ICICI Prudential life insurance Pvt. ltd.

1. Submitte By

4. OBJECTIVES OF THE STUDY
For every problem there is a research. As all the researches are based on some and
my study is also based upon some objective and these are as follows.
1. To understand the insurance business and products of ICICI Prudential life
insurance Pvt. ltd.
2. To know the customer satisfaction towards ICICI Pru. life insurance.
3. To come out with suggestions based on the analysis and the Interpretation of
data.

5. RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also define
research as a scientific and systematic search for pertinent information on a specific
topic.
The word research has been derived from French word Researcher means to
search.
FRANCIES RUMMER defined “Research: It is a careful inquiry or examination to
discover new information or relationship and to expand or verify existing
knowledge.
Research is the solution of the problem, whether created or already generated.
When research is done, some new out come, so that the problem (created or
generated) to be solved.

6. RESEARCH DESIGN:
Research Design is the conceptual structure within which research is conducted.
It constitutes the blueprint for collection, measurement and analysis of data. The design
used for carrying out this research is Descriptive.
DATA TYPE: In this research the type of data collection is
Primary data
Secondary data

7. DATA SOURCE: The sources of collection of secondary data are:
Questionnaire
Books
Websites
Magazine
Brochure
SAMPLING PLAN
It is very difficult to collect information from every member of a population .As time
and costs are the major limitation that the researcher faces.
A sample of 100 was taken the sample size of 100 individuals were selected on the
basis of convenient sampling technique. The individuals were selected in the random
manner to form sample and data were collected from them for the research study.

8. ANALYSIS AND INTERPRETATION:
Data collection through questionnaire and personnel interview resulted in availability
of the desired information but these were useless until there were analyzed. Various
steps required for this purpose were editing, coding and tabulating. Tabulating refers to
bringing together similar data and compiling them in an accurate and meaningful
manner. The data collected by questionnaire was analyzed, interpreted with the help of
pie chart.
QUESTIONNAIRES
In this project study we collect primary data through questionnaires. Questionnaires
are a popular means of collecting data. A questionnaires consists of a number of
questions printed or typed in a definite order on a form or set of forms. The
questionnaire is mailed to the respondents who are expected to read and understand
the questions and write downtick the right option meant for the purpose in the
questionnaire itself. The respondent has to answer the questions on their own.

9. Advantages of using questionnaire:
•Can be used as a method in its own right or as a basis for interviewing or a telephone
survey.
•Can be posted, e-mailed or faxed.
•Can cover a large number of people or organizations.
•Wide geographic coverage.
•Relatively cheap.
•No prior arrangements are needed.
•Avoids embarrassment on the part of the respondent.
•Respondent can consider responses.
•Possible anonymity of respondent.
•No interviewer bias.

10. Sample size: The sample size is 100
Number of males = 67
Number of females = 33
GENDER
1. MALE 2. FEMALE
%age OF MALE & FEMALE
1
67%
2
33%
1
2

11. AGE GROUP
1. 17-25 2. 26-35
3. 36-45 4. Any other specify………….
%AGE 0F AGE GROUP
1
25%
2
35%
3
30%
4
10%
1
2
3
4

12. Q.1 What is the first thing , which comes into your mind when you think about ICICI
Pru. Life insurance ?
1. for saving . 2. for investment . 3. compensate from
losses. 4. for protection their eco.
assets
TOTAL %AGE
1
45%
2
36%
3
11%
4
8%
1
2
3
4
Conclusion: Most of the customer think that insurance is for saving & investment.

13. Q.2 How long have used ICICI life insurance product (e.g. life stage assured) ?
1. 1 to 3 yrs 2. 1 to 5 yrs
3. 1 to 10 yrs 4. 1 to 20 yrs
TOTAL %AGE
1
29%
2
38%
3
22%
4
11%
1
2
3
4
Conclusion: Most of the customer used product for a shorter period.

14. Q.3 Over all, how much satisfied are you with ICICI product services?
1. very satisfied 2. satisfied 3. Neutral
4. unsatisfied
TOTAL %AGE
1
10%
2
49%
3
33%
4
8%
1
2
3
4
Conclusion: maximum of the customer are satisfied from ICICI product services.

15. Q.4 Would you recommend product or services of ICICI LIFE INSURANCE to other ?
1. Definitely 2. Probably 3. Not sure
4. Definitely not
TOTAL %AGE
1
21%
2
32%
3
42%
4
5%
1
2
3
4
Conclusion: 42% response in not sure & only 5% response is definitely

16. Q.5 How likely are you to recommend company ICICI life insurance to friend or
relative ? Would you say the chances are:
1. execllent 2. very good 3. average
4. poor
TOTAL %AGE
1
9%
2
46%
3
40%
4
5%
1
2
3
4
Conclusion: most of the response is very good & average.

17. Q 6. How would you rate your level of satisfaction with ICICIPru. Life insurance in
regular to their customer service ?
1. satisfied 2. Extremly satisfied 3. Unsatisfied
4. not sure
TOTAL %AGE
1
67%
2
13%
3
6%
4
14%
1
2
3
4
Conclusion: most of the customer response is satisfied.

18. Q.7 How would you rate your level of satisfaction with ICICI Pru. Life insurance in
regard to paying premium?
1. extremly satisfied 2. satisfied 3. unsatisfied
4.can't say
TOTAL %AGE
1
19%
2
51%
3
15%
4
15%
1
2
3
4
Conclusion: most of customer response are satisfied.

19. Q 8. How would you rate your level of satisfaction with ICICI Pru. Life insurance in
regards to values ?
1. excellent 2. very good
3. good 4. poor
TOTAL %AGE
1
12%
2
34%
3
42%
4
12%
1
2
3
4
Conclusion: most of customer response are good.

20. Q.9. How much you rate the over all quality of your relation ship with ICICI Pru. Life
insurance considering all of yours experience with them ?
1. excellent 2. very good 3. good
4. poor
TOTAL %AGE
1
10%
2
34%
3
43%
4
13%
1
2
3
4
Conclusion: most of the customer response are good .

21. Q.10. How much satisfied are you with our company over all ?
1. fully satisfied 2. satisfied 3. unsatisfied
4. can't say
TOTAL %AGE
1
18%
2
56%
3
9%
4
17%
1
2
3
4
Conclusion: 56% means maximum customer are satisfied.

22. Q.11. Can you trust ICICI Pru. Life insurance ?
1. yes 2. No
CAN YOU TRUST ICICI.
1
63%
2
37%
1
2
Conclusion: most of the customer response are yes.

23. Q.12. The claim settlement of ICICI Pru. Life insurance is:
1. excellent 2. good 3. average
4. bad
TOTAL CLAIM SETTLEMENT OF ICICI.
1
23%
2
35%
3
30%
4
12%
1
2
3
4
Conclusion: 35% says good & 23% says excellent.

24. MAJOR FINDINGS OF THE STUDY
Most of the people are satisfied with the extent of their life insurance cover. They are
not interested in buying more life insurance.
•People consider life insurance as a good savings and investments.
•Customers are satisfied with ICICI Pru. Life insurance products and services (pie chart
in Q.2)
•The level of satisfaction of customer of paying premium is good & satisfactory.
•Customer services provided by ICICI Pru. to their customer are satisfactory and good.
•Most of the people feel that life insurance is essential but they think returns are low.
•The claim settlement of ICICI is average & good according to data interpretation.
•Maximum people take interest in short time investment not in long term.
•Some people have their doubts on the credibility and long stay of private insurance
companies.
•The relationship between ICICI & customer is good & satisfactory.
•Most of the customers are trust over ICICI Pru. life insurance

25. LIMITATIONS OF THE STUDY
Hectic schedule of every job person create a problem to get appointment for meeting.
It was too short time period to convert any prospective buyers into consumers to
convert the prospective buyers into customers.
Customer has no time to fill the questionnaire.
It is only for short period of time.
Lack of professional approach since researcher is a student.

26. RECOMMENDATIONS
There is some of the recommendation we had come up with while doing this project. It
will help to make insurance more important sector in today’s economy.
The need of the hour is to devise a comprehensive strategy that will help the firms face
the challenges of the future. The financial services industry around the world over is
under going a major transformation. It is very important that trained marketing
professionals who are able to communicate specific features of the policy should sell
the policy.
1. INCRESE AWARENESS :- From our study we could find out that people are not
aware about the policies and features of insurance. Therefore ICICI are
recommended to shed light on policies and explain the benefits, thus increasing the
awareness.
2. MARKETING FOR RURAL AREAS:- The penetration of insurance in India is around
22%. This indicates that a vast majority of rural population is not covered.The market
player needs to explore this untapped potential through their marketing and sales
network.

27. 3. IMPROVE CUSTOMER SERVICES:- In order to take the advantage of being industry
leader in private sector, ICICI Prudential has to improve its customer services. According
to my experience in the company, a good number of customers forget to pay their
premium at time so it causes a big loss to the company. ICICI Prudential has already
collaborated with the ICICI bank for its banc assurance facility and then can include
another feature in it. ICICI bank can offer a bank account with the life insurance policy in
which an ATM card will be provided. This card will have all the information regarding the
policy as like future premium payment dates, payment made, money value of the policy
at that date, value of the unit linked plan and all other information what the customer
want. This will help the customer to pay premium on time and save their losses. This will
be mutually helpful for both sister companies, ICICI bank will get new account and ICICI
prudential will be able to more efficient services to their customers.
4. LAUNCHING OF NEW PRODUCTS :- Some insurance products, which are not available
in India, should be introduced in market. There are areas for new product
development: Industry all risk policies, Large projects risk cover, Risk beyond a floor
level, extended public and product liability cover.

28. 5. INCREAED TECHNOLOGY :- Insurance companies will also have to get savvy in
distribution. Enhanced marketing thus will be crucial. Already many companies have
full operation capabilities over a 12-hour period. Facilities such as customer service
center are already into 24-hour mode. These will provide services such as
motor vehicle recovery. Technology will also play an important role on the market. The
lines of distinction between banks insurance companies and brokerages are getting
blurred. The future seems to belong to financial supermarkets that will offer a host of
services and products to the consumer. In the next millennium all these activities
would play a crucial role in the overall development and maturity of the insurance
industry.
6. OPEN SOME MORE BRANCHES IN SEMI URBAN AND RURAL AREA: ICICI Prudential
has almost its branches in urban area or metros.So in order to increase the no. of
customer, ICICI Prudential Would increase the approach towards potential
Customers. For that it has to increase the branches in the semi urban cities like C, D
grade cities. And the rural marketing is the best option for ICICI Prudential to increase
its base in the market.
7. TRAINED THE FINANCIAL ADVISORS MORE EFFICIENTLY: In the changed scenario,
more efficient training will be needed, so ICICI Prudential should provide good and
efficient training to their financial advisors Because they are the one who interact
directly with the customers. So good training will give them the right way to deal with
the potential customers.

29. CONCLUSION
•Advertising of the insurance product should stress on the need of security.
•Insurance should be popularized as the means of securing future rather than saving
tax.
•New entrants should come out with innovative riders.
•Policies should be issued quickly and with less formalities
•Other service should also be improved.
•Newspaper/Magazines and television are the most effective medium of advertising life
insurance.
•Insurance agents should be well trained.
•Informed the customer timely in regard their policy.
INTERPERTATION ABOUT THE INDUSTRY GUIDE
This two months training helped me in imparting skills in all facts of management,
Horne the ability to provide leadership, inspiration & motivation to people, help in
decision making through the use of scarce resources, provides a lucrative and satisfying
career. My Industry guide Mr. Arun Sharma has helped in shaping analytical and
intellectual capabilities. He is Very co-operative and understanding person.

30. BIBLIOGRAPHY
ICICI prudential Life Insurance company.
Articles on Conservation of business in life insurance industry
Principles and practice of life insurance (IC-02)
INTERNET SITES
• www.iciciprulife.com
• www.icicibank.com
• www.indianexpress.com
•www.google.co.in/indian insurance industry.
Marketing Management by Philip Kotler, Pearson Education 2nd ed.
IRDA Journal
ICICI Prudential Company magazines
Newspaper and Business magazines