marketing by icici preduntial life insurance

8/9/2019 marketing by icici preduntial life insurance

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A

Project Report on

Marketing Of Insurance In ICICI Prudential Life

Insurance

Submitted in partial fulfillment of t e re!uirement of t e"ardla# CSI College$ %ellar&

'()(

Submitted %&*+ Sud a

,nder t e able -uidance Of Mr+ .A-A/00S1 M+%+A

/ept+ of %usiness Management"ardla# CSI College$

%ellar&


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A study on Marketing of Insurance.

AC*2O"L0/-0M023

3 e researc #ork embodied in t e project as been carried out

under t e guidance and super4ision of Mr+ .A-A/00S1$ "ardla# CSI

College for t e co5operation and encouragement e as e6tended to me+

I #ould like to e6press m& sincere t anks to Mr+ Mallikarjuna+S+%

Sales Manager of ICICI Prudential Life Insurance Compan& Limited$

for permitting me to do m& project #ork in t eir esteemed organi7ation+

I respecti4el& e6press m& indebtedness for t is encouragement

and keen interest t roug out t e course of project #ork+

I am grateful to ICICI Prudential Life Insurance Compan&

Limited$ %ellar& and m& Project guides for t eir support and constantsource of elp during t e project+

I finall& e6tend m& # ole earted t anks to all m& famil&

members and friends for t eir kind co5operation and contribution

during t e course of m& project #ork+

K. Sudha

Wardlaw CSI College, Bellary Page 2


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CO23023S8

I23RO/,C3IO2 9 1IS3OR: O; ICICI PR,/023IAL LI;0I2S,RA2C0

C1AP30R5 ) Introduction Of Stud&8) Objecti4es of t e stud&+' Researc met odolog&+< Scope of t e stud&+= Limitation of t e stud&+

C1AP30R5' Introduction Of ICICI Prudential Life Insurance8'+) O4er4ie# of t e Life Insurance Sector in India+'+' Principles and 3&pes of Insurance+'+< IR/A5 t e "atc dog+'+= Insurance Marketing+

C1AP30R5< Industr& Profile8


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=+'Suggestions+

C1AP30R5B Conclusion8uestionnaire 9 %ibliograp &

I23RO/,C3IO2 Of ICICI Prudential Life Insurance8

Marketing is an assessment, ascertainment, and fulfillment of consumer needs and desire

into products and services through planning and creating demand for companies products,

serving the consumer demand through planned physical distribution with the for help of

marketing channels expanding the marketing even in the face of keen competition

!s a corporate state of mind which insists integration and co"ordination of all marketing

functions in welded with all co"operative functions, with a basic ob#ective of maximi$ing long

range corporate profits and satisfy the customer needs and wants

3 e Creation of customer implies t ree t ings85

%& 'evelopment of product through technical and market research on which afford sales

opportunities

(& )ersuading the customer to buy through advertisement and sales promotion

*& Making the product available in a form at a price, time and place the customer want

Marketing research is the function, which links the consumer + customer and public to the

marketer through information used to identify and define marketing opportunities and problems

b#ective of marketing research may be primary to gather information from different customer

attitudes and opinions

-he insurance sector in India has come a full circle form being an open competitive

market to nationali$ation and back to a liberali$ed market again -racing the developments in the



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Indian insurance sector reveals the *./ degree turn witnessed over a period of almost two

centur ies

A 1istor& Of 3 e Insurance Sector

Insurance has been around since ancient times -he Babylonians and )hoenicians had

ocean marine insurance to protect a merchant against losses incurred when a ship did not reach

its intended destination with its load of goods or did not return with payment -his form of insurance, called respondent a , evolved because the goods on board often were used as collateral

for a loan -he lender charged the borrower interest on the loan and levied an additional sum, the

premium , to cover the cost of the respondentia contract If the ship reached its destination and

returned, the merchant received payment for the goods and in turn paid the moneylender If the

ship failed to return, the debt was cancelled -his system was profitable to lenders because many

respondents a contract were sold, and debts were paid more often than cancelled

Marine Insurance8 Marine insurance is the oldest form of insurance followed by life

insurance and fire insurance -he oldest and the earliest records of marine policy relates to a

Mediterranean voyage in %*01 In the year %0//, a book written by a merchant of 2lorence,

indicates premium rates charged for the shipments by sea from 3ondon to )isa

;ire insurance8 It has its origin in 4ermany where it was introduced in municipalities for

providing compensation to owners of the property, in return for an annual contribution, based on

the rent of those premises -he fire insurance in its present form started after the most disastrousfire in human history known as the 54reat 2ire5 in 3ondon, which had destroyed several

buildings



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'ue to the increasing demands of the time, different forms of insurance have been

developed Industrial 6evolution of %7th century had facilitated the development of accidental

insurance, theft and dacoity, fidelity insurance, etc In (/th century, many types of social

insurance started operating, vi$ , unemployment insurance, crop insurance, cattle insurance, etc

-his way the business of insurance developed simultaneously with human and social

development -oday, the use of computers in the field of insurance is fre8uently increasing

Insurance becomes an inseparable part of human development

-he early developments of life insurance were closely linked with that of marine

insurance -he first insurers of life were the marine insurance underwriters who started issuing

life insurance policies on the life of master and crew of the ship, and the merchants -he earlyinsurance contracts took the nature of policies for a short period only -he underwriters issued

annuities and pension for a fixed period or for life to provide relief to widows on the death of

their husbands -he first life insurance policy was issued on %9 th :une %;9*, on the life of

William 4ibbons for a period of %( months

1istor& Of Life Insurance In India

-he 1istor& of Life Insurance in India dates back to %9%9 when it was conceived as a

means to provide for


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Insurance regulation formally began in India with the passing of the 3ife Insurance

Companies !ct of %7%( and the )rovident 2und !ct of %7%( Several frauds during (/5s and */5s

sullied insurance business in India By %7*9 there were %1. insurance companies -he first

comprehensive legislation was introduced with the Insurance !ct of %7*9 that provided strict

State Control over insurance business -he insurance business grew at a faster pace after

independence Indian companies strengthened their hold on this business but despite the growth

that was witnessed, insurance remained an urban phenomenon

-he 4overnment of India in %7;., brought together over (0/ private life insurers and provident societies under one nationalised monopoly corporation and 3IC was born

=ationalisation was #ustified on the grounds that it would create much needed funds for rapid

industriali$ation -his was in conformity with the 4overnment5s chosen path of State" led

planning and development

-he >non"life& insurance business, however, continued to thrive with the private sector till

%71( -heir operations were restricted to organised trade and industry in large cities -he general

insurance industry was nationalised in %71( With this, nearly %/1 insurers were amalgamated

and grouped into four companies" =ational Insurance Company 3td , -he =ew India !ssurance

Company 3td , -he riental Insurance Company 3td and ?nited India Insurance Company 3td

-hese were subsidiaries of the 4eneral Insurance Corporation of India >4IC&

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C1AP30R5)

)+) S3A30M023 O; 310 PRO%L0M8

-he )ro#ect I have taken up is MAR*03I2- O; I2S,RA2C0 I2 ICICI

PR,/023IAL LI;0 I2S,RA2C0 , -he reason why I took up this sub#ect is because today,

insurance industry is among the fastest growing sector and it provides wonderful business

marketing, where by people can use their free time for the purpose of not only earning money

and rewards but also build meaningful relationships

-hrough this pro#ect work, I expect to come with meaningful analysis on awareness of public on

@M!6A0S O; 310 S3,/:8

-o know the marketing strategy in ICICI )rudential 3ife Insurance in Bellary-o know the public interest towards the insurance-o know the brand awareness towards ICICI )rudential 3ife Insurance Co , 3td inBellary-o find out which parameter is motivating insurance advisers to #oin insurance field-o make suggestions and recommendations to improve upon the working of the company

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)+< R0S0ARC1 M031O/OLO-:8

Information is collected from the primary and secondary data !nalytical tool applied for

the analysis of data or Sources of 'ata

3 e source of information is broadl& classified into ' categories8

)6IM!6 '!-!

S


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)+= SCOP0 O; 310 S3,/: 8

-he study has conducted in Bellary city for a period of one month It intended to provide

information about market potential for the business marketing in insurance

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)+? LIMI3A3IO2S O; 310 S3,/: 8

-he area of study is limited to Bellary city

-he bias response from the respondents may have introduced errors in the survey

findings

-he sample is limited

-ime constraint

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C1AP30R5'

'+) O4er4ie# Of 3 e Life Insurance Sector In India8

With largest number of life insurance policies in force in the world, Insurance happens to

be a mega opportunity in India ItEs a business growing at the rate of %;"(/ per cent annually and

presently is of the order of 6s 0;/ billion -ogether with banking services, it adds about 1 per

cent to the countryEs 4') 4ross premium collection is nearly ( per cent of 4') and funds

available with 3IC for investments are 9 per cent of 4')

et, nearly 9/ per cent of Indian populations are without life insurance cover, healthinsurance and non"life insurance continue to be below international standards !nd this part of

the population is also sub#ect to weak social security and pension systems with hardly any old

age income security -his itself is an indicator that growth potential for the insurance sector is

immense

! well"developed and evolved insurance sector is needed for economic development as it

provides long term funds for infrastructure development and at the same time strengthens the risk

taking ability It is estimated that over the next ten years India would re8uire investments of the

order of one trillion ?S dollars -he Insurance sector, to some extent, can enable investments in

infrastructure development to sustain economic growth of the country

With a large capital outlay and long gestation periods, infrastructure pro#ects are fraught

with a multitude of risks throughout the development, construction and operation stages -hese

include risks associated with pro#ect implementation, including geological risks, maintenance,

commercial and political risks Without covering these risks the financial institutions are not

willing to commit funds to the sector, especially because the financing of most private pro#ects is

on a limited or non" recourse basis

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Insurance companies not only provide risk cover to infrastructure pro#ects, they also

contribute long"term funds In fact, insurance companies are an ideal source of long term debt

and e8uity for infrastructure pro#ects With long term liability, they get a good asset" liability

match by investing their funds in such pro#ects

I6'! regulations re8uire insurance companies to invest not less than %; percent of their

funds in infrastructure and social sectors International Insurance companies also invest their

funds in such pro#ects

Insurance is a federal sub#ect in India -here are two legislations that govern the sector"

-he Insurance !ct" %7*9 and the I6'! !ct" %777 -he 4overnment of India liberali$ed the

insurance sector in March (/// with the passage of the Insurance Regulator& and

/e4elopment Aut orit& DIR/AE Bill, lifting all entry restrictions for private players and

allowing foreign players to enter the market with some limits on direct foreign ownership ?nder

the current guidelines, there is a (. percent e8uity cap for foreign partners in an insurance

company -here is a proposal to increase this limit to 07 percent )remium rates of most general

insurance policies come under the purview of the government appointed -ariff !dvisoryCommittee

-he opening up of the sector is likely to lead to greater spread and deepening of insurance

in India and this may also include restructuring and revitali$ing of the public sector companies !

host of private insurance companies operating in both life and non"life segments have started

selling their insurance policies since (//%



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'+' Principles and 3&pes of Insurance8

Principles of Insurance8

Insurance is a 5risk transfer mechanism5 " it transfers the financial risks of everyday life

from you to an insurance company, but only in terms of the financial conse8uences of risk

Without insurance, if you car was damaged, it would cost you a lot of money to fix it or to buy

another one It could cost you even more to pay for compensation to someone else involved in an

accident Insurance protects your financial interests It cannot alleviate the emotional

conse8uences of an accident It cannot provide for humanitarian ideals It can5t help you withsentimental losses But properly used, it will protect your financial investment in your car and

your legal obligations should you have an accident

Insurable Interest

Before you can insure anything, you must have a legally recognised financial interest in

what you are insuring 2or motor insurance, you can5t take out an insurance policy on the car

driven by the latest film star in the hope that it will crash and you can claim -hat is nothing

more than gambling ou have no financial interest in the well being of the ob#ect insured and

would gain by its destruction But you can insure the car you own, or drive ou would suffer

financially if it is damaged or stolen and benefit from its continued existence

Indemnit&

-his word is used to describe the type of payment you would receive ! motor policy and

a household policy are both a contract of indemnity It means, sub#ect to the terms of the

contract, you are entitled to be put back in the same financial position after a loss as you were in

before the loss In terms of a 5new for old5 policy the measure of indemnity is agreed at the point

of sale rather than the time of claim -he term is also sometime used to indicate if your insurer

will meet the claim at all ! refusal to indemnify is a refusal to pay the claim



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Contribution

If there is more than one policy in force that you could claim on, you can5t get payment

from them both that would exceed the value of your loss So each policy would contribute a

portion of the loss ou would receive the full value of the loss but no more and the two policies

would only bear part of it each

Subrogation

-his is the right that your insurer has to recover from someone else where you are entitled

to do so 2or example, if another driver causes damage to your car, and your insurers pay for it,

subrogation gives them the legal right to 5stand in your shoes5 and reclaim their outlay from the

responsible driver

Pro6imate Cause

When you seek to claim from your insurers for a property or financial loss you must

show that the loss was caused as a result of a peril covered by the policy -here must be a direct

relationship of cause and effect, the cause must be proximate in efficiency but not necessarily in

point of time -here might for example, be a chain of causes in which each cause is the natural

result of the preceding cause It is the immediate and not the remote cause which must be

considered



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3:P0S O; I2S,RA2C08

-eneral insurance

-he basis for general insurance is Ftransfer of riskF

-his means that the insurer agrees to compensate you if you suffer a loss Without the

insurance you would have to pay for that loss yourself bviously this contract is made on the

basis that the insurance company calculates the risk that you, or the total number of people

buying insurance, will cost more in payouts than what is received in premiums -his is

determined by the use of statistics and the information you disclose on your application for

insurance

3 is includes8

1ome contents8

It can either be Fdefined eventF i e the policy covers loss or damage from a list of

FdefinedF events, e g storm or fireG or Faccidental loss or damageF i e all accidental loss with

some exclusions

Motor 4e icle8

It can either be FcomprehensiveF i e it covers any damage to your car as well as damage

to the other car or another person5s propertyG Fthird party propertyF i e it covers damage caused

by your car to another person5s property -his type of insurance will not cover you for the cost of

repairs to your own carG Fthird party fire and theft i e it covers damage partly for damage caused

by your car to another person5s property, and restricted cover for damage to your car cause by

theft or fire



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Income protection8

With this type of insurance the insurer agrees to pay you a specified amount of money,

usually in monthly payments, in the event that you become disabled and unable to work !long

the same lines you can purchase Ftrauma insuranceF to cover a medical trauma such as a heart

attack

!lso in the modern day world a number of utility specific insurance policies are being

launched by the various players in the insurance market in an effort to stay one step ahead of

their competitors Dence to make the 'efinition of 4eneral Insurance more broad based and

inclusive we can say that all the policies which do not fall under @3ife Insurance @ category fall

under the 4eneral Insurance category

Life Insurance

3ife insurance is insurance that will protect your family and+or specified dependents in

the event of the policy holderEs death In general, it is an essential component in planning for the

future -here are many options with coverage, depending on your situation !nd there are three

main categories of life insuranceH term life, universal life, and whole life insurance -erm life isthe simplest and least expensive type of policy It5s pure insurance with no cash value account !

term life policy has only one functionH to pay a specific lump sum to whomever you5ve

designated, upon a specific event, your death

Whole life insurance provides permanent protection for your dependents while building a

cash value account With this type of insurance, the insurance company manages the policies

various accounts ?niversal life insurance provides permanent protection for your dependents

and is more flexible than whole or variable life

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'+< Insurance Regulator& and /e4elopment Aut orit& F3 e "atc /og

n %7th !pril (///, the !uthority has been notified in the 4a$ette of India in terms of

Insurance 6egulatory and 'evelopment !uthority !ct, %777 DIR/A %illE -he !uthority has also

been constituted

MissionH -o protect the interests of the policy holders, to regulate, promote and ensure orderly

growth of the insurance industry and for matters connected there with or incidental there to

'?-I


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)romoting and regulating professional organi$ation connected with the insurance and re"

insurance businessG

f& 3evying fees and other charges for carrying out the purposes of this !ctG

calling for information from, undertaking inspection of, conducting en8uiries and

investigations including audit of the insurers, intermediaries, insurance intermediaries

and other organi$ations connected with the insurance businessG

g& Control and regulation of the rates, advantages, terms and conditions that may be offered

by insurers in respect of general insurance business not so controlled and of %7*9

regulated by the -ariff !dvisory committee under section .0? of the Insurance !ct, %7*9G

h& Specifying the form and manner in which books of account shall be maintained and

statement of accounts shall be rendered by insurers and other insurance intermediariesG

i& 6egulating investment of funds by insurance companiesG

>l& regulating maintenance of margin of solvencyG

#& !d#udication of disputes between insurers and intermediaries or insurance intermediariesG

k& Supervising the functioning of the -ariff !dvisory committeeG

l& Supervising the percentage of premium income of the insurer to finance schemes for

promoting and regulating professional organi$ation referred to in clause >f&G

m& Specifying the percentage of life insurance business and general insurance business to be

undertaken by the insurer in the rural or social sectorG andn&


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'+= Insurance Marketing8

Insurance Agents

!s 3ife insurance is a personali$ed service, personal selling plays an important role in

promoting the same )lace and promotion are being highlighted here since the agents and

development officer who form the pillars of 3ife Insurance market structure discharge these two

important functions !gents are )6 men of insurance companies at the grassrootsE level -he role

in building up good customer relation is crucial -hey work under the guidance and direct

supervision of development officers -hey together sell the right type of policies suitable to the

needs of clients for the right amount at the right time >age& -he agents render various other

services and also play a vital role in policy servicing -he 'evelopment fficers under each

Branch office beside guiding and supervising activities of the agents are also responsible for their

recruitment and training so as to develop a stable agency force -hey activate the existing agents

and motivate the new ones !lso they render all such services to the policyholders as will produce better policies !gents and development officers, as the intermediaries in the distribution

system of the whole, develop and increase the 3ife Insurance business in a planned way

2or promoting 3ife Insurance business, sales promotion activities are also carried out by

the agents Calendars, bags, diaries, etc are also given to the policyholders as a token of gifts

-he insurance companies also trains their agents, as they do not tend to increase or update their

knowledge regularly so as to serve better to their customers Special training programs are held

for them

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Corporate 1ouses and ;inancial Institutions8

-his is a distribution network that has shot into prominence after the opening up of the

Insurance sector

3arge corporate houses and financial institutions have now entered into the business of

selling life insurance -hese institutions have employed special employees who are trained to sell

insurance -hese employees are told to then tell to target the existing customers of the corporate

houses or financial institutions -hey also have a help desk + promotion desk at the places where

the customer comes into contact with the company -hese centers are the effective centers where

the sales pitch is made to the prospective customers !lso sometimes the company may use

marketing tactics like sending direct mailers to the various clients or telemarketing -his form of

distribution is slowly but surely gaining prominence

%ancassurance

With the opening up of the insurance sector and with so many players entering the Indian

insurance industry, it is re8uired by the insurance companies to come up with innovative

products, create more consumer awareness about their products and offer them at a competitive

price !t this #uncture, banking sector with itEs far and wide reach, was thought of as a potential

distribution channel, useful for the insurance companies -his union of the two sectors is what is

known as Bancassurance What is Bancassurance Bancassurance is the distribution of insurance

products through the bank5s distribution channel It is a phenomenon wherein insurance products

are offered through the distribution channels of the banking services along with a complete range

of banking and investment products and services -o put it simply, Bancassurance, tries to exploit

synergies between both the insurance companies and banks Bancassurance if taken in right spirit

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and implemented properly can be win"win situation for the all the participants5 vi$ , banks,

insurers and the customers



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Prudential Plc8


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+ >aid&anat an$ Managing 'irector N C Profit A#ards '((B

@+ ICICI Prudential Life #as a#arded t e SAP AC0 '((B %est %usiness Objects

A#ard for its I3 practice

+ ICICI Prudential Life #on t e A#ard for %rand 06cellence in t e %anking and

;inancial ser4ices categor& at t e Asia %rand Congress '((B

B+ Ms+ S ik a S arma$ M/ 9 C0O$ ICICI Prudential Life Insurance Co+ Ltd+ #as

adjudged t e %usiness#oman of t e &ear at 3 e 0conomic 3imes A#ards for

Corporate 06cellence$ '(( 5(B+

H+ ICICI Prudential Life #on t e ICICI -roup Marketing 06cellence A#ard '((B

in t ree ke& categories for its marketing initiati4es

)(+ ICICI Prudential Life #as a#arded t e I2/:Gs A#ard for 06cellence in Mass

Communication in t e categor& of Most Creati4e Ad4ertisement53ele4ision



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))+ India s Most Customer Responsi4e Insurance Compan&+ A4a&a -lobal Connect

5 0conomic 3imes+ Customer Responsi4eness A#ards$ '((

)'+ Ms+ S ik a S arma$ M/ 9 C0O$ ICICI Prudential Life Insurance #as

adjudged as one of t e ?( Most Po#erful "omen in %usiness b& t e ;inancial

06press+

) Profit A#ards '((

)@+ ICICI Prudential LifeGs$ retirement solutions campaign for t e &ear '((@5( #as

a#arded t e %ron7e 0ff& trop & in t e ser4ices categor&+ It also #on t e %rand

0!uit& %ra4er& A#ard '(( $ instituted b& Ad club+

) + ICICI Prudential LifeGs #ebsite$ ###+iciciprulife+com #as a#arded t e best

#ebsite among pri4ate life insurers at t e "eb )B and ;rost 9 Sulli4an -enius

of t e "eb A#ards '(( for commendable #ork in t e online+

)B+ Inno4ation A#ard for launc ing /iabetes Care F Prudence A#ard '((@+ PeopleA#ard for e6cellence in training and people de4elopment 5 Prudence A#ard

'((@

)H+ India s Most Customer Responsi4e Insurance Compan&+ A4a&a -lobal Connect



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5 0conomic 3imes+ Customer Responsi4eness A#ards

'(+ Most 3rusted Pri4ate Life Insurer+ 3 e 0conomic 3imes 5 A C 2ielsen Sur4e& of

Most 3rusted %rands F '((


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R0CO-2I3IO2S8

ICICI Prudential Life #as recogni7ed as t e most trusted brand amongst pri4ate

life insurers in t e 0conomic 3imes5Most 3rusted %rand sur4e& '((B+

IMM A#ard for 06cellence+ Institute of Marketing 9 Management

Organi7ation #it Inno4ati4e 1R Practices+ Indira -roup of Institutes

Organi7ation #it Inno4ati4e 1R Practices+ Asia5Pacific 1 R Congress A#ards

for 1R 06cellence

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arious Pla&ers in Indian Market8

)+ ICICI Prudential Life Insurance Compan& Limited

'+ S%I Life Insurance Compan& Ltd+

&s&a Life Insurance Co+ P4t+ Ltd+

H+ Life Insurance Corporation Of India

)(+ Ma6 2e#&ork Life Insurance Co+ Ltd+

))+ Metlife India Insurance Compan&

)'+ Om *otak Ma indra Life Insurance Co+ Ltd+

)


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C1AP30R5=

Product Profile8

>arious ICICI Life Insurance Plans+

0ducation Insurance Plans8

Smart Aid =ew ?nit"linked

6egular )remium

Smart Aid =ew ?nit"linked

Single )remium

Smart Aid 6egular )remium

"ealt Creation Plans8

Wealth !dvantage

3ifeStage !ssure

3ife-ime 4old

3ife3ink Super

3ifeStage 6)



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Premium -uarantee Plans8

Invest Shield 3ife =ew

Invest Shield CashBank

Protection Plans8

)ure )rotect

3ife 4uard

Save 5n5 )rotect

Cashbook

Dome !ssure

Retirement Solutions8

3ife Stage )ension

3ife-ime Super )ension

3ife3ink Super )ension

2orever3ife )lan

Immediate !nnuity

Health Coverage Plans

Dealth Saver

Medi !ssure

Dospital Care

Crisis Cover

Cancer Care



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'iabetes Care !ctive

'iabetes !ssure

ICICI Pru -roup Solutions Ad4antage

4roup Super !nnuation

4roup 4ratuity )lan

!nnuity Solutions

4roup -erm Insurance )lan

4roup -erm Insurance in lieu of


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ICICI )rudential is ne of the largest financial institutions of India Money power, which makes them ignorant about the gestation period Motivation factors provided by the Company

Service 8uality, which is the crux of their mission ! huge data base of corporate clients, retail customer, and bank customers

of ICICI Dighest paid up capital deposited in I6'!, in comparison to all players

-raining provided to all people associating with ICICI )rudential

"eakness8

Digh targets for financial advisors and for the sales departments Many competitors in the market offer same product by the title difference

in the premium and offerings . ery huge premium of policies )roblematic to advisors also Sustainable to risk associated with investments in money market

Opportunities8

Dealth insurance and pension schemes, an estimated market potential ofapproximately K%; billion

-ie up with more corporate agents all over India !nd -ie up with broker >agent& also

Strong brand of company helps to boost sales in market !ttract more people of providing customer centric products



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3 reats8

)layers like Ba#a# and Birla Sun life with low premium for the similar plans

)eople are not aware of different distribution channels -hreat from existing insurance players -hreat from new entrants Changes in the policy of I6'!

?+' /ata Anal&sis And Interpretation8

/ata Anal&sis8

3able s o#ing classification of respondents according to occupation+

Particulars 2o+ of Respondents Percentage

:ob Dolders 7 *.JBusiness )eoples %% 00J4ovt


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-rap ical representation8

5 .ob 1olders %usiness People -o4t+ 0mplo&er0

2

4

6

8

10

12



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C1AP30R5@

;inancial Statements

+) ;indings8

Wardlaw CSI College, Bellary Page 3!

%alance s eet Mar (H Mar (B Mar (O#ner s fund


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Ma#ority of the respondents believed that larger risk coverage of their policy was the

main feature that attracted them to buy that policy, low premium was the next important

feature

ICICI )rudential is the largest private player in the insurance industry in India 'ue to the increasing concern of people towards their health+life the life insurance

business has good prospects

-here are few short term plans which are not known to the public

Company has high policy charges which are not affordable by the lower middle and

lower class people

ut of total population of % billion of country, only ((J have insurance cover

So we can say that there is still large potential for both the public and private

companies )rivate companies have to give varied customi$ed product to compete with

the 3IC which is holding about 71J of the total market

+' Suggestions8

Most of the people are interested on Sum !ssured and !dditional benefits and some

people are interested in minimum premium, hence company has to formulate those

policies which are mostly preferred by customers and prospects

6ural people are not interested and they are not understanding about life insurance So, if

the company concentrates on rural area and to make awareness of them, then they can

assure their life of benefit

Company should make their products flexible for the convenience of their customer and

the companies should now try to identify the gap between current level of customer

service and customer expectations

Wardlaw CSI College, Bellary Page 3"


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B+) ,0S3IO22AIR08

'ear Sir+Madam,

I am a student of Wardlaw CSI Collage, Bellary, conducting a marketing survey on A

Study on Marketing of Insurance in ICICI Prudential Life Insurance, in Bellary CITY ! I

re8uest you to fill this 8uestionnaire N I assure that this data will be used only for study purpose

N it will be kept confidentialH

% =ameH OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

!ddressH OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

Contact =oH OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

% !ge

! 3ess than (; B (; P *;C *;"0; ' 0; and above

( ccupation

! Business B :ob holder C )rofessional ' ther

* What is your average annual income

! ?p to % lakh C * lakhs to ; lakhs

B % lakh to * lakhs ' ; lakhs and more

0 our family si$e

! below ; members

Wardlaw CSI College, Bellary Page 4$


41/42


B ; P %/ members C above %/ members

; !ccording to you, life insurance is,

! ! -ax Saving )lan ?+S 9/ C or 9/ '

B ! saving scheme with good return C ! financial security for the family ' 6isk coverage < !ll the above 2 !ny ther OOOOOOOOOOOOOOOOOOOOO

. Dave you taken any life insurance product of ICICI )rudential 3ife insurance


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B+' %I%LIO-RAP1:8

)+ ttp8 ###+iciciprulife+com

'+ ttp8 ###+google+com

* ttp8 ###+#ikipedia+com

CO2CL,SIO28

-here is no e8uivalent way to learn things than learning it practically

marketing by icici preduntial life insurance

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