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PROJECT ON ICICI LOMBARD GENERAL INSURANCE

A Project Report submitted in partial fulfillment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION (Industry Integrated)


TO

MADURAI KAMARAJ UNIVERSITY, MADURAI BY

GUMANA RAM JAT

Reg. No. A8751151

Under the guidance of. Prof. B.K.Bhardwaj

K.J. SOMAIYA COLLEGE OF ARTS & COMMERCE


VIDHYAVIHAR, MUMBAI NOVEMBER 2014

CERTIFICATE

STUDENTS DECLARATION

ACKNOWLEDGEMENT

I extend my special gratitude to our beloved director Dr. M.R Pattabhiram and Dean, Project Guide Prof. B.K.Bhardwaj , NIAM Training Officer Mrs. Leela for inspiring me to take up this project. I wish to acknowledge my sincere gratitude and indebtedness to my project guide Prof. B.K.Bhardwaj of Ramaiah Institute of Management Studies, Bangalore for his valuable guidance and constructive suggestions in the preparation of project report. I extend my gratitude to ICICI LOMBARD GIC LTD. and my Manager Mr.Bishnu Charan Hotta and all my colleagues, friends for their encouragement, support, guidance and assistance for undergoing industrial training and for preparing the project report.

CONTENT

No. 1

Chapter Name
INTRODUCTION

Page No.

1.1 1.2 1.2.1 1.2.2 1.2.3

General Introduction about the sector Industry Profile Origion & Development of the Industry Growth & Present Status of the Industry Future of The Insurance Sector

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2.1

PROFILE OF THE ORGANIZATION

Origion of ICICI Lombard

2.2 2.3 2.4 2.5 2.6 2.7

Growth & Development of ICICI Lombard Present Status of Organization Functional Departments of Organization Org. Structure & Org. Chart Product & Service Profile of the competitors Market Profile of ICICI Lombard

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3.1 3.2

DISCUSSION ON TRAINING

Work Profile (Role & Responsibilities) Description of live Training

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4.1 4.2 4.3 4.4 4.5

STUDY OF SELECTED RESEARCH PROBLEM


Statement of Research Problem Statement of Research Objective Research Design & Methodology Analysis of Data Summary of Findings

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5.1

SUMMARY AND CONCLUSIONS


Summary of Learning Experience

5.2

Recommendations & Conclusion

BIBLIOGRAPHY

CHAPTER 1

INTRODUCTION

1.1 GENERAL INTRODUCTION ABOUT THE SECTOR

Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. 6

Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to Indian Customer. This project has been made with an objective to give an insight into various facts of General Insurance sector in India. An attempt has been made to explain the apex body of General Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries. Also the review of latest entrants into insurance sector viz. private players like TATA AIG General Insurance Company, Reliance General Insurance Company limited, Bajaj Allianz General Insurance Company, IFFCO Tokyo General Insurance Company, Royal Sundaram General Insurance Company limited and ICICI Lombard General Insurance Company have been described in brief, Due to the growth in the technological sector of the country, the insurance companies have started utilizing these technologies to itas optimum level.

1.2 INDUSTRY PROFILE a. Origin and Development of the industry Till May, 1971 there were 107 companies operating in the market, both Indian and foreign. Some companies were in the co-operative sector. The size of the companies and there reach varied to a great extent. Whereas many companies used to 7

underwrite all types of covers fire, marine& miscellaneous insurance. The government in May, 1971 took over the undertaking of all the Companies as a prelude to ultimate nationalization. This was brought about under the General insurance business (Nationalsation) Act, 1972. Thus, effective 01/01/1973 a single holding company was created named as General Insurance Corporation of India, with 4 subsidiaries to take care of the general insurance business operation. Brief History of the Insurance Sector The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Colkata. Some of the important milestones in the insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Colkata by the British.

Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments solvency margins and the Tariff Advisory Committee set up. and set minimum

1972: The General Insurance Business (Nationalization) Act, 1972.Nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies. The four subsidiaries formed were as under: 1. The National Insurance Co. Ltd 2. The India Assurance Co. Ltd 3. The Oriental Insurance Co. Ltd 4. The United India Insurance Co. Ltd The four subsidiary companies operated under the all direction of the GIC.Each of these had almost a similar structure with 4 tiers The branch at the bottom rung, The divisional office, Regional office and The Head Office at the apex.

b. Growth and Present status of the industry At present 12 companies are operating in general insurance market for direct business. The four public sector companies mentioned above and the following companies in the private sector. These private companies were formed after the passing of the IRDA Act, 1999. This removed the prohibition existing in the GIBNA Act relating to formation of insurance companies other than the four Public sector companies.

The companies in the private sector are:1. Bajaj Allianz General Insurance Co.Ltd. 2. Cholamandalam General Insurance Co. Ltd. 3. HDFC Chubb General Insurance Co. Ltd. 4. ICICI LOMBARD General Insurance Co. Ltd. 5. IFFOCO Tokyo General Insurance Co. Ltd. 6. Reliance General Insurance Co. Ltd. 7. Royal Sundaram Alliance Insurance Co. Ltd. 8. Tata AIG General Insurance Co. Ltd. 9

The General Insurance Corporation is now only Reinsurance Company and operates as the National Reinsures. There are however, some companies in the market, which are formed for a specific purpose only.

Deposit insurance company To take care of loss suffered by the depositors of a bank. Exports Credit Guarantee Corporation - this takes care of the credit risk, which exporters face in respect of the goods exported. Agricultural Insurance Corporation to take care of crop insurance and allied risks. There are also insurance departments in some of the states. The four public sector and the 8 private sector companies are authorized to handle direct business as well as reinsurance business, both inward outward. The buyers of insurance would be property owners, factory owners, traders, vehicle owners, commercial establishments, professionals etc. In fact the whole population could deemed as potential costumers for insurance of one type or another. With the largest number of life insurance policies in force in the world, Indian insurance sector accounted for 4.1 per cent of GDP in 2006-07, up from 1.2 per cent in 1999-2000, far ahead of China where insurance accounts for just 1.7 % of the GDP and even the US where insurance penetration stands at 4 per cent of the GDP. The time factor plays an important role while providing service to the customer. The customer expects that the procedures for settling the claim should be short and not much time consuming. They should get the benefits of the service as soon as possible. Today the technology is boosting in each and every field. Insurance is not an exception. Companies have started providing customers facility of online payment of premium through their websites. They also provide online assistant to the customer the policy status and how to calculate the premium. To calculate the premium they just need the present age, the type of police, sum assured, and accident covered if any. By filling in this information you can calculate the amount of premium you have to pay. The customer can pay their premiums by means of credit cards or can also give standing instruction to the bank in order to pay their monthly premiums.

The insurance companies also provide loan facilities against their policies. At present loans are granted on unencumbered polices as: Up to 90% of the Surrender Value for policies, where the premium due is fully paid-up, and Up to 85% of the Surrender 10

Value for policies where the premium due is partly paid- up.

The minimum amount for which a loan can be granted under a policy is Rs150. The rate of interest charged is 10.5% p.a., payable half-yearly. Loans are not granted for a period shorter than six months, or on the security of lost policies (the assured must have the duplicate policies) or on policies issued under certain plans. Certain types of policies are, however, without loan facility.

In the first month of financial year 2007-08, private sector insurers grew 37.34 per cent to Rs1272.22 crore over April 2006. In the process, the market shares have further undergone a change.

Private sector has grabbed a market share of 40 per cent in the non-life insurance business, from 34 per cent in the financial year 2006-07. Public sector market share is now only 60 per cent.

c. Future of the Industry India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-12. The Associated Chambers of Commerce and Industry of India has clocked out the fact that during this period, private players in the industry will see a growth of about 140 per cent, owing to the adoption of the aggressive marketing techniques in comparison of the growth rate of 35-40 per cent achieved by the state owned insurance companies. The chamber is expected to poise the business of insurance to reach at Rs.2000 billions in coming 2 years from the present level of Rs. 500 billion. With the result of adoption of the intense marketing strategies by the private players, the declination has been witnessed in respect of the share of the state owned insurance companies captured in the market.

The market share fallout has been noticed in context of such companies like GIC, LIC, which have come down to nearly 70 per cent in the past 4-5 years from the 97 per cent. The experts have fore casted the more severe competition in the insurance sector likely to be occurred in the near future. Till recently, insurance sector was majority driven by the government sector players but now many private sector multinational players have come into the picture. Like HDFC, ICICI Lombard, Royal Sundram,Tata Aig,etc. Insurance sector has been characterized as the booming sector of the Indian arena, which has shown the growth rate of more than 15 per cent to 20 per cent. Insurance in India is put under the federal subject and is governed by the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General 11

Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and by various other acts.

Today Insurance Companies in India have grown manifold. The insurance sector in India has shown immense growth potential. Even today a giant share of Indian population nearly 80% is not under life insurance coverage, let alone health and nonlife insurance policies. This clearly indicates the potential for insurance companies to grow their market in India. In 1999, various reforms were suggested in the insurance industry in India. This has changed a lot of things for the insurance companies in India. These reforms were:

Bringing down of the government stake holding to 50%. Only the private companies with a minimum capital of Rs.100 crores should be allowed to enter the insurance sector.

No insurance company can deal in both life and non-life insurance under the same business entity.

Foreign Insurance Companies can enter India only in collaboration with domestic insurance companies Interest should be paid on delays of payments by the insurance companies in case of non-settlement of insurance claims. And many more to bring greater freedom and a well-planned regulation to the insurance companies in India.

Though, the existing rule says that a foreign partner can hold 26% equity in an insurance company, a proposal to increase this limit to 49% is pending with the government. Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have poured into the Indian market and 22 private companies have been granted licenses.

The demand for health insurance covers has seen a healthy increase, and today the sector is the fastest growing segment in the non-life insurance industry in India, 12

which grew at over 40% last year. It is also emerging as an increasingly significant line of business for life insurance companies. While this rate of growth appears to be very healthy, it is on a low base, and health insurance penetration in the country continues to be low. Only about 25 million persons are presently covered for health through commercial insurance, in a country of over 1.1 billion people. Overall, the Indian health sector is still characterized by the near absence of any significant risk protection against major health-related expenditure

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CHAPTER 2

PROFILE OF THE ORGANIZATION

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2.1 Origin of the Organization:

The ICICI Ltd. was established in 1955 by the World Bank, the Government of India and the Indian Industry, to promote industrial development of India by providing project and corporate finance to Indian industry. Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has thus far financed all the major sectors of the economy, covering 6,848 companies and 16,851 projects.

Lombard Canada Ltd., is a leading insurance management company responsible for providing insurance management services for all of the Lombard group's commercial, personal, and specialized insurance companies. Canadian owned and operated, Lombard Canada Ltd. has its head office in Toronto and has annual sales in excess of $500 million and is a wholly owned subsidiary of Fairfax Financial Holdings Limited (FFH on the TSF Lombard Canada Ltd. has achieved a reputation for providing solid underwriting performance, diversified books of business and strong capital positions.

The Joint Venture ICICI Lombard General Insurance Co will be headed by Mr. Sanjiv Kerkar. ICICI would hold about 74 percent stake, while Canadian insurer Lombard would hold the maximum permissible 26 percent and commence business with a start-up capital of Rs.100 crore. ICICl Lombard has plans to sell covers to the corporate clients of ICICl. At the same time it will sell property insurance for ICICI home loan seekers and auto insurance for those availing of car finance.

2.2 Growth and Development of the Organization

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ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31, 2009. The company presently has around 4,777 employees in 357 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported as on March 31, 2009

ICICI Lombard has been assigned a domestic rating of iAAA by ICRA (an associate of Moodys Investors Service) for highest claim paying ability an d a fundamentally strong position. ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including Internet banking, credit card, debit card and cash card.

ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the Insurance Sector Non-Life at the 2nd Loyalty awards, 2009. It was awarded the Gene ral Insurance Company of the Year at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya Global Connect Customer Responsiveness Award 2006. It has the Gold Shield for Excellence in Financial Reporting by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.

It is the largest private sector general insurance company in India with a gross written premium (GWP) of Rs885.1 crore in 2004-2005 2007 - ICICI Lombard General Insurance Corporation has grabbed the second spot in insurance premiums growth displacing three public sector companies earned the second largest premium of Rs448.65 crore for April but was at top place in terms of premium growth of 35 per cent over the corresponding period of the last financial year.

2.3 Present status of the organization

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ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the I nsurance Sector Non-Life at the 2nd Loyalty awards, 2009. It was awarded the General Insurance Company of the Year at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya Global Connect Customer Responsiveness Award 2006. It has the Gold Shield for Excellence in Financial Reporting by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.

AWARDAS AND RECOGNITION JD Power Asia Pacific Award

ICICI Lombard Ranks Highest in Customer Satisfaction among Auto Insurance Providers in India: J D Power Asia Pacific.

Golden Peacock- Eco Innovation Award of 2009 for weather insurance 17

ICICI Lombard has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance.

Customer and Brand Loyalty Award 2009

ICICI Lombard wins the Customer and Brand Loyalty Award in the "Insurance SectorNon-Life" at the 2nd Loyalty Awards on January 29, 2009. General Insurance Company of the Year

11th Asia Insurance Industry Awards 2007, Singapore

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ICICI Lombard becomes the first Indian insurance company to win this prestigious award.

Brand Leadership Award 16th Asia Brand Congress, Taj Lands End, Mumbai

Awarded the Brand Leadership Award at the 16th Asia Brand Congress held at Taj Lands End, Mumbai from 26-27th September, 2007.

iAAA rating by ICRA

Assigned the iAAA rating by ICRA indicating highest claims paying ability and a fundamentally strong position.

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2.4 Functional Departments of the Organization Claim Settlement: Lightning-fast claim settlement is one of the key areas of focus for ICICI Lombard. Our dedicated Relationship Managers, wide spread network across India and presence of 24 *7 call centers assure our customers that we are always on call, day or night. Our tie-up with Cunningham Lindsey, the worlds second largest loss adjustors with its network in 80 locations across India, ensures a surveyor on site in less than 24 hours. Rural Initiative: ICICI Lombard believes in striking the right balance between the commercial and socio-economic aspects of the insurance business. In its Endeavour to offer tailormade products to meet the requirement of the rural population, explore business opportunities in the related segments and build a competitive edge through strong distribution network and product innovation, ICICI Lombard uses Intermediaries like ICICI Banks kiosks, direct selling Agents, state-level tie-ups, ITCs e-Chou pals, NGOs and other micro finance Institutions (MFIs). The rural segment offers immense business opportunities for insurers since it constitutes 50% of the GDP. Growing per capita and disposable income and rising financial awareness among rural masses has opened up new avenues for insurers in this segment. Corporate Business: ICICI Lombard via its CSG segment aims to tap large corporate with high premium potential. The company has emerged as a major player in the corporate segment with a well-balanced portfolio. It has made forays into specialized products that require complex product development and strong underwriting skills. In addition, a strong distribution has enabled it to reach out to over 3,000 corporate. It also offers single point contact through dedicated relationship managers for both sales and customer service.

Bank assurance 20

The Company has set up a dedicated SBU to cater to banc assurance business managed by dedicated teams for each bank partner across all locations to ensure highest levels of service to the channel and their customers and to provide complete support and value addition to the bank partners. Our banc assurance philosophy emphasizes on complete respect for the partners brand & business model with a clear understanding that the partner owns the customer. The company has tied up with few partners like ABN Amro Bank, ICICI Bank, UTI Bank etc, to ensure complete support and continuous value addition to the partner. The business philosophy behind the banc assurance initiative is to leverage distribution synergies with partners. The channel offers unmatched product suite customized for bank channels and customers. Retail ICICI Lombard aims to tap retail segment through multi-product and multi- channel approach to marketing. The company believes that retail segment has immense potential and will drive the companys growth in future. It has presence in all retail categories -- travel, health, home and motor. It has launched a number of innovative products and features in each category like Pay-per-day in Overseas Travel Insurance and floater cover for individual Health Insurance. The key to success in this area is effective market segmentation and targeted product offerings that meet customer needs. E-channel ICICI Lombards e-channel initiative has embraced technology with open arms. The effective use of technology platforms has enabled customers to view all their insurance transactions through the web on a real time basis. ICICI Lombard s echannel mainly focuses on targeting customers through Internet, intranet (of large corporate and manufacturing companies) and other national level distribution networks. The focus is on targeting customers through the online medium. The model is to develop an integrated and customized product platform with key partners -- ICICI Direct, ICICI Bank, preferred partners moneycontrol.com and indiatimes.com and other websites.

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Board Members Chanda Kochhar, Chairperson R. Athappan, Director Sandeep Bakhshi, Director B.V. Bhargava, Director Dileep Choksi, Director N.S. Kannan, Director S. Mukherji, Director Chandran Ratnaswami, Director M.K. Sharma, Director H.N. Sinor, Director Bhargav Dasgupta, Managing Director & CEO COMMITTEES Audit Committee Mr. S Mukherji, Chairman Mr. Dileep Choksi, Director Mr. James F Dowd, Director

Investment Committee Mr. Chandran Ratnaswami, Chairman Ms. Kalpana Morparia, Director Mr. Sandeep Bakhshi,, Managing Director & CEO Mr. S Gopalakrishnan, Head Investments Mr. Rakesh Jain, Head-Finance & Accounts Mr. Liyaquat Khan, Appointed Actuary Board Governance Committee Ms Kalpana Morparia, Chairperson Mr. Chandran Ratnaswami, Director Mr. H N Sinor, Director

2.5 Organization Structure and Organization Chart 22

ICICI LOMBARD GIC LTD.


BOARD OF DIRECTORS

WHOLESALE RETAIL RURAL

AGRICUL TURE

NATIONAL SALES MANAGER

REGIONAL SALES MANAGER

AREA SALES MANAGER UNIT SALES MANAGER

SALES OFFICER

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Revenue Growth Gross Return Premium (Rs.Mn) 30035 36010 37492

Year 2006-07 2007-08 2008-09

Gross Return Premium(Rs.Mn)


40000 35000 30000 25000 20000 15000 10000 5000 0 2006-07 2007-08 2008-09 Gross Return Premium(Rs.Mn)

Claims Settled 24

Year 2006-07 2007-08 2008-09

No. of Claims Settled 614876 818596 3313830

No. of Claims Settled


3500000 3000000 2500000 2000000 1500000 1000000 500000 0 2006-07 2007-08 2008-09 No. of Claims Settled

Volume Growth 25

Year 2006-07 2007-08 2008-09

No. of Policies Sold 3136478 3136438 3957048

No. of Policies Sold


4000000 3500000 3000000 2500000 2000000 1500000 1000000 500000 0 2006-07 2007-08 2008-09 No. of Policies Sold

Market Share 26

Year 2006-07 2007-08 2008-09

Total Industry Share in % 12 12 11

Private Sector Share in % 35 30 27

40 35 30 25 20 15 10 5 0 2006-07 2007-08 2008-09 Total Industry Share % Private Sector Share %

2.6 PRODUCT AND SERVICE PROFILE OF ORGANIZATION COMPETITORS 27

1. STANDRARD FIRE AND SPECIAL PERILS FIRE: Excluding destruction or damage caused to the property insured a. Its own fermentation, natural heating or spontaneous combustion. b. Its undergoing any heating or drying process. c. Burning of property insured by order of non-public authority. Lighting Explosion and Implosion Excluding loss, destruction of or damage. To boilers (other than domestic boilers), Economizers or other vessel, machinery or apparatus (in which steam is generated) or other contents resulting from their own explosion- implosion. Caused by centrifugal forces.

Aircraft damage Loss, destruction or damage caused by aircraft, other aerial or space devices and articles dropped there from excluding those caused by pressure waves.

Riot, strike and malicious damage Loss or visible physical damage or destruction by external violent means directly Caused to the property insured.

Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation Loss, destruction or damage directly caused by Storm, cyclone, typhoon, tempest, hurricane tornado, flood and inundation excluding those resulting from earth quake, volcanic eruption or other convulsions of nature.

Impact Damage 28

Loss of or visible physical damage or destruction cause to the property insured due to impact by any rail road vehicle or animal by direct contact not belonging to or Owned by The insured or any occupier of the premises or There employees while acting in the course of there employment

Subsidence and land slide including rockslide Loss, destruction or damage directly caused by subsidence of part of the site On which the property stands or land slide / rockslide excluding: The normal cracking, settlement or bedding down of new structures. The settlement or movement of made up ground. Coastal or river erosion. Defective design or workmanship or use of defective materials. Demolition, construction, structural alterations or repair of any property or ground works or excavations. Bursting and/or overflowing of water tanks apparatus & pipes.

Missile testing operations. Leakage from automatic sprinkler installations. Excluding loss, destruction or damage caused by Repairs or alterations to the buildings or premises. Repairs, removal or extension of the sprinkler installation. Defects in construction known to the insured. Bush Fire Excluding loss destruction or damage caused by forest fires. 2. BURGLARY:

The company shall compensate the insured for any loss or damage, caused by burglary, to the contents of insureds premises.

3.

CASH IN SAFE: 29

The company will compensate the insured in respect of loss of, or damage to, money and/or valuables caused by burglary and/or attempted burglary when such money and/or valuables are contained in a domestic safe or vault which is protected by appropriate and adequate security measures with lock in key. 4. CASH IN TRANSIT

The company shall compensate the insured for loss of money in coins and/or notes caused by burglary, robbery or theft occurring while such money is in the insureds possession and is being conveyed by the insured to the insureds premises from the insureds bank /ATM from where such money had been withdrawn immediately prior to the occurrence. 5. NEON SIGN /GLOW SIGN:

The company will compensate the insured in respect of loss or damage to neon sign/glow sign belonging to the insured caused by: Accidental external means Fire, lightning or external explosion or theft Riot, strike or malicious act Flood, inundation, storm, tempest, typhoon hurricane, tornado, cyclone.

6.

GLASS BREAKAGE:

The company shall compensate the insured for loss or damage to any fixed glass other than that which are specifically excluded hereunder, caused by any accidental, external and visible means.

7.

CHEQUE FORGERY:

The company shall compensate the insured for any loss to the insured caused by forgery or material alteration of cheques, drafts or other negotiable instruments issued by, or in favor of, the insured. 8. EMPLOYERS LIABILITY:

The company shall indemnify the insured against the legal liability of the insured in respect of any bodily injury sustained by, or the loss of life of, the insured s employees arising out of and in the course of their employment.

9. ACCIDENTAL, MEDICAL/HOSPITAL EXPENSES TO INSURED: 30

The company shall compensate the insured for actual and reasonable medical expenses incurred for hospital treatment by the insured in respect of any bodily injury sustained by the insured arising out of operation at an insured peril as provided for in standard fire and special perils- buildings and standard fire and special perilscontents and / or burglary, coverages in this policy and subject to a deductible excess of an amount as may be specified in part 1 of the schedule.

10. PUBLIC LIABILITY: The company shall indemnify the insured for those sums that insured becomes legally liable to pay, including litigation expenses and any amount in compensation, by virtue of the following items as specified occurring in and about the insured s premises. Accidental death or bodily injury to any person other than insured or the insured employees / staff. This coverage shall be limited to the sum insured for any accident or series of accidents arising from any one event or cause, and for all accidents during the period of insurance, and, Accidental damage to property of any person other than the insured or insured employees / staff. This coverage shall be limited to the sum insured for any one accident or series of accidents arising from any one event or cause, and for all accidents during the period of insurance.

11. FIDELITY: The company will compensate the insured for any direct pecuniary loss sustained by the insured through act of fraud or dishonesty committed by any salaried employee of the insured in the insured premises, provided that : The loss shall have occurred in connection with the employees occupation and duties during the uninterrupted continuance of his employment and he discovered within six months after its happening first of six months after the death, dismissal or retirement of such person and The liability of the company in respect of any one person or all persons so employed and in respect of losses in any one period of insurance shall not exceed the sum insured.

Health Insurance: 31

We save money for a better future. But life is full of surprises; a medical emergency can strain your hard-earned investments. Now, let your savings be untouched, get secured. Home Insurance: Insure your home and its contents against natural calamities like fire, earthquake, flood, gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.

Home Plans Gold Plan: The Gold plan covers much more than just your home. It offers family protection, covers loss of cash, public liability, temporary resettlement, alternative accommodation and baggage insurance. Other adds on offered are loan repayment for home and car and cover for terrorism. Silver Plan: The Silver plan covers the structure of your home and its contents from natural and man-made calamities like fire, flood, storm and burglary. The adds on offered include expenses of rent for alternative accommodation and terrorism. Motor Insurance: Your vehicle helps you reach destinations and enables you to commute from one place to another. But it might face some damage in an accident or get stolen. The security of your co-passengers can be endangered during accidents. Motor insurance takes care of all these possibilities and more. Motor Plans Four Wheeler Package Policy: A comprehensive policy that not only covers you against third party but also against accidents, damage, injury and much more. Two Wheeler Package Policies: A composite policy that protects you against unfortunate accidents, third party liability, injuries and damages. Travel Insurance: 32

You do not want anything to ruin your hard earned holiday or your crucial business meeting. There is a possibility of some unexpected occurrence no matter how perfectly you plan your trip. Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you. Having Travel Insurance protects you from all such perils at a fraction of the cost of your trip.

Travel Plans Individual Overseas Plan:

All overseas travel policies charge premium on a slab basis. Which means if you are on a 16-day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But with us you pay per day. Student Travel Plan: A comprehensive cover, which insures you against unfortunate incidents or unexpected expenses abroad and provides timely assistance and support when you need it the most. Domestic Travel Plan: Domestic Travel policy takes care of you and your valued assets left at home. A policy that lets you enjoy your trip leaving your worries with us.

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COMPRTITORS The National Insurance Co. Ltd The New India Assurance Co. Ltd The Oriental Insurance Co. Ltd The United India Insurance Co. Ltd Bajaj Allianz GIC Ltd.

COMPARISON FROM COMPETITORS

ICICI Lombard GIC

Competitors

Low Premium Better Service Competitive Discount is High Product range is vast Better Customer Retention No hidden Charges

High Premium Average Service Very less Discount Limited products Retention is very low Many hidden charges No documentation Main focus is only Profit Very long process

Policy wordings are documented Main focus is Revenue Immediate claim settlement

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2.7 MARKET PROFILE OF THE ORGANIZATION The company is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 30,034 million for the 12 months ended March 31, 2007 with a market share of nearly 12.4% and compounded annual growth rate of over 84% in the last two years.

The company has over 4,770 personnel in 220 offices spread across 166 locations. From April March 2007, the company issued over 3.1 million policies across India and settled over 5.9 lakh claims. The company has a claim disposal ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2007.

ICICI Lombard is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31, 2009. The company presently has around 4,777 employees in 357 branches. In the financial year ended March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against claims reported as on March 31, 2009

Core Value System ICICI Lombard's value system is the DNA, which molds and determines the growth and success of the company and its employees. Strongly embedded and staunchly followed, these values form the very core of our company's spirit. Transparency ICICI Lombard encourages total transparency in all channels of communication (internally and externally) and complete accountability in customer deliverables. In November 2005, ICICI Lombard became the first private sector general insurance company to cross the Rs. 10 billion Gross Working Profit (GWP) mark. This record target achieved manifests the trust garnered by our employees nationwide from its customers. Empowerment ICICI Lombard provides you the platform to evolve from an employee to a partner in progressive growth. Since our origin in 2001, our employees have always been empowered to make decisions that chart their career path. We do not create jobs but build futures.

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Passion The passion to excel with customer focus in mind is what initiates ICICI Lombard to attain greater milestones. This inherent principle drives our employees to set higher benchmarks of excellence and performance. Integrity Integrity is about honesty, sincerity, sound moral principles, keeping promises and fulfilling expectations. At ICICI Lombard, integrity is not limited to the organization's capacity to meet the needs of the stakeholder but also encompasses the vision and values of everyone involved. Humility True leadership in the service industry like ours requires humility to keep one's ego sublime and to serve others. One of the key values we look for and inculcate in our employees is humility which allows us to keep the interests of our customer and the organization before our own and work efficiently as a team.

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CHAPTER 3

DISCUSSION ON TRAINING

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3.1 Discussion on Training a. Students Work Profile (Role and Responsibilities) SALES TRAINEE/EXECUTIVE/OFFICER I was recruited, as a Sales Officer in ICICI Lombard GIC Ltd.It is Corporate selling of non-Life Insurance products. It is totally Field work which is called direct selling. My role is to fix an appointment with client companys A ccount, HR and General Managers. And collect information about insurance. If it is already insured then my role is to get information about present Insurer, Total Sum Insurance Premium and total Coverage etc.And If still it is not insured, than my role is to offer proposal, get detail of Sum-insurance and Desired coverage.

I have conducted a Researched based of Office Insurance products in Koramangala area of Bangalore. My target was IT and non-IT, Software companies and Commercial building having Offices.

As a Sales Officer my responsibilities were as under: Lead Generation Fix an appointment with Managers (Clients) Making presentation with USM Cold Calling Prepare Database of new clients Conduct surveys in different segment Setting a goal and Achieve monthly targets Getting feedback from existing clients Making Agents

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3.2

Description of live experiences

This working experience has helped me a lot in understanding the corporate world and I came to know the meaning of sales and marketing. Each and every thing you can take, there are two responses (experience) which I got from the market or field work: Positive and Negative.

How to work in a corporate world and how can we survive in corporate fieldsthat all types of practical and theoretical knowledge we can get from corporate activities. We must have to learn about customers requirement, what and which type of customer have to expect their need or requirements. This

working experience also helped me in improving communication and presentation skills. Some of these are: Real exposure to the corporate world which helped me a lot in understanding the mind set of executives to a certain extent. Learned about customer requirements, customer mind set how to convince others and many. It helped me in improving my communication skills, presentation skills and how to behave in front of corporate executives. Apart from these positive experiences I faced certain problems too which I would like to discuss here. It was quite difficult in the beginning to cope with both college studies and job.

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CHAPTER 4

STUDY OF SELECTED RESEARCH PROBLEM

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4.1 Statement of research problem How can one assess the market awareness for office insurance products? How can we tap this potential after assigning, through strategic marketing of services? 4.2 Statement of research objectives To find out the customer awareness level for office insurance products. To assess the effectiveness of company service. To make an independent assessment of the magnitude of the market potential in the light of the competitive scenario. To suggest remedial measures to exploit the market potential.

OPERATIOANAL DEFINATIONS: Market: Traditionally, market was a physical place where buyers and sellers gathered to exchange goods. It is also a collection of buyers and sellers who transact over a particular product. Marketing: It is a societal process by which individual and groups obtain what they need and want through creating, offering and freely exchanging products and services of values with others. Marketing research: It is a systematic and objective study of problems pertaining to the marketing of good and services. It may be emphasized that it is not restricted to any particular area of marketing but is applicable to its all phases and aspects. Product: A product is anything that can be offered to a market to satisfy a want/need. Products that are marketed include physical goods, Services, Experiences, events, persons, properties, organizations, information and ideas. 41

Brand: A Brand is a name, term, sign, symbol, design or a combination of them intended to identify the goods/services of one seller/group of sellers and to differentiate them from those Of Competitors. Distribution and its Channels: Distribution is the process of moving goods/services form the place of production to the marketing activities involved in the flow of goods/services from the primary producer to ultimate consumer.

Accident and accidental Means a sudden, unforeseen, and unexpected physical event beyond the control of the Insured caused by external, visible and violent means. Bodily injury Means any accidental physical bodily harm but does not include any sickness or disease. Business or business purposes Means any full or part time, permanent or temporary, activity under taken in the premises with a view to profit or gain. Burglary Means an act involving the unauthorized entry to or exit from the insured s property or attempt threat by unexpected, visible, forcible and violent means, with the intent to commit an act of theft. Bank Means and includes bank of every description, post office and government treasury. Contents Means the following used for business or business purposes, so long as they are owned by the insured and / or for which the insured legally responsible for including family of insured, directors, partners and the like goods such as furniture, stock, machinery, equipment, fixtures, fittings and interior decorations but excluding money, jewelry, and valuables. 42

Employee Means any person employed by the insured to perform certain duties for consideration, either expressly or impliedly in the course of employment Insured or insureds Means the person named in the policy as the policyholder and / or his family, and / or his parents, and / or directors and / or karta of HUF, and the like. Medical expenses Means expenses incurred on necessary on medical or surgical treatment, services, or supplies. Period of insurance Means the period of time stated in the schedule for which the policy is valid. Policy Means insureds proposal, the schedule, companys covering letter to the insur ed, insurance clauses, definitions, exclusions, conditions and other terms contained here in and any endorsement attaching to or forming part hereof, either at inception or during the period of insurance. Premises Means insureds shop as stated in the schedule, which is used or occupied mainly for business purposes by insured.

Schedule Means the schedule, and any annexure to it, attached to and forming part of this policy. Sum insured Means and denotes the amount of cover available under each section as stated in schedule or any revisions thereof based on claim settled, as stated in the scope of cover of the policy and, where appropriate, as more particularly described.

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4.3 Research design and methodology

TYPE OF RESEARCH The type of research used in this project is a Descriptive research design. The major purpose of descriptive research is a description of the state of the affairs, as it exists at present. Thus a Descriptive study is a fact-finding investigation with adequate interpretation. It is the simplest type of research. It focuses on particular aspects or dimensions of the problem studied. It is so designed that it gathers descriptive information and provides information for formulating more sophisticated studies. There is a cause effective relationship.

The criteria for selecting this particular design are that, the problem of the project must be described and not arguable. The data collected is amenable to statistical analysis and has accuracy and significance. It is possible to develop valid standards of comparison. It lends itself to the verifiable procedure of collection and analysis of data.

Descriptive study objectives aim at identifying the various characteristics of a company problem under study. It can reveal potential relationships between variables with exploratory research.

SAMPLING TECHNIQUE: The sampling technique used is convenient sampling. It is also called as purposive sampling or non-probability sampling. This sampling method involves purposive or deliberate selection of particular units of the universe for constituting the sample, which represents the universe. When population elements are selected for inclusion in the sample based on the ease of access, it can be called as convenient sampling. Empirical field studies required collection of first hand information and data pertaining to the units of study from the field.

SAMPLING DESIGN:

SAMPLING UNIT The samples include various offices & shops in Bangalore city.

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SAMPLE SIZE The sample size for listing questionnaire of research is 100, and the sample size is broken down in to two samples i.e. a sample size of 80 respondents from the offices and shops and the sample size of 20 respondents from the customers.

SOURCES OF DATA COLLECTION:

Primary data: The data was collected by using questionnaire and structured direct interviews, which were separately conducted to know the market awareness and market potential. Secondary data: The secondary data was collected from the company reports, broaches, manuals, text books and Internet. The customer of 20 respondents was provided by the company for assessing the service provided by a company. RESEARCH LIMITATIONS: This research is company- specific and confined only to Bangalore city, the problem of generalization becomes obvious Limited sample size is taken.

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4.4 Analysis of data

1. Are you aware of Office insurance? Table1: Particulars No. Of respondents Yes No Little Bit Total Source: Field Study

Percentages 67 0 13 80 83.75 0 16.25 100

No. of respondents

Yes No Little Bit

Interpretation: The response given by respondents 83.75 are aware of office insurance and 16.25 know very little about office insurance. This clearly shows that there is no proper advertisement reach to the people.

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2. If Yes, How do you come to know about Office Insurance? Table 2: Media No. Of Respondents Percentages TV 40 50 News Paper 19 23.75 Agents 21 26.25 Total 80 100 Source: Field Study

No. of Respondents

TV News Paper Agents

Interpretation: It is depicted from the chart that, 50% of respondents came to know through television. 23.75% of respondents came to know through newspapers. 26.25% of respondents came to know through agents Major of the respondents came to know through television.

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3. Which factor is important in your eye for purchasing insurance policy? Table 3: Factors Company Premium Service Total Source: Field Study

No. Of Respondents Percentages 43 17 20 80

53.75 21.25 25 100

Interpretation: The chart depicts that 53.75% prefer company as an important factor where as 21.25%prefer for premium and 25% prefer service as an important factor for purchase of insurance policy.

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4. How many employees are there in your office? Table 4: Employees More Than 5 More Than 10 More Than 20 Total No. Of Respondents 53 17 10 80 Percentages 66.25 21.25 12.5 100

No. of Respondents

More Than 5 More Than 10 More Than 20

Interpretation: The above chart shows that, 66.25% of respondents have more then 5, 21.25% of respondents have more then 10 and 12.5% of respondents have more then 20.

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5. Would you like to have Office insurance? Table 5: Particulars Yes No Total Source: Field Study No. Of Respondents Percentages 20 60 80 25 75 100

80 70 60 50 40 30 20 10 0 No. of Respondents Percentages Yes No

Interpretation: Out of 80 respondents, 25% of respondents want to have office insurance policy and 75% of respondents dont want to have it. The above chart shows that there is a potential market for office insurance products. Most of the respondents those who want to have office insurance are of newly opened offices & shops.

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6. If yes, Which Company Services do you prefer to avail? Table 6: Company ICICI Lombard HDFC Chubb New India Oriental United India Total No. Of Respondents 6 0 7 3 4 20 Percentages 30 0 35 15 20 100

No. of Respondents

More Than 5 More Than 10 More Than 20

Interpretation: The chart depicts that, 30% of the respondents wants to avail services of ICICI Lombard, 35% of respondents want to prefer New India,20%of the respondents wants to prefer united India and 15%wants to prefer services of oriental. The data shows around 30% of people are interested in taking insurance in ICICI Lombard. It means there is an opportunity for company to capture the market. Most of the respondents want to avail services in government companies.

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7. Which type of insurance policy you would like to have? Table 7: Type Yearly Renewal Auto Renewal Total No. Of Respondents 17 3 20 Percentages 85 15 100

90 80 70 60 50 40 30 20 10 0 1 2 Yearly Renewal Auto Renewal

Interpretation: The above chart shows that 85% of respondents would like to have Yearly renewal policy and 15% of respondents want to have Auto Renewal.

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8. Which product services you are planning to avail? Table 8: Product Services Fire Insurance Electronic Insurance Burglary Insurance All of Above Total Source: Field Study No. Of Respondents 10 5 3 2 20 Percentages 50 25 15 10 100

50 45 40 35 30 25 20 15 10 5 0 Fire Insurance Electronic Insurance Burglary Insurance All of Above No. of Respondents Percentages

Interpretation: It is depicted from the chart that 50% of respondents trying to avail Fire insurance, 25% of respondents planning to avail Electronic insurance,15% of respondents trying to avail Burglary insurance and 10% of respondents trying to avail all Fire, Electronics and Burglary insurance policies.

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9. When you are going to have new insurance policy? Table 9: Particulars Within 15 Days 15 to 30 Days 30 to 60 Days Total Source: Field Study No. Of Respondents 7 13 0 20 Percentages 35 65 0 100

No. of Respondents

Within 15 Days 15 to 30 Days 30 to 60 Days

Interpretation: Out of 20 respondents, 35% of respondents wants to have insurance policy with in 15 days, 65% of respondents wants to have with in 30 days.

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10. How do you rate about services? Table 10: Opinion Very Good Good Normal Not Good Total Source: Field Study No. Of Respondents 6 9 4 1 20 Percentages 30 45 20 5 100

No. of Respondents

Very Good Good Normal Not Good

Interpretation: ICICI Lombard customers rated the services are as, 30% of respondents said very well 45% of respondents said well 20% of respondents said normal and 5% of respondents said not well. 55

11. How much premium are you paying now? Table 11: Amount More Than 5000 More Than 10000 More Than 20000 Total Source: Field Study No. Of Respondents 4 5 11 20 Percentages 20 25 55 100

No. of Respondents

More Than 5000 More Than 10000 More Than 20000

Interpretation: The above chart depicts that 20% of respondents paying premium more then Rs.5000, 25% of respondents paying premium more then Rs.10000 and 55% of respondents paying more then Rs.20000. Major of the respondents are paying more then Rs.20000 are of big offices and important customers to the company.

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12. Do you feel its really economical? Table 12: Particulars Yes No Total Source : Field Study No. of Respondents 14 6 20 Percentages 70 30 100

70 60 50 40 30 20 10 0 No. of Respondents Percentages Yes No

Interpretation: Customers believed of policy economical like this, 70% of respondents said YES. 30% of respondents said NO

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13. Have you ever-contacted customer help desk? Table 13: Particulars Yes No Total Source : Field Study No. Of Respondents 16 4 20 Percentages 80 20 100

No. of Respondents

More Than 5000 More Than 10000 More Than 20000

Interpretation: The above chart depicts that 80% of respondents contacted customer help desk and 20% of respondents did not contact customer help desk.

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14. If yes, what is your opinion about customer help desk? Table 14: Opinion Good OK Poor Total No. Of Respondents 10 8 2 20 Percentages 50 40 10 100

Good OK Poor

Interpretation: Out of 20 respondents, 50% of respondents opinions about customer help desk is good, 40% of respondents told ok and 10% of respondents told poor. Major of the respondents told they are happy regarding the information and service provided by customer help desk.

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15. For what reason you dial to our customer help desk? Table15: Particulars Product Related Inquiry To Renew Policy To Complaint Total Source: Field Study No. Of Respondents 11 8 1 20 Percentages 55 40 5 100

No. of Respondents

More Than 5000 More Than 10000 More Than 20000

Interpretation: The customers dial up to customer help desk for the following reasons: 55% customer dial up for product related enquiry 40% customers dial up for to renew policy and 5% customers dial up for file a complaint.

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4.5 Summary of findings

All respondents have awareness about office insurance. Majority of respondents told they were come to know about office insurance through television and agents. Majority of respondents told employees are more then 5. There is a market potential for office insurance products. Majority of respondents believe in Government owned insurance companies. There is a market potential for ICCI Lombard office insurance products. Majority of respondents told they are trying to avail Fire insurance and electronic equipment insurance for their offices. Most of the respondents said they are going to have insurance with in 15 to 30 days. Majority of respondents told they have satisfaction with the service of the company. and customer help disk. Most of the customers told they dial to customer help disk for product related enquiry. All general insurance policies are yearly renewal policies. Premium amount for general insurance policy is low and it is not refundable. Majority of respondents told their paying premium is economical. Majority of respondents are frequently contacting customer help desk. Majority of respondents told company is the main factor for purchasing insurance Policy.

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CHAPTER 5

SUMMARY AND CONCLUSION

5.1 SUMMARY OF LEARNING EXPERIENCE 62

I went through a good learning practice in ICICI Lombard for the nearly past three months which has developed me to heights of understanding the customers mind as well their taste and preferences in the field of services sector. The uncertain world or market structure existing in India has very typical way of expectation when it comes to insurance and the institutions have realized their needs and desires and working towards satisfying their requirements and my organization is also in its run for customer satisfaction. The working environment was excellent which enabled me to learn the products and services features as well as the internal aspects of management level. This project has opened up the new window of learning, which enables me into the clear understanding of corporate world. The proper understanding of customers is must when it comes to service industry and that exactly what I went through in this period of management training period.

Tele calling: Converting all the leads given by Manager in appointments. To make presentations with clients. Collection previous policy details, so that we can give competitive quotation. Preparation of customer feedback report about our companys products and services.

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5.2 CONCLUSIONS AND RECOMMENDATION

RECOMMENDATIONS

Respondents do not have enough knowledge about the insurance policies provided by the ICICI LOMBARD. Therefore ICICI LOMBARD Company should bring awareness in the customers. The recommendations I would like to make are: There is a necessity to make more advertising and promotions by the Insurance Company through TV, newspapers, magazines and pamphlets to make aware the customers about the insurance provided by them. Need for proper channel to reach to the customer. Marketing executives and agents should maintain good communication with the customers to create the awareness of the policies like Mediclaim, GPA (Group personnel accidental) burglary, and other insurance policies provided by the company. The employees should be given incentives and bonus to motivate to accomplish their targets. ICICI LOMBARD is concentrating only urban areas it should concentrate on semi urban and rural areas also. As it was found that customers preparing only Government companies for their office insurance so create trust in costumers about private insurance companies by rendering good services like proper claims, good response to costumer queries and maintaining good relationship with costumers. Building internal technical expertise requiring well stacked library resource by way of settled cases of claims at every zonal office is an immediate necessity. The staff of the insurers should be encouraged to refer to these references often with a view to bring about early settlement to the satisfaction of claimants.

CONCLUSION 64

It is concluded from the survey that all respondents are aware about office insurance and they think they need insurance for their offices.

It is concluded from the survey that customers preparing only Government companies for their office insurance so create trust in costumers about private insurance companies by rendering good services like proper claims, good response to costumer queries and maintaining good relationship with costumers.

Most of customers are using only Fire and electronic equipment insurance policies so marketing executives and agents maintain good communication with the customers to create the awareness of the policies like Mediclaim, burglary and GPA.

ANNEXURE:

1. Are you aware of Office insurance? 65

A. Yes B. No 2. If Yes, How do you come to know about Office Insurance? A. TV B. Newspaper C. Agents 3. Which factor is important in your eye for purchasing insurance policy? A. Company B. Premium C. Service

4. How many employees are there in your office? A. More than 5 B. More than 10 C. More than 20

5. Would you like to have Office insurance? A. Yes B. No

6. If yes, Which Company Services do you prefer to avail? A. ICICI Lombard 66

B. HDFC Chubb C. Oriental Insurance D. New India Insurance 7. Which type of insurance policy you would like to have? A. Yearly renewal B. Auto renewal 8. Which product services you are planning to avail? A. Fire Policy B. Burglary C. Electronic equipment D. All of the above 9. When you are going to have new insurance policy? A. Within 15 days B. 15 to 30 days C. 30 to 60 days 10. How do you rate about services? A. Very Good B. Good C. Normal

11. How much premium are you paying now? A. More than5000 B. More than10000 67

C. More than20000 12. Do you feel its really economical? A. Yes B. No

13. Have you ever contacted customer help desk? A. Yes B. No 14. If yes, what is your opinion about customer help desk? A. Good B. OK C. Poor

15. For what reason you dial to our customer help desk? A. Product related B. To renew policy C. To complaint

BIBLIOGRAPHY

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BOOKS AND MAGAZINES Essentials of Marketing Reddy and Appaniah Marketing Management Phillip Kotler India Today Business World and Money Regulator. News Papers The Times of India The Economic Times The Business Standards INTERNET www.google .com www.icicilombard.c.com

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