Synergy of High Net-Worth Individuals (HNIs) with their Distribution Channel

Submitted By: AMIT KUMAR SAHANI MBA [IT] IIIT-ALLAHABAD

Supervised By:

External Guide:
Mr.Mohit Bahuguna Sales Manager, (B&A),

Internal Guide:
Dr. Arpita Khare Faculty, IIIT-Allahabad.

ICICI Prudential

ACKNOWLEDGEMENT
I wish to express my sincere gratitude to Mr. Mohit Bahuguna, (Sales Manager B&A, Lucknow) for giving me the opportunity to do my summer training at his highly esteemed Organization. I am grateful to Mr.Ritesh Kumar Singh (Team Leader, ICICI Pru, Allahabad), Mr. Vishal Agrawal, (ICICI Pru, Varanasi) for their Valuable guidance, advice, suggestion and constant encouragement rendered to me at every stage. I am also thankful to Mr.R.K.Nishad (IT officer, Varanasi), Mr. Ashok Kamal (Editor, Samchar times) for giving me information and guidance during my training period. I am extremely thankful to my Faculty Guide Dr. Arpita Khare at Indian Institute of Information Technology for her invaluable Guidance and Suggestions during my Training. I am also thankful Anurika Vaish and all others who helped me directly or indirectly towards the completion of my works.

AMIT KUMAR SAHANI MBA (IT) IIIT- Allahabad

Indian Institute Of Information Technology

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TABLE OF CONTENTS
1. OBJECTIVES 2. THEORY AND CONCEPT 3. COMPANY PROFILE I. COMPANY II. VISION III. PROMOTERS IV. PRODUCT V. DISTRIBUTION 4. STRUCTURE OF THE SALES FUNCTION 5. IT INTEGRATION 6. RESEARCH METHODOLOGY a. PROBLEM&RESEARCH OBJECTIVE b. RESEARCH PLAN c. DATA COLLECTION 7. ANAYLISIS 8. FINDING 9. PORTER FIVE COMPETITIVE FORCES 10. SWOT ANAYSIS 11. BCG MATRIX 12. RECOMMENDATION AND SUGGESTIONS 13. BIBLIOGRAPHY 14.APPENDIX i. QUESTIONNARIES ii. BOARD OF DIRECTORS iii. MANAGEMENT TEAM iv. SURVEY REPORT 5 6 7 7 8 10 12 18 19 23 32 32 33 33 39 52 54 57 61 63 65 66 66 70 71 72

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Objective:Financial market is one of the markets where there is lots of option for the Company. their mode of investment . and our objective was to find out investor who can be the future client of the company. ICICI prudential is a part of these financial markets who is selling the insurance as well as the mutual fund. The financial market mainly depend upon the investor who have the power of money to invest into the market in the form of insurance or mutual funds.Worth Individuals (HNI) With their Distribution Channel” . our project “Synergy of High Net. Indian Institute Of Information Technology 4 .which mainly focus on finding out the investment behaviors of the HNI clients. and the people who can change their financial decision. because this market is at the starting point or at the initial stage. because most of the HNI client usually take the Advice of the people who are close to them .and has the knowledge about the financial market.

and with boom in this sector many private company came into existence. because they are the people who are generally close to them and know them very well. Chartered Accountant. and ICICI prudential is one of them. Investment Consultant It is general known that most of the heavy investor usually consults their bankers. Detail. The Financial market is mainly depend on the people who had enough money to invest.Most of HNI are usually depend upon their CA.Theory and Concept Financial market is one of the market. because he is the person who control the financial detail of his client and his decision are generally consider as one of the most valuable decision . Clients Advisor Bank Name Indian Institute Of Information Technology 5 . chartered accountant or their Investment Consultant before taking any decision while investing. such as:• • • Bankers. which had started to grow a few years ago. who are the people who can change their decision to ICICI Prudential favour . So our main aim of the project was to find out the various details such as:• • • • Chartered Accountants name Chartered Accountant. so our project was to find out. to get a good return out of it and our project aim was to find out those prospect who can invest heavily on the financial market and the source through which we can reach them.

In the financial year ended March 31. 1 private life insurer in the country.780 Crore and wrote nearly 615. The company has a network of about 56. 2005.000 advisors. with a wide range of flexible products that meet the needs of the Indian customer at every step in life. a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).25 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. the company garnered Rs 1584 Crore of new business premium for a total sum assured of Rs 13. 9. For the past four years.000 policies. a premier financial powerhouse and prudential plc. Indian Institute Of Information Technology 6 .Company Profile: About ICICI Prudential:ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. ICICI Prudential's equity base stands at Rs. ICICI Prudential has retained its position as the No. as well as 7 Bancassurance and 150 corporate agent tie-ups.

ICICI Prudential Life is all about…… He alt h Total Protection lt h ea W We cover you at every step in Life Life VISION:To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This is what company hopes to achieve:  Understanding the needs of customers and offering them superior products and service  Leveraging technology to service customers quickly. efficiently and conveniently. Indian Institute Of Information Technology 7 .

building transparency in all Company’s dealings. The success of the company will be founded in its unflinching commitment to 5 core values -. Ownership and Passion. Each of the values describes what the company stands for. there are no limits to its growth. Company believes that it is on the threshold of an exciting new opportunity. Given the quality of parentage and the commitment of its team. Indian Institute Of Information Technology 8 . Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to Company’s policyholders  Providing an enabling environment to foster growth and learning for Companies employees  And above all.Integrity. where it can play a significant role in redefining and reshaping the sector. Customer First. Boundary less. the qualities of people and the way they work.

Delhi.The Various segment of ICICI are . asset management and information technology. Government of India and representatives of the private sector in 1955 to encourage and assist industrial development and investment in India. ICICI Bank is India’s second-largest bank with total assets of about Rs. Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). life and non-life insurance. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking.1637 Crore for the year ended March 31. 024 Crore and a network of about 450 branches and offices and about 1750 ATMs. the Stock Exchange. 2004. venture capital.112.PROMOTERS:ICICI Bank:ICICI was founded by the World Bank. Indian Institute Of Information Technology 9 . ICICI Bank’s equity shares are listed in India on stock exchanges at Chennai. ICICI Bank posted a net profit of Rs. Kolkata and Vadodara.

Malaysia. Korea. Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in twelve countries . It has also tied up with NGOs. investment management and general insurance. provides retail financial services products and services to more than 16 million customers. Taiwan. a policy for the socially and economically underprivileged sections of society. it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. Hong Kong. banking.China. Indian Institute Of Information Technology 10 . the US and Asia. MFIs and corporates for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi. Prudential plc. India. Indonesia. as well as over 150 corporate agents and brokers. Prudential has brought to market an integrated range of financial services products that now includes life assurance. Federal Bank.000 insurance advisors to interface with and advise customers. mutual funds. pensions. through its businesses in the UK and Europe. South Indian Bank. In Asia.14. the Philippines. 2004. As of June 30. Further. Bank of India. Japan. Singapore.Prudential plc:Established in London in 1848. the company had over US$300 billion in funds under management. having agreements with ICICI Bank. Lord Krishna Bank and some cooperative banks. ICICI Prudential has recruited and trained about 2. The company has six Bancassurance tie-ups. policyholder and unit holders worldwide. Thailand and Vietnam.

Savings Solutions:• SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection. Its 27 products can be enhanced with up to 6 riders. to create a customized solution for each policyholder. customer-centric products that meet the needs of customers at every life stage. Indian Institute Of Information Technology 11 .PRODUCTS:Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative.

• CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child’s marriage. • InvestShield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. Indian Institute Of Information Technology 12 .• Cash Plus is a transparent. • Save?n?Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Protector. • LifeTime & LifeTime II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. • LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. Each offer 4 fund options. expenses for a child’s higher education or purchase of an asset. • Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75.Preserver. Balancer and Maximiser. feature-packed savings plan that offers 3 levels of protection as well as liquidity options.

• InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. Retirement Solutions:• Forever Life is a retirement product targeted at individuals in their thirties. level term assurance with return of premium and single premium. It is available in 3 options.level term assurance. The policy is designed to provide money at important milestones in the child’s life.both single premium and regular premium. • InvestShield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms. Indian Institute Of Information Technology 13 . Protection Solutions:• Lifeguard is a protection plan. SmartKid plans are also available in unit-linked form. Child Plans • SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. which offers life cover at very low cost.

• ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner.Salaam Zindagi. The Indian Institute Of Information Technology 14 .• SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Invest Shield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses. Market-linked retirement products:• • • LifeTime Pension II is a regular premium market-linked pension plan Life Link Pension II is a single premium market-linked pension plan. Group Insurance Solutions:ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Prudential also launched. a social sector group insurance policy targeted at the economically underprivileged sections of the society.

• ICICI Pru Group Term Plan: ICICI Pru?S flexible group term solution helps provide affordable cover to members of a group. If the death occurs while traveling in an authorized mass transport vehicle. the beneficiary receives an additional amount equal to the sum assured under the policy. the beneficiary will be entitled to twice the sum assured as additional benefit. • ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Flexible Rider Options:ICICI Pru Life offers flexible riders. • Accident & disability benefit: If death occurs as the result of an accident during the term of the policy. Indian Institute Of Information Technology 15 . Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. which can be added to the basic policy at a marginal cost. depending on the specific needs of the customer. The cover could be uniform or based on designation/rank or a multiple of salary.plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death.

SecurePlus and Cash Plus • Waiver of Premium: In case of total and permanent disability due to an accident. in the event of the death of the life assured. the premiums are waived till maturity. Keyman insurance is a life insurance policy taken by the company on the life of such a key person. Benefits are payable to the insured for medical expenses prior to death. Keyman Insurance Plans A keyman is an individual who directly affects the profitability and the continuity of a business and whose absence may have an adverse effect on the health and continuity of the business. ensuring benefits are payable to the life • assured for medical expenses incurred for surgical procedures. This rider is available with SecurePlus and Cash Plus.• Accident Benefit: This rider option pays the sum assured under the rider on death due to accident. • Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. till maturity. It is available on SmartKid. Cover is offered against 43 surgical procedures. • Major Surgical Assistance Benefit: provides financial support in the event of medical emergencies. Indian Institute Of Information Technology 16 . • Income Benefit: This rider pays the 10% of the sum assured to the nominee every year.

Savings Option 4. Life Cover 3. debentures and other securities. Low and Affordable Premiums 2. Rural Plans :ICICI PruLife Rural Products are designed to meet the needs of the rural consumers. The money thus collected is then invested in capital market instruments such as shares. The aim is to indemnify the company of these losses and to allow business continuity. in absence of the Keyman.The objective of the Keyman insurance is to provide the company with money so that the financial losses to the company can be protected. Hassle free procedure. Mutual Funds A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. These products offer the following features: 1. All premiums paid for securing a Keyman life insurance policy are treated as business expenditure u/s 37 (1). The income earned Indian Institute Of Information Technology 17 .

Vashi. Udaipur. Goa. Trivandrum. Jaipur. Rourkela. Thrissur. Bharuch. Shimla. Hyderabad. Kochi. Saharanpur. Meerut. Allahabad. Indian Institute Of Information Technology 18 . Dehradun. Coimbatore. Raipur. Amritsar. Vapi. Guwhati. Mysore. Nasik. Bareilly. Chandigarh. Jamnagar. Chennai. Gurgaon.through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Vijayawada and Vizag. Pune. Rajkot. Kolkata. Gwalior. having commenced operations in 74 cities and towns in India. Jalandhar. Anand. Vadodara. New Delhi. Ajmer. Durgapur. Calicut. Surat. Faridabad. Jodhpur. Indore. Mumbai. Kota. Patiala. Lucknow. Mangalore. Madurai. Bangalore. Bhatinda. Kozhikode. Noida. Trichy. Ahmedabad. Guntur. Kottayam. These are: Agra. Siliguri. Karnal. Kanpur. Bhubhaneshwar. Hubli. DISTRIBUTION ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. Thane. Ludhiana. Nagpur. Salem. Jamshedpur. Bhopal. Ranchi. Mehsana. Aurangabad. Kolhapur.

These two Structures are:   Bancassurance & Alliances Tied Agency Both types of structures are described as follows: Bancassurance & Alliances: Bancassurance or Banca: . Indian Institute Of Information Technology 19 . B & A has emerged as a vital component of the company’s sales and distribution strategy.ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. and with nearly a large number of partners.Structure of the Sales Function ICICI Prudential’s sales function is divided into two functional structures within the organization. contributing to approximately one third of company’s total business. Within a short span of two years.

Bancassurance Team includes: Banks  ICICI Bank  Federal Bank  South Indian Bank  Bank of India  Lord Krishna Bank  Some co-operative banks Corporate Agents  Bajaj Capital  India Infoline  Way 2 Wealth  Advanced Financial Services (Karvy)  Blue Chip Indian Institute Of Information Technology 20 . The business philosophy at B&A is to leverage distribution synergies with its partners and add value to the business of both. adaptation and experimenting with new ideas are the hallmarks of this channel. Flexibility.The business philosophy at B&A is to leverage distribution synergies with there partners and add value to its customers as well as the partners.

is as follows: Indian Institute Of Information Technology 21 .  S M Insurance  Investment Managers  Emgee Muthoot Insurance The hierarchy structure of the ICICI Prudential Life Insurance Ltd. AHS  APS  Strategic Marketing Pvt. Ltd.

o Branch Sales Manager (BSM)/ Center Sales Manager o Sales Manager(SM) o Assistant Sales Manager (ASM) o Team Leader (TL) o Financial Service Consultant (FSC) Tied Agency: . The strength of tied agency lies in an aggressive strategy of expanding and procuring Indian Institute Of Information Technology 22 .Tied Agency is the largest distribution channel of ICICI Prudential. comprising a large advisor force that targets various customer segments.

tied agency has emerged as a robust. With focus on sales & people development. predictable and sustainable business model. usually each unit manager have 20 to 30 advisors under them. Generally this advisors works under the leadership of unit manager. o Branch Sales Manager (BSM)/ Center Sales Manager o Sales Manager(SM) o Assistant Sales Manager (ASM) o Unit Manager (UM) o Advisors:Advisors are the people who are not the employee of the ICICI prudential.quality business. IT Integration Indian Institute Of Information Technology 23 . who motivate them in every step by providing training and guidance to them. but works as commission agents.

The IT function is divided into two functional units and two staff units. network services to the whole organization. This group runs the 'Digital Nervous System' of the Enterprise at the highest levels of efficiency and provide robust. This team works as an in house R&D Solution Group. 2. IT Architecture & Corporate Solutions Group is in charge of developing and maintaining a blueprint for the IT architecture for the enterprise as a whole. It is segmented into 4 groups to enable highest levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in designing better product offerings to end-users. Systems Delivery Operations & Infrastructure Staff Units 1. 2. exploring new technological initiatives and also caters to information needs of corporate functions in the organization. Functional Units 1.The Information Technology function at ICICI Prudential is committed to enable business through the use of technology. IT Infrastructure group is responsible for providing hardware. scalable and highly available platform for deployment of business application. software. the Solutions GroupWeb that provides real-time information to customers and is responsible for customer relationship management. IT Quality IT Architecture and strategy Indian Institute Of Information Technology 24 .

maintaining tape libraries and executing review activities like security reviews etc. providing and maintaining the necessary hardware. acceptance testing (Pre . 3.Systems Delivery focuses on Business Analysis of processes and generation of business requirements in conjunction with the users. reporting compliance and publishing Indian Institute Of Information Technology 25 . system design.starting with Business Requirements Analysis and ending with Implementation of a system that meets the requirement. e-mail network and internet access facilities in order to enable optimum automation across HO and all branches. This unit also provides local helpdesks at all required points. defining benchmarks for both. collecting metrics. as per user requirements. IT Infrastructure focuses on procuring. This include running end of period batch jobs. executing report runs and batch queries. and post implementation support. branch network. all activities within the Software Development Life Cycle (SDLC) . IT Quality focuses on improving SDLC and operations processes. The systems delivery unit is aligned with the business organization by forming three vertical units: 1. 2.UAT). Local network. Core Insurance Systems Distribution and Access Channel Systems Corporate Systems IT Operations focuses on operating the applications at the agreed level. These include vendor and platform evaluation and selection. executing downloads & uploads. taking backups.

The Capability Maturity Model for Software (CMM) is a framework that describes the key elements of an effective software process. and evolves the architecture that helps company maintain technical edge over competitors for the oncoming years. IT Architecture and Strategy evaluates existing architecture and strategies. It conducts process compliance reviews and in addition is responsible for framing the Information security policies. It is also evaluating new products. The CMM describes an Indian Institute Of Information Technology 26 . trends and strategies and conduct research into their applicability in Company’s domain.dashboards.

in a repeatable way.evolutionary improvement path from an ad-hoc. and product quality. A diagnostic tool to look into organization's strength and weaknesses. When followed. engineering. functionality. 316 Key Practices and 52 Goals. the maturity of an organization's software process and compare it to the state of the practices of the industry. and managing software development and maintenance. To look for higher maturity by ensuring repeatability.Immature process to a mature disciplined process. The CMM can also be used by an organization to plan improvements to its software process. schedule. The CMM establishes a yardstick against which it is possible to judge. Usage of Statistical results on Processes for Continuous Improvement. these keys practices improve the ability of organizations to meet goals for cost. The CMM has 5 Levels. 18 Key Process Areas (KPA's).     To have Best Practices. ICICI Prudential have opted the CMM To Meet Customer/Market needs. The processes in the IT department are scaled to meet all KPA's from CMM level 3 Indian Institute Of Information Technology 27 . The CMM covers practices for planning.

Members of SEPG are given either full time or part time responsibility for SEPG activities like defining process. transitioning technology and tools into the organization. tool evaluation techniques and causal analysis. SEPG chairperson ensures that a core of Professionals representing all the technical groups of all verticals and functional groups of the organization form SEPG.A Software Engineering Process Group (SEPG) is a team of software professionals with the responsibility of driving and facilitating software process improvement efforts within an organization. technology transition. Responsibilities of SEPG Indian Institute Of Information Technology 28 . Formation of SEPG (Software Engineering Process Group) A management representative is the chairperson of the SEPG. piloting the process / technology improvements and deploying the process / technology improvements.  SEPG members are trained to perform statistical process control and analysis.  SEPG should consist of 6-8 members.   SEPG chairperson identifies the persons to carry out the tasks of SEPG SEPG chairperson reviews the SEPG activities on a quarterly basis (or depending on the business needs) and he/she identifies the roles and responsibilities for the SEPG members on a rotational basis. management activities.

     Internal process assessment. Define organizational goals and measurement plans for software process performance in discussion with the Project Steering Committee. Indian Institute Of Information Technology 29 .   Develop and implement software process at the organizational level. Explore potential areas for applying new technology. Incorporate Effective process / technologies into the organization based on the organizations business plan and goals. track changes and monitor the progress of the project/enhancement. select and evaluate new technologies. Identify. Co-ordinate process / technology improvement activities at the organizational level.  Ensure members of the software team and other related groups receive orientation on the organizations software process activities. Maintain the organizations software process assets.   Review SEPG Activities Review and approve Software Process Improvement Plan ICICI Pru has defined 15 processes that cover the entire Software Development Life Cycle (SDLC) of a software project. Each process has artifacts associated to facilitate data collection during various stages.

Project Planning and Tracking . and commitment towards continuous support for the software quality system and process improvement.Outlines the estimation methods to be followed and managing changes to estimates. agreement on commitments with the subcontractor.Defines the way the software quality system is structured and provides guidelines to make any changes to the same.Outlines the activities involved in gathering. Manages changes to requirements and project initiation activities. Software Quality System .Outlines defining the work to be subcontracted. tracking and QA of the subcontracted work. Estimation . reviewing and approval of requirements. Software Subcontract Management . Management Responsibility . responsibilities. analyzing. Requirements Management . provides means to monitor and control the progress of the project..The processes are as follows.Describes the activities involved during the planning stage of a project. planning.Defines the management's accountabilities. Indian Institute Of Information Technology 30 .

Testing . Software Quality Assurance .Reviews . Design and Coding . Enhancement and Post Production .Outlines the activities to be carried out for Software Quality System Improvements. medium and production related issues.Describes the steps involved in carrying a review activity and documenting the findings of the review. Measurements .Outlines the steps involved in Planning and carrying out Testing of the software components. identifying and base lining the configurable items. Process Improvement .Outlines the activities carried out by the SQA Software Configuration Management .Describes the measurements to be collected at various stages of the project and the analysis to be done.Outlines the processes to be followed for activities related to minor. steps involved in releasing the tested software.Outlines the steps involved in translating the software components identified in the design document into software units that can be coded compiled and tested.Outlines the process involved in preparing the Configuration management plan. Indian Institute Of Information Technology 31 .

SIX SIGMA IMPLEMENTATION BY ICICI PRUDENTIAL .Mentions the activities involved in evaluating the performance of the project after its completion. ICICI Prudential is one of a handful of companies in the service industry. ICICI Prudential have blended quality in the form of six sigma into all their processes and systems. which had the mettle to take up the six-sigma initiative. As another step towards becoming a world-class service Organisation.Post Project Evaluation . And that gave birth to a hybrid "Business Excellence" team with the people making processes and ensuring quality coming together to cut down cost and process inefficiencies.Some of the figure of the sigma level are : Expense Processing MIS:- Expense Processing:- Indian Institute Of Information Technology 32 . It's quite some time now since ICICI Prudential took up this quality initiative and since then they have grown beyond expectations.

00 1.00 Indian Institute Of Information Technology 33 .Improvement over last month No Change 2.50 Policy Issuance Sigma Level:- 2.50 Policy Issuance Sigma Level – HNI J ET (Login to Customer 1.

4. • Opportunities: All cases logged in given period 3.Accuracy MIS:1. Call Back Error: All errors identified at post issuance call back stage. Branch Discrepancy: Any error caught in the application form or underwriting sheet before data entry at COPS. Correction Complaints: All complaints received for errors on contract details J ET (Cheque Date to Customer Received) • Opportunities : All cases issued in given period 5. Accuracy MIS presents the number of error caught at various stages of policy issuance 2. Opportunities: All contracts issued in previous month Indian Institute Of Information Technology 34 .

• • • Data Capture: Error done while filling application form Data Entry Error: Error done while doing data entry at COPS Underwriting Error : Error done by underwriters Service – Overall S ta g e 35 B r a n c h D is Indian Institute Of Information Technology .

6 Categ 5 ma Level Compla 4 Reque Indian Institute Of Information Technology 3 36 .

Who influence there investment decision 5. The main problem was how to find out the top twenty HNI clients from the bunch of people without knowing them in detail. To get all this information a thorough planning had to be done. There Annual turnover 2. so I first started with designing the questionnaire for the clients whom I was going to target and to know about their investment pattern. analysis. collection. Marketing research is defined as the systematic design. Problem and Research Objective:Our main objective was to find out the top HNIs (High net worth income) group and their various mode of investment. The main things to be known from the clients were: 1. There chartered accountant 4. What is there annual investment Indian Institute Of Information Technology 37 .Research Methodology:Research is one of the most important parts in the survey to collect information and knowledge. Who are there bankers 3. and reporting of data and findings relevant to a specific marketing situation facing the company.

research instruments. and contact Our objective was to find the “Synergy of HNIs with there Distribution Channel”. This objective had made our project too narrow because from now onward our task was to find the top industries and person who can invest above 1 crores and more then that. research approaches. sampling plan. The various directories are as follows:- Indian Institute Of Information Technology 38 . Designing a research plan calls for decisions on the data sources.Research plan methods. The secondary data was the most important source for my project because my first aim was to find out the top five person or industries from every segment of the industries so for this reason I started collecting the various directory which can help me in finding out the desired information about the industries and people. Data source:For this project both primary and secondary data were the most valuable source of information. So from now onwards I started to target only to a special segment of the people. Secondary data:Secondary data provide a starting point for research and offer the valuable source of information. - The research process depends upon developing the most efficient plan for gathering the needed information.

 People from industries Indian Institute Of Information Technology 39 .  Lawyers Directory.  City directory.  Local residents.  Banks.  Indian medical association directory.  Hotel Industries Directory.  Carpet Industries Directory.  Transporter directory. Telephone Directory.  Income Tax office.  Builders & Constructors Directories  CNF Primary data:Primary data are data freshly gathered for a specific purpose.  HDFC Banks. The various sources of primary data for my project are as follows.  Exporter Directory.  Chartered Accountant Directory.

This method was the most appropriate way to collect data.  Observational Research:. because at the starting point of the survey this information play a important part for me and this help me to short out the people which. And I started by collecting this directory from the various sources.  Survey Research: .because this survey have no use for me  Focus-group Research: . And I have used this method in my project to find out the company need by identifying the suitable prospect in the city who can become the ICICI pru client. Indian Institute Of Information Technology 40 .Research Approaches:From the two data source which I have mention above secondary data are the easiest way to gather and the cost of collecting this data is very low and easily available from the respective association. I can meet with them to collected more information about them or who are my target people. After collecting the secondary data or information from the secondary sources then I started collecting from primary sources to narrow down my research.This method was not used by me in my project . There are basically five ways to collect data.  Behavioral data:-This method was also not used by me in my survey.This method is also not used by me in my survey.

Research Instruments:There is various way of research instrument of collecting primary data, the various methods are:1. Questionnaires. 2. Psychological tools. 3. Mechanical Devices. 4. Qualitative Measures. From the above mentioned research instruments I had used only Questionnaires technique to find out the various information about the clients such as their turnover, chartered accountant, investment behaviors, who is their financial consultant etc. And this was the technique which I felt the best way to extract information about the client

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Sampling Plans:After collecting entire data and deciding on the research approach and instruments, now I had to decide on the sampling plan which was one of the important task, because from the bunch of people I had to select only those people ,whom I can target from now onward .There are three way of sorting the data.
o

Sampling Unit: - who is to be surveyed? And now my task was to define the target population, which will be sampled from the number of people.

o

Sample Size: - large sample give more reliable result than small sample, so for this reason I had taken around 40 people to whom I should focus upon, because my target was only 20 clients.

Contact Methods:Once the client had been decided now my task was how to contact them ,and for me there only two ways of contacting them .
1. Personal Interview: - this method was the most appropriate

way of survey, because by personal interview I came to know their feeling about the ICICI. Their personal behavior and many more things.

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2. Telephone: - This method is also used by me for once, because

the client had no time for me, and there was no other option for me.

Major Industries of the city:
Varanasi is usually considered as the land of Temple but it will be not wrong, if we say that it is also the land of rich people. The Various Industries of the city are:-

• • • • • • •

Sarees Industries. Carpet Industries. Oil Industries. Hotel Industries. Transport. Textile Industries. “Etc”

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this is because they are getting more return from their earlier investment such as in Indian Institute Of Information Technology 44 . it is clear that most of the client are looking above 15% .Analysis Of the Chart RETURN CLIENTS LOOKED AT:- R e tu r n c lie n ts a r e lo o k in g a t 10% 5% L e s s th a n 1 0 % B /W 1 0 -1 5 % B /W 1 5 -2 0 % A bove 20% 40% 45% Returns client are looking at From the Above Pie chart.

this shows that most of the clients are ready to take risk for their investments. this shows that they are willing to take more risk to get more return from their investments The second largest group is between 10% to 15%. Around 85% of the clients comes under this two category . this shows that most of the businesses man wants to balance the risk and return of their investment so that there is no big loss in the future.the business and in real state. Indian Institute Of Information Technology 45 .

This is mainly because at present there is not much option for the client in the city. M u tu a l F u n d P re fe re d 40% 40% HDFC P r u d e n tia l IC IC I M u tu a l IP O 20% Indian Institute Of Information Technology 46 . While some clients like to invest in other mutual funds as well. and secondly ICICI prudential and reliance.Mutual Fund Preference Chart From the below pie chart. HDFC emerge as the winners closely followed by Prudential ICICI. preference of the clients for the various mutual funds is depicted. In this Mutual Fund preference. have opened their branches in the city recently.

1. There are many factors. Most of the nationalized banks employees are local residents which plays an important role in customer relation.Preference of Clients Between Nationalized and Private Banks P r e f e r e n c e o f C lie n t N a ti o n a li z e d B a n k P ri v a te B a n k From the above chart it is very clear that the nationalized banks are far ahead in compare to private banks. a few years an ago. 2. which are affecting the decision of the people. Indian Institute Of Information Technology 47 . Nationalized banks are operating for many years in the city and the private banks had opened their branches.

While nationalized banks are not charging at all or very less in compare to private banks. Some of the private banks are charging more money for their service.while the private banks are unable to do this.3. most of the clients wants a special attention to them while their visit. which makes people more interested in the nationalized banks Indian Institute Of Information Technology 48 . especially in preparing draft and other transaction. 5. The customer relationships of the nationalized banks are very old and for this reason customers are not willing to change their banks. most of the private banks are using metro city style of behavior while dealing with the clients and this behavior are not liked by most of the people 6. There are more branches of the nationalized banks in compare to private banks. and this is very well done by some of the nationalized banks . 4. 7.

N a tio n a liz e d B a n Ind ia ks 6% 11% 6% 11% 6% S ta te B a nk o f B a nk o f Ind ia Unio n B a nk o f ind ia P unja b Na tio na l B a nk C e ntra l B a nk o f Ind ia A lla ha b a d B a nk 60% From the above chart it is very clear that Union Bank of India is the leading nationalized bank of the City. It has 60% share in the banking segment.which makes their clients easy to reach to their branches. 4. The factor which favor them are: 1. The service of the union bank is far better then any nationalized banks in the city. They have better relationship with their clients. Union banks if India had more branches in the city . Union bank provide additional facilities to its HNI clients. Indian Institute Of Information Technology 49 . 3. 2.

Indian Institute Of Information Technology 50 . It is very clear from the chart that ICICI Bank and HDFC are the two leading private banks of the city. • These two banks are the first private banks which has opened their branches in the city. This is mainly because. • ICICI and HDFC brands name.PRIVATE BANKS CHART P r iv a te B a n k s 50% 50% IC IC I B a n k HD F C B a nk PRIVATE BANKS: . play an important part in their success in the city because people usually go through the name the company.the pie chart shows the preference of the client for the various Private Banks.

this shows that they have a strong financial backing.AGE BRAKET OF THE IINDUSTRIES A g e B ra k e t 5% 20% 60% 15% L e s s th a n 5 y e a rs B /W 5 -1 0 y e a rs B /W 1 0 -1 5 y e a rs A b o v e 1 5 y e a rs From the Above Chart it is very clear that most of the industries are very old. • Around 60% of the industries are more then 15 years old. • They are very much stable in their fields or segment Indian Institute Of Information Technology 51 .

Indian Institute Of Information Technology 52 .11% 5% B a nke r In te r n a l A d v is o r s S e lf D e c is io n 84% • Form the above chart it is clear that most of the HNI relies on their own decision. there are around 84% of the people who wants to take their own financial decision because either they do not wants to share their investment decision with other or they thinks that they are more intelligent to take decision of their own. this is generally because banker are the people who generally interact with them and secondly HNI believe on their bankers because of the relationship . • Secondly bankers are more prefer by the HNI.

it gives more return then any other investment. 34%  Indian Institute Of Information Technology 53 . Bank FD emerges out to be the second most preferred option for the clients to invest in the market. This is also dependant on various reasons which are given as under: o Easy loans available against the Bank Fixed Deposits.Bank FD 20% 5% 2% 22% 17% RBI Bond M u tu a l F u n d U n i t L in k e d P la n / In s u r a n c e R e a l E s ta te B a c k in to b u s in e s s Preference investment Instrument Business emerge to be the most preferred investment instrument of the clients with maximum 34% of clients from all the clients preferring this as their favorite investment option Because.

Indian Institute Of Information Technology 54 . this also adds weight to clients preferring Bank FDs due to trust build during all these years. Then. next preferred option for the clients is Unit link plan/Insurance.o Clients can withdraw their money at almost anytime giving them the option of maintaining Liquidity. o We have seen above in the analysis of nationalized vs. private banks that nationalized banks are the more preferred ones. o With all this Bank FD also provides a decent return concerned the minimum of the risk in any of the available investment instruments.

Most of the clients use the ideal money which they have to meet the uncertainty or short term requirement. Indian Institute Of Information Technology 55 .T e n u re o f F D p re fe re d 25% S h o rt T e rm (L e s s th a n 2 y e a rs ) M e d iu m T e r m ( B / W 2 -5 y e a rs ) L o n g T e rm ( M o re th a n 5 y e a rs ) N ot Know n 50% 17% 8% We can see from the above chart that there are majority of clients (from the clients who have disclosed this data) prefer the short term fixed deposits as their favorite option.

INSURANCE PARTNER PREFERENCE CHART In s u r a n c e P a r t n e r P r e f e r e d 13% 47% 33% 7% L IC HDFC IC IC I P r u d e n ti a l O r i e n ta l In s u r a n c e This chart show the preference of the people who had invested in the insurance sector. because of many factors such as:-. and from the chart it is very clear that LIC is the leading company in this field.  LIC is leading in this field mainly. and those are the back bone of the company. Indian Institute Of Information Technology 56 . because it is the first mover in the insurance sector and had capture most of the market by being first mover in this sector  LIC had a very good network of agents.

Indian Institute Of Information Technology 57 . LIC had provided better service in the past which had made trust in the mind of the people and for that reason they feel more comfortable. because there are many opportunity to cash in by both the company .  HDFC and ICICI Pru are the second in this field mainly because they had opened their branches recently and slowly they are capturing the market and in the future the ratio is decrease.

Indian Institute Of Information Technology 58 .Finding  Most of the HNI client prefers the nationalized bank in comparison to private banks.  Telephone Calling by the ICICI bank and ICICI prudential Advisors are disturbing the clients- There is excess calling by the employee of the icici banks and by the Advisors of ICICI Prudential. and this is one of the reasons why they are not interested in the bank nor in ICICI prudential. The most common reason is that the public banks are operating for many years and they have developed a good relationship with their client and this is the reason why the HNI are not eager to move to the private banks. most of the clients want a special attention to them while their visit and this is very well done by the public banks (especially by the union banks of India. this create a bad impression about the company. Secondly. and the other reason is that most of the time Advisors try to meet the HNI clients without prior notice.) because most of the employee in the public banks are local residents and they have their personal contact with them.

     A large Part of Market is Uncovered in case of Mutual Fund:- Large parts of the people do not know about the mutual funds investment or in other word they are unaware of the mutual funds scheme but they have the power of Money. Indian Institute Of Information Technology 59 . Money are kept ideal in the banks – This is a very good opportunities for the icici prudential to cash most of the HNI client in varanasi. There are lots of things which favors them are.  The company image in the mind of the people The life long service of the company A very good channel of people (agents) Very good relationship with their clients Lack of information or knowledge about the private Insurance Company. this is because of the brand name and LIC is also the first mover in the insurance sector and this is a great advantage for them. Most of the HNI clients.  In the insurance sector LIC is the number one company prefer by the people- LIC is the most prefer insurance company in the country. because there is not much option for them for investment and most of the client prefer to keep a good amount of cash with them for uncertainty and for other reasons. These clients should be cash in by the ICICI prudential.

Suppliers. Threat of Intense Segment Rivalry: -A segment like insurance sector which is very attractive because. Competitive Force: . and these makes this segment attractive but on the other hand it already contains aggressive competitors such as: • • • Life Insurance of India. Buyers. it is in the growing stage of the life cycle.PORTER FIVE COMPETITIVE FORCES. Substitutes. Bajaj Alliances ICICI Prudential Life Insurance. • • • • • Industry competitors Potential entrants. Indian Institute Of Information Technology 60 .Michael Porter has identified five forces that determine the intrinsic long-run profit attractiveness of a market or market segment.

advertising battles and new-product introductions and will make it expensive to compete. LIC had more then 20 years of experience of this market. because of the restriction imposed by the Indian government on them. Unit trust Of India. Etc. Indian Institute Of Information Technology 61 .• • • • HDFC. If we look from this angle then this segment is moderate because the entry barriers are high for the foreign companies. And in future this can lead to frequent price wars. this segment is more attractive for the companies. and the exit barriers are low. But overall this segment is very attractive. So for ICICI prudential there is threat mainly with the LIC. The numbers of Competitors are less in the Insurances sectors that makes this Sector attractive to most of the financial companies. they can have a maximum of 26% stage in the company and secondly the companies should have certain amount of money with them as mention by the govt. Reliance. Threat of new entrants: -segments attractiveness varies with the height of its entry and exit barriers. such as. Franklin Templeton. So. This means that few new firms can enter into the industry and poor-performing firms can easily exit and for this reason. for that reason ICICI prudential have a tuff competition with other competitors in this segment and secondly icici Pru had an experience of five years of this segment but on the other hand the company like.

Threat of substitute Product: -When we considers on the substitute products. this segment is unattractive because there are many actual and potential substitutes for the product of ICICI prudential and all the competitors have almost similar product or plans. Threat of Buyer’s growing Bargaining Power: -This segment is unattractive because the buyers possess strong or growing bargaining powers such as: • • The buyer’s switching cost is low in the financial investment sectors. but they mainly differ in the service point of view.In this segment. Threat of Suppliers Growing Powers: . Indian Institute Of Information Technology 62 . the suppliers bargaining power is more. because banks and CA are the easiest and the important channel to reach the client and for that reason they have the strong bargaining power. The product is undifferentiated because most of the companies in the insurance sector provide almost same policies and investment plans.

which gives an edge over the other competitor especially nationalized insurance company like LIC. which help the company to build trust on the mind of the people.the ICICI prudential had a strong financial backing from their promoter. which is mainly due to the ICICI Bank. So ICICI Prudential.SWOT Analysis STRENGTH: Brand Name of ICICI:-The name of the ICICI is known in all over the country as number one bank in the private sector and this is the name which people have trusted for many years. These channel include Allied Banks like  ICICI Bank Indian Institute Of Information Technology 63 .The Company has a very strong force of good marketing brain. (ICICI BANK and Prudential). do not have the crises of the brand name  STRONG FINANCIAL BACKING: . And secondly it has a very good distribution channel which helps the company to get more clients from these reliable sources.  STRONG SALES FORCE: .

Ltd. S M Insurance Investment Managers Allied Corporate Agencies Strong Marketing and Sales Promotion team  ULIPs: Almost 90% of the total business of ICICI Pru is the business with the sale of ULIPs and only 10% of the products are the traditional insurance Indian Institute Of Information Technology 64 .     Corporate Agents Federal Bank South Indian Bank Bank of India Lord Krishna Bank Some co-operative banks           Bajaj Capita India Infoline Way 2 Wealth Advanced Financial Services (Karvy) Blue Chip AHS APS Strategic Marketing Pvt.

where the competition is very tuft and are not concentrating on the other sector of the country mainly in the rural sector where there. So this is the strength which ICICI Pru can work upon more to get the maximum positive results. this is because of lack of information about the product and bad marketing strategies by the company mainly in small cities  FOCUSING MAINLY ON THE URBAN SECTOR:-ICICI prudential mainly focus on the urban sector of the country. The same is in the case of Mutual Funds. OPPORTUNITIES:- Indian Institute Of Information Technology 65 .policies. WEAKNESS: Lack of Information about the product:-Most of the product of the ICICI Prudential are known by the people. and this makes most of the people to avoid this plan because they feel difficulties to understand.  Most of the Plans are too complicated:-ICICI Prudential insurance plan are too complex to understand for a layout person.

Threats: LIC: .  Some Top Nationalized banks should be made Allies: . this is mainly because they are operating for such a long time and there is a good opportunities to converted those customer into ICICI prudential customer.A large part of the cities are uncovered by ICICI Prudential life insurance where they do not have any branches.  Threat with some private banks: . And slowly taking away a good market share. and have a large size of the customer abase. By making them allies. Indian Institute Of Information Technology 66 . then we will find that there is a large gap between them. A large Part of cities are uncovered: .there are some banks which are providing these services to their customer.There are large parts of the cities were Nationalized banks have large number of clients in compare to private banks.  There is a good opportunities to increase the Advisors base: when we compare the ratio of Advisors with LIC.LIC is the greatest threat to ICICI prudential in the area of insurance sector. so there is an opportunities to increase the advisor base by breaking the agents of LIC. because it is one of the oldest insurance company in the country.

Around 30 to 40 advisors work under one unit manager. The cost of maintaining them is very less in comparison to the other department.BCG Matrix CASH COW: Tied Agency: -Tied agency are cash cow for ICICI prudential because they are the people who brings more customer to the company and cover a large area of the city and the cost of keeping them is very less because advisors works on the commission basis the this is the reason why they works so hard. Indian Institute Of Information Technology 67 .

with little help or no help with their Chartered Accountant. .Corporate allies come under the Question marks because the city like Varanasi. Secondly people recognized ICICI prudential as a part of ICICI bank and ICICI bank name is used by the ICICI prudential to get more customers and usually customer trust ICICI prudential because of ICICI banks. but there is a greater chance. if we convince their CA and through them we can reach to their client very easily and in future they can become star for the company but lot of investment is required.STAR: BANKERS:-Bankers are star of the company when we plot in the BCG matrix. because most of the HNI which the company gets is through the Bankers this is because most HNI have their Account in the Banks and they also rely on the banks for their investment.which are on the three section can become dog for the company Indian Institute Of Information Technology 68 . where most of the decision are taken by the HNI themselves. Dogs:No one at present.-As Insurance sector is at the growing stage. so there is no dog for the company at present and in future . Question Marks:Corporate.

What I hear in Varanasi is that most of the HNI do not want to do business with the ICICI banks. • Start Making Link with the Nationalized Banks to get more Business:When we look at the Small city like Varanasi. Indian Institute Of Information Technology 69 . So I suggested that some staff should be made to look after them. most of the HNI client prefer and have their account in Nationalized banks.Most of the client whom I meet during my survey told me that they were unaware of the service and scheme. because this banks are giving good service for many years and If ICICI prudential can make tie-up with the employees of this banks then they can be able to get more business from this contact. This is mainly because of the lack marketing their product by the company.Recommendation and Suggestions • Lack of information about the service provided By the ICICI prudential life insurance: . So I suggest that the company should market its brand in more aggressive manner. which the company is providing to the people. and this is mainly because of their service and the banks do not give preference to them and there are many restrictions in their operations. because they are the customers who mainly give us the business. • Service of the ICICI bank should be improved: .

I accept that this is the most successful mode of contacting the people. but access calling create a wrong impression in the mind of the customer. • Image of the ICICI should be improved in the City: .Most of the time people do not want to do business with the ICICI. • More focus is given to the industrial class then the service class: . because of the Hidden cost which they come across while dealing with the bank.• Access Telephone Calling should be stopped: -Most of the time. • More Local Employee should be hired by the company: -the local employees will have their contact in the city and this can be use by the company to get more business from their contact and This additional benefit to the company will add Indian Institute Of Information Technology 70 .ICICI prudential are concentrating more on the industrial class then the service class. clients get disturb because of telephone call made by the advisors of ICICI prudential and bank. So I suggest that concentration should be given to this class also because the ratio of the service class is much high in the country. It is generally known that more insurance are made by the service class to get reduction from the Tax. so we should also focus on the service class because they are the people who wants to secure their life by investing in the insurances sector and in the mutual funds.

Carpet Industries Directory. Income Tax office.icicibank.iciciprulife.Bibliography Internet Websites:  www.bima. Exporter Directory. Transporter directory.com www. Chartered Accountant Directory. HDFC Banks. Lawyers Directory.com    www. City directory.com Directories:            Telephone Directory. Hotel Industries Directory.google. Indian Institute Of Information Technology 71 .com www. Indian medical association directory.

Email Id: 5. Mobile No. Board Line: c.: d. Registered: b. Name of Director/ Partner: 3. Address: a. Chartered Accountant Indian Institute Of Information Technology 72 . Turnover of Organization: 6. Phone No. Questionnaire PART-I PERSONAL DETAILS:1. Name of the Organization: 2.  Builders & Constructors Directories CNF Other Materials:    Marketing Management by Philip Kotler. Finsight (Level 1). Corporate: 4. Direct Line: b. Product Brochures. a.

Who do you consult before Investing? a. Area of Operation: 8. Yes b. Major Business: b. Do you invest in any instrument available in the market a. Address: c. Will no suit my requirement PART –II 1. No 2. Who are your bankers: a. Chartered Accountant: c. Phone No. Minor-2: 9.a. Name: b. Minor-1: c. Banker (Name of Bank): b. Bank FD Indian Institute Of Information Technology 73 . then where do you invest? a. What do you think about ICICI Bank? a. Will Suit my requirement b.: 7. Investment Consultant (Name): 10. If yes.

If (5) then what is the return you are looking at: a. If 2(c) then which mutual funds you have invested into a. Reliance c. Any other (please specify) 3. Any other (please specify) 6. Prudential ICICI e. More than 20% 7. Mutual Fund d. Trading Market e. Unit Linked Plan f.15% c. If 2(a) then which bank FD you invested and what tenure? 4. If you trade directly into market then through which broker Indian Institute Of Information Technology 74 . If 2(b) then tentatively how much money invested? 5. HDFC d.20% d. Less than 10% b. 10% . 15% . Franklin Templeton b. RBI Bond c.b. Mutual IPO f.

1 to 5 Crore c. What services your investment manager provides you? 12. What additional benefits you would like to have? Indian Institute Of Information Technology 75 . Yes b. How much do you invest annually? a. 10 and above 11. Less than 1 Crore b.8. No 9. 5 to 10 Crore d. If yes then which company and what investment plan you have invested in 10. Do you have invested into Unit Linked Plan/ Insurance a.

Kamath. Kalpana Morparia Mrs. R Narayanan Ms. Managing Director Indian Institute Of Information Technology 76 . K. Modi Mr.P. Lalita D. Chairman Mr.V. M. Mr. Kevin Holmgren Mr. Gupte Mrs. Mark Norbom Mrs. Shikha Sharma. Chanda Kochhar Mr.Board of Directors: The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Shikha Sharma. Managing Director & CEO Mr. Rajagopalan.Chief Information Technology Indian Institute Of Information Technology 77 .Human Resources Mr. Chief Financial Officer & Company Secretary Ms.Management Team Ms. Chief . Dipan Bhattacharya . Shubhro J. Mitra. V.Customer Service and Operations Mr. Puneet Nanda. Anita Pai. Chief . Chief .Investments Mr. Chief . Sandeep Batra.Actuary Mr.

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