1. ICICI Prudential Life Insurance Co. Ltd.
TITLE
“A Study on Consumer Behavior and
Customer Satisfaction towards ICICI PRUDENTIAL LIFE
INSURANCE Products”
Varun Kumar
FN - 153

2. OBJECTIVES
• Primary Objectives
To know the Consumer Behavior and Consumer Preference towards
various Insurance Products offered by ICICI Prudential Life
Insurance Company Ltd.
• Secondary Objectives
a) To study & analyze the growth of ICICI Prudential Life Insurance
Company ltd.
b) To identify the most favored promotion schemes among the
Consumers & Advisors/Agents.
c) To study the present marketing strategies and suggest new
strategies that can increase the penetration of ICICI Prudential Life
insurance product into the market.
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3. RESEARCH METHODOLOGY
• Research Type – Descriptive Research.
• Sampling Plan – Cluster and Random Sampling.
• Sample size – 200 Consumers and 50 Advisors/Agents.
• Data Collection – 2 sets of Structured Questionnaire
(Consumer & Advisor), Telephonic Interview and Direct
Interview.
• Analysis – Using Statistical Tools, Cross Tabulation and
Hypothesis Testing.
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4. ANALYSIS
• 79% of consumer prefer Life
Insurance policy than General
Insurance.
• 49% of consumer prefer LIC and
24% of consumer prefer ICICI Pru
for buying insurance.
• Most of customer purchased
insurance for Savings, Tax benefits
and Life benefits.
• 91% of the Advisors are biased
towards some insurance policies
while selling.
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5. ANALYSIS
Medium Of Percentage
Knowledge
Television & 74 % • 57% of the total approach to sales is
Internet carried by Advisors and 24% is
contributed by Direct Marketing.
Newspaper 7.5 %
Broachers/ 4%
Pamphlets • For covering the untapped market:
o Creating Awareness – 47%
Friends/ Family 10 % o Market Survey – 19%
o Change Negative Awareness – 18%
Others 4.5 %
Total 100 %
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6. ANALYSIS
Customer No. of Satisfied
Awareness Customer
Less than 25% 9
25 – 50% 11
Above 50% 30
Total 50
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7. FINDINGS
Objective 1: Objective 2:
• Higher demand for Life • LIC leads the insurance
Insurance products compared market with nearly 50% share
to General Insurance. and ICICI Pru stands 2nd with
24.5% share.
• 40% of respondents prefer
ULIP. • Factor influencing Growth of
ICICI Pru are:
• Unequal Awareness for o Experienced Advisors.
products of ICICI Pru in the o Policies sold/month.
market brings ups and downs oQuality of training.
in sales.
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8. FINDINGS
Objective 3:
•Majority of people like T.V and Internet as a best source of
promotion.
• Most appealed ICICI Pru ads are:
oJeetey Raho!
oEducation Solution!
• Advisors and Direct Marketing plays a major role in
making the sales.
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9. SUGGESTION & RECOMMENDATION
Suggested Marketing Strategies are:-
• Emergency Info Wallet Cards.
• Volunteer
• Host Seminars
• Speak at Colleges
• Insurance Leads Fishbowl:
“You may win a gift voucher in the lucky dip by filling in the
cards and putting it in the bowl”
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10. SUGGESTION & RECOMMENDATION
• Guerilla Marketing :
o Give out Pens with ICICI Pru brand name.
o Wearing T-shirts with ICICI Pru name clearly visible.
o Go Green.
• Customer Appreciation Party.
• Send Holidays or Birthday Cards.
• Host a Blood Drive.
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11. THANK YOU
A PROJECT PRESENTATION BY :
VARUN KUMAR
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