ICICI PruLife Customer awareness and customer satisfaction

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ICICI PruLife Customer awareness and customer satisfaction

  1. 1. ICICI Prudential Life Insurance Co. Ltd. TITLE “A Study on Consumer Behavior andCustomer Satisfaction towards ICICI PRUDENTIAL LIFE INSURANCE Products” Varun Kumar FN - 153
  2. 2. OBJECTIVES• Primary Objectives To know the Consumer Behavior and Consumer Preference towards various Insurance Products offered by ICICI Prudential Life Insurance Company Ltd.• Secondary Objectivesa) To study & analyze the growth of ICICI Prudential Life Insurance Company ltd.b) To identify the most favored promotion schemes among the Consumers & Advisors/Agents.c) To study the present marketing strategies and suggest new strategies that can increase the penetration of ICICI Prudential Life insurance product into the market. 2
  3. 3. RESEARCH METHODOLOGY• Research Type – Descriptive Research.• Sampling Plan – Cluster and Random Sampling.• Sample size – 200 Consumers and 50 Advisors/Agents.• Data Collection – 2 sets of Structured Questionnaire(Consumer & Advisor), Telephonic Interview and DirectInterview.• Analysis – Using Statistical Tools, Cross Tabulation andHypothesis Testing. 3
  4. 4. ANALYSIS • 79% of consumer prefer Life Insurance policy than General Insurance. • 49% of consumer prefer LIC and 24% of consumer prefer ICICI Pru for buying insurance. • Most of customer purchased insurance for Savings, Tax benefits and Life benefits. • 91% of the Advisors are biased towards some insurance policies while selling. 4
  5. 5. ANALYSIS Medium Of Percentage Knowledge Television & 74 % • 57% of the total approach to sales is Internet carried by Advisors and 24% is contributed by Direct Marketing. Newspaper 7.5 % Broachers/ 4% Pamphlets • For covering the untapped market: o Creating Awareness – 47%Friends/ Family 10 % o Market Survey – 19% o Change Negative Awareness – 18% Others 4.5 % Total 100 % 5
  6. 6. ANALYSIS Customer No. of Satisfied Awareness Customer Less than 25% 9 25 – 50% 11 Above 50% 30 Total 50 6
  7. 7. FINDINGSObjective 1: Objective 2:• Higher demand for Life • LIC leads the insuranceInsurance products compared market with nearly 50% shareto General Insurance. and ICICI Pru stands 2nd with 24.5% share.• 40% of respondents preferULIP. • Factor influencing Growth of ICICI Pru are:• Unequal Awareness for o Experienced Advisors.products of ICICI Pru in the o Policies sold/month.market brings ups and downs oQuality of training.in sales. 7
  8. 8. FINDINGSObjective 3:•Majority of people like T.V and Internet as a best source ofpromotion.• Most appealed ICICI Pru ads are:oJeetey Raho!oEducation Solution!• Advisors and Direct Marketing plays a major role inmaking the sales. 8
  9. 9. SUGGESTION & RECOMMENDATIONSuggested Marketing Strategies are:-• Emergency Info Wallet Cards.• Volunteer• Host Seminars• Speak at Colleges• Insurance Leads Fishbowl:“You may win a gift voucher in the lucky dip by filling in thecards and putting it in the bowl” 9
  10. 10. SUGGESTION & RECOMMENDATION• Guerilla Marketing :o Give out Pens with ICICI Pru brand name.o Wearing T-shirts with ICICI Pru name clearly visible.o Go Green.• Customer Appreciation Party.• Send Holidays or Birthday Cards.• Host a Blood Drive. 10
  11. 11. THANK YOU A PROJECT PRESENTATION BY : VARUN KUMAR 11

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