Snehal Project 20-1-11

8/7/2019 Snehal Project 20-1-11

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A

RESEARCH PROJECT REPORT ON

CUSTOMER SATISFACTION SURVEY ON INSURANCE

PRODUCTS

OF

ICICI PRUDENTIAL LIFE INSURANCE COMPANY

SUBMITTED GUIDED BY:

Patel Snehal R. Miss Jayshri Datta

T.Y.BBA/Div-B

Roll No.-105

Exam No. -

AFFILIATED TO:

SMT. S.B.PATEL INSTITUTE OF BUSINESS

MANAGEMENT

VISNAGAR

HEMCHANDRACHARYA NORTH GUJARAT

UNIVERSITY,

PATAN.

ACADEMIC YEAR – 2010/11



PREFACE

An Industrial, Business or service organization by taking up a project

study is most important part of our B.B.A course & is must as per the

syllabus prescribed by H.N.G.U., Patan. Our BBA course is of

administrative and managerial activity of industrial, Business or service

organization. The main objective of this project study is to help the

student to develop ability to practical technique to solve real life problem

related industrial, business or Service organization.

According to the rules, I have taken my research training in ICICI

Prudential Life Insurance Company, Mehsana. The research training

programmed for student of T.Y. B.B.A for 28 days. Theoretical knowledge

and class room discussion is not sufficient for the student but training

gives them knowledge of practical and day to day working of insurance

company.

In this project report I had tried to analyze the needs of the customers

and suggest them the most suitable insurance solution. As well as I also

analyzed the brand awareness among the people.



ACKNOWLEDGEMENT

The successful and timely completion of this training would have not

been possible without the kind co-operation and support of my guide

Miss Jayshri Datta.

I avail this opportunity to convey my sincere thanks to all the staff

members of ICICI Prudential Life Insurance Company of Mehsana for

there painstaking effort in bringing out this project in such an excellent

form.

I would also like to thank Mrs. Priti Patel for her guidance and co-

operation for giving me her valuable knowledge about the mega

project report.

I am also indebted to Hemchandracharya North Gujarat University and

hence I forward my gratitude for compulsion of this most wonderful

aspect of B.B.A. curriculum without which knowledge of management

is incomplete and futile.

I am also thankful to all the respondents who have helped me to

conduct my research activity in a successful manner without whom my

project could not have been successfully completed,

At last I am also thankful to my friends, to all known and unknown

individuals who have given me their constructive advise, educative

suggestion, encouragement, co-operation and motivation to prepare

this report.



EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the ICICI

PRUDENTIAL insurance Company ltd. It is done to find out whether the

customers are satisfied with the Benefits they get with their respective

policies or not

Further, in this Project

Chapter 1 includes the introduction of the company wherein I told about

the company profile, company overview, management of the

company organizational structure and various products of

ICICI Prudential Life Insurance Company.

Chapter 2 includes the Literature Review & Industry Details wherein I

have discussed the Literature Review, Brief History ff Life

Insurance Sector, contribution of insurance sector in

economy and IRDA.

Chapter 3 includes the Research Methodology wherein I have discussed

the comparative analysis of products research design,

sampling plan and fieldwork.Chapter 4 represents Data Analysis and Interpretation based on the

questionnaire.

Chapter 5 includes the findings, suggestion and conclsion of the customer

satisfaction survey.



CONTENT

Sr. no. Particulars Page no.

Preface

AcknowledgementExecutive Summary

1 General Information

(a) Company Profile

(b) Company Overview

(c) Management

(d) Organisation Structure

(e) Products

2 Literature Review & Industry Details

(a) Literature Review

(b) Brief History ff Life Insurance Sector(c) Contribution of Insurance Sector In Economy

(d) About IRDA

3 Research Methodology

A) Comparative Analysis of Products

B) Objective of the Study

C) Significance of the Study

D) Research Design

E) Sampling Plan

F) Instrument for Data collection

G) Field Work

4 Data Analysis and Interpretation

5 Findings

6 SWOT Analysis

7 Recommendations

8 Limitations of the Study

9 Conclusions

10 Appendixes:

(a) Questionnaire11 Bibliography



Chapter 1

General Information





has brought to market an integrated range of financial services products

that now includes life assurance, pensions, mutual funds, banking,

investment management and general insurance. In Asia, Prudential is

UK's largest life insurance company with a vast network of 22 life and

mutual fund operations in twelve countries - China, Hong Kong, India,

Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan,

Thailand and Vietnam. Since 1923, Prudential has championed customer-

centric products and services, supported by over 60,000 staff and agents

across the region.

ICICI + PRUDENTIAL: A WINNING COMBINATION

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse & prudential plc, a leading

international financial services group headquartered in the United

Kingdom. ICICI Prudential was amongst the first private sector insurance

companies to begin operations in December 2000 after receiving approval

from insurance Regulatory Development Authority (IRDA).

ICICI Prudential equity base stands at Rs. 6.25 billion with ICICI Bank & Prudential plc holding 74% & 26% stake respectively.

The two premier financial institutions- ICICI and Prudential of U.K have

formed ICICI Prudential Life Insurance Company Limited and a tie-up with

one of the leading bank like the South Indian Bank Ltd., is definitely a

winning combination.



COMPANY OVERVIEW

Name of the company: - ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

Registered Office: - ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.1089 Appasaheb Marathe Marg,

Prabha Devi,

MUMBAI - 400 025

Visited Office: - Wide Angle, Mehsana

VISION

To make ICICI Prudential the dominant Life and Pensions player built

on trust by world-class people and service.

The company hopes 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

policyholders

Providing an enabling environment to foster growth and learning

for employees.

VALUES

Every member of the ICICI Prudential team is committed to 5 core values:

Integrity, Customer First, Boundary less, Ownership, and Passion. These

values shine forth in all we do, and have become the keystones of our

success.



MANAGEMENT

Ms. Chanda D. Kochhar, Chairperson

Mr. N. S. Kannan, Director

Mr. K. Ramkumar, Director

Mr. Rajiv Sabharwal, Director

Mr. Barry Stowe, Director

Mr. Adrian O’Connor, Director

Mr. Keki Dadiseth, Independent Director

Prof. Marti G. Subrahmanyam, Independent Director

Ms. Rama Bijapurkar, Independent Director

Mr. Vinod Kumar Dhall, Independent Director

Mr. Sridar Iyengar, Independent Director

Mr. Sandeep Bakhshi, Managing Director & CEO

Mr. Puneet Nanda, Executive Director

Mr. Madhivanan Balakrishnan, Executive Director



ORGANIZATION STRUCTURE

Organization structure (Sales)

Himalayan

Region

Peninsular

Region

Zone 2 Zone 3 Zone 1 Zone 3Zone 2Zone 1

Tariff

Manager

Tariff

Manager

Branch

Manager

Branch

Manager

Sales

Manager

Sales

Manager

Assistance

Sales Manager

Unit Manager Unit Manager

Assistance

Sales Manager

Sales

Manager

Sales

Manager

Branch

Manager

Branch

Manager

Tariff

Manager

Tariff

Manager



PRODUCTS

INSURANCE SOLUTIONS FOR INDIVIDUALS

ICICI Prudential Life Insurance offers a range of innovative, customer-centric

products that meet the needs of customers at every life stage. Its products

can be enhanced with up to 4 riders, to create a customized solution for each

policyholder.

Savings & Wealth Creation Solutions:

ICICI Pru Save 'n' Protect is an ideal plan for those who want to

accumulate funds on a regular basis while enjoying insurance protection.

ICICI Pru CashBak is a single policy that combines the triple benefit of

protection, savings & periodic liquidity.

Protection Solutions:

ICICI Pru iProtect is a term insurance plan that you can buy online at your

convenience at affordable premiums. ICICI Pru Pure Protect is a flexible and affordable term product, with which

you can ensure your life and provide total security for your family in case of

an unfortunate event.

ICICI Pru LifeGuard is a protection plan, which offers life cover at low cost.

It is available in 2 options –level term assurance with return of premium &

single premium.

ICICI Pru HomeAssure is a mortgage reducing term assurance plan

designed specifically to help customers cover their home loans in a simple

and cost-effective manner.

Child Plans:

ICICI Pru SmartKid Regular Premium is a fixed-term insurance plan thatprovides you with funds at regular intervals.



Retirement Solutions:

ICICI Pru ForeverLife is a traditional retirement product that offers

guaranteed returns for the first 4 years.

ICICI Pru Immediate Annuity is a single premium annuity product that

guarantees income for life at the time of retirement. It offers the benefit of 5

payout options.

Health Solutions :

ICICI Pru Hospital Care is a fixed benefit inpatient hospitalisation plan,

covering various stages of treatment with a daily allowance, ICU, procedures

& recuperating allowance. It covers a range of medical conditions (900

surgeries) and has a long term guaranteed coverage upto 20 years.

ICICI Pru Crisis Cover is a 360-degree product that will provide long-term

coverage against 35 critical illnesses, total and permanent disability, and

death.

ICICI Pru MediAssure is a reimbursement inpatient hospitalization health

insurance policy that provides guaranteed insurability till age 75 years.

Group Insurance Solutions:

ICICI Prudential also offers Group Insurance Solutions for companies seeking

to enhance benefits to their employees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner and

also avail of tax benefits as applicable to approved gratuity funds.

Group Leave encashment Plan: ICICI Prudential Life’s Group offers a

market linked and traditional leave encashment plan designed to aid the

employer to build a fund to meet their future leave encashment liability. Thecontributions made will be invested as per the chosen investment plans and



will be available for payment of the benefit when it falls due. Additionally, the

product also provides for term cover for all the employees covered under the

policy.

Group Immediate Annuities: ICICI Prudential Life realises the importance

of prudent retirement planning. With this in mind, it has developed a suite of

life and joint life annuities which guarantee periodic payment to annuitants

upto death. Further there are options which return the purchase price on

death of annuitants. These annuity options are offered to our existing

superannuation customers, and also to superannuation funds not managed

by us.

Group Term Plan: ICICI Prudential Life's flexible group term solution helps

provide an affordable cover to members of a group. The cover could be

uniform or based on designation/rank or a multiple of salary. The benefit

under the policy is paid to the beneficiary nominated by the member on

his/her death.

Flexible Rider Options :

ICICI Prudential Life offers flexible riders, which can be added to the basic

policy at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an

accident during the term of the policy, the beneficiary receives an

additional amount equal to the rider sum assured under the policy. If

an accident results in total and permanent disability, 10% of rider sum

assured will be paid each year, from the end of the 1st year after the

disability date for the remainder of the base policy term or 10 years,

whichever is lesser.

Critical illness benefit: Critical Illness Benefit Rider provides

protection against 9 critical illnesses to the policyholder when attached

to the basic plan.



Chapter 2

Literature Review &

Industry Details



LITERATURE REVIEW

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the products

or services they receive from a particular agency. The level of satisfaction is

determined not only by the quality and type of customer experience but also

by the customer’s expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agencyand

receives or relies on one or more of your agency’s services or products.

Customers in human services are commonly referred to as service users,

consumers or clients. They can be individuals or groups.

An organisation with a strong customer service culture places the customer

at the centre of service design, planning and service delivery. Customer

centric organisations will:

determine the customers expectations when they plan

listen to the customer as they design

focus on the delivery of customer service activities

Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

Meeting the needs of the customer is the underlying rationale for the

existence of community service organizations. Customers have a right

to quality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed the

expectations of their customers are likely to be leaders in their sector.

Customers are recognized as key partners in shaping servicedevelopment and assessing quality of service delivery.



The process for measuring customer satisfaction and obtaining feedback on

organizational performance are valuable tools for quality and continuous

service improvement.

What is insurance?

“Insurance is a financial service for collecting the saving of the public

and providing them with a risk coverage.”

General definition: In the words of John Magee, “Insurance is a plan by

which large number of people associate and transfer to the shoulders of all

risks that attach to individuals.”

Contractual definition: In the words of justice Tindall, “Insurance is a

contract in which a sum of money is paid to the assured as consideration of

insurer’s incurring the risk of paying a large sum upon a given contingency.”

Fundamentals of Insurance

In life every human being-you and we included is exposed to an element of

risk, commonly defined as the possibility of loss. These broadly relate to two

spheres-our lives and our material possessions. Further, every loss has two

implications: financial and non-financial. For instance when a person dies, the

family suffers a grievous emotional loss, which can perhaps never be

compensated. But the family also suffers another significant loss-financial

loss; particularly person who dies was an earning member or even potentially

earning member. There are then concerns about the financial stability of the

dependents. Similarly, when a factory is gutted in a fire, in addition to the

loss of property, there are other considerations: the effort to rebuild the

factory, the future of workers and the fate of suppliers and consumer

attached to the business.

In both instances, little can be done about non-financial losses. But financial

losses can-and must-be addressed and using risk management tool and that

is Insurance.



BRIEF HISTORY OF LIFE INSURANCE SECTOR

The insurance sector in India has completed all the facets of competition –

from being an open competitive market to being nationalized and then

getting back to the form of a liberalized market once again. The history of the

insurance sector in India reveals that it has witnessed complete dynamism

for the past two centuries approximately.

With the establishment of the Oriental Life Insurance Company in Kolkata,

the business of Indian life insurance started in the year 1818.

Important milestones in the Indian life insurance business

•1912: The Indian Life Assurance Companies Act came into force forregulating the life insurance business.

•1928: The Indian Insurance Companies Act was enacted for enabling the

government to collect statistical information on both life and non-life

insurance businesses.

•1938: The earlier legislation consolidated the Insurance Act with the aim of

safeguarding the interests of the insuring public.

•1956: 245 Indian and foreign insurers and provident societies were taken

over by the central government and they got nationalized. LIC was formed by

an Act of Parliament, viz. LIC Act, 1956. It started off with a capital of Rs. 5

crore and that too from the Government of India.

The history of general insurance business in India can be traced back to

Triton Insurance Company Ltd. (the first general insurance company) which

was formed in the year 1850 in Kolkata by the British.

• 2000: ICICI has started its operations in India on 10 December.

Insurance companies in India

IRDA has till now provided registration to 12 private life insurance companies

and 9 general insurance companies. If the existing public sector insurance

companies are considered then there are presently 13 insurance companies

in the life side and 13 companies functioning in general insurance business.

General Insurance Corporation has been sanctioned as the "Indian reinsure"

for underwriting only reinsurance business.



MAJOR PLAYERS IN LIFE INSURANCE

Public Sector

Life Insurance Corporation of India.

Private Sector

Allianz Bajaj Life Insurance Company Limited.

Birla Sun-Life Insurance Company Limited.

HDFC Standard Life Insurance Co. Limited.

ICICI Prudential Life Insurance Co. Limited.

ING Vysya Life Insurance Company Limited.

Max New York Life Insurance Co. Limited.

MetLife Insurance Company Limited.

Om Kotak Mahindra Life Insurance Co. Ltd.

SBI Life Insurance Company Limited.

TATA AIG Life Insurance Company Limited.



ABOUT IRDA

Introduction

The Insurance Regulatory and Development Authority (IRDA) is a

national agency of the Government of India, based in Hyderabad. It was

formed by an act of Indian Parliament known as IRDA Act 1999, which was

amended in 2002 to incorporate some emerging requirements. Mission of

IRDA as stated in the act is "to protect the interests of the policyholders, to

regulate, promote and ensure orderly growth of the insurance industry and

for matters connected therewith or incidental thereto."

Objective of IRDA:

1) To protect the interest of and secure fair treatment to policyholders

2) To open the insurance sector for private sector.

3) To set, promote and enforce high standards of integrity, financial

soundness, fair dealing and competence of those it regulates

4) To regulate insurance and reinsurance companies.

5) To eliminate dishonesty and unhealthy competition.

6) To take action where such standards are inadequate or ineffectively

enforced

7) To supervise the activities of intermediaries.

Power of IRDA:

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of

IRDA.

1) Subject to the provisions of this Act and any other law for the time

being in force, the Authority shall have the duty to regulate, promote

and ensure orderly growth of the insurance business and re-insurance

business.

2) Without prejudice to the generality of the provisions contained in sub-

section (1), the powers and functions of the Authority shall include, -

1. Issue to the applicant a certificate of registration, renew,

modify, withdraw, suspend or cancel such registration;



2. Specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and

agents;

3. Specifying the code of conduct for surveyors and loss assessors;

4. Promoting and regulating professional organizations connected

with the insurance and re-insurance business;

5. To adjudicate disputes between insurers and intermediaries.

6. 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 regulated by the Tariff

Advisory Committee under section 64U of the Insurance Act,

1938 (4 of 1938);

7. Regulating investment of funds by insurance companies;

8. Regulating maintenance of margin of solvency;

9. Supervising the functioning of the Tariff Advisory Committee;

Exercising such other powers as may be prescribed.



Chapter 3

Research

Methodology





RESEARCH METHODOLOGY

Research in common manner of speaking refers to a search for knowledge.

One can also define research as a scientific and systematic search for

relevant information on a specific topic.

The word research has been derived from French word Researcher means to

search.

FRANCIES RUMMER defined “Research: It is a careful inquiry or examination

to discover new information or relationship and to expand or verify existing

knowledge.

Research is the solution of the problem, whether created or already

generated. When research is done, some new out come is found, so that the

problem (created or generated) to be solved.

RESEARCH DESIGN:

Research Design is the conceptual structure within which research is

conducted. It constitutes the blueprint for collection, measurement and

analysis of data. The design used for carrying out this research is

Descriptive.

DATA TYPE: In this research the type of data collection is

• Primary data

• Secondary data



SAMPLING PLAN:

Area of the Study

The Research Project is done in Mehsana City and near village. The area of

this study is mainly concerned with urban area.

Sample Size

It means the total number of items which we take out for the sampling

process. For an example, to fill up the questionnaire for a particular survey,

we can fill it up by 100 customers or people.

Therefore the sample size would be 100. Customers are randomly selected orwe can focus on a particular segment (say Hotels, Jewelers, General shops

and many more).

Sampling Method

A variety of sampling methods can be employed, individually or in

combination. Factors commonly influencing the choice between these designs

include:

INSTRUMENT FOR DATA COLLECTION:

Questionnaire

Magazines

Broachers provided by the CompanyInternet



Chapter 4

Data Analysis &

Interpretation



ANALYSIS AND INTERPRETATION:

Data collection through questionnaire and personnel interview resulted

in availability of the desired information but these were useless untilthere were analyzed. Various steps required for this purpose were

editing, coding and tabulating. Tabulating refers to bringing together

similar data and compiling them in an accurate and meaningful

manner. The data collected by questionnaire was analyzed, interpreted

with the help of table, bar chart and pie chart.

Q1. Are you employed?

Objective: To know that respondents are employed or not.

Particulars No. of Respondents Percentage

Yes 62 62%

No 38 38%

Total 100 100%

No of Respondants

62

38

Yes

No

Figure 1

ANALYSIS:

From the survey it was found that amongst 100 respondents, 62% of the

respondents are already employed and 38% of the respondents are not

employed.

Q2.Do You Have Any Insurance Policy?



Objective: The objective of this question is to know that the respondent is

currently insured or not.


Yes 100 100%

No 0 0%

Total 100 100%

ANALYSIS:From the survey it was found that 100% of the respondents are already

insured.

No of Respondants

100 Yes

No



Q3. Are you satisfied with your current insurer?

Objective: This question is asked to know the satisfaction level of

respondents towards their current insurer.


Yes 82 82%

No 18 18%

Total 100 100%

ANALYSIS:

From the survey it was found that total 100 of the respondents; 82% of the

respondents are satisfied with their current insurer.

No of Respondants

82

18

Yes

No



Q4 Do you know about ICICI?

Objective: The objective of this question is to know the awareness about

ICICI Prudential Life Insurance Company among the respondents.


Yes 95 95%

No 5 5%

Total 100 100%

ANALYSIS:

This means in Indian Insurance market, most of the people are aware about

ICICI Prudential Life Insurance Company.

No of Respondants

95

5

Yes No



Q5 Which is the company you invested your money for Life

insurance?

Objective: This question has the objective of getting information of investment of respondents in which they have invested their

money.


LIC 48 48%

ICICI 28 28%

HDFC 10 10%

Birla Sun Life 4 4%Bajaj Allianz 4 4%

Others 6 6%

Total 100 100%

ANALYSIS:


respondents have invested in LIC while 28% of the respondents have

invested in ICICI.

Q6 Are you interested in the products offered by ICICI

Prudential?

48

28

10

4 4 6

0

10

20

30

40

50

LIC ICICI HDFC Birla

Sun

Life

Bajaj

Allianz

Others

Respondant's

Company



Objective: The objective of this question is to know the interest level of the

respondents towards the products offered by ICICI Prudential Life

Insurance Company.


Yes 70 70%

No 30 30%

Total 100 100%

No of Respondants

70

30

Yes

No

ANALYSIS:

70% of the respondents are interested in the products offered by the ICICI

Prudential Life Insurance Company.



Q7. What is your main concern while taking an insurance

policy?

Objective: The objective of this question is to know the main purpose of

respondent while taking an insurance policy. It may be tax

benefit, security of investment or savings of money.


Tax Benefit 35 35%

Security 41 41%Investments/Savings 24 24%

Total 100 100%

ANALYSIS:

41% of the customers concerned with security of their money. So that we

can say that the main concern of customers is the security of their money

while taking an insurance policy.

Q8. Do the policies offered by ICICI Prudential Life Insurance

Company satisfy your financial needs?

35

41

24

Tax Benefit Security Investment/ Savings



Objective: This question is asked to know the satisfaction level of financial

needs of respondents towards the policies offered by ICICI.


Agree 86 86%

Disagree 14 14%

Total 100 100%

ANALYSIS:

From the survey it was found that from the total of the 100 respondents;

86% of the respondents feel that the products offered by the ICICI Prudential

Life Insurance Company satisfy their financial needs.

Q9. Please express your opinion for the premiums paid for the

policies offered by ICICI Prudential Life Insurance Company?

Objective: The objective of this question is to know that the premium paid for

the policies of ICICI are high, moderate or low.


86

14

0

10

20

30

40

50

60

70

80

90

Agree DisagreeOpinion



Very high 15 15%

High 37 37%

Moderate 34 34%

Low 12 12%

Very Low 2 2%

Total 100 100%

15

3734

12

20

5

10

15

20

25

30

35

40

Very

high

High Moderate Low Very Low

Opinion

ANALYSIS:


respondents feel that premiums paid for the policies offered by ICICI

Prudential Life Insurance Company are somewhat high.

Q10. Are you satisfied with the incentives associated with your

policy?

Objective: This question is asked to know that the incentives associated with

respondents’ policies are satisfactory or not.


Yes 68 68%

No 32 32%Total 100 100%



ANALYSIS:

From the survey it was found that among the 100 respondents; 68% of the

respondents are satisfied with the incentives associated with the products

offered by the ICICI Prudential Life Insurance Company.

68

32

Yes No



Q11. Do you want to continue doing business with ICICI?

Objective: The objective of this question is to know the loyalty of respondents

for doing business with ICICI.


Yes 86 86%

No 14 14%

Total 100 100%

86

14

Yes No

ANALYSIS:


respondents want to continue doing business with ICICI while 14% of the

respondents do not want to continue doing business with ICICI.



Q12. Are you satisfied with the service agent?

Objective: The objective of this question is to know the satisfaction level of

respondents towards the services rendered by service agent.


Yes 76 76%

No 24 24%

Total 100 100%

76

24

Yes No

ANALYSIS:


respondents are satisfied with the service agent of ICICI. So that we can say

that services rendered by the service agents of ICICI Prudential Life

insurance Company are very satisfactory.

Q13. What would you look for in ICICI Prudential Life

Insurance Company?



Objective: This question is asked to find the thing which respondent is

looking for in ICICI


A trusted name 31 31%

Friendly service & responsiveness 25 25%

Good plans 23 23

Accessibility 21 21%

Total 100 100%

ANALYSIS:


respondents do the business with ICICI because of its trusted name while

25% of the respondents look for the friendly services and responses of ICICI.

Q14. Would you go for insurance if a service provider away

from the City offers better service & products?

31

2523

21

0

5

10

15

20

25

30

35

A trusted name Friendly Good plans Accessibility

Opinion



Objective: The objective of this question is to know that if better services are

offered away from the city by another service provider, the

respondent will go for or will not go.


Yes 64 64%

No 36 36%

Total 100 100%

64

36

Yes No

ANALYSIS:

From the survey it was found that among the 100 respondents, 64% of the

respondents will go for insurance if a service provider away from the Cityoffers better service & products in comparison of ICICI.



FINDINGS

According to my survey the noteworthy points are:

• Most of the people buy life insurance as just a tax benefit tool or as a

life cover while only a few of the respondent take it as a saving option.

The reason for this is lack of knowledge of insurance benefits among

the people.

• A Majority of the respondent buy insurance products because of the

need reason while rest of the respondents buy for the brand purpose.

• A Majority of the people are satisfied by the incentives associated with

their policies but rest of them are not satisfied so company should put

a proper concentration over that which convert unsatisfied to satisfied.

• Most of the respondents are satisfied by the services offered by their

insurance company while some says that they are not satisfied by the

services

• The loyalty levels of the customers towards the ICICI Prudential Life

Insurance Company in Mehsana are very high.



SWOT ANALYSIS

STRENGTHS :

i. ICICI Prudential is the largest private player in India,

with a market share of around 36% amongst the private players

ii. ICICI Prudential has deposited a paid up capital of

Rs 925 crore with IRDA caution deposit, the highest among all the

life insurance company in India where as LIC has deposited Rs 60

crore so far.

iii. ICICI Prudential is the first life insurance company to

offer ECS debit facility.iv. ICICI Prudential is the first company to introduce unit

link life insurance and pension products. Presently the maximum

numbers of ranges are under ULIP life insurance, investment as

well as pension plan.

WEAKNESSES :

i. Rural areas still not covered.

ii. Lack of credibility among the people because ICICI

being a private player.

iii. Premiums are high as compared to its competitors.

iv. Very few branches in the country in the comparison

of LIC.

v. Products:

• The policy doesn’t have the surrender option before third

year.

• Plan does not offer any guarantee or assured return.

• Product profile is not very comprehensive.

• Mortality, management and administrative charges are sky

scrapping as compared to its competitors.



OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.

iii. The whole private sector is opened to be trapped

even though the competition is fierce from government owned

insurance companies.

iv. It’s a volume business that is even if the company

has few good corporate the turnover cease to increase by manifold.

v. Products:

• Preserver funds look good due to comfortable liquidity in

the economy and there is little chance hike in short-term

rate by RBI.

• Finance minister unveiled a budget favoring consumer

spending, boosting demand and therefore higher economic

growth.

THREATS

i. The government players will become aggressive thus

growth is going to be tough.

ii. Entry of other players is not ruled out.

iii. Apprehension towards ICICI Prudential being a

private life insurance company.

iv. We expect the industry to rationalize in future that is

mergers and acquisitions will happen, which will impact the industry

and ICICI Prudential fortunes.

v. Products:

• Past performance of these plans is not indicative of the

future performance of the plan.

• The sum invested in the funds is subject to market risks

and there can be no assurance that the objective of plan

will be achieved.



• All benefits payable under the policy are subject to tax laws

and other financial enactment, as they exist from time to

time.



RECOMMENDATION AND SUGGESTIONS

The study has provided with the useful data from the respondents. There has

a lot to be recommended. Following are the recommendations:

• There is a need for better promotion for the investment products &

services. The bank should advertise its products through television

because it will reach to the masses.

• More returns should be provided on Insurance plans.

• As the bank provides the Insurance facility to its customers. It should

provide this facility by tie up with the other Insurance organizations

as well. The main reason is that, the entire customers do not want

Insurance of only one company. They should have choice while

selecting a suitable Insurance plans. This will definitely add to the

goodwill & profit for the bank.

• Distributor try to put all effort for preventing the interference of other

distributor in his areas then only company can know real market of

his area.

• Distribution network should be more emphasized by company

• Company should give more attention on Campaigning tools Scheme

• There should be gift hamper to advisors and customers.

• Proper sales promotion schemes in city

• Still rural market is untouched.

• Company Persons are not able to give advice in reasonable time.

• There should be a proper visit of company person.



LEARNING FROM THE STUDY

It was a great opportunity for me to do my research project in ICICI

PRUDENTIAL LIFE INSURANCS CO. LTD.., which is one of the well-known

companies in India. It was a starting for me to get the knowledge of real

corporate world. Today experience and knowledge of things is much more

important than the degrees in hand. Although the learning’s were numerous

in number but I have concluded a few as major learning’s and they are as

follows:

• I got such a good project at ICICI PRUDENTIAL LIFE INSURANCE CO.

LTD., which gave me the opportunity to meet the various people in the

corporate as well as in the market. I have visited few segment of the

market but the experiences of these visits have been and will be prove

tremendous help in my career.

• I came to know how to tackle people of different attitude and of

different mindsets, which will definitely help me in future. Planning a

day in advance and the activities that I performed during that day

gave me confidence in my planning and implementation. This project

also exposed me and my skill sets to the corporate world, where I

came to know my flaws and rectified them, but a chance may be there.

• I was an active member at customer dealing, which gave me

confidence and knowledge about how to convince a customer and

handle all sorts of queries and problems.

• I learned real marketing and sales experience during this time period. I

learnt how to make good relationships with customer as well as

colleagues or subordinate. The practical aspects of marketing theories

are materialized during the course of this study.



CONCLUSION

After overhauling the all situation that boosted a number of Pvt. Companies

associated with multinational in the Insurance Sector to give befitting

competition to the established behemoth ICICI in private sector, we come at

the conclusion that

• There is very tough competition among the private insurance

companies on the level of new trend of advertising to lull a major part

of Customers.

• The entries of more Pvt. Players in the Insurance Sector have

expanded the product segment to meet the different level of the

requirement of the customers. It has brought about greater choice to

the customers.

• ICICI has vast market and very firm grip on its traditional customers

and monopoly of life insurance products.

• We see in this survey that LIC and ICICI have a strong presence in the

market.

• We know that LIC is more preferred company because of low premium

facility.

• Availability of ICICI is perfect.

• The time of purchasing of any product, consumer mostly goes for price

of premium and what will be return.

IRDA is also playing very comprehensive role by regulating norms mandating

to private players in this sector, that increases the confidence level of the

customers to the private players.



APPENDIX

QUESTIONNAIRE

Name: _________________________________________________ Address: _______________________________________________

Contact No: _______________

Q1. Are you employed?

o Yes [ ]

o No [ ]

Q2.Do You Have Any Insurance Policy?

o Yes [ ]

o No [ ]

Q3. Are you satisfied with your current insurer?

o Yes [ ]

o No [ ]

Q4. Do you know about ICICI?

o Yes [ ]

o No [ ]

Q5. Which is the company you invested your money for Life insurance?

o LIC [ ]

o ICICI [ ]

o HDFC [ ]

o Birla sun life [ ]

o Bajaj Allianz [ ]

o Others [ ]

Q6. Are you interested in the products offered by ICICI Prudential?

o Yes [ ]

o No [ ]

Q7. What is your main concern while taking an insurance policy?

o Tax benefit [ ]

o Security [ ]

o Investment/Savings [ ]



Q8. Do the policies offered by ICICI Prudential Life Insurance Company

satisfy your financial needs?

o Yes [ ]

o No [ ]

Q9. Please express your opinion for the premiums paid for the policies offered

by ICICI Prudential Life Insurance Company?

o Very high [ ]

o High [ ]

o Moderate [ ]

o Low [ ]

o Very Low [ ]

Q10.Are you satisfied with the incentives associated with your policy?

o Yes [ ]

o No [ ]

Q11. Do you want to continue doing business with ICICI?

o Yes [ ]

o No [ ]

Q12. Are you satisfied with the service agent?

o Yes [ ]

o No [ ]

Q13. What would you look for in ICICI Prudential Life Insurance Company?

o A trusted name [ ]

o Friendly service & responsiveness [ ]

o Good plans [ ]

o Accessibility [ ]

Q14. Would you go for insurance if a service provider away from the

City offers better service & products?

o Yes [ ]

o No [ ]



BIBILIOGRAPHY

Websites

www.iciciprulife.com

www.google.co.in/indian insurance industry

www.irdaindia.org

http://www.iciciprulife.com/

http://www.google.co.in/indian%20insurance%20industry

http://www.irdaindia.org/

http://www.iciciprulife.com/

http://www.google.co.in/indian%20insurance%20industry

http://www.irdaindia.org/

Snehal Project 20-1-11

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