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It is immense pleasure for me to put on record my profound gratitude to the persons who
has
supported me in substantial ways for the successful submission of this dissertation.
I wholly confess that the credit of this report is not only my treasure as I have merely
brought together the teaching, guidelines, knowledge, tips and notes from different
members of the institutes.
May I also, in the same breath, express my gratefulness to my honourable teacher and my
project guide Mrs. Poonam Sachdeva for enlightening and guiding me at every step of the
completion of this project and for acquainting me with the work environment and
providing productive suggestion to handle problems.
Last but not the least, my sincere thanks to my parents and my friends for supporting me.
KUMARI RAMAN
It is the oldest and most well experienced player having a Pan India presence.
LIC has a strong and very well developed distribution network.
It is having a huge consumer base and is evolved as one of the most powerful brands
of the country.
It has a large product portfolio and claim settlement is easier to get.
It has the advantage of its own as the government guarantee is accompanied with it.
Weakness
Its employees and other staff are lethargic and least motivated to render prompt and
sincere customer service.
Agents not taking into account the needs of people and promote policies having high
commissions only.
Very slow decision making process and internal problems between top management
and lower cadre staff.
Large scale corruption in offices.
Opportunities
Emergence of a huge middle income consumer market in the country
People becoming more aware and demanding so there is scope for a whole lot of
innovative products.
Pension markets, health insurance and large real estate portfolio.
Threats
There is too much internal discord.
ICICI PRUDENTIAL
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of
India's foremost financial services companies-and Prudential plc - a leading international
financial services group headquartered in the United Kingdom. Total capital infusion
stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc
holding 26%.
They began their operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA). Today, the nation-wide reach includes 1,960
branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 bancassurance
partners.
For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private
Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted
Brands'.
For the period April 1, 2009 to September 30, 2009, the company has garnered total
received premium new business premium of Rs 2,128 crores and has underwritten over
10 million policies since inception. The company has assets held over Rs. 53,000 crores
as on December 31, 2009.
For the past nine years, ICICI Prudential Life has retained its leadership position in the
life insurance industry with a wide range of flexible products that meet the needs of the
Indian customer at every step in life.
Distribution
ICICI Prudential Life has one of the largest distribution networks amongst private life
insurers in India. It has a strong presence across India with 1,960 branches (including
1,096 micro-offices) and an advisor base of over 230,000 (as on December 31, 2009).
The company has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon
Peoples Co-op Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-
operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank.
About the Promoters
ICICI Bank
ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest
bank in the country with consolidated total assets of about US$ 102 billion as of June 30,
2009. ICICI Bank's subsidiaries include India's leading private sector insurance
companies and among its largest securities brokerage firms, mutual funds and private
equity firms. ICICI Bank's presence currently spans 19 countries, including India.
Prudential Plc
Established in London in 1848, Prudential plc, through its businesses in the UK, Europe,
US, Asia and the Middle East, provides retail financial services products and services to
more than 21 million customers, policyholder and unit holders and manages over £249
billion of funds worldwide (as of March, 2009). In Asia, Prudential is the leading Europe-
based life insurer with life operations in China, Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is
one of the largest asset management companies in terms of overall assets sourced in Asia
ex-japan, with £36.8 billion funds under management (as of March, 2009) and operations
in ten markets including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore,
Taiwan, Vietnam and United Arab Emirates.
Highest score among all Insurance players including LIC, on image parameters like
safety, modernity, service, good returns etc. Intention to invest: Next only to LIC as per
research (All Source: Research by ORG Marg). No. of calls and emails: There were
70,000 calls at the call center and 6582 emails in the year 2001. Today, ICICI Prudential
are fairly high on awareness, among target segment. Company have a 86% brand recall
today.A research survey shows that among the investing public. About 11% of the
investing public knew Prudential ICICI top of mind. It is a fair indicator of the share that
the brand enjoys in the market. On spontaneous level ICICI prudential are at 30%. ICICI
Prudential Life was awarded the INDY¶s Award for Excellence in Mass Communication
in the category of Most Creative Advertisement- Television.
Marketing strategies of LIC includes promoting their products which is necessary for life
and it acts as saver to the policy holder as well as to his entire family.LIC earlier just
focused on providing life insurance to people but apart of it ICICI PRUDENTIAL
marketing strategies include not only providing the policy holders with a life cover but
also providing them with additional benefits like tax saving schemes etc. As the
competition is increasing LIC has started changing its strategies to provide people with
products and services which are more flexible.