Summer Internship Project
1th April To 31st May 2010
PGDM (2009-2011): 09PGDM103 [pic]
Executive summary of project
A) Title of the project :-
“Marketing strategy of HFC STANDARD LIFE INSURANCE CO.LTD.”
B) Objective of the project:-
HDFC Standard Life insurance Company was a strategic merger of HDFC(banking powerhouse in India) and Standard Life – largest insurer in the UK and is also the 28th largest company in the world. In India, the company is marketing life insurance products and unit linked investment plans. From my research at HDFC SLIC, I found that the company has a lot of competition from other private insurers like ICICI, Aviva, Birla Sun Life and Tata AIG. It also faces competition from LIC. To compete effectively HDFC SLIC could launch cheaper and more reasonable products with small premiums and short policy terms (the number of year’s premium is to be paid). Insurance sector has become more dynamic and critical for thriving existence in today’s uncertain world. Selling insurance as a product is a lot difficult in practicality as it looks theortically. One has to get an insight into this field to resolve it.Working for such objective will definitely hone us and once accomplished it provides a great satisfaction of fulfillment. It also helps us to understand the real organizational problems, perceptions and challenges. This will add a very useful knowledge to our repertoire in the form of knowledge about the nitty-gritty of one of the most promising sectors in India i.e the banking and insurance sector.
C) Scope of the project:-
The scope of this project is analysis of marketing strategies of other insurance companies with HDFC’s marketing strategy and is limited to Indian sector.
D) Limitations of the project :-
❖ Insurance companies are analyzed for the purpose of study out of the banking & insurance sector. ❖ Only listed insurance companies on NSE or BSE were compared for analyzing the insurance industry. ❖ Marketing analysis involves lots of tools, but only selected tools were employed. ❖ The data used is secondary data.
E) Research Methodology :-
Research refers to the systemic method consisting of enunciating the problem, a hypothesis, collecting the facts, analyzing the facts and reaching the certain conclusion either in form of solution towards the concerned problem or for some theoretical formulation. Considering the objective, scope, limitation of study for completing the research there are methods of collection of data. Therefore collection of data plays a very important role in research. The study is based on the facts collected by observation and internet. Method of Data collection
❖ Primary data: - The data which is collected afresh by the researcher himself solely for the specific research purpose at hand by different research techniques like focus group discussion, internet and field survey, personal and group interview etc. Primary data is collected generally in two phases of the research: exploratory and conclusive phase. Conclusions on the findings are generally drawn at end depending on outcome at the exploratory phase. In this paper I have used only secondary data as primary data collection adds no special value since only listed companies are going to be covered and under the SEBI guidelines these companies are believed to have published authenticated data. Collecting primary data about the non-listed companies would off course be beyond the scope of this paper.
❖ Secondary data: - It is the data which is already present in the secondary form like press releases, magazines, newspaper, journals, news letters which are derived by any other person or institute. It was already exists and it is in processed form. The researcher has only to...