Suggestion & Recommendation

SUGGESTION & RECOMMENDATION

Uneducated people should be given importance: ICICI

Prudential should cover uneducated people, as they are
not aware of the advantages of the policies for tax
savings.
Villages should be covered: ICICI Prudential should
cover rural areas, as they are also the segment of
population not aware of the advantages of policies.
Seminar & Presentation: ICICI Prudential must conduct
seminars and presentations at all kinds of places
whether cities or towns and focus should be on people
who have large network of references.
Proper area should be chosen: Moreover presentations
should be conducted at places where more and more
people are available such as educational institutes,
society clubs, hospitals etc.
Increase in commission: The advisor of IPRU 15%
commission at an average where the LIC agents get 40%,
Birla Sunlife agents get around 30%. The commission
should be increased so that young people become
interested in IPRU and increase company’s wealth.
Proper remuneration to agents: The agent should be
provided with more and more incentives so that they can
keep further some assistants who can help them to fetch
more policies side by side what agents themselves fetch
out.
Promoting the brand: ICICI Prudential should give
their effort to promote the brand name and create
awareness through channels such as advertisements.
Change in marketing strategies: IPRU can change their
marketing strategy. Currently print and television
media are widely used to promote the company. They

By Tanmay Mandal, Sec D, Roll 237 Page | 83

 Suggestion & Recommendation

should introduce direct selling, sales promotion and

door to door selling.
Measures to build faith among people: Measures to
build faith among people about ICICI Life Insurance
must be taken on accounts of its reliability,
credibility, responsibility, sincerity and the long
lasting establishment.
Increment in interest rate: Since all the riders
attached with any of its products is along with a
slight increment in the premium rates, as such a few
cost free riders should be designed to attract more
customers.
Company should be more accessible: ICICI Prudential
should put up ATM’s in different semi-urban & rural
places as to collect the premium across the country.
Training for advisor: The advisor should not only be
provided with training at the time of selection but
they should also be given refresher training
periodically. It increases their working effort and
makes them more competitive. Every month the agents
should be given the training for at least one day.
Traveling allowances: The agent should be given
sufficient traveling allowance so as to compensate the
expenditures made by them to meet customers from one
place to another.
Should cover risk: ICICI should cover various risks in
one policy with same premium.
Similar featured product with low premium: There
should be a product with similar features and low
initial premium. A product like Life Time super is
suitable for all but the initial premium which cannot
be less than Rs. 20000 is very high for low income
people, therefore the company should derive a product

By Tanmay Mandal, Sec D, Roll 237 Page | 84

 Suggestion & Recommendation

with similar features but with low initial premium so

that it is affordable to normal service class.
Administration charges should be low: The company
should lessen down the administration charges so that
this product can have an edge over other investment
modules like N.S.C, P.P.F etc.
Other charges should be low: The other charges are
also very high for ICICI Prudential, if company builds
up strategies to decrease the charges the customer
would get more interest on IPRU.
Dealing with customer complaints: ICICI should deal
with the customer’s complaints. The company should
avoid legal proceedings by setting the claims out of
the courts.
Female suitable plan: Investment plans suitable to the
female population (female child) should be brought in
the market with minimum premium and additional
benefits.
Market surveys should be conducted regularly: The
company should know about the customers changing needs
and demands by conducting market surveys which are
helpful in innovating a product which suits the
customer’s requirements.
More benefit on maturity: The company only offers the
fund value at the time of maturity, there should be
some more benefits for the customer for being with them
for such a long time.
Death benefit: The death benefit rule should be
altered. Currently the family of the life assured gets
either the assured value of fund value whichever is
higher. The value should be both as well as the family
should get the double the amount of the life assured.

By Tanmay Mandal, Sec D, Roll 237 Page | 85