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To determine the effectiveness of alternate distribution channel

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Internship Project in MASTERS OF BUSINESS ADMINISTRATION (MBA)FINAL REPORT

ON

To determine the effectiveness of alternate distribution channels of ICICI Prudential Life Insurance Co. Ltd. vis-a-vis its competitors in GUWAHATIMAY 3RD - JUNE 30TH , 2010

SUBMITTED BY: SHAHIDUL ISLAM ROLL NO- B09033

COMPANY ADVISOR: MR. BIDYUT TALUKDAR & MR. NARENDAR SHARMA

ACADEMIC ADVISOR: MR. AMLAN DUTTA

DATE:

DON BOSCO INSTITUTE OF MANAGEMENT, GUWAHATI, INDIA

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ACKNOWLEDGEMENT..............................................................W orking on the project To determine the effectiveness of the alternate distribution channels of ICICI prudential LIC Co. Ltd. vis-a-vis its competitors in Guwahati has provided us the opportunity to know about the insurance industry and most importantly the experience of getting into the corporate world and learning the lessons which will help us in our future strives. W e owe a considerable debt of gratitude to Mr. Samrat Ghosh, Regional Manager of ICICI Prudential LIC. Co. Ltd. for selecting us and providing us the opportunity to work under his gracious supervision and making us feel as a member of the organization. W e especially are indebted to our industry guides, Mr. Bidyut Talukdar, Sales Manager and Mr. Narendar Sharma, Associate Financial Service Manager of ICICI Prudential LIC. Co. Ltd., Guwahati, who provided us their unending support and wisdom throughout the project. W e, most particularly are thankful to our institutional mentor, guide and advisor, Assistant Professor, Mr. Amlan Dutta and other teaching and non-teaching staff for their guidance and cooperation during this internship and in fact without their navigational assistance, life would have been very difficult as far as structuring the project is concerned. W e would always be grateful to them for their help and support and belief.

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THE EXECUTIVE SUMMARY...................................................................

INTRODUCTION Name of the company: ICICI Prudential Life Insurance Co. Ltd Company Vision: The vision of the company clearly states that it wants to become the dominant Life, Health and Pension player built on trust by world-class people and services. Values of the Company: Every member of the ICICI Prudential team is committed to five core values integrity, customer first, boundary less, ownership and passion. Project Title: To determine the effectiveness of the alternate distribution channels of ICICI Prudential Life Insurance Co. Ltd. vis-a-vis its competitors in Guwahati Place of work: Guwahati. 0Duration: 3rd May 2010 to 30th June 2010.

PROBLEM STATEMENT Presently, ICICI Prudential LIC. Co. Ltd. is topping the list of private players in the life insurance sector in India. In Guwahati as well, the company is at the top in comparison to its competitors. The company has a burden to retain its position in the market in the years to come. In doing so, it has to continuously keep pace with the strategic changes in its selling pattern, maintain its relationship with the corporate agents which include the bancassurance and alliance partners. Keeping track of increase or decrease of branches, channels, services and manpower of the competitors are some of the key elements which help the company avail a competitive advantage and take starategic decisions and thus helps to function in accordance to the company vision. Thus, the problem statement would be: How do the alternate channels particularly bancassurance and alliance, contribute in generating revenue for ICICI Prudential LIC Co. Ltd. vis-a-vis its competitors in Guwahati

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OBJECTIVE: 1) To find out the Bancassurance and Alliance partners of ICICI Prudential Life Insurance Co. Ltd. and its competitors in Guwahati and compare the amount of business generated by these corporate agents and brokerage houses. 2) To what extent the business of ICICI Prudential is spread so that the people are well aware of the companys services inorder to generate business by targeting the potential customers. 3) To determine the productivity ratio of each company so that the current situation of the companies can be ascertained.

4) To bring out measures to make the distribution more competent and effective for better correspondence with the common people, make them understand the importance of insurance and investment and lay out in front of them better options of investments.

METHODOLOGY: To achieve the intended objective of the project, the methodology proposed would be as follows: Accumulating information and data through all indirect or existing sources like articles, websites etc. Analyzing these accumulated data and information inorder to understand the existing trend of business generated by the various distribution channels. Sources of updated data: i) Primary data: by direct interactions with the officials of the respective insurance companies and getting information out of them with the help of questionnaires. ii) Secondary data: collecting information from secondary sources like articles and brokerage houses like Religare, Blue Chip etc. Finally, interpreting and analyzing the data to understand the extent of effectiveness of the alternative distribution channels and provide recommendations if needed.

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INSURANCE SECTOR IN INDIA The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It is a business growing at the rate of 15-20 percent annually and presently is of the order of Rs 450 Billion. Together with banking services, it adds about 7 per cent to the countrys GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. In addition, this part of the population is subject to weak social security and pension systems with hardly any old age income security. This is an indicator that growth potential for the insurance sector is immense. A well developed and evolved insurance sector is necessary for economic development as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. It has estimated that, over the next ten years India would require investments of the order of one trillion US dollar. The insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. Insurance is a federal subject in India. The legislations govern the sector-The Insurance Act-1938 and the IRDA Act-1999. The insurance sector in India has come a full circle from being an open competitive market to nationalization and back 5 to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.

HISTORICAL PERSPECTIVE ABOUT LIFE INSURANCE IN INDIA: The history of life insurance in India dates back to 1818 when it was considered as a means to provide for English W idows. Interestingly in those days, a higher premium was charged for Indian lives than the non-Indian lives, as Indian lives were considered more risky for coverage. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company established in 1880. The General insurance business in India, on the other hand, can trace its roots to the Triton (Tital) Insurance Company Limited, the first general insurance company established in the year 1850 in Calcutta by the British. Until the end of nineteenth century, insurance business was almost entirely in the hands of overseas companies. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20's andPage | 5

30's sullied insurance business in India. By 1938, there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. Indian companies strengthened their hold on this business but despite the growth that was witnessed, insurance remained an urban phenomenon. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Nationalization was justified because it would create muchneeded funds for rapid industrialization. This was in conformity with the Government's chosen path of State lead planning and development.

Important milestones in the life insurance business in India: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian, foreign insurers and provident societies were took over by Central government and nationalized. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 corers from the Government of India.

THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY: Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies launched the IRDAs online service for issue and renewal of licenses of agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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INSURANCE MARKET IN INDIA: The India Insurance market despite having a highly elaborate history spanning almost two centuries, has come of age only in last 50 years after the formation of the Life Insurance Corporation (LIC) of India in 1956 and the entry of private companies into the market in 2000. Traditionally the Indian Insurance Market had centred on the life insurance until recently, a host of other insurance policies covering a diverse range of issues and objects like Medical Insurance, Accident Insurance, Fire Insurance, Automobile Insurance and other policies which fall under the category of general insurance are being provided by various private insurance companies.

PERFORMANCE OF THE INDIAN INSURACE MARKET-A REPORT: The following points will provide you an insight into the insurance market in India and its fast expanding prospects. The report is well supported by data based on detailed analysis that would help investors, financial service providers and global banking players to venture into the Indian insurance market. Taking into account the changing socioeconomic demographics rate of GDP growth, behaviour of consumers, and occurrences of natural calamities at regular intervals. The market of Life Insurance in India is expected grow to the value around US $ 43.44 billion by the year 2010. 65% of the general insurance market is controlled by private house that already exists in the market. However in automobile insurance, public sector covers a substantial 68% of the total market value. Among individual companies that are worthy of mentioning, ICICI Lombard enjoys a whopping 53% market share in Accident Insurance while the remaining 47% is shared by New India Assurance and United India Insurance both belonging to the public sector. The other key players of the market include: A) In Public Sector: Life insurance Corporation(LIC) of India, National Insurance Company Limited, Oriental Insurance Limited, New India Assurance Company Limited and United India insurance Company Limited. B) In Private Sector: ICICI prudential Life Insurance, Bajaj Allianz, SBI Life, HDFC Standard, Birla Sunlife, Aviva Life Insurance, Kotak Mahindra old mutual, Max New York Life and Met life, Tata AIG Life, ING Vysya. Thus, the ever increasing population of the country will ensure constant boom in the Indian Insurance market in the distant future.Page | 7

THE ALTERNATE DISTRIBUTION CHANNEL: BANCASSURANCE..................... Bancassurance is the term used to describe the partnership or relationship between a bank and an insurance company whereby the insurance company uses the banks sales channel in order to sell insurance products. It allows the insurance company to maintain smaller direct sales teams as their products are sold through the bank to bank customers by bank staff. Since the banking services, insurance and fund management are all interrelated activities and have inherent synergies, selling of insurance by banks would be mutually beneficial for banks and insurance companies. So, to maintain developments and increased competition, companies are forced to come up with innovative techniques to sell their products and services. As we all know that bank have a potential to make the distribution channels more effective. Bancassurance is one of the important sources of revenue to the insurance companies. Now, the competition among the companies is increasing drastically, so the profits are likely to be under pressure. So, bancassurance played a pivotal role to sell the products like insurance. If the bancassurance channel works properly then it can be beneficial for all the participants viz., banks, insurers and the customer. agents. These corporate channel partners like bancassurance are termed as corporate

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Corporate Agency Distribution Model I

Bank CustomerConvinces the identified customer to buy life insurance policy through the bankAnalyses the customer needs, offers insurance solutions, completes the documentation and assists in medical examination if any

Bank Manager/ Relationship Manager

Bank trained Person ( Specified Person)

Note: In few cases, the Branch Manager/Relationship Manager himself could be a specified person in which all the functions of the specified person are performed by him.

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Corporate Agency Distribution Model II

Bank issues certificate of insurance/acknowledgement

Bank Customer

Convinces the identified customer to buy life insurance policy through the bank

Analyses the customer needs, offers insurance solutions, completes the documentation and assists in medical examination if any

Bank Manager/ Relationship Manager

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LIST OF THE LIFE INSURANCE COMPANIES PRESENT IN GUWAHATI Bajaj Allianz Life Insurance Co. Ltd. Aviva Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd. Max New York Life Insurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Met Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Ltd. Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd. HDFC Standard Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd.

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Profile of Each Life Insurance Company in North East..................

Bajaj Allianz Life Insurance Co. :1. 2. 3. 4. Branch location in Guwahati: Maligaon, Guwahati. Respondents name: Mr. Pabitra Das Respondents designation: Sales Manager Number of Bancassurance partners: 3

5. Name of Bancassurance Partners in North- East.

Name of Partners 1. Standard Chartered 2. Syndicate Bank 3. Assam Gramin Vikash Bank

No of Branches in North-East 1 14 40

6. Name of Corporate Brokering Partners

/ Name of Corporate Houses 1. Golden Trust Financial Services 2. Local Level Corporate Agents

No of Branches in North-East 20 50

7. Total employee strength (on rolls): 70 8. Business generated from your bancassurance tie-up in the last financial year: Rs 8.5Crore

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Aviva Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Chandmari, Guwahati Respondents name: Mr. Hamenko Baruah Respondents designation: Sales Manager No of Bancassurance Partners: 2 Name of Bancassurance Partners in North-East: Name of Partners 1. Punjab National Bank 2. Centurian Bank of Punjab6.

No of Branches in North-East 80 1

Name of Brokering Partners Name of Corporate Houses 1. Bajaj Capital 2. Karvy Stock Broking 3. Religare Securities 4. Blue Chip No of Branches in North-East 2 10 2 1

7. Total employee strength (on rolls): 25 8. Business generated from your bancassurance tie-up in the last financial year: Rs 10 Crore

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Tata AIG Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Bhangagarh, Guwahati Respondents name: Mr. Rupam Kalita Respondents designation: Sales Manager No of Bancassurance Partners: 3 Name of Bancassurance Partners in North-East: Name of Partners 1. Vijaya Bank 2. United Bank of India 3. Punjab National Bank 6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Religare Securities 2. Blue Chip No of Branches in North-East 2 1 No of Branches in North-East 24 217 80

7. Total employee strength (on rolls): 27 8. Business generated from your bancassurance tie-up in the last financial year: Rs 7 Crore

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Max New York Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: G.S. Road Paltan Bazar, Guwahati Respondents name: Ms. Rashmi Tiwari Respondents designation: Deputy Manager (Operations) No of Bancassurance Partners: 2 Name of Bancassurance Partners in North-East: Name of Partners 1. Yes Bank 2. Axis Bank No of Branches in North-East 8 30

6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Golden Trust Financial Services 2. Peerless 3. Blue Chip No of Branches in North-East 20 6 1

7. Total employee strength (on rolls): 15 8. Business generated from your bancassurance tie-up in the last financial year: Rs. 4 Crore

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Birla Sun Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Chandmari, Guwahati Respondents name: Mr. Partho Das Respondents designation: Relationship Manager No of Bancassurance Partners: 3 Name of Bancassurance Partners in North-East: Name of Partners 1. Vijaya Bank 2. Punjab National Bank 3. IDBI 6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Karvy Stock Broking 2. Bajaj Capital 3. Religare Securities 4. Blue Chip 5. SPA 6. SMC No of Branches in North-East 10 2 2 1 1 1 No of Branches in North-East 24 80 3

7. Total employee strength (on rolls): 19 8. Business generated from your bancassurance tie-up in the last financial year: Rs. 8 Crore

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Met Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Paltanbazar, Guwahati Respondents name: Mr. Arijit Dam Respondents designation: Territory Manager No of Bancassurance Partners: 2 Name of Bancassurance Partners in North-East: Name of Partners 1. UTI Bank 2. Karnataka Bank 6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Blue Chip No of Branches in North-East 1 No of Branches in North-East 10 1

7. Total employee strength (on rolls): 8 8. Business generated from your bancassurance tie-up in the last financial year: Rs. 10 Lakhs

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ING Vysya Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Bhangagarh, Guwahati Respondents name: Mr. Deborshi Bhattacharjee Respondents designation: Territory Manager No of Bancassurance Partners: 1 Name of Bancassurance Partners in North-East: Name of Partners 1. ING Vysya Bank 6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Blue Chip 2. Karvy Stock Broking 3. Religare Securities No of Branches in North-East 1 10 2 No of Branches in North-East 10

7. Total employee strength (on rolls): 34 8. Business generated from your bancassurance tie-up in the last financial year: Rs. 5 lakhs

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Kotak Mahindra Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: ABC G.S. Road, Guwahati Respondents name: Mr. Mausam Phukan Respondents designation: Location Head No of Bancassurance Partners: 1 Name of Bancassurance Partners in North-East: Name of Partners 1. Kotak Mahindra Bank 6. Name of Corporate Brokering Partners No of Branches in North-East 1

Name of Corporate Houses 1. Bajaj Capital 2. Religare Securities 3. Blue Chip 4. Anand Rathi 5. SMC

No of Branches in North-East 2 2 1 1 1

6. Total employee strength (on rolls): 10 7. Business generated from your bancassurance tie-up in the last financial year: Rs. 3.5 crores

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SBI Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Ulubari, Guwahati Respondents name: Mr. Rahul Das Respondents designation: Sales Manager No of Bancassurance Partners: 1 Name of Bancassurance Partners in North-East: Name of Partners 1. State Bank of India 9. Name of Corporate Brokering Partners Name of Corporate Houses 1. Blue Chip No of Branches in North-East 1 No of Branches in North-East 400

6. Total employee strength (on rolls): 30 7. Business generated from your bancassurance tie-up in the last financial year: Rs. 8.5 Crores

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HDFC Standard Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Paltanbazar, Guwahati Respondents name: Mr. Rwitom Singha Respondents designation: Sales Manager No of Bancassurance Partners: 1 Name of Bancassurance Partners in North-East: Name of Partners 1. HDFC Bank No of Branches in North-East 5

6. Total employee strength (on rolls): 13 7. Business generated from your bancassurance tie-up in the last financial year: Rs. 3.1 Crore

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ICICI Prudential Life Insurance Co:1. 2. 3. 4. 5. Branch location in Guwahati: Paltan Bazaar, Guwahati Respondents name: Mr. Samrat Ghosh Respondents designation: Manager B & A No of Bancassurance Partners: 1 Name of Bancassurance Partners in North-East: Name of Partners 1. ICICI Bank 6. Name of Corporate Brokering Partners Name of Corporate Houses 1. Karvy Stock Broking 2. India Infoline 3. Bajaj Capital 4. Religare Securities 5. India Post Office 6. SMC 7. SPA Financial No of Branches in North-East 24 80 2 1 6708 6 1 No of Branches in North-East 27

7. Total employee strength (on rolls): 28 8. Business generated from your bancassurance tie-up in the last financial year: Rs. 30 Crore . Note: India Infoline generated the highest business of ICICI Prudential followed by SMC. There are some other corporate brokering houses which are not so active. They are 1. 2. 3. 4. 5. Fluerton Reliance Money Share Khan Microsec Brokers R.R Brokers

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Total number of Bancassurance branches of the various Life Insurance companies in North-east

Bajaj Allianz Life Insurance Co. : Aviva Life Insurance Co: 5 27 55 400 321 107 1 10 11 38 81 Tata AIG Life Insurance Co: Max New York Life Insurance Co: Birla Sun Life Insurance Co: Met Life Insurance Co: ING Vishya Life Insurance Co: Kotak Mahindra Life Insurance Co SBI Life Insurance Co HDFC Standard Life Insurance Co ICICI Prudential Life Insurance Co

Note: SBI has the highest no of banncassurance branches.

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Number of Bancassurance partners of the various Life Insurance Companies in North-east

1 1 1

1

3

Bajaj Allianz Life Insurance Co. : Aviva Life Insurance Co: Tata AIG Life Insurance Co: 2 Max New York Life Insurance Co: Birla Sun Life Insurance Co: Met Life Insurance Co: ING Vishya Life Insurance Co:

1

2 3

Kotak Mahindra Life Insurance Co SBI Life Insurance Co HDFC Standard Life Insurance Co 3 ICICI Prudential Life Insurance Co 2

Note: Birla Sun Life, Tata AIG and Bajaj Allianz has the highest number of Bancassurance partners

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Number of Brokering partners of various Life Insurance Companies

8 7 6 5 4 3 2 1 0

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PRODUCTIVITY....................................................................Company ICICI prudential Bajaj Allianz Aviva Life Tata AIG Max New York Birla Sun Life Met Life ING Vysya Kotak Mahindra SBI Life HDFC Life Output/Input 30/28 8.5/70 10/25 7/27 4/15 8/19 .1/8 .05/34 3.5/10 8.5/30 3.1/13 Productivity 1.07 0.12 0.40 0.26 0.27 0.42 0.01 0.001 0.35 0.28 0.24

Productivity of the companies (2009-10)1.20 1.00 0.80 0.60 0.40 0.20 0.00 0.40 0.12 0.26 0.27 0.01 0.001 0.42 0.35 0.28 0.24 1.07

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FINDINGS.......................................................................... ICICI Prudential has the highest distribution network of Bancassurance and Alliance partners consisting of 13 partners. Next in the listing comes Birla Sun life with 9 partners. SBI Life Insurance is rulling the bancassurance section in terms of number of branches i.e. SBI has a huge base of around 400 branches selling products of SBI Life throughout North East. The next position in this race comes Tata AIG which also has base of around 321 branches of banks selling its products. In terms of Productivity, ICICI Prudential LIC Ltd. is the maximum being 1.07 followed by Birla Sun LIC Ltd. and Aviva Life Insurance Ltd with their productivity values 0.42 and 0.40 respectively.

RECOMMENDATION. ICICI Prudential should make other banking corporations as their corporate agents inorder to expand the network of bancassurance channel which will be beneficial to the company in terms of generating new business. Maintaining a healthy relationship with all the brokering partners is a very effective way of generating more revenue. Promotion plays a very important role in attracting customers. Therefore, ICICI Prudential LIC Ltd. should promote its products in the interior or rural areas around Guwahati by organizing special activities for the rural people to understand the importance of insurance in todays world. Organizing street plays is an effective way of catching the eye of the people.

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REFERENCES1. ICICI Prudential LIC Ltd. website, http://www.iciciprulife.com 2. Other w ebsites: a) http://www.articlethread.com b) http://www.irdaindia.org

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APPENDIX QUESTIONNAIREI, a student of Don Bosco Institute of Management, Kharghuli, Guwahati has undertaken a project in ICICI Prudential LIC Ltd., Guwahati. I need your co-operation in furnishing the following information that is required in the successful completion of my project. I shall be grateful if you answer the following questions and give your honest opinion. In view of this, I hereby request you to give your feedback on the questionnaire given below. Please note that your response will be kept confidential.

1) 2)

Name of the Company_________________________________________________

Address:__________________________________________________________________________ _________________________________________________________________________________ ___________________________________________ Respondents Name:__________________________________________________ Designation:________________________________________________________ Number of Bancassurance Partners:______________________________________ No. of Branches of Bancassurance Partners in Guwahati:______________________ Name of the Bancassurance Partners in Guwahti:____________________________

3) 4) 5) 6) 7)

8) 9) 10) 11) 12) 13)

No. of Bancassurance Partners in Lower ASSAM:____________________________

No. of Bancassurance Partners in Upper ASSAM:____________________________ No. of Alliance in Guwahati:____________________________________________ No. of Alliance in other parts of Assam apart from Guwahati:___________________

Total no. employees;__________________________________________________

Amount of Business the branch could achieve in the last financial ___________________________________________________________________

year:

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