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A PROJECT REPORT ON “BRAND EQUITY ANALYSIS OF ICICI PRUDENTIAL LIFE INSURANCE PRODUCTS WITHIN THE CONTEMPRORY INSURANCE PRODUCT MARKET”

(A study conducted at Patna with special reference to ICICI Prudential life insurance)

A PROJECT REPORT ON “BRAND EQUITY ANALYSIS OF ICICI PRUDENTIAL LIFE INSURANCE PRODUCTS WITHIN THE CONTEMPRORY

CONTENTS

S.No.

Unit Description

Pg. No.

1

Profile of the study

 
  • a) Hypothesis

b)Objective

  • c) Methodology

d)Limitations

2

ICICI Prudential – An Overview Organizational structure Commercial parameter

 

3

Brand Equity

4

Analysis and Interpretation of the study

 

5

Major Findings of the study

 

6

Learning Experiences from the study

 
 

Bibliography

 
 

Annexure

 

Interpretation:

The above tabulation shows that out of 150 respondents 30 % are paid upto Rs.15,000 per month, 28% Rs.15,000-30000 per month,23% are paid upto Rs.30,000-45,000,19% are paid up to Rs.45,000per month.

The above tabulation shows that out of 150 respondents 30 % are paid upto Rs.15,000 per

INSURANCE POLICY RECENTLY PURCHASED

OPTIONS

NO OF RESPONDENTS

PERCENTAGE

Yes

85

56%

No

25

17%

Planning

40

27%

Interpretation:

The above tabulation shows that out of 150 respondents 56%have purchased insurance policy recently, 17% have not purchased yet, while 27% are planning to purchase.

 COMPANY PROFILE OPTIONS NO. OF RESPONDENTS PERCENTAGE LIC 50 33% HDFC 25 17% ICICI 55

COMPANY PROFILE

OPTIONS

NO. OF RESPONDENTS

PERCENTAGE

LIC

50

33%

HDFC

25

17%

ICICI

55

37%

OTHERS

20

13%

Interpretation:

The above tabulation shows that Out of 150 respondents 33% have purchased policies from LIC, while 17% from HDFC, 37% from ICICI, and 13% from others.

 COMPANY PROFILE OPTIONS NO. OF RESPONDENTS PERCENTAGE LIC 50 33% HDFC 25 17% ICICI 55

SOURCE OF INFORMATION ABOUT ICICI PRUDENTIAL

SOURCE

NO.OF RESPONDENTS

PERCENTAGE

advertisements

45

30%

Electronic media

20

13%

Print media

25

17%

Family friends

35

23%

internet

25

17%

Interpretation:

The above tabulation shows that out of 150 respondents 30%came to know about ICICI prudential through advertisements, while 13% from electronic media, 17% from print media,23%8 from family friends&17% from internet.

 SOURCE OF INFORMATION ABOUT ICICI PRUDENTIAL SOURCE NO.OF RESPONDENTS PERCENTAGE advertisements 45 30% Electronic media

ASSOCIATION WITH ICICI PRUDENTIAL LIFE INSURANCE

OPTIONS

NO OF RESPONDENTS

PERCENTAGE

Yes

  • 75 50%

 

No

  • 25 17%

 

May be

  • 50 33%

 

Interpretation:

The above tabulation shows that Out of 150 respondents 50%wants to associate with ICICI prudential, 17% do not want to associate with ICICI prudential, while 33% says may be.

Interpretation: The above tabulation shows that Out of 150 respondents 50%wants to associate with ICICI prudential,

INSURANCE PLOICIES PREFERRED MOST

Insurance policies

No of respondents

Percentage

Smart kid

  • 50 33%

 

Pension plan

  • 25 17%

 

Health plan

  • 30 20%

 

Endowment plan

  • 20 13%

 

others

  • 25 17%

 

Interpretation:

The above tabulation shows that Out of 150respondents 33% prefer smart kid, 17% pension plan& others, 20% prefer health plan, 13%prefer endowment plan.

 RATING OF THE SERVICES RENDERED BY ICICI PRUDENTIAL RATING NO OF RESPONDENTS PERCENTAGE Excellent 45

RATING OF THE SERVICES RENDERED BY ICICI PRUDENTIAL

RATING

NO OF RESPONDENTS

PERCENTAGE

Excellent

  • 45 30%

 

Very good

  • 25 17%

 

Good

  • 20 13%

 

average

  • 25 17%

 

Below average

  • 25 17%

 

satisfactory

  • 10 6%

 

Interpretation:

The above tabulation shows that Out of 150respondents 30% rate as excellent for the services rendered by ICICI Prudential, 17%as very good, average and below average while 13% as good and 6%as satisfactory.

DIFFERENTIATION OF ICICI PRUDENTIAL FROM OTHER INSURANCE COMPANIES . OPTIONS NO OF RESPONDENTS PERCENTAGE image 45

DIFFERENTIATION OF ICICI PRUDENTIAL FROM OTHER

INSURANCE COMPANIES .

OPTIONS

NO OF RESPONDENTS

PERCENTAGE

image

  • 45 30%

 

Brand value

  • 35 23%

 

Affordable capacity

  • 10 7%

 

Identification

  • 15 10%

 

Customer base

  • 20 13%

 

Services rendered

  • 15 10%

 

Others

  • 10 7%

 

Interpretation:

The above tabulation shows that Out of 150 respondents 30% differentiate ICICI prudential from other insurance companies in terms of image ,23%in terms of brand value, 7%in terms of

affordable capacity and others, 10% in terms of identification and services rendered, 13%in terms of customer base.

affordable capacity and others, 10% in terms of identification and services rendered, 13%in terms of customer

RECCOMENDATIONS:

Recommendations

No. of respondents

Percentage

Yes

105

70%

No

45

30%

Interpretation:

The above tabulation shows that Out of 150 respondents 70% wants to recommend or suggest some changes in ICICI Prudential for better results while 30% do not want to recommend or suggest any changes in ICICI prudential .

CHAPTER 5:

MAJOR FINDINGS AND INTERPRETATION OF THESTUDY

The Data analyses and interpretations helped us to take out the various findings. Thus the findings of this project is the result of all the data collected analysed and interpreted. Following are the various findings of the study:

Majority of the customers prefer smart kid & health plan. About 33% & 20%of the respondents respectively prefer smart kid and health plan.

Advertising plays a very important role as a source of information for ICICI Prudential

Almost 30% of the respondents rate the services rendered by ICICI Prudential as excellent.

ICICI prudential is the most preferred life insurance company in India

About 50% of the respondents wants to associate themselves with ICICI Prudential.

BIBLIOGRAPHY

Kotler Philip Kotler K.L. ,Koshy A, Jha “Marketing Management- A south Asian perspective” 13 th edition pearson education publication,2007

WEBLIOGRAPHY

WWW. iciciprulife .com Jan ,2012 WWW.google.com

30 th

ANNEXURES

Questionnaire:

1.

Name and address:

 

2.

Phone no.:

3. Age:

 

4.

Gender:

male

female

5.

Occupational profile:

a)

Employed

b)self-employed

c) social activist

d)

engineer

e) doctor

f)

others

  • 6. Income profile:

    • a) Up to Rs.15, 000 per month

per month

  • c) Rs.30000-45000 per month

b) Rs.15000- 30000

d) Rs.45000 & above

  • 7. Education profile:

    • a) Graduate

b) under graduate

c) MBA

d) Doctor

e) others

  • 8. Have you purchased any insurance policy recently?

a) Yes

b)No

c) planning

  • 9. From which company you purchase all your policies?

a) LIC d) others

b)HDFC

c) ICICI

10. Do you know ICICI Prudential is a dominant private life insurance company in India?

  • a) yes

b) no

c) may be

  • 11. If

yes then what is your source of information about ICICI

Prudential?

  • a) Advertisement

b) electronic media (radio, T.v)

  • c) print media (newspaper, magazine)

d) family &friends

  • 12. Do you want to associate with ICICI prudential life

insurance?

  • a) yes

b) no

c) may be

  • 13. Which of the ICICI Prudential life insurance schemes you

prefer the most?

a) Smart kid

b)Pension plan

Endowment plan e) Traditional plan

f) others

c)Health plan

d)

  • 14. Do you like the services rendered by ICICI prudential life

insurance?

  • a) Yes

b) No

c)Cant say

  • 15. How would you rate the services rendered by

prudential life insurance?

ICICI

a) Excellent

b)Very good

c)Good

e) Below average f)Satisfactory

d)Average

  • 16. How do you differentiate ICICI prudential from other

insurance companies?

  • a) b) Brand value

c) Affordable capacity

Image

d))

f) Services rendered

e) Customer base

identification

  • g) others

  • 17. Do you want to recommend or suggest any changes In

ICICI Prudential for better results? If yes then could you please spell some of your suggestion?

a) Yes b)No Please specify _______________ Place: Date: signature:
a) Yes
b)No
Please specify _______________
Place:
Date:
signature: