Marketing Mix of Kotak Life Insurance focuses on 4Ps Product, Price, Place and Promotion. Kotak Life Insurance is a fully owned subsidiary of Kotak Mahindra Bank. Kotak Life Insurance was founded in the year 2001. Kotak Life Insurance is one of the leading Insurance companies in India. Kotak Life Insurance is in safe hands of Gurang Shah, president, Uday Kotak, Chairman and G. Murlidhar is the director.
Some of the main competitors are :
- SBI Life
- Bajaj Allianz Life Insurance
- HDFC Life Insurance
- Religare Life Insurance
- Tata AIA Life Insurance
- ICICI Prudential Life Insurance
- Max Life Insurance
Product in the Marketing Mix of Kotak Life Insurance
Here we will discuss the product strategy and product mix in the Kotak Life Insurance marketing strategy.
Kotak Life Insurance has a customer-centric approach. The organization has long term savings and protection plans for different stages of life. The company has cost-effective products, good customer support, consistent growth in investments, and a fast claim settlement process.
Various policies under the umbrella of Kotak Life insurance are:
Term Insurance Plans
- Kotak e-Term Plan
- Kotak Term Plan
Money Back Plan
- Kotak Life Premier Moneyback Plan
Pension Plans
- Kotak Lifetime Income Plan
- Kotak Premier Pension Plan
Endowment Plans
- Kotak Smart Life Plan
- Kotak Life Classic Endowment Plan
- Kotak Life Premier Endowment Plan
- Kotak Life Premier Income Plan
Unit Linked Insurance Plans – ULIPs
- Kotak Ace Investment Plan
- Kotak Single Invest Advantage Plan
- Kotak Platinum Plan
- Kotak Headstart Child Assure Plan
- Kotak Invest Maxima
Whole Life Plan
- Kotak Premier Life Plan
Price in the Marketing Mix of Kotak Life Insurance
By offering value for money, Kotak Life Insurance was a trend-setter in the insurance industry. The organization is committed to provide its customers with the best and highest value products at minimum prices. It has kept the premium insurance policy prices at normal level so that large number of people can take advantage of its insurance plans. Kotak is fairly faces strong competition from other existing well established insurance companies. To build its own loyal customer base, it has introduced fair pricing strategies and has kept its premium rate affordable and pocket-friendly. The company has introduced penetration strategy to penetrate India’s expanding insurance market.
Place in the Marketing Mix of Kotak Life Insurance
Kotak has about 20 million customers nationwide. Kotak Life Insurance has marked its presence in 167 cities and towns. It has a wide distribution chain that allows its consumers all over the world to supply their services. This covers insurance agent services, online insurance websites, insurance agents, direct networks and banking partner services. Kotak Life Insurance has about 99275 Insurance agents in India in 232 branches.
Kotak Life has multiple channels for selling its policies. Kotak Life is selling its policies through its branches. Insurance Advisors are also recruited by the company. Bancassurance is also a channel for selling its policies. Kotak Life has branches all over the country to market its products. Marketing Executives are trained to explain the features and benefits of Kotak Life Insurance. Kotak Life is also selling its policies through Online Channel. Kotak Life has a simple claim settlement process.
Promotion in the Marketing Mix of Kotak Life Insurance
Kotak Life Insurance differentiates itself as one of India’s most trusted brands. Kotak Life has taken several initiatives for creating positive awareness of the brand. Successful advertising campaigns have been launched on radio and several television channels through electrical media. Its advertisements appear in magazines, hoardings, and newspapers. It has an official website that provides interested parties with the related information.
Kotak Life is taking every possible measure to promote its policies. Kotak Life Insurance is using modern techniques for promoting its products and services. For Online advertisements the company is using Google Ad Network and other Ad Networks. The company is using Facebook Marketing, Whatsapp Marketing, and other online Marketing platforms for its promotion. Kotak Life is also advertising its products on Television, Print Media, and Magazines. It is also using Hoardings for promoting its products throughout the country. It is also promoting its products on various Social Media Platforms. These aggressive techniques are developing a good image among the customers of the company.
Insurance Advisors and Insurance executives are also promoting its insurance policies to the customers. Kotak is having a good customer centric approach and try to maintain good customer relations to retain customers.
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