A DISSERTATION ON

.MARKET

ANALYSIS OF OFFICE INSURANCE PRODUCTS with reference to ICICI Lombard General

insurance co Ltd.
Submitted in partial fulfillment of the requirement for MBA Degree of Lucknow University

BY

AKHAND PRATAP MISHRA MBA (Marketing) IInd Sem Under the guidance of Dr. B.S. Chauhan

Institute of Management Sciences Lucknow University New Campus, Sitapur Road, Lucknow-226021

ACKNOWLEDGEMENT
At the very outset, I take the opportunity to thank Dr. B.S. Chauhan, OSD (MBA Marketing), Institute of Management Science, Lucknow for providing me with the academic support. I express my sincere regards and gratitude for every individual linked with my Research Work. One such person is my guide for the semester Dr.B.S.Chauhan, whose inspiring words made me, put in all I had to offer. His continuous guidance and suggestions are the cardinal aspects that have ultimately led me to see this fruitful end. I would like to thank all the respondents and personnel of ICICI Lombard general insurance co ltd for their co-operation and providing the relevant data required. I express my sincere gratitude to all my friends and well-wishers who helped me in completing this Project Report. Last but not the least; I would like to thank the Almighty for being there always in this endeavor.

DECLARATAION
I hereby declare that the project report titled .Market analysis of office insurance products with reference to ICICI Lombard general insurance co ltd... is a record of independent work carried out by me towards the partial fulfillment of the requirements for the Masters Degree in Business Administration course of Lucknow University, at Institute of Management Science, Lucknow . 226021. This has not been submitted for the purpose of any award or degree or diploma of any other university or institution. Place: Lucknow Date: 30.06.09 (Mr. Akhand Pratap Mishra) MBA (Marketing) IInd Sem

CHAPTER 1. 2.

PARTICULARS EXECUTIVE SUMMARY

DESIGN OF THE STUDY
RESEARCH GAP PROBLEM STATEMENT RESEARCH OBJECTIVES OPERATIONAL DEFINITION OF THE CONCEPT RESEARCH DESIGN ADOPTED TYPE OF RESEARCH SAMPLING DESIGN SOURCES OF DATA COLLECTION PRIMARY DATA SECONDARY DATA LIMITATIONS

PAGE No.

3. 4. 5. 6. 7. 8.

INDUSTRY PROFILE COMPANY PROFILE PRODUCT PROFILE DATA ANALYSIS AND INFERENCES SUMMARY OF FINDINGS RECOMMENDATIONS AND CONCULSIONS BIBLOGRAPHY

EXECUTIVE SUMMARY
The project is done in ICICI LOMBARD GENARAL INSURANCE CO. The project title is Market Analysis of Office Insurance Products. The objective of the research is to analyze the market and to find out customer awareness level about office insurance products. To know about effective of company service. Type of research is descriptive research, using direct-structured questionnaire done through the Survey. The sampling unit of the survey is the entire offices in Lucknow city. The sample size is 80 offices. Findings of the project are major of respondents have awareness about office insurance and office insurance products. Major of respondents told they believe in Government owned companies and they want to avail Government owned companies services. Major of respondents think company and company services are very important factors for purchasing office insurance policies. Based on the findings recommendations are given like there is a necessity to make more advertising and promotions by the insurance company through TV, news papers, magazines and pamphlets to make aware the customers about the insurance provided by them. As it was found that customers preparing only Government companies for their office insurance so company should create trust in costumers about private insurance companies by rendering good services like proper claims, good response to costumer queries and maintaining good relationship with costumers.

INTRODUCTION
The term insurance market broadly covers the insurance companies, the buyers of insurance and the various intermediaries. Historical Till May, 1971 there were 107 companies operating in the market, both Indian and foreign. Some companies were in the co-operative sector. The size of the companies and there reach varied to a great extent. Whereas many companies used to underwrite all types of covers fire, marine& miscellaneous insurance, some other restricted their area of operation basically to selected field only like Marine Hull Business. The government in May, 1971 took over the undertaking of all the companies as a prelude to ultimate nationalization. This was brought about under the General insurance business (Nationalsation) Act, 1972. Thus, effective 01/01/1973 a single holding company was created named as General Insurance Corporation of India, with 4 subsidiaries to take care of the general insurance business operation. The four subsidiaries formed were as under: 1] The National Insurance Co. Ltd 2] The India Assurance Co. Ltd 3] The Oriental Insurance Co. Ltd 4] The United India Insurance Co. Ltd The four subsidiary companies operated under the all direction of the GIC. Each of these had almost a similar structure with 4 tiers. i.e. the branch at the bottom rung; above them the divisional office; thereafter Regional office and the HO at the apex. Present Scenario: At present 12 companies are operating in general insurance market for direct business. The four public sector companies mentioned above and the following companies in the private sector. These private companies were formed after the passing of the IRDA Act, 1999. This removed the prohibition existing in the GIBNA Act relating to formation of insurance companies other than the four public sector companies. The companies in the private sector are:1. Bajaj Allianz General Insurance Co.Ltd. 2. Cholamandalam General Insurance Co. Ltd. 3. HDFC Chubb General Insurance Co. Ltd. 4. ICICI LOMBARD General Insurance Co. Ltd. 5. IFFOCO Tokio General Insurance Co. Ltd.

6. Reliance General Insurance Co. Ltd. 7. Royal Sundaram Alliance Insurance Co. Ltd. 8. Tata AIG General Insurance Co. Ltd. The General Insurance Corporation is now only Reinsurance Company and operates as the National Reinsures. There are however, some companies in the market which are formed for a specific purpose only. Deposit insurance company- To take care of loss suffered by the depositors of a bank. i. Exports Credit Guarantee Corporation . this takes care of the credit risk which exporters face in respect of the goods exported. ii. Agricultural Insurance Corporation to take care of crop insurance and allied risks. iii. There are also insurance departments in some of the states. The four public sector and the 8 private sector companies are authorized to handle direct business as well as reinsurance business, both inward outward. The buyers of insurance would be property owners, factory owners, traders, vehicle owners, commercial establishments, professionals etc. In fact the whole population could deemed as potential costumers for insurance of one type or another.

DESIGN OF THE STUDY

RESEARCH GAP My personal enquiry with the sales manager of ICICI Lombard General Insurance Co Office indicates that there is a potential market for office insurance products in north eastern part of Karnataka. There is a need for research investigation in to the analysis for office insurance products. This has evoked me to undertake this research investigation PROBLEM STATEMENT: How can one assess the market awareness for office insurance products. How can we tap this potential after assigning, through strategic marketing of services. SCOPE OF THE STUDY: The scope of the study is restricted to analyze the market for office insurance products with various offices in Lucknow.The study intends to know awareness of insurance products. The research was conducted to know opinion about services provided by the ICICI LOMBARD. The research was also concentrated on other factors like premium and advertising of products. RESEARCH OBJECTIVES: To find out the customer awareness level for office insurance products. To assess the effectiveness of company service. To make an independent assessment of the magnitude of the market potential in the light of the competitive scenario. To suggest remedial measures to exploit the market potential.

OPERATIOANAL DEFINATIONS: Market: Traditionally, market was a physical place where buyers and sellers gathered to exchange goods. It is also a collection of buyers and sellers who transact over a particular product. A simple market system can be shown as:

Marketing: It is a societal process by which individual and groups obtain what they need and want through creating, offering and freely exchanging products and services of values with others. Marketing research: It is a systematic and objective study of problems pertaining to the marketing of good and services. It may be emphasized that it is not restricted to any particular area of marketing but is applicable to its all phases and aspects. Product: A product is anything that can be offered to a market to satisfy a want/need. Products that are marketed include physical goods, Services, Experiences, events, persons, properties, organizations, information and ideas. Brand: A Brand is a name, term, sign, symbol, design or a combination of them intended to identify the goods/services of one seller/group of sellers and to differentiate them from those Of Competitors.

Distribution and its Channels: Distribution is the process of moving goods/services form the place of production to the marketing activities involved in the flow of goods/services from the primary producer to ultimate consumer. Accident and accidental Means a sudden, unforeseen, and unexpected physical event beyond the control of the Insured caused by external, visible and violent means. Bodily injury Means any accidental physical bodily harm but does not include any sickness or disease. Business or business purposes Means any full or part time, permanent or temporary, activity under taken in the premises with a view to profit or gain. Burglary Means an act involving the unauthorized entry to or exit from the insured.s property or attempt threat by unexpected, visible, forcible and violent means, with the intent to commit an act of theft. Bank Means and includes bank of every description, post office and government treasury. Contents Means the following used for business or business purposes, so long as they are owned by the insured and / or for which the insured legally responsible for including family of insured, directors, karta of HUF, partners and the like goods such as furniture, stock, machinery, equipment, fixtures, fittings and interior decorations but excluding money, jewelry, and valuables. Employee Means any person employed by the insured to perform certain duties for consideration, either expressly or impliedly in the course of employment

Insured or insured.s Means the person named in the policy as the policy holder and / or his family, and / or his parents, and / or directors and / or karta of HUF, and the like. Medical expenses Means expenses incurred on necessary on medical or surgical treatment, services, or supplies. Period of insurance Means the period of time stated in the schedule for which the policy is valid. Policy Means insured.s proposal, the schedule, company.s covering letter to the insured, insurance clauses, definitions, exclusions, conditions and other terms contained here in and any endorsement attaching to or forming part hereof, either at inception or during the period of insurance. Premises Means insured.s shop as stated in the schedule, which is used or occupied mainly for business purposes by insured. Schedule Means the schedule, and any annexure to it, attached to and forming part of this policy. Sum insured Means and denotes the amount of cover available under each section as stated in schedule or any revisions thereof based on claim settled, as stated in the scope of cover of the policy and, where appropriate, as more particularly described and limited per item insured in any annexure to the schedule. This is the maximum that the company will pay for each and every claim, and in all, under that section.

RESEARCH DESIGN ADOPTED

TYPE OF RESEARCH The type of research used in this project is a Descriptive research design. The major purpose of descriptive research is a description of the state of the affairs, as it exists at present. Thus a Descriptive study is a fact finding investigation with adequate interpretation. It is the simplest type of research. It focuses on particular aspects or dimensions of the problem studied. It is so designed that it gathers descriptive information and provides information for formulating more sophisticated studies. There is a cause effective relationship. The criteria for selecting this particular design are that, the problem of the project must be described and not arguable. The data collected is amenable to statistical analysis and has accuracy and significance. It is possible to develop valid standards of comparison. It lends itself to the verifiable procedure of collection and analysis of data. Descriptive study objectives aim at identifying the various characteristics of a company problem under study. It can reveal potential relationships between variables with exploratory research. SAMPLING TECHNIQUE: The sampling technique used is .convenient sampling.. It is also called as purposive sampling or non-probability sampling. This sampling method involves purposive or deliberate selection of particular units of the universe for constituting the sample, which represents the universe. When population elements are selected for inclusion in the sample based on the ease of access, it can be called as convenient sampling. Empirical field studies required collection of first hand information and data pertaining to the units of study from the field. SAMPLING DESIGN: SAMPLING UNIT The samples includes various offices & shops in and around of Lucknow city. SAMPLE SIZE The sample size for listing questionnaire of research is 100, and the sample size is broken down in to two samples i.e. a sample size of 80 respondents from the offices and shops and the sample size of 20 respondents from the customers who are already availing the service of ICICI Lombard.

SOURCES OF DATA COLLECTION: Primary data: The data was collected by using questionnaire and structured direct interviews which were separately conducted to know the market awareness and market potential. Secondary data: The secondary data was collected from the company reports, broaches, manuals, text books and Internet. The customer of 20 respondents was provided by the company for assessing the service provided by a company. RESEARCH LIMITATIONS: This research is company- specific and confined only to north east part of Karnataka, the problem of generalization becomes obvious Limited sample size is taken.

INDUSTRY PROFILE
Insurance is not necessarily an investment from which one expects the returns. Insurance is not gambling. A gambler takes risk, while insurer offers protection against risks that already exists. Insurance is a way to share risk with others. Insurance industry has always been a growth-oriented industry globally. On the Indian scene too, the insurance industry has always recorded noticeable growth vis--vis other Indian industries. The transaction of general insurance business in India is governed by, and is subject to two statutes, viz, the insurance act -1938 (as amended) and the insurance regulatory act, 1999. The practice of general insurance is directly or indirectly affected by other statutes also, e.g. Marine insurance act, Motor vehicles act, Workmen.s compensation act, public liability insurance act etc.

The Insurance act, 1938: This Act was passed in 1938 and was brought into force from 1st July, 1939. The act has been amended a number of times, the most important amendments being made in 1950, 1968 and especially by IRDA ACT, 1999. The act applies to all insurers transacting insurance business subject to exceptions, restrictions and limitations, as specified by the Central Government. The important provisions of the act relate, among other things, to: a) Registration b) Accounts and returns c) Investments d) Limitations in expenses of management e) Solvency margin f) Prohibition of rebates g) Powers of investigation h) Licensing of agents/corporate agents

i) Licensing of brokers/reinsurance brokers Advance payment of premium j) Licensing of surveyors/loss assessors k) Advance payment of premium l) Tariff Advisory Committee

GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972

This act came into force on 1st January, 1973. Object of the Act The object of the act, as stated therein, is i. To provide for the acquisition and transfer of shares of Indian Insurance Companies and undertakings of other existing insurer.s. ii. To serve better the needs of the company by securing the development of general insurance business in the best interests of the community. iii. To ensure that the operation of the economic system does not result in the concentration of wealth, to the common detriment. iv. For the regulation and control of such business and for matters connected therewith or incidental thereto. Establishment of General Insurance Corporation of India The act provided that the Central Government shall form a Government Company in accordance with the provisions of the Companies act, 1956 to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance. Functions of GIC and the companies: a) The carrying on of any part of the general insurance business if it thinks it desirable to do so. b) Aiding, assisting and advising the companies in the matter of setting up standards of conduct and sound practice in general insurance business and in rendering efficient service to policy holders. c) Advising the companies in the matter of controlling their expenses and investment of funds; and.

d) Issuing directions to companies in relation to the conduct of general insurance business.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA): Subsequently, The Insurance Regulatory and Development Authority act, 1999 came into being effective 19/04/2000 The Insurance Act, 1938 provided that the Government should appoint a controller of Insurance, to ensure that insurance companies register under the act, comply with the various provisions of the act. His duties included approval of the terms and conditions of various plans being offered by the companies, including the adequacy of the basis of premier, scrutiny of the various returns on investments, annual accounts, periodical actuarial valuations, etc. Required to be submitted by the companies. The Controller also had powers to order special investigations and also to take over the management of the companies. The IRDA will consist of a chairperson and more than five whole time members and not more than four part time members. The whole time members shall hold office for 5 years or until the age of 62 (65 in the case of chairperson) whichever is earlier. Part members will hold office for not more than 5 years. The objects are stated in the act as follows: a) An act provide for the establishment of an authority to protect the interests of holders of insurance policies. b) To regulate, promote and to ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. c) And further to amend the insurance act, 1938, the Life Insurance Corporation Act, 1956 and the general insurance Business (nationalization) act, 1972. The powers and functions of the authority are stated in the act as follows: a) To regulate, promote and ensure orderly growth of the insurance and reinsurance business. b) Issue a certificate of registration, renew, modify, withdraw, suspend or cancel such registration to the applicant, i.e., insurance company.

c) To exercise all powers and perform all functions of the Controller of insurance under the insurance act 1938 and other related acts as mentioned above. d) Prepare a code of conduct for the agents, surveyors and loss assessors or the intermediaries who take part in the development of insurance business and in the settlement of the claims. e) To promote efficiency in the conduct of insurance business. f) To promote and regulate professional organizations connected with the insurance business. g) To levy fess and other charges for carrying out the purpose of the proposed act. h) To regulate investment of funds by insurance companies. i) To regulate maintenance of margin of solvency. j) To adjudicate disputes between insurers intermediaries.

COMPANY PROFILE
History ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. ICICI Bank is India's second largest bank; while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. Why ICICI Lombard India.s number one private general insurance company. First general insurance company in India to be ISO 9001:2000 certified. Simple and fast documentation. Lightning fast claims settlement. Instant online policy issuance. Comprehensive product line. Highest security level offered through 128-bit encryption in case of online data exchange.. First company to provide digitally signed documents through an online interface. Achieved financial breakeven in first full year of operations. Achieved underwriting breakeven in second year of operations. PHILOSOPHY Claim Settlement: Lightning-fast claim settlement is one of the key areas of focus for ICICI Lombard. Our dedicated relationship managers, wide spread network across India and presence of 24 *7 call centers assure our customers that we are always on call, day or night. Our tie-up with Cunningham Lindsey, the world.s second largest loss adjustors with its network in 80 locations across India, ensures a surveyor on site in less than 24 hours. Rural Initiative: ICICI Lombard believes in striking the right balance between the commercial and socioeconomic aspects of the insurance business. In its Endeavour to offer tailor-made products to meet the requirement of the rural population, explore business opportunities in the related segments and build a competitive edge through strong distribution network

and product innovation, ICICI Lombard uses intermediaries like ICICI Banks kiosks, direct selling agents, state-level tie-ups, ITC.s e-Chou pals, NGO.s and other microfinance Institutions (MFIs). The rural segment offers immense business opportunities for insurers since it constitutes 50% of the GDP. Growing per capita and disposable income and rising financial awareness among rural masses has opened up new avenues for insurers in this segment. Corporate Business: ICICI Lombard via its CSG segment aims to tap large corporate with high premium potential. The company has emerged as a major player in the corporate segment with a well-balanced portfolio. It has made forays into specialized products that require complex product development and strong underwriting skills. In addition, a strong distribution has enabled it to reach out to over 3,000 corporate. It also offers single point contact through dedicated relationship managers for both sales and customer service. Bank assurance The Company has set up a dedicated SBU to cater to banc assurance business managed by dedicated teams for each bank partner across all locations to ensure highest levels of service to the channel and their customers and to provide complete support and value addition to the bank partners. Our banc assurance philosophy emphasizes on complete respect for the partner.s brand and business model with a clear understanding that the partner owns the customer. The company has tied up with few partners like ABN Amro Bank, ICICI Bank, UTI Bank etc, to ensure complete support and continuous value addition to the partner. The business philosophy behind the banc assurance initiative is to leverage distribution synergies with partners. The channel offers unmatched product suite customized for bank channels and customers. Retail ICICI Lombard aims to tap retail segment through multi-product and multichannel approach to marketing. The company believes that retail segment has immense potential and will drive the company.s growth in future. It has presence in all retail categories -travel, health, home and motor. It has launched a number of innovative products and features in each category like `Pay-per-day. in Overseas Travel Insurance and floater cover for individual Health Insurance. The key to success in this area is effective market segmentation and targeted product offerings that meet customer needs. E-channel ICICI Lombard.s e-channel initiative has embraced technology with open arms. The effective use of technology platforms has enabled customers to view all their insurance transactions through the web on a real time basis. ICICI Lombard.s e-channel mainly focuses on targeting customers through Internet, intranet (of large corporate and

manufacturing companies) and other national level distribution networks. The focus is on targeting customers through the online medium. The model is to develop an integrated and customized Product platform with key partners -- ICICI Direct, ICICI Bank, preferred partners. moneycontrol.com and indiatimes.com and other websites. VALUES Managing Risk The ability to identify, quantify and manage risk is intrinsic to success in the business of insurance. ICICI Lombard.s risk management approach balances the need to provide cost effective solutions to our customers while delivering optimal shareholder returns. Success on both fronts is reflected in the numbers: while the number of policies sold increased by 2.5 times in fiscal 2004, profits grew almost ten- fold during the year. A strong capital base gives an insurer the ability to service large claims in the event of a catastrophe. This is a key determinant of growth as it provides comfort to customers in a business that is largely driven by trust. Our reinsurance program is formulated in line with the guidelines laid down by the Insurance Regulatory Authority of India (IRDA), which aims at optimum retention of premium within the country and adequate risk coverage and diversification. Our choice of reinsurance partners is in turn determined by their strong reputation, high credit rating and the alignment of their strengths with our risk management objectives. Staying ahead in managing risk through: A dedicated risk management team that constantly monitors the risk exposure by customer, product and region. An indigenously developed Risk Accumulation System that facilitates online tracking of various risks down to the pin code level in any geographical location. Thus, our risk management program seeks to blend the objectives of customer satisfaction and investor return while operating within the statutory norms. IT & Infrastructure: ICICI Lombard has effectively used Information Technology to meet growing customer needs while improving operational efficiency and profitability. The company.s IT strategy, architecture and successful Deployment form the backbone of its business Staying ahead in IT infrastructure through:-

 Online Manager: A web-based interface that allows a customer to buy, endorse and renew policy online. Claims intimation and status tracking also forms part of the interface. Using SMS technology to deliver timely alerts and reminders to keep customers informed of various transactions. Using intranet effectively to enhance employee productivity and simplify human resource functions. A state-of-the art data center with robust connectivity and support. Highest security level offered through 128-bit encryption in case of online data exchange. The only company to provide digitally signed documents through the online interface. Distribution Reach: ICICI Lombard General Insurance Company.s endeavor is to become India.s preferred provider of the entire array of financial products and services. The company has built a robust franchise network in association with its joint venture partners to expand coverage. The company presently has 103 offices across India manned by over 1,200 employees. It believes in targeting customers through multichannel route including direct sales, agents, brokers, banc assurance, alternate channels and the Internet. Thus, the customers have number of channels to choose from.

Human Resource:
ICICI Lombard believes in a progressive human resource philosophy that turns human capital into a key source of competitive advantage. The capability and motivation level of employees is a key determinant in success of any serviceoriented organization. Our employee strength is over 1,200. We have people from diverse backgrounds viz. general insurance, banking, financial services, consumer goods, telecom, automotive engineering etc.

Partnerships
Effective partnerships and alliances form an integral part of the company.s strategy. ICICI Lombard believes that a leveraged distribution model via partnerships and alliances will be a key driver of its growth in future. Partnership driven alliances model allows the company to cash-in on the partner.s customer network so that the customer gets a packaged offering of products. Staying ahead in partnership through Banc assurance tie-ups

ICICI Bank ABN Amro Bank Rural Distribution tie-ups ICICI Bank

Product Innovation:
Product innovation is key to business growth. ICICI Lombard believes in challenging existing product assumptions and targeting new product-market segments. This has helped the company in customer acquisition and retention as well as in increasing category penetration. The company has launched a slew of products and has emerged as a major player in the corporate and retail segment driven by a well-balanced portfolio.

Staying ahead in product innovation through: During the year 2004: The company in coordination with the World Bank launched Weather Insurance.

The company.s Overseas Travel Insurance is the only product in the market that offers premium calculation on a .Pay-per-day. basis as against paying premium on a slab-wise basis.
Unique Senior Citizen Overseas Travel Insurance Plan to cover senior citizens up to the age of 85 years was launched by the company during the year 2004. It is the only policy of its kind in the market.

Loan Care . a first of its kind product to be launched in India . protecting the lender from borrower default on account of death, permanent disability, loss of job and loss pay due to critical illness.

Channels
The Company follows multi-channel approach to tap customers. Depending on the effectiveness, the following channels are used for sales, service and other allied activities. The main objective of these channels is:

To create value beyond the .product..

To convert customer to clients. To spread awareness about the company and its products.

Physical

Sales force, agents and brokers are the driving force behind the company.s business. They are the point of contact with the end customer and share the company.s vision of bringing innovative insurance solutions to customers doorsteps. Direct: The company.s sales force -- sales executives and sales officers . form the company.s backbone and are the most powerful assets behind our growth.

Indirect:
Brokers: Insurance broking plays a vital role in distribution of insurance solutions. Through this channel, we plan to reach out to a wider customer base to increase our market share. Customers look forward to insurance brokers for expert advice on customized insurance solutions.

Agents: Agents are the face of the company and are critical to company.s growth. The
company has individual and corporate as its agent.

Online:
ICICI Lombard has developed a web-based system to meet all the pre- and post-policy transaction and MIS needs of its customers. The online initiative supports online policy sales, which is directly linked to our payment gateway server for online payments. The company uses the web integration process with its channel partners to streamline its sales process, increase revenues and reduce costs, delays and buyer dissatisfaction.

The main features of Online Insurance are:

Do It Yourself architecture. Fast, convenient and easy. Buy / renew policies. 24\7 access to all your policy details. Regular premium renewal reminders. Single view of all insurance policies held by an individual. Online Manager: A tool to manage your entire insurance portfolio. Instant issuance of digitally signed policies. Most advanced technology and state-of-the art infrastructure.

Online claim intimation and status-tracking.

Bank assurance:
Bank assurance channel has been successfully deployed internationally to distribute insurance products. ICICI Lombard is the only company with a dedicated bank assurance distribution channel servicing over 50 locations through a dedicated team of product managers, sales managers and sales executives.

Tele Sales:
Telesales channel is being used effectively by ICICI Lombard to sell, cross sell and up-sell various products and services to customers. It is specially suited to shorten sales cycle, increase revenues and profitability. The channel taps customers through direct sales, institutional and relationship sales, transactional sales, segment/account specific targeted sales, event-based activities, ongoing communication to build trust and generate repeat purchase and tele-servicing.

The main role of tele sales is:

As leads routers As leads converter As service support to Agency and other Sales Force

Customer Segments:
With our wide range of products, we cater to the needs of people from all kinds of backgrounds. The profiles of our clients vary tremendously, and so do their needs. In our endeavor serve them at our best; we have pages dedicated to each segment.

Different Segments:
NRIs Student Rural & Agriculture

NRIs

ICICI Lombard brings insurance services for the Global Indian. If you are an NRI, and your family or your parents are in India, your key concerns would be to secure your assets back home (home /commercial property / motor) and the health of your dependents in India. In addition, if your family or your parents are planning to visit you abroad, you can opt for our travel plan to mitigate all travel related risks. Moreover, it is lighter on your pockets too.

Rural Insurance:
At ICICI Lombard, investing in rural markets is seen as a keen social responsibility. The protection provided to the rural class is specified and customized according to their needs. Through a multiple channel system we not only provide agricultural protection but also health, motor and other covers.

Products we offer
Health Insurance - We provide protection to the health of the rural folk through three plans Family Health Insurance, Poorna Suraksha Bima and Sampoorna Arogya Bima. Home Insurance - Our comprehensive policy protects much more than just the home. Through our network channels, we ensure that the houses in the rural sector are insured against natural and other perils. Tractor Insurance - Tractors are one of the most precious assets to the rural folks. Our comprehensive package policy covers not just own damage but also third party liability and personal accident. Weather Insurance - Weather Insurance is an insurance cover against losses incurred due to uncertainties in climatic conditions. It can be used to hedge any vulnerability of assets or any other damage incurred due to erratic and irregular weather. Shop Insurance - Shop Insurance is a comprehensive policy that covers both the structure and the contents of a shop and protects it against any financial loss in case of an unfortunate incident. Student Travel Welcome to Univ. Search where you can get a detailed report on your university specific insurance needs. Different universities have different insurance requirements and looking for an insurance plan covering all these can be quite a task. We at ICICI Lombard have customized plans for over 150 universities worldwide. Choose your university from the dropdowns below to get a detailed report on your insurance needs.

The key benefits of ICICI Lombard Student Travel Insurance are:

Accepted by most of the foreign universities as a substitute for their compulsory insurance.

 University specific insurance plans to match the insurance requirements of 150 universities worldwide. Buy the policy in Indian rupees, which is 1/3rd* the cost of buying abroad. No pre-medical check-up required.

PRODUCT PROFILE
1] STANDRARD FIRE AND SPECIAL PERILS I] FIRE: Excluding destruction or damage caused to the property insured A. a. It.s own fermentation, natural heating or spontaneous combustion. b. It.s undergoing any heating or drying process. B a. Burning of property insured by order of nay public authority. II] Lighting III] Explosion . Implosion Excluding loss, destruction of or damage. a) To boilers (other than domestic boilers), Economizers or other vessel, machinery or apparatus (in which steam is generated) or other contents resulting from their own explosionimplosion. b) Caused by centrifugal forces. IV] Aircraft damage Loss, destruction or damage caused by aircraft, other aerial or space devices and articles dropped there from excluding those caused by pressure waves.

V] Riot, strike and malicious damage Loss or visible physical damage or destruction by external violent means directly Caused to the property insured.

VI] Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation Loss, destruction or damage directly caused by Storm, cyclone, typhoon, tempest, hurricane tornado, flood and inundation excluding those resulting from earth quake, volcanic eruption or other convulsions of nature. VII] Impact Damage Loss of or visible physical damage or destruction cause to the property insured due to impact by any rail road vehicle or animal by direct contact not belonging to or Owned by a) The insured or any occupier of the premises or b) There employees while acting in the course of there employment VIII] Subsidence and land slide including rockslide Loss, destruction or damage directly caused by subsidence of part of the site On which the property stands or land slide / rockslide excluding: a) The normal cracking, settlement or bedding down of new structures. b) The settlement or movement of made up ground. c) Coastal or river erosion. d) Defective design or workmanship or use of defective materials. e) Demolition, construction, structural alterations or repair of any property or ground works or excavations. IX) Bursting and / or overflowing of water tanks apparatus and pipes. X) Missile testing operations. XI) Leakage from automatic sprinkler installations. Excluding loss, destruction or damage caused by a) Repairs or alterations to the buildings or premises. b) Repairs, removal or extension of the sprinkler installation. c) Defects in construction known to the insured. XII) Bush Fire Excluding loss destruction or damage caused by forest fires.

2] BURGLARY: The company shall compensate the insured for any loss or damage, caused by burglary, to the contents of insured.s premises.

3] CASH IN SAFE: The company will compensate the insured in respect of loss of, or damage to, money and/or valuables caused by burglary and/or attempted burglary when such money and/or valuables are contained in a domestic safe or vault which is protected by appropriate and adequate security measures with lock in key. 4] CASH IN TRANSIT The company shall compensate the insured for loss of money in coins and/or notes caused by burglary, robbery or theft occurring while such money is in the insured.s possession and is being conveyed by the insured to the insured.s premises from the insured.s bank /ATM from where such money had been withdrawn immediately prior to the occurrence. 5] NEON SIGN /GLOWSIGN: The company will compensate the insured in respect of loss or damage to neon sign/glow sign belonging to the insured caused by: Accidental external means Fire, lightning or external explosion or theft Riot, strike or malicious act Flood, inundation, storm, tempest, typhoon hurricane, tornado, cyclone. 6] GLASS BREAKAGE: The company shall compensate the insured for loss or damage to any fixed glass other than that which are specifically excluded hereunder, caused by any accidental, external and visible means. 7] CHEQUE FORGERY: The company shall compensate the insured for any loss to the insured caused by forgery or material alteration of cheques, drafts or other negotiable instruments issued by, or in favor of, the insured. 8] EMPLOYERS LIABILITY:

The company shall indemnify the insured against the legal liability of the insured in respect of any bodily injury sustained by, or the loss of life of, the insured.s employees arising out of and in the course of their employment. 9] ACCIDENTAL, MEDICAL/HOSPITAL EXPENSES TO INSURED: The company shall compensate the insured for actual and reasonable medical expenses incurred for hospital treatment by the insured in respect of any bodily injury sustained by the insured arising out of operation at an insured peril as provided for in standard fire and special perils- buildings and standard fire and special perils- contents and / or burglary, coverage.s in this policy and subject to a deductible excess of an amount as may be specified in part 1 of the schedule. 10] PUBLIC LIABILITY: The company shall indemnify the insured for those sums that insured becomes legally liable to pay, including litigation expenses and any amount in compensation, by virtue of The following items as specified occurring in and about the insured.s premises.

Accidental death or bodily injury to any person other than insured or the insured employees / staff. This coverage shall be limited to the sum insured for any accident or series of accidents arising from any one event or cause, and for all accidents during the period of insurance, and, Accidental damage to property of any person other than the insured or insured employees / staff. This coverage shall be limited to the sum insured for any one accident or series of accidents arising from any one event or cause, and for all accidents during the period of insurance.
11] FIDELITY: The company will compensate the insured for any direct pecuniary loss sustained by the insured through act of fraud or dishonesty committed by any salaried employee of the insured in the insured premises, provided that : A. The loss shall have occurred in connection with the employees occupation and duties during the uninterrupted continuance of his employment and he discovered within six months after its happening first of six months after the death, dismissal or retirement of such person and B. The liability of the company in respect of any one person or all persons so Employed and in respect of losses in any one period of insurance shall not exceed the sum insured.

Health Insurance:
We save money for a better future. But life is full of surprises; a medical emergency can strain your hard-earned investments. Now, let your savings be untouched, get secured.

Home Insurance:
Insure your home and its contents against natural calamities like fire, earthquake, flood, gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary.

Home Plans

Gold Plan: The Gold plan covers much more than just your home. It offers family protection, covers loss of cash, public liability, temporary resettlement, alternative accommodation and baggage insurance. Other add ones offered are loan repayment for home and car and cover for terrorism. Silver Plan: The Silver plan covers the structure of your home and its contents from natural and manmade calamities like fire, flood, storm and burglary. The add ones offered include expenses of rent for alternative accommodation and terrorism.

Motor Insurance:
Your vehicle helps you reach destinations and enables you to commute from one place to another. But it might face some damage in an accident or get stolen. The security of your copassengers can be endangered during accidents. Motor insurance takes care of all these possibilities and more.

Motor Plans
Four Wheeler Package Policy: A comprehensive policy that not only covers you against third party but also against accidents, damage, injury and much more. Two Wheeler Package Policies: A composite policy that protects you against unfortunate accidents, third party liability, injuries and damages. Travel Insurance:

You do not want anything to ruin your hard earned holiday or your crucial business meeting. There is a possibility of some unexpected occurrence no matter how perfectly you plan your trip. Unfortunate events such as baggage loss, passport loss, a medical emergency or an accident can affect you. Having Travel Insurance protects you from all such perils at a fraction of the cost of your trip.

Travel Plans
Individual Overseas Plan: All overseas travel policies charge premium on a slab basis. Which means if you are on a 16 day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But with us you .pay per day. Student Travel Plan: A comprehensive cover, which insures you against unfortunate incidents or unexpected expenses abroad and provides timely assistance and support when you need it the most. Domestic Travel Plan: Domestic Travel policy takes care of you and your valued assets left at home. A policy that let.s you enjoy your trip leaving your worries with us

DATA ANALYSIS AND INFERENCES

1] Are you aware of Office insurance?

Table1:

FINDINGS
1. All respondents have awareness about office insurance.

2. Majority of respondents told they were come to know about office insurance through television and agents.
3. Majority of respondents told employees are more then 5. 4. There is a market potential for office insurance products. 5. Majority of respondents believe in Government owned insurance companies. 6. There is a market potential for ICCI Lombard office insurance products.

7. Majority of respondents told they are trying to avail Fire insurance and electronic equipment insurance for their offices.
8. Most of the respondents said they are going to have insurance with in 15to30 days.

9. Majority of respondents told they have satisfaction with the service of the company. and customer help disk.
10. Most of the customers told they dial to customer help disk for product related enquiry. 11. All general insurance policies are yearly renewal policies. 12. Premium amount for general insurance policy is low and it is not refundable. 13. Majority of respondents told their paying premium is economical. 14. Majority of respondents are frequently contacting customer help desk. 15. Majority of respondents told company is the main factor for purchasing insurance Policy.

RECOMMENDATIONS
Respondents do not have enough knowledge about the insurance policies provided by the ICICI LOMBARD. Therefore ICICI LOMBARD Company should bring awareness in the customers. The recommendations I would like to make are: There is a necessity to make more advertising and promotions by the insurance company through TV, news papers, magazines and pamphlets to make aware the customers about the insurance provided by them. Need for proper channel to reach to the customer. Marketing executives and agents should maintain good communication with the customers to create the awareness of the policies like Mediclaim, GPA (Group personnel accidental) burglary, and other insurance policies provided by the company. The employees should be given incentives and bonus to motivate to accomplish their targets. ICICI LOMBARD is concentrating only urban areas it should concentrate on semi urban and rural areas also.

As it was found that customers preparing only Government companies for their office insurance so create trust in costumers about private insurance companies by rendering good services like proper claims, good response to costumer queries and maintaining good relationship with costumers.

CONCLUSION
It is concluded from the survey that all respondents are aware about office insurance and they think they need insurance for their offices. It is concluded from the survey that customers preparing only Government companies for their office insurance so create trust in costumers about private insurance companies by rendering good services like proper claims, good response to costumer queries and maintaining good relationship with costumers. Most of customers are using only Fire and electronic equipment insurance policies so marketing executives and agents maintain good communication with the customers to create the awareness of the policies like Mediclaim, burglary and GPA

BIBLIOGRAPHY
BOOKS:
1).MARKETING MANAGEMENT. PHILIP KOTLER 2).MARKETING RESEARCH. CHURCHILL, AAKER KUMAR AND DEY. 3).CONSUMER BEHAVIOR. SCHIFFMAN WEB SITESWWW.ICICILOMBARD.COM WWW.GOOGLE.COM