Unraveling the insurance industry – My tryst with marketing at Birla Sun Life
About the Author: Akash Ranjan Patra is pursuing MBA from Fortune Institute of International Business. He shares his diverse learnings gained from an internship.
After studying diverse business concepts – marketing, finance, HR, and operations, I decided to do an internship to understand how businesses actually operate in a competitive environment. The placement cell had organized an internship drive with Birla Sun Life Insurance. Being an Internshala Student Partner had helped me develop my personality and overcome my weaknesses, which proved to be beneficial in getting through the interview.
The marketing head and the HR manager gave a pre-internship talk in respect of the company, the insurance industry, and their process of marketing. They also talked about the work profile and their expectations. Then, I was asked to fill an application form stating if I could work as per their requirements and my reasons for applying. The next round was a personal interview with the marketing head and the HR manager. They asked about my family background, my interests, and the projects I worked on. They asked for a demonstration of a sales pitch; this was easy since I had worked as a sales representative in my projects. In the end, they asked me why they should hire me as an intern. I gave an appropriate answer with zeal and confidence. Finally, I was selected!
On my first day, I was introduced to my mentor, Nilay Sharma, and my team members – interns from other colleges. Each team was allotted a separate work cabin. We were briefed about our job roles. I studied the Indian market and used filters like geographic, demographics, psychographics, etc. to figure out the target customers for the company. I learnt the consumer behaviour of the targeted market using an offline as well as an online survey to understand the demands of the customer and how to cater to them. After I had gained insights into customers’ demands, I analyzed advertising channels and campaigns to position Birla Sun Life Insurance equivalent to renowned companies such as LIC and SBI Life Insurance. I analyzed social media advertising data and contacted T.V. channels, radio channels, newspaper and magazine advertisers, and billboard advertising agencies to understand the advertising costs, the reach of the advertisements, and revenue. Based on Return on Investment(ROI) and survey of Integrated Marketing Communication(IMC) channels, I selected appropriate advertising channels and made advertising campaigns for the company.
From designing advertising posters and suggesting taglines to shooting TVC advertisements, I had put in a lot of hard work and dedication. Merging all the tasks I performed, I made a marketing strategy for the company and gave a presentation on it along with my team-mates elucidating its impact on company’s bottom line (net profit). The internship ended with a great deal of learning, an extremely impressed mentor, and a certificate of completion of the internship.
The three months of this amazing internship presented a new experience each day and helped me understand the know-how of insurance industries and how theoretical business concepts are implemented. I enjoyed working there big time; there wasn’t a single day when I felt bored. The internship has fuelled my passion for marketing and made me ready for a full-time marketing job.
Looking for hands-on experience of marketing? Check out these latest marketing internships.
Editor’s note – If you also have an interesting story to share, you can now participate in Your Internship Story Contest 2017 and win cash prizes and goodies worth INR 1 Lac!
