Icici lombard

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Icici lombard

  1. 1. CASE STUDY ON: ICICI LOMBARD Prepared by:- TANDEL CHITRANGKUMAR T.
  2. 2. COMPANY OVERVIEW: Vision: To be the market leader in the field of private general insurance. Mission: To bring innovative insurance solutions to customers' doorstep.
  3. 3. COMPANY OVERVIEW(CONT’D) The market looked promising with a net premium income of Rs 9,300 crore, and it was growing at 11.4 per cent. In 2001, the ICICI Group entered the private general insurance sector by forming a partnership with Fairfax Holdings of Canada to establish ICICI Lombard.
  4. 4. OBJECTIVE OF COMPANY Employees:  Increasing market share  Increasing premium revenue  Retaining and increasing customer base  Creating brand value Shareholders: maximizing shareholder value Sales, agents and brokers: publicizing the company's services Customers:  Added value in return for premium  Greater customer satisfaction
  5. 5. SERVICES OFFERED BY ICICI LOMBARD ICICI Lombard offers a wide range of services covering various areas of insurance and different segments of customers. Its services can be classified under four broad categories: 1.) Health insurance: The company offers protection in cases of unexpected medical emergencies.  Home insurance  Motor insurance:  Overseas travel insurance  Domestic travel insurance  Student medical insurance
  6. 6. SERVICES OFFERED BY ICICI LOMBARD(CON’D) 2.) Business products: These services are aimed at businesses of all kinds and sizes. The insurance products are as follows:  Fire insurance  Marine insurance  Industrial insurance  Corporate insurance  Liability insurance  Credit insurance
  7. 7. SERVICES OFFERED BY ICICI LOMBARD(CON’D) 3.) Non-resident Indian (NRI) services: These services are the same as those offered in personal products, but the focus here is on NRIs. A service specially offered in this category is parents' overseas travel. 4.) Rural insurance: At ICICI Lombard, investing in rural markets is seen as a major social responsibility. The protection provided to the rural class is specified and customized according to the class's needs.
  8. 8. STRATEGY USED TO ATTRACT CUSTOMERS: The main objectives of such strategy are:  To create value beyond the ‘product’.  To convert potential customer to clients.  To spread awareness about the company and its products.  Depending on the effectiveness, the CHANNELS are used are: Physical Direct Indirect • Online policy.
  9. 9. ORGANIZATIONAL STRUCTURE: The organizational structure of ICICI Lombard is as follows: It is headed by SANDEEP BAKSHI, who is the managing director cum chief executive officer of the company. VISAKHA MULE is the executive director of the company. She is followed by RAKESH JAIN as the retail head. The whole organizational function can be divided into four different heads:  Sales  Claims  Underwriting  Marketing Sales ClaimsUndertaking Marketing
  10. 10. CORPORATE STRATEGY OF ICICI LOMBARD Fixing the Premium Amount The premium amount for a particular product is fixed by the underwriter team. For example, vehicle premium has three parts:  Owned damage  Third-party damage  Sales tax • Out of the aforementioned three parts, sales tax is fixed by the sales tax department. • The third-party damage amount is fixed by the Insurance Regulatory Authority of India (IRDA). • The underwriter team on behalf of the company fixes the amount for owned damage.
  11. 11. BALANCED SCORECARD:  In ICICI Lombard, the balanced scorecard perspective includes mainly three parameters, viz, employee performance, employee satisfaction index (ESI) and learning progress.  Business process perspective: This perspective deals with processes related to ICICI Lombard's settling of customer claims and sale of its products through various channels like agent, banks, brokers, the Internet, etc. The two most important parameters considered for ICICI Lombard are average claim settlement time and percentage of claims out of total claims settled in stipulated time.
  12. 12. BIBLIOGRAPHY: 1. www.icicilombard.com, 2008. 2. www.en.wikepedia.org, 2008 3. www.safaribooksonline.com

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