Project Report On: "Problem and Prospects of Insurances Agencies "
Project Report On: "Problem and Prospects of Insurances Agencies "
Project Report On: "Problem and Prospects of Insurances Agencies "
by
Submitted to:
Through
STUDENT’S DECLARATION
I hereby solemnly affirm, declare and state that report titled “PROBLEM AND
sincerity and this report based on that study is a bonafied work by me and submitted to
SCIENCES under the guidance and supervision of Prof. LAKSHMAN, Faculty RIMS is
my original work and not submitted for the award of any other degree, diploma,
This is to certify that the project report titled “PROBLEM AND PROSPECTS OF
2490900039 carried out in partial fulfillment for the award of degree of MBA (Industry
and direction. This study report is an original work and not submitted earlier to any
University/Institute.
ICICI Prudential Life Insurance Co. Ltd., Jaipur, was just like an opportunity to shake
insight into various aspects of organization. The source of learning have been one too
Life Insurance Co. Ltd., Jaipur, without their help this summer internship in ICICI would
not be possible.
Faculty of RIMS, who critically reviewed my project report & provided suggestions.
my family members those always ready to help me out from any problem throughout my
internship.
TABLE OF CONTENTS
S. NO. TOPIC PAGE NO.
1 EXECUTIVE SUMMARY 1
2 GENERAL INTRODUCTION 3
3 INDUSTRY PROFILE 8
4 FUTURE OF INDIAN INSURANCE MARKET 24
5 COMPANY PROFILE 25
6 ICICI PRUDENTIAL PRODUCT PROFILE 32
7 PORTERS FIVE-FORCE OF INSURANCE 39
INDUSTRY
8 SHARE OF PRIVATE INSURANCE PALYERS 41
9 REVIEW OF LITERATURE 46
10 RESEARCH METHODOLOGY 52
11 DATA ANALYSIS & FINDINGS 55
12 CONCLUSIONS & RECOMMENDATIONS 68
13 LIMITATIONS 72
14 BIBLIOGRAPHY 73
15 APPENDIX – I 74
16 APPENDIX - II 75
EXECUTIVE SUMMARY
With largest number of life insurance policies in force in the world, Insurance happens to be a
mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and
presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per
cent to the country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds
Yet, nearly 80 per cent of Indian population is without life insurance cover, health insurance and
non-life insurance continue to be below international standards. And this part of the population
is also subject to weak social security and pension systems with hardly any old age income
security. This itself is an indicator that growth potential for the insurance sector is immense.
provides long-term funds for infrastructure development and at the same time strengthens the
risk taking ability. It is estimated that over the next ten years India would require investments of
the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments
With a large capital outlay and long gestation periods, infrastructure projects are fraught with a
multitude of risks throughout the development, construction and operation stages. These
include risks associated with project implementation, including geological risks, maintenance,
commercial and political risks. Without covering these risks the financial institutions are not
willing to commit funds to the sector, especially because the financing of most private projects is
Insurance companies not only provide risk cover to infrastructure projects, they also contribute
long-term funds. In fact, insurance companies are an ideal source of long-term debt and equity
for infrastructure projects. With long-term liability, they get a good asset- liability match by
IRDA regulations require insurance companies to invest not less than 15 percent of their funds
in infrastructure and social sectors. International Insurance companies also invest their funds in
such projects.
Insurance is a federal subject in India. There are two legislations that govern the sector- The
GENERAL INTRODUCTION
Meaning of Insurance
Insurance in which the risk insured against is the death of a particular person, the
insured, upon whose death while the policy is in force, the insurance company agrees to
gives one a life long benefit and the returns will definitely come but only when one
Insurance is not about how much more it can offer you when the stock market is at its
peak. It may not be an attractive investment option. But weigh the pros and cons and
Most important of all it provides you with that unique sense of security that no other form
of investment provides. It gives you a sense of financial support especially during that
time of crisis irrespective of the fluctuations in the stock market. Insurance provides for
If the earning member of the family is no more children¶s educational needs will not suffer. In
fact his higher education too will be provided for. One need not spend sleepless nights thinking
about how to save for his child's marriage. Life Insurance will take care of that typical once-in- a-
An accident or a disability may be devastating but an insurance policy can be of utmost support
for the family during such times too. Besides it provides for additional benefits such as bonuses.
One need not worry about your retirement years. The rising prices, taxes, and your lifestyle will
be taken care of easily. And you can relax and spend your old age in comfort and peace.
People invest in life insurance owing to a few key reasons, mainly Insurance creates financial
Insurance provides for the policyholder's old age after his earning power diminishes. After all,
interest rates may fall and invested holdings may lose value and stop gaining dividends, but the
value of an insurance policy once set, never reduces. Insurance also provide a legally
Agreed, insurance may not be the best place to invest your hard-earned money. But there are
sufficient reasons for one to believe that it can be a highly lucrative avenue to facilitate savings.
People often talk about yield on investment and tend to compare their values with those
available on various insurance schemes. This is particularly typical within the Indian sub-
continent where one conveniently forgets the element of risk covered by life insurance.
investments without considering the core features of insurance. The very essence of
insurance is to protect your family from the uncertainty of your life. Hence it proves very
One must accept that out of the total amount paid by one for his life insurance, a certain
amount is used for providing the risk cover and only the balance can be utilized as
savings. In other words, the total premium one pays minus the amount evaluated, as
the cost of insurance must be considered as the amount invested to get the maturity
amount.
Life insurance is many different things to many different people. For some, it is a
premium to be paid on time. For others it offers liquidity since cash can be borrowed
Life insurance is nothing but the creation of capital funds on an installment basis. Only here, the
results are guaranteed. Life insurance is basically a property that is bought under a contract,
accompanied by contractual guarantees that ensure large sums of money at the death of the
insured.
The contractual guarantee is the promise to pay, backed by one of the oldest and most stably
Insurance Buys Time and Money: People like to refer to life insurance as time insurance, the
reason being that life insurance proceeds are paid to the insured's beneficiaries in case of
death. The money proffered by life insurance helps buy time to adjust to the change of
circumstances. Insurance provides large amounts of cash that will keep the lifestyle for the
Insurance Offers Peace of Mind: For the person who buys an insurance policy, it offers absolute
and complete peace of mind. He or she knows that the decision made by him will provide sound
benefits in the future, whether or not the individual may live to see it. The life insurance policy
will subsequently prove this in the future if and when funds are needed. This is the guarantee of
Multiple Applications: The future is uncertain for each and every one. No one knows how long
he or she will live. The investment benefit is paid to the insured's beneficiaries after his death or
it can be used during the life as well. Life insurance policy owners can turn to the cash value of
the policy in case of a financial emergency when all avenues are either blocked or denied. They
know that they can avail of loans based on their insurance policies.
Insurance policy owners can use the cash value of their policies to meet their long-term
financial needs as well. They may have purposefully invested in insurance to use the
cash in the policy for their children's future marriage expenses or higher education fees.
Enduring Elasticity: Since life insurance is flexible enough to serve several needs, the insured
can keep several long-term goals in mind once he or she invests in the insurance plan. The
cash value of the policy can be allocated towards augmenting the monthly income during the
retirement years. Leisure years should be turned into pleasure years. Permanent life insurance
Financial Security: The insurance policy offers contractual guarantees to people looking for
peace of mind when they buy life insurance. Life insurance offers complete financial security.
The purchase of life insurance demonstrates concern for a family's future financial well being.
Regard for Family: The purchase of life insurance clearly displays care and concern for the
Insurance is Safer: No financial institution can do what life insurance does. No industry can back
its products with reserves and surplus as sound as those of the insurance industry.
The proof of strength and safety that insurance companies have ensured even under
the most adverse of conditions is a matter of pride for the entire insurance industry. For
generation after generation, life insurance has been acclaimed as the very benchmark
INDUSTRY PROFILE
Insurance in India
The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the developments in the Indian
insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries.
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 Calcutta. Some of the important
1912: The Indian Life Assurance For over 50 years, life insurance in India was defined and
driven by only one company the Life Insurance Corporation of India (LIC). With the Insurance
Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry of private
companies into both life and general sectors there was bound to be newfound excitement- and
new success stories. Today, just three years since their entry, their cumulative share has
crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on a growth path.
The percentage of premium income to GDP, which was just 2.3% in 2000-01 rose to 3.3% in
2002-03; and life insurance has emerged as the dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for instance, was at an
abysmal 22% of the insurable population. However, private players have had to rise to many
challenges. They were faced with attitudinal barriers towards the category and the perception
that insurance was only a tax saving tool. Insurance per se had lost it basic rationale: protection.
It wasn’t surprising then that its potential lay frozen and unexploited. The challenge for private
insurance players was to change the established category driver and get customers to evaluate
It was story of a typical colonial era. A few British companies dominated the market mostly in
large urban centers. Insurance was nationalized mainly on 3 counts First, Indian lives were not
insured.
Second, even if they were insured, they were treated as substandard lives and extra premium
was charged. Third, there were gross irregularities in the functioning of Life insurance was
nationalized in the year 1956, and then general insurance was nationalized in the year 1972. In
1999, the private insurance companies were allowed back again into insurance sector with
maximum cap of 26 percent foreign holding.1818 The British introduce to India, with the
¨ 1870 Bombay Mutual life Assurance Society is the first Indian-owned life insurer
¨ 1912 The Indian life assurance companies’ act enacted to regulate the life insurance business.
¨ 1938 the insurance act, which forms the basis for most current insurance laws, replaces earlier
act.
¨ 1956 Life insurance nationalized, government takes over 245 Indian and foreign insurers and
provident societies.
¨ 1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up to draw up a
¨ 1994 Malhotra Committee recommends re-entry of private players, autonomy to PSU insurers.
¨ 1997 Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up.
¨ 2001 ICICI Prudential Life Insurance came into the market to sell a policy.
¨ 2002 Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidious stuck to its schedule of framing regulations and registering the private sector
insurance companies.
The other decisions taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies were the launch of the IRDA’s online
companies would have a trained workforce of insurance agents in place to sell their products,
Since being set up as an independent statutory body the IRDA has put in a framework of
globally compatible regulations. In the private sector 12 life insurance and 6 general insurance
With the demographic changes and changing life styles, the demand for insurance cover has
also evolved taking into consideration the needs of prospective policyholder for packaged
products. There have been innovations in the types of products developed by the insurers,
which are relevant to the people of different age groups, and suit their requirements. Continued
innovations in product development has resulted in a wide range of flexible products to meet the
requirements for cover at different stages of life -today a variety of products are available
ranging from traditional to Unit linked providing protection towards child, endowment, capital
A number of new products have been introduced in the life segment with guaranteed additions,
which were subsequently withdrawn/toned down; single premium mode has been popularized;
unit linked products; and add-on/riders including accidental death; dismemberment, critical
illness, fixed term assurance risk cover, group hospital and surgical treatment, hospital cash
benefits, etc. Comprehensive packaged products have been popularized with features of
endowment, money back, whole life, single premium, regular premium, rebate in premium for
higher sum assured, premium mode rebate, etc., together with riders to the base products.
Historical Perspective
Ø Life Insurance is the only sector, which garners long term savings.
Ø Spread of financial services in rural areas and amongst socially less privileged.
structure.
Ø Employment generation.
Ø Public Monopoly
- 2000 Offices
- Over 800,000 agents
IRDA has till now provided registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are considered then
there are presently 13 insurance companies in the life side and 13 companies functioning in
general insurance business. General Insurance Corporation has been sanctioned as the "Indian
Public Sector
Private Sector
GENERAL INSURERS
Public Sector
National Insurance Company Limited www.nationalinsuranceindia.com
Private Sector
REINSURER
The Indian insurance market in spite of having a history covering almost two centuries
took a turn after the establishment of the Life insurance corporation in India in 1956.
From being an open competitive market to being nationalized and then back to a
liberalized market again, the insurance sector has witnessed all aspects of contest.
The Indian insurance market conventionally focused around life insurance until recently, a
various range of other insurance policies covering sectors like medical, automobile, health and
other classes falling under general insurance came up, generally provided by the private
companies. The life insurance of India added 4.1% to the GDP of the economy in 2009, an
immense growth since 1999, when the gates were opened for the private company in the
market.
No. Registration
Life
109 31.01.2001 Birla Sun Life Insurance
On January 19, 1956 the President of the Indian Union issued an ordinance, providing for the
taking over, in public interest, of the Management of life insurance pending nationalization of
such business, & the then Finance Minister explained the objectives of nationalization of life
insurance business.
In June 1956, the parliament passed a bill for nationalization of life insurance business in India
and for setting up a corporation as the sole agency for carrying on this business in India. The
corporation, set up under this Act, is known as “Life Insurance Corporation of India”, which
started functioning on September 1, 1956. For the purpose of servicing of policies issued before
September 1, 1956, some integrated head offices & integrated branch office units were created.
These offices have nothing to do with the policies issued by the corporation. Corporation also
HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC, India’s largest
housing finance institution and Standard Life Assurance Company, Europe’s largest mutual life
company. HDFC manages Rs. 21,450 Crores in assets and Standard Life manages over US
$100 billion in assets. Both the promoters are well known for their ethical dealings, their
financial strength and their commitment to be a long-term player in the life insurance industry.
MAX NEW YORK LIFE INSURANCE COMPANY
Max New York Life Insurance Company is a joint venture between New York Life International
Inc. and Max India Limited. New York Life, a Fortune 100 Company, is one of the world’s
experts in life insurance with over 156 years of experience in the business and over US$ 165
billion (Rs. 775,000 Crores) in assets under management. Max India Limited is a multi-
business corporate, focused on the knowledge, people, and service-oriented business of life
Om Kotak Mahindra Life Insurance, a company under Kotak Mahindra Group is a 74:26 life
insurance joint venture between Kotak Mahindra Finance Limited with Old Mutual, U.K. The
philosophy of Om Kotak Mahindra is helping their customers take financial decisions at every
stage in life. Their aim is to consistently offer a wide range of innovative life insurance products,
to help their customers remain financially independent, which is why they believe that freedom
to take life on "Jeene Ki Aazadi". The alliance of Om Kotak Mahindra with Old Mutual has given
it unmatched expertise in life insurance area. With 156 years of experience in life insurance
business, Old Mutual is today an International Financial Service Group based in London.
It is a joint venture of Aditya Birla Group and Sun Life Financial Services with the objective that
Insurance is not about something going wrong. It's often about things going right. One of the
wonders of human nature is that we never believe anything can actually go wrong. Surely, life
has its share of ifs. At Birla Sun Life however, we believe it has its equally pleasant share of
buts as well. We at Birla Sun Life stand committed to helping you realize those happy moments,
which make a life. Be it living the same lifestyle in your post retirement days or providing a
secure future for your loved ones, in case something happens to you.
Tata AIG is a joint venture that is backed by the Tata Group – India’s most respected industrial
conglomerate, with revenues of more than US $8.4 billion, and American International Group,
Inc. (AIG) – the leading US-based international insurance and financial services organization,
with a presence in over 130 countries and jurisdictions throughout the world. Tata AIG offers a
SBI Life Insurance Company Ltd. is a joint venture between State Bank of India and Cardiff of
France. SBI is the largest bank in India and Cardiff is a leading insurance company in France
operating in 29 countries. Cardiff is a wholly owned subsidiary of BNP Paribas, the largest
European Bank.
The Insurance Regulatory Development Act, 1999 (IRDA Act) allowed the entry of private
companies in the insurance sector, which was so far the sole prerogative of the public sector
insurance companies. The act was passed to protect the concerns of holders of insurance
policy and also to govern and check the growth of the insurance sector. This new act allowed
the private insurance companies to function in India under the following circumstances:
The company should be established and registered under the 1956 company Act
The company should only the serve the purpose of life or general insurance or
reinsurance business
The minimum paid up equity capital for serving the purpose of reinsurance business has
The minimum paid up equity capital for serving the purpose of reinsurance business has
nominees should not go above 26% paid up equity capital of the Indian Insurance
Company.
A policy known by the name of 'Health plus Life Combi Product', offering life cover along
with health insurance has been granted permission by the IRDA act and insurance
The FDI limit in the insurance sector has been capped at 26% for the foreign marketers
but the government is thinking to increase it to 49% and a bill of this offer is pending at
A low cost pension scheme is supposed to be formed by the Pension Fund Regulatory
and Developmental Authority (PFRDA) on 1st April, 2010 to provide social security to the
insurance markets in many developed countries of the world has made the Indian insurance
market more magnetic in terms of international insurance players. Furthermore, the report says
Home insurance sector is likely to achieve a 100% growth since home insurance are
In the coming three years Health insurance sector is all set to become the second
During the period of 2008-09 to 2010-11 the non life insurance premium is likely to have
a growth of 25%.
COMPANY PROFILE
ICICI Bank is India’s second-largest bank with total assets of about Rs.112.024 crore and a
network of about 450 branches and offices and about 1750 ATMs. ICICI Bank offers a wide
range of banking products and financial services to corporate and retail customer through a
variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of
investment banking, life and non-life insurance, venture capital, asset management and
information technology. ICICI Bank’s equity shares are listed in India on stock exchanges at
Chennai. Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock
Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New
York Stock Exchange (NYSE). ICICI Bank was originally promoted in 1994 by ICICI Limited, an
Indian financial institution, and was its wholly owned subsidiary. ICICI’s shareholding in ICICI
Bank was reduced to 46% through a public offering of shares in India in fiscal 1998, an equity
offering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank’s acquisition of Bank
of Mathura Limited in an all-stock amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the
initiative of the World Bank, the Government of India and representatives of Indian industry. The
principal objective was to create a development financial institution for providing medium term
and long-term project financing to Indian businesses. In the 1990s, ICICI transformed its
business from a development financial institution offering only project finance to a diversified
financial services group offering a wide variety of products and services, both directly and
through a number of subsidiaries and affiliates like ICICI Bank, In 1999, ICICI become the first
Indian company and the first bank or financial institution from non-Japan Asia to be listed on the
NYSE.
After consideration of various corporate structuring alternatives in the context of the emerging
competitive scenario in the Indian banking industry, and the move towards universal banking,
the management of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI
Bank would be the optimal strategic alternative for both entities, and would create the optimal
legal structure for the ICICI group’s universal banking strategy. The merger would enhance
value for ICICI shareholders through the merged entity’s access to low-cost deposits, greater
opportunities for earning fee-based income and the ability to participate in the payment system
and provide transaction-banking services. The merger would enhance value for ICICI Bank
shareholders through a large capital base and scale of operations, seamless access to ICICI’s
strong corporate relationships built up over five decades, entry into new business segments,
higher market share in various business segments, Particularly fee- based services, and access
to the vast talent pool of ICICI Bank approved the merger of ICICI and two of its wholly-owned
retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services
Shareholders of ICICI and ICICI BANK approved the merger in January 2002, by the High Court
of Gujarat at Ahmedabad in March 2002, and by the High Court of Judicature at Mumbai and
the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI group’s financing
and banking operations, both wholesale and retail, have been integrated in a single entity. ICICI
Bank is the only Indian company to be rated above the country rating by the international rating
agency moody “s and the only Indian company to be awarded an investment grade international
credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all Leading Indian
rating agencies.
Prudential P.L.C.
Established in 1848, today prudential plc is a leading international financial services company
with some 16 million customers, policyholders and unit holders and some 20,000 employees
worldwide. In the UK Prudential is a leading life and pensions provider with around seven million
customers. M&G was acquired by Prudential in 1999 and is the Group’s UK and European fund
manager, responsible for managing over of 111 billion of funds (as at December 2003).
Launched by Prudential in 1998, Egg is an innovative financial services company, with over
three million customers, with nearly six per cent of UK credit card balances. In Asia, Prudential
is the leading European life insurer with 23 life and fund management operations in 12 countries
serving some five million customers. In the US, Prudential owns Jackson National Life, a
leading life insurance company, and has more than 1.5 millions policies and contracts in force.
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 UK”s Largest life insurance company with a vast network of 22
life and mutual fund operations in twelve countries – China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923,
Prudential has championed customer-centric products and services, supported by over 60,000
staff and agents across the region.
Prudential plc’s strong mix of business around the world positions us well to benefit form the
growth in customer demand for asset accumulation and income in retirement. Our international
reach and diversity of earnings by geographic region and product will continue to give us
significant advantage. Our commitment to the shareholders who own Prudential is to maximize
the value over time of their investment. We do this by investing for the long term to develop and
bring out the best in our people and our businesses to produce superior products and services,
At Prudential our aim is lasting relationships with our customers and policyholders, through
products and services that offer value for money and security. We also seek to enhance our
Company’s reputation, built over 150 years, for integrity and for acting responsibly within
society.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse and Prudential Plc, a leading international financial services group
ICICI Prudential was amongst the first private sector insurance companies to begin operations
in December 2000 after receiving approval from insurance Regulatory Development Authority
(IRDA).
ICICI Prudential’ s equity base stands at Rs.6.75 billion with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. In the year ended March 31,2004 the company had
issued over 430,000 policies, for a total sum assured of over Rs 8,000 crore and premium
The company has a network of about 30,000 advisors; as well as 12 banc assurance tie-ups.
Today the company is the number one private life insurer in the country.
Board Committees
Remuneration Committee
Mr. Sridar Iyengar Mr. N. Vaghul
Committee
Mr. N. Vaghul Mr. N. Vaghul
Committee
Mr. M. K. Sharma Mr. N. Vaghul
Morparia
Ms. Chanda D.
Kochhar
Shareholders'/ Committee
Investors'
Grievance
Committee
Mr. M. K. Sharma Ms. Lalita D. Gupte
Morparia
Ms. Chanda D.
Kochhar
Committee of
Directors
Mr. K. V. Kamath
Ms. Kalpana
Morparia
Ms. Chanda D.
Kochhar
ICICI Prudential Life Insurance offers a range of innovative, customer- centric products that
meet the needs of customers at every life stage. Its 17 products cab is enhanced with up to 6
Savings Solutions…
Secure plus is a transparent and feature-packed savings plan that offers 3 levels of protection.
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well
as liquidity options. Save n Protect is a traditional endowment savings plan that offers life
protection along with adequate returns. Cash Back is an anticipated endowment policy ideal for
meeting milestone expenses like a child’s marriage, expenses for a child’s higher education or
purchase of an asset.
Protection Solutions…
LifeGuard is a protection plan, which offers life covers at very low cost. It is available in 3
coupons – level term assurance, level term assurance with return or premium and single
premium.
Child Solutions…
Smart kid child plans provide guaranteed educational benefits to a child along with life insurance
cover for the parent who purchases the policy. The policy is designed to provide money at
important milestones in the child’s life. Smart Kid child planed are also available with in unit-
Market-linked Solutions
LifeLink is a single premium Market Linked Insurance Plan, which combines life insurance cover
with the opportunity to stay, invested in the stock market. Life Time offers customers the
flexibility and control to customize the policy to meet the changing needs at different life stages.
It offers 3 investment options –Growth Plan, Income plan and Balance plan.
Retirement Solutions…
Forever Life is a retirement products targeted at individual in there thirties. Secure Plus Pension
is a flexible pension plan that allows one to select between 3 levels of cover.
Life Time Pension is a regular premium market-linked pension plan. Life Link Pension is a single
premium market linked pension plan. ICICI Prudential also launched “Salaam Zindagi”, a social
sector group insurance policy targeted at the economically underprivileged sections of the
society.
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
ICICI Pru’s group gratuity plan helps employers fund their statutory gratuity obligation in a
scientific manner. The plan can also customize to structure schemes that can provide benefits
ICICI Bank offers flexible defined contribution superannuation scheme to provide a retirement
kitty for each member of the group. Employees have the option of choosing from various annuity
options or opting for partial commutation of the annuity at the time of retirement.
ICICI Pru”s flexible group term solution helps provides affordable cover to members of group.
The cover could be uniform or based on designation/rank or a multiple of salary. The benefit
under the policy is paid to the beneficiary nominated by the member on his/her death.
Flexible Rider Options
ICICI Pru Life offers flexible riders, which can be added to the basic policy at marginal cost,
Accident & disability benefit: If death occurs as the result of an accident during the term of
the policy, the beneficiary receives an additional amount equal to the sum assured under the
policy. If the death occurs while traveling in an authorized mass transport vehicle, the
Accident benefit: This rider option pays the sum assured the rider on death due to accidents.
Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified
critical illnesses. Benefits are payable to the insured for medical prior to death.
Major Surgical Assistance Benefits: provides financial support in the event of medical
emergencies, ensuring that benefits are payable to the life assured for medical expenses
Incurred for surgical procedures. Cove is offered against 43 different surgical procedures.
Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till
maturity, in the event of the death of the life assured. It is available on SmartKid, SecurePlus
and Cashplus.
Waiver of Premium: In Case of total and permanent due to an accident, the premiums are
waived till maturity. This rider is available with Secure Plus and Cash Plus.
India and the World Market:
Unfortunately, the progress achieved by the life insurance industry in India, it compares
unfavorably not just with the developed countries. But also even with the developing world. The
global market for the life insurance is estimated to be around $ 1412.3 billions.
Porters fives forces model is an excellent model to use to analyze a particular environment of an
industry. So for example, if we were entering the PC industry, we would use porter’s model to
1. Competitive Rivalry
2. Power of suppliers
3. Power of buyers
4. Threats of substitutes
The above five main factors are key factors that influence industry performance; hence it is
common sense and practical to find out about these factors before you enter the industry. Lets
Competitive rivalry
A starting point to analyzing the industry is to look at competitive rivalry. If entry to an industry is
easy then competitive rivalry will likely to be high. If it is easy for customers to move to
substitute products for example from coke to water then again rivalry will be high. Generally
• It is costly to leave the industry hence they fight to just stay in (exit barriers).
Power of suppliers
Suppliers are also essential for the success of an organization. Raw materials are needed to
complete the finish product of the Organisation. Suppliers do have power. This power comes
from:
• If they are the only supplier or one of few suppliers who supply that particular raw material.
• If it costly for the organisation to move from one supplier to another (known also as switching
cost).
Power of buyers
Buyers or customers can exert influence and control over an industry in certain circumstances.
• There is little differentiation over the product and substitutes can be found easily.
Threat of substitutes
Are their alternative products that customers can purchase over your product that offer the
same benefit for the same or less price? The threat of substitute is high when:
The threat of a new organisation entering the industry is high when it is easy for an organisation
An organisation will look at how loyal customers are to existing products, how quickly they can
achieve economy of scales, would they have access to suppliers, would Government legislation
prevents them or encourages them to enter the industry. Legislation prevents them or
Competitive rivalry:
• There are mainly 13 private organizations and 1 public organization in life insurance
competition.
• Insurance companies deal in identical policies as service levels offered are similar.
• Ministry of finance controls all the insurance companies that are in the industry at present
hence there are less chance of exit.
Power of suppliers:
Threat of Substitutes:
Power of buyer:
§ High switching cost creates buyers lock in and makes a buyers bargaining power
• The Indian market is highly brand oriented .so it is difficult to introduce new brand
• Special permission is required from the government to enter in the insurance sector.
As per the figure available with IRDA reports for the period ended in August 2005, the 13 private
players have grabbed nearly 26% market share from LIC in terms of premium underwritten as
against 17.70% in August 2004” The list of insurer with premium underwritten, investment and
Table shows that the life insurance market has collected Rs. 16,604cr as a fresh premium. It
grew about 2.8 times bigger than he 3 players put together in terms of premium collection. It is
still growing at the rate 26% per annum. It is relevant to that the market share by them. Out of
13 Pvt. Players, ICICI prudential has leading Pvt. Player in the Life insurance, invested Rs. 625
cr which is the highest investments among the private players and captured first position with
7.11% of the market share. Secondly, Max New York life has invested Rs. 305 cr and had failed
to capture the second position in terms of market share and was satisfied with only 1.32%
Followed by HDFC standard Life had invested Rs. 255 cr and 2.96% of the market share was
captured and stood third position interims of investments and capturing market share. Allianz
Bajaj has invested Rs. 250 cr and stands fourth in terms of investment but captured second
position with 6.12% of the market share. This indicates that there is no relation between
investment and acquiring market share and mere capital is not alone playing any significant role
in terms of capturing market share. There may be some other variables like: (a) innovative
schemes, (b) brand loyalty, (c) professional outlook, (d) transference in their transactions, etc.
It can be noticed that the capital is not playing any attaching, kindly significant role in terms of
premium collection and capturing market share. It seems to be Bajaj Allianz would occupy the
first position in near future in terms of market share as well as annual growth rate.
Chart 1 shows that. Among private players, the ICICI prudential has captured the 28% of the
market share up to December 2005, followed by Allianz Bajaj with 23% and HDFC Standard
Life with 11% TATA Aig life and Birla Sunlife with 7% each and remaining other players have
4% 6% 2% 2% 28% LIC
3% 2%
ICICI Pru. Life
7% New York MaxLife
HDFC Standard Life
Alliance Bajaj
TATA AIG
7% OM Kotak Mahindra
5%
AVIVA Life
23% 11% ING Vysya
SBI Life Insu.
AMP Sanmar
Metlife
It is interesting to note that Allianz Bajaj has achieved 264.09% annual growth rate in terms of
premium collection and the fastest growing insurance players, followed by HDFC Standard with
143.1% and Metlife with 136.45%, and remaining other players have doubled their premium in a
span of one year, whereas Birla Sunlife and SBI life have failed to collect the premium
consistently and registered negative growth rates 7.93% and 2.48% respectively. Surprisingly,
ICICI Prudential Co. has not been retrained in their leading position in 2005.
The market share of the LIC has been declining since 2000, after opening up of the sector to
private companies, LIC’s higher market share in the number of policies sold compared with
premium income, so it is to be inferred that the private players are cornering a larger share of
high premium policies. Further all policymakers are expected that, insurance business will take
wings under banc assurance but despite the belief SBI Life was registered negative 2.48%
annual growth rate in corresponding period. It is need to be viewed serious by the RBI and
IRDA authorities.
INSURANCE ADVISOR
“Persons who sell insurance policies, for a single insurance company, in return for a
Insurance Advisors are the bridge or the channel partners between the policyholder and
insurance company. They make the base for the insurance company. In other words, it can be
said that advisors are those people in the organization who can give business to the company.
They are the representatives of an insurance company who sells insurance. An
needs of each customer, and assists the customer in applying for insurance. Typically,
an insurance advisor will deliver the policy when the application is approved, will collect
the initial premium, and will provide customer service to policy owners. An advisor is
WHY TO BE AN ADVISOR?
While making advisors for the company, certain characteristics have to be kept in mind.
Chartered Accountants
Company Secretaries
Tax Consultants
Businessmen
Beauty Parlors
Management Consultants
Advocates
Engineers
Courier services
Software Business
Furniture shops
REVIEW OF LITERATURE
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country,
and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955
when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd., Today
ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1, 00,000
Cr. making it the 2nd largest life insurance company in the country, next only to LIC.
The Insurance sector, after the opening up, provides greater opportunities. Several
global players have emerged and the market has changed significantly. In the changed
scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing
in India will improve and will offer better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business potential exists. In
India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2
scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs
1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs. 84 billion in
1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major
player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5,
60,000 LIC agents in India. General Insurance is another segment, which has been growing at a
faster pace.
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest
mutual life insurance company in the United States and one of the largest life insurers in the
world. Headquartered in New York City, New York Life’s family of companies offer life
insurance, annuities and long-term care insurance. New York Life Investment Management LLC
provides institutional asset management and retirement plan services. Other New York Life
affiliates provide an array of securities products and services, as well as institutional and retail
mutual funds.
The mission of New York Life is to maintain its superior 'financial strength', adhere to the highest
standards of 'integrity' and demonstrate 'humanity' by treating its customers, agents and
New York Life is one of the largest and strongest life insurance companies in the world with
more than USD$215 billion assets under management and has received among the highest
ratings for financial strength from the life insurance industry's principal rating agencies: A.M.
Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA). According to Moody's, "New
York Life's rating reflects the company's good quality investment portfolio, ample liquidity, and
sound capitalization, as well as the good growth potential of its international business.”
As a leader in the insurance industry, New York Life continues to bring to its operations new
management concepts, advanced technologies, new distribution and training systems and
HDFC Standard Life, one of India's leading private life insurance companies, offers a
range of individual and group insurance solutions. It is a joint venture between Housing
institution and Standard Life plc, the leading provider of financial services in the United
Kingdom.
HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of
HDFC Standard Life's product portfolio comprises solutions, which meet various
Customers have the added advantage of customizing the plans, by adding optional
benefits called riders, at a nominal price. The company currently has 32 retail and 4
group products in its portfolio, along with five optional rider benefits catering to the
HDFC Standard Life continues to have one of the widest reaches among new insurance
companies with 568 branches servicing customer needs in over 700 cities and towns.
The company has a strong presence in its existing markets with a base of 2,00,000
Financial Consultants.
Life Insurance Corporation of India
Life Insurance in its modern form came to India from England in the year 1818. Oriental Life
Insurance Company started by Europeans in Calcutta was the first life insurance company on
Indian Soil. All the insurance companies established during that period were brought up with the
purpose of looking after the needs of European community and these companies were not
insuring Indian natives. The first two decades of the twentieth century saw lot of growth in
insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose
to 176 companies with total business-in-force as Rs.298 crore in 1938. It worked wonders with
the performance of the corporation. It may be seen that from about 200.00 crores of New
Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took
another 10 years for LIC to cross 2000.00 crore mark of new business. But with re-organization
happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum
Established in 2000, Birla Sun Life Insurance Company Limited (BSLI) is a joint venture
between the Aditya Birla Group, a well-known and trusted name globally amongst Indian
conglomerates and Sun Life Financial Inc, leading international financial services organization
from Canada. The local knowledge of the Aditya Birla Group combined with the domain
expertise of Sun Life Financial Inc., offers a formidable protection for its customers’ future.
The extensive reach through its network of 600 branches and 1,75,000 empanelled advisors.
This impressive combination of domain expertise, product range, reach and ears on ground,
helped BSLI cover more than 2 million lives since it commenced operations and establish a
customer base spread across more than 1500 towns and cities in India. To ensure that our
customers have an impeccable experience, BSLI has ensured that it has lowest outstanding
claims ratio of 0.00% for FY 2008-09. Additionally, BSLI has the best Turn Around Time
according to LOMA on all claims Parameters. Such services are well supported by sound
financials that the Company has. The AUM of BSLI stood at Rs. 8165 crs as on February 28,
2009, while as on March 31, 2009, the company has a robust capital base of Rs. 2000 crs.
SBI Life Insurance is a joint venture between State Bank of India and BNP Paribas Assurance.
SBI owns 74% of the total capital and BNP Paribas Assurance the remaining 26%. SBI Life
Insurance has an authorized capital of Rs. 2,000 crores and a paid up capital of Rs 1,000
crores.
Along with its 5 Associate Banks, State Bank Group has the unrivalled strength of over 16,000
BNP Paribas is the 1st largest French company and ranks 5th in the banking industry
worldwide, 1st bank in Euro Zone as per Global 2000 Forbes’ 2008. It is 6th most valuable
international banking brand as per Brand Finance 2008.BNP Paribas Assurance is the
insurance arm of BNP Paribas. BNP Paribas, part of the world’s top 10 group of banks by
market value and part of Europe top 3 banking companies, is one of the oldest foreign banks
with a presence in India dating back to 1860. BNP Paribas Assurance is the fourth largest life
insurance company in France, and a worldwide leader in Creditor insurance products offering
protection to over 50 million clients. BNP Paribas Assurance operates in 41 countries mainly
RESEARCH METHODOLOGY
Objective-
Main objective of the project is to find out the strategies of different insurance agencies and
to evaluate them. Conclusion of this project can give an idea how strategies of different
companies will work. Now days all the insurance companies are trying to establish
themselves in the competitive market. They are introducing innovative marketing strategies
to survive in the market. Many other private companies are looking to enter in the insurance
This study tries to find out the marketing strategies of different insurance companies. This
research requires the interview of branch managers of different insurance companies and
Sampling Area:
Sample size:
The judgment samples size was 50 in which 50% people were salaried, 30% were
primary and secondary data. For collecting primary data, method adopted was focus
group method.
Sampling
Sample will be taken by judgment sampling. Judgment sampling is a process in which the
selection of a unit, from the population is based on the pre judgment. This research requires the
Methodology-
Research is based on primary data. Secondary data can be used only for the reference.
Research will be done based on primary data and will collect primary data with the branch
and agency manager of different insurance agencies and branches. Giving structured
No 0
As our sample is those people who have insurance so all the respondents are falling under the
“Yes” criteria.
No. of Respondents
60
50
40
30
20 No. of Respondents
10
0
I
LIC ife SB Lif
e ra ce FC
u nl . ind O ffi HD
S u t
rla Pr ah os
Bi ICI k M P
IC ta
Ko
As from the above chart it is very clear the all of the respondents have an insurance of the LIC
while some of them have an insurance of the other companies like post Office, ICICI Prudential
Etc.
The reason behind this is that the LIC competitor since more than four decades and the Indian
Govt. allowed the Introduction of private player in Insurance in the year 2000.
Q.3 What is amount of insurance premium you pay annually?
10,000 to 20,000 18
20,000 to 30,000 6
30,000 to 40,000 5
Above 40,000 10
No. of Respondents
20
18
16
14
12
10
8
6 No. of Respondents
4
2
0
0 0 0 0 0 0 0 0 0 0
,0 ,0 ,0 ,0 ,0
. 10 20 30 40 e 40
Rs to to to ov
w 0 0 0 b
lo 00 00 00 A
Be 1 0, 2 0, 3 0,
The analysis of the above available data is merely to find out the percentage of income that one
is willing to invest in insurance.
Q.4 What priorities would you consider most important, while purchasing a policy?
Criteria/Ran 1 2 3 4 5 Total
Death Benefit 29 10 6 2 3 50
Children’s 7 13 21 3 0 44
Future
Retirement 5 5 6 20 7 43
Planning
Tax Planning 8 18 8 8 6 48
Financial 2 5 3 11 25 46
60
50
40
30 1
2
20 3
4
10 5
Total
0
t s t g l
efi n’ re en ng in cia
n re tu m ni n n
Be d u e n an a
il F
tir Pl
a Pl Fin
at
h Ch Re x
De Ta
From the table and chart it can be say that most of the people rank death benefit first for the
decision to make investment in Insurance. Their second priority is tax planning because the
premium, which is paid by the people towards Insurance, is deductible up to certain limit from
the income and also the maturity amount is also tax free. The third and fourth priorities are
Yes 32
No 18
Q.6 If “Yes” do you have any knowledge about unit linked insurance plans?
Yes 25
No 7
The question number 5 and 6 are designed to know the awareness of people who have
knowledge of share market or deals in shares also have the knowledge of the new modern
ULIP.
Both 11
From the Q. No. 7 we can say that even though the modern products available in the market
since more than two years and which are having the more flexibility and also giving the higher
return than traditional one most of the people do not have or may be not aware of it which
shows the lack of brand awareness and it requires an aggressive promotional efforts on the part
of company.
There is a lot of scope available for the company to attract more customers by giving or
introducing most suitable ULIP products and at the same time increase the customer base.
Q.8 If given a choice, where would you like to invest your money?
Choice/Ran 1 2 3 4 5 6 7 8 Total
k
Mutual Fund 0 1 5 1 25 12 5 1 50
Insurance 4 12 14 4 8 3 0 0 45
Gold 4 8 1 2 2 5 13 13 48
Equities 17 3 0 5 2 6 1 0 34
Post Office 22 12 12 2 2 0 0 0 50
Debenture 0 2 4 10 1 14 2 0 33
Bank Deposit 0 6 12 19 1 0 3 1 42
Other 10 5 0 2 1 0 0 2 20
60
50
Mutual Fund
40
Insurance
Gold
30 Equities
Post Office
Debenture
20
Bank Deposit
Other
10
0
1 2 3 4 5 6 7 8 Total
This question is mainly designed to know the investment priorities of the people of Jaipur town.
The objective behind this Q. is that after the Charotar Nagrik Co-operative Bank and other
Credit Societies, which are giving higher interest on deposits, the whole scenario of city is
changed. Most of the people prefer to invest in post office saving schemes and where their
money is safe even though the return is very less. So there is a great need to divert the efforts
of the company towards the safety and security as ICICI Prulife is a private insurance Company.
Q.9 According to you what are the factors that would affect you decision while
Premium 12 15 15 6 2 50
Return 21 17 8 2 2 50
Safety 20 14 15 1 0 50
Liquidity 1 1 9 18 21 50
Market 1 2 0 16 21 40
Condition
60
50
40
30
20
10
0
ria m r n
fe
ty ity ke
t on
r ite iu tu Sa uid ar diti
/C em Re Liq M n
nk Pr Co
Ra
The question No. 9 is designed to know which the factors are affecting the most to the prospect
most of the people want that it should be safe and at the same time giving the compatible
returns because insurance is not only for death benefit it is also a saving tool for future. So the
mix response of respondents is welcomed. Available data is such that there is a bit ambiguity.
But we can say that the most affecting factors to the prospect are return and safety. As per the
finance theory risk and return goes in hand in hand but as far as insurance is concerned it is all
Q. 10Are you or ay of your family members are planning to buy an insurance policy in
near future?
Yes 13
No 37
This question is taken to collect the information of those respondents who are going to plan to
purchase insurance within near future that is used by the company for making personal contact
for sale.
Yes 10
No 30
Q. 11(a) If “No”, then gives reasons?
High Premium 0
Low Return 1
Poor Services 7
Others 2
No. of Respondents
30% 13%
10% Television
News Paper
Sales Representative
Others source
47%
The question No.11 and 12 are designed to know the percentage of people who are not
satisfied with the current investment in insurance and also to know the reasons behind it. So
that the company can focus on those areas where the competitors fail. Because now a days the
competition is very stiff in the insurance industry. All companies are trying to attract more
customers by anyhow. So it will be useful for designing the promotional schemes of the
company.
From the above table and chart it can be seen that the respondents who are dissatisfied give
the main reason behind it are poor services. There are many others reasons like more time
taken by the company for claim settlement, no displacement of cheques and other important
vouchers, etc. So the company can improve upon these and increase its market share by
Yes 30
No 20
Q. 13If “Yes”, from where did you come to know about the company?
(Open Ended)
The question No.13 and 14 are designed to know the company awareness the respondents of
the city and also the source of awareness. But I felt very much difficulty while filling up these
questions because most of the people know about the company but they know it as an ICICI
Bank not as a different identity. So there is a great need to design the advertisement campaign
in such a way that it will create the different image of the company. The main reason behind this
is that the image of ICICI Bank in city is such that most of the people ask for charges first than
In the due course of my summer training I met with around 250 people in the course
duration of 90 days. In the course duration of that time period I come to the conclusion
that most of the people are having eager to earn more than their current status, but they
are not getting any kind right way where they move, in which mode they earn what they
need in a legal and better way. Many of them as and when they know about the
beneficial aspects of becoming an insurance advisor they grab this opportunity in one-
way or other.
This study concluded that most of the people who are salaried are more interested
In the case of family size a person who is having more than 6 members in the
family are more interested than other size less mentioned size.
In the case of persons having sales-experience they are more interested than
many that were not having any kind of sales- experience in corporate.
As the point of sales experience of any kind of financial products there are lot of
# Most of the people were not having any kind of sales experience to be an
insurance advisor.
# The persons having more members in the family were more interested to be
insurance advisor.
# Most of the people can’t devote their time in regular training program.
# We have recruited twelve insurance advisors and they are actively working.
Recommendations
1. Provide lower premium policies so that we could target middle class people and
As per BCG matrix to ensure long-term value creation, a company should have a
portfolio of products that contains both high-growth products in need of cash inputs
and low-growth products that generate a lot of cash. ICICI Prudential has high-
growth product in urban market but company should follow the low growth product
3. Keep more seminar and target LI/GI agents, CAS, Tax consultant financial investor
etc.
5. Build trust upon customers through services and transparency in investment and
other policy.
10. Do some social activities through which company could get benefit of marketing
indirectly.
11. Try to collect data of Life/General insurance agents across India and invite them to
LIMITATIONS
Web sites
www.icici.com
www.irdaindia.org
www.indiacore.com
www.iciciprulife.com
Magazines
Business India
Economic Times
Survey
Search Engines
www.google.com
www.yagoohoogle.com
www.altavista.com
APPENDIX – I
Questionnaires
Yes ( ) No ( )
Amount
Q.4 What priorities would you consider most important, while purchasing a policy?
Death Benefit ( )
Children’s Education ( )
Retirements Benefit ( )
Tax Planning ( )
Financial Planning ( )
All of above ( )
Yes ( ) No ( )
Q.6 If “Yes” do you have any knowledge about unit linked insurance plans?
Yes ( ) No ( )
Yes ( ) No ( )
Q.8 If given a choice, where would you like to invest your money?
Q.9 According to you what are the factors that would affect you decision while
Premium ( )
Return ( )
Safety ( )
Liquidity ( )
Market Condition ( )
Q. 10 Are you or any of your family members are planning to buy an insurance policy in
near future?
Yes ( ) No ( )
Yes ( ) No ( )
Yes ( ) No ( )
Q. 13 If “Yes”, from where did you come to know about the company?
______________________________________________________________
APPENDIX - II
PROJECT SYNOPSIS
ON
By
In partial fulfillment of the requirements of Second year MBA curriculum Of Two years Full time MBA
ANNAMULAI UNIVERSITY
Through
Title-
Problem Statement-
Different agencies of different insurance companies are having some strategies to survive in the
Objective-
Main objective of the project is to find out the strategies of different insurance agencies and
to evaluate them. Conclusion of this project can give an idea how strategies of different
companies will work. Now days all the insurance companies are trying to establish
themselves in the competitive market. They are introducing innovative marketing strategies
to survive in the market. Many other private companies are looking to enter in the insurance
research requires the interview of branch managers of different insurance companies and
find out their branches are working in terms of above mentioned factors.
Methodology-
Research is based on primary data. Secondary data can be used only for the reference.
Research will be done based on primary data and will collect primary data with the branch
and agency manager of different insurance agencies and branches. Data collection will be
done by giving structured questionnaire. This study will be based on judgment sampling.
Sampling
Sample will be taken by judgment sampling. Judgment sampling is a process in which the
selection of a unit, from the population is based on the pre judgment. This research requires
Limitations-