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I hereby declare that this project report titled A STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD submitted by me to the department of Business Management of XXXX is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before.
A Good start leads to a Fine end. The ideal way to begin documenting this project work would be to extend my earnest gratitude to everyone who has encouraged, motivated and guided me to make a fine effort for successful completion of this project.
I am very thankful to XXX, faculty of business management for guiding me throughout the project. My sincere Gratitude to the College Management for extending their co-operation for successful completion of my project.
A final word of thanks goes to my Parents, Friends and everyone else who made this project possible. Your contributions have been most appreciated
SNO TOPIC PAGE NO:1. INTRODUCTION 6
2. INDUSTRY PROFILE 83. COMPANY PROFILE 174. OBJECTIVE OF THE STUDY 315. MARKETING RESEARCH 396. RESEARCH METHODOLOGY 407. LIMITATIONS OF THE STUDY 418. RESULTS AND FINDINGS 429. GRAPHS 4910. OVERALL ANLYSIS 5011. SUGGESTIONS 5112. QUESTIONNAIRE 5313. BIBLIOGRAPHY
The study was undertaken to accomplish the assignment of measuring Brand image of ICICI Prudential Life Insurance.
Insurance is a Service marketing, where every insurance company serves for customers.
In todays market there are many no of insurance companies, which are not up to, the expectations in terms of sales. At present every insurance company will focus on increasing the sales, but no one will concentrate on customer satisfaction.
There are few companies, which are leading the market with their brand image. ICICI is one of the leading insurance companies in private sector with brand image of ICICI.
The customer develops a set of brand belief about where each brand stands on each attributes or factors. A set of belief about a brand makes up the brand image. The customer brand image will vary with further experience has filtered by the effects of selective perception, selective distortion and selective retention.
[From various products of ICICI i.e. Banking, Loans, Mutual funds, General and Life insurance, web trade, the consumer can make up the brand image of ICICI based on the services provided by the above said sections.]
Actually this project deals with the measuring of Brand image of ICICI prudential Life Insurance in the terms of customers satisfaction. The methodology adopted to achieve the above task is as follows.
The respondents are divided as the present customers, lost customers and the non-customers of ICICI prudential life insurance company.
The study includes the measure of satisfaction levels of the customers. It also aim at the estimation of going back of lost customers. The research of the non-customers of ICICI Prudential was aimed at measuring the inclination of them towards ICICI.
INDUSTRY PROFILELife insurance is a contract for payment of a sum of mo0ney to the person assured for (or falling him/her, to the person entitled to receive the same) on the happening of the event insured against usually the contract provides for the payments of an amount on the date of maturity or at the specified dates at periodic intervals or on unfortunate death, if it occurs earlier. Among others things, the contract also provides for the payment of premium periodically to the corporation by the assured. Life insurance is universally acknowledged to be an institution, which eliminates risk substituting certainly for uncertainty and comes to the timely aid of the family in the fortunate event of the death of the bread winner. By and large, life insurance is civilizations partial solution to financial uncertainties caused by untimely death.
Life insurance, in short, is concerned with two hazards that stand across the life path of every person. That of dying prematurely living a dependent family to fend for it self and that too old without visible means of supportINDIAN INSURANCE INDUSTRY
Insurance industry, as on 1.4.2000, comprised mainly two players;
Life Insurance Corporation of India(LIC).
General Insurance Corporation of India(GIC) (with effect from Dec2000, a National Reinsure).;
GIC has four subsidiary companies, namely (with effect from Dec2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies.
1. The oriental insurance company limited.
2. The new India insurance company limited.
3. National insurance company limited.
4. United insurance company limited.
S.NO Registration Date of Reg. Name of the company
01 101 23.10.2000 HDFC Standard Life Insurance
Company Ltd.02 104 15.11.2000 Max new York Life Insurance
Co. Ltd.03 105 24.11.2000 ICICI prudential Life Insurance
Company Ltd.04 107 10.01.2001 Kotak Mahindra Old Mutual Life
Insurance Ltd.05 109 31.01.2001 Birla Sun Life Insurance comp.
Ltd.06 110 12.01.2001 Tata AIG Life Insurance
Company Ltd.07 111 30.03.2001 SBI Life Insurance company
Ltd.08 114 02.08.2001 ING Vysya Life Insurance
Company private Ltd09 116 03.08.2001 Bajaj Allianz Life Insurnce
Company Ltd.10 117 06.08.2001 Metlife India Insurance GENERAL INSURANCE :S.NO Registration Date of registration Name of the company
1 102 23.10.2000 Royal Sundaram Alliance
Insurance company Ltd.2 103 23.10.2000 Reliance General
Insurance company Ltd.3 106 04.12.2000 IFFCO Tokio General
Insurance co.Ltd.4 108 22.01.2001 TATA AIG General
Insurance company Ltd.5 113 02.05.2001 Bajaj Allianz General
6 115 03.08.2001 ICICI Lombard General
Insurance co. Ltd.
Yr: 2000-2001: (From 1st jan. 2001 to Dec.2002)
Insurance Industry in this year, so far has 5 new entrants; namely
Life Insurance:S.NO. registrationDate of registration Name of the
1 121 03.01.2002 AMP sanmar Life
Insurance co.Ltd2 122 14.05.2002
Insurance co.LtdGeneral Insurance:S.NO Registration Date of reg. Name of the
1 123 15.07.2002 Cholamondalam
2 124 27.08.2002 Export Credit