ICICI Prudential Life Insurance Co. Ltd.

TITLE“A Study on Consumer Behavior and

Customer Satisfaction towards ICICI PRUDENTIAL LIFE INSURANCE Products”

Varun Kumar FN - 153

OBJECTIVES

• Primary Objectives To know the Consumer Behavior and Consumer Preference towards

various Insurance Products offered by ICICI Prudential Life Insurance Company Ltd.

• Secondary Objectives

a) To study & analyze the growth of ICICI Prudential Life Insurance Company ltd.

b) To identify the most favored promotion schemes among the Consumers & Advisors/Agents.

c) To study the present marketing strategies and suggest new strategies that can increase the penetration of ICICI Prudential Life insurance product into the market.

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RESEARCH METHODOLOGY

• Research Type – Descriptive Research.

• Sampling Plan – Cluster and Random Sampling.

• Sample size – 200 Consumers and 50 Advisors/Agents.

• Data Collection – 2 sets of Structured Questionnaire (Consumer & Advisor), Telephonic Interview and Direct Interview.

• Analysis – Using Statistical Tools, Cross Tabulation and Hypothesis Testing.

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ANALYSIS

• 79% of consumer prefer Life Insurance policy than General Insurance.

• 49% of consumer prefer LIC and 24% of consumer prefer ICICI Pru for buying insurance.

• Most of customer purchased insurance for Savings, Tax benefits and Life benefits.

• 91% of the Advisors are biased towards some insurance policies while selling.

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ANALYSIS

Medium Of Knowledge

Percentage

Television & Internet

74 %

Newspaper 7.5 %

Broachers/ Pamphlets

4 %

Friends/ Family 10 %

Others 4.5 %

Total 100 %

• 57% of the total approach to sales is carried by Advisors and 24% is contributed by Direct Marketing.

• For covering the untapped market:o Creating Awareness – 47%o Market Survey – 19%o Change Negative Awareness – 18%

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ANALYSIS

Customer Awareness

No. of Satisfied Customer

Less than 25% 9

25 – 50% 11

Above 50% 30

Total 50

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FINDINGS

Objective 1:

• Higher demand for Life Insurance products compared to General Insurance.

• 40% of respondents prefer ULIP.

• Unequal Awareness for products of ICICI Pru in the market brings ups and downs in sales.

Objective 2:

• LIC leads the insurance market with nearly 50% share and ICICI Pru stands 2nd with 24.5% share. • Factor influencing Growth of ICICI Pru are:o Experienced Advisors.o Policies sold/month.oQuality of training.

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FINDINGS

Objective 3: •Majority of people like T.V and Internet as a best source of promotion.

• Most appealed ICICI Pru ads are: oJeetey Raho! oEducation Solution!

• Advisors and Direct Marketing plays a major role in making the sales.

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SUGGESTION & RECOMMENDATION

Suggested Marketing Strategies are:-

• Emergency Info Wallet Cards.

• Volunteer

• Host Seminars

• Speak at Colleges

• Insurance Leads Fishbowl:“You may win a gift voucher in the lucky dip by filling in the cards and putting it in the bowl”

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SUGGESTION & RECOMMENDATION

• Guerilla Marketing :o Give out Pens with ICICI Pru brand name.o Wearing T-shirts with ICICI Pru name clearly visible.o Go Green.

• Customer Appreciation Party.

• Send Holidays or Birthday Cards.

• Host a Blood Drive.

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THANK YOUA PROJECT PRESENTATION BY :

VARUN KUMAR