A PROJECT REPORT

ON

TRAINING
DEVEOPMENT
At

For the partial fulfillment of the award of

Bachelor of Business Administration
(2007-2010)

Submitted To
Submitted by
JIWAJI UNIVERSITY GWALIOR
GUPTA

AKASH
BBA-V Sem.

PRESTIGE INSTITUTE OF MANAGEMENT,

GWALIOR
Airport Road, Near Deen Dayal Nagar, Gwalior-474020
1

Email: info@prestigegwl.org; Website: www.prestigegwl.org

DECLARATION
I AKASH GUPTA, student of BBA V Semester of Prestige Institute of
Management, Gwalior, hereby declare that the project is my original
piece of work and not the copy of any such work undertaken by someone
else, all the information , facts and figures presented in the report are
first hand in nature. They are actually based on my intense efforts
conducted in TRAINING & DEVELOPMENT. I have completed this
project

under the guidance of Prof. NAVITA NATHANI ( Faculty

PIMG)

Date:

AKASH

GUPTA
BBA V Sem

CERTIFICATE

This is to certify that

Miss

AKASHA GUPTA Student of BBA Vth

Semester programme has completed her summer training of 4 weeks and

prepared this report of TRAINING & DEVELOPMENT under
my guidance .

Date:

Prof. NAVITA NATHANI

(Faculty Guide)

ACKNOWLEDGEMENT
The present work is dedicated to the persons who not only taught me,
but continue inspire me in knowing the clandestine facts of
workmanship. I bow in honor before these great teachers. The
accomplishment of the present study became possible by the invaluable
assistance and guidance of my professional guides to whom I may
gratefully indebted. Firstly I would like to express my sincere gratitude
to my faculty guide Prof. NAVITA NATHANI without whose
invaluable guidance, moral support and encouragement my work would
have ever assumed the present shape, research. I were indebted to my
parents and friends for their moral support and possible efforts they
made for me.

Date:

AKASH GUPTA
BBA V Sem

INDEX
History of the Organisation & Objective
Organisational Structure
Financial Performance
Training & Development
Production & Operations
Marketing
Strength & Weakness of the Organisation.
Suggestion
Special Point
Names of the CEO/MD/Department Head
Chapter -1
Introduction
Chapter II
Objective of The Study
Chapter III
Result & Discussion
Chapter IV
Suggestion
Chapter V
5

 Conclusion

HISTORY
A successful product or service means nothing unless the benefit of such
a service can be communicated clearly to the target market. An
organizations promotional strategy can consist of: Advertising: Is any
non-personal paid form of communication using any form of mass media.
Public relations: Involves developing positive relationships with the
organization media public. The art of good public relations is not only to
obtain favorable publicity within the media, but it is also involves being
able to handle successfully negative attention. Sales promotion:
Commonly used to obtain an increase in sales short term. Could involve
using money off coupons or special offers. Personal selling: Selling a
product service one to one. Direct Mail: Is the sending of publicity
material to a named person within an organization. There has been a
massive growth in direct mail campaigns over the last 5 years. Spending
on direct mail now amounts to 18 bn a year representing 11.8% of
advertising expenditure (Source: Royal Mail 2000). Organizations can
pay thousands of pounds for databases, which contain names and
addresses of potential customers.
Direct mail allows an organization to use their resources more effectively
by allowing them to send publicity material to a named person within
their target segment. By personalizing advertising, response rates
increase thus increasing the chance of improving sales. Listed below are
links to organization who's business involves direct mail.

Message & Media Strategy An effective communication campaign

should comprise of a well thought out message strategy. What message
are you trying to put across to your target audience?. How will you
deliver that message? Will it be through the appropriate use of branding?
logos or slogan design?. The message should reinforce the benefit of the
product and should also help the company in developing the positioning
strategy of the product. Companies with effective message strategies
include: Nike: Just do it. Toyota: The car in front is a Toyota. Media
strategy refers to how the organization is going to deliver their message.
What aspects of the promotional mix will the company use to deliver
their message strategy? Where will they promote? Clearly the company
must take into account the readership and general behavior of their target
audience before they select their media strategy. What newspapers do
their target market read? What TV programmers do they watch? Effective
targeting of their media campaign could save the company on valuable
financial resources. Promotion strategies "Push or Pull"? Marketing
theory distinguishes between two main kinds of promotional strategy "push" and "pull".

push promotional strategy makes use of a

company's sales force and trade promotion activities to create consumer

demand for a product. The producer promotes the product to wholesalers,
the wholesalers promote it to retailers, and the retailers promote it to
consumers.
A good example of "push" selling is mobile phones, where the major
handset manufacturers such as Nokia promote their products via retailers
such as Carphone Warehouse. Personal selling and trade promotions are
often the most effective promotional tools for companies such as Nokia for example offering subsidies on the handsets to encourage retailers to

sell higher volumes. A "push" strategy tries to sell directly to the

consumer, bypassing other distribution channels (e.g. selling insurance or
holidays directly). With this type of strategy, consumer promotions and
advertising are the most likely promotional tools. Pullull selling strategy
is one that requires high spending on advertising and consumer
promotion to build up consumer demand for a product.
If the strategy is successful, consumers will ask their retailers for the
product, the retailers will ask the wholesalers, and the wholesalers will
ask

the

producers.

A good example of a pull is the heavy advertising and promotion of

children's toys mainly on television. Consider the recent BBC
promotional campaign for its new pre-school programme the Fimbles.
Aimed at two to four-year-olds, 130 episodes of Fimbles have been made
and are featured everyday on digital children's channel CBeebies and
BBC2. As part of the promotional campaign, the BBC has agreed a deal
with toy maker Fisher-Price to market products based on the show, which
it hopes will emulate the popularity of the Tweenies. Under the terms of
the deal, Fisher-Price will develop, manufacture and distribute a range of
Fimbles products including soft, plastic and electronic learning toys for
the UK and Ireland. In 2001, BBC Worldwide (the commercial division
of the BBC) achieved sales of 90m from its children's brands and
properties last year. The demand created from broadcasting of the
Fimbles and a major advertising campaign is likely to pull demand
from children and encourage retailers to stock Fimbles toys in the stores
for Christmas 2002 Above a pull strategy (left) push strategy (right).
Communication by the manufacturer is not only directed towards
consumers to create demand. A push strategy is where the manufacturer
concentrates some of their marketing effort on promoting their product to

retailers to convince them to stock the product. A combination of

promotional mix strategies are used at this stage aimed at the retailer
including personal selling, and direct mail. The product is pushed onto
the retailer, hence the name. A pull strategy is based around the
manufacturer promoting their product amongst the target market to create
demand. Consumers pull the product through the distribution channel
forcing the wholesaler and retailer to stock it, hence the name pull
strategy. Organisations tend to use both push and pull strategies to create
demand

from

retailers

and

consumers.

AIDA is a communication model which can be used by firms to

aid them in selling their product or services. AIDA is an Acronym for
Attention, Interest, Desire, Action.. When a product is launched the first
goal is to grab attention. Think, how can an organisation use it skills to
do this? Use well-known personalities to sell products? Once you grab
attention how can you hold Interest, through promoting features, clearly
stating the benefit the product has to offer? The third stage is desire, how
can you make the product desirable to the consumer? By demonstrating
it? The final stage is the purchase action, if the company has been
successful with its strategy then the target customer should purchase the
product.

Promotion

through

the

Product

lifecycle.

As products move through the four stages of the product lifecycle

different promotional strategies should be employed at these stages to
ensure the healthy success and life of the product. Stages and promotion
strategies

employed.

(product

life

cycle)

Introduction When a product is new the organizations objective will be to

inform the target audience of its entry. Television, radio, magazine,
coupons etc may be used to push the product through the introduction
stage of the lifecycle. Push and Pull Strategies will be used at this crucial

stage. Growth As the product becomes accepted by the target market the
organization at this stage of the lifecycle the organization works on the
strategy of further increasing brand awareness to encourage loyalty.
Maturity At this stage with increased competition the organization take
persuasive tactics to encourage the consumers to purchase their product
over

their

rivals. Any

differential

advantage

will

be

clearly

communicated to the target audience to inform of their benefit over their

competitors. Decline As the product reaches the decline stage the
organization will use the strategy of reminding people of the product to
slow the inevitableInternet promotion. The development of the World
Wide Web has changed the business environment forever. Dot COM
fever has taken the industry and stock markets by storm. The e-commerce
revolution promises to deliver a more efficient way of conducting
business. Shoppers can now purchase from the comfort of their home 24
hours a day 7 days a week. However, particularly in the UK the ecommerce revolution is hindered by two factors. Firstly the cost of
logging on to the net. Consumers are still weary of the time-spent surfing,
the high cost is slowing down the take-up. The number of homes that are
linked to the web in the UK is only 25% of all house owners. If ecommerce businesses are to succeed the home penetration rate of Internet
access must also increase. Secondly, most homes are linked to modems
of 56K. As the growth of people signing on-line grows the access speed
slows down. In America most consumers only spend 10 seconds
browsing on a web page, before they change sites, within the UK it is 2
minutes. The future seems to be with ADSL networks which will speed
up access to the Internet dramatically running at 512K per second.
However, again whether this format is adapted depends much on the cost.
Owning a website is a now a crucial ingredient to the marketing mix
strategy of an organization. Consumers can now obtain instant

10

information on products or services to aid them in their crucial purchase

decision. Sony Japan took pre-orders of their popular Playstaion 2
console over the net, which topped a 1 million after a few days; European
football stars are now issuing press releases over the web with the sites
registered under their own names. Hit rates are phenomenal.
Objective. To know the promotional strategies of Icici prudential. To
know how they face their competitors strategies. To know how they
survive in the cutthroat competition.
To know the products of the Icici pru . To know the product life cycle of
the Icici pru .Limitation Many customers are not aware about Life
Insurance Companies investment cum insurance plans. Many customers
do not believe Private Company like ICICI PRUDENTIAL LIFE
INSURANCE. In market many private insurance players are dealing so
that competition is very high infect in the insurance sector thereis cut
throat competition. Some customer were disdissatisfied with ICICI
Prudential Life Insurance and responded in anger. Some of the customer
do not gave actual information as they showed a lot of hurry.
Research methodology Research methodology is a strategy that guides a
research in providing answers to research questions and for this, research
survey is being done. Accuracy of the study depends on the systematic
application of the method. The researcher has to decide the method to be
used that helps him to get a desired direction in a systematic way. This
study in the following manner.

11

PRODUCT/SERVICES PROFILE
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customercentric products that meet the needs of customers at every life stage. Its
products can be enhanced with up to 4 riders, to create a customized
solution for each policyholder.

Savings & Wealth Creation Solutions

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 childs marriage, expenses for a childs higher education
or purchase of an asset. It is available for terms of 15 and 20 years.
LifeTime Gold is a unit-linked plan that offers customers the flexibility
and control to customize the policy to meet the changing needs at
different life stages. It offers 7 fund options - Preserver, Protector,
Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi
Growth.
LifeStage RP is unit linked plan that provides you with an option of
lifecycle-based portfolio strategy that continuously re-distributes your
money across various asset classes based on your life stage. This will

12

help you achieve the right Asset Allocation to meet your desired financial
goals.
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 Gold is a limited premium paying plan specially structured
for long-term wealth creation.
InvestShield Life New is a unit linked plan that provides premium
guarantee on the invested premiums and ensures that the customer
receives only the benefits of fund appreciation without any of the risks of
depreciation.
InvestShield Cashbak is a unit linked plan that provides premium
guarantee on the invested premiums along with flexible liquidity options.
LifeStage Assure a unit linked insurance plan that provide upto 450 % of
first year premium guarantee on maturity, with the additional advantage
of a lifecycle based portfolio strategy that allocates the investors money
across various asset classes based on his life stage and risk appetite.
Protection Solutions
LifeGuard is a protection plan, which offers life cover at low cost. It is
available in 3 options - level term assurance, level term assurance with
retum of premium & 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.
13

Education Solutions
SmartKid New ULRP provides 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 childs life. SmartKid plans are also available in traditional form.
Retirement Solutions
ForeverLife is a traditional retirement product that offers guaranteed
returns for the first 4 years and then declares bonuses annually.
LifeTime Super Pension is a regular premium unit linked pension plan
that helps one accumulate over the long term and offers 5 annuity options
(life annuity, life annuity with return of purchase price, joint life last
survivor annuity with return of purchase price, life annuity guaranteed for
5, 10 and 15 years & for life thereafter, joint life, last survivor annuity
without return of purchase price) at the time of retirement.
LifeStage Pension is a regular premium unit linked pension plan that
provides you with a unique ifecycle-based strategy that continuously re
distributes your money across various asset classes based on your life
stage, eventually providing you with a customized retirement
solution.
LifeLink Super Pension is a single premium unit linked pension plan.
Immediate Annuity is a single premium annuity product that guarantees
income for life at the time of retirement. It offers the benefit of 5 payout
options.

14

PremierLife Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit professionals
and businessmen, especially those who require more flexibility
and customization while planning their finances.
Health Solutions
Health Assure Plus: Health Assure is a regular premium plan which
provides long term cover against 6 critical illnesses by providing
policyholder 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.
Cancer Care Plus: is a wellness plan that includes all the benefits of
Cancer Care and also provides an additional benefit of free periodical
cancer screenings.
Diabetes Care: Diabetes Care is a unique critical illness product
specially developed for individuals with Type 2 diabetes and prediabetes. It makes payments on diagnosis on any of 6 diabetes related
critical illnesses, and also offers a coordinated care approach to managing
the condition. Diabetes Care Plus also offers life cover.
Diabetes Care Plus: is a unique insurance policy that provides an
additional benefit of life cover for Type 2 diabetics and pre-diabetics
Hospital Care: is a fixed benefit plan covering various stages of
treatment-hospitalisation, ICU, procedures & recuperating allowance. It
covers a

15

range of medical conditions (900 surgeries) and has a long term

guaranteed coverage upto 20 years.
Crisis Cover : is a 360-degree product that will provide long-term
coverage against 35 critical illnesses, total and permanent disability, and
death.
MediAssure is a health insurance policy that provides assured
insurability till age 75 years, assured coverage for accepted pre-existing
illnesses after 2 years and an assured price for 3 years.
Group Insurance Solutions
ICICI Prudential Life also offers Group Insurance Solutions for
companies seeking to enhance benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner
and also avail of tax benefits as applicable to approved gratuity funds.
Group Superannuation Plan: ICICI Prudential Life offers a flexible
market linked scheme that provides substantial benefits to both
employers and employees. Both defined contribution (DC) and defined
benefit (DB) schemes are offered to optimise returns for members of the
trust and rationalise cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of the annuity
at the time of retirement.
Group Immediate Annuities: ICICI Prudential Life realises the
importance of prudent retirement planning. With this in mind, we have
developed a suite of annuity products that not only give you an income
for life but also provide you options to match your needs. In addition to
16

the annuities offered to existing superannuation customers, we offer

immediate annuities to superannuation funds not managed by us.
Group Term Plan: ICICI Prudential Lifes flexible group term solution
helps provide an 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 Prudential Life offers flexible riders, which can be added to the
basic policy at a marginal cost, depending on the specific needs of the
customer.
Accident & 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 an accident
results in total and permanent disability, 10% of rider sum assured will be
paid each year, from the end of the lst year after the disability date for the
remainder of the base policy term or 10 years, whichever is lesser. If the
death occurs while travelling in an authorized mass transport vehicle, the
beneficiary will be entitled to twice the sum assured as additional benefit.
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.
Waiver of Premium: In case of total and permanent disability due to an
accident, the future premiums continue to be paid by the company till the
time of maturity. This rider is available with SmartKid, LifeTime
Plus, LifeTime Super and LifeTime Super Pension.
17

Income benefit rider: In case of death of the life assured during the term
of the policy, 10% of the sum assured is paid annually to the nominee on
each policy anniversary till the maturity of the rider.
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
documentsattached 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.

18

7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a
Lapsed Policy.
8) Free look
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 Free look Period.
9) Surrender:
When a customer wants to discontinue with the policy.

19

ORGANISATION STRUCTURE
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
Management Team
The ICICI Prudential Life Insurance Company Limited Management
team comprises reputed people from the finance industry both from India
and abroad.
Ms. Shikha Sharma, Managing Director & CEO
Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President- Customer Service & Tech.
Dr. Avijit Chatterjee, Appointed Actuary

20

MARKETING
The Marketing function at ICICI Pru covers an array of activities - brand
and media management, channel support, direct marketing and corporate
communications. The Brand and Communications team is in charge of
advertising, consumer research, media planning & buying and Public
Relations; that helps develop and nurture ICICI Prudential's corporate
identity while effectively communicating its varied product offerings to
the customer. Channel marketing provides support to the sales force by
streamlining the design and development of collaterals and sales tools
across distribution channels. The Direct marketing team was set up to
generate high quality leads for profitable business. The team achieves this
through target database acquisition and communicating customized
product information through e-mailers, telemarketing and innovative
direct mailers.
Finance
Finance function in ICICI Prudential is committed to create an
infrastructure that is aligned to shareholder expectations. Finance
basically comprises of four functions. . Corporate Planning and MIS
provide feedback on business strategies. This includes driving the
budgeting process, providing strategic inputs for decision-making and
management reporting and analysis. The Accounts function includes
preparation and maintenance of financial records, funds management,
and expense processing and treasury operations. Compliance ensures that
every action is within the regulatory framework. This includes reviewing
compliance requirements and supporting the ethical framework of ICICI
Pru life. Internal audit provides assurance to the management over the
organizations' control framework and includes process risk management,
information security assessment and business continuity assessment.

21

Human Resource
The people strategy of ICICI Prudential is To build a committed team
with a culture of innovation, learning and growth. The Human Resource
Function at ICICI Prudential drives the people strategy of the business.
With its initial focus on operational excellence to deliver benefits and
services to staff members, HR is now committed to building capability
through state of the art processes. A robust performance management
system, compensation system and a segmented training architecture
enable it to deliver value to the organization.
Business Excellence
The Business Excellence function is committed to building a quality
mindset across the organization. ICICI Prudential is the first organization
in the Insurance Industry that has adopted the Six Sigma Methodology
for process efficiency and measurement. The team is also driving the
Malcolm Baldrige framework across the organization, an intervention
that examines management of key inputs for Business Excellence.
Bancassurance
One of the most significant advances in the financial services sector
over the past couple of years has been the growth of Bancassurance
which, in simplest terms, means the distribution of insurance products
through a banks distribution channels. In other words, Bancassurance
is a service which can fulfill both banking and insurance needs at the
same time.
Bancassurance as a concept first began in India with the opening up
of the insurance industry to private sector participation in December
1999 which saw the entry of 20 new players - with 12 in the life
insurance sector and 8 in the non-life sector. Bancassurance has also
22

seen significant rise in other Asian markets. For example,

Bancassurance accounted for 24% of new life insurance sales by
weighted premium income in Singapore in 2002. This is a
significant increase on the equivalent 2001 statistic of 15% and is as a
result of growth in significant bank-centric Bancassurance operations.
Although the concept of Bancassurance looks simple enough, it is far
from that in real life practice. Legislative differences, consumer
behavior, impact of history and culture, product complexity,
employee work culture and many such other factors have contributed
to significant differences in results across countries. For example, in
France and Spain 60% to 80% of life insurance products are sold
through bank branches compared to 10% in UK and USA.
Bancassurance Models
Globally we have 4 kinds of Bancassurance business models:

Distribution alliance between the insurance company and the

bank

JV between the two

Merger between bank and insurer

Bank builds or buys own insurance products

Most of the Bancassurance operations in India fall into the first model,
which in a way is quite a prudent decision. The Indian Bancassurance
scene as of now looks as promising as perilous, being a vast, unexplored
and uncharted expanse. As banks are quite risk averse, it is but natural for
them to withhold from making any long term commitment, which would
be quite costly if the Bancassurance business runs into trouble. In terms
of the present regulatory framework, one bank can tie-up with only one
life and one non-life insurer, while insurers have the choice to tie-up
23

with any number of banks. We also have examples of joint ventures

between the bank and insurer such as SBI Life and ICICI Prudential.

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.
24

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.

Research Methodology: - It is a Systematic process for

Pertinent Information on Specific Topic.

Sampling Design: - Exploratory Design

Population: -

A Small Numbers Of People From

The Particular Area.

Sample Size: -

Sample Element :- 15 Peoples are Business Man

Near About 30 Numbers of People.

15 People are employees.

Data Collection:-

In This Collection Data , Structured is

Used as a Tool by asking a set of standardized questions to know

the behavior of the people

for the ICICI Prudential Life

Insurance.

Interview; -

The next step involved in collecting

information requires discussion with people. Thus valuable

information was gathered informal

friendly talks with the

people.

Secondary Data:- Various websites were consulted to collect

literature relevant to the topic.

25

TRAINING AND DEVELOPMENT

INTRODUCTION
Training is a process of increasing the knowledge and skills for
doing a particular job. Training is an organized procedure by which
people learn knowledge and skills for a definite purpose. The aim
of training is to bridge the gap between job requirement and present
competence of the employee.
Development includes the process by which managers and
executives acquire not only skills and competency in their present
jobs, But also capabilities for future management task of increasing
difficulties and scope.
Management development is a planned, Systematic and continuous
process of learning and growth designed to induce behavioral
change in individual by inherent qualities through the acquisition,
understanding and use of new knowledge insight and skills as they
are needed for effective managing.
TRADITIONAL AND MODERN APPROACH OF TRAINING
AND DEVLOPMENT
Traditional Approach Most of the organizations before never used
to believe in training. They were holding the traditional view that
managers are born and not made. There were also some views that
training is a very costly affair and not worth. Organizations used to
believe more in executive pinching. But now the scenario seems to
26

be changing.
The modern approach of training and development is that Indian
Organizations have realized the importance of corporate training.
Training is now considered as more of retention tool than a cost.
The training system in Indian Industry has been changed to create a
smarter workforce and yield the best results
TRAINING AND DEVELOPMENT OBJECTIVES
The principal objective of training and development division is to
make sure the availability of a skilled and willing workforce to an
organization. In addition to that, there are four other objectives:
Individual, Organizational, Functional, and Societal.
Individual Objectives help employees in achieving their
personal goals, which in turn, enhances the individual contribution
to an organization.
Organizational Objectives assist the organization with its
primary objective by bringing individual effectiveness.
Functional Objectives maintain the departments contribution at
a level suitable to the organizations needs.
Societal Objectives ensure that an organization is ethically and
socially responsible to the needs and challenges of the society.
Importance Of Training and Development
27

 Optimum Utilization of Human Resources Training and

Development helps in optimizing the utilization of human
resource that further helps the employee to achieve the
organizational goals as well as their individual goals.
Development of Human Resources Training and
Development helps to provide an opportunity and broad
structure for the development of human resources technical
and behavioral skills in an organization. It also helps the
employees in attaining personal growth.
Development of skills of employees Training and
Development helps in increasing the job knowledge and
skills of employees at each level. It helps to expand the
horizons of
human intellect and an overall personality of the employees.

Productivity Training and Development helps in

increasing the productivity of the employees that helps the
organization further to achieve its long-term goal.

Team spirit Training and Development helps in

inculcating the sense of team work, team spirit, and interteam collaborations. It helps in inculcating the zeal to learn
within the employees.
Organization Culture Training and Development helps
28

to develop and improve the organizational health culture and

effectiveness. It helps in creating the learning culture within
the organization.
Organization Climate Training and Development helps
building the positive perception and feeling about the
organization. The employees get these feelings from leaders,
subordinates, and peers.
Quality Training and Development helps in improving
upon the quality of work and work-life.
Healthy work environment Training and Development
helps in creating the healthy working environment. It helps
to build good employee, relationship so that individual goals
aligns with organizational goal.
Health and Safety Training and Development helps in
improving the health and safety of the organization thus
preventing obsolescence.
Morale Training and Development helps in improving the
morale of the work force.
Image Training and Development helps in creating a
better corporate image.

Profitability Training and Development leads to

29

improved profitability and more positive attitudes towards

profit orientation.
Training and Development aids in organizational development i.e.
Organization gets more effective decision making and problem
solving. It helps in understanding and carrying out organisational
policies
Training and Development helps in developing leadership skills,
motivation, loyalty, better attitudes, and other aspects that
successful workers and managers usually displa
Process of Training & Development

Determine the mission of the organization.

Define the job function of each employee.

Determine the training needs of the department.

Decide which are the most important objectives of the

organization.

Know how much money/time is available.

Evaluate the curriculum. does it mirror the objectives,

needs and mission of the organization?
Evaluate the results of the training.

Methods Of Training

30

There are various methods of training, which can be

divided in to cognitive and behavioral methods. Trainers need to
understand the pros and cons of each method, also its impact on
trainees keeping their background and skills in mind before giving
training.
Cognitive methods are more of giving theoretical training to the
trainees. The various methods under Cognitive approach provide
the rules for how to do something, written or verbal information,
demonstrate relationships among concepts, etc. These methods are
associated with changes in knowledge and attitude by stimulating
learning.
The various methods that come under Cognitive approach are:
LECTURES
DEMONSTRATIONS
DISCUSSIONS
COMPUTER BASED TRAINING (CBT)
INTELLEGENT TUTORIAL SYSTEM(ITS)
PROGRAMMED INSTRUCTION (PI)
VIRTUAL REALITY

Behavioral methods are more of giving practical training to the

trainees. The various methods under Behavioral approach allow the
trainee to behavior in a real fashion. These methods are best used
31

for skill development.

The various methods that come under Behavioral approach are:
GAMES AND SIMULATIONS
BEHAVIOR-MODELING
BUSINESS GAMES
CASE STUDIES
EQUIPMENT STIMULATORS
IN-BASKET TECHNIQUE
ROLE PLAYS
Both the methods can be used effectively to change attitudes, but
through different means.
Another Method is MANAGEMENT DEVELOPMENT METHOD

MANAGEMENT DEVELOPMENT
The more future oriented method and more concerned with
education of the employees. To become a better performer by
education implies that management development activities attempt
to instill sound reasoning processes.
Management development method is further divided into two parts:
ON THE JOB TRAINING
The development of a manager's abilities can take place on the job.
32

The four techniques for on the job development are:

COACHING
MENTORING
JOB ROTATION
JOB INSTRUCTION TECHNIQUE (JIT)
OFF THE JOB TRAINING
There are many management development techniques that an
employee can take in off the job. The few popular methods are:
SENSITIVITY TRAINING
TRANSACTIONAL ANALYSIS
STRAIGHT LECTURES/ LECTURES
SIMULATION EXERCISES

Training Evaluation
The process of examining a training program is called
training evaluation. Training evaluation checks whether training has
had the desired effect. Training evaluation ensures that whether
candidates are able to implement their learning in their respective
workplaces, or to the regular work routines.

33

The five main purposes of training evaluation are:

Feedback: It helps in giving feedback to the candidates by defining
the objectives and linking it to learning outcomes.
Research: It helps in ascertaining the relationship between acquired
knowledge, transfer of knowledge at the work place, and training.
Control: It helps in controlling the training program because if the
training is not effective, then it can be dealt with accordingly.
Power games: At times, the top management (higher authoritative
employee) uses the evaluative data to manipulate it for their own
benefits.
Intervention: It helps in determining that whether the actual
outcomes are aligned with the expected outcomes.

34

Process of Training Evaluation

Before Training: The learner's skills and knowledge are assessed
before the training program. During the start of training, candidates
generally perceive it as a waste of resources because at most of the
times candidates are unaware of the objectives and learning
outcomes of the program. Once aware, they are asked to give their
opinions on the methods used and whether those methods confirm
to the candidates preferences and learning style.

During Training: It is the phase at which instruction is started.

This phase usually consist of short tests at regular intervals
After Training: It is the phase when learners skills and knowledge
are assessed again to measure the effectiveness of the training. This
phase is designed to determine whether training has had the desired
effect at individual department and organizational levels. There are
various evaluation techniques for this phase.

35

Techniques of Evaluation
The various methods of training evaluation are:
Observation
Questionnaire
Interview
Self diaries
Self recording of specific incidents

Various training provided in the company

1) Total product maintenance training
2) External training
3) Self development training
4) Skill matrix training
5) Skill mapping training
Both skill matrix and mapping come under multi skill training that
is some persons in the organization should know about each and
every job .So they can perform the work in worse condition.

36

INTRODUCTION

INTRODUCTON-

refers to the task of drawing inference from

the colleted facts after an analytical study, in fact it is a search for broader
meaning of research findings it is through interpretation that the
researcher can well understand the abstract principle that respondents
beneath his findings. The simple statistical tools will used to analyze the
data collection, Bar Graphs have been used to illustrate the findings
diagrammatically
ICICI PRUDENTIAL Life Insurance Co.Ltd. Advertisement like
Chintamani and Jeetey Raho these are advertisement impacts on their
future investments. They are ready to invest their money in ICICI
PRUDENTIAL Life Insurance Co.Ltd., if proper knowledge given by
financial advisor regarding investment cum insurance plans They are
ranked no 1 in promotional ratings but they also said ICICI
PRUDENTIAL Life Insurance Co.Ltd.is a branded company and it not

wants any promotional strategy. If new product launched by company so

it might want induction through advertisement, so people know the new
products new products launched. They invest if new fund offered
discount provided by financial advisor and tax rebates, gifts. ICICI Pru
has 40% of private life insurance market TNN[ SUNDAY, FEBRUARY
29, 2004 11:00:22 PM]

MUMBAI:

ICICI Prudential Life Insurance has increased its market

share among private life insurers to nearly 40%, from 33% as of endDecember. The companys first-year premium income in the April37

January period stood at Rs 464.6 crore, accounting for 39.3% of the Rs

1,364 crore premium booked by all private life insurers together.
Considering the entire life market, including the Rs 9,780 crore booked
by Life Insurance Corporation, ICICI Prus market share works out to
around 4.17%. The life insurance market continues to be dominated by
LIC, which has about 87.8% share. This is only a marginal dip from its
88.2% share in end-December. These comparisons are only for first year
or new business premium. If renewal premium were to be taken into
account, LICs share would increase further to over 96%. According to
business figures brought out by the Insurance Regulatory and
Development Authority (IRDA), the first-year premium mobilized by
ICICI Prudential Life Insurance in the first ten months of `03-04
amounted to Rs 464.4. This is more than twice the premium income
generated by its closest rival Birla Sun Life which raised Rs 195 crore
during the same period. HDFC Standard Life and Tata AIG have retained
their third and fourth positions. Interestingly, there are three companies
that are neck-and-neck in the battle to be among the top five with a
market share of close to 7% Allianz Bajaj, Max New York Life and
SBI Life Insurance.In the group insurance market, LICs share in the

country is around 93%. Among the private companies, SBI Life, Birla
Sun Life and HDFC Standard Life dominate the group insurance
segment. SBI Life, with its group policies for mortgage loan protection
and depositor insurance, has close to 45.8% of the group market among
private companies. Birla Sun Life has a 23.4% share, followed by HDFC
Standard Life which has a 18.4% share. Except these three companies,
other players have a negligible presence in the group market But, with
over a month to go for the close of financial year, the rankings could still
change dramatically. More so, because insurance companies, particularly
LIC, go into an overdrive in mobilizing new business. ICICI Prudential
38

began their operations in 12th December 2000 after receiving approval

from Insurance Regulatory Development Authority (IRDA).

Market Scenario
With increasing life expectancy on one hand and rising inflation and
medical costs on the other, the need for planning ones retirement was
emerging as an important one. owever, it was quite surprising to know
only 11 per cent of Indias total working population was adequately
covered for post-retirement life. This was mainly due to low awareness of
and attitudinal barriers with respect to these issues among consumers.

The Opportunity
About 90 per cent of the working population in India was without
retirement cover. Of this, a sizeable portion belonged to the age group of
30-40 yrs - a big market left unexploited so far.Even the market leader
LIC, which has been in the country for decades, had failed to truly drive
growth of the retirement products category. Proof being the mere 4.16 per
cent contribution of pension products to its entire portfolio (as of end
2002).

The Barriers
The task of capturing the unexploited market however, turned out to be
an uphill one. The first barrier was low awareness of the need for early
retirement planning among consumers. Add to it the consumers notion
that planning for retirement starts only in your 50s. The bigger issue
however, was the consumers perceptions and fears as far as retirement
was concerned. The word retirement itself brought to mind all the
39

negatives associated with old age loss of independence (social,

financial and physical), causing avoidance or deferment of decisions
regarding the same.

The Challenge

To re-position the traditional concept of retirement planning and

thus create relevance for it among the 30-40 yrs age group.

To change behaviour, inducing consumers to invest in retirement

planning early in life.

CAMPAIGN OBJECTIVES

Bring the concept of planning for retirement into the

consideration set of 30-40 year old working men/ women thereby
creating a new market

50 per cent of pensions contributions to come from persons below

40 years Sales and market share targets within six months post
campaign (for the period Sep 2002 to Mar 2003):

1. Sales target: INR 400 million

2. Share of total pensions market: 10 per cent

3.Contribution of pensions to portfolio: 20 per cent

TARGET AUDIENCE

SEC A, B, 30-40 year old, chief wage earner, who: is at the prime
of his working life, with a higher disposable income and majority
of work life still at hand.

Currently thinks that retirement planning holds very low

importance, as compared to other needs of asset acquisition,
childs education etc.
40

CREATIVE STRATEGY
Consumer Insight Retirement is a long way off why plan for it now?
Retirement means the end of all good things in lifeCreative strategy to
a younger target group, for whom retirement is synonymous with
growing old, the strategy was to offer a fresh perspective by mirroring the
never say die attitude of the 35 yr old. If age doesnt stop him from
sharing in the joys of life now, why should it stop him later? Proposition
ICICI Prudential Retirement solutions help you plan early for retirement,
ensuring that you will continue to live life the way you always wanted
to.The advertising messageRetire from work not life!

OTHER COMMUNICATION PROGRAMS

The laddered task of share gain through changing consumer attitudes and
behaviour, called for a multi-dimensional communication strategy that
went

beyond

traditional

mass

media..

1. Retirement Solutions Seminars: Through a tie up with The Times of

India, full-page educative advertorials were released in three metros
inviting consumers for a free seminar on early retirement planning. Over
2000 consumers attended this seminar.

2. Direct Marketing Campaign: More than 15 databases were carefully

chosen to accurately target the 30-40 yr old. Customers of/subscribers to
ICICI Bank credit card holders, Safety Bond holders, Money control and
Myiris are few of the databases that were used.
3. Retirement Planner: An educative booklet in the form of a planner was
created explaining why it made better sense to start planning for
retirement several years in advance. The mode of distribution was an
innovation in Brand Equity (The Economic Times).
41

4. Retirement calculator: A user-friendly calculator was designed to help

customers calculate the current savings required in order to meet postretirement expenses. This was made available on the brand website and
used extensively as a needs analysis tool at the time of sale.

MEDIA STRATEGY
The overriding objective of the media strategy was customer interaction
through various touch points using a 24-hour cycle. So a multi media
strategy was developed to contact the target at every possible touch point.
1. TV: This was the main medium for reach, impact and demonstrate the
emotional pay off. For the first month of launch a high reach, high
frequency plan was implemented, followed up with three months of
sustained activity. The activity started with 40-second commercials and
then moved to 20 and 30 seconds edits aimed at increasing frequency.

2. Print: Press reinforced the rational benefit of saving early to cushion

your retirement by highlighting the products comprehensive features.
Vehicles were chosen based on the best cost per response i.e. the

publication which would generate the maximum no of call ins.

3. Radio: The new FM channels launched in the previous year were

explored to reach audiences out of home. The spots were aired so as to
get the morning and evening office-going traffic.
4. Outdoor: A high visibility-high impact outdoor strategy was
implemented across 21 cities. Morning traffic sites were specifically

42

selected

to

target

the

office

going

consumer.

5. Internet: Used innovatively to seek responses via click-throughs.

Financial sites and general interest sites were chosen considering the net
is used both in office and at home

6. Direct Marketing: Mailers and brochures played the dual role of

educating the consumer on the rationale behind planning early for
retirement and the advantages of ICICI Pru Retirement Solutions.
7. Public Relations: Was effectively used to educate consumers on early
retirement planning, making them more receptive towards the brands
communication. Competitive Media Spends: The combined spend of just
the top 2 competitors put to- gether amounted to Rs 16 crores approx.
Comparatively the spends on the ICICI Pru campaign was Rs 4.8 crores.

MEDIA

Television

Newspaper

Consumer Magazine

Radio

Point-of-Purchase
43

Out-of-Home

Public Relations

Sales Promotion

Consumer Seminars

EVIDENCE OF RESULTS Overwhelming response

To begin with, the campaign triggered a large number of

consumer response calls and e-mails (35000 calls and 3000
emails).

The response rate for mailers sent out (Direct Marketing) varied
from five per cent to 7.5 per cent, far higher than both domestic
and international norms across categories.

Changing Attitudes
The average age of a person investing in ICICI Pru retirement solutions
dropped to 38.5 years.

Sales and Market Shares:

The success of the campaign was not limited to phone calls alone. The
campaign contributed greatly to the organisations topline and bottomline
as is evident form the charts below: 1. Sales achieved for the period Sept

02 to Mar 03, were INR 740 million as compared to a target of INR 400
million. 2. Market share Gain: The brand increased its share of pensions
market to 23 per cent against target of 10 per cent for the period Sep 2002
to Mar 2003. The table below which compares ICICI Prus share in the
pensions market with the overall life insurance category puts the
campaigns success in perspective.
44

SCOPE:A big boom has been withnessed in insurance industry in recent time. a
larger number of new player entered in the market and are vying to gain
market share in this rapidly improving market the study deals advertising
given by insurance companies. the study than goes on to evaluate and
analysis the finding of these. Advertisement so as to present a clear
picture of media strategy the insurance players.

THE COMPANY:The result of the survey will help the company to know about the
effectiveness of various life ins. advertisement and how much
advertisement is helpful in buying decision. the result will also help the
company to trace the loop holes and then take the corrective measures to
rectify then.

THE INDUSTRY:the data can be used for taking decisions for promotional strategy across
the industry. The Significance for the industry lies in studying these
trends that emerge from the study. It is a rapidly changing and
evolving sector People are only beginning to wake up to its vast

possibilities. A study like this can attempt to guide the future of the
industry based on current trends.

THE RESEARCHER:-To Facilitate and provide all the useful

information of the study. the company the insurance industry and also
provide marketing ways methods of ICICI prudential life Insurance
corporation.
45

PROBLEM AREA
a majority of India customer being very conservative and verse to risk,
trust was am extremely important factor insurance business. Since LIC
was Government owned body, there was an elements of security embeded
in its service and products. This proved to be biggest hurdle for new
insurance companies as Indian customer reportedly rather skeptical about
them.

46

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 peoples 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.

47

STRENGTHS & WEAKNESS

1. Management philosophy and commitment to maximize shareholders

returns
2. Upgraded product design and development facilities to develop new
products and aid diversification
3. Ongoing activities to support up gradation of operational performance
and rise in productivity
4. Team of talented and committed professionals available to improve
companies performance Weakness
1. Competition from cheap imports
2. Low customer base

48

SPECIAL POINT
ACHIEVEMENT AND AWARD

Winning is a habit that is assiduously cultivated at ICICI Securities

Limited (i-SEC). Be it deals, mandates or awards, we manage them all in
our quite and efficient way.
For us winning awards is a matter of pride and honour. Each new award
is a manifestation of our hard work and commitment to our clients.
Since inception, i-SECs expertise has been time and again widely
recognized by both domestic and international agencies.
Our Fixed Income team for the last two years (CY 2004 and 2005) has
been adjudged the Best Bond House in India by both Asiamoney and
Finance Asia. The equities team was adjudged the Best Indian Brokerage
House-2003 by Asiamoney. The Corporate Finance team, according to
Bloomberg topped the M&A league tables in 2003.

49

ANALYSIS
1- Which media you use for information?

50

2-How offer do you Share interesting with your

family and friends ?

51

3- Have You seen any Life insurance Product ad ?

52

4 - On which channel you watch mostly ?

53

5- Which Company ad. You find mostly ?

54

6- Doyou think this ad. had influence you?

55

7- Which type the Insurance Policy you would like to buy?

56

8- Other than TV where you saw life Ins. ad. ?

57

9- Please rank the following life Ins. Company as per your

rating ?

58

SUGGESTIONS:ACTION ORIENTED SUGGESTIONS:-An intense AIDA model

needs to be adopted the AIDA model (Attention,Intrest ,Action). AIDA:
customers are aware of majority of products of ICICI PRUDENTIAL
Life Insurance Co.Ltd. TO CREATE AWARENESS REGARDING
PRODUCTS Print & Electronic Media Advertisement should be done
( As we can see intense ad campaign of HDFC Standard Life and Bajaj
Allianz.)
After the initial promotional campaign the relative advantage of ICICI
PRUDENTIAL Life Insurance Co.Ltd. Over its competitor should be
highlighted. Hoardings at prime areas should be used.

PEOPLE ORIENTATION:Creating offers like lucky draws for the users of Internet. Giving free
gifts

the customer Industry profile. history of the insurance sector The

business of life insurance in India in its existing from started in India in

the year 1818 with the establishment of the Oriental Life Insurance
company in Calcutta. Some of the important milestones in the life
insurance business in India are: 1912: The Indian Life Assurance
Companies Act enacted as the first statute to regulate the life insurance
business. 1912: The Indian Life Assurance Companies Act enacted to
enable the government to collect statistical information about both life
and non-life insurance business. 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,
59

with a capital contribution of Rs. 5 crore from the Government of

India.The general insurance business in India, on the other hand, cantrace
its roots to the Triton Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta 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 and set
minimum solvency margins and the tariff Advisory Committee set up.
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 viz. the National Insurance Company Ltd., the New India
assurance Company Ltd., the Oriental Insurance Company Ltd. And the
United India Insurance Company Ltd. GIC incorporated as company.
Insurance sector reforms In 1993, Malhotra Committee, headed by
former Finance secretary and RBI Governor R.N. Malhotra, was formed
to evaluate the Indian insurance industry and recommend its future
direction. The Malhotra Committee was set up with the objective of
completing

the

reforms

initiated

in

the

financial

sector.

The reforms were aimed at creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping in
mind the structural changes currently underway and recognizing that
insurance is an important part of the overall financial system where it was
necessary to address the need for similar reforms

60

In 1994, the committee submitted the report and some of the key
recommendations included:
1. Structure Government stake in insurance companies to be brought
down50%. Government should take over the holdings of GIC and its
subsidiaries so that these subsidiaries can act as independent
corporations. All the insurance companies should be given greater
freedom to operate.

An Insurance Regulatory body should be set up. Controller of Insurance

(Currently a part from the Finance Ministry) should be made
independent. Investments
Mandatory Investments of LIC Life Fund in government securities to be
reduced from 75% to 50%. GIC and its subsidiaries are not to hold more
than 5% in any company (There current holdings to be brought down to
this level over a period of time). Customer Service LIC should pay
interest on delays in payments beyond 30 days.Insurance companies must

be encouraged to set up unit linked pension Plans.Computerized of

operations and updating of technology to be carried out in the insurance
industry.The committee emphasized that in order to improve the
customer services and increase the coverage of the insurance industry
should be opened up to competition. But at the same time, the committee
felt the need to exercise caution as any failure on the part of new players
could

ruin

the

public

confidence

in

the

industry

Hence, it was decided to allow competition in a limited way by

stipulating the minimum capital requirement of Rs. 100 crores. The
committee felt the need to provide greater autonomy to insurance
companies in order to improve their performance and enable them to act
61

as independent companies with economic motives. For this purpose, it

had proposed setting up an independent regulatory body. The Insurance
Regulatory and Development Authority 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 ion particular the life insurance companies was the
launch of the IRDAs 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. Since being set up as an
independent statutory body the IRDA has put in a framework of globally
compatible regulations. In the private sector 15 life insurance and 15 nonlife insurance companies have been registered. Before insurance sector
was opened to the private sector Life Insurance Corporation (LIC) was

the only insurance company in India. After the opening up of Insurance

sector in India there has been a glut of insurance companies in India.
These companies have come up with innovative and flexible insurance
policies to cater to varying needs of the individual. Opening up of the
Insurance sector has also forced the LIC to tighten up its belt and deliver
better service. All in all it has been a bonanza for the consumer
In spite of the vast potential, the retirement solutions category remained
virtually untapped by the Indian Insurance players - until ICICI
Prudential decided to build and explore this hidden goldmine. The
following case study discusses how ICICI Prudential used smart
62

marketing strategy to exploit this opportunity to its advantage.

Sandeep Sharma
ICICI Prudential.

63

CONCLUSION

In concluding parts of this project it shows that advertisment is very

much important for any business. A huge amount is paid bycompanies
against advertisment. There are many ways available to give
advertismant on which this amount is paid in TV, Newspaper,
Radio,Internet etc.

At a initial phase of a company it is important that they give emphasis on

corporate advertisment because it helps in brand re-call. At the later stage
company can go for product class advertisment. Well it is olso found that
during the session thst endorsement of celebraties is helpful in
advertisment re-call. But giving advertisment in any type of media is not
the medium, there are many ways olso like social servise by way of
educating people.Specialy for insurance companies if they want to
caspture rural market then thay have to approach in differentway.

64

QUESTIONNAIRE
General Information:
1. Name:
.
2. Gender:
.
3. occupation:
Q.1 which media you use for information?
TV
News Paper
Radio
Internet
Q.2 how offer do you share interesting with your family and friends?

Never
Sometime
Very often
Recently
After

Q.3 Have you seen any life Insurance product Advertisement?

Yes
No

Q.4 Have you ever watched in TV?

Yes
No

Q.5 if you see them on which channel?

ZEE TV
STAR PLUS

SONY
NEWS CHANNEL

Q.6 Which company ad. You fine mostly?

LIC India
HDFC Std.
65

Birla Sun Life Insurance Co. Ltd.

ICICI
Reliance Life Insurance Co. Ltd.

Q.7 Do you think this ad. had influence you?

By the Insurance Policy

Recommend the Insurance Policy
Suggest the Insurance Policy
would you like to inform.

Q.8 which type of Insurance Policy you would like to by?

Life Plan
Help Plan
Child Plan
Retirement Plan
(Thank You For Your Corporation)

BIBLIOGRAPHY
BOOKS:1) Marketing Management T. N. Chhabra
2) Marketing Research D.D.Sharma
3) Marketing Management Philip Kotler
4) Marketing Management - S.A. Sherlekar.
MAGAZINES:66

1) Annual Report of the Company

2) Journals & Catalogues of the company
WEB:1) www.iciciprulife.com
2) www.financialexpress.com
3) www.insuranceguide.com
4) www.irdaindia.com
5) www.google.com
6) www.Insuremagic.com
7) www.indiacore.com

67