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Service Encyclopedia Of ICICI Prudential Life Insurance Commerce Essay

ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in e istence since !"## when ICICI Ltd., was created. ICICI Prudential started in 2$$2 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of % million with total assets e ceeding &s.!, $$,$$$ Cr. making it the 2nd largest life insurance company in the country, ne t only to LIC. The Insurance sector, after the opening up, pro'ides greater opportunities. (e'eral global players ha'e emerged and the market has changed significantly. In the changed scenario, the e pectation is that the low Insurance premium as a percentage of G)P pre'ailing in India will impro'e and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential e ists. In India currently the life insurance premium as a percentage of G)P is !.* per cent against #.2 per cent in the +(, but in the liberali,ed scenario, the life insurance premiums were pro-ected to grow at around !./ to 2$/ from &s 2!# billion in !"".0 "" to &s #"2 billion in 2$$%0$# and to &s !%#$ billion by 2$$"0!$. Corporate non0life premium was pro-ected to grow from &s .% billion in !"".0"" to &s *.1 billion in 2$$"0!$ and personal line non0life from &s % billion to &s #! billion. In the life Insurance segment the Life Insurance Corporation of India 2LIC3 is the ma-or player. The LIC has 2$#$ branches. It is constituted in to se'en 4ones. Currently there are #, 1$,$$$ LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

SIGNIFICANCE OF THE ST !"

This study is 'ery useful as the financial market become more sophisticated and comple , in'estor needs a financial intermediary who pro'ides the re5uired knowledge and professional e pertise on successful in'esting and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured co'ered in the policy. 6ssentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured7s named beneficiary so long as the insured7s premiums .

INT#O! CTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured co'ered in the policy. 6ssentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured7s named beneficiary so long as the insured7s premiums are current. 8ith a large population and the untapped market area of this population insurance happens to be a 'ery big opportunity in India. Today it stands as a business growing at the rate of !#02$/ annually. Together with banking ser'ices, it adds about 9 percent to the countries G)P. In spite of all this growth statistics of the penetration of the insurance in the country is 'ery poor. :early .$/ of Indian populations are without life insurance co'er and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation ;<alhotra Committee= was constituted by the go'ernment in !""* to e amine the 'arious aspects of the industry. The key element of the reform process was participation of o'erseas insurance companies with 21/ capital. Creating a more competiti'e financial system suitable for the re5uirements of the economy was the main idea behind this reform.

(ince then the insurance industry has gone through many changes. The liberali,ation of the industry the insurance industry has ne'er looked back and today stand as one of the most competiti'e and e ploring industry in India. The entry of the pri'ate players and the increased use of the new distribution are in the limelight today. The use of new distribution techni5ues and the IT tools has increased the scope of the industry in the longer run. Insurance is the business of pro'iding protection against financial aspects of risk, such as those to property, life health and legal liability. It is one method of a greater concept known as risk management >which is the need to mange uncertainty on account of e posure to loss, in-ury, disad'antage or destruction. Insurance is the method of spreading and transfer of risk. The fortunate many who are e posed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. In insurance the insured makes payment called ;premiums= to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract.

P#O! CT$SE#%ICES P#OFILE


ICICI Prudential?s ultimate promise is financial security. @ strong brand certainly boosts sale, but without customer0friendly, inno'ati'e products, e'en the best brand would not last long. ICICI Prudential?s product range has been de'eloped on the understanding that different people ha'e their own sets of needs at 'arious stages of their li'es. It has thus built a fle ible portfolio of products that can be customi,ed to cater to 'arying needs of people at each stage, and thus ensure protection in e'ery step of life. The company?s philosophy has been to help customers understand their financial needs and work closely with them to customi,e a product that would meet. @d'isors can offer a complete range of products > (a'ings plans, Child plans, <arket0linked plans, Protection plans, and &etirement plans > and tailor a fle ible solution to meet customers? changing

needs at e'ery stage of life. In fact, ICICI Prudential was the first to un0 bundle product benefits, pioneering the concept of Ariders? and soon after introduce comprehensi'e market0linked and retirement plans. ICICI Prudential has launched a handful of products that are analy,ed belowB ICICI Prudential7s life insurance products may be loosely categori,ed under three formsB pure life insurance products without an in'estment angle to themC a product that is a mi of a cumulati'e in'estment scheme and an insurance productC and, finally, standard products such as money0back and endowment policies. (ingle Premium DondB The (ingle Premium Dond is the name of a policy that combines the features of an in'estment in a cumulati'e deposit scheme with that of an insurance product. Policy0holders are re5uired to pay a one0time premium based on a target sum assured. @t maturity, the policy0holder gets the sum assured and guaranteed additions that work out to a compound return of %.# per cent the sum assured. The insurance part of the package comes in the form of death benefits that are paid in the case of the demise of the policy0holder. The si,e of the death benefit is linked to the number of years left for the policy to e pire. En maturity date, the maturity 'alue is also paid in addition to the death benefits that would ha'e been paid earlier. Life Guard policiesB The company offers two pure life insurance products that ha'e an umbrella name, Life Guard. Ene of them in'ol'es a one0time premium for which there are no maturity benefits. The other re5uires regular premium payments that are returned at the end of the policy. Life Guard offers absolutely no in'estment0related return and is suitable for indi'iduals looking for an unadulterated insurance package.

Insurance Solutions for Individuals


ICICI Prudential Life Insurance offers a range of inno'ati'e, customer0centric products that meet the needs of customers at e'ery life stage. Its products

can be enhanced with up to # riders, to create a customi,ed solution for each policyholder.

Savin&s Solutions
(ecure Plus is a transparent and feature0packed sa'ings plan that offers * le'els of protection. Cash Plus is a transparent, feature0packed sa'ings plan that offers * le'els of protection as well as li5uidity options. (a'e An? Protect is a traditional endowment sa'ings plan that offers life protection along with ade5uate returns CashDak is an anticipated endowment policy ideal for meeting milestone e penses like a child?s marriage, e penses for a child?s higher education or purchase of an asset. LifeTime and LifeTime II offer customers the fle ibility and control to customi,e the policy to meet the changing needs at different life stages. 6ach offer % fund options >Preser'er, Protector, Dalancer and <a imiser. LifeLink (uper is a single premium +nit Linked Insurance Plan which combines life insurance co'er with the opportunity to stay in'ested in the stock market. Premier Life is a limited premium paying plan that offers customers life insurance co'er till age of 9#. In'est(hield Life is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declared bonus interest. In'est(hield Cash is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declares bonus interest along with fle ible li5uidity options. In'est(hield Gold is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declares bonus interest along with limited premium payment terms.

Protection Solutions

LifeGuard is a protection plan, which offers life co'er at 'ery low cost. It is a'ailable in * options >le'el term assurance with return of premium and single premium. Fome@ssure is a mortgage reducing term assurance plan designed specifically to help customers co'er their home loans in a simple and cost0 effecti'e manner.

C'ild Plans
(martGid education plans pro'ide guaranteed educational benefits to a child along with life insurance co'er for the parent who purchases the policy. The policy is designed to pro'ide money at important milestones in the child?s life. (martGid plans are also a'ailable in unit0linked form > both single premium and regular premium.

#etirement Solutions
Hore'erLife is a retirement product targeted at indi'iduals in their thirties. (ecurePlus Pension is a fle ible pension plan that allows one to select between * le'els of co'er.

(ar)et*lin)ed retirement products


LifeTime Pension II is a regular premium market0linked pension plan. LifeLink Pension II is single premium market linked pension plan. In'est(hield Pension is a regular premium pension plan with a capital guarantee on the in'estible premium and declared bonuses Golden IearsB is a limited premium paying retirement solution that offers ta benefits up to &s !$$,$$$ uJs .$C, with fle ibility in both the accumulation and payout stages.

Healt' Solutions

Fealth @ssure and Fealth @ssure PlusB Fealth @ssure is a regular premium plan which pro'ides long term co'er against 1 critical illnesses by pro'iding policy holder with financial assistance, irrespecti'e of the actual medical e penses. Fealth @ssure Plus offers the added ad'antage of an e5ui'alent life insurance co'er Cancer CareB is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of 'arious cancer conditions.

Group Insurance Solutions


ICICI Prudential also offers Group Insurance (olutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity PlanB ICICI Pru?s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customi,ed to structure schemes that can pro'ide benefits beyond the statutory obligations. ICICI Pru Group Term PlanB ICICI Pru?s fle ible group term solution helps pro'ide affordable co'er to members of a group. The co'er could be uniform or based on designationJrank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on hisJher death.

Fle+i,le #ider Options


ICICI Pru Life offers fle ible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. @ccident and disability benefitB If death occurs as the result of an accident during the term of the policy, the beneficiary recei'es an additional amount e5ual to the rider sum assured under the policy. If the death occurs while tra'eling in an authori,ed mass transport 'ehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. @ccident DenefitB This rider option pays the sum assured under the rider on death due to accident.

Critical Illness DenefitB Protects the insured against financial loss in the e'ent of " specified critical illnesses. Denefits are payable to the insured for medical e penses prior to death Income DenefitB This rider pays the !$/ of the sum assured to the nominee e'ery year, till maturity, in the e'ent of the death of the life assured. It is a'ailable in (martGid, (ecurePlus, and CashPlus. 8ai'er of PremiumB In case of total and permanent disability due to an accident, the premiums are wai'ed till maturity. This rider is a'ailable with (ecure Plus and Cash Plus. PL@::I:G TEEL( ICICI P&+)6:TI@L offers a range of tools to help you chalk out your financial plans properly. Child CalculatorB It helps you calculate and plan the future of your child. <inimum Insurance :eedsB It helps you calculate the minimum insurance co'er that you must ha'e in order to protect the financial future of your family. (a'ings :eedsB This sa'ings calculator estimates the e penditure on your goals and aspirations. &etirement :eedsB It helps you make plan for a steady income for your future. In'estment :eedsB It figures out the in'estment options for you. The Hinancial ForoscopeB It makes a comprehensi'e plan for your future taking into consideration all your sa'ings, in'estment, and retirement needs. 6asy Plan HinderB It helps you find the plan that suits you best.

Types of Insurance
Life Insurance 0 Insurance guaranteeing a specific sum of money to a designated beneficiary upon the death of the insured, or to the insured if he or she li'es beyond a certain age.

Fealth Insurance 0 Insurance against e penses incurred through illness of the insured. Liability Insurance 0 This insures property such as automobiles, property and professionalJbusiness mishaps.

Porter - Force.s model of Insurance Industry


Threat of :ew 6ntrantsB The insurance industry has been budding with new entrants e'ery other day. Therefore the companies should car'e out niche areas such that the threat of new entrants might not be a hindrance. There is also a chance that the big players might s5uee,e the small new entrants. Power of (uppliersB Those who are supplying the capital are not that big a threat. Hor instance, if someone as a 'ery talented insurance underwriter is presently working for a small insurance company, there e ists a chance that any big player willing to enter the insurance industry might entice that person off. Power of DuyersB :o indi'idual is a big threat to the insurance industry and big corporate houses ha'e a lot more negotiating capability with the insurance companies. Dig corporate clients like airlines and pharmaceutical companies pay millions of dollars e'ery year in premiums. @'ailability of (ubstitutesB There e ist a lot of substitutes in the insurance industry. <a-orly, the large insurance companies pro'ide similar kinds of ser'ices > be it auto, home, commercial, health or life insurance.

SE#%ICES (A#/ETING (I0 123Price


t

143Product
ICICI aims to deli'er its financial products and ser'ices in the way its customers want them deli'eredB with e emplary ser'ice, con'enience and at

competiti'e prices. This is reflected in its mission statementB to set the standard in helping their customers manage their financial future. ICICI is a global financial institution of )utch origin, currently offering banking, in'estments, life insurance and retirement ser'ices to meet the needs of a broad customer base. Going forward, it concentrate on its position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for insurance operations 2including in'estment management3.

Strate&y
To ser'e the interests of stakeholders, increase management focus and create 'alue for shareholders, ICICI is mo'ing towards separation of its banking and insurance operations. They belie'e the widespread demand for greater simplicity, reliability and transparency makes this the best course of action. In the future, ICICI Dank will build on its global presence and international network and capitalise on its leadership position in gathering sa'ings, multi0channel distribution, simple propositions and marketing..

Sta)e'olders
ICICI conducts business on the basis of clearly defined business principles. In all our acti'ities, we carefully weigh the interests of our 'arious stakeholdersB customers, employees, business relations and suppliers, society at large and shareholders. ICICI stri'es to be a good corporate citi,en.

Corporate responsi,ility
ICICI wants to build its future on sustainable profit based on sound business ethics and respect for its stakeholders and be a good corporate citi,en. Hor only by acting with professionalism and integrity, will they be able to maintain our stakeholders? trust and preser'e our reputation. Their Dusiness Principles prescribe the corporate 'alues they pursue and the responsibilities they ha'e towards society and the en'ironmentB they act with integrity, they

are open and clear, they respect each other and they are socially and en'ironmentally responsible.

153Place
The ICICI in the +.(. take your pri'acy 'ery seriously. They share a commitment to protect your pri'acy and the confidentiality of your personal and financial information. @s pro'iders of products and ser'ices that in'ol'e compiling personalKand sometimes, sensiti'eKinformation, protecting the confidentiality of that information has been, and will continue to be, a top priority throughout icici. 8hether you are a current customer, former customer, or potential customer, we belie'e that you should know about the information we collect, the measures we take to safeguard it, and the situations in which we might share information with select business partners. This notice e plains how the icici handleKand protectKthe personal information we collect. The information we collect and the e tent to which we use it will 'ary depending on the product or ser'ice in'ol'ed. In fact, in certain cases, we may not collect or share some of the types of information noted below. Hor e ample, in a number of cases an ICICI has an agreement with distributors or plan sponsors that limits the sharing of information about its customers with any other company, e'en if that company is an ICICI affiliate. These agreements continue to be honored.

163 Promotion
L @d'ertisingB Tele'ision, radio, mo'ies, theatres L Print mediaB hoardings, newspaper, maga,ines L PublicityB road shows, campus 'isits, sandwich man, (ponsorship L (ales promotionB gifts, discount and commission, incenti'es,etc. L Personal sellingB Cross0sale 2selling at competitors place3,personali,ed ser'ice .

1-3 Process
Customer enters branch (ecurity check In5uiry by customer Interaction with banker Hills form Told will recei'e welcome kit Customer lea'es

173 People
In a company or organi,ation, employees are essentially the contact personnel with customer. Therefore, an employee plays an important role in the marketing operations of a ser'ice organisation. To reali,e its potential in bank marketing, +CE become conscious in its potential in internal marketing > the attraction, de'elopment, moti'ation and retention of 5ualified employee0customers through need meeting -ob0products. Internal marketing pa'es way for e ternal marketing of ser'ices. In internal marketing a 'ariety of acti'ities are used internally in an acti'e, marketing like manner and in a coordinated way. The starting point in internal marketing is that the employees are the first internal market for the organi,ation. The basic ob-ecti'e of internal marketing is to de'elop moti'ated and customer conscious employees. @ ser'ice company can be only as good as its people. @ ser'ice is a performance and it is usually difficult to separate the performance from the people. 293 Physical e'idence0physical e'idence is the material part of the ser'ice.their are many e amples of physical e'idence Internet Paper work Drouchers

Dusiness cards Duilding itself2such as prestigious offices, scenic head5uarters3 The physical e'idence also include signage ,reports,punch lines,other tangibles ,employee?s dress code etc. (ignageBeach and e'ery bank has its logo by which a person can identify the company. Thus such signage is significant for creating 'isuali,ation and corporate identity. Hinancial reportsBthe company?s financial reports are issued to the customers to emphasis or credibility. Tangibles Bbank gi'es pens ,writing pads to the internal customers. 6'en the passbook ,che5ue book. Punch linesB punch lines or the corporate statement depict the philosophy and attitude of the bank. Danks ha'e influential punch lines to attract the customers. 6mployee dress codeB ICICI follows a dress code for their internal customers. This helps the customers to feel the ease M comfort. (6&NIC6 (6G<6:T@TIE: EH ICICI P&+)6:TI@L ;<arket segmentation is subdi'iding a market into distinct and homogeneous subgroups of customers, where any group can concei'ably be selected as a target market to be met with distinct marketing mi .= (egmentation is essentially the identification of subsets of buyers within a market who share similar needs and who demonstrate similar buyer beha'ior. (egmenting isolates consumers with similar life styles, needs and the likes and increases our knowledge of their specific re5uirements. The more marketers establish this common ground with consumers, the more effecti'e they will be in assessing these re5uirements in their communication programmes and informing or persuading potential consumers that the product or ser'ice offering will meet their needs. @ company will e'aluate each segment based upon potential business success. Epportunities will depend upon factors such asB the potential growth of the segment, the state of the competiti'e ri'alry within the segment, how much profit the segment

will deli'er, how big the segment is and how the segment fits with the current direction of the company and its 'ision. @t the heart of any customer relationship management 2C&<3 programmer is the effecti'e segmentation and profiling of customers allowing institutions to ser'e increasingly finer segments more profitably. (egmentation seeks to differentiate between different 'alue groupings, in order to establish the most significant features that describe the user of a particular product, and to identify which of those are characteristic of a particular customer group. Dy focusing in on those attributes with the greatest predicti'e strength, models can be created to predict propensity to purchase or to anticipate response to a new offer. 8hereas once banks could rely on the traditional stickiness of financial relation0 ships to retain customers, now in a retail world characteri,ed by intense competition, product commoditi,ation and growing consumer sophistication, segmentation is key to differentiation, and growth. 6'ery ma-or financial ser'ices group is focusing on high0'alue customers who contribute disproportionately towards profits 2a 'ersion of Pareto?s Law is applied, which holds that 2$/ of customers account for .$/ of re'enues3. (egmentation poses challenges for organi,ational design, while 'ertical disaggregation of customer segments is essential in order to match different ser'icing le'els with segment 'alue, hori,ontal integration of 'alue chain components within each segment is essential in order to ensure optimum fit between data, technology, products, distribution and the customer e perience. (egmentation is not synonymous with Aone0to0one? marketing as this rarely pass0 es a cost0benefit test within the retail space, with the e ception of certain high net worth and professional segments. Fowe'er in order to retain customers 2in particular 'ia the branch3 and gi'en the issues parts of the retail sector face in terms of rebuilding trust and credibility with customers something closer to a one to one approach is needed. E'er the past ten years strategic thinking in segmentation has emphasi,ed the mo'e away from one0dimensional Asilo? typologies 2labeling customers without trying to understand what dri'es their beha'iors, attitudes, needs

and preferences at a more fundamental le'el3. Customer data is the financial ser'ices industry?s greatest asset in achie'ing this. The goal is to mine the samples in order to find underlying patterns and trends, as a result of this, success measures are no longer connected to basic short term indicators such asB 0 (hifting products to customers. 0 &esponse rates of specific marketing campaigns. @nd ha'e focused onB 0 The growth of niche subgroups. 0 The life style and Ali5uidity? e'ent customer. 0 The increased categori,ation by preferred channel usage 2branchJtelephoneJInternetJmobile3. 0 @lignment of micro targets with corporate goals 0 Customer retention and lifetime 'alue In spite of this seemingly increased le'el of sophistication, results within the financial ser'ices ha'e fallen far short of e pectations and of what has been achie'ed in the H<CG sectorC significantly greater cross0selling ratios ha'e not been achie'ed. 8hile few would argue that simplicity and prioriti,ation should guide all elements of a targeted segmentation initiati'e, achie'ing this is much easier said than deli'ered. )ata 5uality and a'ailability are key issues that limit the usefulness of internal data, while broader, market0based analyses raise concerns about accuracy. Legacy systems are a ma-or hurdle. 6'en for companies that ha'e surmounted this barrier, the lack of synergy often found between operational and analytical systems se'erely limits their usefulness...

8 ALIT" CONCE#NS OF ICICI P# !ENTIAL ICICI prudential

ICICI Life is rated @O 2(uperior3 by the @.<. Dest Company. ICICI is a world class leader in pro'iding financial products and ser'ices to its customers across the globe. I:G pro'ides banking, insurance and asset management to more than 1$ million clients in o'er #$ countries. ICICI?s businesses in the +nited (tates offer personal and institutional clients a broad array of financial products and ser'ices in insurance, asset management and direct banking. ICICI pro'ides retail and institutional clients with products and ser'ices in retirement ser'ices, annuities, life insurance, employee benefits, mutual funds, financial planning, reinsurance and institutional markets. ICICI distributes products through more than 2$$,$$$ financial professionals in the +.(. ICICI In'estment <anagement pro'ides asset and relationship management ser'ices for institutional clients, as well as for many of ICICI?s mutual funds and insurance companies. These ser'ices are offered through a wide 'ariety of products, from traditional e5uity and fi ed income to alternati'e assets, including structured products, pri'ate e5uity, single strategy hedge funds and funds of hedge funds.ICICI )irect, personal banking productsC and ICICI 8holesale, financial markets and corporate ser'ices.

INTE#ATE! GAPS (O!ELOF SE#%ICE 8 ALIT" E(PL"EE 9 C STO(E# #OLE IN SE#%ICE !ELI%E#" IN ICICI P# !ENTIAL
ICICI 6mployee Denefits works with top 5uality brokers and producers from across the +nited (tates to offer 'aluable insurance products. Eur reputation of building strong relationships is second0to0none and we pride oursel'es on the locali,ed sales and ser'ice we are able to pro'ide. Hor more than .$ years, we ha'e offered traditional group insurance products 2such as life, disability income, personal accident and stop loss

co'erage3 as well as 'oluntary insurance products, 2such as uni'ersal life, whole life, accident, critical illness and disability income3 and retirement programs, all con'eniently deli'ered at the worksite. @nd we enhance our ser'ices, technologies and educational tools to ensure ease in deli'ery. It7s more of what your clients want. @t ICICI 6mployee Denefits, we ha'e a national network of employee benefits professionals who operate from offices across the country. Eur sales and ser'ice representati'es take a consultati'e approach with you and your customers. Put simply, we seek to design and implement customi,ed benefit plans that meet employer goals and employee0specific financial needs. Eur sales and ser'ice team are backed by home office e perts in underwriting, claims and customer ser'ice. Today7s employers find many challenges in their benefits programs. En one hand, you want to attract and retain employees by offering a full range of benefits. En the other hand, you need to control costs and keep administration easy. ICICI 6mployee Denefits can help. 8e are proud to work with today7s employers to offer 'aluable insurance products. Hor more than .$ years, we ha'e offered traditional group insurance benefits as well as 'oluntary insurance products and retirement programs, all con'eniently deli'ered at the worksite.

Inte&rated Service (ar)etin& Communication Of ICICI P# !ENTIAL


(tage !B Tactical Coordination of <arketing Communication !. Integration re5uires a high degree of interpersonal and cross0functional communication within the organi,ation across business units, and with outside supplier. It cannot be dri'en by formal policies and procedures alone. 2. Ergani,ations are taking charge of the integration process themsel'es rather than looking to ad agencies or other suppliers to pro'ide the coordination.

(tage 2B &edefining theB (cope of <arketing Communication *. Ergani,ations gather e tensi'e information about their customersKusing primary and secondary market research sources as well as actual beha'ioral customer dataKand apply that information in planning de'eloping, and e'aluating communication acti'ities. %. Dest0practice organi,ations create a 'ariety of feedback channels to gather information about customers and effecti'ely use customer feedback throughout the company. #. Ene of the most difficult challenges of integration is aligning internal practices and processes with e ternal communication. (tage *B @pplication of Information Technology 1. Leading best0practice organi,ations maintain a greater number of data sources, and their marketing communication personnel ha'e greater access to the data for planning marketing communication programs 9. @mong organi,ations marketing internationally, best0practice organi,ations are more likely to maintain global, integrated databases than separate, non0integrated databases. .. Information technology must be effecti'ely incorporated into communication planning, de'elopment, and e ecution to functionally turn customer data into customer Gnowledge. ". &elati'ely few organi,ations are taking ad'antage of a'ailable technology to create customi,ed communication programs based on indi'idual customer circumstances and characteristics. (tage %B Hinancial and, (trategic Integration !$. The role of the marketing communication department is percei'ed differently at partner Companies than at sponsor companies, with partners? departments more often ha'ing bottom0line responsibilities and a more prominent0role in strategic planning and new product de'elopment. )eli'ering (er'ice Through Intermediaries Ef ICICI P&+)6:TI@L

;This past year was highlighted by strong client retention and a continued leadership position in sales 00 a clear demonstration that customers ha'e confidence in our 'alue proposition,= said Catherine (mith, C6E of ICICI +.(. &etirement (er'ices. ;I?m proud of the outstanding work we accomplished to le'erage our industry leadership, grow distribution relationships and e ecute important strategies. )espite the e traordinary market conditions this year, we?'e been focused more than e'er on our business and continue to lead the way in helping @merican workers plan for their retirement.= 6 ecuting the Citi(treet Integration Ene of ICICI?s primary initiati'es in 2$$" in'ol'ed the integration of the former Citi(treet LLC business, which ICICI purchased in Puly 2$$.. This successful effort brought the two companies together in 2$$" as one cohesi'e retirement ser'ices firm. @nother measure of success was ICICI?s e panded footprint in the defined contribution industry. 8ith its combined businesses, ICICI?s +.(. &etirement (er'ices ranked among the top three plan pro'iders and record keepers in the country, with more than #2,$$$ plan sponsors, appro imately 9 million plan participants, and o'er Q2*# billion in combined assets under management and administration.! The business is now uni5uely positioned to ser'e all si,es and segments of the market > corporate, education, go'ernment, healthcare and not0for0profit. ;Hrom pure record0keeping ser'ices to a full ser'ice in'estment pro'ider, ICICI is one of the few companies with a scaled leadership presence across the entire spectrum and the ability to offer retirement solutions for any si,e or type of employer,= noted (mith. Growth and Hocus in the Corporate <arkets In the institutional corporate market 2plans with more than Q!#$ million in assets3, ICICI continued to deli'er on more than eight years of consecuti'e growth. @t the end of the third 5uarter, customer retention and new business relationships in this segment accounted for more than Q#.# billion in %$!2k3 plan assets and nearly #9$,$$$ plan participants. Large plan sponsors benefitted from customi,ed support and award0winning communication and

education programs, including a series of global participant web casts and the e pansion of online, personali,ed media initiati'es. (e'eral of ICICI?s largest %$!2k3 customers e tended their relationships this year to incorporate additional 'alue0added offerings such as the ICICI @d'isor (er'ice, a professional in'estment ad'ice and managed accounts ser'ice, and ICICI?s Taking ControlR suite of solutions to help employees na'igate the comple ities of workplace transitions. In the intermediary corporate market 2plans with less than Q!#$ million in assets3, ICICI maintained its S2 sales position at the end of the third 5uarter for plans with less than #$$ participants.2 (ales in this segment were bolstered by a new channel management distribution strategy and the technology synergies from ICICI?s institutional market. Product offerings included the launch of ICICI?s mid market Hramewor2k3R, a customi,able solution that features the benefits of open architecture, competiti'e pricing and fee transparency with a comprehensi'e suite of ser'ices. ICICI also underscored its commitment to sponsors and distribution partners with a number of programs and technology in'estments. These included a new simplified product structure, an on0demand plan reporting system, the roll out of enhanced capabilities for the third party administrator 2TP@3 community and a new electronic payroll administration tool that connects to ICICI?s recordkeeping system. ;They continued strong presence in all segments of the corporate market reflects their deep commitment to customers and business partners,=.;they see tremendous opportunity in focusing on all portions of the %$!2k3 market allowing us to le'erage their talent, resources and capabilities.T Continued Leadership in the Public <arkets Hor nearly four decades, ICICI has been a leader in the education market, helping teachers and academic professionals plan for their retirement. @s of third 5uarter, I:G ranked S! in the G0!2 market based on plan participants and sales, e tending its leading sales ranking for the 2#th consecuti'e 5uarter.*

ICICI also ele'ated its long0standing commitment to the higher education and healthcare markets with the introduction of a new business de'elopment team focused on strengthening relationships with e isting customers and proacti'ely forging new partnerships. Duilding on its education leadership, ICICI remained at the forefront of helping school officials na'igate the new I&( %$*2b3 regulations with supporti'e tools and inno'ati'e resources. @t the end of the third 5uarter, !$/ of all G0!2 public school districts across the country had signed up for ICICI7s pioneering planwithease.com administration and compliance platform. In addition, the online ICICI 6ducator7s )irect %$* Program gained traction in the state of )elaware, where it launched to employees at *" institutions. To date, market share has grown significantly for new enrollments, and ICICI is planning to e pand access to other states. In the go'ernment market, small and mid0si,ed plan sales were strong, and se'eral new large plans representing Q%.# billion in assets under administration were successfully transitioned o'er to ICICI. <@:@GI:G 8@ITI:G LI:6( People and their performance are key to an organi,ation7s effecti'eness. This re'iew describes an e'idence0based framework of the links between some key organi,ational influences and staff performance, health and well0being. This preliminary framework integrates management and psychological approaches, with the aim of assisting future e planation, prediction and organi,ational change. Fealth care is taken as the focus of this re'iew, as there are concerns internationally about health care effecti'eness. The framework considers empirical e'idence for links between the following organi,ational le'elsB !. Conte t 2organi,ational culture and inter0group relationsC resources, including staffingC physical en'ironment3 2. People management 2F&< practices and strategiesC -ob design, workload and teamworkC employee in'ol'ement and control o'er workC leadership and support3 *. Psychological conse5uences for employees 2health and stressC satisfaction and commitmentC knowledge, skills and moti'ation3

%. 6mployee beha'iour 2absenteeism and turno'erC task and conte tual performanceC errors and near misses3 #. Ergani,ational performance. This re'iew contributes to an e'idence base for policies and practices of people management and performance management. Its usefulness will depend on future empirical research, using appropriate research designs, sufficient study power and measures that are reliable and 'alid (tages in policy insurance

23 Proposal
@ Proposal (tage is the Hirst stage before the policy is issued at CEP(. @t this stage, the application form is recei'ed by CEP(, but it is pending for issuance due to further clarifications re5uired from the customer.

43 Lo&in
@ proposal which is complete i.e., duly filled with all necessary documents attached to it M accepted by the Dranch ops, is called a Login

53 #e:ect
@n @pplication gets re-ected at the Dranch Eps le'el due to necessary details not filled in the form or necessary documents not submitted is a &e-ect. It is then sent back to the @d'isor for completion.

63 Issuance
Issuance means a policy that is issued to the Customer by Central Eps.

-3 !ecline Status
8hen a customer refuses to take a policy post login but before Issuance is called a )ecline

73 Cancellation
8hen the che5ue gi'en by the customer bounces, it amounts to cancellation of the policy.

;3 Lapse
@ policy for which the Customer fails to pay subse5uent premiums is a Lapsed Policy.

<3 Freeloo)
Post issuance of the policy, the policyholder has the option to turn down the policy within !# days from the date of issuance. This period of !# days is called Hreelook Period. "3 (urrenderB 8hen a customer wants to discontinue with the policy.

#ECO((EN!ATIONS TO CO(PAN"=
(ince ICICI Prudential Life Insurance co. ltd is the largest in terms of H)I in'ested, in terms of work force, in terms of market share, in terms of no. of customers. @ll these positi'e stands of the company place at the number one position. En second aspect whate'er amount of money ICICI Prudential sa'e, can be used to increase the no. of policies, which will helpful to increase the market share of the company. (ince the customers think about the companies in the industry, when they in'est money in the life insurance industry. (o it?s necessary to increase the market share of the company. There are some recommendations.

Open some more ,ranc'es in semi ur,an and rural area>


ICICI Prudential has almost its branches in urban area or metros. (o in order to increase the no. of customer, ICICI Prudential should increase the approach towards potential customers. Hor that it has to increase the

branches in the semi urban cities like C, ) grade cities. @nd the rural marketing is the best option for ICICI Prudential to increase its base in the market

Improve customer services>


In order to take the ad'antage of being industry leader in pri'ate sector, ICICI Prudential has to impro'e its customer ser'ices. @ccording to my e perience in the company, a good number of customers forget to pay their premium at time so it causes a big loss to the company. ICICI Prudential has already collaborated with the ICICI bank for its Dancassurance facility and then can include another feature in it. ICICI bank can offer a bank account with the life insurance policy in which an @T< card will be pro'ided. This card will ha'e all the information regarding the policy as like future premium payment dates, payment made, money 'alue of the policy at that date, 'alue of the unit linked plan and all other information what the customer want. This will help the customer to pay premium on time and sa'e their losses. This will be mutually helpful for both sister companies, ICICI bank will get new account and ICICI prudential will be able to more efficient ser'ices to their customers.

?rin& some unit lin)ed life insurance plans in t'e mar)et>


Deing a market leader doesn?t ensure the leadership in the future. (ince after increment in H)I from 21/ to %"/ all player will ha'e the opportunity to capture the market share. (o in order to maintain its position ICICI Prudential should 0Introduce some new market linked insurance plan, which will gi'e a competiti'e ad'antage to the ICICI Prudential against its competitors.

Trained t'e financial advisors more efficiently>

In the changed scenario, more efficient training will be needed, so ICICI Prudential should pro'ide good and efficient training to their financial ad'isors. Decause they are the one who interact directly with the customers. (o good training will gi'e them the right way to deal with the potential customers. :eed an essayU Iou can buy essay help from us todayV

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