A SYNOPSIS ON

Advertisement effectiveness in life insurance: A Case study of ICICI Prudential life insurance Ltd. sirsa
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TABLE OF CONTENT
(i) Title of the project (ii) Review of literature and Problem Statement. (iii) Objectives of the proposed study. (iv) Research Methodology
i. ii.

) Sources of data, ) Sampling, ) Tools of analysis

iii.

(v) Scope/Relevance of Proposed Study. (vi) Proposed questionnaire. (vii) References.

TITLE OF THE PROJECT

Advertisement effectiveness in life insurance: A case study of ICICI Prudential life insurance Ltd. Sirsa

Review of literature and Problem Statement

Review of literature: The business of life insurance in India in its existing from started in India in the year 1818 with the establishment of the Oriental Life Insurance company in Calcutta. Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business and to enable the government to collect statistical information about both life and non-life insurance business. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The general insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are: 1957: The Indian Mercantile Insurance Ltd. Set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India assurance Company Ltd., the Oriental Insurance Company Ltd. And the United India Insurance Company Ltd. GIC incorporated as a company. Insurance sector reforms in 1993, Malhotra Committee, headed by former Finance secretary and RBI Governor R.N. Malhotra, were formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra Committee was set up with the objective of completing the reforms initiated in the financial sector. The reforms were aimed at creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently 9 underway and recognizing that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms In 1994, the committee submitted the report and some of the key recommendations included:

Objectives of the Proposed Study

Objectives of the proposed study are enumerated below:
To know the most effective media of advertisement To find out the reason of liking the advertisement of ICICI To know how they survive in the cutthroat competition. To know the promotional strategies of ICICI prudential To know how they face their competitors strategies. To know number of new player has entered the market and are viewing to gain the market share in this rapidly improving market. To understand & measure the impact of advertising in the market. To measure the effectiveness of advertisement / promotional activities for a particular product class and corporate advertising. To understand and measure the affect of advertising in brand-building, brand re-call and finally the choice of a plan while buying it.

Research Methodology
Research methodology is a strategy that guides a research in providing answers to research questions and for this, research survey is being done. Accuracy of the study depends on the systematic application of the method. The researcher has to decide the method to be used that helps him to get a desired direction in a systematic way. This study in the following manner. Methodology adopted Questionnaire design: The questions were designed in an easily understandable way with the help of (Faculty Guide) .That the respondents may not have any difficulty in answering them. The questionnaire also contained a comments section. This section was included so as to get opinion of the people regarding the ICICI Prudential Life Insurance. For e.g. (Q1.) Which media you mostly use for information? (Q2.) On which channel you saw insurance ad mostly? Random sampling Sampling can be defined as a part of population. Thus random sampling may be defined as the selection of a portion from the whole population in which each elements of the population has an equal chance of being selected. A more please definition is that each element in the population has a non-zero and known probability of selection a randomly drawn sample is an unbiased sample. In this research survey 50 people were surveyed at random to get the relevant information..

Sample unit: The respondents who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs, Govt. Employees, and Self Employed etc. Sample size: The sample size was restricted to only 50 between age group of 25-40, which comprised of mainly peoples from different regions of India. 55 Sample area: The area of the research was Delhi Metro Railway Quarters, New Delhi, India. Data collection Structure questionnaire : In this collection data, structured questionnaire is used as a tool by asking a set of standardized questions to know the effect of Life Insurance Advertisement and behavior of the people for the ICICI Prudential Life Insurance. Interview: The next step involved in collecting information requires discussion with people. Thus valuable information was gathered informal friendly talks with the people. Secondary data collection: Various websites were consulted to collect literature relevant to the topic. Interpretation: Interpretation refers to the task of drawing inference from the collected facts after an analytical study, in fact it is a search for broader meaning of research findings it is through interpretation that the researcher can well understand the abstract principle that respondents beneath his findings.The simple statistical tools will used to analyze the data collection, Bar Graphs and pie chart have been used to illustrate the findings diagrammatically. The scores for advertisement were compiled on spontaneous recall, aided recall and likeability. The top ads are selected on the basis of their score.

Scope/Relevance of Proposed Study

The scope and relevance of study is:

To know the benchmark between insurance company Increase the effectiveness of the company Can help in increasing the efficiency of the advertisement of the ICICI prudential life insurance. Help in better knowing the customer demand and also increasing the customer relation. The Authority shall be informed at the time of filing the advertisement the extent of change the original advertisement Insurance company advertisements. Every insurance company shall be required to prominently disclose in the advertisement and that part of the advertisement that is required to be returned to the company or insurance intermediary or insurance agent by a prospect or an insured the full particulars of the insurance company, and not merely any trade name or monogram or logo. Where benefits are more than briefly described, the form number of the policy and the type of coverage shall be disclosed fully.

Proposed questionnaire
Some questions for proposed study:
Q1. Which media you mostly use for information / Entertainment? a) Television b) Newspaper c) Internet d) Radio Q2. How often do you share interesting advertising with Your family or friends? a) Never b) Rarely c) Sometimes d) Often e) Very often Q3. Have you saw any Life Insurance Product Ad? a) Yes b) No

Q4. On Which channel you saw Insurance ad mostly? a) Zee T.V b) Sony c) Star d) News Channel Q5. Which company ad you find mostly? Rank Them.. a) Life Insurance Corporation of India b) HDFC Std. Life Insurance Co. Ltd. c) Birla Sun Life Insurance Co. Ltd. d) ICICI Pru. Life Insurance Co. Ltd. Q6. Can you recall the content of the Ad of any life insurance company? a) Yes b) No Q7. Before buying a product do you pay attention to the Brand Name? a) Yes b) No Q8. Which of the Insurance Policy would you like to buy? a) Life Plan b) Health Plan c) Child Plan

d) Retirement Plan

Q9. Other than T.V Where you saw Life insurance ad? a) Internet b) Newspaper c) Holdings d) Friends/Family e) Radio Q10. Do you think this ad has influence you to..... a) Buy the insurance policy b) Recommend the insurance policy c) Suggest the insurance policy d) Would you like to inform Q11. Can you recall if your family members ever tried to influence you to buy/secure a life insurance Policy from the insurance company of her interest? a) Yes b) No Q12. Based on the feature ad in that ad rank them.... a) The ad msg is understandable b) The ad msg is relevant to me c) The ad is reliable d) The benefit describe in the ad are believable to me...

References
BOOKS
i ii. Kothari C.R. (2004), Research Methodology Methods and Techniques, N. Delhi, New Age International Publication Green, Paul, Tull (2002) Research for MarketingDecisions, N. Delhi, Prentice-Hall of India

iii. Sharma D.D.(2008),MarketingResearch:PrincipleApplication & Cases N. Delhi, Sultan Chand & Sons iv. Belch, Mandelchge (6thEdition,TataMcGrawHill), Advertising and Promotion. v. vi. Batra (5thedition, Pearson Prentice Hall) Advertising Management. Kotler P. (1999), Marketing Management, N. Delhi,Prentice-Hall of India.

vii. Jha S.M. (2003), Services Marketing,N. Delhi, Himalaya Publishing House Viii. Bitner M.J. (2008), Services Marketing N. Delhi, TataMcGraw-Hill

WEBSITES http://www.iciciprulife.com http://www.managementparadise.com http://www.businessworld.in http://www.outlookindia.com http://en.wikipedia.org/wiki/icici_prudential http://www.irdaindia.org http://www.business-standard.com MAGAZINE: 1. India today 2. Business week 3. Business today 4. Business indi JOURNAL: 1. International management 2. Indian journal 3. Sage India