Summer Internship with ICICI Prudential

By: Jasleen Kaur Poonam Chandiramani

ICICI Prudential

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companiesand Prudential plc - a leading international financial services group. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

Company began its operations in December 2000 after receiving approval from Insurance Regulator Development Authority (IRDA).
Today, companys nation-wide team comprises of over 2000 branches (inclusive of 1,074 micro-offices), over 274,500 advisors; and 20 bancassurance partners.

VISION

To be the dominant Life, Health and Pensions player built on trust by world-class people and service.

VALUES
Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success

Projects

Calling Budgeting

Purpose

Calling
The R&R department wanted to bring about certain changes in their R&R programme called Grand Perks.

Budgeting
A new budget was to be prepared after certain changes were made in the old budget for cost cutting purposes.

Grand Perks

A little information Regarding their loyalty Programme referred as Grand Perks (GP)

Tiers/Clubs
Tiers

WRP*
40,00,000 22,00,000 10,00,000 3,50,000 1,50,000

Platinum Gold Premier Gold Silver Plus Silver

Weighted Required Premium

* WRP

Benefits

Business Enablers
Petro cards Exclusive Stationary Customer give always

Grand Perks Privilege

Meeting with ED Rendezvous

Club Benefits
Discounts Booklets My Rewards

Family Benefits
Accident Insurance Health Check ups Eklavya Awards

Free Gifts
Wall Calendar New Year Pack

Calling
The objective of this activity was to get the feedback as to the acceptance or rejection from their advisors regarding the changes which the R&R department were thinking to bring about in their Grand Perks (GP) programme.

Questions
Questions were asked regarding the possible changes to be brought about in the process of certain benefits.

Area of change

Exclusive Stationary benefit. HPCL Petro cards. Customer Giveaways. Discount Booklets. Feedback/Suggestions.

Result
Tiers Total number of Number of calls Responses Eclusive Customer stationary Petro card giveaway benefit beneft benefits Suggestions Discount and TOTAL booklet Feedback (Tierwise)

Platinum Gold Premier Gold Silver Plus Silver

TOTAL (Question wise)

218 102 81 61 41

56 34 28 21 22

82.14% 94.11% 78.57%

73.21%

85.71% 91.17% 67.85%

76.19% 77.27%

80.35% 92.64% 73.21% 76.19% 77.27%

73.21%

84.74%

83.05%

503

161

76.74%

Budgeting
The objective of this activity was to prepare a new budget after certain changes were brought about to the old budget.

Result
Tiers Silver Silver Plus Gold Gold Premier Platinum Incremental Expenses Incremental Expenses Incremental Sales sales (Tierwise) Expenses (Per Person) Benefit 150,000 350,000 1,000,000 2,200,000 4,000,000 150,000 200,000 750,000 1,200,000 1,800,000 4,180,341 3,015,970 7,369,799 2,889,320 5,092,929 4,180,341 -1,164,371 4,353,829 -4,480,479 2,203,609 131 170 1,943 2,380 10,677 131 39 1,773 437 8,297

Recommendation

ICICI should provide more monetary benefits than non monetary benefits. Timely delivery of gifts. Training Should be provided regarding the operation of computers. The advisors should be informed and explained any new changes made to the programme.

Acknowledgment
We would like to thank ICICI Prudential for giving us the opportunity to work with them and to learn the working mechanism of the business world.

Thank You