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Page 1: College certificate

A

Project Report

At

CUSTOMER AWARENESS ABOUT ICICI LOMBARD

A Project Report submitted in partial fulfillment of the requirements for the award of

the degree of

BACHOLOR OF BUSINESS MANAGEMENT

Ravindar Nath Tagore PG College kapasan

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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: Lecturer . Sonal Trevadi R.N.T

PG College Kapasan (Project Guide)

DATE Dr.Vaseem Khan

(Managing Director)

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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.

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ACKNOWLEDGEMENT

To 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

guidance during the training period. My most profound thanks to my revered guider

Miss.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

DECLARATION

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I 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

1 Executive Summary

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Insurance 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.

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CONTENT

No. Chapter Name Page No.

1 INTRODUCTION

1.1 General Introduction about the sector

1.2 Industry Profile

a Origin & Development of the Industry

b Growth & Present Status of the Industry

C Future of The Insurance Sector

2 PROFILE OF THE ORGANIZATION

2.1 Origion of ICICI Lombard

2.2 Growth & Development of ICICI Lombard

2.3 Present Status of Organization

2.4 Functional Departments of Organization

2.5 Org. Structure & Org. Chart

2.6 Product & Service Profile of the competitors

2.7 Market Profile of ICICI Lombard

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3

3.1

3.2

4 STUDY OF SELECTED RESEARCH

PROBLEM

4.1 Statement of Research Problem

4.2 Statement of Research Objective

4.3 Research Design & Methodology

4.4 Analysis of Data

4.5 Summary of Findings

5 SUMMARY AND CONCLUSIONS

5.1 Summary of Learning Experience

5.2 Recommendations & Conclusion

BIBLIOGRAPHY

1.1 GENERAL INTRODUCTION ABOUT THE SECTOR

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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

Insurance Corporation of India, with 4 subsidiaries to take care of the general insurance

business operation.

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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 investments and set minimum solvency

margins 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

The four subsidiary companies operated under the all direction of the GIC.Each of these had

almost a similar structure with 4 tiers

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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 formed after the passing of the IRDA Act, 1999. This

removed the prohibition existing in the GIBNA Act relating to formation of insurance

companies other than the four Public sector companies.

The companies in the private sector are:-

1. Bajaj Allianz General Insurance Co.Ltd.

2. Cholamandalam General Insurance Co. Ltd.

3. HDFC Chubb General Insurance Co. Ltd.

4. ICICI LOMBARD General Insurance Co. Ltd.

5. IFFOCO Tokyo General Insurance Co. Ltd.

6. Reliance General Insurance Co. Ltd.

7. Royal Sundaram Alliance Insurance Co. Ltd.

8. Tata AIG General Insurance Co. Ltd.

The General Insurance Corporation is now only Reinsurance Company and operates as the

National Reinsures. There are however, some companies in the market, which are formed for

a specific purpose only.

Deposit insurance company

To take care of loss suffered by the depositors of a bank.

Exports Credit Guarantee Corporation - this takes care of the credit risk, which

exporters face in respect of the goods exported.

Agricultural Insurance Corporation to take care of crop insurance and allied risks.

There are also insurance departments in some of the states.

The four public sector and the 8 private sector companies are authorized to handle direct

business as well as reinsurance business, both inward outward. The buyers of insurance

would be property owners, factory owners, traders, vehicle owners, commercial

establishments, professionals etc. In fact the whole population could deemed as potential

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costumers for insurance of one type or another.

With the largest number of life insurance policies in force in the world, Indian insurance

sector accounted for 4.1 per cent of GDP in 2006-07, up from 1.2 per cent in 1999-2000, far

ahead of China where insurance accounts for just 1.7 % of the GDP and even the US where

insurance penetration stands at 4 per cent of the GDP.

The time factor plays an important role while providing service to the customer. The

customer expects that the procedures for settling the claim should be short and not much time

consuming. They should get the benefits of the service as soon as possible.

Today the technology is boosting in each and every field. Insurance is not an exception.

Companies have started providing customers facility of online payment of premium through

their websites. They also provide online assistant to the customer the policy status and how to

calculate the premium. To calculate the premium they just need the present age, the type of

police, sum assured, and accident covered if any. By filling in this information you can

calculate the amount of premium you have to pay. The customer can pay their premiums by

means of credit cards or can also give standing instruction to the bank in order to pay their

monthly premiums.

The insurance companies also provide loan facilities against their policies. At present loans

are granted on unencumbered polices as: Up to 90% of the Surrender Value for policies,

where the premium due is fully paid-up, and Up to 85% of the Surrender Value for policies

where the premium due is partly paid- up.

The minimum amount for which a loan can be granted under a policy is Rs150. The rate of

interest charged is 10.5% p.a., payable half-yearly. Loans are not granted for a period shorter

than six months, or on the security of lost policies (the assured must have the duplicate

policies) or on policies issued under certain plans. Certain types of policies are, however,

without loan facility.

In the first month of financial year 2007-08, private sector insurers grew 37.34 per cent to

Rs1272.22 crore over April 2006. In the process, the market shares have further undergone a

change. Private sector has grabbed a market share of 40 per cent in the non-life insurance

business, from 34 per cent in the financial year 2006-07. Public sector market share is now

only 60 per cent.

c. Future of the Industry.

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India's insurance sector is zooming to show an unprecedented progressive growth of more

than 200% by the period of 2009-12. The Associated Chambers of Commerce and Industry of

India has clocked out the fact that during this period, private players in the industry will see a

growth of about 140 per cent, owing to the adoption of the aggressive marketing techniques

in comparison of the growth rate of 35-40 per cent achieved by the state owned insurance

companies. The chamber is expected to poise the business of insurance to reach at Rs.2000

billions in coming 2 years from the present level of Rs. 500 billion. With the result of

adoption of the intense marketing strategies by the private players, the declination has been

witnessed in respect of the share of the state owned insurance companies captured in the

market.

The market share fallout has been noticed in context of such companies like GIC, LIC, which

have come down to nearly 70 per cent in the past 4-5 years from the 97 per cent. The experts

have fore casted the more severe competition in the insurance sector likely to be occurred in

the near future. Till recently, insurance sector was majority driven by the government sector

players but now many private sector multinational players have come into the picture. Like

HDFC, ICICI Lombard, Royal Sundram,Tata Aig,etc. Insurance sector has been

characterized as the booming sector of the Indian arena, which has shown the growth rate of

more than 15 per cent to 20 per cent. Insurance in India is put under the federal subject and is

governed by the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General

Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development

Authority (IRDA) Act, 1999 and by various other acts.

Today Insurance Companies in India have grown manifold. The insurance sector in India has

shown immense growth potential. Even today a giant share of Indian population nearly 80%

is not under life insurance coverage, let alone health and non-life insurance policies. This

clearly indicates the potential for insurance companies to grow their market in India. In 1999,

various reforms were suggested in the insurance industry in India. This has changed a lot of

things for the insurance companies in India.

These reforms were:

Bringing down of the government stake holding to 50%. Only the private companies with a

minimum capital of Rs.100 crores should be allowed to enter the insurance sector.

No insurance company can deal in both life and non-life insurance under the same business

entity.

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Foreign Insurance Companies can enter India only in collaboration with domestic insurance

companies Interest should be paid on delays of payments by the insurance companies in case

of non-settlement of insurance claims. And many more to bring greater freedom and a well-

planned regulation to the insurance companies in India.

Though, the existing rule says that a foreign partner can hold 26% equity in an insurance

company, a proposal to increase this limit to 49% is pending with the government.

Since opening up of the insurance sector in 1999, foreign investments of Rs. 8.7 billion have

poured into the Indian market and 22 private companies have been granted licenses.

The demand for health insurance covers has seen a healthy increase, and today the sector is

the fastest growing segment in the non-life insurance industry in India, which grew at over

40% last year. It is also emerging as an increasingly significant line of business for life

insurance companies. While this rate of growth appears to be very healthy, it is on a low base,

and health insurance penetration in the country continues to be low. Only about 25 million

persons are presently covered for health through commercial insurance, in a country of over

1.1 billion people. Overall, the Indian health sector is still characterized by the near absence

of any significant risk protection against major health-related expenditure

PROFILE OF THE ORGANIZATION

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2.1 Origin of the Organization:

The ICICI Ltd. was established in 1955 by the World Bank, the Government of India and the

Indian Industry, to promote industrial development of India by providing project and

corporate finance to Indian industry. Since inception, ICICI has grown from a development

bank to a financial conglomerate and has become one of the largest public financial

institutions in India. ICICI has thus far financed all the major sectors of the economy,

covering 6,848 companies and 16,851 projects.

Lombard Canada Ltd., is a leading insurance management company responsible for

providing insurance management services for all of the Lombard group's commercial,

personal, and specialized insurance companies. Canadian owned and operated, Lombard

Canada Ltd. has its head office in Toronto and has annual sales in excess of $500 million

and is a wholly owned subsidiary of Fairfax Financial Holdings Limited (FFH on the TSF

Lombard Canada Ltd. has achieved a reputation for providing solid underwriting

performance, diversified books of business and strong capital positions.

The Joint Venture ICICI Lombard General Insurance Co will be headed by Mr. Sanjiv

Kerkar. ICICI would hold about 74 percent stake, while Canadian insurer Lombard would

hold the maximum permissible 26 percent and commence business with a start-up capital of

Rs.100 crore. ICICl Lombard has plans to sell covers to the corporate clients of ICICl. At the

same time it will sell property insurance for ICICI home loan seekers and auto insurance for

those availing of car finance.

2.2 Growth and Development of the Organization

ICICI Lombard is the largest private sector general insurance company in India with a Gross

Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31, 2009. The

company presently has around 4,777 employees in 357 branches. In the financial year ended

March 31, 2009, the company issued over 4 million policies and serviced over 33 lakh

claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against

claims reported as on March 31, 2009

ICICI Lombard has been assigned a domestic rating of iAAA by ICRA (an associate of

Moody’s Investors Service) for highest claim paying ability and a fundamentally strong

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position. ICICI Lombard allows instant policy issuance and renewal through its website

www.icicilombard.com for all retail insurance products including Car Insurance, Health

Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are

multiple payment options available including Internet banking, credit card, debit card and

cash card.

ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power

Asia Pacific in India among 11 auto insurance providers. The company has been conferred

the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer

and Brand Loyalty award in the “Insurance Sector - Non-Life” at the 2nd Loyalty awards,

2009. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia

Insurance Industry Awards. The company also won the NDTV Profit Business Leadership

Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance

category at the Economic Times Avaya Global Connect Customer Responsiveness Award

2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of

Chartered Accountants of India) for the year ended March 31, 2006.

it is the largest private sector general insurance company in India with a gross written

premium (GWP) of Rs885.1 crore in 2004-2005

2007 - ICICI Lombard General Insurance Corporation has grabbed the second spot in

insurance premiums growth displacing three public sector companies earned the second

largest premium of Rs448.65 crore for April but was at top place in terms of premium growth

of 35 per cent over the corresponding period of the last financial year.

2.3 Present status of the organization

ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power

Asia Pacific in India among 11 auto insurance providers. The company has been conferred

the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer

and Brand Loyalty award in the “Insurance Sector - Non-Life” at the 2nd Loyalty awards,

2009. It was awarded the ‘General Insurance Company of the Year’ at the 11th Asia

Insurance Industry Awards. The company also won the NDTV Profit Business Leadership

Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance

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category at the Economic Times Avaya Global Connect Customer Responsiveness Award

2006. It has the Gold Shield for “Excellence in Financial Reporting” by the ICAI (Institute of

Chartered Accountants of India) for the year ended March 31, 2006.

AWARDAS AND RECOGNITION

JD Power Asia Pacific Award

ICICI Lombard Ranks Highest in Customer Satisfaction among Auto Insurance Providers in

India: J D Power Asia Pacific.

Golden Peacock- Eco Innovation Award of 2009 for weather insurance

ICICI Lombard has been conferred the Golden Peacock- Eco Innovation Award of 2009 for

weather insurance.

Customer and Brand Loyalty Award 2009

ICICI Lombard wins the Customer and Brand Loyalty Award in the "Insurance Sector- Non-

Life" at the 2nd Loyalty Awards on January 29, 2009.

General Insurance Company of the Year

11th Asia Insurance Industry Awards 2007, Singapore

ICICI Lombard becomes the first Indian insurance company to win this prestigious award.

Brand Leadership Award – 16th Asia Brand Congress, Taj Lands End, Mumbai

Awarded the Brand Leadership Award at the 16th Asia Brand Congress held at Taj Lands

End, Mumbai from 26-27th September, 2007.

iAAA rating by ICRA

Assigned the iAAA rating by ICRA indicating highest claims paying ability and a

fundamentally strong position.

2.4 Functional Departments of the Organization

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Claim Settlement:

Lightning-fast claim settlement is one of the key areas of focus for ICICI Lombard. Our

dedicated Relationship Managers, wide spread network across India and presence of 24 *7

call centers assure our customers that we are always on call, day or night. Our tie-up with

Cunningham Lindsey, the worldís second largest loss adjustors with its network in 80

locations across India, ensures a surveyor on site in less than 24 hours.

Rural Initiative:

ICICI Lombard believes in striking the right balance between the commercial and socio-

economic aspects of the insurance business. In its Endeavour to offer tailor-made products to

meet the requirement of the rural population, explore business opportunities in the related

segments and build a competitive edge through strong distribution network and product

innovation, ICICI Lombard uses

Intermediaries like ICICI Banks kiosks, direct selling Agents, state-level tie-ups, ITC’s e-

Chou pals, NGOs and other micro finance Institutions (MFIs). The rural segment offers

immense business opportunities for insurers since it constitutes 50% of the GDP. Growing

per capita and disposable income and rising financial awareness among rural masses has

opened up new avenues for insurers in this segment.

Corporate Business:

ICICI Lombard via its CSG segment aims to tap large corporate with high premium

potential. The company has emerged as a major player in the corporate segment with a well-

balanced portfolio. It has made forays into specialized products that require complex product

development and strong underwriting skills. In addition, a strong distribution has enabled it to

reach out to over 3,000 corporate. It also offers single point contact through dedicated

relationship managers for both sales and customer service.

Bank assurance

The Company has set up a dedicated SBU to cater to banc assurance business managed by

dedicated teams for each bank partner across all locations to ensure

highest levels of service to the channel and their customers and to provide complete support

and value addition to the bank partners. Our banc assurance philosophy emphasizes on

complete respect for the partner’s brand & business model with a clear understanding that the

partner owns the customer. The company has tied up with few partners like ABN Amro

Bank, ICICI Bank, UTI Bank etc, to ensure complete support and continuous value

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addition to the partner. The business philosophy behind the banc assurance initiative is to

leverage distribution synergies with partners. The channel offers unmatched product suite

customized for bank channels and customers.

Retail

ICICI Lombard aims to tap retail segment through multi-product and multi- channel approach

to marketing. The company believes that retail segment has immense potential and will drive

the company’s growth in future. It has presence in all retail categories -- travel, health, home

and motor. It has launched a number of innovative products and features in each category like

“Pay-per-day” in Overseas Travel Insurance and floater cover for individual Health

Insurance. The key to success in this area is effective market segmentation and targeted

product offerings that meet customer needs.

E-channel

ICICI Lombard’s e-channel initiative has embraced technology with open arms. The

effective use of technology platforms has enabled customers to view all their insurance

transactions through the web on a real time basis. ICICI Lombard’s e-channel mainly focuses

on targeting customers through Internet, intranet (of large corporate and manufacturing

companies) and other national level distribution networks. The focus is on targeting

customers through the online medium. The model is to develop an integrated and customized

product platform with key partners -- ICICI Direct, ICICI Bank, preferred partners

moneycontrol.com and indiatimes.com and other websites.

Board Members

Chanda Kochhar, Chairperson

R. Athappan, Director

Sandeep Bakhshi, Director

B.V. Bhargava, Director

Dileep Choksi, Director

N.S. Kannan, Director

S. Mukherji, Director

Chandran Ratnaswami, Director

M.K. Sharma, Director

H.N. Sinor, Director

Bhargav Dasgupta, Managing Director & CEO

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COMMITTEES

Audit Committee

Mr. S Mukherji, Chairman

Mr. Dileep Choksi, Director

Mr. James F Dowd, Director

Investment Committee

Mr. Chandran Ratnaswami, Chairman

Ms. Kalpana Morparia, Director

Mr. Sandeep Bakhshi,, Managing Director & CEO

Mr. S Gopalakrishnan, Head ñ Investments

Mr. Rakesh Jain, Head-Finance & Accounts

Board Governance Committee

Ms Kalpana Morparia, Chairperson

Mr. Chandran Ratnaswami, Director

Mr. H N Sinor, Director

2.5 Organization Structure and Organization Chart

ICICI LOMBARD .

WHOLE-

SALE

RETAIL AGRICULTURERURAL

NATIONAL SALES MANAGER

REGIONAL SALES MANAGER AREA SALES MANAGER

UNIT SALES MANAGER

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2.6 PRODUCT AND SERVICE PROFILE OF ORGANIZATION COMPETITORS

1. STANDRARD FIRE AND SPECIAL PERILS

FIRE:

Excluding destruction or damage caused to the property insured

a. It’s own fermentation, natural heating or spontaneous combustion.

b. It’s undergoing any heating or drying process.

c. Burning of property insured by order of non-public authority.

Lighting

Explosion and Implosion

Excluding loss, destruction of or damage.

To boilers (other than domestic boilers), Economizers or other vessel, machinery or

apparatus (in which steam is generated) or other contents resulting from their own

explosion- implosion.

Caused by centrifugal forces.

Aircraft damage

Loss, destruction or damage caused by aircraft, other aerial or space devices and articles

dropped there from excluding those caused by pressure waves.

Riot, strike and malicious damage

Loss or visible physical damage or destruction by external violent means directly Caused to

the property insured.

storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation

Loss, destruction or damage directly caused by Storm, cyclone, typhoon, tempest, hurricane

SALES OFFICER

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tornado, flood and inundation excluding those resulting from earth quake, volcanic eruption

or other convulsions of nature.

Impact Damage

Loss of or visible physical damage or destruction cause to the property insured due to impact

by any rail road vehicle or animal by direct contact not belonging to or Owned by

The insured or any occupier of the premises or

There employees while acting in the course of there employment

Subsidence and land slide including rockslide

Loss, destruction or damage directly caused by subsidence of part of the site On which the

property stands or land slide / rockslide excluding:

The normal cracking, settlement or bedding down of new structures.

The settlement or movement of made up ground.

Coastal or river erosion.

Defective design or workmanship or use of defective materials.

Demolition, construction, structural alterations or repair of any property or ground

works or excavations.

Bursting and/or overflowing of water tanks apparatus & pipes.

Missile testing operations.

Leakage from automatic sprinkler installations.

Excluding loss, destruction or damage caused by

Repairs or alterations to the buildings or premises.

Repairs, removal or extension of the sprinkler installation.

Defects in construction known to the insured.

Bush Fire

Excluding loss destruction or damage caused by forest fires.

2. BURGLARY:

The company shall compensate the insured for any loss or damage, caused by burglary, to the

contents of insured’s premises.

3. CASH IN SAFE:

The company will compensate the insured in respect of loss of, or damage to, money and/or

valuables caused by burglary and/or attempted burglary when such money and/or valuables

are contained in a domestic safe or vault which is protected by appropriate and adequate

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security measures with lock in key.

4. CASH IN TRANSIT

The company shall compensate the insured for loss of money in coins

and/or notes caused by burglary, robbery or theft occurring while such money is in the

insured’s possession and is being conveyed by the insured to the insured’s premises from the

insured’s bank /ATM from where such money had been withdrawn immediately prior to the

occurrence.

5. NEON SIGN /GLOW SIGN:

The company will compensate the insured in respect of loss or damage to neon sign/glow

sign belonging to the insured caused by:

Accidental external means Fire, lightning or external explosion or theft Riot, strike or

malicious act Flood, inundation, storm, tempest, typhoon hurricane, tornado, cyclone.

6. GLASS BREAKAGE:

The company shall compensate the insured for loss or damage to any fixed glass other than

that which are specifically excluded hereunder, caused by any accidental, external and visible

means.

Health Insurance:

We save money for a better future. But life is full of surprises; a medical emergency can

strain your hard-earned investments. Now, let your savings be untouched, get secured.

Home Insurance:

Insure your home and its contents against natural calamities like fire, earthquake, flood, gas

cylinder explosion, fire due to electric short circuit as well as man-made disaster like

burglary.

Home Plans

Gold Plan:

The Gold plan covers much more than just your home. It offers family protection, covers loss

of cash, public liability, temporary resettlement, alternative accommodation and baggage

insurance. Other adds on offered are loan repayment for home and car and cover for

terrorism.

Silver Plan:

The Silver plan covers the structure of your home and its contents from natural and man-

made calamities like fire, flood, storm and burglary. The adds on offered include expenses of

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rent for alternative accommodation and terrorism.

Motor Insurance:

Your vehicle helps you reach destinations and enables you to commute from one place to

another. But it might face some damage in an accident or get stolen. The security of your co-

passengers can be endangered during accidents. Motor insurance takes care of all these

possibilities and more.

Motor Plans

Four Wheeler Package Policy:

A comprehensive policy that not only covers you against third party but also against

accidents, damage, injury and much more.

Two Wheeler Package Policies:

A composite policy that protects you against unfortunate accidents, third party liability,

injuries and damages.

Travel Insurance:

You do not want anything to ruin your hard earned holiday or your crucial business meeting.

There is a possibility of some unexpected occurrence no matter how perfectly you plan your

trip. Unfortunate events such as baggage loss, passport loss, a medical emergency or an

accident can affect you. Having Travel Insurance protects you from all such perils at a

fraction of the cost of your trip.

Travel Plans

Individual Overseas Plan:

All overseas travel policies charge premium on a slab basis. Which means if you are on a 16-

day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But with us you pay per

day.

Student Travel Plan:

A comprehensive cover, which insures you against unfortunate incidents or unexpected

expenses abroad and provides timely assistance and support when you need it the most.

Domestic Travel Plan:

Domestic Travel policy takes care of you and your valued assets left at home. A policy that

let’s you enjoy your trip leaving your worries with us.

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COMPETITORS

The National Insurance Co. Ltd

The New India Assurance Co. Ltd

The Oriental Insurance Co. Ltd

The United India Insurance Co. Ltd

Bajaj Allianz GIC Ltd.

COMPARISON FROM COMPETITORS

ICICI Lombard GIC Competitors

Low Premium Better Service High Premium Average Service

Competitive Discount is High Very less Discount

Product range is vast Limited products

Better Customer Retention Retention is very low

No hidden Charges Many hidden charges

Policy wordings are documented No documentation

Main focus is Revenue Main focus is only Profit

Immediate claim settlement Very long process

2.7 MARKET PROFILE OF THE ORGANIZATION

The company is the largest private sector general insurance company in India with a Gross

Written Premium (GWP) of Rs 30,034 million for the 12 months ended March 31, 2007 with

a market share of nearly 12.4% and compounded annual growth rate of over 84% in the last

two years.

The company has over 4,770 personnel in 220 offices spread across 166 locations. From

April – March 2014, the company issued over 3.1 million policies across India and settled

over 5.9 lakh claims. The company has a claim disposal ratio of 96% (percentage of claims

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settled against claims reported) as on March 31, 2014.

ICICI Lombard is the largest private sector general insurance company in India with a Gross

Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31, 2013. The

company presently has around 4,777 employees in 357 branches. In the financial year ended

March 31, 2013, the company issued over 4 million policies and serviced over 33 lakh

claims. The company has a claim disposal ratio of 97% (percentage of claims) settled against

claims reported as on March 31, 2013

Core Value System

ICICI Lombard's value system is the DNA, which molds and determines the growth and

success of the company and its employees. Strongly embedded and staunchly followed, these

values form the very core of our company's spirit.

Transparency

ICICI Lombard encourages total transparency in all channels of communication (internally

and externally) and complete accountability in customer deliverables. In November 2005,

ICICI Lombard became the first private sector general insurance company to cross the Rs. 10

billion Gross Working Profit (GWP) mark. This record target achieved manifests the trust

garnered by our employees nationwide from its customers.

Empowerment

ICICI Lombard provides you the platform to evolve from an employee to a partner in

progressive growth. Since our origin in 2001, our employees have always been empowered to

make decisions that chart their career path. We do not create jobs but build futures.

Passion

The passion to excel with customer focus in mind is what initiates ICICI Lombard to attain

greater milestones. This inherent principle drives our employees to set higher benchmarks of

excellence and performance.

Integrity

Integrity is about honesty, sincerity, sound moral principles, keeping promises and fulfilling

expectations. At ICICI Lombard, integrity is not limited to the organization's capacity to meet

the needs of the stakeholder but also encompasses the vision and values of everyone

involved.

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Humility

True leadership in the service industry like ours requires humility to keep one's ego sublime

and to serve others. One of the key values we look for and inculcate in our employees is

humility which allows us to keep the interests of our customer and the organization before

our own and work efficiently as a team.

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CHAPTER 4

STUDY OF SELECTED RESEARCH

PROBLEM

4.1 Statement of research problem

How can one assess the market awareness of insurance products?

How can we tap this potential after assigning, through strategic marketing of services?

4.2 Statement of research objectives

To find out the customer awareness level for office insurance products.

To assess the effectiveness of company service.

To suggest remedial measures to exploit the market potential.

OPERATIOANAL DEFINATIONS:

Market:

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Traditionally, market was a physical place where buyers and sellers gathered to exchange

goods. It is also a collection of buyers and sellers who transact over a particular product.

Marketing:

It is a societal process by which individual and groups obtain what they need and want

through creating, offering and freely exchanging products and services of values with others.

Marketing research:

It is a systematic and objective study of problems pertaining to the marketing of good and

services. It may be emphasized that it is not restricted to any particular area of marketing but

is applicable to its all phases and aspects.

Product:

A product is anything that can be offered to a market to satisfy a want/need. Products that are

marketed include physical goods, Services, Experiences, events, persons, properties,

organizations, information and ideas.

Brand:

A Brand is a name, term, sign, symbol, design or a combination of them intended to identify

the goods/services of one seller/group of sellers and to differentiate them from those Of

Competitors.

Distribution and its Channels:

Distribution is the process of moving goods/services form the place of production to the

marketing activities involved in the flow of goods/services from the primary producer to

ultimate consumer.

Accident and accidental

Means a sudden, unforeseen, and unexpected physical event beyond the control of the

Insured caused by external, visible and violent means.

Bodily injury

Means any accidental physical bodily harm but does not include any sickness or disease.

Business or business purposes

Means any full or part time, permanent or temporary, activity under taken in the premises

with a view to profit or gain.

Burglary

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Means an act involving the unauthorized entry to or exit from the insured’s property or

attempt threat by unexpected, visible, forcible and violent means, with the intent to commit

an act of theft.

Bank

Means and includes bank of every description, post office and government treasury.

Contents

Means the following used for business or business purposes, so long as they are owned by the

insured and / or for which the insured legally responsible for including family of insured,

directors, partners and the like goods such as furniture, stock, machinery, equipment, fixtures,

fittings and interior decorations but excluding money, jewelry, and valuables.

Employee

Means any person employed by the insured to perform certain duties for consideration, either

expressly or impliedly in the course of employment.

Insured or insured’s

Means the person named in the policy as the policyholder and / or his family, and / or his

parents, and / or directors and / or karta of HUF, and the like.

Medical expenses

Means expenses incurred on necessary on medical or surgical treatment, services, or supplies.

Period of insurance

Means the period of time stated in the schedule for which the policy is valid.

Policy

Means insured’s proposal, the schedule, company’s covering letter to the insured, insurance

clauses, definitions, exclusions, conditions and other terms contained here in and any

endorsement attaching to or forming part hereof, either at inception or during the period of

insurance.

Premises

Means insured’s shop as stated in the schedule, which is used or occupied mainly for business

purposes by insured.

Schedule

Means the schedule, and any annexure to it, attached to and forming part of this policy.

Sum insured

Means and denotes the amount of cover available under each section as stated in schedule or

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any revisions thereof based on claim settled, as stated in the scope of cover of the policy and,

where appropriate, as more particularly described.

4.3 Research design and methodology

TYPE OF RESEARCH

The type of research used in this project is a Descriptive research design. The major purpose

of descriptive research is a description of the state of the affairs, as it exists at present. Thus a

Descriptive study is a fact-finding investigation with adequate interpretation.

Descriptive study objectives aim at identifying the various characteristics of a company

problem under study. It can reveal potential relationships between variables with exploratory

research.

SAMPLING TECHNIQUE:

The sampling technique used is convenient sampling. It is also called as purposive sampling

or non-probability sampling.

SAMPLING DESIGN:

SAMPLING UNIT

The samples include various offices & shops in srinager and chadoora Area .

SAMPLE SIZE

The sample size for listing questionnaire of research is 100, and the sample size is broken

down in to two samples i.e. a sample size of 80 respondents from the offices and shops and

the sample size of 20 respondents from the customers.

SOURCES OF DATA COLLECTION:

Primary data:

The data was collected by using questionnaire and structured direct interviews, which were

separately conducted to know the market awareness and market potential.

Secondary data:

The secondary data was collected from the company reports, broachers, manuals, text books

and Internet. The customer of 20 respondents was provided by the company for assessing the

service provided by a company.

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RESEARCH LIMITATIONS:

Limited sample size is taken.

4.4 Analysis of data

1. Are you aware of about ICICI LAMBORD insurance?

Table1:

Particulars No. Of respondents Percentages

Yes 67 83.75

No 0 0

Little Bit 13 16.25

Total 80 100

Source: Field Study

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No. of respondents

YesNoLittle Bit

Interpretation:

The response given by respondents 83.75 are aware of ICICI LAMBORD insurance and

16.25 know very little about it. This clearly shows that there is no proper advertisement reach

to the people.

2. If Yes, How do you come to know about ICICI LAMBORD Insurance?

Table 2:

Media No. Of Respondents Percentages

TV 40 50

News Paper 19 23.75

Agents 21 26.25

Total 80 100

Source: Field Study

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No. of Respondents

TVNews PaperAgents

Interpretation:

It is depicted from the chart that,

50% of respondents came to know through television.

23.75% of respondents came to know through newspapers.

26.25% of respondents came to know through agents

Major of the respondents came to know through television.

3. Which factor is important in your eye for purchasing ICICI LOMBORD insurance policy?

Table 3:

Factors No. Of Respondents Percentages

Company 43 53.75

Premium 17 21.25

Service 20 25

Total 80 100

Source: Field Study

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Interpretation:

The chart depicts that 53.75% prefer company as an important factor where as 21.25%prefer

for premium and 25% prefer service as an important factor for purchase of insurance policy.

4. How many employees are there in your office?

Table 4:

Employees No. Of Respondents Percentages

More Than 5 53 66.25

More Than 10 17 21.25

More Than 20 10 12.5

Total 80 100

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No. of Respondents

More Than 5More Than 10More Than 20

Interpretation:

The above chart shows that,

66.25% of respondents have more then 5,

21.25% of respondents have more then 10 and

12.5% of respondents have more then 20.

5. Would you like to have office insurance?

Table 5:

Particulars No. Of Respondents Percentages

Yes 20 25

No 60 75

Total 80 100

Source: Field Study

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No. of Respondents Percentages0

10

20

30

40

50

60

70

80

Yes No

Interpretation:

Out of 80 respondents, 25% of respondents want to have office insurance policy and 75% of

respondents don’t want to have it. The above chart shows that there is a potential market for

office insurance products. Most of the respondents those who want to have office insurance

are of newly opened offices & shops.

6. If yes, Which Company Services do you prefer to avail?

Table 6:

Company No. Of Respondents Percentages

ICICI Lombard 6 30

HDFC Chubb 0 0

New India 7 35

Oriental 3 15

United India 4 20

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Total 20 100

No. of Respondents

More Than 5More Than 10More Than 20

Interpretation:

The chart depicts that, 30% of the respondents wants to avail services of ICICI Lombard,

35% of respondents want to prefer New India,20%of the respondents wants to prefer united

India and 15%wants to prefer services of oriental. The data shows around 30% of people are

interested in taking insurance in ICICI Lombard. It means there is an opportunity for

company to capture the market. Most of the respondents want to avail services in government

companies.

7. Which type of insurance policy you would like to have?

Table 7:

Type No. Of Respondents Percentages

Yearly Renewal 17 85

Auto Renewal 3 15

Total 20 100

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1 20

10

20

30

40

50

60

70

80

90

Yearly RenewalAuto Renewal

Interpretation:

The above chart shows that 85% of respondents would like to have Yearly renewal policy

and 15% of respondents want to have Auto Renewal.

8. Which product services you are planning to avail?

Table 8:

Product Services No. Of Respondents Percentages

Fire Insurance 10 50

Electronic Insurance 5 25

Burglary Insurance 3 15

All of Above 2 10

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Total 20 100

Source: Field Study

Fire I

nsuran

ce

Electr

onic Insu

rance

Burglary

Insu

rance

All of A

bove0

5

10

15

20

25

30

35

40

45

50

No. of RespondentsPercentages

Interpretation:

It is depicted from the chart that 50% of respondents trying to avail Fire insurance, 25% of

respondents planning to avail Electronic insurance,15% of respondents trying to avail

Burglary insurance and 10% of respondents trying to avail all Fire, Electronics and Burglary

insurance policies.

9. When you are going to have new insurance policy?

Table 9:

Particulars No. Of Respondents Percentages

Within 15 Days 7 35

15 to 30 Days 13 65

30 to 60 Days 0 0

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Total 20 100

Source: Field Study

No. of Respondents

Within 15 Days15 to 30 Days30 to 60 Days

Interpretation:

Out of 20 respondents, 35% of respondents wants to have insurance policy with in 15 days,

65% of respondents wants to have with in 30 days.

10. How do you rate about services?

Table 10:

Opinion No. Of Respondents Percentages

Very Good 6 30

Good 9 45

Normal 4 20

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Not Good 1 5

Total 20 100

Source: Field Study

No. of Respondents

Very GoodGoodNormalNot Good

Interpretation:

ICICI Lombard customers rated the services are as,

30% of respondents said very well

45% of respondents said well

20% of respondents said normal and

5% of respondents said not well.

11. How much premium are you paying now?

Table 11:

Amount No. Of Respondents Percentages

More Than 5000 4 20

More Than 10000 5 25

More Than 20000 11 55

Total 20 100

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Source: Field Study

No. of Respondents

More Than 5000More Than 10000More Than 20000

Interpretation:

The above chart depicts that

20% of respondents paying premium more then Rs.5000,

25% of respondents paying premium more then Rs.10000 and

55% of respondents paying more then Rs.20000.

Major of the respondents are paying more then Rs.20000 are of big offices and important

customers to the company.

12. Do you feel it’s really economical?

Table 12:

Particulars No. of Respondents Percentages

Yes 14 70

No 6 30

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Total 20 100

Source : Field Study

No. of Respondents Percentages0

10

20

30

40

50

60

70

YesNo

Interpretation:

Customers believed of policy economical like this,

70% of respondents said YES.

30% of respondents said NO

13. Have you ever-contacted customer help desk?

Table 13:

Particulars No. Of Respondents Percentages

Yes 16 80

No 4 20

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Total 20 100

Source : Field Study

No. of Respondents

More Than 5000More Than 10000More Than 20000

Interpretation:

The above chart depicts that

80% of respondents contacted customer help desk and

20% of respondents did not contact customer help desk.

14. If yes, what is your opinion about customer help desk?

Table 14:

Opinion No. Of Respondents Percentages

Good 10 50

OK 8 40

Poor 2 10

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Total 20 100

Good OKPoor

Interpretation:

Out of 20 respondents, 50% of respondents’ opinions about customer help desk is good, 40%

of respondents told ok and 10% of respondents told poor. Major of the respondents told they

are happy regarding the information and service provided by customer help desk.

15. For what reason you dial to our customer help desk?

Table15:

Particulars No. Of Respondents Percentages

Product Related Inquiry 11 55

To Renew Policy 8 40

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To Complaint 1 5

Total 20 100

Source: Field Study

No. of Respondents

More Than 5000More Than 10000More Than 20000

Interpretation:

The customers dial up to customer help desk for the following reasons:

55% customer dial up for product related enquiry

40% customers dial up for to renew policy and

5% customers dial up for file a complaint.

4.5 Summary of findings

All respondents have awareness about ICICI LAMBARD insurance.

Majority of respondents told they were come to know about ICICI insurance

through television and agents.

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Majority of respondents told employees are more then 5.

Majority of respondents believe in Government owned insurance companies.

There is a market potential for ICCI Lombard office insurance products.

Majority of respondents told they are trying to avail Fire insurance and electronic

equipment insurance for their offices.

Most of the respondents said they are going to have insurance with in 15 to 30 days.

Majority of respondents told they have satisfaction with the service of the company.

and customer help disk.

Most of the customers told they dial to customer help disk for product related

enquiry.

All general insurance policies are yearly renewal policies.

Premium amount for general insurance policy is low and it is not refundable.

Majority of respondents told their paying premium is economical.

Majority of respondents are frequently contacting customer help desk.

Majority of respondents told company is the main factor for purchasing insurance

Policy.

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CHAPTER 5

SUMMARY AND CONCLUSION

5.1 SUMMARY OF LEARNING EXPERIENCE

I went through a good learning practice in ICICI Lombard for the nearly past three

months which has developed me to heights of understanding the customers mind as

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well their taste and preferences in the field of services sector. The uncertain world or

market structure existing in India has very typical way of expectation when it comes

to insurance and the institutions have realized their needs and desires and working

towards satisfying their requirements and my organization is also in its run for

customer satisfaction.. This project has opened up the new window of learning, which

enables me into the clear understanding of corporate world. The proper understanding

of customers is must when it comes to service industry and that exactly what I went

through in this period of management training period.

Tele calling: Converting all the leads given by Manager in appointments.

To make presentations with clients.

Collection previous policy details, so that we can give competitive quotation.

Preparation of customer feedback report about our company’s products and

services.

5.2 CONCLUSIONS AND RECOMMENDATION

RECOMMENDATIONS

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Respondents do not have enough knowledge about the insurance policies provided by the

ICICI LOMBARD. Therefore ICICI LOMBARD Company should bring awareness in the

customers.

The recommendations I would like to make are:

There is a necessity to make more advertising and promotions by the Insurance

Company through TV, newspapers, magazines and pamphlets to make aware the

customers about the insurance provided by them.

Need for proper channel to reach to the customer.

Marketing executives and agents should maintain good communication with the

customers to create the awareness of the policies like Mediclaim, GPA (Group

personnel accidental) burglary, and other insurance policies provided by the company.

The employees should be given incentives and bonus to motivate to accomplish their

targets.

ICICI LOMBARD is concentrating only urban areas it should concentrate on semi

urban and rural areas also.

As it was found that customers preparing only Government companies for their office

insurance so create trust in costumers about private insurance companies by rendering

good services like proper claims, good response to costumer queries and maintaining

good relationship with costumers.

Building internal technical expertise requiring well –stacked library resource by way

of settled cases of claims at every zonal office is an immediate necessity.

The staff of the insurers should be encouraged to refer to these references often with a

view to bring about early settlement to the satisfaction of claimants.

CONCLUSION

It is concluded from the survey that all respondents are aware about office insurance and

they think they need insurance for their offices.

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It is concluded from the survey that customers preparing only Government companies for

their office insurance so create trust in costumers about private insurance companies by

rendering good services like proper claims, good response to costumer queries and

maintaining good relationship with costumers.

Most of customers are using only Fire and electronic equipment insurance policies so

marketing executives and agents maintain good communication with the customers to create

the awareness of the policies like Mediclaim, burglary and GPA.

ANNEXURE:

1. Are you aware of ICICI LAMBORD ?

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A. Yes

B. No

2. If Yes, How do you come to know about ICICI LAMBORD?

A. TV

B. Newspaper

C. Agents

3. Which factor is important in your eye for purchasing insurance policy?

A. Company

B. Premium

C. Service

4. How many employees are there in your office?

A. More than 5

B. More than 10

C. More than 20

5. Would you like to have Office insurance?

A. Yes

B. No

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6. If yes, Which Company Services do you prefer to avail?

A. ICICI Lombard

B. HDFC Chubb

C. Oriental Insurance

D. New India Insurance

7. Which type of insurance policy you would like to have?

A. Yearly renewal

B. Auto renewal

8. Which product services you are planning to avail?

A. Fire Policy

B. Burglary

C. Electronic equipment

D. All of the above

9. When you are going to have new insurance policy?

A. Within 15 days

B. 15 to 30 days

C. 30 to 60 days

10. How do you rate about services?

A. Very Good

B. Good

C. Normal

11. How much premium are you paying now?

A. More than5000

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B. More than10000

C. More than20000

12. Do you feel it’s really economical?

A. Yes

B. No

13. Have you ever contacted customer help desk?

A. Yes

B. No

14. If yes, what is your opinion about customer help desk?

A. Good

B. OK

C. Poor

15. For what reason you dial to our customer help desk?

A. Product related

B. To renew policy

C. To complaint

BIBLIOGRAPHY

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BOOKS AND MAGAZINES

Essentials of Marketing – Reddy and Appaniah Edition 12th publication Prentice Hall

Marketing Management – Phillip Kotler, Edition 14th publication

India Today weekly 2013

Business World and Money Regulator.

News Papers

The Times of India

The Economic Times

The Business Standards

INTERNET

www.google .com

www.icicilombard.c.com

www.TheEconomist.com

WWW.Investopedia.com

www.Harvard Business Review.com