Presentation on
Distribution Channel of ICICI Prudential Life Insurance
Presented by:Shriya DashSuchita SaharanSunil BanselSwati JainTarun Chopra
Introduction
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
which is one of India's foremost financial services companies, and Prudential plc,
which is a leading international financial services group headquartered in the
United Kingdom. ICICI Prudential began the operations in December 2000.
Today, this company has over 2100 branches, which include 1,116 micro-offices,
over 290,000 advisors and 18 banc assurance partners.
ICICI Prudential Life Insurance Company is the first life insurer in India that
received a National Insurer Financial Strength rating of AAA (India) from Fitch
ratings. ICICI Prudential has been voted as India’s Most Trusted Private Life
Insurer for three consecutive years. ICICI Prudential Life Insurance Company has
various insurance plans that have been designed for different individuals, as
every individual has different insurance needs.04/11/23 2
ICICI Prudential Insurance PlansEducation Insurance PlansSmart Kid New Unit-linked Regular Premium Smart Kid New Unit-linked Single Premium Smart Kid Regular PremiumWealth Creation PlansWealth Advantage Life Stage Assure Life Time Gold Life Link Super Life Stage RPPremium Guarantee PlansInvest Shield Life New Invest Shield Cash BankProtection PlansPure Protect Life Guard Save 'n' Protect Cash Back Home Assure
Retirement SolutionsLife Stage Pension Life Time Super Pension Life Link Super Pension Forever Life Plan Immediate Annuity Health Coverage PlansHealth Saver Medi Assure Hospital Care Crisis Cover Cancer Care Diabetes Care Active Diabetes Assure
ICICI Pru Group Solutions Advantage Group Super Annulations Group Gratuity Plan Annuity Solutions Group Term Insurance Plan Group Term Insurance in lieu of EDLI Rural PlansICICI Pru Suraksha ICICI Pru Suraksha KavachMicro Insurance PlansICICI Pru Sarv Jana Plan
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SALES AND DISTRIBUTION OF ICICI PRUDENTIAL LIFE INSURANCE
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Prerequisite to Insurance Agent
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Distribution Scenario in the Indian marketIn today's Indian insurance market, the challenge to insurers and intermediaries isTwo-pronged:1.Building faith about the company in the mind of the client2.Intermediaries being able to build personal credibility with the clients Traditionally tied agents have been the primary channels for insurance distribution in the Indian market; the public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents. The agents are from various segments in society and collectively cover the entire spectrum of society.Agents continue to be the prime channel for insurance distribution in India, as is the case in most markets, supported by call centers to a small extent. However there is great excitement in the industry over the impending broker regulations and companies are planning possible channels in their enthusiasm to increase volumes. The belief that all these channels will grow and seamlessly integrate to bring in business seems a fallacy.
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Distribution Channel
The channels can be distinct on the basis of 2 factors:
Personal distribution systems include all channels like
agencies of different models and brokerages, banc
assurance, and work site marketing.
Direct response distribution systems are the method
whereby the client purchases the insurance directly.
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Distribution System of ICICI Prudential
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FLOW CHART DEPICTING SERVICE FLOW OF ICICI PRUDENTIAL
ICICI Prudential Branch
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SWOT ANALYSIS OF ICICI PRUDENTIAL LIFE INSURANCE
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What should the ICICI look ahead…? (1/2)
1. Identity is well established, but the perception of "poor service providers"
& being not trust worthy is a stigma.
2. Have to build their identity in a market where the public does not
distinguish them.
3. Products are not attractive and flexible enough but expensive.
4. Remove the perception that anything that looks good is expensive To retain
their creamy layer clientele who are the most likely to be wooed by the
new companies
5. Work against the people's mindset that they are not here for the long term
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6. Retain and attract good intermediaries
7. Attract intermediaries especially agents with the requisite qualifications
and attributes who can market the company and the product.
8. Match the aura created by the new companies in the urban market
9. Run the risk of tapping an already insured market for repeat insurance
instead of tapping new virgin pockets in the market.
What should the ICICI look ahead…? (2/2)
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