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CHAPETER 1

INTRODUCTION

.1 GENERAL INTRODUCTION ABOUT THE SECTOR

Insurance is not the sale of products, but servicing customers. It is a

system, by which the losses suffered by a few are spread over many,

Exposed to similar risks. Insurance is a protection against financial

loss arising on the happening of an unexpected event. Insurance

companies collect premiums to provide for this protection. A loss is

paid out of the premiums collected from the insuring public and the

Insurance Companies act as trustees to the amount collected. The

very fundamental principle of spreading of the risk is actually

practiced by the insurance companies by reinsuring the risks that they

have insured. The opening up of the Insurance Sector to Private

Companies, has made available more products and world class service

to Indian Customer.

This project has been made with an objective to give an insight into

various facts of General Insurance sector in India. An attempt has


been made to explain the apex body of General Insurance. i.e.

General Insurance Corporation of India, its structure, products and

subsidiaries. Also the review of latest entrants into insurance sector

viz. private players like TATA AIG General Insurance Company,

Reliance General Insurance Company limited, Bajaj Allianz General

Insurance Company, IFFCO Tokyo General Insurance Company, Royal

Sundaram General Insurance Company limited and ICICI Lombard

General Insurance Company have been described in brief, Due to the

growth in the technological sector of the country, the insurance

companies have started utilizing these technologies to its 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.

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 Kolkata. 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

Rest. 5 crores 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

Geerah of these had almost a similar structure with 4 tiers

 The branch at the bottom rung,

 The divisional office,

 Regional office and

 The Head Office at the apex.


b. Growth and Present status of the industry

At present 12 companies are operating in general insurance market

for direct business. The four public sector companies mentioned

above and the following companies in the private sector. These

private companies were 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 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

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.

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.


CHAPTER.2
RESEARCH DESIGN /METHODOLOGY

Target Population: Target population for this research will be


the existing customers of ICICI Lombard and the officials of ICICI
Lombard in the area of the Delhi and NCR.

Sampling Technique: Judgmental and convenience sampling


will be used to conduct the survey of the research.

Sample Size: As the research will be conducted on the existing


customers of ICICI Lombard and its officials, it will include some
judgmental questions about the company so many of them will
be skeptical that whether the information provided by them
would be kept confidential or not. A medium sample size of 50
customers and 10 ICICI Lombard officials will be chosen who are
willing to share information and want to be a part of the survey.

Research Tool and Questionnaire: For this research,


personal contacts, personal observation and market survey
tools will be used. I will personally contact the customers of
ICICI Lombard, and officicials of the company after getting the
data from the company and get the questionnaires filled. The
questionnaire will be designed after conducting a pilot survey in
the company.

Action Plan for Data Collection: In the first stage Secondary


data will be collected from different websites and books to know
more about general insurance and study the work already done
in this field on this topic. After that primary data will be
collected by using questionnaire and getting them filled
personally from the customers and officials of ICICI Lombard.
The customers and officials of ICICI Lombard will be chosen
from the different parts of the Delhi and NCR which will include
East Delhi, West Delhi, North Delhi, South Delhi, Central Delhi,
NOIDA, Ghaziabad, Gurgaon and Faridabad.

LITERATURE REVIEW

Mapping for risk management


ICICI Lombard’s use of a GIS solution for risk management was
the first project of its kind in the Indian insurance industry.
Risk management is defined as the process of planning,
organizing, leading and controlling the activities of an
organisation in order to minimize the effects of risk on the said
organization’s capital and earnings. Enterprise risk management
expands this process to include not just the risks associated
with accidental losses, but also financial, strategic, operational,
and other risks as well.
ICICI Lombard used a Risk Management System (RMS) that
helped it zoom into spatial level risk data representing real-
world entities including both geo-referenced and quantitative
attributes attached to it at a national scale. It also used GIS
solutions to use tools, maps, and latest census demographic
data.
This helped the company get a clearer picture of the levels of
risks associated not just with financial information, but also with
natural risk-prone geographies. It allowed the company to
understand its customers better and make strategies according
to the more accurate levels of perception offered by the
solution.

A Unique Deployment
The use of a GIS-based RMS was essentially to identify areas on
a map with high population density, a large concentration of
rental properties, or other demographic characteristics that
affect whether to underwrite a property for fire or burglary
insurance.”

Further he reckons that it can determine if a home is in a flood


plain, near a fault area, or is susceptible to wild fires and other
hazards to make informed decisions on whether to underwrite a
property for hazard insurance or find the driving distance to the
nearest fire station or police station.
For an insurance organisation like us it makes sense to have
such systems as it helps in determining the correct details of a
property.
It is interesting to note that the project began in February 2004
and was completed in seven months (September 2004) flat. The
Web part of the project took about ten months (began in
November 2004 and ended in September 2005). All together it
cost Rs 35 lakh.

OBJECTIVES ACCOMPLISHED
In managing insurance policies, getting the correct details is of
prime importance. Gulati believes that if the system for
analyzing the information related to policy and customer
concentration service is available, decisions are much more
accurate, efficient and quick.
Another reason for deploying such systems was to incorporate
regulatory requirements of Nat-Cat (Natural Catastrophic) limits
in reinsurance treaties, provide real-time information of
potential damages in case of a natural calamity and provide
business intelligence requirement at the geographical level to
ensure elimination of bad risk.

Since the implementation of the new systems, the claims


processing takes a shorter turnaround time. Says Gulati, “GIS
helps claims processors use the customer or claim location
address on a map relative to other claims and to boundaries
such as flood and storm limits.

In case of reinsurance, it helps in better premium count by


identifying good and bad risks. Damages are assessed and
modeled to help the rein surer predict the results of future
events, thus providing more accurate underwriting. ”
A big advantage has been the increase in the number of
customers. The GIS software combined with Government of
India’s census demographic data packages allows insurers to
profile potential and existing customers and perform predictive
modeling to find new opportunities.

The RMS helps to zoom into spatial level risk data representing
real-world entities including both geo-referenced and
quantitative attributes attached to it at a national scale. This
application helps to manage risks in a better way, and operate
more efficiently by geographically assessing and analyzing
information about underwriting, risk management, and
customer service.

Map Info, a Geographical Information System (GIS) based


desktop application is used for deploying the RMS and help
assess and analyze information related to policy and customer
concentrations. It includes risk information and analysis of
different nature, such as estimated impact of frequency and
severity of earthquakes or other natural calamities, which
ultimately leads to efficient management of risk and correct
pricing of policies.

Though it is too early for the company to talk on ROI, it has


predicted that over a period of three years, it would be able to
increase the revenues by Rs. 47.85 crore.
The systems have already benefited nearly 50 employees in
reinsurance and underwriting. According to Gulati, once the
Web-based module is rolled out, it will benefit 800 more
employees and around 35,000 customers.

ICICI Lombard Insurance Services implements Talisma v6 CRM


TalismaTM, a provider of multi-channel CRM solutions,
announced that its solution has been deployed by ICICI
Lombard, a leading provider of customized insurance solutions.
Talisma v6 will provide ICICI Lombard's customers with
enhanced customer service through quicker and more accurate
claims processing.

ICICI Lombard customer service representatives now have a


single-screen view that provides a 360-degree perspective and
complete audit trail of each customer enquiry. This enquiry
includes contact information, customer profiles, appointments,
and service queries, regardless of communication method (chat,
email, or phone). The improved speed and accuracy of claims
powered by Talisma v6, has led to increased customer retention
rates for ICICI Lombard. Implementation of Talisma v6 has
allowed ICICI Lombard to map its internal claims process,
eliminating the need for call centre agents to process and
forward each document individually to the company's claims
managers. Once information has been added into the system
and verified, Talisma v6 records each detail of each claim and
assigns the claim to the organization ’s operations team for
payment. This new integration permits agents to manage claim
requests quickly and accurately saving time by matching
information from a range of back office systems.

"Our CRM strategy spans the entire organisation from front-


office to back-office. It is a commitment that we have made to
put customers at the heart of our company. We are focused on
using multi-channel and self-service capabilities to help in our
business growth. With the success of Talisma v6, we plan to
expand the footprint to include our partners through Talisma's
Web client, giving them access to relevant functions over the
internet," said Sudhir Salian, head IT and retail , ICICI Lombard.
From a marketing perspective, Talisma's v6 enables ICICI
Lombard to proactively build customer relationships through
outbound-targeted campaigns. Contact databases can now be
integrated into the CRM solution, providing staff with campaign
management tools. This ensures that each contact receives the
correct outbound communication, thereby dramatically
increasing customer acquisition levels.

"Improving customer retention and acquisition is vital in today's


competitive global insurance market. We have helped ICICI
Lombard reduce the complexity and time spent on each claim
by eliminating the need to process information from a variety of
different back-end systems.Our partnership with ICICI Lombard
underlines the value Talisma brings to the insurance services
marketplace. "

ICICI Lombard Gen Insurance expands southern operations


Even as the city-based private insurers are finding it tough to
crack the market, ICICI Lombard General Insurance Company is
going great guns in the southern market. After storming the fire
insurance market, the company is now looking at marine hull
insurance.The company has got sizeable share of coinsurance
from Sanmar Shipping and West Asia Maritime hull insurance
policies.

"Our share in the Sanmar policy is 25 per cent while it is 35 per


cent in the West Asia policy. (According to him the southern
region will close the first quarter with a premium income of Rs
30 crore as against Rs 40 crore earned last fiscal. The company
has got good entry in the Sanmar group, India Cements, Madras
Cements, KCP and other leading industrial groups in south. More
than the basic fire insurance policy, we are focusing on selling
the Consequential Loss of Profits insurance policy that fetches
good premium income.

ICICI Lombard is also into liability insurance in a major way. The


company has sold unique clinical trial insurance policies to
couple of pharma companies based in Hyderabad.

The policy covers the drug companies against any claims from
persons who are volunteers for human clinical trials."Sufficient
reinsurance cover has been taken by us while selling the clinical
trial and marine hull insurance policies," Bharathan says.
Meanwhile, ICICI Lombard is expanding its reach in the four
southern states by leveraging ICICI Bank's branch network. By
paying rent and other charges to its parent, ICICI Bank, the
insurance company will operate from the bank premises.

According to Bharathan each branch should fetch a premium


income of at least Rs 1 crore per annum to be economically
viable.With brokers being its major source of corporate
business, ICICI Lombard conducts regular training courses to
broking officials so that they are well aware of the products, and
terms and conditions.

CHAPTER.3
RESEARCH OBJECTIVE

1. To study the trends, status and potential of general


Insurance Industry in India
2. To analyze the consumer behavior towards ICICI Lombard
products
3. To critically appraise the marketing strategies of ICICI
Lombard
4. To determine that what factors should the company focus
on to attract greater Market share.
CHAPTER 4
PROFILE OF THE ORGANIZATION

4.1 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.

4.2 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 Moodys Investors Service) for highest
claim paying ability and a fundamentally strong 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.

4.3 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 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.

4.4 Functional Departments of the Organization

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 world is
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, ITCs 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 partnes 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 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 companies 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 Lombards 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 Lombards 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

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
Mr. Liyaquat Khan, Appointed Actuary

Board Governance Committee

Ms Kalpana Morparia, Chairperson


Mr. Chandran Ratnaswami, Director
Mr. H N Sinor, Director
4.5 PRODUCT AND SERVICE PROFILE OF ORGANIZATION
COMPETITORS

1. STANDRARD FIRE AND SPECIAL PERILS


FIRE:
Excluding destruction or damage caused to the property insured
a. Its own fermentation, natural heating or spontaneous
combustion.
b. Its 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 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.

1. 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 insureds
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 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.

7. CHEQUE FORGERY:
The company shall compensate the insured for any loss to the
insured caused by forgery or material alteration of cheques,
drafts or other negotiable instruments issued by, or in favor of,
the insured.

8. EMPLOYERS LIABILITY:
The company shall indemnify the insured against the legal
liability of the insured in respect of any bodily injury sustained
by,
or the loss of life of, the insured’s employees arising out of and
in the course of their employment.

9. ACCIDENTAL, MEDICAL/HOSPITAL EXPENSES TO


INSURED:
The company shall compensate the insured for actual and
reasonable medical expenses incurred for hospital treatment by
the insured in respect of any bodily injury sustained by the
insured arising out of operation at an insured peril as provided
for in standard fire and special perils- buildings and standard
fire and special perils- contents and / or burglary, coverage ’s in
this policy and subject to a deductible excess of an amount as
may be specified in part 1 of the schedule.

10. PUBLIC LIABILITY:


The company shall indemnify the insured for those sums that
insured becomes legally liable to pay, including litigation
expenses and any amount in compensation, by virtue of the
following items as specified occurring in and about the insured ’s
premises.

 Accidental death or bodily injury to any person other than


insured or the insured employees / staff. This coverage
shall be limited to the sum insured for any accident or
series of accidents arising from any one event or cause,
and for all accidents during the period of insurance, and,

 Accidental damage to property of any person other than the


insured or insured employees / staff. This coverage shall
be limited to the sum insured for any one accident or
series of accidents arising from any one event or cause,
and for all accidents during the period of insurance.

11. FIDELITY:
The company will compensate the insured for any direct
pecuniary loss sustained by the insured through act of fraud or
dishonesty committed by any salaried employee of the insured
in the insured premises, provided that :

 The loss shall have occurred in connection with the


employees occupation and duties during the uninterrupted
continuance of his employment and he discovered within
six months after its happening first of six months after the
death, dismissal or retirement of such person and

 The liability of the company in respect of any one person or


all persons so employed and in respect of losses in any
one period of insurance shall not exceed the sum insured.

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
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 lets you enjoy your trip leaving your
worries with us.

COMPRTITORS
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

4.6 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 2007, 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 settled against claims reported) as on
March 31, 2007.

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

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.

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.
CHAPTER 5
DISCUSSION ON TRAINING

5.1 Discussion on Training


a. Students Work Profile (Role and Responsibilities)
SALES TRAINEE/EXECUTIVE/OFFICER
I was recruited, as a Sales Officer in ICICI Lombard GIC Ltd. It is
Corporate selling of non-Life Insurance products. It is totally
Field work which is called direct selling. My role is to fix an
appointment with client companys Account, HR and General
Managers. And collect information about insurance. If it is
already insured then my role is to get information about present
Insurer, Total Sum Insurance Premium and total Coverage etc.
And If still it is not insured, than my role is to offer proposal, get
detail of Sum-insurance and Desired coverage.
I have conducted a Researched based of Office Insurance
products in Koramangala area of Bangalore. My target was IT
and non-IT, Software companies and Commercial building
having Offices.
As a Sales Officer my responsibilities were as under:
 Lead Generation
 Fix an appointment with Managers (Clients)
 Making presentation with USM
 Cold Calling
 Prepare Database of new clients
 Conduct surveys in different segment
 Setting a goal and Achieve monthly targets
 Getting feedback from existing clients
 Making Agent

5.2 Description of live experiences


This working experience has helped me a lot in
understanding the corporate world and I came to know the
meaning of sales and marketing. Each and every thing
you can take, there are two responses (experience) which I
got from the market or field work: Positive and Negative.

How to work in a corporate world and how can we survive


in corporate fields-that all types of practical and
theoretical knowledge we can get from corporate
activities. We must have to learn about customers
requirement, what and which type of customer have to
expect their need or requirements. This working
experience also helped me in improving communication
and presentation skills. Some of these are:
 Real exposure to the corporate world which helped
me a lot in understanding the mind set of executives
to a certain extent.
 Learned about customer requirements, customer
mind set how to convince others and many.
 It helped me in improving my communication skills,
presentation skills and how to behave in front of
corporate executives.
 Apart from these positive experiences I faced certain
problems too which I would like to discuss here.
 It was quite difficult in the beginning to cope with
both college studies and job.

CHAPTER 6
STUDY OF SELECTED RESEARCH PROBLEM

6.1 Statement of research problem

 How can one assess the market awareness for office


insurance products?

 How can we tap this potential after assigning, through


strategic marketing of services?

6.2 Statement of research objectives

 To find out the customer awareness level for office


insurance products.

 To assess the effectiveness of company service.

 To make an independent assessment of the magnitude of


the market potential in the light of the competitive
scenario.

 To suggest remedial measures to exploit the market


potential.

OPERATIOANAL DEFINATIONS:
Market:
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
Means an act involving the unauthorized entry to or exit from
the insureds 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, companys 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 insureds 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 any revisions thereof based on
claim settled, as stated in the scope of cover of the policy and,
where appropriate, as more particularly described.

6.3 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. It is the simplest type of research. It
focuses on particular aspects or dimensions of the problem
studied. It is so designed that it gathers descriptive information
and provides information for formulating more sophisticated
studies. There is a cause effective relationship.

The criteria for selecting this particular design are that, the
problem of the project must be described and not arguable.
The data collected is amenable to statistical analysis and has
accuracy and significance. It is possible to develop valid
standards of comparison. It lends itself to the verifiable
procedure of collection and analysis of data.

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. This
sampling method involves purposive or deliberate selection of
particular units of the universe for constituting the sample,
which represents the universe. When population elements are
selected for inclusion in the sample based on the ease of
access, it can be called as convenient sampling. Empirical field
studies required collection of first hand information and data
pertaining to the units of study from the field.
SAMPLING DESIGN:
SAMPLING UNIT
The samples include various offices & shops in Bangalore city.

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,
broaches, manuals, text books and Internet. The customer of 20
respondents was provided by the company for assessing the
service provided by a company.
RESEARCH LIMITATIONS:
This research is company- specific and confined only to
Bangalore city, the problem of generalization becomes obvious
Limited sample size is taken.

6.4 Analysis of data


1. Are you aware of Office insurance?

Table1:
Particul No. Of
ars respondents Percentages
Yes 67 83.75
No 0 0
Little Bit 13 16.25
Total 80 100
Source: Field Study
Interpretation:
The response given by respondents 83.75 are aware of office
insurance and 16.25 know very little about office insurance.
This clearly shows that there is no proper advertisement reach
to the people.

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

Table 2:
No. Of
Media Respondents Percentages
TV 40 50
News Paper 19 23.75
Agents 21 26.25
Total 80 100
Source: Field Study
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. If yes, Which Company Services do you prefer to avail?


Table 3:
No. Of
Company Respondents Percentages
ICICI Lombard 6 30
HDFC Chubb 0 0
New India 7 35
Oriental 3 15
United India 4 20
Total 20 100
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.

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

Table 4:
No. Of
Type Respondents Percentages
Yearly
Renewal 17 85
Auto 3 15
Renewal
Total 20 100

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.

5. Which product services you are planning to avail?

Table 5:
Product Services No. Of Percentage
Respondents s
Fire Insurance 10 50
Electronic Insurance 5 25
Burglary Insurance 3 15
All of Above 2 10
Total 20 100
Source: Field Study

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.

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


Table 6:

No. Of
Particulars Respondents Percentages
Within 15 Days 7 35
15 to 30 Days 13 65
30 to 60 Days 0 0
Total 20 100
Source: Field Study

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.

7. How do you rate about services?


Table 7:

Opinion No. Of Respondents Percentages


Very Good 6 30
Good 9 45
Normal 4 20
Not Good 1 5
Total 20 100
Source: Field Study

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.
8. How much premium are you paying now?

Table 8:
No. Of
Amount Respondents Percentages
More Than 5000 4 20
More Than 10000 5 25
More Than 20000 11 55
Total 20 100
Source: Field Study

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.
9. Do you feel its really economical?

Table 9:
No. of
Particulars Respondents Percentages

Yes 14 70

No 6 30

Total 20 100
Source : Field Study

Interpretation:

Customers believed of policy economical like this,


70% of respondents said YES.
30% of respondents said NO
10. Have you ever-contacted customer help desk?

Table 10:
No. Of
Particulars Respondents Percentages
Yes 16 80
No 4 20
Total 20 100
Source : Field Study

Interpretation:

The above chart depicts that


80% of respondents contacted customer help desk and
20% of respondents did not contact customer help desk.

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

Table 11:
No. Of
Opinion Respondents Percentages
Good 10 50
OK 8 40
Poor 2 10
Total 20 100

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.

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

Table 12:
No. Of Percentage
Particulars Respondents s
Product Related Inquiry 11 55
To Renew Policy 8 40
To Complaint 1 5
Total 20 100
Source: Field Study

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.

6.5 Summary of findings


 All respondents have awareness about office insurance.

 Majority of respondents told they were come to know


about office insurance through television and agents.

 Majority of respondents told employees are more then 5.

 There is a market potential for office insurance products.

 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.
CHAPTER 7
SUMMARY AND CONCLUSION

7.1 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 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. The working environment was
excellent which enabled me to learn the products and
services features as well as the internal aspects of
management level. 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.

7.2 CONCLUSIONS AND RECOMMENDATION


RECOMMENDATIONS
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.

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 Medicliaim, burglary and GPA.

ANNEXURE:
1. Are you aware of Office insurance?
A. Yes
B. No
2. If Yes, How do you come to know about Office Insurance?
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
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
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

BOOKS AND MAGAZINES


Essentials of Marketing – Reddy and Appaniah
Marketing Management – Phillip Kotler
India Today
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