The study was undertaken to accomplish the assignment of measuring Brand Image of ICICI Prudential Life Insurance. Insurance is a Service marketing, where every insurance company serves for customers.
In today's market there are many no of insurance companies, which are not up to, the expectations in terms of sales. At present every insurance company will focus on increasing the sales, but no one will concentrate on customer satisfaction. There are few companies, which are leading the market with their brand image. ICICI is one of the leading insurance companies in private sector with brand image of ICICI. The customer develops a set of brand belief about where each brand stands on each attributes or factors. A set of belief about a brand makes up the brand image. The customer brand image will vary with further experience has filtered by the effects of selective perception, selective distortion and selective retention. [From various products of ICICI i.e. Banking, Loans, Mutual funds, General and Life insurance, web trade, the consumer can make up the brand image of ICICI based on the services provided by the above said sections.Actually this project deals with the measuring of Brand image of ICICI prudential Life Insurance in the terms of customers' satisfaction. The methodology adopted to achieve the above task is as follows.
The respondents are divided as the present customers, lost customers and the non-customers of ICICI prudential life insurance company. The study includes the measure of satisfaction levels of the customers. It also aim at the estimation of going back of lost customers. The research of the non-customers of ICICI Prudential was aimed at measuring the inclination of them towards ICICI.
The basic objective of this study is study to estimate the measuring brand image of ICICI prudential life insurance. The estimation of brand image includes the existing customers , the non-users of the ICICI prudential life insurance. The survey of the present customers of ICICI prudential life insurance is carried out to estimate the levels of their satisfaction with regard to the service of the ICICI prudential life insurance .ad also to analyze the shortcoming in the service of the ICICI prudential life insurance, because the satisfactory levels of the customers using ICICI prudential life insurance will reflect whether they continue to use or not. The survey of the people, who never used the service of ICICI Prudential life insurance helps us to unhide the reasons for not using it. Hence measuring brand image of ICICI prudential life insurance, is basically measured from two different points , retaining present customers ,attracting Lost customers by assuring quality services and attracting new customers this service and in expanding its market.
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 headquartered in sector insurance companies to begin operation in December 2000 after receiving approval from Insurance Regulatory Development Authority(IRDA). ICICI Prudential’s equity base stands at RS.9.25 billon with ICICI Bank and prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005,the company garnered RS 1584 Core and wrote nearly 615000 polices. The company has a network about 56000 advisors; As well as 7 bank assurance and 150 corporate agent tie ups. For the post four years, ICICI prudential has retained it’s position as the no 1 Private Life Insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life
ICICI Bank (NYSE:IBN) is India’s second largest bank with an asset base of RS.106812 core. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services growing customer base of more than 7 million customer accounts and 5 million bondholders accounts through a multi – channel access network. This includes about 450 branches and extension counters, 1675 ATMs, call centers and internet banking (www.icicibank.com). ICICI Bank posted a net profit of RS.1,206 core for the year ended March 31, 2003. 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 credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies.
Established in 1848, prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management, and more than 16 million customers worldwide. 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 vast6 network of 22 life and mutual fund operations in twelve countries – China, Hongkong, India, Indonesia, Japan, Korea, Malaysia, 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.
ICICI prudential has one of the largest distribution networks amongst private life insurance in India, having commenced operations in 69 cities and towns in India, they are Agra, Ahmadabad, Ajmer, Alahabad, Amrutsar, Aurangabad, Bangalore, Bareilly, Bhatinda, Bhopal, Bhuvaneshwar, calicut, chandigarh, Chennai, coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Gurgoan, Guwahati, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottyam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Mysore, Nagpur, Nasik, Nodia, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Simla, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Varanasi, Vashi, Vijayawada and Vizag. The company has seven bank assurance tie-ups, having agreements with ICICI Bank, Federal Bank, south Indian Bank, Bank of India, Lord Krishna Bank and some co-operative banks, as well as over 160 corporate agents and brokers. It has also tied up with organizations like Dhan for distribution of salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI prudential has recruited and trained about 50,000 insurance Advisors to interface with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customer