ICICI LAMBORD

7/31/2019 ICICI LAMBORD

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PREFACE

Preparing a project of this nature is an arduous task

and I was fortunate enough to get support from a large

number o persons. I wish to express my deep sense of

gratitude to all those who generously helped in

successful completion of this report by sharing their

invaluable time and knowledge.

It is my proud and previledge to express my deep

regards to Respected HOD Dr.Pramesh Gautam,Head

of Department of Business Management , SWAMI

VIVEKANAND INSTITUTE OF TECHNOLOGY, SAGAR

for allowing me to undertake this project.

I feel extremely exhilarated to have completed this

project under the able and inspiring guidance of Miss

Amrita Rawat she rendered me all possible help me

guidance while reviewing the manuscript in finalising the

report.

I also extend my deep regards to my teachers ,

family members , friends and all those whose

encouragement has infused courage in me to complete

to work successfully.


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SUKHMAL JAIN

B.B.A. III SEM.

ACKNOWLEDGEMENT

Preparing a project of this nature is an arduous task and I

was fortunate enough to get support from a large number o

persons. I wish to express my deep sense of gratitude to allthose who generously helped in successful completion of this

report by sharing their invaluable time and knowledge.

It is my proud and previledge to express my deep regards

to Respected , Head of Department Dr.Pramesh Gautam,

Department of Business Management , SWAMI VIVEKANAND

INSTITUTE OF TECHNOLOGY SAGAR for allowing me to

undertake this project.

I feel extremely exhilarated to have completed this project

under the able and inspiring guidance of He rendered me all

possible help me guidance while reviewing the manuscript in

finalising the report.

I also extend my deep regards to my teachers , family

members , friends and all those whose encouragement has

infused courage in me to complete to work successfully.

SUKHMAL JAIN


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B.B.A. III SEM.

DELCLARATION BY THE CANDIDATE

Date :

I declare that the project report titled " A STUDY ON MARKET

SHARE OF ICICI LOMBARD " on Market Segmentation is nay own work

conducted under the supervision of Miss Amrita

Rawat Department of Business Management ,SWAMI VIVEKANAND

INSTITUTE OF TECHNOLOGY SAGAR To the best of my knowledge

the report does not contain any work , which has been submitted for the

award of any degree , anywhere.

SUKHMAL JAIN

B.B.A. III SEM.


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CERTIFICATE

The project report titled " A STUDY ON MARKET

SHARE OF ICICI LOMBARD " been prepared bySUKHMAL

JAIN BBA III Semester, under the guidance and supervision

of Miss Amrita Rawat for the partial fulfillment of the

Degree of B.B.A.

Signature of the Signature of the Signature of the

Supervisor Head of theDepartment

Examiner


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CONTENT

No. Chapter Name Page No.

1 INTRODUCTION

General Introduction about the sector

Industry Profile

2 PROFILE OF THE ORGANIZATION

Origion of ICICI Lombard

Growth & Development of ICICI Lombard

Present Status of Organization

Product & Service Profile of the competitors

Market Profile of ICICI Lombard

3 DISCUSSION ON TRAINING

Work Profile (Role & Responsibilities)

Description of live Training

4 STUDY OF SELECTED RESEARCHPROBLEM

Statement of Research Problem

Statement of Research Objective

Research Design & Methodology


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Analysis of Data

Summary of Findings

5 SUMMARY AND CONCLUSIONS

Summary of Learning Experience

Recommendations & Conclusion

BIBLIOGRAPHY


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INTRODUCTION

1.1 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.


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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 itas 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 andforeign. Some companies were in the co-operative sector. The size of the companiesand there reach varied to a great extent. Whereas many companies used tounderwrite all types of covers fire, marine& miscellaneous insurance.

The government in May, 1971 took over the undertaking of all theCompanies as a prelude to ultimate nationalization. This was brought about under theGeneral 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 generalinsurance business operation.

Brief History of the Insurance Sector

The business of life insurance in India in its existing form started in India in the year1818 with the establishment of the Oriental Life Insurance Company in Colkata.Some of the important milestones in the insurance business in India are:

The four subsidiaries formed were as under:


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1. The National Insurance Co. Ltd2. The India Assurance Co. Ltd3. The Oriental Insurance Co. Ltd4. The United India Insurance Co. Ltd

The four subsidiary companies operated under the all direction of the GIC.Each ofthese 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 directbusiness. The four public sector companies mentioned above and the followingcompanies in the private sector. These private companies were formed after thepassing of the IRDA Act, 1999. This removed the prohibition existing in the GIBNAAct 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 operatesas the National Reinsures. There are however, some companies in the market, whichare formed for a specific purpose only.

Deposit insurance company

To take care of loss suffered by the depositors of a bank.


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Exports Credit Guarantee Corporation - this takes care of the credit risk, whichexporters face in respect of the goods exported.

Agricultural Insurance Corporation to take care of crop insurance and alliedrisks.

There are also insurance departments in some of the states.

The four public sector and the 8 private sector companies are authorized to handledirect business as well as reinsurance business, both inward outward. The buyers ofinsurance would be property owners, factory owners, traders, vehicle owners,commercial establishments, professionals etc. In fact the whole population coulddeemed as potential costumers for insurance of one type or another.

With the largest number of life insurance policies in force in the world, Indianinsurance sector accounted for 4.1 per cent of GDP in 2006-07, up from 1.2 per centin 1999-2000, far ahead of China where insurance accounts for just 1.7 % of the GDPand even the US where insurance penetration stands at 4 per cent of the GDP.

PROFILE OF THE ORGANIZATION

2.1 Origin of the Organization:

The ICICI Ltd. was established in 1955 by the World Bank, the Government of Indiaand the Indian Industry, to promote industrial development of India by providingproject and corporate finance to Indian industry. Since inception, ICICI has grownfrom a development bank to a financial conglomerate and has become one of thelargest public financial institutions in India. ICICI has thus far financed all the majorsectors of the economy, covering 6,848 companies and 16,851 projects.

Lombard Canada Ltd., is a leading insurance management company responsible forproviding 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 excessof $500 million and is a wholly owned subsidiary of Fairfax Financial HoldingsLimited (FFH on the TSF Lombard Canada Ltd. has achieved a reputation forproviding solid underwriting performance, diversified books of business and strongcapital positions.

The Joint Venture ICICI Lombard General Insurance Co will be headed by Mr. SanjivKerkar. ICICI would hold about 74 percent stake, while Canadian insurer Lombardwould hold the maximum permissible 26 percent and commence business with a


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start-up capital of Rs.100 crore. ICICl Lombard has plans to sell covers to thecorporate clients of ICICl. At the same time it will sell property insurance for ICICIhome loan seekers and auto insurance for those availing of car finance.

2.2 Growth and Development of the Organization

ICICI Lombard is the largest private sector general insurance company in India with aGross 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 andserviced 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 associateof Moodys Investors Service) for highest claim paying ability and a fundamentallystrong position. ICICI Lombard allows instant policy issuance and renewal through itswebsite www.icicilombard.com for all retail insurance products including CarInsurance, 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 byJ.D. Power Asia Pacific in India among 11 auto insurance providers. The companyhas been conferred the Golden Peacock- Eco Innovation Award of 2009 for weatherinsurance and the Customer and Brand Loyalty award in the Insurance Sector - Non-Life at the 2nd Loyalty awards, 2009. It was awarded the General InsuranceCompany of the Year at the 11th Asia Insurance Industry Awards. The company alsowon the NDTV Profit Business Leadership Award 2007 and was adjudged as the


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most Customer Responsive Company in the Insurance category at the EconomicTimes Avaya Global Connect Customer Responsiveness Award 2006. It has the GoldShield for Excellence in Financial Reporting by the ICAI (Institute of CharteredAccountants of India) for the year ended March 31, 2006.

It is the largest private sector general insurance company in India with a gross writtenpremium (GWP) of Rs885.1 crore in 2004-2005

2007 - ICICI Lombard General Insurance Corporation has grabbed the second spotin insurance premiums growth displacing three public sector companies earned thesecond largest premium of Rs448.65 crore for April but was at top place in terms ofpremium growth of 35 per cent over the corresponding period of the last financial

year.

BOARD MEMBERS

Chanda Kochhar, ChairpersonR. Athappan, DirectorSandeep Bakhshi, DirectorB.V. Bhargava, Director

Dileep Choksi, DirectorN.S. Kannan, DirectorS. Mukherji, DirectorChandran Ratnaswami, DirectorM.K. Sharma, DirectorH.N. Sinor, DirectorBhargav Dasgupta, Managing Director & CEO

COMMITTEES

Audit Committee

Mr. S Mukherji, ChairmanMr. Dileep Choksi, DirectorMr. James F Dowd, Director

Investment Committee

Mr. Chandran Ratnaswami, ChairmanMs. Kalpana Morparia, DirectorMr. Sandeep Bakhshi,, Managing Director & CEO

Mr. S Gopalakrishnan, Head Investments


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Mr. Rakesh Jain, Head-Finance &AccountsMr. Liyaquat Khan, Appointed Actuary

Board Governance Committee

Ms Kalpana Morparia, ChairpersonMr. Chandran Ratnaswami, DirectorMr. H N Sinor, Director

2.5 Organization Structure andOrganization Chart

ICICI LOMBARD GIC LTD.

BOARD OF DIRECTORS

WHOLE-

SALE RETAIL

AGRICUL

TURERURAL

NATIONAL SALES MANAGERREGIONAL SALES MANAGER

AREA SALES MANAGER


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Revenue Growth

YearGross Return Premium(Rs.Mn)

2006-07 30035

2007-08 36010

2008-09 37492

UNIT SALES MANAGER

SALES

OFFICER


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Claims Settled

Year No. of Claims Settled

2006-07 614876

2007-08 818596

2008-09 3313830


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Volume Growth

Year No. of Policies Sold

2006-07 3136478

2007-08 3136438

2008-09 3957048


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Market Share

Year

Total Industry Share in

%

Private Sector Share

in %

2006-07 12 35

2007-08 12 30

2008-09 11 27


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2.6 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 contentsresulting from their own explosion- implosion.

Caused by centrifugal forces.

Aircraft damage

Loss, destruction or damage caused by aircraft, other aerial or space devices andarticles 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 directlyCaused to the property insured.

Storm, cyclone, typhoon, tempest, hurricane, tornado, flood and inundation


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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 toimpact by any rail road vehicle or animal by direct contact not belonging to orOwned 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 Onwhich 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 orground 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.

Bush FireExcluding loss destruction or damage caused by forest fires.

2. BURGLARY:


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The company shall compensate the insured for any loss or damage, caused byburglary, to the contents of insureds premises.

3. CASH IN SAFE:

The company will compensate the insured in respect of loss of, or damage to, moneyand/or valuables caused by burglary and/or attempted burglary when such moneyand/or valuables are contained in a domestic safe or vault which is protected byappropriate and adequate security measures with lock in key.

4. CASH IN TRANSIT

The company shall compensate the insured for loss of money in coinsand/or notes caused by burglary, robbery or theft occurring while such money is inthe insureds possession and is being conveyed by the insured to the insuredspremises from the insureds bank /ATM from where such money had been withdrawnimmediately prior to the occurrence.

5. NEON SIGN /GLOW SIGN:

The company will compensate the insured in respect of loss or damage to neonsign/glow sign belonging to the insured caused by:Accidental external means Fire, lightning or external explosion or theft Riot, strike ormalicious 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 glassother 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 byforgery or material alteration of cheques, drafts or other negotiable instrumentsissued by, or in favor of, the insured.

8. EMPLOYERS LIABILITY:


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The company shall indemnify the insured against the legal liability of the insured inrespect of any bodily injury sustained by, or the loss of life of, the insuredsemployees 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 medicalexpenses incurred for hospital treatment by the insured in respect of any bodily injurysustained by the insured arising out of operation at an insured peril as provided for instandard fire and special perils- buildings and standard fire and special perils-

contents and / or burglary, coverages in this policy and subject to a deductibleexcess 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 becomeslegally liable to pay, including litigation expenses and any amount in compensation,by virtue of the following items as specified occurring in and about the insuredspremises.

Accidental death or bodily injury to any person other than insured or the insuredemployees / staff. This coverage shall be limited to the sum insured for anyaccident or series of accidents arising from any one event or cause, and for allaccidents during the period of insurance, and,

Accidental damage to property of any person other than the insured or insuredemployees / staff. This coverage shall be limited to the sum insured for anyone accident or series of accidents arising from any one event or cause, andfor all accidents during the period of insurance.

11. FIDELITY:

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

The loss shall have occurred in connection with the employees occupation andduties during the uninterrupted continuance of his employment and hediscovered within six months after its happening first of six months after thedeath, dismissal or retirement of such person and


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The liability of the company in respect of any one person or all persons soemployed 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 emergencycan strain your hard-earned investments. Now, let your savings be untouched, getsecured.

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-madedisaster 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, alternativeaccommodation and baggage insurance. Other adds on offered are loan repaymentfor home and car and cover for terrorism.

Silver Plan:

The Silver plan covers the structure of your home and its contents from natural andman-made calamities like fire, flood, storm and burglary. The adds on offered includeexpenses of rent for alternative accommodation and terrorism.

Motor Insurance:

Your vehicle helps you reach destinations and enables you to commute from oneplace to another. But it might face some damage in an accident or get stolen. Thesecurity of your co-passengers can be endangered during accidents. Motor insurancetakes 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


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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 businessmeeting. There is a possibility of some unexpected occurrence no matter howperfectly 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 areon a 16-day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But withus you pay per day.

Student Travel Plan:

A comprehensive cover, which insures you against unfortunate incidents orunexpected expenses abroad and provides timely assistance and support when youneed it the most.

Domestic Travel Plan:

Domestic Travel policy takes care of you and your valued assets left at home. Apolicy that lets you enjoy your trip leaving your worries with us.


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COMPRTITORS

The National Insurance Co. LtdThe New India Assurance Co. LtdThe Oriental Insurance Co. Ltd

The United India Insurance Co. LtdBajaj 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


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DISCUSSION ON TRAINING

3.1 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 ofnon-Life Insurance products. It is totally Field work which is called direct selling. Myrole is to fix an appointment with client companys Account, HR and GeneralManagers. And collect information about insurance. If it is already insured then myrole is to get information about present Insurer, Total Sum Insurance Premium andtotal Coverage etc.And If still it is not insured, than my role is to offer proposal, getdetail of Sum-insurance and Desired coverage.

I have conducted a Researched based of Office Insurance products in Koramangalaarea of Bangalore. My target was IT and non-IT, Software companies andCommercial 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


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Getting feedback from existing clients

Making Agents

3.2 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. Thisworking 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.


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STUDY OF SELECTED RESEARCHPROBLEM

4.1 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 ofservices?

4.2 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 potentialin 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 toexchange goods. It is also a collection of buyers and sellers who transact over aparticular product.

Marketing:

It is a societal process by which individual and groups obtain what they need andwant through creating, offering and freely exchanging products and services of valueswith others.

Marketing research:


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It is a systematic and objective study of problems pertaining to the marketing of goodand services. It may be emphasized that it is not restricted to any particular area ofmarketing 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. Productsthat 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 themfrom those Of Competitors.

Distribution and its Channels:

Distribution is the process of moving goods/services form the place of production tothe marketing activities involved in the flow of goods/services from the primaryproducer to ultimate consumer.

Accident and accidental

Means a sudden, unforeseen, and unexpected physical event beyond the control ofthe Insured caused by external, visible and violent means.

Bodily injury

Means any accidental physical bodily harm but does not include any sickness ordisease.

Business or business purposes

Means any full or part time, permanent or temporary, activity under taken in thepremises with a view to profit or gain.

Burglary

Means an act involving the unauthorized entry to or exit from the insureds property orattempt threat by unexpected, visible, forcible and violent means, with the intent tocommit an act of theft.

BankMeans and includes bank of every description, post office and government treasury.


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Contents

Means the following used for business or business purposes, so long as they areowned by the insured and / or for which the insured legally responsible for includingfamily 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 forconsideration, either expressly or impliedly in the course of employment

Insured or insureds

Means the person named in the policy as the policyholder and / or his family, and / orhis 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, orsupplies.

Period of insurance

Means the period of time stated in the schedule for which the policy is valid.

Policy

Means insureds proposal, the schedule, companys covering letter to the insured,insurance clauses, definitions, exclusions, conditions and other terms contained herein and any endorsement attaching to or forming part hereof, either at inception orduring the period of insurance.

Premises

Means insureds shop as stated in the schedule, which is used or occupied mainly forbusiness purposes by insured.

Schedule

Means the schedule, and any annexure to it, attached to and forming part of thispolicy.


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Sum insured

Means and denotes the amount of cover available under each section as stated inschedule or any revisions thereof based on claim settled, as stated in the scope ofcover of the policy and, where appropriate, as more particularly described.

4.3 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 existsat present. Thus a Descriptive study is a fact-finding investigation with adequateinterpretation. It is the simplest type of research. It focuses on particular aspects ordimensions of the problem studied. It is so designed that it gathers descriptiveinformation 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 projectmust be described and not arguable. The data collected is amenable to statisticalanalysis 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 ofdata.

Descriptive study objectives aim at identifying the various characteristics of acompany problem under study. It can reveal potential relationships between variableswith exploratory research.

SAMPLING TECHNIQUE:

The sampling technique used is convenient sampling. It is also called as purposivesampling or non-probability sampling. This sampling method involves purposive ordeliberate selection of particular units of the universe for constituting the sample,which represents the universe. When population elements are selected for inclusionin 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 pertainingto the units of study from the field.

SAMPLING DESIGN:


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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 isbroken down in to two samples i.e. a sample size of 80 respondents from the officesand 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, whichwere 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 thecompany for assessing the service provided by a company.

RESEARCH LIMITATIONS:

This research is company- specific and confined only to Bangalore city, the problemof generalization becomes obvious Limited sample size is taken.


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4.4 Analysis of data

1. Are you aware of Office insurance?

Table1:

Particulars No. Of respondents PercentagesYes 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 16.25know very little about office insurance. This clearly shows that there is no proper

advertisement reach to the people.


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

Table 2:

Media No. Of 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 agentsMajor of the respondents came to know through television.


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4.5 Summary of findings

All respondents have awareness about office insurance.

Majority of respondents told they were come to know about office insurancethrough 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 andelectronic equipment insurance for their offices.

Most of the respondents said they are going to have insurance with in 15 to 30days.

Majority of respondents told they have satisfaction with the service of thecompany. and customer help disk.

Most of the customers told they dial to customer help disk for product relatedenquiry.

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 purchasinginsurance Policy.


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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 companys products

and services.


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CONCLUSIONS AND RECOMMENDATION

RECOMMENDATIONS

Respondents do not have enough knowledge about the insurance policies providedby the ICICI LOMBARD. Therefore ICICI LOMBARD Company should bringawareness in the customers.

The recommendations I would like to make are:

There is a necessity to make more advertising and promotions by theInsurance Company through TV, newspapers, magazines and pamphlets tomake 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 withthe customers to create the awareness of the policies like Mediclaim, GPA(Group personnel accidental) burglary, and other insurance policies providedby the company.

The employees should be given incentives and bonus to motivate toaccomplish their targets.

ICICI LOMBARD is concentrating only urban areas it should concentrate onsemi urban and rural areas also.

As it was found that customers preparing only Government companies for theiroffice insurance so create trust in costumers about private insurancecompanies by rendering good services like proper claims, good response tocostumer queries and maintaining good relationship with costumers.

Building internal technical expertise requiring well stacked library resource byway 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 referencesoften with a view to bring about early settlement to the satisfaction ofclaimants.


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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 Mediclaim, burglary and GPA.


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BIBLIOGRAPHY


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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

For any query please contact [email protected]

Documents

ICICI LAMBORD