Integrated, Arketng Commuication Internship Project

TO WHOMSOEVER IT MAY CONCERN
CERTIFICATE
This is to certify that the project titled the role of integrates marketing
communications in life insurance is a bonafide work carried out by Anand singh
(Roll No.453) For ICICI PRUDENTIAL CO.LTD.. He is a student of Vishwakarma
Institute Of Management, Pune and has worked under our direction and guidance
.The project report is submitted in the partial fulfillment of Masters in Business
Administration course of University Of Pune for the academic year 2004-2006.
Dr. Sharad Joshi Prof .Avinash Nene

Director Project Guide
EXECUTIVE SUMMARY:
ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and
Prudential plc, a leading international financial services 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).
In today s highly competitive environment companies are rigoursly
searching for programmes which would give them an edge over
their competitors.These programmes range within a myriad of
activities,the marketing communications forming the pivotal
among them.A marketing communications which includes the
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various promotional tools mixed in appropriate proportion and
integrated into a single marketing programme is supposed to give
an strategic advantage to the companies.
Objectives :
To find out the specific roles played by the various
constituents of integrated marketing communications.
To identify the most effective among the IMC
To identify the ineffectual constituents.
To suggest various ways of improving the IMC
Methodology
Initiation of project.
Study Design
Survey
Data Analysis
Recommendations.
Sample size : 100 respondents.

Sampling Method used : Deliberate Sampling
In the first phase of my project I studied about life

insurance industry and few products of ICICI
PRUDENTIAL in detail.
I interviewed the respondents by administering them the
questionnaire.
The various tools that I used to analyze the data was
simple and cross tabulation.
The major findings of my survey are:
Advertising serves as a door opener
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Personal selling is very important in consumer decision
making
Sales literature gives credibility to company s promise
Telecalls play important part in fixing appointments
Internet marketing helps in maintaining CRM
Publicity increase awareness and inclination
The recommendations that I suggested to ICICI PRUDENTIAL

are:
Advertisements of ICICI PRULIFE should be more product

expressive and easily comprehensive, so that a customer
feels an urge to enquire about the products.
Since from the findings it is clear that advisors are
extremely Improtant in selling the policies, they should be
trained on the concepts of marketing and not just selling .
Sales literature should be written in more customer friendly
language.
Telemarketers should enquire the brief background of
prospects during the appointments calls .
Internet should be used to maintain CRM.
Company should engage in keeping itself in news, should
organize events, seminars etc.
3
INTRODUCTION
Man is exposed to risks and uncertainities.For instance the time

of the death of a person is uncertain,and in the case of his
premature death his dependant s may find themselves deprived
of all means of existence.Every pudent man will carefully consider
how best he can prevent such risk or minimize or provide against
its effects.It is difficult for for an individual to survive unless the
arrangement for covering the risk is possible.This arrangemrnt is
made possible by insurance.
Insurance stepds in to transfer such risk and dangers to the
shoulders of the person who are willing to accept the burden for
monetary considerations Insurance is a device by which the loss
likely to be caused by an uncertain event is spread over a number
of persons who are exposed to it and who propose to insure
themselves against such an event.The essence of insurance is
that it compensates the financial losses of a person and thus his
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dependents have a security of fixed income even if the person is
not around.
As these days there are a number of companies both private and
public who are providing the service of insurance,so it becomes
essential foer a firm to distinguish their brand from its competitors
and also make people aware about their presence.Integrated
Marketing communications is one such tool by which a firm can
achieve the above objectives.Integrated Marketing
communications has gained popularity in recent years in order to
market a product especially in the highly competitive markets
such as that of India.
PROJECT INITIATION
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UNDERSTANDING THE ORGANIZATION
COMPANY S PROFILE
ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and
Prudential plc, a leading international financial services 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's equity base stands at Rs. 9.25 billion with ICICI
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Bank and Prudential plc holding 74% and 26% stake respectively.
In the financial year ended March 31, 2005, the company
garnered Rs 1584 crore of new business premium for a total sum
assured of Rs 13,780 crore and wrote nearly 615,000 policies.
The company has a network of about 56,000 advisors; as well as
7 bancassurance and 150 corporate agent tie-ups. For the past
four years, ICICI Prudential has retained its position as the No. 1
private life insurer in the country, with a wide range of flexible
products that meet the needs of the Indian customer at every step
in his life.
VISION
To make ICICI Prudential the dominant Life and Pensions player

built on trust by world-class people and service.
This we hope to achieve by:
Understanding the needs of customers and offering them
superior products and service
Leveraging technology to service customers quickly,
efficiently and conveniently
Developing and implementing superior risk management
and investment strategies to offer sustainable and stable
returns to our policyholders
Providing an enabling environment to foster growth and
learning for our employees
And above all, building transparency in all our dealings.
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The success of the company will be founded in its unflinching
commitment to 5 core values -- Integrity, Customer First,
Boundaryless, Ownership and Passion. Each of the values
describe what the company stands for, the qualities of our people
and the way we work.
We do believe that we are on the threshold of an exciting new
opportunity, where we can play a significant role in redefining and
reshaping the sector. Given the quality of our parentage and the
commitment of our team, there are no limits to our growth.
UNDERSTANDING THE SCOPE OF PROJECT
In today s highly competitive environment companies are rigoursly

searching for programmes which would give them an edge over
their competitors.These programmes range within a myriad of
activities,the marketing communications form the pivotal among
them.A marketing communications which includes the various
promotional tools mixed in appropriate proportion and integrated
into a single marketing programme is supposed to give an
strategic advantage to the companies.
This project aims at finding out the specific roles that the
constituents of promotional programmes in life insurance play so
that the stronger areas could be further reinforced ,the ineffectual
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areas could be weeded out as they unnecessarily consume useful
resources and the other important areas could be given a facelift,
such that upon their integration into a single marketing
programme they could become a lethal armory in the marketers
quiver.
Training programme for conducting the field work

The training programme started with comprehensive study adout
the life insurance.I was given information about the life insurance
industry and its functions.I was also given information regarding
some of the products of life ICICI PRUDENTIAL.
LIFE INSURANCE IN A NUTSHELL
Life insurance is chiefly a risk management tool meant to offer

financial protection to you and your dependents in the events of
your unfortunate death If you are adequately insured your life
insurance should enable your dependents to maintain their
current life style and pursue their life goals..
But in India individual understanding and awareness of life

insurance is very low, may people don t even know that the
policies are on offer which will them meet their insurance and
their own financial needs.That is why today a marketing
programme is needed which will provide enough information to
them so that they could understand their insurance needs and
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find appropriate fits.In todays economy life insurance has come to
represent more than risk cover.The best selling insurance
products in the market has attractive investments and tax benefits
offer.
Life insurance started in India in 1870 when Bombay Mutual

Assurance Society, the first Indian life assurance society, was
formed . Other companies like Oriental, Bharat and Empire of
India were also set up in the 1870-90s.
It was during the swadeshi movement in the early 20th century

that insurance witnessed a big boom in India with several more
companies being set up.
As these companies grew, the government began to exercise

control on them. The Insurance Act was passed in 1912, followed
by a detailed and amended Insurance Act of 1938 that looked into
investments, expenditure and management of these companies'
funds.
By the mid-1950s, there were around 170 insurance companies

and 80 provident fund societies in the country's life insurance
scene. However, in the absence of regulatory systems, scams
and irregularities were almost a way of life at most of these
companies.
As a result, the government decided nationalize the life

assurance business in India. The Life Insurance Corporation of
India was set up in 1956 to take over around 250 life companies.
For years thereafter, insurance remained a monopoly of the

public sector. It was only after seven years of deliberation and
debate - after the RN Malhotra Committee report of 1994 became
the first serious document calling for the re-opening up of the
insurance sector to private players -- that the sector was finally
opened up to private players in 2001.
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The Insurance Regulatory & Development Authority, an
autonomous insurance regulator set up in 2000, has extensive
powers to oversee the insurance business and regulate in a
manner that will safeguard the interests of the insured.
THE BASICS OF LIFE INSUARNCE
The basic concept of insurance is that it does not protect

the asset. It does not prevent the loss; it only compensates
the economic losses.
Insurance is the mechanism in which people who are
exposed to same risks come together and agree that if
anyone among them suffers a loss the others will share the
loss and make good to the person who lost.
The occurrence has to be random, accidental, and not
deliberate.
Life insurance policy is a contract in terms of Indian
contract act, 1872.
Life insurance is a branch of insurance in which human life
is insured and in which compensation is made available to
the designated survivors of the deceased person.
The cost of the policy is called premiums or contributions
which are paid either yearly, half yearly or monthly
depending upon the terms stipulated in the policy.
In life insurance there are usually two types of plans
(a) term insurance
(b) pure endowment
In term insurance claim is paid only on death during the term and
in pure endowment claim is paid only on surviving the period.
All other plans are mixture of term and pure endowment.
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Some of popular plans are annuity, marriage endowment
plans, children plans etc.
Nowadays unit linked plans are in great demand which
includes the term insurance + investment plan.
Rider is a clause or condition that is added to a basic policy
and provides an additional benefit. Some of the riders ADBR,
CIR, WOPR.
The claims could be maturity claims, death claims, accidents
and disability benefits.
There are group insurances which provide cover to a large
number of individual under a single policy called master
policy .
Ombudsman resolve disputes between policy holders and
insurers.
Person who asks for policy is called proposer and the person
to whom death claimed is nominated by the proposer. Is
called nominee.
PRODUCTS OFFERED BY ICICI PRUDENTIAL
ICICI PRUDENTIAL OFFERS SEVERAL TYPES OF

PRODUCTS.
THE PRODUCTS OF ICICI PRUDENTIAL ARE :
PROTECTION PLANS
SAVINGS PLAN
CHILD PLANS
INVESTMENT PLANS
RETIREMENT PLANS
GROUP PLANS
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KEYMAN PLANS
SOME OF THE PRODUCTS OF ICICI PUDENTIAL :
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Minimum age at entry 0 years
Maximum age at entry 60 years
Minimum sum assured Rs 1,00,000
Minimum premium Rs 18000 yearly

Rs 9000 half yearly
Rs 1500 monthly
Maximum age at maturity 75 years
Minimum term 3 years
Maximum term Life time
Premium payment mode Yearly,half yearly,monthly
Death benefits Higher of sum assured or value of investment
Flexibility Increase/decrease death benefits,flexibile

contribution,4 switches a year free,top ups
Surrender value After 3 years 100% of investment.
Riders allowed ADR,CIR,MSABR
Tax benefits Sec 88,sec 10(10D)
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Minimum age at entry 0 years
Maximum age at entry 60 years
Minimum sum assured Rs 1,00,000
Minimum premium Rs 8000 yearly

Rs 4000 half yearly
Rs 667 monthly
Maximum age at maturity 75 years
Minimum term 10 years
Maximum term 30 years
Premium payment mode Yearly,half yearly,monthly
Death benefits sum assured +higher of value of units fund/

guranteed value of unit fund.
Flexibility Increase/decrease death benefits,flexibile
contribution,4 switches a year free,top ups
Surrender value Differs from year to year.
Riders allowed ADR,CIR,WOP
Tax benefits Sec 88,sec 10(10D)
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RIDERS
Riders are options that allow one to enhance one s life cover,
qualitatively and quantitavely.They can be considered as toppings
that add value to the policies. They are optional and are available
in variety of flavors to be choosen based on one s preferences.
They are in addition to the policies bought and come at an extra
cost.
Some common riders offered by ICICI PRUDENTIAL are :
Critical Illness Benefit Rider
Accident & Disability Benefit Rider
Accident Benefit Rider
Income Benefit Rider
Waiver of Premium Rider (WOP)
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Integrated Marketing Communications
19
For many years the promotional function in most sectors was
dominated by mass media advertising. companies relied primarily
on their advertising agencies for their guidance in most areas of
their promotional activities. But in today s competitive generation
the need for a marketing programme which includes all relevant
areas of communication is being felt like never before.The
companies are anxious to find that which part of their marketing
communications programme is ineffectual so that they could
substitute them with other more effective means of
communication.
Marketers are adopting the IMC approach because they have
understood the strategic importance of integrating the various
communications functions rather them having them operate
autonomously. By coordinating their marketing efforts companies
can avoid duplication, take advantage of synergy among
promotional tools and develop more effective marketing
communications programme.
DEFINITION OF IMC ;
"Integrated marketing communication simply

recognizes the need to plan and build-up all relevant marketing
communications so that they work together in harmony to
greatest effect with greatest efficiency"
In its simplest form, it is the "process of integrating all elements of

marketing communications mix across all customer contact points
to achieve greater brand coherence
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ROLE OF IMC:
IMC has an increasingly central role to play in

today's market place, because if offers company a way to
strategically coordinate messages and establish a meaningful
dialogue with customers. In short, IMC provides organizations
with a strategic method for both establishing and maintaining
relationships with key stakeholders. And this is essential for
marketing success in the twenty-first century.
DRIVERS OF IMC:
The marketplace is changing. What was once a single audience

has fragmented and companies have to establish and maintain
brand relationships with a variety of groups of people-customers,
as well as other stakeholders, such as employees, investors,
suppliers and distributors, local communities, and the media.
Organizations now have to communicate with these groups using
a wide variety of media.
Because the mass media now have considerably less importance

than they have had in the past, dialogue is becoming increasingly
critical in this marketplace. That means that companies can no
longer rely only on one-way communication targeted to large
groups of customers. To be successful now, organizations must
not only be able to target messages to individual customers, but
also to listen and respond to all their stakeholders. That means
they must know who these people are, and the key to that is
database-driven communication.
IMC is critical to brand relationship programs, because it provides
the skills and new ways of thinking that are necessary if
organizations are to create and successfully manage dialogue
with customers and other key stakeholders.
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THE TOOLS OF IMC:
ADVERTISING
PERSONAL SELLING
SALES PROMOTION
DIRECT MARKETING
TELE MARKETING
INTERNET MARKETING
PUBLICITY/PUBLIC RELATIONS
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ADVERTISING:
Advertising is defined as any paid form of non personal
communication about an organization, product, service, or idea by
an identified sponsor.
Its paid form because the space and time for the advertisements
are bought. Non personal because advertising is a tool of mass
communication and is aimed at larger audience, one to one
dialogue is absent in advertising.
Advertising are of many form:
Print advertising which includes advertisements in print
medium like newspapers, magazines etc.
Electronic medium includes broadcasting mediums like
television, radio etc.
Outdoor advertising like billboards, display signs etc.
Brochures and booklets.
Some of the advertisements of ICICI PRUDENTIAL are:
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Subhead: We cover you.
Bodycopy: At ICICI Prudential Life Insurance, we keep life

smooth, even when you have wrinkles. We show you that
retirement is also about living. We're with you, in sun or storm. It's
how we, a joint venture between India's leading financial services
provider and one of the world's finest life insurance companies,
cover you. At every step in life. So, always remember, that you're
not alone.
Baseline: Joy Hope Freedom Life
Agency: Lowe Lintas
Client: ICICI
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Headline: Beneath every wave, is an anchor.
Bodycopy: Welcome to ICICI Prudential Life Insurance. We keep

your family encased in a cocoon of happiness, even when you're
not there. We're your navigator through life's troubled waters. It's
how we, a joint venture between India's leading financial services
provider and one of the world's finest life insurance companies,
cover you. At every step in life. So, always remember, that you're
not alone.
25
Headline: On every long journey, there's a partner to keep it
safe.
Bodycopy: We're ICICI Prudential Life Insurance. As your partner

in life's journey, we vow to always protect you against risks &
uncertainties. It's how we, a joint venture between India's leading
financial services provider and one of the world's finest life
insurance companies, cover you. At every step in life. So, always
remember, that you're not alone.
26
PERSONAL SELLING:
is a form of person to person
communication which a seller attempts to assist or persuade
prospective buyers to purchase the company s product or service.
Personal selling involves direct contact with buyers and sellers.
Personal selling include
Sales presentations.
Sales meetings
Fairs and trade shows.
Life insurance policy could be sold only through the agents

according to the IRDA, who work on commission basis. These
agents have to undergo 100 hours of compulsory training in any
of the IRDA certified institutes and then they have to pass an
examination of 100 marks conducted by the IRDA, the pass
marks for the examination is 50.
In ICICI PRUDENTIAL these agents are called advisors. After the
advisors pass their IRDA exam they undergo product training at
the respective branches.
DIRECT MARKETING:
Use of mail, telephone, fax, email, to communicate directly with or

solicit a direct response from the customer. The most common
types of direct Marketing are
Telemarketing
Internet marketing
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SALES BROCHURES:
Sales brochures contain the information about the product, the
terms and conditions, the various specifications about the
product. The sales literature is usually prepared by the technical
writers who try to give detailed information about the product and
at the same time try to maintain the presentations in an attractive
way so as to get attention of the customers.
Some of the sales literature which form a part of ICICI

PRUDENTIAL S marketing communications programme are:
28
29
30
31
32
33
34
35
36
37
38
39
OBJECTIVES
40
OBJECTIVES:
For many years the promotional function in most sectors was

dominated by mass media advertising. companies relied primarily
on their advertising agencies for their guidance in most areas of
their promotional activities. But in today s competitive generation
the need for a marketing programme which includes all relevant
areas of communication is being felt like never before.
Objectives of study:
The research was carried out to accomplish the following
Objectives:
To identify the specific roles played by the constituents of

IMC
To identify the major and minor drivers of IMC.
To identify the areas that needs to be improved upon.
To suggest various measures to improve communications
programme.
41
Research methodology:
Research methodology is a way to systematically solve the

research problem. It may be understood as science of studying
how research is done scientifically. In it we study various steps
that are generally adopted by a researcher in studying his
research problem along with logic behind them.
Sampling
It involves procedures that use a small part of population to make

conclusion regarding the whole population
Sampling plan for the project.
Geographical / sample area: VADODRA

Sampling unit: The recent policy holders of ICICI PRUDENTIAL.
Sample size: 100
DATA COLLECTION
The project was to identify the specific roles played by the

constituents of integrated marketing communications, so I used
the primary and secondary methods of data collection. I used the
company s database of new policy holders and then collected the
primary information from them by administering the questionnaire
to them.
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FIELD WORK PLAN
The field work was carried according to the sampling plan formed,
by visiting the policy holders at their respective homes or offices
as agreed upon the appointments.The main motive for these
visits was to get the questionnaire filled up which would give us
important data for our research purpose. The questionnaires are
either directly filled up by the respondents targeted.
DATA COLLECTION TOOL

The data collection tool that I have used is Questionnaire. I
have selected questionnaire as a data collection tool primarily
because of descriptive nature of sampling & secondly it was the
most suitable tool that could help in achieving all the objectives of
the study.
LIMITATIONS
People happens to be a little hesitant in disclosing their financial
dealings with everyone,so at first they were little skeptic about
giving appointments on the issues of policies that they had
bought. But when I gave them the nature and importance of
research then they agreed to meet me.
43
ADVERTISEMENTS OF ICICI PRUDENTIAL PROVIDES
INFORMATION ABOUT COMPANY S BUSINESS.
neither
Strongly agree nor Strongly
Agree Agree disagree Disagree disagree
66 20 0 7 7
70
60
50
No. of 40
Respondents 30
20
10
0
Strongly Agree neither Disagree Strongly
Agree agree nor disagree
disagree
7%
7%
0% Strongly Agree
20% Agree
neither agree nor disagree
Disagree
66% Strongly disagree
INTERPRETATION
Since 66% of the respondents strongly favour that the
advertisements of ICICI PRUDENTIAL provide information about
the company s business we can infer that the advertisements
plays a major role in informing the target customers about the
existence of company dealing in a particular business.
44
Analysis on the attitude summation scale :
Assigning numerical weights
neither
agree
nor Strongly
Strongly Agree Agree disagree Disagree disagree
2 1 0 -1 -2
strongly agree 66 2 132

agree 20 1 20
neither agree nor
disagree 2 0 0
disagree 7 -1 -7
strongly disagree 7 -2 -14
total 131
WEIGHTED AVERAGE SCORE =131/100

=1.31
INTERPRETATION
Since the mean is 1.31 it is greater than 1 and is more inclined
towards 2 ,it means that the given statement is favourable.so it
can be safely be assumed that the advertisements of ICICI
PRUDENTIAL does inform people about the business it deals in.
45
PEOPLE AGREE TO MEET IPRU ADVISORS BECAUSE THEY
ARE AWARE ABOUT ICICI PRUDENTIAL FROM VARIOUS
ADVERTISEMENTS.
neither
78 12 0 6 4
80
70
60
50
No. of
40
Respondents
30
20
10
0
disagree
6%
0% 4%
12% Strongly Agree
Agree
Disagree
Strongly disagree
78%
INTERPRTATION:
Here the effectiveness of brand awareness could be seen the ads
have established ICICI prudential as a successful brand and
people have started associating I pru with life insurance which
46
earlier was considered to be a domain of LIC that is why 78% of
respondents strongly agree that they agreed to meet the advisors
because they were aware of ICICI prudential from various ads.
Analysis on the attitude summation scale:

neither
agree
nor Strongly
2 1 0 -1 -2

Agree 12 1 12
neither agree nor
disagree 0 0 0
disagree 6 -1 -6
Total 154
WEIGHTED AVERAGE SCORE = 154 / 100

=1.54
INTERPRTATION
Since the weighted mean is 1.54 so we can infer that the average
respondents feel that the advertisements work as a door opener
in life insurance industry.
47
ADVERTISEMENTS OF ICICI PRUDENTIAL CONVINCES
PEOPLE TO BUY POLICIES
neither
1 3 0 7 89
90
80
70
60
No. of 50
Respondents 40
30
20
10
0
disagree
3%
0%
1% 7%
Strongly Agree
Agree
Disagree
Strongly disagree
89%
48
INTERPRETATION:
Since 89% of the respondents strongly disagree that that
advertisements of ICICI PRUDENTIAL convinced them to buy
policy we can infer that advertisements does not sell policy.

neither
agree
nor Strongly
2 1 0 -1 -2
agree 3 1 3
neither agree nor
disagree 0 0 0
disagree 7 -1 -7
-91
WEIGHTED AVERAGE SCORE = - 91/100

= - 0 .91
INTERPRETATION
Since the weighted mean is -.91 ,that is it is closer to respondents
who disagree, so we can infer that this statement is not
favourable,the advertisements of ICICI PRUDENTIAL is not
enough to sell the policy.
49
ADVERTISEMENTS OF ICICI PRUDENTIAL GIVE
INFORMATION ABOUT THE PRODUCTS OFFERED
neither
4 11 0 18 67
70
60
50
No. of 40
Respondents 30
20
10
0
disagree
67%
Strongly Agree
Agree
Disagree
18% 4% Strongly disagree
0% 11%
INTERPRETATION :
since 67% of the respondents disagree that the advertisements
that advertisements provided them the product information we
can infer that the advertisements of ICICI PRUDENTIAL are not
enough to detail about the products offered by them
50
neither
agree
nor Strongly
2 1 0 -1 -2
agree 11 1 11
neither agree nor
disagree 0 0 0
disagree 18 -1 -18
total -133
WEIGHTED AVERAGE SCORE = -133 /100

= -1.33
INTERPRETATION:
Since the mean score is -1.33 ,it means that the respondents did
not favour the statement that the advertisements of icici prudential
provided them product information.
51
ADVISORS PROVIDE RELEVANT INFORMATION ABOUT
INSURANCE PRODUCTS
neither
78 13 0 6 3
80
70
60
50
No. of
40
Respondents
30
20
10
0
disagree
Strongly Agree
78%
Agree
neither agree nor

disagree
Disagree
13%
3%
6%
INTERPRETATION :
since 78% strongly agree that the advisors provided them
information regarding we can infer that the advisors play
important role in explaining the insurance products to the
customers.
52
neither
agree
nor Strongly
2 1 0 -1 -2

agree 13 1 13
neither agree nor
disagree 0 0 0
disagree 6 -1 -6
total 157
WEIGHTED AVERAGE SCORE = 157 /100

= 1.57
INTERPRETATION :
Since the average is 1.57 which shows that the statement is
favourable so we can infer that advisors play important role in
explaining the products to the prospects.
53
ADVISORS CONVINCE CUSTOMERS TO BUY POLICY
neither
89 8 0 2 1
90
80
70
60
No. of 50
Respondents 40
30
20
10
0
disagree
Strongly Agree
89%
Agree
neither agree nor

disagree
Disagree
1%
8%
0%
INTERPRTATION :
Since 89% of the respondents strongly feel that without advisors
visiting them they may not have been convinced to buy policy, we
can infer that advisors play important role in convincing people to
buy the policy.
54
neither
agree
nor Strongly
2 1 0 -1 -2

agree 13 1 13
neither agree nor
disagree 0 0 0
disagree 6 -1 -6
total 157
WEIGHTED AVERAGE SCORE =157 /100

=1.57
INTERPRETATION :
the average of 1.57 indicates that this is a very favourable
statement ,so we can say that advisors play important part in
convincing the prospects.
55
ADVISORS ARE AN INDISPENSIBLE PART IN CONSUMER
DECISION MAKING
neither
56 22 0 11 11
60
50
40
No. of
30
Respondents
20
10
0
disagree
Strongly Agree
56%
Agree
neither agree nor

disagree
22% Disagree
11% 11% 0%
Strongly disagree
INTERPRETATION
Since 56% of the respondents strongly agree that advisors where
indispensable in their decision making we can infer that advisors
play important play very important part in consumer decision
making in life insurance.
56
neither
agree
nor Strongly
2 1 0 -1 -2
agree 22 1 22
neither agree nor
disagree 0 0 0
disagree 11 -1 -11
total 45
WEIGHTED AVERAGE SCORE =45/100

=0.45
INTERPRETATION :
This average weighted score suggests that this statement is very
favourable, so we can say that the advisors play an important part
in consumer decision making in life insurance.
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ADVISORS MAKE THE CUSTOMERS FEEL THAT THEY ARE
OFFERING FINANCIAL SECURITY TO THEM AND THEIR
FAMILY.
neither
46 12 0 38 4
50
40
No. of 30
Respondents 20
10
0
disagree
Strongly Agree
46% 12% Agree

0%
neither agree nor
disagree
Disagree
4% 38%
Strongly disagree
INTERPRETATION :
Since 46% of the respondents strongly agree that the advisors
made them feel that they where offering financial security to them
and their family members, we can infer that advisors play an
important part in consumer decision making in life insurance
industry.
58
neither
agree
nor Strongly
2 1 0 -1 -2
agree 12 1 12
neither agree nor
disagree 0 0 0
disagree 38 -1 -38
total 12
WEIGHTED AVERAGE SCORE=12/100

=1.2
INTERPRETATION :
The average weighted score of 1.2 indicates that this statement is
favourable,so we can infer that advisors do play important part in
consumer decision making in life insurance.
59
SALES BROUCHERS ARE EASY TO UNDERSTAND
neither
Agree Agree dis agree Disagree disagree
10 11 0 10 69
70
60
50
No. of 40
Respondents 30
20
10
0
disagree
Strongly Agree
10%
0% Agree
11%
neither agree nor dis
agree
10% 69% Disagree
Strongly disagree
INTERPRETATION :
since 69% of the respondents strongly disagree that the sales

brochures of understandable without help we can infer that sales
brochures published by icici prudential are not easy to understand
.
60
neither
agree
nor Strongly
2 1 0 -1 -2
agree 11 1 11
neither agree nor
disagree 0 0 0
disagree 10 -1 -10
total -117
WEIGHTED AVERAGE SCORE = -117/100

= -1.17
INTERPRETATION :
The average weighted score of -1.17 indicates that this statement

is not favourable so we can infer that sales brochures are not
easy to understand.
61
SALES BROCHURES GIVES CREDIBILITY TO
COMPANY S PROMISE
neither
70 12 12 4 2
70
60
50
No. of 40
Respondents 30
20
10
0
disagree
Strongly Agree
70%
Agree
neither agree nor

disagree
Disagree
2%
12%
4% 12%
Strongly disagree
INTERPRETATION:
Since 70% of the respondents strongly agree that the sales
brochure gives credibility to the company s promises we can infer
that the sales brochures play an important part in persuading
consumer to buy policy.
62
neither
agree
nor Strongly
2 1 0 -1 -2

agree 12 1 12
neither agree nor
disagree 12 0 0
disagree 4 -1 -4
total 144
WEIGHTED MEAN =144/100

=1.44
INTERPRETATION :
The average weighted score of 1.44 indicates the statement is

favourable so we can infer that the sales brochures play an
important part in marketing of life insurance policies.
63
BROCHURES OF ICICI PRUDENTIAL ARE COMPREHANSIVE
IN CONTENT
neither
36 24 0 28 12
40
35
30
No. of 25
20
Respondents
15
10
5
0
disagree
Strongly Agree
24% Agree
36%
0%
neither agree nor dis
agree
Disagree
12% 28%
Strongly disagree
INTERPRTATION:
Since 36% strongly agree and 24% agree that the product
brochures of icici prudential are comprehensive in content we can
infer that it answers that queries of the prospects and thus form
an important constituent in the marketing of policies.
64
neither
agree
nor Strongly
2 1 0 -1 -2
agree 24 1 24
neither agree nor
disagree 0 0 0
disagree 28 -1 -28
total 44
WEIGHTED AVERAGE SCORE =44 /100

= 0.44
INTERPRETATION :
The average weighted score of .44 indicates that the statement is
favourable so we can infer that the sales brochures of ICICI
PRUDENTIAL are comprehensive in content.
65
BROCHURES ARE AN INDISPENSIBLE PART IN CONSUMER
DECESION MAKING IN LIFE INSURANCE
INDUSTRY
neither
39 22 0 19 20
40
35
30
No. of 25
20
Respondents
15
10
5
0
disagree
Strongly Agree
22% Agree
39%
neither agree nor

disagree
0%
Disagree
19%
20%
Strongly disagree
INTERPRETATION :
Since 39% of the respondents strongly agree that brochures were
an integral part in their decision making we can infer that sales
brochures plays an important role in selling the life insurance
policy
66
neither
agree
nor Strongly
2 1 0 -1 -2
agree 22 1 22
neither agree nor
disagree 0 0 0
disagree 19 -1 -19
total 41
WEIGHTED AVERAGE SCORE = 41/100

= 0.41
INTERPRETATION :
The average weighted score of .41 indicates that the statement is
favourable so we can infer that the sales brochures of ICICI
PRUDENTIAL play a very important role in consumer decision
making.
67
APPOINTMENT OVER PHONE PRIOR TO SALES CALL IS
ESSENTIAL
neither
82 10 0 6 2
100
80
No. of 60
Respondents 40
20
0
Strongly Agree neithr Disagree Strongly
disagree
Strongly Agree
82%
Agree
neither agree nor

disagree
Disagree
2% 6% 0% 10%
Strongly disagree
INTERPRETATION :
Since 82% of the respondents strongly agree that appointment
over phone prior to sales call is essential we can infer that phones
play very important role in fixing appointment in the life insurance
policy.
68
neither
agree
nor Strongly
2 1 0 -1 -2

agree 10 1 10
neither agree nor
disagree 0 0 0
disagree 6 -1 -6
total 164

=1.64
INTERPRETATION
The average weighted score of 1.64 indicates that the statement
is favourable so we can infer that the phones play very important
role in fixing appointment in life insurance.
69
PHONES COULD BE USED TO SELL POLICIES
neither
1 2 0 20 77
80
70
60
50
No. of
40
Respondents
30
20
10
0
disagree
Strongly Agree
77%
Agree
neither agree nor

disagree
Disagree
1%
20%
0%
INTERPRETATION :
Since 77% of the respondents strongly disagree that they would
buy policy over phone we can infer that phones cannot be used
to sell life insurance policies.
70
neither
agree
nor Strongly
2 1 0 -1 -2
agree 2 1 2
neither agree nor
disagree 0 0 0
disagree 20 -1 -20
total -170

= -1.70
INTERPRETATION
the average weighted score of -1.70 indicates that the statement
is not favourable so we can infer that the phones could not be
used to sell policies.
71
PHONES ARE THE BEST MEANS OF MAKING
APPOINTMENTS
neither
64 13 11 7 5
70
60
50
No. of 40
Respondents 30
20
10
0
disagree
Strongly Agree
13% Agree
11%
neither agree nor
disagree
64%
Disagree
7%
5%
Strongly disagree
INTERPRETATION :
Since 64% of the respondents strongly agree that phones are the
best means of making appointments we can infer that phones can
play an important role in fixing appointment.
72
neither
agree
nor Strongly
2 1 0 -1 -2

agree 13 1 13
neither agree nor
disagree 11 0 11
disagree 07 -1 -7
total 135

=1.35
INTERPRETATION
the average weighted score of 1.35 indicates that the statement
is favourable so we can infer that the phones could play an
important role in fixing appointment.
73
THE CONTENTS OF POLICIES COULD BE EXPLAINED ON
THE EMAIL
neither
7 11 17 23 42
50
40
No. of 30
Respondents 20
10
0
disagree
Strongly Agree
23% Agree
42%
neither agree nor
disagree
Disagree
17%
11% 7%
Strongly disagree
INTERPRETATION :
Since 42% of the respondents strongly agree that the contents of
the policy could explained on the net w can infer that internet
cannot be used to sell policies.
74
neither
agree
nor Strongly
2 1 0 -1 -2
agree 11 1 11
neither agree nor
disagree 17 0 0
disagree 21 -1 -21
total -80

= - .80
INTERPRETATION
the average weighted score of - .80 indicates that the statement is
not favourable so we can infer that internet cannot be used to sell
policies.
75
INDIAN CUSTOMERS WILL PREFER TO PAY PREMIUMS
OVER INTERNET
neither
17 21 0 23 39
40
35
30
25
No. of
20
Respondents
15
10
5
0
disagree
Strongly Agree
23%
Agree
0% 39%
neither agree nor
disagree
21% Disagree
INTERPRETATION :
Since 39% of the respondents strongly disagree that the contents
of the policy could explained on the net we can infer that internet
cannot be used to collect premiums as for now..
76
neither
agree
nor Strongly
2 1 0 -1 -2
agree 21 1 21
neither agree nor
disagree 0 0 0
disagree 23 -1 -23
total -46

= - .46
INTERPRETATION
The average weighted score of - .46 indicates that the statement
is not favourable so we can infer that internet cannot be used to
collect premiums.
77
INTERNET IS A GOOD MEANS OF CHECKING POLICY
STATUS
neither
86 8 0 4 2
100
80
No. of 60
Respondents 40
20
0
disagree
Strongly Agree
86% Agree
neither agree nor

disagree
8% Disagree
0%
Strongly disagree
4%
2%
INTERPRETATION :
Since 86% of the respondents strongly agree that internet is a
good means of checking policy status we can infer that internet
could be used in updating customers with the policy detail.
78
neither
agree
nor Strongly
2 1 0 -1 -2

agree 08 1 8
neither agree nor
disagree 0 0 0
disagree 04 -1 -4
total 172
WEIGHTD AVERAGE SCORE = 172/100

=1.72
INTERPRETATION
is favourable so we can infer that internet could be used to
update customers with their policy status.
79
INTERNET IS OF GREAT IMPORTANCE IN MAINTAINING
CRM
neither
42 24 0 21 13
50
40
No. of 30
Respondents 20
10
0
disagree
Strongly Agree
24% 0%
Agree
21%
neither agree nor
disagree
Disagree
13%
42%
Strongly disagree
INTERPRETATION :
Since 42% of the respondents strongly agree that internet is a
good means of maintaining CRM we can infer that internet could
be used in maintaing relations with the customers.
80
neither
agree
nor Strongly
2 1 0 -1 -2
agree 24 1 24
neither agree nor
disagree 0 0 0
disagree 21 -1 -21
total 61

=0.61
INTERPRETATION
is favourable so we can infer that internet could be used to
maintain relations with the customers.
81
THE NEWS OF ICICI PRUDENTIAL AS THE LEADING
PVT.LIFE INSURANCE COMPANY SUPPORTS ITS SALES
neither
53 30 0 6 1
60
50
40
No. of
30
Respondents
20
10
0
disagree
Strongly Agree
Agree
33%
neither agree nor

disagree
59% Disagree
0%
1% 7% Strongly disagree
INTERPRETATION :
Since 59% of the respondents strongly agree that they bought
policy from ICICI PRUDENTIAL because it was the no.1 pvt.life
82
insurance company we can infer that the publicity of the company
boost its sales.

neither
agree
nor Strongly
2 1 0 -1 -2

agree 23 1 23
neither agree nor
disagree 0 0 0
disagree 6 -1 -6
total 121

=1.21
INTERPRETATION
The average weighted score of 1.21 indicates that the statement
is favorable so we can infer that the publicity of ICICI
PRUDENTIAL does boost its sales.
83
FINDINGS
Role of various constituents of IMC

ADVERTISING
Provides information about company s business
The advertisements have positioned ICICI prudential as a
successful brand in life insurance, this serves as a door
opener for the advisors.
PERSONAL SELLING
Provide relevant information about policies
Is very important in life insurance
It is important in consumer decision making
SALES LITERATURE
Sales literature gives credibility to company s promise
Sales literature helps in convincing customer
Sales literature provides comprehensive information about
ICICI PRUDENTIAL S products
DIRECT MARKETING
TELE MARKETING
Telecalls play important part in fixing appointments
Telecalls helps in knowing brief back ground of customers
INTERNET MARKETING
Internet marketing helps in maintaining CRM
Internet is useful to customers to get updated on their
policy status
PUBLICITY /PR
Publicity increase awareness and inclination
ICICI PRUDENTIAL in news favour the company sales
84
RECOMMENDATIONS
Advertisements of ICICI PRULIFE should be more

products expressive and easily comprehensive, so that a
customer feels an urge to enquire about the products.
Since from the findings it is clear that advisors are

extremely Important in selling the policies, they should be
trained on the concepts of marketing and not just selling.
They should be equipped with proper CRM techniques so
that they could increase the frequency of call conversion
as well as they could retain the existence clientele.
Sales literature should be written in more customer friendly

language, the technical terms should be clearly explain
since it is considered as providing credibility to company s
promise, company s seal on it will give even more
authenticity to the promises made in the brochure.
Telemarketers should enquire the brief background of

prospects during the appointments calls so that proper
strategies could be planned before the visit of the sales
personnel.
Internet should be used to maintain CRM and update

policy holder about the position of their fund, as well as
informing them about a new product even before it is
launched so that they would get a feeling of preferential
treatment.
Company should engage in keeping itself in news, should

organize events, seminars etc.
85
The company should initiate hassle free claim settlements
as this communicates to the consumers that the company
is prompt in keeping its promises and this influences
consumer decision making in a big way.
The IMC program is effective when the message carried by

its constituents is uniform that is each constituents of this
program should communicate the same message to the
prospects, this is when the tools of IMC will work in tandem
and their fusion and unison will bring about the desired
impact in influencing consumer decisions.
Since the heart of any services is the framework of

services triangle
Company
Internal marketing External Marketing

(Enabling promises) (Making Promises)
Providers Customers
Interactive Marketing
(Keeping Promises)
The three interlinked groups that work together to develop
promote and deliver services, should be put into effect in the life
insurance industry and could be best done while settling the
claims. The services providers who deal in interactive marketing
should get full backup while enabling the promises which were
made through external marketing. Thus the internal marketing
assumes a paramount importance in life insurance, and an
effective internal marketing communication would ensure that the
promises, which are made, are delivered and this in turn will
induce publicity.
86
CONCLUSIONS :
Thus we can see the role of integrated marketing communication

in life insurance industry. It is the effect of the fusion of the
individual components of the integrated marketing
communications that clicks and bring about the realization of the
goal that the communications programme is intended to achieve.
87
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TO WHOMSOEVER IT MAY CONCERN

Dr. Sharad Joshi Prof .Avinash Nene

ICICI Prudential Life Insurance Company is a joint venture

Sample size : 100 respondents.

In the first phase of my project I studied about life

The major findings of my survey are:

Advertising serves as a door opener

The recommendations that I suggested to ICICI PRUDENTIAL

Advertisements of ICICI PRULIFE should be more product

Man is exposed to risks and uncertainities.For instance the time

ICICI Prudential Life Insurance Company is a joint venture

To make ICICI Prudential the dominant Life and Pensions player

UNDERSTANDING THE SCOPE OF PROJECT

In today s highly competitive environment companies are rigoursly

Training programme for conducting the field work

LIFE INSURANCE IN A NUTSHELL

Life insurance is chiefly a risk management tool meant to offer

But in India individual understanding and awareness of life

Life insurance started in India in 1870 when Bombay Mutual

It was during the swadeshi movement in the early 20th century

As these companies grew, the government began to exercise

By the mid-1950s, there were around 170 insurance companies

As a result, the government decided nationalize the life

For years thereafter, insurance remained a monopoly of the

THE BASICS OF LIFE INSUARNCE

The basic concept of insurance is that it does not protect

PRODUCTS OFFERED BY ICICI PRUDENTIAL

ICICI PRUDENTIAL OFFERS SEVERAL TYPES OF

SOME OF THE PRODUCTS OF ICICI PUDENTIAL :

Maximum age at entry 60 years

Minimum sum assured Rs 1,00,000

Minimum premium Rs 18000 yearly

Maximum age at maturity 75 years

Minimum term 3 years

Maximum term Life time

Premium payment mode Yearly,half yearly,monthly

Death benefits Higher of sum assured or value of investment

Flexibility Increase/decrease death benefits,flexibile

Surrender value After 3 years 100% of investment.

Riders allowed ADR,CIR,MSABR

Tax benefits Sec 88,sec 10(10D)

Maximum age at entry 60 years

Minimum sum assured Rs 1,00,000

Minimum premium Rs 8000 yearly

Maximum age at maturity 75 years

Minimum term 10 years

Maximum term 30 years

Premium payment mode Yearly,half yearly,monthly

Death benefits sum assured +higher of value of units fund/

Surrender value Differs from year to year.

Riders allowed ADR,CIR,WOP

Tax benefits Sec 88,sec 10(10D)

Some common riders offered by ICICI PRUDENTIAL are :

Critical Illness Benefit Rider

Accident & Disability Benefit Rider

Accident Benefit Rider

Income Benefit Rider

Waiver of Premium Rider (WOP)

"Integrated marketing communication simply

In its simplest form, it is the "process of integrating all elements of

IMC has an increasingly central role to play in

The marketplace is changing. What was once a single audience

Because the mass media now have considerably less importance