Swot analysis idbi federal life insurance Co Ltd

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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. In this venture, IDBI Bank owns 48% equity while Federal Bank and Ageas own 26% equity each. Having started in March 2008, in just five months of inception, IDBI Federal became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums.

Through a continuous process of innovation in product and service delivery IDBI Federal aims to deliver world-class wealth management, protection and retirement solutions that provide value and convenience to the Indian customer. It offers wealth management, protection, retirement, home loan protection, hospitalization and surgical plan, and group microsurance solutions, as well as life insurance cover to micro finance institutions, self-help groups, and NGOs.

The company also provides Incomesurance, a combination of endowment and money back plans; Loansurance group life plan, a solution that enables users to help protect their borrower’s assets and savings; and Bondsurance, a single premium plan that offers guaranteed returns on investment combined with life insurance protection. The company offers its services through a vast nationwide network of partner bank branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. SWOT ANALYSIS WITH ITS FOUR ELEMENTS.

SWOT analysis is a strategic planning method used to evaluate the Strengths, Weaknesses/Limitations, Opportunities, and Threats involved in a project or in a business venture. It involves specifying the objective of the business venture or project and identifying the internal and external factors that are favourable and unfavourable to achieve that objective. The technique is credited to Albert Humphrey, who led a convention at the Stanford Research Institute (now SRI International) in the 1960s and 1970s using data from Fortune 500 companies.

Setting the objective should be done after the SWOT analysis has been performed. This would allow achievable goals or objectives to be set for the organization. • Strengths: characteristics of the business, or project team that give it an advantage over others • Weaknesses (or Limitations): are characteristics that place the team at a disadvantage relative to others • Opportunities: external chances to improve performance (e. g.make greater profits) in the environment.

• Threats: external elements in the environment that could cause trouble for the business or project identification of SWOTs are essential because subsequent steps in the process of planning for achievement of the selected objective may be derived from the SWOTs. First, the decision makers have to determine whether the objective is attainable, given the SWOTs. If the objective is NOT attainable a different objective must be selected and the process repeated.

Users of SWOT analysis need to ask and answer questions that generate meaningful information for each category (strengths, weaknesses, opportunities, and threats) in order to maximize the benefits of this evaluation and find their competitive advantage. INTRODUCATION Insurance is an upcoming sector, in India the year 2000 was a landmark year for life insurance industry, in this year the life insurance industry was liberalized after more than fifty years. Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But nowadays the market opened up and there are many private players competing in the market.

After the entry of these private players, the market share of LIC has been considerably reduced. In the past few years the private players were able to expand the market and also have improved their market share. Private players have launched many innovations in the industry in terms of products, market channels and advertisement of products, agent training and customer services etc. SWOT ANALYSIS Strength: * Alliance between IDBI and Federal Bank giving a strong brand backing. * Huge basket of product range which are suitable to all age and income groups. * Superior customer service.

* Strong and well spread network of qualified intermediaries and sales person. Weakness: * Lack of awareness about insurance among people. * Less penetration in rural areas. * Low customer confidence on private players. * Low brand awareness due to lack of advertisement. Opportunities: * Fast growing economy and increasing per capita income in India. * Growing rural and semi-urban markets. * Insurable population. * Inflow of managerial and financial expertise from the foreign company. Threats: * Changing government regulations and financial crisis like recessions. * Increase in insurance frauds. * Stiff competition in the market.

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