Kotak Mahindra Old Mutual Life Insurance Ltd is a joint venture between Kotak Mahindra Bank Ltd.

,
its affiliates and Old Mutual. A company that combines its international strengths and local advantages
to offer its customers a wide range of innovative life insurance products, helping them in taking
important financial decisions at every stage in life and stay financially independent. The company is one
of the fastest growing insurance companies in India and has shown remarkable growth since its
inception in 2001. Kotak Life Insurance employs around 5,565 people in its various businesses and has
197 branches across 141 cities.
Mission:
To focus on the needs of customers and create confidence, trust and loyalty by offering a wide range of
innovative insurance solutions.
Strengthened by commitment to professional management, they ensure the continued growth and
advancement of their employees.
Vision:
Kotak Life Insurance has a deep rooted commitment to improve the quality of life of its customers,
employees and stakeholders. They aim at improving the long term value in their relationship by
continuous innovation and improvements. They do this by their three-prong effort which strives to make
Kotak Life Insurance a corporate with values.1. Increase Customer Value:
Kotak Life Insurance has gone to the heart of its customers requirements and developed products which
are unique and serve the customer needs perfectly. We built a relationship of mutual trust and benefit to
serve the Indian customer. At Kotak Life Insurance the customer always comes first.
2. Cohesive Work Environment:
We form long-term partnership with our employees by offering them an invigorating work experience.
We not only demand loyalty, sincerity and values but also give it back in equal measures. Kotak Life
Insurance will like to offer its employees space to grow, innovate and build a long-term career.
3. Work with Honour:
Kotak Life Insurance delivers everyday services in the marketplace with the high sense of duty and
commitment. Our employees strive to build the long-term value for all those come incontact with
Kotak Life Insurance. Our consumers, distributors, employees, shareholders and the nation have our
commitment that we will uphold the values of trust, integrity and a Sense of Honour in every thought,
act and deed in order to positively contribute to individual, society and nation growth.
7 Ps of Marketing of Kotak Life Insurance:
1. Products and Services:
Individual Plans:
Protection Plans:
Kotak Loan protection Plan
Kotak Term / Preferred Term Plan
Kotak Eternal Life Plans
Savings and Investment Plans:
Kotak Super Advantage
Kotak Platinum Edge
Kotak Endowment Plan
Kotak Money Back Plan
Child Plans:
Kotak Headstart Child Plans
Kotak Child Advantage Plan
Retirement Plans:
Kotak Long Life Wealth Plus
Kotak Long Life Secure Plus
Kotak Retirement Income Plan
Kotak Second Innings Plan
Group Plans:
Kotak Group Shield
Kotak Group Assure
Kotak Gratuity Group Plan
Kotak Superannuation Group Plan
Kotak Term Group Plan
Rural:
Kotak Gramin Bima Yojana
2. Price:
Pricing is an important element in the service sector. So Kotak Life Insurance has maintained a good
pricing mix for child plan:
The disposable income in the hands of the prospects is found low or almost nil so Kotak has adopted his
strategy that is beneficial to the end user and also paves the ways for increasing the insurance business.
The price mix decisions basically depend upon the premium that they are going to charge from the
endusers. As in this case the premium charged will be low in the initial stages and will increase with the
increasing age of the child. But in case if the child is physically disabled the premium charged will be
high. The customers can even avail for loan facility if they opt for higher premium plan.Kotak life gives
more importance to pricing strategy because they feel that it is the only means for attracting the
customers in true sense.
3. Place:
Kotak Life has adopted the place strategy in such a way that a gap between the services promised
and services offered is bridged over. Kotak agents, brokers, branch office, retail finance service
distributors alliances with banks etc. play an important role in delivering their services to policy holders
at the right time and at right place. This product is promoted in places like school, colleges and other
child zone areas. This product is highly flexible as it is present for children in urban well as rural areas
and thereby it facilitates mobility.
4. Promotion:
Advertisements
This product has been advertised through telecast media broadcast media and print media. Since this
product is for children up to 17 years of age the focus of advertisement is on television which is more
appealing. Kotak has recognized the need for this plan and therefore has adopted suitablemarketing
strategy which involves advertisements in popular kids channel like pogo, hungama, star plus etc.
Publicity
The PROs of Kotak Mahindra life insurance has publicized this product taking into consideration the
eligibility and features and has thereby come with an appealing strategy emphasizing not only on
children who are main benefit holders of this product but also the family who will actually pay the
premium for this product. the PROS of Kotak life have developed a good rapport with hungama to
publish it can be seen from the banner of this plan that the happiness is shown on parents
face as soon as they secure their childs future which is the prime motive of this plan. This plan
gives your child the azaadi to realize his dreams even before he is an adult.
Sales promotion
The promotion activities are carried out by the agents, development officers and branch officers. Kotak
life has promoted this plan by giving calenders dairies bags which they thought should be given as a
token of gift along with the plan. Kotak life also conducts, seminars quiz, other contest, games in various
malls and play schools. All such activities have increased the volume of saled and has also created a
medium of awareness for the children.
Personal selling
As we know that customer is the king , Kotak gives utmost importance to personal selling of this
product. Moreover, Kotak Life conducts special training session for its agents who will finally approach
the end customers so that they can demonstrate effectively which will enable the end users i.e childrens
to buy the product.
5. People:
People are most important component of marketing mix for the insurance industry. Sophisticated
process of technological advances makes the way for the development of personnel in such a way that an
organization succeeds in making possible a productive utilization of technologies used or likely to be
used. Professional qualification requirements change as technology develops and evolves. The use of
computers micro-computers, fax machines, sophisticated telephonic services, and e-mailing, inter-net
and intra-net services have been found throwing a big impact on the perception of quality of services.
This makes it essential thatthe insurance organizations also think in favor of developing personnel in
line with the development and use of information technologies. The front line staffs as well as the
branch managers are required to be given the training facility so that they are in position to make
possible and effective use of the technologies. The insurance organization bear the responsibility of
the developing the credentials of their employees. In this context, it is also significant that they think
about the behavior profile of insurance personnel. It is pertinent that the employees are well aware of
the behavioral management they know and understand the changing level of expectations of users and
make sincere efforts to fulfill the same. In this context, it is also significant that the senior executive
while the recruiting, training and developing the insurance personnel make it sure that employees
serving the organizations have a high behavioral profile in which empathy has been given due place.
The psychological attributes becomes significant with the view point of influencing the prospect a
retaining the users, it is in this context that the insurance companies need a rational plan for the
development of insurance personnel. Kotak Life provides training to its employees for making them
competitive in the insurance market.
6. Process:
In the current scenario, policyholders just log on to website and call insurance advisors to their home or
office. This insurance advisors make customers aware about the new and advantageous product for
them. Alongwith it also helps customers to ask any query related to any insurance products. So the
process of taking life insurance is very convenient . It is due to private players entering into the market.
But still the simplest model of life insurance takes place mostly. It is as follows:
The client approaches the insurer through an agent with a proposal containing his personal details,
income details, medical history, products ( the product describes the features provided by the insurer
like maturity bonus, claims allowed etc. These features vary from product to product), sum assured
(the amount for which the client is covered), term (number of years for which the client is to be
covered) and premium amount (installment amount to be paid by the client to the insurer). The
agent who brings this proposal is termed as a base/servicing agent for the proposal.
The proposal will go through various stages of approval and risk evaluation by the Central
Processing Centre of the Insurance Company. Upon final approval, a legal agreement, termed as
policy, between the insurer and the client is prepared whereby the insurer covers the client for the
sum assured. The client is also entitled for some additional benefits, if any, depending on the
features of the product taken in the policy. The base agent gets a commission for the policy.
The client pays a premium at regular intervals. These subsequent premiums are termed as renewal
premiums. The base agent gets a commission on the renewal premium also.
The client may come back with some alterations to the policy viz. increase/decrease in sum assured,
increase/decrease of the term of policy etc. The insurer will make the relevant changes to the policy
and will issue endorsements stating the alterations made and their effect on the policy.
During the term of the policy, the client can submit claims. The insurer makes payment against the
claim after verification. Depending on the type of claim the policy is either terminated or is kept in
force.
At the end of the term of the policy, the client gets the sum assured as part of the maturity benefit
under life insurance policies. In addition to this the client will get the maturity bonus and any other
benefits depending on the product feature.
7. Physical Evidence:
Physical evidence includes facility design, equipment signage, employee dress, tangibles, reports and
statements.
Signage
Signage personifies the insurance company. It gives a identity by which users recognize the company. A
signage depicts the companys philosophy and policy. Following are some of the examples
Tangibles
Insurance companies give their customers and agents various tangible items like pen, letter pad,
calendars. Such things try to reduce the intangibility characteristics of this industry.
Statements
The statements are punch line which briefly depicts the vision and attitude of a insurance company
towards its users/potentials. It also indicates their business motive.