A STUDY

ON

“CUSTOMER RELATIONSHIP MANAGEMENT”

AT

ICICI PRUDENTIAL LIFE INSURANCE

Submitted by

ASFIYA SULEMAN
HT. NO: 2254 – 15 – 672 - 088

PROJECT SUBMITTED IN PARTIAL FULFILMENT OF THE AWARD

OF

MASTER OF BUSINESS ADMINISTRATION

Under The Guidance Of

Ms. XXXXXX

GLOBAL EDUCATION CENTRE

AFFILIATED TO OSMANIA UNIVERSITY
MOINABAD - HYDERABAD
(2015 - 2017)

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 STUDENT’S DECLARATION

I hereby declare that the project report on “CUSTOMER RELATIONSHIP

MANAGEMENT” has been submitted under the guidance of MS. XXXX, Professor,
DEPARTMENT OF BUSINESS ADMINISTRATION, GLOBAL EDUCATION
CENTRE.

I further declare that it is an original work done by me as a part of my academic course

and has not been submitted elsewhere for any degree or diploma. The observations and
conclusions written in this report are based on the data collected by me.

ASFIYA SULEMAN SIGNATURE OF THE STUDENT

HT. NO. 2254 – 15 - 672 - 088

2
 ABSTRACT

In India life insurance sector plays a major role in savings of a person. There are many
players in life insurance sector, and LIC is leading as it has roots in India from more than 50
years. To purchase anything in this world the customer has his/her own choice of preferences
according to those preferences only, one can purchase the require product. The project study
of ICICI PRUDENTIAL LIFE INSURANCE linked with CRM (CUSTOMER
RELATIONSHIP MANAGEMENT).

The aim of study to examine and make the company enable to the track customer sell the
appropriate product understanding their needs and wants and to insure a long term retention of
customers through the application of CRM in a comprehensive manner monitoring the
performance of CRM to take corrective actions necessary to assure the results match the plan
projections.

Coming to ICICI PRUDENTIAL LIFE INSURANCE in India it’s making effort to

attract customers and tap the life insurance market. So this study is also intended to find
customers and the retention value through the application of CRM in ICICI PRUDENTIAL
LIFE INSURANCE.

The method of this study is based on marketing research with structured questionnaire
consisting of multiple choice questions.

The sample survey is conducted on 100 customers belonging to different categories

.private insurance companies are unable to create enough brand value and trust in customers.

Most of the companies have only 28% of market share in life insurance sector when compare
LIC. So CRM makes suggestions to ICICI PRUDENTIAL LIFE INSURANCE sector how to
make trust of customers and hoe to make the retention value.

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 ACKNOWLEDGEMENTS

I would like to express my gratitude for those who have been constant source of encouragement
and motivation throughout this project, without whose support this could not have been
possible.

I am very thankful to the principal of GLOBAL EDUCATION CENTRE, PROF. NAYEEM

and MISS. XXXXXXXXX my supervisor for their valuable guidance and support on
completion of this project.

I would also like to thank Mr. ABDUL AZIZ, LINE MANAGER of ICICI PRUDENTIAL
LIFE INSURANCE, who generously granted me permission and helped me out in collecting
data in their organization.

I also acknowledge with the deep sense of reverence, gratitude towards my parents and
members of my family, who have always supported me morally as well as economically.

Atlas but not least gratitude goes to all my friends who directly or indirectly helped me to
complete this project report.

Any omission in this brief acknowledgement does not mean lack of gratitude

ASFIYA SULEMAN

HT. NO. 2254 – 15 - 672 - 088

4
 TABLE OF CONTENTS

S.NO. DESCRIPTION PAGE NOS.

INTRODUCTION 6

OBJECTIVES OF THE STUDY 24

NEED OF THR STUDY 25

CHAPTER - 1
SCOPE OF THE STUDY 26

RESEARCH METHODOLOGY 26

LIMITATIONS OF THE STUDY 29

CHAPTER – 2 REVIEW OF LITERATURE 30

COMPANY PROFILE 39
CHAPTER – 3
INDUSTRY PROFILE 54

DATA ANALYSIS AND

CHAPTER – 4 59
INTERPRETATION

FINDINGS, SUGGESTIONS AND

CHAPTER – 5 80
CONCLUSIONS

 BIBLIOGRAPHY 87

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 CHAPTER-I
INTRODUCTION

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INTRODUCTION OF CUSTOMER RELATIONSHIP MANAGEMENT
Several commercial CRM insurance packages are available which vary in their approach to
CRM. However, as mentioned above, CRM is not just a technology, but rather a comprehensive
customer-centric approach to an organization’s philosophy in dealing with its customers. This
includes policies and process, front-of-house customer service, employee training, marketing
systems and information management. Hence it is important that any CRM implementation
considerations stretch beyond technology, towards the broader organizational requirements.

The objective of a CRM strategy most consider a company’s specific situation and its
customers’ needs and expectations. Information gained through CRM initiatives can support
the development of marketing strategy by developing the organization’s knowledge in areas
such as identifying customer segments, improving customer retention, improving product
offerings(by better understanding customer needs),and by identifying the organization’s most
profitable customers.

CRM strategies can vary in size, complexity and scope. Some companies consider a CRM
strategy to only focus on the management of a team of sales people. However, other CRM
strategy can cover customer interaction across the entire organization .many commercial CRM
insurance packages that are available provide features that serve sales, marketing event
management, and project management and finance.

Successful CUSTOMER RELATIONSHIP MANAGEMENT requires marketing, sales

and service agility of a star company to enable today’s business to outpace their competitors in
the race for customers.

Managing the customer experience, maintaining a more reliable data base, improving
service operations. Fostering customer loyalty, embracing the characteristics of high
performance marketing and other related subjects.

Making such a pivot in CRM to create customer interactions that produce optimal
experiences and LONG TERM relationships must be the top mission. Above all, those
experiences must be consistent with a company’s brand promise.
CRM DEFINITION:

7
 CRM defines the process of the company are fully occupied with acquiring customers,
selling the product to the customers, and maintaining a LONG TERM RELATIONSHIP to
a customer.

CRM is actually a tremendous step forward in creating a system that can provide a
means for retaining individual loyalty in a world of nearly seven billion souls. CRM helps in
order to understand changing nature of the customer because customer are not what they used
to be.

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 OBJECTIVES OF THE STUDY
 To quickly identify, contact, attract and acquire new customers.

 To obtain a better understanding of the customers, and their wants and needs.

 To define appropriate product and service offering and match it to the customers unique
needs.

 To identify cross selling and up-selling opportunities.

 To increase retention of existing customers through improved after sales, service, &
support.

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 NEED OF THE STUDY
 Companies have to increasingly pursue a customer centric competitive strategy rather
than a product centric one.
 Customers demand constant access, immediate response & a personalized touch.
 Focus is shifting from supply chain to demand chain effectiveness.
 Better understanding & intelligent management of customer relationship is essential for
survival.

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 RESEARCH METHODOLOGY
The methodology followed for the fulfillment of the above-mentioned goals is as follows:
SOURCE OF DATA
There are basically two sources of data: A) Primary data.
B) Secondary data.
PRIMARY DATA: It is not recorded data. It is collected personally interviewing the
respondents through experience, observation and survey methods. It is collected specially for
a particular purpose with certain objectives in mind.
SECONDARY DATA: It is already collected and recorded data by some other person for
some purpose and is available for present study.
Example: internet, textbooks, organizations annual report etc.

SAMPLE SURVEY
At the period of research work, it is necessary to collect a certain data from the people
but it is not possible to survey each every person who can give information on the issue.

SAMPLE CHARACTERISTICS:
Sample size: 100 clients.
Nature of sample: Highly representatives of the population.

TOOLS OF DATA COLLECTION

The tools of data collection used in the project are questionnaires. There are basically
two types of questionnaires.
Open-ended: Here the respondents can answer the questions in their own way.
Close-ended: Here the choices of answers are given and the respondents have to choose from
the choices, the answer closest to this.

TECHINIQUES OF INTERPRETATION AND ANALYSIS

 Percentage method has been used to analyze the effect of brands on respondents.
 Bar, pie diagrams had been used for better presentation and better understanding data.
 The information collected is calculated in the forms of percentage to make interpretation
easy.
LIMITATIONS OF STUDY

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 The information collected and opinions are of customers as to what they feel. Thus
the accuracy and information collected depends upon the perception of each
respondent and circumstances involved.
 The study has been conducted by including 100 customers. Though the sample is
highly representative of the population, it does not cover the entire market of
customers having insurance policies.
 Analysis could not draw for the entire questionnaire, only specific questions have
been analyzed and interpreted.
 Due to time constraint more information cannot be collected.

12
 CHAPTER II
LITERATURE REVIEW

13
 LITERATURE REVIEW

TYPES OF CRM
OPERATIONAL CRM

The primary goal of CRM systems is to integrate and automate sales, marketing, and customer
support. Therefore, these systems typically have a dashboard that gives an overall view of the
three functions on a single page for each customer that a company may have. The dashboard
may provide client information, past sales, previous marketing efforts, and more, summarizing
all of the relationships between the customer and the firm. Operational CRM is made up of 3
main components: sales force automation, marketing automation, and service automation.

 Sales force automation works with all stages in the sales cycle, from initially entering
contact information to converting a prospective client into an actual client. For example, in
August, 2000, Oracle released a CRM software package, OracleSalesOnline.com, which
makes contacts, schedules and performance tracking available online so that a customer's
information is easily accessible for all employees working at the office or remotely. Sales
force automation implements Sales promotion analysis, automates the tracking of a client's
account history for repeated sales or future sales and coordinates sales, marketing, call
centers, and retail outlets. It prevents duplicate efforts between a salesperson and a
customer and also automatically tracks all contacts and follow-ups between both parties.
 Marketing Automation focuses on easing the overall marketing process to make it more
effective and efficient. For example, by scoring customer behavior, Salesforce'sMarketing
Cloud allows a business to adapt marketing campaigns to how engaged customers are with
a business. CRM tools with marketing automation capabilities can automate repeated tasks,
for example, sending out automated marketing emails at certain times to customers, or
posting marketing information on social media. The goal with marketing automation is to
turn a sales lead into a full customer. CRM systems today also work on customer
engagement through social media.
 Service automation is the part of the CRM system that focuses on direct customer service
technology. Through service automation, customers are supported through multiple
channels such as phone, email, knowledge bases, ticketing portals, FAQs, and more. For
example, Microsoft's Dynamics CRM Software tracks call times, call resolution and more
in order to improve the efficiency of customer service within a business.

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ANALYTICAL CRM

The role of analytical CRM systems is to analyze customer data collected through multiple
sources, and present it so that business managers can make more informed decisions. Analytical
CRM systems use techniques such as data mining, correlation, and pattern recognition to
analyze the customer data. These analytics help improve customer service by finding small
problems which can be solved, perhaps, by marketing to different parts of a consumer audience
differently.[4] For example, through the analysis of a customer base's buying behavior, a
company might see that this customer base has not been buying a lot of products recently. After
scanning through this data, the company might think to market to this subset of consumers
differently, in order to best communicate how this company's products might benefit this group
specifically.

COLLABORATIVE CRM
The third primary aim of CRM systems is to incorporate external stakeholders such as
suppliers, vendors, and distributors, and share customer information across organizations. For
example, feedback can be collected from technical support call, which could help provide
direction for marketing products and services to that particular customer in the future.

MAIN COMPONENTS OF CRM

The main components of CRM are building and managing customer relationships through
marketing, observing relationships as they mature through distinct phases, managing these
relationships at each stage and recognizing that the distribution of value of a relationship to the
firm is not homogenous. When building and managing customer relationships through
marketing, firms might benefit from using a variety of tools to help organizational design,
incentive schemes, customer structures, and more to optimize the reach of its marketing
campaigns. Through the acknowledgement of the distinct phases of CRM, businesses will be
able to benefit from seeing the interaction of multiple relationships as connected transactions.
The final factor of CRM highlights the importance of CRM through accounting for the
profitability of customer relationships. Through studying the particular spending habits of
customers, a firm may be able to dedicate different resources and amounts of attention to
different types of consumers.

RELATIONAL INTELLIGENCE
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Relational intelligence, or awareness of the variety of relationships a customer can have with a
firm, is an important component to the main phases of CRM. Companies may be good at
capturing demographic data, such as gender, age, income, and education, and connecting them
with purchasing information to categorize customers into profitability tiers, but this is only a
firm's mechanical view of customer relationships. This therefore is a sign that firms believe
that customers are still resources that can be used for up-sell or cross-sell opportunities, rather
than humans looking for interesting and personalized interactions. Below is a diagram of the
steps when serving a client while using a CRM system:

IMPACT ON CUSTOMER SATISFACTION

Customer satisfaction has important implications for the economic performance of firms
because it has the ability to increase customer loyalty and usage behavior and reduce customer
complaints and the likelihood of customer defection. The implementation of a CRM approach
is likely to have an effect on customer satisfaction and customer knowledge for a variety of
different reasons.

Firstly, firms are able to customize their offerings for each customer. By accumulating
information across customer interactions and processing this information to discover hidden
patterns, CRM applications help firms customize their offerings to suit the individual tastes of
their customers. This customization enhances the perceived quality of products and services

16
from a customer's viewpoint, and because perceived quality is a determinant of customer
satisfaction, it follows that CRM applications indirectly affect customer satisfaction. CRM
applications also enable firms to provide timely, accurate processing of customer orders and
requests and the ongoing management of customer accounts. For example, Piccoli and
Applegate discuss how Wyndham uses IT tools to deliver a consistent service experience across
its various properties to a customer. Both an improved ability to customize and a reduced
variability of the consumption experience enhance perceived quality, which in turn positively
affects customer satisfaction. Furthermore, CRM applications also help firms manage customer
relationships more effectively across the stages of relationship initiation, maintenance, and
termination.

EXAMPLES

Research has found a 5% increase in customer retention boosts lifetime customer profits by
50% on average across multiple industries, as well as a boost of up to 90% within specific
industries such as insurance. Companies that have mastered customer relationship strategies
have the most successful CRM programs. For example, MBNA Europe has had a 75% annual
profit growth since 1995. The firm heavily invests in screening potential cardholders. Once
proper clients are identified, the firm retains 97% of its profitable customers. They implement
CRM by marketing the right products to the right customers. The firm's customers' card usage
is 52% above industry norm, and the average expenditure is 30% more per transaction. Also
10% of their account holders ask for more information on cross-sale products.

Wells Fargo is another example of a company that has successfully implemented CRM into
their firm. The Wholesale Banking division of Wells Fargo has almost 300 different products
and services, with many business customers who use a range of products. Therefore, customers
need a seamless experience from product to product and service to service. The firm
implemented cloud technologies to help connect people with customers and has seen customer
satisfaction drastically improve.

Amazon has also seen great success through its customer proposition. The firm implemented
personal greetings, collaborative filtering, and more for the customer. They also used CRM
training for the employees to see up to 80% of customers repeat.

CRM PARADOX

17
Part of the paradox with CRM stems from the challenge of determining exactly what CRM is
and what it can do for a company. The CRM Paradox, also referred to as the "Dark side of
CRM," may entail favoritism and differential treatment of some customers. This may cause
perceptions of unfairness among other customers' buyers. They may opt out of relationships,
spread negative information, or engage in misbehavior that may damage the firm and its
reputation. Such perceived inequality may cause dissatisfaction, mistrust and result in unfair
practices. A customer shows trust when he or she engages in a relationship with a firm under
the idea that the firm is acting fairly and adding value to his or her life somehow. However,
customers may not trust that firms will be fair in splitting the value of their products or services.
For example, Amazon’s test use of dynamic pricing (different prices for different customers)
ended with very poor public relations for the company. As seen in the Amazon example,
although firms use both human and technological factors to assess a proper CRM process,
experts suggest that focusing on the human factors, like management, increases the potential
of successful CRM, since managers can make a coordinated effort on organizational changes
within a company, which often has an impact on customer satisfaction.

CRM technologies can easily become ineffective if there is no proper management, and they
are not implemented correctly. The data sets must also be connected, distributed, and organized
properly, so that the users can access the information that they need quickly and easily.
Research studies also show that customers are increasingly becoming dissatisfied with contact
center experiences due to lags and wait times. They also request and demand multiple channels
of communications with a company, and these channels must transfer information seamlessly.
Therefore, it is increasingly important for companies to deliver a cross-channel customer
experience that can be both consistent as well as reliable.

HOW TO IMPROVE CRM WITHIN A FIRM

Consultants, such as Bain & Company, argue that it is important for companies establishing
strong CRM systems to improve their relational intelligence. According to this argument, a
company must recognize that people have many different types of relationships with different
brands. One research study analyzed relationships between consumers in China, Germany,
Spain, and the United States, with over 200 brands in 11 industries including airlines, cars and
media. This information is valuable as it provides demographic, behavioral, and value-based
customer segmentation. These types of relationships can be both positive and negative. Some
customers view themselves as friends of the brands, while others as enemies, and some are

18
mixed with a love-hate relationship with the brand. Some relationships are distant, intimate or
anything in between.

ANALYZING THE INFORMATION

Based on this information, managers must understand the different reasons for these types of
relationships, and provide the customer with what they are looking for. Companies can collect
this information by using surveys, interviews, and more with current customers. For example,
Frito-Lay conducted many ethnographic interviews with customers to try and understand the
relationships they wanted with the companies and the brands. For example, they found that
most customers were adults who used the product to feel more playful. They may have enjoyed
the company’s bright orange color, messiness and shape, for example.

Companies must also improve their relational intelligence of their CRM systems. These days,
companies store and receive huge amounts of data through emails, online chat sessions, phone
calls, and more. Many companies do not properly make use of this great amount of data,
however. All of these are signs of what types of relationships the customer wants with the firm,
and therefore companies may consider investing more time and effort in building out their
relational intelligence. Companies can use mining technologies and use of web searches to
understand relational signals. Social media such as Facebook, Twitter, blogs, etc. is also a very
important factor in picking up and analyzing information. Understanding the customer and
capturing this data allows companies to convert customer’s signals into information and
knowledge that the firm can use to understand a potential customer’s desired relations with a
brand.

It is also very important to analyze all of this information to determine which relationships
prove the most valuable. This helps convert data into profits for the firm. Stronger bonds
contribute to building market share. By managing different portfolios for different segments of
the customer base, the firm can achieve strategic goals.

EMPLOYEE TRAINING

Many firms have also implemented training programs to teach employees how to recognize
and effectively create strong customer-brand relationships. For example, Harley Davidson sent
its employees on the road with customers, who were motorcycle enthusiasts, to help solidify
relationships. Other employees have also been trained in Social psychology and the social
sciences to help bolster strong customer relationships. Customer service representatives must
be educated to value customer relationships, and trained to understand existing customer
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profiles. Even the finance and legal departments should understand how to manage and build
relationships with customers.

REVIEWING PROCESSES AND DESIGNING NEW PROCESSES

Firms that do not have well-designed and logical processes cannot be successful in achieving
their goals. Companies should define their business goals and evaluate their CRM processes to
improve and expand to fit their needs. Applying new technologies is also helpful because using
CRM systems requires changes in infrastructure of the organization as well as deployment of
new technologies such as business rules, databases and Information technology.

EXAMPLES
CRM SYSTEMS

 Data warehouse technology, used to aggregate transaction information, to merge the

information with CRM products, and to provide key performance indicators.
 Opportunity management which helps the company to manage unpredictable growth and
demand, and implement a good forecasting model to integrate sales history with sales
projections.
 CRM systems that track and measure marketing campaigns over multiple networks,
tracking customer analysis by customer clicks and sales.
 Some CRM software is available as a software as a service (SaaS), delivered via the
internet and accessed via a web browser instead of being installed on a local computer.
Businesses using the software do not purchase it, but typically pay a recurring subscription
fee to the software vendor.
 For small businesses a CRM system may consist of a contact manager system that
integrates emails, documents, jobs, faxes, and scheduling for individual accounts.[30] CRM
systems available for specific markets (legal, finance) frequently focus on event
management and relationship tracking as opposed to financial return on investment (ROI).
 Customer-centric relationship management (CCRM) is a nascent sub-discipline that
focuses on customer preferences instead of customer leverage. CCRM aims to add value
by engaging customers in individual, interactive relationships.
 Systems for non-profit and membership-based organizations help track constituents,
fundraising, sponsors' demographics, membership levels, membership directories,
volunteering and communication with individuals.

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CRM SYSTEMS IN PRACTICE
CALL CENTERS

As well as tracking, recording and storing customer information, CRM systems in call
centers codify the interactions between company and customers by using analytics and key
performance indicators to give the users information on where to focus their marketing and
customer service. The intention is to maximize average revenue per user, decreasechurn
rate and decrease idle and unproductive contact with the customers. CRM software can also be
used to identify and reward loyal customers over a period of time.

Growing in popularity is the idea of gamifying, or using game design elements and game
principles in a non-game environment such as customer service environments. The
gamification of customer service environments includes providing elements found in games
like rewards and bonus points to customer service representatives as a method of feedback for
a job well done. The repetitive act of answering support calls all day can be draining, even for
the most enthusiastic customer service representative. When agents are bored with their work,
they become less engaged and less motivated to do their jobs well, making it likely for them to
make mistakes. Gamification tools can motivate agents by tapping into their desire for rewards,
recognition, achievements, and competition.

CONTACT CENTER AUTOMATION

Contact Center Automation, the practice of having an integrated system that coordinates
contacts between an organization and the public, is designed to reduce the repetitive and tedious
parts of a contact center agent’s job. A contact center automation prevents this by having pre-
recorded audio messages that help customers solve their problems. For example, an automated
contact center may be able to re-route a customer through a series of commands asking him or
her to select a certain number in order to speak with a particular contact center agent who
specializes in the field in which the customer has a question. Software tools can also integrate
with the agent’s desktop tools to handle customer questions and requests. This also saves time
on behalf of the employees.

SOCIAL MEDIA

Social CRM involves the use of social media and technology to engage and learn from
consumers.[35] Because the public, especially among young people, has increasingly using
social networking sites, companies use these sites to draw attention to their products, services
and brands, with the aim of building up customer relationships to increase demand.

21
Some CRM systems integrate social media sites like Twitter, LinkedIn and Facebook to track
and communicate with customers. These customers also share their own opinions and
experiences with a company's products and services, giving these firms more insight.
Therefore, these firms can both share their own opinions and also track the opinions of their
customers.

Enterprise Feedback Management software platforms, such as Confirmit, Medallia, and

Satmetrix, combine internal survey data with trends identified through social media to allow
businesses to make more accurate decisions on which products to supply.

LOCATION-BASED SERVICES

CRM systems can also include technologies that create geographic marketing campaigns. The
systems take in information based on a customer’s physical location and sometimes integrates
it with popular location-based GPS applications. It can be used for networking or contact
management as well to help increase sales based on location.

CRM SYSTEMS FOR BUSINESS-TO-BUSINESS TRANSACTIONS

According to a Sweeney Group definition, CRM is "all the tools, technologies and procedures
to manage, improve, or facilitate sales, support and related interactions with customers,
prospects, and business partners throughout the enterprise". The quote assumes that CRM is
involved in every Business-to-Business (B2B) transaction.

Despite the general notion that CRM systems were created for the customer-centric businesses,
they can also be applied to B2B environments to streamline and improve customer management
conditions. For the best level of CRM operation in a B2B environment, the software must be
personalized and delivered at individual levels.

The main differences between Business-to-Consumer (B2C) and Business-to-Business CRM

systems concern aspects like sizing of contact databases and length of relationships. Business-
to-Business companies tend to have smaller contact databases than Business-to-Consumer, the
volume of sales in Business-to-Business is relatively small, in Business-to-Business there are
less figure propositions, but in some cases they cost a lot more than Business-to-Consumer
items and relationships in Business-to-Business environment are built over a longer period of
time. Furthermore, Business-to-Business CRM must be easily integrated with products from
other companies. Such integration enables the creation of forecasts about customer behavior
based on their buying history, bills, business success, etc. An application for a Business-to-

22
Businesscompany must have a function to connect all the contacts, processes and deals among
the customers segment and then prepare a paper. Automation of sales process is an important
requirement for Business-to-Business products. It should effectively manage the deal and
progress it through all the phases towards signing. Finally, a crucial point is personalization. It
helps the Business-to-Business company to create and maintain strong and long-lasting
relationship with the customer.

An example is with Costco Wholesale Corporation using FreeCRM to track its Business-to-
Business partnerships and programs. The firm is able to track all data and negotiate with
affiliate partners to track the relationship from beginning to end. It also helps the firm track
special programs with participating organizations and give special discounts and deals.

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CRM ADOPTION CHALLENGES

Companies face large challenges when trying to implement CRM systems. Consumer
companies frequently manage their customer relationships haphazardly and
unprofitably.[42] Many times, they may not effectively or adequately use their connections with
their customers, due to misunderstandings or misinterpretations of a CRM system's analysis.
Clients who want to be treated more like a friend may be treated like just a party for exchange,
rather than a unique individual, due to, occasionally, a lack of a bridge between the inputted
data in a CRM system's analysis and the analysis output. Many studies show that customers are
frequently frustrated by a company’s inability to meet their relationship expectations, and on
the other side, companies do not always know how to translate the data they have gained from
CRM software into a feasible plan of action. In 2003, a Gartner report estimated that more than
$2 billion had been spent on software that was not being used. According to CSO Insights, less
than 40 percent of 1,275 participating companies had end-user adoption rates above 90 percent.
Many corporations only use CRM systems on a partial or fragmented basis. In a 2007 survey
from the UK, four-fifths of senior executives reported that their biggest challenge is getting
their staff to use the systems they had installed. 43 percent of respondents said they use less
than half the functionality of their existing systems However, market research regarding
consumers' preferences may increase the adoption of CRM among the developing countries'
consumers.

MARKET LEADERS[EDIT]

The CRM market grew by 12.5 percent in 2012. The following table lists the top vendors in
2006–2008 and 2012-2014 (figures in millions of US dollars) published in Gartnerstudies.

The four main CRM system vendors include Salesforce, Microsoft, SAP, and Oracle,
with Salesforce representing an 18.4% market share, Microsoft representing a 6.2% market
share, SAP representing a 12.1% market share and Oracle representing a 9.1% market share in
2015. Other providers also are popular for small and mid market businesses. For nine different
categories of CRM, Enterprise CRM Suite, Midmarket CRM Suite, Small-Business CRM
Suite, Sales Force Automation, Incentive Management, Marketing Solutions, Business
Intelligence, Data Quality and Consultancies, there are different market leaders. Between the
different market leaders, each one’s services cater to a different professional field,
from healthcare to Manufacturing.

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ENTERPRISE CRM SUITE

For Enterprise CRM Suite, Microsoft ranks the highest in depth of functionality, company
direction, Customer satisfaction and 5-year cost for Software and maintenance because of its
integrated customer engagement products, especially through Office 365 and PowerBI, two
Business Analytics platforms. Whereas Microsoft’s CRM platforms are mostly used in
the Financial Services, Public Sector and Professional Services fields, its competitors in
Enterprise CRM Suite, NetSuite, Oracle, Salesforce and SAP, cover the additional fields
of Retail, Software, Wholesale/Distribution, Communications, High-
Tech, Healthcare and Government.

MIDMARKET CRM SUITE, SMALL-BUSINESS CRM SUITE, SALES

FORCE AUTOMATION
In terms of Small-Business CRM Suite, Midmarket CRM Suite and Sales Force
Automation, Microsoft also is viewed as the best in terms of depth of functionality, company
direction, Customer satisfaction and 5-year cost for software and maintenance for its Dynamics
CRM platform. This platform integrates various components, engaging customers at multiple
points. Microsoft’s competitors in Small-Business and Midmarket CRM
Suite, Hubspot, Infusionsoft, Zoho, bpm'online
CRM, NetSuite, Oracle, Salesforce andSugarCRM, cover additional CRM needs for fields
like Real Estate, Communications, Retail, Software, Wholesale/Distribution, High-
Tech, Healthcare, Government, Agency
Partners, Marketing Agencies, Consultancies and Education.

INCENTIVE MANAGEMENT

Xactly is rated the highest in terms of depth of functionality, company direction, Customer
satisfaction and 5-year cost for software and maintenance for Incentive Management in its
Sales Performance Management products. Xactly is known for offering strong incentive
management products for companies of any size, and recently, with its Xactly Insights product
released in August, 2014, their software helps companies compare themselves to their
competitors in order to reform business plans. Covering fields from Software/High-
Tech to Business Services to Life Sciences, Xactly’s products provide tools for a range of

25
professional fields. Xactly’s competitors in Incentive Management, Callidus
Software,IBM (Varicent), NICE Systems and Synergy, cover additional Incentive
Management product needs for fields such as Insurance/Financial
Services, Telecommunications, Bankingand Travel.

MARKETING SOLUTIONS

Salesforce’s Marketing Cloud is known for its complex architecture which allows its users to
connect to multiple applications and data sources within and outside of Salesforce through a
single browser interface. in terms of depth of functionality, company direction, customer
satisfaction and 5-year cost for software and maintenance, Salesforce is ranked higher than its
competitors in the category of Marketing Solutions. Although Marketing Cloud is mostly used
in the Financial Services, Manufacturing/Retail and High-Techfields, other fields such as
Media, Environment, Communications and Pharmaceutical are serviced by companies
like Adobe, IBM, Oracle Marketing Cloud and Teradata.

BUSINESS INTELLIGENCE

In terms of the Business Intelligence category, Teradata ranks the highest, mostly due to the
strength of its depth-of-functionality. Through their Unified Data architecture of their products,
they have many options for customer segmentations, targeted campaign delivery and content
customization. Though their products are typically used in the Financial
Services, Pharmaceutical and Retail fields, other fields like Healthcare,
Communications, Consumer Products, Insurance, Wholesale, Government and Professional
Services are catered by Teradata’s competitors in Business
Intelligence, IBM, Oracle, QlikTech and SAS Institute.

26
DATA QUALITY

When considering the Data Quality category for CRM products, Informatica ranks above the
other companies for its depth of functionality, customer satisfaction and overall company
direction. Though Informatica caters to the Healthcare, Financial
Services and Manufacturing fields, its competitors, Experian, IBM, Pitney Bowes and SAS
Institute, also provide CRM products specializing in high data quality for fields
like Government, Retail, Telecommunications, Utilities and Insurance.

CONSULTANCIES

In terms of CRM for consultancies, Appirio was ahead of its competitors due to its expansion
in the area of mobile application development in 2015. Although Appirio caters to the fields
of Retail, Technology and Education, its competitors in the field, Capgemini, Ernst &
Young, Hitachi Consulting and IBM Global Business Services, mainly cater to the
Communications, Financial Services, Government, Manufacturing and Healthcare fields.

TRENDS

In the Gartner CRM Summit 2010 challenges like "system tries to capture data from social
networking traffic like Twitter, handles Facebook page addresses or other online social
networking sites" were discussed and solutions were provided that would help in bringing more
clientele. Many CRM vendors offer subscription-based web tools (cloud computing) and SaaS.
Some CRM systems are equipped with mobile capabilities, making information accessible to
remote sales staff. Salesforce.com was the first company to provide enterprise applications
through a web browser, and has maintained its leadership position. Salesforce continues to be
a market leader as the CRM with the most customers and is rated-highly among their
customers.

Traditional providers have recently moved into the cloud-based market via acquisitions of
smaller providers: Oracle purchased RightNow in October
2011 and SAP acquiredSuccessFactors in December 2011.

The era of the "social customer"refers to the use of social media

(Twitter, Facebook, LinkedIn, Google Plus, Pinterest, Instagram, Yelp, customer reviews
in Amazon, etc.) by customers. CRM philosophy and strategy has shifted to encompass social
networks and user communities.

27
Sales forces also play an important role in CRM, as maximizing sales effectiveness and
increasing sales productivity is a driving force behind the adoption of CRM. Empoweringsales
managers was listed as one of the top 5 CRM trends in 2013.

Another related development is vendor relationship management (VRM), which provide tools
and services that allow customers to manage their individual relationship with vendors. VRM
development has grown out of efforts by ProjectVRM at Harvard's Berkman Center for Internet
& Society and Identity Commons' Internet Identity Workshops, as well as by a growing
number of startups and established companies. VRM was the subject of a cover story in the
May 2010 issue of CRM Magazine.

In 2001, Doug Laney from Gartner developed the concept and coined the term 'Extended
Relationship Management' (XRM). Laney defines XRM as extending CRM disciplines to
secondary allies such as the government, press and industry consortia.

Dennison DeGregor (2011) describes a shift from 'push CRM' toward a 'customer transparency'
(CT) model, due to the increased proliferation of channels, devices, and social media.

28
 CHAPTER III
THE INDUSTRY AND COMPANY
PROFILE

29
FINANCIAL SECTOR OVERVIEW –INDIA
The financial institutions are playing a vital role for providing financial assistance, these
should be fulfilling by the financial institutions. Generally the financial services, contains
banking services, mutual funds, chits, financial institutions and insurance etc.

The people are attracted towards insurance because of their attractive benefits and
which provide maximum security to the people and their families or their assets that helps face
the uncertainties because “where there is a uncertainties there is risk”. Due to these reasons
maximum number of persons are diverting or preferring or attracting towards insurance sector.
By observing this reason most of the organizations are entering into the insurance sector. It is
not possible for every organization to rule the market or to become market leader .To compete
with the competitors or to be stable in the market or to become a market leader we have to
concentrate on consumer ,because consumer /customer is the ultimate person who gets the
benefits provided by the organization. For that, those organizations who prepare the plans
according to the minds or attitudes of the consumer by providing attractive benefits will get
more success.

WHAT IS INSURANCE?
Insurance is a CONTRACT BETWEEN TWO PARTIES where by one party called
insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called
insured a fixed amount of money in the happening of a certain event.

Insurance is a protection against financial loss arising on the happening of an

unexpected event. Insurance companies collect premiums to provide for this protection. A loss
is paid out of the premiums collected from the insuring public and the insurance act as trustees
to the amount collected.

For example in a life policy by paying a premium to the insurer, the family of the
insured person receives a fixed compensation on the death of the insured. Similarly, in a car
insurance, in the event of the car meeting with an accident, the insured receives the
compensation to the extent of damage.

It is a system by which the losses suffered by a few are spread over many exposed to
similar risks.

30
WHY TO BUY LIFE INSURANCE:

 To protect and support your beneficiaries home and livelihood.

 To replace your income and minimize the debt load for your heirs.

 To provide beneficiaries with income tax free proceeds.

 To provide heirs with benefits to pay the tax on your estate.

 To help protect the value of your estate.

Life insurance helps protect the financial security of your family in the event of your
on timely death. This is especially important when you are the primary wage earner. The owner
of the policy pays the insurer premiums in exchange for a promise to pay the beneficiaries a
death benefit upon the death of the insured.

WHO PROVIDES IT?

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
Reforms in the insurance sector were initiated with the passage of the IRDA bill in
parliament in DEC 1999. The IRDA since incorporation as a statutory body in APRIL 2000
has fastidiously stuck to its schedule of framing regulations and registering the private sector
insurance companies.

The other decisions taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies were the launch of the IRDA’S online
service for issue and renewal of licenses to agents.

Since being set up an independent statutory body the IRDA has put in a frame work of
globally compatible regulations. In the private sector 12 life insurance and 6 general insurance
companies have been registered.

By passing of the IRDA bill, the insurance sector has been opened up for private
companies to carry on insurance business. Insurance contracts are based on good faith i.e. the

31
details furnished by the proposer are accepted in good faith and this will form the basis of the
contract.

WHAT ARE YOUR OPTIONS?

Essentially, insurance companies offer two different types of life insurance policies:
 Permanent
 Term

PERMANENT POLICY:
Permanent insurance coverage such as whole life, universal life and variable life have
the potential to provide coverage to a specified maturity date.

TERM INSURANCE:
Coverage that lasts for a specific time period and has two components.
1. Premium and
2. Death benefit

OTHER FACTS ABOUT LIFE INSURANCE THAT YOU NEED TO

KNOW

 Life insurance is an essential part of financial planning.

 Income tax-free death benefit proceeds payable to your beneficiaries.

 Needs and goals determine the amount to own.

 Helps ensure that your dependents are not burdened by debt.

 The younger and healthier you are when you purchase life insurance, the less it will be cost
you to own a life insurance, the less will be cost you to own a life insurance policy.

 Life insurance needs should be revaluated when major events occur in life such as marriage,
the birth of children or a business startup.

32
HISTORY OF INSURANCE SECTOR:
The business of life insurance in India in its existing from started in India in the year 1818
with the establishment of the oriental life insurance company in Calcutta.

Some of the important mile stones in the life insurance business in India are:

 1912: The Indian insurance companies Act enacted as the first statute to regulate
the life insurance.

 1928: The Indian insurance companies Act enacted to enable the govt. to collect
statistical information about both life and non-life insurance business.

 1938: Earlier legislation consolidated and amended to by the insurance act with the
objective of protecting the interests of the insuring public.

 1956: 245 Indian and foreign insurers and provident societies taken over by the
central govt. and nationalized.

INSURANCE IN INDIA – A BRIEF REVIEW

The insurance sector in India has come to a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracking the developments in
the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two
centuries.

The insurance industry is totally dependent on the ability to convert raw data in to
intelligence –intelligence about customers, marketers, competitors, and business environment.
Over the years data processing technology has progressed phenomenally and tools like data
ware hosing, OLAP and data mining, which constitute the corner stone of effective business
intelligence environment, have been widely accepted across industries. However, insurance
companies have been relatively slow in adapting these tools, primarily because of lack of
competition due to protective regulations. But now, they can no longer afford to be complacent
as the internet, deregulation, consolidation, and convergence of insurance with other financial
services are fast changing the basic structure of the industry.

33
 The insurance industry is quite diverse in terms of portfolio of products provided by
diff. companies. The products can be broadly classified in to two product lines. Property and
casually (P&C) and life insurance .life insurance product line can be further sub-divided into
 LIFE INSURANCE
 HEALTH INSURANCE

THE LEADING INSURANCE COMPANIES IN INDIA ARE

 LIC OF INDIA

 ICICI LIFE INSURANCE

 ICICI PRUDENTIAL LIFE INSURANCE LIFE INSURANCE

 HDFC LIFE INSURANCE

 MAXLIFE INSURANCE

LIFE INSURANCE CORPORATION OF INDIA

The parliament of India passed the Life insurance Corporation Act on the 19th
September, 1956, with the objective of spreading life insurance much more widely and in
particular to the rural areas with a view to reach all insurable persons in the country, providing
them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its
corporate office in the year 1956.since life insurance contracts are long term contracts and
during the currency of the policy it requires a variety of services need was felt in the later years
to expand the operations and place a branch office at each district headquarter. Re-organization
of LIC took place and large numbers of new branches were opened. As a result of re-
organization servicing functions were transferred to the branches, and branches were made
accounting units. It worked wonders with the performance of the corporation. It may see that
from about 200.00 crores of New business in 1957 the corporation crossed 1000.00 crores mark

34
of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had
already crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 100 divisional offices, 7
zonal offices and the corporate office. LIC’s wide Area Network covers 100 divisional offices
and connects all the branches through a metro network .LIC has tied up with some banks and
service providers to offer on-line premium collection facility in selected cities. LIC’s ECSand
ATM premium payment facility is an addition to customer convenience. Apart from on-line
kiosks and IVRS, info centers have been commisoned at Mumbai, Ahmedabad, Bangalore,
Chennai, Hyderabad, kolkata, New delhi, Pune and many other cities. With a vision of
providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK
offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized
records of the satellite offices will facilitate anywhere servicing and many other conventions
in the future.

LIC continues to be the dominant life insurer even in the liberalized scenario of India
insurance and is moving fast a new growth trajectory surpassing its own past records. LIC has
issued over one crore policies during the current year. It has crossed the mile stone of issuing
1,01,32,955 new policies by 15th oct, 2005, posting a healthy growth rate of 16.67% over the
corresponding period of the previous year.

From then to now, LIC has crossed many milestone and has set unprecedented
performance records in various aspects of life insurance business. The same motives which
inspired our forefathers to bring insurance into existence in this country inspire us at LIC to
take this message of protection to light the lamps of security in as many homes as possible and
to help the people in providing security to their families.

MAX NEW YORK LIFE INSURANCE COMPANY

Max New York life insurance company Ltd. Is a joint venture between New York Life, a
fortune 100 company and Max India limited, one of india’s leading multi-business
corporations. The company has positioned itself on the quality plat form. In line with its vision
to be the most admired life insurance company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty, knowledge, caring, integrity
and team work. The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
35
 In line with its values of financial responsibility, Max New York Life insurance has adopted
prudent financial practices to ensure safety of policy holders funds. The company’s paid up
capital is Rs.657 crore, which is more than the norm laid down by IRDA.

Max New York life has identified individual agents as its primary channel of distribution.
The company places a lot of emphasis on its selection process, which comprises four stages-
screening, psychometric test, career seminar and final interview. The agent advisors are trained
in-house to ensure optimal control on quality of training.

Max New York Life invests significantly in its training program and each agent is trained
for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning
to sell in the market place. Training is a continuous process for agents at Max new York life
insurance development of skills and knowledge through a structured program spread over 500
hours in two years.

This focus on continuous quality training has resulted in the company having amongst
the highest agent pass rate in IRDA examinations and the agents have the highest productivity
among private life insurers.

Having set a best in class agency distribution model in place, the company is
spearheading a major thrust into additional distribution channels to further grow its business.
The company is using a five-pronged strategy to pursue alternative channels of distribution.
These include the franchisee model, rural business, direct sales force involving group insurance
and telemarketing opportunities bank assurance and corporate alliances.

Max New York Life insurance offers a suite of flexible products. It now has 26 life
insurance products and 8 riders that can be customized to over 400 combinations enabling
customers to choose the policy that fits their need.

HDFC STANDARD LIFE INSURANCE

HDFC Standard Life insurance Company Ltd. Is one of india’s leading private life
insurance companies, which offers a range of individual and group insurance solutions. It is a
joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.)
india’s leading providers of financial services in the united kingdom. Both the promoters are
well known for their ethical dealings and financial strength and are thus committed to being a
36
long-term player in the life insurance industry –all important factors to consider when choosing
your insurer.

HDFC is india’s leading housing finance institution and has helped build more than 23,
00,000 houses since its incorporation in 1977.In the financial year 2003-04 its assets under
management crossed Rs.36,000cr.As march 31, 2004 outstanding deposits stood at Rs. 7,480
crores. The depositor base now stands at around 1 million depositors. Rated ‘AAA’ by CRSIL
and ICRA for the 10th consecutive year.

The Standard Life group has been looking after the financial needs of customers for over
180 years. It currently has a customer base of around 7 million people who rely on the company
for their insurance, pension, investment, banking and health-care needs. Its investment manager
currently administers 125 billion assets. It is a leading pension provider in UK, and is rated by
standard & poor’s as ‘strong’ with a rating of A+ and as ‘good’ with a rating of A1 by moody’s
Standard Life was awarded the Best pension provider’ in 2004, 2005 and 2006 at the money
marketing Awards, and it was voted a 5 star life and pensions providers at the Financial Advisor
service Awards for the last 10 years running. The ‘5’star accolade has also been awarded to
standard Life investments for the last 10 years, and to standard Life bank since its inception in
1998.standard Life bank was awarded the ‘best flexible mortgage lender ‘at the mortgage
magazine Awards In 2006.

37
THE COMPANY PROFILE

ICICI Prudential Life Insurance Company Limited provides life insurance, pensions, and health
insurance to individuals and groups in India. The company offers participating, non-
participating, and unit linked products. It provides insurance products for individuals, such as
savings and wealth creation, protection, child, retirement, and health insurance plans. The
company also offers group insurance solutions for companies, including group gratuity plan,
group leave encashment plan, and group term plan. In addition, it provides accidental death
riders. Further, the company acts as a pension fund manager. ICICI Prudential Life Insurance
Company distributes its products through individual agents, corporate agents, banks, brokers,
Website, and sales force. The company was founded in 2000 and is based in Mumbai, India.
ICICI Prudential Life Insurance Company Limited is a subsidiary of ICICI Bank Limited.

ICICI Prudential Life Insurance Company is a joint venture between the ICICI Bank, one of
India's largest and most successful private financial services company and Prudential Plc., a
leading international financial services group headquartered in the United Kingdom. ICICI
Bank holds 74% and Prudential Plc. having 26% of the stake of the joint venture as per the
government rules.

Mr. Sandeep Bakhshi is the Managing Director & Chief Executive Officer of ICICI Prudential
Life Insurance Company Ltd.

The company is the first private life insurer in India to have received a National Insurer
Financial Strength rating of AAA from Fitch ratings. Another feather was added in the cap
when it has been voted as India's Most Trusted Private Life Insurer for three consecutive years
in a row.

ICICI Prudential Life Insurance has won the first prize for its project on digitalization at the
Qimpro Awards 2014. ICICI Prudential Life Insurance has been conferred the ‘Insurance
Company of the Year Award 2011’ and ‘Company of the Year Award 2011 – Life Insurance’
at The Indian Insurance Awards 2011 instituted by the reputed insurance journal of India
‘Insurance Review’.

ICICI Prudential has earned a total premium of Rs. 124.29 billion for the financial year 2014.
As on March 31, 2011, the company’s assets have reached over Rs. 805.97 billion.

38
A DETAILED OVERVIEW
PRODUCT PORTFOLIO
ICICI LIFE INSURANCE: TERM PLANS
The term plans help in protecting your family’s future and ensure that they lead their lives
comfortably without any financial worries, even in your absence.

 ICICI Pru iProtect

 ICICI Pru iCare II

ICICI Life Insurance: ULIP Plans

These are unit linked insurance plans which help you in managing your savings based on your
risk appetite. They provide you with a choice of portfolio strategies for your savings and at the
same time secure you against uncertainties of life.

 ICICI Pru Smart Life

 ICICI Pru Guaranteed Wealth Protector
 ICICI Pru Wealth Builder II
 ICICI Pru Elite Life II
 ICICI Pru Elite Wealth II

ICICI Life Insurance: Pension Plans

 ICICI Pru Easy Retirement
 ICICI Pru Immediate Annuity
 ICICI Pru Easy Retirement SP

ICICI Life Insurance: Child Plans

ICICI Prudential Child Plans help your child receive guaranteed educational benefits and
protect his dreams and aspirations.

 ICICI Pru SmartKid Regular Premium

ICICI Life Insurance: Investment Plans

These are low risk investment plans that help you save for specific goals in the future and
provide protection for your family from financial distress in case of your untimely demise.

 ICICI Pru Cash Advantage

 ICICI Pru Savings Suraksha

39
It is advisable to compare all ICICI life insurance plans from other life insurance companies in
India to choose the best insurance plan that suits you the most.

ICICI Prudential Distribution Network:

ICICI bank has about 2000 branches in its network including its 1,100 micro-offices. It has
over and 24 bancassurance partners. As on June 30, 2011 ICICI Prudential Life Insurance has
a network of approximately 1,400 offices and over 1,75,0000 advisors. Their online products
are available through their websites directly.

EXPLOITING EXPERTISE, COMPOUNDING GROWTH

In twenty years of operation, the fund has launched 38 schemes and successfully
redeemed fifteen of them. In the process it has rewarded it’s investors handsomely with
consistently high returns.A total of over 5.4 million investors have reposed their faith in the
wealth generation expertise of the Mutual Fund.Schemes of the Mutual fund have consistently
outperformed benchmark indices and have emerged as the preferred investment for millions of
investors and HNI’s.Today, the fund manages over Rs. 31,794 crores of assets and has a diverse
profile of investors actively parking their investments across 36 active schemes.The fund serves
this vast family of investors by reaching out to them through network of over 130 points of
acceptance, 28 investor service centers, 46 investor service desks and 56 district organisers.
ICICI Mutual is the first bank-sponsored fund to launch an offshore fund – Resurgent India
Opportunities Fund.

KEY PERSONNEL:
BOARD MEMBERS
Mr. K. V. Kamath, Chairma
Mr. Sridar Iyengar
Mr. Homi R. Khusrokhan
Mr. Lakshmi N. Mittal
Mr. Narendra Murkumbi
Dr. Anup K. Pujari.
Mr. Anupam Puri
Mr. M.S. Ramachandran
Mr. M.K. Sharma
Mr. V. Sridar
Prof. Marti G. Subrahmanyam

40
Mr. V. Prem Watsa
Ms. Chanda D. Kochhar,
Managing Director & CEO
Mr. Sandeep Bakhshi,
Deputy Managing Director
Mr. N. S. Kannan,
Executive Director & CFO
Mr. K. Ramkumar,
Executive Director
Mr. Sonjoy Chatterjee,
Executive Director

AWARDS AND ACHIEVEMENTS:

 ICICI Mutual Fund (ICICIMF) has been the proud recipient of the:

ICRA Online Award - 8 times

The Lipper Award (Year 2005-2006)

CNBC TV - 18 Crisil Mutual Fund of the Year Award 2007

41
 CNBC AWAAZ CONSUMER AWARDS 2007

PRODUCTS

EQUITY FUNDS:

The investments of these schemes will predominantly be in the stock markets and
endeavor will be to provide investors the opportunity to benefit from the higher returns
which stock markets can provide. However they are also exposed to the volatility and
attendant risks of stock markets and hence should be chosen only by such investors who
have high risk taking capacities and are willing to think long term. Equity Funds include
diversified Equity Funds, Sectoral Funds and Index Funds. Diversified Equity Funds
invest in various stocks across different sectors while sectoral funds which are specialized
Equity Funds restrict their investments only to shares of a particular sector and hence, are
riskier than Diversified Equity Funds. Index Funds invest passively only in the stocks of
a particular index and the performance of such funds move with the movements of the
index

 ICICI PRUDENTIAL DISCOVERY Fund

 ICICI PRUDENTIAL POWER Fund

 ICICI PRUDENTIAL DYNAMIC P/E Fund

 ICICI PRUDENTIAL emerging S.T.A.R.Fund

 ICICI PRUDENTIAL TAX PLAN

 ICICI PRUDENTIAL GROWTH Fund

 ICICI PRUDENTIAL Multiplier FUND

 ICICI PRUDENTIAL Sector Funds Umbrella

42
  MSFU - Emerging Businesses Fund

 MSFU - IT Fund

 MSFU - Pharma Fund

 MSFU - Contra Fund

 MSFU - FMCG Fund

 ICICI Arbitrage Opportunities Fund

DEBT SCHEMES

Debt Funds invest only in debt instruments such as Corporate Bonds, Government
Securities and Money Market instruments either completely avoiding any investments in the
stock markets as in Income Funds or Gilt Funds or having a small exposure to equities as in
Monthly Income Plans or Children's Plan. Hence they are safer than equity funds. At the same
time the expected returns from debt funds would be lower. Such investments are advisable for
the risk-averse investor and as a part of the investment portfolio for other investors.
 ICICI PRUDENTIAL Children’s Benefit Plan
 ICICI PRUDENTIAL Gilt Fund
 ICICI PRUDENTIAL Gilt Fund (Long Term)
 ICICI PRUDENTIAL Gilt Fund (Short Term)
 ICICI PRUDENTIAL Income Fund
 ICICI PRUDENTIAL Income Plus Fund
 ICICI PRUDENTIAL Income Plus Fund (Saving Plan)
 ICICI PRUDENTIAL Income Plus Fund (Investment Plan)
 ICICI PRUDENTIAL Insta Cash Fund
 ICICI PRUDENTIAL InstaCash Fund -Liquid Floater Plan
 ICICI PRUDENTIAL Institutional Income Fund
 ICICI PRUDENTIAL Monthly Income Plan
 ICICI PRUDENTIAL Monthly Income Plan Floater
 ICICI PRUDENTIAL NRI Investment Fund
 ICICI Capital Protection Oriented Fund - Series I
 ICICI Premier Liquid Fund
 ICICI Short Horizon Fund
 ICICI Short Horizon Fund - Liquid Plus Fund
43
  ICICI Short Horizon Fund - Short Term Fund

BALANCED SCHEMES

ICICI PRUDENTIAL Balanced Fund invest in a mix of equity and debt investments.
Hence they are less risky than equity funds, but at the same time provide commensurately lower
returns. They provide a good investment opportunity to investors who do not wish to be
completely exposed to equity markets, but is looking for higher returns than those provided by
debt funds.
 ICICI PRUDENTIAL Balanced Fund
 ICICI PRUDENTIAL NRI Investment Fund - Flexi Asset Plan

INVESTMENT OBJECTIVE

Asset allocation is the key to investing success. It helps you reduce the volatility of
returns. A Balanced Fund takes care of this asset allocation by investing in equity for capital
appreciation and debt for stable returns. It focuses on reducing volatility of returns by
increasing / decreasing equity exposure based on the market outlook and using a core debt
portfolio to do the rebalancing

ASSET ALLOCATION

ICICI Prudential Balanced Fund, an open-ended fund that allocates to both equity and
debt markets, reflects this wisdom. In a bullish market equity allocation can go upto 80%. In a
bearish market equity allocation can go down to 65%. This dynamic allocation along with core
debt portfolio reduces the volatility of return.

Debt Equity

44
 PERFORMANCE OF FUND
See performance for the fund in the graph below:

INVESTOR PROFILE;
This fund is ideal for:
Investors seeking exposure to equity and debt markets in a single product, and are
willing to accept the average returns from both markets as a trade-off for the benefit of lower
risk from diversification

KEY FEATURES
Key Features ICICI Prudential Balanced Fund

Type Open ended Balanced Fund

Equity and Equity related instruments - 65% to 80% &
Investment Pattern
Debt, Money Market and Cash - 20% to 35%.
To seek to generate long-term capital appreciation and
current income from a portfolio that is invested in equity
Investment Objective
and equity related securities as well as in fixed income
securities.
Options Growth & Dividend
Default Option Dividend Reinvestment
Application Amount Rs.5,000/- (plus in multiples of Re. 1)
Min. Additional
Rs.500/- and in multiples thereof
Investment
Nil. Upfront commission shall be paid directly by the
investor to the AMFI registered Distributors based on the
Entry Load
investors' assessment of various factors including the
service rendered by the distributor.

45
 (a) 1% of applicable NAV if the amount sought to be
redeemed or switched out is invested upto 1 year from the
date of allotment.(b) Nil if the amount sought to be
redeemed or switched out is invested for more than 1 year
from the date of allotment. SIP/STP Option :(a) 1% of
Exit Load
applicable NAV if the amount sought to be redeemed or
switched out,is invested a period of upto 2 year from the
date of allotment.(b) Nil if the amount sought to be
redeemed or switched out is invested for a period of more
than 2 years from the date of allotment.
Generally Within 3 business day for Specified RBI
Redemption Cheques
locations and additional 3 Business Days for Non-RBI
Issued
locations
Minimum Redemption
Rs. 500/-
Amt.
Monthly: Minimum Rs. 1000 + 5 post-dated cheques for
Systematic Investment
a miminum of Rs. 1000 each. Quarterly: Minimum
Plan
Rs.5000 + 4 post-dated cheques of Rs. 5000 each.
Systematic
Minimum of Rs.500/- and Multiples thereof
Withdrawal Plan
Recurring Expenses
Investment Mangmt.
1.25%
Exp.
Other Recurring
1.25%
Expenses
Total 2.50%

(DEBT FUND)

INVESTMENT OBJECTIVE

Your need to keep some money in fixed return instruments stems from a need to earn
regular income, or from an aversion to risk. ICICI Prudential Income Plan is for those investors
who seek to deploy part of their funds in fixed income products as a conscious investment
option. The fund enables you to earn a total return–made up of both interest income and
changes in the value of capital, a facility that comes only with debt funds that do not restrict
themselves to generating merely interest income. As market interest rates change, the value of
your portfolio also changes, creating a total return portfolio in debt securities.

46
 Asset Allocation

% of Portfolio of
Instrument Risk Profile
Plan A & B

Corporate debentures &

Bonds/PSU/FI/Govt. Guaranteed Bonds / Upto 90% High
Other including Securitised Debt

Not more than

Securitized Debt Low
10% of in debt

Government Securities Upto 90% High

Cash & Call Money Upto 25% Medium

Money Market Instruments Upto 25% Mediom

Units of other mutual funds Upto 5% Low

SCHEME HIGHLIGHTS

1.Open ended Debt Scheme 2. Following Plans are available to the investors :(A) Growth Plan
(B) Dividend Plan (C) Bonus Plan (D) Floating Rate Plan Options available under Floating
Rate Plan Short Term (Growth, Dividend & Weekly Dividend)Long Term (Regular (Dividend
& Growth) Long Term (Institutional (Dividend & Growth)

2. The Plans will invest their entire corpus in high quality debt (Corporate debentures,
PSU/FI/Govt guaranteed bonds), Govt securities and money market instruments (commercial
paper, certificates of deposit, T-bills, bills rediscounting, repos, short-term bank deposits, etc).
There shall be no investment in equity.

3. The Growth Plan / Option will give returns through capital gains only. No dividends shall
be declared under this Plan. The Dividend Plan will endeavour to declare regular dividends
every half year, depending on the NAV at that point of time. The Dividend Option in Floating
Rate Short Term Plan will endeavour to declare dividends on a monthly basis while the
dividend option under the Floating Rate Plan Long Term (Regular and Institutional) Plan will
declare dividends on a quarterly basis.

47
4 Switchover between the Plans at NAV. :Also, switchover facility at the NAV related prices
to other openend schemes of ICICI Mutual Fund is available. This facility of switchover to
other schemes is not available to NRIs and FIIs

ICICI PRUDENTIAL BALANCED FUND

INVESTMENT OBJECTIVE

To provide investors long term capital appreciation along with the liquidity of an open-
ended scheme by investing in a mix of debt and equity. The scheme will invest in a diversified
portfolio of equities of high growth companies and balance the risk through investing the rest
in a relatively safe portfolio of debt.

ASSET ALLOCATION
% of Portfolio of
Instrument Risk Profile
Plan A & B

Medium to
Equities At least 50%
High

Debt Instruments like debentures,

Up to 40%
bonds,khokhas, etc.

Not more than

10% of Medium to
Securitized Debt
investments in High
debt

Money Market Instruments Balance Low

48
 APPLICATIONS OF OBJECTIVES

1. To quickly identify, contact, attract and acquire new customers.

Customer relationship is an information industry term methodologies that help an enterprise
manage customer relationship in a managed way for example, An ICICI PRUDENTIAL LIFE
INSURANCE might build a database about its customers, that describes relationships in
sufficient detail. So that management, sales people service, people and the customer can
directly access their information, match customer needs with product plans and offerings
remind customers of service requirements and know what other products a customer had
purchased. CRM enables the creation of long term, profitable relationship with customers
through increased customer intimacy and improved business process effectiveness.

CRM links back-office and front-office functions with all of a company’s touch points (for
example call centers, the corporate website) with the customer. CRM can refer either business
strategy or tools. It defines the front-end tool designed to facilitate the capture, consolidation,
analysis, and enterprise wide dissemination of data from existing and potential customers. this
process occurs through out the marketing, sales and services stages of the business.

In ICICI PRUDENTIAL LIFE INSURANCE, CRM covers all customer touch points, like
face-to-face. Internet(the corporate website), or phone(call centers). It supports employee, and
customer facing roles and allws all individuals wheather employee, business partners or
customers, to collaborate .

ICICI PRUDENTIAL LIFE INSURANCE FOLLOWS THE BELOW

TECHNIQUES :
DIRECT MARKETING: direct marketing uses mail, telephone, fax, e-mail, and internet to
communicate directly with or solicit a direct response from specific customers and prospects.
It has its roots in direct marketing and mail and catalog marketing. The direct marketing as an
interactive marketing system that uses one or more time from anywhere.

49
CALL CENTER TECHNOLOGY :
A call center is a group of agents and voice responsive (VRUS) that assist customers
with support, inquiry and transaction functions. Some type of call center technology with VOIP
(voice over internet protocol). Integrated with intelligent call routing is an absolute must for an
interface with the live customers.

CRM IN ICICI PRUDENTIAL LIFE INSURANCE provides an integrated view of a

company’s customer to everyone in the organization and thus, ensures that every one in the
ICICI PRUDENTIAL LIFE INSURANCE focused on the customer.

CRM provides seamless integration between all applications and flexible deployment of
solutions, merging front-office and back-office into one office that focuses on increased
customer satisfaction.

2. To obtain a better understanding of the customers, their needs and

wants.

The company focuses their attention on how to achieve and then sustain superior
organizational performance. The ICICI PRUDENTIAL LIFE INSURANCE LIFE
INSURANCE wants to know the excellent companion for what the customers wants you to
know. Because it helps those in sales and who supervise them, it can be done through the heart
of new approach to selling is an intense focus on the prosperity of your customer is through
value creation selling (VCS).
The ICICI PRUDENTIAL LIFE INSURANCE LIFE INSURANCE notes that VCS is
sweepingly different from how most companies sell today in these five ways.

FIRST:
ICICI PRUDENTIAL LIFE INSURANCE as a seller and your organization devote large
amount of time and energy - much more than you do today - to learning about your customers'
businesses in great detail.

50
SECOND:
ICICI PRUDENTIAL LIFE INSURANCE use capabilities and tools that you've never used
before to understand how your customers do business and how you can help them improve that
business...

THIRD:
ICICI PRUDENTIAL LIFE INSURANCE going to make it your business to know not only
your customers but also your customers' customers..

FOURTH
ICICI PRUDENTIAL LIFE INSURANCE have to recognize that the execution of this new
approach will require much longer cycle times to produce an order and generate revenue.

FINALLY:
Top management in your company will have to reengineer its recognition and reward system
to make sure that the organization as a
whole is fostering the behaviors that will make the new sales approach effective."

Earlier ICICI PRUDENTIAL LIFE INSURANCE focus why traditional sales

approaches are unable to satisfy what customers want salespeople to know. That's true but it
should be noted that ICICI PRUDENTIAL LIFE INSURANCE views the VCS process - if
properly formulated and then effectively implemented - should directly or at least directly
involve everyone within the given enterprise. In fact, because the VCS process is information-
driven, ICICI PRUDENTIAL LIFE INSURANCE strongly recommends that external sources
also be utilized to obtain the information needed about each customer and its business. Those
sources include online and electronic business media as well as vendors and research analysts
within the given marketplace. Thorough as always, ICICI PRUDENTIAL LIFE INSURANCE
even suggests what kinds of questions should be asked to determine specific information needs
and objectives.

Near the conclusion of the ICICI PRUDENTIAL LIFE INSURANCE observes:

"Transforming a sales force from transactional selling to one that creates value for the customer
is a long journey...Every part of the company has to put the customer first...Virtually every
company will have among its customers some who are progressive and fully understand the

51
value of collaborating with their suppliers to the mutual benefit of both. Start there, and don't
turn

back...Above all, value creation selling will spur your ICICI PRUDENTIAL LIFE
INSURANCE to come up with new ideas and innovations that will continually differentiate it
in the

highly competitive business environment of the twenty-first century. It is the pathway to a

prosperous future."

3.DEFINE APPROPRIATE PRODUCT AND SERVICE OFFERING

AND MATCH IT TO THE CUSTOMERS UNIQUE NEEDS.
More than half of all consumers say a negative online experience leads to online and offline
abandonment.

With the click of a mouse, a customer who has invested time and effort researching your
products and services online, and who may have purchased policy plans store in the past, will
disappear forever because of a single, bad online experience.

Often the issue that caused the customer to abandon his or her transaction could have been
resolved easily with help from a live agent. As such, ICICI PRUDENTIAL LIFE
INSURANCE realize can no longer think of their individual channels as self-sustained entities,
but as integral parts of an entire brand operation.

Interactive help options like "click to call" and "click to chat" deliver cross-channel
personalization capabilities that allow companies to target and engage customers proactively
based on their perceived needs. These technologies can have a profound effect on online sales,
provided that the companies implementing them follow certain guidelines. These guidelines
include:

Proactively targeting "engaged" Web site visitors

Offering the most appropriate contact based on context

Moving shoppers seamlessly across channels

Sharing information from one channel to the next

52
Can you imagine retail stores where nine out of 10 customers left without buying and no one
ever asked them what they were looking for? Well that's the state of affairs in the online
customer service world. Engaging customers proactively is the equivalent of a sales
representative walking up to a customer in a retail store and kindly saying, "May I help you
with something?"

Companies that deliver personalized cross-channel experiences for their customers using click
to call and click to chat have increased sales conversions, reduced Web site abandonment and
improved service efficiency dramatically. This kind of contextualized approach to online
customer interaction has increased conversion rates by as much as 20 percent and decreased
handling times by up to 20 percent, according to a recent Jupiter Research report.

THE RIGHT CONTACT AT THE RIGHT TIME

The reality is that most companies would prefer not to have every customer inquiry result in a
phone call or chat, and they invest heavily in providing self-service tools to address basic
customer service issues. While many online marketers view this as an effective way to reduce
costs, it sometimes exacerbates customer frustration by denying them the personalized service
they need to complete a sale. The result is an unhappy customer and a missed opportunity for
the company to generate revenue.

"In the future, retailers will need to develop a more balanced view of interactions across
channels, optimizing for a combination of cost and satisfaction. Valuable customers, for
instance, may require different service options than other customers," according to a December
2006 study by Forrester Research.

In those instances where customer contact is desired or required, click to call and click to chat
not only offer quality service and increase contact center efficiency, but also help
metamorphose the contact center into a sales center by targeting individual customers based on
their perceived needs and potential value. This can be done by evaluating individual customers
according to profile or segment information.

For example, companies that segment their customer base into gold, silver and bronze
categories can set a rule that presents click to call to gold (high-value) customers throughout
their session, but only to silver and bronze customers once their shopping carts reach a certain
threshold.

53
Gold customers get the piece of mind of always having the phone option should they have a
questions, while lower-value customers are channeled to less costly service options like FAQs,
e-mail or chat (unless they meet the shopping cart

4. IDENTIFY CROSS SELLING AND UP SELLING.

Cross-sell and up-sell software typically include the capability to quality prospects, track
contracts, and refer them to sales persons when appropriate event driven marketing is one
aspect of cross-selling .for example IN ICICI PRUDENTIAL LIFE INSURANCE an event
would be a large policy, which would then trigger a sales person to call the customer and ask
if he or she would be interested in other plans of policies. Cross -selling and up-selling can also
be based on identifying the life-path needs of the prospects. For example ICICI PRUDENTIAL
LIFE INSURANCE should recommend money back policy to those of their customers who
are approaching retirement. If customers with young children could be identified then ICICI
PRUDENTIAL LIFE INSURANCE could cross-sell child life plans , cross sell and up-sell
software may be used to schedule sales calls, keep detailed records about sales activities, and
check on the status of customer orders. This software may also be integrated with inventory
software(to see what products are in stock) or field services /external customer support(to learn
how the product is working for the customer.

5.INCREASE RETENTIION OF EXISTING CUSTOMERS THROUGH

IMPROVED AFTER SALES, SERVICE, AND SUPPORT.

Successful Customer Acquisition and Customer Retention Marketing Strategies.

Targeted marketing is a critical component of your marketing success. Attracting and retaining
profitable customers and turning potential customers into actual customers is a huge challenge
– especially when you consider the multitude of consumer data available. Whether it's business-
to-business marketing or business-to-consumer marketing, ICICI PRUDENTIAL LIFE
INSURANCE need to know your customers. By understanding the demographic
characteristics, lifestyle behaviors and purchase preferences that drive your audience's
decisions, ICICI PRUDENTIAL LIFE INSURANCE can successfully tailor their marketing
strategies to reach those most likely to purchase your product or service, increase your customer
loyalty and improve customer profitability.

54
Powerful Marketing Solutions

Market targeting starts by combining your proprietary customer data with our segmentation
systems and the most comprehensive databases available. The result is sound, actionable,
intelligent information targeted for your specific industry.

ICICI PRUDENTIAL LIFE INSURANCE' targeted marketing solutions provide the tools you
need to effectively reach and retain your best customers, while improving customer loyalty and
customer profitability. When conducting business-to-consumer marketing, you'll discover your
customers' lifestyles, habits, preferences and needs, including:

 Specific product usage

 Channel preferences
 Technology adoption
 Media usage
 Lifestyle and other consumer behaviors
 Life cycle data

Proven Steps to Success

ICICI PRUDENTIAL LIFE INSURANCE' established best practices for customer acquisition
and customer retention marketing integrates information, analysis and marketing applications
for targeting their best customers and prospects and retaining company’s best customers. ICICI
PRUDENTIAL LIFE INSURANCE Using ' 4-step market targeting process of Discovery,
Strategy, Implementation and Measurement, ICICI PRUDENTIAL LIFE INSURANCE
trained representatives will help company apply Precision Marketing techniques to develop the
best customer acquisition and customer retention solutions to tackle your specific marketing
challenges:

1. Discovery –ICICI PRUDENTIAL LIFE INSURANCE Begin with a complete

examination of both your customer base and your market to identify your highest value
customer segments and best new sales opportunities. This link between your internal
information and the marketplace provides valuable insight into your customers'
purchasing behavior and preferences – revealing who is likely to buy more and which
products or services they want. With this information in hand, you immediately
improve your opportunities to increase customer profitability and improve customer
loyalty.

55
 Lifestyle segmentation is a key component of the customer analysis phase and helps to
identify life stages, income ranges, education levels and media preferences. Learn
which products fit your customers' lifestyles for more precise planning of cross-sell and
up-sell promotions.

2. Strategy
Once your key customer segments have been identified, develop targeting strategies
that address customer needs and take full advantage of your new opportunities today
and into the future. This strategic phase focuses on the three core areas essential for true
customer acquisition and retention success: customers, markets and delivery channels.

3. Implementation – Implement Your Plan

The knowledge gained from the analysis and strategic planning phases allow you to
implement a solid targeted marketing plan. Target prospects precisely, choosing
segments that match your customer base and media channels that match their
preferences. Reaching potential customers with targeted offers has never been easier.

4. Measurement – Measure Your Performance

During the measurement phase of your program, arm yourself with the performance
benchmarks and "potential" analysis to assess the effectiveness of your strategies and
implementation tactics. The ability to measure against these actions is critical – it is the
only way you can gain the insight to make improvements, implement cost savings and
accurately assess gains or losses. Measuring your results can increase your response
rates for the next campaign and help to allocate your marketing budget more effectively.

POWERFUL CUSTOMER ACQUISITION AND CUSTOMER

RETENTION SOLUTIONS

By combining your proprietary customer data with our segmentation systems and the most
comprehensive databases available, you get customer acquisition and customer retention
solutions targeted for your specific industry. The following customer acquisition and customer
retention solutions and platforms are available:

56
  Data – reveal product usage through primary research and survey data
 Segmentation – uncover specific lifestyle information
 Software – map customers and perform in-depth analyses
 Internet – download additional data for analysis
 Consulting – gain customized solutions through our analytical services division,
Integras

By combining the business-to-consumer marketing solutions most relevant to you and your
business, you will improve your customer profitability and customer loyalty.

MARKET SEGMENTATION
ICICI PRUDENTIAL LIFE INSURANCE' market targeting segmentation research tools excel
at uncovering hidden patterns of consumer behavior for you to capitalize on. ICICI
PRUDENTIAL LIFE INSURANCE help you improve the targeting of your specific market
segment and audience by understanding the demographic characteristics, lifestyle behaviors
and purchase preferences that drive their buying decisions. ICICI PRUDENTIAL LIFE
INSURANCE has led the industry in analytical marketing segmentation research solutions that
generate proven business-to-consumer marketing results for our clients.

ICICI PRUDENTIAL LIFE INSURANCE segmentation systems provide a flexible framework

for decision-making that is consistent from the individual, to local markets, to the national level
– and every level in between. This ability to "upshift" or "downshift" across market segments
with total consistency is a unique benefit of working with ICICI PRUDENTIAL LIFE
INSURANCE

Browse through the comprehensive listing of ICICI PRUDENTIAL LIFE INSURANCE

targeted marketing segmentation solutions, designed to bring all consumer profiles, market
segmentation and facets of your segmentation challenges into focus. Our marketing
segmentation research system options allow you to easily locate the best market segmentation
solution for your business needs.

UNPARALLELED PRIMARY CONSUMER RESEARCH

ICICI PRUDENTIAL LIFE INSURANCE offers the most extensive links to the nation's
leading syndicated surveys and databases of consumer behavior. These consumer profiles

57
provide a powerful targeting tool to accurately segment consumers by lifestyle, media and
product preferences. National and local market profiles are available.

 Convergence Audit Survey™ – The Convergence Audit provides market intelligence

regarding communication, energy and technology use through actual consumer
attitudinal and behavioral information.
 Insurance Audit Survey™ – The Insurance Audit provides detailed information about
consumer behavior of insurance and investment products.
 Market Audit® Survey – Market Audit is the largest syndicated database of consumer
financial behavior – compiled annually from interviews with over 100,000 households,
Market Audit covers household use of dozens of financial products, accounts and
account balances, where accounts are held and more.

EXTENSIVE SEGMENTATION PARTNERSHIPS

ICICI PRUDENTIAL LIFE INSURANCE targeted marketing segmentation systems link to

more syndicated product-use surveys, direct mail lists, audience measurement and other key
databases in the U.S. and Canada than any other segmentation systems. These links make it
possible to use our market segmentation data for a wide variety of business-to-consumer
marketing applications, from media planning to database marketing. Our partnerships give you
the power and confidence of proven market segmentation research and technology expertise.

SEGMENT YOUR CUSTOMERS – TARGET YOUR PROSPECTS

Increasing ICICI PRUDENTIAL LIFE INSURANCE market targeting effectiveness is one of

your toughest challenges – how do you make the most of your marketing dollars while
successfully reaching and retaining your most profitable customers and prospects? Market
segmentation helps to easily classify your best customers and find more like them – resulting
in improved customer profitability and customer loyalty. With the overwhelming range of data
and segmentation offerings available, you need an easy-to-use resource that connects market
demographics, consumer segmentation and behavioral survey data in one system.

ICICI PRUDENTIAL LIFE INSURANCE Consumer Point provides a comprehensive solution

that allows you to link your internal data with the external market perspective, uncovering
valuable information about your greatest opportunities. Consumer Point includes the following
collection of ICICI PRUDENTIAL LIFE INSURANCE well-known and powerful market
segmentation and market data systems:
58
  PRIZM® NE—The New Evolution
 PRIZM NE 5Y
 Workplace PRIZM NE
 P$YCLE® NE
 P$YCLE NE 5Y

THE MARKETER'S COMPLETE ONLINE TOOLKIT

ICICI PRUDENTIAL LIFE INSURANCE is a new online targeted marketing experience.
Rather than focusing on a single marketing discipline, we have created a toolkit that allows
marketers to complete all of their marketing and planning projects from a single resource.
 Market Analysis – Produce reports, maps and data variables for your market areas.
Analyze demographic trends, consumer spending and business profiles to choose the
best markets and site locations.
 Customer Analysis – Segment your customers to target your best growth
opportunities. Understand customer lifestyles, product preferences, and media habits so
you can target customers and prospects more effectively.
 Business to Business Analysis – Discover your best business to business customers
and competitors, plan your strategy and then execute it

Until now, multiple resources were required to complete robust marketing analysis. This
versatile tool provides answers to all your needs:

 Dozens of detailed reports/maps – Demographics, Consumer Buying Power, Retail

Market Power, Business Facts and much more!
 Thousands of data variables offering insight into any US market.
 Thousands of behavioral profiles that unlock the behaviors of your target customers
and prospects.
 Market leading consumer segmentation – PRIZM NE, P$YCLE NE,
 Complete business to business matching and discovery tools
 Consumer and business to business prospect lists

BUSINESSPOINT™
B2B MARKETING, ONLINE IN REAL TIME
ICICI PRUDENTIAL LIFE INSURANCE Business point a robust, web-based portal, gives
you the ability to discover, plan, evaluate and execute your business-to-business efforts. Use
59
Business Point to gain a better understanding of your B2B customers and get the complete
picture of the "B2B" landscape in your market. In short, after using ICICI PRUDENTIAL
LIFE INSURANCE Business Point, you will achieve more successful business-to-business
market targeting campaigns!
ICICI PRUDENTIAL LIFE INSURANCE is a cost-effective targeting tool that will answer
your toughest marketing questions. The comprehensive information about each business helps
you define and target your direct mail, telemarketing, and direct sales efforts. The site offers
the flexibility to refine your analysis by using filters to receive exactly the information you're
looking for.

PRIZM® NE
THE NEW EVOLUTION IN SEGMENTATION
For the fourth time in as many decades, ICICI PRUDENTIAL LIFE INSURANCE has
recrafted its targeted marketing segmentation technology to correspond with the largest data
collection effort ever undertaken by any entity – the 2000 U.S. Census. The PRIZM NE system
captures the essence of the previous PRIZM system, as well as the best-in-class methodology
of MicroVision. What's different – and most powerful – about the current development process
for PRIZM NE is that it links household and neighborhood-level segment assignments.
Updating segmentation systems to evolve with the times is nothing new for ICICI
PRUDENTIAL LIFE INSURANCE The Census transition from 1980 to 1990 found us
updating both PRIZM and Vision, one of ICICI PRUDENTIAL LIFE INSURANCE former
segmentation systems. These updates resulted in the creation of the 62-cluster version of
PRIZM and the 95-atom MicroVision system at the ZIP+4 level. This updating process has
kept ICICI PRUDENTIAL LIFE INSURANCE at the forefront of segmentation development.

THE POWER OF SEGMENTATION WHERE CONSUMERS WORK

Effectively identifying and targeting the customers who drift in and out of your market area
during their workdays can be challenging, yet this is a critical component of your marketing
success. Whether they are eating out for lunch, dropping off dry cleaning, getting cash at the
ATM, or picking up a birthday card, consumers like the convenience of buying products and
services near where they work. For as many as three shifts a day, 365 days a year, a
neighborhood's workplace population constitutes a significant—but often untapped—market
of potential customers.

60
Now you can target your customers where they work with the same standard segmentation
system you use to target them at home. Workplace ICICI PRUDENTIAL LIFE INSURANCE
provides marketers with the distribution of INGVYSYA segments carried into a neighborhood
by its working population. Once its workers arrive, a geography's ICICI PRUDENTIAL LIFE
INSURANCE profile can be as different from its resident population profile as, quite literally,
night and day.
Market targeting segmentation data and products will help you increase your customer
profitability and improve your customer loyalty. Contact
ICICI PRUDENTIAL LIFE INSURANCE to find out how we can help you with market
segmentation, targeted marketing segmentation research, consumer profiles, market data and
demographic segments data needs.

61
 CHAPTER IV
DATA ANALYSIS AND
INTERPRETATION

62
1. Please tick the factor that drives you for the purchase of the insurance.

CATEGORY RESPONDENTS
Safety 35
Benefits 23
Comfort 22
Brand 20

RESPONDENTS

40
35
35

30

25 23 22
20
20 RESPONDENTS

15

10

0
Safety Benefits Comfort Brand

INTERPRETATION:
Out of 100 people who participated in survey it is found 35 are giving more importance to
safety, and 23 are giving for benefits, and 22 are giving for comfort, and 20 are giving for the
brand. The majority of the customers are giving more importance to safety.

63
2. Do you plan to have a life insurance policy in near future?

CATEGORY RESPONDENTS
Within 6 months 38
Within 1 year 21
After 1 year 28
Above 1 year 13

RESPONDENTS

40 38

35

30 28

25
21
20 RESPONDENTS

15 13

10

0
With in 6 months With in 1 year After 1 year Above 1 year

INTERPRETATION:
Out of 100 people who participated in survey it is found 38 customers are willing to take the
policy within 6 months, 21 are willing within 1 year, and 28 are willing to take after 1 one
year and 13 are willing to take above 1 year. So the majority of the customers are within 6
months.

64
3. Which of life insurance policy do you prefer for your family?

CATEGORY RESPONDENTS
Traditional Plans 19
Money back Plans 34
Unit linked Plans 27
Market investment Plans 20

RESPONDENTS

40
34
35

30 27
25
19 20
20 RESPONDENTS

15

10

0
Traditional Plans Money back Unit linked Plans Market
Plans investment Plans

INTERPRETATION:
Out of 100 people who participated in survey it is found 19 are showing interest for traditional
plans, and 34 are interest for money back policy and 27 are interest for unit linked plans, 20
are interest for market investment plans. So majority of customers will go for the money back
policy.

65
4. Which mode of payment do you find more suited to your convenience.

CATEGORY RESPONDENTS
Quarterly 29
Half yearly 28
Yearly 24
Any other 19

RESPONDENTS

35

29
30 28

25 24

20 19
RESPONDENTS
15

10

0
Quarterly Half yearly Yearly Any other

INTERPRETATION:
Out of 100 people who participated in survey it is found 29 are willing to pay the amount in
quarterly and 28 are willing to their amount in half yearly and 24 are willing to pay their amount
in yearly, and 19 are willing to pay their amount in other modes. So majority of the customer
are willing to pay amount in quarterly.

5. Are you satisfied with the services and benefits of the insurance company in which you
have policy?

66
 CATEGORY RESPONDENTS
Yes 74
No 26

RESPONDENTS

80 74

70

60

50

40 RESPONDENTS

30 26

20

10

0
Yes No

INTERPRETATION:
Out of 100 respondents who have the ING policy 74 are satisfied with the company service.
Out of 100 respondents who having the policy in ING 26 are not satisfied with their services.

67
6. Do you suggest the insurance company in which you have policy to your friends?

CATEGORY RESPONDENTS
Yes 71
No 29

RESPONDENTS

80
71
70

60

50

40 RESPONDENTS
29
30

20

10

0
Yes No

INTERPRETATION:
Out of 100 respondents who have the ING policy 74 are willing to suggest their friends.
Out of 100 respondents who have the policy in ING 29 are not willing to suggest their friends.

68
7. which of the following media in your view is the best seated for the insurance industry.

CATEGORY RESPONDENTS
News papers 33
T.V 26
Hoardings 23
Events 18

RESPONDENTS

35 33

30
26
25 23

20 18
RESPONDENTS
15

10

0
News papers T.V Hoardings Events

INTERPRETATION:
Out of 100 people who participated in survey it is found 33 are known about the ICICI
PRUDENTIAL LIFE INSURANCE POLICIES by newspapers.26 are known by T.V. and 20
are known by hoardings and 10 are known by events.

69
 CHAPTER V
FINDINGS AND
RECOMMENDATIONS

70
 FINDINGS:

From the project study and interpretation the findings are s follows :

Our country india has a population 120 crore and that are only 8 crore people have
life insurance policy. Out of 100 samples 65% people have insurance policy in LIC and
remaining 35% people have insurance policy In other insurance companies.

Most people have trust in LIC than any other insurance company and still LIC holds
huge market share in life insurance sector in India.

The reason behind this is LIC is a public sector company and has its roots from 50
years in India.

82% people are taking insurance policy only if it is within their budget and have flexible
payment options and remaining is taking policy if it is not with in budget. But due to
benefits is taking policy and reputation of the company.

Among various factors 55% of people are looking for benefits policy and remaining
20% people are looking for brand name of insurance company.

71
 RECOMMENDATIONS:

There is a huge potential market for life insurance companies in India as out put
of 120 crore population. Only 8 crore are insured. The insurance companies should educate
people about insurance its importance, different policies and benefits of policies.

The people opt for policy by taking into consideration price of premium of policy
and benefits of policy and least importance is given to brand name. the life insurance
companies should look over flexible payment options from the point of untapped potential
market in India.

The price of premium of a policy must be within the budget of common man and
life insurance companies should provide flexible payment options. By doing so, the private
insurance companies can surely capture the untapped market along with creating brand
name.

72
BIBLIOGRAPHY

73
 BIBLIOGRAPHY

Marketing management - Philip kotler

- S.A. sherley

- P.N.Reddy

Marketing research - G.C. Beri

-Donald Tull

Internet information www.ingvysyalife.com

www.mouthshut.com
www.research.com
www.solidit.com
www.crm.com
www.claritas.com

Books and journals business world

4ps marketing
Economic times(brand equity).
Business line.

74
QUESTIONNAIRE

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 ANALYSIS OF CUSTOMER RELATIONSHIP MANAGEMENT IN
HYDERABAD

Respondents Profile

Name: Sex:

Age: phone :

(1) Please tick the factor that drives you for the purchase of the insurance.
A) safety B) benefits

C) comfort D) Brand

(2) DO you plan to have a life insurance policy in near future.

A) Within 6 months B) Within 1 year

C) After one year D) Above one year

(3Which of the life insurance policy do you prefer for your family.
A)Traditional plans B) money back plans

C) Unit linked plans D) market invest plns

4)which mode of payment do you find more suited in your convenience.

A) Quarterly B) Halfyearly

C) yearly D) Any other

5) Are you satisfied with the services and benefits of the ICICI PRUDENTIAL LIFE
INSURANCE LIFE insurance company you have policy.
A) Yes B) No

(1) Do you suggest the insurance the ICICI PRUDENTIAL LIFE INSURANCE to
your friends.
A) yes B)No

(2) which of the following media in your view is the best seated for the insurance
industry.
(A) News papers B) T.V.

(3) Any expectations that are not fulfilled by the ICICI PRUDENTIAL LIFE
INSURANCE company and suggestions.---------------------------------------------
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