Raksha Micro Life

Insurance

Jiyo Befikar
 Insurance

• Insurance is to provide protection

against future risk, accidents and
uncertainty. Insurance cannot
check the happening of the risk,but
can certainly provide for the losses
of risk.
– Primary Function
– Secondary Function
 Purchases

Awarness Of Micro
Insurance
 Function Of Insurance
Primary Function
 Secondary Function


• Provide • Prevention of
protection losses
• Assessment Of • Small capital to
risk cover large risk
• Provide • Contribute
Certainity towards the
• development
of larger
industries
 IRDA
• Insurance Regulatory Development
Authority
• Every one Should get permission
from this regulatory body.
• We are insured to the Life insurer
sector.
•
•
 Branding
• We Have our Blanket Family name
GMR.
• Customers are our Brand
Ambassdors.
•
 “A satisfied Customer is a
salesman Forever”
 About Raksha
• Our company name ‘Raksha’ signifies
our motto and goal of our business.
Raksha comes from an Hindi word,
which means security .
• We have the blanket Family Name
GMR.
• We have our head office in
Hyderabad, have 24 regional
branches and spread across 300
villages,150 towns,100 small cities
 Market Research of Micro Life
Insurance
• 95% of companies are Targeting on
high level Income group.
• No plans available for Low level
income groups
• Huge untapped market available.
• Large no of people unaware of Micro
Insurance.
 Marketing Strategies
• Differentiation:-
• People- low level income people
• Process-two people available for every 20km,
collection agents financially poor students
• Convenience- easy access to claims , threw our
toll free no -911
• Profit- high profit because of low premiums.
• Time- claims to be given in 24 hours, else double
the claim
• Marketing Skimming
 Market Mix
• Product Mix
 -We promote innovation in our
product portfolio, include those
services and schemes which are likely
to get a positive response in the future.
 - Polices should not take care of
generating premium only but also
cover pople from all walks of life( porter
,mason, server, etc ).
 -Insurances should be there as per
requirement of the customer.
 -Instant policy making
–
 Continued
• Planning
• Give due weight age to the socially and
economically backward classes.
• Discover uncovered market places
• Maximize the mobilization of savings by offering
lucrative schemes.
• Assign due weight age to interests of investors.
• Maintain economy in business by promoting
cost effectiveness.
• Keep in mind the emerging trends in business
environment.
• Improve the quality of customer / user services.
• Try to come with innovative strategies

 Continued
• Promotion Mix
– Word of mouth advertising
– Media Advertsing
– TV ad’s - one of the main sponsors for a
reality show, local festivals, etc
– Newspaper – our ad’s are majorly
advertised in all local newspaper.
 - Hoardings at all bus stops and places
where people gather especially in
villages and backward areas
 Continued…
• Promotion Mix (cont)
– Personal Selling
– Promoting our products by giving
claim to people in some village or
on some occasion.
– Participating in some social welfare
activities.
–
 Continued
Price Mix


• Cost effectiveness
• Restructuring of premium
• Rationalizing or optimizing the social
costs
• Paving avenues for channelizing the
productive investments
–
 Continued

• Place
• We have a huge coverage in Andhra
Pradesh covering over 300 villages ,
20 towns and 4 cities . Similarly in
INDIA we have reached many of the
backward and small villages.
• All our employees are basically from
their own native village.
• Collection is normally done on daily
basis from the people place of
convenience.
• At an average we have two persons
from our organization are there for
 Continued
• People
 -No matter what distribution
strategy a company adopts,
customer relationship acts as a base
to maintain the customer on a long-
term basis.
 -Give training to local people for
creating awareness and employment.
 -A satisfied Customer is a salesman
forever.
 Swot Analysis
• Strength
• Weakness
• Oppurtunity
• Threats
•
 Products
• Ayushmanbhava
• Lambi Umar
• Dhirga Ayush
• Jeetey Raho
 Our Effective Ways to Advertise
our Insurance Agency…
• Insurance for life, health, home, business and
automobiles is a necessity for many people
• As agents we need to focus on the local
community and find ways to get our name
out there.
• Local Insurance Agent Directory
 InsureMyHouse.com and InsureMyLife.org,
with search engines, real estate websites, mortgage
sites and other financial websites to provide a
valuable resource to the internet
• Local Phone Book: expensive
• Local Newspapers: selective
• Local Sports Teams:
• Post cards:
• Radio:
 Contd…
•
• Television:
• Local Sign Advertising: Billboards,
Neon Signs, Transit System Signs, etc.
• Stationary & Supplies: Pens,
Letterhead, etc.
• Advertising & Promotional
Materials: Magnets, cricket kits,
khaadi kurtas, Calendars, etc.
• Local Movie Theatre:
• Family Center Fairs:
 Future Vision
• Vision 20-12
• Our vision for the future is to
spread our roots of insurance for all
walks of life.
• Enter the field of reinsurance
which can generate huge revue
after a period like recession which
was the worst in this century.
• Forming an deal with government for
rural Plans.