A

SUMMER TRAINING
REPORT ON

“COMPARISION OF ICICI PRUDENTIAL AND

OTHER INSURANCE COMPANY”
AT
ICICI Prudential Life Insurance Co. LTD.

Submitted in Partial –Fulfillment for the award of degree of Master

of Business Administration
Of
Jiwaji university
(Session 2009-2011)
SUMITTED BY: - RAGHVENDRA SINGH
(M.B.A. III SEM)

BVM COLLEGE OF MANAGEMENT EDUCATION YAMUNA

NAGAR, DARPANCOLONY, THATIPUR, GWALIOR
Ph.:0751-2341161, 4085951, FAX: 0751-4081718
E-MAIL: bvmcollg@sify.com web.bvmsociety.org
 DECLARATION

It is here by declared that the Summer Training Project report entitled

“STUDY OF COMPARISION OF ICICI PRUDENTIAL LIFE
INSURANCE COMPANY AND OTHER INSURANCE
COMPANY” has been prepared as the part of the The degree of
Master of Business Administration from BVM COLLEGE OF
MANAGEMENT EDUCATION and it is based on original work
and will be used only for academic purpose.

Date: - Raghvendra singh

Place: - GWALIOR M.B.A. III SEM
 CERTIFICATE

This is to certify that Raghvendra singh student of MBA IIIrd Sem.

Programmed has completed his summer training project report entitled topic
name ‘STUDY OF COMPARISION OF ICICI PRUDENTIAL LIFE
INSURANCE COMPANY AND. OTHER INSURANCE COMPANY”

under my guidance.

Date: - Concerned Faculty

Place: - GWALIOR Miss Huma Khan
 ACKNOWLEDGEMENT

To accomplish a project it involves a lot of effort and contribution from a

number of people. It is thus an opportunity for us to thanks those people who
have helped me generously in the completion of this project.
Exchange of ideas generates a new object to working a better way. Apart
from the ability, labor and time devotion, guidance and cooperation are the
two pillars for the success of the project.
In the chain we are immensely thankful and convey our sincere gratitude to
our project guide “Mr. AMIT MAHESHWARI (UNIT MANAGER)
ICICI Prudential” for his enlightening guidance, constant inspiration and
keen interest shown on us during the project.
There are many who have contributed to make this project. A success and I
want to recognize them all. I express my thanks to Mrs. Savita Singh (chair
person), Manoj kushwah (Executive director), Prof. A.K. Saxena (Academic
Director), V.K.Gupta (Principal), Miss. Huma khan (Faculty Guide). And all
faculty members of the collage who giving me the opportunity to work on
this project.

Raghvendra singh
M.B.A.III Sem.
COMPANY CERTIFICATE
 PREFACE

It is said that without theory practice is blind, and without practice theory is
meaningless. Hence practical training has been made integral part of
management education.
Summer training is very necessary for those students who are doing
professional degree. My personal experience was so good. I have learned so
many important things in ICICI prudential. I have done deep study about life
insurance. Life insurance is now being regarded as a versatile financial
planning tool. I have also done the comparative study of ICICI prudential
with other insurance company. This study helps us to understand all the
possible aspects related to the ICICI PRUDENTIAL and other insurance
company. My training experience was so good. My teachers have valuable
suggestion and my friends help me in my project. As per schedule of MBA
this training was an opportunity to understand the practical aspect of market.
 TABLE OF CONTENTS

CONTENTS
CHEPTER 1:- Introduction of the company
(1.1) History of the company & its vision, Mission and objective.
(1.2) organizational structure.
(1.3) Financial performance of last 5 year.
(1.4) Personal policies.
(1.5) Strengths & Weaknesses
(1.6) Names of officials.
1. MD.
2. The Person Under Whom I Have Done My Summer Training.
CHAPTER 2:- Methodology
(2.1) Topic.
(2.2) Study & Its Objective
(2.3) The Sample.
(2.4) The Tools.
(2.4.1) For Data Collection.
(2.4.2) for Data Analysis.
CHAPTER 3:- Results
CHAPTER 4:- Interpretation of the Results.
CHAPTER 5:- Limitations of The Study
CHAPTER 6:- Suggestions & Conclusion
 CHAPTER (1)
(INTRODUCTION OF THE COMPANY)

INTRODUCTION OF THE COMPANY:-

 1.1 HISTORY OF THE COMPANY-

ICICI Prudential Life Insurance Company is a joint venture between ICICI
bank, a premier financial powerhouse and prudential plc, a leading
international financial 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 equity base stands at Rs 6.75 billion with ICICI bank and
prudential plc holding 74% and 26% stake respectively. In the quarter ended
may 31, 2005; the company issued over 100,000 policies, for the total sum
assured of over Rs 3,753 crores and new business premium income of Rs.
242 crore. The company has a network of over 36,000 advisors; as well as
11 banc assurance tie-ups. Today, ICICI Prudential has emerged as the No.1
private life insurer in the country, with a wide range of flexible products that
meet the need of Indian customers at every step of life.

ICICI Bank

 One of the biggest financial institutions in India.

 Broad spectrum of financial solutions for corporate and retail

customers.

 Assets of Rs. 73,000 crores+

 Better than sovereign rating (Moody’s).

  First Indian company to be listed on New York Stock Exchange.

 Trusted by millions of Indians over the years.

PRUDENTIAL PLC

 Started operations in 1848 and is now one of the largest life

Insurance companies in the world.

 Presence in U.K, Europe, US and throughout Asia.

 Investor deposit base in U.K. alone exceeds Rs. 53,000 carors.

 Solid reputation built over 150 years.

 Already established as one of the biggest mutual fund companies in

India (prudential ICICI AMC)

 A truly global brand.

PRUDENTIAL ASIA

 75 years of experience in Asia.

 Over 45,000 staff agents.

  Over 1 million customers.

 In 12 countries throughout Asia.

DISTRIBUTION CHANNEL IN ICICI PRU. LIFE

INSURANCE CO. LTD.

TIED AGENCIES

Tied agencies are the largest distribution channel of ICICI prudential,

compromising a large advisor force that targets various customer segments.
The strength of tied agency lies in an aggressive strategy of expanding and
procuring quality business. With focus on Sales and people development,
tied agency has emerged as a robust, strategy of expanding and procuring
quality business. With focus on Sales and people development, tied agency
has emerged as a robust, predictable and sustainable business model.

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks amongst

private life insurer in India, having commenced operations in 80 cities
and towns in India. Few of them are:
Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Bangalore,
Barrenly, Bhatinda, Bhopal, Bhubaneswar, Chandigarh, Chennai,
Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Gwalior Hyderabad,
Hugli, Indore, Jaipur, Jalendhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur,
Karnal, Kochi, Kolkata, Kolhapur, Kota, Mumbai, Nagpur, Nasik, Noida,
New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Siliguri, Surat,
Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vashi, Vijaywada
and Vizag.
The company has ten bans assurance tie ups, having agreements with ICICI
Bank, Federal bank, South Indian bank, Bank of India, Lord Krishna bank,
as well as some cooperative banks and corporate agents it has also tried up
with organizations like dhan for distribution of salaam zindagi, a policy for
the economically underprivileged sections of society.

ICICI Prudential has recruited and trained over 36.000 insurance

advisors/agents to interface with and advice customers. Further, it leverages
its state-of-the-art IT infrastructure to provide Superior quality of service to
customers.

VISION & MISSION:-

Their vision is to make ICICI Prudential Life Insurance Company the

dominant new insurer in the life insurance industry. This they hope to
achieve through their commitment to excellence, focus on service, speed
 and innovation, and leveraging our technological expertise.
The success of the organization will be founded on its strong focus on
values and clarity of purpose.

Understanding the needs of customers and offering them superior

products and servies Building long lasting relationships with their
partners.

OBJECTIVES:-

(1) To provide unique sense of security.

(2) To provide career goals right from the childhood years.

 1.2 ORGANISATIONAL STRUCTURE:-

Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises
reputed people from the finance industry both from India and abroad.
Shri K.V. Kamath, Chairman
Mr. Mark Tucker
Smt. Lalita D. Gupte
Mr. Danny Bardin
Mrs. Kalpana Morparia
Shri M.P. Modi
Mr. John Caouette
Shri S.P.Subhedar, (Alternate Director to Mr. Danny Bardin)
Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)
Smt. Shikha Sharma, Managing Director
Management Team

Ms. Shikha Sharma, Managing Director

Mr. Kevin Wright, Executive Vice President - Sales & Distribution
Ms. Madhavi Soman, Chief - Strategic Initiatives
Mr. V. Rajagopalan, Appointed Actuary
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Mr. Saugata Gupta, Chief - Marketing & Service
Mr. Shubhro J. Mitra, Chief - Human Resources

 1.3 FINANCIAL PERFORMANCE OF LAST 5 YEARS:-

Performance Summary as on September 30, 2008

Scheme Annualised Returns (3 Annualised Inception

years) Returns Date
(Since
 Inception)
Preserver * 8.05% 7.11% 17-May-04
Protector @ 5.67% 7.62% 16-Nov-01
Balancer # 9.78% 14.74% 16-Nov-01
Maximiser $ 15.08% 25.35% 16-Nov-01

Pension Preserver * 8.03% 7.00% 17-May-04

Pension Protector @ 5.90% 6.55% 31-May-02

Pension Balancer # 9.86% 14.91% 31-May-02
Pension Maximiser $ 15.19% 27.69% 31-May-02
InvestShield Cash @ 6.61% 6.21% 03-Jan-05
InvestShield Life ^ 9.99% 10.23% 03-Jan-05
InvestShield Pension ^ 9.70% 10.36% 03-Jan-05
New Invest Shield # NA 9.10% 21-Aug-06
Flexi Growth ** NA 2.91% 20-Mar-07
Pension Flexi Growth
NA 0.52% 20-Mar-07
**
Flexi Balance ^^ NA 2.91% 20-Mar-07
Pension Flexi Balance
NA 6.28% 20-Mar-07
^^
Benchmark
* CRISIL Liquid Fund Index
@ CRISIL Composite Bond Index
# 65% CRISIL Composite Bond Index + 35% BSE 100
$ BSE 100
^ 75% CRISIL Composite Bond Index + 25% BSE 100
** S&P CNX 500
^^ 55% S&P CNX 500 + 45% CRISIL Composite Bond Index

 1.4 PERSONAL POLICIES:-

We are committed to protecting your privacy and have taken reasonable
steps to protect the confidentiality of the Personal Information you have
furnished to us and its transmission through the World Wide Web.
In the process of You using this Website or availing of the existing or future
services or Facility provided by the Website, You may be required to furnish
information, personal or otherwise, relating to you, including information
that is of a confidential nature (all such information being part of “ Personal
Information” as defined herein). You are urged to keep the Personal
Information current so as to ensure that the services and Facility remain
relevant and reach You.

ICICI Prudential undertakes not to disclose, except as otherwise provided,

the Personal Information provided by you to any person, unless such action
is necessary to:
 Conform to legal requirements or comply with legal process;
 Protect and defend ICICI Prudential’s or its Affiliates' rights, interests
or property;
 Enforce the terms and conditions of the products or services or Terms
and Conditions; or
 Act to protect the interests of ICICI Prudential, its Affiliates, or its
members, constituents or of other persons.

You shall not disclose to any person, in any manner whatsoever, any
information relating to ICICI Prudential or its Affiliates of a confidential
nature obtained in the course of availing the Facility or use of Website.
Failure to comply with this obligation shall be deemed a serious
Breach of the terms herein and shall entitle ICICI Prudential or its Affiliates
to terminate the services or Facility, without prejudice to any damages, to
which you may be entitled to or can access otherwise.

We may, and are authorised to, share the Personal Information with a third
party, including Affiliates, that is interested in serving You. You may inform
us at any time not to share Your Personal Information with third parties by
sending us an e-mail message at lifeline@iciciprulife.com. We may also use
Your Personal Information for the purposes of providing You with any
services to which You subscribe, and any service-related activities such as
collecting subscription fees from You for those services, and notifying You
or contacting You regarding any problem with, or the expiration of, such
services. In this regard, it may be necessary to disclose Your Personal
Information to one or more Advisors and contractors of ICICI Prudential and
their sub-contractors, but such Advisors, contractors, and sub-contractors
will be required to agree to use the information obtained from us only for
these purposes.

We may, and are authorised to, share part with all Personal Information
related to the details and transaction history of the Customers to its Affiliates
/ banks / financial institutions / credit bureaus / agencies / participation in
any telecommunication or electronic clearing network as may be required by
law, customary practice, credit reporting, statistical analysis and credit
scoring, verification or risk management and You shall not hold ICICI
Prudential liable for use or disclosure of Personal Information.

 1.5 STRENGTHS & WEAKNESS:-

Strengths:-
 Vast untapped market
In a country of 1 billion people there is a huge potential market for life
insurance products. In India the penetration of the insurance sector in the
rural and semi-urban areas is low. There is a market of 900 million for life
insurance and 200 million for householder’s insurance policy. In addition to
this the affluent section can be tapped for Overseas Medi-claim and Travel
Insurance policies.

 Huge pool of skilled professionals

Whether it is banks or insurance companies there is no dearth of skilled

professionals in India to carry out a successful banc assurance venture.

Weakness:-

 Lack of networking among bank branches

In spite of growing emphasis on total branch mechanization (TBM) and
full computerization of bank branches, the rural and semi-urban banks
have still to

 see information technology as an enabler. Complete integration of

branch network involves huge investments for creating IT and
communication
 1.6 names:-
SHIKHA SHARMA (M.D.)
The person under i have done my summer training
AMIT MAHESWARI (UNIT MANAGER)

CHAPTER (2)
(METHODOLOGY)
 2.2 STUDY AND ITS OBJECTIVES:-
To know about the difference between ICICI pru and others insurance
company.
To understand the products and services of ICICI and others insurance
company.
 To find out why ICICI getting the no-1 positions in insurance sector.

 2.3 THE SAMPLE:-

The research process was done by interacting with number of customers
during the
Activities performed, which included, markets, Tally calling etc. Sample
Design consists of Random Sampling.
Sample size: - 100 people

 2.4 THE TOOLS:-

 2.4.1 FOR DATA COLLECTION:-

Primary Data Collection – Questionnaire method and personal

interviews.

Secondary Data Collection – Office files and websites.

2.4.2 FOR DATA ANALYSIS:-

Pai-charts, Graphs, Percentage comparison.

CHAPTER (3)
 (RESULTS)

RESULTS

The results of these studies are very interesting and different. People are
influenced by news papers the percentage of these people was (45%) and
other people which are influenced by visual media on T.V. The percentage of
these people was (30%) and many people which give emphasis on internet.
The percentage of these people is (15%) and other people which give
emphasis on advertisements the % were 10%.
The gender of the respondent was male(70%) and female (30%), marital
status of the respondents- married(60)% and unmarried (40%) educational
qualification of the respondent was inter pass(10%), graduate(60%),
professional(30%), occupational background of the respondent – : Govt
.employee (30%), private job(50%), professional”(11%) and others(9%).
Annual house income is, 5to8 lakhs (50%), 3to5 lakhs (30%), and 1to3 lakhs
(20%). Interest of the respondent in making extra income is-yes (75%), No
(25%).
Brand which are more using by the customers- ICICI (70%), HDFC (20%)
and others (10%)
Most of the people are satisfied by the services of LIC and most of the
people think that ICICI is better and other think that HDFC is better. The %
of LIC is (50%), ICICI (35%), HDFC(15%).
 CHAPTER (4)
(INTERPRETATIONS OF THE RESULTS)

INTERPRETATIONS OF THE RESULTS

GENDER OF THE RESPONDENT

Table 1

Frequency Percent
Valid Female 25 30%
Male 55 70%
Total 80 100.0
INFERENCE

WE can see from the figure itself that there is a sex ratio difference
between males and females, which is 3:1 in the insurance industry. It is
mainly because in India percentage of male workers is high.

MARITAL STATUS OF THE RESPONDENT

TABLE 2

Frequency Percent
Valid Married 50 60%
Unmarried 17 40%
Total 67 100.0
INFERENCE
During this survey the married people are more in numbers.

EDUCATIONAL QUALIFICATION OF THE RESPONDENT

TABLE 3

Frequency Percent
Valid Inter 6 10%
Graduate 45 60%
Professional 18 30%
 Total 69 100.0

INFERENCE:
Among customers, it has been observed that 61.5% of them are graduates in
comparison to professionals like CA’s or MBA’s who just 30.8% are. While
intermediate pass people just make 7.7% of the whole lot.

Occupational Background Of The Respondent

TABLE 4

Frequency Percent
Valid Govt. JOB 21 30%
Private Job 33 50%
Professional 8 11%
Others 5 9%
 Total 67 100.0

INFERENCE

Most of the respondents belonged to the private sector like they were
working in some bank or in any private enterprise so they were easily
convertible into agents because they can take agencies on their name while
government people can’t do that. Only 31.3% belonged to the government
sector.

ANNUAL HOUSEHOLD INCOME

TABLE 5

Frequency Percent
Valid 5 to 8 lacs 37 50%
3 to 5 lacs 21 30%
1 to 3 lacs 15 20%
Total 73 100.0
INFERENCE
Almost 50.7% were found to earn between 5 to 8 lacks. We were supposed
to look for people who fell in an average income group of earnings between3
to 5 lacks. Even people who had income of 8 lacks were to be ignored
because it was difficult to entice them into the insurance business
INTEREST OF THE RESPONDENT IN JOINING ICICI PRU

TABLE 6

Frequency Percent
Valid CERTAINLY 29 45%
PROBABLY 28 34%
DEFINITELY NOT 12 21%
Total 69 100%
INFERENCE

If given a choice to join ICICI Prudential almost 45% of the respondents

said that they would certainly be interested while only 34% said that they
would think over it because as per them their decision depended on the
money they will be getting from prudential in comparison to other insurance
companies. While 21% said definitely not.
BRANDS WHICH ARE MORE USING BY THE CUSTOMERS
TABLE 7

Frequency Percent
Valid ICICI 42 70%
HDFC 12 20%
OTHERS 11 10%
Total 65 100%
INFERENCE
As per the point the point of view of the customers, Brand which using more
by the customers is ICICI (70%), HDFC (20%) and others percentage is
(10%).

SOURCE OF INFORMATION OF THE RESPONDENT

TABLE 8

Frequency Percent
Valid Newspapers 30 45%
Television 20 30%
Internet 10 15%
Advertisement 8 10%
Total 68 100%
INFERENCE
The customers usually get to know about the policies and products of any
insurance company via advertising in the newspapers as the source of
information to the people. The percentage is (45%) and (30%) customers are
favoring T.V. and (15%) customers are favoring internet. And the remaining
(10%) are favoring advertisement.

COVERAGE AREA OF THE COMPANIES

TABLE 9

Frequency Percent
Valid ICICI 29 65%
HDFC 26 29%
OTHERS 12 6%
Total 67 100%
 COVERAGE AREA OF THE COMPANIES

70%
60%
50%
40%
65% Series1
30%
20% 29%
10%
6%
0%
ICICI HDFC OTHERS

INFERENCE
If we talking about the area which is cover by the companies ex ICICI-
65%, HDFC-29%, others-6%.

SATISFACTION PROVIDES TO HIS CUSTOMERS BY THE

COMPANY

TABLE 10

Frequency Percent
Valid LIC 11 50%
ICICI 46 35%
HDFC 10 15%
Total 67 100%
INFERENCE

The company which provides high level of satisfaction LIC 50%, ICICI 35%
and HDFC 15%

BEST INSURANCE COMPANY AS RATED BY THE

RESPONDE

Table 11

Frequency Percent
Valid LIC 48 52%
ICICI 15 35%
OTHER 6 13%
Total 69 100%
 BEST INSURANCE COMPANY AS RATED BY THE
RESPONDE

60%
50%
40%
30% 52% Series1
20% 35%
10% 13%
0%
LIC ICICI OTHERS

INFERENCE

When the respondents were asked to give a name of insurance company,

which they found best then one could easily see the impact of the LIC in life
of a common man since 52% instantly took the name of LIC only. ICICI Pru
stood second with 35% people recalling its brand name.
 CHAPTER (5)
(IMPLECATIONS OF THE STUDY)

LIMITATIONS OF THE STUDY

The following were the limitations that were there during the course of the
study:
1. Biasness of the respondents.
2. Less number of respondents.
3. Limited time period.
 CHAPTER (6)
(SUGGESSIONS AND CONCLUSION)

SUGGESSIONS AND CONCLUSION

SUGGESSIONS

1. More advertising strategies should be taken and give attention to those

people who want to become life insurance advisors.
 2. Generate some innovative and alternative channels of distribution
using the huge sources.
3. Need to create better, differentiated detailed brochures for customers.

CONCLUSION

At last, I would like to conclude that different- different insurance

companies provides different services. This project is the study of
comparative analysis of different insurance companies. If we talking about
ICICI prudential so we can say that ICICI prudential provided better services
and products to his customers and taking no.1 position since last 5 years in
the private sector. In this project I have studied the differences among the
top insurance companies. In this study, I have done a survey. In this survey I
have want know that which insurance company is best as rated by the
respondent. And also find out which company provides better satisfaction to
his customers. I have also known that which brand is more using by the
customers.
 BIBLOGRAPHY AND
APPENDICIES

REFRENCES:-
News Papers

The Times of India

The Economic Times
Magazines

Business Today
Business world

QUESTIONNAIRE

Personal details:-
NAME ……………………………..… AGE…………
PHONE NO:- ………………………

MARITAL STATUS MARRIED UNMARRIED

 1) What is the educational qualification?

INTER GRADUATE PROFESSIONAL

2) What is the occupational background?

GOVT/STATE SERVICE PVT. JOB

PROFESSIONAL OTHERS

3) What is the annual income?

1 TO 3LAKHS 3 TO 5 LAKHS 5 TO 8 LAKHS

4) Do you want to have extra income?

YES NO

5) From where you got information regarding ICICI prudential?

NEWS PAPERS FRIENDS

T.V. OTHERS

6) Interest of joining ICICI Prudential ?

CERTAINITY PROBABLY DEFINETELY

7) Brand which are more using by the customers?

 ICICI HDFC OTHERS

8) According to coverage area which company is better?

ICICI HDFC OTHERS

9) Which company provides more satisfaction to the customers?

LIC ICICI HDFC