A PROJECT REPORT

ON
STUDY ON DOCUMENTATION OF GENERAL INSURANCE IN ICICI
LOMBARD

In the subject Research Methodology in commerce

Submitted to
University of Mumbai
For 3
rd
semester of M.Com.

BY
SHWETA. C. SAWANT
Roll No. 48
Under the guidance of
Prof. Rajeshri Deshpande

2014-2015


C E R T I F I C A T E

This is to certify that the project entitled Study on Documentation of General Insurance in
ICICI Lombard submitted by Ms. Shweta C Sawant Roll No.48 student of M.Com. Banking
& Finance (University of Mumbai) (3rd Semester) examination has not been submitted for any
other examination and does not form a part of any other course undergone by the candidate. It is
further certified that he has completed all required phases of the project. This project is original
to the best of our knowledge and has been accepted for Internal Assessment.

Internal Examiner External Examiner


Co-ordinator Principal


College seal


DECLARATION BY THE STUDENT

I, Ms. Shweta C Sawant student of M.Com. (Semester 3rd) Banking & Finance, Roll
No. 48 hereby declare that the project for the Subject Research Methodology in Commerce
titled, Study on Documentation of General Insurance in ICICI Lombard submitted
by me to University of Mumbai, examination during the academic year 2014-2015, is based
on actual work carried by me under the guidance and supervision of Prof. Rajeshri
Deshpande. I further state that this work is original and not submitted anywhere else for any
examination.



Shweta C Sawant

Signature.









ACKNOWLEDGEMENT

At the beginning, I would like to thank GOD for his shower of blessing. The desire of completing this
project was given by my guide Prof. I am very much thankful to him for the guidance, support and for
sparing his precious time from a busy schedule.
I would fail in my duty if I dont thank my parents who are pillars of my life. Finally I would express my
gratitude to all those who directly and indirectly helped me in completing this project.



Shweta C Sawant.












INDEX

SR.NO TOPIC
1 INTRODUCTION
2 RESEARCH METHODOLGY
Research problem
Literature Review
Primary data
Secondary data
3 PROFILE OF ORGANISATION
4 PROFILE AREA
5 ANALYSIS
6 FINDINGS
7 SUGGESTIONS
8 CONCLUSION







DOCUMENTATION OF GENERAL INSURANCE IN ICICI LOMBARD





SUMMARY

Document automation (also known as document assembly) is the design of systems
and workflows that assist in the creation of electronic documents. These include logic-based
systems that use segments of pre-existing text and/or data to assemble a new document. This
process is increasingly used within certain industries to assemble legal documents, contracts and
letters. Document automation systems can also be used to automate all conditional text, variable
text, and data contained within a set of documents.

Automation systems allow companies to minimize data entry, reduce the time spent proof-
reading, and reduce the risks associated with human error. Additional benefits include: time and
financial savings due to decreased paper handling, document loading, storage, distribution,
postage/shipping, faxes, telephone, labor and waste.

In the United States, an SR-22 (sometimes referred to as a certificate of insurance)

is
a vehicle liability insurance document required by most state Department of Motor
Vehicles (DMV) office for "high-risk" insurance policies. A DMV may require an SR-22 from a
driver to reinstate his or her driving privileges following an uninsured car accident or conviction
of another traffic-related offense, such as a DUI. An SR-22 may be required for three years for
conviction of driving without insurance or driving with a suspended license and up to five years
for a DUI. If an SR-22 should expire or be canceled, the insurance company is required to issue
an SR-26 form, which certifies the cancellation of the policy.
HISTORY
Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for
payment. It is a form of risk management primarily used to hedge against the risk of a
contingent, uncertain loss.
An insurer, or insurance carrier, is a company selling the insurance; the insured, or policyholder,
is the person or entity buying the insurance policy. The amount of money to be charged for a
certain amount of insurance coverage is called the premium. Risk management, the practice
of appraising and controlling risk, has evolved as a discrete field of study and practice.
The transaction involves the insured assuming a guaranteed and known relatively small loss in
the form of payment to the insurer in exchange for the insurer's promise to compensate
(indemnify) the insured in the case of a financial (personal) loss. The insured receives a contract,
called the insurance policy, which details the conditions and circumstances under which the
insured will be financially compensated.
Early methods



Merchants have sought methods to minimize risks since early times. Pictured, Governors of the
Wine Merchant's Guild by Ferdinand Bol, c. 1680.



Methods for transferring or distributing risk were practiced by Chinese and Babylonian traders as
long ago as the 3rd and 2nd millennia BC, respectively. Chinese merchants travelling
treacherous river rapids would redistribute their wares across many vessels to limit the loss due
to any single vessel's capsizing. The Babylonians developed a system which was recorded in the
famous Code of Hammurabi, c. 1750 BC, and practiced by
early Mediterranean sailing merchants. If a merchant received a loan to fund his shipment, he
would pay the lender an additional sum in exchange for the lender's guarantee to cancel the loan
should the shipment be stolen or lost at sea.
At some point in the 1st millennium BC, the inhabitants of Rhodes created the 'general average'.
This allowed groups of merchants to pay to insure their goods being shipped together. The
collected premiums would be used to reimburse any merchant whose goods were jettisoned
during transport, whether to storm or sinkage.
Separate insurance contracts (i.e., insurance policies not bundled with loans or other kinds of
contracts) were invented in Genoa in the 14th century, as were insurance pools backed by
pledges of landed estates. The first known insurance contract dates from Genoa in 1347, and in
the next century maritime insurance developed widely and premiums were intuitively varied with
risks. These new insurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance.



Modern insurance
Insurance became far more sophisticated in Enlightenment era Europe, and specialized varieties
developed.

Lloyd's Coffee House was the first marine insurance company.
Property insurance as we know it today can be traced to the Great Fire of London, which in 1666
devoured more than 13,000 houses. The devastating effects of the fire converted the
development of insurance "from a matter of convenience into one of urgency, a change of
opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his
new plan for London in 1667".

A number of attempted fire insurance schemes came to nothing,
but in 1681, economist Nicholas Barbon and eleven associates established the first fire insurance
company, the "Insurance Office for Houses", at the back of the Royal Exchange to insure brick
and frame homes. Initially, 5,000 homes were insured by his Insurance Office.
At the same time, the first insurance schemes for the underwriting of business ventures became
available. By the end of the seventeenth century, London's growing importance as a centre for
trade was increasing demand for marine insurance. In the late 1680s, Edward Lloyd opened a
coffee house, which became the meeting place for parties in the shipping industry wishing to
insure cargoes and ships, and those willing to underwrite such ventures.

RESEARCH METHODOLOGY
DEFINITION:
The process used to collect information and data for the purpose of making business decisions.
The methodology may include publication research, interviews, surveys and other
research techniques, and could include both present and historical information.
Research Methodology comprises "creative work undertaken on a systematic basis in order to
increase the stock of knowledge, including knowledge of man, culture and society, and the use of
this stock of knowledge to devise new applications." It is used to establish or confirm facts,
reaffirm the results of previous work, solve new or existing problems, support theorems, or
develop new theories. A research project may also be an expansion on past work in the field. To
test the validity of instruments, procedures, or experiments, research may replicate elements of
prior projects, or the project as a whole. The primary purposes of basic research (as opposed
to applied research) are documentation, discovery, interpretation, or the research and
development (R&D) of methods and systems for the advancement of human knowledge.
Approaches to research depend on epistemologies, which vary considerably both within and
between humanities and sciences. There are several forms of research: scientific, humanities,
artistic, economic, social, business, marketing, practitioner research, etc.
Research Methodology is a systematic way of gathering data, a harnessing of curiosity. This
research provides scientific information and theories for the explanation of the nature and the
properties of the world. It makes practical applications possible. Scientific research is funded by
public authorities, by charitable organizations and by private groups, including many companies.

RESEARCH PROBLEMS

Despite the fact that the general insurance business in India has been growing at a healthy rate of
over 16 per cent annually between 2004-05 and 2008-09, its penetration level is just 0.60 per
cent of India's GDP against world average of 2.14 per cent, as per a joint research paper released
by CRISIL and ASSOCHAM.
The major challenges in the general insurance segment are
1. Low awareness and willingness among customers;
2. Low penetration in smaller cities and rural areas; and
3. Lack of a robust distribution models beyond tier I cities.
Problem -01
Majority of insurance products are sold through agents and it is seen as a 'push' product by the
customers. Many a times, products are pushed by the distributors without explaining the benefits
and limitations of the policy, leading to high dissatisfaction ratio amongst the customers.
IRDA is in the process of making guidelines for 'mono line' insurance agents. These
insurance agents will be authorized to sell one simple insurance product and will undergo
training. Post training these agents will get policy documents that are very simple and
easy to understand. The forms will be pre-underwritten and preferably a one page
document. This move may lead to improve understanding and simplifying the insurance
process.



Problem - 02
The policies which exist in the markets today are complex and difficult to understand even for a
financially literate person. The policy document runs to several pages, and is full of legal jargon
beyond the comprehension of ordinary people.
Insurance needs to be positioned and perceived as a more 'humane subject.' For e.g.
IRDA's initiative on standardizing definitions for Critical Illness will benefit the
customers and will find a better acceptance among the insurance buyers. They will no
longer be confused about the benefits and exclusions about the illness in the health
insurance policy.

Problem - 03
Complicated claim settlement processes pose a problem to the existing customers and act as a
major deterrent to the prospective customers. The intent of the insurance policy may not be
clearly understood in the policy document for a simple insured. Instead of being a source of
comfort in a crisis situation, the claim settlement process should not become an additional source
of trouble to an already bothersome situation. The very purpose of insurance stands defeated.
Clarity in language, easy operations and friendly approach by the insurers is the need of
the hour. Moving forward, insurers will need to focus on customizing products and
improving customer experience in order to grow profitably.

LITERATURE REVIEW

Health sector is one of the crucial sectors in any economy and has remained in focus for many
researchers. There are various studies which were conducted on the different aspects of Health
Services and related areas. The present study examines the health insurance market in India with
specific focus on the insurers, hospitals (hereafter called as providers) and their interlinkages.
This chapter reviews the literature of such important studies in order to identify the gaps that
exist in literature.
This review covers literature pertaining to two broad areas of immediate relevance i.e.,
(a) Literature on health insurance;
(b) Literature on healthcare provider.
The literature on health insurance would help identify the existing work done and gaps in the
area of health insurance, insurer and provider relationship, the impact of risk covered on the cost
and its components. The literature on healthcare providers would help identify research
undertaken and existing gaps in the area of healthcare services, effect of good health, healthcare
financing, provider behavior and learnings from managed healthcare models. In both the
sections the literature review of studies specific to India had been presented separately.



The demand for health insurance covers has seen a healthy increase, and today the sector is the
fastest growing segment in the non-life insurance industry in India, which grew at over 40% last
year. It is also emerging as an increasingly significant line of business for life insurance
companies. While this rate of growth appears to be very healthy, it is on a low base, and health
insurance penetration in the country continues to be low. Only about 25 million persons are
presently covered for health through commercial insurance, in a country of over 1.1 billion
people. Overall, the Indian health sector is still characterized by the near absence of any
significant risk protection against major health-related expenditure.

SOURCES OF DATA COLLECTION


Primary data:

The data was collected by using questionnaire and structured direct interviews, which were
separately conducted to know the market awareness and market potential.


PRIMARY DATA
Primary data are information collected by a researcher specifically for a research assignment. In
other words, primary data are information that a company must gather because no one has
compiled and published the information in a forum accessible to the public. Companies generally
take the time and allocate the resources required to gather primary data only when a question,
issue or problem presents itself that is sufficiently important or unique that it warrants the
expenditure necessary to gather the primary data.
Primary data are original in nature and directly related to the issue or problem and current data.
Primary data are the data which the researcher collects through various methods like interviews,
surveys, questionnaires etc.
The primary data have own advantages and disadvantages:
(i) Advantages of primary data:
The primary data are original and relevant to the topic of the research study so the degree of
accuracy is very high.
Primary data is that it can be collected from a number of ways like interviews, telephone
surveys, focus groups etc. It can be also collected across the national borders through emails and
posts. It can include a large population and wide geographical coverage.
Moreover, primary data is current and it can better give a realistic view to the researcher about
the topic under consideration.
Reliability of primary data is very high because these are collected by the concerned and
reliable party.
(ii) Disadvantages of primary data:
For collection of primary data where interview is to be conducted the coverage is limited and
for wider coverage a more number of researchers are required.
A lot of time and efforts are required for data collection. By the time the data collected,
analyzed and report is ready the problem of the research becomes very serious or out dated. So
the purpose of the research may be defeated.
It has design problems like how to design the surveys. The questions must be simple to
understand and respond.
Some respondents do not give timely responses. Sometimes, the respondents may give fake,
socially acceptable and sweet answers and try to cover up the realities.
With more people, time and efforts involvement the cost of the data collection goes high. The
importance of the research may go down.

SECONDARY DATA
Secondary data:

The secondary data was collected from the company reports, broaches, manuals, text books and
Internet. Secondary data are the data collected by a party not related to the research study but
collected these data for some other purpose and at different time in the past. If the researcher
uses these data then these become secondary data for the current users. These may be available
in written, typed or in electronic forms. A variety of secondary information sources is available
to the researcher gathering data on an industry, potential product applications and the market
place. Secondary data is also used to gain initial insight into the research problem. Secondary
data is classified in terms of its source either internal or external. Internal, or in-house data, is
secondary information acquired within the organization where research is being carried out.
External secondary data is obtained from outside sources. There are various advantages and
disadvantages of using secondary data.

(i) Advantages of Secondary Data:
The primary advantage of secondary data is that it is cheaper and faster to access.
Secondly, it provides a way to access the work of the best scholars all over the world.
Thirdly, secondary data gives a frame of mind to the researcher that in which direction he/she
should go for the specific research.
Fourthly secondary data save time, efforts and money and add to the value of the research
study.


(ii) Disadvantages of Secondary data:

The data collected by the third party may not be a reliable party so the reliability and accuracy
of data go down.
Data collected in one location may not be suitable for the other one due variable environmental
factor.
With the passage of time the data becomes obsolete and very old
Secondary data collected can distort the results of the research. For using secondary data a
special care is required to amend or modify for use.
Secondary data can also raise issues of authenticity and copyright.

Keeping in view the advantages and disadvantages of sources of data requirement of the research
study and time factor, both sources of data i.e. primary and secondary data have been selected.
These are used in combination to give proper coverage to the topic.

PROFILE OF ORGANISATION
ICICI LOMABRD
The 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.
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 TSF Lombard Canada Ltd. has
achieved a reputation for providing solid underwriting performance, diversified books of
business and strong capital positions.
The Joint Venture ICICI Lombard General Insurance Co will be headed by Mr. Sanjiv Kerkar.
ICICI would hold about 74 percent stake, while Canadian insurer Lombard would hold the
maximum permissible 26 percent and commence business with a start-up capital of Rs.100 crore.
ICICl Lombard has plans to sell covers to the corporate clients of ICICl. At the same time it will
sell property insurance for ICICI home loan seekers and auto insurance for those availing of car
finance
Growth and Development of the Organization

ICICI Lombard is the largest private sector general insurance company in India with a Gross
Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31, 2009. The
company presently has around 4,777 employees in 357 branches. In the financial year ended
March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh claims.
The company has a claim disposal ratio of 97% (percentage of claims) settled against claims
reported as on March 31, 2009
ICICI Lombard has been assigned a domestic rating of iAAA by ICRA (an associate of Moodys
Investors Service) for highest claim paying ability and a fundamentally strong position. ICICI
Lombard allows instant policy issuance and renewal through its website www.icicilombard.com
for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance,
Two Wheeler Insurance and Home Insurance. There are multiple payment options available
including Internet banking, credit card, debit card and cash card.
ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power
Asia Pacific in India among 11 auto insurance providers. The company has been conferred the
Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and
Brand Loyalty award in the Insurance Sector - Non-Life at the 2nd Loyalty awards, 2009. It
was awarded the General Insurance Company of the Year at the 11th Asia Insurance Industry
Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was
adjudged as the most Customer Responsive Company in the Insurance category at the Economic
Times Avaya Global Connect Customer Responsiveness Award 2006.
Organization Structure and Organization Chart






















ICICI LOMBARD GIC LTD.
BOARD OF DIRECTORS
WHOLE-
SALE

RETAIL
AGRICUL
TURE
RURAL
NATIONAL SALES MANAGER

REGIONAL SALES MANAGER
AREA SALES MANAGER
UNIT SALES MANAGER
SALES
OFFICER
DOCUMENTS OF GENERAL INSURANCE IN
ICICI LOMBARD
Prospectus:
Every insurance company issues the prospectus wherein the profile of the company and the
features of the products are explained. After going through the company profile and the product
feature the person may decide whether to buy the product of a particular company or not. It is
like the school or college prospectus which parents buy before admitting the child in the
particular school or college.
Proposal Form:
As in every contract, offer and acceptance are important parts of an insurance contract. In
insurance the proposal form is an offer or application made to the Insurance Company for
purchase of Insurance cover. The applicant or prospect is required to complete the printed
proposal form supplied by the insurer. The proposal forms are designed in such a manner and the
questions framed as to elicit all material facts. The questions may vary according to the class of
insurance. A brief description of the Insurance cover and its benefits is usually given on the
reverse of the proposal form.
Cover Note:
A cover note is a temporary document issued as confirmation of the insurance contract in
advance of the policy as it may take some time for the policy to be issued. Till the policy is ready
the cover note is the proof that the insurance cover is in force.
The cover note contains brief details of the Insurance cover and is valid for 15 days extendable to
a maximum of 60 days. Once the policy is issued the validity of the cover note ceases. In certain
cases, instead of a cover note, the insurers issue only a letter confirming the cover. The cover
note is an unstamped document but it provides the same insurance as the policy and the wording
of the cover note clearly states that it is subject to the terms and conditions of the policy.
Policy Forms:
The policy form is a stamped document, which provides evidence of an Insurance contract. The
insurance policy is required to be stamped in accordance with the provisions of the Indian Stamp
Act, 1899. In Fire and Accident Insurance, the policy form used is on a scheduled basis, i.e., all
individual details relating to a particular Insurance are grouped together in a schedule.
Endorsements:
Normally policies are issued in a standard form by the insurers. However if it is intended to
modify the terms and conditions at the time of issuing the policy, this modification is done by
setting out the alterations in a memorandum which is attached to the standard policy form. Such
a memorandum is called an endorsement. Endorsement is also used for recording changes in the
policy, during its currency, and some of the endorsements commonly required relate to:
1. Change in sum insured (increase/ decrease)
2. Change of insurable interest due to sale, mortgage or hypothecation
3. Change in nominee
4. Inclusion of additional perils to be covered
5. Change of risk, e.g., change in occupancy of the building in Fire Insurance
6. Transfer of property to another location
7. Cancellation of insurance
8. Change in name or address etc.
Renewal Notice:
In General Insurance the cover is granted normally for one year and in Fire Insurance the
preamble states that the indemnity under the policy applies during the period of insurance
mentioned in the schedule or to any subsequent period in respect of which the insured shall have
paid, and the insurers shall have accepted, the premium required for the renewal of the policy.
Claim Form:
Claim forms are issued to the insured when he notifies a loss under a policy. Claim forms vary
according to different classes of insurance but are generally designed to elicit complete
information regarding the loss, i.e., circumstance of loss, date and time of loss, cause of loss and
extent of loss etc. Motor claim forms provide for a rough sketch of the accident, Burglary claim
forms contain questions regarding notification to the police; Fire Insurance claim forms have
questions regarding value of property at time of loss, details of other policies covering the same
subject matter and whether any third party was responsible for the loss. This information is
required for application of the Principles of pro-rata average, contribution and subrogation as
Property Insurance is a contract of indemnity.

Survey Report:
This report is submitted by dulylicensed surveyors who are appointed by the insurers to
investigate the loss when notice of loss and claim form is received. The report provides
independent evidence of the cause and extent of loss and other information to the insurers for
processing and settling of claims.
Apart from the insurance of property, the Liability Insurance is also must in this society. Every
person is supposed to act in a prudent manner so that by his act, willingly or unwilling does not
affect other persons by way of bodily injury or death or property damage. It is compulsory under
various statutes and while other are optional but a person cannot escape from his liability in case
of loss to a third party.
Proper documentation is a must for any insurance policy because any wrong information may
lead to repudiation of the claim. One must be very careful while providing the information to the
insurance company and also go through the policy document as it may contain some information
which may contradict the information given in the proposal form.

PROFILE AREA
ICICI Lombard General Insurance Company Ltd

Shop No-4/5, Prestige Garden, Opposite To Shreeji Arcade, Almeida Road, Panchpakhadi,
Thane 400602.

PRODUCTS AND SERVICES
Health Insurance
ICICI Lombard Health insurance plans are designed to provide cover against unforeseen medical
emergencies. Both benefit and indemnity plans are available to cater wide range of needs of
customers. Plans are as follows:
1. Complete Health insurance
2. Health Care Plus
3. Secure Mind
4. Personal Protect Policy

Overseas Student Medical Insurance

Overseas student medical insurance is designed to cater needs of students travelling abroad for
higher studies. Most of the foreign universities have compulsory requirement of medical
insurance for students enrolling for various programs. Insurance plans offered by schools abroad
are typically very expensive. You can purchase a plan from India, where you can pay the
premium in rupees and get all coverages in dollars.

International travel insurance
International Travel insurance plan covers against Medical and Non medical emergencies while
travelling abroad. Travel insurance plan plays a pivotal role for success of your trip and can
make your journey secure and stress free. The various available plans of ICICI Lombard, covers
travelers from the age of 3 Months to 85 Years, without any medical checkup for policy
issuance. The policy covers not only your safety but also provide Value Added Services for your
family members back home. Plans are as follows:
1. Single Round Trip
2. Senior Citizen
3. Gold Multitrip for Frequent Travelers Best suited for professional on official trip abroad

Home Insurance
ICICI Lombards Home insurance is designed to secure your home of from threats like burglary,
damages caused by natural and manmade disasters. Home insurance plan provides security of
both structures and content against any unforeseen calamities.

Car Insurance
Car insurance covers loss or damage to the vehicle against natural calamities; fire, explosion,
self-ignition or lightning, earthquake, flood, typhoon, etc. All vehicles are insured at a fixed
value called the Insured's Declared Value (IDV). Claim servicing is available at 3100+ network
garages across India. It also provide optional coverage of road side assistance on anytime,
anywhere basis.

Two Wheeler Insurance
Two wheeler insurance covers loss or damage to the vehicle against natural calamities & man-
made calamities with comprehensive coverage. It includes claim servicing at 1330+ network
garages across India for motor bikes. Co-passengers can avail optional personal accident cover.

Corporate Insurance

Fire:
Fire policy covers the physical assets of insured against Fire set of perils, Earthquake and
Terrorism. In Fire policy set of perils include Fire, Lightning, Explosion/ Implosion, Aircraft
Damage, Riot/Stike/Malicious.
Burglary:
Burglary policy broadly covers loss or damage by burglary/house breaking theft following
actual, forcible and violent entry of and/ or exit from the premises, including hold up risk and
damage caused to premises.
Marine Cargo:
Marine Cargo policy covers loss or damage to goods in transit by air, sea, road, rail etc. It can be
Single Transit or Open policy multi-transit. Some of the perils covered are: Fire,
sinking/capsizing of vessel, overturning, collision, loss during loading / unloading, sea water
entering ship, earthquake, volcanic eruption, lightning etc depending on type of cover chosen.

Workmen Compensation:
WC policy covers the employer's liability against Accidental Death, Permanent Total
Disablement, Permanent Partial Disablement, and Temporary Total Disablement of its
employees during the course of employment.
Group Health Insurance:
GHI policy covers Hospitalization expenses, 30 days pre- & 60 days post-hospitalization
expenses.
Group Personal Accident:
GPA policy covers Accidental Death, Permanent Total Disablement, Permanent Partial
Disablement, and Temporary Total Disablement. It is a worldwide cover and Terrorism is also
covered.
Contractors All Risk / Erection All Risk:
CAR/EAR are project policies, that insure a project primarily against Fire, Earthquake, Flood,
Collapse, Theft or Burglary, right from the point materials have arrived at the project site to
completion and handover. CAR policies are generally given. For Civil projects, while EAR
policies are generally given for engineering projects.
Public Liability:
Public Liability covers legal liability of insured towards damage of third party with respect to
accidental death, bodily injury, loss or damage to property and legal costs of litigation.


AWARDS WON BY ICICI LOMBARD
ICICI Lombard received the highest rating in terms of overall customer satisfaction as well as
The Most Recommended Company in a 2013 survey to assess Customer satisfaction and
Quality of Health insurance in India, commissioned by Dept. of Consumer Affairs, Ministry of
Consumer Affairs.
The company has also been conferred the "ASTD BEST Award 2012" for Learning and
Development, "Porter Prize 2012" for creating Shared Value, "Golden Peacock Award 2012" for
Corporate Social Responsibility and "Golden Peacock Innovation Award-2010" for Rashtriya
Swasthya Bima Yojana. It also received the "Product of the Year" award in the General
Insurance category for FY2012-13 and was voted the No 1 Health Insurance Product in a survey
of 18,000 people over 23 cities in India, a study done by Nielsen. The company has been
conferred with 'Celent Asia Insurance Technology Award 2012' under the category Best Mobile
Applications.

ANALYSIS
QUESTIONNAIRE ON HEALTH INSURANCE

1) Is health insurance a family protector premier?
Yes No
2) Are all policyholders eligible for the heath card?
Yes No
3) For renewal of policy, do health check-up is necessary?
Yes No
4) Would you be able to avail the premium reimbursements in case the policy is
rejected?
Yes No
5) Would you be able to avail the medical check-up expenses, in case the policy is
rejected?
Yes No
6) Does medical test required for policy holders below 46 years of age?
Yes No
7) Is their age limit to take the health insurance?
Yes No
8) Can you remove one of the ensured person from existing policy during policy
tenure?
Yes No
9) Does bank staff behave cordially with the customers?
Yes No
10) Is there help desk for customer grievances?
Yes No



FINDINGS
1) Is health insurance a family protector premier?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 21 70
NO 9 30
TOTAL 30 100

FIELD STUDY: NO
YES
INTERPRETATION: Out of 30 respondents, 21 respondents said that Health Insurance is a
family protector premier. 9 respondents dont assume that. This clearly shows that the Health
Insurance offers almost cover to the policyholders.
Sales
2) Are all policyholders eligible for the heath card?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 15 50
NO 15 50
TOTAL 30 100

FIELD STUDY: YES
NO

INTERPRETATION: Out of 30 respondents, 15 respondents told yes for the question.15
respondents said no for the question. This shows that Still there is 50% lack of knowledge to the
policyholders. There is no proper advertisement reach to the customers.
0
10
20
30
40
50
60
RESPONDENTS PERCENTAGES
3) For renewal of policy, do health check-up is necessary?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 12 40
NO 18 60
TOTAL 30 100

FIELD STUDY:

INTERPRETATION: From the above data, 40% of respondents said that health check-up is
necessary for the renewal of policy. 60% respondents said that health check-up is not necessary
for the renewal of policy.

PERCENTAGES

YES
NO
4) Would you be able to avail the premium reimbursements in case the policy is rejected?
Yes No
PARTICULARS NO OF RESPONDENTS PECENTAGES
YES 27 90
NO 3 10
TOTAL 30 100

FIELD STUDY:

INTERPRETATION: Above graph clearly shows that, 90% respondents have the accurate
knowledge of the policies. 10% respondents are still lacking with the knowledge.


0
10
20
30
40
50
60
70
80
90
100
YES- RESPONDENTS NO-RESPONDENTS YES-PERCENTAGES NO-PERCENTAGES
5) Would you be able to avail the medical check-up expenses, in case the policy is rejected?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 30 100
NO 0 0
TOTAL 30 100

FIELD STUDY:

INTERPRETATION: From the above graph, it is clearly understandable that all the
respondents said yes for the question. It means they are all having idea about this concept.


0
10
20
30
40
50
60
70
80
90
100
Category 1 Category 2
YES
NO
6) Does medical test required for policy holders below 46 years of age?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 6 20
NO 24 80
TOTAL 30 100

FIELD STUDY: YES
NO

INTERPRETATION: From the above data, it is clearly shown that 80% respondents know that
medical test is not required for below 46 years of age. Still 20% respondents are not aware that
medical test is not required for below 46 years of age.
0 10 20 30 40 50 60 70 80 90
respondents
percentages
7) Is their age limit to take the health insurance?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 12 40
NO 18 60
TOTAL 30 100

FIELD STUDY:

INTERPRETATION: From the above data, it shows that 60% respondents know very well that
there is no age limit for taking health insurance. But yet 40% respondents are not aware of
criteria for the heath insurance.

0
10
20
30
40
50
60
70
80
90
100
Respondents Percentages
Series 2
Series 1
8) Can you remove one of the ensured person from existing policy during policy tenure?
Yes No
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 3 10
NO 27 90
TOTAL 30 100

FIELD STUDY:

INTERPRETATION: The above pie diagram states that, 27 respondents said that they cannot
remove insured person from the policy during the tenure period. 3 respondents said that they can
remove insured person during tenure period.

PERCENTAGE
YES
NO
9) Does bank staff behave cordially with the customers?
Yes No

FIELD STUDY:

INTERPRETATION: From the above data, it shows that 60% respondents are satisfied with
the staff. 40% respondents are not satisfied with staff. They do not believe that staff cordially
behaves with the customers.
PERCENTAGES
YES
NO
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 18 60
NO 12 40
TOTAL 30 100
10) Is there help desk for customer grievances?
Yes
FIELD STUDY:


INTERPRETATION: From the above data it comes to know that 80% respondents say that there is help
desk for customer problems. Still 20% respondents do no agree with it.

PERCENTAGES
YES
NO
PARTICULARS NO OF RESPONDENTS PERCENTAGES
YES 24 80
NO 6 20
TOTAL 30 100
SUMMARY OF FINDINGS

Mostly respondents believe that Health Insurance is a family protector premier.
Yet 50% of the respondents are not aware about the eligibility for the Health card.
Majority of respondents are not aware that there is no need of health check-up for
renewal of the policy.
Most of the respondents are aware that they will be able to avail the premium
reimbursements in case the policy is rejected.
Every respondent knows that they would not be able to avail medical check-up expenses,
in case policy is rejected.
Respondent are also aware that there is no requirement of medical test for policy holders
who are below 46 years of age.
Most of the respondents told that there is no age limit for taking Health Insurance policy.
The insured person cannot be removed from the existing policy during the policy tenure.
Majority of the respondents believe that the bank staff cordially behaves with the
customers.
There is a proper help desk for the customer grievances.
RECOMMENDATIONS AND SUGGESTIONS
Respondents do not have enough knowledge about the insurance policies provided by the ICICI
LOMBARD. Therefore ICICI LOMBARD Company should bring awareness in the customers.

The recommendations I would like to make are:

There is a necessity to make more advertising and promotions by the Insurance Company
through TV, newspapers, magazines and pamphlets to make aware the customers about
the insurance provided by them.
Need for proper channel to reach to the customer.
Marketing executives and agents should maintain good communication with the customers
to create the awareness of the policies like Mediclaim, GPA (Group personnel accidental)
burglary, and other insurance policies provided by the company.
The employees should be given incentives and bonus to motivate to accomplish their
targets.
ICICI LOMBARD is concentrating only urban areas it should concentrate on semi urban
and rural areas also.
Building internal technical expertise requiring well stacked library resource by way of
settled cases of claims at every zonal office is an immediate necessity.
The staff of the insurers should be encouraged to refer to these references often with a view
to bring about early settlement to the satisfaction of claimants.
.

CONCLUSION
ICICI Lombard General Insurance, changes how customers and employees see the
industry. A road mishap is always a traumatic experience.
It is concluded from the survey that most of the respondents thinks that Bank staff
cordially behave with the customers.
It is concluded from the survey that customers prefers only Government companies for
their insurance so create trust in costumers about private insurance companies by
rendering good services like proper claims, good response to costumer queries and
maintaining good relationship with costumers.
Most of customers are using only Fire and electronic equipment insurance policies so
marketing executives and agents maintain good communication with the customers to
create the awareness of the policies like Mediclaim, burglary and GPA.
All of this, typically, can be a long-drawn process. But to be fair, the insurance industry
doesnt sit up all night plotting how to make customers unhappy. Its just that most
systems are so plagued with inefficiencies that claiming insurance can easily turn into a
protracted battle.
ICICI Lombard has always been fairly bullish on emerging technologies. So it was only natural
for top management to embrace mobile technologies just as long as the top line, the bottom line,
and the customer were all kept happy.



BIBLIOGRAPHY


BOOKS AND MAGAZINES:
Essentials of Marketing Reddy and Appaniah
Marketing Management Phillip Kotler
India Today
Business World and Money Regulator.

News Papers:
The Times of India
The Economic Times
The Business Standards

INTERNET:
www.google .com
www.icicilombard.com