The Marketing mix of Bharati Axa Life Insurance Bank analyses the 7Ps of Bharati Axa Life Insurance Bank which includes the Product, Price, Place, Promotion, people, physical evidence and process of Bharati Axa Life Insurance Bank. Bharati Axa Life Insurance Bank is a leading private-sector bank providing insurance services in India. The company is a joint enterprise between Bharat Enterprises and Axa Group, which is a French company. The company offers various insurance products and services for protection, wealth creation, retirement, and health care. The company was founded in 2006. The company has 124 branches and 16,000 advisors all across India spread worldwide.
In 2009, it earned the distinction and respect of being the first private sector insurance company to receive double certification of ISO 27001:2005 and ISO 9001:2008.
Its chief competitors are as follows-
- Aviva Life Insurance Co. India Ltd
- Aegon Life Insurance Co. India Ltd
- Bajaj Allianz Life Insurance Co. Ltd
- Birla Life Insurance Co. India Ltd
About Bharti Axa Life Insurance
- Type: Life insurance company
- Industry: Insurance
- Founded: 2006
- Founder: Sunil Mittal
- Headquarters: Mumbai, India
- Area served: India
- Key people: Sunil Mittal (Chairman) and Sanjeev Srinivasan (CEO)
- Number of employees: 2,500
Table of Contents
Bharti Axa Life Insurance Product Strategy
Bharti AXA Life Insurance offers a diverse range of products and services tailored to meet the varying needs of its customers. Their product mix includes individual and group plans, catering to different segments such as saving, protection, investment, health insurance, and riders for additional benefits.
The new Product Mix of Bharati Axa Life Insurance in 2024 is as follows (Source).
- Saving Plans: Financial products aimed at helping individuals save money over time while offering life insurance coverage.
- Protection Plans: Insurance products are designed to provide a safety net for the policyholder’s family in case of their untimely demise, ensuring financial security.
- Investment Plans: Dual-benefit products that focus on wealth creation over the long term, along with providing life insurance cover.
- Health Plans: Plans specifically designed to cover medical expenses and critical illnesses, offering financial support during health emergencies.
- Group Plans: Products tailored for organizations or groups, providing life insurance benefits to employees or members, often including term insurance.
- Child Plans: Financial solutions aimed at securing the future of the policyholder’s children, ensuring funds are available for their education, marriage, etc.
Bharti Axa Life Insurance Place Strategy
The company is headquartered in Mumbai, the financial capital of India. The company has 124 branches spread across the country. The finance company also has digitally enabled services to make transactions in a safe and secure environment.
Here’s an overview of the place strategy investment management of Bharti AXA Life Insurance.
- Wide Network of Branches: Bharti AXA Life Insurance boasts a vast network of branches across various cities and towns in India, making it accessible for customers to visit and avail of insurance services in person.
- Online Presence: The company has a solid online presence, allowing customers to purchase policies, make payments, and manage their insurance products conveniently through their website or mobile app.
- Partnership Distribution Channels: Bharti AXA has formed strategic partnerships with banks, financial institutions, and other corporate entities to distribute its insurance products, expanding its reach to more customers.
- Multi-channel Distribution Approach: The company employs a multi-channel distribution strategy that includes direct sales teams, insurance brokers, and independent agents, ensuring coverage across different customer segments and geographical areas.
- Customer Service Centers and Helpdesks: Bharti AXA Life Insurance operates customer service centers and helpdesks, providing policyholders with support and assistance regarding their insurance policies, claims processing, and other services.
Bharti Axa Life Insurance Pricing Strategy
Bharti AXA Life Insurance employs a strategic approach to pricing, carefully balancing competitiveness with value creation for its policyholders. Their pricing strategy is designed to cater to a diverse customer base, offering a range of products that are accessible, affordable, and value-driven. Here are crucial elements of Bharti AXA Life Insurance’s pricing strategy.
- Competitive Pricing: Bharti AXA Life Insurance closely monitors the insurance market to ensure its product prices are competitive. They leverage cost-efficiency and innovation to offer attractive premiums to potential customers while ensuring the sustainability and profitability of their product lines.
- Value-Based Pricing: The company adopts a value-based pricing model for more complex insurance products, where the price is determined by the perceived value to the customer rather than solely on cost-plus or market competition factors. This approach emphasizes the benefits and unique features of their insurance products, such as flexibility in coverage, rider options, and investment opportunities, aligning price with the comprehensive value delivered.
- Segmented Pricing Strategy: Recognizing the diverse needs of its customer base, Bharti AXA Life Insurance employs a segmented pricing strategy. This allows them to offer different price points for different segments of the market based on factors such as age, lifestyle, health risks, and financial goals, ensuring products are accessible to various demographics.
- Dynamic Pricing: With advancements in data analytics and technology, Bharti AXA Life Insurance utilizes dynamic pricing strategies to adjust premiums based on evolving risk factors, market conditions, and customer behavior. This ensures that pricing remains relevant, competitive, and fair, encouraging customer loyalty and attracting new policyholders.
- Transparency in Pricing: Bharti AXA Life Insurance strongly emphasizes transparency. They ensure that customers are fully informed about the cost of their policies, including premiums, fees, and any other charges. This transparency builds trust and helps customers make informed decisions about their insurance needs.
Bharti Axa Life Insurance Promotion Strategy
Bharati Axa Life Insurance operates in the insurance sector in a competitive industry with several players operating simultaneously. Like all private companies, it aims to increase its market share in the public sector. Therefore, it tries to make its products and services known and accessible to the public. The various mediums for promoting its products and services include the internet, hoardings, and advertisements through newspapers, television, magazines, and radio, to name a few.
The company is positioning its brand based on a unique ‘Strategy of Proof’ framework. Proof is a solution that answers customer expectations, is tangible, capable of being communicated, and is different from what the competitor offers. The company runs several marketing strategies based on proof campaigns to meet customer needs.
Some Recent Video ads and Print ads for Bharati Axa Life Insurance are:
Bharti Axa Life Insurance People Strategy
The “People” component is crucial in the service marketing mix world, especially for a service-oriented business like Bharti AXA Life Insurance. This aspect focuses on the employees, sales force, and all the personnel involved in providing the service. Here’s how Bharti AXA Life Insurance excels in the “People” aspect of its service marketing mix:
- Highly Trained Staff: Bharti AXA Life Insurance invests significantly in training and development programs for its staff. This ensures that their team is knowledgeable about the various insurance products, market trends, and customer service excellence. The aim is to equip their employees with the skills to provide customers with insightful, accurate, and helpful advice.
- Customer-Centric Approach: The company emphasizes a customer-centric culture among its employees. This is reflected in their personalized customer service, where staff are encouraged to understand each customer’s unique needs and offer solutions that best meet them. The approach fosters a positive customer experience, building long-term relationships.
- Professional and Ethical Standards: Bharti AXA Life Insurance holds its employees to high professional and ethical standards. This includes integrity in dealings, transparency in communication, and adherence to regulatory and company policies. Such standards ensure the trust between the company and its customers is maintained.
- Diverse and Inclusive Workforce: Recognizing the diverse needs of its customer base, Bharti AXA Life Insurance values diversity in its workforce. The company strives to create an inclusive environment where different perspectives are valued, enhancing creativity and innovation in service delivery.
- Empowerment and Accountability: Bharti AXA Life Insurance employees are empowered to make decisions that benefit the customer, demonstrating the company’s trust in its staff’s judgment and abilities. This empowerment is balanced with accountability, where employees are responsible for their actions and the outcomes of their decisions. This approach encourages a proactive and accountable workforce, directly impacting the quality of service provided to customers.
Bharti Axa Life Insurance Process Strategy
The “Process” component of the service marketing mix refers to the procedures, mechanisms, and flow of activities by which services are consumed. For Bharti AXA Life Insurance, efficient, customer-friendly processes are vital to delivering value and satisfaction to their policyholders. Here’s an overview of the critical elements of Bharti AXA Life Insurance’s process strategy:
- Streamlined Policy Purchase Process: Bharti AXA Life Insurance has simplified the purchasing process, making it more accessible and less time-consuming for customers. This involves easy documentation, digital forms, online calculators for premium estimation, and immediate policy issuance for specific products. The aim is to minimize hurdles and make the buying process seamless.
- Customer Onboarding and Education: The company places a strong emphasis on customer onboarding and education, ensuring that policyholders understand the features, benefits, and terms of their insurance policies. This process includes welcome calls, informational packets, and access to an online knowledge base. Educating customers about utilizing their policies effectively is critical to enhancing satisfaction and engagement.
- Claims Processing: Bharti AXA Life Insurance has streamlined claims processing to ensure efficiency and transparency. The process is designed to be straightforward, with clear guidelines on how to file a claim, the documentation required, and the timeline for processing. The company utilizes digital platforms and automated systems to speed up the claims verification and disbursement process, aiming to reduce stress for beneficiaries during difficult times.
- Customer Service and Support: The insurer has developed a robust customer service framework with multiple support channels, such as call centers, email, online chat, and in-person consultations at branches. These processes ensure policyholders receive prompt and helpful assistance whenever needed, enhancing the overall service experience.
- Feedback and Continuous Improvement: Bharti AXA Life Insurance has implemented processes for collecting and analyzing customer feedback through surveys, social media monitoring, and direct feedback mechanisms. This information continuously improves service delivery, policy offerings, and customer satisfaction. The company’s commitment to adapting and refining its processes based on customer insights is a critical component of its service marketing strategy.
Bharti Axa Life Insurance Physical Evidence Strategy
In the service marketing mix, “Physical Evidence” refers to the environment in which the service is delivered, where the firm and customer interact, and any tangible components that facilitate the performance or communication of the service. For Bharti AXA Life Insurance, physical evidence is critical in shaping perceptions of the quality and trustworthiness of general insurance only. Here’s how Bharti AXA Life Insurance leverages physical evidence in its service marketing mix:
- Branding and Professional Aesthetics: Bharti AXA Life Insurance ensures that its branding is consistently presented across all physical and digital touchpoints. This includes using company colors, logos, and professional aesthetics in their office spaces, marketing materials, and digital platforms. The cohesive branding helps reinforce the company’s identity and values, creating a solid and recognizable presence in the market.
- Well-Designed Offices and Branches: The physical layout and design of Bharti AXA Life Insurance’s offices and branches are tailored to provide customers with a welcoming and comfortable environment. These spaces are designed to facilitate private consultations, with clear signage and accessible information. The professional and inviting atmosphere helps build confidence and trust among visitors.
- Policy Documents and Communication Materials: Tangible items like policy documents, brochures, and promotional materials are crafted with attention to detail, ensuring they are informative, easy to understand, and visually appealing. These materials serve as physical proof of the insurance products offered and the terms of engagement, which are crucial for transparency and customer reassurance.
- Digital Platforms and Online Presence: Although not physical in the traditional sense, the company’s website, mobile app, and social media profiles are vital components of physical evidence in today’s digital age. These platforms are designed to be user-friendly, secure, and informative, offering a virtual space where customers can explore products, access services, and engage with the brand.
- Customer Service and Interaction Points: Every point of interaction, from call centers to customer service desks at branches, is physical evidence of the company’s commitment to quality service. The customer service representatives’ professionalism, demeanor, and attire reflect on the company and influence customer perceptions and satisfaction.
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