CUSTOMER SATISFACTION LEVEL AND BRAND IMAGE

AT
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD,
BANGALORE
A DISSERTATION SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENT FOR THE AWARD OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
BANGALORE UNIVERSITY
By
KHADAKBHAVI VIJAY NINGOUDA
(Reg. No. 05XQCM6038)
Under the guidance of
DR: K V PRABHAKAR
Senior Professor, M P Birla Institute of Management
BANGALORE

M.P.BIRLA INSTITUTE OF MANAGEMENT

BANGALORE: 560001
MAY 2007
 DECLARATION

I hereby declare that this dissertation entitled

“Customer Satisfaction Level and Brand Image at
ICICI Prudential Life Insurance Company Limited,
Bangalore is the result of my own research work
carried out by me under the guidance of Dr K V
Prabhakar, Senior Professor, MPBIM, Bangalore.

I also declare that this dissertation has not been

submitted by me to any University/Institution for
the award of any degree or diploma or any other
similar title

Place: Bangalore (KHADAKBHAVI VIJAY NINGOUDA)

Date:
 CERTIFICATE

This is to certify that this dissertation entitled

“Customer Satisfaction Level and Brand Image at
ICICI Prudential Insurance Company Limited,
Bangalore” is an offshoot of research work
carried out by Mr. Khadakbhavi Vijay Ningouda
under the guidance of Dr K V Prabhakar, Senior
Professor, MPBIM, Bangalore

Place: Bangalore (Dr:Nagesh S Malavalli)

Date: (Principal)
 CERTIFICATE

I hereby certify that this dissertation entitled “Customer

Satisfaction Level and Brand Image at ICICI Prudential Insurance
Company Limited, Bangalore is the result of the research work carried
out by Mr. Khadkbhavi. Vijay Ningouda under my guidance and
supervision.

Place: Bangalore (Dr. K V PRABHAKAR)

Senior Professor
Date:
 ACKNOWLEDGMENT

“Blessed are those who give without remembering and blessed

are those who take without forgetting”
-Bernard Meltzer

I express my sincere gratitude to Shri SANTOSH NAIK for

providing me an opportunity to undertake this Research project in his
esteemed organization.

I would like to express my profound gratitude to Dr: K V

PRABHAKAR. Senior Professor M P Birla institute of Management ,
Bangalore for guiding me successfully.

I wish to thank Dr. NAGESH S MALAVALLI, Principal, M P

Birla Institute of Management for providing me with academic support

Place: Bangalore (KHADAKBHAVI VIJAY

NINGOUDA)

Date:
 CONTENTS
NO CHAPTER PAGE -NO

1) EXECUTIVE SUMMARY 1-2

2) INTRODUCTION 3-4

• INDUSTRY PROFILE 5 -14

• COMPANY PROFILE 15-16
• PRODUCT PROFILE 17-21
•
3) DESIGN METHODOLOGY

• REVIEW OF LITERATURE 22
• STATEMENT OF THE 23
PROBLEM
• OBJECTIVES OF THE 24
STUDY 25
• SCOPE OF THE STUDY 26
• RESERCH METHODOLOGY
AND DATA COLLECTION 27
• LIMITATION OF THE STUDY

4) DEPARTMENTS 28-35

5) PROFILE OF THE RESPONDENTS 36

6) ANALYSIS &INTERPRETATION OF 37-65

DATA

7) FINDINGS ,SUGGESTION AND 66-70

CONCLUSION

8) BIBLIOGRAPHY 71

9) ANNEXURE 72
 LIST OF TABLES &GRAPHS

Name Table No Page Graph Page

No No No
Table
Quality of service received 1 37 1 38

Process of getting concerns resolved 2 39 2 40

Feature and benefits of policies 3 41 3 42

Customer service rep was courteous 4 43 4 44

Customer service rep handled call 5 45 5 46

quickly
Customer service rep was very 6 47 6 48
knowledgeable
Quality of service received 7 49 7 50

Explaining the complication 8 51 8 51

Qualities of customer service 9 52 9 53

representative
Meeting with the Advisor 10 54 10 55

Updating the new policies 11 56 11 57

Customer service 12 58 12 59

Waiting time 13 60 13 61

Transferring the call to right person 14 62 14 63

Policy owned 15 64 15 65

Policy of other insurers 16 66 16 67

Feeling of security 17 68 17 69
Executive summary

This report gives a birds eye view of the ICICI Prudential Life
Insurance and the “customers satisfaction level and brand image’ of the
company. The report also gives a view of the company, its activities and product
profile.
The life insurance sector In India is in existence for more than fifty
year. ICICI Prudential is a new player in India which is into the market from past
five years and now it stands number one amongst the private insurance
companies. The company wants to improve its market share further with the help
of information from this study. There are lots of new and innovative concepts
being brought into the market by this company which serve to almost all the age
groups. The transparency between the customer and the organisation is very
high. This study was mainly conducted to understand the customer satisfaction
level with respect to ICICI Prudential, a leading private life insurance company, to
understand the brand image of ICICI Prudential in the market of life insurance
products and also to understand the level of security that the customers have
owning an insurance policy of ICICI Prudential.
The major outcome of this study is that the customers are
very satisfied with the performance of the company. They feel the company has
given a lot of importance to the needs of customers and have come out with
innovative and great products. The service provided by the company is also
good. The advisors performance in handling customers’ complaints is highly
satisfactory. The customers feel highly secured after owning the insurance policy
of this company. There are some improvements needed in customer service
department with regards to waiting time and transferring of the call. So as a
whole the study came out with positive results by showing the high level of
customer satisfaction with policies of ICICI Prudential.
INTRODUCTION:

This study is all about customer satisfaction level which

has lot of importance in any kind of business and I have chosen ICICI Prudential
as the company for which I can make a study over the customer satisfaction level
with its products, its activities and services.

ICICI PRUDENTIAL is a strong player in providing life

insurance and pension product to the expanding market of insurance in India.
The life insurance Industry is growing at an accelerating pace in the global
scenario. As compared to few years back, the industry has shown tremendous
growth. However, in the Indian context, the industry is in existence from many
years. The Indian life insurance industry is estimated at billions of dollars today.
This is a puny figure compared to the global scenario. There are few players in
this segment, ICICI PRUDENTAIL being the leader in private insurance
companies.

The Life Insurance sector in India is now at boom. It is

absorbing millions of people in to the field and yielding revenue in billions to the
market. This particular study is a response to the issue regarding the customer
satisfaction and brand awareness with respect to ICICI Prudential. The market
survey is designed to dispel the opinion of the existing customers owning various
policies of life insurance and pension plans. Continuing with its 'Customer First'
philosophy, ICICI Prudential has significantly expanded its presence to 29
operational Branches (2001-2002: 16), with the Advisor
Force growing to over 18,000. Its has also strengthened its Alternate Distribution
channels, i.e. Bank assurance, Corporate Agents and Direct Marketing, making
purchase of insurance more accessible. Bank assurance and Direct Marketing
channels have contributed to over 18% of the Annualized Premium.
 ICICI Prudential was amongst the first to identify the emerging
opportunity in the Pension segment and launched two linked pension products-
Lifetime Pension and LifeLink Pension, which have been well received in the
market.

The branches, call centre, email and snail mail are the eyes and
ears. Through the data they collect via each of these channels, the company get
to know, see what everyone's thinking. Further, through specific surveys such as
BREs, focus groups, annual customer satisfaction surveys, advisor surveys and
doctor surveys, the company get to know the concerns and expectations of all
our customers. But the ball doesn't stop rolling until the company have used this
information to improve the products and processes.

Convenience and judgmental sampling has been used for the

convenience of the student. The sample size was 70 and all the respondents
were the existing customers of ICICI Prudential.

The study is to analyze, identify, understand & improve the

satisfaction of the customer by aligning the organization to address their various
wants and needs. This project is a combination of Marketing Survey and Brand
Building.
INDUSTRY PROFILE

Life Insurance Market in India

Many may not be aware that the life insurance industry of India is
as old as it is in any other part of the world. The first Indian life insurance
company was the Oriental Life Insurance Company, which was started in India in
1818 at Kolkata.
A number of players (over 250 in life and about 100 in non-life)
mainly with regional focus flourished all across the country. However, the
Government of India, concerned by the unethical standards adopted by some
players against the consumers, nationalised the industry in two phases in 1956
(life) and in 1972 (non-life).
The insurance business of the country was then brought under two
public sector companies, Life Insurance Corporation of India (LIC) and General
Insurance Corporation of India (GIC).
In line with the economic reforms that were ushered in India in
early nineties, the Government set up a Committee on Reforms (popularly called
the Malhotra Committee) in April 1993 to suggest reforms in the insurance
sector. The Committee recommended throwing open the sector to private players
to usher in competition and bring more choice to the consumer. The objective
was to improve the penetration of insurance as a percentage of GDP, which
remains low in India even compared to some developing countries in Asia.
Reforms were initiated with the passage of Insurance
Regulatory and Development Authority (IRDA) Bill in 1999. IRDA was set up as
an independent regulatory authority, which has put in place regulations in line
with global norms. So far in the private sector, 12 life insurance companies and 9
general insurance companies have been registered.
WINDS OF CHANGE
Reforms have marked the entry of many of the global
insurance majors into the Indian market in the form of joint ventures with Indian
companies. Some of the key names are AIG, New York Life, Allianz, Prudential,
Standard Life, Sun Life Canada and Old Mutual. The entry of new players has
rejuvenated the erstwhile monopoly player LIC, which has responded to the
competition in an admirable fashion by launching new products and improving
service standards.

The following are the key winds of change brought about by privatisation.

Market Expansion: There has been an overall expansion in the market. This
has been possible due to improved awareness levels thanks to the large number
of advertising campaigns launched by all the players. The scope for expansion is
still unlimited as virtually all the players are concentrating on large cities and
towns - except by LIC to an extent there was no significant attempt to tap the
rural markets.

New Product Offerings: There has been a plethora of new and innovative
products offered by the new players, mainly from the stable of their international
partners.
Customers have tremendous choice from a large variety of
products from pure term (risk) insurance to unit-linked investment products.
Customers are offered unbundled products with a variety of benefits as riders
from which they can choose. More customers are buying products and services
based on their true needs and not just traditional money-back policies, which is
not considered very appropriate for long-term protection and savings. However,
there are still some key new products yet to be introduced - e.g. health products.

Customer Service: Not unexpectedly, this was one area that witnessed the
most significant change with the entry of new players. There is an attempt to
bring in international best practices in service and operational efficiency through
use of latest technologies. Advice and need based selling is emerging through
much better trained sales force and advisors. There is improvement in response
and turnaround times in specific areas such as delivery of first policy receipt,
policy document, premium notice, final maturity payment, settlement of claims
etc. However, there is a long way to go and various customer surveys indicate
that the standards are still below customer expectation levels.

Channels of Distribution: Till two years back, the only mode of distribution of
life insurance products was through Agents. While agents continue to be the
predominant distribution channel, today a number of innovative alternative
channels are being offered to consumers. Some of them are bancassurance,
brokers, the internet and direct marketing. Though it is too early to predict, the
wide spread of bank branch network in India could lead to bancassurance
emerging as a significant distribution mechanism.

ABOUT THE PROMOTERS

ICICI Bank is India's second-largest bank with total assets of about Rs.112,024
crore and a network of about 450 branches and offices and about 1750 ATMs. It
offers a wide range of banking products and financial services to corporate and
retail customers through a variety of delivery channels and through its
specialised subsidiaries and affiliates in the areas of investment banking, life and
non-life insurance, venture capital, asset management and information
technology. ICICI Bank posted a net profit of Rs.1,637 crore for the year ended
March 31, 2004. ICICI Bank's equity shares are listed in India on stock
exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange,
Mumbai and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

SALES AND DISTRIBUTION:

S&D section of the ICICI Pru Universe.

This section is divided into four parts

• Managers Utilities - In this section you shall find important announcements

for managers, tools like Pre-recruitment profiling, manager related
initiatives, etc.
• Advisor Utilities - this section will hold advisor related tools like, Electronic
benefit illustrations, Advisor Initiatives, Important announcements,
statutory changes that affect advisors, etc.
• Contests - details of all current contests that are running will be found
under this heading.

• Contest Updates and Results - Updates of all contests and results

declared will be available for view in this section
• Group - information on our group products, printable pre quote and
application forms, etc will be housed in this section.
Year of review 2004-2005:
ICICI Prudential has consolidated its position as the leading private life insurer in
India. ICICI Prudential's annualized premium grew more than three fold over the
previous year.

Continuing with its 'Customer First' philosophy, ICICI Prudential has significantly
expanded its presence to 29operational Branches (2001-2002: 16), with the
Advisor
Force growing to over 18,000. Its has also strengthened its Alternate Distribution
channels, i.e. Bancassurance, Corporate Agents and Direct Marketing, making
purchase of insurance more accessible. Bancassurance and Direct Marketing
channels have contributed to over 18% of the Annualized Premium.

ICICI Prudential was amongst the first to identify the emerging opportunity in the
Pension segment and launched two linked pension products- LifeTime Pension
and LifeLink Pension, which have been well received in the market.
PROMOTION METHODS

Variety-based Positioning
This type of positioning is based on varieties in products and
services rather than customer segments. It is a sensible strategy for those
companies who have distinctive advantages or strengths in offering certain
products and services.
In the insurance industry too, it is possible to achieve a unique
position by focusing on certain category of products. One such example is Birla
Sunlife Insurance, which has been placing particular focus on investment-related
products since its launch in India.
Through its superior fund management capabilities, the
insurance company can deliver better returns on its investment-linked products
and thereby carve for itself a leadership position in this segment.
Then there is the entire category of pension products which is
widely touted to have immense growth potential in India due to imminent pension
reforms. It is possible to achieve profitable positioning by focusing and excelling
in only pension products.

Needs-based Positioning

This is the most commonly understood positioning and is based on

the differing needs of different groups of consumers. This can be done
successfully if a company has unique strengths to service a group of customer
needs better than others.

The insurance needs of customers vary significantly for different

groups of customers.
 The insurance needs of young family with small children will be
quite different from that of a family in which the income-earner is close to
retirement. However, in India most of the life insurance companies have a wide
variety of products tailored for different customer needs and there is no company
focusing on a particular customer need.

An example would be a life insurance company that focuses only on

High Net-worth Individuals (HNIs). The needs of HNIs would be quite different
from those of a general consumer and would require an entirely different
marketing mix right from the type of products offered and the way they are
distributed, to the promotion methods employed.

Access-based Positioning

Positioning of customers can also be done by the way they

are accessible. That is different groups of customers may be accessible in
different ways even though they may have similar needs. Access is typically a
function of customer geography or customer scale. There is excellent opportunity
in the insurance industry to employ access-based positioning by targeting the
rural insurance sector. The rural market for life insurance is very different from
the urban market in terms of needs, income levels and distribution (seasonality,
for example), penetration of media and so on. So far except for LIC, no other
player has paid any attention or focus on the rural sector. Contrary to common
perception it is a big opportunity as emphasised repeatedly by such eminent
strategists like C.K.

Prahlad. Rural market can be a highly profitable position if one

is able to carefully plan and tailor an entire set of low-cost activities of
advertising, distribution, and product design etc. to successfully exploit the
potential.
The insurance sector in India has come a full circle from being
an open competitive market to nationalisation and back to a liberalized market
again. Tracing the developments in the Indian insurance sector reveals the 360
degree turn witnessed over aperiod of almost two centuries.

The Insurance Regulatory and Development Authority

Reforms in the Insurance sector were initiated with the

passage of the IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously stuck to its
schedule of framing regulations and registering the private sector insurance
companies.
The other decisions taken simultaneously to provide the
supporting systems to the insurance sector and in particular the life insurance
companies was the launch of the IRDA’s online service for issue and renewal of
licenses to agents.
The approval of institutions for imparting training to agents has
also ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products, which are expected to be
introduced by early next year.
Since being set up as an independent statutory body the IRDA has
put in a framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.

CUSTOMER SATISFACTION:
Market To Your Own Customers!
Giving a lot of thought to your marketing programs aimed at current customers is
one aspect of building customer loyalty.

When you buy a new car, many dealers will within minutes try to sell you an
extended warranty, an alarm system, and maybe rustproofing. It's often a very
easy sale and costs the dealer almost nothing to make. Are there additional
products or services you can sell your customers?

Use Complaints To Build Business!

When customers aren't happy with your business they usually won't complain to
you - instead, they'll probably complain to just about everyone else they know -
and take their business to your competition next time. That's why an increasing
number of businesses are making follow-up calls or mailing satisfaction
questionnaires after the sale is made. They find that if they promptly follow up
and resolve a customer's complaint, the customer might be even more likely to
do business than the average customer who didn't have a complaint.

In many business situations, the customer will have many more interactions after
the sale with technical, service, or customer support people than they did with the
sales people. So if you're serious about retaining customers or getting referrals,
these interactions are the ones that are really going to matter. They really should
be handled with the same attention and focus that sales calls get because in a
way they are sales calls for repeat business.

Reach Out To Your Customers!

Contact . . . contact . . . contact with current customers is a good way to build
their loyalty. The more the customer sees someone from your firm, the more

likely you'll get the next order. Send Christmas cards, see them at trade
shows, stop by to make sure everything's okay.
 Send a simple newsletter to your customers-tell them about the
great things that are happening at your firm and include some useful information
for them. Send them copies of any media clippings about your firm. Invite them to
free seminars. The more they know about you, the more they see you as
someone out to help them, the more they know about your accomplishments-the
more loyal a customer they will be.

Building customer loyalty will be a lot easier if you have a loyal

workforce-not at all a given these days. It is especially important for you to retain
those employees who interact with customers such as sales people, technical
support, and customer-service people. Many companies give a lot of attention to
retaining sales people but little to support people. I've been fortunate to have the
same great people in customer service for years-and the compliments from
customers make it clear that they really appreciate specific people in our service
function.

The increasing trend today is to send customer-service and

technical-support calls into queue for the next available person. This builds no
personal loyalty and probably less loyalty for the firm. Before you go this route,
be sure this is what your customers prefer. Otherwise I'd assign a specific
support person to every significant customer.

One last thing-don't tell your customers your 800 line phone
number is for orders only!

"It takes a lot less money to increase your retention of current customers than to
find new ones-but I know I don't give it as much effort as I should because it does
take a lot of energy and effort!"

COMPANY PROFILE:

ICICI Prudential Life Insurance Company Limited (ICICI Prudential)

- leading private life insurance company of India.
THE COMPANY

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).

ICICI Prudential’s equity base stands at Rs. 925 crore with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. In the period
April-December 2004, the company garnered Rs 860 crore of new business
premium for a total sum assured of over Rs 7,360 crore and wrote nearly
345,000 policies. Today the company is the No.1 private life insurer in the
country.

VISION: TO BE THE DOMINANT LIFE AND PENSION PLAYER BIULT ON

TRUST BY WORLD CLASS PEOPLE AND SERVICE.

THE VALUES: CUSTOMER FIRST,BOUNDARY LESS, OWNERSHIP, PASSION

AND INTEGRITY.

DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 69 cities and towns in India.
These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad,
Bangalore, Bareilly, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh,
Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Gurgaon,
Guwahati, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar,
Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota,
Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Mysore,
Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,
Rourkela, Salem, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur,
Vadodara, Vapi, Varanasi, Vashi, Vijayawada and Vizag.
The company has seven bancassurance tie-ups, having agreements with ICICI
Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and
some co-operative banks, as well as over 160 corporate agents and brokers. It
has also tied up with organisations like Dhan for distribution of Salaam Zindagi, a
policy for the socially and economically underprivileged sections of society.

ICICI Prudential has recruited and trained about 50,000 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.

PRODUCTS PROFILE:
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 20 products
can be enhanced with up to 6 riders, to create a customized solution for each
policyholder.

Savings Solutions:
• SecurePlus is a transparent and feature-packed savings plan that offers 3
levels of protection.
• CashPlus is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
• Save’n’Protect is a traditional endowment savings plan that offers life
protection along with adequate returns.
• CashBak is an anticipated endowment policy ideal for meeting milestone
expenses like a child’s marriage, expenses for a child’s higher education or
purchase of an asset.
• LifeTime & LifeTime II offer customers the flexibility and control to customize
the policy to meet the changing needs at different life stages. Each offer 4
fund options — Preserver, Protector, Balancer and Maximiser.
• LifeLink II is a single premium Market Linked Insurance Plan which combines
life insurance cover with the opportunity to stay invested in the stock market.
• Premier Life is a limited premium paying plan that offers customers life
insurance cover till the age of 75.

• InvestShield Life is a Market Linked plan that provides capital guarantee on

the invested premiums and declared bonus interest.
• InvestShield Cash is a Market Linked plan that provides capital guarantee
on the invested premiums and declared bonus interest along with flexible
liquidity options.
• InvestShield Gold is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with limited
premium payment terms.
Protection Solutions
• LifeGuard is a protection plan, which offers life cover at very low cost. It is
available in 3 options – level term assurance, level term assurance with return
of premium and single premium.

Child Plans

• SmartKid education plans provide guaranteed educational benefits to a child

along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at importnt milestones in the child’s life.
SmartKid plans are also available in unit-linked form – both single premium
and regular premium.

Retirement Solutions

• ForeverLife is a retirement product targeted at individuals in their thirties.

• SecurePlus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.

Market-linked retirement products

• LifeTime Pension II is a regular premium market-linked pension plan
• LifeLink Pension II is a single premium market-linked pension plan.
• InvestShield Pension is a regular premium pension plan with a capital
guarantee on the investible premium and declared bonuses.
ICICI Prudential also launched “Salaam Zindagi”, a social sector group insurance policy
targeted at the economically underprivileged sections of the society.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance

Solutions for companies seeking to enhance benefits
to their employees.
ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers
fund their statutory gratuity obligation in a scientific manner. The plan can also be
customized to structure schemes that can provide benefits beyond the statutory
obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
contribution superannuation scheme to provide a retirement kitty for each
member of the group. Employees have the option of choosing from various
annuity options or opting for a partial commutation of the annuity at the time of
retirement.

ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps
provide 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.
Flexible Rider Options
ICICI Pru 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 sum assured under the policy. If the death occurs while traveling
in an authorized mass transport vehicle, the beneficiary will be entitled to
twice the sum assured as additional benefit.

2. Accident Benefit: This rider option pays the sum assured under the rider on
death due to accident.

3. Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.

4. Major Surgical Assistance Benefit: provides

financial support in the event of medical
emergencies, ensuring benefits are payable to the
life assured for medical expenses incurred for
surgical procedures. Cover is offered against 43
surgical procedures.
5. Income Benefit: This rider pays the 10% of the
sum assured to the nominee every year, till
maturity, in the event of the death of the life
assured. It is available on SmarKid, SecurePlus
and CashPlus.

DESIGN METHODOLOGY:
Statement of the problem:

“A Problem well defined is a problem half solved”. This

statement clearly states the need for defining a research problem. A proper
definition of a research will enable the researches to be on track.

A research problem in general refers to some difficulty

which the company or organization experiences in contact of a theoretical or
practical situation and wants to obtain a solution for the same.

The life insurance sector in India is in existence for more

than fifty years. ICICI Prudential is a new player in India which is into the
market from past five years and now it stands number one amongst the
private insurance companies. The company wants to improve its market
share further with the help of information from this study. There are lots of
new and innovative concepts being brought into the market by this company
which serve to almost all the age groups. The transparency between the
customer and the organisation is very high. This study is made to know and
understand the satisfaction level of the customers of ICICI Prudential, which
will identify the areas of improvement for ICICI Prudential.
Objectives of the study:

1. To understand the customer satisfaction level with respect to ICICI

Prudential, a leading private life insurance company.
2. Understand the brand image of ICICI Prudential in the market of life
insurance products.
3. To understand the level of security that the customers have owning an
insurance policy of ICICI Prudential.
4. To find out customer preference for the Life Insurance.
Scope of the study:

The study is conducted for the Customer Satisfaction Level and

Brand Image of ICICI Prudential, Residency Road Branch, customer needs and
preferences for the policy vary widely which in turn gave the study of large scope
for analysis. The time frame for the study lasted for about 6 weeks.

This study will help the company to understand the level of buying
behavior of customer. So, the study will help the company to improve their
services. This study will also reveal the customer’s view about the company.

This study will help the company where, when,why and how the
customer awareness effects the sales of the Life Insurance policy of the ICICI
Prudential Life Insurance Company.

Review of Literature:
 ¾ Scanning the marketing environment.
¾ Gathering information and measuring the market segments.
¾ Primary data was obtained from the customer.
¾ Previous object reports and company reports were referred for
understanding the specified work more clearly.
¾ Information has been collected from the internet site like
www.iciciprulife.com , Newspaper and Magazines.
¾ Some books are referred to get an insight of market research and
techniques.

BOOK NAME AUTHOR,S NAME

MARKETING RESEARCH Harper W Boyd &

Jr.Ralph Westfall

MARKETING MANAGEMENT Kotler Philip

Limitations of the study:

 There were some limitations for completing this project successfully. Which
are mentioned by me as under.

¾ Time period given by the Bangalore University is very less to complete

this dissertation project in great detail and research in depth..
¾ The study is conducted with certain assumptions that the respondents
had provided the true information.
¾ Due to limited number of respondents, the authenticity of the
conclusions drawn based on the observations made cannot be
ensured.

Research methodology:

This study is based on descriptive research method.

Sources of data: Primary and Secondary.

Primary data is collected by using descriptive research method from existing

customers of ICICI Prudential.

Secondary data is obtained from the internet, company’s past records, news
papers, magazines and journals.

Sampling method:

Non random (convenience and judgmental sampling) methods was used due to
constraints on time and cost.

Sampling unit:

Existing customers of ICICI Prudential Life Insurance Co Ltd who have policy of
the Company.

Sampling size:

70 customers of ICICI Life Insurance Prudential Co Ltd.

Method of contact:

Personal interview/contacts based on the list of customers obtained from the

company.

Research instrument:

Structured questionnaire was used to collect the primary data.

VARIOUS DEPARTMENTS

CUSTOMER SERVICE:

So who is our customer? Is it the policy holder, advisor, doctor,

vendor, corporate agent or our colleague in the next cubicle? We believe that
each person we interact with, is our customer, which is why our vision is to "
Deliver world class service to all those who come in touch with us." Then how do
we ensure that we develop the right service processes that deliver World Class
Service? And just how do we determine the health of our service processes?
There are two answers to the above questions: Data & VoC.

Our branches, call centre, email and snail mail are our eyes and
ears. Through the data we collect via each of these channels, we get to know,
see what everyone's thinking. Further, through specific surveys such as BREs,
focus groups, annual customer satisfaction surveys, advisor surveys and doctor
surveys, we get to know the concerns and expectations of all our customers. But
the ball doesn't stop rolling until we have used this information to improve our
products and processes.
FINANCE

MIS reviews current roles,

Planning evaluates next goals,

Internal Audit assesses that rules are met,

Compliance handles the Regulatory net,

CCU advises cost trends,

Distribution Payouts handles Sales spends,

EPU keeps customers thrilled,

Investment Operations measures the coffers filled,

Accounts provides the overall view,

That’s the 9-jewels team for you;

The CFO is at the helm,

Now, let’s get to know each of them!!!

Planning & MIS – Monitoring of Organization performance - Sales, Quality,

Trends - on a continuous basis. With insights into MIS, socio economic factors &
competitor behavioral patterns, we contribute to sales targets, strategic
initiatives, projected branches, projected work force…the road ahead!!!
Internal Audit – Risk Management, Business Continuity Plan, Best practices,
policy manuals are not mere words on paper…adhere to them. We ensure
‘Practice what you Preach’!!!

Compliance – We ensure that every action is within the regulatory framework!!!

CCU – We ensure that every rupee is spent economically, prudently, cost

effectively!!!

Distribution Payouts – We roll out commission payouts, referral, bonuses,

contest spends & effectiveness…basically the sales goodies!!!

EPU – Cost discipline, expense processing, vendor payments, reimbursements,

salary payouts…we handle E-TRACK!!!

Investment Operations – We being the custodian of investments, benchmark

our performance with the best in the industry. We manage the cash flow!!!

Accounts – Financial Accounting, Expense provisioning, Income Accruals…We

strive on the excellence & transparency of our systems & controls, to keep the
auditors, customers & shareholders assured that the financial story is said right!!!

Driven by sheer professionalism, we strive relentlessly towards our

Organizational Vision.
HUMAN RESOURCE:

Performance Management

We are committed to creating a performance driven culture through effective

management of performance of all staff members in a way that is mutually
beneficial. We drive the same by linking individual performance objectives to
business objectives and evaluating performance consistently and fairly. To
know more about the Performance Management system, the philosophy,
Goal setting, Appraisal Process, Job Descriptions etc. click on the
Performance Management Link.

Training & Capability Development Programs

The focus of our Training & Capability Development Programs is to develop

key competencies & skills among staff members so as to facilitate attainment
of full people potential. To know more about the glossary of Training
Programs and the Training Calendar , click on the Training link. This site
also gives you the various Capability Development programmes such as Fast
Trax, Advantage, Grand Slam specifically designed for UMs, FSCs and
Executives respectively.

HR Policies & Procedures

The Policies and procedures laid down here promote the philosophy of the
Company with regard to standards of excellence; terms of employment;
employee development; and employee services. The objective of this section
is to inform you of the Policies related to Travel, Compensation, Mediclaim,
Transfers etc.. We recommend that you make yourself aware of the
entitlements.
INFORMATION TECHNOLOGY

We believe that aligning IT with business strategy is a process and not an event.
Various IT initiatives under taken at ICICI Prudential are therefore aimed at
strengthening the bond between the business and the use of technology.

The IT function headed by Dipan Bhattacharyya is divided into two functional

units and two staff units.

Functional Units

1. Systems Delivery

2. Operations & Infrastructure

Staff Units

1. IT Quality

2. IT Architecture and strategy

Systems Delivery will focus on Business Analysis of processes and generation

of business requirements in conjunction with the users, all activities within the
Software Development Life Cycle (SDLC) - starting with Business Requirements
Analysis and ending with Implementation of a system that meets the
requirement. These will include vendor and platform evaluation and selection,
system design, acceptance testing (Pre - UAT), and post implementation
support.
The systems delivery unit is aligned with the business organization by forming
three vertical units:

1. Core Insurance Systems; headed by Sanjeev Suman

2. Distribution and Access Channel Systems; headed by Ramesh Gudi

3. Corporate Systems; headed by Dipak Nair

IT Operations will focus on operating the applications at the agreed level, as per
user requirements. These will include running end of period batch jobs, executing
downloads & uploads, executing report runs and batch queries, taking backups,
maintaining tape libraries and executing review activities like security reviews etc.
Ashwini Yadav is currently leading the IT Operations Team.

IT Infrastructure will focus on procuring, providing and maintaining the

necessary hardware, Local network, branch network, e-mail network and internet
access facilities in order to enable optimum automation across HO and all
branches. This unit will also provide local helpdesks at all required points. Paras
Kothari manages the complete IT Infrastructure.

IT Quality will focus on improving SDLC and operations processes, defining

benchmarks for both, collecting metrics, reporting compliance and publishing
dashboards. It will conduct process compliance reviews and will in addition be
responsible for framing the Information security policies. Ashwini Yadav leads the
CMM quality initiative.

IT Architecture and Strategy will evaluate existing architecture and strategies,

and evolve the architecture that will help us maintain technical edge over
competitors for the oncoming years. It will also be evaluating new products,
trends and strategies and conduct research into their applicability in our domain.
Abhishek Ram is currently working on the IT Architecture and Strategy.

The Information Technology section on the Intranet, will keep you updated with
the latest IT Initiatives at ICICI Prudential.

MARKETING

Marketing at ICICI Pru covers an array of activities - advertising, branding,

market development, channel support, direct and alliance marketing and
corporate communications. The people in each of these sub-functions perform a
unique job, of which you can learn more through this section.

The advertising and branding section has the schedules of advertising

campaigns and a detailing on what ICICI Prudential's corporate identity stands
for, why its important to be consistent and the guidelines that must be adhered
to. This section also details the branding across training, advisor and advertising
collaterals with references.

Market development has lucid presentations about our products and how they
compare to those of competition. You will also find an update on the recent
happenings in the life and pensions sector.

Channel marketing aims to streamline the design and development of collaterals

across distribution channels. You will find examples of posters, flyers, banners,
danglers, sales tools, etc developed for tied agents, bancassurance and
corporate agents, as well as for product launches and campaigns.
Direct channels comprises direct marketing and alliance marketing. Direct
marketing taps databases to generate high quality leads for profitable business.
Under direct marketing you will find creatives of recent campaigns, as well as
details such as database list, target audience. Alliance marketing seeks to tie up
with channel partners that have synergies with ICICI Prudential and develop
programs that benefit the customer, ICICI Pru and the channel partner.

Corporate communications handles media relations and is responsible for some

of the news clips regarding ICICI Prudential that you see in the press. You can
check out the most recent clips in the 'ICICI Pru in the News' section.
PROFILE OF THE RESPONDENTS:

Respondents were the existing customers of ICICI Prudential,

who have already bought some policies of this insurance company.

The list of the respondents was framed on the basis of

convenience and judgmental sampling. Most of the respondents owned more
than one policy. The respondents were knowledgeable and were giving the true
information.

The respondents were short listed on the basis of their

geographical location. Most of them were those who stay in Jaya Nagar,
Madiwala, Kormangla, etc.

The back ground of the respondents was not an issue the only
basis was that they should own a policy of the company. The occupation or the
age group was not an issue.

All the respondents were individuals and no group has been

selected as response unit.

TABLE 1 SHOWING THE QUALITY OF SERVICE RECEIVED (recent).

Superior 17.14%
Very satisfactory 54.28%
Above average 22.85%
Some what unsatisfactory 5.71%
Very poor 0%

Analysis: From the analysis it can be revealed that 17% of the respondents feel
that the quality of the service received is Superior, 54% of them are very much
satisfied, 23% of them have above average satisfaction and 5.71% of them are
unsatisfactory to some extent.

Inference: 93% of the customers are satisfied with the quality of service
received in the recent experience. So we can understand that ICICI Prudential is
good enough in providing quality service to the customers.

GRAPH 1 SHOWING THE QUALITY OF SERVICE RECEIVED (recent).

 S u p e r io r
0%
5 .7 1 % V e r y s a tis fa c to r y
1 7 .1 4 %
2 2 .8 5 %
A b o ve a ve ra g e

5 4 .2 8 % S om e w hat
u n s a tis fa c to r y
V e ry p o o r

Graph 1

TABLE 2: SHOWING THE PROCESS OF GETTING CONCERNS RESOLVED

Superior 7.14%
Very satisfactory 54.28%
Above average 32.85%
Some what unsatisfactory 4.28%
Very poor 1.4%
Table-2

Analysis:
From the analysis it can be revealed that 7.14% of the respondents rated the
process of resolving their concerns as superior, 54.28% of them rated it as very
satisfactory, 32.85% of them rated it as above average, 4.28% of them rated it as
some what unsatisfactory and 1.24% of them rated it as poor.

Interpretation:
This gives a clear picture that the customer’s concerns are given lot of
importance and are resolved very well. But there are few customers who even
feel that their concerns are not at all resolved and they rate the process as very
poor.

GRAPH 2 SHOWING THE PROCESS OF GETTING CONCERNS RESOLVED

 superior

very satisfactory

above average Series1

some what
unsatisfactory

very poor

0% 10% 20% 30% 40% 50% 60%

Graph-2

TABLE 3: SHOWING THE FEATURES AND BENEFITS OF POLICIES

Superior 15.71%
Very satisfactory 50%
Above average 31.42%
Some what unsatisfactory 2.85%
Very poor 0%
Table-3

Analysis:
From the above table it can be revealed that the features and benefits of the
policies are rated as superior by 15.71% of the respondents, 50% of them rate it
as very satisfactory, 31.42% of them rate it as above average and 2.85% of them
rate it as some what unsatisfactory. None of the customers have rated very poor
in this case.

Interpretation:
Most of the customers are very satisfied with them. So the products of the
company are having good image and the customers are highly satisfied with
them.

GRAPH 3 SHOWING THE FEATURES AND BENEFITS OF POLICIES

 superior

very satisfactory

above average Series1

some what
unsatisfactory

very poor

0% 10% 20% 30% 40% 50% 60%

Graph-3

TABLE 4 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)
a) Representative was courteous

Strongly agree 51.42%

Agree 38.57%
Neutral 10%
Disagree 0%
Table-4

Analysis:
From the analysis it can be revealed that 51.42% of the respondents strongly
agree with the attitude of the customer service representative, 38.57% of
them agree with it and only 10% of them are neutral. No one has rated the
advisor here as very poor.

Interpretation:
The representatives or the advisors are considered to be courteous with the
customers.

GRAPH 4 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)

a) Representative was courteous

 0%
10%

S tr o n g ly a g r e e
A g re e
5 1 .4 2 % N e u tr a l
D is a g re e
3 8 .5 7 %

Graph-4

TABLE 5 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)

b) Representative handled call quickly

Strongly agree 30%
Agree 62.85%
Neutral 7.14%
Disagree 0%
Table-5

Analysis:
From the analysis it can be revealed that 30% of the respondents strongly
agree with the attitude of the customer service representative, 62.85% of
them agree with it and only 7.14% of them are neutral. No one has rated the
advisor here as very poor.

Interpretation: Its shows level to which the customers feel that the advisors
attended them quickly. Most of the customers replied to their calls quickly and
very few felt that it was a bit slow. The employees should be given continuous
training to serve their customers promptly.

GRAPH 5 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)

b) Representative handled call quickly

 0%
7.14% 30%
Strongly agree
Agree
Neutral
Disagree

62.85%

Graph-5

TABLE 6 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)

c) Representative was very knowledgeable.

Strongly agree 52.85%
Agree 28.57%
Neutral 18.57%
Disagree 0%
Table-6

Analysis: From the analysis it can be revealed that 52.85% of the

respondents strongly agree with the attitude of the customer service
representative, 28.57% of them agree with it and only 7.14% of them are
neutral. No one has rated the advisor here as very poor.

Interpretation: Most of them agree that the advisors are knowledgeable and
very few customers feel low on this factor so, no much of improvement
needed here as such.

GRAPH 6 SHOWING THE ATTITUDE OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)

c) Representative was very knowledgeable.

 0%

18.57%
Strongly agree
Agree
52.85%
Neutral
Disagree
28.57%

Graph-6

TABLE 7 SHOWING THE QUALITY OF CUSTOMER SERVICE RECEIVED

Superior 15.71%
Very satisfactory 48.57%
Above average 35.71%
Somewhat unsatisfactory 0%
Very poor 0%
Table-7

Analysis: From the analysis it can be revealed that 15.71% of the

respondents rate the quality of service received as superior, 48.57% of them
rate it as very satisfactory and 35.71% of them rate it above average. No
one has rated the advisor here as very poor.

Interpretation: Almost all of the customers feel satisfied with the

performance of this department. So no need of any improvement here as per
the customers.

GRAPH 7 SHOWING THE QUALITY OF CUSTOMER SERVICE RECEIVED

 0% V e ry p o o r
1 5 .7 1 %
0%
3 5 .7 1 % S om ew hat
u n s a tis fa c to r y
A b o ve a ve ra g e

V e r y s a tis fa c to r y

S u p e r io r
4 8 .5 7 %

Graph-7
 TABLE 8 SHOWING THE PROCESS OF EXPLAINING THE
COMPLICATIONS

Superior 22.85%
Very satisfactory 38.57%
Above average 37.14%
Somewhat unsatisfactory 1.4%
Very poor 0%
Table-8

Analysis: From the analysis it can be revealed that 22.85% of the respondents
feel that process of explaining the complications is superior , 38.57% of them feel
it very satisfactory, 37.14% of them feel it as above average and 1.4% of them
are some what unsatisfactory and no one has rated the advisor here as very
poor.

Interpretation: Most of the customers are satisfied with it and could comfortably
understand the complication easily with the help of the advisor.

GRAPH 8 SHOWING THE PROCESS OF EXPLAINING THE

COMPLICATIONS
 2 2 .8 5 % 0% 1 .4 0 %
V e ry p o o r

S om ew hat
u n s a tis fa c to r y
3 7 .1 4 % A b o ve a ve ra g e

V e r y s a tis fa c to r y

S u p e r io r
3 8 .5 7 %

Graph-8

TABLE 9 SHOWING THE QUALITIES OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)
Patience 8.41%
Enthusiastic 12.14%
Listen carefully 16.82%
Friendly 36.44%
Response 21.49%
Others 4.67%
Table-9

Analysis: From the analysis it can be revealed that 8.41% of the respondents
opinion that customer service representative are in Patience , 12.14% of them
are Enthusiastic, 16.82% of them are good listeners, 36.44% of them are friendly,
21.49% of them will respond and 4.67% of them are others.

Interpretation: Most of the advisors are considered to be friendly, customers

are impressed by the responses given by the advisors, they are also considered
to be enthusiastic and good listeners also.

GRAPH 9 SHOWING THE QUALITIES OF CUSTOMER SERVICE

REPRESENTATIVE (ADVISOR)
 other

response

friendly
Series1
listen carefully

enthusiastic

patience

0.00% 10.00% 20.00% 30.00% 40.00%

Graph-9

TABLE 10 SHOWING THE FEELING ABOUT THE MEETING WITH

ADVISOR
Not on time 1.4%
Didn’t know how to handle the problem 0%
Had to explain several times 1.4%
Had to ask others 5.71%
Others 12.85%
No improvement needed 78.57%
Table-10

Analysis: From the analysis it can be revealed that 1.4% of the respondents
opinion that advisors were Not on Time, 1.4% of them feel that they had to
explain several times, 5.71% of them feel that they Had to ask others, and
78.57% of them feel that No improvement needed .

Interpretation: The customers feel that the advisors are good enough in
handling the whole meeting, only few feel that the advisor was not on time, they
could not understand the questions and they had to ask others.

GRAPH 10 SHOWING THE FEELING ABOUT THE MEETING WITH THE

ADVISOR
 1 .4 0 % N o t o n ti m e
1 .4 0 %
0%
D id n ’t k n o w h o w
to h a n d le th e
5 .7 1 %
p r o b le m
1 2 .8 5 % H a d to e x p la i n
s e v e r a l ti m e s

H a d to a s k o th e r s

7 8 .5 7 % O th e r s

N o im p ro ve m e n t
ne e d e d

Graph-10

TABLE 11 SHOWING THE UPDATION ABOUT THE NEW POLICIES

Sometimes 27.14%
No 12.85%
Yes 60%
Table-11

Analysis: From the analysis it can be revealed that 27.14% of the respondents
opinion that Sometimes they were informed with the new products, 12.85% of
them opinion that they were not informed and 60% of them say they were
updated with new products and policies.

Interpretation: Most of the customers feel yes and some are informed
sometimes. So in this case there is a need of improvement.

GRAPH 11 SHOWING THE UPDATION ABOUT THE NEW POLICIES

 sometimes

no Series1

yes

0% 20% 40% 60%

Graph-11

TABLE 12 SHOWING THE CUSTOMER SERVICE

Gave me the wrong information 0%

Didn’t understand the question 1.4%
Gave unclear answers 0%
Couldn’t solve problem 0%
Disorganized 4.28%
Others 14.28%
No improvement needed 80%
Table-12

Analysis: From the analysis it can be revealed that 1.4% of the respondents
felt that customer service executive Didn’t understand the question, 4.28% of
them feel it was Disorganized, 14.28% of them feel it as others and 80% of them
Feel that No improvement is needed .

Interpretation: Most of the customers feel that there is no improvement required

in the performance of this department. Few of the customers have faced few
problems but they are negligible. So the performance of this department is good
enough and needs no improvement.

GRAPH 12 SHOWING THE CUSTOMER SERVICE

 G a v e m e th e
0% 1 .4 0 %
w r o n g in f o r m a t io n
0%
D id n ’t u n d e r s t a n d
0% 4 .2 8 %
t h e q u e s t io n
G a v e u n c le a r
1 4 .2 8 % a n sw e rs
C o u ld n ’t s o lv e
p r o b le m
D is o r g a n iz e d

O th e r s

80%
N o im p r o v e m e n t
needed

Graph-12

TABLE 13 SHOWING THE WAITING TIME

Strongly agree 5.71%
Somewhat agree 40%
Neutral 54.28%
Somewhat disagree 0%
Strongly disagree 0%
Table-13

Analysis: From the analysis it can be revealed that 5.71% of the respondents
feel that they Strongly agree with the waiting time for their question being
answered, 40% of them Somewhat agree, 54.28% of them are Neutral, and none
of them were disagreed.

Interpretation: Most of the customers feel that the time taken was neither less
nor more. So there is a great level of improvement required here. The time taken
to clearly answer the questions or to transfer the call to the right person should
be reduced to some extent.

GRAPH 13 SHOWING THE WAITING TIME

 strongly disagree
somewhat disagree
neutral
Series1
somewhat agree
strongle agree

0.00% 20.00%40.00% 60.00%

Graph-13
 TABLE 14 SHOWING THE TRANSFERING THE CALL TO THE RIGHT
PERSON

Strongly agree 4.28%

Somewhat agree 42.85%
Neutral 48.57%
Somewhat disagree 4.28%
Strongly disagree 0%
Table-14

Analysis: From the analysis it can be revealed that 4.28% of the respondents
Strongly agree that their call was transferred to the right person who could assist
them better, 42.85% of them Somewhat agree, 48.57% of them are Neutral,
4.28% of them disagree to some extent and none of them Strongly disagree.

Interpretation: Most of the customers are not very satisfied with the
performance. So there is some improvement required.
GRAPH 14 SHOWING THE TRANSFERING THE CALL TO THE RIGHT
PERSON

srongly disagree

somewhat disagree

neutral
Series1

somewhat agree

strongly agree

0.00% 10.00% 20.00% 30.00% 40.00% 50.00%

Graph-14
 TABLE 15 SHOWING THE POLICY OWNED

Save and protect 4.04%

Smart kid 7.07%
Life time 35.35%
Life time pension 24.24%
Cash back 26.26%
Others 3.03%
Table-15

Analysis: From the analysis it can be revealed that 4.04% of the respondents
bought Save and protect policy, 7.07% of them bought Smart kid policy, 35.35%
of them bought Life time policy, 24.24% of them bought Life time pension policy,
26.26% of them bought Cash back policy and 3.03% bought other policies.

Interpretation: The highest number of policies bought are “life time”, “life time
Pension” and “cash back”.

GRAPH 15 SHOWING THE POLICY OWNED

 4 .0 4 %
3 .0 3 % 7 .0 7 %
S a v e a n d p r o te c t
2 6 .2 6 % S m a rt k id
L i fe ti m e
L i fe ti m e p e n s i o n
3 5 .3 5 %
C ash back
O th e r s
2 4 .2 4 %

Graph-15
 TABLE 16 SHOWING THE POLICY OF OTHER INSURER

Yes 40%
No 60%
Table-16

Analysis: From the analysis it can be revealed that 40% of the respondents
own the policies of other insurers and 60% of them are not owning any other
policies.

Interpretation: More than half of the customers do not own any other insurer’s
policy. Rest of them have bought other insurers policy but are more satisfied with
ICICI Prudential’s policy.

GRAPH 16 SHOWING THE POLICY OF OTHER INSURER

 40%

Yes
No
T a b le - 1 7

60%

Graph-16

TABLE 17 SHOWING THE FEELING OF SECURITY

Highly secured 31.42%
Somewhat secured 47.14%
Neutral 21.42%
Wastage of money 0%
Table-17

Analysis: From the analysis it can be revealed that 31.42% of the respondents
feel they are Highly secured after owning the policy, 47.42% of them feel they are
Somewhat secured, 21.42% of them are Neutral, and none of them are thinking
that as Wastage of money.

Interpretation: Most of them feel somewhat secured and some of them feel
highly secured so the policies have a good image in the minds of the customer’s
minds.

GRAPH 17 SHOWING THE FEELING OF SECURITY

 0%

2 1 .4 2 % 3 1 .4 2 % H ig h ly s e c u r e d

S om ew hat
s e c u re d
N e u tr a l

W a s ta g e o f m o n e y
4 7 .1 4 %

Graph-17

FINDINGS:

This section has been equipped with all the related findings of
the researcher the researcher has tried and analyzed all the aspects such as
variables and factors given in the questionnaire. The researcher has given all the
findings individually.

1. The customers are very satisfied (94%) with the performance of the
company. They feel the company has given a lot of importance to the
needs of customers and have come out with innovative and great
products.

2. Most of the respondents (61%) feel that their concerns were resolved very
well as and when required.

3. The products or the policies are really good as per the customers; they are
highly satisfied (65%) with the benefits and features of the policies.

4. The advisors are rated to be very knowledgeable and highly skilled

(>80%).

5. The advisors have performed very well (97%) in simplifying the

complications involved in buying the policies.

6. The advisors have displayed high level of positive qualities like friendly
nature, patience, enthusiasm, good listening and efficient responses.

7. There is some improvement required in the advisors as the customers feel

they are sometimes not very enthusiastic (2.85%).

8. The advisors have mostly (60%) been updating the customers with the
newly launched products or policies.
 9. The customer service department is doing well (80%) with very organized
work. The waiting time, the transferring of the call to the right person and
factors like this are to be improved as per the customers.

10. Most of the customers own products like life time (35%), life time pension

(26%) and cash back (25%).

11. Some customers (40%) of ICICI Pru have gone for the products of other

insurer (LIC and Metlife). But they are more satisfied with the product of

ICICI pru only.

12. The customers feel highly secured (31%) after owning the insurance
policy if this company.

SUGGESTIONS:

1. The company may promote all the products individually than just
promoting its brand as a life insurance company which will help in
increasing the market share.
2. The advisors may always update their customers with the new product
launched by the company.

3. Transferring of the phone call to the right person should become faster
and effective in the customer care department.

4. There customers sometimes felt that the advisors were not very punctual.

5. There is improvement required in the case of customer waiting time for

their question to be addressed.

6. The customers service department has to improve their product

knowledge and communication skills in regional languages.

7. Some of the customers feel that the advisors were not very confident
when they met. The advisors should improve their communication skills.

8. The company may organize regular training programme for their advisors
to display high level of positive qualities like friendly nature, patience,
enthusiasm, good listening and efficient responses.

9. The company may create a secure image in front of customers. This can
help the company to have a good image in the minds of the customer’s.

10. The company may have more attractive services so that they may
increase their customer base.
 11. The company may promote their smart kid and save and protect policies
using advertising and other sales promotion techniques.

12. The company may maintain a long term rapport with the customers
through catalogues, e-mail’s etc.

CONCLUSION
ICICI Prudential Life Insurance Pvt Ltd is performing extremely
well as per this research. Most the factors are being taken care very well which
makes ICICI Pru the best insurer in the market. With the creative and innovative
culture of the company it has been successful in creating a very nice image in the
minds of customers. As per the customers most are highly satisfied with the
company and its products. The insurance advisors who keep the direct contacts
with the customers are performing very well. These advisors represent the
company and the customers are highly satisfied with the knowledge, skills and
the enthusiasm that they have in serving the customers and advising them for the
best investment options they have.

There are few improvements like transferring the call to the right
person in time, the waiting time for the call to be attended and the updating of the
new products being launched.

The customer service department is also performing very well

and the customers are satisfied with its performance. They don’t find any
difficulty when they call up to this department and their problems are resolved in
no time.
The best selling products as per the respondents
are life time, life time pension and the cash bak. Though some of the customers
own similar kind of other insurers products they are more satisfied with the
products ICICI Prudential and with the transferability between the customers and
the company.
The customers feel highly secured after owning the insurance policies of ICICI
Prudential.
So finally this research has given positive results by showing the
high level of customer satisfaction with policies of ICICI Prudential.

BIBLIOGRAPHY:

BOOKS REFERRED:

MARKETING MANAGEMENT
By Kotler Philip, 11th edition, Pearson Education Publication.

RESEARCH METHODOLOGY
By C.R. Kothari, 2nd edition, New Age International Pvt Ltd.
 MARKETING RESEARCH
By Harper W Boyd & Jr.Ralph Westfall, 4th edition, Prentice Hall of India
Pvt Ltd.

WEBSITES:
www.icicipru.com
www.google.com
www.irda.com

QUESTIONNAIRE

Dear Sir/Madam,

This questionnaire is framed for the purpose of finding out the “Customers
Satisfaction Level & Brand image” of ICICI Prudential Company Ltd. I assure you
that all the information provided by you will be kept strictly confidential and used for
the academic purpose only.

1) In thinking about the most recent experience with ICICI prudential, please
comment on the quality of service you received.
• Superior
• Very satisfactory
 • Above average
• Some what unsatisfactory
• Very poor
In case of unsatisfactory, specify what
happened…………………………………………………………………………..

2) The process of getting your concern resolved was

• Superior
• Very satisfactory
• Above average
• Some what unsatisfactory
• Very poor

3) Please think about the features and the benefits of the product( policy) itself. How
satisfied are you with the product.
• Superior
• Very satisfactory
• Above average
• Some what unsatisfactory
• Very poor

If not satisfied please describe

why……………………………………………..

4) The following question pertain to the customer service representative( advisor)

you meet mostly.
Strongly Agree Neutral Disagree
agree
Rep was very
courteous
Rep handled
call quickly
Rep was very
knowledgeable
5) In evaluating your most recent customer service experience, was the quality of
service received
• Superior
• Very satisfactory
• Above average
• Somewhat unsatisfactory
• Very poor

6) The process of explaining the complications was (by the Advisor)

• Superior
• Very satisfactory
• Somewhat unsatisfactory
• Above average
• Very poor

7) Which of the following qualities of the (advisor) customer service representative

stood out?
• Patience
• Enthusiastic
• Listen carefully
• Friendly
• Response
• Other

8) what would best describe your experience when the advisor came to meet you
• Not on time
• Didn’t know how to handle problem
• Had to explain several time
• Had to ask others
• Other
• No improvement needed

9) Does the advisor update you with new products or the policies that the company
has launched.
• Yes
• No
• Sometimes
10) The customer service

• Gave me the wrong information

• Didn’t understand the question
• Gave unclear answers
• Couldn’t solve problem
• Disorganized
• Other
• No improvement needed.

11) The waiting time for having my question addressed was satisfactory.
• Strongly agree
• Somewhat agree
• Neutral
• Strongly disagree
• Somewhat disagree

12) My phone call was quickly transferred to the person who could best assist me

• Strongly agree
• Somewhat agree
• Neutral
• Strongly disagree
• Somewhat disagree

13) Which policy of ICICI Prudential do you own.

• Save and protect
• Smart kid
• Life time
• Life time pension
• Cash bank
• Others…………………………………….

14) Do you own a similar kind of product or policy of any other insurer.
• Yes
• No
If Yes name the policy and which do you feel is better
• ICICI Prudential (policy)
• Other company’s (policy)
15) How secured you feel owning an insurance policy
• Highly secured
• Somewhat secured
• Neutral
• Wastage of money
• Why……………………………………………

Name:
Occupation:
Area:
Phone number:

THANK YOU