sales & distribution - icici prudential life insurance
Post on 27-Apr-2015
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DESCRIPTIONTarun Chopra Pursuing MBA from Gautam Buddha University.
Presentationon Distribution Channel of ICICI Prudential Life Insurance
Presented by: Shriya Dash Suchita Saharan Sunil Bansel Swati Jain Tarun Chopra
IntroductionICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is one of India's foremost financial services companies, and Prudential plc, which is a leading international financial services group headquartered in the United Kingdom. ICICI Prudential began the operations in December 2000. Today, this company has over 2100 branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance partners.
ICICI Prudential Life Insurance Company is the first life insurer in India that received a National Insurer Financial Strength rating of AAA (India) from Fitch ratings. ICICI Prudential has been voted as India s Most Trusted Private Life Insurer for three consecutive years. ICICI Prudential Life Insurance Company has various insurance plans that have been designed for different individuals, as every individual has different insurance needs. 4/12/20102
ICICI Prudential Insurance PlansEducation Insurance Plans Smart Kid New Unit-linked Regular Premium Smart Kid New Unit-linked Single Premium Smart Kid Regular Premium Wealth Creation Plans Wealth Advantage Life Stage Assure Life Time Gold Life Link Super Life Stage RP Premium Guarantee Plans Invest Shield Life New Invest Shield Cash Bank Protection Plans Pure Protect Life Guard Save 'n' Protect Cash4/12/2010 Back Home Assure
Retirement Solutions Life Stage Pension Life Time Super Pension Life Link Super Pension Forever Life Plan Immediate Annuity Health Coverage Plans Health Saver Medi Assure Hospital Care Crisis Cover Cancer Care Diabetes Care Active Diabetes Assure
ICICI Pru Group Solutions Advantage Group Super Annulations Group Gratuity Plan Annuity Solutions Group Term Insurance Plan Group Term Insurance in lieu of EDLI Rural Plans ICICI Pru Suraksha ICICI Pru Suraksha Kavach Micro Insurance Plans ICICI Pru Sarv Jana Plan3
SALES AND DISTRIBUTION OF ICICI PRUDENTIAL LIFE INSURANCE
Prerequisite to Insurance Agent
Distribution Scenario in the Indian marketIn today's Indian insurance market, the challenge to insurers and intermediaries is Two-pronged: 1. Building faith about the company in the mind of the client 2. Intermediaries being able to build personal credibility with the clients Traditionally tied agents have been the primary channels for insurance distribution in the Indian market; the public sector insurance companies have their branches in almost all parts of the country and have attracted local people to become their agents. The agents are from various segments in society and collectively cover the entire spectrum of society. Agents continue to be the prime channel for insurance distribution in India, as is the case in most markets, supported by call centers to a small extent. However there is great excitement in the industry over the impending broker regulations and companies are planning possible channels in their enthusiasm to increase volumes. The belief that all these channels will grow and seamlessly integrate to bring in business seems a fallacy.4/12/2010 6
Distribution ChannelThe channels can be distinct on the basis of 2 factors: Personal distribution systems include all channels like agencies of different models and brokerages, banc assurance, and work site marketing. Direct response distribution systems are the method whereby the client purchases the insurance directly.
Distribution System of ICICI Prudential
FLOW CHART DEPICTING SERVICE FLOW OF ICICI PRUDENTIAL ICICI Prudential Branch
SWOT ANALYSIS OF ICICI PRUDENTIAL LIFE INSURANCE
What should the ICICI look ahead ? (1/2)1. Identity is well established, but the perception of "poor service providers" & being not trust worthy is a stigma. 2. Have to build their identity in a market where the public does not distinguish them. 3. Products are not attractive and flexible enough but expensive. 4. Remove the perception that anything that looks good is expensive To retain their creamy layer clientele who are the most likely to be wooed by the new companies 5. Work against the people's mindset that they are not here for the long term
What should the ICICI look ahead ? (2/2)6. Retain and attract good intermediaries 7. Attract intermediaries especially agents with the requisite qualifications and attributes who can market the company and the product. 8. Match the aura created by the new companies in the urban market 9. Run the risk of tapping an already insured market for repeat insurance instead of tapping new virgin pockets in the market.