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INTERNATIONAL COLLEGE FOR GIRLS A Summer Training Project Report On Customer Satisfaction Survey on Insurance Products of” AS A PREREQUISITE FOR THREE YEARS REGULAR DEGREE COURSE OF BACHELOR OF BUSINESS MANAGEMENT 2009-2010 SUBMITTed to: SUBMITTED BY:

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training report on the various customer perspectives on the insurance products of ICICI prudential.

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INTERNATIONAL COLLEGE FOR GIRLS

A

Summer Training Project Report

On

“Customer Satisfaction Survey

on Insurance Products of”

AS A PREREQUISITE FOR THREE YEARS REGULAR DEGREE COURSE OF BACHELOR OF BUSINESS

MANAGEMENT2009-2010

SUBMITTed to: SUBMITTED BY:

MISS SHWETA KASTIYA SWEETYMULANI BBM SEM VI

ICG/2007/6836

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ACKNOWLEDGEMENT

Achieving milestone for any person alone is extremely difficult however; there are motivators

who across the curvaceous path of life cross us like twinkling stars in the sky & make our task

easier it become my foremost duty to acknowledge all of them.

I express my sincere gratitude to the management of ICICI PRUDENTIAL COMPANY Pvt. Ltd

Sanganer Branch (Jaipur) , for providing me material to prepare my project on their esteem

organization. I am highly indebted to Mr. Ghanshyam Chulate, for his meticulous guidance.

Memories of his benevolent supervision shall ever be preserved in my mind.

I wish to express my gratitude to all those who have in one way or other helped me in the

successful completion of my project report. The Project was completed successfully with the

valuable cooperation of company’s personnel. I would also like to thank Ms.Jyoti Prakash (SM-

Channel development) ICICI Prudential Life Insurance Company, jaipur who helped me to carry

out the training successfully and the management of insurance and brokerage firms, banks and

corporate agents and many people to whom I visited during my training period.

Finally, I would like to thank our college faculty Mrs. Poonam Madan (Head of BBA

Department) & miss Shweta Kastiya, and other faculty members of International College for

Girls, Jaipur, for encouraging me to go for such a challenging task and sharpen my skills. This

Acknowledgement would be incomplete if I fail to express my deep gratitude towards all the

facility of International college for girls who gave me a lot of support and guidance.

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CONTENTS

Executive Summary

Section-1 IntroductionCustomer SatisfactionObjectives of the studyProfile of the OrganizationOverview of ICICI PrudentialVision, MissionPromoterFact SheetSales DistributionManagement ProfileBrand ValuesAchievementsProductsStages in Policies issuanceComparative StudySWOT Analysis

Section-2 Research MethodologyStatement of the ProblemResearch DesignMethodologySampling Techniques usedSelection of Sample SizeData CollectionStatistical Tools UsedLimitations of the Study

Section-3Data Analysis and Findings

Section-4Conclusion and SuggestionsConclusionSuggestionsAnnexureQuestionnaireBibliography

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EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the ICICI PRUDENTIAL insurance

Company ltd. It is done to find out whether the customers are satisfied with the Benefits they get

with their respective policies or not. Further, in this Project the study includes the introduction of

the company wherein I told about the Objectives of the study and profile of the ICICI Prudential.

Section 2 includes the Research Methodology wherein I have discussed the Research Design and

Various sources of the Data Collection. Thereafter the relevant matter includes the Data analysis

and Findings wherein I have analyzed the data collected from the Questionnaire. Lastly it

represents the conclusion and the suggestions based on the customer satisfaction survey.

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Section-1Industry overview

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INTRODUCTION

Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured

covered in the policy. Essentially, a life insurance policy is a contract between the named insured

and the insurance company wherein the insurance company agrees to pay an agreed upon sum of

money to the insured's named beneficiary so long as the insured's premiums are current.

With a large population and the untapped market area of this population insurance happens to be

a very big opportunity in India. Today it stands as a business growing at the rate of 15-20%

annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite

of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly

80% of Indian populations are without life insurance cover and the health insurance. This is an

indicator that growth potential for the insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in the insurance sector

and in continuation “Malhotra Committee” was constituted by the government in 1993 to

examine the various aspects of the industry. The key element of the reform process was

participation of overseas insurance companies with 26% capital. Creating a more competitive

financial system suitable for the requirements of the economy was the main idea behind this

reform.

Since then the insurance industry has gone through many changes. The liberalization of the

industry the insurance industry has never looked back and today stand as one of the most

competitive and exploring industry in India. The entry of the private players and the increased

use of the new distribution are in the limelight today. The use of new distribution techniques and

the IT tools has increased the scope of the industry in the longer run.

Insurance is the business of providing protection against financial aspects of risk, such as those

to property, life health and legal liability. It is one method of a greater concept known as risk

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management –which is the need to mange uncertainty on account of exposure to loss, injury,

disadvantage or destruction.

Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to

some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only

compensates the economic or financial loss.

In insurance the insured makes payment called “premiums” to an insurer, and in return is able to

claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is

usually drawn up in a formal legal contract.

Insurance companies also earn investment profits, because they have the use of the premium

money from the time they receive it until the time they need it to pay claims. This money is

called the float. When the investments of float are successful they may earn large profits, even if

the insurance company pays out in claims every penny received as premiums. In fact, most

insurance companies pay out more money than they receive in premiums. The excess amount

that they pay to policyholders is the cost of float. An insurance company will profit if they invest

the money at a greater return than their cost of float.

Reasons for insurance:

To financially support family members in the event of untimely death/ disability of earning

member

To cover medical expenses of the insured in the event of illness

To cover risk of loss of property in the event of any uncertainty

Classification of insurance:

The insurance industry in India can broadly classified in two parts. They are.

1) Life insurance.

2) Non-life (general) insurance.

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1) Life insurance:

Life insurance can be defined as “life insurance provides a sum of money if the person who is

insured dies while the policy is in effect”.

In 1818 British introduced to India, with the establishment of the oriental life insurance company

in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance

society was set up in 1870.the life insurance act, 1912 was the first statuary measure to regulate

the life insurance business in India. In 1983, the earlier legislation was consolidated and

amended by the insurance act, 1938, with comprehensive provisions for detailed effective control

over insurance. The union government had opened the insurance sector for private participation

in 1999, also allowing the private companies to have foreign equity up to 26%. Following the

opening up of the insurance sector, 12 private sector companies have entered the life insurance

business.

Benefits of life insurance:

Life insurance encourages saving and forces thrift.

It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured.

It can be enchased and facilitates quick borrowing.

It provides valuable tax relief.

Thus insurance is found to be very useful in the lives of the person both in short term and long

term.

Fundamental principles of life insurance contract;

1) Principle of almost good faith:

“A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being

proposed whether requested or not”.

2) Principle of insurable interest:

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“Relationships with the subject matter (a person) which is recognized in law and gives legal right

to insure that person”.

2) Non-life (general) Insurance:

Triton insurance co. ltd was the first general insurance company to be established in India in

1850, whose shares were mainly held by the British. The first general insurance company to be

set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907 . there

emerged many a player on the Indian scene thereafter.

The general insurance business was nationalized after the promulgation of General Insurance

Corporation (GIC) OF India undertook the post-nationalization general insurance business.

LIFE INSURANCE BUSINESS NON-LIFE INSURANCE

BUSINESS

Life Insurance Corporation

ICICI Prudential Life Insurance

HDFC Standard Life Insurance

Max New York Life Insurance

Birla Sun Life Insurance

Om Kotak Mahindra Life Insurance

Reliance Life Insurance

Allianz Bajaj Life Insurance

Dabur CGU Life Insurance

ING Vyasa Life Insurance

SBI Life Insurance

General Insurance Corporation

National Insurance Company

The New India Insurance Company

The Oriental Insurance Company

United India Insurance Company

Reliance General Insurance

TATA-AIG Insurance

Royal Sundar ram Alliance General

Insurance

Bajaj Alliance General Insurance

ICICI Lombard Insurance

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The Insurance Regulatory and Development Authority

(IRDA)

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 were the launch of

the IRDA’s online service for issue and renewal of licenses to 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.

Duties, Powers and Functions:

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA.

Subject to the provisions of Act and any other law for the time being in force, the authority shall

have the duty to regulate, promote and insure orderly growth of insurance business and re-

insurance business.

Without prejudice to the generality of the provisions contained in sub section (1), the powers and

functions of the authority shall include,

1. Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or

cancel such registration.

2. Protection of the interest of the policyholders, insurable interest, settlement of insurance

claim, surrender value of policy, and other terms and contracts of insurance.

3. Specify requisite qualifications, code of conduct, practical training for intermediary or

insurance intermediaries and agents.

4. Specifying the code of conduct for surveyors and loss assessors.

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5. Promoting efficiency in the conduct of insurance business.

6. Promoting and regulating organizations connected with the insurance and re-insurance

business.

7. Levying fees and other charges for carrying out the purpose of this act.

8. Calling for information from, undertaking inspection of, conduction enquiries and

investigations including audit of the insurers, intermediaries, insurance intermediaries and

other organizations connected with the insurance business.

9. Control and regulations of the rates, advantages, terms and conditions that may be offered

by insurer in respect of general insurance business not so controlled and regulated by the

Tariff Advisory Committee under the section 64U of the Insurance Act, 1938(4 of 1938).

10. Specifying the firm and manner in which books of account shall be maintained and

statement of accounts shall be rendered by insurers and other insurance intermediaries.

11. Regulating investments of funds by insurance companies.

12. Regulating maintenance of margin of solvency.

13. Adjudications of disputes between insures and intermediaries or insurance intermediaries.

14. Supervising the functioning of the Tariff Advisory Committee.

15. Specifying the percentage of premium income of the insurer to finance schemes for

promoting and regulating professional organizations referred to in clause (f).

16. Specifying the percentage of life insurance business and general insurance business to be

undertaken by the insurer in the rural or social sector.

17. Exercising such other powers as may be prescribed.

18. Exercising for the License

The IRDA has prescribed both qualifications and the disqualifications for a person to be given a

license:-

Qualifications

The person must be :

1. At least 18 years old.

2. Must have passed at least 12th standard or more (if the person is appointed in a place

with population of 50,000or more), 10th standard otherwise.

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3. Have undergone for at least 100 hours in life or general insurance business as the case

may be form an institute, approved and notified by the authority.

4. Should have also passed the pre-recruitments examination conducted by the Insurance

Institute of India or any other examination body recognized by the authority.

5. In case of an applicant for the composite insurance agent, the person should have

completed at least 150 hours practical training in life and general insurance business, which

may be spread over six to eight weeks.

Disqualifications

The factors that would prevent a person from obtaining a license are that:

1. Has been found to be unsound mind by a court of competent jurisdiction.

2. Has been found guilty of criminal breach of trust, misappropriation, cheating, forgery or

attempt to commit any such offence.

The licensed once issued can be cancelled whenever the person acquires a disqualification. In

case of companies and firms who want to become agents, the test of qualification and

disqualification would be applied to all the directors and partners.

There are two separate forms, one for individuals and other for those other than individuals, in

which the applications are to be made. The two forms are numbered by IRDA-Agent VB and are

annexed to the regulation. The applications in the respective forms have to be made to the

designated person appointed by the insurer sponsoring the application.

The application for the license to be accomplished by proofs:

1. Of fee have been remitted to the authority.

2. Of age.

3. Of having completed the training and passed the prescribed examination.

The fee to be send to the authority directly is Rs.250 for new license and for renewals applied for

within the prescribed period, at least 30 days before the date of expiry. If the application is made

after the date of expiry it would be normally refused. But, if the authority is satisfied that

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hardship would be caused otherwise, the license may be renewed. Prior to renewal of the license

the agent should have completed at least 25 hours practical training in life or general insurance or

at least 50 hours practical training in life and general insurance business in the case of a

composite insurance agent.

Since being set up as 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.

Agency law regulations- agency

The basics of the insurance business in India are governed by the Agency law, which is the part

of the Indian Contracts Act, 1982. Further after the industry got opened up the regulatory

authority has been the Insurance Regulatory and Development Authority (IRDA).

Agent- The Definition

According to the section 182 of the Indian Contract Act, 1872, “an agent is a person employed to

do any for another or to represent another in dealing with a third person”. In the insurance sector

the term ‘Agent’ is ordinarily applied to a person engaged by the insurer to procure new

business.

Powers of Agent

An agent can act only to the extent of authority may be expressed or implied. An authority is said

to be expressed when it is given by words spoken or written. It is implied when it is to be

inferred from the circumstances of the case.

Life Insurance Agent

The Insurance Act, 1938 defines an agent as, “one who is licensed under the act and is paid

consideration of his soliciting or procuring insurance business including business relating to

continuance, renewal or revival of policies of insurance”.

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CUSTOMER SATISFACTION

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products or services they

receive from a particular agency. The level of satisfaction is determined not only by the quality

and type of customer experience but also by the customer’s expectations.

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency and receives or relies on

one or more of your agency’s services or products. Customers in human services are commonly

referred to as service users, consumers or clients.

• An organization with a strong customer service culture places the customer at the centre of

service design, planning and service delivery. Customer centric organizations will:

determine the customers’ expectations when they plan

listen to the customer as they design

focus on the delivery of customer service activities

Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

• Meeting the needs of the customer is the underlying rationale for the existence of community

service organizations. Customers have a right to quality services that deliver outcomes.

• Organizations that strive beyond minimum standards and exceed the expectations of their

customers are likely to be leaders in their sector.

• Customers are recognized as key partners in shaping service development and assessing quality

of service delivery. The process for measuring customer satisfaction and obtaining feedback

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on organizational performance are valuable tools for quality and continuous service

improvement.

OBJECTIVE OF THE STUDY

For every problem there is a research. As all the researches are based on some and my

study is also based upon some objective and these are as follows.

1. To understand the insurance business and products of ICICI Prudential life insurance co ltd.

2. To find out the people’s perception about life insurance.

3. To find out whether people were really aware of life insurance.

4. To find out how people think about private life insurance.

5. To find out what respondents expect from life insurance.

6. To understand Consumer buying behavior

7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data.

SIGNIFICANCE OF THE STUDY

The project is concerned with the “STUDY ON CONSUMER BEHAVIOR AND

CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE INSURANCE. This

study is very useful as the financial market become more sophisticated and complex,

investor needs a financial intermediary who provides the required knowledge and

professional expertise on successful investing and Life insurance is a form of insurance

that pays monetary proceeds upon the death of the insured covered in the policy.

Essentially, a life insurance policy is a contract between the named insured and the

insurance company wherein the insurance company agrees to pay an agreed upon sum

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of money to the insured's named beneficiary so long as the insured's premiums are

current.

COMPANY PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's

foremost financial services companies and Prudential plc - a leading international financial

services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72

billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from Insurance Regulatory

Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches

(inclusive of 1,095 micro-offices), over 261,000 advisors; and 24 bancassurance partners. ICICI

Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating

of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as

India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg

survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer

base, we continue to tirelessly uphold our commitment to deliver worldclass

financial solutions to customers all over India.

THE ICICI PRUDENTIAL EDGE

The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it

product development, distribution, the sales process or servicing. Here's a peek into what makes

us leaders.

1. Our products 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.

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2. Having the right products is the first step, but it's equally important to ensure that our

customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base

across the length and breadth of the country, and also partners with leading banks, corporate

agents and brokers to distribute our products .

3. Robust risk management and underwriting practices form the core of our business. With clear

guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-

free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an investment

philosophy that aims to achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our 28,000 plus strong team is given the opportunity to learn

and grow, every day in a multitude of ways. We believe this keeps them engaged and

enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

VISION

The company’s vision is “to make ICICI Prudential the dominant life and Pensions player built n

trust by world-class people and service”.

They hope to achieve this by:

1. Understanding the needs of customers and offering them superior products and services.

2. Leveraging technology to device customers quickly, efficiently and conveniently.

3. Developing and implementing superior risk management and investment strategies to offer

sustainable and stable returns to their policyholders.

4. Providing an enabling environment to faster growth and learning for their employees.

5. Building transparency in all their dealings.

The success of the company is due to its unflinching commitment to five core values:

1. Integrity

2. Customer first

3. Boundary less

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4. Ownership

5. Passion

Each of the core values describe what the company stands for, the qualities of their people and

the way they work.

1. ICICI Bank set up its international boundary in fiscal 2002 to cater to the cross-bascules

needs of client and leverage on products internationally.

2. It currently has subsidiaries in United Kingdom and Canada, branches in Singapore and

Behr in and representative offices in US, United Arabs emirates and Bangladesh.

3. ICICI Banks equity shares are listed in INDIA on the stock exchange; Mumbai and the

National Stock Exchange on India Limited and its American Depository Receipts

(ADRs) are listed on the New York Stock Exchange (NYSE).

PROMOTERS

ICICI BANK

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over

50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June, 2005.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail

customers through a variety of delivery channels and through its specialized subsidiaries and

affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset

management. ICICI Bank is a leading player in the retail banking market and has over 13 million

retail customer accounts. The Bank has a network of over 570 branches and extension counters,

and 2,000 ATMs.

PRUDENTIAL PLC

Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the

US and Asia, provides retail financial services products and services to more than 16 million

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customers, policyholders and unit holders worldwide. As of June 30, 2004, the company had

over US$300 billion in funds under management. Prudential has brought to market an integrated

range of financial services products that now includes life assurance, pensions, mutual funds,

banking, investment management and general insurance. In Asia, Prudential is the leading

European life insurance company with a vast network of 24 life and mutual fund operations in

twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,

Singapore, Taiwan, Thailand and Vietnam.

FACT SHEET

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the quarter ended June 30, 2008, the company garnered Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30, 2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over this period. The company has assets held over Rs. 30,600 crore as on August 31, 2008. 

ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims.

 For the past seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

DISTRIBUTION

ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 2000 branches (including 1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008). The company has 24 banc assurance partners having tie-ups with ICICI Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op

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Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank

SALES DISTRIBUTION

Tied Agency

Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. With focus on sales & people development, tied agency has emerged as a robust, predictable and sustainable business model.

Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a large number of partners, B & A has emerged as a vital component of the company’s sales and distribution strategy, contributing to approximately one third of company’s total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting with new ideas are the hallmarks of this channel.

MANAGEMENT PROFILE

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director

Mr. Barry Stowe, Director

Mr. H.T. Phong, Director

Prof. Marti G. Subrahmanyam, Director

Mr. Mahesh Prasad Modi, Director

Ms. Rama Bijapurkar, Director

Mr. Keki Dadiseth, Director

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Ms. Shikha Sharma, Managing Director

Mr. N.S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

BRAND VALUES

Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved ones, throughout life’s ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place.

ACHIEVEMENTS

Beginning operations in December 2000, ICICI Prudential’s success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion.

ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the company’s range of unique unit-linked policies and pension plans. The company’s retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002.

In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, India’s first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays.

Stages in Policy Issuance

1) Proposal

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A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the

application form is received by COPS, but it is pending for issuance due to further clarifications

required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary documents attached to it &

accepted by the Branch ops, is called a Login

3) Reject

An Application gets rejected at the Branch Ops level due to necessary details not filled in the

form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for

completion.

4) Issuance

Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status

When a customer refuses to take a policy post login but before Issuance is called a Decline

6) Cancellation

When the cheque given by the customer bounces, it amounts to cancellation of the policy.

7) Lapse

A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

8) Freelook

Post issuance of the policy, the policyholder has the option to turn down the policy within 15

days from the date of issuance. This period of 15 days is called Freelook Period.

9) Surrender: When a customer wants to discontinue with the policy.

PRODUCT/SERVICES PROFILE

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ICICI Prudential’s ultimate promise is financial security. A strong brand certainly boosts sale,

but without customer-friendly, innovative products, even the best brand would not last long.

ICICI Prudential’s product range has been developed on the understanding that different people

have their own sets of needs at various stages of their lives. It has thus built a flexible portfolio of

products that can be customized to cater to varying needs of people at each stage, and thus ensure

protection in every step of life. The company’s philosophy has been to help customers

understand their financial needs and work closely with them to customize a product that would

meet. Advisors can offer a complete range of products –Savings plans, Child plans, Market-

linked plans, Protection plans, and Retirement plans – and tailor a flexible solution to meet

customers’ changing needs at every stage of life. In fact, ICICI Prudential was the first to un-

bundle product benefits, pioneering the concept of ‘riders’ and soon after introduce

comprehensive market-linked and retirement plans.

ICICI Prudential has launched a handful of products that are analyzed below:

ICICI Prudential's life insurance products may be loosely categorized under three forms: pure

life insurance products without an investment angle to them; a product that is a mix of a

cumulative investment scheme and an insurance product; and, finally, standard products such as

money-back and endowment policies.

Single Premium Bond: The Single Premium Bond is the name of a policy that combines the

features of an investment in a cumulative deposit scheme with that of an insurance product.

Policy-holders are required to pay a one-time premium based on a target sum assured. At

maturity, the policy-holder gets the sum assured and guaranteed additions that work out to a

compound return of 4.5 per cent the sum assured.

The insurance part of the package comes in the form of death benefits that are paid in the case of

the demise of the policy-holder. The size of the death benefit is linked to the number of years left

for the policy to expire. On maturity date, the maturity value is also paid in addition to the death

benefits that would have been paid earlier.

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Life Guard policies: The company offers two pure life insurance products that have an umbrella

name, Life Guard. One of them involves a one-time premium for which there are no maturity

benefits. The other requires regular premium payments that are returned at the end of the policy.

Life Guard offers absolutely no investment-related return and is suitable for individuals looking

for an unadulterated insurance package.

INSURANCE SOLUTIONS FOR INDIVIDUALS

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet

the needs of customers at every life stage. Its products can be enhanced with up to 5 riders, to

create a customized solution for each policyholder.

Savings Solutions

Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of

protection.

Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection

as well as liquidity options.

Save ‘n’ Protect is a traditional endowment savings plan that offers life protection along

with adequate returns

CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a

child’s marriage, expenses for a child’s higher education or purchase of an asset.

LifeTime and LifeTime II offer customers the flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 fund options –

Preserver, Protector, Balancer and Maximiser.

LifeLink Super is a single premium Unit Linked Insurance Plan which combines life

insurance cover with the opportunity to stay invested in the stock market.

Premier Life is a limited premium paying plan that offers customers life insurance cover

till age of 75.

InvestShield Life is a Unit Linked plan that provides capital guarantee on the invested

premiums and declared bonus interest.

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InvestShield Cash is a Unit Linked plan that provides capital guarantee on the invested

premiums and declares bonus interest along with flexible liquidity options.

InvestShield Gold is a Unit Linked plan that provides capital guarantee on the invested

premiums and declares bonus interest along with limited premium payment terms.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at very low cost. It is available in

3 options –level term assurance with return of premium and single premium.

HomeAssure is a mortgage reducing term assurance plan designed specifically to help

customers cover their home loans in a simple and cost-effective manner.

Child Plans

SmartKid education plans provide guaranteed educational benefits to a child along with

life insurance cover for the parent who purchases the policy. The policy is designed to

provide money at important milestones in the child’s life. SmartKid plans are also

available in unit-linked form – both single premium and regular premium.

Retirement Solutions

ForeverLife is a retirement product targeted at individuals in their thirties.

SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels

of cover.

Market-linked retirement products

LifeTime Pension II is a regular premium market-linked pension plan.

LifeLink Pension II is single premium market linked pension plan.

InvestShield Pension is a regular premium pension plan with a capital guarantee on the

investible premium and declared bonuses

Golden Years : is a limited premium paying retirement solution that offers tax benefits up

to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages.

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Health Solutions

Health Assure and Health Assure Plus : Health Assure is a regular premium plan

which provides long term cover against 6 critical illnesses by providing policy holder

with financial assistance, irrespective of the actual medical expenses. Health Assure

Plus offers the added advantage of an equivalent life insurance cover

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as

well as at different stages in the treatment of various cancer conditions.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance

benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund

their statutory gratuity obligation in a scientific manner. The plan can also be customized to

structure schemes that can provide benefits beyond the statutory obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution

superannuation scheme to provide a retirement kitty for each member of the group.

Employees have the option of choosing from various annuity options or opting for a partial

commutation of the annuity at the time of retirement.

ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide

affordable cover to members of a group. The cover could be uniform or based on

designation/rank or a multiple of salary. The benefit under the policy is paid to the

beneficiary nominated by the member on his/her death.

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Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal

cost, depending on the specific needs of the customer.

1. Accident and disability benefit: If death occurs as the result of an accident during the

term of the policy, the beneficiary receives an additional amount equal to the rider

sum assured under the policy. If the death occurs while traveling in an authorized

mass transport vehicle, the beneficiary will be entitled to twice the sum assured as

additional benefit.

2. Accident Benefit : This rider option pays the sum assured under the rider on death due

to accident.

3. Critical Illness Benefit: Protects the insured against financial loss in the event of 9

specified critical illnesses. Benefits are payable to the insured for medical expenses

prior to death

4. Income Benefit: This rider pays the 10% of the sum assured to the nominee every

year, till maturity, in the event of the death of the life assured. It is available in

SmartKid, SecurePlus, and CashPlus.

5. Waiver of Premium: In case of total and permanent disability due to an accident, the

premiums are waived till maturity. This rider is available with Secure Plus and Cash

Plus.

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SWOT ANALYSIS

STRENGTHS:

i. ICICI Prudential is the largest private player in India, with a market

share of around 36% amongst the private players

ii. ICICI Prudential has deposited a paid up capital of Rs 925 crore

with IRDA caution deposit, the highest among all the life insurance

company in India where as LIC has deposited Rs 60 crore so far.

iii. ICICI Prudential is the first life insurance company to offer ECS

debit facility.

iv. ICICI Prudential is the first company to introduce unit link life

insurance and pension products. Presently the maximum numbers of

ranges are under ULIP life insurance, investment as well as pension

plan.

v. Products

Flexibility to switch your fund value at your own discretion four times a year viz.

maximizer, protector, balancer, preserver.

Greater transparency-policy holder knows what is happening to his money and where

the company has invested his money.

Liquidity options-you can make complete or partial withdrawals any time after 3

years.

Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:

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i. Industry in nascent stage.

ii. Rural areas still not covered.

iii. Not very known among Indian population.

iv. Lack of credibility among the people because ICICI being a private

player.

v. Premiums are high as compared to its competitors.

vi. Very few branches in the country.

vii. Products:

The policy doesn’t have the surrender option before third

year.

Plan does not offer any guarantee or assured return.

Product profile is not very comprehensive.

Mortality, management and administrative charges are sky

scrapping as compared to its competitors.

OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.

iii. The whole private sector is opened to be trapped even though the

competition is fierce from government owned insurance companies.

iv. It’s a volume business that is even if the company has few good

corporates the turnover cease to increase by manifold.

v. Products:

Preserver funds look good due to comfortable liquidity in the

economy and there is little chance hike in short-term rate by RBI.

Finance minister unveiled a budget favoring consumer spending,

boosting demand and therefore higher economic growth.

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THREATS

i. The government players will become aggressive thus growth is going

to be tough.

ii. Entry of other players is not ruled out.

iii. Apprehension towards ICICI Prudential being a private life insurance

company.

iv. We expect the industry to rationalize in future that is mergers and

acquisitions will happen, which will impact the industry and ICICI

Prudential fortunes.

v. Products:

Past performance of these plans is not indicative of the future

performance of the plan.

The sum invested in the funds is subject to market risks and

there can be no assurance that the objective of plan will be

achieved.

All benefits payable under the policy are subject to tax laws

and other financial enactment, as they exist from time to time.

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Section-2Research methodology

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STATEMENT OF THE PROBLEM

“Study of consumer behavior & customer satisfaction towards ICICI Prudential Life Insurance

Products”.

The research is carried on in a proper planned and systematic manner.

The research was particularly a telephonic research. We have to sell products to list of

people which include their names and contact numbers given by ICICI.

During the telephonic we have to sell different products by explaining the benefits of a

particular product, but. The minimum amount for selling a policy to a customer is equal

to or more then Rs. 12000 only.

Age limit for selling a product/policies was 1 month to 60 yrs – this mean that a policy

can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or

below it.

RESEARCH DESIGN

The research design of this project is exploratory. Though each research study has its own

specific purpose but the research design of this project on ICICI is exploratory in nature as the

objective is the development of the hypothesis rather than their testing.

METHODOLOGY

Every project work is based on certain methodology, which is a way to systematically solve the

problem or attain its objectives. It is a very important guideline and lead to completion of any

project work through observation, data collection and data analysis.

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According to Clifford Woody,

“Research Methodology comprises of defining & redefining problems, collecting, organizing

&evaluating data, making deductions &researching to conclusions.”

Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study

Framing of questionnaire keeping objectives in mind (considering the objectives)

Feedback from the employees

Analysis of feedback

Conclusion, findings and suggestions.

Sampling Technique Used

This research has used convenience sampling technique.

1) Convenience sampling technique: Convenience sampling is used in exploratory research

where the researcher is interested in getting an inexpensive approximation of the truth. As the

name implies, the sample is selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data

2. Secondary data

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1) PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire for customers. The

questionnaire was filled through telephonic research.

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which are published, articles,

internet, the company manuals and websites of company- www.iciciprulife.com. Magazines and

brochures are some other sources of secondary data followed for the study.

In order to reach relevant conclusion, research work needed to be designed in a proper way.

This research methodology also includes:-

Familiarization with the concept of insurance and its various terms.

Thorough study of the information collected.

Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:

Questionnaire

Pie Charts

Bar Diagrams

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Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,the result might not be

accurate. Some of the problems faced while conducting the survey are as follows:

Time and cost constraints were also there. Chances of some biasness could not be eliminated.

A Samples size of fifty has been use due to time limitations.

A majority of respondents show lack of cooperation and are biased towards their own opinions.

Sampling plan:

It is very difficult to collect information from every member of a population .As time and

costs are the major limitation that the researcher faces.

A sample of 100 was taken the sample size of 100 individuals were selected on the basis

of convenient sampling technique. The individuals were selected in the random manner

to form sample and data were collected from them for the research study.

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Section-3Data Analysis

And Interpretation

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1. What according to you life insurance is?

PARTICULARS NO.OF.RESPONDENT PERCENTAGERisk Coverage 10 10%Tax Savings 3 3%Good return 4 4%Security 3 3%All the above 80 80%TOTAL 100

0

20

40

60

80

100

NO.OF.RESPONDENT

Life Insurance is

Risk Coverage Tax Savings Good return

Security All the above TOTAL

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 10% of the respondents say risk coverage.b) 3% of the respondents say tax savings.c) 4% of the respondents say good returns.d) 3% of the respondents say financial security.e) 80% of the respondents say all of the above.

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2. How aware are you regarding insurance?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Yes 2 2%

No 98 98%

TOTAL 100 100%

010203040506070

8090

100

Yes No TOTAL

INSURANCE AWARENESS

NO.OF.RESPONDENT

PERCENTAGE

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 98% of the respondents say that they are aware of insurance.b) Only 2% are unaware of insurance.

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3. What are your preferable criteria for selecting an insurance company?

ANALYSIS:

Here all age of people give preference to choose insurance company on the basis of policy scheme firstly, and then second selection base is income, third chosen criteria is service and last criteria of chosen of insurance company is reliability and creditworthiness. So on the basis of this survey we can say that people mainly give importance of chosen an insurance company is what type of policy Scheme Company has, means policy fulfill individual need or not.

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4. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%

No 19 38%

Total 50 100%

No. of Respondents

31

19

Yes

No

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 62% of the respondents are already insured.b) 38% of the respondents are not insured.

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5. Are you satisfied with your current insurer?

Particulars No. of Respondents Percentage

Yes 41 82%

No 9 18%

Total 50 100%

No. of Respondents

41

9

Yes

No

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 82% of the respondents are satisfied.b) 18% of the respondents are not satisfied.

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6. Are you aware of ICICI Prudential life insurance pvt ltd?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Yes 17 17%

No 83 83%

TOTAL 100 100%

0

20

40

60

80

100

NO.OF.RESPONDENT

Awareness of ICICI Pru

Yes No TOTAL

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 83% of the respondents say that they are aware of ICICI Prudential life insurance co.

b) 17% of the say that they are unaware of ICICI Prudential life insurance co

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7. Which one is your favorite insurance company?

Particulars No. of Respondents Percentage

LIC 24 48%ICICI 7 14%HDFC 5 10%Birla Sun Life 4 8%Bajaj Allianz 4 8%Others 6 12%Total 50 100%

0

0.1

0.2

0.3

0.4

0.5

0.6

LIC ICICI HDFC Birla Sun BajajAllianz

Others

Insurance companies

Sh

are

in

%

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 48% of the respondents likes LIC.b) 14% of the respondents likes ICICI.c) 10% of the respondents likes HDFC.d) 8% of the respondents likes Birla Sun Life.e) 8% of the respondents likes Bajaj Allianz.f) 12% of the respondents likes other companies.

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8. Are you interested in the products offered by ICICI Prudential?

Particulars No. of Respondents Percentage

Yes 30 60%No 12 24%Can’t Say 8 16%Total 50 100%

No. of Respondents

3012

8

Yes

No

Can't Say

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 60% of the respondents are attracted towards ICICI products.b) 24% of the respondents are not attracted towards ICICI products.

c) 16% of the respondents can’t Say about it.

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9. What is your main concern while taking an insurance policy?

Particulars No. of Respondents Percentage

Tax Benefit 20 40%Security 16 32%Investments/Savings 14 28%Total 50 100%

2016 14

0

5

10

15

20

25

Tax B

enefi

t

Securit

y

Inve

stmen

t/Sav

ings

No

. o

f R

esp

on

den

ts

Series1

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 40% of the respondents are concerned about Tax Benefit.b) 32% of the respondents are concerned about their Security.c) 28% of the respondents are concerned about

Investment/Savings.

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10. What % of respondents who are under different plans of ICICI Prudential life insurance co?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Invest gain plan 41 41%

Unit gain plan 36 36%Child gain plan 8 8%Whole life plan 15 15%

Pension plan No NoTOTAL 100 100%

INSURANCE PLANS OF ICICI PRUDENTIAL

41%

36%

8%

15%

Invest gain plan Unit gain planChild gain planWhole life planPension plan

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 41% of the respondents are under invest gain planb) 36% of the respondents are under unit gain planc) 8% of the respondents are child gain pland) 15% of the respondents are whole life plan

e) No body under pension plan

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11. What % of respondents benefits of choosing the particular products?

PARTICULARS NO.OF.RESPONDENT PERCENTAGERisk coverage 60 60%Additional benefit 20 20%Maturity date 12 12%Sum Assured 8 8%TOTAL 100 100%

0

10

2030

4050

6070

80

90100

1 2

Benefits of Particular Products

Risk coverage

Additional benefit

Maturity date

Sum Assured

TOTAL

ANALYSIS:a) 36% of the respondents say that a benefit of choosing the particular

Product is for Safety of life.b) 20% of the respondents say that a benefit of choosing the particular

products is for additional benefit to familyc) 12% of the respondents say that a benefit of choosing the particular

products is for maturity date d) 8% of the respondents say that a benefit of choosing the particular

products is for sum assured

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12. According to you, in what areas should the insurance companies work upon?

Particulars No. of Respondents Percentage

Easy Procedures 14 28%

Fewer premiums 10 20%

More Returns 9 18%Transparency 17 34%Total 50 100%

14

10 9

17

0

2

4

6

8

10

12

14

16

18

Easy Returns Fewerpremiums

More Returns Transperancy

No

. o

f R

esp

on

den

ts

Series1

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents want Easy procedures.b) 20% of the respondents want fewer premiums.c) 18% of the respondents want more returns.d) 34% of the respondents want Transparency.

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13. Do you think that services have improved after allowing private players in insurance sector?

Particulars No. of Respondents Percentage

Yes 40 80%

No 10 20%

Total 50 100%

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 80% of the respondents think that services have improved.b) 20% of the respondents think that services have not improved.

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FINDINGS

On an analysis and evaluation of the data collected from the respondents the following

findings were found:

Before establishment of private concerns the share of LIC was 22% hence there is a wide

scope for private concerns to enter in to market.

Total 100 respondents have been approached out of which 75 are the potential

respondents who have shown interest for investment and finance plan

Above 20% of respondents are shown interest for investment and financial plan

About 33.33% of respondents are not interest to give their personal records.

About 12.67% of respondents have already been covered by other insurance companies.

About 10% of respondents have given invalid records.

About 10% of respondents are newly employed or trainees.

About 10% of respondents interested for investment plan after knowing ICICI prudential

life insurance products.

Most of the people buy life insurance as just a tax benefit tool or as a life cover while

only a few of the respondent take it as a saving option.The reason for this is lack of

knowledge of insurance benefits among the people.

A Majority of the respondent buy insurance products because of the need reason while

rest of the respondents buy for the brand purpose.

A Majority of the people come to know about the policies from the Direct Selling Agents.

A Majority of the people are satisfied by the incentives associated with their policies.

Most of the respondents are satisfied by the services offered by there insurance company

while some says that they are not satisfied by the services.

Most of the respondents want more Transparency from the side of the company.

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RECOMMENDATIONS TO COMPANY

Since ICICI Prudential Life Insurance co. ltd is the largest in terms of FDI invested, in terms of

work force, in terms of market share, in terms of no. of customers. All these positive stands of

the company place at the number one position. On second aspect whatever amount of money

ICICI Prudential save, can be used to increase the no. of policies, which will helpful to increase

the market share of the company. Since the customers think about the companies in the industry,

when they invest money in the life insurance industry. So it’s necessary to increase the market

share of the company. There are some recommendations.

Open some more branches in semi urban and rural area.

ICICI Prudential has almost its branches in urban area or metros. So in order to increase

the no. of customer, ICICI Prudential should increase the approach towards potential

customers. For that it has to increase the branches in the semi urban cities like C, D grade

cities. And the rural marketing is the best option for ICICI Prudential to increase its base

in the market

Improve customer services.

In order to take the advantage of being industry leader in private sector, ICICI Prudential

has to improve its customer services. According to my experience in the company, a good

number of customers forget to pay their premium at time so it causes a big loss to the

company. ICICI Prudential has already collaborated with the ICICI bank for its Banc

assurance facility and then can include another feature in it. ICICI bank can offer a bank

account with the life insurance policy in which an ATM card will be provided.

This card will have all the information regarding the policy as like future premium

payment dates, payment made, money value of the policy at that date, value of the unit

linked plan and all other information what the customer want. This will help the customer

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to pay premium on time and save their losses. This will be mutually helpful for both

sister companies, ICICI bank will get new account and ICICI prudential will be able to

more efficient services to their customers.

Bring some unit linked life insurance plans in the market.

Being a market leader doesn’t ensure the leadership in the future. Since after increment in

FDI from 26% to 49% all player will have the opportunity to capture the market share. So

in order to maintain its position ICICI Prudential should Introduce some new market

linked insurance plan, which will give a competitive advantage to the ICICI Prudential

against its competitors.

Trained the financial advisors more efficiently.

In the changed scenario, more efficient training will be needed, so ICICI Prudential

should provide good and efficient training to their financial advisors. Because they are

the one who interact directly with the customers. So good training will give them the

right way to deal with the potential customers.

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Section-4Conclusions and suggestions

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CONCLUSIONCONCLUSION

After overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector to give befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that

There is very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers.

ICICI is not left behind in the present race of advertisement.

The entry of more Pvt. players in the Insurance Sector have expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers.

ICICI has vast market and very firm grip on its traditional customers and monopoly of life insurance products.

IRDA is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level of the customers to the private players.

SUGGESTIONS

The study has provided with the useful data from the respondents. There has a lot to be recommended. Following are the recommendations:

There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses.

More returns should be provided on Insurance plans.

As the bank provides the Insurance facility to its customers. It should provide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have

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choice while selecting a suitable Insurance plans. This will definitely add to the goodwill & profit for the bank.

Annexure

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Questionnaire

Name - _____________Age - _____________Occupation - _____________

Q1. Are you currently insured?- Yes- No

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with your current insurer?

- Yes - No

Q3. Which is your favorite insurance company?- LIC- ICICI- HDFC- Birla sun life- Bajaj Allianz- Others

Q4 Are you interested in the products offered by ICICI Prudential?- Yes- No- Can’t say

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Q5. What is your main concern while taking an insurance policy?

- Tax benefit- Security- Investment/Savings

Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 10 with 1 being least satisfied)

Q.7 Please express your opinion for the premiums paid for the above policy?

-Very high [ ]

-High [ ]

-Moderate [ ]

-Low [ ]

-Very Low [ ]

Q.8 How do you come to know about this policy? (Please tick).

- Advertisements [ ]

- Friends and relatives [ ]

- Direct selling agents [ ].

- Others (please specify) _____________________.

Q.9 Are there any incentives (tax benefits or Bonuses) associated with this policy? (Please give appropriate details about it).

- __________________________________________________________________________________________________________________________

-

10. Are you satisfied with the incentives associated with your policy?

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-Highly satisfied [ ].

-Satisfied [ ]

-Moderate [ ]

-Unsatisfied [ ]

-Highly Unsatisfied [ ].

11. According to you, in what areas should the insurance companies work upon?

- Less complicated procedures- Fewer premiums- More returns- Transparency

Q12. Do you think that services have improved after allowing private players in insurance sector?

- Yes - No

Your comments on ICICI Prudential

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BIBLIOGRAPHY

Websites

www.iciciprulife.com

www.ipruuniverse.com

www.icici.com

www.irdaindia.com

www.indiacore.com

www.maxnewyorklife.com

Magazines

Material provided by the company

Survey

Search Engines

www.google.com

www.yahoo.com

www.altavists.com

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