welcome

On
Customer Satisfaction

Submitted to Submitted By:

Mr. Harshdeep Singh Amandeep Singh
MBA – 3rd Sem.
 INSURANCE INDUSTRY
The insurance industry provides protection against
financial losses resulting from a variety of perils. By
purchasing insurance policies, individuals and
businesses can receive reimbursement for losses
due to car accidents, theft of property, and fire and
storm damage; medical expenses; and loss of
income due to disability or death.
The insurance industry also includes a number of
independent organizations that provide a wide array
of insurance-related services to carriers and their
clients. One such service is the processing of claims
forms for medical practitioners. Other services
include loss prevention and risk management. Also,
insurance companies sometimes hire independent
claims adjusters to investigate accidents and claims
for property damage and to assign a dollar estimate
to the claim.
 ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank - one of India's foremost financial services companies-and
Prudential plc - a leading international financial services group
headquartered in the United Kingdom. Total capital infusion stands at
Rs. 47.8 billion, with ICICI Bank holding a stake of 74% and Prudential plc
holding 26%.

We began our operations in December 2000 after receiving approval

from Insurance Regulatory Development Authority (IRDA). Today, our
nation-wide team comprises of over 2000 branches (inclusive of 1,095
micro-offices), over 261,000 advisors; and 24 bancassurance partners.

ICICI Prudential is the first life insurer in India to receive a National

Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three
years in a row, ICICI Prudential has been voted as India's Most Trusted
Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg
survey of 'Most Trusted Brands'. As we grow our distribution, product
range and customer base, we continue to tirelessly uphold our
commitment to deliver world-class financial solutions to customers all
over India.
 THE INSURANCE REGULATORY
AND DEVELOPMENT AUTHORITY (IRDA)
Reforms in the Insurance sector were initiated with the
passage of the IRDA Bill in Parliament in December 1999. The
IRDA since its incorporation as a statutory body in April 2000
has fastidiously stuck to its schedule of framing regulations
and registering the private sector insurance companies.
The other decisions taken simultaneously to provide the
supporting systems to the insurance sector and in particular
the life insurance companies were the launch of the IRDA’s
online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to
agents has also ensured that the insurance companies would
have a trained workforce of insurance agents in place to sell
their products, which are expected to be introduced by early
next year.
Since being set up as an independent statutory body the
IRDA has put in a framework of globally compatible
regulations. In the private sector 12 life insurance and 6
general insurance companies have been registered.
Board of Directors

Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. H.T. Phong, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, Director
Ms. Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director

Management Team
Ms. Shikha Sharma, Managing Director & CEO
Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President – Customer Service & Technology
Dr. Avijit Chatterjee, Appointed Actuary
 PRODUCT PROFILE
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet
the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.
Savings & Wealth Creation Solutions
Save'n'Protect is a traditional endowment savings plan that offers life protection along with
adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child's
marriage, expenses for a child's higher education or purchase of an asset. It is available for
terms of 15 and 20 years.
Education Solutions
SmartKid New ULRP provides guaranteed educational benefits to a child along with life
insurance cover for the parent who purchases the policy. The policy is designed to provide money
at important milestones in the child's life. SmartKid plans are also available in traditional form.
Health Solutions
Health Assure Plus: Health Assure is a regular premium plan which provides long term cover
against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the
actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life
insurance cover.
Retirement Solutions
ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4
years and then declares bonuses annually.
Group Insurance Solutions
 ICICI Prudential Life also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.
 Stages in Policy Issuance

Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form
is received by COPS, but it is pending for issuance due to further clarifications required from the
customer.
Login
A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by
the Branch ops, is called a Login

Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or
necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion.

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

Decline Status
When a customer refuses to take a policy post login but before Issuance is called a Decline

Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy.

Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.

Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days
from the date of issuance. This period of 15 days is called Free look Period.

Surrender:
When a customer wants to discontinue with the policy.
 SWOT ANALYSIS
STRENGTHS:
ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the
private players
ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the
highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far.
ICICI Prudential is the first company to introduce unit link life insurance and pension products.
Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as
pension plan.
Products
Flexibility to switch your fund value at your own discretion four times a year viz. maximizer, protector,
balancer, preserver.
Greater transparency-policy holder knows what is happening to his money and where the company
has invested his money.
Liquidity options-you can make complete or partial withdrawals any time after 3 years.
Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:
Industry in nascent stage.
Rural areas still not covered.
Not very known among Indian population.
Lack of credibility among the people because ICICI being a private player.
Premiums are high as compared to its competitors.
Very few branches in the country.
Products:
1. The policy doesn’t have the surrender option before third year.
2. Plan does not offer any guarantee or assured return.
3. Mortality, management and administrative charges are sky
scrapping as compared to its competitors.
OPPORTUNITIES
Liberalization of Indian economy.
As the industry is growing the whole market is virgin.
The whole private sector is opened to be trapped even though the competition is fierce from
government owned insurance companies.
It’s a volume business that is even if the company has few good corporates the turnover cease to
increase by manifold.
Products:
Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike
in short-term rate by RBI.
Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore
higher economic growth.

THREATS
The government players will become aggressive thus growth is going to be tough.
Entry of other players is not ruled out.
Apprehension towards ICICI Prudential being a private life insurance company.
We expect the industry to rationalize in future that is mergers and acquisitions will happen, which
will impact the industry and ICICI Prudential fortunes.
Products:
1 Past performance of these plans is not indicative of the future performance of the plan.
2. The sum invested in the funds is subject to market risks and there can be no assurance that
the
objective of plan will be achieved.
3. All benefits payable under the policy are subject to tax laws and other financial enactment, as
they exist from time to time.
 CUSTOMER SATISFACTION

Customer satisfaction refers to how satisfied customers are

with the products or services they receive from a particular
agency. The level of satisfaction is determined not only by the
quality and type of customer experience but also by the
customer’s expectations has a direct relationship with, or is
directly affected by your agency and receives or relies on one
or more of you. A customer may be defined as someone who
ragency’s services or products.
Customers in human services are commonly referred to as
service users, consumers or clients. They can be individuals or
groups. An organisation with a strong customer service
culture places the customer at the centre of service design,
planning and service delivery. Customer centric organisations
will determine the customers expectations when they plan
listen to the customer as they design focus on the delivery of
customer service activities. Value customer feedback when
they measure performance.
 Need of Customer Satisfaction
There are a number of reasons why customer satisfaction is
important in Insurance Sector:
 Meeting the needs of the customer is the underlying
rationale for the existence of community service
organizations. Customers have a right to quality services
that deliver outcomes.
 Organizations that strive beyond minimum standards and
exceed the expectations of their customers are likely to be
leaders in their sector.
 Customers are recognized as key partners in shaping
service development and assessing quality of service
delivery.
 The process for measuring customer satisfaction and
obtaining feedback on organizational performance are
valuable tools for quality and continuous service
improvement.
 OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief

study on “Customer satisfaction survey on
insurance products of ICICI PRUDENTIAL” through
this I am able to get the different Life Insurance
Policies and their products.
Other objectives of this project are as follows:
To identify the insurance needs of the Indian
population with respect to their emotional, physical
and financial conditions.
Comparative study of various insurance players in
the market
To study the varied reasons of availing life
insurance plans
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
 Sampling Technique Used:
This research has used convenience sampling technique.
1) Convenience sampling technique:
Convenience sampling is used in exploratory research where the
researcher is interested in getting an inexpensive approximation
of the truth. As the name implies, the sample is selected because they
are convenient
2) Selection of Sample Size:
For the survey, a sample size of 50 has been taken into
consideration.
3) Sources of Data Collection:
Research will be based on two sources:
1. Primary data
2. Secondary data
1) Primary Data: Questionnaire: Primary data was collected by
preparing questionnaire for customers. The questionnaire was filled
through telephonic research.
2) Secondary Data: Secondary data will consist of different
literatures like books which are published, articles, internet , the
company manuals and websites of company-
www.iciciprulife.com.

Statistical Tools Used

The main statistical tools used for the collection and analyses of data in this project are:
1 Questionnaire
2 Pie Charts
3 Bar Diagrams
Data Analysis & Findings
 Q1. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%

Data about Insured Persons

No
38%
Yes
Yes No
62%

After collecting the data of 50 respondents I find that 62% people are
insured and yet 38% people to be insured.
Q2. Are you satisfied with your current insurer?

Particulars No. of Respondents Percentage

Yes 41 82%

No 9 18%

Total 50 100%

Data about satisfcation of current

Insurance plan.

No
18%

Yes
No

Yes
82%
Q3. Which one is your favored insurance company?
Company No. of Respondents Percentage
LIC 24 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%

Bajaj Allianz 4 8%

Others 6 12%
Total 50 100%

0.6

0.5
S h a re in %

0.4

0.3

0.2

0.1

0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies
Q4. Are you interested in the products offered by ICICI Prudential ?

Particulars No. of Respondents Percentage

Yes 30 60%

No 12 24%

Can’t Say 8 16%

Total 50 100%

No. of Respondents

Yes
No
12 Can't Say
30
Q5. What is your main concern while taking an insurance policy ?
Particulars No. of Respondents Percentage

Tax Benefit 20 40%

Security 16 32%

Investments/Savings 14 28%

Total 50 100%

25

20
No. of Respondents

15
Series1
10 20
16 14
5

0
Q.6. Does this policy satisfy your financial needs?

Rating No. of Respondents Percentage

1 9 18%
2 9 18%
3 8 16%
4 10 20%
5 14 28%
Total 50 100%

Satisfaction about polcy finacial

need

Rating 1,
Rating 5, 18%
28% Rating 1
Rating 2
Rating 2, Rating 3
18% Rating 4
Rating 5
Rating 4,
20% Rating 3,
16%
Q7. Please express your opinion for the premiums paid for the above policy?
Particulars No. of Respondents Percentage

Very High 14 28%

High 11 22%

Moderate 13 26%

Low 8 16%

Very Low 4 8%

Total 50 100%

No. of Respondents

4
14
8 Very High
High
Moderate
Low
Very Low
13
11
Q8. How do you come to know about this policy?
Particulars No. of Respondents Percentage
Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
Others 7 14%
Total 50 100%

No. of Respondents

7
10

Advertisements
Friends and Relatives
Direct Selling Agents
Others
12
21
Q9. Are you satisfied with the incentives (tax benefits or Bonuses) associated
with your policy?
Rating No. of Respondents Percentage
Highly satisfied 9 18%
Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%

No. of Respondents

8 9

Highly Satisfied
Satisfied
Moderate
11
12 Unsatisfied
Highly Unsatisfied

10
Q10. According to you, in what areas should the insurance
companies work upon?
Particulars No. of Respondents Percentage
Easy Procedures 14 28%

Fewer premiums 10 20%

More Returns 9 18%
Transparency 17 34%
Total 50 100%

18
16
14
No. of Respondents

12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums
Q11. Do You think that services have improved after allowing private
players in insurance sector ?
Particulars No. of Respondents Percen
tage
Yes 40 80%
No 10 20%
Total 50 100%

20%

Yes
No

80%
 FINDINGS
According to my survey the noteworthy points are:
1. Most of the people buy life insurance as just a tax
benefit tool or as a life cover while only a few of
the respondent take it as a saving option. The
reason for this is lack of knowledge of insurance
benefits among the people.
2. A Majority of the respondent buy insurance
products because of the need reason while rest of
the respondents buy for the brand purpose.
3. A Majority of the people come to know about the
policies from the Direct Selling Agents.
4. A Majority of the people are satisfied by the
incentives associated with their policies.
5. Most of the respondents are satisfied by the
services offered by there insurance company.
6. Most of the respondents want more Transparency.
7. I find that 48% people like LIC, 14% people like
ICICI, 10% people like HDFC, 8% people like
BIRLA SUN LIFE, and 12% people like other
insurance companies.
 Limitations of Study
Due to the following unavoidable and
uncontrollable factors the factors,the result
might not be accurate. Some of the problems
faced while conducting the survey are as
follows:-
1. Time and cost constraints were also there.
2. Chances of some biasness could not be
eliminated.
3. A Samples size of fifty has been use due to
time limitations.
4. A majority of respondents show lack of
cooperation and are biased towards their
own opinions.
 SUGGESTIONS

The study has provided with the useful data from the
respondents. There has a lot to be recommended.
Following are the recommendations:
1. There is a need for better promotion for the
investment products & services. The bank should
advertise its products through television because it
will reach to the masses.
2. More returns should be provided on Insurance plans.
3. As the bank provides the Insurance facility to its
customers. It should provide this facility by tie up
with the other Insurance organizations as well. The
main reason is that, the entire customers do not want
Insurance of only one company. They should have
choice while selecting a suitable Insurance plans. This
will definitely add to the goodwill & profit for the
bank.
 CONCLUSION
After overhauling the all situation that boosted a number
of Pvt. Companies associated with multinational in the
Insurance Sector to give befitting competition to the
established behemoth ICICI in private sector, we come at
the conclusion that
There are very tough competition among the private
insurance companies on the level of new trend of
advertising to lull a major part of Customers.
ICICI is not left behind in the present race of
advertisement.
The entry of more Pvt. players in the Insurance Sector
have expanded the product segment to meet the
different level of the requirement of the customers. It
has brought about greater choice to the customers.
ICICI has vast market and very firm grip on its
traditional customers and monopoly of life insurance
products..
IRDA, is also playing very comprehensive role by
regulating norms mandating to private players in this
sector, that increases the confidence level of the customers
to the private players.