SYNOPSI S

ON STRATERGIES AND EVALUATION OF DIFFERENT INSURANCE AGENCIS WITH REFERENCE TO Competitors of ICICI PRUDENTIAL IN RANCHI
IN PARTIAL FULFILLMENT FOR THE REQUIRMENT OF THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION (2010-2012)

SUBMITTED BY: RAHUL KUMAR SRIVASTAVA

SYNOPSIS INTRODUCTION
Agency business model of different insurance companiescompetitive strategies. Different agencies of different insurance companies are having some strategies to survive in the market. Their strategies may be in the form of: How they target their customers. How they make their advisors active. How they make their operational and sales department effective. How they promote their employees. How they handle the conflict in agency. ICICI prudential insurance is a joint venture of ICICI bank and prudential plc a leading financial service group in the UK. Total capital stands for Rs. 37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. ICICI begin their operations in December 2000 after receiving approval from IRDA. Now ICICI prudential is having over 1000 offices, over 270000 advisors and 21bancassurance partners. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA from Fitch ratings. ICICI prudential is working on the base of five core values Integrity

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 Customer first Boundary less Ownership Key features: Understanding the needs of customers and offering them superior products and service. Leveraging technology to service customers quickly, efficiently and conveniently. Developing management and and implementing investment superior to risk offer strategies

sustainable and stable returns to policyholders. Providing an enabling environment to foster growth and learning for employees.

Objective of the project: -Main objective of the project is to find out the strategies of
different insurance agencies and evaluate them. Project is about to penetrate the competitors of icici prudential in Ranchi. Conclusion of this project can give an idea of strategies of different companies which may be helpful to the company. Now days all the insurance companies in India are trying to establish themselves in the competitive market. They are introducing

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innovative marketing strategies to survive in the market. Many other private companies are looking to enter in the Indian insurance market .so it is very essential to a company to innovate their marketing strategies in terms of

OBJECTIVES Recruiting their advisors To make their advisors active Well educated and capable employee in the agency Marketing of their products Deployment of their products Targeting the right and potential customers Differentiating from other companies

Future plan of the company This study consists of to find out the marketing

strategies of different insurance companies which are the competitors of SBI Life insurance. This research requires the interview of branch managers of different insurance companies and find out their branches are working in terms of above mentioned factors.

Methodology
Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by
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primary data collection, and primary data has been collected by meeting with the branch and agency manager of different insurance agencies and branches in Ranchi. Data collection will be done through by giving structured question. Research has been done after 10 branch managers or agency manager. This study will be based on judgment sampling and this research is skewed to organization level. This is an exploratory type of research. And this research needs further study also

Sampling
Sample size has been taken by judgment sampling. Judgment sampling is a process in which the selection of a unit, from the population is based on the pre judgment. This research requires the survey of different insurance agencies in Ranchi city. So research concentrates on the branch or agency manager of different insurance companies. So the selection of unit for this research has been judged by the researcher. Sample size for this research is 30.

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