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PROJECT REPORT
ON
(STUDY OF MARKETING STRATIGIES OF ICICI
PRUDENTIAL)
Summer Internship Report submitted to the University of Mumbai in Partial
Fulfilment for the award of degree of
Specialization:(Finance)
By
(Mahesh A Jadhav)
(Roll No.13)
Batch: 2016-18
for the Summer Internship at,
July 2017
I
Evaluation Report
Summer Internship 2016-17
Basic Information
Area of Training:____________________________________________________________________
Score Card
1 Attendance
2 Punctuality
3 Attitude
4 Performance
5 Initiative
6 Interpersonal Skills
7 Diligence Level
8 Subject Knowledge
9 Personal Grooming
10 Communication Skills
Date: Place:
II
Evaluation of Dissertation
2. Seat Number :
5. Evaluation:
1 Introduction 05
3 Process Description 10
4 Project Profile 10
6 Learning Experience 05
Total 50
III
Declaration
This is to certify that the Summer Project titled ____(Study of marketing stratgies of
icici prudential)____" is original work and being submitted in partial fulfilment for the
award of the degree, Master of Management Studies of the University of Mumbai. This
Summer Project report has not been submitted earlier either to this university, or, to
any other affiliated college of this university, or, to any other university / institution for
the fulfilment of the requirement of the MMS Course.
Date:__________________ ______________________
(Signature of Student)
Place:__________________ ______________________
(Mahesh A Jadhav)
IV
Acknowledgement
I would like to present this project report for ___(ICICI Prudential Life Insurance)____. It
has been an enriching experience for me to undergo my summer training at ___(ICICI
Prudential Life Insurance)____, which would not have possible without the goodwill and
support of the people around. As a student of Rohidas Patil Institute of Management Studies,
Bhayander (E), I would like to express my sincere thanks to all those who helped me during
my training program. I would like to express my gratitude to all those who gave me the
encouragement to complete this project.
I would like to thank my college authorities for providing me the opportunity to work with
the one prestigious organization. I would like to give my heartily gratitude to _______(Rajesh
Subramanian)______ at ___( ICICI Prudential Life Insurance)____, Mumbai for having
given me the opportunity to do my project work in the organization and lighted my way of
progress with his guidance. My sincere and deepest thanks to ___(Prof. Aparna Patil)___
(Faculty Member) of Rohidas Patil Institute of Management Studies, Bhayander (E)for
having spared his valuable time with me and for all the guidance given in executing the
project as per requirements. I would like to give my special thanks to my parents, their love,
support and blessing enabled me to complete this Project work.
DATE:____________ _________________________
(SIGNATURE OF STUDENT)
(MAHESH A JADHAV)
V
INDEX
Executive summary
1 Introduction
3 Process description
4 Project Profile
6 Learning experience
7 Appendix
8 Bibliography
VI
EXECUTIVE SUMMARY
Insurance is the pooling of fortuitous losses transfer of such risk to insurers, who agreed to
provide the pecuniary benefit on their by occurrence, or to render service connected with risk.
It is the transfer of financial responsibility for the risk at the point of occurance and
conventially involves the insurer in a commitment to pay. The insurance service lead to
efficient and productive allocation of capital resources, facilitate growth of trade and
commerce. Globalization will certainly increase insurance penetration and all professionals
shall equip themselves to explore it opportuntities offered by this sector.
ICICI PRUDENTIAL has maintained its lead amongst the private players of life insurance
with a market share of about 39%. The biggest achievement is in pension segment where
company introduced a slew of products and captured around 23% of the total pension market.
ICICI prudential have a customer centric growth strategy and has taken a number of
strategies against this.
The consumers are the largest economic group in any country and the present day business
activites are because of conumers only. Thus consumers are the pillars of the economy. The
consumers not only the heart of marketing system ,but also the controller of marketing
fuctions. But if the modern marketing system consumers sovereignty has become a myth on
account behavior enables markets to understand and predict consumer behavior in the market
place. It also promotes understanding of the role that consumption plays in the lives of the
individual.
This gives me an opportunity to work on this endeavor focusing on the study of marketing
stratigies of ICICI PRUDENTIAL with the special reference ICICI PRUDENTIAL. The
primary objective of the study is to understand attitude and perception of the respondents
towards insurance products.
The study gives an insight to the insurance industry. It briefly explains about the history of
life insurance sector. It also contains the orgnizational profile of ICICI PRUDENTIAL.
stating about its milestone, vision, products, soluations, advertising effectiveness and it
finally about its marketing stratigies and challenges. The study ends up with the suggestions
in order to modify the current system for the higher growth and progress.
VII
INTRODUCTION
Marketing is an assessment, ascertainment, and fulfillment consumer needs and desire into
products and services through planning and creating demand for companies products. Serving
the consumer demand through planned physical distribution with the help of marketing
channels expanding the marketing even in the face of keen competition,
As a corporate sector of mind which insists integration and co-ordination of all marketing
functions in welded with the all co-oparative functions. With the basic functions of
maximizing long range corporate profit and satisfy the consumer needs and wants.
ICICI Prudential Life Insurance Company Ltd. (ICICI Prudential Life) is a joint venture
Corporation Holdings Limited.
ICICI Prudential Life began its operations in fiscal year 2001 and has consistently been the
market leader* amongst private players in the Indian life insurance sector. Our Assets Under
Management (AUM) as on 31st March 2017 were `1,229.19 billion.
At ICICI Prudential Life, we operate on the core philosophy of customer centricity. We offer
long term savings and protection products to meet different life stage requirements of our
customers. We have developed and implemented various initiatives to provide cost-effective
products, superior quality services, consistent fund performance and a hassle-free claim
settlement experience to our customers.
ICICI Prudential Life is the first private life insurer to attain assets under management of `1
trillion and In-force sum assured of over `3 trillion. ICICI Prudential Life is also the first
insurance company in India to be listed on SE and BSE.
The success of the company will be founded in its unflinching commitment to 5 core values -
Integrity, Customer First, Boundaryless, Humility and Passion. Each of the values describes
what the company stands for, the qualities of our people and the way we work. Every
member of the ICICI Prudential team is committed to the 5 core values and these values shine
forth in all that we do.
VIII
LITERATURE REVIEW AND PROBLEM STATEMENT
The project I have taken up is MARKKETING STRATIGIES PRUDENTIAL LIFE
INSURANCE. The reason why i took up this subject is because of today. Insurance industry
is among the fastest growing sector and its provides wonderful business marketing. Where
by people can use their free time for the purpose of not only earning money and rewards but
also build meaningful relationships.
Through this project work, I expect to come up with meaningful analysis on awareness of
public on MARKETING STRATIGIES OF ICICI PRUDENTIAL LIFE INSURANCE.
IX
PROCESS DESCRIPTION
Step 2 - Documentation:
Following is the list of documents required for verification and registration;
X
1. Age proof
2. Address proof
3. Education proof
4. PAN card
5. Passport size photograph
Step 5 - Appointment:
On successful completion of the agency process, you will receive appointment letter from
ICICI Prudential Life Insurance policies.
XI
PROJECT PROFILE
The marketing function at ICICI Pru covers an array of activities - brand and media
management, channel support, directing marketing and corporate communications. The brand
and communications team is in the charge of advertising, consumer research, media planning
& buying and public relations; that helps develop and nurture ICICI Prudential corporate
identify while effectively communicating its varied product offerings to the consumers. The
direct marketing team was step up to generate high quality leads for profitable business. The
team achieves this through target database acquisition and communicating customized
product information through e-mailers , telemarketing and innovative direct mailers.
XII
For instance, if a 30 year old man makes a single premium payment of Rs. 100,000
invested fully in maximizer fund, then his death benefit at 500% will be Rs 500,000 over
the term of the policy. Assuming a 10% p.a. growth rate, his fund value at the end of tenth
year will be will be Rs. 189,157.
Most life insurance contracts put the agent on pure commission compensation. That means if
you're not selling, you're not feeding your family or sleeping indoors. With fierce competition
and tough financial times, successful agents use every strategy they can to find new leads and
turn those leads into customers.
XIII
FINDINGS AND CONCLUSION
On analysis evaluation of the data collected from the respondents the following findings
were found.
Before establishment of private concerns the share of LIC was 22% hence there is
a wide scope for private concerns to enter into market.
Total 50 respondents have been approached out of which 20 are the potential
respondents who have shown interest for investment and finance plan.
Above 20% of respondents are shown interest for investment and financial plan.
About 33.33% of respondents are not interest to give their personal records.
About 12.67% of respondents have already been covered by other insurance
companies.
About 10% of respondents have given invalid record.
About 10% of respondents are newly employed or trainees.
About 10% of responents interested for investment plan after knowing ICICI
PRUDDENTIAL LIFE INSURANCE products.
XIV
LEARNING EXPERIENCE
Summer internship is one of the most awaited two months for a person studying in a B
school. Not only its gives an individual some respite from hectic submission but also its
provides a plethora of opportunities to nurture oneself professionally. Its facilitates to get
a practical understanding of his area of interest. Being from an industrial financial
background, specializing in financial management at "ICICI PRUDENTIAL LIFE
INSURANCE" came as a natural choice for me.
It all started in the sunny month of may when all hype created around summer internships
had just started to build. It was a feeling of great elation to be among the first students of
the batch to get a summer internship offer. The fact which exited me even more was that i
would be interning with the first private largest life insurance company in india.
I also realised the human elements in finance and the soft skill aspect of the shop floor. I
developed good rapport with personnel in the shop floor and they give invaluable inputs in
my project. I had interactions with my industry guide on a regular basis and he may sure
that i adhered to deadlines and my project didn't go off track. My project buddy was a
pillar of strength and he made sure that i gain enough practical knowledge use it in tandem
with the theoretical aspects.
The most enjoyable aspect of the job was to aspect of the job was to apply something
which you have always read in text coming to my life in a real life situation. Some of the
other enjoyable aspects were to coming with the original contributions and
recommendations which will eventually serve the purpose of the summer internship. Apart
from the work front.
I made a lot of friends from that. The summer internship also gave an opportunity interact
with the stalwarts of the industry and to network professionally. I was lucky to be
mentored by one of the VPs from the finance team and i finally i presented my findings
and recommendations to one of their management council members.
In all the entire summer internship was very structured and a holistic learning experience.
It gave me a lot of important takeaways which will help me to groom as a better
professional. I understand both sides of the coin and learnt how to deal with uncertainties
. Now armed with this kind of experience, I believe I can do better justice to my MBA
curriculum in the second year and have face the future challenges in a better way.
XV
APPENDIX
INTERVIEW FORMAT FOR PROJECT REPORTS (SUMMER INTERNSHIP)
Name:-
Profile:-
Occupation:
Mobile No:
Landline No:
Email id:
Father : Mother:
Wife:
Child 1: Child 2:
Husband:
Brother: Sister:
XVI
Was he aware of ICICI Prudential life insurance company:-
Does she or her friends /relatives exposed to such an opportunity before(If yes give
details):-
Does he or his friends /relatives hold an agency with any of the life insurance companies
/ General Insurance companies:-
1)
2)
3)
Your comments on Was he satisfied / happy about the company & opportunity
awareness made by you to him:-
3 points why you think he is a right candidate for ICICI Prudential for recruitment:-
1)
2)
3)
1)
2)
XVII
3)
Was he/she satisfied with the answers given by you for his objections, Why you think
he/she is satisfied / not satisfied with your answers
1)
2)
3)
Why you think he is a right candidate for ICICI Prudential investment plans( 18%
Market linked returns / 8 % Guaranteed returns/ Tax saving plans) :-
1)
2)
3)
Why you think he has / Or does not have good knowledge /information of investments/
Markets.
1)
2)
3)
Follow Up date to approach the candidate for recruitment / Investment plans/ Both.
____________________
3 points Why you believe the candidate would be a right candidate for full time
employment in ICICI Prudential.
1)
2)
3)
XVIII
Do you believe he/she has good contacts & can be approached again for either
recruitment/ Sourcing investments plans.
3 positives/ Strengths
1)
2)
3)
3 Negatives/ Weaknesses
1)
2)
3)
XIX
BIBLIOGRAPHY
https://www.scribd.com/doc/54448390/A-Project-Report-on-ICICI-
Prudential-Life-Insurance
https://insideiim.com/forums/topic/summer-internship-experiences-
operations-supply-chain/
https://www.scribd.com/doc/16664382/ICICI-Prudential-Project-report
https://www.slideshare.net/Babasabpatil/a-project-report-on-stress-
management-at-icici-prudential
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