Ltd. TATA AIA Life joins
Tata’s pre-eminent leadership position in India and AIA’s presence as the largest,
independently recorded skillet Asian life insurance group in the world crossing 18 markets in
the Asia Pacific area.

The Claim Settlement Ratio of this life insurance company is 98%. That means 3,659 claims
have been paid by this life insurance company.

9) PNB MetLife India Insurance

PNB MetLife India Insurance is the tenth best life insurance company in India. PNB MetLife
India Insurance is one of the best life insurance companies in India. This life insurance
company is a joint venture between PNB and MetLife companies. The full- form of PNB is
‘Punjab National Bank’.

The Claim Settlement Ratio of this life insurance company is 87.14%. That is 2,290 claims
have been paid till present by this life insurance company.

10) Aditya Birla Sun Life Insurance

Aditya Birla Sun Life Insurance Company is the seventh topmost best life insurance company
in India 2021.

Aditya Birla Sun Life Insurance is a joint venture company between Aditya Birla Group and
Sun Life Financial Inc.

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ABSLI is a well renowned international financial services organization in Canada. Aditya
Birla Sun Life Insurance was abbreviated as Assiduity Birla Company is also a renowned life
insurance company. The Claim Settlement Ratio of Birla Sun Life Insurance Company is
99.35%. It has settled individual claims worth over Rs 562 crore in 2019-20.

So, a life insurance policy is one of the important things in an individual’s life. These
companies provide the best life insurance company and life insurance policy must be issued
from these top 10 life insurance companies in India 2021.

- Regulatory Framework

 Insurance Regulatory and Development Authority (IRDA) is the main organization or

supervisory body that regulates the insurance sector in the country. It sets rules and
regulations for the functioning of the insurance industry. Its sole purpose is to protect the
interest of policyholders and to develop the industry on the whole. 

The IRDA regularly issues advisories to insurance companies in case of changes to the rules
and regulations. The regulator guides the insurance industry in promoting efficiency in the
conduct of the insurance business all the while controlling the rates and other charges related
to insurance. With the enactment of the Insurance Regulatory and Development Authority
Act, 1999 (IRDA Act). As per the provisions of the IRDA Act, 1999, Insurance Regulatory
and Development Authority (IRDA) was established on 19th April 2000 to protect the
interests of the holder of insurance policy and to regulate, promote and ensure orderly growth
of the insurance industry.

IRDA Act 1999 paved the way for the entry of private players into the insurance market
which was hitherto the exclusive privilege of public sector insurance companies/corporations.

The duties and functions of IRDA include the following:

1. To issue to the applicant Certificate of Registration, renew, modify. cancel, and suspend
such registration.

2. To ensure the protection of Policy-holders' interests.

3. To specify requisite qualification, code of conduct and Practical Training for the
Intermediaries / Agents.

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4. Promoting efficiency in the conduct of Insurance Business.

5. Promoting and Regulating professional organizations connected with Insurance Business.

6. Specifying Code of Conduct for Surveyor & Loss Assessor.

7. Levying fees and other charges for carrying out the purpose of the IRDA Act.

8. Regulating investment of funds of Insurance Companies.

9. Calling information, conducting enquiry, investigation, audit, inspection of insurers and

other Organizations connected with the Insurance Business.

10. Control / Regulation of Rates, Terms, Conditions and Advantages of Products offered by
Indian Insurers.

11. Specifying Form and Manner in which Books of Accounts and Statement of Accounts to
be maintained by Insurers and Intermediaries.

12. Regulating Maintenance of Solvency Margin of Insurers.

13. Adjusting dispute between insurer and intermediaries.

14. Supervising the currently assigned functions of the Tariff Advisory Committee (TAC).

15. Specifying percentage of Insurance Business to be undertaken in Rural & Social Sectors.

Protection of the interest of policyholders:

 IRDA has the responsibility of protecting the interest of insurance policyholders.

Towards achieving this objective, the Authority has taken the following steps:
 IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide
for: policy proposal documents in an easily understandable language; claims
procedure in both life and non-life; setting up of grievance redressal machinery;
speedy settlement of claims; and policyholders' servicing. The Regulation also
provides for payment of interest by insurers for the delay in settlement of the claim.
 The insurers are required to maintain solvency margins so that they are in a position
to meet their obligations towards policyholders concerning payment of claims.

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  It is obligatory on the part of the insurance companies to disclose the benefits, terms
and conditions under the policy. The advertisements issued by the insurers should not
mislead the insuring public.
 All insurers are required to set up proper grievance redress machinery in their head
office and at their other offices.
 The Authority takes up with the insurers any complaint received from the
policyholders in connection with services provided by them under the insurance
contract.

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 CHAPTER III: Company
Overview

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• History
Originally incorporated in October 2007 under the Companies Act 1956, Aditya Birla
Financial Services Private Limited received the certificate of registration from the Reserve
Bank of India in May 2009 to commence the business as non-deposit taking NBFC.

In December 2014, the company was converted from a private limited company to a public
limited company and was renamed ‘Aditya Birla Financial Services Limited’.

During the past decade since its incorporation, the Company has come a long way to become
one of the largest financial services players in India. The year 2017 marks a milestone, with
the Company becoming a pure play listed holding company of all the financial services
businesses of the Aditya Birla Group.

Their parentage

Aditya Birla Capital is a part of the Aditya Birla Group, a USD 44.3 billion Indian
multinational in the league of Fortune 500. Anchored by an extraordinary force of over
1,20,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 35
countries across the globe. About 50 % of its revenues flow from its overseas operations. For
more information on the Aditya Birla Group, please visit www.adityabirla.com.

 Includes AUM of Life & Health Insurance, Private Equity & quarterly average AUM
of Asset Management businesses

 Represents summation of 100% of Ind AS financials of subsidiaries/JVs, before inter-

company eliminations or minority interest

• Mission, visions etc.

"To be a leader and role model in a broad-based and integrated financial services
business."

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The 4 pillars of our vision that will help them to achieve it are:

To be a leader – they are committed to being a leader in all facets of our businesses, rather
than being just another participant in this race.

To be a role models – they will not become leaders by cutting corners or making
compromises. Whatever ABSLI do, we will strive to be the best in class. And if ABSLI is the
best, then our customer will have no reason to go elsewhere – therefore our leadership is
assured, on pure merit.

To be a broad-based player – they are committed to meeting all the felt and unfelt needs of
our target customer. And thereby, we can retain him or her across their needs and life-stages.

They aim to be an integrated player –they believe that this approach gives us a competitive
edge through sharing of best practices, deriving cross-business synergies & providing a talent
pool with the world of opportunity to grow.

Their customers place a lot of trust when they choose us as a partner for fulfilment of their
dreams - be it buying a dream home or investing their hard-earned money in mutual funds or
for meeting their retirement or child's education or protection needs or taking a business loan
for expansion. At Aditya Birla Capital, we endeavor to become a preferred financial services
brand of choice for all our customers’ needs across their life cycle - a brand that customers
will not only just trust but also happily endorse. Keeping this customer insight in mind,
ABSLI has created a unique strategy & structure to present our spectrum of businesses and
offerings under one virtual brand. From a customer perspective, this offers simplicity &
convenience. For the employees, they offer a world of growth opportunities across all our
financial services offerings. And to their shareholders, this gives the reassurance that ABSLI
will attract and retain our customers, cost-effectively, across their life cycle needs.

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• Registered Address/ Number of branches

Head Office Address

Aditya Birla Sun Life Insurance Company Limited

One India bulls Centre, Tower 1,15th & 16th Floor, Jupiter Mill Compound,841, Senapati
Bapat Marg, Elphinstone Road,

Mumbai – 400013

Local Office Address

Commercial Unit Nos. 21, 22, 23, 24, B Wing, Second Floor, Jewel of Pimpri Village Pimpri
Vaghire Taluka Haveli, Kamla Cross Road, Pune

Number of branches

ABSLI has a nationwide distribution presence through 369 branches, 7 bancassurance

partners, 6 distribution channels, over 90,000 direct selling agents, other Corporate Agents
and Brokers and through its website. The company has over 13,000 employees and more than
17 lac active customers.

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• Composition Of Board (Shareholding patterns)

Chairman – Managing Director Non – Executive Non – Executive

Kumar Mangalam & CEO – Director – Ajay Director – Leo
Birla Kamlesh Rao Srinivasan Grepin

Independent Non – Executive Non – Executive Non – Executive

Director – Arun Director – Sandeep Director – Colm Director – Pinky
Adhikari Asthana Freyne Atul Mehta

Independent Independent
Director – Director – Nagesh
Debabrata Sarkar Pinge

• Major Customers
Existing customer

• Financial Performance

As of March 2021, the total AUM of ABSLI Stood at Rs.526,151 million.

ABSLI recorded a gross premium income of Rs. 97,752 million in FY 2020-21

Registering a yo-y growth of 22% in Gross Premium with Individual Business FYP at Rs
20,760 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted
for 10% single premium).

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• Achievements
Awarded from Title
Employee Engagement Leadership Most Effective Recruitment and Retention Strategy
Summit 2019 Award
Insurance Asia Awards Domestic Life Insurer of the Year
NNQC Forum 2019 Six Sigma Projects - Improvement in TAT Adherence
for Legal Risk Mitigation Processes BSG UAT
Automation
Project Evaluation and Recognition Customer Value Leadership - Service Sector
Program (PERP)
QIMPRO Convention 2019 2nd Runner-Up: Six Sigma Project - DM Persistency
Insurance India Summit and Awards Best Fraud Intelligence Company of the Year
2018
The SABRE Awards Certificate of Excellence - Corporate Image Category
Kamikaze Customer Experience and Best Customer Service Initiative
Loyalty Awards
IMC Ram Krishna Bajaj National Best Practice Winner - Service Excellence
Quality Awards
DL Shah Quality Awards Silver: Reduction of Leakages
Project Evaluation and Recognition Quality Enterprise Leadership
Program (PERP)
Quality Circle Forum of India - Silver in Innovation - Contract Management Process
Mumbai Chapter (CCQC 2018)
Quality Circle Forum of India Four Gold for Kaizen Implementation Five Silver for
(QCFI) 2017 Six Sigma Yellow Belt and Kaizens
International Chapter Convention of One Gold and One Silver Award Winner
Quality Concepts (ICCQC)
Insurance Business at the Legal Era Best Risk Management Team
Risk Award 2017
Golden Peacock Award 2017 Best Practices on Risk and Compliance

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 Awarded from Title

Customer Loyalty Awards 2017 Best Loyalty Program in Financial Sector - Non-
Banking
Asia Banking, Financial Service, and Best Life Insurance Company
Insurance Excellence Award 2017
Customer Experience Awards 2018 Best Use of Innovation to Enhance Customer
Experience
Kamikaze CE and Loyalty Award Best Customer-Centric Culture
2018
Innovative Product of the Year
Underwriting Initiative of the Year
ET Now BFSI Awards 2018
Business and Process Excellence Team of the Year
Consumer Education Initiative of the Year
Business Continuity Planning and Hall of Fame Award in Business Continuity,
Disaster Recovery Summit & Resilience and Risk Management
Awards 2018
BFSI Digital Innovation Award Data Centers Category
CRO of the Year
Legal Era Risk Awards Risk Management Team of the Year
UBS Best Risk Management Team
9th Loyalty Summit 2016 Best Customer Experience Award of the Year:
Financial Sector
Best Loyalty Program in Financial Sector - Non-
Banking
The Customer Loyalty Summit 2017
Best Use of Innovation to Enhance Customer
Experience
6th Annual Indian Legal Awards Best Insurance In-House Legal Team
2017

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In pursuit of their leadership vision

 ABSLI are among the Top 5 Private Diversified NBFCs in India.

 ABSLI are one of the largest Private Life Insurance Companies in India.
 ABSLI are one of the largest Asset Management Companies in India.
 ABSLI are one of the largest General Insurance Brokers in the country.

In pursuit of their desire to be a role model

 ABSLI are today, a leading non-bank financial services player with a strong focus on
the quality of growth.
 ABSLI are renowned for risk management, people practices, sales management,
investor education, product innovation & fund management capabilities.
 ABSLI are among the best 3 financial services players to work for.

They have continued to build a Broad-based & Integrated financial services business

 ABSLI continue to be one of the few players in the industry with a diversified
portfolio that allows us to meet almost any customer need across the entire spectrum
of his / her lifecycle
 The integrated play has helped us gain a competitive edge by allowing us to share best
practices, derive cross-business synergies & provide the talent pool with an
opportunity to grow their career through cross-functional and cross-sectoral
experience.
 The distributors and partners see tremendous value in association with the businesses.
 They are successfully expanding the market for the offerings, along with their market
share in each of the businesses.

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• Organogram

Kamlesh Rao
C.E.O

Amit Jain
C.F.O
Ashok Suvarna
C.D.O
Parag Raja
Head of Sales

Atul Tiwari
Zonal Manager

Shikha Kathuria
Regional Manager

territory manager

branch head

branch Manager

B.D.M

Ashish Jain
Senior Agency Manager

Agency Manager

Assistant Agency Manager

Insurance Advisor

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• Functional Overview

As of March 2021, the total AUM of ABSLI Stood at Rs.526,151 million.

ABSLI recorded a gross premium income of Rs. 97,752 million in FY 2020-21

Registering a yo-y growth of 22% in Gross Premium with Individual Business FYP at Rs
20,760 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP adjusted
for 10% single premium).

Financial Achievement as of December 31, 2020

 AUM – Rs. 3,200 billion

 Our Consolidated Lending Book is over Rs. 575 billion

• Products

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 Term Retirement Health
Insurance Plans Plans

Endowment
Child Plans ULIP Plans
Plans

Group
Insurance

• Business Segment- Income, Asset Size and Profitability.

- Income
ABSLI recorded a gross premium income of Rs. 97,752 million in FY 2020-21 and
registering a yo-y growth of 22% in Gross Premium with Individual Business FYP at Rs
20,760 Mn. ABSLI is currently ranked 7th in Individual Business (Individual FYP
adjusted for 10% single premium)

-Asset Size
As of March 31st, 2021, Aditya Birla Capital Limited manages aggregate assets under
management over Rs. 3350 billion, has a consolidated lending book of approx. Rs. 606
billion, and an active customer base of over 24 million, through its subsidiaries and joint
ventures.

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CSR and Sustainability

Chairman’s 2017 Sustainability Vision

“By 2017, Aditya Birla Group endeavours to become the leading Indian conglomerate for
sustainable business practices across its global operations, balancing its economic growth
with environmental and societal interests.”
- KM Birla

Corporate Social Responsibility

At Aditya Birla Capital, reaching out to underserved communities is part of their DNA. We
believe in the trusteeship concept. This entails transcending business interests and grappling
with the “quality of life” challenges that underserved communities face and working towards
making a meaningful difference to them.

All projects are identified in consultation with the community in a participatory manner,
literally sitting with them and gauging their basic needs. We recourse to the participatory
rural appraisal mapping process. Subsequently, based on a consensus and in discussion with
the village panchayats, and other stakeholders, projects are prioritized.

Arising from this our focus areas that have emerged are Education, Health care, Sustainable
livelihood, Infrastructure development, and espousing social causes. All of our community
projects/programmers are carried out under the aegis of The Aditya Birla Centre for
Community Initiatives and Rural Development. Our activities are in line with Schedule VII
of the companies Act, 2013.

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 Chapter IV: Theoretical
Framework

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Insurance

Insurance comes under the service sector and while marketing this service, due care is to be
taken in quality product and customer satisfaction. While marketing the services, it is also
pertinent that they think about the innovative promotional measures. It is not sufficient that
you perform well but it is also important that you let others know about the quality of your
positive contributions.

Life Insurance

Life insurance is a contract between an insurance policy holder and an insurer or assurer,

where the insurer promises to pay a designated beneficiary a sum of money upon the death of
an insured person (often the policy holder). Depending on the contract, other events such
as terminal illness or critical illness can also trigger payment. The policy holder typically
pays a premium, either regularly or as one lump sum. The benefits may include other
expenses, such as funeral expenses.

Life policies are legal contracts and the terms of each contract describe the limitations of the
insured events. Often, specific exclusions written into the contract limit the liability of the
insurer; common examples include claims relating to suicide, fraud, war, riot, and civil
commotion. Difficulties may arise where an event is not clearly defined, for example: the
insured knowingly incurred a risk by consenting to an experimental medical procedure or by
taking medication resulting in injury or death.

Modern life insurance bears some similarity to the asset-management industry, and life

insurers have diversified their product offerings into retirement products such as annuities.

Lead Generation

In marketing, lead generation is the generation of consumer interest or inquiry into products
or services of a business. Leads can be created for purposes such as list building, e-newsletter
list acquisition or for sales leads. The methods for generating leads typically fall under the

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umbrella of advertising but may also include non-paid sources such as organic search engine
results or referrals from existing customers. Businesses strive to generate "quality" leads,
those with a higher probability of a desired outcome.

Lead generation is the process of making contacts which may lead to a sale or other favorable
outcome. The leads may come from various sources or activities, for example, digitally via
the Internet, through personal referrals, through telephone calls either by the company or
telemarketers, through advertisements, events, and purchase of lists of potential customers. A
2019 study found that 85% of respondents cited email as the most-used channel for
generating leads, followed by event marketing and finally content marketing. Social. media
was found to play only a minor role in lead generation.

Lead generation is often paired with lead management to move leads through the purchase
funnel.

Customer acquisition

In order to transform cold leads into clients, you need a customer acquisition
strategy. Customer acquisition is all about managing the prospects and inquiries that have
come from lead generation. A customer acquisition strategy involves looking at the client’s
needs and interests and nurturing them until the point of sale.

In order to have good customer acquisition, you need to identify what your customers’ pain
points are, what their interests are and a general idea of their budget. With this information,
you’re more likely to be able to market to your customers and close the sale. A solid
acquisition strategy will provide you with all the information you need in order to make a sale
to potential customers.

So put simply, a lead is someone who has given you their contact information to indicate they
may be interested in what you’re offering. An acquired customer has chosen to commit to
your business and purchase your product or service.

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 Chapter V: Objectives and
Scope of Project

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Objectives of Project
 To deploying strategies to attract potential customers.
 To stimulating and capturing interest in the product.
  To acquiring new customers for business and converting existing prospect into new
customers.

Scope of Project

 The result of this report would help the company to have a better understanding about
generating new lead to attract the clients for life insurance sector.
 The report also enables the company to focus the consumer's preferences and
expectations on the product which they offer.
 The report helps to understand the company how to do acquisition of the customer.

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 Chapter VI: Methodology
Followed for The Project

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 Rational For the Study

The insurance industry is one of the fastest growing sectors in India today. The upcoming
sectors which are really showing the graph towards upwards are- banking and insurance.
These sectors really have a lot of responsibility towards economy. I was doing summer
internship from “Aditya Birla Sunlife Insurance” company. The project was done during
the months of 28th May to 6th August 2021 at the PUNE. There was my project title “Lead
Generation and Customer Acquisition at Aditya Birla Sun Life Insurance” for the
ABSLI Indian insurance industry is emerging rapidly after year 2000. To survive in this
highly competitive scenario, managers are being pressured to improve quality, recruit quality
and skilled people and eliminate inefficiency. The collective efforts of the employer,
managers and other relative people assume relevance in this context.

 Statement Of Problem

The pandemic has pushed businesses across world to change the way they generate the lead
and customer acquisition, and the insurance industry is no exception to this issue. From
generate new potential lead and acquiring them which extended lockdown in the wake of
covid-19 has pushed insurance companies to depend heavily on their digital architecture.

 Significance Of the Problem

It is always very difficult to generate new lead for the products of life insurances plan for the
employees and to acquire those customers. Nevertheless covid -19 has made it easy on the
companies to do the work more easily. This report will help understanding the future change
which should be done to adapt those barriers and generate more revenue for the organization.

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 Research Objectives

 To deploying strategies to attract potential customers.

 To stimulating and capturing interest in the product.
  To acquiring new customers for business and converting existing prospect into new
customers.

 Scope Of the Study

 The result of this report would help the company to have a better understanding about
generating new lead to attract the clients for life insurance.
 The report also enables the company to focus the consumer's preferences and
expectations on the product which they offer.
 The report helps to understand the company how to do acquisition of the customer.

 Research Design

This research is done in the form of both making it as a mixed research to obtain the data and
to analysis it.

 Data Sources

The study was done based on the collection of Secondary Data.

 IRDA Annual Reports and IRDA Journal: IRDA Annual Reports are the most
important sources of secondary data utilized in the present work. These reports
contain consolidations of the data furnished by various insurers through their annual
returns submitted.
 Books, magazines, periodicals and newspapers like The Insurance Times, Economic
Times, Times of India, India Insurance Report.
 Journals like Harvard Business, Review Journal of Insurance, and Journal of
Marketing.
 Reports of research like monograph and thesis.

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All the inputs used from different sources have been duly acknowledged in the endnotes as
references and are also a part of bibliography. Care has been taken to ensure the reliability,
suitability and adequacy of data and then only used these in this study. The data has been
subsequently classified.

 Data Collection Instrument

The data is collected from various searcher engine to collected this secondary and is
converted into the charts form to do the analysis to make this report in the timely manner

 Sampling Design

After deciding on the research approach and instruments, the marketing researcher has
designed a sampling plan.

-Sample Size

The sample was collected through various search engines the average size of the
sample is 150 investor who did or did not buy life insurance in the previous year

-Sampling Method

The method for obtaining these sample is random found in the various website
to gather those sample

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 Process Flow Chart

Problem definition

Development of an
approach to the
problem

Research design
and formulation

Fieldwork

Data preparation

Data analysis

Report preparation

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 Limitations Of the Project

 Due to the limitation of time only less data was collected and got less time to study.
So, it is possible that some potential source might have remained untapped.
 It was difficult to meet the concerned people and had to make multiple trips to the
same place.
 This study is mainly based on secondary data derived from the annual reports of
industry. The reliability and the finding are contingent upon the data published in
annual report.
 Attractive schemes and brand image are the most important factor that influences the
acquisition of the client.
 During the data collection, it was observed that major source of information for client
are television, newspaper, internet, and least preference are given to magazines,
agents, and friends.

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 CHAPTER VII: DATA
ANALYSIS

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Chart 1 Business Performance of Intermediaries in Life Insurance

94.74

55.73

24.63
13.09
2.86 3.36 1.44 0.452.46
0.05 0.43
0.002 0 0.003 0 0.54 0.030.11 0 0.08
Online Direct Sale
Direct Sale

Web Aggregators
Corporate Agents

Common Service Centres

Insurance Marketing Firm

Individual Agents

Brokers

Micro Insurance Agents

Point of Sales
1 2 3 4 5 6 7 8 9 10

Business Performance of Intermediaries in Life Insurance Individual New Business LIC#

Business Performance of Intermediaries in Life Insurance Individual New Business Private Sector

Interpretation –

In the above data, we can analysis that LIC induvial agent are more able to generate more
business than any other induvial segment in the life insurance sector for the Individual New
Business in the previous financial year in the comparison to all the Private Sector in the life
insurance sector.

There are ten most commonly ways to generate new lead for the life insurance in the
individual new business with are shown in the chart above

Note:

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 1. New business premium includes first year premium and single premium.
2. The leads obtained through referral arrangements have been included in the
respective channels.
3. # Does not include its overseas new business premium.

Chart 2 Business Performance of Intermediaries in Life Insurance

Point of Sales 0
0
Insurance Marketing Firm 00
Web Aggregators 0 0
Common Service Centres 0
Distribution Channel

0
Micro Insurance Agents 00.77

Online Direct Sale 0

0
Direct Sale 64.58
98.33
3.72
Brokers 0.02

Corporate Agents 0.037 30.06

Individual Agents 0.87

1.62
0 20 40 60 80 100 120

Group New Business Private Sector Group New Business LIC#

Interpretation –

In the above data, it is the analysis of Business Performance of Intermediaries in Life

Insurance of LIC and the private sector companies of lead generation and acquisition for
group new business sectors in this we can see that in the previous financial sector the direct
sales are more effective than any other method for the sales of life insurance.

Note:

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 1. New business premium includes first year premium and single premium.
2. The leads obtained through referral arrangements have been included in the respective
channels.
3. # Does not include its overseas new business premium.

Chart 3 Insurance Penetration and Density in India

'Density(USD)', 'Penetration(%)' by 'Year'

70
60
50
40
30
20
10
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Year

Density(USD) Penetration(%)

Interpretation –

In the above data, it is shown that in the analysis for the past 10 years from 2010-2019 that in
life insurance sector is able to penetrate is increasing year by year with show that the market
for the life insurance sector in getting year by year and will expand more in the future.

Note:
1. Insurance density is measured as ratio of premium to total population.
2. Insurance penetration is measured as ratio of premium to GDP.
3. *Rounding off difference.

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Chart 4. Premium Underwritten by Life Insurers

'Market Share (%) 2018-19', 'Market Share (%) 2019-20' by

'Insurer'
70
60
50
40
30
20
10
0
LIC Private Sector
Insurer

Market Share (%) 2018-19 Market Share (%) 2019-20

Interpretation –

In the above chart we can analysis we can see that the premium underwritten by Life Insurers

for the 2018-19 and 2019-20 it is the comparison them for the LIC and the private sector of
life insurance companies. Showing that the combination of private sector has less market
share than the LIC for the life insurance sector of the acquisition of the new customer to sell
their plan.

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Chart 5. Complaints on Unfair Business Practices Registered against Life Insurers

43444 288.47
100%
90%
80%
70%
60% 49570
286.48
50%
40%
30%
20%
10%
0%
No. of UFBP complaints No. of policies under individual new
business (lakhs)

2018-19 2019-20

Interpretation –

In the above chart we can analysis we can see that the total number of complaints filed by the
potential client and reoccurring clint to reinvest in the life insurance market we can analysis
that the percentage is way higher than is should be for the UFBP campanists and the for the
individual new business there can be pandemic can be one of the factors for it.

There is a chance it can be decrease and will not affect the image of the company for the
potential new customer for upcoming years.

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 Chart 6. Annual Premium' by 'Gender' and 'Response

Female
Gender

Total

Male

0 500 1000 1500 2000 2500 3000 3500 4000

Annual Premium

Interpretation –

In the above chart we can analysis we can see that the males are getting more life insurance
that the females in India the data is converter into from thousand. It can also be seen as the
female segment in India is untapped market from where we can increase our lead and covert
them to our customers. The data was taken at the 2021-06-30 to make more reliable and
recent.

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 Chart 7 -'Age' by 'Gender' and 'Response

'Age' by 'Gender' and 'Response'

8146
2014
Female
884
351
Gender

6236
2506
Male
2211
847
0 1000 2000 3000 4000 5000 6000 7000 8000 9000
Age

1 - Sum of Age 1 - Sum of Policy Sales Channel

0 - Sum of Age 0 - Sum of Policy Sales Channel

Interpretation –

In the above chart the data was taken at 2021-06-30 to make it more reliable and recent it is
the comparison for the difference age gender and their response for the different policy sales
channel to converting them more saucerful to the new client. The life insurance companies as
we can see female segment is more responsive than the male to the policy sale channel
formed by the life insurance companies.

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Chart 8 Frequency of CPM

Interpretation –

In the above chart we can analysis that for creating different lead to generate Frequency of
cost per mile (CPM) is important the data is Cost per 1,000 Impressions for creating different
lead these leads were created through different social media site to generate new poetical lead
for the life insurance companies.

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Chart 9 Amount Spent

2500

2000

1500

1000

500

0
1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 81 86 91 96 101106111116121126131136141146

Amount Spent

Interpretation –

In the above chart we can analysis that the amount spends by the life insurance company to
generate new lead to acquire them this is for the individual post and advertisement spent for
the creating new lead for life insurance.

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CHAPTER VIII: FINDINGS

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The study sought to establish the Lead Generation and Customer Acquisition at Aditya Birla
Sun Life Insurance the data is been collected for the previous years to make clear which thing
are more suitable and to perse and which should not to be used we can see the above report
the LIC company hold the major share in the market but its performance is in decline which
means that there is a chance for the Aditya Birla Sun Life Insurance to gain more customer
through social media advertisement more than that through direct selling to the customer.

Customers are less aware about the private insurance company in market. Customers are
more responsive to direct selling and attractive to advertisement on social media.

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 CHAPTER IX:
CONCLUSIONS &
SUGGESTIONS

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CONCLUSIONS

In this report we have studied several aspects of life insurance demand in India. In Indian
most of the people are working in Government and Business sector and they don’t have much
financial planning. People are buying more and more life insurance plan each year against the
pandemic the revenue has slowed but not stopped like some of the other sectors to gain to
client the company need to generate more advertisement to gain more customer and to
acquire them.

I was interested in the factors that affect the probability of acquisition of insurance or
discontinuation of insurance. Among the demographic variables I found that the gender of the
household head affected the probability of acquiring or discontinuing life insurance

The private companies have to take immediate steps in to have more in direct sale to the
client and to establish more presence in social media through advertisements.

SUGGESTIONS

Further research should be carried out on the lead generation and customer acquisition at
ABSLI insurance industry for longer period may be in order to go more representative
results.

As the study only is only for the lead generation and customer acquisition as there are more
aspect for the companies in life insurance sector to earn the revenue and increase it profit.

Another study can be carried out by using different measures in order to find out if results
would be the same or different.

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CHAPTER XI: Bibliography

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WEBSITES

www.irdai.in

www.moneycontrol.com

www.economictimes.in

www.globalinsurance.com

www.kaggle.com

datacite.org

www.scribd.com

www.swissre.com

BOOKS & JOURNALS REFFERED:

Marketing Management- Philip Kotler.

Research Methodology- C.R. Kothari.

IRDA Journal.

Outlook – The layman’s guide to insurance.75 

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