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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

    2

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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

    3

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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

    5

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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

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