ICICI

PRUDENTIAL
LIFE
INSURANCE
Introduction

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 Company Profile:
About ICICI
Prudential:-
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. 9.25 billion
with ICICI Bank and Prudential plc holding 74% and 26%
stake respectively. In the financial year ended March 31,
2005, the company garnered Rs 1584 Crore of new
business premium for a total sum assured of Rs 13,780
Crore and wrote nearly 615,000 policies. The company
has a network of about 56,000 advisors; as well as 7
Bancassurance and 150 corporate agent tie-ups. For the
past four years, ICICI Prudential has retained its position
as the No. 1 private life insurer in the country, with a wide
range of flexible products that meet the needs of the
Indian customer at every step in life.
VISION:-
To make ICICI Prudential the dominant Life and Pensions
player built on trust by world-class people and service.

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This is what company hopes to achieve:
• Understanding the needs of customers and offering
them superior products and service
• Leveraging technology to service customers quickly,
efficiently and conveniently.
• Developing and implementing superior risk
management and investment strategies to offer
sustainable and stable returns to Company’s
policyholders
• Providing an enabling environment to foster growth
and learning for Companies employees
• And above all, building transparency in all
Company’s dealings.
The success of the company will be founded in its
unflinching commitment to 5 core values -- Integrity,
Customer First, Boundary less, Ownership and Passion.
Each of the values describes what the company stands
for, the qualities of people and the way they work.
Company believes that it is on the threshold of an
exciting new opportunity, where it can play a significant
role in redefining and reshaping the sector. Given the
quality of parentage and the commitment of its team,
there are no limits to its growth.
PROMOTERS:-
ICICI Bank:-

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 ICICI was founded by the World Bank, Government of
India and representatives of the private sector in 1955 to
encourage and assist industrial development and
investment in India. 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
specialized 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.1637 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).The Various segment of
ICICI are.

Prudential plc:-
Established in London in 1848, Prudential plc, through
its businesses in the UK and Europe, the US and Asia,
provides retail financial services products and services to
more than 16 million customers, policy holder and unit
holders worldwide. As of June 30, 2004, the company had
over US$300 billion in funds under management.
Prudential has brought to market an integrated range of
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financial services products that now includes life
assurance, pensions,
Mutual funds, banking, investment management and
general insurance. In Asia, Prudential is the leading
European life insurance company with a vast network of
24 life and mutual fund operations in twelve countries -
China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and
Vietnam.
The company has six Banc assurance 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 150 corporate agents
and brokers. It has also tied up with NGOs, MFIs and
corporate for the distribution of rural policies and
organizations 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
2,14,000 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.

Project Objective:-
Financial market is one of the markets where there is
lots of option for the Company, because this market is at
the starting point or at the initial stage. ICICI prudential is

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a part of these financial markets who is selling the
insurance as well as the mutual fund. The financial
market mainly depend upon the investor who have the
power of money to invest into the market in the form of
insurance or mutual funds, and our objective was to find
out investor who can be the future client of the company,
our project “Synergy of High Net- Worth Individuals (HNI)
With their Distribution Channel” ,which mainly focus on
finding out the investment behaviors of the HNI clients,
their mode of investment , and the people who can
change their financial decision, because most of the HNI
client usually take the Advice of the people who are close
to them ,and has the knowledge about the financial
market.

Theory and Concept

Financial market is one of the market, which had
started to grow a few years ago, and with boom in this
sector many private company came into existence, and
ICICI prudential is one of them. The Financial market is
mainly depend on the people who had enough money to
invest, to get a good return out of it and our project aim
was to find out those prospect who can invest heavily on
the financial market and the source through which we can
reach them, such as:-
• Bankers.
• Chartered Accountant.
• Investment Consultant

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It is general known that most of the heavy investor
usually consults their bankers, chartered accountant or
their Investment Consultant before taking any decision
while investing, because they are the people who are
generally close to them and know them very well, so our
project was to find out, who are the people who can
change their decision to ICICI Prudential favour .Most of
HNI are usually depend upon their CA, because he is the
person who control the financial detail of his client and
his decision are generally consider as one of the most
valuable decision . So our main aim of the project was to
find out the various details such as:-
• Chartered Accountants name
• Chartered Accountant, Detail.
• Clients Advisor
• Bank Name

Research Methodology:-
Research is one of the most important parts in the
survey to collect information and knowledge. Marketing
research is defined as the systematic design, collection,
analysis, and reporting of data and findings relevant to a
specific marketing situation facing the company.

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 Problem and Research
Objective:-
Our main objective was to find out the top HNIs (High
net worth income) group and their various mode of
investment. The main problem was how to find out the
top twenty HNI clients from the bunch of people without
knowing them in detail.
To get all this information a thorough planning had to
be done, so I first started with designing the
questionnaire for the clients whom I was going to target
and to know about their investment pattern. The main
things to be known from the clients were:
1. There Annual turnover
2. Who are there bankers?
3. There chartered accountant
4. Who influence there investment decision
5. What is there annual investment?

Research plan-
The research process depends upon developing the
most efficient plan for gathering the needed information.
Designing a research plan calls for decisions on the data
sources, research approaches, research instruments,
sampling plan, and contact methods.

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 Our objective was to find the “Synergy of HNIs with
there Distribution Channel”.
This objective had made our project too narrow
because from now onward our task was to find the top
industries and person who can invest above 1 crores and
more then that. So from now onwards I started to target
only to a special segment of the people.
TYPE OF RESEARCH
DESCRIPTIVE RESEARCH

I have used this descriptive type of research because it

is essentially a fact finding approach to study the existing
state of affairs. The aims of the descriptive research are
to portray accurately the characteristics of particular
individual situation or group and to determine the
frequency of occurrence of such events. This type of
study can properly present the statistical information and
facts. The tools like correlation coefficient and trend
analysis are usually adopted. When the researcher can
present the results on the basis of actual happening
which can not be manipulated at all, such descriptive
research is called Export factor research
USEFULNESS OF IT IN ICICI PRUDENTIAL LIFE
INSURANCE

 They have much to contribute to the development of

a young science, as descriptive information can focus
directly on a theoretical point.

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 It may be useful in verifying local concepts through
empirical observation.

 Descriptive information can highlight important

methodological of data collection and interpretation.
The collection of factual data increases our
awareness of the relative accuracy or Our measuring
devices. Thus, our ability to accumulate further
knowledge is significantly broadened.

 Descriptive information obtained in a research may

be useful for prediction about areas of social life
outside the boundaries of the research.
Descriptive studies are valuable in providing facts needed
for planning social action programmers’

Data source:-
For this project both primary and secondary data were
the most valuable source of information.

Secondary data:-
Secondary data provide a starting point for research
and offer the valuable source of information.
The secondary data was the most important source for
my project because my first aim was to find out the top
five person or industries from every segment of the
industries so for this reason I started collecting the
various directories which can help me in finding out the
desired information about the industries and people.
The various directories are as follows:-

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• Telephone Directory.
• Income Tax office.
• City directory.
• Chartered Accountant Directory.
• Carpet Industries Directory.
• Hotel Industries Directory.
• HDFC Banks.
• Indian medical association directory.
• Transporter directory.
• Exporter Directory.
• Lawyers Directory.
• Builders & Constructors Directories
• CNF

Primary data:-
Primary data are data freshly gathered for a specific
purpose. The various sources of primary data for my
project are as follows.
• Banks.
• Local residents.
• People from industries

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 Research Approaches:-
From the two data source which I have mention above
secondary data are the easiest way to gather and the
cost of collecting this data is very low and easily available
from the respective association. And I started by
collecting this directory from the various sources,
because at the starting point of the survey this
information play a important part for me and this help
me to short out the people which, I can meet with them
to collected more information about them or who are my
target people.
After collecting the secondary data or information from
the secondary sources then I started collecting from
primary sources to narrow down my research. There are
basically five ways to collect data.
• Survey Research: - This method was the most
appropriate way to collect data. And I have used this
method in my project to find out the company need by
identifying the suitable prospect in the city who can
become the ICICI pru client.
• Observational Research:- This method was not used
by me in my project ,because this survey have no use for
me

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• Focus-group Research: - This method is also not used
by me in my survey.
• Behavioral data:-This method was also not used by
me in my survey.

Research Instruments:-
There is various way of research instrument of
collecting primary data, the various methods are:-
1. Questionnaires.
2. Psychological tools.
3. Mechanical Devices.
4. Qualitative Measures.
From the above mentioned research instruments I had
used only Questionnaires technique to find out the
various information about the clients such as their
turnover, chartered accountant, investment behaviors,
who is their financial consultant etc. And this was the
technique which I felt the best way to extract information
about the client

Sampling Plans:-
After collecting entire data and deciding on the
research approach and instruments, now I had to decide
on the sampling plan which was one of the important
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task, because from the bunch of people I had to select
only those people ,whom I can target from now onward
.There are three way of sorting the data.
• Sampling Unit: - who is to be surveyed? And now my
task was to define the target population, which will be
sampled from the number of people.
• Sample Size: - large sample give more reliable result
than small sample, so for this reason I had taken around
40 people to whom I should focus upon, because my
target was only 20 clients.

Contact Methods:-
Once the client had been decided now my task was
how to contact them, and for me there only two ways of
contacting them .
1. Personal Interview: - this method was the most
appropriate way of survey, because by personal interview
I came to know their feeling about the ICICI and Their
personal behavior and many more things.
2. Telephone: - This method is also used by me for
once, because the client had no time for me, and there
was no other option for me.
Bibliography
Internet Websites:
• www.iciciprulife.com •
www.icicibank.com

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• www.google.com • www.bima.com

Directories:
•Telephone Directory. •Income Tax
office. • City directory.
•Chartered Accountant Directory. •Carpet
Industries Directory.
•Hotel Industries Directory. •HDFC
Banks. .Indian medical association directory.
•Transporter directory. •Exporter
Directory. •Lawyers Directory.
•Builders & Constructors Directories •CNF Other
Materials:
•Marketing Management by Philip Kotler •Fin sight
(Level 1) •Product Brochures.
Questionnaire
PART-I
PERSONAL DETAILS:-
1. Name of the Organization
2. Name of Director/ Partner:
3. Address: a. registered b.
Corporate:

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4. Phone No. a. Direct Line: b.
Board Line:
c. Mobile No.: d.
Email Id:
5. Turnover of Organization:
6. Chartered Accountant a.Name: b. Address:
C. Phone No
7. Area of Operation:
8. Who are your bankers? a. Major Business:
b. Minor-1
c.Minor-2:
9. Who do you consult before Investing?
a. Banker (Name of Bank): b. Chartered
Accountant:
c.Investment
Consultant (Name):
10. What do you think about ICICI Bank? a. Will Suit my
requirement
b. Will no
suit my requirement

PART –II

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1. Do you invest in any instrument available in the
market?
a. Yes
b. No
2. If yes, then where do you invest?
a. Bank FD
b. RBI Bond
c. Mutual Fund
d. Trading Market
e. Unit Linked Plan
f. Any other (please specify)
3. If 2(a) then which bank FD you invested and what
tenure?

4. If 2(b) then tentatively how much money invested?

5. If 2(c) then which mutual funds you have invested

into
a. Franklin Templeton b. Reliance c.
HDFC
d. Prudential ICICI e. Mutual IPO
f. Any other (please specify)

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6. If (5) then what is the return you are looking at:
a. Less than 10% b. 10% - 15%
c. 15% - 20% d. More than 20%
7. If you trade directly into market then through which
broker
8. Do you have invested into Unit Linked Plan/
Insurance?
a. Yes b. No
9. If yes then which company and what investment plan
you have invested in
10. How much do you invest annually?
a. Less than 1 Crore b. 1 to 5 Crore
c.5 to 10 Crore
c. above 10 crore
11. What services your investment manager provides yo
12. What additional benefits you would like to have

SWOT Analysis
STRENGTH:-

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• Brand Name of ICICI:-The name of the ICICI is known
in all over the country as number one bank in the private
sector and this is the name which people have trusted for
many years, which is mainly due to the ICICI Bank. So
ICICI Prudential, do not have the crises of the brand name
• STRONG FINANCIAL BACKING: - the ICICI prudential
had a strong financial backing from their promoter, (ICICI
BANK and Prudential), which help the company to build
trust on the mind of the people.
• STRONG SALES FORCE: - The Company has a very
strong force of good marketing brain, which gives an
edge over the other competitor especially nationalized
insurance company like LIC. And secondly it has a very
good distribution channel which helps the company to get
more clients from these reliable sources. These channel
include
Allied Banks like
• ICICI Bank • Federal Bank • South Indian
Bank
• Bank of India • Lord Krishna Bank • Some
co-operative banks
Corporate Agents
• Bajaj Capita• India Info line • Way 2 Wealth
•Advanced Financial Services (Karvy)
• Blue Chip • AHS • APS • Strategic
Marketing Pvt. Ltd.

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• S M Insurance• Investment Managers
WEAKNESS:-
• Lack of Information about the product:-
Most of the products of the ICICI Prudential are known
by the people, this is because of lack of information about
the product and bad marketing strategies by the
company mainly in small cities
• FOCUSING MAINLY ON THE URBAN SECTOR:-
ICICI prudential mainly focus on the urban sector of
the country, where the competition is very tuft and are
not concentrating on the other sector of the country
mainly in the rural sector where there.
• Most of the Plans are too complicated:-
ICICI Prudential insurance plan are too complex to
understand for a layout person, and this makes most of
the people to avoid this plan because they feel difficulties
to understand. The same is in the case of Mutual Funds.
OPPORTUNITIES:-
• A large Part of cities are uncovered: - A large part of
the cities are uncovered by ICICI Prudential life insurance
where they do not have any branches.
• Some Top Nationalized banks should be made Allies:
- There are large parts of the cities were Nationalized
banks have large number of clients in compare to private
banks, this is mainly because they are operating for such

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a long time and there is a good opportunities to
converted those customer into ICICI prudential customer,
By making them allies.
• There is a good opportunities to increase the
Advisors base: - when we compare the ratio of Advisors
with LIC, then we will find that there is a large gap
between them, so there is an opportunities to increase
the advisor base by breaking the agents of LIC.

Threats:-
• LIC: - LIC is the greatest threat to ICICI prudential in
the area of insurance sector, because it is one of the
oldest insurance company in the country, and have a
large size of the customer abase.
• Threat with some private banks: - there are some
banks which are providing these services to their
customer. And slowly taking away a good market share

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 RESEARCH REPORT
• Most of the HNI client prefers the nationalized bank
in comparison to private banks.
The most common reason is that the public banks are
operating for many years and they have developed a
good relationship with their client and this is the reason
why the HNI are not eager to move to the private banks.
Secondly, most of the clients want a special attention to
them while their visit and this is very well done by the
public banks (especially by the union banks of India,)
because most of the employee in the public banks are
local residents and they have their personal contact with
them.
• Telephone Calling by the ICICI bank and ICICI
prudential Advisors are disturbing the clients-
There is excess calling by the employee of the ICICI
banks and by the Advisors of ICICI Prudential, and this is
one of the reasons why they are not interested in the
bank nor in ICICI prudential, and the other reason is that
most of the time Advisors try to meet the HNI clients
without prior notice, this create a bad impression about
the company.
• Most of the HNI clients, Money are kept ideal in the
banks –

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 This is a very good opportunities for the ICICI
prudential to cash most of the HNI client in Varanasi,
because there is not much option for them for investment
and most of the client prefer to keep a good amount of
cash with them for uncertainty and for other reasons.
• In the insurance sector LIC is the number one
company prefer by the people-
LIC is the most prefer insurance company in the
country, this is because of the brand name and LIC is also
the first mover in the insurance sector and this is a great
advantage for them. There are lots of things which favors
them are.
• The company image in the mind of the people
• The life long service of the company
• A very good channel of people (agents)
• Very good relationship with their clients
• Lack of information or knowledge about the private
Insurance Company.

• A large Part of Market is Uncovered in case of Mutual

Fund:-
Large parts of the people do not know about the mutual
funds investment or in other word they are unaware of
the mutual funds scheme but they have the power of

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Money. These clients should be cash in by the ICICI
prudential.

CONCLUSION
Recommendation and Suggestions

• Lack of information about the service provided By the

ICICI prudential life insurance: - Most of the client whom I
meet during my survey told me that they were unaware
of the service and scheme, which the company is
providing to the people. This is mainly because of the lack
marketing their product by the company. So I suggest
that the company should market its brand in more
aggressive manner.
• Start Making Link with the Nationalized Banks to get
more Business:-When we look at the Small city like
Varanasi, most of the HNI client prefer and have their
account in Nationalized banks, because this banks are
giving good service for many years and If ICICI prudential

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can make tie-up with the employees of this banks then
they can be able to get more business from this contact.
• Service of the ICICI bank should be improved: - What
I hear in Varanasi is that most of the HNI do not want to
do business with the ICICI banks, and this is mainly
because of their service and the banks do not give
preference to them and there are many restrictions in
their operations. So I suggested that some staff should
be made to look after them, because they are the
customers who mainly give us the business.
• Access Telephone Calling should be stopped: -Most of
the time, clients get disturb because of telephone call
made by the advisors of ICICI prudential and bank. I
accept that this is the most successful mode of
contacting the people, but access calling create a wrong
impression in the mind of the customer.
• Image of the ICICI should be improved in the City: -
Most of the time people do not want to do business with
the ICICI, because of the Hidden cost which they come
across while dealing with the bank.
• More focus is given to the industrial class then the
service class: - ICICI prudential are concentrating more on
the industrial class then the service class. It is generally
known that more insurance are made by the service class
to get reduction from the Tax, so we should also focus on
the service class because they are the people who wants
to secure their life by investing in the insurances sector
and in the mutual funds. So I suggest that concentration

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should be given to this class also because the ratio of the
service class is much high in the country.
• More Local Employee should be hired by the
company: -the local employees will have their contact in
the city and this can be use by the company to get more
business from their contact and this will add additional
benefit to the company.

Thank you

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