Professional Documents
Culture Documents
Dhiraj Report
Dhiraj Report
Dhiraj Report
At
BANGALORE UNIVERSITY
by
DHEERAJ SHARMA
Bengaluru-560 043
2009-2010
1
STUDENT’S DECLARATION
I hereby declare that this Internship titled “AN ORGANIZATION STUDY AT THE
ICICI PRUDETIAL Nangal Punjab” submitted by me to the Department of
Management, Bangalore University in partial fulfillment of requirement of MBA
Programme is a bonafide work carried by me under the guidance of Prof. Barkath unissa,
Department of Management Program, CMRIMS (AUTONOMOUS). This has not been
submitted earlier to any other University or Institution for the award of any
degree/diploma/certificate or published any time before.
Date: (09201060)
2
INTERNAL GUIDE CERTIFICATE
Certified that this Internship titled “AN ORGANIZATION STUDY AT THE ICICI
PRUDETIAL Nangal Punjab” submitted in partial fulfillment for the award of MBA
degree of Bangalore University, was carried out by Adil Bashir (Register Number:
09201060) under the guidance of Prof. Barkath unisssa, Department of Management
Program, CMRIMS (AUTONOMOUS). This has not been submitted to any other
University or Institute for the award of any degree/diploma/certificate or published any
time before.
3
EXTERNAL GUIDE CERTIFICATE
4
ACKNOWLEDGEMENT
First of all I express my gratitude to GOD for providing me mental and physical
capacities to carry out this Internship Project.
I express my gratitude to our beloved principal Mrs. Suja Bennet for allowing me to do
this internship study. I also express sincere thanks to our respected Director Prof. T.
Balachander for his guidance and support during the tenure of my project and I also thank
my project guide Prof. Barkath unissa, for her guidance and support in my project.
DHEERAJ SHARMA
5
EXECUTIVE SUMMARY
6
EXECUTIVE SUMMARY
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country,
and 2nd Life Insurance Company in India. The ICICI Group has been in existence since
1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of
ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets
exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the
country, next only to LIC.
The Insurance sector, after the opening up, provides greater opportunities. Several global
players have emerged and the market has changed significantly. In the changed scenario,
the expectation is that the low Insurance premium as a percentage of GDP prevailing in
India will improve and will offer better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business potential exists. In
India currently the life insurance premium as a percentage of GDP is 1.3 per cent against
5.2 per cent in the US, but in the liberalized scenario, the life insurance
premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99
to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life
premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-
10 and personal line non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major
player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there
are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been
growing at a faster pace.
7
TABLE OF CONTENTS
Chapter Chapters Pg. No.
No.
1. 1 - 18
INDUSTRY PROFILE
2. 19-48
COMPANY PROFILE
3. 49 – 52
ORGANIZATIONAL HIERARCHY
4. 53-60
FUNCTIONING OF DEPARTMENTS
4.1 Marketing
4.2 Finance
4.3 Human Resource
5. 61-63
SWOT ANALYSIS
6. 64-66
SPECIAL TASK
7. 67-70
FINDINGS, SUGGESSIONS & CONCLUSION
a
Bibliography
8
CHAPTER 1
INDUSTRY PROFILE
9
INDUSRTY PROFILE
Life insurance was born in England when the first policy providing temporary cover for a
period of 12 months was issued as early as 1583 A.D. The Amicable Society started
granting fluctuating sum on death since 1705 and a fixed sum since 1757. With the
development of mortality tables, life insurance acquired a scientific character. The
Equitable Society founded in 1762 was the first society established on scientific basis.
In India, after the failure of 2 British companies, the European and the Albert in 1870,
which attempted writing business on Indian lives, first Indian life assurance company was
formed in the same year called Bombay Mutual Assurance Society Ltd. It was followed
by Oriental life assurance Company limited in 1874, Bharat in 1896 and Empire of
India in 1897. The idea of insurance was born out of a desire of the people to share the
loss of an individual by many.
Originally, it was restricted to other forms of life insurance. It started with marine
insurance where the losses on account of perils of the sea were shared by all who were
engaged in trade. References to some forms of insurance have been found in the codes of
Hammurabi Manu.
10
The government began to exercise certain measure of control on insurance business by
passing ‘Insurance Act’ in 1912. In order to control the investment of funds, expenditure
and management, a comprehensive Act was passed known as ‘Insurance Act 1938’. To
control the affairs, the office of controller of insurance was established. The Act was
amended extensively in 1950.
Life insurance was the first to be nationalized in 1956. Life Insurance Corporation of
India was formed by consolidating the operations of various life insurance companies.
General Insurance followed suit and was nationalized in 1973. General Insurance
Corporation of India was set up as the controlling body with New India, United India,
National and Oriental as its subsidiaries. The process of opening up of the insurance
sector was initiated against the background of Economic Reform Process which
commenced from 1991. For this purpose, Malhotra Committee was formed which
submitted report in 1994 and Insurance Regulatory Development Act (IRDA) was passed
in 1999. Subsequently, Indian Insurance was opened for private companies which began
operations since 2001.
11
There are now 21 insurance companies operating in the Indian market. With many more
joint ventures in the offing, the insurance industry in India today stands at cross roads as
competition intensifies and companies prepare survival strategies in a de-tariffed
scenario. There is pressure from both within the country and outside on the Government
to increase the Foreign Direct Investment (FDI) limit from the current 26% to 49% which
would help JV partners to bring in funds for expansion.
Objectives
12
• Holding the money with obligation and using it in the best possible manner in the
interests of the policyholder and the community.
• Bringing attractive savings plans and making them easily accessible to the policyholders.
• Giving attractive returns to the people and keeping in mind national priorities.
• Being trustworthy to the customers and develop the spirit of corporate social
responsibility.
• Spreading insurance in both rural and urban areas and covering all the insurable persons
at a reasonable cost.
• Providing efficient service and involving people in the organization for their satisfaction.
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limited and Allianz AG of Germany.
Bajaj Allianz General Insurance came into existence on 2nd May 2001, when it got
certification of Registration from the Insurance and Regulatory Development Authority.
Bajaj Auto has a share of 74%, whereas Allianz has the remaining 26%. In the very first
year, the company made a strong position for itself in the industry and was reckoned
amongst the top private insurers. The premium income of the company as on 31st March
2006 was Rs. 1285 crores, whereas the profit after tax made was Rs. 52 crores. Bajaj
Allianz has a Pan India network covering over 100 towns from Jammu to
Thiruvananthapuram and aims to spread its operations in many other cities.
The vision of the organization is to be the first choice for customers, and provide job
satisfaction to the employees and create shareholder value. The organization strives to
excel in its products and services, providing total customer satisfaction.
Bajaj Allianz serves customers in all areas of General and Health Insurance as well as
Risk Management. It has in-depth knowledge of the local market and extensive
13
distribution network with expertise, stability and experience. It has a capital base of Rs.
147 crores, and is allowed to serve both the General and Health insurance.
It has achieved iAAA rating, by ICRA Limited and has the highest claims- paying ability
and a stable position in the market. In a 2006 survey, Business World has rated it among
the Most Respected Companies, putting it at No.2 position in Insurance sector.
• Travel Insurance
• Asset Insurance
• Health Insurance
• Corporate Insuranceccc
ICICI Prudential is a joint venture between ICICI bank and Prudential plc, both having
strong operations in their respective countries. ICICI bank is one of the leading banks in
India providing quality financial services and Prudential is an international financial
service provider headquartered at United Kingdom. ICICI and Prudential have respective
shares of 74% and 26%. The Company started operating in December 2000. Currently,
total capital with the company is Rs.18.15 billion.
ICICI Prudential was the first insurance company in India to receive a National Insurer
Financial Strength rating of AAA (Ind.) from Fitch ratings. It has been given the honour
of being among the Most Trusted Brands in the industry by Economic Times for 3
consecutive years. It has a network of 450 branches, over 1,50,000 insurance advisors
and 18 bancassurance partners.
As the organization grows and develops, it keeps introducing new range of products and
services and enhancing the quality of plans and solutions given to the customers. The
distribution network is one of the best, and is spreading across the length and breadth of
14
the country. As on December 31, 2006, it had made imprints in over 360 cities and towns
in India. It has over 1,75,000 advisors across the country, serving clients with full
commitment. It has tied up with ICICI Bank, Bank of India, Federal Bank, Lord Krishna
Bank, some co-operative banks, NGOs, MFIs and corporates for making inroads into the
rural areas.
Products
Insurance Solutions for Individuals: ICICI Prudential Life Insurance offers several novel,
customer-centric products for customers at every stage of life. The products and services
offered by the organization are in various fields, such as:
• LifeLink Super
• Cash Plus
• Cash Bank
Retirement Solutions
• Life Link Super Pension
• Forever Life
• Immediate Annuity
Child Plans
• Education insurance - Smart Kid
15
Protection Solutions
• Life Guard
• Home Assure
ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
Bank Limited and Fairfax Financial Holdings Limited. ICICI bank is India's second
largest bank; Fairfax is Canada-based, engaged in general insurance, reinsurance,
insurance claims management and investment management. ICICI Lombard General
Insurance Company commenced its operations in general insurance business in August
2001.
ICICI Lombard is India's number one private insurance company; it is also the first
general insurance company to be given certification of ISO 9001:2000. The company
provides simple and fast documentation, fast claims settlement, online policy issuance,
and comprehensive product line.
It has also been given iAAA rating by ICRA for having highest claims paying ability. In
the very first year of operations, it was able to reach financial breakeven and achieve
16
underwriting breakeven in the second year. Security is provided through encryption and it
is the first company to provide digitally signed documents. It has been honored as the
most Customer Responsive Company by the Economic Times. Times of India has
designated it as the Best Housing Insurance in the Smart Living Awards by 360 degrees.
It has also been awarded Gold Shield for "Excellence in Financial Reporting". It is
among the top three companies to be awarded the "General Insurance Company of the
Year" at the10th Asia Insurance Industry Awards.
Products
Business Solutions
• Industrial All Risk
• Fidelity Insurance
• Burglary Insurance
• Machinery
Personal Solutions
• Group Personal Accidents
• Health
• Health Insurance
Project Solutions
• Contractors' All Risk
• Performance Guarantee
17
Liability Solutions
• Director's & Officers Liability
• Product Liability
• Workmen's Compensation
• Event Insurance
• Product Liability
Travel Insurance
• Senior Citizen Overseas Travel
• Domestic Travel
Birla Sun Life Insurance Company Limited (BSLI) is a joint venture between Aditya
Birla Group and Sun Life Financial Inc. BSLI started functioning in March 2001 after
getting the certificate of registration from IRDA.
Birla Sun Life Insurance Company Limited introduced unit Linked Life Insurance
Solutions in India. Within a short span of time it was able to establish itself as a leading
player in the Private Life Insurance Industry. It has been innovative and come up with
customer-centric products to provide safety and services. The company has web-enabled
IT systems for better customer services and a strong distribution channel which is easily
approachable. The company shows corporate governance and a high degree of
transparency in all business practices. It has professional knowledge and global expertise
of Aditya Birla Group.
Birla Sun life Insurance has been providing first class financial solutions to its customers
and has been amongst the top three private sector life insurance companies.
18
Its mission is to be amongst the top players in the eyes of customers and the first choice
of insurance and retirement solutions to individuals and groups. These innovative
solutions are linked with global and technical expertise and are deployed by a multi-
channel distribution network and enhanced technology.
The company aims at keeping all people associated with it - customers, clients,
stakeholders and employees- happy and fully satisfied. It wants to provide value added
products and services to the customers, job satisfaction to employees and highest returns
to the shareholders.
Qualities like integrity, commitment, passion, and speed are the core values of the
company. The products offered by the company are:
Saving
• Simply Life
• Supreme Life
• Life Companion
• Prime Life
Children
• Children's Dream Plan
19
Retirement
• Flexi Secure Life Retirement Plan II
Riders
• Term Rider
• Waiver of Premium
Tata AIG General Insurance Company Ltd. is a joint venture between Tata Sons and
American International Group, Inc. (AIG). The Tata Group is holding 74 per cent stake
and the rest 26 percent is held by AIG. The company has got the expertise, knowledge
and strength of both the organizations.
Tata AIG General Insurance Company was founded on January 22, 2001. It offers
general insurance in various categories, such as automobile, home, personal accident,
travel, energy, marine, property and casualty and specialized financial solutions.
Jamsetji Tata founded Tata Group in 1860s. It has an estimated turnover of around US $
14.25 billion. It has spread its operations in various fields such as steel, power, hotels,
airlines, software services, communications, etc. Some of its major projects have been
Tata Tea, Tata Steel, Tata Chemicals, Titan, Tanishq, Voltas, Westside and Tata Motors.
Its imprints are made on the telecommunication and technology sector. Regarding
telecommunications, it is the largest international long distance service provider.
Approximately two- third of the equity of Tata Sons is held by a host of national
institutions in science and technology, medical services and performing arts. By
20
combining the ethical values with business acumen and fulfilling its commitment to the
nation, it has become one of the largest groups in India.
American International Group, Inc. (AIG) is the leading international player in insurance
and financial services. Its network spreads across 130 nations. AIG member companies
serve all types of customers, be it commercial or individual. AIG is among the leading
insurers and the largest underwriter of insurance. Aircraft leasing, financial products and
trading are some of the services offered by AIG. AIG has a global expertise of fulfilling
the customer-centric needs. It has specialized investment management capabilities in
equities, fixed income, alternative investments and real estate. AIG's stock has been listed
in the New York Stock Exchange as well as stock exchanges in London, Paris,
Switzerland and Tokyo.
The organization caters to individuals, small businesses and corporates. Individual plans
include motor, home, accident & health and travel insurance, whereas corporate plans
include accident & health, travel, energy, property, marine and liability plans.
Sir Dorab Tata founded New India Assurance Company on 23rd July 1919. It has 1068
offices comprising of 26 regional offices, 393 divisional offices and 648 branches with
more than 21,000 employees.It is one of the largest Non- Life insurers in Afro- Asia and
the first one to cross Rs. 5,000 crores of Gross Premium. It has a global network
expanding in countries like Japan, U.K., Middle East, Fiji and Australia. Its international
operations started in 1920 and have spread across 24 countries having a network of 19
branches, 12 agencies, 2 associate companies and 2 subsidiary companies. The company
contributes 80% of total overseas premium in India.The company has a highly qualified
staff, which excel in both expertise and knowledge and are trained to provide satisfaction
to the customers. It is the only company able to establish strong relationships overseas
and has a record of successful trading outside India. The performance has been
outstanding and the company has been able to maintain a strong position in the market.
21
It has been the pioneer in various fields such as:
• Satellite insurance.
The company wants to develop itself as the best general insurance company in the
industry. It is concerned about the society and community, and provides financial security
at reasonable prices. The company gives utmost importance to customer needs and there
is transparency in its operations. Some of the policies and schemes introduced by the
company are:
• Fire Policy
It has set global standards for itself and is the only private general insurance company in
India to make 5 consecutive years of experience. ITGI has been one of the few companies
22
to show underwriting profits within four years of operations. The company focuses on
delivering creative solutions to its customers. IFFCO Tokio General Insurance has 273
employees present in 68 cities, dedicated to give full satisfaction to the customers. It is
the first company to underwrite mega policies for a fertilizer and automobile client.
The Oriental Insurance Company Ltd. (OICL) is one of the general insurance companies
under the support of the General Insurance Corporation (GIC) of India. It came into
existence in the year 1947 and is one of the oldest organizations in India. It caters to all
sections and sectors ranging from MNCs to rural sector. The headquarters of the
company are situated at Delhi and it has 21 Regional Offices, 311 Divisional Offices and
635 Branch offices.
It has a team of hard working employees, having the talent to take the company to new
heights. Also the company shows concern for both the employees and customers. It
provides special covers for large projects like power plants, steel plants and chemical
plants.
23
on 14th August 2000. Both Crisil and ICRA have honored it with AAA Ratings.
Similarly Moody's and Standard and Poors have also honoured it AAA ratings. HDFC
holds 81.4% share in HDFC and the remaining 18.6% stake is with Standard Life. It
integrates the strong expertise and stability of Standard Life and HDFC.
It is one of the most trusted companies; it is easily accessible and approachable, offering
value services to its customers.
The values ingrained in the company are to provide financial security to policyholders,
maintain trust and keep innovating to establish it as a unique player.
24
8. Met Life India Insurance Company Pvt. Ltd.
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
25
CHAPTER 2
COMPANY PROFILE
26
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Limited (‘the Company’) a joint venture
between ICICI Bank Limited and Prudential plc of UK was incorporated on July20,
2000 as a company under the Companies Act, 1956 (‘the Act’). The Company’s licensed
by the Insurance Regulatory and Development Authority (‘IRDA’) for carrying life
insurance business in India.
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on
a sum assured of over Rs.23 billion. When the company began its operations, the need
was to build a brand that was relatable to, symbolized trust and was easily recognized and
understood. It launched a corporate campaign ICICI Prudential also made using the
theme of ‘Sindoor’ to epitomize protection, trust, togetherness and all that is Indian;
endearing itself to the masses. The success of the campaign, ‘the calling card of the
company’ saw the brand awareness scores almost at par with its 40 year old competitor.
The theme of protection was also extended to subsequent product and category specific
campaigns –from child plans to retirement solutions –which highlight how the company
will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
27
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Bancasurance’ partners –the largest in the country. It swiftly revised and added to
its initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004,
ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital hike,
bringing the total paid –up equity capital to Rs. 6,750 million. With the authorized capital
of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest
capital base amongst all life insurers in the country. The challenge ICICI Prudential now
faces is to retain its top-notch position and continue to deliver the finest life insurance
and pension solutions to its ever-growing customer base.
ICICI Prudential’s equity base stands at Rs. 37.72 billion with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the
company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963
policies. The sum assured in force stands at Rs.45, 888 crore. The company has a
network of over 261,000 advisors; as well as 9 bancasurance partners and over 200
corporate agent and broker tie-ups. ICICI Prudential Branches can be found in almost all
the states and major cities of India.
ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit rating, and is a clear assurance of ICICI Prudential’s ability to meet its obligations
to customers at the time of maturity or claims.
For the past five years, ICICI Prudential has retained its position as the No.1 private
insurer in the country, with a wide range of flexible products that meet the needs of the
Indian customer at every step in life.
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one
of the largest distribution networks amongst private life insurers in India, with 1900
branches in addition to 1,074 micro-offices, over 261,000 advisors; and 7 banc assurance
partners in 54 cities. The total number of policies issued stands at more than 780,000 with
a total sum assured in excess of Rs.160 billion.
28
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by AC
Nielsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’
award for the second year running. The company is also proud to have won Silver at
EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential
was also short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002.
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a
choice. This has been the driving force behind its multi-channel distribution strategy,
which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI
Prudential was the first life insurer to invest in multiple channels and offer the customer
choice and access; thus reducing dependency on any one channel, great strides in the
retirement solutions and pensions market.
The Company’s penetration of the retirement market was driven by the focused approach
towards creating awareness through sustained campaign; ‘Retire from work, not life’.
Within six months, the campaign rewarded ICICI Prudential with an increased share of
23% of the total pensions market and 78% amongst private players. ICICI Prudential has
one of the largest distribution networks amongst private life insurers in India, having
commenced operations in 132 cities and towns in India, stretching from Bhuj in the west
to Guwahati in the east, and Jammu in the north to Trivandrum in the south.
The company has 9 bank partnerships for distribution, having agreements with ICICI
Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some
co-operative banks, as well as over 200 corporate agents and brokers, it has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies.
29
ICICI Prudential has recruited and trained more than 261,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT
infrastructure to provide superior quality of service to customers.
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of
the values describes what the company stands for, the qualities of people and the way
they work.
Company believes that it is on the threshold of an exciting new opportunity, where it can
play a significant role in redefining and reshaping the sector. Given the quality of
parentage and the commitment of its team, there are no limits to its growth.
“To make the company the dominant Life and Pensions player built on trust by world-
Class people and service .”
• Understanding the needs of the customers and offering them superior products and
services.
30
• Leveraging technology to service customers quickly, efficiently and conveniently.
• Providing and enabling environment to foster growth and learning for the employees.
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 they do, and have become the keystones of company’s success.
The ICICI Prudential edge comes from our commitment to our customers, in all that we
do - be it product development, distribution, the sales process or servicing. Here's a peek
into what makes us leaders.
1. Our products have been developed after a clear and thorough understanding of
customers' needs. It is this research that helps us develop Education plans that offer the
ideal way to truly guarantee your child's education, Retirement solutions that are a hedge
against inflation and yet promise a fixed income after you retire, or Health insurance that
arms you with the funds you might need to recover from a dreaded disease.
31
2. Having the right products is the first step, but it's equally important to ensure that our
customers can access them easily and quickly. To this end, ICICI Prudential has an
advisor base across the length and breadth of the country, and also partners with leading
banks, corporate agents and brokers to distribute our products.
3. Robust risk management and underwriting practices form the core of our business.
With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a
smooth and hassle-free claims process.
4. Entrusted with helping our customers meet their long-term goals, we adopt an
investment philosophy that aims to achieve risk adjusted returns over the long-term.
5. Last but definitely not the least, our team is given the opportunity to learn and grow,
every day in a multitude of ways. We believe this keeps them engaged and enthusiastic,
so that they can deliver on our promise to cover you, at every step in life.
2.4 Promoters
ICICI Bank The World Bank, Government of India and representatives of the private
sector founded ICICI in 1955 to encourage and assist industrial development and
investment in India. ICICI Bank is India’s second-largest bank with total assets of about
Rs.112, 024 Crore and a network of about 450 branches and offices and about 1750
ATMs.
It offers a wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialized subsidiaries
and affiliates in the areas of investment banking, life and non-life insurance, venture
capital, asset management and information technology. ICICI Bank posted a net profit of
Rs.1637 Crore for the year ended March 31, 2004. ICICI Bank’s equity shares are listed
in India on stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock
Exchange, Mumbai and the National Stock Exchange of India Limited and its American
32
Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). The
Various segment of ICICI are
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to more
than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004,
the company had over US$300 billion in funds under management. Prudential 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 the leading European life insurance company with a vast
network of 24 life and mutual fund operations in twelve countries - China, Hong Kong,
India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand
and Vietnam.
The company has six Banc assurance tie-ups, having agreements with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-
operative banks, as well as over 150 corporate agents and brokers. It has also tied up with
NGOs, MFIs and corporates for the distribution of rural policies and organizations like
33
Dhan for distribution of Salaam Zindagi, a policy for the socially and economically
underprivileged sections of society.
ICICI Prudential has recruited and trained about 2,14,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT
infrastructure to provide superior quality of service to customers.
CICI-Prudential Life Insurance Company Limited (ICICI Prudential), the joint venture
(JV) between ICICI Limited (NYSE: IC), and Prudential plc. of UK, today achieved the
landmark of issuing its first set of life insurance policies. This is amongst the first
insurance policies issued in India by a new private sector insurance company, after the
insurance sector was recently opened for private participation. Fittingly, the first set of 7
endowment policies, sponsored by IndiaInfoline.com, were handed over to economically
underprivileged children.
The seven recipients of the policies, including four girls, are in the age group of 7-8 years
and will receive the money when they attain the age of eighteen years. Pratham, a Non
Government Organisation (NGO) is currently supporting the children's education.
India Infoline.com, India's leading finance portal and proposed marketing partner for
ICICI Prudential, sponsored these policies for the children. Speaking at the occasion, Mr
Nirmal Jain, Managing Director, IndiaInfoline.com said, " We are happy to be associated
with ICICI Prudential as their marketing partner. We are confident that our extensive
34
reach in the virtual and physical world will serve as an ideal platform for reaching
potential customers and building up the ICICI Prudential brand."
• Ensuring that all the CSR projects are properly conceptualised, designed and
implemented including proposal development.
• Maintaining a continuous dialogue with the relevant teams within each ICICI Group
companies, partner organization and the implementing NGOs who will be involved in
these CSR Projects.
• Ensuring that there is good engagement with all the stakeholders (employees, investors,
senior management, general public, regulators) of the ICICI Group of companies in these
initiatives.
• Complete responsibility for documentation and preparation of all internal and external
communication materials relating to these projects such as website, governing council
reports and presentations and annual reports.
• Leveraging the activities/projects through use of new media (Intranets, You Tube,
Facebook, Twitter, etc.) in an effective way particularly in the area of stakeholder
engagement with the project and in building ICICI Foundation brand salience.
2.7 Products
➢ Savings Solutions
• Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of
protection.
35
• Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection
as well as liquidity options.
• Save n Protect is a traditional endowment savings plan that offers life protection along
with adequate returns.
• Cash Bank is an anticipated endowment policy ideal for meeting milestone expenses like
a child’s marriage, expenses for a child’s higher education or purchase of an asset.
• Lifetime & Lifetime II offer customers the flexibility and control to customize the policy
to meet the changing needs at different life stages. Each offer 4 fund options- Preserver,
Protector, Balancer and Maxi miser.
• Life Link II is a single premium Market Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
• Premier Life is a limited premium paying plan that offers customers life insurance cover
till the age of 75.
• Invest Shield Life is a Market Linked plan that provides capital guarantee on the invested
premiums and declared bonus interest.
• Invest Shield Cash is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest along with flexible liquidity options.
• Invest Shield Gold is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest along with limited premium payment
terms.
➢ Protection Solutions
• Lifeguard is a protection plan, which offers life cover at very low cost. It is available in 3
options- level term assurance, level term assurance with return of premium and single
premium.
➢ Child Plans
• Smart Kid education plans provide guaranteed educational benefits to a child along
with life insurance cover for the parent who purchases the policy. The policy is designed
36
to provide money at important milestones in the child’s life. Smart Kid plans are also
available in unit-linked form- both single premium and regular premium.
➢ Retirement Solutions
• Secure Plus Pension is a flexible pension plan that allows one to select between 3 levels
of cover.
• Invest Shield Pension is a regular premium pension plan with a capital guarantee on the
investible premium and declared bonuses.
• ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance policy
targeted at the economically underprivileged sections of the society.
• ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund
their statutory gratuity obligation in a scientific manner. The plan can also be customized
to structure schemes that can provide benefits beyond the statutory obligations.
• ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
contribution superannuation scheme to provide a retirement kitty for each member of the
group. Employees have the option of choosing from various annuity options or opting for
a partial commutation of the annuity at the time of retirement.
• ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide
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.
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Flexible Rider Options
ICICI Pru 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 sum assured
under the policy. If the death occurs while traveling in an authorized mass transport
vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.
• Accident Benefit: This rider option pays the sum assured under the rider on death due to
accident.
• Critical Illness Benefit: protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses prior
to death.
• Major Surgical Assistance Benefit: provides financial support in the event of medical
emergencies, ensuring benefits are payable to the life assured for medical expenses
incurred for surgical procedures. Cover is offered against 43 surgical procedures.
• Income Benefit: This rider pays the 10% of the sum assured to the nominee every year,
till maturity, in the event of the death of the life assured. It is available on Smart Kid,
Secure Plus and Cash Plus
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• Waiver of Premium: In case of total and permanent disability due to an accident, the
premiums are waived till maturity. This rider is available with Secure Plus and Cash Plus.
A keyman is an individual who directly affects the profitability and the continuity of a
business and whose absence may have an adverse effect on the health and continuity of
the business. Keyman insurance is a life insurance policy taken by the company on the
life of such a key person.
The objective of the Keyman insurance is to provide the company with money so that the
financial losses to the company can be protected, in absence of the Keyman. The aim is to
indemnify the company of these losses and to allow business continuity.
All premiums paid for securing a Keyman life insurance policy are treated as business
expenditure u/s 37 (1).
➢ Rural Plans
ICICI PruLife Rural Products are designed to meet the needs of the rural consumers.
These products offer the following features:
2. Life Cover
3. Savings Option
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2.9 ICICI Pru Pinnacle
ICICI Pru Pinnacle is a unit linked insurance policy that offers the advantage of varying
exposure to equities along with downside protection, so that your investments are
protected in financially volatile times. It also offers a limited premium payment term
while allowing you to enjoy insurance protection for a longer period.
Guaranteed NAV
With ICICI Pru Pinnacle, we guarantee the highest Net Asset Value (NAV) recorded on a
daily basis, in the first 7 years of the fund, subject to a minimum of Rs.10. The guarantee
will be applicable only at maturity. The period of 7 years starts from the date of launch of
Pinnacle Fund and will end on the completion of 7 years (from 24/10/09 to 24/10/16).
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Payment
Minimum/Maximum 8/ 65 years
Entry Age
Policy Term 10 years
Broadly, insurance plans can be distinctly divided into ULIP (Unit Linked Insurance
Plans) and traditional plans. A brief detail of both segments:
ULIPs, or Unit Linked Insurance Plans, have gained high acceptance due to the
attractive features they offer. Benefits include flexibility, Transparency, Liquidity, and
Fund Options.
Flexibility
A ULIP offers the customer an acute degree of flexibility: the flexibility to choose the
Sum Assured, and to choose the desired premium amount. ULIPs give the customer the
option of changing the level of Premium/Sum Assured even after the plan has started,
and the flexibility to change asset allocation by switching between funds with ease.
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Transparency
ULIPS offer a high degree of transparency, where all charges in the plan as well as the
entire net amount invested is made known to the customer. ULIPs also offer the
convenience of tracking your investment performance on a day to day basis, so you can
decide instantly where you want your assets allocated.
Liquidity
A ULIP offers you the option of withdrawing money a few years into the plan, allowing
for the exigencies of life. Alternatively, a ULIP will also allow for partial/systematic
withdrawal should the need arise.
Fund Options
A ULIP will offer you a wide choice of funds, ranging through equity, debt, cash, or a
combination of the three. The customer is also afforded the option of choosing your fund
mix based on your desired asset allocation.
Traditional Plans
These are the oldest types of insurance plans available. These plans cater to customers
with a low risk appetite. Some of the common features of traditional plans are:
1. Steady Investment
2. Features
42
1. Death benefit is Sum Assured + guaranteed & vested bonus.
3. Premium to Sum Assured ratios are fixed for each plan and age.
43
2.10 Awards
44
Highly Commended and Customer Service Leader awarded to Ms. Priya Nayak, VP-
Service Quality.
ICICI Prudential Life Insurance has won the first runner up award for the Best Defect
Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit
2009.
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ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand
Equity "Most Trusted Brands 2009" survey
ICICI Prudential Life won a Gold award for AboutULIPS.com and Health Saver
campaign,innovation award for www.taxguru08-09.com and a silver award for its
Insurance yoga campaign at the ICICI Group Marketing Excellence award.
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Confederation of Indian Industry (CII) - Western Region recently awarded ICICI
Prudential Life a 'Commendation for Strong Commitment to HR Excellence 2008' at
the CII HR Summit 2008.
ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award for
Excellence in Financial Reporting' by the Institute of Chartered Accountants of India
(ICAI) for the financial year ended March 31, 2008.
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ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th
Asia Insurance Industry Awards 2008.
ICICI Prudential Life was awarded with two Bronze Effie's in the sevices catgeory for
its Corporate campaign and Retirement Number campaign
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ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at
the Outlook Money & NDTV Profit Awards 2008
ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects Award
for its IT practices
ICICI Prudential Life won the Award for Brand Excellence in the Banking and
Financial services category at the Asia Brand Congress 2008
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ICICI Prudential Life won the UK Trade & Investment India Business Awards 2008
in the Business Partnership Award-Large Company category
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in
three key categories for its marketing initiatives
50
ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
51
ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at
the Outlook Money & NDTV Profit Awards 2007
2.11 Competitors
The Life Insurance Corporation of India (LIC): भारतीय जीवन बीमा िनगम) is the largest
state-owned life insurance company in India, and also the country's largest investor. It is
fully owned by the Government of India. It also funds close to 24.6% of the Indian
Government's expenses. It has assets estimated of 9.31 trillion (US$ 202.03 billion).[1] It
was founded in 1956.
Headquartered in Mumbai, which is considered the financial capital of India, the Life
Insurance Corporation of India currently has 8 zonal Offices and 101 divisional offices
located in different parts of India, at least 2048 branches located in different cities and
towns of India along with satellite Offices attached to about some 50 Branches, and has a
network of around 1.2 million agents for soliciting life insurance business from the
public.
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2.11.a Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj
Finserv Limited (recently demerged from Bajaj Auto Limited) and Allianz SE. Both
enjoy a reputation of expertise, stability and strength. Bajaj Allianz General Insurance
received the Insurance Regulatory and Development Authority (IRDA) certificate of
Registration on 2nd May, 2001 to conduct General Insurance business (including Health
Insurance business) in India. The Company has an authorized and paid up capital of Rs
110 crores. Bajaj Finserv Limited holds 74% and the remaining 26% is held by Allianz,
SE.
Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture
between the Aditya Birla Group, a well known and trusted name globally amongst Indian
conglomerates and Sun Life Financial Inc, leading international financial services
organization from Canada. The local knowledge of the Aditya Birla Group combined
with the domain expertise of Sun Life Financial Inc., offers a formidable protection for its
customers’ future.
one of India’s leading private life insurance companies, offers a range of individual and
group insurance solutions. It is a joint venture between Housing Development Finance
Corporation Limited (HDFC), India’s leading housing finance institution and Standard
Life plc, the leading provider of financial services in the United Kingdom.
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ING Vysya Life Insurance (ING Life), a part of the ING Group the world’s largest
financial services corporation* entered the private life insurance industry in India in
September 2001. Headquartered at Bangalore, ING Life India is staffed by over 6,000
employees and services more than 10 lakhs customers.
MetLife, Inc. is a leading provider of insurance and other financial services to millions of
individual and institutional customers throughout the United States.
Outside the U.S., MetLife companies have direct insurance operations in Asia Pacific,
Latin America and Europe.
The Oriental Insurance Company Ltd was incorporated at Bombay on 12th September
1947. The Company was a wholly owned subsidiary of the Oriental Government Security
Life Assurance Company Ltd and was formed to carry out General Insurance business.
The Company was a subsidiary of Life Insurance Corporation of India from 1956 to 1973
( till the General Insurance Business was nationalized in the country). In 2003 all shares
of our company held by the General Insurance Corporation of India has been transferred
to Central Government.
Tata AIG General Insurance Company Ltd. is a joint venture between Tata Sons and
American International Group, Inc. (AIG). The Tata Group is holding 74 per cent stake
and the rest 26 percent is held by AIG. The company has got the expertise, knowledge
and strength of both the organizations.
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2.11.h Aviva Life Insurance
Aviva India is a joint venture between one of the country’s oldest and largest groups,
Dabur, and Aviva plc, the UK's largest insurance group, whose association with India
dates back to 1834.
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CHAPTER 3
ORGANIZATION STRUCTURE
56
ORGANIZATION STRUCTURE
Board of Directors
The responsibility for good governance rests on the Corporate Board which has the
primary duty of ensuring that the principles Of Corporate Governance, both as imbibed in
law and regulations and those expected by stakeholders, are religiously and voluntarily
complied with and the stake holder’s interests are kept at utmost high level.
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people
from the finance industry both from India and abroad.
NAME DESIGNATION
Mr. N. S. Kannan,
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Management Team
The ICICI Prudential Life Insurance Company Limited Management team comprises
reputed people from the finance industry both from India and abroad.
NAME Designation
Ms. Shikha Sharma, Managing Director & CEO
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Hierarchical Structure of ICICI Prudential
59
CEO
Zonal Mgr
Branch Mgr
CHAPTER 4
FUNCTION OF DEPARTMENTS
Agency Mgr
Unit Mgr
Advisers
60
FUNCTION OF DEPARTMENTS
There are three main departments:-
➢ Marketing
➢ Finance
➢ Human Resources.
4.1 Marketing
The Marketing function at ICICI Pru covers an array of activities - brand and media
management, channel support, direct marketing and corporate communications. The
Brand and Communications team is in charge of advertising, consumer research, media
planning & buying and Public Relations; that helps develop and nurture ICICI
Prudential's corporate identity while effectively communicating its varied product
offerings to the customer. Channel marketing provides support to the sales force by
streamlining the design and development of collaterals and sales tools across distribution
channels. The Direct marketing team was set up to generate high quality leads for
profitable business. The team achieves this through target database acquisition and
communicating customized product information through e-mailers, telemarketing and
innovative direct mailers.
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Hierarchy of Marketing Department Structure at corporate level
Head of Department
Manager Marketing
Assistant Manager
Marketing Officer
Marketing Executives
Marketing Research
Marketing Research is the systematic method of gathering recording objective search and
analyzing of vaild and reliable information relating to the marketing of goods and
services. Several factors contributed to the growth of marketing research, Those are to
know the potential areas of selling for the manufacture where his goods could be
marketed
4.2 Finance
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Finance function in ICICI Prudential is committed to create an infrastructure that is
aligned to shareholder expectations. Finance basically comprises of four functions. .
Corporate Planning and MIS provide feedback on business strategies. This includes
driving the budgeting process, providing strategic inputs for decision-making and
management reporting and analysis. The Accounts function includes preparation and
maintenance of financial records, funds management, and expense processing and
treasury operations. Compliance ensures that every action is within the regulatory
framework. This includes reviewing compliance requirements and supporting the ethical
framework of ICICI Pru life. Internal audit provides assurance to the management over
the organizations' control framework and includes process risk management, information
security assessment and business continuity assessment.
Head of Department
Manager (Finance)
Assistant Manager
Junior superintendent
Senior Assistant
4.3 Human Resource
The people strategy of ICICI Prudential is “To build a committed team with a culture of
Junior Assistant
innovation, learning and growth. The Human Resource Function at ICICI Prudential
63
drives the people strategy of the business. With its initial focus on operational excellence
to deliver benefits and services to staff members, HR is now committed to building
capability through state of the art processes. A robust performance management system,
compensation system and a segmented training architecture enable it to deliver value to
the organization.
Head of Department
Manager (HR)
Assistant Manager
Junior superintendent
Senior Assistant
Junior Assistant
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Recruitment
A decision to recruit shall be made in the context of the current and future workforce
requirements of the organization ,approved staff members available financial resources
and relevant workforce planning strategies within the functional groups. The organization
looks at professionally qualified and experienced people who can drive the organization
to achieve its vision.
Induction
The Human Resource Department conducts the induction program. They prepare a
detailed induction schedule for the new colleagues joining the organization based on their
position .They undergo a detailed briefing about organization ,its policies and its
functions.
After employees have been selected for various positions in an organization, training
them for the specific tasks to which they have been assigned assumes great importance. It
is true in many organizations that before an employee is fitted into a harmonious working
relationship with other employees, he is given adequate training. Training is the act of
increasing the knowledge and skills of an employee for performing a particular job. The
major outcome of training is learning. A trainee learns new habits, refined skills and
65
useful knowledge during the training that helps him improve performance. Training
enables an employee to do his present job more efficiently and prepare himself for a
higher-level job. The essential features of training may be stated thus:
• Increases knowledge and skills for doing a particular job; it bridges the gap
between job needs and employee skills, knowledge and behaviors
• Focuses attention on the current job; it is job specific and addresses particular
performance deficits or problems
• Concentrates on individual employees; changing what employees know, how
they work, their attitudes toward their work or their interactions with their co-
workers or supervisors
• Tends to be more narrowly focused and oriented toward short-term performance
concerns
Promotion
Promotions are of two types i.e. Seniority based promotion and performance based
promotion. Middle level employees are promoted on the basis of their seniority
and top level employees are promoted on the basis of performance
The Operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer. To streamline the
operations, the Operations department interfaces between the clients and the agents, the
branches and the underwriters, and manages work processes.
The Vision at Customer Service is to deliver ‘World Class Service’ at every opportunity.
Units such as the 9 to 9 contact center, Outbound Call Centre, Customer Care and Query
Resolution Unit are all committed to providing effective solutions to over lakhs of
customers across the country.
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4.5 Information Technology
67
Chapter-5
SWOT ANALYSIS
68
SWOT ANALYSIS
Strengths:
1. Money power, which makes them about the gestation period.
2. Brand image, Business experience, and Innovative products.
3. The agents are very selectively chosen have excellent communication skills
4. Service quality, which is the crux of their mission.
5. Large network branches which is helped to customers for the payment.
6. Market segmentation and products for niche markets.
Weaknesses:
1. High targets for financial advisors and the sales departments.
2. Many competitors in the market offer same product by the title difference in the
premium and offerings.
3. Sustainable to risk associated with investments in money market.
4. Try to catch middle – lower level people also.
Opportunities:
1. Increasing purchasing power of large number of middle class.
2. India’s stature as leading IT power.
3. Retail finance and insurance sector
4. Infrastructure development.
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Threats:
1. Players like Bajaj and Birla Sun Life with the low premium for the similar plans.
2. Entry of many other companies with equally strong experience and financial
strength of foreign partners making the competition difficult and saturating the
urban markets.
3. Current Govt. policies do not encourage gross domestic savings. If the tax
liability of the service class rises the customer will have little money to invest.
4. LIC has woken up from sleep and is following competitive strategies. Its huge
surplus in Life Fund gives a capability to lodger price war.
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Chapter-6
SPECIAL TASK
71
Special Task
The company takes proper care so that the confidential management related information
is not leaked out to public. During my internship period in the company I found that the
Branch manager is handling two branches at a time which are situated in different
locations and he visits once in a week and the staff is also not regular. There is lack of
motivations & accountability for the staff as well as for the Insurance advisers.
I also found that the people are not much aware about the products offered by the
company because there is no proper way of advertising. I found that the documentation
procedure is lengthy which consumes lot of time.
Impact
All these things are having very negative impacts on the profitability and goodwill of the
company. Some important ones are as follows:
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Solution
73
Chapter-7
FINDINGS, SUGGESSIONS &
CONCLUSION
74
Findings
• ICICI Prudential is having the good brand image in the market as compare to other
insurance companies.
• Almost all of the customers have an insurance policy.
• Due to increasing concern of people towards their health/life the life insurance
business has good impact.
• ICICI Prudential’s Life Time, Retirement solutions and Smart Kid’s are the most
preferred polices among all types of policies of the company.
• Most of the customers who hold ICICI prudential’s life insurance policy would
prefer to go in for another policy only from ICICI Prudential. The reason being
their brand image, wide variants or policies to choose from & good servicing of
policies
• Customers mainly go for Life risk cover by buying Life insurance policy which
provide benefits of income tax rebate.
• ICICI is the largest private player in the insurance industry in India .It has sold
over two lakh policies till date. Besides LIC, ICICI Prudential is facing stiff
competition from other private insurance players
• Targets given to the employees are very high as well as for their agents.
• Minimum policy is of Rs 10000 per year which is not affordable by the rural
people and lower income group.
.
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Suggestion
• As the targets are very high the employee are too much stressed and their
work efficiency decreases. Therefore they should be given less target as
compared to existing status.
• Minimum policy is of Rs 10000 per year which is not affordable by the rural
people and lower income group. Therefore to increase the number of
customer they should lower the minimum policy amount.
• Identifying means of a delightful customer experience.
• Documentation should be easy.
• Most of the time people are not aware of the new products & services
provide by the ICICI Prudential. So to create awareness, they should
increase their advertisement through various print & electronic media even
in rural areas.
• Staff is not motivated enough to work efficiently. They should provide
proper training to employees which can increase the motivational level so
that the employees would work more efficiently and provide better result in
achieving their targets.
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CONCLUSION
It was a good experience to work in such a reputed company. Lot of information was
provided to me regarding the working of the ICICI Prudential which helped me in
increasing my knowledge about the working of the different departments, their product &
services and their Customer Relationship Management.
The external guide who is the unit manager in the ICICI Prudential gave me all the
information needed for the organizational study. While working under him I got the
experience of field work.
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BLIOGRAPHY
78
Bibliography:
BOOKS REFERED
• Marketing Management by Philip Kotler
• ICICI Prudential Company magazines
• Newspaper and Business magazines
WEBSITES
• www.iciciprulife.com
• www.google.co.in/indian insurance industry
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