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  • 1. A Project Report At CUSTOMER AWARENESS ABOUT ICICI LOMBARDA Project Report submitted in partial fulfillment of the requirements for the award of the degree ofBACHOLOR OF BUSINESS MANAGEMENTRavindar Nath Tagore PG College kapasan

2. COLLEGE CERTIFICATE This is to certify that Mr. SHABIR AHMAD BHAT has satisfactorily completed the project work at entitled CUSTOMER AWARENESS ABOUT ICICI LOMBAR , under the guidance based on the declaration made by the candidate and my association as guide for carrying out this work; I recommend this project report for evaluation as a partial requirement of the BBM of R.N.T PG College Kapasan Affiliated to Mohan Lal Sukhadia University, Udaipur Rajasthan . DATE: PG College Kapasan DATELecturer . Sonal Trevadi R.N.T (Project Guide) Dr.Vaseem Khan (Managing Director) 3. PREFACE A man without practical knowledge is just like a rough diamond. To shine like a real diamond one must have practical exposure of what he has learnt. For the management students, theoretical knowledge is just like lock without key, so practical knowledge is of utmost importance. It is quite true that world outside; your cozy home is many times quite different from what you have perceived. Similarly it is possible that theoretical knowledge acquired in the classroom may differ from the practical knowledge. As a curriculum part of B.B.M. course, I have taken my INTERNSHIP training at ICICI LAMBORD at Kashmir.. It is my pleasure to present this project work after I had finished my summer training. This training has expanded my horizon of knowledge in practical as well as theoretical, which is vital for student in management level studies. Only the basic understanding of the principles of management is not sufficient but their application is also equally important. 4. ACKNOWLEDGEMENTTo acknowledge is very great way to show your gratitude towards the persons who have contributed in your success in one or other way. At the very outset of the training I deem it is my pious duty to express my sincere thanks to Syed Irfan Inayat for his continuous guidanceduring the training period. My most profound thanks to my revered guiderMiss.sonal trevedi whose generous and able guidance has always been an unfailing source of inspiration throughout my training period.DATE: Yours faithfully Shabir Ahmad Bhat 5. DECLARATIONI the Undersigned Mr. SHABIR AHMAD BHAT student of B.B.M Sem. IV hereby declare that the project work presented in this report is my own work and has been carried out under supervision and guidance of MISS . SONAL TREVEDI Lecturer of R.N.T PG College Kapasan affiliated with MLSU. The objective of the training undertaken is to acquire practical knowledge in particular field. This work has not been previously submitted to any other university for any other examination.DATE:PLACE: R.N.T PG College 6. 1Executive SummaryInsurance is age-old industry in India. Many nationalized general insurance companies are serving their services in all areas of India. After liberalization many private general insurance companies are arrived in the Indian market with foreign partnerships. These companies are serving mostly in urban areas and high-income classes. They are not fulfilling obligations towards rural areas. These companies believe that business in the rural area is not profitable. Rural insurance should be looked upon as an opportunity and not an obligation. A smaller bundle of innovative products in sync with rural needs and perception and an efficient delivery system are the two aspects that have to be developed in order to penetrate the rural markets. It is advisable for these companies to carry out market research to find profitability in the rural areas. Products and services should be found out for rural area that can make the business profitable. In this project research is carried out to identify the need of general insurance in rural area. Also the services which are not serving properly by government companies and the marketing strategy for implementation. It is found out in this research that lack of agents and agency in the rural area results in small business from rural area .So more agents should be appointed so that there would be profit in future. 7. CONTENTNo. 1Chapter NamePage No.INTRODUCTION1.1General Introduction about the sector1.2Industry ProfileaOrigin & Development of the IndustrybGrowth & Present Status of the IndustryCFuture of The Insurance Sector2PROFILE OF THE ORGANIZATION2.1Origion of ICICI Lombard2.2Growth & Development of ICICI Lombard2.3Present Status of Organization2.4Functional Departments of Organization2.5Org. Structure & Org. Chart2.6Product & Service Profile of the competitors2.7Market Profile of ICICI Lombard 8. 33.1 3.2 4STUDYOFSELECTEDRESEARCHPROBLEM 4.1Statement of Research Problem4.2Statement of Research Objective4.3Research Design & Methodology4.4Analysis of Data4.5Summary of Findings5SUMMARY AND CONCLUSIONS5.1Summary of Learning Experience5.2Recommendations & Conclusion BIBLIOGRAPHY 9. 1.1 GENERAL INTRODUCTION ABOUT THE SECTOR Insurance is not the sale of products, but servicing customers. It is a system, by which the losses suffered by a few are spread over many, Exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. A loss is paid out of the premiums collected from the insuring public and the Insurance Companies act as trustees to the amount collected. The very fundamental principle of spreading of the risk is actually practiced by the insurance companies by reinsuring the risks that they have insured. The opening up of the Insurance Sector to Private Companies, has made available more products and world class service to Indian Customer. This project has been made with an objective to give an insight into various facts of General Insurance sector in India. An attempt has been made to explain the apex body of General Insurance. i.e. General Insurance Corporation of India, its structure, products and subsidiaries. Also the review of latest entrants into insurance sector viz. private players like TATA AIG General Insurance Company, Reliance General Insurance Company limited, Bajaj Allianz General Insurance Company, IFFCO Tokyo General Insurance Company, Royal Sundaram General Insurance Company limited and ICICI Lombard General Insurance Company have been described in brief, Due to the growth in the technological sector of the country, the insurance companies have started utilizing these technologies to it as optimum level.1.2 INDUSTRY PROFILE a. Origin and Development of the industry Till May, 1971 there were 107 companies operating in the market, both Indian and foreign. Some companies were in the co-operative sector. The size of the companies and there reach varied to a great extent. Whereas many companies used to underwrite all types of covers fire, marine& miscellaneous insurance. The government in May, 1971 took over the undertaking of all the Companies as a prelude to ultimate nationalization. This was brought about under the General insurance business (Nationalsation) Act, 1972. Thus, effective 01/01/1973 a single holding company was created named as General 10. Insurance Corporation of India, with 4 subsidiaries to take care of the general insurance business operation. Brief History of the Insurance Sector The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Colkata. Some of the important milestones in the insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Kolkata by the British. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investmentsand set minimum solvencymargins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972.Nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies. The four subsidiaries formed were as under: 1. The National Insurance Co. Ltd 2. The India Assurance Co. Ltd 3. The Oriental Insurance Co. Ltd 4. The United India Insurance Co. Ltd 11. The four subsidiary companies operated under the all direction of the GIC.Each of these had almost a similar structure with 4 tiers The branch at the bottom rung, The divisional office, Regional office and The Head Office at the apex. b. Growth and Present status of the industry At present 12 companies are operating in general insurance market for direct business. The four public sector companies mentioned above and the following companies in the private sector. These private companies were f