INSURANCE SECTOR AND OPPORTUNITIES

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Life - 24General –

29

26% FDI 49%

Current Size - $60 billion Next Decade (expected) - $200 billion Biggest insurance market in world – 360 million policies The insurance industry plans to reach penetration levels of 5% by 2020 India currently accounts for less than 1.5% of the world’s total insurance premiums

and about 2% of the world’s life insurance premiums despite being the second most populous nation, and a world average of 6.3%

Nippon Life to increase its stake in Reliance Life Insurance to 49%

Insurance Sector

General Insurance - Reliance

The general insurance business in India is currently at Rs 78,000 crore (US$ 11.44 billion) premium per annum and is growing at a healthy rate of 17 per cent

Reliance General Insurance has 139 offices and more than 12,000 intermediaries across India

Unlike most competitors, who have foreign partners, the firm is promoted solely by Reliance Capital

In March, around 25,000 policies were sold online – almost 5% of total Reliance General policies sold – CEO Rajesh Jain

Internet Stats - India

Insurance Sales Online Life insurance contributes - 45% Motor insurance - 36% More than 75% purchase decisions will

be influenced by digital channels over next couple of years

And it is not just Tier-1 cities. A huge amount of buyers is now coming in from Tier-2 and Tier-3 cities too

26–35 age group - 55% 36-45 age group - 19%

But it is not just about promoting the services, but also to enhance overall CUSTOMER EXPERIENCE

So what comprises the Experience? Ease of access – to all

information and services Proper systems in place to

make the customer feel important

Responsiveness A continuity in flow –

seamless integration of services

Bank Bazaar (Rank - 342)Policy Bazaar (Rank - 1207)

Coverfox (Rank - 2391)

5 Paisa Insurance (Rank - 2805)

Easy Policy (Rank - 10912)Turtle Mint (Rank - 11200)

My Insurance Club (Rank - 11210)

PolicyX (Rank - 11603)

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Site Rank(India) and Daily Traffic

Bank Bazaar

Policy Bazaar

Coverfox

5 Paisa Insurance

Easy Policy

Others

0 2000000 4000000 6000000 800000010000000

Monthly Traffic (March, 2016)

Portals and Traffic

Note – Bank Bazaar has numerous other services too and therefore not all traffic is insurance related

Traffic Sources of top insurance selling portals

Direct Referrals Search0%

10%

20%

30%

40%

50%

60%

70%

80%

Bank Bazaar Policy Bazaar Coverfox 5 Paisa Insurance Easy PolicyTurtle Mint My Insurance Club PolicyX Easy Insurance India Policy Bachat

Recommendations Based on my experience with Max Bupa – Reliance can also dedicate customer

service staff for each client. This saves customer a lot of time in narrating all the previous conversations and makes him feel “VALUED”

LEAD BUYING – This is from personal experience. I got calls from ICICI, HDFC and a few others after making a query. This should be one major focus area.

With a shifting focus on Marine, Health and Property insurance, we should also be expanding our advertising to cover specific platforms like Magic Bricks, 99 Acres in property, various freight carriers in Marine and Health blogs/sites.

A few sites didn’t have Reliance General products – Wealth Bazaar, Policy Bachat, 5 Paisa Insurance. We should be present everywhere

The major sites are not highlighting Reliance General products. The strategy should focus on them to highlight us with positive customer feedback. ICICI Lombard is being highlighted.

About Me – Nikhil Kejriwal

I like to keep the bar high for my work Highly inclined to learning new things

and grow both professionally and personally

No ego, no work small or big I form informed opinions, develop my

point of view and always take an open-minded approach to suggestions/differences in opinion

Responsible and take complete ownership for my work

MBA in Marketing and IT with a focus on Digital

Experience of sales – both online and offline

Experience in UI/UX improvement to increase user-friendliness

Worked with various websites for cross-promotions by negotiating mutually favourable terms

Technical knowledge of APIs and integration techniques

Achieved 100% KRAs in both previous organizations

Professional

Personal