SUMMER INTERNSHIP PROJECT REPORT ON

ICICI LOMBORD GENERAL

INSURANCE LIMITED
AT
Nneell’s Invest

SUBMITTED TO
DURGADEVI SARAF INSTITUTE OF
MANAGEMENT STUDIES

In partial fulfilment of the academic requirements

for the MMS Program
Submitted by
Aanad Singh
Roll no:20201148.
Batch:2021-2022.

Under the guidance of

Industry Mentor
Mr. Ajay Dharavija

Faculty Mentor Prof.

Apurva Mehta
 STUDENT’S DECLARATION

This is to declare that the study presented by me to Durgadevi Saraf Institute

of Management Studies, in partial completion of the MMS under the title
“Export Finance” had been done under the guidance of Prof. Apurva Mehta
(faculty name) and Mr. Ajay Dharavija (Industry Mentor) during June-July
2022.

Place : Mumbai Anand Singh

Signature of the student

Date :- 18/06/22 Roll No : 20201148

 ICICI Lombard General Insurance Limited

Student’s Name: Aanad Singh

Faculty Guide: Apurva Mehta
Industry Mentor: Ajay Dharavija
Name of the Organization: ICICI Lombard General Insurance Limited
 Certificate of Completion

I hereby certify that the project …………………………………………...., belongs to

/Mr/Mrs/Ms……………………………………………………………………., studying
……………………………………, in …………………………………………………………………………… has
been supervised by me and has
been completed on.............................................................................., according to
the assigned tasks, on the date ......................
The work has been completed to my best satisfaction, the research material and
format has been used strictly in accordance with general and detailed guidelines
of the project.
…………………………………..........
Signature of the Instructor
…………………………………………
Name of Instructor
………………………………………….
………………………………………….
Date: …………………
 Acknowledgement
I would like to express my special thanks of gratitude to my teacher
_________________________ and our principal
________________________________ who gave me the golden opportunity to
do this project on the topic _______________________________________. It
helped me in doing a lot of Research and I came to know about a lot of things
related to this topic.
Finally, I would also like to thank my parents and friends who helped me a lot in
finalizing this project within the limited time frame.
List of tables and figures:
1. Organizational Structure
2. Revenue growth
3. Comparative Analysis of market share in Insurance sector:
4. Market Share of ICICI Lombard General Insurance Company from 2012 to
2020
Table of Content:
1. Executive Summary
2. Introduction
3. Origin
4. Achievements
5. Future of the industry
6. Growth and development
7. Scope and Objective
8. Organizational structure
9. Data collection
10.Research design and methodology
11.Data Analysis
12.Key findings
13.Conclusions and recommendations
14.References
15.Bibliography
Executive Summary: I worked for ICICI Lombard General Insurance Limited for
last three months and did a lot of research on it. It helped me in understanding
the concepts of ICICI Lombard General Insurance Limited. It also helped me to
understand the customer’s needs and their expectations from an insurance
company. The people in India are very conscious about spending money and
purchasing the policy. They consider all the important factors such as premium,
services, reputation, ease and convenience of process before spending any
amount. While working on this project, I understood different management skills
which ICICI Lombard considers while offering its policies to its customers. Also, I
was able to learn about the origin, history, work organization, development and
growth of ICICI Lombard General Insurance Limited.
Introduction about Insurance Sector: Insurance just not refers to the sale of
products, but it is basically providing services to the customers. Insurance can be
considered as a sense of financial protection against any physical losses that could
occur due to nature or any other event. This loss is fulfilled by the insurance
company using the premiums which the customers pay after purchasing the
insurance policies. Insurance sector firstly depended upon the government
insurance companies only. When people started understanding the risk of their
lives, assets and properties, the demand increased.
At this point, private insurance came into light. These private companies brought
a boom in the insurance industry. Customers got a lot of options in this industry.
They could buy insurance on the best competitive prices with much better
benefits.
In this project, we will review some of the latest entrants into insurance sector
viz. private players like TATA AIG General Insurance Company, Reliance General
Insurance Company limited, Bajaj Allianz General Insurance Company, IFFCO
Tokyo General Insurance Company, Royal Sundaram General Insurance Company
limited and ICICI Lombard General Insurance Company have been described in
brief, Due to the growth in the technological sector of the country, the insurance
companies have started utilizing these technologies to it‚ as optimum level.
Origin and Development of Insurance Industry: There were 107 insurance
companies in Indian as well as Foreign insurance sector till May 1971. However,
the size and the range of these companies varied in various aspects.
In 1972, General insurance business (Nationalization) Act was introduced under
which all the insurance companies were brought under one roof.
On January 1, 1973 the single nationalized company was created by the name of
General Insurance Company of India having 4 subsidiaries which were to take care
of general insurance business operations.
Origin of ICICI Ltd.: The World Bank, The Government of India and The Indian
Insurance Industry established The ICICI Ltd. in 1955 in order to promote the
industrial development of India in the financial sector. Since its establishment,
ICICI has served more than 6848 companies and 16851 projects.
Lombard Canada Ltd. is a popular insurance company in Canada. It is an insurance
management company that deals in personalized as well as commercial insurance
types. Its head office is in Toronto and ahs annual sales of $500 million
approximately.
The ICICI Ltd. collaborated with Lombard Canada Ltd. and established ICICI
Lombard General Insurance Ltd. ICICI has 74% share in it while Lombard Canada
has 26% share in it.
History of Insurance Industry: The life insurance business in India started in 1818
with the commencement of Oriental Life Insurance Company in Kolkata.
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crores from the Government of
India. The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance company
established in the year 1850 in Kolkata by the British.
Some important achievements in this field are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact
all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972.Nationalized the
general insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies.
Some of the companies in the private sector are:
1. Bajaj Allianz General Insurance Co.Ltd.
2. Cholamandalam General Insurance Co. Ltd.
3. HDFC Chubb General Insurance Co. Ltd.
4. ICICI LOMBARD General Insurance Co. Ltd.
5. IFFOCO Tokyo General Insurance Co. Ltd.
6. Reliance General Insurance Co. Ltd.
7. Royal Sundaram Alliance Insurance Co. Ltd.
8. Tata AIG General Insurance Co. Ltd.
Future of the Industry:
India's insurance sector is zooming to show an unprecedented progressive growth
of more than 200% by the period of 2009-12. The Associated Chambers of
Commerce and Industry of India has clocked out the fact that during this period,
private players in the industry will see a growth of about 140 per cent, owing to
the adoption of the aggressive marketing techniques in comparison of the growth
rate of 35-40 per cent achieved by the state-owned insurance companies. The
chamber is expected to poise the business of insurance to reach at Rs.2000 billion
in coming 2 years from the present level of Rs. 500 billion. With the result of
adoption of the intense marketing strategies by the private players, the
declination has been witnessed in respect of the share of the state-owned
insurance companies captured in the market.
Insurance sector was primarily dependent on the government sector companies
but now many private sector multinational companies have come into the
picture. Some of them are HDFC, ICICI Lombard, Royal Sundram, Tata Aig, etc.
Insurance sector nowadays, is being considered as the booming sector of the
Indian Insurance arena, which has deliberately shown the growth rate of more
than 15 per cent to 20 per cent approximately.
Growth and Development of ICICI Lombard General Health Insurance: It is the
largest private sector insurance company in India. It had Gross Written Premium
(GWP) of Rs.34,198.4 million for the year 2009. At present company has 4777
people working in it and it has 357 branches all around. Till the date, the company
has issued almost 4 million policies and settled the claims for around 33 lakh
claims. Its claim disposal ratio was around 97% in 2009.
ICICI Lombard is holding a domestic rating of iAAA by ICRA for being the strongest
position holding company that paid highest claims till the date. It has an option of
instant policy issuance and renewal through its website www.icicilombard.com
for its customers. It is therefore, very convenient and time saving.
It has received some awards also. It was conferred with Golden Peacock Eco-
innovation award of 2009, Customer and Brand Loyalty award, General Insurance
Company award in 11th Asia Insurance Company Awards, NDTV Profit Business
Leadership Award 2007 and Economic Times Avaya Global Connect Customer
Responsiveness Award 2006. It has the Gold Shield for “Excellence in Financial
Reporting” by the ICAI.
Scope and Objective: The main objective of this project is to understand the
entire system of ICICI Lombard General Insurance Limited.
Organizational Structure of ICICI Lombard:

ICICI LOMBARD GIC LTD.

BOARD OF DIRECTORS

WHOLESALE RETAIL RURAL AGRICULTURE

NATIONAL SALES MANAGER

REGIONAL SALES MANAGER

 AREA SALES MANAGER

UNIT SALES MANAGER

SALES
OFFICER

Board Members of ICICI Lomabard are:

Chanda Kochhar, Chairperson
R. Athappan, Director
Sandeep Bakhshi, Director
B.V. Bhargava, Director
Dileep Choksi, Director
N.S. Kannan, Director
S. Mukherji, Director
Chandran Ratnaswami, Director
M.K. Sharma, Director
H.N. Sinor, Director
Bhargav Dasgupta, Managing Director & CEO
Committees in ICICI Lombard:
Audit Committee
Mr. S Mukherji, Chairman
Mr. Dileep Choksi, Director
Mr. James F Dowd, Director
Investment Committee
Mr. Chandran Ratnaswami, Chairman
Ms. Kalpana Morparia, Director
Mr. Sandeep Bakhshi, Managing Director & CEO
Mr. S Gopalakrishnan, Head ñ Investments
Mr. Rakesh Jain, Head-Finance & Accounts
Data Collection
Revenue Growth:
Year Gross Return Premium (Rs.)
2006-2007 30035
2007-2008 36010
2008-2009 37492
Comparative Analysis of market share in Insurance sector:
Company Rs. (Crores) Market share %age
New India 1993.96 17.89
United India 1681.47 15.09
National 1572.39 14.11
ICICI Lombard 1341.94 12.04
Oriental 1330.82 11.94

Features of ICICI Lombard in comparison with other competitors in the market:

 Low premium along with the better services
 Competitive discount is high
  Product range is highly vast
 Better customer retention
 No hidden charges
Research design and Methodology:
I have used descriptive research design in this project. The main purpose behind
selecting this design was to deeply study the state of affairs of the organization at
present. Descriptive study is known to be the fact-finding research method with
accuracy and adequate interpretation of data. It is the simplest form of research.
It focuses on the problem situation. The data collected for this research can be
easily used to analyze the current scenario of an organization. The procedure is
verifiable and has evidences also.
Sampling technique: I have used convenience sampling that is also referred as
non-probability sampling or purposive sampling. Various samples from the
different sectors of the recommended industry are chosen to be analyzed.
Sources of data collection: Sample size is 50 shopkeepers and offices in Central
Market, New Delhi. Both primary and secondary methods of data collection were
used. A research was conducted using a questionnaire of 30 apt and appropriate
questions related to insurance for data analysis.
Research Limitation: The research was confined to New Delhi city only and also it
was company specific, therefore, it was limited to a small sample size.
Data Analysis:
Q1. Do you know what is office insurance?
A1. Yes: 87%
No: 10%
Little knowledge: 3%
Interpretation: 87% people have knowledge about office insurance, 10% had no
idea and 3% have little knowledge about it.
Q2. If yes, where do you heard about office insurance?
A2. Television: 45%
Newspaper and magazines: 32%
Social Platforms: 23%
Interpretation: 45% people came to knew about office insurance via television
whereas 32% people heard about it via magazines and newspapers. Social
platforms helped 23% to learn something about it.
Q3. What features do you look for while purchasing a policy?
A3. Company reputation: 26%
Premium: 58%
Services: 16%
Interpretation: 26% people check the company’s reputation before purchasing a
policy. 58% people are worried about premiums and 16% people look for services.
Q4. How many employees are there in your office or shop?
A4. Less than 10: 40%
More than 10 but less than 20: 30%
More than 20: 30%
Interpretation: 40% people have less than 10 employees in their offices or shops,
30% have less than 20 employees and remaining 30% have more than 30
employees.
Q5. Would you like to have office insurance?
A5. Yes: 55%
No: 35%
May be: 10%
Interpretation: 55% people are interested in buying office insurance, 35% are not
interested in same and 10% are not sure about it.
Q6. If yes, which company would you like to choose?
A6. ICICI Lombard: 44%
HDFC: 35%
New India: 21%
Interpretation: 44% people like ICICI Lombard, 35% like HDFC and 21% people
would like to go for 21%.
Q7. Which type of insurance policy would you like to have?
A7: Yearly renewal: 40%
Auto renewal: 60%
Interpretation: 40% people are interested in yearly renewal and 60% want to go
for auto renewal.
Q8. When have you planned to purchase a policy:
A8. Within 60 days: 65%
After 60 days: 35%
Interpretation: 65% people have a plan to buy the policy within 60 days and
remaining 40% would purchase it after 60 days.
Q9. How much premium do you wish to pay?
A9: Rs. 5000: 40%
More than Rs. 5000 but less than Rs. 10000: 25%
More than Rs. 10000: 35%
Interpretation: 40% people would like to pay Rs. 5000 as premium, 25% would go
for more amount around Rs.10000 and 35% can pay more than Rs. 10000.
Q10. Do you feel it is economical to pay a premium of Rs.10000 or above?
A10. Yes: 40%
No: 33%
May be: 27%
Interpretation: 40% people believe the premium amount is economical, 33% feel
it is not and 27% are not sure about it.
Market Share of ICICI Lombard General Insurance Company from 2012 to 2020:

Series 1
8.6

8.4

8.2

7.8

7.6

7.4

7.2

7
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020

Series 1

Key Findings:
Majority of people are aware about office insurance also they are interested in
paying premium of Rs.5000 only. They feel it is economical to pay a good amount
as premium. Majority of people like ICICI Lombard and are ready to purchase the
policy within 60 days. Auto renewal of policy is considered in greater percentage
by the people as they think it is convenient and time saving.

Conclusion and Recommendations:

After doing all the research on ICICI Lombard General Insurance Limited, we can
conclude that it is the largest private sector insurance company in India which
deals in various types of insurance products.
It offers multiples benefits to its customers. It has smooth and easy process flow
for all the services provided by the company. A good number of customer count is
an evidence to prove this point.
I would recommend that ICICI Lombard General Insurance Limited should
continue to provide its best services to its customers worldwide.
It can offer better benefits at comparative prices to expand its business to next
level. As we all know, there is a lot of competition in insurance sector, therefore,
it should work on creating new policies which could provide more benefits on less
costs.
Customers has a lot of options to choose from and as the life insurance is a
sensitive matter, no body would like to spend on the product which could not
cover all the benefits.
In short, the company should consider all the points mentioned below on the first
priority.
1. Cheaper Costs
2. More benefits
3. Easy and smooth process
4. Best customer support
5. Easily accessible website or mobile application
6. Convenient claims process
7. Data security
8. Advertise more
9. Cover rural areas along with the urban areas
10.Provide bonus and incentives to employees to achieve for targets
11.Build technical expertise

References:
Project on Icici Lombard General Insurance. (n.d.). Docshare.Tips. Retrieved June
17, 2022, from https://docshare.tips/project-on-icici-lombard-general-
insurance_574a4dfbb6d87f032c8b49ff.html
ICICI Lombard General Insurance Co Ltd. Revenue, Profit, EPS, Dividend Growth
Charts. (n.d.). Investello.Com. Retrieved June 17, 2022, from
https://www.investello.com/Analysis/Growth/ICICIGI
Project Report On ICICI Lombard General Insurance - 2018 Engineering MBA
Projects. (n.d.). Sites.Google.Com. Retrieved June 17, 2022, from
https://sites.google.com/site/engineeringmbaproject/project-report-on-icici-
lombard-general-insurance
Statista. (2022, April 26). Market share of ICICI Lombard India FY 2015–2020.
Retrieved June 18, 2022, from
https://www.statista.com/statistics/1076531/india-icici-lombard-market-share/
Bibliography:
https://www.statista.com/statistics/1076531/india-icici-lombard-market-share/
https://docshare.tips/project-on-icici-lombard-general-
insurance_574a4dfbb6d87f032c8b49ff.html#