PROJECT REPORT

AT
ICICI LOMBARD GIC LIMITED, HYDERABAD

A Project Report submitted in partial fulfillment of the requirements for the

award of the degree of

MASTER OF BUSINESS ADMINISTRATION

(Industry Integrated)
TO

MADURAI KAMARAJ UNIVERSITY, MADURAI

BY

GUMANA RAM JAT

Reg. No. A8751151

Under the guidance of.

Prof. B.K.Bhardwaj

RAMAIAH INSTITUTE OF MANAGEMENT STUDIES

194, NEW BEL ROAD, MSRIT POST, MS RAMAIAH NAGAR
HYDERABAD 560054.
DECEMBER 2009

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CERTIFICATE

This is to certify that the Project Report at

ICICI LOMBARD GIC LIMITED, HYDERABAD

Submitted in partial fulfillment of the requirement for the award of the degree
of
MASTER OF BUSINESS ADMINISTRATION
(Industry Integrated)
TO

MADURAI KAMARAJ UNIVERSITY, MADURAI

Is a record of bonafide training carried out by

GUMANA RAM JAT
Under my supervision and the no part of this report has
been submitted for the award of any other
Degree/diploma/fellowship or similar title or prizes
.
FACULTY GUIDE

Signature :
Name : Prof.B.K.Bhardwaj
Qualifications :

Signature & seal of the Learning Centre

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STUDENTS DECLARATION

I hereby declare the Project Report conducted at

ICICI LOMBARD GIC LIMITED, HYDERABAD

Under the guidance of

Prof. B.K.Bhardwaj
Submitted in partial fulfillment of the requirements for the Degree of

MASTER OF BUSINESS ADMINISTRATION

(Industry Integrated)
TO

MADURAI KAMARAJ UNIVERSITY, MADURAI

Is my original work and the same has not been submitted

for the award of any other Degree/ diploma/ fellowship or other
similar titles or prizes.

Place :

GUMANA RAM JAT

Date :

Reg. No. : A8751151

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ACKNOWLEDGEMENT

I extend my special gratitude to our beloved director Dr. M.R Pattabhiram and
Dean, Project Guide Prof. B.K.Bhardwaj , NIAM Training Officer Mrs. Leela for
inspiring me to take up this project.
I wish to acknowledge my sincere gratitude and indebtedness to my project
guide Prof. B.K.Bhardwaj of Ramaiah Institute of Management Studies,
HYDERABAD for his valuable guidance and constructive suggestions in the
preparation of project report.
I extend my gratitude to ICICI LOMBARD GIC LTD. and my Manager Mr.Bishnu
Charan Hotta and all my colleagues, friends for their encouragement, support,
guidance and assistance for undergoing industrial training and for preparing
the project report.

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CONTENT

No.
1

Chapter Name

Page No.

INTRODUCTION

1.1

General Introduction about the sector

1.2

Industry Profile

Origion & Development of the Industry

Growth & Present Status of the Industry

Future of The Insurance Sector

PROFILE OF THE ORGANIZATION

2.1

Origion of ICICI Lombard

2.2

Growth & Development of ICICI Lombard

2.3

Present Status of Organization

2.4

Functional Departments of Organization

2.5

Org. Structure & Org. Chart

2.6

Product & Service Profile of the competitors

2.7

Market Profile of ICICI Lombard

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DISCUSSION ON TRAINING

3.1

Work Profile (Role & Responsibilities)

3.2

Description of live Training

STUDY OF SELECTED RESEARCH

PROBLEM

4.1

Statement of Research Problem

4.2

Statement of Research Objective

4.3

Research Design & Methodology

4.4

Analysis of Data

4.5

Summary of Findings

SUMMARY AND CONCLUSIONS

5.1

Summary of Learning Experience

5.2

Recommendations & Conclusion

BIBLIOGRAPHY

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CHAPTER 1

INTRODUCTION

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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.
Also the review of latest entrants into insurance sector viz. private players like TATA
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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 and
foreign. Some companies were in the co-operative sector. The size of the companies
and there reach varied to a great extent. Whereas many companies used to
underwrite all types of covers fire, marine& miscellaneous insurance.
The government in May, 1971 took over the undertaking of all the
Companies as a prelude to ultimate nationalization. This was brought about under
the General 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 general
insurance business operation.
Brief History of the Insurance Sector
The business of life insurance in India in its existing form started in India in the year
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1818 with the establishment of the Oriental Life Insurance Company in Colkata.
Some of the important milestones in the insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
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 Colkata by the British.

Some of the important milestones in the general insurance business in India are:
1907: 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
solvency margins and the Tariff Advisory Committee set up.

and set minimum

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.
The four subsidiaries formed were as under:
1. The National Insurance Co. Ltd
2. The India Assurance Co. Ltd
3. The Oriental Insurance Co. Ltd
4. The United India Insurance Co. Ltd
The four subsidiary companies operated under the all direction of the GIC.Each of
these had almost a similar structure with 4 tiers
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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 direct
business. The four public sector companies mentioned above and the following
companies in the private sector. These private companies were formed after the
passing of the IRDA Act, 1999. This removed the prohibition existing in the GIBNA
Act 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 operates
as the National Reinsures. There are however, some companies in the market, which
are formed for a specific purpose only.

Deposit insurance company

To take care of loss suffered by the depositors of a bank.
Exports Credit Guarantee Corporation - this takes care of the credit risk, which
exporters face in respect of the goods exported.
Agricultural Insurance Corporation to take care of crop insurance and allied
risks.
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 There are also insurance departments in some of the states.

The four public sector and the 8 private sector companies are authorized to handle
direct business as well as reinsurance business, both inward outward. The buyers of
insurance would be property owners, factory owners, traders, vehicle owners,
commercial establishments, professionals etc. In fact the whole population could
deemed as potential costumers for insurance of one type or another.
With the largest number of life insurance policies in force in the world, Indian
insurance sector accounted for 4.1 per cent of GDP in 2006-07, up from 1.2 per cent
in 1999-2000, far ahead of China where insurance accounts for just 1.7 % of the
GDP and even the US where insurance penetration stands at 4 per cent of the GDP.
The time factor plays an important role while providing service to the
customer. The customer expects that the procedures for settling the claim should be
short and not much time consuming. They should get the benefits of the service as
soon as possible.
Today the technology is boosting in each and every field. Insurance
is not an exception. Companies have started providing customers facility of online
payment of premium through their websites. They also provide online assistant to the
customer the policy status and how to calculate the premium. To calculate the
premium they just need the present age, the type of police, sum assured, and
accident covered if any. By filling in this information you can calculate the amount of
premium you have to pay. The customer can pay their premiums by means of credit
cards or can also give standing instruction to the bank in order to pay their monthly
premiums.

The insurance companies also provide loan facilities against their policies. At present
loans are granted on unencumbered polices as: Up to 90% of the Surrender Value
for policies, where the premium due is fully paid-up, and Up to 85% of the Surrender
Value for policies where the premium due is partly paid- up.

The minimum amount for which a loan can be granted under a policy is Rs150. The
rate of interest charged is 10.5% p.a., payable half-yearly. Loans are not granted for
a period shorter than six months, or on the security of lost policies (the assured must
have the duplicate policies) or on policies issued under certain plans. Certain types of
policies are, however, without loan facility.

In the first month of financial year 2007-08, private sector insurers grew 37.34 per
cent to Rs1272.22 crore over April 2006. In the process, the market shares have
further undergone a change.

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Private sector has grabbed a market share of 40 per cent in the non-life insurance
business, from 34 per cent in the financial year 2006-07. Public sector market share
is now only 60 per cent.

c. Future of the Industry

India's insurance sector is zooming to show an unprecedented progressive growth of
more than 200% by the period of 2009-12. The Associated Chambers of Commerce
and Industry of India has clocked out the fact that during this period, private players
in the industry will see a growth of about 140 per cent, owing to the adoption of the
aggressive marketing techniques in comparison of the growth rate of 35-40 per cent
achieved by the state owned insurance companies. The chamber is expected to
poise the business of insurance to reach at Rs.2000 billions in coming 2 years from
the present level of Rs. 500 billion. With the result of adoption of the intense
marketing strategies by the private players, the declination has been witnessed in
respect of the share of the state owned insurance companies captured in the market.

The market share fallout has been noticed in context of such companies like GIC,
LIC, which have come down to nearly 70 per cent in the past 4-5 years from the 97
per cent. The experts have fore casted the more severe competition in the insurance
sector likely to be occurred in the near future. Till recently, insurance sector was
majority driven by the government sector players but now many private sector
multinational players have come into the picture. Like HDFC, ICICI Lombard, Royal
Sundram,Tata Aig,etc. Insurance sector has been characterized as the booming
sector of the Indian arena, which has shown the growth rate of more than 15 per cent
to 20 per cent. Insurance in India is put under the federal subject and is governed by
the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General
Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and
Development Authority (IRDA) Act, 1999 and by various other acts.

Today Insurance Companies in India have grown manifold. The insurance sector in
India has shown immense growth potential. Even today a giant share of Indian
population nearly 80% is not under life insurance coverage, let alone health and nonlife insurance policies. This clearly indicates the potential for insurance companies to
grow their market in India. In 1999, various reforms were suggested in the insurance
industry in India. This has changed a lot of things for the insurance companies in
India. These reforms were:

Bringing down of the government stake holding to 50%. Only the private companies
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with a minimum capital of Rs.100 crores should be allowed to enter the insurance
sector.

No insurance company can deal in both life and non-life insurance under the same
business entity.

Foreign Insurance Companies can enter India only in collaboration with domestic
insurance companies Interest should be paid on delays of payments by the insurance
companies in case of non-settlement of insurance claims. And many more to bring
greater freedom and a well-planned regulation to the insurance companies in India.

Though, the existing rule says that a foreign partner can hold 26% equity in an
insurance company, a proposal to increase this limit to 49% is pending with the
government. Since opening up of the insurance sector in 1999, foreign investments
of Rs. 8.7 billion have poured into the Indian market and 22 private companies have
been granted licenses.

The demand for health insurance covers has seen a healthy increase, and today the
sector is the fastest growing segment in the non-life insurance industry in India,
which grew at over 40% last year. It is also emerging as an increasingly significant
line of business for life insurance companies. While this rate of growth appears to be
very healthy, it is on a low base, and health insurance penetration in the country
continues to be low. Only about 25 million persons are presently covered for health
through commercial insurance, in a country of over 1.1 billion people. Overall, the
Indian health sector is still characterized by the near absence of any significant risk
protection against major health-related expenditure

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CHAPTER 2

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PROFILE OF THE ORGANIZATION

2.1 Origin of the Organization:

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

Lombard Canada Ltd., is a leading insurance management company responsible for

providing insurance management services for all of the Lombard group's commercial,
personal, and specialized insurance companies. Canadian owned and operated,
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Lombard Canada Ltd. has its head office in Toronto and has annual sales in excess
of $500 million and is a wholly owned subsidiary of Fairfax Financial Holdings
Limited (FFH on the TSF Lombard Canada Ltd. has achieved a reputation for
providing solid underwriting performance, diversified books of business and strong
capital positions.

The Joint Venture ICICI Lombard General Insurance Co will be headed by Mr. Sanjiv
Kerkar. ICICI would hold about 74 percent stake, while Canadian insurer Lombard
would hold the maximum permissible 26 percent and commence business with a
start-up capital of Rs.100 crore. ICICl Lombard has plans to sell covers to the
corporate clients of ICICl. At the same time it will sell property insurance for ICICI
home 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 a
Gross 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 and
serviced 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 associate
of Moodys Investors Service) for highest claim paying ability and a fundamentally
strong position. ICICI Lombard allows instant policy issuance and renewal through its
website www.icicilombard.com for all retail insurance products including Car
Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home
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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 by
J.D. Power Asia Pacific in India among 11 auto insurance providers. The company
has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather
insurance and the Customer and Brand Loyalty award in the Insurance Sector Non-Life at the 2nd Loyalty awards, 2009. It was awarded the General Insurance
Company of the Year at the 11th Asia Insurance Industry Awards. The company also
won the NDTV Profit Business Leadership Award 2007 and was adjudged as the
most Customer Responsive Company in the Insurance category at the Economic
Times Avaya Global Connect Customer Responsiveness Award 2006. It has the
Gold Shield for Excellence in Financial Reporting by the ICAI (Institute of Chartered
Accountants of India) for the year ended March 31, 2006.

It is the largest private sector general insurance company in India with a gross written
premium (GWP) of Rs885.1 crore in 2004-2005
2007 - ICICI Lombard General Insurance Corporation has grabbed the second spot
in insurance premiums growth displacing three public sector companies earned the
second largest premium of Rs448.65 crore for April but was at top place in terms of
premium growth of 35 per cent over the corresponding period of the last financial
year.

2.3 Present status of the organization

ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by
J.D. Power Asia Pacific in India among 11 auto insurance providers. The company
has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather
insurance and the Customer and Brand Loyalty award in the Insurance Sector Non-Life at the 2nd Loyalty awards, 2009. It was awarded the General Insurance
Company of the Year at the 11th Asia Insurance Industry Awards. The company also
won the NDTV Profit Business Leadership Award 2007 and was adjudged as the
most Customer Responsive Company in the Insurance category at the Economic
Times Avaya Global Connect Customer Responsiveness Award 2006. It has the
Gold Shield for Excellence in Financial Reporting by the ICAI (Institute of Chartered
Accountants of India) for the year ended March 31, 2006.

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AWARDAS AND RECOGNITION

JD Power Asia Pacific Award

ICICI Lombard Ranks Highest in Customer Satisfaction among Auto Insurance

Providers in India: J D Power Asia Pacific.

Golden Peacock- Eco Innovation Award of 2009 for weather insurance

ICICI Lombard has been conferred the Golden Peacock- Eco Innovation Award of
2009 for weather insurance.

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Customer and Brand Loyalty Award 2009

ICICI Lombard wins the Customer and Brand Loyalty Award in the "Insurance SectorNon-Life" at the 2nd Loyalty Awards on January 29, 2009.
General Insurance Company of the Year

11th Asia Insurance Industry Awards 2007, Singapore

ICICI Lombard becomes the first Indian insurance company to win this prestigious
award.

Brand Leadership Award 16th Asia Brand Congress, Taj Lands End, Mumbai

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Awarded the Brand Leadership Award at the 16th Asia Brand Congress held at Taj
Lands End, Mumbai from 26-27th September, 2007.

iAAA rating by ICRA

Assigned the iAAA rating by ICRA indicating highest claims paying ability and a
fundamentally strong position.

2.4 Functional Departments of the Organization

Claim Settlement:
Lightning-fast claim settlement is one of the key areas of focus for ICICI Lombard.
Our dedicated Relationship Managers, wide spread network across India and
presence of 24 *7 call centers assure our customers that we are always on call, day
or night. Our tie-up with Cunningham Lindsey, the worlds second largest loss
adjustors with its network in 80 locations across India, ensures a surveyor on site in
less than 24 hours.
Rural Initiative:
ICICI Lombard believes in striking the right balance between the commercial and
socio-economic aspects of the insurance business. In its Endeavour to offer tailorIIMC

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made products to meet the requirement of the rural population, explore business
opportunities in the related segments and build a competitive edge through strong
distribution network and product innovation, ICICI Lombard uses
Intermediaries like ICICI Banks kiosks, direct selling Agents, state-level tie-ups,
ITCs e-Chou pals, NGOs and other micro finance Institutions (MFIs). The rural
segment offers immense business opportunities for insurers since it constitutes 50%
of the GDP. Growing per capita and disposable income and rising financial
awareness among rural masses has opened up new avenues for insurers in this
segment.
Corporate Business:
ICICI Lombard via its CSG segment aims to tap large corporate with high premium
potential. The company has emerged as a major player in the corporate segment
with a well-balanced portfolio. It has made forays into specialized products that
require complex product development and strong underwriting skills. In addition, a
strong distribution has enabled it to reach out to over 3,000 corporate. It also offers
single point contact through dedicated relationship managers for both sales and
customer service.

Bank assurance
The Company has set up a dedicated SBU to cater to banc assurance business
managed by dedicated teams for each bank partner across all locations to ensure
highest levels of service to the channel and their customers and to provide complete
support and value addition to the bank partners. Our banc assurance philosophy
emphasizes on complete respect for the partners brand & business model with a
clear understanding that the partner owns the customer. The company has tied up
with few partners like ABN Amro Bank, ICICI Bank, UTI Bank etc, to ensure
complete support and continuous value addition to the partner. The business
philosophy behind the banc assurance initiative is to leverage distribution synergies
with partners. The channel offers unmatched product suite customized for bank
channels and customers.
Retail
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ICICI Lombard aims to tap retail segment through multi-product and multi- channel
approach to marketing. The company believes that retail segment has immense
potential and will drive the companys growth in future. It has presence in all retail
categories -- travel, health, home and motor. It has launched a number of innovative
products and features in each category like Pay-per-day in Overseas Travel
Insurance and floater cover for individual Health Insurance. The key to success in
this area is effective market segmentation and targeted product offerings that meet
customer needs.
E-channel
ICICI Lombards e-channel initiative has embraced technology with open arms. The
effective use of technology platforms has enabled customers to view all their
insurance transactions through the web on a real time basis. ICICI Lombards echannel mainly focuses on targeting customers through Internet, intranet (of large
corporate and manufacturing companies) and other national level distribution
networks. The focus is on targeting customers through the online medium. The
model is to develop an integrated and customized product platform with key partners
-- ICICI Direct, ICICI Bank, preferred partners moneycontrol.com and indiatimes.com
and other websites.

Board Members
Chanda Kochhar, Chairperson
R. Athappan, Director
Sandeep Bakhshi, Director
B.V. Bhargava, Director
Dileep Choksi, Director
N.S. Kannan, Director
S. Mukherji, Director
Chandran Ratnaswami, Director
M.K. Sharma, Director
H.N. Sinor, Director
Bhargav Dasgupta, Managing Director & CEO
COMMITTEES
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Audit Committee
Mr. S Mukherji, Chairman
Mr. Dileep Choksi, Director
Mr. James F Dowd, Director

Investment Committee
Mr. Chandran Ratnaswami, Chairman
Ms. Kalpana Morparia, Director
Mr. Sandeep Bakhshi,, Managing Director & CEO
Mr. S Gopalakrishnan, Head Investments
Mr. Rakesh Jain, Head-Finance & Accounts
Mr. Liyaquat Khan, Appointed Actuary
Board Governance Committee
Ms Kalpana Morparia, Chairperson
Mr. Chandran Ratnaswami, Director
Mr. H N Sinor, Director

2.5 Organization Structure and Organization Chart

ICICI LOMBARD GIC LTD.

BOARD OF DIRECTORS

WHOLESALE

RETAIL

RURAL

AGRICUL
TURE

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NATIONAL SALES MANAGER

24

REGIONAL SALES MANAGER

AREA SALES MANAGER

UNIT SALES MANAGER

SALES
OFFICER
Revenue Growth

Year
2006-07
2007-08
2008-09

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Gross Return Premium

(Rs.Mn)
30035
36010
37492

25

Gross Return Premium(Rs.Mn)

40000
35000
30000
25000
Gross Return Premium(Rs.Mn)

20000
15000
10000
5000
0
2006-07

2007-08

2008-09

Claims Settled

Year

No. of Claims Settled

2006-07

614876

2007-08

818596

2008-09

3313830

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No. of Claims Settled

3500000
3000000
2500000
2000000

No. of Claims Settled

1500000
1000000
500000
0
2006-07

2007-08

2008-09

Volume Growth

Year

No. of Policies Sold

2006-07

3136478

2007-08

3136438

2008-09

3957048

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No. of Policies Sold

4000000
3500000
3000000
2500000
No. of Policies Sold

2000000
1500000
1000000
500000
0
2006-07

2007-08

2008-09

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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40
35
30
25
Total Industry Share %

20

Private Sector Share %

15
10
5
0
2006-07

2007-08

2008-09

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
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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 contents
resulting from their own explosion- implosion.
Caused by centrifugal forces.

Aircraft damage
Loss, destruction or damage caused by aircraft, other aerial or space devices and
articles 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 directly
Caused to the property insured.

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

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
to impact by any rail road vehicle or animal by direct contact not belonging to or
Owned 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 On
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which 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 or
ground 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 Fire
Excluding loss destruction or damage caused by forest fires.
2.

BURGLARY:

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

3.

CASH IN SAFE:

The company will compensate the insured in respect of loss of, or damage to, money
and/or valuables caused by burglary and/or attempted burglary when such money
and/or valuables are contained in a domestic safe or vault which is protected by
appropriate and adequate security measures with lock in key.
4.

CASH IN TRANSIT

The company shall compensate the insured for loss of money in coins
and/or notes caused by burglary, robbery or theft occurring while such money is in
the insureds possession and is being conveyed by the insured to the insureds
premises from the insureds bank /ATM from where such money had been withdrawn
immediately prior to the occurrence.
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5.

NEON SIGN /GLOW SIGN:

The company will compensate the insured in respect of loss or damage to neon
sign/glow sign belonging to the insured caused by:
Accidental external means Fire, lightning or external explosion or theft Riot, strike or
malicious 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 glass
other 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 by
forgery or material alteration of cheques, drafts or other negotiable instruments
issued by, or in favor of, the insured.
8.

EMPLOYERS LIABILITY:

The company shall indemnify the insured against the legal liability of the insured in
respect of any bodily injury sustained by, or the loss of life of, the insureds
employees 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 medical
expenses incurred for hospital treatment by the insured in respect of any bodily injury
sustained by the insured arising out of operation at an insured peril as provided for in
standard fire and special perils- buildings and standard fire and special perilscontents and / or burglary, coverages in this policy and subject to a deductible
excess 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 becomes
legally liable to pay, including litigation expenses and any amount in compensation,
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by virtue of the following items as specified occurring in and about the insureds
premises.
Accidental death or bodily injury to any person other than insured or the insured
employees / staff. This coverage shall be limited to the sum insured for any
accident or series of accidents arising from any one event or cause, and for all
accidents during the period of insurance, and,
Accidental damage to property of any person other than the insured or insured
employees / staff. This coverage shall be limited to the sum insured for any
one accident or series of accidents arising from any one event or cause, and
for all accidents during the period of insurance.

11. FIDELITY:
The company will compensate the insured for any direct pecuniary loss sustained by
the insured through act of fraud or dishonesty committed by any salaried employee of
the insured in the insured premises, provided that :
The loss shall have occurred in connection with the employees occupation and
duties during the uninterrupted continuance of his employment and he
discovered within six months after its happening first of six months after the
death, dismissal or retirement of such person and
The liability of the company in respect of any one person or all persons so
employed 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 emergency
can strain your hard-earned investments. Now, let your savings be untouched, get
secured.
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-made
disaster like burglary.

Home Plans
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Gold Plan:
The Gold plan covers much more than just your home. It offers family protection,
covers loss of cash, public liability, temporary resettlement, alternative
accommodation and baggage insurance. Other adds on offered are loan repayment
for home and car and cover for terrorism.
Silver Plan:
The Silver plan covers the structure of your home and its contents from natural and
man-made calamities like fire, flood, storm and burglary. The adds on offered include
expenses of rent for alternative accommodation and terrorism.
Motor Insurance:
Your vehicle helps you reach destinations and enables you to commute from one
place to another. But it might face some damage in an accident or get stolen. The
security of your co-passengers can be endangered during accidents. Motor
insurance takes 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
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 business
meeting. There is a possibility of some unexpected occurrence no matter how
perfectly 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:
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All overseas travel policies charge premium on a slab basis. Which means if you are
on a 16-day trip, you end up paying for 21 days, as the slab is 14 to 21 days. But with
us you pay per day.
Student Travel Plan:
A comprehensive cover, which insures you against unfortunate incidents or
unexpected expenses abroad and provides timely assistance and support when you
need it the most.
Domestic Travel Plan:
Domestic Travel policy takes care of you and your valued assets left at home. A
policy that lets you enjoy your trip leaving your worries with us.

COMPRTITORS
The National Insurance Co. Ltd
The New India Assurance Co. Ltd
The Oriental Insurance Co. Ltd
The United India Insurance Co. Ltd
Bajaj Allianz GIC Ltd.

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COMPARISON FROM COMPETITORS

ICICI Lombard GIC

Low Premium Better Service

Competitors

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

2.7 MARKET PROFILE OF THE ORGANIZATION

The company is the largest private sector general insurance company in India with a
Gross Written Premium (GWP) of Rs 30,034 million for the 12 months ended March
31, 2007 with a market share of nearly 12.4% and compounded annual growth rate
of over 84% in the last two years.

The company has over 4,770 personnel in 220 offices spread across 166 locations.
From April March 2007, the company issued over 3.1 million policies across India
and settled over 5.9 lakh claims. The company has a claim disposal ratio of 96%
(percentage of claims settled against claims reported) as on March 31, 2007.
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ICICI Lombard is the largest private sector general insurance company in India with a
Gross 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 and
serviced 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

Core Value System

ICICI Lombard's value system is the DNA, which molds and determines the growth
and success of the company and its employees. Strongly embedded and staunchly
followed, these values form the very core of our company's spirit.
Transparency
ICICI Lombard encourages total transparency in all channels of communication
(internally and externally) and complete accountability in customer deliverables. In
November 2005, ICICI Lombard became the first private sector general insurance
company to cross the Rs. 10 billion Gross Working Profit (GWP) mark. This record
target achieved manifests the trust garnered by our employees nationwide from its
customers.
Empowerment
ICICI Lombard provides you the platform to evolve from an employee to a partner in
progressive growth. Since our origin in 2001, our employees have always been
empowered to make decisions that chart their career path. We do not create jobs but
build futures.

Passion
The passion to excel with customer focus in mind is what initiates ICICI Lombard to
attain greater milestones. This inherent principle drives our employees to set higher
benchmarks of excellence and performance.
Integrity
Integrity is about honesty, sincerity, sound moral principles, keeping promises and
fulfilling expectations. At ICICI Lombard, integrity is not limited to the organization's
capacity to meet the needs of the stakeholder but also encompasses the vision and
values of everyone involved.
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Humility
True leadership in the service industry like ours requires humility to keep one's ego
sublime and to serve others. One of the key values we look for and inculcate in our
employees is humility which allows us to keep the interests of our customer and the
organization before our own and work efficiently as a team.

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CHAPTER 3

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

I have conducted a Researched based of Office Insurance products in Koramangala

area of HYDERABAD. My target was IT and non-IT, Software companies and
Commercial 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
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.
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How to work in a corporate world and how can we survive in corporate fieldsthat 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. This

working 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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CHAPTER 4

STUDY OF SELECTED RESEARCH

PROBLEM

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 of
services?
4.2 Statement of research objectives
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 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 potential
in 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 to
exchange goods. It is also a collection of buyers and sellers who transact over a
particular product.
Marketing:
It is a societal process by which individual and groups obtain what they need and
want through creating, offering and freely exchanging products and services of
values with others.
Marketing research:
It is a systematic and objective study of problems pertaining to the marketing of good
and services. It may be emphasized that it is not restricted to any particular area of
marketing 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. Products
that 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 them
from those Of Competitors.
Distribution and its Channels:
Distribution is the process of moving goods/services form the place of production to
the marketing activities involved in the flow of goods/services from the primary
producer to ultimate consumer.
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Accident and accidental

Means a sudden, unforeseen, and unexpected physical event beyond the control of
the Insured caused by external, visible and violent means.
Bodily injury
Means any accidental physical bodily harm but does not include any sickness or
disease.
Business or business purposes
Means any full or part time, permanent or temporary, activity under taken in the
premises with a view to profit or gain.
Burglary
Means an act involving the unauthorized entry to or exit from the insureds property
or attempt threat by unexpected, visible, forcible and violent means, with the intent to
commit an act of theft.
Bank
Means and includes bank of every description, post office and government treasury.
Contents
Means the following used for business or business purposes, so long as they are
owned by the insured and / or for which the insured legally responsible for including
family 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 for
consideration, 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 / or
his parents, and / or directors and / or karta of HUF, and the like.
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Medical expenses
Means expenses incurred on necessary on medical or surgical treatment, services,
or supplies.
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 here
in and any endorsement attaching to or forming part hereof, either at inception or
during the period of insurance.
Premises
Means insureds shop as stated in the schedule, which is used or occupied mainly for
business purposes by insured.

Schedule
Means the schedule, and any annexure to it, attached to and forming part of this
policy.
Sum insured
Means and denotes the amount of cover available under each section as stated in
schedule or any revisions thereof based on claim settled, as stated in the scope of
cover 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 exists
at present. Thus a Descriptive study is a fact-finding investigation with adequate
interpretation. It is the simplest type of research. It focuses on particular aspects or
dimensions of the problem studied. It is so designed that it gathers descriptive
information and provides information for formulating more sophisticated studies.
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There is a cause effective relationship.

The criteria for selecting this particular design are that, the problem of the project
must be described and not arguable. The data collected is amenable to statistical
analysis 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 of
data.

Descriptive study objectives aim at identifying the various characteristics of a

company problem under study. It can reveal potential relationships between variables
with exploratory research.

SAMPLING TECHNIQUE:
The sampling technique used is convenient sampling. It is also called as purposive
sampling or non-probability sampling. This sampling method involves purposive or
deliberate selection of particular units of the universe for constituting the sample,
which represents the universe. When population elements are selected for inclusion
in 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 pertaining
to the units of study from the field.

SAMPLING DESIGN:

SAMPLING UNIT
The samples include various offices & shops in HYDERABAD city.

SAMPLE SIZE
The sample size for listing questionnaire of research is 100, and the sample size is
broken down in to two samples i.e. a sample size of 80 respondents from the offices
and shops and the sample size of 20 respondents from the customers.

SOURCES OF DATA COLLECTION:

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Primary data:
The data was collected by using questionnaire and structured direct interviews, which
were 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 the
company for assessing the service provided by a company.
RESEARCH LIMITATIONS:
This research is company- specific and confined only to HYDERABAD city, the
problem of generalization becomes obvious Limited sample size is taken.

4.4 Analysis of data

1. Are you aware of Office insurance?

Table1:
Particulars
Yes
No

No. Of respondents

Percentages
67
0
IIMC

83.75
0
47

Little Bit
Total
Source: Field Study

13
80

16.25
100

No. of respondents

Yes
No
Little Bit

Interpretation:
The response given by respondents 83.75 are aware of office insurance and 16.25
know very little about office insurance. This clearly shows that there is no proper
advertisement reach to the people.

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

Table 2:
Media
TV
News Paper
Agents
Total

No. Of Respondents Percentages

40
50
19
23.75
21
26.25
80
100
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Source: Field Study

No. of Respondents

TV
News Paper
Agents

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 agents
Major of the respondents came to know through television.

3. Which factor is important in your eye for purchasing insurance policy?

Table 3:
Factors
Company
Premium
Service

No. Of Respondents Percentages

43
17
20
IIMC

53.75
21.25
25
49

Total
Source: Field Study

80

100

Interpretation:
The chart depicts that 53.75% prefer company as an important factor where as
21.25%prefer for premium and 25% prefer service as an important factor for
purchase of insurance policy.

4. How many employees are there in your office?

Table 4:
Employees

No. Of Respondents

Percentages

More Than 5

53

66.25

More Than 10

17

21.25

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50

More Than 20

10

12.5

Total

80

100

No. of Respondents

More Than 5
More Than 10
More Than 20

Interpretation:
The above chart shows that,
66.25% of respondents have more then 5,
21.25% of respondents have more then 10 and
12.5% of respondents have more then 20.

5. Would you like to have Office insurance?

Table 5:
Particulars

No. Of Respondents Percentages

Yes

20

25

No

60

75

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51

Total
Source: Field Study

80

100

80
70
60
50

Yes

40

No

30
20
10
0
No. of Respondents

Percentages

Interpretation:
Out of 80 respondents, 25% of respondents want to have office insurance policy and
75% of respondents dont want to have it. The above chart shows that there is a
potential market for office insurance products. Most of the respondents those who
want to have office insurance are of newly opened offices & shops.

6. If yes, Which Company Services do you prefer to avail?

Table 6:
Company

No. Of Respondents

Percentages

ICICI Lombard

30

HDFC Chubb

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52

New India

35

Oriental

15

United India

20

20

100

Total

No. of Respondents

More Than 5
More Than 10
More Than 20

Interpretation:
The chart depicts that, 30% of the respondents wants to avail services of ICICI
Lombard, 35% of respondents want to prefer New India,20%of the respondents
wants to prefer united India and 15%wants to prefer services of oriental. The data
shows around 30% of people are interested in taking insurance in ICICI Lombard. It
means there is an opportunity for company to capture the market. Most of the
respondents want to avail services in government companies.

7. Which type of insurance policy you would like to have?

Table 7:
Type
Yearly Renewal

No. Of Respondents
17
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Percentages
85
53

Auto Renewal
Total

15

20

100

90
80
70
60
50

Yearly Renewal

40

Auto Renewal

30
20
10
0
1

Interpretation:
The above chart shows that 85% of respondents would like to have Yearly renewal
policy and 15% of respondents want to have Auto Renewal.

8. Which product services you are planning to avail?

Table 8:
Product Services

No. Of Respondents

Fire Insurance
Electronic Insurance
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Percentages
10

50

25
54

Burglary Insurance

15

All of Above

10

20

100

Total
Source: Field Study

50
45
40
35
30
25

No. of Respondents

20

Percentages

15
10
5
0
Fire Insurance

Electronic
Insurance

Burglary
Insurance

All of Above

Interpretation:
It is depicted from the chart that 50% of respondents trying to avail Fire insurance,
25% of respondents planning to avail Electronic insurance,15% of respondents trying
to avail Burglary insurance and 10% of respondents trying to avail all Fire,
Electronics and Burglary insurance policies.

9. When you are going to have new insurance policy?

Table 9:
Particulars

No. Of Respondents

Within 15 Days

Percentages
7

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35
55

15 to 30 Days

13

65

30 to 60 Days

20

100

Total
Source: Field Study

No. of Respondents

Within 15 Days
15 to 30 Days
30 to 60 Days

Interpretation:
Out of 20 respondents, 35% of respondents wants to have insurance policy with in 15
days, 65% of respondents wants to have with in 30 days.

10. How do you rate about services?

Table 10:
Opinion

No. Of Respondents
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Percentages
56

Very Good

30

Good

45

Normal

20

Not Good

20

100

Total
Source: Field Study

No. of Respondents

Very Good
Good
Normal
Not Good

Interpretation:
ICICI Lombard customers rated the services are as,
30% of respondents said very well
45% of respondents said well
20% of respondents said normal and
5% of respondents said not well.
11. How much premium are you paying now?
Table 11:
Amount

No. Of Respondents

More Than 5000

Percentages
4

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20
57

More Than 10000

25

More Than 20000

11

55

20

100

Total
Source: Field Study

No. of Respondents

More Than 5000

More Than 10000
More Than 20000

Interpretation:
The above chart depicts that
20% of respondents paying premium more then Rs.5000,
25% of respondents paying premium more then Rs.10000 and
55% of respondents paying more then Rs.20000.
Major of the respondents are paying more then Rs.20000 are of big offices and
important customers to the company.
12. Do you feel its really economical?
Table 12:
Particulars

No. of Respondents
IIMC

Percentages
58

Yes

14

70

No

30

20

100

Total
Source : Field Study

70
60
50
Yes

40

No
30
20
10
0
No. of Respondents

Percentages

Interpretation:
Customers believed of policy economical like this,
70% of respondents said YES.
30% of respondents said NO

13. Have you ever-contacted customer help desk?

Table 13:
Particulars

No. Of Respondents
IIMC

Percentages
59

Yes

16

80

No

20

20

100

Total
Source : Field Study

No. of Respondents

More Than 5000

More Than 10000
More Than 20000

Interpretation:
The above chart depicts that
80% of respondents contacted customer help desk and
20% of respondents did not contact customer help desk.

14. If yes, what is your opinion about customer help desk?

Table 14:
Opinion

No. Of Respondents
IIMC

Percentages
60

Good

10

50

OK

40

Poor

10

Total

20

100

Good
OK
Poor

Interpretation:
Out of 20 respondents, 50% of respondents opinions about customer help desk is
good, 40% of respondents told ok and 10% of respondents told poor. Major of the
respondents told they are happy regarding the information and service provided by
customer help desk.

15. For what reason you dial to our customer help desk?
Table15:
Particulars

No. Of Respondents
IIMC

Percentages
61

Product Related Inquiry

11

55

To Renew Policy

40

To Complaint

20

100

Total
Source: Field Study

No. of Respondents

More Than 5000

More Than 10000
More Than 20000

Interpretation:
The customers dial up to customer help desk for the following reasons:
55% customer dial up for product related enquiry
40% customers dial up for to renew policy and
5% customers dial up for file a complaint.

4.5 Summary of findings

All respondents have awareness about office insurance.

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 Majority of respondents told they were come to know about office insurance
through 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 and
electronic equipment insurance for their offices.
Most of the respondents said they are going to have insurance with in 15 to 30
days.
Majority of respondents told they have satisfaction with the service of the
company. and customer help disk.
Most of the customers told they dial to customer help disk for product related
enquiry.
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 purchasing
insurance Policy.

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CHAPTER 5

SUMMARY AND CONCLUSION

5.1 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
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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.

5.2 CONCLUSIONS AND RECOMMENDATION

RECOMMENDATIONS
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Respondents do not have enough knowledge about the insurance policies provided
by the ICICI LOMBARD. Therefore ICICI LOMBARD Company should bring
awareness in the customers.
The recommendations I would like to make are:
There is a necessity to make more advertising and
promotions by the
Insurance Company through TV, newspapers, magazines and pamphlets to
make 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 with
the customers to create the awareness of the policies like Mediclaim, GPA
(Group personnel accidental) burglary, and other insurance policies provided
by the company.
The employees should be given incentives and bonus to motivate to
accomplish their targets.
ICICI LOMBARD is concentrating only urban areas it should concentrate on
semi urban and rural areas also.
As it was found 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.
Building internal technical expertise requiring well stacked library resource by
way 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 references
often with a view to bring about early settlement to the satisfaction of
claimants.

CONCLUSION

It is concluded from the survey that all respondents are aware about office insurance
and they think they need insurance for their offices.
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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.

ANNEXURE:

1. Are you aware of Office insurance?

A. Yes
B. No

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

A. TV
B. Newspaper
C. Agents
3. Which factor is important in your eye for purchasing insurance policy?
A. Company
B. Premium
C. Service

4. How many employees are there in your office?

A. More than 5
B. More than 10
C. More than 20

5. Would you like to have Office insurance?

A. Yes
B. No

6. If yes, Which Company Services do you prefer to avail?

A. ICICI Lombard
B. HDFC Chubb
C. Oriental Insurance
D. New India Insurance
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7. Which type of insurance policy you would like to have?

A. Yearly renewal
B. Auto renewal
8. Which product services you are planning to avail?
A. Fire Policy
B. Burglary
C. Electronic equipment
D. All of the above
9. When you are going to have new insurance policy?
A. Within 15 days
B. 15 to 30 days
C. 30 to 60 days
10. How do you rate about services?
A. Very Good
B. Good
C. Normal

11. How much premium are you paying now?

A. More than5000
B. More than10000
C. More than20000
12. Do you feel its really economical?
A. Yes
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B. No

13. Have you ever contacted customer help desk?

A. Yes
B. No
14. If yes, what is your opinion about customer help desk?
A. Good
B. OK
C. Poor

15. For what reason you dial to our customer help desk?
A. Product related
B. To renew policy
C. To complaint

BIBLIOGRAPHY

BOOKS AND MAGAZINES

Essentials of Marketing Reddy and Appaniah
Marketing Management Phillip Kotler
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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 manjunawa.353.132@gmail.com

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