DECLARATION I hereby declare that this project report titled “A STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD” submitted by me to the department of Business Management of XXXX is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before
Name: Date: (Signature)
ACKNOWLEDGEMENT A !ood start leads to a "ine end #he ideal way to begin documenting this project work would be to e$tend my earnest gratitude to everyone who has encouraged% motivated and guided me to make a fine effort for successful completion of this project I am very thankful to XXX% faculty of business management for guiding me throughout the project My sincere !ratitude to the &ollege Management for e$tending their co'operation for successful completion of my project A final word of thanks goes to my (arents% "riends and everyone else who made this project possible )our contributions have been most appreciated
&*+#,+#-+* +*. / 3 6 8 < 2 7 5 > /? // /3 /6 #*(I& I+#0*1U&#I*+ I+1U-#0) (0*"I4, &*M(A+) (0*"I4, *B9,&#I:, *" #;, -#U1) MA0=,#I+! 0,-,A0&; 0,-,A0&; M,#;*1*4*!) 4IMI#A#I*+- *" #;, -#U1) 0,-U4#- A+1 "I+1I+!!0A(;*:,0A44 A+4)-I-U!!,-#I*+@U,-#I*++AI0, BIB4I*!0A(
(A!, 2 5 /7 6/ 6> 8? 8/ 83 8> <? </ <6
I+#0*1U&#I*+
#he study was undertaken to accomplish the assignment of measuring Brand image of I&I&I (rudential 4ife Insurance Insurance is a -ervice marketing% where every insurance company serves for customers In todayAs market there are many no of insurance companies% which are not up to% the e$pectations in terms of sales At present every insurance company will focus on increasing the sales% but no one will concentrate on customer satisfaction #here are few companies% which are leading the market with their brand image I&I&I is one of the leading insurance companies in private sector with brand image of I&I&I #he customer develops a set of brand belief about where each brand stands on each attributes or factors A set of belief about a brand makes up the brand image #he customer brand image will vary with further e$perience has filtered by the effects of selective perception% selective distortion and selective retention B"rom various products of I&I&I i e Banking% 4oans% Mutual funds% !eneral and 4ife insurance% web trade% the consumer can make up the brand image of I&I&I based on the services provided by the above said sections C Actually this project deals with the measuring of Brand image of I&I&I prudential 4ife Insurance in the terms of customersA satisfaction #he methodology adopted to achieve the above task is as follows
#he respondents are divided as the present customers% lost customers and the non'customers of I&I&I prudential life insurance company #he study includes the measure of satisfaction levels of the customers It also aim at the estimation of going back of lost customers #he research of the non'customers of I&I&I (rudential was aimed at measuring the inclination of them towards I&I&I
I+1U-#0) (0*"I4, 4ife insurance is a contract for payment of a sum of mo?ney to the person assured for Dor falling him/her% to the person entitled to receive the sameE on the happening of the event insured against usually the contract provides for the payments of an amount on the date of maturity or at the specified dates at periodic intervals or on unfortunate death% if it occurs earlier Among others things% the contract also provides for the payment of premium periodically to the corporation by the assured 4ife insurance is universally acknowledged to be an institution% which eliminates risk substituting certainly for uncertainty and comes to the timely aid of the family in the fortunate event of the death of the bread winner By and large% life insurance is civiliFationAs partial solution to financial uncertainties caused by untimely death 4ife insurance% in short% is concerned with two haFards that stand across the life path of every person #hat of dying prematurely living a dependent family to fend for it self and that too old without visible means of support
INDIAN INSURANCE INDUSTRY Insurance industry% as on / 8 3???% comprised mainly two playersG 4ife Insurers. 4ife Insurance &orporation of IndiaD4I&E !eneral Insurers. !eneral Insurance &orporation of IndiaD!I&E Dwith effect from 1ecA3???% a +ational 0einsureE G !I& has four subsidiary companies% namely Dwith effect from 1ecA3???% these subsidiaries have been de' linked from the parent company and made as independent insurance companies / #he oriental insurance company limited 3 #he new India insurance company limited 6 +ational insurance company limited 8 United insurance company limited
Life Insurance: - +* 0egistration company +umber ?/ /?/ Insurance
1ate of 0eg
+ame of the
36 /? 3???
;1"& -tandard 4ife &ompany 4td
?3 /?8 Insurance
/< // 3???
Ma$ new )ork 4ife &o 4td
?6 /?< Insurance
38 // 3???
I&I&I prudential 4ife &ompany 4td
?8 /?7 Mutual 4ife
/? ?/ 3??/
=otak Mahindra *ld Insurance 4td
?< /?> Insurance comp
6/ ?/ 3??/
Birla -un 4ife 4td
?2 //? Insurance ?7 /// company
/3 ?/ 3??/
#ata AI! 4ife &ompany 4td
6? ?6 3??/
-BI 4ife Insurance 4td
?5 //8 Insurance 4td ?> Insurnce //2
?3 ?5 3??/
I+! :ysya 4ife &ompany private
?6 ?5 3??/
Bajaj AllianF 4ife &ompany 4td
/? //7 Insurance
?2 ?5 3??/
Metlife India
GENERAL INSURANCE :
- +* 0egistration company +umber / /?3 -undaram Alliance company 4td 3 !eneral /?6
1ate of registration
+ame of the
36 /? 3???
0oyal Insurance
36 /? 3???
0eliance Insurance
company 4td 6 !eneral co 4td 8 !eneral /?5 33 ?/ 3??/ #A#A AI! Insurance company 4td < !eneral co 4td //6 ?3 ?< 3??/ Bajaj AllianF Insurance /?2 ?8 /3 3??? I""&* #okio Insurance
2 //< 4ombard !eneral co 4td
?6 ?5 3??/
I&I&I Insurance
)r. 3???'3??/. D"rom /st jan 3??/ to 1ec 3??3E Insurance Industry in this year% so far has < new entrantsG namely
Life Insurance:
S.NO.
registrati n Nu!#er &'&
Date
f registrati n
Na!e f t"e c !$an% AM* san!ar Life Insurance c .Lt+ A.i.a Life Insurance c .Lt+
&
().(&.'(('
'
&''
&,.(-.'(('
Genera/ Insurance: S.NO Registrati n Nu!#er &') Date f reg. Na!e f t"e c !$an%
&
&-.(0.'(('
C" /a! n+a/a! Genera/ Ins.c .Lt+ E2$ rt Cre+it Guarantee C r$ rati n Lt+. 3D4C5C"u## Genera/ Insurance C . Lt+.
'
&',
'0.(1.'(('
)
&'-
'0.(1.'(('
INSURANCE 6USINESS Insurance business is divided in to four classes. / 4ife Insurance 3 "ire Insurance 6 Marine Insurance 8 Miscellaneous Insurance 4ife Insurance transacts life insurance businessG !eneral Insurance transacts the rest +o composites are permitted as per law LEGISLATION Das on / 8 3???E. Insurance is a federal subject in India #he primary legislation that deals with insurance business in India is. Insurance act% />65% and Insurance 0egulatory H 1evelopment Authority Act% />>> INSURANCE *RODUCTS Das on / 8 3???E Dfor latest information get in touch with the current insurers'website Information of Insurance is provided at the webpage for insurersE. Life Insurance: (opular products. ,ndowment assurance DparticipatingE and Money back DparticipatingE More than 5?I of the life insurance business is from these products
Genera/ Insurance: "ire and Miscellaneous insurance business are predominant Motor vehicle insurance is compulsory #ariff advisory committee D#A&E lays down tariff rates for some of the general insurance products Dplease visit website of !I& for detailsE '((&:+ew products have been launched by life insurance #hese include linked products "or details% please visit the website of life insurance
COM*ANY *RO4ILE INTRODUCTION: I&I&I (rudential 4ife Insurance &ompany is a joint venture between I&I&I Bank% a premier financial powerhouse and (rudential plc% a leading international financial services group headJuartered in sector insurance companies to begin operation in 1ecember 3??? after receiving approval from Insurance 0egulatory 1evelopment AuthorityDI01AE I&I&I (rudentialAs eJuity base stands at 0- > 3< billon with I&I&I Bank and prudential plc holding 78I and 32I stake respectively In the financial year ended March 6/% 3??<%the company garnered 0- /<58 &ore and wrote nearly 2/<??? polices #he company has a network about <2??? advisorsG As well as 7 bank assurance and /<? corporate agent tie ups "or the post four years% I&I&I prudential has retained itAs position as the no / (rivate 4ife Insurer in the country% with a wide range of fle$ible products that meet the needs of the Indian customer at every step in life
7ISION
*ur vision. #o make I&I&I prudential the dominant 4ife and pensions player built on trust by world K class people and service #his we hope to achieve by. • Under the needs of customers and offering them superior products and services • 4everaging technology to service customers Juickly% efficiently and conveniently • 1eveloping and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policy holder • (roviding an enabling environment to foster growth and learning for our employees • And above all% building transparency in all our dealings #he success of the company will be founded in its unflinching commitment to < core values K Integrity% customer first% Boundary less% *wnership and passion ,ach of the values describe what the company stands for% the Jualities of our people and the way we work Le do believe that we are on the threshold of an e$citing new opportunity% where we can play a significant role in redefining and reshaping the sector !iven the Juality of our parentage and the commitment of our team% there are no limits to our growth
T3E COM*LETE 6ANK ICICI 6an8 I&I&I Bank D+)-,.IB+E is IndiaAs second largest bank with an asset base of 0- /?25/3 core I&I&I Bank provides a broad spectrum of financial services to individuals and companies #his includes mortgages% car and personal loans% credit and debit cards% corporate and agricultural finance #he Bank services growing customer base of more than 7 million customer accounts and < million bondholders accounts through a multi K channel access network #his includes about 8<? branches and e$tension counters% /27< A#Ms% call centers and internet banking Dwww icicibank comE I&I&I Bank posted a net profit of 0- /%3?2 core for the year ended March 6/% 3??6 I&I&I bank is the only Indian company to be rated above the country rating by the international rating agency MoodyAs and the only Indian company to be awarded an investment credit rating #he Bank enjoys the highest AAA Dor eJuivalentE rating from all leading Indian rating agencies
*ru+entia/ $/c ,stablished in /585% prudential plc is a leading international financial services company in the U=% with around U-M3<? billion funds under management% and more than /2 million customers worldwide (rudential has brought to market an integrated range of financial services products that now includes life assurance% pensions% mutual funds% banking% investment management and general insurance In Asia% prudential is U=As
largest life insurance company with a vast2 network of 33 life and mutual fund operations in twelve countries K &hina% ;ongkong% India% Indonesia% 9apan% =orea% Malaysia% (hilippines% -ingapore% #aiwan% #hailand and :ietnam -ince />36% prudential has championed customer K centric products and services% supported by over 2?%??? staff and agents across the region
Distri#uti n: I&I&I prudential has one of the largest distribution networks amongst private life insurance in India% having commenced operations in 2> cities and towns in India% they are Agra% Ahmadabad% Ajmer% Alahabad% Amrutsar% Aurangabad% Bangalore% Bareilly% Bhatinda% Bhopal% Bhuvaneshwar% calicut% chandigarh% &hennai% coimbatore% 1ehradun% 1urgapur% "aridabad% !oa% !untur% !urgoan% !uwahati% ;yderabad% ;ubli% Indore% 9aipur% 9alandhar% 9amnagar% 9amshedpur% 9odhpur% =anpur% =arnal% =ochi% =olkata% =olhapur% =ota% =ottyam% 4ucknow% 4udhiana% Madurai% Mangalore% Meerut% Mumbai% Mysore% +agpur% +asik% +odia% +ew 1elhi% (atiala% (une% 0aipur% 0ajkot% 0anchi% 0ourkela% -imla% -iliguri% -urat% #hane% #hrissur% #richy% #rivandrum% Udaipur% :adodara% :api% :aranasi% :ashi% :ijayawada and :iFag #he company has seven bank assurance tie'ups% having agreements with I&I&I Bank% "ederal Bank% south Indian Bank% Bank of India% 4ord =rishna Bank and some co'operative banks% as well as over /2? corporate agents and brokers It has also tied up with organiFations like 1han for distribution of salaam Nindagi% a policy for the socially and economically underprivileged sections of society I&I&I prudential has recruited and trained about <?%??? insurance Advisors to interface with and advice customers "urther% it leverages its state'of'the'art I# infrastructure to provide superior Juality of service to customer
*RODUCTS ? -aving plans ? &hild plan ? (rotection plan ? 0etirement plan I&I&I prudential life insurance offers a range of innovative% customer'centric products that meet the ends of customer at every life stage Its 3? products can be ,nhanced with up to 2 riders% to create a customiFed solution for each policyholder Sa.ings S /uti ns • -ecure plus is a transparent and feature'packed savings plan that offers 6 levels of protection • &ash plus is a transparent% feature'packed savings plan that offers 6 levels of protection as well as liJuidity options • -ave and protect is a traditional endowment savings plan that offers life protection along with adeJuate returns • Invest -hield !old is a Market linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms *r tecti n $/an: Le all hope to live a full life till a ripe old ageO to ensure our childernAs sustenance and healthy growth But if a sudden disability or illness strikesP Besides the grief and the plan% such an event also completely disrupts life for all the people who are financially dependent on us *ur life insurance policies offer a comprehensive range of protection benefits
? 4ife !uard' A low cost of high protection plan that offers protection over a specified period ? 0iders' Additional benefits that one can add on to the policy #he rider can be opted for at the time of talking the basic policy Additional premium is charged for each rider An insurance policy can be tailor made to provide protection to you and your loved ones If something were to happen to you% it can help. ? -afeguard your better half. ensure lifeAs continuity for your loved one ? 1ear and +ear ones. ensure your childrenAs education continues undisrupted ? Un for seen circumstances. bear the cost of fighting an illness% disability% etc
C"i/+ $/an: As a responsible parent% you will always ensure a hassle' free% successful life for your child ;owever% life is full of uncertainties and even the best laid plans go wrong ;ereAs how you give your child a /??I safe and assured tomorrow% whatever the uncertainties -mart kid child plans are designed to provide fle$ibility and to safeguard your childAs future education and lifestyle% taking all possibilities into account
(resenting -mart =id &hild plans 4eave nothing to chance -mart =id &hild plans offers three products. ? Unit'4inked 0egular (remium II ? Unit 4inked -ingle (remium II ? 0egular (remium -mart =id
Retire!ent */an: Most of you picture yourselves enjoying the fruits of labor after retirement% going on your dream vacation% or helping your childrenAs career take wing But do you realiFe that financing all this will most likely depend partly on your personal savingP Because personal savings and investment represent a significant source of retirement income for many people% you can never save too much &urrently you are at a stage where you are juggling many roles% as nurturing parents% dutiful caregivers to elders% supportive life partners% while trying to maintain a career It is too easy to get carried away handling and solving the day'to'day problems to not look into your retirement need It may also seem too far away to be of concern But a look at the issues below will make the need for some strategic planning at this stage amply clear #oday% thanks to a healthier lifestyle and advances in medicine% the average Indian lives longer #his makes the challenge of accumulating enough money for retirement even more difficult% since it may have to last longer Also% with the falling interest rate scenario and the raising costs of medical e$penses retirement means monetary uncertainty for most of us More so% because there is also the ever' persistent evil of inflation% which erodes your purchasing power #herefore% the message is simple'put time on your sides and start ,arly
Le% at I&I&I prudential life insurance believe in the philosophy of providing meaningful and comprehensive insurance solutions to plan your retirement *ur insurance are the most optional tools to plan your retirement because they give you safety% 4iJuidity% #a$ benefits% ;ealth cover and life protection and thus ensure that you are comprehensively covered I&I&I prudential presents 0etirement solutions that combine the best of investment and insurance #hese solutions are developed to ensure your peace of mind for the years to come -olutions that give you the power to maintain your lifestyle need for as long as you live 4ife #ime (ension II. A regular premium linked deferred pension plan that gives you the freedom to choose the amount of premium% and invest in market'linked funds% to generate potentially higher returns -ecure plus pension. A regular premium deferred pension plan that gives you the fle$ibility to choose between 6 levels of sum assured for the same level of total annual contribution 4ife 4ink (ension II. A single premium linked deferred pension plan that gives you the freedom to choose the amount of premium% and invest in market'linked funds% to generate potentially higher returns "orever 4ife. A regular premium deferred pension plan that helps you save for your retirement while providing you with life insurance protection 1epending on you specific need our retirement solutions give you the.
o (ower to choose the retirement date o (ower to choose the potential level o (ower to increase your investments o (ower to investment in a plan based on your priorities o (ower to receive you pension in < different ways o (ower to choose your annuity provider o (ower to add'on fle$ible riders at a nominal e$tra premium
MANAGEMENT 6 ar+ f Direct rs
#he I&I&I prudential 4ife Insurance &ompany 4imited Board comprises reputed people from the finance industry both from India and abroad Mr = : =amath% &hairman Mr Mark +orbom Mrs 4alita 1 !upta Mrs =alpana Morparia Mrs &handa =ochnar Mr =evin ;olmgren Mr M ( Modi Mr 0 +arayanan Ms -hikha -harma% Managing 1irector Manage!ent Tea! Ms -hikha -harama% Managing 1irector Mr -andeep Batra% &hief "inancial *fficer H &ompany secretary Mr -hubhro 9 Mitra% &hief K ;uman 0esources Mr (uneet +anda% ;ead'Investments
Ms Anita (ai% &hief Kcustomer -ervice and *peratio T3EORETCAL 4RAME WORK Mar8eting: Marketing is indeed an ancient art it has been practiced in one way or the other since the days of adam and eve Its emergency as a management discipline% however% is of relatively recent origin And with in this relatively short period% it has gained a great deal of importance and stature% in fact today most management thinkers and practitioners the world over% regarding marketing as the most important of all management function in any business Definiti n f Mar8eting:
9Marketing is a social and managerial process by which individuals and group obtain what they need and want through creating% offering and e$changing products of value with others: '*"i/i$ K t/er 9Marketing consist of all activities which a company adopts itself to itAs environment' creativity and profitability: 5R % C re% T"e Mar8eting c nce$ts: #he marketing concept was born out of the awareness that marketing starts with the determination of customer wants and ends with the satisfaction of those wants the concept puts the consumer both at the end of the business cycle It stipulates that any business should be organiFed around the marketing function% anticipating% stimulating and meeting customerAs reJuirements #he customer% not be corporation has to be the center of the business universe A business cannot succeed by sampling products and services that are not properly designed to serve
the needs of the customers It proclaims% Qthe entire business has to be seen from the point of view of the customerR
Mar8eting Researc": Marketing research is a dynamic subject it has a wide coverage including marketing studies relating to market product policies mean and methods etc Marketing research begins even when production is in the planning stage It is also continuous through out the lifetime of an enterprise It is thus a continuous operating although here may be some adhoc projects taken up for solving specific problems of enterprise Marketing research is the collection and interpretation facts that marketing to get production Mi$ efficiently in to the hands of customers Marketing research encompasses all information pertinent to this task It is the systematic objective and e$haustive search from and study of facts relevant to any problem in the field of marketing Definiti n f !ar8eting researc":
Marketing research is the systematic problem analysi analysis% model building and fact for the purpose of improved% model building and fact for the purpose of improved decision making and control in the marketing of goods and servicesR *"i/i$s 8 t/er QMarketing research serves two major functions% it provides information for decision making and it develops new knowledgeR 5R #ert 4er+er Nature an+ sc $e f !ar8eting researc":
Marketing research is of a comparatively recent origin even through it made a slow beginning its growth in a short span has been tremendous It has% in the course of development sophisticated methods and methodologies in the application of statistical and behavioral science concepts #he use of marketing research in consumer market is now reasonably wide spread It ascertains the position of the company in a specific industry It indicates the present and future trends of the industry and thus points out or the company affairs are to be managed It helps in the development and introduction of new products It offers guidance for improving the current products of the company It helps the effective of sales management It can reduce the risk involved in marketing decision
E/e!ents
f Mar8eting Researc":
Mar8eting Seg!entati n: It covers the aspects regarding siFe and nature of the marketing including e$port marketing% dividing the consumers in forms of their age% se$ and income It covers the economic aspects of marketing Sa/es searc": It relates to the problem of region variations in sales% fi$ing sales% priorities% Measurement of the effective of salesmen% evaluation of sales methods and incentives *r +uct researc": It relates to the analysis of the strength and weakness of e$isting product% product testing and problems relating to diversification% simplification% trading up and trading down
*ac8aging researc": In essence it is part of product research But recent development in packaging and its combination to advertising has led to it% to occupy in independent position of packaging #o know the impact and its response in the market has become an independent research field Advertising research. It undertakes a study releasing to the preparation of the advertisement copy% the media to be used and the measurement of advertising effectiveness ,$porting (rojections. #his research is intended to study the e$port potentials of the product 1emand (rojections. 1emand may be estimated in units or value terms and also% the overall growth rates in key market agreement are often estimated for better sales management -upply. Marketing research studies also similarly carries out or analysis of the supply side of the market It includes present supply structure -upply structure refers to the study of how companies operate in the market and how are sales distributed among themP -econdly study how differentiated are the products offered market share analysis for brand positioning of each brand% distribution channels adopted and method of selling% price charged and how they adopted and corporate image and capabilities% in other words it tries to ascertain how the competitors are defining their business in terms of consumer groups segments being pursued as reflection by their marketing mi$ portfolios Business ,conomic 0esearch. (roblems relating to input and output analysis% forecasting% price and profit analysis% preparation of break even charts are the main field of this research
4imitation of Marketing 0esearch. Marketing research is not an e$act science as it relates to consumers% it cannot be accepted as an e$act marketing research concerns primarily the consumer as a human being study human behavior precluded absolute mathematical accuracy (robable trends as the most can be indicated with in predetermined limits #his sets basic limitation to marketing research #he information gathered by marketing research reduces the risk involved in decisions Marketing research is very important in developing market strategies
O6;ECTI7ES O4 T3E STUDY
#he basic objective of this study is study to estimate the measuring brand image of I&I&I prudential life insurance #he estimation of brand image includes the e$isting customers % the non'users of the I&I&I prudential life insurance #he survey of the present customers of I&I&I prudential life insurance is carried out to estimate the levels of their satisfaction with regard to the service of the I&I&I prudential life insurance ad also to analyFe the shortcoming in the service of the I&I&I prudential life insurance% because the satisfactory levels of the customers using I&I&I prudential life insurance will reflect whether they continue to use or not #he survey of the people% who never used the service of I&I&I (rudential life insurance helps us to unhide the reasons for not using it ;ence measuring brand image of I&I&I prudential life insurance% is basically measured from two different points % retaining present customers %attracting 4ost customers by assuring Juality services and attracting new customers this service and in e$panding its market
LIMATIONS O4 T3E STUDY ? #he study was restricted to twin cities ? #he information given by the respondents may be biased ? -uggestions given at the end of the report are based on the information collected% which may not be accurate due to the changing perceptions of the consumers ? 1ue to time constraint more information could not be collected
? Analysis could not be drawn for the entire Juestionnaire
only specific Juestions have been analyFed and interpreted
RESULTS AND 4INDINGS
A0,A 9UB4I;I44-
1I-;U=; AM,,0(,# #A0+A=A +A!A0 ALA0,+,--5<I 72I 73I 78I U-A!, 2<I <<I <3I <5I (0,-,+# / -tisfactory / -tisfactory / -tisfactory / -tisfactory &U-#*M,04evel is 5?I 4evel is 7<I 4evel is 73I 4evel is 2>I -U0:,) 3 period of 3 &ustomers 3 customers 3 customers are i (roduct is want to pay want to increase new products 4ong premiums in the service of various ways the com%pany 6 the company should take care while (aying the sum assured or death benefit +*+ U-,0- (eople are / people want to 4ack of -U0:,) attracted to pay low awareness of the various premiums the company new DI&I&IE plans provided by the new companies
AWARENESS
90 PERCENTAGE 85 80 75 70 65
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
USAGE
70 PERCENTAGE 60 50 40 30 20 10 0
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
SATISFACTION
82 80 78 76 74 72 70 68 66 64 62
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
PERCENTAGE
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
AREA WISE DETAILS<;U6LI3ILLS=
AREA WISE DETAILS(JUBLIEEHILLS)
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<DILS3UK3NAGAR=
DILSHUKH NAGAR
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<AMEER*ET=
AMEERPET
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<TARNAKA=
TARNAKA
SATIS A!TI"# A$A%&#&SS 'SA(&
O7ER ANALYSIS
Lhen the analysis is carried out irrespective of the areas then the "ollowing are the results. a Awareness rate of I&I&I prudential life insurance company ltd Is around 52I b And the average rate of people using I&I&I prudential life insurance company ltd is <5I c Indicates that the service offered by it is good and to make it an e$cellent one% the I&I&I prudential life insurance company ltd should be in a constant pursuit of e$cellence to improve its service offered As stated earlier %only 2?I of the regular users are interviewed %still in the analysis the usage rates is found to be <5I this indicates that the usage rate is good #o increase the sales on the scale %the company has to take care of different problems facing by the present customers and problems encountered by the 4ost customers are also to taken care for not losing any more clients -teps are to be taken to attract the non'users of I&I&I prudential life insurance company ltd
SUGGESTIONS
/ #he company must increase the awareness of insurance 3 #he company should concentrate on intrest rates 6 #he company should introduce Juality products 8 #he company should decrease the premium of the products < #he company should concentrate on rural areas 2 whenever changes occur in the company it should inform to the customers 7 Lhile introducing the product the company should consider the middle level families 5 #he premiums should be collected in the form of cash instead of cheJue mode of payment > #he company should satisfy the customers by increasing their servic
>uesti nnaire
(A0#'A +ame *ccupation/ 1esignation Age Annual income . . . . (A0#'B &. 1o you think 4ife Insurance is ,ssential for every oneP D)/+E '. Are you a policy holderPD)/+E ). DaE Are you aware of I&I&I prudential life Insurance &o 4td PD)/+E DbE If yes% how you came to knowP DaE ,lectronic media DbE print media DcE "riends DdE *thers 8 Are you interested while watching the adsP yes/no < #he reason for opting the company. DaEbrand image DbE &onfidence of the company
DcE Attractive policies/benefits
DdE high returns
2 Lhat other companies are considered by you at the time of 1ecision. DaE 4I& prudential life DcE Ma$ +ew )ork ;1"&Dstandard lifeE DeE Birla -un life DbE I&I&I insurance DdE DfE *thers
7 what is the mode of paying your premiumP aE cash bE cheJue
5 ;ow do you feel about the service offered by I&I&I prudential life insurance ltdP aEgood dEnot known bEsatisfactory cEbad
BIB4I*!0A(
& MA0=,#I+! MA+A!,M,+# K(;I4(- =*#4,0
3 MA0=,0#I+! 0,-,A0&;
).*RINCI*LES O4 MARKETING
'! & B,0I ' (;I4(- =*#4,0
L,B-I#,-.
/ LLL irdaindia com 3 www iciciprulife com 6 www google com
doc_350159964.doc
Name: Date: (Signature)
ACKNOWLEDGEMENT A !ood start leads to a "ine end #he ideal way to begin documenting this project work would be to e$tend my earnest gratitude to everyone who has encouraged% motivated and guided me to make a fine effort for successful completion of this project I am very thankful to XXX% faculty of business management for guiding me throughout the project My sincere !ratitude to the &ollege Management for e$tending their co'operation for successful completion of my project A final word of thanks goes to my (arents% "riends and everyone else who made this project possible )our contributions have been most appreciated
&*+#,+#-+* +*. / 3 6 8 < 2 7 5 > /? // /3 /6 #*(I& I+#0*1U&#I*+ I+1U-#0) (0*"I4, &*M(A+) (0*"I4, *B9,&#I:, *" #;, -#U1) MA0=,#I+! 0,-,A0&; 0,-,A0&; M,#;*1*4*!) 4IMI#A#I*+- *" #;, -#U1) 0,-U4#- A+1 "I+1I+!!0A(;*:,0A44 A+4)-I-U!!,-#I*+@U,-#I*++AI0, BIB4I*!0A(
(A!, 2 5 /7 6/ 6> 8? 8/ 83 8> <? </ <6I+#0*1U&#I*+
#he study was undertaken to accomplish the assignment of measuring Brand image of I&I&I (rudential 4ife Insurance Insurance is a -ervice marketing% where every insurance company serves for customers In todayAs market there are many no of insurance companies% which are not up to% the e$pectations in terms of sales At present every insurance company will focus on increasing the sales% but no one will concentrate on customer satisfaction #here are few companies% which are leading the market with their brand image I&I&I is one of the leading insurance companies in private sector with brand image of I&I&I #he customer develops a set of brand belief about where each brand stands on each attributes or factors A set of belief about a brand makes up the brand image #he customer brand image will vary with further e$perience has filtered by the effects of selective perception% selective distortion and selective retention B"rom various products of I&I&I i e Banking% 4oans% Mutual funds% !eneral and 4ife insurance% web trade% the consumer can make up the brand image of I&I&I based on the services provided by the above said sections C Actually this project deals with the measuring of Brand image of I&I&I prudential 4ife Insurance in the terms of customersA satisfaction #he methodology adopted to achieve the above task is as follows
#he respondents are divided as the present customers% lost customers and the non'customers of I&I&I prudential life insurance company #he study includes the measure of satisfaction levels of the customers It also aim at the estimation of going back of lost customers #he research of the non'customers of I&I&I (rudential was aimed at measuring the inclination of them towards I&I&I
I+1U-#0) (0*"I4, 4ife insurance is a contract for payment of a sum of mo?ney to the person assured for Dor falling him/her% to the person entitled to receive the sameE on the happening of the event insured against usually the contract provides for the payments of an amount on the date of maturity or at the specified dates at periodic intervals or on unfortunate death% if it occurs earlier Among others things% the contract also provides for the payment of premium periodically to the corporation by the assured 4ife insurance is universally acknowledged to be an institution% which eliminates risk substituting certainly for uncertainty and comes to the timely aid of the family in the fortunate event of the death of the bread winner By and large% life insurance is civiliFationAs partial solution to financial uncertainties caused by untimely death 4ife insurance% in short% is concerned with two haFards that stand across the life path of every person #hat of dying prematurely living a dependent family to fend for it self and that too old without visible means of support
INDIAN INSURANCE INDUSTRY Insurance industry% as on / 8 3???% comprised mainly two playersG 4ife Insurers. 4ife Insurance &orporation of IndiaD4I&E !eneral Insurers. !eneral Insurance &orporation of IndiaD!I&E Dwith effect from 1ecA3???% a +ational 0einsureE G !I& has four subsidiary companies% namely Dwith effect from 1ecA3???% these subsidiaries have been de' linked from the parent company and made as independent insurance companies / #he oriental insurance company limited 3 #he new India insurance company limited 6 +ational insurance company limited 8 United insurance company limited
Life Insurance: - +* 0egistration company +umber ?/ /?/ Insurance
1ate of 0eg
+ame of the
36 /? 3???
;1"& -tandard 4ife &ompany 4td
?3 /?8 Insurance
/< // 3???
Ma$ new )ork 4ife &o 4td
?6 /?< Insurance
38 // 3???
I&I&I prudential 4ife &ompany 4td
?8 /?7 Mutual 4ife
/? ?/ 3??/
=otak Mahindra *ld Insurance 4td
?< /?> Insurance comp
6/ ?/ 3??/
Birla -un 4ife 4td
?2 //? Insurance ?7 /// company
/3 ?/ 3??/
#ata AI! 4ife &ompany 4td
6? ?6 3??/
-BI 4ife Insurance 4td
?5 //8 Insurance 4td ?> Insurnce //2
?3 ?5 3??/
I+! :ysya 4ife &ompany private
?6 ?5 3??/
Bajaj AllianF 4ife &ompany 4td
/? //7 Insurance
?2 ?5 3??/
Metlife India
GENERAL INSURANCE :
- +* 0egistration company +umber / /?3 -undaram Alliance company 4td 3 !eneral /?6
1ate of registration
+ame of the
36 /? 3???
0oyal Insurance
36 /? 3???
0eliance Insurance
company 4td 6 !eneral co 4td 8 !eneral /?5 33 ?/ 3??/ #A#A AI! Insurance company 4td < !eneral co 4td //6 ?3 ?< 3??/ Bajaj AllianF Insurance /?2 ?8 /3 3??? I""&* #okio Insurance
2 //< 4ombard !eneral co 4td
?6 ?5 3??/
I&I&I Insurance
)r. 3???'3??/. D"rom /st jan 3??/ to 1ec 3??3E Insurance Industry in this year% so far has < new entrantsG namely
Life Insurance:
S.NO.
registrati n Nu!#er &'&
Date
f registrati n
Na!e f t"e c !$an% AM* san!ar Life Insurance c .Lt+ A.i.a Life Insurance c .Lt+
&
().(&.'(('
'
&''
&,.(-.'(('
Genera/ Insurance: S.NO Registrati n Nu!#er &') Date f reg. Na!e f t"e c !$an%
&
&-.(0.'(('
C" /a! n+a/a! Genera/ Ins.c .Lt+ E2$ rt Cre+it Guarantee C r$ rati n Lt+. 3D4C5C"u## Genera/ Insurance C . Lt+.
'
&',
'0.(1.'(('
)
&'-
'0.(1.'(('
INSURANCE 6USINESS Insurance business is divided in to four classes. / 4ife Insurance 3 "ire Insurance 6 Marine Insurance 8 Miscellaneous Insurance 4ife Insurance transacts life insurance businessG !eneral Insurance transacts the rest +o composites are permitted as per law LEGISLATION Das on / 8 3???E. Insurance is a federal subject in India #he primary legislation that deals with insurance business in India is. Insurance act% />65% and Insurance 0egulatory H 1evelopment Authority Act% />>> INSURANCE *RODUCTS Das on / 8 3???E Dfor latest information get in touch with the current insurers'website Information of Insurance is provided at the webpage for insurersE. Life Insurance: (opular products. ,ndowment assurance DparticipatingE and Money back DparticipatingE More than 5?I of the life insurance business is from these products
Genera/ Insurance: "ire and Miscellaneous insurance business are predominant Motor vehicle insurance is compulsory #ariff advisory committee D#A&E lays down tariff rates for some of the general insurance products Dplease visit website of !I& for detailsE '((&:+ew products have been launched by life insurance #hese include linked products "or details% please visit the website of life insurance
COM*ANY *RO4ILE INTRODUCTION: I&I&I (rudential 4ife Insurance &ompany is a joint venture between I&I&I Bank% a premier financial powerhouse and (rudential plc% a leading international financial services group headJuartered in sector insurance companies to begin operation in 1ecember 3??? after receiving approval from Insurance 0egulatory 1evelopment AuthorityDI01AE I&I&I (rudentialAs eJuity base stands at 0- > 3< billon with I&I&I Bank and prudential plc holding 78I and 32I stake respectively In the financial year ended March 6/% 3??<%the company garnered 0- /<58 &ore and wrote nearly 2/<??? polices #he company has a network about <2??? advisorsG As well as 7 bank assurance and /<? corporate agent tie ups "or the post four years% I&I&I prudential has retained itAs position as the no / (rivate 4ife Insurer in the country% with a wide range of fle$ible products that meet the needs of the Indian customer at every step in life
7ISION
*ur vision. #o make I&I&I prudential the dominant 4ife and pensions player built on trust by world K class people and service #his we hope to achieve by. • Under the needs of customers and offering them superior products and services • 4everaging technology to service customers Juickly% efficiently and conveniently • 1eveloping and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policy holder • (roviding an enabling environment to foster growth and learning for our employees • And above all% building transparency in all our dealings #he success of the company will be founded in its unflinching commitment to < core values K Integrity% customer first% Boundary less% *wnership and passion ,ach of the values describe what the company stands for% the Jualities of our people and the way we work Le do believe that we are on the threshold of an e$citing new opportunity% where we can play a significant role in redefining and reshaping the sector !iven the Juality of our parentage and the commitment of our team% there are no limits to our growth
T3E COM*LETE 6ANK ICICI 6an8 I&I&I Bank D+)-,.IB+E is IndiaAs second largest bank with an asset base of 0- /?25/3 core I&I&I Bank provides a broad spectrum of financial services to individuals and companies #his includes mortgages% car and personal loans% credit and debit cards% corporate and agricultural finance #he Bank services growing customer base of more than 7 million customer accounts and < million bondholders accounts through a multi K channel access network #his includes about 8<? branches and e$tension counters% /27< A#Ms% call centers and internet banking Dwww icicibank comE I&I&I Bank posted a net profit of 0- /%3?2 core for the year ended March 6/% 3??6 I&I&I bank is the only Indian company to be rated above the country rating by the international rating agency MoodyAs and the only Indian company to be awarded an investment credit rating #he Bank enjoys the highest AAA Dor eJuivalentE rating from all leading Indian rating agencies
*ru+entia/ $/c ,stablished in /585% prudential plc is a leading international financial services company in the U=% with around U-M3<? billion funds under management% and more than /2 million customers worldwide (rudential has brought to market an integrated range of financial services products that now includes life assurance% pensions% mutual funds% banking% investment management and general insurance In Asia% prudential is U=As
largest life insurance company with a vast2 network of 33 life and mutual fund operations in twelve countries K &hina% ;ongkong% India% Indonesia% 9apan% =orea% Malaysia% (hilippines% -ingapore% #aiwan% #hailand and :ietnam -ince />36% prudential has championed customer K centric products and services% supported by over 2?%??? staff and agents across the region
Distri#uti n: I&I&I prudential has one of the largest distribution networks amongst private life insurance in India% having commenced operations in 2> cities and towns in India% they are Agra% Ahmadabad% Ajmer% Alahabad% Amrutsar% Aurangabad% Bangalore% Bareilly% Bhatinda% Bhopal% Bhuvaneshwar% calicut% chandigarh% &hennai% coimbatore% 1ehradun% 1urgapur% "aridabad% !oa% !untur% !urgoan% !uwahati% ;yderabad% ;ubli% Indore% 9aipur% 9alandhar% 9amnagar% 9amshedpur% 9odhpur% =anpur% =arnal% =ochi% =olkata% =olhapur% =ota% =ottyam% 4ucknow% 4udhiana% Madurai% Mangalore% Meerut% Mumbai% Mysore% +agpur% +asik% +odia% +ew 1elhi% (atiala% (une% 0aipur% 0ajkot% 0anchi% 0ourkela% -imla% -iliguri% -urat% #hane% #hrissur% #richy% #rivandrum% Udaipur% :adodara% :api% :aranasi% :ashi% :ijayawada and :iFag #he company has seven bank assurance tie'ups% having agreements with I&I&I Bank% "ederal Bank% south Indian Bank% Bank of India% 4ord =rishna Bank and some co'operative banks% as well as over /2? corporate agents and brokers It has also tied up with organiFations like 1han for distribution of salaam Nindagi% a policy for the socially and economically underprivileged sections of society I&I&I prudential has recruited and trained about <?%??? insurance Advisors to interface with and advice customers "urther% it leverages its state'of'the'art I# infrastructure to provide superior Juality of service to customer
*RODUCTS ? -aving plans ? &hild plan ? (rotection plan ? 0etirement plan I&I&I prudential life insurance offers a range of innovative% customer'centric products that meet the ends of customer at every life stage Its 3? products can be ,nhanced with up to 2 riders% to create a customiFed solution for each policyholder Sa.ings S /uti ns • -ecure plus is a transparent and feature'packed savings plan that offers 6 levels of protection • &ash plus is a transparent% feature'packed savings plan that offers 6 levels of protection as well as liJuidity options • -ave and protect is a traditional endowment savings plan that offers life protection along with adeJuate returns • Invest -hield !old is a Market linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms *r tecti n $/an: Le all hope to live a full life till a ripe old ageO to ensure our childernAs sustenance and healthy growth But if a sudden disability or illness strikesP Besides the grief and the plan% such an event also completely disrupts life for all the people who are financially dependent on us *ur life insurance policies offer a comprehensive range of protection benefits
? 4ife !uard' A low cost of high protection plan that offers protection over a specified period ? 0iders' Additional benefits that one can add on to the policy #he rider can be opted for at the time of talking the basic policy Additional premium is charged for each rider An insurance policy can be tailor made to provide protection to you and your loved ones If something were to happen to you% it can help. ? -afeguard your better half. ensure lifeAs continuity for your loved one ? 1ear and +ear ones. ensure your childrenAs education continues undisrupted ? Un for seen circumstances. bear the cost of fighting an illness% disability% etc
C"i/+ $/an: As a responsible parent% you will always ensure a hassle' free% successful life for your child ;owever% life is full of uncertainties and even the best laid plans go wrong ;ereAs how you give your child a /??I safe and assured tomorrow% whatever the uncertainties -mart kid child plans are designed to provide fle$ibility and to safeguard your childAs future education and lifestyle% taking all possibilities into account
(resenting -mart =id &hild plans 4eave nothing to chance -mart =id &hild plans offers three products. ? Unit'4inked 0egular (remium II ? Unit 4inked -ingle (remium II ? 0egular (remium -mart =id
Retire!ent */an: Most of you picture yourselves enjoying the fruits of labor after retirement% going on your dream vacation% or helping your childrenAs career take wing But do you realiFe that financing all this will most likely depend partly on your personal savingP Because personal savings and investment represent a significant source of retirement income for many people% you can never save too much &urrently you are at a stage where you are juggling many roles% as nurturing parents% dutiful caregivers to elders% supportive life partners% while trying to maintain a career It is too easy to get carried away handling and solving the day'to'day problems to not look into your retirement need It may also seem too far away to be of concern But a look at the issues below will make the need for some strategic planning at this stage amply clear #oday% thanks to a healthier lifestyle and advances in medicine% the average Indian lives longer #his makes the challenge of accumulating enough money for retirement even more difficult% since it may have to last longer Also% with the falling interest rate scenario and the raising costs of medical e$penses retirement means monetary uncertainty for most of us More so% because there is also the ever' persistent evil of inflation% which erodes your purchasing power #herefore% the message is simple'put time on your sides and start ,arly
Le% at I&I&I prudential life insurance believe in the philosophy of providing meaningful and comprehensive insurance solutions to plan your retirement *ur insurance are the most optional tools to plan your retirement because they give you safety% 4iJuidity% #a$ benefits% ;ealth cover and life protection and thus ensure that you are comprehensively covered I&I&I prudential presents 0etirement solutions that combine the best of investment and insurance #hese solutions are developed to ensure your peace of mind for the years to come -olutions that give you the power to maintain your lifestyle need for as long as you live 4ife #ime (ension II. A regular premium linked deferred pension plan that gives you the freedom to choose the amount of premium% and invest in market'linked funds% to generate potentially higher returns -ecure plus pension. A regular premium deferred pension plan that gives you the fle$ibility to choose between 6 levels of sum assured for the same level of total annual contribution 4ife 4ink (ension II. A single premium linked deferred pension plan that gives you the freedom to choose the amount of premium% and invest in market'linked funds% to generate potentially higher returns "orever 4ife. A regular premium deferred pension plan that helps you save for your retirement while providing you with life insurance protection 1epending on you specific need our retirement solutions give you the.
o (ower to choose the retirement date o (ower to choose the potential level o (ower to increase your investments o (ower to investment in a plan based on your priorities o (ower to receive you pension in < different ways o (ower to choose your annuity provider o (ower to add'on fle$ible riders at a nominal e$tra premium
MANAGEMENT 6 ar+ f Direct rs
#he I&I&I prudential 4ife Insurance &ompany 4imited Board comprises reputed people from the finance industry both from India and abroad Mr = : =amath% &hairman Mr Mark +orbom Mrs 4alita 1 !upta Mrs =alpana Morparia Mrs &handa =ochnar Mr =evin ;olmgren Mr M ( Modi Mr 0 +arayanan Ms -hikha -harma% Managing 1irector Manage!ent Tea! Ms -hikha -harama% Managing 1irector Mr -andeep Batra% &hief "inancial *fficer H &ompany secretary Mr -hubhro 9 Mitra% &hief K ;uman 0esources Mr (uneet +anda% ;ead'Investments
Ms Anita (ai% &hief Kcustomer -ervice and *peratio T3EORETCAL 4RAME WORK Mar8eting: Marketing is indeed an ancient art it has been practiced in one way or the other since the days of adam and eve Its emergency as a management discipline% however% is of relatively recent origin And with in this relatively short period% it has gained a great deal of importance and stature% in fact today most management thinkers and practitioners the world over% regarding marketing as the most important of all management function in any business Definiti n f Mar8eting:
9Marketing is a social and managerial process by which individuals and group obtain what they need and want through creating% offering and e$changing products of value with others: '*"i/i$ K t/er 9Marketing consist of all activities which a company adopts itself to itAs environment' creativity and profitability: 5R % C re% T"e Mar8eting c nce$ts: #he marketing concept was born out of the awareness that marketing starts with the determination of customer wants and ends with the satisfaction of those wants the concept puts the consumer both at the end of the business cycle It stipulates that any business should be organiFed around the marketing function% anticipating% stimulating and meeting customerAs reJuirements #he customer% not be corporation has to be the center of the business universe A business cannot succeed by sampling products and services that are not properly designed to serve
the needs of the customers It proclaims% Qthe entire business has to be seen from the point of view of the customerR
Mar8eting Researc": Marketing research is a dynamic subject it has a wide coverage including marketing studies relating to market product policies mean and methods etc Marketing research begins even when production is in the planning stage It is also continuous through out the lifetime of an enterprise It is thus a continuous operating although here may be some adhoc projects taken up for solving specific problems of enterprise Marketing research is the collection and interpretation facts that marketing to get production Mi$ efficiently in to the hands of customers Marketing research encompasses all information pertinent to this task It is the systematic objective and e$haustive search from and study of facts relevant to any problem in the field of marketing Definiti n f !ar8eting researc":
Marketing research is the systematic problem analysi analysis% model building and fact for the purpose of improved% model building and fact for the purpose of improved decision making and control in the marketing of goods and servicesR *"i/i$s 8 t/er QMarketing research serves two major functions% it provides information for decision making and it develops new knowledgeR 5R #ert 4er+er Nature an+ sc $e f !ar8eting researc":
Marketing research is of a comparatively recent origin even through it made a slow beginning its growth in a short span has been tremendous It has% in the course of development sophisticated methods and methodologies in the application of statistical and behavioral science concepts #he use of marketing research in consumer market is now reasonably wide spread It ascertains the position of the company in a specific industry It indicates the present and future trends of the industry and thus points out or the company affairs are to be managed It helps in the development and introduction of new products It offers guidance for improving the current products of the company It helps the effective of sales management It can reduce the risk involved in marketing decision
E/e!ents
f Mar8eting Researc":
Mar8eting Seg!entati n: It covers the aspects regarding siFe and nature of the marketing including e$port marketing% dividing the consumers in forms of their age% se$ and income It covers the economic aspects of marketing Sa/es searc": It relates to the problem of region variations in sales% fi$ing sales% priorities% Measurement of the effective of salesmen% evaluation of sales methods and incentives *r +uct researc": It relates to the analysis of the strength and weakness of e$isting product% product testing and problems relating to diversification% simplification% trading up and trading down
*ac8aging researc": In essence it is part of product research But recent development in packaging and its combination to advertising has led to it% to occupy in independent position of packaging #o know the impact and its response in the market has become an independent research field Advertising research. It undertakes a study releasing to the preparation of the advertisement copy% the media to be used and the measurement of advertising effectiveness ,$porting (rojections. #his research is intended to study the e$port potentials of the product 1emand (rojections. 1emand may be estimated in units or value terms and also% the overall growth rates in key market agreement are often estimated for better sales management -upply. Marketing research studies also similarly carries out or analysis of the supply side of the market It includes present supply structure -upply structure refers to the study of how companies operate in the market and how are sales distributed among themP -econdly study how differentiated are the products offered market share analysis for brand positioning of each brand% distribution channels adopted and method of selling% price charged and how they adopted and corporate image and capabilities% in other words it tries to ascertain how the competitors are defining their business in terms of consumer groups segments being pursued as reflection by their marketing mi$ portfolios Business ,conomic 0esearch. (roblems relating to input and output analysis% forecasting% price and profit analysis% preparation of break even charts are the main field of this research
4imitation of Marketing 0esearch. Marketing research is not an e$act science as it relates to consumers% it cannot be accepted as an e$act marketing research concerns primarily the consumer as a human being study human behavior precluded absolute mathematical accuracy (robable trends as the most can be indicated with in predetermined limits #his sets basic limitation to marketing research #he information gathered by marketing research reduces the risk involved in decisions Marketing research is very important in developing market strategies
O6;ECTI7ES O4 T3E STUDY
#he basic objective of this study is study to estimate the measuring brand image of I&I&I prudential life insurance #he estimation of brand image includes the e$isting customers % the non'users of the I&I&I prudential life insurance #he survey of the present customers of I&I&I prudential life insurance is carried out to estimate the levels of their satisfaction with regard to the service of the I&I&I prudential life insurance ad also to analyFe the shortcoming in the service of the I&I&I prudential life insurance% because the satisfactory levels of the customers using I&I&I prudential life insurance will reflect whether they continue to use or not #he survey of the people% who never used the service of I&I&I (rudential life insurance helps us to unhide the reasons for not using it ;ence measuring brand image of I&I&I prudential life insurance% is basically measured from two different points % retaining present customers %attracting 4ost customers by assuring Juality services and attracting new customers this service and in e$panding its market
LIMATIONS O4 T3E STUDY ? #he study was restricted to twin cities ? #he information given by the respondents may be biased ? -uggestions given at the end of the report are based on the information collected% which may not be accurate due to the changing perceptions of the consumers ? 1ue to time constraint more information could not be collected
? Analysis could not be drawn for the entire Juestionnaire
only specific Juestions have been analyFed and interpreted
RESULTS AND 4INDINGS
A0,A 9UB4I;I44-
1I-;U=; AM,,0(,# #A0+A=A +A!A0 ALA0,+,--5<I 72I 73I 78I U-A!, 2<I <<I <3I <5I (0,-,+# / -tisfactory / -tisfactory / -tisfactory / -tisfactory &U-#*M,04evel is 5?I 4evel is 7<I 4evel is 73I 4evel is 2>I -U0:,) 3 period of 3 &ustomers 3 customers 3 customers are i (roduct is want to pay want to increase new products 4ong premiums in the service of various ways the com%pany 6 the company should take care while (aying the sum assured or death benefit +*+ U-,0- (eople are / people want to 4ack of -U0:,) attracted to pay low awareness of the various premiums the company new DI&I&IE plans provided by the new companies
AWARENESS
90 PERCENTAGE 85 80 75 70 65
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
USAGE
70 PERCENTAGE 60 50 40 30 20 10 0
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
SATISFACTION
82 80 78 76 74 72 70 68 66 64 62
ju bl ie eh ills ee rp et ta rn ak a hu kh na g ar
PERCENTAGE
jublieehills ameerpet tarnaka dilshukhnagar
am
AREA
di ls
AREA WISE DETAILS<;U6LI3ILLS=
AREA WISE DETAILS(JUBLIEEHILLS)
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<DILS3UK3NAGAR=
DILSHUKH NAGAR
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<AMEER*ET=
AMEERPET
SATIS A!TI"# A$A%&#&SS 'SA(&
AREA WISE DETAILS<TARNAKA=
TARNAKA
SATIS A!TI"# A$A%&#&SS 'SA(&
O7ER ANALYSIS
Lhen the analysis is carried out irrespective of the areas then the "ollowing are the results. a Awareness rate of I&I&I prudential life insurance company ltd Is around 52I b And the average rate of people using I&I&I prudential life insurance company ltd is <5I c Indicates that the service offered by it is good and to make it an e$cellent one% the I&I&I prudential life insurance company ltd should be in a constant pursuit of e$cellence to improve its service offered As stated earlier %only 2?I of the regular users are interviewed %still in the analysis the usage rates is found to be <5I this indicates that the usage rate is good #o increase the sales on the scale %the company has to take care of different problems facing by the present customers and problems encountered by the 4ost customers are also to taken care for not losing any more clients -teps are to be taken to attract the non'users of I&I&I prudential life insurance company ltd
SUGGESTIONS
/ #he company must increase the awareness of insurance 3 #he company should concentrate on intrest rates 6 #he company should introduce Juality products 8 #he company should decrease the premium of the products < #he company should concentrate on rural areas 2 whenever changes occur in the company it should inform to the customers 7 Lhile introducing the product the company should consider the middle level families 5 #he premiums should be collected in the form of cash instead of cheJue mode of payment > #he company should satisfy the customers by increasing their servic
>uesti nnaire
(A0#'A +ame *ccupation/ 1esignation Age Annual income . . . . (A0#'B &. 1o you think 4ife Insurance is ,ssential for every oneP D)/+E '. Are you a policy holderPD)/+E ). DaE Are you aware of I&I&I prudential life Insurance &o 4td PD)/+E DbE If yes% how you came to knowP DaE ,lectronic media DbE print media DcE "riends DdE *thers 8 Are you interested while watching the adsP yes/no < #he reason for opting the company. DaEbrand image DbE &onfidence of the company
DcE Attractive policies/benefits
DdE high returns
2 Lhat other companies are considered by you at the time of 1ecision. DaE 4I& prudential life DcE Ma$ +ew )ork ;1"&Dstandard lifeE DeE Birla -un life DbE I&I&I insurance DdE DfE *thers
7 what is the mode of paying your premiumP aE cash bE cheJue
5 ;ow do you feel about the service offered by I&I&I prudential life insurance ltdP aEgood dEnot known bEsatisfactory cEbad
BIB4I*!0A(
& MA0=,#I+! MA+A!,M,+# K(;I4(- =*#4,0
3 MA0=,0#I+! 0,-,A0&;
).*RINCI*LES O4 MARKETING
'! & B,0I ' (;I4(- =*#4,0
L,B-I#,-.
/ LLL irdaindia com 3 www iciciprulife com 6 www google com
doc_350159964.doc