Project Report On Icici Lombard General Insurance LTD

PROJECT REPORT ON ICICI LOMBARD GENERAL INSURANCE LTD
GENERAL
INFORMATION
SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED TO : NATIONAL COMPUTER COLLEGE,
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 HISORY AND SECTOR DEVELOPMENT
 "The Code Of Hammurabi" Is A One Of Its Kind First Written Law. It

Was During This Epoch That Traders Paid An Amount To King
Hammurabi To Ensure That Their Goods Arrived Safe By The Caravan.
 With Every Passing Phase In History, There Have Been Umpteen Number
Of Styles Adopted In Insurance & This Is How The First Official Contract
Of Insurance Got Signed In Genoa In 1347.
 Since, 1907, There Has Been No Stopping For Emergence Of General

Insurance Companies. So Today, May It Be Securing Home, Car, Two
Wheeler, Travel, Health And More A Company Like ICICI Lombard
General Insurance Company.

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 HISTORY AND DEVELOPMENT OF UNIT
FOUNDER: BHARGAV DASGUPTA

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 Company Overview
FISCAL PARTICULARS
2001 Our Company started operations.
2002 Crossed the mark of 100,000

policies.
2005 Crossed the mark of 1 million

policies.
2008 Crossed receipt of `100 billion of

total premium Crossed `250
billion of assets under
management.
2010 Our Company turned profitable -

registered profit of `2.58 billion
Crossed `500 billion of assets
under management.
2012 Started paying dividends.
2015 Crossed `1 trillion of assets under

management.
2017 First insurance company in India

to list on NSE and BSE.

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VISION
ICICI Lombard continues to fulfill its commitment towards making a

difference in the lives of children from the economically weaker sections of society. As
part of its employee volunteering CSR initiative, the country’s largest private sector
general insurance company organized the 7th edition of Caring Hands with free eye
checkup camps for 36,579 students hailing from 273 schools across 104 locations from
the country, on a single day. Out of the total number.of pupils screened 5,853 students
diagnosed with poor vision.

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MISSION

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To be the dominant Life, Health and Pensions player built on trust by

world-class people and service.This we hope to achieve by:Understanding the
needs of customers and offering them superior products and service;Leveraging
technology to service customers quickly, efficiently and conveniently;Developing
and implementing superior risk management and investment strategies to offer
sustainable and stable returns to our policyholders;Providing an enabling
environment to foster growth and learning for our employees;And above all,
building transparency in all our dealings.
SIZE OF UNIT
The size and form of the company can be determined on the basis of various criteria
such as,
Investment in fixed assets
Number of employees
Production capacity etc.

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Chart No.:1
SIZE OF THE COMPANY
Generally, the industry can divided into two types on the basis of its size…
 Small Scale Industry
 Medium Scale Industry
 Large Scale Industry

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As per such broad classification, ICICI LOMBARD is considered as a LARGE

scale industry because it is following main features of LARGE scale industries like,
 Capital investment is comes under the rules of LARGE scale industry.
 flexibility
 profit motive
 management
 ownership

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PROFILE OF UNIT
ICICI Lombard General Insurance Company Ltd
Type Public Company
Traded As BSE: 540716

NSE: ICICIGI
Industry Insurance
Founded 2001
Headquarters Mumbai, India
Key People Bhargav Dasgupta MD[1]
Products General Insurance, Vehicle Insurance, Health Insurance,

Travel Insurance, Home Insurance, Specialty Lines
Insurance, Property Insurance, Marine
Insurance, Liability Insurance, Crop/Weather Insurance
Net Income ₹10.49 Billion (US$150 Million)
Number Of 8,444 (As March 2019)

Employees
Parent ICICI Bank

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ORGANISATION STRACTURE

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SWOT ANALYSIS
 Healthy financials and strong leadership position should continue to drive the
insurer‟s valuationICICI Lombard General Insurance ended FY19 on a strong note
and is a good long-term bet for investors.
 Despite the 47-odd per cent rally in stock price over the past year, the company‟s
healthy prospects, leadership position and a sound business model will continue to
draw investor interest.
 In 2018-19, while the general insurance industry grew 12.9 per cent (in terms of
GDPI — Gross Direct Premium Income), ICICI Lombard reported 17 per cent
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growth, after clocking 15 per cent in the previous fiscal.

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COMPITITOR DETAILS
1 Bajaj Allianz General Insurance Company Limited
2 People's Insurance Company of China
3 Insurance Australia Group Limited
4 Generali General Insurance Ltd.

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TIME KEEPING SYSTEM
ICICI LOMBARD following the ime schedule
Working hours 10:00 AM to 6:00 PM

10:00 AM to 6:00 PM
Lunch Time 01:30PM to 03:00 PM
01:30PM to 03:00 PM
Holiday Satrday,Sunday
Leave 3 leave within 1 month as peer company
rules

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EMPLOYE BENIFITS
 EMPLOYER‟S GROUP HEALTH INSURANCE:
 Group health insurance plan along with individual health insurance

provides adequate health coverage to your parents
 The depth of love your parents have for you can never be measured. They
have always been your backbone but at a ripe age, health is probably the
first companion that starts deserting them and may take away their hard-
earned savings along with it. The exponential rise in treatment and
medicine costs compounded with limited scope of income can ruin their
„golden days‟.
 The best gift you can provide to your aging parents is securing their
healthcare expenses through a health insurance plan. You can buy a
separate health insurance policy for your parents or you can include them
in the Group Health Insurance (GHI) plan provided by your employer.
What is a Group Health Insurance?

 Companies often provide group health insurance coverage to its
employees and their family. The premium for this scheme is borne by the
employer to create a loyal and motivated workforce. The employee may
add his/her spouse, children and parents to this group health insurance
plan.

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Separate health insurance plans for your parents at a ripe age may cost you much
more since they are highly prone to illnesses. The best way is to include them in the
group health insurance (GHI) plan provided by your employer. Here‟s how it can
benefit your parents:
 They cannot be denied the health coverage on the basis of their medical
history. No medical examination is required under GHI plan and the claim
settlement is also smoother.
 There is no waiting period for any disease and you can claim the health
cover for your parents right from the first day.
 Pre-existing diseases are not excluded from the health cover. So, if your
parents are already diagnosed with certain ailments, they are also covered
under the GHI plan.
 You can even customize the GHI plan provided by the employer by
adding a top-up to increase the coverage amount for your parents.
 However, a group health insurances plan ceases when you decide to
switch your job since it is provided by the employer. You should also
purchase an individual health insurance plan for your parents and use the
group health insurance by your employer as a back-up plan or an
additional cover to ensure adequate healthcare facility and financial
security for your parents.

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CONTRIBUTION OF THE UNIT
 Corporate Social Responsibility
ICICI Lombard Recognises And Embraces Its Commitment To Various

Communities Across India. Our Initiatives In The Areas Of Preventive
Healthcare, Road Safety And Disaster Support Have Fostered Financial
Immunity In Tragic Times.
We Constantly Encourage And Support Employee Voluntarism Year-

Round. In This Regard, We Have Successfully Implemented Several Projects In
Coordination With The ICICI Foundation In Tribal Districts Of India. These
Programs Demonstrate How Our Community Stakeholders, Not Only
Contribute In Achieving Corporate Goals But Also Encourage Non-Profit
Humanitarian Work To Bring A Positive Change In The Society.
 Caring Hands Campaign
Caring Hands Campaign Is An Initiative Launched By ICICI Lombard

That Aims At Providing Preventive Healthcare Services To Underprivileged
Children, While Engaging Our Employees As Volunteers For Projects That Are
Cherished By Them. In The Eight Years Since Its Inception In 2011, The
Campaign, With Support Of Hundreds Of Volunteers Has Been A Catalyst In
Affecting The Lives Of 2, 00,000 Children In More Than 300 Schools In Over
100 Locations Across The Country.
Approximately 50 Percent Of Employees Volunteer For This Activity

Every Year Which Is A Reflection Of Overall Support That The Initiative Has
Garnered Within The Company. In FY18, Our Volunteers Identified 5,582 Cases
Of Poor Vision Caused Due To Delayed Diagnosis And Parental Ignorance.
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Although The Activity Demands Equipment And Ophthalmologists, The

Employees Successfully Conduct Eye Check-Up Camps One Day In The Month
Of December Every Year, Which Is Now Earmarked As The “Caring Hands
Day” At ICICI Lombard.
The Campaign Has Grown Tremendously Over The Years And Has Been
Instrumental In Building A Sense Of Social Responsibility And Camaraderie
Among The Employees
 Ride To Safety
Ride To Safety Campaign Is A Nationwide Initiative Launched By ICICI
Lombard To Generate Awareness On Road Safety In India. In A Country Where
A Life Is Lost Every 4 Minutes* In A Road Accident, Inculcating Sensible Road
Behavior In The Youth Is Necessary To Make Them Responsible Citizens.
To Address The Issue Of Road Safety At The Formative Ages,

Workshops Were Initiated By Our Employees Who Were Engaged As
Volunteers. The Workshops Targeted On Imparting Appropriate Road Safety
Values To School Children At An Early Age That Will Inculcate Safe Road
Practices Throughout Their Lives. Child-Specific Helmets To Children Riding
Two Wheelers Were Also Given To Encourage Them To Follow Appropriate
Safety Measures. The Response Of Children Was Heartening And Their Attitude
Encouraged Us To Conduct Such Workshops Frequent

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FUTURE SCOPE
 Savings with the comfort of guarantee
ICICI Pru Future Perfect grows your wealth with the promise of
protecting your money. This is done through two guaranteed features in the plan
called Guaranteed Additions (GA) and Guaranteed Maturity Benefit (GMB). At
the end of the policy term, you receive a sum that includes Guaranteed Maturity
Benefit (GMB), Guaranteed additions (GA) and additional bonuses declared by
the company, if any. Guaranteed benefits are payable subject to all due
premiums being paid and the policy being in force on the date of maturity.
What are Guaranteed Additions?
 Guaranteed Additions (GAs) are additional benefit that will be added

throughout the policy term, if all premiums due till that year are paid.
GAs as a percentage of annualized premium is set out in the following
table:
 During Premium Paying Term(PPT) GA will accrue on premium
payment* and after PPT, GA will accrue at the beginning of policy year.
 In case of monthly premium frequency, 1/12th; times GA will be accrued
every month on premium payment. For half yearly premium frequency,
0.5 times GA will be accrued on premium payment

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 Secure your loved ones even in your absence
ICICI Pru Future Perfect provides you and your family all-round
protection. In case of an unfortunate event during the policy term, your family
receives a lump sum amount. This amount ensures that even in your absence,
your loved ones are able to live the life you planned for them.
 Tax benefits
With this plan, you can reduce your taxable income by investing up to 1.5
lakh under Section 80C. This will help you save tax. The money you get on
maturity or death is also completely tax-free.

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FINANCE
DEPARTMENT

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INTRODUCTION
Finance holds the key of all activities the path of success is greased with money. Money
is an arm or a leg; you either use it or lose it”
Financing is the process of organizing the flow of funds so that a business can carry out
its objectives in the most efficient manner and meet its obligations in the most efficient
manner and meet its obligations as they fall due.
Finance “guides and regulates investments decision and expenditure. To get the best out
of the available funds is the major task of finance manager. Finance is the common
denominator of the vast range of corporate objectives and the major part of any corporate
plan must be expressed in the financial terms.”

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DEPARTMENT CHART

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FINANCIAL PLANNING
One of the most important functions of finance manager is that of planning. Financial
planning is essentially concerned with judicious procurement and profitable use of funds
– a use which is determined by realistic inventories decisions.
Financial planning helps management to avoid waste by providing policies and

procedures which make possible a closer co ordination between various functions of the
business enterprise. Financial planning is responsibility of top level management.
Finance guides and regulates investments decision and expenditure. To get the best out of
the available funds is the major task of finance manager. Finance is common denominator
for the vast range of corporate objectives and major part of any corporate plan must be
expressed in the financial terms. ICICI LOMABARD does a systematic financial
planning.

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CAPITALISATION
The evaluation of the company is known as capitalization. The word

“CAPITALIZATION” can be defined as sum total of all kind of long-term securities
at their for values.
Capitalization of a co-operation compared the ownership capital represented by long-

term debtless. It may also mean the total accounting value of the capital stock surplus
in whatever forms it may appear and refunded long-term debt.
CAPOALISATION OF ICICI LOMBARD

1. Ownership Capital :-
The value ownership capital of. “ICICI LOMBARD GENERAL INSURANCE

LTD” is total amount of capital is about 6 corer.
2. Borrowed Capital :-
The values of bonds and debenture ICICI LOMBARD not issued bonds and
debenture.
3. Working Capital:-

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The value of working capital of ICICI LOMBARD is about 6 Corer
Meaning of Under-capitalization:
A company is said to be under-capitalized when it is earning exceptionally

higher profits as compared to other companies or the value of its assets is
significantly higher than the capital raised. For instance, the capitalization of a
company is Rs. 20 lakhs and the average rate of return of the industry is 15%. But if
the company is earning 30% on the capital investment, it is a case of under-
capitalization.
Meaning of Over Capitalization:
Situation where a firm has more capital than it catered-for or needs. Thus, its
assets are worth less than its issued share capital, and the earnings are insufficient to
pay dividend and interest. This situation is remedied generally by buying back issued
shares (stock) or by paying off debt.
ICICI LOMABARD CAPITALIZATION
ICICI LOMBARD industries is under Capitalization industry.

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CAPITAL STRUCTURE

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Capital structure of the company refers to the make up of its capitalization. A

company procures fund by issuing various types of securities. Securities to be issued first
then and only then they can issue their capital. In what proportion will the various kinds
of securities be issued should also be considered.
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According to Gersternberg, capital structure of a company refers to the makeup of

its capitalization.” That is the type of securities to be issued and the relative proportion of
each type of security in the total capitalization. It includes all long term debts, preference
share capital and shareholders fund.
According to west and Bringhan,” capital structure is the permanent finance of the
firm represented by long term debt preferred stock and net worth.”
ICICI LOMBARD FOLLOWING CAPITAL STRUCTURE
ICICI LOMBARD FOLLOW COMBINATION OF EQUITY CAPIAL,

PREFRENCE CAPITAL.
MANGEMENT BY FIXED ASSETS

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The administration of fixed assets cannot be changed over to a reasonable trade in a

convenient way. As tracking different locations, maintenance and settings necessities for
assets can be troublesome. A confided framework helps organizations rapidly actualize a

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serial code-based asset accounting system to simplify the process. These frameworks are
known as fixed asset management software.
ICICI LOMBARD
The ICICI LOMBARD industries has following policy use of management of fixed asset
1] they has all fixed assets upon 5% deprecation and ever year ends close the deprecation
account
2] ever year ends repairing and tainting the fixed assets
3] optimum use of fixed assets in the organization
MANGEMENT BY WORKING CAPITAL

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Working capital indicates circular flow of cash i.e. a sort of a revolving fund
starting with cash used to pay for the raw materials, labors and operating
expenses and when finished products are ready for sale, the cash is recovered
through sale of these goods on cash or a on credit. Thus, we have a circular
cash flow from cash to inventories top receivables and back to cash.
Generally, the term working capital refers to that part of capital which is not
tied up in fixed assets but is used to meet the day to day requirement of
business. It is invested in current assets like cash, stock, bills receivable,
debtors etc.
HUMAN
RESOURCE
DEPARTMENT

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HUMAN RESOURCES DEPARTMENT

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INTRODUCTION
Human resource management (HRM or HR) is the strategic approach to the

effective management of people in a company or organization such that they help their
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business gain a competitive advantage. It is designed to maximize employee

performance in service of an employer's strategic objectives
.Human resource management is primarily concerned with the management of

people within organizations, focusing on policies and systems. HR departments are
responsible for overseeing employee-benefits design, employee recruitment, training and
development, performance appraisal, and reward management, such as
managing pay and benefit systems
.
HR also concerns itself with organizational change and industrial relations, or the
balancing of organizational practices with requirements arising from collective
bargaining and governmental laws.
The overall purpose of human resources (HR) is to ensure that the organization is
able to achieve success through people. HR professionals manage the human capital of
an organization and focus on implementing policies and processes. They can specialize
in finding, recruiting, training, and developing employees, as well as maintaining
employee relations or benefits.
Training and development professionals ensure that employees are trained and
have continuous development. This is done through training programs, performance
evaluations, and reward programs.
Employee relations deal with the concerns of employees when policies are broken, such
as cases involving harassment or discrimination. Managing employee benefits includes
developing compensation structures, parental leave programs, discounts, and other
benefits for employees.
On the other side of the field are HR generalists or business partners. These HR
professionals could work in all areas or be labor relations representatives working
with unionized employees.
CHART OF DEPARTMENT

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In order to solve the personnel problem efficiency & in a reasonable manner it has
become necessary to establish a separate personnel department in the organization which
shall be responsible for performing all the personnel function. Like efficiency,
establishing sound & effective personnel policies, practices & programmers & unbiased
decision in the interest of labour of organization.
Organization chart
RECRUITMENT SELECTION & INDUCTION PROCESS

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1] RECRUITMENT SOURCES:
A] INTERNAL SOURCES:-
a] transfer
b] promotion
c] demotation
d] waiting list
B] EXERNAL SOURCES:-
a] campus
b] online
c] contractor
d] advertisement
ICICI LOMBARD
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Icici lombrd is use campus and online sources of recruitmet and

following other resources.
B] EXERNAL SOURCES:-
a] campus
b] online
c] contractor
d] advertisement

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SELECTION PROCESS IN ICICI LOMBARD:-
1. Preliminary Interviews- It is used to eliminate those candidates who do not meet the
minimum eligibility criteria laid down by the organization. The skills, academic and
family background, competencies and interests of the candidate are examined during
preliminary interview.
Preliminary interviews are less formalized and planned than the final
interviews. The candidates are given a brief up about the company and the job profile;
and it is also examined how much the candidate knows about the company.
Preliminary interviews are also called screening interviews.
2. Application blanks- The candidates who clear the preliminary interview are required
to fill application blank. It contains data record of the candidates such as details about
age, qualifications, reason for leaving previous job, experience, etc.
3. Written Tests- Various written tests conducted during selection procedure are
aptitude test, intelligence test, reasoning test, personality test, etc. These tests are used
to objectively assess the potential candidate. They should not be biased.
4. Employment Interviews- It is a one to one interaction between the interviewer and

the potential candidate. It is used to find whether the candidate is best suited for the
required job or not. But such interviews consume time and money both. Moreover the
competencies of the candidate cannot be judged.
Such interviews may be biased at times. Such interviews should be conducted

properly. No distractions should be there in room. There should be an honest
communication between candidate and interviewer.

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5. Medical examination- Medical tests are conducted to ensure physical fitness of the
potential employee. It will decrease chances of employee absenteeism.
6. Appointment Letter- A reference check is made about the candidate selected and
then finally he is appointed by giving a formal appointment letter.

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TRAINNING

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1]. On-The-Job Training:-
Jumping right into work from day one can sometimes be the most effective type
of training.Here are a few examples of on-the-job training:
 Read the manual - a rather boring, but thorough way of gaining knowledge of
about a task.
 A combination of observation, explanation and practice.
 Trainers go through the job description to explain duties and answer questions.
 Use the intranet so trainees can post questions concerning their jobs and experts
within the company can answer them.
On-the-job training gives employees motivation to start the job. Some
reports indicate that people learn more efficiently if they learn hands-on, rather
than listening to an instructor. However, this method might not be for everyone,
as it could be very stressful.
Example: New trucking employees could ride with experienced drivers. They
could ask questions about truck weigh stations, proper highway speeds, picking
up hitchhikers, or any other issues that may arise.

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2]. Coaching/Mentoring:-
Coaching/mentoring gives employees a chance to receive training one-on-one

from an experienced professional. This usually takes place after another more
formal process has taken place to expand on what trainees have already learned.
Here are three examples of coaching/mentoring:
 Hire professional coaches for managers (see our HR.com article

on Understanding Executive Coach.
 Set up a formal mentoring program between senior and junior managers
 Implement less formal coaching/mentoring to encourage the more experienced

employees to coach the less experienced.
Coaching/mentoring gives trainees the chance to ask questions and receive
thorough and honest answers - something they might not receive in a classroom
with a group of people
Example: Again, truck drivers could gain valuable knowledge from more
experienced drivers using this method.

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3]. Lectures:-
Lectures usually take place in a classroom-format.
It seems the only advantage to a lecture is the ability to get a huge amount of information to
a lot of people in a short amount of time. It has been said to be the least effective of all
training methods. In many cases, lectures contain no form of interaction from the trainer to
the trainee and can be quite boring. Studies show that people only retain 20 percent of what
they are taught in a lecture
Example: Truck drivers could receive lectures on issues such as company policies and
safety.
4]. Group Discussions & Tutorials:-

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These most likely take place in a classroom where a group of people discuss issues.
For example, if an unfamiliar program is to be implemented, a group discussion on the

new program would allow employees to ask questions and provide ideas on how the
program would work best
A better form of training than lectures, it allows all trainees to discuss issues
concerning the new program. It also enables every attendee to voice different ideas and
bounce them off one another.
Example: Truck drivers could have group discussions and tutorials on safety issues
they face on the road. This is a good way to gain feedback and suggestions from other
drivers.

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ICICI LOMBARD
ICICI LOMBARD FOLLOW THE OFF THE JOB TRAINING LIKE
1]. Coaching/Mentoring
2]. Lectures
3]. Group Discussions & Tutorials

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PROMOTION & TRANSFER POLICY
PROMOTION:-
Promotion is vertical movement of an employee within the organization. In other words,

promotion refers to the upward movement of an employee from one job to another higher
one, with increase in salary, status and responsibilities. Promotion may be temporary or
permanent, depending upon the needs of the organization.
There can be ‘dry promotion’ also where an employee is assigned to a higher level job
without increase in pay. An example of ‘dry promotion’ is a University Professor made
Head of the Department with no increase in salary.
Promotion has an in-built motivational value as it elevates the authority, power and status
of an employee within an organization. It is considered good personnel policy to fill
vacancies in a higher job through promotions from within because such promotions
provide an inducement and motivation to the employees and also remove feelings of
stagnation-and frustration.

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TRANSFER

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ICICI LOMBARD
A transfer is a change in job assignment. It is the movement of an employee from one job
to another without involving any substantial change in his duties, responsibilities,
required skill, status and compensation. A transfer does not imply any ascending
(promotion) or descending (demotion) change in status or responsibility.
The ICICI LOMBARD industries has following base on the transfer policy
On the Basis of Purpose
1. Production Transfers
A shortage or surplus of the workforce is common in different departments in a
plant or several plants in an organization. Surplus employees in a department have
to be laid off, unless they are transferred to another department. Transfers effected
to avoid such inevitable layoffs are called production transfers.
2. Replacement Transfers
A replacement transfer is the transfer of a senior employee to replace the junior
employee or a new employee, when the latter is laid off or shifted to another job.
Sometimes, it is a temporary arrangement to make use of the services of die senior
personnel.
3. Versatility Transfers
Versatility transfers are effected to make employees versatile and competent in more
than one skill. It aims at giving training to the employees of various jobs of similar
nature having different operations. It helps the employees to get themselves
prepared for promotions and also helps the employer in developing the effective
manpower prepared to handle the higher openings.
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4 Shift Transfers
When the unit runs in shifts, employees are transferred from one shift to another on
similar jobs. In some undertakings, where shifts are operated regularly, employees
may be recruited permanently for the shift, but in some cases they are rotated from
one shift to another as a matter of practice, because many employees dislike second
or third shift assignment as it interferes with their social or family engagements.

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WAGE& SALARY ADMINISTRATION
Wage & salary is of great importance to the company as it is on expenditure side

on one hand and motivation and rewards on the other hand, The term wage is defined as
the:
“Remuneration paid by the employees for the services of hourly, daily, weekly &
fortnightly employees. It is paid to blue collared employees.”
ICICI LOMBARD gives wages & salaries at different rates to different workers
according to the work given to them. Generally, the workers are paid wages and salaries
on monthly basis. They give salary to the office staff about Rupees5000-10,000 per
month. The company provides salary to his employee on the basis of his working hours
about Rs. 280 (per day). They also provide facility of overtime facility.
The company gives different rewards other than wages and salaries like Provident
Fund and Bonus at the rate of 8.33% of the total salary for the whole year in Diwali.

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PROVIDAND FUND SCHEME
As an employee working in a corporate set-up, there are several things one would like to
know about the Employees Provident Fund (EPF). EPF is the main scheme under the
Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 . The scheme is
managed under the aegis of Employee provided fund organization is called in short
EPFO.
The shree ram enterprise has following provided fund scheme us
Contribution by employer and employee
The contribution paid by the employer is 12% of basic wages plus dearness allowance
plus retaining allowance. An equal contribution is payable by the employee also. In the
case of establishments which employ less than 20 employees or meet certain other
conditions, as per the EPFO rules, the contribution rate for both employee and the
employer is limited to 10 percent.

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GRIVANCE HANDING PROCESS

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Grievance means any sort of dissatisfaction among employees and disputes between
management and employees. There are many reasons, for which grievances are arising,
like, promotion, payment of salary, over time etc. These grievances can be removed by
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proper procedure known as grievance handling procedure.
In ICICI LOMBARD INDUTSRIES an employee having a grievance will have a free

access to his superior to put up his grievance and take it over. This is the most important
step in setting employee’s grievance as the superior better knows the problem of his
subordinates. But if he fails to remove the grievances then these are solved by the head of
the dept. or by the management.

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MARKETING
DEPARTTMENT
DEPARTMENT CHART
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PETER DRUCKER has said in his book, the practice of management, “that
organization is not an end in itself but a mean to the end of business performance and
business results.
MARKETING ORGANIZATION
 Market oriented
 Product oriented
 Function oriented
 Customer oriented
The combined type,

“Marketing organization is made up of people activity, authority, responsibility,
relationship for the purpose of achieving marketing objective.”
PRODUCTION PLANNNING
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MARKET SEGEMENTATION
“Marketing segmentation is concept of taking the total market products dividing it

in to several sub markets or segments.
Marketing segmentation is a method of getting maximum market response from

limited marketing resources. It makes the work of marketers easy and gives attention to
selected customers and offer proper marketing mix for chosen segment.
Market can be segmented on following basis:

 Geographical segmentation
 Psychographic segmentation
 Demographic segmentation
 Behavioral segmentation
ICICI LOMBARD Industries has segmented their market geographical basis. The
market of company is in the following segment.
DOMESTIC MARKET
The company has segmented its market in to various industrial bases. The
company has its presence nationwide. It has appointed super stockiest in Delhi which
distributes the product to other distributors.
 Morbi
 Delhi

JAMNAGAR Page 63

JAMNAGAR Page 64
4P`S OF MARKETING

JAMNAGAR Page 65
1] PRODUCT
Product refers to what the business offers for sale and may include products or services.
Product decisions include the "quality, features, benefits, style, design, branding,
packaging, services, warranties, guarantees, life cycles, investments and returns".
2] PRICE
Price refers to decisions surrounding "list pricing, discount pricing, special offer pricing,
credit payment or credit terms". Price refers to the total cost to customer to acquire the
product, and may involve both monetary and psychological costs such as the time and
effort spent in acquisition.
3] PLACE
Place is defined as the "direct or indirect channels to market, geographical distribution,
territorial coverage, retail outlet, market location, catalogues, inventory, logistics and
order fulfillment". Place refers either to the physical location where a business carries out
business or the distribution channels used to reach markets. Place may refer to a retail
outlet, but increasingly refers to virtual stores such as "a mail order catalogue, a telephone
call centre or a website".
4] PROMOTION
Promotion refers to "the marketing communication used to make the offer known to
potential customers and persuade them to investigate it further". Promotion elements
include "advertising, public relations, direct selling and sales promotions."

JAMNAGAR Page 66
MARKTING RESEARCH
The purpose of marketing research (MR) is to provide management with

relevant, accurate, reliable, valid, and up to date market information.
Competitive marketing environment and the ever-increasing costs
attributed to poor decision making require that marketing research provide sound
information. Sound decisions are not based on gut feeling, intuition, or even pure
judgment.
Market research is broader in scope and examines all aspects of a
business environment. It asks questions about competitors, market structure, government
regulations, economic trends, technological advances, and numerous other factors that
make up the business environment (see environmental scanning).
Sometimes the term refers more particularly to the financial analysis of
companies, industries, or sectors. In this case, financial analysts usually carry out the
research and provide the results to investment advisors and potential investors.
ICICI LOMBARDs industries is use method of marketing research on the basis of
questioning
Based on questioning
 Qualitative marketing research – generally used for exploratory purposes — small

number of respondents — not generalizable to the whole population — statistical
significance and confidence not calculated — examples include focus groups, in-
depth interviews, and projective techniques
 Quantitative marketing research – generally used to draw conclusions — tests a

specific hypothesis – uses random sampling techniques so as to infer from the sample
to the population — involves a large number of respondents — examples
include surveys and questionnaires. Techniques include choice modelling, maximum
difference preference scaling, and covariance Ana

JAMNAGAR Page 67
SERVICE
DEPARTMENT

JAMNAGAR Page 68
INTRODUCTION
To "indemnify" means to make whole again, or to be reinstated to the position that

one was in, to the extent possible, prior to the happening of a specified event or peril.
Accordingly, life insurance is generally not considered to be indemnity insurance, but
rather "contingent" insurance (i.e., a claim arises on the occurrence of a specified event).
There are generally three types of insurance contracts that seek to indemnify an insured:
1. A "reimbursement" policy
2. A "pay on behalf" or "on behalf of policy"
3. An "indemnification" policy
From an insured's standpoint, the result is usually the same: the insurer pays the loss
and claims expenses.
If the Insured has a "reimbursement" policy, the insured can be required to pay for a
loss and then be "reimbursed" by the insurance carrier for the loss and out of pocket
costs including, with the permission of the insurer, claim expenses.
Under a "pay on behalf" policy, the insurance carrier would defend and pay a claim on
behalf of the insured who would not be out of pocket for anything. Most modern liability
insurance is written on the basis of "pay on behalf" language which enables the
insurance carrier to manage and control the claim.

JAMNAGAR Page 69
DEPARTMENT CHART

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Project Report On Icici Lombard General Insurance LTD

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PROJECT REPORT ON ICICI LOMBARD GENERAL INSURANCE LTD

SUBMITED BY : JAY BHARATBHAI THAKRAR,

 HISORY AND SECTOR DEVELOPMENT

 "The Code Of Hammurabi" Is A One Of Its Kind First Written Law. It

 Since, 1907, There Has Been No Stopping For Emergence Of General

SUBMITED BY : JAY BHARATBHAI THAKRAR,

 HISTORY AND DEVELOPMENT OF UNIT

FOUNDER: BHARGAV DASGUPTA

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED BY : JAY BHARATBHAI THAKRAR,

2001 Our Company started operations.

2002 Crossed the mark of 100,000

2005 Crossed the mark of 1 million

2008 Crossed receipt of `100 billion of

2010 Our Company turned profitable -

2012 Started paying dividends.

2015 Crossed `1 trillion of assets under

2017 First insurance company in India

SUBMITED BY : JAY BHARATBHAI THAKRAR,

ICICI Lombard continues to fulfill its commitment towards making a

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED BY : JAY BHARATBHAI THAKRAR,

To be the dominant Life, Health and Pensions player built on trust by

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SIZE OF THE COMPANY

SUBMITED BY : JAY BHARATBHAI THAKRAR,

As per such broad classification, ICICI LOMBARD is considered as a LARGE

SUBMITED BY : JAY BHARATBHAI THAKRAR,

ICICI Lombard General Insurance Company Ltd

Type Public Company

Traded As BSE: 540716

Headquarters Mumbai, India

Key People Bhargav Dasgupta MD[1]

Products General Insurance, Vehicle Insurance, Health Insurance,

Net Income ₹10.49 Billion (US$150 Million)

Number Of 8,444 (As March 2019)

Parent ICICI Bank

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED BY : JAY BHARATBHAI THAKRAR,

growth, after clocking 15 per cent in the previous fiscal.

SUBMITED BY : JAY BHARATBHAI THAKRAR,

1 Bajaj Allianz General Insurance Company Limited

2 People's Insurance Company of China

3 Insurance Australia Group Limited

4 Generali General Insurance Ltd.

SUBMITED BY : JAY BHARATBHAI THAKRAR,

TIME KEEPING SYSTEM

ICICI LOMBARD following the ime schedule

Working hours 10:00 AM to 6:00 PM

SUBMITED BY : JAY BHARATBHAI THAKRAR,

 Group health insurance plan along with individual health insurance

What is a Group Health Insurance?

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED BY : JAY BHARATBHAI THAKRAR,

SUBMITED BY : JAY BHARATBHAI THAKRAR,

CONTRIBUTION OF THE UNIT

 Corporate Social Responsibility

ICICI Lombard Recognises And Embraces Its Commitment To Various

We Constantly Encourage And Support Employee Voluntarism Year-

 Caring Hands Campaign

Caring Hands Campaign Is An Initiative Launched By ICICI Lombard

Approximately 50 Percent Of Employees Volunteer For This Activity

Although The Activity Demands Equipment And Ophthalmologists, The