CHAPTER-1

INTRODUCTION

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. Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organisation with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organisations will: determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important? There are a number of reasons why customer satisfaction is important in Insurance Sector:

Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector.

Customers are recognized as key partners in shaping service development and assessing quality of service delivery. The process for measuring customer satisfaction and obtaining

feedback on organizational performance are valuable tools for quality and continuous service improvement.

OVERVIEW OF THE INDUSTRY

The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carriers policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be 4

brought. There are two basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers. Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiariesusually spouses and dependent childrenupon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of ones life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other peoples property. Most policies, such as automobile and homeowners insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers. Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance,

employee surety and fidelity bonding, and medical malpractice insurance. In addition to individual carrier-sponsored Internet sites, several leadgenerating sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.

The Insurance Regulatory and Development Authority (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance

companies were the launch of the IRDAs online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.

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 capitalisation*. 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 its specialised 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 bank assurance partners. 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. 1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products . 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term. 5. Last but definitely not the least, our 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. 10

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: Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees 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, Boundaryless, Ownership, and 11

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 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.

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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, 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.

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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 bank 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 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.

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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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MANAGEMENT PROFILE Board of Directors The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Ms. Chanda Kochhar, Mr. Barry Stowe, Mr. H.T. Phong, Prof. Marti G. Subrahmanyam, Mr. Mahesh Prasad Modi, Ms. Rama Bijapurkar, Mr. Keki Dadiseth, Ms. Shikha Sharma, Mr. N.S. Kannan, Mr. Bhargav Dasgupta, The ICICI Prudential Life

Chairman Director Director Director Director Director Director Director Managing Director Executive Director Executive Director Insurance Company Limited

Management Team Management team comprises reputed people from the finance industry both from India and abroad.

Ms. Shikha Sharma, Mr. N. S. Kannan, Mr. Bhargav Dasgupta, Ms. Anita Pai, Tech.

Managing Director & CEO Executive Director Executive Director Executive Vice President Customer Service &

Dr. Avijit Chatterjee,

Appointed Actuary

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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 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.

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PRODUCT/SERVICES PROFILE 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 Save'n'Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Cash Back 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. 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. Life Stage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously redistributes 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. 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. Premier Life Gold is a limited premium paying plan specially structured for long-term wealth creation.

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Invest Shield 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. Invest Shield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. Life Stage Assure a unit linked insurance plan that provide upto 450 % of first year premium guarantee on maturity, with the additional advantage of a lifecycle based portfolio strategy that allocates the investors money across various asset classes based on his life stage and risk appetite. Protection Solutions Life Guard 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. Home Assure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner. Education Solutions Smart Kid 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 Forever Life is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. Life Time Super Pension is a regular premium

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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. LifeStage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously redistributes your money across various asset classes based on your life stage, eventually providing you with a customized retirement solution. term of three or Premier Life Pension is a unique and five years, to suit professionals and convenient retirement solution with a limited premium paying businessmen, especially those who require more flexibility and customization while planning their finances. Health Solutions 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. 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. 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.

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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. Diabetes Care Plus: is a unique insurance policy that provides an additional benefit of life cover for Type 2 diabetics and prediabetics Hospital Care: is a fixed benefit plan covering various stages of treatment hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. Crisis Cover : is a 360-degree product that will provide longterm coverage against 35 critical illnesses, total and permanent disability, and death. MediAssure 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. Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. Group Superannuation Plan: ICICI Prudential Life offers a flexible

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market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes 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. 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. Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. Flexible Rider Options : ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. If the death occurs

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while travelling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. 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. 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 Smart Kid, Life Time Plus, Life Time Super and Life Time Super Pension. 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. 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 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.

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5) 6) 7) 8)

Decline Status: When a customer refuses to take a policy Cancellation : When the cheque given by the customer Lapse : A policy for which the Customer fails to pay Free look : Post issuance of the policy, the policyholder

post login but before Issuance is called a Decline bounces, it amounts to cancellation of the policy. subsequent premiums is a Lapsed Policy. has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days iscalled Free look Period. 9) Surrender : When a customer wants to discontinue with the policy.

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SWOT ANALYSIS
STRENGTH

Greater transparency-policy holder knows what is happening Liquidity options-you can make complete or partial

to his money and where the company has invested his money.

withdrawals any time after 3 years.

Life insurance plans are eligible for deduction under sec 80. 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

WEAKNESSES

scrapping as compared to its competitors OPPORTUNITIES

Liquidity in the economy and there is little chance hike in Finance minister unveiled a budget favoring consumer

short-term rate by RBI.

spending, boosting demand and therefore higher economic growth. THREATS

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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CHAPTER 2

OBJECTIVE OF THE STUDY

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OBJECTIVES OF THE STUDY

The 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

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CHAPTER 3

RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY
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. 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. Sampling Technique Used: This research has used convenience sampling technique. 1) Convenience sampling technique: 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 Selection of Sample Size: For the survey, a sample size of 50 has been taken into consideration. Sources of Data Collection: Research will be based on two sources: 1. Primary data 2. Secondary data 29

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- [Link]. 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: Questionnaire Pie Charts Bar Diagrams

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CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

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DATA ANALYSIS AND INTERPRETATION

Q1.

Are you currently insured? No. of Respondents 31 19 50 Percentage 62% 38% 100%

Particulars Yes No Total

No. of Respondents

19 Yes No 31

INTERPRETATION 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?

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Particulars Yes No Total

No. of Respondents 41 9 50

Percentage 82% 18% 100%

No. of Respondents

Yes No

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INTERPRETATION 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 LIC ICICI No. of Respondents 24 7 33 Percentage 48% 14%

HDFC Birla Sun Life Bajaj Allianz Others Total

5 4 4 6 50

10% 8% 8% 12% 100%

ANALYSIS: From the survey it was found that amongst 50 respondents a) 48% of the respondents likes LIC. b) 14% of the respondents likes ICICI. c) 10% of the respondents likes HDFC. d) 8% of the respondents likes Birla Sun Life. e) 8% of the respondents likes Bajaj Allianz. f) 12% of the respondents likes other companies. Q4. Are you interested in the products offered by ICICI Prudential ? Particulars Yes No Cant Say Total No. of Respondents 30 12 8 50 Percentage 60% 24% 16% 100%

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No. of Respondents

Yes No 12 30 Can't Say

INTERPRETATION From the survey it was found that amongst 50 respondents a) b) 60% of the respondents are attracted towards ICICI products. 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 ? Particulars Tax Benefit Security Investments/Saving s Total No. of Respondents 20 16 14 50 Percentage 40% 32% 28% 100%

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25 No. of Respondents 20 15 Series1 10 5 0

Be ne fit Se cu rit y av i In ve st m en t/S ng s

20

16

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INTERPRETATION 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. Please express your opinion for the premiums paid for the above policy? 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%

Ta x

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INTERPRETATION 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. Q7. 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%

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ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) 20% of the respondents know about it from Advertisements. 24% of the respondents know about it from Friends and 42% of the respondents know about it from Direct Selling Agents. 14% of the respondents know about it from Other Sources.

Relatives.

Q8. 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 No. of Respondents 10 11 8 9 50 Percentage 18% 24% 20% 22% 16% 100%
Highly Satisfied Satisfied 11 12 Moderate Unsatisfied Highly Unsatisfied 10

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INTERPRETATION From the survey it was found that amongst 50 respondents a) 18% of the respondents are Highly Satisfied. b) 24% of the respondents are Satisfied. c) 20% of the respondents are Moderate. d) 22% of the respondents are Unsatisfied. e) 16% of the respondents are Highly Unsatisfied.

Q9. According to you, in what areas should the insurance companies work upon? Particulars Easy Procedures Fewer premiums More Returns Transparency Total No. of Respondents 14 10 9 17 50 Percentage 28% 20% 18% 34% 100%

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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

INTERPRETATION From the survey it was found that amongst 50 respondents a) 28% of the respondents want Easy procedures. b) 20% of the respondents want Fewer premiums. c) 18% of the respondents want More returns. d) 34% of the respondents want Transparency.

Q10. Do You think that services have improved after allowing private players in insurance sector ? Particulars Yes No Total No. of Respondents 40 10 50 Percentage 80% 20% 100%

40

20% Yes No 80%

INTERPRETATION 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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CHAPTER-5

FINDINGS

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FINDINGS
According to my survey the noteworthy points are: Most of the people buy life insurance as just a tax benefit tool or as a life cover while only a few of the respondent take it as a saving [Link] 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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CHAPTER-6

LIMITATIONS OF THE STUDY

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LIMITATIONS OF STUDY
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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CHAPTER-7

CONCLUSIONS

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CONCLUSIONS
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 are 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 have expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers. ICICI has vast market and very firm grip on its traditional

customers and monopoly of life insurance products. 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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CHAPTER-8

SUGGESTIONS

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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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BIBLIOGRAPHY

50

BIBLIOGRAPHY

[Link] [Link] [Link]/wiki/Main_Page [Link] [Link] [Link] Brochures provided by the ICICI Prudential Kothari C R, Research and Methodology- Methods & Techniques, New Age International (P) Ltd., 2004

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ANNEXURE

52

QUESTIONNAIRE Name Age Q1. : : ____________________________________________________ ____________________________________________________ ____________________________________________________

Occupation : a) b) Q2. a) b) Q3. Yes No Yes No a) c) e) Q4 a) b) c) Q5.

Are you currently insured?

Are you satisfied with your current insurer ? LIC b) ICICI

Which is your favoured insurance company ? d) f) HDFC Bajaj Allianz Yes No Cant say a) b) c) Tax benefit Security Investment/Savings Birla sun life Others

Are you interested in the products offered by ICICI Prudential ?

What is your main concern while taking an insurance policy ?

Q.6

Please express your opinion for the premiums paid for the above policy? a) b) c) d) e) Very high High Moderate Low Very Low 53

Q.7 How do you come to know about this policy? (Please tick). a) b) c) d) Advertisements

Friends and relatives Direct selling agents Others (please specify) _____________________.

Q8. Are you satisfied with the incentives associated with your policy? a) b) c) d) e) Q9. Highly satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied

According to you, in what areas should the insurance companies work upon? 0) a) b) c) Less complicated procedures Fewer premiums More returns Transparency

Q10. Do You think that services have improved after allowing private players in insurance sector ? a) b) Yes No

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