finance - insurance - icici prudential - channeldevelopment in insurance sector
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7/31/2019 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