Indira Global Business School: A Summer Internship Programme 2010-2012

Customer Satisfaction on ICICI PRUDENTIAL
A SUMMER INTERNSHIP PROGRAMME 2010-2012
CUSTOMER SATISFACTION SURVEY ON
INSURANCE PRODUCTS OF ICICI PRUDENTIAL

Submitted To: Mr.Ravi Singh Project Guide Submitted By: Selvaraj.Swarna (10019), PGDM
Submitted In INDIRA GLOBAL BUSSINESS SCHOOL 2010-2012
Indira Global Business School

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Gat No-276,Sr No 64/65,Parandwadi,Pune-410506 Website: www.indiraglobal.edu.in Tel: 02114-2377
Acknowledgement
I wish to place on record my deep sense of gratitude to ICICI, Swargate, Pune. For providing me an opportunity to take up this project and giving me a platform which is the first step of my professional career. This summer project, From the very beginning to the tail end has been carried out under the guidance of Mr.Sachin, ICICI Senior Sales Manager. I am indebted to my guide Mr.Ravi Singh for extending her untiring guidance to me, discussing the project matter and helping me in clarifying my thinking in several pertinent issues and providing a meaningful insight into the subject. In the end, I would like to thank many unknown individuals, whom I interacted with for end number of my needs. All of them with their due cooperation and at times with detachment taught me the real lessons of the business world.
Selvaraj.Swarna
(Roll No 10019)
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DECLARATION
I hereby declare that the project titled Customer satisfaction survey on insurance products of ICICI PRUDENTIAL is an original piece of research work carried out And The information has been collected from genuine & authentic sources. The work has been submitted in INDIRA GLOBAL BUSSINESS SCHOOL
Place:
Date:
Selvaraj.Swarna
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CERTIFICATE
This is to certify that Mr. Selvaraj Swarna is a bonafide fulltime student of Indira Global Business School, Pune. He is pursuing his Post Graduation Diploma Management course affiliated to AICTE on the academic year 20010-2012. He submitted the project titled Customer Satisfaction Survey on Insurance products of ICICI PRUDENTIAL.. Undertaken at ICICI, Swargate, Pune under the guidance of Prof.RAVI SINGH as his Internal Guide. To the best of our knowledge no part of this work has been submitted towards fulfillment of requirement of any degree or has been published before.
Mr. Pranav Vyas Dean - PGDM IGBS
Prof. Ravi singh Internal Guide IGBS
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CONTENT
Executive Summary ....1
Chapter-1 INTRODUCTION 1.1 Industry Overview3 1.2 Conceptual Background...7 1.3 Customer satisfaction.10 Chapter-2 COMPANY PROFILE 2.1 Company profile...13 2.2 Vision & Values....16 2.3 Brand Values....19 2.4 Distribution....21 Chapter-3 PRODUCT PROFILE 3.1 Product Profile..24 3.2 Protection Solution..25 3.3 Stages in Policy Insurance.30 Chapter-4 Research Methodology 4.1 Statement of Problem..33 4.2 Research Design..34 4.3 Sampling Technique35 4.4 Sample Size..36 4.5 Limitations of Study.38
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Customer Satisfaction on ICICI PRUDENTIAL Chapter-5 Data Analysis40 Chapter-6 Findings.52 Chapter-7 Conclusion54 Chapter-8 Suggestions & Recommendations...56 Chapter-9 SWOT Analysis..59 Bibliography65 Annexure 66 Questionnaire67
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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 [Type text] Page - 7 -
Customer Satisfaction on ICICI PRUDENTIAL 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 199899 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.
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INTRODUCTION
INTRODUCTION
1.1 Industry Overview
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named [Type text] Page - 9 -
Customer Satisfaction on ICICI PRUDENTIAL beneficiary so long as the insured's premiums are current. With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the countrys GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.
It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform.
Since then the insurance industry has gone through many changes. The liberalization of the industry the insurance industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. Insurance is the business of providing protection against financial aspects of risk, such as those to property, life health and legal liability. It is one method of a greater concept known as risk management which is the need to mange uncertainty on account of exposure to loss, injury, disadvantage or destruction. Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. [Type text] Page - 10 -
Customer Satisfaction on ICICI PRUDENTIAL In insurance the insured makes payment called premiums to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Insurance companies also earn investment profits, because they have the use of the premium money from the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of float are successful they may earn large profits, even if the insurance company pays out in claims every penny received as premiums. In fact, most insurance companies pay out more money than they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in India can broadly classified in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance.
1) Life insurance: Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union [Type text] Page - 11 -
Customer Satisfaction on ICICI PRUDENTIAL government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business. Benefits of life insurance Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term.
Fundamental principles of life insurance contract; 1) Principle of almost good faith: A positive duty to voluntary discloses, accurately and fully, all facts, material to the risk being proposed whether requested or not. 2) Principle of insurable interest: Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person.
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Customer Satisfaction on ICICI PRUDENTIAL 2) Non-life (general) Insurance: Triton insurance co. ltd was the first general insurance company to be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907. There emerged many a player on the Indian scene thereafter. The general insurance business was nationalized after the promulgation of General Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance business.
1.2. CONCEPTUAL BACKGROUND
Satisfaction is defined as . . .
A persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all wants or wishes, fulfilling conditions or desires, or the state of the mind anything that makes a customer feel pleased or contented.
Consumer Behavior: [Type text] Page - 13 -
Customer Satisfaction on ICICI PRUDENTIAL Consumer behavior is defined as the behavior that consumers display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services ideas, or experiences to satisfy needs and desires Customer value: The ratio between the customers perceived benefits (economic, functional and psychological) and the resources (momentary, time, effort, psychological) used to obtain those benefits. Customer satisfaction: Customer satisfaction is the individuals perception of the performance of the product or service in relation to his or her expectations. Motivation: The processes that account for an individuals intensity, direction, and persistence of effort toward attaining a goal.
Personality can be described ad the psychological characteristics that both determine and reflect how person responds to his or her environment.
Perception is defined as the process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world.
Consumer learning is the process by which individuals acquire the purchase and consumption knowledge and experience they apply to future related behavior.
THE CONSUMER ADOPTION PROCESS
The consumer adoption process is the process by which customers learn about new products, try them, and adopt or reject them. Today many marketers are [Type text] Page - 14 -
Customer Satisfaction on ICICI PRUDENTIAL targeting heavy users and early adopters of new products recognizing that specific media can reach both groups and tend to be opinion leaders. The consumer adoption process is influenced by many factors beyond the marketers control, including consumers and organizations willingness to try new products, personal influences and the characteristics of the new products or innovations
STAGES OF ADOPTION PROCESS
An innovation refers to any good, service, or idea. That is perceived by someone as new. The idea may have long history, but it is an innovation to the person who sees it as new. Innovation takes time to spread through the special system. The consumer adoption process focuses on the mental process through which an individual passes from first hearing about an innovation to final adoption. Adopters of new products have moved through the following five stages.
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Customer Satisfaction on ICICI PRUDENTIAL 1. AWARENESS: The consumer becomes aware of the innovation but lacks information about it. 2. INTEREST: The consumer is stimulated to see the information about the innovation. 3. EVALUATION: The Consumer considers whether to try the innovation or not. 4. TRIAL: The consumer tries the innovation to improve his estimate of its value. 5. ADOPTION: The consumer decides to make full and regular use of the innovation.
1.3. CUSTOMER SATISFACTION What is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customers expectations. A customer may be defined as someone who: Has a direct relationship with, or is directly affected by your agency and Receives or relies on one or more of your agencys services or products.
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Customer Satisfaction on ICICI PRUDENTIAL Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organization with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organizations will: determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.
Why is it important? There are a number of reasons why customer satisfaction is important in Insurance Sector: Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes. Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector. Customers are recognized as key partners in shaping service development and assessing quality of service delivery.
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Customer Satisfaction on ICICI PRUDENTIAL The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.
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COMPANY PROFILE
2. INTRODUCTIONS TO ORGANISATION 2.1. COMPANY PROFILE About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization*. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through [Type text] Page - 19 -
Customer Satisfaction on ICICI PRUDENTIAL its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
ICICI Prudential Life Insurance Overview ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 2000 branches (inclusive of 1,095 micro-offices), over 261,000 advisors; and 24 banc assurance partners. [Type text] Page - 20 -
Customer Satisfaction on ICICI PRUDENTIAL ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.
The ICICI Prudential Edge
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. 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.
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Customer Satisfaction on ICICI PRUDENTIAL 1. 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 . 2. 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. 3. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the longterm. 4. Last but definitely not the least, our 28,000 plus strong 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.
2.2 Vision & Values
Our vision:-
To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by: 1. Understanding the needs of customers and offering them superior products and service 2. Leveraging conveniently [Type text] Page - 22 technology to service customers quickly, efficiently and
Customer Satisfaction on ICICI PRUDENTIAL 3. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders 4. Providing an enabling environment to foster growth and learning for our employees 5. And above all, building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.
Our values:-
Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success. Promoters ICICI BANK ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and [Type text] Page - 23 -
Customer Satisfaction on ICICI PRUDENTIAL through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branches and extension counters, and 2,000 ATMs. Prudential Plc 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, policyholders 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. Fact Sheet The Company
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the quarter ended June 30, 2008, the company garnered Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30, [Type text] Page - 24 -
Customer Satisfaction on ICICI PRUDENTIAL 2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over this period. The company has assets held over Rs. 30,600 crore as on August 31, 2008. ICICI Prudential Life 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 (Ind) rating is the highest 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 seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
2.3 Brand Values Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved ones, throughout lifes ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place. Achievements Beginning operations in December 2000, ICICI Prudentials 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 [Type text] Page - 25 -
Customer Satisfaction on ICICI PRUDENTIAL India, with branches 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. 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 companys range of unique unit-linked policies and pension plans. The companys 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 ACNielsen 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.
In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, Indias first rewards programmed for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays.
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2.4 DISTRIBUTION ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 2000 branches (including 1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008). The company has 24 banc assurance partners having tie-ups with ICICI Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank, Renuka Nagrik Sahakari [Type text] Page - 27 -
Customer Satisfaction on ICICI PRUDENTIAL Bank, Amanath Co-Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank SALES DISTRIBUTION Tied Agency Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. With focus on sales & people development, tied agency has emerged as a robust, predictable and sustainable business model.
Bank assurance and Alliances ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a large number of partners, B & A has emerged as a vital component of the companys sales and distribution strategy, contributing to approximately one third of companys total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting with new ideas are the hallmarks of this channel.
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PRODUCT/SERVICES PROFILE
3.1 PRODUCT/SERVICES PROFILE 1. Insurance Solutions for Individuals: ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder. Savings & Wealth Creation Solutions 1. Save'n'Protect is a traditional endowment savings plan that offers life protection along with adequate returns. [Type text] Page - 30 -
Customer Satisfaction on ICICI PRUDENTIAL 2. CashBak 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. It is available for terms of 15 and 20 years. 3. Lifetime Gold is a unit-linked plan that offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth. 4. Life Stage RP is unit linked plan that provides you with an option of lifecyclebased portfolio strategy that continuously re-distributes your money across various asset classes based on your life stage. This will help you achieve the right Asset Allocation to meet your desired financial goals. 5. LifeLink Super is a single premium unit linked insurance plan which combines life insurance cover with the opportunity to stay invested in the stock market. 6. Premier Life Gold is a limited premium paying plan specially structured for longterm wealth creation. 7. InvestShield Life New is a unit linked plan that provides premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of depreciation. 8. InvestShield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options 3.2 Protection Solutions 1. LifeGuard is a protection plan, which offers life cover at low cost. It is available in 3 options - level term assurance, level term assurance with return of premium & single premium. 2. HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and costeffective manner. Education Solutions [Type text] Page - 31 -
Customer Satisfaction on ICICI PRUDENTIAL 1. SmartKid New ULRP provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the child's life. SmartKid plans are also available in traditional form. Retirement Solutions 1. ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. 2. LifeTime Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase price) at the time of retirement. 3. LifeStage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your life stage, eventually providing you with a customized retirement solution. 4. LifeLink Super Pension is a single premium unit linked pension plan. 5. Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options. 6. Premier Life Pension is a unique and convenient retirement solution with a limited premium paying term of three or five years, to suit professionals and businessmen, especially those who require more flexibility and customization while planning their finances.
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Health Solutions 1. Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life insurance cover. 2. Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. 3. Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and also provides an additional benefit of free periodical cancer screenings. [Type text] Page - 33 -
Customer Satisfaction on ICICI PRUDENTIAL 4. Diabetes Care: Diabetes Care is a unique critical illness product specially developed for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on any of 6 diabetes related critical illnesses, and also offers a coordinated care approach to managing the condition. Diabetes Care Plus also offers life cover. 5. Diabetes Care plus: is a unique insurance policy that provides an additional benefit of life cover for Type 2 diabetics and pre-diabetics 6. Hospital Care: is a fixed benefit plan covering various stages of treatment hospitalization, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. 7. Crisis Cover: is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. 8. Medias sure is a health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years.
Group Insurance Solutions ICICI Prudential Life also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. 1. Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. 2. Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes [Type text] Page - 34 -
Customer Satisfaction on ICICI PRUDENTIAL are offered to optimise returns for members of the trust and rationalise cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. 3. Group Immediate Annuities: ICICI Prudential Life realises the importance of prudent retirement planning. With this in mind, we have developed a suite of annuity products that not only give you an income for life but also provide you options to match your needs. In addition to the annuities offered to existing superannuation customers, we offer immediate annuities to superannuation funds not managed by us. 4. Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. 5. Flexible Rider Options: ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.
6. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. If the death occurs while travelling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.
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Customer Satisfaction on ICICI PRUDENTIAL 7. 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. 8. Waiver of Premium: In case of total and permanent disability due to an accident, the future premiums continue to be paid by the company till the time of maturity. This rider is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension. 9. Income benefit rider: In case of death of the life assured during the term of the policy, 10% of the sum assured is paid annually to the nominee on each policy anniversary till the maturity of the rider.
3.3 Stages in Policy Issuance 1) Proposal A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer. 2) Login A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login [Type text] Page - 36 -
Customer Satisfaction on ICICI PRUDENTIAL 3) Reject An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion. 4) Issuance Issuance means a policy that is issued to the Customer by Central Ops. 5) Decline Status When a customer refuses to take a policy post login but before Issuance is called a Decline 6) Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy. 7) Lapse A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
8) Free look Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period. 9) Surrender: When a customer wants to discontinue with the policy.
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Research Methodology
Methodology
4.1 Statement Of Problem: The research is carried on in a proper planned and systematic manner. The research was particularly a telephonic research. We have to sell products to list of people which include their names and contact numbers given by ICICI.
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Customer Satisfaction on ICICI PRUDENTIAL During the telephonic we have to sell different products by explaining the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only. Age limit for selling a product/policies was 1 month to 60 yrs this mean that a policy can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or below it.
Objectives of this project are as follows:
To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions. Comparative study of various insurance players in the market To study the varied reasons of availing life insurance plans
4.2 Research Design: The research design of this project is exploratory. Though each research study has its own specific purpose but the research design of this project on ICICI is exploratory in nature as the objective is the development of the hypothesis rather than their testing.
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Customer Satisfaction on ICICI PRUDENTIAL METHODOLOGY Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis. According to Clifford Woody, Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to conclusions. Accordingly, the methodology used in the project is as follows: 1. Defining the objectives of the study 2. Framing of questionnaire keeping objectives in mind (considering the objectives) 3. Feedback from the employees 4. Analysis of feedback 5. Conclusion, findings and suggestions.
4.3 Sampling Technique Used: This research has used convenience sampling technique. Convenience sampling technique:
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Customer Satisfaction on ICICI PRUDENTIAL Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient
4.4 Sample Size: For the survey, a sample size of 50 has been taken into consideration.
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Customer Satisfaction on ICICI PRUDENTIAL Sources of Data Collection: Research will be based on two sources: 1. Primary data 2. Secondary data 1) PRIMARY DATA: Questionnaire: Primary data was collected by preparing questionnaire for customers. The questionnaire was filled through telephonic research. 2) SECONDARY DATA: Secondary data will consist of different literatures like books which are published, articles, internet, the company manuals and websites of company-
www.iciciprulife.com. In order to reach relevant conclusion, research work needed to be designed in a proper way. This research methodology also includes: Familiarization with the concept of insurance and its various terms. Thorough study of the information collected. Conclusions based on findings.
Statistical Tools Used The main statistical tools used for the collection and analyses of data in this project are: [Type text] Page - 43 -
Customer Satisfaction on ICICI PRUDENTIAL Questionnaire Pie Charts Bar Diagrams
4.5 Limitations of study
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Customer Satisfaction on ICICI PRUDENTIAL Due to the following unavoidable and uncontrollable factors the factors,the result might not be accurate. Some of the problems faced while conducting the survey are as follows:
Time and cost constraints were also there. Chances of some biasness could not be eliminated. A Samples size of fifty has been use due to time limitations. A majority of respondents show lack of cooperation and are biased towards their own opinions.
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Data Analysis
Data Analysis
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Customer Satisfaction on ICICI PRUDENTIAL Q1. Are you currently insured? Particulars Yes No Total No. of Respondents 31 19 50 Percentage 62% 38% 100%
No. of Respondents
19 Yes No 31
ANALYSIS: From the survey it was found that amongst 50 respondents a) 62% of the respondents are already insured. b) 38% of the respondents are not insured.
Q2. Are you satisfied with your current insurer? Particulars [Type text] No. of Respondents Percentage Page - 47 -
Yes No Total
41 9 50
82% 18% 100%
No. of Respondents
Yes No
41
ANALYSIS: From the survey it was found that amongst 50 respondents a) 82% of the respondents are satisfied. b) 18% of the respondents are not satisfied.
Q3. Which one is your favored insurance company? Particulars [Type text] No. of Respondents Percentage Page - 48 -
LIC ICICI HDFC Birla Sun Life Bajaj Allianz Others Total
24 7 5 4 4 6 50
48% 14% 10% 8% 8% 12% 100%
0.6 0.5 0.4 0.3 0.2 0.1 0 LIC ICICI HDFC Birla Sun Bajaj Allianz Others
Share in %
Insurance companies
ANALYSIS: From the survey it was found that amongst 50 respondents a) 48% of the respondents like LIC. b) 14% of the respondents like ICICI. c) 10% of the respondents like HDFC. d) 8% of the respondents like Birla Sun Life. e) 8% of the respondents like Bajaj Allianz. f) you of the respondents like other companies. Q4. Are 12% interested in the products offered by ICICI Prudential ?
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Customer Satisfaction on ICICI PRUDENTIAL Particulars Yes No Cant Say Total No. of Respondents 30 12 8 50 Percentage 60% 24% 16% 100%
No. of Respondents
Yes No 12 30 Can't Say
ANALYSIS: From the survey it was found that amongst 50 respondents a) 60% of the respondents are attracted towards ICICI products. b) 24% of the respondents are not attracted towards ICICI products. c) 16% of the respondents cant Say about it.
Q5. What is your main concern while taking an insurance policy ? [Type text] Page - 50 -
Customer Satisfaction on ICICI PRUDENTIAL Particulars Tax Benefit Security Investments/Savings Total No. of Respondents 20 16 14 50 Percentage 40% 32% 28% 100%
25
No. of Respondents
20 15 Series1 10 5 0 20 16 14
Be ne fit
Se cu rit y
ANALYSIS: From the survey it was found that amongst 50 respondents a) 40% of the respondents are concerned about Tax Benefit. b) 32% of the respondents are concerned about their Security. c) 28% of the respondents are concerned about Investment/Savings.
Q6. Does this policy satisfy your financial needs? (Please rate on scale of 1 to 5 with 1 being least satisfied) [Type text]
In ve st m
en t/S
Ta x
av i
ng s
the
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Rating 1 2 3 4 5 Total
No. of Respondents 9 9 8 10 14 50
Percentage 18% 18% 16% 20% 28% 100%
1 2 5 1 2 3 4 5
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e) 18% of the respondents are Highly unsatisfied. 18% of the respondents are Unsatisfied. 16% of the respondents are Moderate. 20% of the respondents are Satisfied. 28% of the respondents are Highly satisfied.
Q7. Please express your opinion for the premiums paid for the above policy?
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Customer Satisfaction on ICICI PRUDENTIAL Particulars Very High High Moderate Low Very Low Total No. of Respondents 14 11 13 8 4 50 Percentage 28% 22% 26% 16% 8% 100%
No. of Respondents
4 8 14
Very High High Moderate Low
13
11
Very Low
ANALYSIS: From the survey it was found that amongst 50 respondents a) 28% of the respondents think that Premium is Very High. b) 22% of the respondents think that Premium is High. c) 23% of the respondents think that Premium is Moderate. d) 15% of the respondents think that Premium is Low. e) 12% of the respondents think that Premium is Very Low.
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Customer Satisfaction on ICICI PRUDENTIAL Q8. How do you come to know about this policy?
Particulars Advertisements Friends and Relatives Direct Selling Agents Others Total
No. of Respondents 10 12 21 7 50
Percentage 20% 24% 42% 14% 100%
No. of Respondents
10
Advertisements Friends and Relatives Direct Selling Agents
21
12
Others
ANALYSIS: From the survey it was found that amongst 50 respondents a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends and Relatives. c) 42% of the respondents know about it from Direct Selling Agents. d) 14% of the respondents know about it from Other Sources.
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Customer Satisfaction on ICICI PRUDENTIAL Q9. Are you satisfied with the incentives (tax benefits or Bonuses) associated with your policy? Rating Highly satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied Total No. of Respondents 9 12 10 11 8 50 Percentage 18% 24% 20% 22% 16% 100%
No. of Respondents
Highly Satisfied Satisfied
11
Moderate
12 10
Unsatisfied Highly Unsatisfied
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e) 18% of the respondents are Highly Satisfied. 24% of the respondents are satisfied. 20% of the respondents are Moderate. 22% of the respondents are Unsatisfied. 16% of the respondents are Highly Unsatisfied.
Q10. According to you, in what areas should the insurance companies work upon? Particulars [Type text] No. of Respondents Percentage Page - 55 -
Easy Procedures Fewer premiums More Returns Transparency Total
14 10 9 17 50
28% 20% 18% 34% 100%
18 16
No. of Respondents
14 12 10 8 6 4 2 0 Easy Returns Fewer premiums More Returns Transperancy 17 14 10 9 Series1
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) 28% of the respondents want Easy procedures. 20% of the respondents want fewer premiums. 18% of the respondents want more returns. 34% of the respondents want Transparency.
Q11. Do you think that services have improved after allowing private players in insurance sector? [Type text] Page - 56 -
Particulars Yes No Total
No. of Respondents 40 10 50
Percentage 80% 20% 100%
20%
Yes
80%
No
ANALYSIS: From the survey it was found that amongst 50 respondents a) 80% of the respondents think that services have improved. b)20% of the respondents think that services have not improved.
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Findings
Findings
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Customer Satisfaction on ICICI PRUDENTIAL According to my survey the noteworthy points are: Most of the people buy life insurance as just a tax benefit tool or as a life cover while only a few of the respondent take it as a saving option. The reason for this is lack of knowledge of insurance benefits among the people. A Majority of the respondent buy insurance products because of the need reason while rest of the respondents buy for the brand purpose. A Majority of the people come to know about the policies from the Direct Selling Agents. A Majority of the people are satisfied by the incentives associated with their policies. Most of the respondents are satisfied by the services offered by there insurance company while some says that they are not satisfied by the services. Most of the respondents want more Transparency from the side of the company.
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Conclusion
CONCLUSION
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Customer Satisfaction on ICICI PRUDENTIAL After overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector to give befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that There is very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers. ICICI is not left behind in the present race of advertisement. The entry of more Pvt. Players in the Insurance Sector has expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers. ICICI has vast market and very firm grip on its traditional customers and monopoly of life insurance products.. IRDA is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level of the customers to the private players.
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Suggestions & Recommendations
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Customer Satisfaction on ICICI PRUDENTIAL Suggestions
The study has provided with the useful data from the respondents. There has a lot to be recommended. Following are the recommendations: There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses. More returns should be provided on Insurance plans. As the bank provides the Insurance facility to its customers. It should provide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have choice while selecting a suitable Insurance plans. This will definitely add to the goodwill & profit for the bank.
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Customer Satisfaction on ICICI PRUDENTIAL RECOMMENDATIONS TO COMPANY:
Since ICICI Prudential Life Insurance co. ltd is the largest in terms of FDI invested, in terms of work force, in terms of market share, in terms of no. of customers. All these positive stands of the company place at the number one position. On second aspect whatever amount of money ICICI Prudential save, can be used to increase the no. of policies, which will helpful to increase the market share of the company. Since the customers think about the companies in the industry, when they invest money in the life insurance industry. So its necessary to increase the market share of the company. There are some recommendations.
Open some more branches in semi urban and rural area. ICICI Prudential has almost its branches in urban area or metros. So in order to increase the no. of customer, ICICI Prudential should increase the approach towards potential customers. For that it has to increase the branches in the semi urban cities like C, D grade cities. And the rural marketing is the best option for ICICI Prudential to increase its base in the market
Improve customer services. In order to take the advantage of being industry leader in private sector, ICICI Prudential has to improve its customer services. According to my experience in the company, a good number of customers forget to pay their premium at time so it causes a big loss to the company. ICICI Prudential has already collaborated with the ICICI bank for its Bancassurance facility and then can include another feature in it. ICICI bank can offer a bank account with the life insurance policy in which an ATM card will be provided. This card will have all the information regarding the policy as like future premium payment dates, payment made, money value of the policy at that date, value of the unit linked plan and all other information what the customer want. This will help the customer to pay premium on time and save their losses. This will be mutually helpful for both sister companies, ICICI bank will get new account and ICICI prudential will be able to more efficient services to their customers.
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Bring some unit linked life insurance plans in the market. Being a market leader doesnt ensure the leadership in the future. Since after increment in FDI from 26% to 49% all player will have the opportunity to capture the market share. So in order to maintain its position ICICI Prudential should Introduce some new market linked insurance plan, which will give a competitive advantage to the ICICI Prudential against its competitors.
Trained the financial advisors more efficiently. In the changed scenario, more efficient training will be needed, so ICICI Prudential should provide good and efficient training to their financial advisors. Because they are the one who interact directly with the customers. So good training will give them the right way to deal with the potential customers.
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SWOT ANALYSIS
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Customer Satisfaction on ICICI PRUDENTIAL SWOT ANALYSIS STRENGTHS:
1. ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the private players 2. ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far. 3. ICICI Prudential is the first life insurance company to offer ECS debit facility. 4. ICICI Prudential is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan. 5. Products Flexibility to switch your fund value at your own discretion four times a year viz. maximize, protector, balancer, preserver. Greater transparency-policy holder knows what is happening to his money and where the company has invested his money. Liquidity options-you can make complete or partial withdrawals any time after 3 years. Life insurance plans are eligible for deduction under sec 80.
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WEAKNESSES:
1. Industry in nascent stage. 2. Rural areas still not covered. 3. Not very known among Indian population. 4. Lack of credibility among the people because ICICI being a private player. 5. Premiums are high as compared to its competitors. 6. Very few branches in the country. 7. Products: The policy doesnt have the surrender option before third year. Plan does not offer any guarantee or assured return. Product profile is not very comprehensive. Mortality, management and administrative charges are sky scrapping as compared to its competitors.
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OPPORTUNITIES
1. Liberalization of Indian economy. 2. As the industry is growing the whole market is virgin. 3. The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies. 4. Its a volume business that is even if the company has few good corporates the turnover cease to increase by manifold. 5. Products: Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in short-term rate by RBI. Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore higher economic growth.
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THREATS
1. The government players will become aggressive thus growth is going to be tough. 2. Entry of other players is not ruled out. 3. Apprehension towards ICICI Prudential being a private life insurance company. 4. We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and ICICI Prudential fortunes. 5. Products: Past performance of these plans is not indicative of the future performance of the plan. The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved. All benefits payable under the policy are subject to tax laws and other financial enactment, as they exist from time to time.
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Bibliography
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Bibliography
www.icicibank.com www.iciciprulife.com en.wikipedia.org/wiki/Main_Page www.licindia.com www.hdfcinsurance.com www.maxnewyorklife.com Brochures provided by the ICICI Prudential Kothari C R, Research and MethodologyTechniques, New Age International (P) Ltd., 2004 Methods &
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ANNEXURE
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QUESTIONNAIRE
Name Age Occupation - _____________ - _____________ - _____________
Q1. Are you currently insured? Yes No
If yes, please give the details of company, plan, premium etc.
Q2. Are you satisfied with your current insurer? - Yes - No
Q3. Which is your favored insurance company? LIC ICICI HDFC Birla sun life Bajaj Allianz Others
Q4 Are you interested in the products offered by ICICI Prudential?
Yes No Cant say Page - 74 -
[Type text]
Q5. What is your main concern while taking an insurance policy ?
Tax benefit Security Investment/Savings
Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 10 with 1 being least satisfied)
Q.7 Please express your opinion for the premiums paid for the above policy?
-Very high [ ] -High [ ] -Moderate [ ] -Low []
-Very Low [ ]
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Customer Satisfaction on ICICI PRUDENTIAL Q.8 How do you come to know about this policy? (Please tick). -Advertisements [ ] -Friends and relatives [ ] -Direct selling agents [ ]. - Others (please specify) _____________________.
Q.9 Are there any incentives (tax benefits or Bonuses) associated with this policy? (Please give appropriate details about it). _________________________________________________________ _________________________________________________________
10. Are you satisfied with the incentives associated with your policy? -Highly satisfied [ ]. -Satisfied [ ] -Moderate [ ] -Unsatisfied [ ] -Highly Unsatisfied [ ].
Q11. According to you, in what areas should the insurance companies work upon?
Less complicated procedures Fewer premiums More returns Transparency
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Q12. Do You think that services have improved after allowing private insurance sector?
players in
Yes No
Your comments on ICICI Prudential
__________________________________________________________________
__________________________________________________________________
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Customer Satisfaction on ICICI PRUDENTIAL

A SUMMER INTERNSHIP PROGRAMME 2010-2012

CUSTOMER SATISFACTION SURVEY ON

INSURANCE PRODUCTS OF ICICI PRUDENTIAL