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BRAND AWARENESS OF IDBI FEDERAL LIFE
INSURANCE CO. LTD.
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Faculty Guide: Company Guide:
Ms. Mr. Bijjam Anji Reddy
Faculty, IBS Hyderabad Senior Agency Leader
Date: 18.06.20181 IDBI Federal Life Insurance Co. Ltd.
Abstract of Work Done
India today, is the second largest economy in the Asian continent and one of the largest economies
of the world. With roughly 70% of the population classified as young, it is bound to grow at a
gigantic pace. India has one of the largest gross domestic saving in the whole world indicating the
potential to mammoth financial growth.
This project aims to achieve primary objectives, i.e. learning in depth about the Brand Awareness.
A brand is a name, term, design, symbol, or other feature that distinguishes an organization or
product from its rivals in the eyes of the customer. Brand awareness refers to the extent to which
customers are able to recall or recognize a brand. Brand awareness is a key consideration in
consumer behavior, advertising management, brand management and strategy development. The
consumer's ability to recognize or recall a brand is central to purchasing decision-making. IDBI
Federal Life Insurance has already made its brand in the market but as compared to other insurance
company, it still need to make its place in the mind of people. Brand is the perception of product
in the mind of people. Further, I have explained the types of Brand awareness and ways to improve
brand awareness.
Introduction
About IDBI Federal Life Insurance
IDBI Federal Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier
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 was founded on march 2008 and it was able to achieve breakeven with a span of 5 years
with its innovation and creative approach. It has become the fastest growing life insurance in the
private sector as it got premium of 100 crore in first five month of its formation.
Through a nationwide network of 3, 014 branches of IDBI Bank and Federal Bank, and a
sizeable network of advisors and partners, IDBI Federal Life Insurance has achieved presence
across the length and breadth of the country. As on March 31, 2015, the company has issued
nearly 8.23 lakh policies with a sum assured of over
IDBI Bank Ltd. IDBI Bank Ltd. was established by a Parliamentary Act in 1960 to provide
support to the India industry. Since Central Bank i.e. RBI is the owner of the Bank therefore
employees are called central government staffs. Government holds 77% stake in IDBI Bank.
IDBI Bank has total 3817 ATMS, 1995 branches including one branch is in Dubai and 1382
centers. IDBI Bank’s equity shares are listed on BSE( Bombay stock exchange) and NSE
(national stock exchange).IDBI Bank has total 16555 employees out of which 197 were
employees with some disabilities. Average age of employees in IDBI Bank is 34 years. As per
the Bank report, each employee provides business of INR 25.64 crore and nt profit of 12.17
lakhs in 2012-2013.
To know more, visit www.idbibank.com
Federal Bank has its headquarter in Kochi, Kerala. The bank was named Federal Bank Ltd. after
fulfilling all the formalities of Banking Regulation Act 1949. In January 2008, Federal Bank
opened its first overseas representative office in Abu Dhabi. Federal Bank has always proved
itself to be digitally advanced by launching Fedbook i.e. India’s first electronic passbook in
August 2013.it is basically a mobile app through which customer can check the bank’s products
and services. It has a strong network of over 1,247 branches and 1,485 ATMs spread across
India. The bank provides over four million retail customers with a wide variety of financial
products. Federal Bank is one of the first large Indian banks to have an entirely automated and
interconnected branch network.
Ageas is an international insurance cluster with a heritage spanning a hundred ninety years.
Graded among the highest twenty insurance firm in Europe, Ageas has chosen to concentrate
its business activities in Europe and Asia, that along compose the most important share of the
world insurance market. These square measures classified around four segments: Belgium, uk,
Continental Europe and Asia and served through a mix of all in hand subsidiaries and
partnerships with robust money establishments and key distributors round the world. Ageas
operates self-made partnerships in Belgium, the UK, Luxembourg, Italy, Portugal, Turkey,
China, Malaysia, India and Siam and has subsidiaries in France, port and also the UK. Ageas is
that the market leader in Belgium for individual life and worker advantages, likewise as a
number one Non-Life player through conductor Insurance. In the UK, Ageas is that the sixth
largest Non-Life insurance underwriter with variety three position in cars insured and
encompasses a robust presence within the over 50’s market. Ageas employs quite 13,000
individuals within the consolidated entities and over thirty,000 within the non-consolidated
partnerships, and has annual inflows of quite EUR twenty three billion.
Our Vision
To be the leading provider of wealth management, protection and retirement solutions that meets
the needs of our customers and adds value to their lives.
Our Mission
To be transparent in the way we deal with our customers and to act with integrity.
To invest in and build quality human capital in order to achieve our mission.
Our Values
worth Rock Solid and Delivery on Promise: This interprets into being financially robust,
operationally sturdy and having clarity in claims
Customer-friendly: recommendation and support in operating with customers and partners
Chairman
CEO/CFO/COO
HOD
Zonal Manager
Regional Manager
Branch Manager
Senior Manager
Relationship Manager
Sponsorships
Inspiring Positive Change
Our vision is to inspire positive change that helps people shape a better future and live their best
lives. Our association with sports and fitness properties emerge from this vision of shaping a better
tomorrow. With our initiatives we want to involve professional athletes, families and anyone
interested in sport, to get fit and healthier.Here’s a list of all the initiatives we have taken as a firm
step towards our vision -
IDBI Federal is proud to present the picturesque IDBI Federal Life Insurance
Spice Coast Marathon in association with Soles of Cochin. The marathon
attracts thousands of enthusiastic runners from across the globe. The course
for the full marathon is certified by USA Track & Field (USATF), which
enables qualified runners to participate in the Boston Marathon. Ashwini
Nachappa, the yesteryear athlete is the proud face of IDBI Federal Life
Insurance Spice Coast Marathon 2016. This year, the marathon will be held
on November 13, 2016.
IDBI Federal Life Insurance brings to the City of Joy the first edition of the
IDBI Federal Life Insurance Kolkata Full Marathon. The marathon hopes to
bring communities together to celebrate the spirit of running. Like our
Mumbai and Delhi marathons, Sachin Tendulkar, is the face of this event.
To develop bowling talent at the grass root levels and transform India’s
cricketing landscape, IDBI Federal Life Insurance has established these
Bowling Foundations in association with Karnataka State Cricket
Association (KSCA) and Karnataka Cricket Association (KCA). Legendary
Aussie pacer, Jeff Thomson and many other prominent ex-cricketers have
been appointed as coaches to train budding talent at these Bowling
Foundations.
IDBI Federal Life Insurance & The Cricket Association of Bengal
IDBI Federal Life Insurance has partnered with the Cricket Association of
Bengal (CAB) to support its Vision 2020 project. The partnership will help
strengthen state's cricket endeavours, hone meritorious talent and develop
them into high-class players to play for the national side.
CSR
IDBI Federal Life Insurance believes in inspiring a positive change in the community in which it
operates. The corporate social responsibility (CSR) initiatives from the company span diverse areas
of the society. From nurturing the sporting fabric of the country to supporting health and urban
community development programmes, the company believes in an all-round societal enrichment
approach.
CSR initiatives from IDBI Federal Life Insurance include:
Frank Tyson, one of the fastest bowlers in the world, did a commendable job in grooming fast
and spin bowlers of Mumbai between 1990 to 1993. His protégés like Abey Kuruvilla, Paras
Mhambrey, Salil Ankola, Vighnesh Shahane, Sairaj Bahutule, Nilesh Kulkarni and many others
went on to play first-class cricket for Mumbai.
In his memory, IDBI Federal Life Insurance announced the IDBI Federal Life Insurance Frank
Tyson Scholarship for talented Mumbai and Karnataka cricketers. Minad Manjrekar and Dhrumil
Matkar from Mumbai and Ruchir Joshi and Shashank K from Bangalore, were recently awarded
the scholarship instituted by the company.
Vengsarkar Cricket Academy
IDBI Federal Life Insurance supports Vengsarkar Cricket Academy (VCA) founded by Dilip
Vengsarkar, former India captain and an astute cricket administrator. He was part of the illustrious
Indian squad that won the 1983 ICC World Cup.
Ever since its humble beginnings in 1994, VCA has emerged as one of the finest cricket
academies of India. Over the years, it has produced some iconic players like Yuvraj Singh, Ajit
Agarkar, Ramesh Powar, to name a few. The players are selected on the basis of merit and the
training is provided free of cost. This makes it a great platform for up-coming cricketers from
humble backgrounds to not only showcase their talent, but also further nurture their cricketing
skills.
IDBI Federal Life Insurance also associates itself with V Care, an NGO that supports patients
fighting cancer. The NGO was founded by Ms. Vandana Gupta, a cancer survivor herself, to serve
cancer patients at Tata Memorial Hospital. The NGO does this with help from doctors, nurses and
support staff of the hospital. In its year of inception itself, in 1994-95, V Care helped over 500
patients in different ways. Today, V Care supports up to 15,000 patients every year in their fight
against this dreadful disease.
In its effort to support urban community development, IDBI Federal Life Insurance supports
Apnalaya, an NGO based in Govandi, Mumbai. Their work spans areas like education, healthcare,
disability and women’s empowerment. Their work model is based on Partnership and
Participation.
Brand awareness
A brand is a name, term, design, symbol, or other feature that distinguishes an organization or
product from its rivals in the eyes of the customer. Brands are used in business, marketing, and
advertising. Name brands are sometimes distinguished from generic or store brands.
Brand awareness refers to the extent to which customers are able to recall or recognize a brand.
Brand awareness is a key consideration in consumer behavior, advertising management, brand
management and strategy development. The consumer's ability to recognize or recall a brand is
central to purchasing decision-making.
Types of brand awareness
Brand Recall
Unaided recall of a brand name given a product category. Customers can often name 1-7 brand
names for a broad product category such as "airlines." Brand Recognition
Aided recognition of a brand. For example, when shown a brand name customers can correctly
state that it's a brand of bottled water.
Visual Branding
The ability to identify a brand from its visual symbols, advertisements, packaging and colors
independently of brand name. In many cases, customers buy a particular product by its
appearance but can't recall the brand name. Top of Mind
Top of mind is the first brand customers can think of for a product category. For example,
customers might be asked "what is your favorite chocolate bar?" Brand Dominance
Brand dominance is when customers can't recall any brand but yours for a particular product
category.
First off, a strong, consistent brand identity is vital to help boost brand awareness and build
trust both on and offline.
• Streamline your logo, colours and fonts – Consistency is key for brand recognition
• Tell your brand’s story – Your audience wants to get to know the people behind the brand.
You can tell the story of the making of the company in an ‘about us’ page on your site, or you
can engage with your customers by blogging about your area of expertise to show the human
side of your brand. SelectSpecs already does this effectively with their fashion and lifestyle
blog. Social media should also be used to keep this messaging consistent outside of your
website too
• Emphasise your brand’s core values – These should help shape each of your business
strategies
First impressions count! A website optimised with your target audience and search engines
in mind will help keep traffic flowing to and staying longer on your site, and ideally,
converting to customers.
Fresh Egg helped SelectSpecs.com to create a special landing page for the Free Glasses for Life
competition to ensure it was fully optimised for search engines and would achieve prominent
visibility in search result pages.
Social media can significantly raise your brand’s profile and enables you to speak directly
to your audience. This allows you to build relationships and gain insights into what they
want and what they are looking for.
SelectSpecs and Fresh Egg utilised the brand’s social media channels to promote the
competition. This helped the brand reach almost 49,000 people on Facebook, and almost
39,000 on Twitter.
Social media is a must when it comes to making your brand appear approachable and more
engaging. You should consider:
•
Platforms – Understand which are best for your brand. Facebook, Twitter, LinkedIn,
Pinterest, YouTube, Instagram and more are all out there to choose from; which ones you
decide to use will all depend on your brand’s target audience
• Strategy – It is important to work out how often you can post, your tone of voice and what
you want to use the channels for. It should incorporate your brand’s core values and you
should ensure that you respond to any questions or interactions from customers as soon as
you can
• Measurement – The ability to measure marketing activity against KPIs, core objectives
and goals is essential for gaining key insights that can form future campaigns. Social
media activity is no exception
4. Personalisation
Personalisation helps to make your customer’s experience more enjoyable. By tailoring the
experience of your website to their needs, it is helpful for them and shows you care about
their transaction with you. It can be an invaluable way to nurture relationships and boost
conversion rates.
Fresh Egg worked with SelectSpecs to carefully craft a targeted email campaign to their existing
customer base.
•
Personalised content – This can range from email personalisation to the type and format of
onsite content displayed to each visitor. A database of details about your audience makes
this much easier
• Segmentation – Breaking your audience down into groups based on a variety of factors,
including demographics and user behaviour, will help inform content personalisation
•
Audience insight – Engaging with and listening to your audience in surveys, feedback
forms and on social media will let you know their needs and expectations
5. Referrals
Word of mouth is a powerful influencer, which now has the potential to spread across the
internet at great pace thanks to the popularity of online reviews and social media. Brands
can tap into this valuable social behaviour in a variety of ways.
Fresh Egg put SelectSpecs’ competition in front of a number of authority bloggers, obtaining
coverage across many relevant websites. This included Moneysavingexpert.com and
Studentmoneysaver.co.uk.
6. Competitions
Competitions are a great way to trigger interest in your brand, which can then be the
starting point to a relationship with a whole new audience.
The SelectSpecs competition exceeded all targets set. The landing page recorded 10,700
unique visits (way past the 300 planned), which converted to 7,300 unique competition
entrants. This was due to the combination of paid advertising and promotional activity,
targeted outreach and emails to the existing customer database as well as the fact we were
able to work closely and combine resources with the team at SelectSpecs, aligning our
efforts effectively.
• Secondary objectives – Increasing brand awareness may be your primary objective, but
there may well be scope to achieve secondary objectives, such as increasing newsletter
subscriptions and the number of competition entries
• Promote the competition in all the ways laid out in this post
• Measurement – Setting clear KPIs and objectives at the planning stage will help you
measure and gather insights from your campaign. These KPIs may include referral traffic
and social mentions
7. Biddable media
With ever-changing platform and search algorithms, and increasing marketplace competition,
biddable mediacampaigns are an excellent way to drive brand awareness as well as return on
investment (ROI). Fresh Egg used paid promotion across Facebook and Twitter to boost the
competition’s visibility.
• Budget – Calculating your budget from the start will help ensure you stay on track financially,
as well as helping you deliver against set KPIs and objectives
• Keywords – What search terms do your audience use? Establishing the right keywords to use
in your biddable campaigns will help elevate your brand’s visibility in the relevant search
areas
• Integration – Your biddable media activity should align with your brand’s core objectives and
complement your other marketing activities
To study the brand awareness of IDBI Federal Life Insurance Co. Ltd.
Methodology
Primary data- Questionnaires were distributed in rural and urban areas. In order to find out the
attitude of people towards insurance. Also, to find out the Brand Awareness of IDBI Federal Life
Insurance Co. Ltd..
Sampling- Sampling is a tool through which one gets to know how much data has to be collected
and at what time. Sample is the subset of population. In this research, the no. of population is 150
people out of which 100 are selected and surveyed.
Place of study- The survey was conducted at Hyderabad and nearby areas.
Secondary data – it refers to the data and records that are already collected and analyzed by third
party and which are used in this research. All such secondary data are mentioned at the end of
the interim report.