A SUMMER- PROJECT REPORT

A Marketing Strategy and Role of Financial

Advisors
With Reference to
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

Submitted to

BVU Institute of Management Kolhapur

For partial fulfillment of the requirement for the
award of the degree
Of
MASTER OF BUSINESS ADMINISTRATION
Submitted by
Mr. Nitesh Kumar
Under the guidance of
Mrs. M N Paliwal
(MIB)
Through the Director,
BVU Institute of Management
Kadamwadi, Kolhapur, 416003
2007-2008

BHARATI VIDYAPEETH UNIVERSITY

INSTITUTE OF MANAGEMENT

-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

KOLHAPUR

Directors Recommendation
To,
Registrar,
BVU Institute of Management,
Kolhapur.
Sub: MBA Project Report
Sir,
I am recommending the project report titled
A Marketing Strategy & Role Of Advisor
prepared by Mr. Nitesh Kumar towards the
partial

fulfillment

of

the

university

requirement for the degree in Master of

Business Administration, 2007-2008, of BVU
Institute of Management, Kolhapur.
Thanking you.
Yours Faithfully

Dr. V. M. Chavan
(Director)

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Guide Certificate

This is to certify that the report entitled A

marketing strategy and role of financial advisors
of ICICI prudential life insurance Co.Ltd.
Submitted to BVU Institute of management,
Kolhapur for the award of Master of Business
Administration

is

an

independent

research

carried out by Mr.Nitesh Kumar under my

supervision and guidance.

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

To the best my knowledge and belief this has

not been previously submitted for the award of
any degree of Bharati Vidyapeeth University.

Place:
Date: /

Mrs. M N Paliwal
(P

roject Guide)

Declaration
To
The Director,
BVUIMK,, Kolhapur
I the understand hereby declare that the project
report

entitled "A

Strategy

and

role

with

special

life

insurance

study

of

marketing

of financial

reference
co.

to

ICICI

is

Advisors

"

prudential

bonafied work

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

prepared by me under the guidance of Mrs.

M N Paliwal is my original work.
The empirical findings in this report are
based on data collected by me . the matter
consisting in this report are based on data
collected

by

this report

is

me .
not

The matter
copied

consisting

from

any

in

other

sources. This report has not been presented

anywhere else for the award of any degree ,
diploma or title.
I understand that any such copying is liable to
be punished as the authorities deem fit.

Place:
Date: /

NITESH KUMAR

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

CHAPTER

TITLE

RESEARCH DESIGN

COMPANY PROFILE

CONCEPTUAL BACKGROUND

DATA ANALYSIS

FINDINGS AND SUGGESTIONS

QUESTIONNAIRE

BIBLIOGRAPHY

PAGE NO.

CHAPTER 1

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RESEARCH DESIGN

CHAPTER 2

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COMPANY PROFILE

CHAPTER 3
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CONCEPTUAL BACKGROUND

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CHAPTER 4
DATA ANALYSIS

CHAPTER 5
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FINDINGS AND SUGGESTION

RESEARCH DESIGN
The business of the insurance is related to the protection
of the economical values of assets. The asset is valuable to the
owner, because he expects to get some benefits from it. IT is a
benefit because it meets some of his needs. Every asset is

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expected to lose for a certain period time during which it will

perform. However the asset may get lost earlier. An accident or
some or some other unfortunate event may destroy it or make
it non functional. It creates losses to the effect of such adverse
situations.
Brief history of Insurance.
The beginning of the insurance business is traced to the
city of London. It started with the marine Business. Marine
traders, who used to gather at Lloyds coffee house in London,
agreed to share losses to goods during transportation by ship.
The first insurance police was issued in 1583 in England.
In India insurance began in 1870 with life insurance being
transacted by an English company the European and the
Albert. The first Indian insurance company was the "Bombay
mutual assurance society Ltd, formed in 1870.In 1956 LIC OF
India was nationalized on 1/9/1956.
In 1990 the Indian Govt. At the close of financial year
ending 31/3/2004, 12 new companies were registered with the
insurance regulatory and development Authority (IRDA) to
transact life insurance business in India.

What is the life insurance ?

Life insurance is a contract for payment of sum of Money
to the person assured (or failing him/her), to the person
entitled to receive the same. On the happening of the event
insured against usually the contract provides for the payment
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of an amount on the date of maturity or at the specified date at

the periodic intervals or at unfortunate death, if it accurse
earlier. Among other thing, the contract also provides, for the
payment of premium periodically to the company by the
assured. Life insurance is universally acknowledged to be an
institution, which eliminates 'risk, substituting certainty for
uncertain and comes to the timely old of the family in the
unfortunate event of death or the breadwinner.

Scope of the study

This study is beneficial to understand the competitive
strategy planned by ICICI Prudential Company.
It helps to understand the Role performed by the Advisor
to achieve the desire goal through planned strategy.
It is very important from ICICI Prudential point of view
to understand
View of advisor about company.
What are the difficulties faced by them.
Their satisfaction level about commission and other
facilities.
To give guideline to the 'financial Advisor' about
- Effective selling.
-Awareness about how to understand the need of customer.
Main objective of the study
1) To study the various services provided or policies provided
by the ICICI Prudential.
2) To know the marketing strategy used by ICICI Prudential
in the competitive market.
3) To know the activities performed by the financial advisor.
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4) To know the importance of role played by financial advisor

in the insurance business.
5) To understand what are the important aspect personal
development of financial advisor.

Method of Data Collection

1) Questionnaire
By keeping in the view of objectiv of the study and consulting
industry guid a set of questionnaire was prepared
.Questionnaire format was 'yes ' or 'No' type , few Question
were of Multiple choice. Total number of the question include
in the data collection were eleven.
2) Interview
A formal interview were also conducted to elicit the response
from the respondents
3) Sample area
The area selected for the survey was within the limit of
kolhapur city.
4) Sample size
The total samples of the 110 advisor were selected for this
study.

Limitation
1) This study related to Kolhapur city only.
2) This study is limited to 110 respondents only.
3) Time limit was major constraint.

COMPANY PROFILE
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ICICI BANK
ICICI Bank is India's second largest bank and largest
private sector bank with assets of Rs. 2823.72 billion as on September 30,
2006. ICICI Bank provides a broad spectrum of financial services to
individuals and companies. This includes mortgages, car and personal
loans, credit and debit cards, corporate and agricultural finance. The
Bank services a growing customer base through a multi-channel access
network which includes over 635 branches and extension counters, 2325
ATMs, call centers and Internet banking.

Prudential Plc
Established in London in 1848, Prudential plc, through its businesses
in the UK and Europe, the US and Asia, provides retail financial
services products and services to more than 21 million customers,
policy holder and unit holders worldwide. As of June 30, 2006, the
company had over 234 billion in funds under management.
Prudential has brought to market an integrated range of financial
services products that now includes life assurance, pensions, mutual
funds, banking, investment management and general insurance. In
Asia, Prudential is the leading European life insurance company with
a vast network of 23 life and mutual fund operations in twelve
countries - China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.

Over view:
India's Number One private life insurer, ICICI Prudential Life
Insurance Company is a joint venture between ICICI Bank-one of
India's foremost financial services companies and Prudential plc-a
leading international financial services group headquartered in the
United Kingdom.
Total capital infusion stands at Rs. 15.85 billion, with ICICI Bank
holding a Stake of 74% and prudential plc holding 26%.

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

Our Vision
To make ICICI Prudential the dominant Life and Pensions
player built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior
products and service.
Leveraging technology to service customers quickly, efficiently
and conveniently.
Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns to our
policyholders
Providing an enabling environment to foster growth and learning
for our employees And above all, building transparency in all our
dealings.
Providing an enabling environment to foster growth and learning
for our employees.
And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching

commitment to 5 core values -- Integrity, Customer First, Boundaryless,
Ownership and Passion. Each of the values describes what the company
stands for, the qualities of our people and the way we work.

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Working Of The Branch

Nature of the work of the various personnel:
Sale Manager:

Mr. Vijay Joshi, Sales manager is managing the Kolhapur

branch. Under him there are 20 unit managers working.
The sales manager oversees the branch in terms of sales and
administration. The sales function includes achievement of the sales
target of the branch with the respect to premium income for new
business in mouth, renewal premiums, numbers of policies sourced,
activation of the advisors and also driving various contests. Sales
manager also has important task of man power developed through
motivation, guidance and being a role model for the unit manager .
Unit Manager:
Unit managers manage the team of 25 Financial Advisors, whom
he recruits over a period of time from his own circle or through cold
calls. The unit manager has the responsibility to complete sales targets,
which is set out in the monthly gold sheet. He has to also motivate his
team for better performance.
Financial Advisor:
Advisors are independent financial consultants who work on
commission basis. They sell policies to clients as per companies rule and
regulations. They complete all documentation part and submit cases to
the operation department for further processing. As per current
insurance norms Financial Advisors are licensed and have authority to
business as per IRDA rules and regulations.

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ORGANISATION

STRUCTURE

SALES MANAGER

ASSISTANCE SALES

MANAGER

SENIOR AGENCY MANAGER

AGENCY MANAGER

UNIT MANAGER

ADVISOR

Savings & Wealth Creation Solutions

Cash Plus
CashBak
Lifeline Super.
Invest Shield Cashbak
Home Assure
Cancer Care:

CONCEPTUAL BACKGROUND
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Marketing Segmentation
With an increase in the scale of operation, the segmentation
occupied a place of significance. In the insurance organization the
task of formulating the overall marketing strategies can't be
performed efficiently until we segment the market. The market for
the insurance business if found vast. The potential policyholders are
in very large number and their need and requirements are not
identical. The segmentation help the insurance organization in
dividing and subdividing the market into small segment in the needs
and requirements are fund by and large identical.
The segmentation would help insurance professionals in
marketing the promotional measure creatively. The advertisement
appeals, message, and campaigns proactive to the receiving capacity
of the target audience. The sells promotion measures can be
innovated to get a positive response. The personal selling may be
effective since the sales personal become aware of needs and
requirements to build sound product portfolio.
In brief study of segmentation would help insurance
organization to form best marketing strategy in the competitive
market.

Marketing Mix for insurance organization

The insurance organization need to assign due weight age for the
formulation of marketing mix. The emerging trends indicate that if
the insurance organization delay the process of formulating a sound
marketing for their business there will be sharp fall in their
marketing share in future, which would bring down the rate of
profitability.
Marketing mix helps to form effective marketing
strategy for insurance organization. There are various sub mixes of
marketing. Such as product mix, promotion mix, price mix, place
mix, people mix, process mix, and physical attraction.

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The Product Mix

The formulation of the product mix for the insurance business
is significant and product means service and schemes of insurance
organization.
In the context of formulating the product mix, it is essential that
the insurance organization promote innovative product. Product
portfolio includes even those services and schemes, which are likely to
get a positive response in the future.
In the view of the above the following aspects need due attention for
developing insurance product.
1) The formulation of product mix should be in the face of the
innovative product strategy.
2) The data processing department is supposed to collect necessary
information related to the changing level of expectations of prospects
so senior executive make the prospect portfolio productive to the user
and profitable to the insurance organization.
3) It is also significant to study the product life cycle of insurance
product.
4) A sound product portfolio is the need of the hour and therefore the
regulatory barriers constraints in activating the innovation process
should be minimized.

The Promotion Mix

In the formulation of marketing mix, promotion mix occupies a
place of outstanding significance. There are various dimensions of the
promotion mix such as Advertising, Public relation, Sales promotion,
World of mouth promotion, Personal selling and Telemarketing. All
the components of promotion need due attention of the insurance
professionals.

A) Advertising
Advertising is the paid form of persuasive communications. It
found important to promote the insurance business. The advertising
professional bears the responsibility of making the advertising
slogans, Appeals, campaigns creative so process of sensitizing the
prospects is found pro-active.
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B) Publicity
In addition to the advertisement the insurance professional also
need to think in favor of publicity. It is a device to promote business
without making any payment and so it also called as unpaid form of
persuasive communications. Bearing with the media is an important
aspect of publicity. Public relation officers, branch manager financial
advisors or even media people play important role to make publicity
in actual field.

C) Sales promotion
We find sales promotion a device to promote sales to meat a
certain target. It is temporary device. It is meant for the end user of
the services and the channels found instrumental in promoting the
services. In business incentives to the policyholder or to the financial
advisor for promoting the business are the sales promotion tools. The
insurance organizations offer innovative tools of sales promotion and
increase or decrease the duration depending upon the business
condition vis--vis the emerging trends in business.

Price Mix
In the insurance business the pricing decision are concerned
with the charged against the policies. Interest charged for default in
the payment of premium and credit facilities, commission charged for
underwriting and consulting services. The formulation of pricing
strategy becomes significant with the viewpoint of influencing the
target market or prospects. The insurance organization adopt such a
strategy for pricing that makes it a motivational tool and paves the
ways for increasing the insurance business.
Following point helps us to adopt a good pricing strategy
A) Marketing possible cost of effectiveness.
B) Restructuring of premium.
C) Due priority to profit generating investments.
D) Making the ways for maximizing profitability.

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Place Mix
In the place mix there would be focus on two important factsManaging insurance personal and location of the branch.
The transformation of the potential policyholder into the actual
policyholder is a difficulties task. This depends upon the professional
excellence of insurance professional. There is constant change in the
fashion and other external environment. This form the perception
and expectation of potential customer. These changes required to
study by the company and guide their insurance professionals for
successful selling of insurance.
While location of insurance branches managers need to consider
a number of factors, such as smooth accessibility, availability of
infrastructure facilities and management of brand offices and
premises. His facility includes good condition roads, power facilities,
communication, services information services or so on.

The People
In Insurance business insurance personals are more important
component of marketing mix. Financial Advisor provides attention on
the development of insurance professionals. The development of
personal is such a way that an organization succeeds in making
possible productive utilization of technologies used or likely to be
used.
The insurance organization has been making use of sophisticated
information technologies to improve the quality of their services. The
use of computers micro computers, fax machines, sophisticated
telephone services, e-mailing, internet and intranet services, have
been found throwing a big impact on the perception of quality of
services.

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

DATA ANALYSIS
Table No.1: Area of residence:
The following table shows the percentage of advisors on the basis
of area of residence.It helps us to understand the percentage of advisors
recruited from urban and rural area. It is important because it defines
the market, where he sales polices mostly.
Address
Kolhapur
Rural
Total

No of respondents
93
17
110

Percentage
84.54
15.45
100

Area of residence
16%

Kolhapur
Rural

84%

Interpretation:
The above table shows that 84% of advisors recruited by the
company are from Kolhapur city itself and 16% advisors are from the
rural area. It shows that there is much potential available for the
company to expand their business in the rural area. It is the root cause
of the companies point of view but also for the overall economy of the
country.

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Table No. 2: Age Group:

Following table shows the percentage of advisor on the basis of the age
group.Deferent age group of advisor can create relation with their own
age group of Customers, which helps company to sale, every product of
the companies product portfolio.
Age group
20-30
30-40
40-50
50-60
Total

No of respondents
70
25
8
7
110

Percentage
63.63
22.72
7.2
6.36
100

Age group
7%

6%
20-30
30-40

23%

40-50

64%

50-60

Interpretation:
The above table shows 64% of the total advisors age is between
(20-30), and 23% of advisors is between (30-40) age group.
It is clear from this data that young generation is mush interested to
enter in the insurance business. Insurance business required aggression
and enthusiasm. Young generation have this quality.
But only 13% advisors are in 40-60 age groups. If company have more
advisors from this they may be able to sale retirement pension polices
more efficiently.

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Table No. 3: Education Of The Advisors:

Following table shows the education level of advisors.
Today there are 15 insurance companies in the insurance market. This
creates tuff competition. Unit link insurance polices required a good
knowledge of share market. Educated advisors can convince customer
more effectively.
Education
H.S.C
Graduate
Post Graduate
Total

No of respondent
10
77
23
110

Percentage
9
68
23
100

Interpretation
From above data it is clear that 70% of the advisors are Graduate and
21% Post Graduate.
It is helpful and also one of the strength of the company that companies
majority advisors is highly educated. It helps them to sell unit link
policies, which required good market knowledge. Even educated
advisors can make publicity and create awareness of company in the
competitive market, by mouth-to-mouth publicity, which is the most
effective way of the promotion in insurance business.

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Table No. 4 : Type of Business Done:

Following table shows time devoted by advisors to insurance business.
Insurance selling is not only one time activity but it requires creating
mutual relationship with customer. So it is important to know how
many advisors are devoting their full time for this business.
Type of business
done
Full time
Part time
Total

No of respondent

Percentage

35
75
110

31.81
68.19
100

Percentage

Type Of Business Done

68.19

80
60
40

31.81

20
0
Full time

Part time
Type

Interpretation
From above table it is clear that 31.80% advisors are doing full time
business and 68.19% are part time.
It is better for company to have more full time advisors, because to get
success in the insurance business it required creating a personal relation
with the customer. A good customer relationship management (CRM) is
the key factor for success in this business. So full time working advisors
can create a permanent relationship with customer, they can motive
guide and advise their client for investment and even they can provide
best after sales services.

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Table No .5 : Profile of the client:

The table below shows the profile of the client to whom advisors sold
policies.It helps us to understand the target group of customer of
advisors. This more or less depends up on the residential area, education
level and age of the advisors.
Profile of the client
Professional
Business class
Services class
Farmer

No of respondents
25
40
30
15

Percentage
23
36
27
14

Interpretation:
From the above table it is clear that Iciciprudentials advisors
have successfully created business from professional, services class
people. This group of customer has income to invest in insurance and
also they are aware about importance of insurance.
But only 14% advisors approaches towards farmers. but it is demand of
hour to create of saving amount even the farmers and motivate them to
invest them in more profit making financial assets.

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Table No. 6 : Need Of Customer:

This table shows how advisors understand the need of their customer to
sale the particular policy.It helps us to understand on which aspect
advisors are focusing their attention to sell the particular polices.
Need
Occupation
Income
Age
All
Total

No of Respondent
64
84
51
6
110

Percentage
58..18
76.36
46.36
5.4
100

Need of customers

5.4
46.36

58.18
x

occupation
Income
Age
All

76.36

Interpretation:
From above table it clear that 76.36% advisors are focusing on the
income of the customer, where as 58.18% advisors are on occupation
and 46.36% are on age.
From this data it is clear that income, occupation of the clients is most
dominant factor for the insurance investment. Insurance investment
gives them triple benefit such as good return, with security, and even tax
deduction.By focusing on age advisors can decide on the children and
pension insurance plan.
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Table No. 7:Difficulties faced:

Following table shows the opinion about the difficulties faced by the
advisors while selling polices. It helps us to understand the
difficulties faced by which company can able to find out the remedies
o the particular problem which helps to expand the business .
Difficulties faced
Private company
Low Awareness of icicipru
More premium
More competition
No difficulties face

No of respondents
58
23
57
34
11

Percentage
52.72
21
51.81
31
11

Interpretation:
From above table it is clear that 52.57% advisors say that most
difficulties faced by them is low level acceptance of the private
insurance Co. Though the insurance industry is open for private sector
from 2000 and Iciciprudential is the no.1 private player in this sector,
still people have low acceptance level of private insurance Co. Further
52% advisor also says premium of the policies is more, it is one of the
difficulty faced by the advisors.21% advisors say customer has low
awareness of Icici prudential.

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Table No. 8: Satisfaction with the commission:

Following table shows the satisfaction level of the advisors for the
commission they get from the company.In the insurance business
satisfaction for the commission of the advisors is most important
because advisors will work only if they get good commission. So it helps
us to understand satisfaction of the advisors for the commission which
they get from the company.
Respondent
Yes
No
Total

No. Of

Respondents
91
19
110

Percentage
82.72
17.27
100

Interpretation:
Above table clear that 83% advisors are satisfied with the commission
they are getting from the company. It shows that company is giving
good commission and other facilities to advisors. Advisors are the key
person in insurance business their satisfaction with commission helps
company to plan their marketing strategy more aggressively and
effectively in the competitive market.But 17% advisors are not satisfied;
there low level of satisfaction should be focused and improved by the
company.

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FINDINGS & SUGGESTIONS

FINDINGS
Majority of the advisors recruited by the company is from
Kolhapur city and urban area. So there is much potential for the
company to expand their business in the rural area of Kolhapur.
Company has more numbers of advisors in between age group of
20 to 30 and 30 to 40. This generation is more enthusiastic and
interested to enter in the insurance business.

Even there is other different age group of advisors working in

company.
Most of the advisors are doing insurance business as a supporting
business with the present job and even some advisors devoting full
time for this business.

ICICIPrudential advisors have successfully created business from

professional, businessman, service class people.

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SUGGESTIONS
India has a big untapped market especially in the rural area .that
can be captured by the company.
Right person at right time, at right place, and at the right
quantity is very important. So company should recruit more
advisors from different age group and even from urban and rural
area.
Make a segmentation of the potential available market and offer
the product to the each target group of the customer.
Insurance business is the direct marketing through financial
advisors. Good customer relationship management (CRM) is the
basic requirement for the success in this business. So company
should recruit more advisors who will devote their more time for
this business.
Very few advisors are approaching towards the farmers and rural
people. But even this group of customer also has good investment
abilities. Expansion of insurance business among this group of
society is necessity of our economy.

Company also plan continuous training programs for

advisors as
per their requirement. By which they can update their selling
Skill as per the changing market requirement.

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-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

QUESTIONNAIRE
Name:.
Address:.
Tel no.:
Mob.no.:.
Age :
No. of policy sold:.
No. of years in business:..
1. Which type of business done?
Full time
Part time
2. How do you create your own data-base?
Personal selling
Telecalling
Cold calling
Farmer
3. What is the profile of your client ?
Professionals
Business class
Service class
Others
4. How do you understand the needs of customers ?
Occupation
Income
Age
Other factors

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5. Which policy you sold must?

Unit link
Traditional plan
6. What kind of difficulties you face during selling of policies ?
Low acceptance level of private insurance
Low awareness of ICICI prudential
More among of premium
More competition
Any other..
7. Are you satisfied with the commission you get from ICICI ?
Yes
No
8. If yes then scale :
0 to 25 %
25 to 50 %
50 to 75 %
75 to 100 %
9. What kind of facilities you get from ICICI ?
Training
Telephone
Support of UM.
Contest
Any other
10.Are you satisfied with their job?
Yes
No

HOW?
.
.

11.What it take to become successful in the field of insurance

advisors?
--------------------------------------------------------------------- BVU IMK KOLHAPUR

-----------------------------------------------------------ICICI PRUDENTIAL [MBA 2007-08]

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..

BIBLIOGRAPHY
WEBSITES:
www.google.com
www.iciciprulife.com
Marketing management
By :- Kotler & Killer

Sales management
By :- S.A.Chunawalla

--------------------------------------------------------------------- BVU IMK KOLHAPUR