A PROJECT REPORTONA STUDY OF MARKETING STRATEGIES OF ICICI PRUDENTIALSubmitted in partial fulfillment of the requirementsfor the award of the Degree of

Bachelor of Business Administration BBA(B&I)

To

Guru Gobind Singh Indraprastha University, Delhi

Guide: Submitted by : Mr. Pramod Kumar Nayak Abhishek Behl Assistant Professor 05920501811

BLS INSTITUTE OF TECHNOLOGY MANAGEMENTDelhi- Rohtak Road, NH-10, Jakhoda, Bahadurgarh -124507Batch (2011-2014)

DECLARATION

I, Abhishek Behl, Roll No.05920501811 certify that the Project Report (Paper Code BBA (B&I) 314) entitled A Study of Marketing Strategies on ICICI Prudential is done by me and it is an authentic work carried out by me. To the best of my knowledge and belief, the material embodied in this Report has not been submitted earlier for the award of any Degree or Diploma by any University or Institution.

Signature of the StudentDate:

CERTIFICATE

Certified that the Project Report (Paper Code BBA (B&I) 314) entitled A Study of Marketing Strategies on ICICI Prudential done by Abhishek Behl, Roll No.05920501811, has been completed under my guidance and supervision.

Signature of the Guide Date: Name of the Guide: Designation:

Countersigned

Director

ACKNOWLEDGEMENTThis humble endeavor bears the imprint of many persons who are in one or other way helpful in its competition. I express my cordial to all the members of the marketing and finance department for their selfless support and help, they provided me during my project work. Words cannot reflect the co-operation, assistant and encouragement given by them in completion of my project.

Submitted ByABHISHEK BEHL 045920501811

CONTENTSS NoTopicPage No

1Certificate (s) -

2Acknowledgements-

3Chapter-1: General Introduction

4Chapter-2: Introduction To The Problem

5Chapter-3: Description of Organization Profiles

6Chapter-4: Theoretical Perspectives

7Chapter-5: Methodology

8Chapter-6: Data Preparation

9Chapter-7: Findings

10Chapter-8: Limitations

11Chapter-9: Recommendations

12Chapter-10: Conclusion

13Bibliography /References

14Appendices

CHAPTER

1

GENERAL INTRODUCTION

INTRODUCTION The entire effort of human life is to proceed from uncertainty to certainty. The rigmarole of life proceeds with first acquiring the wherewithal to earn a living and then striving for its betterment and ensuring that the comfort and pleasure derived from a physical commodity or a human being continues. It is at the latter stage that the mechanism of Insurance comes in play.

The concept of insurance is in essence related to the protection of the economic value of assets. Every asset whether physical or in form of a human being has a value. The asset is built up in the expectation that, either through the income generated there from or some other output, some needs of the individual would be met. For example, in the case of an industry its production is sold and income generated. In the case of a vehicle, it provides comfort and convenience in transportation.

1ST Insurance in India started from 1817.Basically it is divided into two types such as General insurance & Life insurance. After freedom there are 245 companies in India who provide life insurance. In 1956 finance minister C.D.Deshmukh seize all those companies. There is only one life insurance company from1956-2000 that is LIC of India. In 1993 the finance secretary R.N.Malhotra introduce IRDA(Insurance Regulatory Development Authority) act. After that private life insurance

companies came into existence. HDFC is the 1st private insurance company in India. After that ICICI prudential Life insurance corporation started its operation. From 2001-2008 ICICI place the 1st position among all private insurance company. Now days there are 12 private life insurance companies.As compare to past now a days insurance companies provides not only life cover plan but also provides investment plan. In recent trend there are two type of plan provided by the Life insurance company such as:(1) Traditional Plan ULIP (Unit Linked Insurance Plan)

Traditional Plan consisting of a long maturity period where as ULIP consists of both insurance and investment having shorter maturity period.

Fundamental definition:In the words of D.S. Hansell, Insurance accumulated contributions of all parties participating in the scheme.Contractual definition:In the words of Justice Tindall, Insurance is a contract in which a sum of money is paid to the assured as consideration of insurers incurring the risk of paying a large sum upon a given contingency.

Characteristics of insurance:Sharing of risks

Cooperative deviceEvaluation of riskPayment on happening of a special eventThe amount of payment depends on the nature of losses incurred.The success of insurance business depends on the large number ofpeople insured against similar risk.Insurance is a plan, which spreads the risk and losses of few peopleamong a large number of people.The insurance is a plan in which the insured transfers his risk on the insurer.Insurance is a legal contract which is based upon certain principles of insurance which includes utmost good faith, insurable interest, contribution, indemnity, causes proximal, subrogation, etc.The scope of insurance is much wider and extensive.

(2Functions of insurance:Primary functions:

1. Provide protection: - Insurance cannot check the happening of the risk, but can provide for the losses of risk.2. Collective bearing of risk: - Insurance is a device to share the financial losses of few among many others.

3. Assessment of risk: - Insurance determines the probable volume of risk by evaluating various factors that give rise to risk.4. Provide certainty: - Insurance is a device, which helps to change from uncertainty to certainty.

Secondary functions:

1. Prevention of losses: - Insurance cautions businessman and individuals to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions.2. Small capital to cover large risks: - Insurance relives the businessman from security investment, by paying small amount of insurance against larger risks and uncertainty.3. Contributes towards development of larger industries.

Other Function:Means of savings and investment:Insurance companies are business houses. The product they sell is financial protection. To succeed and survive, they must cover their costs, which include payments to cover the losses of policyholders, as well as sales and administrative expenses, taxes and dividends.

INDUSTRY PROFILEICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs.37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over954 branches in addition to 1,015 micro-offices, over 296,000 advisors; and 21 banc assurance partners.ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. 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 to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India3.2 Company Promoters:

ICICI Bank: ICICI Bank Limited(NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $121 billion as of March 31, 2008. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence currently spans 19 countries, including India

Prudential Plc:Established in London in 1848, Prudential plc, through its businesses in the UK, Europe, US, Asia and the Middle East, provides retail financial services products and services to more than 20 million customers, policyholder and unit holders and manages over 267 billion of funds worldwide (as of December 31, 2007). In Asia, Prudential is the leading European life insurance company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail fund managers for Asian sourced assets ex-Japan. Its fund management business has expanded into ten markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

3.3 Vision and MissionStatement:

Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise.The success of the organization will be founded on its strong focus on values and clarity of purpose. These include:

Understanding the needs of customers and offering them superior products and service building long lasting relationships with their partners providing an enabling environment to foster growth and learning for their employees and above all building transparency in all our dealings.

They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team, they feel that there will be no limits to their growth.

3.4 Board of Directors.The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.Ms.Chanda D. Kochhar, ChairpersonMr. N. S. Kannan, DirectorMr. K. Ramkumar, DirectorMr. Barry Stowe, DirectorMr. Adrian OConnor, DirectorMr. Keki Dadiseth, Independent DirectorProf. Marti G. Subrahmanyam, Independent DirectorMs. Rama Bijapurkar, Independent DirectorMr. Vinod Kumar Dhall, Independent DirectMr. V. Vaidyanathan, Managing Director & CE

3.5 Awards And Recognitions:-AWARDS:

1. The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life the International Service Excellence Awards 2009 in the categories of Customer Charter Winner, Service Excellence in Large Business Highly Commended and Customer Service Leader awarded to Ms. Priya Nayak, VP-Service Quality.

2. ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.

3. ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia Insurance Industry Awards 2008.

4. ICICI Prudential Life was awarded with two Bronze Effie's in the services category for its Corporate campaign and Retirement Number campaign

5. ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2008

6. ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects Award for its IT practice

7. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008

8. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was adjudged the Businesswoman of the year at The Economic Times Awards for Corporate Excellence, 2007-08.

9. ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key categories for its marketing initiatives

10. ICICI Prudential Life was awarded the INDYs Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television

11. India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic Times. Customer Responsiveness Awards, 2007

12. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as one of the 50 Most Powerful Women in Business by the Financial Express.

13. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged the Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007

14. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded the Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader Awards 2007

15. ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2007

16. ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 was awarded the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Ad club.

17. ICICI Prudential Lifes website, www.iciciprulife.com was awarded the best website among private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards 2007 for commendable work in the online.

18. Innovation Award for launching Diabetes Care Prudence Award 2006. People Award for excellence in training and people development - Prudence Award 2006

19. India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic Times. Customer Responsiveness Awards

20. Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005

21. Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation Asia

22. Best Life Insurer 2003. Outlook Money Awards 2003 & 2004

23. IMM Award for Excellence. Institute of Marketing & Management

24. Organization with Innovative HR Practices Indira Group of Institutes Superbrand 2003-04

25. Organization with Innovative HR Practices Asia-Pacific H R Congress Awards for HR Excellence

26. Silver Effie for Effectiveness of the Retire from Work not life advertising campaign Effies 2003

CHAPTER

2

INTRODUCTION TO THE PROBLEM

1.1 STATEMENT OF THE PROBLEM:

The Project I have taken up is MARKETING OF INSURANCE IN ICICI PRUDENTIAL LIFE INSURANCE, The reason why I took up this subject is because today, insurance industry is among the fastest growing sector and it provides wonderful business marketing, where by people can use their free time for the purpose of not only earning money and rewards but also build meaningful relationships.

Through this project work, I expect to come with meaningful analysis on awareness of public on MARKETING STRATEGIES IN ICICI PRUDENTIAL LIFE INSURANCE.

1.2OBJECTIVES OF THE STUDY: To know the marketing strategy in ICICI Prudential Life Insurance in Bellary. To know the public interest towards the insurance. To know the brand awareness towards ICICI Prudential Life Insurance Co., Ltd in Bellary. To find out which parameter is motivating insurance advisers to join insurance field. To make suggestions and recommendations to improve upon the working of the company.

Multiple players in the life insurance so, ICICI Prudential faces very tough competition from other leaders in the industry. The ICICI Prudential needs to work hard in order to stay competitive insurance market. Further, the ICICI Prudential should appoint professional agent who should be able to provide customer with a comparison of multiple schemes and also explain them in simple terms, so that customer able to make an informed decision.

CHAPTER

3

A BRIEF DESCRIPTION OF ORGANISATION PROFILE

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs.37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over954 branches in addition to 1,015 micro-offices, over 296,000 advisors; and 21 banc assurance partners.ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. 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 to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

3.2 Company Promoters:

ICICI Bank: ICICI Bank Limited(NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $121 billion as of March 31, 2008. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence currently spans 19 countries, including India

Prudential Plc:Established in London in 1848, Prudential plc, through its businesses in the UK, Europe, US, Asia and the Middle East, provides retail financial services products and services to more than 20 million customers, policyholder and unit holders and manages over 267 billion of funds worldwide (as of December 31, 2007). In Asia, Prudential is the leading European life insurance company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest retail fund managers for Asian sourced assets ex-Japan. Its fund management business has expanded into ten markets, comprising of China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

3.3 Vision and MissionStatement:

Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise.The success of the organization will be founded on its strong focus on values and clarity of purpose. These include:

Understanding the needs of customers and offering them superior products and service building long lasting relationships with their partners providing an enabling environment to foster growth and learning for their employees and above all building transparency in all our dealings.

They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team, they feel that there will be no limits to their growth.

3.4 Board of Directors.The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.Ms.Chanda D. Kochhar, ChairpersonMr. N. S. Kannan, DirectorMr. K. Ramkumar, DirectorMr. Barry Stowe, DirectorMr. Adrian OConnor, DirectorMr. Keki Dadiseth, Independent DirectorProf. Marti G. Subrahmanyam, Independent DirectorMs. Rama Bijapurkar, Independent DirectorMr. Vinod Kumar Dhall, Independent DirectMr. V. Vaidyanathan, Managing Director & CE

3.5 Awards And Recognitions:-AWARDS:

27. The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life the International Service Excellence Awards 2009 in the categories of Customer Charter Winner, Service Excellence in Large Business Highly Commended and Customer Service Leader awarded to Ms. Priya Nayak, VP-Service Quality.

28. ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009.

29. ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia Insurance Industry Awards 2008.

30. ICICI Prudential Life was awarded with two Bronze Effie's in the services category for its Corporate campaign and Retirement Number campaign

31. ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2008

32. ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects Award for its IT practice

33. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008

34. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. was adjudged the Businesswoman of the year at The Economic Times Awards for Corporate Excellence, 2007-08.

35. ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key categories for its marketing initiatives

36. ICICI Prudential Life was awarded the INDYs Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television

37. India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic Times. Customer Responsiveness Awards, 2007

38. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as one of the 50 Most Powerful Women in Business by the Financial Express.

39. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged the Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007

40. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded the Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader Awards 2007

41. ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2007

42. ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 was awarded the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Ad club.

43. ICICI Prudential Lifes website, www.iciciprulife.com was awarded the best website among private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards 2007 for commendable work in the online.

44. Innovation Award for launching Diabetes Care Prudence Award 2006. People Award for excellence in training and people development - Prudence Award 2006

45. India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic Times. Customer Responsiveness Awards

46. Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005

47. Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation Asia

48. Best Life Insurer 2003. Outlook Money Awards 2003 & 2004

49. IMM Award for Excellence. Institute of Marketing & Management

50. Organization with Innovative HR Practices Indira Group of Institutes Superbrand 2003-04

51. Organization with Innovative HR Practices Asia-Pacific H R Congress Awards for HR Excellence

52. Silver Effie for Effectiveness of the Retire from Work not life advertising campaign Effies 2003

RECOGNITIONS:

ICICI Prudential Life was recognized as the most trusted brand amongst private life insurers in the Economic Times-Most Trusted Brand survey 2008.

IMM Award for Excellence. Institute of Marketing & Management

Organization with Innovative HR Practices. Indira Group of Institutes

Organization with Innovative HR Practices. Asia-Pacific H R Congress Awards for HR Excellence

3.6 Organization Structure:B.O.D ICICI Prudential

C.E.O

Operation Head

Claims Debt

H.R HEAD

SALES HEAD

Peninsular

Himalayas

M.P

K.GT.N

A.P

Karnataka and Goa

Kerala

sR. MR. MR. M

B. M

A.R.M

S. M Hubli

S. M Bidar

S. M Haveri

S.M Bellary

S. M Hospet

Advisor

Advisor

Advisor

Advisor

Advisor

3.7 Various Players in Indian Market:

1. ICICI Prudential Life Insurance Company Limited2. SBI Life Insurance Company Ltd.3. AMP Sanmar Assurance Company Limited 4. Birla Sun Life Insurance Co. Ltd. 5. Dabur Cgu Life Insurance Company Pvt. Ltd 6. HDFC Standard Life Insurance Co. Ltd. 7. Bajaj Allianz Life Insurance Co. 8. ING Vysya Life Insurance Co. Pvt. Ltd. 9. Life Insurance Corporation Of India 10. Max Newyork Life Insurance Co. Ltd. 11. Metlife India Insurance Company 12. Om Kotak Mahindra Life Insurance Co. Ltd. 13. Tata Aig Life Insurance Co. Ltd14. Aviva Life Insurance15. Reliance Life Insurance16. Sahara India Life Insurance

CHAPTER

4

THEORETICAL PERSPECTIVES

CHAPTER

5

METHODOLOGYInformation is collected from the primary and secondary data. Analytical tool applied for the analysis of data or Sources of Data.

The source of information is broadly classified into 2 categories: PRIMARY DATA SECONDARY DATA.

PRIMARY DATA:

The present study is mostly based on the questionnaire and personnel discussion with the respondents in Bellary and Hospet city respectively.

SECONDARY DATA:

Secondary data is collected through the company brochures, manuals, periodicals, newsletters, articles, internet and other publications.

Research methodology is a strategy that guides a researc h in providing answers to research questions and for this, researc h survey is being done. "Accuracy of the study depends on the systematic application of the method". The researcher has to decide the method to be used that helps him to get a desired direction in a systematic way . This study in the following manner.

The questions were designed in an easily understandable way with the help of Prof. Gaurav Ashesh (Faculty Guide) and Prof. Hari Sadhu.That the respondents may not have any difficulty in answering them. The questionna ire also conta ined a comments section. This section was included so as to get opinion of the people regarding the ICICI Prudential Life Insurance.

RandomSamplingSampling c an be defined as a part of population. Thus random sampling may be defined as the selection of a portion from the whole population in which each elements of the population has an equal chance of being selected.A more please definition is that each element in the population has a non-zero and known probability of selection a randomly drawn sample is an unbiased sample. In this resear ch survey 50 people were surveyed at random to get the relevant information.

Study of Promotional Strategy of ICICI Prudential Life Insurance Co.ltd.

A dvertisement Effectiveness Study (With reference to ife lnsurance)-IGNITEVRAJNI KANTMarch.2008Pago 6

Sampk Size:The sampling techniques used in this project are probability sampling technique s and the methods used in cluster sampling.

Sampling Vnit: The respondents who were asked to fill out questionna ires are the sampling units. These comprise of employee s of MNCs, Govt. Employee s, and Self Employed etc.

Sampfe size: The sample size was restricted to only 50 between age group of 25-40, which comprised of mainly peoples from different regions of India.

Samptin. g )trea: The area of the researc h was Delhi Metro Railway Quarters, New Delhi, India.