customer satisfaction survey on insurance products of icici prudential

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It is a summer training project done at ICICI Prudential while pursuing BBA !!!

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A PROJECT ON REPORT

Customer satisfaction survey on insurance products of ICICI PRUDENTIALSubmitted To: Ms. Poonam Chawla Project Guide Submitted By: Sachin Singal (0641471706) BBA (GEN) 5A

Submitted In Partial Fulfilment of Bachelor of Business Administration for the Batch 2006-2009 Maharaja Agarsen Institute of Management Studies (Affiliated from Guru Gobind Singh Indraprastha University Kashmiri Gate, Delhi)

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CERTIFICATETO WHOMSOEVER IT MAY CONCERN

This is to certify that Sachin Singal a student of Bachelor of Business Administration Programme (BBA), Maharaja Agrasen Institute of Management Studies, Sec-22, Rohini, New Delhi has successfully completed his project under my supervision. He made this project to my entire satisfaction and as per requirement of the course.

... Ms. Poonam Chawla (PROJECT GUIDE)

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Acknowledgement

I express my sincere gratitude to the management of ICICI PRUDENTIAL COMPANY Pvt. Ltd, for providing me material to prepare my project on their esteem organization. I would like to thanks Dr. N.K Kakkar (Director) who has been a constant source of inspiration and my special thanks to Ms. Poonam Chawla (project guide from the institute) for her extensive guidance, cooperation and support. Finally, I wish to express my gratitude to all those who have in one way or other helped me in the successful completion of my project report. The Project was completed successfully with the valuable cooperation of companys personnel.

SACHIN SINGAL

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TABLE OF CONTENTS Certificate from the Organization Certificate from the Institute Acknowledgement Executive Summary Chapter-1

Introduction

Page No 8 10 13 14 16 18 19 20 21 22 23 24 25 30 32 40

1.1 Customer Satisfaction1.2 Overview of the Industry

1.3 Objectives of the study 1.4 Profile of the Organisation-

Overview of ICICI PRUDENTIAL Vision & Values Promoters Fact Sheet Sales Distribution Management Profile

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- Brand Values - Achievements Products Stages in Policy issuance

1.5 Comparative Study 1.6 SWOT Analysis

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Chapter-2

Research Methodology 46 46 47 47 48 48 49 49 50 63 66

2.1 Statement of the Problem

2.2 Research Design 2.3 Methodology 2.4 Sampling Techniques used 2.5 Selection of Sample Size 2.6 Data Collection 2.7 Statistical Tools Used2.8 Limitations of the Study

Chapter-3 Chapter-4 Annexure

Data Analysis and Findings Conclusion and Suggestions

Questionnaire Bibliography

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EXECUTIVE SUMMARYThis project is based on the Customer Satisfaction survey of the ICICI PRUDENTIAL insurance Company ltd. It is done to find out whether the customers are satisfied with the Benefits they get with their respective policies or not Further, in this Project Chapter 1 includes the introduction of the company wherein I told about the Objectives of the study and profile of the ICICI Prudential. Chapter 2 includes the Research Methodology wherein I have discussed the Research Design and Various sources of the Data Collection. Chapter 3 includes the Data analysis and Findings wherein I have analyze the data collected from the Questionnaire. Chapter 4 represents the conclusion and the suggestions based on the customer satisfaction survey.

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INTRODUCTION

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Customer SatisfactionWhat is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customers expectations. A customer may be defined as someone who: has a direct relationship with, or is directly affected by your agency and receives or relies on one or more of your agencys services or products. Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organisation with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organisations will: determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important? There are a number of reasons why customer satisfaction is important in Insurance Sector: Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes. Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector. Customers are recognized as key partners in shaping service development and assessing quality of service delivery.8

The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.

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Overview of the IndustryThe insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carriers policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers. Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiariesusually spouses and dependent childrenupon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to10

injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of ones life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other peoples property. Most policies, such as automobile and homeowners insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers. Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance. In addition to individual carrier-sponsored Internet sites, several leadgenerating sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.