INTERNATIONAL COLLEGE FOR GIRLS

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:

MISS SHWETA KASTIYA SWEETYMULANI

BBM SEM VI
ICG/2007/6836
 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.
 CONTENTS

 Executive Summary

Section-1
Introduction
Customer Satisfaction
Objectives of the study
Profile of the Organization
Overview of ICICI Prudential
Vision, Mission
Promoter
Fact Sheet
Sales Distribution
Management Profile
Brand Values
Achievements
Products
Stages in Policies issuance
Comparative Study
SWOT Analysis

Section-2
Research Methodology
Statement of the Problem
Research Design
Methodology
Sampling Techniques used
Selection of Sample Size
Data Collection
Statistical Tools Used
Limitations of the Study

Section-3
Data Analysis and Findings

Section-4
Conclusion and Suggestions
Conclusion
Suggestions
Annexure
Questionnaire
Bibliography
 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.
Section-1
Industry overview
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
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.

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:

“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

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
BUSINESS
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

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.
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.
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
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”.

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
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
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.

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
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
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
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
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

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

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.

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.

• 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.
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.

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.
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:

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.
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.
 Section-2
Research methodology
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.

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
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

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.
Section-3
Data Analysis
And Interpretation
1. What according to you life insurance is?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Risk Coverage 10 10%
Tax Savings 3 3%
Good return 4 4%
Security 3 3%
All the above 80 80%
TOTAL 100

Life Insurance is

Risk Coverage Tax Savings Good return

Security All the above TOTAL

100

80

60

40

20

0
NO.OF.RESPONDENT

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.
2. How aware are you regarding insurance?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Yes 2 2%

No 98 98%

TOTAL 100 100%

INSURANCE AWARENESS

100
90
80
70
60
50 NO.OF.RESPONDENT
40 PERCENTAGE
30
20
10
0
Yes No TOTAL

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

criteria for selecting insurance c ompany

100%
90%
2 2 2 2
%
n
i
80%
4
e
l
p
70%
60%
4 2 2
realibility

o service
e 50%
p
f
o 40%
6 2 income
o
n
30%
6 5 4 policy scheme
20%
10%
3
0%
25-30 30-35 35-40 40-45 45-60
realibility 2 2
service 2 4 2
income 4 2 2 2
policy scheme 6 6 3 5 4

age

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.
4. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%

No. of Respondents

19

Yes
No

31

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.
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

Yes
No

41

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.
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%

Awareness of ICICI Pru

Yes No TOTAL

100

80

60

40

20

0
NO.OF.RESPONDENT

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
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%

0.6

0.5

0.4
Share in %

0.3

0.2

0.1

0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies

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.
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

Yes
No
12 Can't Say
30

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.
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%

25
No. of Respondents

20

15
Series1
10 20
16 14
5

0
s
fit

ng
rit
ne

cu

i
av
Be

Se

t/S
x
Ta

en
m
st
ve
In

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.
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 No
TOTAL 100 100%

INSURANCE PLANS OF ICICI PRUDENTIAL

15%

8% 41%
Invest gain plan
Unit gain plan
Child gain plan
Whole life plan
36% Pension plan

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 41% of the respondents are under invest gain plan

b) 36% of the respondents are under unit gain plan
c) 8% of the respondents are child gain plan
d) 15% of the respondents are whole life plan
e) No body under pension plan
11. What % of respondents benefits of choosing the particular products?

PARTICULARS NO.OF.RESPONDENT PERCENTAGE

Risk coverage 60 60%
Additional benefit 20 20%
Maturity date 12 12%
Sum Assured 8 8%
TOTAL 100 100%

Benefits of Particular Products

100
90
80
70 Risk coverage
60 Additional benefit
50
Maturity date
40
Sum Assured
30
20 TOTAL
10
0
1 2

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 family
c) 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
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%

18
16
14
No. of Respondents

12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums

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.
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%

20%

Yes
No

80%

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.
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.
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
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.
 Section-4
Conclusions and suggestions
 CONCLUSION

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

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?
-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

__________________________________________________________________

__________________________________________________________________

BIBLIOGRAPHY
Websites
• www.iciciprulife.com
• www.ipruuniverse.com
• www.icici.com
• www.irdaindia.com
• www.indiacore.com
• www.maxnewyorklife.com

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