a study on brand image of icici prudential life insurance ltd

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    A PROJECT REPORT ONA STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE

    INSURANCE LTD

    Cuttack, Odisha

    Submitted by:

    Mr. Sukanta Kumar Das

    Regd No:-

    Under the guidance of

    Mr.

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    GUIDE Certificate

    This is to certify that the project entitled A STUDY ON BRAND

    IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD

    submitted in IIMT, Cuttack is the original work of Mr. Sukanta

    Kumar Das. All facts reported by the candidate have been done my

    guidance and supervision. The source and reference wherever used have

    been duly acknowledged.

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    ACKNOWLEDGEMENT

    A Good start leads to a Fine end. The ideal way to begin documenting thisproject work would be to extend my earnest gratitude to everyone who hasencouraged, motivated and guided me to make a fine effort for successfulcompletion of this project.

    I am very thankful to ----------, faculty of business management for guidingme throughout the project. My sincere Gratitude to the College Managementfor extending their co-operation for successful completion of my project.

    A final word of thanks goes to my Parents, Friends and everyone else whomade this project possible. Your contributions have been most appreciated

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    CONTENTS

    SNO TOPIC PAGE NO:

    1. INTRODUCTION 6

    2. INDUSTRY PROFILE 8

    3. COMPANY PROFILE 17

    4. OBJECTIVE OF THE STUDY 31

    5. MARKETING RESEARCH 39

    6. RESEARCH METHODOLOGY 40

    7. LIMITATIONS OF THE STUDY 41

    8. RESULTS AND FINDINGS 42

    9. GRAPHS 49

    10. OVERALL ANLYSIS 50

    11. SUGGESTIONS 51

    12. QUESTIONNAIRE 53

    13. BIBLIOGRAPHY

    INTRODUCTION

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    Insurance is a Service marketing, where every insurance company serves forcustomers.

    In todays market there are many no of insurance companies, which are not upto, the expectations in terms of sales. At present every insurance company willfocus on increasing the sales, but no one will concentrate on customersatisfaction.

    There are few companies, which are leading the market with their brandimage. ICICI is one of the leading insurance companies in private sector with

    brand image of ICICI.

    The customer develops a set of brand belief about where each brand stands oneach attributes or factors. A set of belief about a brand makes up the brandimage. The customer brand image will vary with further experience hasfiltered by the effects of selective perception, selective distortion and selectiveretention.

    Actually this project deals with the measuring of Brand image of ICICIprudential Life Insurance in the terms of customers satisfaction. Themethodology adopted to achieve the above task is as follows.

    The respondents are divided as the present customers, lost customers and thenon-customers of ICICI prudential life insurance company.

    The study includes the measure of satisfaction levels of the customers. It alsoaim at the estimation of going back of lost customers. The research of the non-customers of ICICI Prudential was aimed at measuring the inclination of themtowards ICICI.

    History of Insurance

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    Insurance is a form of risk management, primarily used to hedge against therisk of a contingent loss. In essence, insurance is simply the equitabletransfer of a risk of a loss, from one entity to another, in exchange for a

    premium.

    Gambling transactions also hedge against risk, but it offers the possibility ofeither a loss or a gain. Gambling creates losers and winners, whereas ininsurance offers financial support sufficient to replace loss, not to create

    pure gain. Gamblers can continue spending, buying more risk than they canafford , but insurance buyers can only spend up to the limit of what carrierswould accept to insure; their loss is limited to the amount of the premium.

    Gamblers, by creating new risk transfer, are risk seekers. Insurance buyersare risk avoiders, creating risk transfer in terms of their need to reduceexposure to large losses.

    Early methods of transferring or distributing risk were practiced by Chinesetraders as early as the 3rd millennia BC. These merchants travellingtreacherous river rapids would cleverly distribute their wares across manyvessels to spread the loss due to any single vessel's capsizing.

    Modern profit insurance manifested in Babylon almost 2000 years B.C., in acontract of loan of trading capital to travelling merchants. The contractcontained a clause that the risk of loss due to robbery in transit was borne bythe party providing the loan. In consideration for bearing this risk, the lendercalculated interest on the loan at an exceptionally high rate.

    The Greeks and Romans introduced the origins of health and life insuranceto us around 600 AD, when they organized guilds / benevolent societies(such assodalitates, collegia and military societies) which afforded memberscertain benefits, such as proper burial rites, or a financial contributiontowards burial costs (funeraticium) or travelling expenses of members of thearmy. In exchange for this benefit, members of the society made regularcontributions to it.

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    During this time, Achaemenian (Iranian) monarchs were the first to 'insure'their people to some extent, formalising the process by registration thereof atcourt. In accordance with tradition, during Norouz - the beginning of theIranian New Year - the heads of different ethnic groups presented gifts to themonarch. The purpose of these gifts was to ensure (insure) that whenever thegift-giver was in trouble, the monarch (and the court) would help him. Inreturn, whenever the giver was in trouble or needed finance, the court wouldcheck the gift's registration, and could even - if the amount exceeded 10,000Derrik - double that in return.

    All these instances gave effect to the concept of mutual assistance in case ofloss, but the actual concept of mutual assistance came to the fore in guildsand similar associations and societies which existed in Europe and Englandduring the middle-ages.

    These associations afforded members (or their dependants) assistance in caseof loss caused by perils such as fire, shipwreck, theft, sickness or death.Originally, the extent of the assistance was determined by the actual need ofthe member who suffered the loss, eventually, however, he would beassisted to the extent of his actual loss. In many of these guilds individualmembers, and not merely the guild itself, were under a legal duty to assistthose members who suffered a loss. Once provision was made for the latterto have a corresponding legal right to claim such assistance, thedevelopment towards proper mutual insurance was completed.

    Separate insurance contracts (i.e. insurance policies not bundled with loansor other kinds of contracts) were invented in Genoa in the 14th century, aswere insurance pools backed by pledges of landed estates. These newinsurance contracts allowed insurance to be separated from investment, a

    separation of roles that first proved useful in marine insurance. Insurancebecame far more sophisticated in post-Renaissance Europe, and specializedvarieties developed.

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    INDUSTRY PROFILE

    Life insurance is a contract for payment of a sum of mo0ney to the personassured for (or falling him/her, to the person entitled to receive the same)on the happening of the event insured against usually the contract providesfor the payments of an amount on the date of maturity or at the specifieddates at periodic intervals or on unfortunate death, if it occurs earlier.Among others things, the contract also provides for the payment of

    premium periodically to the corporation by the assured. Life insurance isuniversally acknowledged to be an institution, which eliminates risksubstituting certainly for uncertainty and comes to the timely aid of thefamily in the fortunate event of the death of the bread winner. By andlarge, life insurance is civilizations partial solution to financialuncertainties caused by untimely death.

    Life insurance, in short, is concerned with two hazards that standacross the life path of every person. That of dying prematurely living adependent family to fend for it self and that too old without visible meansof support

    INDIAN INSURANCE INDUSTRY

    Insurance industry, as on 1.4.2000, comprised mainly two players;

    Life Insurers:

    Life Insurance Corporation of India(LIC).

    General Insurers:

    General Insurance Corporation of India(GIC) (with effect from Dec2000, aNational Reinsure).

    GIC has four subsidiary companies, namely (with effect from Dec2000, thesesubsidiaries have been de-linked from the parent company and made asindependent insurance companies.

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    1. The oriental insurance company limited.

    2. The new India i