ICICI PRUDENTIAL LIFE INSURANCE CO.

LTD
NAVSARI BRANCH
Gandhi Jemish P.
06 BA !"
!
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
A
PROJECT REPORT

ON
SATISFACTION OF INSURANCE ADVISOR OF
ICICI PRUDENTIAL LIFE INSURANCE
OF
NAVSARI BRANCH
UNDERTAKEN AT
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.,
NAVSARI BRANCH

Submitted By:
Gandhi Jemish P.
Gandhi Jemish P.
06 BA !"
"
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
(06-MBA-12)
Submitted To:
Mr. Anil Saraogi
SHRIMAD RAJCHANDRA INSTITUTE OF
MANAGEMENT AND COMPUTER APPLICATIONS
MBA PROGRAMME (2006 08)
SYNOPSIS:
Scenario of Life Insurance Industry in Indian
Perspective
Business Gained by Public Life Insurance Co.:
The public life insurance company i.e. Life Insurance
Corporation of India (LIC India). According to data
compiled by Insurance Regulatory and Development
Authority(IRDA), LIC continued with its recent high growth
rate of over 40 per cent to up Rs 18,834 crore in frst year
premium by selling 2.09 crore policies in April-February of
last fscal. Though, country's largest life insurer LIC was
expanding business handsomely, its market share fell
slightly to 71.65 per cent from 72.2 per cent a month back
as most of the private players are going at a faster rate.
Contribution of Top Players of Private Life Insurance Co.
Gandhi Jemish P.
06 BA !"
#
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
In the private space, competition has further
intensifed after entry of Chennai-based Sriram Life,
which collected Rs 18.76 lakh premium in its frst month
of operation. The 14 private players increased their market
share to 28.35 per cent from 27.8 per cent a month ago by
collecting Rs 7,451 crore in premium until February.
ICICI Prudential regained its number one position
among private insurers by logging 69 per cent growth to
collect Rs 1,956 crore in premium and a market share of
7.44 per cent.
Bajaj Allianz Life Insurance was close behind ICICI
Prudential, by clocking 292 per cent growth in business at
Rs 1,940 crore and a market share of 7.38 per cent.
HDFC Standard collected Rs 778 crore in premium
income, followed by SBI Life (Rs 512 crore), Birla Sunlife
(Rs 478 crore), Tata AIG (Rs 405 crore), Max New York Life
(363 crore), Aviva (Rs 309 crore).
Kotak Mahindra Old Mutual collected Rs 234 crore,
ING Vysya Rs 200 crore, Reliance Life Rs 150 crore, Met
Life Rs 107 crore, and Sahara Life Rs 15 crore.
Life Insurance Council:
The Life Insurance Council is funded by the Life
Insurers in India. The Committee will set up standards of
conduct and practices for ef cient customer service,
advise IRDA on controlling insurers expenses and serve as
a forum that helps maintain healthy market conduct. It
will create and manage a process for agent examination
and certifcation
Gandhi Jemish P.
06 BA !"
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ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
The Life Insurance Council seeks to play a signifcant
and complementary role in transforming Indias life
insurance industry into a vibrant, trustworthy, and
proftable service, helping the people of India on their
journey to prosperity.
The Data released by the Life Insurance Council of
India is as Follows.
Indian Life Insurance Industry:
Large mobilization of savings next only to banks
Signifcant participant in the Capital Markets
Constitutes 15% of Gross Domestic Savings
Assets under management - more than Rs. 4,00,000 Crores
Invested in Infrastructure - Rs. 40,000 Crores
1.5 million Agency forces.
Growth:
o Penetration grew from 1.2% to 2.2% of GDP
o Insurance Density grew from Rs. 280 to Rs. 600 (per capita
premium)
The Company
India's Number One private life insurer, ICICI Prudential Life
Insurance Company is a joint venture between ICICI Bank-one of India's
Gandhi Jemish P.
06 BA !"
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ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
foremost fnancial services companies-and prudential plc- a leading
international fnancial services group headquartered in the United
Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI
Bank holding a stake of 74% and Prudential plc holding 26%.
They began their operations in December 2000 after receiving
approval from Insurance Regulatory Development Authority (IRDA).
Today, their nation-wide team comprises of over 680 ofces, over 235,000
advisors and 23 bancassurance partners.
ICICI Prudential is also the only private life insurer in India to
receive a National Insurer Financial Strength rating of AAA (Ind) from
Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear
assurance of ICICI Prudential's ability to meet its obligations to
customers at the time of maturity or claims. 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 they grow their distribution, product range and
customer base, they continue to tirelessly uphold their commitment to
deliver world-class fnancial solutions to customers all over India.
For the past six years, ICICI Prudential has retained its position as
the No. 1 private life insurer in the country, with a wide range of fexible
products that meet the needs of the Indian customer at every step in life.
Distribution
ICICI Prudential has one of the largest distribution networks
amongst private life insurers in India. It has a strong presence across
India with over 680 branches and over 235,000 advisors.
The company has over 23 bancassurance partners, having tie-ups
with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord
Gandhi Jemish P.
06 BA !"
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ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-
operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank
of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-
operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin
Bank, The Haryana State Co-operative Bank and Imphal Urban
Cooperative Bank Limited.
About the Promoters
ICICI Bank is India's second largest bank and largest private
sector bank with over 50 years presence in fnancial services and with
assets of over Rs 3,569.32 bn (USD 88 billion) as on June 30, 2007. The
Bank ofers a wide range of banking products and fnancial services to
corporate and retail customers through a variety of delivery channels and
through its specialised subsidiaries in the areas of investment banking,
life and non-life insurance, private equity and asset management. ICICI
Bank is a leading player in the retail banking market and services its
large customer base through a network of over 950 branches (including
extension counters), 3469 ATMs, call centers and internet banking
(www.icicibank.com) to ensure that customers have access to its services
at all times.
Prudential plc, Established in London in 1848, through its
businesses in the UK and Europe, the US and Asia, provides retail
fnancial services products and services to more than 20 million
customers, policyholder and unit holders and manages over 256 billion
of funds worldwide (as of 30 June 2007). In Asia, Prudential is the
leading European life insurance company with life operations in China,
Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan, Thailand, and Vietnam. Prudential is the second
largest retail fund manager for Asian sourced assets ex-Japan as at June
2006. Its fund management business has expanded into ten markets:
China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan,
Vietnam, and United Arab Emirates.
Gandhi Jemish P.
06 BA !"
&
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
1. Problem Defnition:
To know the current Satisfaction level of the Insurance
Advisor, And wants to know at where they are weak in
providing services to them and for giving better services in
the future.
2. Research Design:
Here the descriptive research design has used because here I
want to study the Satisfaction of current Agents in relation with
the criteria mentioned as above in Objectives.
3. Sampling:
Sampling Design:
Here non-probability convenience sampling has been
used.
Sample Size:
The sample size is 102 respondents.
Sampling Unit:
The sampling unit comprises the Agents who are visited
to the Navsari Branch Ofces.
Choice of Survey Method:
Here for my research, I have selected the Personal
Interview method.
Research Instrument:
Questionnaire was used for the purpose of the data
collection as the research instrument. This Questionnaire
consisted of closed ended questions including rating scales.
Gandhi Jemish P.
06 BA !"
'
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
4. Data Analysis:
Instrument:
For analyzing the data, SPSS 15 Software is used.
Test for Analyzing Data:
o Frequential Distribution,
o t Test,
o Cross Tabulation,
o Chi Square Test.
SUMMERY:
1.Purpose of the Study:
This Project Report contains the topic on Satisfaction of
Insurance Advisor of ICICI Prudential Life Insurance Co. Ltd.,
Navsari Branch. This report is taken for the purpose of To know
the current Satisfaction level of the Insurance Advisor, And wants
to know at where they are weak in providing services to them and
also for giving better services in the future.
2.Objectives:
The primary objective is to know the Satisfaction level of the
Insurance Advisor of ICICI PRUDENTIAL Life Insurance Co. Ltd,
for Navsari Branch only.
The Secondary Objectives are,
Satisfaction of Advisor with respect to Gender.
In accordance with the Services and Facilities provided by
the company to the Advisor.
3.Research Methodology:
The research design is taken by me in this project is
Descriptive research design with non-probability convenience
Gandhi Jemish P.
06 BA !"
(
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
sampling and the targeted the respondent is 102 Insurance
Advisors. The respondent is interviewed by me with the help of
well-structured Questionnaires.
4.Limitations:
The major limitations were faced by me during this project
are as follows.
My respondents are the Insurance Advisor, who worked as
the part time work, so some of the respondents are Studying
in other region so I am not able to communicate with those
Advisors.
This report is limited to the Navsari Branch only so I cannot
generalize about the perception of all the insurance Advisors.
Most difculty were faced by me is that my Company Mentor
is handling the work of the Navsari as well as the Surat
Branch. Therefore, he is not able to spend more time to me.

In addition, for most limitation is Availability of time for
research was restricted to make more detail study.
5.Findings:
According to objectives of my research about Gender, there is
76 advisors are male out of 102, but with the help of
Crosstabs of Commission v/s Gender, I found that highest
male i.e. 21 are Greatly Satisfed & 11 females are Partly
satisfed with the commission provided by the company.
According to another objective that is extra facilities, 57.8%
are agreed that the company provides more extra facilities.
Therefore, I can say that the company wants to motivate
their advisors by providing more facilities & fexibility to
them.
Gandhi Jemish P.
06 BA !"
!0
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
26.5% are greatly satisfed and the same percentages of
advisors are partly satisfed with commission & incentives.
In addition, 79.4% are said that the company is fulflled their
commitment for providing commission on time.
More than 50% have obtained good support from their unit
managers & from the company. Therefore, I inferred that the
company wants to create healthier relationship with their
advisors so that they can obtain good business from them.
34.3 advisors are neutral and 24.5 advisors strongly disagree
out of 102 advisors due to target, which is forced by the
company. By this data, I can interpret that the advisors do
not like target and they do not want to work under pressure
and they wants to work independently.
6.Recommendations:
From my analysis and fndings, I would recommend that the
company or Unit Managers dont like any kind of target so, they
have to slowly and gradually reduce the pressures on the advisors.
As a result, advisors can work independently and make a more
business from the market.
1.Conclusion:
The main crux of my research work and the data analysis
reported that the company is more concerning to the advisors
provides best benefts to them and advisors be also satisfed with
the ICICI Prudential Life Insurance Co. Ltd.
Gandhi Jemish P.
06 BA !"
!!
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
NAVSARI BRANCH
Gandhi Jemish P.
06 BA !"
!"