TRINITY INSTITUTE OF PROFESSIONAL STUDIES

SECTOR-9, DWARKA

Project report on Brand awareness of ICICI Prudential

Submitted towards the partial fulfilment of B.com (hons)

(Affiliated to)

SECTOR-16C, DWARKA

Submitted to: Submitted by:

Nikita

B.com (Hons) 3rd year 2d shift

51924088815

1
ACKNOWLEDGEMENT

I am greatly obliged to Ms.Madhu Ruhil , for his valuable guidance and unwavering support
during our internship period to complete our project. I am truly grateful to him for the timely
completion of my project.

I would also take this opportunity to express my gratitude to Ms.Madhu for her guidance
provided in this field in which she is an expert.

I would also take this opportunity to thank my teachers for encouragement as well as
monitoring me for this project, without him it wouldn’t have been possible.

2
Certificate of Completion

This is to certify that Ms. Nikita is a bonafide student of B.com(hons) of Trinity

Institute of Professional Studies, in this institute from the year 2015 till 2018.As a part
of the University curriculum; the student has completed the project report titled as
“Summer Training Programme with reference to Brand Awareness of ICICI
Prudential”, is hereby approved as a certified study in management carried out and
presented in a manner satisfactory. The project report is prepared by the student under
the guidance of Ms. Jaspreet Kaur.

(Teacher Guide) HR manager

Mr.Sanjay Prasad Ms. Jaspreet Kaur

Director

3
ABOUT OMNIS HEALTHCARE SERVICES

Omnis Healthcare Services Private Limited is a Private incorporated on 16 October 2015. It

is classified as Non-government Company and is registered at Registrar of Companies,
Kanpur. Its authorized share capital is Rs. 100,000 and its paid up capital is Rs. 100,000.It is
involved in Business activities.

Directors of Omnis Healthcare Services Private Limited are Mr.Kuldeep Singh, Mr. Dinesh
Kumar Suri and Mr.Sanjay Prasad.

Omnis Healthcare profile is a revolutionary, simplified and personalized way to keep track of
your health in one place. Based on our various calculators and your genome sequence, Omnis
aims to provide you with individualistic guidance, programs and services, specifically
designed for you.

Omnis acts as a one stop shop for everything that one might need in a lifetime be it doctors,
appointments, medicines, health plans or anything else.

It is a “marketplace” for all health related blogs. Everything is categorized and indexed under
twenty subheads for you to choose, like and subscribe, for your daily feeds, for an informed
and wholesome you.

Mission

Omnis focuses on understanding people and their needs, and then deploy solutions precisely
based on them. Their mission is to provide with the best facilities in terms of health and
choose you to become the best version of yourself.

4
Topics

Chapter 1: Company Profile and General History

 Abstract
 Introduction
 About the Company- Cigna TTK Co.
 Cigna SWOT Analysis, USP & Competitors
 History of Insurance
 Different Phases of Insurance

Chapter 2: Industry Background

 Life Insurers in India

 General Insurers in India
 Market share of Insurance Industry
Chapter 3: Research Objective and Methodology

 Data Collections Methods

 Products that were introduced to interns
 Marketing Mix of above mentioned policies
 Calculating premium
 Steps for calculation
 Benefits of the Project to the Company

Chapter 4: Questionnaire and Data Interpretation

 Questionnaire
 Data Analysis and Interpretation

5
Conclusion and Bibliography

6
7
8
INTRODUCTION

Life insurance is a form of insurance that pays monetary proceeds upon the death of the
insured covered in the policy. Essentially, a life insurance policy is a contract between the
named insured and the insurance company wherein the insurance company agrees to pay an
agreed upon sum of money to the insured's named beneficiary so long as the insured's
premiums are current.

With a large population and the untapped market area of this population insurance happens to
be a very big opportunity in India. Today it stands as a business growing at the rate of 15-
20% annually. Together with banking services, it adds about 7 % to the country’s GDP.

In spite of all this growth statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without life insurance cover and the health
insurance. This is an indicator that growth potential for the insurance sector is immense in
India.

It was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation “Malhotra Committee” was constituted by the government in 1993
to examine the various aspects of the industry. The key element of the reform process was
participation of overseas insurance companies with 26% capital. Creating a more competitive
financial system suitable for the requirements of the economy was the main idea behind this
reform.

Since then the insurance industry has gone through many changes. The liberalization of the
industry the insurance industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players and the
increased use of the new distribution are in the limelight today. The use of new distribution
techniques and the IT tools has increased the scope of the industry in the longer run.

Insurance is the business of providing protection against financial aspects of risk, such as
those to property, life health and legal liability. It is one method of a greater concept known
as risk management –which is the need to manage uncertainty on account of exposure to loss,
injury, disadvantage or destruction.

9
Insurance is the method of spreading and transfer of risk. The fortunate many who are
exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the
assets but only compensates the economic or financial loss.

In insurance the insured makes payment called “premiums” to an insurer, and in return is able
to claim a payment from the insurer if the insured suffers a defined type of loss. This
relationship is usually drawn up in a formal legal contract.

Insurance companies also earn investment profits, because they have the use of the premium
money from the time they receive it until the time they need it to pay claims. This money is
called the float. When the investments of float are successful they may earn large profits,
even if the insurance company pays out in claims every penny received as premiums.

10
In fact, most insurance companies pay out more money than they receive in premiums. The
excess amount that they pay to policyholders is the cost of float. An insurance company will
profit if they invest the money at a greater return than their cost of float.

An insurance contract or policy will set out in detail the exact circumstances under which a
benefit payment will be made and the amount of the premiums.

Government Initiatives

The Union Budget of 2017-18 has made the following provisions for the Insurance Sector:

 The Budget has made provisions for paying huge subsidies in the premiums of
Pradhan Mantri Fasal Bima Yojana (PMFBY) and the number of beneficiaries will
increase to 50 per cent in the next two years from the present level of 20 per cent. As
part of PMFBY, Rs 9,000 crore (US$ 1.35 billion) has been allocated for crop
insurance in 2017-18.
 By providing tax relief to citizens earning up to Rs 5 lakh (US$ 7500), the
government will be able to increase the number of taxpayers. Life insurers will be
able to sell them insurance products, to further reduce their tax burden in future. As
many of these people were understating their incomes, they were not able to get
adequate insurance cover.
 Demand for insurance products may rise as people’s preference shifts from formal
investment products post demonetisation.

11
  The Budget has attempted to hasten the implementation of the Digital India initiative.
As people in rural areas become more tech savvy, they will use digital channels of
insurers to buy policies.

The Government of India has taken a number of initiatives to boost the insurance industry.
Some of them are as follows:

 The Union Cabinet has approved the public listing of five Government-owned general
insurance companies and reducing the Government’s stake to 75 per cent from 100
per cent, which is expected to bring higher levels of transparency and accountability,
and enable the companies to raise resources from the capital market to meet their fund
requirements.
 The Insurance Regulatory and Development Authority of India (IRDAI) plans to issue
redesigned initial public offering (IPO) guidelines for insurance companies in India,
which are to looking to divest equity through the IPO route.
 IRDAI has allowed insurers to invest up to 10 per cent in additional tier 1 (AT1)
bonds that are issued by banks to augment their tier 1 capital, in order to expand the
pool of eligible investors for the banks.
 IRDAI has formed two committees to explore and suggest ways to promote e-
commerce in the sector in order to increase insurance penetration and bring financial
inclusion.
 IRDAI has formulated a draft regulation, IRDAI (Obligations of Insures to Rural and
Social Sectors) Regulations, 2015, in pursuance of the amendments brought about
under section 32 B of the Insurance Laws (Amendment) Act, 2015. These regulations
impose obligations on insurers towards providing insurance cover to the rural and
economically weaker sections of the population.
 The Government of Assam has launched the Atal-Amrit Abhiyan health insurance
scheme, which would offer comprehensive coverage for six disease groups to below-
poverty line (BPL) and above-poverty line (APL) families, with annual income below
Rs 500,000 (US$ 7,500).

12
 The Uttar Pradesh government has launched a first of its kind banking and insurance
services helpline for farmers where individuals can lodge their complaints on a toll
free number.
 The select committee of the Rajya Sabha gave its approval to increase stake of foreign
investors to 49 per cent equity investment in insurance companies.
 Government of India has launched an insurance pool to the tune of Rs 1,500 crore
(US$ 220.08 million) which is mandatory under the Civil Liability for Nuclear
Damage Act (CLND) in a bid to offset financial burden of foreign nuclear suppliers.
 Foreign Investment Promotion Board (FIPB) has cleared 15 Foreign Direct
Investment (FDI) proposals including large investments in the insurance sector by
Nippon Life Insurance, AIA International, Sun Life and Aviva Life leading to a
cumulative investment of Rs 7,262 crore (US$ 1.09 billion).
 IRDAI has given initial approval to open branches in India to Switzerland-based
Swiss Re, French-based Scor SE, and two Germany-based reinsurers namely,
Hannover Re and Munich Re.

Road Ahead

 India’s insurable population is anticipated to touch 750 million in 2020, with life
expectancy reaching 74 years. Furthermore, life insurance is projected to comprise 35
per cent of total savings by the end of this decade, as against 26 per cent in 2009-10.
 The future looks promising for the life insurance industry with several changes in
regulatory framework which will lead to further change in the way the industry
conducts its business and engages with its customers.
 Demographic factors such as growing middle class, young insurable population and
growing awareness of the need for protection and retirement planning will support the
growth of Indian life insurance.

13
14
 Classification of Insurance

The insurance industry in India can broadly classified in two parts. They are:

1) Life insurance.

2) Non-life (general) insurance.

1. Life insurance

Under life insurance, the life of the individual is assured. This means that at the time of his/
her death, the family members receive an assured amount. Life insurance not only helps the
survivors for their financial requirement after death of the earning member, but also helps in
achieving financial goals during the lifetime. It also provides a tool of savings and tax
planning.

Life Insurance Policies can

 Support dependents after the death of the primary breadwinner.

 Provide a source of funds post retirement.
 Helps to manage responsibilities like child’s education and marriage even after the death of
the earning parent.
 Provide financial assistance at the time of major illnesses.

2. Non-Life Insurance (General Insurance)

Every asset has a value and it provides a benefit to the owner. The benefit can be in the form
of earnings or any other. If the asset is destroyed, there will be a financial loss i.e. value of
asset as required to replace and earnings. Insurance policies indemnify such financial losses
to the owner of the asset. General Insurance also indemnifies the owner of the asset against
liability that arises due to operation of the asset.

15
  Fire Insurance,
 Marine Insurance and
 Miscellaneous Insurance

Miscellaneous Insurance covers Insurances like Motor Insurance, Health Insurance, Travel
Insurance, Liability Insurance, Money Insurance, Cattle Insurance, etc.

Benefits of Life Insurance

Life insurance offers you following benefits –

 Life Cover
 Long-term Savings
 Life Stage Specific Planning
 Tax saving

Things to know before buying Life Insurance:

 Should life insurance be a part of my financial plan?

 Should I buy life insurance only to cover financial risk?
 What is the amount of Life Cover I should opt for so that my family’s future is secure in my
absence?
 Are there other aspects I should consider while looking at a life insurance policy?
 How can I be sure that the life insurance policy being offered is the right choice for me?

16
 Advantages of Life Insurance

 Life Cover

This is the most important and primary benefit of any life insurance policy. The Life Cover is
the amount that your insurance company pays to your nominee in case of an unfortunate
event during the policy term. This amount ensures that your loved ones’ future is secure, even
in your absence. Nominee is the person you appoint at the time of purchase to receive the
benefits of your insurance policy in your absence.

You must select the right amount of Life Cover in order to make sure that it is sufficient to
take care of your family’s well-being. A good thumb rule is to choose a Life Cover which is
at least 10 times your annual income. For example, if your annual income is `15 lakh then
your Life Cover should be at least `1.5 crore. Similarly, if your annual income is `2 lakh per
year, then your Life Cover should be at least `20 lakh.

 To select the right amount of Life Cover, you also need to keep the following
questions in mind:

 How much money will my spouse or parents need to manage daily expenses?
 If my family and I had planned to buy a house or a new car, then how much money will they
require in my absence?
 How much money will my children require to complete their education?
 How much liability do I already have from which my family needs to be protected?

There could be other similar questions that are personally relevant to you for deciding the
right amount of Life Cover you need.

 Long-term Savings

Life Insurance is also a good way to systematically save and build wealth for the future. It is
an ideal long-term savings tool that can help you meet your financial needs after retirement or

17
 even fulfil a future goal like your child’s marriage. Thus, with life insurance, you get double
benefits of Protection as well as Savings.

 Life Stage Specific Planning

Life insurance is an option that offers products tailor-made for various life stages. At every
stage of life, you and your family have certain goals that you need to plan for. These goals
can be buying a new house, planning for the education or marriage of your children, creating
wealth for your retirement, and much more.

 Tax Advantage

Under the Income Tax Act, 1961, you can save tax on your hard earned money by using our
innovative Life Insurance products and solutions. You can get tax advantage at different
stages of your life insurance policy.

 Stage 1: Entry Advantage – You receive tax benefits* on your premium payments, under
Section 80C, 80CCC and Section 80D.
 Stage 2: Earnings Advantage – The growth on your money is not taxable*
 Stage 3: Exclusive Switching Advantage – You can make completely tax-free* debt-equity
Switches**
 Stage 4: Exit Advantage – You also receive a tax free* Maturity Benefit.

Tax benefits are subject to conditions u/s 80C, 80CCC, 80D, 10(10A) and 10(10D) of the
Income Tax Act, 1961. Tax laws are subject to amendments from time to time.

18
ICICI Prudential claim settlement ratio 2014-2015: 94%
ICICI Prudential claim settlement ratio 2015-2016: 96.20%

ICICI Prudential percentage 42%

19
1.1 EXECUTIVE SUMMARY

The Insurance sector, after the opening up, provides greater opportunities. Several global
players have emerged and the market has changed significantly. In the changed scenario, the
expectation is that the low Insurance premium as a percentage of GDP prevailing in India
will improve and will offer better opportunities to the insurance players.

Life Insurance sector is one of the key areas where enormous business potential exists. In
India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2
per cent in the US, but in the liberalized scenario, the life insurance premiums were projected
to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs 592 billion in 2004-05
and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from
Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4
billion to Rs 51 billion.

In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major
player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5,
60,000 LIC agents in India. General Insurance is another segment, which has been growing at
a faster pace.

ICICI Prudential Life works to generate revenue and make profits so that the organisation is
able to sustain and compete in the market. The revenue comes from the sales of its products,
so as a summer trainee my job profile was the study and sales of ULIP plan. I had to study
the ULIP plan to understand it and have the complete knowledge of the product and do sales
so as to generate revenue for my organization.

1.2 INSURANCE INDUSTRY

Historians believe that insurance first developed in Sumer & Babylonia. The merchants &
traders of these societies transferred & pooled their money to protect themselves from pirates.

20
In the 18th century BC, Babylonian king Hammurabi developed a code of law known as the
code of specific rules governing the practices of early risk-sharing activities.
Insurance developed during the 1700’s in the North American colonies. In 1730,
Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. The company
collected contributions & this money went into an investment fund. Interest on this fund went
towards paying claims dividends to those who contributed money.

1.3 Reason for Insurance

No one knows in advance when a loss will occur or how serious that loss will be. The
uncertainty surrounding potential losses is known as Risk. Insurance offers a way for people
to replace risk with known costs- the costs of buying & maintaining insurance policies.
Insurance pools risks shared by many people, thereby, reducing the risks faced by a group.
People pay to buy insurance coverage (protection from risk). In exchange, all policy holders
(people who own insurance policies) receive a promise that the group of policyholders as
represented by the insurance organization will pay when any policyholder experience any
kind of loss.

1.4 Importance of Insurance

Insurance industries in India have a long history. Life Insurance in existing form came in
India from UK in 1818 with Oriental Life Insurance Company. The Indian Life Assurance

21
companies Act, 1912 was the first measure to regulate Life Insurance business. Later in 1928
the Indian Insurance Companies act was enacted, which was amended in 1938.

Finally Government of India in 1950 again amended this act. Life Insurance Corporation of
India was formed in September 1956 by passing LIC Act, 1956 in Indian parliament.
The first general insurance company- Sun Insurance Office Ltd. was established in Calcutta
in the year 1710.

General Insurance business in India was nationalized with effect from 1.01.73 by the General
Insurance Business Act. From 1973, The General Insurance Company (GIC) as a holding
company divided in four subsidiaries as:

 National Insurance Company Ltd.

 The New India Assurance Company Ltd.

 The Oriental Insurance Company Ltd.

 The United India Insurance Company Ltd.

1.5 INTRODUCTION OF LIFE INSURANCE IN INDIA

India at a glance:

22
Population: 1.1 Billion

Economy: 4th largest in the world in terms of Purchasing Power Parity (PPP)

GDP growth Rate: Over 6% per year on an average for the last decade
Estimated middle class population: 300 Million

Insured population: 70 million only

Insurance is an Rs 450 billion industry in India. The value of the market is determined by
gross premium incomes. The life insurance segment writes about 80% of the overall market
value. Indian Insurance market was at its all-time high in 2003 with a growth of about 17.4%
over the previous year. Since 2001 Insurance is growing at the rate of 15-20 % annually. The
growth in the insurance industry is affected by volatility in real estate rates, GDP rates and
long term interest rates. Fluctuations in exchange rates also affect the growth in this sector.
The gross premium as a percentage of the GDP has gone up from 2.3 in the year 2000 to 4.8
in 2006. Together with banking services, it adds about 7% to the country’s GDP.
Some of the important milestones in the life insurance business in India are:

British-India Period

1818: Oriental Life Insurance Company, the first life insurance company on Indian soil
started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started
its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Life Insurance in its modern
form came to India from England in the year 1818. Oriental Life Insurance Company started
by Europeans in Calcutta was the first life insurance company on Indian Soil. All the

23
insurance companies established during that period were brought up with the purpose of
looking after the needs of European community and Indian natives were not being insured by
these companies.

However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life
insurance companies started insuring Indian lives. But Indian lives were being treated as
substandard lives and heavy extra premiums were being charged on them.

Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance
company in the year 1870, and covered Indian lives at normal rates. Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with
a capital contribution of Rs. 5 crores from the Government of India.

 Liberalization of Indian Insurance:

1994: Insurance sector invited private participation to induce a spirit of competition amongst
the various insurers and to provide a choice to the consumers.
1997: Insurance regulator IRDA was set up as there felt the need:
To set up an independent regulatory body, that provides greater autonomy to insurance
companies in order to improve their performance, In the first year of insurance market
liberalization (2001) as much as 16 private sector companies including joint ventures with
leading foreign insurance companies have entered the Indian insurance sector. Of this, 10
were under the life insurance category and six under general insurance. Thus in all there are
25 players (12-life insurance and 13-general insurance) in the Indian insurance industry till
date.
 Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard
Life insurance first private insurers to sell a policy

24
2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting
non-life claims in the cashless mode
2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance
Broker, Bonsai Insurance Broking Pvt Ltd.

25
1.6 About Brand Awareness

Brand awareness is the probability that consumers are familiar about the life and availability
of the product. It is the degree to which consumers precisely associate the brand with the
specific product. It is measured as ratio of niche market that has former knowledge of brand.
Brand awareness includes both brand recognition as well as brand recall. Brand
recognition is the ability of consumer to recognize prior knowledge of brand when they are
asked questions about that brand or when they are shown that specific brand, i.e., the
consumers can clearly differentiate the brand as having being earlier noticed or heard.

While brand recall is the potential of customer to recover a brand from his memory when
given the product class/category, needs satisfied by that category or buying scenario as a
signal. In other words, it refers that consumers should correctly recover brand from the
memory when given a clue or he can recall the specific brand when the product category is
mentioned. It is generally easier to recognize a brand rather than recall it from the memory.

Building brand awareness is essential for building brand equity.

It includes use of various renowned channels of promotion such as advertising, word of

mouth publicity, social media like blogs, sponsorships, launching events, etc. To create brand
awareness, it is important to create reliable brand image, slogans and taglines. The brand
message to be communicated should also be consistent. Strong brand awareness leads to high
sales and high market share. Brand awareness can be regarded as a means through which
consumers become acquainted and familiar with a brand and recognize that brand.

Brand Association

Brand Associations are not benefits, but are images and symbols associated with a brand or a
brand benefit. Brand association is anything which is deep seated in customer’s mind
about the brand. Brand should be associated with something positive so that the customers

26
relate your brand to being positive. Brand associations are the attributes of brand which come
into consumers mind when the brand is talked about. It is related with the implicit and
explicit meanings which a consumer relates/associates with a specific brand name. Brand
association can also be defined as the degree to which a specific product/service is recognized
within its product/service class/category. While choosing a brand name, it is essential that the
name chosen should reinforce an important attribute or benefit association that forms its
product positioning.

Brand associations are formed on the following basis:

 Customers contact with the organization and its employees

 Advertisements
 Word of mouth publicity
 Price at which the brand is sold
 Celebrity/big entity association
 Quality of the product
 Products and schemes offered by competitors
 Product class/category to which the brand belongs
 POP ( Point of purchase) displays

Positive brand associations are developed if the product which the brand depicts is durable,
marketable and desirable. The customers must be persuaded that the brand possess the
features and attributes satisfying their needs. This will lead to customers having a positive
impression about the product. Positive brand association helps an organization to gain
goodwill, and obstructs the competitor’s entry into the market.

27
1.7 Steps in Building a Brand Name Product or Service

At times, organizations are often inspired by a variety of ideas to create products and services
which can be offered locally or globally. Generally, such products or services require the
establishment of a brand or company name. Often these brands include both logo and
lettering and can do a long way in advertising such products or services. Therefore, one of the
most important steps in building a Brand is decide upon a brand name for the product or
service one wishes to sell.

Branding is a process that allows an individual or a group of individuals the ability to

provide a brand image and lettering to an idea. Upon doing so, one has a better chance of
28
selling such items to a broader audience whether that is on a local or global level. Therefore,
while the old adage “nothing happens until somebody sells something,” still stands true to
some extent, at times almost seems as if the process of advertising and branding has
overtaken the desire to sell.

One of the most important steps in selling any product or service is the belief one holds in
relation to the item. Therefore, only those who strongly believe in the products and services
offered by the company are going to be good at selling same. Otherwise, one may want to
work from an advertising or graphic artist perspective in relation to advertising rather than
sales when it comes to time to market same.

Another step is to build a brand that maintains loyalty with its customer base and has a strong
customer service department. For, having such a department in today's world where one is
both experienced and knowledgeable when it comes to helping others can be a rare find. So,
companies who represent oneself has having a strong customer base and even stronger
customer service department are often more successful than those who do not.

A very important step in marketing a brand is to identify the target audience before creating
the logo and lettering in relation to marketing. This is because different age groups react
differently to a variety of logo and lettering especially as so much is misrepresented by a
variety of gangs and others using such material inappropriately. Therefore, if one can define
the brand name, logo and lettering and present same to a marketing research review panel or
the like, one may be able to gain a better understanding of which audience one needs to direct
their product or service to in order to create the most sales.

Still, if one can communicate the use of their product or service clearly, establish trust
within the community, be that locally or globally, aim marketing at the right audience, build
a base of buyers and customer loyalty and offer great customer service, then one is on their
way to not only creating and advertising an excellent brand but selling one as well.

Therefore, when looking for steps in building a brand, there are many steps which one can
complete to help make the creation of such brand an easier task. These include, knowing your
audience, building your brand, finding a great logo and lettering to represent same, targeting
the appropriate audience and placing a number of ads in as many online and offline
advertising venues one can find. For, after doing so, one may just find that they are selling
even more products and services than one had ever dreamed possible.

29
1.8 Brand Positioning

Brand positioning refers to “target consumer’s reason to buy your brand in preference
to others. It is ensures that all brand activity has a common aim; is guided, directed and
delivered by the brand’s benefits/reasons to buy; and it focusses at all points of contact with
the consumer. Brand positioning must make sure that:

 Is it unique/distinctive vs. competitors.

 Is it significant and encouraging to the niche market.
 Is it appropriate to all major geographic markets and businesses.
 Is the proposition validated with unique, appropriate and original products.
 Is it sustainable - can it be delivered constantly across all points of contact with the
consumer?
 Is it helpful for organization to achieve its financial goals?
 Is it able to support and boost up the organization?

1. In order to create a distinctive place in the market, a niche market has to be carefully
chosen and a differential advantage must be created in their mind. Brand positioning
is a medium through which an organization can portray its customers what it wants to
achieve for them and what it wants to mean to them. Brand positioning forms
customer’s views and opinions.

2. Brand Positioning can be defined as an activity of creating a brand offer in such a

manner that it occupies a distinctive place and value in the target customer’s mind.
Brand Positioning involves identifying and determining points of similarity and
difference to ascertain the right brand identity and to create a proper brand image.

30
3. Brand Positioning is the key of marketing strategy. A strong brand positioning directs
marketing strategy by explaining the brand details, the uniqueness of brand and it’s
similarity with the competitive brands, as well as the reasons for buying and using
that specific brand. Positioning is the base for developing and increasing the required
knowledge and perceptions of the customers. It is the single feature that sets your
service apart from your competitors. For instance- Kingfisher stands for youth and
excitement. It represents brand in full flight.

31
1. Aim to make your brand the first name that consumers mention during a recall test.
This is important because your brand must also be the first name that consumers recall
when they are making a purchasing decision online or in a store. Brands that achieve
this position are described as "front of mind" and have a strong competitive
advantage. Success in a brand recall test is a measure of the effectiveness of your
marketing activities. If your brand achieves a low position in a test, modify your
marketing program to focus on activities such as advertising to raise awareness.

2. Brand Recognition Goals.

3. Brand recognition tests measure the effectiveness of different marketing decisions you
have made, such as choosing one logo design over another or using certain images in
your advertising. Researchers show an advertisement, a logo or a brand name and ask
consumers if they recognize it or have seen it before. For example, consumers may
report that they recognize a brand as one that they saw in an advertisement or a store
display. The goal for this test is to achieve high levels of recognition.

4. The results of the test can help you to refine the content or design of your marketing
communications so that you improve recognition levels and improve the return on
your marketing expenditure.

5. Social Media Goals.

6. Tracking your brand’s following in social media is another useful measure of brand
awareness. By measuring the number of your brand’s followers on media such as
Twitter or Facebook, you can monitor the growth or decline in levels of interest. An
important goal is to increase the level of exposure you achieve in social media.

32
33
1.9 3 Steps for Building a Brand Awareness Strategy with Great ROI

Building a strong brand awareness strategy isn’t just a great idea — a solid strategy helps you
directly impact your company’s bottom line sales figures. A great brand awareness strategy
requires a multi-faceted approach to improving brand engagement with past, current, and
future customers. In a world where 70 percent of buying experiences are based on how the
customer feels they are being treated, it is incredibly important that brands establish a loyal
following of active customers. To truly understand if your brand awareness marketing tactics
have actually converted loyal followers into active customers, marketers need to first
undertake three important steps:

Step 1: Segment Branding Efforts to Target Highly Specific Audiences

In a similar fashion to direct response marketing campaigns, brand awareness strategies

should continue to focus on capturing the attention of current customers. These customers can
be identified as those individuals whom have shown an interest by visiting the company
website, reading company announcements, or otherwise indicated intent to purchase.

To make the most of branding efforts, marketers should focus their attention on the brand's
identified target market. Through increased efforts marketers can increase brand-awareness to
a larger, more qualified audience. Audiences can be found online via the brand website or
through direct targeting on the right social media networks at the right time.

Step 2: Use Search Result Retargeting to Establish Strong Brand Recall

Retargeted ads are a type of digital display ad that “retargets” a user who has visited your
website or interacted with a digital asset. Using digital retargeting, especially in display ads,
can stimulate brand recall and encourage prospects to come back to your site. There are four

34
general ways that you can use retargeting to establish stronger brand recall amongst current
and prospective customers:

 Retarget individuals with a preliminary brand awareness.

 Retarget people who have previously visited your site.

 Focus on people who have opened an email.

 Track users who have searched for your product by name.

Step 3: Make Social Customer Engagement a Priority

Did you know that in 2014 92 percent of marketers agreed that social media was important
for their business? However, only 72 percent of marketers use social media to develop loyal
fans. Instead of sitting passively by while fans come to your brand's social media accounts,
you will need to proactively search for your targeted (soon to be loyal) audience.

In 2015 and beyond, success on social media networks will require marketers to take a
proactive, rather than reactive, stance. Being proactive can help you to increase brand
awareness in your audience and the ROI of your social media marketing. Social media
listening tools and referral program software can help you be proactive in your social media
marketing efforts.

By being proactive you can:

 Build a better brand experience for customers.

 Improve prospective customer engagement levels.

 Help prospective customers become loyal brand followers.

 Engage in a dual conversation between your past, present, and future customers.

35
  Turn leads into profitable sales.

Your Brand Awareness Strategy Can Lead to Greater ROI

With the above three steps in mind, it is easy to see how a solid brand awareness strategy,
coupled with active data collection and analysis, can lead to an increase in a brand's
marketing ROI. Targeting highly-specific audiences can result in improved engagement,
increased brand loyalty, and a higher number of direct sales, and creating strong brand recall
in past, current, and prospective customers can lead to improved brand engagement. Finally,
making social customer engagement a priority can help brands actively find loyal brand
ambassadors who are interested in telling their vast networks about their favorite brand. In
short, with dedication and strategic targeting, building a brand awareness strategy can result
in an increased ROI.

1.10 BRAND MANAGEMENT

According to Nilson, competitiveness is the key to business success, and strong brands can
make the difference between success and failure. A brand is often a company’s most valuable
asset because it provides customers with a way of recognising and specifying a particular
product if they want to choose it again or recommend it to others. A brand also enables
marketers to develop specific images and interrelated marketing strategies for a particular
product. Establishing brand value begins with creating brand awareness.

36
Brand-related marketing activities should therefore focus on building brand awareness. This
can be achieved by following the stages in the strategic brand management process. Strategic
brand management involves the design and implementation of marketing programmes and
activities to build measure and manage brand equity.

IDENTIFYING AND ESTABLISHING BRAND POSITIONING AND VALUES

The strategic brand management process begins with the identification and establishment of
the position of the brand. Marketers can only identify and establish brand positioning and
value if they, firstly, determine customer-based brand equity , and secondly, establish brand
positioning and values .

Step 1: Identifying and establishing brand positioning and values

Step 2: Planning and implementing brand marketing programmes

Step 3: Measuring and interpreting brand performance

Step 4: Growing and sustaining brand equity

2.1. Marketing Research

Research simply means search for knowledge. Research is a systematic design collection,
analysis and reporting of data and finding relevant to a specific marketing situation facing the
company. In today’s competitive business scenario every decision could be critical and might
have an immense effect on the future of business. Thus the Research is of prime importance
of modern business.

Marketing Research

37
Is the process of systematic gathering, recording and analysing of data about customers,
competitors and the market. Market research can help create a business plan, launch a new
product or service, fine tune existing products and services, expand into new markets etc. It
can be used to determine which portion of the population will purchase the product/service,
based on variables like age, gender, location and income level. It can be found out what
market characteristics your target market has. With market research, companies can learn
more about current and potential customers.

The purpose of market research is to help companies make better business decisions about the
development and marketing of new products. Market research represents the voice of the
consumer in a company.

A list of questions that can be answered through market research:

✔ How to get a new customer and retain older?

✔ What is happening in the market? What are the trends? Who are the competitors?

✔ How do consumers talk about the products in the market?

✔ Which needs are important? Are the needs being met by current products?

38
2.2 Research Design

The project was carried out, keeping in mind the main objectives. The research design is the
conceptual framework within which the research is conducted. It contains the blueprint for
the collection, measurement and analysis of data. Our project demanded the knowledge of
portion of population, so we decided to go for random sample survey instead of census
survey.

The population in this case we had to deal with comprised of every kind of person, an
illiterate and an educated one, a young and an old one, so we designed a questionnaire that
would be easy to comprehend and that would be easy for us to make people understand.
However, it is worth mentioning that the questionnaire dealt with every possible problem and
solution, which was usually followed by an unstructured interview/ question conditioned to
cooperation of respondent and many inferences were made on the bases of these interactions.

2.3. Types of research design:

There are three types of research design:

✔ Exploratory research design

✔ Descriptive research design

✔ Causal research design.

39
Exploratory research is method of collecting information in an unstructured and informal
way. Exploratory research helps determine the best research design, data collection method
and selection of subjects. Exploratory research often relies on secondary research such as
reviewing available literature and/or data, or qualitative approaches such as informal
discussions with consumers, employees, management or competitors, and more formal
approaches through in-depth interviews, focus groups, projective methods, case studies or
pilot studies. The Internet allows for research methods that are more interactive in nature.

For example if the owners of a new restaurant often eat out at competitor’s restaurants in
order to gather information about menu selections, prices and service quality.

Descriptive research refers to a set of methods and procedures that describe marketing
variables. Descriptive studies portray these variables by answering who, what, why and how
questions. These types of research studies may describe such things as consumers’ attitudes,
intentions, and behaviour, or the number of competitors and their strategies.

Causal research design is conducted by controlling various factors to determine which factor
is causing the problem. It allows you to isolate causes and effects. By changing one factor,
say price you can monitor its effects on a key consequence such as sales. Although causal
research can give you a high level of understanding of the variable you are studying, the
designs often require experiments that are complex and expensive.

2.4 OBJECTIVES OF THE STUDY

TO ANALYSE THE BRAND AWARENESS OF ICICI PRUDENTIAL INSURANCE

COMPANY

The objective of our study included the following important functions:

a) To check the awareness and interest of Insurance among people in general.

40
b) To find out the popularity of different insurance providers.
c) To find out the satisfaction level of existing policy holders.
d) To enlighten people with the benefits of Insurance and Investments.
e) To find out the reason behind less impetus of people towards Insurance.
f) To find out a strategy to make people aware and develop their interest in insurance and
Investments.
g) To know about the most threatening substitute of Insurance.

2.5 Limitations of the Study

It is said, “Nothing is perfect” and there would be few shortcoming in this project also.
Sincere efforts have been made to eliminate discrepancies as far as possible but few would
have remained due to limitations of the study.

1. Time seemed to be my most limited resource to conduct a comprehensive research.

2. Project was scheduled to be completed in 07 week’s period seems to be very difficult.

3. Some of the respondents were not ready to fill the questionnaires and some of them
were not ready to come out openly.

4. Due to the current unrest in Kashmir, it was very difficult to get the good no. of
questionnaires filled up.

5. Most of the people (particularly in rural areas) were unable to fill up the questionnaire
due to the lack of knowledge about the insurance industry.

41
COMPANY PROFILE

ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company

Ltd.

Type Public company

Industry Insurance Services

Founded 12 December 2000

Headquarters Mumbai, India

Area served India

42
  Sandeep Bakhshi (Managing
Key people
Director & Chief Executive
Officer),
 Puneet Nanda (Chief
Marketing Officer),
 Satyan Jambunathan
(Executive Vice President),
 Manish Kumar (Chief
Investment Officer)


Products Insurance

Total assets ₹100,000 crore(US$16 billion)

(2014)

Website www.iciciprulife.com

3.1. ICICI Prudential Life Insurance Co. Ltd

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is
one of India's foremost financial services companies, and Prudential Plc, which is a leading
international financial services group headquartered in the United Kingdom. ICICI Prudential
began the operations in December 2000. Today, this company has over 2100 branches, which
include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance partners.

ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and
2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955
when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd.,
Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding
Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to
LIC.

The joint strengths

43
A powerful joint venture partnership with each carrying a set of strengths
Complementing each other’s

Reputation Brand strength

Insurance
Infrastructure
expertise

Customer base

Product
Local knowledge

Distribution

Market innovator
Operation

PRUDENTIAL ICICI

ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA from Fitch ratings. ICICI Prudential has
been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs.

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'. As we grow our distribution, product range and customer base, we continue

44
to tirelessly uphold our commitment to deliver world-class financial solutions to customers
all over India.

Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been
one of the earliest private players. Since the time, ICICI Pru Life has been the leader interms
of market share as indicated by the IRDA (Insurance Regulatory and Development Authority,
the regulator for Indian Insurance Industry) at its website.

Arguably the most innovative Indian Life insurer in terms of customer services and products,
ICICI Prudential has one of the largest distribution and servicing network with around 2,000
proprietary offices & customer touch points across India. The 30,000 employee strong
organization has one of the largest agency distributions in the industry.

With a growing product range to match the complex needs of the demanding customers in a
growing economy, the organization also has a history of successful.
During 2007-08, the organization's focus on rural business has proved its complex project
execution capability and strong partnerships for customer servicing.
In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK
Healthcare to settle insurance claims of its user.

3.2. The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that we do -
be it product development, distribution, the sales process or servicing. Here's a peek into what
makes us leaders.

1. Our products have been developed after a clear and thorough understanding of
customers' needs. It is this research that helps us develop Education plans that offer
the ideal way to truly guarantee your child's education, Retirement solutions that are a
hedge against inflation and yet promise a fixed income after you retire, or Health

45
 insurance that arms you with the funds you might need to recover from a dreaded
disease.

2. Having the right products is the first step, but it's equally important to ensure that our
customers can access them easily and quickly. To this end, ICICI Prudential has an
advisor base across the length and breadth of the country, and also partners with
leading banks, corporate agents and brokers to distribute our product.

3. Robust risk management and underwriting practices form the core of our business.
With clear guidelines in place, we ensure equitable costing of risks, and thereby
ensure a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an
investment philosophy that aims to achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our team is given the opportunity to learn and grow,
every day in a multitude of ways. We believe this keeps them engaged and
enthusiastic, so that they can deliver on our promise to cover you, at every step in life.
3.3. Entry of Private Players

The introduction of private players in the industry has added colours to the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the one time monopoly of the LIC market.

Since the advent of the private players in the market, the industry has seen new and
innovative steps, taken by the players in this sector. The new players have improved the
service quality of the insurance.

The following companies are present in the Life Insurance Industry in India.

Name of the player

46
 Bajaj Allianz Life Insurance Company Limited.
 Birla Sun Life Insurance Co. Ltd.
 HDFC Standard Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 ING Vysya Life Insurance Company Pvt. Ltd.
 Kotak Mahindra Old Mutual Life Insurance Ltd.
 Life Insurance Corporation of India
 Max New York Life Insurance Co. Ltd.
 Met Life Indian Insurance Company Pvt. Ltd.
 SBI Life Insurance Co. Ltd.
 Tata AIG Life Insurance Company Ltd.
 Reliance Life Insurance Company Ltd.
 Aviva Life Insurance Co. India Pvt. Ltd.
 Sahara India Life Insurance Co. Ltd.
 Bharti AXA Life Insurance Company Ltd.

47
3.4. Promoters Of The Company

3.4.1. ICICI Bank

ICICI Bank (formerly Industrial Credit and Investment Corporation of India) is a major
banking and financial services organization in India. It is the second-largest bank by revenue,
profit and assets (behind State Bank of India) and the largest private sector bank in India by
market capitalization. The bank also has a network of 1,700+ branches (as on 31 March,
2010) and about 4,721 ATMs in India and presence in 18 countries, as well as some 24
million customers (at the end of July 2007).

ICICI Bank offers a wide range of banking products and financial services to corporate and
retail customers through a variety of delivery channels and specialization subsidiaries and
affiliates in the areas of investment banking, life and non-life insurance, venture capital and
asset management. (These data are dynamic.) ICICI Bank is also the largest issuer of credit
cards in India. ICICI Bank has got its equity shares listed on the stock exchanges at Kolkata
and Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs on
the New York Stock Exchange (NYSE).

The Bank is expanding in overseas markets and has the largest international balance sheet
among Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and
representatives offices in 18 countries, including an offshore unit in Mumbai. This includes
wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the
HI SAVE savings brand is operated), offshore banking units in Bahrain and Singapore, an
advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and
representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the
United Arab Emirates and USA.

Overseas, the Bank is targeting the NRI (Non-Resident Indian) population in particular.

ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total
income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's
current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007. ICICI

48
Bank is one of the Big Four Banks of India, along with State Bank of India, Axis Bank and
HDFC Bank — its main competitors.

3.4.1 Prudential PLC

Established in London in 1848, prudential plc is an international retail financial services

group with significant operations in Asia, the US and the UK serving around 25 million
customers, policyholder and unit holders worldwide. The company has £290 billion of assets
under management and it is one of the best-capitalised insurers in the world with an
Insurance Groups Directive (IGD) capital surplus estimated at £3.4 billion (at 31 December
2009). Prudential is a leading life insurer in Asia with a presence in 12 markets and have the
top three position in seven key locations of Hong Kong, India, Indonesia, Malaysia,
Singapore, the Philippines and Vietnam.

Prudential plc is a British financial services company. The company has over 21 million
customers worldwide. As well as the UK arm of its operations it has operations in 12
countries in Asia and owns Jackson National Life in the United States. It founded the Egg
internet bank, which it sold to Citigroup in 2007. It is listed on the London Stock Exchange
and is a constituent of the FTSE 100 Index.

3.5 Achievements

49
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.

ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last year’s total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans.

The company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNielsen
ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running.

The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work, not
life’ campaign. Notably, ICICI Prudential was also short-listed to the final round for its
Sindoor campaign in EFFIES 2002.

In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential
has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with
the customer from capturing his voice to measuring and responding to his experiences. This
initiative is currently helping the company improve processes, turnaround times and customer
satisfaction levels.

50
Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, India’s first
rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points
for items ranging from kitchenware to gold, white goods, and even international holidays.

3.5. Promotion:

ICICI Prudential is a case study in how advertising and marketing can play a vital role in re-
shaping an industry. It has demonstrated how an industry where the customer was nothing
more than a policy number has changed to one where ‘customer preference’ rules the roost.
Brand-building in a complex category like life insurance is an uphill and multi-faceted task.
At the time of launching operations, the communications task was to build credibility, so as
to give the customer the confidence that it was ‘a company that could be trusted to invest
funds with’.

The aim was to encourage people to view insurance not as a compulsory tax saving
instrument, but as a means to lead a worry-free, secure life and in the process, create the
differentiator for brand ICICI Prudential. The brand proposition for all the campaigns was
reflected in the line: ‘Suraksha: Zindagi ke har kadam par’.

3.6. Brand Values

Market Research reveals that the values people associate with ICICI Prudential are, indeed,
those that the company hopes to project: lifelong protection and value for money. The core
value is protecting your loved ones, throughout life’s ups and downs. It is a powerful
proposition; one, which ICICI Prudential, is taking into the market place.

3.7. Fact Sheet

The Company

51
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse, and prudential plc, a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA).

3.8. Vision of ICICI Prudential Life

To be the dominant Life, Health and Pensions player built on trust by world-class people and
service.

This ICICI Prudential Life hopes to achieve by:

 Understanding the needs of customers and offering them superior products and
service.

 Leveraging technology to service customers quickly, efficiently and conveniently.

 Developing and implementing superior risk management and investment strategies to

offer sustainable and stable returns to our policyholders.

 Providing an enabling environment to foster growth and learning for our employees
· And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core values:-

52
Integrity, Customer First, Boundary-less, Ownership and Passion. Each of the values
describes what the company stands for, the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity, where we can
play a significant role in redefining and reshaping the sector. Given the quality of our
parentage and the commitment of our team, there are no limits to our growth.

53
3.9. History of ICICI Prudential:

Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.

From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a
sum assured of over Rs.23 billion. When the company began its operations, the need was to
build a brand that was relatable to, symbolized trust and was easily recognized and
understood.

The success of the campaign, ‘the calling card of the company’ saw the brand awareness
scores almost at par with its 40 year old competitor. The theme of protection was also
extended to subsequent product and category specific campaigns –from child plans to
retirement solutions –which highlight how the company will be with its customers at every
step of life.

From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘bancasurance’ partners –the largest in the country. It swiftly revised and added to its
initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country.

In February 2004, ICICI Prudential increased its capital base by Rs. 500 million, its ninth
capital hike, bringing the total paid –up equity capital to Rs. 6,750 million. With the
authorized capital of the company base amongst all life insurers in the country. The challenge

54
ICICI Prudential now faces is to retain its top notch position and continue to deliver the finest
life insurance and pension solutions to its ever growing customer base.

ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups.

ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit rating, and is a clear assurance of ICICI Prudential’s ability to meet its obligations to
customers at the time of maturity or claims.

For the past five years, ICICI Prudential has retained its position as the No.1 private insurer
in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.

ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last year’s total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by AC Nielsen
ORG-MARG).

It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the second year
running. The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from
work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the final round
for its ‘Sindoor campaign in EFFIES 2002.
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice.
This has been the driving force behind its multi-channel distribution strategy, which includes
advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first

55
life insurer to invest in multiple channels and offer the customer choice and access; thus
reducing dependency on any one channel, great strides in the retirement solutions and
pensions market.

The Company’s penetration of the retirement market was driven by the focused approach
towards creating awareness through sustained campaign; ‘Retire from work, not life’. Within
six months, the campaign rewarded ICICI Prudential with an increased share of 23% of the
total pensions market and 78% amongst private players. ICICI Prudential has one of the
largest distribution networks amongst private life insurers in India, having commenced
operations in 132 cities and towns in India, stretching from Bhuj in the west to Guwahati in
the east, and Jammu in the north to Trivandrum in the south.

The company has 9 bank partnerships for distribution, having agreements with ICICI Bank,
Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some cooperative
banks, as well as over 200 corporate agents and brokers, it has also tied up with NGOs, MFIs
and corporates for the distribution of rural policies. ICICI Prudential has recruited and trained
more than 72,000 insurance advisors to interface with and advise customers. Further, it
leverages its state-of-the-art IT infrastructure to provide superior quality of service to
customers.

3.10 Products of ICICI Prudential Life

Insurance Solutions for Individuals

56
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that
meet the needs of customers at every life stage. Its products can be enhanced with up to 4
riders, to create a customized solution for each policyholder.

1. Savings & Wealth Creation Solutions

 ICICI Prudential Save 'n' Protect is an ideal plan for those who want to accumulate
funds on a regular basis while enjoying insurance protection.

 ICICI Prudential Cashback is a single policy that combines the triple benefit of
protection, savings & periodic liquidity.

57
 ICICI Prudential Lifetime Maxima is a unit-linked plan which offers potentially
higher returns over the long term with flexible investment options to help you achieve
your goals. It also offers you a unique strategy that allows you to protect gains made
through your funds invested in the equity markets from any future equity market
volatility.

 ICICI Prudential Assure Wealth is a whole life insurance and savings unit linked
plan that rewards you with a guaranteed addition and also provides you an insurance
cover, with the additional advantage of a lifecycle based portfolio strategy that
allocates the investor’s money across various asset classes based on his age and risk
appetite.

58
 ICICI Prudential Premier Wealth is a unit-linked plan which offers potentially
higher returns over the long term with flexible investment options to help you achieve
your goals. It also offers you a unique strategy that allows you to protect gains made
through your funds invested in the equity markets from any future equity market
volatility.

 ICICI Prudential ACE is a unit-linked plan which has no premium allocation charge
for any regular premiums, which means 100% of your money is invested in Funds on
premium payment. It also offers you a unique strategy that allows you to protect gains
made through your funds invested in the equity markets from any future equity
market volatility.

2. Protection Solutions

 ICICI Prudential Pure Protect is a flexible and affordable term product, with which
you can ensure your life and provide total security for your family in case of an
unfortunate event.

59
 ICICI Prudential Life Guard is a protection plan, which offers life cover at low
cost. It is available in 2 options –level term assurance with return of premium &
single premium.

 ICICI Prudential Home Assure is a mortgage reducing term assurance plan

designed specifically to help customers cover their home loans in a simple and cost-
effective manner.

3. Child Plans

 ICICI Prudential Smart Kid Maxima is a policy that is designed to provide money
at key educational milestones in your child's life.ICICI Prudential Smart Kid
Assure is a policy that not only provides money at key educational milestones in your
child's life but also rewards you with a guaranteed addition. Smart Kid plans are also
available in traditional form.
4. Retirement Solutions

60
 ICICI Prudential Forever Life is a traditional retirement product that offers
guaranteed returns for the first 4 years.

 ICICI Prudential Lifetime Pension Maxima is a regular premium unit linked

pension plan that helps you accumulate money for your retirement and offers 5 ways
of receiving pension. It also offers you a unique strategy that allows you to protect
gains made through your funds invested in the equity markets from any future equity
market volatility.

 ICICI Prudential Life Stage Pension Advantage is a regular premium unit linked
pension plan which has no premium allocation charge for any regular premiums,
which means 100% of your money is invested in Funds on premium payment.

 ICICI Prudential Immediate Annuity is a single premium annuity product that

guarantees income for life at the time of retirement. It offers the benefit of 5 pay-out
options.

61
 ICICI Prudential Assure Pension is a unique pension plan that assures guaranteed
additions of up to 170% of the first year premium, giving investors an unmatched start
towards accumulating for their retirement kitty.

 ICICI Prudential Elite Pension II is a unit linked pension plan that provides
flexibility to the customer to pay for a limited term and lets him build a kitty for his
retirement to provide an annuity for life.

5. Health Solutions

62
 ICICI Prudential Hospital Care is a fixed benefit inpatient hospitalisation plan,
covering various stages of treatment with a daily allowance, ICU, procedures &
recuperating allowance. It covers a range of medical conditions (900 surgeries) and
has a long term guaranteed coverage up to 20 years.

 ICICI Prudential Crisis Cover is a 360-degree product that will provide long-term
coverage against 35 critical illnesses, total and permanent disability, and death.

 ICICI Prudential Medi Assure is a reimbursement inpatient hospitalization health

insurance policy that provides guaranteed insurability till age 75 years.

 ICICI Prudential Health Saver is a comprehensive health plan which provides a

reimbursement inpatient hospitalization cover along with building a health savings
fund to cover any other day-to-day medical expenses.

6. Group Insurance Solutions

63
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.

 Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers
fund their statutory gratuity obligation in a scientific manner and also avail of tax
benefits as applicable to approved gratuity funds.

 Group Leave encashment Plan: ICICI Prudential Life’s Group offers a market
linked and traditional leave encashment plan designed to aid the employer to build a
fund to meet their future leave encashment liability. The contributions made will be
invested as per the chosen investment plans and will be available for payment of the
benefit when it falls due.

Additionally, the product also provides for term cover for all the employees covered under
the policy.

 Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked
and traditional schemes that provide substantial benefits to both employers and
employees. Both defined contribution (DC) and defined benefit (DB) schemes are
offered to optimise returns for members of the trust and rationalise cost. Members
have the option of choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.

64
  Group Immediate Annuities: ICICI Prudential Life realises the importance of
prudent retirement planning. With this in mind, it has developed a suite of life and
joint life annuities which guarantee periodic payment to annuitant’s up to death.
Further there are options which return the purchase price on death of annuitants.
These annuity options are offered to our existing superannuation customers, and also
to superannuation funds not managed by us.

 Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide
an affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on his/her death.
7. Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.

1. Accident & disability benefit: If death occurs as the result of an accident during the term
of the policy, the beneficiary receives an additional amount equal to the rider sum assured
under the policy. If an accident results in total and permanent disability, 10% of rider sum

65
assured will be paid each year, from the end of the 1st year after the disability date for the
remainder of the base policy term or 10 years, whichever is lesser.

2. Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical
illnesses to the policyholder when attached to the basic plan.

3.11 S.W.O.T Analysis of ICICI Prudential

Strength

1. Strong brand name and good financial position.

2. Leading financial service-provider.

3. Good network and diverse products and services.

66
 4. Strong financial rating.

5. Has over 40,000 employees.

6. A huge database of corporate clients, retail customers and bank customers.

Weakness

1. Legal issues.

2. High number of people switching jobs.

3. Was involved in one of the largest investor frauds in USA.

Opportunities

1. Expansion in other countries.

2. Diversifying portfolios for customers.

3. Acquisitions and JVs.

4. New emerging markets.

Threats

67
 1. Changing government regulations and financial crisis like recessions.

2. Increase in insurance frauds.

3. Volatile nature of financial market.

4. Fierce competition.

Reasons to Buy

• Quickly enhance your understanding of “ICICI Prudential Life Insurance Company

Limited”

• Gain insight into the marketplace and a better understanding of internal and external factors
which could impact the industry.

• Increase business/sales activities by understanding your competitors’ businesses better.

• Recognize potential partnerships and suppliers.

Key Highlights

ICICI Prudential Life Insurance Company Limited (ICICI Prudential), a joint venture of
ICICI Bank and Prudential plc, is one of the leading private sector life insurance companies
in India. The company offers a wide range of life insurance products to address the needs of
individual and group customers. It offers products under various plans such as term plans,
wealth plans, child plans, health plans, retirement plans, group plans and rural plans, among
others.

The company distributes its products and services through its offices, individual and
corporate agents, brokers, banks, proprietary sales force and online channels. ICICI
Prudential operates as a subsidiary of ICICI Bank Limited and is headquartered in Mumbai,
Maharashtra, India.

68
3.11 MARKETING AND SALES DEPARTMENT

A product is anything that can be offered to satisfy a need or want. So, a social and
managerial process by which individuals and groups obtain what they need and want through
creating, offering and exchanging products of value with others – that is called marketing.
Marketing starts with human needs, wants, demands and human satisfaction. People satisfy
their needs and wants with products. Actually, selling is preoccupied with the seller’s need to
convert his product into cash, but marketing is the idea of satisfying the needs of the
customer by means of the product and the whole cluster of things associated with creating,
delivering and finally consuming it.

 Relationship Marketing in Insurance

It is five times more expensive to acquire a new customer then to retain an old one.
Relationship Marketing is the practice of building long term satisfying relationship with key
parties, customers and suppliers. They accomplish this by promoting and delivering high
quality goods services and fair prices to other parties. Relationship marketing results in strong
economic, technical and social ties among the parties.
The important objectives of relationship marketing is to acquire new customers, maintain and
enhance relationship with existing customers, re-activities of ex-customers and handling of
customers terminations. The key objective of relationship marketing is to establish one to one
relationship with all customers.

 How to add value through relationship Marketing

➢ Identify loyal customers

➢ Recognize their special needs

69
➢ Provide special reward for loyalty

➢ Establish continuing relationship

➢ Ensure increase in customer value
Relationship marketing is one of the hottest trends in the present marketing scenario.
Satisfied customers not only stay with a company but they are also walking talking
advertisement for the company’s product

 FINANCE AND ACCOUNTS DEPARTMENT

An organization communicates its financial information to the users through financial

statements and reports. Financial statements contain summarized information of the
organization’s financial affairs, organized systematically. These statements comprise the
income statements or profit and loss account and the position statement or the balance sheet.
To give a full view of the financial affairs of the undertaking it is also necessary to include a
statement of retained earnings, a statement of changes in the financial position and a few
schedules such as schedule of fixed assets and schedule of debtors.

QUESTIONNAIRE

Name: __________________
Address: ___________________
Contact No:__________________

Q1: DO YOU HAVE KNOWLEDGE ABOUT LIFE INSURANCE?

a) YES b) NO

70
Q2: HOW HAVE YOU BEEN EXPOSED TO LIFE INSURANCE?

a) ADVERTISEMENT b) INSURANCE AGENT

c) FRIENDS AND RELATIVES

Q3: DO YOU HAVE KNOWLEDGE ABOUT INSURANCE COMPANIES OTHER

THAN LIC?

a) METLIFE b) BAJAJ ALLIANZ

c) ICICI PRUDENTIAL d) NONE

Q4: ARE YOU A PRESENT POLICY HOLDER?

a) YES b) NO

Q5: WHAT IS YOUR SATISFACTION LEVEL WITH LIFE INSURANCE POLICY?

a) STRONGLY SATISFIED b) SATISFIED

c) CANT SAY d) NOT SATISFIED

Q6: DO YOU THINK ICICI PRUDENTIAL IS A RELIABLE INSURANCE COMPANY?

a) YES b) NO

71
Q7: ARE YOU AWARE ABOUT THE PRODUCTS OF ICICI PRUDENTIAL?

a) YES b) NO

Q8: ARE YOU INTERESTED TO KNOW ABOUT ICICI PRUDENTIAL?

a) YES b) NO

Q9: DO YOU THINK INSURANCE POLICIES SHOULD PROVIDE MORE RETURNS

BESIDES RISK COVER?

a) STRONGLY AGREE b) AGREE

c) DOES NOT MATTER d) DISAGREE

Q10: WHERE DO YOU INVEST YOUR SAVINGS?

a) BANKS b) REAL ESTATE

c) SHARE MARKETS d) OTHERS

Q11: ARE YOU A TAX PAYER?

a) YES b) NO

Q12: LIFE INSURANCE POLICIES TODAY PROVIDE SECURITY AND FINANCIAL

SOLUTION FOR YOUR TOMMOROW?

a) STRONGLY AGREE b) AGREE

c) CAN’T SAY d) DISAGREE

72
e) STRONGLY DISAGREE

Q13: WHAT COULD BE THE REASONN BEHIND LESS IMPETUS AND INTEREST
TOWARDS INSURANCE?

a) REGION AWARENESS b) MOTIVATION

c) INCOME d) OTHERS.

Data Interpretation and Analysis

Q1. Do you have knowledge about Life Insurance?

Ans. Responses were (Out of 80)

Chart 1

73
 Responses % age

YES
NO

The graphs show that approximately 92% of the respondents were having knowledge of Life
Insurance.
Inference
This shows that there is a great market potential for Life Insurance and people are ready to
invest if guided properly.

Q2. How have you been exposed to Life Insurance?

Ans: Responses were (Out of 80)

Table 2

Chart 2

74
 LIFE INSURANCE

advertisement
agent
friens and relatives

The graphs show that approximately 25% of the respondents were exposed to Life Insurance
through Insurance Agents.
This shows that the Company should recruit more and more Insurance
Agents to be successful in this competitive scenario. Advertisements and other media should
not be neglected as they too comprise a considerable percentage.

Q3. Do you have knowledge about Insurance Companies other than LIC?
Ans: Responses were (Out of 80)

Table 3

MetLife Bajaj Allianz None

ICICI
Prudential

Max 80 80 80 80
observed 30 23 20 7
% 38 28 25 9

Chart 3

75
 Percentage

met life
Bajaj Allianz
ICICI prudential
None

The graphs show that Bajaj Allianz and MetLife have considerable number of followers
other than LIC. Inference
This shows that the ICICI Prudential should make strategies keeping in view the strategies of
Bajaj Allianz and MetLife.

Q4. Are you a present policy holder?

Ans: Responses were (Out of 80)

Table 4

Chart 4

76
 policy holder

strongly satisfied
satisfied
not satisfied
not interested

The graphs show that approximately 70% of the respondents were without
policies.
This shows that most of the market is unexplored representing a huge sales potential.

Q5. What is your satisfaction level with Life Insurance Policy?

Ans: Responses were (Out of 80)

Table 5

Chart 5

77
 Respondents percentage

Yes
No

The graphs show that almost 15 % of the respondents are not satisfied with
the existing products and services.
This shows that the plans should be customized and more features should be added to
products to make them more profitable and more attractive.

Q6. Do you think ICICI Prudential is a reliable insurance company?

Ans: Responses were (Out of 80)

Table 6

78
 Respondents Percentage

Yes
No

The graphs show that almost 40% of the respondents lacked trust in ICICI Prudential Life
Insurance Company.
This shows that much needs to be done in order to develop trust and reliability of ICICI
Prudential Life Insurance Company among people.

Q7. Are you aware about the products of ICICI Prudential?

Ans: Responses were (Out of 80)

Table 7

Chart 7

79
 Respondents Percentage

Yes
No

‘The graphs show that approximately 73% of the respondents were unaware
about the products of ICICI Prudential Life Insurance Company.
This shows that there is a need of making product information common among masses using
proper media.

Q8. Are you interested to know about ICICI Prudential?

Ans: Responses were (Out of 80)

Table 8

80
 Respondents Percentage

Yes
No

The graphs show that approximately 74% of the respondents are interested to know about
the ICICI Prudential Life Insurance Company
This shows that proper course of action should be followed to make people aware of ICICI
Prudential Life Insurance Company so that they can invest in it.
This also shows that ICICI PRUDENTIAL INSURANCE COMPANY enjoys a good image
among the masses.

Q9. Do you think Insurance Polices should provide more returns besides risk cover?
Ans: Responses were (Out of 80)

Table 9

81
 Respondents Percentage

Strongly agree
agree
Does'nt matter
Disagree

The graphs show that approximately 53% of the respondents are interested in more returns
besides risk cover from Life Insurance Companies
This shows that insurance companies should focus on investments that provide considerable
amount of returns besides Insurance Cover.

Q10. Where do you invest your savings?

Ans: Responses were (Out of 80)

Table 10

82
 Respondents Percentage

Banks
Share market
Real Estate
others

The graphs show that approximately 64% of the respondents invest their
savings in banks
This shows that strategies should be formulated in such a manner that bank
customers could be converted into insurance customers, as is done through
bank assurances.
Findings of the Study

 The respondents having knowledge about the Life Insurance is fairly good.

 Nearly half of the respondents have been exposed to Life Insurance by their Friends and
Relatives.

 The awareness of ICICI Prudential among respondents is fairly low as compared to LIC
and MetLife.

 The satisfaction level with Life Insurance policy among the respondents was very good.

 Nearly 3/4th of respondents are not aware about the products and services offered by
ICICI Prudential.

 Nearly 3/4th of respondents are interested to know about the products and services
offered by ICICI Prudential.

83
  Almost 85% respondents are agreed with the statement that insurance policies should
provide more returns besides risk cover.

 The reason for less knowledge and interest towards insurance is lack of motivation and
less income.

CONCLUSION

➢ ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial services
group headquartered in the United Kingdom.

➢ ICICI Prudential was amongst the first private sector insurance companies to begin
operations in December 2000 after receiving approval from Insurance Regulatory
Development Authority (IRDA).

84
➢ This research report is based on the survey for finding the position of various insurance
policies offered by the insurance companies. Life insurance products provide a definite
amount of money to the dependants of the insured in case the life insured dies during his
active income earning period or becomes disabled on account of an accident causing
reduction/complete loss in his income earnings.

➢ An individual can also protect his old age when he ceases to earn and has no other means
of income by purchasing an annuity product. The company profiles of these companies and
their product range have to be given in the first part of this report.

The insurance policy offers the various insurance policies covering the risk of various stages
of life of any person. Covering the risk is become so important and necessary for any person.
In the present scenario the life is becoming so risky due to the innovation of the various latest
technology and modern way of livings. Insurance products available for life and non-life are
many.

➢ In non-life, apart from personal covers such as accident covers and health insurance, there
are products covering liabilities under a particular law and or common law. The various
products are designed to cater to different needs of an individual or industry such as fire
insurance policy on multi- storeyed building, householder’s policy.

➢ An insurance contract promises to make good to the insured a certain sum in consideration
for a payment in the form of premium from the insured. Human life cannot be valued. Hence
the sum assured (or the amount guaranteed to be paid in the event of a loss) is by way of a
‘benefit’ in the case of life insurance.

➢ The conclusion of this report is that the life insurance is the necessary and considerable
factor for any person for covering the risk of life and for future security.

85
SUGGESTIONS

Insurance companies should not mislead to customer to provide wrong information

about own policy.

Rural area in India lacks this facility so the insurance policy should spread their
business in rural area also.

Insurance companies should make personal contact with customer or own client for
improve brand promotion.

Most of person does not know about the full knowledge about insurance policy so the
companies should try to provide the complete knowledge about insurance policy to the
customer.

86
BIBLIOGRAPHY

Websites:

 www.lic.com
 www.iciciprulife.com
 www.irda.com
 www.goolge.com

Books of References:

 Marketing Management by “Philip Kotler”

 Marketing Management by “Rajan Saxena”.
 ICICI Prudential Company Magazines

87