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PRODUCTS with reference to ICICI Lombard General
insurance co Ltd”

Submitted in partial fulfillment of the requirement for MBA

Degree of Bangalore University


Register Number

Under the guidance of
Dr. N.S. Viswanath

M.P.Birla Institute of Management

Associate Bharatiya Vidya Bhavan
#43, Race Course road,

This is to certify that Mr. Satish S Musti, bearing registration no.04XQCM6080

has undertaken a research project and has prepared a report titled


Under my guidance. This has not formed a basis for the award of any degree/

diploma for any other university.

Place: Bangalore

Date: Dr.N.S.Viswanath

This is to certify that Mr. Satish S Musti, bearing registration no.04XQCM6102

has undertaken a research project and has prepared a report titled


under the guidance of Dr.N.S.Viswanath. This has not formed a basis for the

award of any degree/ diploma for any other university/Institution.

Place: Bangalore

Date: Dr.Nagesh.S.Malavalli

At the very outset, I take the opportunity to thank Dr. Nagesh Malavalli,
Principal, M.P. Birla Institute of Management for providing me with the academic
support. I express my sincere regards and gratitude for every individual linked with
my Research Work.

One such person is my guide for the semester Dr.N.S.Viswanath, whose

inspiring words made me, put in all I had to offer. His continuous guidance and
suggestions are the cardinal aspects that have ultimately led me to see this fruitful

I would like to thank all the respondents and personnel of ICICI Lombard general
insurance co ltd for their co-operation and providing the relevant data required.

I express my sincere gratitude to all my friends and well-wishers who helped me

in completing this Project Report.

Last but not the least; I would like to thank the Almighty for being there always in
this endeavor.

I hereby declare that the project report titled “Market analysis of office insurance
products with reference to ICICI Lombard general insurance co ltd..” is a record of
independent work carried out by me towards the partial fulfillment of the
requirements for the Masters Degree in Business Administration course of
Bangalore University, at M.P. Birla Institute of Management, Associate
Bharatiya Vidya Bhavan, Bangalore – 560001.

This has not been submitted for the purpose of any award or degree or diploma of

any other university or institution.

Place: Bangalore (Mr. Satish S Musti)

Date: 04XQCM6080.



 Research Gap
 Problem Statement
 Research Objectives
 Operational Definition Of the Concept
 Type Of Research
 Sampling Design
 Primary Data
 Secondary Data




The project title is “Market Analysis of Office Insurance Products”.

The objective of the research is to analyze the market and to find out
customer awareness level about office insurance products. To know about effective
of company service

Type of research is descriptive research, using direct-structured

questionnaire done through the Survey. The sampling unit of the survey is the
entire offices in Raichur city. The sample size is 80 offices.

Findings of the project are major of respondents have awareness about

office insurance and office insurance products. Major of respondents told they
believe in Government owned companies and they want to avail Government
owned companies services. Major of respondents think company and company
services are very important factors for purchasing office insurance policies.

Based on the findings recommendations are given like there is a necessity to

make more advertising and promotions by the insurance company through TV,
news papers, magazines and pamphlets to make aware the customers about the
insurance provided by them. As it was found that customers preparing only
Government companies for their office insurance so company should create trust in
costumers about private insurance companies by rendering good services like
proper claims, good response to costumer queries and maintaining good
relationship with costumers.

The term insurance market broadly covers the insurance companies, the
buyers of insurance and the various intermediaries.


Till May, 1971 there were 107 companies operating in the market, both
Indian and foreign. Some companies were in the co-operative sector. The size of
the companies and there reach varied to a great extent. Whereas many companies
used to underwrite all types of covers fire, marine& miscellaneous insurance, some
other restricted their area of operation basically to selected field only like Marine
Hull Business.

The government in May, 1971 took over the undertaking of all the
companies as a prelude to ultimate nationalization. This was brought about under
the General insurance business (Nationalsation) Act, 1972.

Thus, effective 01/01/1973 a single holding company was created named

as General Insurance Corporation of India, with 4 subsidiaries to take care of the
general insurance business operation.

The four subsidiaries formed were as under:

1] The National Insurance Co. Ltd

2] The India Assurance Co. Ltd
3] The Oriental Insurance Co. Ltd
4] The United India Insurance Co. Ltd

The four subsidiary companies operated under the all direction of the GIC.
Each of these had almost a similar structure with 4 tiers. i.e. the branch at the
bottom rung; above them the divisional office; thereafter Regional office and the
HO at the apex.
Present Scenario:

At present 12 companies are operating in general insurance market for

direct business. The four public sector companies mentioned above and the
following companies in the private sector. These private companies were formed
after the passing of the IRDA Act, 1999. This removed the prohibition existing in
the GIBNA Act relating to formation of insurance companies other than the four
public sector companies.

The companies in the private sector are:-

1. Bajaj Allianz General Insurance Co.Ltd.

2. Cholamandalam General Insurance Co. Ltd.
3. HDFC Chubb General Insurance Co. Ltd.
4. ICICI LOMBARD General Insurance Co. Ltd.
5. IFFOCO Tokio General Insurance Co. Ltd.
6. Reliance General Insurance Co. Ltd.
7. Royal Sundaram Alliance Insurance Co. Ltd.
8. Tata AIG General Insurance Co. Ltd.

The General Insurance Corporation is now only Reinsurance Company and

operates as the National Reinsures.
There are however, some companies in the market which are formed for a
specific purpose only.

Deposit insurance company- To take care of loss suffered by the depositors

of a bank.
i. Exports Credit Guarantee Corporation – this takes care of the credit risk
which exporters face in respect of the goods exported.
ii. Agricultural Insurance Corporation to take care of crop insurance and allied
iii. There are also insurance departments in some of the states.
The four public sector and the 8 private sector companies are authorized to
handle direct business as well as reinsurance business, both inward outward.

The buyers of insurance would be property owners, factory owners, traders,

vehicle owners, commercial establishments, professionals etc. In fact the whole
population could deemed as potential costumers for insurance of one type or


My personal enquiry with the sales manager of ICICI Lombard General

Insurance Co Office indicates that there is a potential market for office insurance
products in north eastern part of Karnataka. There is a need for research
investigation in to the analysis for office insurance products. This has evoked me
to undertake this research investigation


 How can one assess the market awareness for office insurance products.

 How can we tap this potential after assigning, through strategic marketing
of services.


The scope of the study is restricted to analyze the market for office
insurance products with various offices in Raichur.The study intends to know
awareness of insurance products.

The research was conducted to know opinion about services provided by

the ICICI LOMBARD. The research was also concentrated on other factors like
premium and advertising of products.

 To find out the customer awareness level for office insurance products.

 To assess the effectiveness of company service.

 To make an independent assessment of the magnitude of the market

potential in the light of the competitive scenario.

 To suggest remedial measures to exploit the market potential.


Traditionally, market was a physical place where buyers and sellers gathered to
exchange goods. It is also a collection of buyers and sellers who transact over a
particular product.
A simple market system can be shown as:


Industry (A collection of
Money Buyers)


It is a societal process by which individual and groups obtain what they need and
want through creating, offering and freely exchanging products and services of
values with others.

Marketing research:

It is a systematic and objective study of problems pertaining to the

marketing of good and services. It may be emphasized that it is not restricted to
any particular area of marketing but is applicable to its all phases and aspects.


A product is anything that can be offered to a market to satisfy a want/need.

Products that are marketed include physical goods, Services, Experiences, events,
persons, properties, organizations, information and ideas.


A Brand is a name, term, sign, symbol, design or a combination of them

intended to identify the goods/services of one seller/group of sellers and to
differentiate them from those Of Competitors.

Distribution and its Channels:

Distribution is the process of moving goods/services form the place of production

to the marketing activities involved in the flow of goods/services from the primary
producer to ultimate consumer.
Accident and accidental

Means a sudden, unforeseen, and unexpected physical event beyond the

control of the Insured caused by external, visible and violent means.

Bodily injury
Means any accidental physical bodily harm but does not include any
sickness or disease.

Business or business purposes

Means any full or part time, permanent or temporary, activity under taken
in the premises with a view to profit or gain.


Means an act involving the unauthorized entry to or exit from the insured’s
property or attempt threat by unexpected, visible, forcible and violent means, with
the intent to commit an act of theft.


Means and includes bank of every description, post office and government


Means the following used for business or business purposes, so long as they
are owned by the insured and / or for which the insured legally responsible for
including family of insured, directors, karta of HUF, partners and the like goods
such as furniture, stock, machinery, equipment, fixtures, fittings and interior
decorations but excluding money, jewelry, and valuables.

Means any person employed by the insured to perform certain duties for
consideration, either expressly or impliedly in the course of employment

Insured or insured’s

Means the person named in the policy as the policy holder and / or his
family, and / or his parents, and / or directors and / or karta of HUF, and the like.

Medical expenses

Means expenses incurred on necessary on medical or surgical treatment,

services, or supplies.

Period of insurance

Means the period of time stated in the schedule for which the policy is valid.


Means insured’s proposal, the schedule, company’s covering letter to the insured,
insurance clauses, definitions, exclusions, conditions and other terms contained
here in and any endorsement attaching to or forming part hereof, either at inception
or during the period of insurance.


Means insured’s shop as stated in the schedule, which is used or occupied

mainly for business purposes by insured.

Means the schedule, and any annexure to it, attached to and forming part of
this policy.

Sum insured

Means and denotes the amount of cover available under each section as
stated in schedule or any revisions thereof based on claim settled, as stated in the
scope of cover of the policy and, where appropriate, as more particularly described
and limited per item insured in any annexure to the schedule. This is the maximum
that the company will pay for each and every claim, and in all, under that section.


The type of research used in this project is a Descriptive research design.

The major purpose of descriptive research is a description of the state of the affairs,
as it exists at present. Thus a Descriptive study is a fact finding investigation with
adequate interpretation. It is the simplest type of research. It focuses on particular
aspects or dimensions of the problem studied. It is so designed that it gathers
descriptive information and provides information for formulating more
sophisticated studies. There is a cause effective relationship.

The criteria for selecting this particular design are that, the problem of the
project must be described and not arguable. The data collected is amenable to
statistical analysis and has accuracy and significance. It is possible to develop valid
standards of comparison. It lends itself to the verifiable procedure of collection and
analysis of data.

Descriptive study objectives aim at identifying the various characteristics of

a company problem under study. It can reveal potential relationships between
variables with exploratory research.


The sampling technique used is “convenient sampling”. It is also called as

purposive sampling or non-probability sampling. This sampling method involves
purposive or deliberate selection of particular units of the universe for constituting
the sample, which represents the universe. When population elements are selected
for inclusion in the sample based on the ease of access, it can be called as
convenient sampling.
Empirical field studies required collection of first hand information and data
pertaining to the units of study from the field.


The samples includes various offices & shops in and around of Raichur city.


The sample size for listing questionnaire of research is 100, and the sample
size is broken down in to two samples i.e. a sample size of 80 respondents from the
offices and shops and the sample size of 20 respondents from the customers who
are already availing the service of ICICI Lombard.


Primary data:

The data was collected by using questionnaire and structured direct

interviews which were separately conducted to know the market awareness and
market potential.

Secondary data:

The secondary data was collected from the company reports, broaches,
manuals, text books and Internet. The customer of 20 respondents was provided by
the company for assessing the service provided by a company.


 This research is company- specific and confined only to north east part of
Karnataka, the problem of generalization becomes obvious
 Limited sample size is taken.

Insurance is not necessarily an investment from which one expects the

returns. Insurance is not gambling. A gambler takes risk, while insurer offers
protection against risks that already exists. Insurance is a way to share risk with

Insurance industry has always been a growth-oriented industry globally. On

the Indian scene too, the insurance industry has always recorded noticeable growth
vis-à-vis other Indian industries.

The transaction of general insurance business in India is governed by, and

is subject to two statutes, viz, the insurance act -1938 (as amended) and the
insurance regulatory act, 1999.

The practice of general insurance is directly or indirectly affected by other

statutes also, e.g. Marine insurance act, Motor vehicles act, Workmen’s
compensation act, public liability insurance act etc.

The Insurance act, 1938:

This Act was passed in 1938 and was brought into force from 1st July, 1939.
The act has been amended a number of times, the most important amendments
being made in 1950, 1968 and especially by IRDA ACT, 1999.

The act applies to all insurers transacting insurance business subject to

exceptions, restrictions and limitations, as specified by the Central Government.
The important provisions of the act relate, among other things, to:
a) Registration
b) Accounts and returns
c) Investments
d) Limitations in expenses of management
e) Solvency margin
f) Prohibition of rebates
g) Powers of investigation
h) Licensing of agents/corporate agents
i) Licensing of brokers/reinsurance brokers Advance payment of premium
j) Licensing of surveyors/loss assessors
k) Advance payment of premium
l) Tariff Advisory Committee


ACT, 1972

This act came into force on 1st January, 1973.

Object of the Act

The object of the act, as stated therein, is

i. To provide for the acquisition and transfer of shares of Indian Insurance

Companies and undertakings of other existing insurer’s.
ii. To serve better the needs of the company by securing the development of
general insurance business in the best interests of the community.
iii. To ensure that the operation of the economic system does not result in the
concentration of wealth, to the common detriment.
iv. For the regulation and control of such business and for matters connected
therewith or incidental thereto.
Establishment of General Insurance Corporation of India

The act provided that the Central Government shall form a Government
Company in accordance with the provisions of the Companies act, 1956 to be
known as the General Insurance Corporation of India for the purpose of
superintending, controlling and carrying on the business of general insurance.

Functions of GIC and the companies:

a) The carrying on of any part of the general insurance business if it thinks it

desirable to do so.
b) Aiding, assisting and advising the companies in the matter of setting up
standards of conduct and sound practice in general insurance business and
in rendering efficient service to policy holders.
c) Advising the companies in the matter of controlling their expenses and
investment of funds; and.
d) Issuing directions to companies in relation to the conduct of general
insurance business.



Subsequently, The Insurance Regulatory and Development Authority act, 1999

came into being effective 19/04/2000

The Insurance Act, 1938 provided that the Government should appoint a
controller of Insurance, to ensure that insurance companies register under the act,
comply with the various provisions of the act. His duties included approval of the
terms and conditions of various plans being offered by the companies, including
the adequacy of the basis of premier, scrutiny of the various returns on
investments, annual accounts, periodical actuarial valuations, etc. Required to be
submitted by the companies. The Controller also had powers to order special
investigations and also to take over the management of the companies.
The IRDA will consist of a chairperson and more than five whole time
members and not more than four part time members. The whole time members
shall hold office for 5 years or until the age of 62 (65 in the case of chairperson)
whichever is earlier. Part members will hold office for not more than 5 years.

The objects are stated in the act as follows:

a) An act provide for the establishment of an authority to protect the interests

of holders of insurance policies.
b) To regulate, promote and to ensure orderly growth of the insurance industry
and for matters connected therewith or incidental thereto.
c) And further to amend the insurance act, 1938, the Life Insurance
Corporation Act, 1956 and the general insurance Business (nationalization)
act, 1972.
The powers and functions of the authority are stated in the act as follows:

a) To regulate, promote and ensure orderly growth of the insurance and

reinsurance business.
b) Issue a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration to the applicant, i.e., insurance company.
c) To exercise all powers and perform all functions of the Controller of
insurance under the insurance act 1938 and other related acts as mentioned
d) Prepare a code of conduct for the agents, surveyors and loss assessors or
the intermediaries who take part in the development of insurance business
and in the settlement of the claims.
e) To promote efficiency in the conduct of insurance business.
f) To promote and regulate professional organizations connected with the
insurance business.
g) To levy fess and other charges for carrying out the purpose of the proposed
h) To regulate investment of funds by insurance companies.
i) To regulate maintenance of margin of solvency.
j) To adjudicate disputes between insurers intermediaries.


ICICI Lombard General Insurance Company Limited is a 74:26 joint

venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax
Financial Holdings Limited. ICICI Bank is India's second largest bank; while
Fairfax Financial Holdings is a diversified financial corporate engaged in general
insurance, reinsurance, insurance claims management and investment

Lombard Canada Ltd, a group company of Fairfax Financial Holdings

Limited, is one of Canada's oldest property and casualty insurers. ICICI Lombard
General Insurance Company received regulatory approvals to commence general
insurance business in August 2001.

Why ICICI Lombard

 India’s number one private general insurance company.

 First general insurance company in India to be ISO 9001:2000 certified.
 Simple and fast documentation.
 Lightning fast claims settlement.
 Instant online policy issuance.
 Comprehensive product line.
 Highest security level offered through 128-bit encryption in case of online
data exchange..
 First company to provide digitally signed documents through an online
 Achieved financial breakeven in first full year of operations.
 Achieved underwriting breakeven in second year of operations.
Claim Settlement:

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

Rural Initiative:

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

Corporate Business:

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

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


ICICI Lombard aims to tap retail segment through multi-product and multi-
channel approach to marketing. The company believes that retail segment has
immense potential and will drive the company’s growth in future. It has presence
in all retail categories -- travel, health, home and motor. It has launched a number
of innovative products and features in each category like `Pay-per-day’ in Overseas
Travel Insurance and floater cover for individual Health Insurance. The key to
success in this area is effective market segmentation and targeted product offerings
that meet customer needs.


ICICI Lombard’s e-channel initiative has embraced technology with open

arms. The effective use of technology platforms has enabled customers to view all
their insurance transactions through the web on a real time basis. ICICI Lombard’s
e-channel mainly focuses on targeting customers through Internet, intranet (of
large corporate and manufacturing companies) and other national level distribution
networks. The focus is on targeting customers through the online medium. The
model is to develop an integrated and customized

Product platform with key partners -- ICICI Direct, ICICI Bank, preferred partners
– moneycontrol.com and indiatimes.com and other websites.
Board Members
Mr. K V Kamath, Chairman
Mr. R Athappan, Director
Mr. R Athappan, Director
Mr. B V Bhargava, Director
Mr. Dileep Choksi, Director
Mr. James F Dowd, Director
Ms. Lalita D Gupte, Director
Ms Kalpana Morparia, Director
Mr. S Mukherji, Director
Mr. Chandran Ratnaswami, Director
Mr. H N Sinor, Director
Mr. Sandeep Bakhshi, Managing Director & CEO


Audit Committee
Mr. S Mukherji, Chairman
Mr. Dileep Choksi, Director
Mr. James F Dowd, Director

Investment Committee

Mr. Chandran Ratnaswami, Chairman

Ms. Kalpana Morparia, Director
Mr. Sandeep Bakhshi,, Managing Director & CEO
Mr. S Gopalakrishnan, Head – Investments
Mr. Rakesh Jain, Head-Finance & Accounts
Mr. Liyaquat Khan, Appointed Actuary
Board Governance Committee

Ms Kalpana Morparia, Chairperson

Mr. Chandran Ratnaswami, Director
Mr. H N Sinor, Director


Managing Risk

The ability to identify, quantify and manage risk is intrinsic to success in the
business of insurance. ICICI Lombard’s risk management approach balances the
need to provide cost effective solutions to our customers while delivering optimal
shareholder returns. Success on both fronts is reflected in the numbers: while the
number of policies sold increased by 2.5 times in fiscal 2004, profits grew almost
ten- fold during the year. A strong capital base gives an insurer the ability to
service large claims in the event of a catastrophe. This is a key determinant of
growth as it provides comfort to customers in a business that is largely driven by
trust. Our reinsurance program is formulated in line with the guidelines laid down
by the Insurance Regulatory Authority of India (IRDA), which aims at optimum
retention of premium within the country and adequate risk coverage and
diversification. Our choice of reinsurance partners is in turn determined by their
strong reputation, high credit rating and the alignment of their strengths with our
risk management objectives.
Staying ahead in managing risk through:-

 A dedicated risk management team that constantly monitors the risk

exposure by customer, product and region.
 An indigenously developed Risk Accumulation System that facilitates
online tracking of various risks down to the pin code level in any
geographical location.
 Thus, our risk management program seeks to blend the objectives of
customer satisfaction and investor return while operating within the
statutory norms.
IT & Infrastructure:

ICICI Lombard has effectively used Information Technology to meet

growing customer needs while improving operational efficiency and profitability.
The company’s IT strategy, architecture and successful Deployment form the
backbone of its business
Staying ahead in IT infrastructure through:-

 Online Manager: A web-based interface that allows a customer to buy,

endorse and renew policy online. Claims intimation and status tracking also
forms part of the interface.

 Using SMS technology to deliver timely alerts and reminders to keep

customers informed of various transactions.

 Using intranet effectively to enhance employee productivity and simplify

human resource functions.

 A state-of-the art data center with robust connectivity and support.

 Highest security level offered through 128-bit encryption in case of online

data exchange.

 The only company to provide digitally signed documents through the

online interface.
Distribution Reach:

ICICI Lombard General Insurance Company’s endeavor is to become India’s

preferred provider of the entire array of financial products and services. The
company has built a robust franchise network in association with its joint venture
partners to expand coverage. The company presently has 103 offices across India
manned by over 1,200 employees. It believes in targeting customers through multi-
channel route including direct sales, agents, brokers, banc assurance, alternate
channels and the Internet. Thus, the customers have number of channels to choose

Human Resource:

ICICI Lombard believes in a progressive human resource philosophy that turns

human capital into a key source of competitive advantage. The capability and
motivation level of employees is a key determinant in success of any service-
oriented organization. Our employee strength is over 1,200. We have people from
diverse backgrounds viz. general insurance, banking, financial services, consumer
goods, telecom, automotive engineering etc.


Effective partnerships and alliances form an integral part of the company’s

strategy. ICICI Lombard believes that a leveraged distribution model via
partnerships and alliances will be a key driver of its growth in future. Partnership
driven alliances model allows the company to cash-in on the partner’s customer
network so that the customer gets a packaged offering of products.
Staying ahead in partnership through Banc assurance tie-ups
ABN Amro Bank
Rural Distribution tie-ups
Product Innovation:

Product innovation is key to business growth. ICICI Lombard believes in

challenging existing product assumptions and targeting new product-market
segments. This has helped the company in customer acquisition and retention as
well as in increasing category penetration. The company has launched a slew of
products and has emerged as a major player in the corporate and retail segment
driven by a well-balanced portfolio.

Staying ahead in product innovation through:-

 During the year 2004: The company in coordination with the World Bank
launched Weather Insurance.
 The company’s Overseas Travel Insurance is the only product in the market
that offers premium calculation on a ‘Pay-per-day’ basis as against paying
premium on a slab-wise basis.
 Unique Senior Citizen Overseas Travel Insurance Plan to cover senior
citizens up to the age of 85 years was launched by the company during the
year 2004. It is the only policy of its kind in the market.
 Loan Care – a first of its kind product to be launched in India – protecting
the lender from borrower default on account of death, permanent disability,
loss of job and loss pay due to critical illness.


The Company follows multi-channel approach to tap customers. Depending

on the effectiveness, the following channels are used for sales, service and other
allied activities. The main objective of these channels is:
 To create value beyond the “product”.
 To convert customer to clients.
 To spread awareness about the company and its products.

Sales force, agents and brokers are the driving force behind the company’s
business. They are the point of contact with the end customer and share the
company’s vision of bringing innovative insurance solutions to customers'
The company’s sales force -- sales executives and sales officers – form the
company’s backbone and are the most powerful assets behind our growth.


Brokers: Insurance broking plays a vital role in distribution of insurance solutions.

Through this channel, we plan to reach out to a wider customer base to increase
our market share. Customers look forward to insurance brokers for expert advice
on customized insurance solutions.

Agents: Agents are the face of the company and are critical to company’s
growth. The company has individual and corporate as its agent.


ICICI Lombard has developed a web-based system to meet all the pre- and
post-policy transaction and MIS needs of its customers. The online initiative
supports online policy sales, which is directly linked to our payment gateway
server for online payments. The company uses the web integration process with its
channel partners to streamline its sales process, increase revenues and reduce costs,
delays and buyer dissatisfaction.
The main features of Online Insurance are:

 Do It Yourself architecture.
 Fast, convenient and easy.
 Buy / renew policies.
 24\7 access to all your policy details.
 Regular premium renewal reminders.
 Single view of all insurance policies held by an individual.
 Online Manager: A tool to manage your entire insurance portfolio.
 Instant issuance of digitally signed policies.
 Most advanced technology and state-of-the art infrastructure.
 Online claim intimation and status-tracking.

Bank assurance:

Banc assurance channel has been successfully deployed internationally to

distribute insurance products. ICICI Lombard is the only company with a
dedicated bank assurance distribution channel servicing over 50 locations through
a dedicated team of product managers, sales managers and sales executives.

Tele Sales:

Telesales channel is being used effectively by ICICI Lombard to sell, cross

sell and up-sell various products and services to customers. It is specially suited to
shorten sales cycle, increase revenues and profitability. The channel taps customers
through direct sales, institutional and relationship sales, transactional sales,
segment/account specific targeted sales, event-based activities, ongoing
communication to build trust and generate repeat purchase and tele-servicing.
The main role of tele sales is:
 As leads routers
 As leads converter
 As service support to Agency and other Sales Force

Customer Segments:

With our wide range of products, we cater to the needs of people from all
kinds of backgrounds. The profiles of our clients vary tremendously, and so do
their needs. In our endeavor serve them at our best; we have pages dedicated to
each segment.

Different Segments:

Rural & Agriculture


ICICI Lombard brings insurance services for the Global Indian. If you are an
NRI, and your family or your parents are in India, your key concerns would be to
secure your assets back home (home /commercial property / motor) and the health
of your dependents in India. In addition, if your family or your parents are
planning to visit you abroad, you can opt for our travel plan to mitigate all travel
related risks. Moreover, it is lighter on your pockets too.
Rural Insurance:

At ICICI Lombard, investing in rural markets is seen as a keen social

responsibility. The protection provided to the rural class is specified and
customized according to their needs. Through a multiple channel system we not
only provide agricultural protection but also health, motor and other covers.

Products we offer

Health Insurance - We provide protection to the health of the rural folk through
three plans - Family Health Insurance, Poorna Suraksha Bima and Sampoorna
Arogya Bima.
Home Insurance - Our comprehensive policy protects much more than just the
home. Through our network channels, we ensure that the houses in the rural sector
are insured against natural and other perils.
Tractor Insurance - Tractors are one of the most precious assets to the rural folks.
Our comprehensive package policy covers not just own damage but also third party
liability and personal accident.
Weather Insurance - Weather Insurance is an insurance cover against losses
incurred due to uncertainties in climatic conditions. It can be used to hedge any
vulnerability of assets or any other damage incurred due to erratic and irregular

Shop Insurance - Shop Insurance is a comprehensive policy that covers both the
structure and the contents of a shop and protects it against any financial loss in case
of an unfortunate incident.

Student Travel Welcome to Univ. Search where you can get a detailed report on
your university specific insurance needs. Different universities have different
insurance requirements and looking for an insurance plan covering all these can be
quite a task. We at ICICI Lombard have customized plans for over 150 universities
worldwide. Choose your university from the dropdowns below to get a detailed
report on your insurance needs.
The key benefits of ICICI Lombard Student Travel Insurance are:

 Accepted by most of the foreign universities as a substitute for their

compulsory insurance.
 University specific insurance plans to match the insurance requirements of
150 universities worldwide.
 Buy the policy in Indian rupees, which is 1/3rd* the cost of buying abroad.
 No pre-medical check-up required


Excluding destruction or damage caused to the property insured
a. It’s own fermentation, natural heating or spontaneous combustion.
b. It’s undergoing any heating or drying process.
a. Burning of property insured by order of nay public authority.

II] Lighting

III] Explosion – Implosion

Excluding loss, destruction of or damage.
a) To boilers (other than domestic boilers), Economizers or other vessel,
machinery or apparatus (in which steam is generated) or other contents
resulting from their own explosion- implosion.
b) Caused by centrifugal forces.

IV] Aircraft damage

Loss, destruction or damage caused by aircraft, other aerial or space devices
and articles dropped there from excluding those caused by pressure waves.

V] Riot, strike and malicious damage

Loss or visible physical damage or destruction by external violent means directly
Caused to the property insured.
VI] Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and
Loss, destruction or damage directly caused by Storm, cyclone, typhoon, tempest,
hurricane tornado, flood and inundation excluding those resulting from earth
quake, volcanic eruption or other convulsions of nature.

VII] Impact Damage

Loss of or visible physical damage or destruction cause to the property insured
to impact by any rail road vehicle or animal by direct contact not belonging to or
Owned by
a) The insured or any occupier of the premises or
b) There employees while acting in the course of there employment

VIII] Subsidence and land slide including rockslide

Loss, destruction or damage directly caused by subsidence of part of the site
On which the property stands or land slide / rockslide excluding:
a) The normal cracking, settlement or bedding down of new structures.
b) The settlement or movement of made up ground.
c) Coastal or river erosion.
d) Defective design or workmanship or use of defective materials.
e) Demolition, construction, structural alterations or repair of any property or
ground works or excavations.

IX) Bursting and / or overflowing of water tanks apparatus and pipes.

X) Missile testing operations.

XI) Leakage from automatic sprinkler installations.

Excluding loss, destruction or damage caused by
a) Repairs or alterations to the buildings or premises.
b) Repairs, removal or extension of the sprinkler installation.
c) Defects in construction known to the insured.
XII) Bush Fire
Excluding loss destruction or damage caused by forest fires.

The company shall compensate the insured for any loss or damage, caused by
burglary, to the contents of insured’s premises.

The company will compensate the insured in respect of loss of, or damage
to, money and/or valuables caused by burglary and/or attempted burglary when
such money and/or valuables are contained in a domestic safe or vault which is
protected by appropriate and adequate security measures with lock in key.

The company shall compensate the insured for loss of money in coins
and/or notes caused by burglary, robbery or theft occurring while such money is in
the insured’s possession and is being conveyed by the insured to the insured’s
premises from the insured’s bank /ATM from where such money had been
withdrawn immediately prior to the occurrence.


The company will compensate the insured in respect of loss or damage to
neon sign/glow sign belonging to the insured caused by:
Accidental external means
Fire, lightning or external explosion or theft
Riot, strike or malicious act
Flood, inundation, storm, tempest, typhoon hurricane, tornado, cyclone.

The company shall compensate the insured for loss or damage to any fixed
glass other than that which are specifically excluded hereunder, caused by any
accidental, external and visible means.
The company shall compensate the insured for any loss to the insured caused
by forgery or material alteration of cheques, drafts or other negotiable instruments
issued by, or in favor of, the insured.

The company shall indemnify the insured against the legal liability of the
insured in respect of any bodily injury sustained by, or the loss of life of, the
insured’s employees arising out of and in the course of their employment.


The company shall compensate the insured for actual and reasonable
medical expenses incurred for hospital treatment by the insured in respect of any
bodily injury sustained by the insured arising out of operation at an insured peril as
provided for in standard fire and special perils- buildings and standard fire and
special perils- contents and / or burglary, coverage’s in this policy and subject to a
deductible excess of an amount as may be specified in part 1 of the schedule.


The company shall indemnify the insured for those sums that insured
becomes legally liable to pay, including litigation expenses and any amount in
compensation, by virtue of

The following items as specified occurring in and about the insured’s premises.
 Accidental death or bodily injury to any person other than insured or the
insured employees / staff. This coverage shall be limited to the sum insured
for any accident or series of accidents arising from any one event or cause,
and for all accidents during the period of insurance, and,

 Accidental damage to property of any person other than the insured or

insured employees / staff. This coverage shall be limited to the sum insured
for any one accident or series of accidents arising from any one event or
cause, and for all accidents during the period of insurance.
The company will compensate the insured for any direct pecuniary loss
sustained by the insured through act of fraud or dishonesty committed by any
salaried employee of the insured in the insured premises, provided that :
A. The loss shall have occurred in connection with the employees occupation
and duties during the uninterrupted continuance of his employment and he
discovered within six months after its happening first of six months after
the death, dismissal or retirement of such person and

B. The liability of the company in respect of any one person or all persons so
Employed and in respect of losses in any one period of insurance shall not
exceed the sum insured.

Health Insurance:
We save money for a better future. But life is full of surprises; a medical
emergency can strain your hard-earned investments. Now, let your savings be
untouched, get secured.
Home Insurance:
Insure your home and its contents against natural calamities like fire, earthquake,
flood, gas cylinder explosion, fire due to electric short circuit as well as man-made
disaster like burglary.

Home Plans

Gold Plan:
The Gold plan covers much more than just your home. It offers family protection,
covers loss of cash, public liability, temporary resettlement,
alternative accommodation and baggage insurance. Other add ones offered are loan
repayment for home and car and cover for terrorism.
Silver Plan:
The Silver plan covers the structure of your home and its contents from natural
and man-made calamities like fire, flood, storm and burglary. The add ones offered
include expenses of rent for alternative accommodation and terrorism.

Motor Insurance:

Your vehicle helps you reach destinations and enables you to commute from
one place to another. But it might face some damage in an accident or get stolen.
The security of your co-passengers can be endangered during accidents. Motor
insurance takes care of all these possibilities and more.

Motor Plans
Four Wheeler Package Policy:
A comprehensive policy that not only covers you against third party but
also against accidents, damage, injury and much more.

Two Wheeler Package Policies:

.A composite policy that protects you against unfortunate accidents, third party
liability, injuries and damages.

Travel Insurance:
You do not want anything to ruin your hard earned holiday or your crucial
business meeting. There is a possibility of some unexpected occurrence no matter
how perfectly you plan your trip. Unfortunate events such as baggage loss,
passport loss, a medical emergency or an accident can affect you. Having Travel
Insurance protects you from all such perils at a fraction of the cost of your trip.

Travel Plans
Individual Overseas Plan:
All overseas travel policies charge premium on a slab basis. Which means if you
are on a 16 day trip, you end up paying for 21 days, as the slab is 14 to 21 days.
But with us you ‘pay per day’.
Student Travel Plan:
A comprehensive cover, which insures you against unfortunate incidents or
unexpected expenses abroad and provides timely assistance and support when you
need it the most.

Domestic Travel Plan:

Domestic Travel policy takes care of you and your valued assets left at home. A
policy that let’s you enjoy your trip leaving your worries with us

1] Are you aware of Office insurance?

Particulars No .of Respondents Percentage
Yes 67 83.75
No 0 0
Little bit 13 16.25
Total 80 100
Source: Field Study

Customer Awareness about Office Insurance




, The response given by respondents 83.75 are aware of office insurance and
16.25 knows very little about office insurance This clearly shows that there is no
proper advertisement reach to the people.
Q2] If Yes, How do you come to know about Office Insurance?
Table 2:
Media No.of Respondents Percentage
TV 40 50
Newspapers 19 23.75
Agents 21 26.25
Total 80 100
Source: Field Study


Newspaper TV
s 50%

It is depicted from the chart that,

50% of respondents came to know through television.
23.75% of respondents came to know through news papers.
26.25% of respondents came to know through agents
Major of the respondents came to know through television.
Q3] Which factor is important in your eye for purchasing insurance policy?
Table 3:

Factor No.of Respondents Percentage

Company 43 53.75
Premium 17 21.25
Service 20 25
Total 80 100
Source: Field Study






Company Premium Service

The chart depicts that,53.75% prefer company as an important factor where as

21.25%prefer for premium and 25% prefer service as an important factor for
purchase of insurance policy.
Q4] How many employees are there in your office?
Table 4:

Employees No.of Respondents Percentage

More than 5 53 66.25
More than 10 17 21.25
More than 20 10 12.5
Total 80 100
Source: Field Study



30 10


More than 5 More than 10 More than 20

The above chart shows that,

66.25% of respondents have more then 5,21.25% of respondents have more then
10 and 12.5% of respondents have more then 20.
Q5] Would you like to have Office insurance?
Table 5:

Particulars No.of Respondents Percentage

Yes 20 25
No 60 75
Total 80 100
Source: Field Study



Out of 80 respondents, 25% of respondents want to have office insurance policy

and 75%of respondents don’t want to have it. The above chart shows that there is a
potential market for office insurance products. Most of the respondents those who
want to have office insurance are of newly opened offices & shops.
Q6] If yes, Which Company Services do you prefer to avail?
Table 6:

Company No.of Respondents Percentage

ICICI Lombard 5 25
HDFC Chubb 0 0
United India 10 50
Oriental 5 25
Total 20 100
Source: Field Study


5 5

2 0

ICICI HDFC Chubb United India Oriental

The chart depicts that, 25% of the respondents wants to avail services of ICICI
Lombard, 50%of the respondents wants to prefer united India and 25%wants to
prefer services of oriental. The data shows around 25% of people are interested in
taking insurance in ICICI Lombard it means there is an opportunity for company to
capture the market. Most of the respondents want to avail services in government
Q7] Which type of insurance policy you would like to have?
Table 7:
Type No.of Respondents Percentage
Yearly Renewal 17 85
Others 3 15
Total 20 100
Source: Field Study



The above chart shows that 85% of respondents would like to have Yearly renewal
policy and 15% of respondents want to have others.
Q8] Which product services you are planning to avail?
Table 8:
Product services Respondents Percentage
Fire Insurance 12 60
Electronic Insurance 5 25
Burglary Insurance 3 15
Total 20 100
Source: Field Study



6 5

4 3

Fire Electronic Burgulary
Insurance Insurance Insurance

It is depicted from the chart that 60% of respondents trying to avail Fire
insurance,25% of respondents planning to avail Electronic insurance and 15% of
respondents trying to avail Burgulary insurance.
Q9] When you are going to have new insurance policy?
Table 9:

Particulars Respondents Percentage
With in 15 Days 5 25
15 to 30 Days 15 75
30 to 45 Days 0 0
Total 20 100
Source: Field Study

30 to 45 With in 15
Days Days
0% 25%

15 to 30

Out of 20 respondents, 25% of respondents wants to have insurance policy with in

15 days, 75% of respondents wants to have with in 30 days.
Q10] How do you rate about services?
Table 10:

No. of
Opinion Respondents Percentage
Very Good 8 40
Good 10 50
Normal 2 10
Total 20 100
Source: Field Study

Normal Very Good

10% 40%


ICICI Lombard customers rated the services are as,

40% of respondents said very good
50% of respondents said good and
10% of respondents said normal.
Q11] How much premium are you paying now?
Table 11:

Amount Respondents Percentage
More then Rs.2000 4 20
More then Rs.5000 4 20
More then Rs.8000 12 60
Total 20 100
Source: Field Study

More then

More then More then

Rs.8000 Rs.5000
60% 20%

The above chart depicts that 20% of respondents paying premium more then
Rs.2000,20% of respondents paying premium more then Rs.5000 and 60% of
respondents paying more then Rs.8000.major of the respondents are paying more
then Rs.8000 are of big offices and important customers to the company.
Q12] Do you feel it’s really economical?
Table 12:
Particulars Respondents Percentage
Yes 14 70
No 6 30
Total 20 100
Source: Field Study

Yes 1


Customers believed of policy economical like this,

70% of respondents said YES.
30% of respondents said NO
Q13] Have you ever contacted customer help desk?
Table 13:

Particulars Respondents Percentage
Yes 16 80
No 4 20
Total 20 100
Source: Field Study




0 5 10 15 20

The above chart depicts that 80% of respondents contacted customer help desk and
20% of respondents did not contacted customer help desk.
Q14] If yes, What is your opinion about customer help desk?
Table 14:

Opinion Respondents Percentage
Good 10 50
Ok 8 40
Poor 2 10
Total 20 100
Source: Field Study




0 2 4 6 8 10 12

Out of 20 respondents, 50% of respondent’s opinions about customer help desk is

good, 40% of respondents told ok and 10% of respondents told poor. Major of the
respondents told they are happy regarding the information and service provided by
customer help desk.
Q15] For what reason you dial to our customer help desk?

Particulars No.of Respondents Percentage

Product related
enquiry 12 60
To renew policy 8 40
To Complaint 0 0
Total 20 100
Source: Field Study


To renew related
policy enquiry

The customers dial up to customer help desk for the following reasons.
60% customer dial up for product related enquiry
40% customers dial up for to renew policy

1. All respondents have awareness about office insurance.

2. Majority of respondents told they were come to know about office
insurance through television and agents.
3. Majority of respondents told employees are more then 5.
4. There is a market potential for office insurance products.
5. Majority of respondents believe in Government owned insurance
6. There is a market potential for ICCI Lombard office insurance products.
7. Majority of respondents told they are trying to avail Fire insurance and
electronic equipment insurance for their offices.
8. Most of the respondents said they are going to have insurance with in
15to30 days.
9. Majority of respondents told they have satisfaction with the service of the
company. and customer help disk.
10. Most of the customers told they dial to customer help disk for product
related enquiry.
11. All general insurance policies are yearly renewal policies.
12. Premium amount for general insurance policy is low and it is not
13. Majority of respondents told their paying premium is economical.
14. Majority of respondents are frequently contacting customer help desk.
15. Majority of respondents told company is the main factor for purchasing
insurance Policy.

Respondents do not have enough knowledge about the insurance policies

provided by the ICICI LOMBARD. Therefore ICICI LOMBARD Company
should bring awareness in the customers.
The recommendations I would like to make are:
 There is a necessity to make more advertising and promotions by the
insurance company through TV, news papers, magazines and pamphlets
to make aware the customers about the insurance provided by them.
 Need for proper channel to reach to the customer.
 Marketing executives and agents should maintain good communication
with the customers to create the awareness of the policies like Mediclaim,
GPA (Group personnel accidental) burglary, and other insurance policies
provided by the company.
 The employees should be given incentives and bonus to motivate to
accomplish their targets.
 ICICI LOMBARD is concentrating only urban areas it should concentrate
on semi urban and rural areas also.
 As it was found that customers preparing only Government companies for
their office insurance so create trust in costumers about private insurance
companies by rendering good services like proper claims, good response
to costumer queries and maintaining good relationship with costumers.

It is concluded from the survey that all respondents are aware about office
insurance and they think they need insurance for their offices.

It is concluded from the survey that customers preparing only Government

companies for their office insurance so create trust in costumers about private
insurance companies by rendering good services like proper claims, good response
to costumer queries and maintaining good relationship with costumers.

Most of customers are using only Fire and electronic equipment insurance
policies so marketing executives and agents maintain good communication with
the customers to create the awareness of the policies like Mediclaim, burglary and