Amandeep Singh Customer Satisfaction

8/7/2019 Amandeep Singh Customer Satisfaction

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welcome


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On

Customer SatisfactionSubmitted to Submitted By:

Mr. Harshdeep Singh Amandeep Singh

MBA 3 rd Sem.


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INSURANCE INDUSTRY

The insurance industry provides protection againstfinancial losses resulting from a variety of perils. Bypurchasing insurance policies, individuals andbusinesses can receive reimbursement for lossesdue to car accidents, theft of property, and fire andstorm damage; medical expenses; and loss of

income due to disability or death.The insurance industry also includes a number of independent organizations that provide a wide arrayof insurance-related services to carriers and their clients. One such service is the processing of claimsforms for medical practitioners. Other servicesinclude loss prevention and risk management. Also,insurance companies sometimes hire independentclaims adjusters to investigate accidents and claimsfor property damage and to assign a dollar estimateto the claim.


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ICICI Prudential Life Insurance Company is a joint venture betweenICICI Bank - one of India's foremost financial services companies-and

Prudential plc - a leading international financial services groupheadquartered in the United Kingdom. Total capital infusion stands atRs. 47.8 billion, with ICICI Bank holding a stake of 74% and Prudential plcholding 26%.

We began our operations in December 2000 after receiving approval

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

ICICI Prudential is the first life insurer in India to receive a NationalInsurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three

years in a row, ICICI Prudential has been voted as India's Most TrustedPrivate Life Insurer, by The Economic Times - AC Nielsen ORG Margsurvey of 'Most Trusted Brands'. As we grow our distribution, productrange and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers allover India.

ICICI Prudential Life Insurance


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THE INSURANCE REGULATORYAND DEVELOPMENT AUTHORITY (IRDA)

Reforms in the Insurance sector were initiated with thepassage of the IRDA Bill in Parliament in December 1999. TheIRDA since its incorporation as a statutory body in April 2000has fastidiously stuck to its schedule of framing regulationsand registering the private sector insurance companies.

The other decisions taken simultaneously to provide thesupporting systems to the insurance sector and in particular

the life insurance companies were the launch of the IRDAsonline service for issue and renewal of licenses to agents.The approval of institutions for imparting training to

agents has also ensured that the insurance companies wouldhave a trained workforce of insurance agents in place to selltheir products, which are expected to be introduced by earlynext year.

Since being set up as an independent statutory body theIRDA has put in a framework of globally compatibleregulations. In the private sector 12 life insurance and 6general insurance companies have been registered.


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Board of Directors

Mr. K.V. Kamath, Chairman

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

Management Team

Ms. Shikha Sharma , Managing Director & CEOMr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President Customer Service & TechnologyDr. Avijit Chatterjee, Appointed Actuary


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PRODUCT PROFILE

Insurance Solutions for IndividualsIC IC I Prudential Life Insurance offers a range of innovative, customer-centric products that meet

the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, tocreate a customized solution for each policyholder.

Education SolutionsSmartKid New ULRP provides guaranteed educational benefits to a child along with life insurancecover for the parent who purchases the policy. The policy is designed to provide money atimportant milestones in the child's life. SmartKid plans are also available in traditional form.

Health SolutionsHealth Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the

actual medical expenses. Health Assure Plus offers the added advantage of an equivalent lifeinsurance cover.

Retirement SolutionsForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 yearsand then declares bonuses annually.

Savings & Wealth Creation SolutionsSave'n'Protect is a traditional endowment savings plan that offers life protection along withadequate returns.CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child'smarriage, expenses for a child's higher education or purchase of an asset. It is available for terms of 15 and 20 years.

Group Insurance SolutionsIC IC I Prudential Life also offers Group Insurance Solutions for companies seeking to enhance

benefits to their employees.


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Surrender:W hen a customer wants to discontinue with the policy.

Stages in Policy Issuance

P roposalA Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application formis received by COPS, but it is pending for issuance due to further clarifications required from thecustomer.

LoginA proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted bythe Branch ops, is called a Login

RejectAn Application gets rejected at the Branch Ops level due to necessary details not filled in the form or

necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion.

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

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

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

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

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


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SWOT ANALYSIS

STRENGTHS:IC IC I Prudential is the largest private player in India, with a market share of around 36% amongst theprivate players

IC IC I Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highestamong all the life insurance company in India where as L IC has deposited Rs 60 crore so far.IC IC I Prudential is the first company to introduce unit link life insurance and pension products.Presently the maximum numbers of ranges are under UL IP life insurance, investment as well aspension plan.ProductsFlexibility to switch your fund value at your own discretion four times a year viz. maximizer, protector,balancer, preserver.

Greater transparency-policy holder knows what is happening to his money and where the company hasinvested his money.Liquidity options-you can make complete or partial withdrawals any time after 3 years.Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:Industry in nascent stage.Rural areas still not covered.

Not very known among Indian population.Lack of credibility among the people because IC IC I being a private player.Premiums are high as compared to its competitors.Very few branches in the country.Products:

1. The policy doesnt have the surrender option before third year.2. Plan does not offer any guarantee or assured return.3. Mortality, management and administrative charges are sky

scrapping as compared to its competitors.


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OPPORTUNITIESLiberalization of Indian economy.

As the industry is growing the whole market is virgin.The whole private sector is opened to be trapped even though the competition is fierce from

government owned insurance companies.Its a volume business that is even if the company has few good corporates the turnover cease to

increase by manifold.Products:Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike

in short-term rate by RB I.Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore

higher economic growth.

THREATSThe government players will become aggressive thus growth is going to be tough.Entry of other players is not ruled out.

Apprehension towards IC IC I Prudential being a private life insurance company.W e expect the industry to rationalize in future that is mergers and acquisitions will happen, which will

impact the industry and IC IC I Prudential fortunes.Products:1 Past performance of these plans is not indicative of the future performance of the plan.2. The sum invested in the funds is subject to market risks and there can be no assurance that the

objective of plan will be achieved.3. All benefits payable under the policy are subject to tax laws and other financial enactment, as

they exist from time to time.


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CUSTOMER SATISFACTION

Customer satisfaction refers to how satisfied customers arewith the products or services they receive from a particular agency. The level of satisfaction is determined not only by thequality and type of customer experience but also by thecustomers expectations has a direct relationship with, or isdirectly affected by your agency and receives or relies on one

or more of you. A customer may be defined as someone whoragencys services or products.Customers in human services are commonly referred to asservice users, consumers or clients. They can be individuals or groups. An organisation with a strong customer service cultureplaces the customer at the centre of service design, planningand service delivery. Customer centric organisations willdetermine the customers expectations when they plan listen tothe customer as they design focus on the delivery of customer service activities. Value customer feedback when they measureperformance.


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There are a number of reasons why customer satisfaction is

important in Insurance Sector:Meeting the needs of the customer is the underlyingrationale for the existence of community serviceorganizations. Customers have a right to quality servicesthat deliver outcomes.

Organizations that strive beyond minimum standards andexceed the expectations of their customers are likely to beleaders in their sector.Customers are recognized as key partners in shapingservice development and assessing quality of servicedelivery.The process for measuring customer satisfaction andobtaining feedback on organizational performance arevaluable tools for quality and continuous service

improvement.

Need of Customer Satisfaction


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OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on Customer satisfaction survey oninsurance products of ICICI PRUDENTIAL throughthis I am able to get the different Life Insurance

Policies and their products.Other objectives of this project are as follows:To identify the insurance needs of the Indianpopulation with respect to their emotional, physicaland financial conditions.Comparative study of various insurance players inthe marketTo study the varied reasons of availing life insuranceplans


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RESEARCH METHODOLOGY


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RESEARCH METHODOLOGY


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Sampling Technique Used:This research has used convenience sampling technique.1) Convenience sampling technique:

Convenience sampling is used in exploratory research where theresearcher is interested in getting an inexpensive approximation

of the truth. As the name implies, the sample is selected because theyare convenient

2) Selection of Sample Size:For the survey, a sample size of 50 has been taken into

consideration.3) Sources of Data Collection:

Research will be based on two sources:1. P rimary data2. Secondary data

1) P rimary Data: Questionnaire: P rimary data was collected bypreparing questionnaire for customers. The questionnaire was filledthrough telephonic research.

2) Secondary Data: Secondary data will consist of differentliteratures like books which are published, articles, internet , thecompany manuals and websites of company-www.iciciprulife.com.

Statistical Tools UsedThe main statistical tools used for the collection and analyses of data in this project are:

1 Questionnaire2 Pie Charts3 Bar Diagrams


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Data Analysis & Findings


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Q 1. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%

No 19 38%

T otal 50 100%

D t t r r

Yes

62%

N%

Yes

N

After collecting the data of 50 respondents I find that 62% people areinsured and yet 38% people to be insured.


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Q 2. Are you satisfied with your current insurer?


Yes 41 82%

No 9 18%

T otal 50 100%

ata a out satisfcation of currentnsurance an.

Yes

82%

No

18%

Yes

No


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Q3 . Which one is your favored insurance company?

C ompany No. of Respondents Percentage

LI C 24 48%

IC IC I 7 14%

HDF C 5 10%

Birla Sun Life 4 8%

Bajaj Allianz 4 8%

Others 6 12%

T otal 50 100%

0

0.1

0.2

0.3

0.4

0.5

0.6

LIC ICICI HDFC Birla Sun Bajaj Allianz

Others

Insurance companies

S h a r e

i n


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Q 4. Are you interested in the products offered by ICICI Prudential ?


Yes 30 60%

No 12 24%

C ant Say 8 16%

T otal 50 100%

No. of Respondents

3012

8

Yes

No

Can't Say


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Q 5. What is your main concern while taking an insurance policy ?


T ax Benefit 20 40%

Security 16 32%

Investments/Savings 14 28%

T otal 50 100%

2016 14

0

5

10

15

20

25

T a x B

e n e f i t

S e c u

r i t y

I n v e s

t m e n

t / S a v

i n g s

N o . o

f R e s p o n d e n t s

Series1


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

Rating No. of Respondents Percentage

1 9 18%

2 9 18%

3 8 16%

4 10 20%

5 14 28%

T otal 50 100%

atisfaction a out polcy finacialneed

Rating 4,20% Rating 3,

16%

Rating 2,18%

Rating 1,18%Rating 5,

28% Rating 1Rating 2Rating 3Rating 4Rating 5


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Q 7. Please express your opinion for the premiums paid for the above policy?


Very High 14 28%

High 11 22%

Moderate 13 26%

Low 8 16%

Very Low 4 8%

Total 50 100%

No. of Respondents

14

1113

8

4

Very HighHigh

Moderate

Low

Very Low


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Q 8. How do you come to know about this policy?


Advertisements 10 20%

Friends and Relatives 12 24%

Direct Selling Agents 21 42%

Others 7 14%

T otal 50 100%

No. of Respondents

10

1221

7

Advertisements

Friends and Relatives

Direct Selling Agents

Others


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Q 9. Are you satisfied with the incentives (tax benefits or Bonuses) associatedwith your policy?

Rating No. of Respondents Percentage

Highly satisfied 9 18%Satisfied 12 24%

Moderate 10 20%

Unsatisfied 11 22%

Highly Unsatisfied 8 16%

T otal 50 100%

No. of Respondents

9

12

10

11

8

Highly Satisfied

Satisfied

Moderate

Unsatisfied

Highly Unsatisfied


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Q 10. According to you, in what areas should the insurancecompanies work upon?


Easy Procedures 14 28%

Fewer premiums 10 20%

More Returns 9 18%

T ransparency 17 34%

T otal 50 100%

14

10 9

17

0

2

4

6

8

10

12

14

16

18

Easy Returns Fewer premiums

More Returns Transperancy

N o .

o f R e s p o n

d e n

t

Series1


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Q 11. Do You think that services have improved after allowing privateplayers in insurance sector ?

Particulars No. of Respondents Percen

tageYes 40 80%

No 10 20%

T otal 50 100%

80%

20%

Ye s


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According to my survey the noteworthy points are:1. Most of the people buy life insurance as just a tax

benefit tool or as a life cover while only a few of the respondent take it as a saving option. Thereason for this is lack of knowledge of insurancebenefits among the people.

2. A Majority of the respondent buy insurance

products because of the need reason while rest of the respondents buy for the brand purpose.3. A Majority of the people come to know about the

policies from the Direct Selling Agents.4. A Majority of the people are satisfied by the

incentives associated with their policies.

5. Most of the respondents are satisfied by theservices offered by there insurance company.

6. Most of the respondents want more Transparency.7. I find that 48% people like LIC, 14% people like

ICICI, 10% people like HDFC, 8% people likeBIRLA SUN LIFE, and 12% people like otherinsurance companies.

FINDINGS


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Due to the following unavoidable anduncontrollable factors the factors,the resultmight not be accurate. Some of the problemsfaced while conducting the survey are asfollows:-1. Time and cost constraints were also there.2. Chances of some biasness could not be

eliminated.3. A Samples size of fifty has been use due to

time limitations.4. A majority of respondents show lack of cooperation and are biased towards theirown opinions.

Limitations of Study


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The study has provided with the useful data from therespondents. There has a lot to be recommended.Following are the recommendations:

1. There is a need for better promotion for theinvestment products & services. The bank should

advertise its products through television because itwill reach to the masses.2. More returns should be provided on Insurance plans.3. As the bank provides the Insurance facility to its

customers. It should provide this facility by tie upwith the other Insurance organizations as well. The

main reason is that, the entire customers do not wantInsurance of only one company. They should havechoice while selecting a suitable Insurance plans. Thiswill definitely add to the goodwill & profit for thebank.

SUGGESTIONS


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After overhauling the all situation that boosted a numberof P vt. Companies associated with multinational in theInsurance Sector to give befitting competition to theestablished behemoth ICICI in private sector, we come atthe conclusion that

There are very tough competition among the privateinsurance companies on the level of new trend of advertising to lull a major part of Customers.

ICICI is not left behind in the present race of advertisement.

The entry of more P vt. players in the Insurance Sectorhave expanded the product segment to meet thedifferent level of the requirement of the customers. Ithas brought about greater choice to the customers.

ICICI has vast market and very firm grip on itstraditional customers and monopoly of life insuranceproducts..

IRDA, is also playing very comprehensive role byregulating norms mandating to private players in thissector, that increases the confidence level of the customers

to the private players.

CONCLUSION


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Amandeep Singh Customer Satisfaction

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