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PRODUCT STUDY AND CUSTOMER & SALES OFFICER SURVEY


Conducted at:

ICICI LOMBARD GENERAL INSURANCE


SUBMITTED BYANKIT MITTAL Roll No. 04
In Partial Fulfillment for the Award Of Degree Of Masters in Business Administration

From INSTITUTE OF MANAGEMENT STUDY, KURUKSHETRA UNIVERSITY,

KURUKSHETRA PREFACE
Practical training is an important part of management courses. Theoretical studies in class room are not sufficient to understand the functioning of complex and large sized organsition, managerial climate and the real problems coming in the way of management of Man, Material, and Machines and Money. Practical training supplements the theoretical studies i.e. it covers what is left uncovered in the classrooms .It offers an exposure to real practice of management in business organisition. It exposures student to an invaluable tresure of experience I received my training at ICICI LOMBARD INSURANCE , GURGAON as a student of MASTER OF BUSINESS ADMINSTRATION (MBA) in INSTITUTE OF MANAGEMENT STUDIES .I learnt lot of new things , which I could never learn from theory classes . I have done a project on PRODUCT STUDY AND CUSTOMER & SALES OFFICER SURVEY

ANKIT MITTAL

ACKNOWLEDGEMENT I express my sincere and earnest gratitude to all those with whom I interacted and whose insights and thoughts have helped me a lot in expanding the reservoir of my knowledge and completion of my project . During my training at ICICI I learned a lot and my project would not have been completed without the help and guidance of the employees there.I am thankful to ICICI LOMBARD INSURANCE ,GURGAON for allowing me to undergo training . I am deeply indebted to Mr DIPESH RELAN, Officer , Investment and Services who extended his full Cooperation and support , subverted his expert guidance wherever necessary which was of paramount importance to me. I would also like to thank Mr Rohit Goel(Branch Manager), Mr Ashish Mittal, Mr Lovneesh Lamba, MR. Sourabh chalana, Ms Pancham Bajaj, Ms Richa Singh & Ms Shilpa Handa. who helped me a lot in my project. I would be failing in my duties if I dont convey my special thanks to my friends and interviewees for sparing their valuable time in providing me information.

(ANKIT MITTAL)

CONTENTS
1) Introduction of Icici Lombard Overview of Lombard Board Of Members Philosophy of Lombard Partners of Lombard

2) Products of Icici Lombard General Insurance Health Insurance Home Insurance Motor Insurance Overseas Travel Insurance Merchant Cover Insurance

3) conceptual study 4) challenges & solutions 5) research methodology 6) Annexure 7) Survey result 8) Suggestions 9) Limitations

10) Conclusions& recommendation

INTRODUCTION OF ICICI LOMBARD AND THEIR PRODUCTS

INTRODUCTION OF ICICI LOMBARD


ICICI
ICICI Ltd., was established in 1955 by the World Bank, the Government of India and the Indian Industry, to promote industrial development of India by providing project and corporate finance to Indian industry. Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has thus far financed all the major sectors of the economy, covering 6,848 companies and 16,851 projects. As of March 31, 2000, ICICI had disbursed a total of Rs. 1,13,070 crores, since inception.

Lombard
Lombard Canada Ltd. is a leading insurance management company responsible for providing insurance management services for all of the Lombard group's commercial, personal, and specialized insurance companies. Canadian owned and operated, Lombard Canada Ltd. has its head office in Toronto and has annual sales in excess of $500 million and is a wholly owned subsidiary of Fairfax Financial Holdings Limited (FFH on the TSE). Lombard Canada Ltd. has achieved a reputation for providing solid underwriting performance, diversified books of business and strong capital positions. Has received an A- rating from A.M. Best Company

and claims paying ability received an A+ rating from Duff & Phelps Credit Rating Co.

The Joint Venture


ICICI Lombard General Insurance Company Limited, is a 74:26 joint venture between ICICI Bank, India's largest private sector bank and Lombard Canada Limited, one of the oldest property and casualty insurance companies in Canada. Lombard Group companies are amongst the largest equity shareholders in ICICI. ICICI Lombard leverages ICICI Bank's strong brand equity, extensive distribution network and sound technological infrastructure to service customer needs. ICICI Lombard is assisted by Lombard Canada on domain knowledge, product innovation, business processes based on cutting edge technology and international best practices in the insurance business. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance, reinsurance, insurance claims management and investment management. Lombard Canada Ltd, a group company of Fairfax Financial Holdings Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. ICICI Lombard is one of the first private sector general insurance players to achieve break-even levels in the first full year of its operations. For the year gone by (2003-04), ICICI Lombard garnered premiums worth Rs. 2.15 billion and its net profits grew to Rs. 33 million. As on April 31st 2003, ICICI Lombard has offices in 36 cities across the country. Over 125 relationship managers and 800 insurance advisors service customers across the country. The company also

has a state-of-the art call center and an interactive website to enable customers to stay in touch.

ICICI LOMBARD
Hierarchy of ICICI Lombard
Zonal Head

Area Sales Manger (ASM)

Sales Manager (SM)

Unit Manager (UM)

Agents

BOARD OF MEMBERS
Mr K V Kamath Mr R Athappan , Mr B V Bhargava Mr Dileep Choksi Mr James F Dowd Ms Lalita D Gupte Ms Kalpana Morparia Mr S Mukherji, Mr Chandran Ratnaswami Mr H N Sinor Mr Sandeep Bakhshi Director Director Director Director Director Director Director Director Managing Director & CEO Chairman Director

PHILISOPHY OF ICICI LOMBARD


Claim Settlement
Lightning-fast claim settlement is one of the key areas of focus for ICICI Lombard. Our dedicated relationship managers, wide spread network across India and presence of 24 *7 call centers assure our customers that we are always on call, day or night. Our tie-up with Cunningham Lindsey, the worlds second largest loss adjustors with its network in 80 locations across India, ensures a surveyor on site in less than 24 hours.

Rural Initiative
ICICI Lombard believes in striking the right balance between the commercial and socio-economic aspects of the insurance business. In its endeavour to offer tailor-made products to meet the requirement of the rural population, explore business opportunities in the related segments and build a competitive edge through strong distribution network and product innovation, ICICI Lombard uses intermediaries like ICICI Banks kiosks, direct selling agents, state-level tie-ups, ITCs e-choupals, NGOs and other micro- finance institutions (MFIs). The rural segment offers immense business opportunities for insurers since it constitutes 50% of the GDP. Growing per capita and disposable income and rising financial awareness among rural masses has opened up new avenues for insurers in this segment.

Corporate Business
ICICI Lombard via its CSG segment aims to tap large corporates with high premium potential. The company has emerged as a major player in the corporate segment with a well-balanced portfolio. It has made forays into specialized products that require complex product development and strong underwriting skills. In addition, a strong distribution has enabled it to reach out to over 3,000 corporates. It also offers single point contact through dedicated relationship managers for both sales and customer service.

Bancassurance
The company has set up a dedicated SBU to cater to bancassurance business managed by dedicated teams for each bank partner across all locations to ensure highest levels of service to the channel and their customers and to provide complete support and value addition to the bank partners. Our bancassurance philosophy emphasizes on complete respect for the partners brand and business model with a clear understanding that the partner owns the customer. The company has tied up with few partners like ABN Amro Bank, ICICI Bank, UTI Bank etc, to ensure complete support and continuous value addition to the partner. The business philosophy behind the bancassurance initiative is to leverage distribution synergies with partners. The channel offers unmatched product suite customized for bank channels and customers.

Retail
ICICI Lombard aims to tap retail segment through multi-product and multi-channel approach to marketing. The company believes that retail segment has immense potential and will drive the companys growth in future. It has presence in all retail categories -- travel, health, home and motor. It has launched a number of innovative products and features in each category like `Pay-per-day in Overseas Travel Insurance and floater cover for individual Health Insurance.

E-Channel
ICICI Lombards e-channel initiative has embraced technology with open arms. The effective use of technology platforms has enabled customers to view all their insurance transactions through the web on a real time basis. ICICI Lombards e-channel mainly focuses on targeting customers through Internet, intranet (of large corporates and manufacturing companies) and other national level distribution networks. The focus is on targeting customers through the online medium. The model is to develop an integrated and customized product platform with key partners -- ICICI Direct, ICICI Bank, preferred partners moneycontrol.com and indiatimes.com and other websites.

PARTNERS OF ICICI LOMBARD


ICICI Bank
.

ABN Amro Bank Centurion Bank

Online Partners:
Like Indiatimes.com, Moneycontrol.com

ICICI Direct:
ICICI Direct is the retail online initiative Trade Limited, a subsidiary of ICICI Bank Ltd. of ICICI Web

PRODUCTS OF ICICI LOMBARD


ICICI Bank has tied up with ICICI Lombard General Insurance Co Limited (a 74:26 joint venture between ICICI Bank and Fairfax Financial Holdings Limited) as its preferred general insurance partner through a referral arrangement.ICICI Lombard has designed various products for the retail customers keeping in mind their needs.

The various Products offered are:


Health Insurance - "Secure yourself and your family" - Family Protect Policy Home Insurance- "Secure valuables in your house" - Structure - Contents Motor Insurance- Mandatory - "Secure your Vehicle" - 4 Wheeler - 2 Wheeler Travel Insurance - "Secure yourself during your travel" - Overseas Travel Insurance - Student Travel Insurance Merchant Cover
-

Stock Cash in safe Cash in Transit

INTRODUCTION ABOUT THE HEALTH INSURANCE

HEALTH INSURANCE

The Family Floater health plan covers medical expenses

Incurred as an inpatient during hospitalization for more than 24 hours. 30 days prior to hospitalization. 60 days post hospitalization. Incurred on advanced technological surgeries and procedures that require less than 24 hours of hospitalization. Family Floater This unique single policy takes care of the hospitalization expenses of your entire family. Provides cover for your first relations and offers flexibility in terms of the hospitalization cover offered to each member of your family. Example: Mr. Kapoor, his wife and son are covered for Rs 1 lac each, under a regular health policy. They would have paid premiums for three 1 lac polices. In an unforeseen situation wherein the surgery and post hospitalization bill of their son amounts to Rs 1.4 lac, the regular health policy would cover Rs 1 lac while Mr. Kapoor would have to shell the balance of Rs 40, 000, even though there was no claim from Mr. Kapoor and his wife. But with our Family Floater Health Plan, the cover of Rs 3 lacs is shared among the entire Kapoor family. Thus, making available to

every member a cover of Rs 3 lacs. Mr. Kapoor would have the entire Rs 1.4 lacs of medical expense covered for his son .

Up To 2-Year Cover
We offer family protection for 2 years at a stretch with no increase in the premium in the second year. Thus, no renewal hassles next year. You also have an option for 1- year cover

No Claim Discount
On renewal of your Family Floater Health Plan, you would be entitled to a discount equal to 5% of the premium amount, provided no claim has been made in the previous policy term.

Cashless Facility
Your family can avail Cashless Hospitalization at any of the network hospitals (more than 1100 all over the country). A list of these hospitals will be sent to you along with your policy certificate and Health Insurance cards. In case of emergency or planned hospitalization just use your Health ID card at our network hospitals and avail of cashless service. Call our toll free number 1600-44-8885 for complete health assistance.

Income Tax Benefit


The premiums payable is eligible for tax benefits as per Section 80D of the Income Tax Act.

ELIGIBILTY
Family Floater Health Plan is open to all people Aged between 19 to 60 years In case of individual plan#, the enrolment age is between 3 months and 65 years. # Plan 6 /12 for people aged between 3 months to 5 yrs and 56 yrs and above can be opted for, only if 1- 5 or plan 7- 11 is opted for family members.

Medical tests are compulsory for ages above 60 years

Exclusions Under Family Floter Health Plan


Any disease/ injury existing before the inception of the policy as well as congenital disease. Non- allopathic treatment, pregnancy and childbirth related diseases, cosmetic, aesthetic and obesity related treatment. Expenses arising from HIV, AIDS and related diseases, use or misuse of liquor, intoxicating substance or drugs as well as intentional self-injury. War, riot, strike, terrorism acts, nuclear weapon induced treatment. Certain chronic diseases like ulcer, cataract, hernia etc. are not covered for first 2 years. First 30 days- Only accidents covered.

For complete list of exclusions, please refer to policy document.

TIE UP HOSPITALS OF GURGAON


ARYAN HOSPITAL OLD RAILWAY STATION ROAD, GURGOAN Telephone: 01242330645/945/3093347 Fax: 2330745 FLORENCE NURSING HOME # 721, SECTOR 14, GURGON Telephone: 2327577/5081353 Fax: 5103334 KRITI HOSPITAL PLOT # 196, BEHIND JALVAYU, TOWERS, SECTOR-56, GURGAON Telephone: (0124) 2820127/2820128 Fax: 2820127 LIFE CARE MEDICAL CENTRE PATAUDI CHOWK,MADAN PURI ROAD,GURGAON Telephone: 2315254/2315254/2315255 Fax: 2315255 LIFEAID MEDICAL CENTRE BEHIND. P.N.B.MAHAVIR CHOWK,GURGAON, Telephone: (0124) 2222299/2221003/2225704 Fax: 5083867/5083868 MAMTA HOSPITAL 877/2, MATA ROAD, NEAR ROADWAYS WORKSHOP, GURGAON - 122 001 Telephone: 0124-2220811/2220616/2315283 Fax: 2220811

CLAIM PROCEDURE
Cashless Facility:
Your family can avail Cashless Hospitalization at any of the network hospitals (more than 1100 all over the country). A list of these hospitals will be sent to you along with your policy certificate and Health Insurance ID cards In case of emergency or planned hospitalization just use your Health ID card at our network hospitals and avail of cashless service. Call our toll free number 1600-44-8885 for complete health assistance.

Reimbursement in case of non availability of network hospitals: Call our toll free number 1600-44-8885 and inform us about the hospitalization. On completion of the hospitalization, please submit the bills for the claimed amount. The claims will be settled in 15 days, from the time of submission of bills.

INTRODUCTION ABOUT THE HOME INSURANCE

HOME INSURANCE

ICICI Lombard presents the most comprehensive Home Insurance Plan that will not only insure your homeagainst fire and burglary but will also covers you and your belongings.

A home insurance available in the market covers broadly 2 things: - Building structure - Contents inside your home.

The building structure


This is for the damages that may be caused to the structure (the walls, roof, etc) of the building. Thus, if your home is partly or fully damaged, then the insurance company would pay you to repair / remake damages to the structure your home.

The insurance covers for a building structure area) The Fire and Special Perils Cover This is a comprehensive packaged cover that covers damages to the structure of your home due to: 1) 2) 3) 4) 5) 6) 7) 8) 9) 10) 11) Fire Storm, tempest, flood & inundation Riot, strike & malicious damage Lightning Explosion & implosion Aircraft damage Damage due to impact by vehicles Subsidence, landslides and rockslides Bursting and/or overflowing of water tanks & apparatus Missile testing operation Leakage from automatic Sprinkler installations

b) Earthquake Cover covers damages to the structure of your house due to earthquake The extensions that are offered:
c) Terrorism Cover Covers damages to the structure of your

house due to acts of terrorism. This cover should be taken by people who own a house / bungalow / villa / row-house of their own. If you own / rent a flat, this cover can be availed of, but ideally the society should be taking this cover for the entire building. A home insurance does not cover the market value of your home. For e.g. if you have bought your flat / house for Rs. 25 Lacs, you CANNOT insure it for the same amount. The price you have paid includes the cost of the land and the cost of constructing the building structure on this land. and the land cannot be insured. The insurance cover is only for the cost of constructing the building. And compensation will also be given by the insurance company for the same. The sum insured is calculated by multiplying your home area by the construction rate per sq. feet. Thus, if your home is 1000 sq. feet and the construction rate per sq. feet is Rs. 800/-, then the sum insured for your homes building structure is Rs. 8,00,000/-.The premium for the same would be the rate per lac multiplied by the sum insured. The claims amount would also be calculated in the same manner.

CONTENTS COVER
This cover is only for damages or loss of the contents inside your home the electronic and electrical goods, the furniture and fixtures, your personal clothing, jewelry and any other contents inside your home.

The covers that can be taken for the contents are as follows:
1) The Fire and Specials Perils Cover same as above

2) Earthquake Cover same as above 3) Burglary 4) Loss / damage to contents due to burglary or an attempted burglary 5) Loss of jewelry, gold ornaments, silver articles and precious stones kept under lock & key

All the contents are covered on the market value of the items. This means that if there is a loss, the claim would be paid on the value of purchasing a similar new item, minus depreciation. The limit for the value that jewelry can be covered is 25% of the chosen sum insured or Rs 1 lac, whichever is lower. Thus, if you have chosen a sum insured of Rs. 3 Lacs, then the value of jewelry that can be covered is Rs. 75,000/and if you have chosen a sum insured of Rs.6 lacs your jewelry

can be covered only for Rs.1 lac of your sum insured comes to Rs.1.5 lacs.

even

though

25%

The extensions that are offered:


a) Terrorism Cover Covers the losses for damages or loss of the contents inside your home due to acts of terrorism . b) Rent Expenses for Alternative Accommodation If the house is badly damaged, and becomes uninhabitable and unsafe for living, you are provided with rent expenses for up to Rs. 1, 00,000/- for up to 6 months.

Conditions
a) The cover will start after 7 days from the date of issuance of the certificate b) The property insured needs to be used for residential purposes only and should be a Pukka construction c) The property insured should be 500 feet from the water front, unless there is an embankment d) The property insured should not be located in the basement e) The property insured for a building cover should not be more than 50 years of age

INTRODUCTION ABOUT THE MOTOR INSURANCE

MOTOR INSURANCE

Two Types of Motor Insurance


1)Four Wheeler Insurance 2)Two Wheeler Insurance

Four Wheeler Insurance Protection from any loss or damage to your vehicle Protection from liability towards third parties for personal injury A Personal Accident Cover for the Owner of the vehicle while he is driving. In case of loss or damage to your vehicle or the accessories insured, we will cover you if the accident has occurred due to the following hazards-: 1) Fire, explosion, self ignition or lightning 2) Burglary, housebreaking or theft

3) Riot and strike 4) Earthquake (fire and shock damage) 5) Flood, typhoon, hurricane, storm, tempest, inundation , cyclone, hailstorm, frost 6) Accident by external means 7) Terrorist activity 8) Goods- in- transit by road rail inland-waterway lift elevator or air

Get DISCOUNT up to 35%


Discount up to 35% of the premium is available if you opt for higher Voluntary Deductible. Voluntary deductible is the minimum amount that you declare to bear at the time of claim. For E.g. if you have a deductible of Rs.2,500 and there is a claim for Rs.8,500 then you will be eligible to be paid the difference of Rs.6000. However, if you choose a deductible of Rs.5000, you will get a 25%discount on OD premium and you will be paid Rs.3,000 at the time of claim. The table of the discounts is mentioned below:

Deductible Amount
DISCOUNT 20% on the OD premium, to a maximum of Rs. 750/ Rs 2500 25% on the OD premium, to a maximum of Rs. 1,500/ Rs 5000 30% on the OD premium, to a maximum of Rs.2,000/ Rs 7500 35% on the OD premium, to a maximum of Rs. 2,500/ Rs 15000 Other Discounts / Benefits: If you do not make a claim over a period of time, a NO claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. Transfer your full benefit of NO Claim Bonus, even when you shift your motor insurance policy to ICICI Lombard from any other insurance company. You also get additional discount if you are a member of a recognized Automobile Association of India. In case you have installed ARAI approved anti theft device in your vehicle, you get a discount of 2.5 % on the OD Premium to a maximum of Rs.500.

Customise your insurance with additional covers


If electrical and/or non-electrical items are fitted to the vehicle, but excluded from the selling price of the vehicle, it can be insured separately. For example: fog lights, music system, seat covers, etc. In case of vehicles fitted with bi-fuel system such as Petrol/Diesel and CNG/

LPG, permitted by the concerned RTO, the CNG/LPG kit fitted to the vehicle is to be insured separately at an additional premium of 4% on the value of such kit. You need to specifically declare this in the proposal form.

Cover yourself, your family and your driver


The motor insurance provides compulsory personal accident cover for individual owners of the vehicle while driving. However You can also opt for a personal accident cover for other Unnamed passengers in your car, For E.g. your family, relatives, friends etc. You can also cover yourself against any legal liability to your paid driver.

PREMIUM CALCULATOR
The premium rates are governed by the Government through the India Motor Tariff, as decided by the Tariff Advisory Committee. The premium payable for your vehicle dependents on: Type of vehicle Age of vehicle City of registration IDV (Individuals declared value) By entering the above details in the form, one can calculate the premium to be paid

Sum Insured
Sum insured in a motor vehicle policy operates on the concept of Insureds Declared Value (IDV). IDV is calculated on the basis of todays showroom price of the vehicle multiplied by the depreciation rate that is set by the Tariff Advisory Committee at the commencement of each policy period. If any electrical and / or electronic items are fitted by the individual to the vehicle and the amount for the same is not included in the manufacturers showroom price, then the user can declare the

same and its value can be added to the sum insured over and above the IDV.

Multiple payment options


Credit cards: Pay through any of your VISA or Master Cards. Net banking: Pay through any of your Internet banking accounts with ICICI bank, IDBI Bank, HDFC Bank, Cheque / DD: Buy online and pay offline: policy issuance subject to realization of cheque /DD Centralized Option. Takes 5-7 days from the time we receive the cheque. Outstation cheque takes longer. ATM Drop Option: Drop the cheque /DD at any ICICI Bank ATM in 16 cities (2-5 days to clear)

Policy Exclusions
The Motor Insurance Package Policy does not include the following: Mechanical breakdown Wear & tear Consequential loss

Depreciation. Deliberate accidental loss Intoxicated driving Policy conditions (area, license etc) Any contractual liability. Being used otherwise than in accordance with Limitations as to use. Being driven otherwise than in accordance with driver's clause. Damages due to nuclear weapons material or war

Two Wheeler Insurance


Protection from any loss or damage to your vehicle : Provides cover for any loss or damage to your vehicle or accessories due to:

Natural Calamities:
1) Fire, explosion, self-ignition or lightning 2)) Riot and strike 3) Earthquake (fire and shock damage) 4) Flood, typhoon, hurricane, storm, tempest, hailstorm, frost 5) Landslide or rockslide

Man- made Calamities:


1) Accident by external means 2) Malicious act 3) Terrorist activity 4) Goodsintransit waterway, lift, elevator or air 5) Burglary, housebreaking or theft by road, rail, inland-

Get DISCOUNT up to Rs. 250


Discount up to Rs.250 of the premium is available if you opt for higher Voluntary Deductible. Voluntary deductible is the minimum amount that you declare to bear at the time of claim. For E.g. if you have a deductible of Rs.1,500 and there is a claim for Rs. 3,500 then you will be eligible to be paid the difference of Rs.2,000. However, if you choose a deductible of Rs. 3,000, you will get a 25% discount on OD premium and you will be paid Rs.500 at the time of claim. The table of the discounts is mentioned below:

Deductible Amount

DISCOUNT

Rs. Rs.

500 750

Rs. 1,000 Rs. 1,500 Rs. 3,000

5% on the OD premium subject to a maximum of Rs. 50 10% on the OD premium subject to a maximum of Rs. 75 15% on the OD premium subject to a maximum of Rs. 125 20% on the OD premium subject to a maximum of Rs. 200 25% on the OD premium subject to a maximum of Rs. 250

Other Discounts / Benefits:


If you do not make a claim over a period of time, a NO claim Bonus (NCB) is offered on renewals. This discount can go as high as 50%. Transfer your full benefit of NO Claim Bonus, even when you shift your motor insurance policy to ICICI Lombard from any other insurance company. I.
II.

You get additional discount if you are a member of a recognized Automobile Association of India. In case you have installed ARAI approved anti theft device in your vehicle, discount of 2.5 % on the OD Premium to a maximum of Rs. 500.

Cover yourself and your family :


The motor insurance provides compulsory personal accident cover for individual owners of the vehicle while driving. However, you can also opt for personal accidents cover for other unnamed passengers in your car. For E.g. your family, relatives, friends etc.

Premium Calculator :
The premium rates are governed by the Government through the India Motor Tariff, as decided by the Tariff Advisory Committee. The premium payable for your vehicle dependents on: -Type of vehicle -Age of vehicle -City of registration -IDV (Individuals declared value)

Sum Insured :
Sum insured in a two- wheeler policy operates on the concept of Insureds Declared Value (IDV). IDV is calculated on the basis of todays showroom price of the vehicle multiplied by the depreciation rate that is set by the Tariff Advisory Committee at the commencement of each policy period.

Multiple Payment Options :


Credit cards: Pay through any of your VISA or Master Cards.

Net banking: Pay through any of your Internet banking accounts with ICICI bank, IDBI Bank, HDFC Bank, Cheque / DD: Buy online and pay offline: policy issuance subject to realization of cheque /DD Centralized Option: Takes 5-7 days from the time we receive the cheque. Outstation cheque takes longer. ATM Drop Option: Drop the cheque /DD at any ICICI Bank ATM in 16 cities (2-5 days to clear)

Policy Exclusions :
The Motor Insurance Package Policy does not include the following: Mechanical breakdown Wear & tear Consequential loss Depreciation. Deliberate accidental loss Intoxicated driving Policy conditions (area, license etc) Any contractual liability. Being used otherwise than in accordance with Limitations as to use Being driven otherwise than in accordance with driver's clause.

INTRODUCTION ABOUT THE OVERSEAS TRAVEL INSURANCE

OVERSEAS TRAVEL INSURANCE

A Plan To Suit Every Need Our Overseas Travel Policy is broadly classified in two covers: Gold Plan Silver Plan

1) Gold Plan
Gold Plan is a comprehensive, value-for-money plan that covers you and your family from: Medical Cover
You can choose between US $ 50,000 or US $ 100,000 cover

A cashless service that covers the expenses for medical treatment incurred by the insured during the trip abroad and covers the following expenses: a) Outpatient & inpatient treatment b) Medical aid & therapies c) Diagnostic test

d)

Cost of transportation, including medically prescribed transportation back to India, and the cost of accompanying person(s), if medically necessary e) Medical expenses for pre-existing diseases for life threatening situations

Dental Treatment Cover US $ 250 It covers the medical expenses incurred by you for acute anaesthetic treatment of a natural tooth or teeth. Repatriation of Remains US $ 7,000 This covers the expenses incurred in transportation of the remains, in case of death, back to India. Personal Accident Compensation US $ 15,000 A compensation given in case of death or permanent total disability Passport Loss Expenses Reimbursement US $ 200 Covers the actual expenses incurred to obtain a duplicate or fresh passport by you Checked-in Baggage Loss Compensation US $ 500

Covers the market value of checked-in baggage, in case of total loss of the same

Checked-in Baggage Delay Compensation US $ 100 A compensation that you receive for purchase of emergency items like toiletries, medication and clothing in case your checkedin baggage is delayed more than 12 hours. Personal Liability Coverage US $ 100,000 Covers financial liability caused due to unintentional damage to the health or property of someone else by you while on your trip abroad. This covers the legal fees and compensation if any that needs to be paid. For e.g. if you have rented a car and accidentally hit another car, and the person in the other car sues you for damages. Financial Emergency Assistance US $ 300 A fixed sum of money that is given as assistance to you, in case of robbery of your travel funds Hijack Distress Allowance US $ 125 per day, for maximum of 7 days

A compensation that is offered in case the carrier you are traveling in is hijacked Our customers are serviced through Corris International, a renowned third party administrator. Customers can contact their toll free numbers in Europe and USA for any assistance.

2) SILVER PLAN
Our Silver Plan is a no- frills; cost effective pure health policy that covers

Medical Cover
You can choose between US $ 50,000 or US $ 100,000 cover A cashless service that covers the expenses for medical treatment incurred by the insured during the trip abroad and covers the following expenses, a) Outpatient & inpatient treatment b) c) Medical aid & therapies Diagnostic test

d) Cost of transportation, including medically prescribed transportation back to India, and the cost of accompanying person(s), if medically necessary e) Medical expenses for pre-existing diseases for life threatening situations

f) Medical treatment expenses incurred in India for an additional 30 days, for the illness or injury contracted abroad

Dental Treatment Cover US $ 250 It covers the medical expenses incurred by you for acute anesthetic treatment of a natural tooth or teeth. Repatriation of Remains US $ 7,000 This covers the expenses incurred in transportation of the remains, in case of death, back to India. Our customers are serviced through Corris International, a renowned third party administrator. Customers can contact their toll free numbers in Europe and USA for any assistance. Premium : Your premium depends on the following factors: The plan chosen The sum insured chosen Your age

The number of days travelled for The geographical scope Worldwide Cashless Claims Service : We offer worldwide cashless claims service in all hospitals. We have tie up with Coris International as our claims assistance company. The toll free numbers in Paris and France is (00 33) 800 4141 4444 and in Miami, USA is (001) 866 239 6095. In case of any claim related to hospitalization, to avail cashless facility, you just have to: Inform the Third Party Agent (TPA) on the no.s above TPA registers and validates claim. The TPA settles the bills directly with the hospital / provides remittance.

For other claims you have to Inform the Third Party Agent (TPA) on the no.s above . TPA registers and validated claim. You submit the required documents as per the TPA guidance Within 7 working days the TPA will check and reimburse the payment to you.

INTRODUCTION ABOUT THE MERCHANT COVER

MERCHANT COVER

Introduction
Shop Insurance is a comprehensive policy offered by ICICI Lombard General Insurance Company for your shop. It covers both the structure and its contents of your shop and protects you against financial loss in case of an unfortunate incident of fire, earthquake, fraud, burglary, etc. It also provides compensation of liability claims and accidental benefits.

Scope of Cover

Fire (Building and Contents) Covers losses caused by fire, lightening, riot, strike, storm, cyclone, flood and terrorism.

Burglary
Protects contents of your shop against any loss or damage caused by burglary or attempted burglary.

Burglary of cash in safe


Provides for losses resulting from the burglary of cash kept in safe.

Cash in transitCovers losses because of burglary of cash while it is being carried from the bank/ATM to your shop
.

Glass breakage
Covers loss or damage to any fixed plain glass caused by any accident, external and visible means.

Damage to neon sign


Covers neon or glow signs displayed at your shop premises against damage caused by fire, accident, riot, and flood.

Cheque forgery

Covers loss caused by forgery or material alteration of cheques, drafts or any other negotiable instruments issued by you or in your favour.

Fidelity
Covers direct financial losses sustained due to fraud or any dishonest act by your salaried employees.

Tenants legal liability


This cover provides for legal liability imposed on you by the property owner on account of damage to property by fire, earthquake, flood and riots.

. MARKET SHARE

The above graph shows the relative market share of Private and Public ltd companies in the insurance sector in India. Earlier the market share of private companies was very low because of the monopoly of public insurer. After the liberalization, private companies came into existence and started giving the diversified services as per the needs of the customer and their market share started growing after a strong struggle. They adopted the new and aggressive marketing strategies. This Aggressive marketing has clearly

increased the brand recall factor in the mind of the consumers, As such the sales has seen increased a lot for the private players also. Innovation in marketing and continuous improvement in the product

should be done to consolidate the growth and to further increase the sales. Steps to improve the brand positioning of ICICI Lombard can be done by the following ways1. Making easy the Claim process. 1. Giving more discount to the customer as the premium taken by public Insurer is still very low as compared to private Insurer. 2. Close link with the agents and the corporate house (worksite programs). 3. Regular customer feedback and review. 4. And finally there is a great need to improve the infrastructure regarding the servicing aspect.

GRAPHICAL REPRESENTATION OF MARKET SHARES OF PUBLIC PLAYERS

The above graph shows the market share of various public Insurers. Their total market share is very large as compared to private Insurers. New India Insurance is the Market leader among the Public players and united India Insurance is second in the race to be No 1. This was the scenario when the Public players have just entered into this sector. Once they are in, they started to attract customers because of

their aggressive marketing strategies and they tried to approach large customer base. Now the market share of Private players have started to rise and public players are worried as there market share is declining. To limit this decline they have also started to care about their customers and started marketing for their products. Earlier the public players do not care to approach the general public and their policies were not very flexible. But still they have a good market share in the rural areas and they have tie up with certain govt. companies.

CHALLENGE

The key challenge for the company is to develop and implement a marketing strategy that would maximize the limited marketing funds. Its a position that both private and public entities face in getting the most effective use of your marketing funds. To us that means having a better understanding of our most valuable customers and marketing effectively to them. Major challenges for the company are: Lack of Trained Professional As this Insurance sector is new; there is a shortage of trained Professionals. Agents are not qualified enough to clarify the terms of the policy to the customers. Market is not fully open The Indian market for Insurance products like Home Insurance, Health Insurance is not fully open. People are not fully aware about the benefits of these products. So it becomes difficult to broaden the product bouquet. Public sector Companies These public sector companies have a large customer base because of their existence for a long time. Moreover there Premium amount is very low as compared to private companies. An Indian customer has

good faith over them. These Public sector companies are located in rural places as well. Increase in the FDI More private companies would like to operate in India as FDI limit has increased. It would create an environment of healthy competition for the private players. Reliance General Insurance Company Although the

market shares of Reliance Insurance is low as compared to ICICI Lombard but it is gaining the market share at a very fast Pace. They are offering more cash back discounts to the customers. Due to this the customer is negotiating the premium and IDV value.

Ban on Telecalling The govt. has imposed a ban on telecalling Process. This can create a problem in the future to follow up the customer.

SOLUTIONS

In order to get the competitive edge and remain its position as a market leader, the company should follow these steps as a solutions to the above mentioned

Challenges :Recruit the Qualified Professional As Insurance is a growing sector in India and the Industry is lacking the qualified Professionals. and Keeping have this in mind a various in

Universities

Institutes

started

course

Insurance Management so as to fulfill the demand of the Industry. To get the competitive edge the company should recruit the qualified Professional from these Universities. Cover the Rural areas PSUs are a big challenge for ICICI lomabrd. They have the largest market share in the rural areas because of their long presence over there. So company can give them a healthy challenge in the rural areas as well. Aggressive marketing It has to be launched in order to create more awareness among the consumers. As I have

already quoted that the public is not aware of the benefits, so make them aware through aggressive marketing. Providing attractive incentive schemes to the Agents it would make the agents happy and keep them motivated to do more business. This is turns increase the sales volume of the company. Reduce the Premium Amount - The premium amount of all the private players is high as compared to the public ltd companies. So ICICI Lombard should reduce their premium amount in order to beat the public ltd com. as well as the private players. CRM Customer is the king for the company. This is the reason why most of the companies are customer-oriented rather than business or profit-oriented. To give them better services the company has launched a tool called Talisma V6 CRM (Customer Relationship Manager) as a solution to keep track of the important customer information and integrate that into marketing pieces.

More Branches (DSA/DST) - To enhance the market coverage, it is advisable that ICICI Lombard should allow to open more DSA/DST. This would also make the customer and the company closer. Periodic review of sales figures - to keep an eye on the position of the company in the market.

RESEARCH METHODOLOGY The section includes the overall research design, the sampling procedure, the data collection method, the field method, and analysis and procedure. Research design:For this research project exploratory method is used .In exploratory method new things are found out from the given topic. Data collection method :The data collect for the research can be classified as primary data and secondary data. (i) Primary data: - The data collected for the first time is known as primary data. It is collected by visiting existing and previous customers of ICICI Lombard and making them fill up the questionnaire.

Sometimes probing is also helpful to get the actual response of the customer.

(ii) Secondary data: - The data which has been already collected by someone is known as secondary data which is collected from internet, books, etc. Research instrument The instrument used for data collection is

structured questionnaire. Questions were open and close ended depending upon the information that needed to be elicited. I have also used the scaling technique to assess the attitude of the customer. Sampling plan:Keeping all the constrains in mind a sample size of 123 people is selected from Gurgaon Branch. This sample

contains a mix type of customer (Existing customers, Previous customers, customers who have problem in the claim procedure, customers who had never

applied for the claim process) so as to remove any type be biased results. There now the results would be fair and actual. As was doing a research for the motor insurance in which the customer interacts with the company only for

once. Therefore it becomes very difficult to get the actual feedback from the customer. Thats why I have designed a Questionnaire for the sales Officer/Agent as well. Agent is the only person who interacts with a lot of customers having varied taste. He can predict the actual scenario of the market. Sampling procedure is systematic sampling

Break up of Sample:

Existing Customers Previous Customers Customers Who had claimed Customer who had not Claimed Sales Officer

Figure 3 : Customer Sampling Plan The above mentioned graph represents the base of the research work. It shows the various type of Customers from whom the questionnaire was filled. Customer Sample Plan Customer Type Quantity Existing customers 35 Customers of other co. 41 Customer who had claimed 16 Customer who had not claimed 21 Sales Officer/Agent 10 Total Sample Size= 123 Customers

Questionnaire to Be Filled by the Sales Officer/Agent


Name: _________________ Employee ID: __________________ Ph: ___________________ 1. How many Customers do you meet in a day on an average? Less then 5 Between 5-10 Between 10-15 15 or more 2. Which is more important to retain the customers? Better Services Better Commitment & Communication Levels. Fast claim Process. Follow up of the Customer. Brand Image of the company. 3. What is the problem that customer faces maximum? Poor Services. Commitment by company/agent. Lengthy Claim Process. No problem

4. What problem do you face while interacting with the customer Customer is not ready to listen. Constant follow up. You are not clear about the policy. Customer is not willing to give you the cheque. Customer has bad experience with the company.

5. How frequently do you get demotivated and reason?

Questionnaire to Be Filled by the Customer General Particulars: Name: _________________ Address: _______________ Ph: ___________________ 1. Are you a customer of ICICI Lombard ?........................ If yes, (a) You are using our services for Less than 1 year. More than 1 year. More than 2 years. (b) If less than 1 year, then the name of the company you were using earlier? Reliance Insurance National Insurance United Insurance Bajaj Allianz Any other ______________ ______________ ______________ ______________ ______________

(c) Why you left the services from that company? Problem in the claim procedure. Poor services from that company. Problem interacting with the employee/that company.

(d)If more than 2 years, then what makes you stick to us? Our Services. Our Brand Name. Fast Claim Process. (e) Rate the following companies ICICI Lombard TATA AIG Reliance Insurance National Insurance United Insurance Bajaj Allianz (f) How would you rate our employee/agent? Excellent Good Average Poor (g) If below average then why? Less knowledge about the product/services. His communication & commitment level. Any other reason, please specify

______________ ______________ ______________ ______________ ______________ ______________

2. If No, (a) With which company you are having insurance policy? TATA AIG Reliance Insurance National Insurance United Insurance Bajaj Allianz ______________ ______________ _______________ _______________ _______________

(b) Are you satisfy with the services of the company ? Yes. Give reasons .. No

More important to retain the customer

Better Services

10 22

29

Better commitment & service level Fast claim process Follow up of the company Brand image of the company

26

13

problems faced by customer poor services 30 18 lengthy claim procedure commitment by company agent no problem

12

40

problem faced while interacting


customer is not ready to listen 10 26 36 not clear about the policy 0 28 not willing to give cheque has bad experience with company constant follow up

customers met on an average daily


2 11 0 less than 5 between 5 - 10 between 10-15 15 or above 87

are you a customer of ICICI Lombard


24 yes no 76

you are using our services for

22 49 less than 1 year more than 1 year more than 2 year 29

if less than 1 year the name of the co. using earlier


4 27 39

Reliance insurance national insurancs united insurance bajaj allianz

16

14

others

why you left the services from that co.


problem in the claim procedure poor services problem in interacting with co. 30 any other

23

25

22

if more than 2 years what makes you stick to us


18 9

27

services brand name fast claim process other reason

46

how would you rate our employee / agent


6 33 8 excellent good average 53 poor

if below average then why

30

35

less knowledge about product commitment & communication level any other reason

35

if no , with which you are having insurance policy


7 25 34

Reliance insurance national insurancs united insurance bajaj allianz

21

13

other

are you satisfied with the services of that company

25 yes no 75

SUGGESTIONS
This is the final step in the research work to suggest some tips so as to improve the performance of the company.. Some other parameters are also evaluated like customers expectation. Based upon the facts I would like to suggest the following tips to the company: The company should make its claim process as fast as possible and should inform the customer regarding its status of the claim process. The company should recruit some insurance

professionals at higher level in the management . To get the competitive edge, the company should improve its services by keeping in mind the

expectations of the customers. Periodical review of the performance of the employees is must. Motivational sessions should be conducted so that the

employees feel motivated most of the time. Incentives should be revised from time to time to boost the morale of the employees. Reliance Insurance is cutting their Market share by giving more CASH BACK DISCOUNTS, GIFTS etc. They should take some action to beat this situation. The training of the employees should be very sound so that they solve the queries of the customer and make the process fast. Soft skills of the sales officers should be improved. Aggressive marketing should be done so as to make people aware about their benefits. More branches (DSA / DST) should be open and make the company within the reach of the customer. Public sector companies are in the core competition with the ICICI Lombard. Sometimes the Constant follow up of the customer irate the customer. It is very important to analyze the mood of the customer.

LIMITATIONS My project report consists of the survey and analysis of the customers of ICCI Lombard GIC Ltd. Despite every precaution has been taken into consideration but there are some limitations: The survey is conducted in the GURGAON so, it might be possible that its results might not be applicable to other areas as well. The fact reveals that only 10% customers applied for the claim process last year and the remaining 90% customers do not interact with the company after getting the policy. Moreover the customers who do not interact with the company are supposed to stick with the company for the next year. Generally they are satisfied with the company. It is not possible to get the actual feedback from the customers by just getting the questionnaire filled. Probing is also require sometimes.

CONCLUSION

CONCLUSION
It was found that their service provider satisfied most of the customers. In the present world of competition there is a race existence in which those who are having a will to come forward succeed. As the popular theory goes SURVIVAL OF THE FITTEST, the corporate world has to follow the same to survive. Project is like bridge between theoretical and practical working and with the willing to took the project and came out with the following conclusion and problem being faced by the customers of ICICI Bank Ltd.

RESPONSE OF SALES OFFICERS Better services and fast settlement of the claim Process is necessary to retain the customers. The problem which is max faced by the customer is the Lengthy Claim process. To get the competitive edge, the company should improve its services by keeping in mind the

expectations of the customers. The previous bad experience of the customer affects harshly to the business of the company. Reliance Insurance is cutting their Market share by giving more CASH BACK DISCOUNTS, GIFTS etc. The sales officer feels Demotivated when the whole amount of his commission goes as a CASH BACK DISCOUNT to the customer. The sales officer achieves the target given to him easily. The Sales officer used to visit 3-4 Customers in a day on an average.

Home Insurance is the least Preferred Policy sold RESPONCE OF THE CUSTOMERS Public Sector companies (mainly New India Insurance) are the Core Competitor of ICICI Lombard. Customer expects the timely and better services from the company Like Timely issuance of the cover note and policy. Commitment either on the side of the agent or company effects badly to the decision of the customer. Customer is having problem with the claim Deptt.Claim Process is not fast, settlement of the claim amount, awareness about the claim process. Customer is demanding more CASH BACK DISCOUNT. At present the company is giving a discount of 15% whereas Reliance is giving a Discount of 20%. The customers who had not applied for the claim is likely to be retained for the next year. It reveals that the main problem lies with the Claim deptt.

The Follow up of the Company is good i.e. Sales Officer cares for its Customers. Most of the Customers are not willing to get the HOME INSURANCE POLICY. Customer says that sometimes the Sales Officers is not in a position to clarify their doubts regarding policy coverage. Training should be given to the customers so as to make them more clear about the policy coverage and Wordings.

BIBLIOGRAPHY
1) THROUGH WEB SITES a) www.icicibank.com b) www.icicilombard.com c) www.bimaonline.com d) www.indiatimes.com e) www.valuenotes.com 2) THROUGH SEARCH SITES a) b) c) d) www.google.com www.ask.com www.altavista.com www.yahoosearch.com

3) ICICI MANUAL& BROUCHERS

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