ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Plc.

of the United Kingdom. The company began its life insurance operations in December 2000. ICICI Bank is one of Indias leading banks in India and among the largest private sector banks to operate in the country. ICICI Bank is currently present in 19 countries, including India. The company has a large distribution network of 2033 branches across the country. The ICICI group has an established presence in banking, broking and investment banking to name a few apart from banking and insurance. Prudential Plc, a leading internal retail financial services group with significant operations in Asia, the US and the UK, has been writing protection and savings insurance for over 160 years. It has also established its strong credibility across the globe. ICICI Prudential Life Insurance Company has setup a large distribution network of almost 1900 branches with an army of 2,10,000 advisors selling their life insurance policies. This along with the reach of ICICI bank and 7 other bancassurance partners make it a formidable player in the life insurance sector in India. It is also among the earliest private life insurance companies to start operations in India. Currently it is among the largest life insurance players in the country and among the few private life insurance companies which are profitable.

Objectives of the Project Primary objectivesS t ud y wi l l be condu ct ed on Brand Image of ICICI PrudentialLife Insurance. An at t em pt wi l l al so be m ade t o st ud y t h e vi ewpoi nt of pol i c yh ol ders and f u r t h e r t o s u g g e s t t h e m o d a l i t i e s t o i m p r o v e t h e e f f i c i e n c y o f I C I C I PRUDENTIAL. Secondary objectives-

To find out the advantages of the policies offered by ICICI PRUDENTIALover various companies. An attempt will also be made to study the differentiating strategies adopted byICICI PRUDENTIAL to win the customers

Research Methodology Data is collected from both primary & secondary sources. As a primary sourcea survey of policyholders & company officials has been conducted.

Articles, , newspapers, magazines, referral books and Internet services have been used as secondary source of data. Different tools like ratio analysis, correlation and regression have been used to analyse the collected data.

Project on Life Insurance Partners ICICI and Prudential came together in 1993 to form Prudentia l I C I C I A s s e t Management Company, which has today emerged as one of the leading mutual fundsi n I n d i a . T h e t w o c o m p a n i e s b r i n g t o g e t h e r t w o o f t h e s t r o n g e s t f i n a n c i a l s e r v i c e brands in Asia, known for their professionalism, excellent quality of service and longt e r m c o m m i t m e n t t o Y O U . R i d i n g o n t h e s u c c e s s o f t h i s r e l a t i o n s h i p , t h e t w o companies joined hands once more in 2000, to form ICICI Prudential Life Insurance,with a commitment to provide leading-edge life insurance solutions.ICICI Bank has 74% stake in the company, and Prudential plc has 26%. ICICI Bank (NYSE:IBN) is India''s second largest bank with an asset base of Rs.1 0 6 8 1 2 c r o r e . I C I C I B a n k p r o v i d e s a b r o a d s p e c t r u m o f f i n a n c i a l s e r v i c e s t o individuals and companies. This includes mortgages, car and personal loans, credita n d d e b i t c a r d s , c o r p o r a t e a n d a g r i c u l t u r a l f i n a n c e . T h e B a n k s e r v i c e s a g r o w i n g customer base of more than 7 million customer accounts and 5 million bondholdersaccounts through a multi -channel access network. This includes about 450 branchesa n d e x t e n s i o n c o u n t e r s , 1 6 7 5 A T M s , c a l l c e n tres and Internet banking. ICICI Bank posted a net profit of Rs.1,206 crore for the year ended March 31, 2003. ICICI Bank is the only Indian company to be rated above thec o u n t r y r a t i n g b y t h e i n t e r n a t i o n a l r a t i n g a g e n c y M o o d y ' ' s a n d t h e o n l y I n d i a n company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies Strategy of ICICI Prudential The essence of strategy is choosing to perform activities differently than rivals do. Itmeans deliberately choosing a different set of activities to deliver a unique mix of

Project on Life Insurance Distribution strategy It uses a multi-channel distribution strategy - leveraging bancassurance, corporateagents and direct marketing - in addition to advisors and financial service

consultants.All channels sell all the products. Some of their bancassurance partners are ICICIBank, Citibank, Federal Bank, South Indian Bank, Allahabad Bank, Bank of India andPunjab & Maharashtra Cooperative Bank. Investment strategy IC IC I P rudential Life invests polic yh olders funds in order to earn su stainable,consistent returns over the long term. P olic yholders investi n g i t s m a r k e t - l i n k e d products can select from three fund options - each with a varying degree of risk andreturn. The policies are structured to be as transparent as possible and policyholders can check the NAV of the policy on a biweekly basis in leading newspapers. Bonus strategy For their endowment products - CashBak, Save n Protect and SmartKid - there areguaranteed additions for four years, after which bonuses are declared on a yearly basis.Market-linked products such as LifeTime, LifeLink, LifeTime Pension and LifeLink Pension are valued on a NAV [net asset value] basis.T h e r e a r e t w o p r o d u c t s w i t h g u a r a n t e e d r e t u r n s R e A s s u r e a n d A s s u r e I n v e s t . I t believes that there is a place for assured return products in its product portfolio. It follows a proactive strategy of reviewing these on a regular basis in order to provide sustainable, consistent returns in the long term ICICI PRUDENTIAL Project on Life Insurance Its promoters have infused Rs 100 crore into the company taking its capital base toRs625 crore the highest in the industry . The capital infusion is a clear indication that the promoters are willing and able to commit the necessary resources upfront to ensure the success of the venture.Its focus was to expand reach, and in line with this, the company has nearly doubled the number of locations in which it operates, from 24 as of March 31, 03 to 46 today.ICICI Prudential Life Insurance (ICICI PruLife) has gone live with PeopleSoft Human Capital Management (HCM) Solution, a leader in enterprise management solutions. The solution has enabled the company to achieve real time, collaborative and efficient m a n a g e m e n t o f i t s h u m a n c a p i t a l . M o r e t h a n t w o t h o u s a n d e m p l o y e e s o f I C I C I Prudential will be empowered by this online, easily accessible, personalized tool that works in real-time, enhances convenience as well as drives cost efficiency.

SWOTANALYSISOFICICI PRUDENTIALLIFE INSURANCE COMPANY STRENGTHS Efficiently trained sales force and advisors. There is improvement in response and turnaround times in specific areas sucha s d e l i v e r y o f f i r s t p o l i c y r e c e i p t , p o l i c y d o c u m e n t , p r e m i u m n o t i c e , f i n a l maturity payment, settlement of claims etc. Competitive activity, evolution of the distribution channels.

WEAKNESSES M o r e o r l e s s a l l p l a y e r s ( i n c l u d i n g t h e m a r k e t l e a d e r L I C ) h a v e aggress ively recruited and trained advisors, appointed agents,launched new products, improved customer service standards andrevamped/expanded their distribution networks. If at all therewas any major difference between players it was only in time lagin launching of services. Consumer awareness, though increasing, is still low and the different types of policies available and the specific benefits of e a c h o f t e n c o n f u s e t h e m ; t h u s i t ' s t h e j o b o f i n s u r a n c e companies to educate them about these Opportunities There are 17 insurance companies in the market today. More companies l i k e R e l i a n c e a n d S a h a r a w i l l s o o n e n t e r t h e f r a y . A c c o r d i n g t o a U N survey, only 4 to 6 per cent of India's population is insured. Of this, 22 per c e n t a r e u n d e r i n s u r e d . S o t h e m a r k e t p r e s e n t s o p p o r t u n i t i e s f o r t h e enterprising.O n l y 2 2 per cent of the insurable population possesses life insurance.Whats more, in a country of over one billion people, life insurance premia f o r m s o n l y 1 . 8 p e r c e n t o f t h e G D P , i n d i c a t i n g t h e e x t e n t o f under insurance ICICI Prudential Life Insurance Company has entered intoa strategic tie-up with the Federal Bank for the distributionof life insurance products. ICICI PruLife financial servicec o n s u l t a n t s ( F S C ' s ) c o u l d n o w a p p r o a c h F e d e r a l B a n k customers, based on referrals from the Bank. This allianceexpands ICICI Prulife's reach to around 2 lakh customers a c r o s s 3 0 b a n k b r a n c h e s i n K e r a l a a n d 3 0 i n o t h e r c i t i e s including a large number of NRI customers. ICICI PRUDENTIAL

Project on Life InsuranceICICI Prudential Life Insurance Company has recruited talent at a lateral level fromvarious industries, such as FMCG, banking, telecom, etc, for its middle and senior management teams. Says Shubhro Mitra, Chief, Human Resources, ICICI PrudentialLife, "The candidates must have the requisite qualifications in their functions andrelevant experience, however not necessarily in the field of insurance. In fact, onlytwo people amongst the senior management team has any experience in insurance the head of sales and the chief actuary. Most importantly, the individuals must have awinning attitude, energy, willingness to learn and be able to bring fresh ideas and perspectives to the business." ICICI Prudential Life Insurance has flagged off operations in Chennai, thefourth office of the company. It has accepted five proposals sponsored byMadras Cements Ltd and Lucas TVS favouring underprivileged children.'Salaam zindagi', a social sector policy will cover larger groups amongstthe economically weaker sections of society.The company targets to cross the one lakh policy mark by the end of the next fiscal and has

already sold 1,500 policies till date. It hopes to break even in four to six years and fo r now has no plans to introduce any new products. The policies currently on offer are ICICI Pru Single PremiumB o n d , I C I C I P r u S a v e ' n P r o t e c t , I C I C I P r u F o r e v e r L i f e , I C I C I P r u CashBak and ICICI Pru LifeGuard ICICI PRUDENTIAL

ICICI Prulife has very quickly gone on to become Indias largest privatelife insurance company. Again the success lay in aggressive marketing,smart advertising, omnipresence and quick expansion. ICICI also has as t r o n g p r e s e n c e i n t h e g e n e r a l i n s u r a n c e s e c t o r w i t h I C I C I L o m b a r d G eneral Insurance Company Limited A large part of the success of the new entrants ran be attributed to the government-appointed Insurance Regulatory and Development Agency (IRDA), which developedthe regulatory framework. The regulations governingthe life and non-life insurers are pragmatic and forward -looking, ensuring the customer is protected and creating anenvironment for thriving private sector participation and a level playing field.B a n c a s s u r a n c e a n d c o r p o r a t e a g e n t s a r e t h e t w o e m e r g i n g c h a n n e l s t h a t g i v e companies an opportunity to reach out to a much larger number of individuals whomight be interested in insurance. Moreover, people inherently trust their local bank with which they have transacted for many years, so an insurance product through thatchannel is also regarded with less suspicion. These channels have only just emerged, but are already making their mark. With time and the appropriate regulations, the contribution of such channels is bound to drive penet.'at;on.of the category.ICICI PRUDENTIAL

Project on Life Insurance ICICI Prulife has very quickly gone on to become Indias largest privatelife insurance company. Again the success lay in aggressive marketing,smart advertising, omnipresence and quick expansion. ICICI also has as t r o n g p r e s e n c e i n t h e g e n e r a l i n s u r a n c e s e c t o r w i t h I C I C I L o m b a r d G eneral Insurance Company Limited A large part of the success of the new entrants ran be attributed to the government-appointed Insurance Regulatory and Development Agency (IRDA), which developed the regulatory framework. The regulations governing the life and non-life insurers are pragmatic and forward -looking, ensuring the customer is protected and creating an environment for thriving private sector participation and a level playing field.B a n c a s s u r a n c e a n d c o r p o r a t e a g e n t s a r e t h e t w o e m e r g i n g c h a n n e l s t h a t g i v e companies an opportunity to reach out to a much larger number of individuals who might be interested in insurance. Moreover, people inherently trust their local bank with which they have transacted for many years, so an insurance product through that channel is also regarded with less suspicion. These channels have only just emerged, but are already making their mark. With time and the appropriate regulations, the contribution of such channels is bound to drive penetration. of the category. ICICI PRUDENTIAL

Project on Life Insurance THREATS ICICI Prudential Life Insurance Company Pvt. Ltd. (ICICI PruLife) is a j o i n t venture company in the life insurance segment in India. It is the leading private life insurance company India. Expanding at a rapid pace ICICI PruLife is opening branches across multiple cities and towns in India.With multiple branches across the country a need was identified by the head office to service their internal employees in the same way as they w o u l d s e r v i c e a n e x t e r n a l c u s t o m e r . T h e u s e r b a s e w a s g r o w i n g w i t h people being added every day.