finance - insurance - icici prudential - channeldevelopment in insurance sector

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AMITY UNIVERSITYNOIDA, UTTAR PRADESH

A PROJECT REPORT

ON

CHANNEL DEVELOPMENT IN INSURANCE SECTOR STUDY

OF ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

Submitted to:

Submitted by:Ms. Geeta Mishra YogeshSinglaFaculty Guide B.Com(Hons)

Roll No.A3104609020

AMITY COLLEGE OF COMMERCE & FINANCE

AMITY UNIVERSITYSECTOR-125, NOIDA, UTTAR PRADESH

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DECLARATION

I hereby declare that this project report entitled:

CHANNEL DEVELOPMENT IN INSURANCE

SECTOR STUDY OF ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

submitted by me and it is not submitted to any other university or institution for the

award of any degree diploma/ certificate or published any before

Yogesh SinglaB.Com (Hons)

Roll No. A3104609020

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ACKNOWLEDGEMENT

I acknowledge the sincere assistance provided to me from several rather

unexpected quarters during the course of execution of this study. It

would be a mammoth task to place on record my gratitude to each and

every one of them but a whole hearted attempt would be made

nevertheless, least I be branded ungrateful.

Yogesh SinglaB.Com (Hons)

Roll No. A3104609020

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TABLE OF CONTENTS

INTRODUCTION

Preface

Company Profile

Executive Summary

Products and Policies

Product portfolio

CHANNEL DEVELOPMENT

SWOT ANALYSIS

FUTURE GROWTH PROSPECTS

COMPETITIVE ANALYSIS

RECOMMENDATIONS

LEARNING

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BIBLIOGRAPHY

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EXECUTIVE SUMMARY

Identifying different profiles of the people and giving them an information

regarded to the insurance and the company policies according to the need

and income of the people

A market survey was done on How customers knows about our Plans &

Policies. Different question regarded the policies and there benefits and the

return what the customer get and other information regarded policies they

were asked. The areas covered up in this survey were Pratapgarh and the

suburban area of Pratapgarh. The report contains details of different life

insurance companies, which are in healthy competition of ICICI Prudential

life insurance.

In todays era, the insurance industry is one of the most booming sectors.

India itself has population of 1.12 billion out of which roughly 3.2 % people

are insured. This clearly shows that most of the people are note insured just

because they just dont know much about insurance. Most people have some

common queries about life insurance.

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COMPANY PROFILE

ICICI Prudential Life Insurance Company is joint venture between two heavy weights,

ICICI Bank, India and Prudential Plc., UK. The name, ICICI Bank is not a new name in the

Indian finance sector. It is Indias second largest and largest private sector bank with over

50 years of financial experience. It offers a wide range of banking products and financial

services to corporate and retail customers in areas of investment banking, life and non-life

insurance, venture capital and asset management. It is leading player in retail banking and

has over13 million retail customer accounts. The bank has a network of over 570 branches

and extension customers, and 2000 ATMs.

Prudential Plc. Is a London based finance company. It was established in the year 1848.

The name Prudential might not be familiar along us but we have an emotional attachment

with this name and specially our previous generation. The reason, many of us infant when

Kapil Dev Nikhanj lifted the cricket World Cup at Lords in 1983. That World Cup

sponsored by none other than Prudential Plc. It was named Prudential Cup.

Another famous example, in the year 1998, a movie named Titanic took all the academy

awards of that year. The incidence Titanic was a true one. The accident took place in the

year 1913. it was Prudential Plc., which provide the ship insurance coverage. The business

of Prudential Plc. spans across the globe. By its products and services, it has brought a

revolution of sort in finance sector. It provides retail financial services products and

services to more than 16 million customers, policyholders and unit holders worldwide. The

credit goes to the company to bring to the market an integrated range of financial services

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and products that now include life insurance, pensions, mutual funds, banking, investment

management and general insurance. Since its inception, it has been doing its business with

its flag always flying high.

ICICI Prudential began its operations in India in December 2000. It is among the first

private sector insurance company to get approval Insurance Regulatory Development

Authority (IRDA). ICICI Prudentials equity based stands at Rs. 1185 crore with ICICI

Bank and Prudential Plc. holding 74% and 26% stake respectively. Until sep. 2005, the

company wrote 283,818 policies. In the process, it has garnered Rs. 820 crore of new

business premiums for a total sum assured of Rs. 7,131 crore. For the past four years, ICICI

Prudential has been donning the No. 1 position in the private life insurance sector in the

country. It has a wide range of flexible products that meet the need of the Indian customer

at every step.

Although for the last 50 years LIC has been the only company to cater the consumer

needs in the insurance sector but the past 5 years 21 insurance companies have been

emerged in this scenario.

Some these are following:

ICICI Prudential Life

Bajaj Allianz

Max New York Life

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Met Life

ING Vyasa

Om Kotak Mahindra

Tata AIG

Aviva

HDFC Standard Life

SBI Life

Reliance Life

Bharti EXA

New players need to recognize the limitations of their rival and decide upon the right mix

of distribution channels in their business.

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VISION & VALUES

Vision:

To be the dominant Life, Health and Pensions player built on trust by world-class people

and service.

The hope of tomorrow achieve by:

Understanding the needs of customers and offering them superior products and

service

Leveraging technology to service customers quickly, efficiently and

conveniently

Developing and implementing superior risk management and investment

strategies to offer sustainable and stable returns to our policyholders

Providing an enabling environment to foster growth and learning for our

employees

And above all, building transparency in all our dealings

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The success of the company will be founded in its unflinching commitment to 5 core values

-- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values

describes what the company stands for, the qualities of the people and the way they work.

ICICI Prudential does believe that we are on the threshold of an exciting new opportunity,

where they can play a significant role in redefining and reshaping the sector. Given the

quality of their parentage and the commitment of their team, there are no limits to the

growth.

Values:

Every member of the ICICI Prudential team is committed to 5 core values: Integrity,

Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we

do, and have become the keystones of our success.

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THE ICICI PRUDENTIAL EDGE

The ICICI Prudential edge comes from our commitment to their customers, in all that they

do - be it product development, distribution, the sales process or servicing. Here's a peek

into what makes them leaders.

1. Products of ICICI Prudential have been developed after a clear and thorough

understanding of customers' needs. It is this research that helps us develop Education plans

that offer the ideal way to truly guarantee your child's education, Retirement solutions that

are a hedge against inflation and yet promise a fixed income after you retire, or Health

insurance that arms you with the funds you might need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to ensure that our

customers can access them easily and qu