Date post: | 10-Apr-2018 |
Category: |
Documents |
Upload: | ashish-thorecha |
View: | 215 times |
Download: | 0 times |
of 77
8/8/2019 Amit Sahani_ICICI Project Report
1/77
Synergy of High Net-WorthIndividuals (HNIs) with theirDistribution Channel
Submitted By:
AMIT KUMAR SAHANI
MBA [IT]
IIIT-ALLAHABAD
Supervised By:
External Guide: Internal Guide:
Mr.Mohit Bahuguna Dr. Arpita Khare
Sales Manager, (B&A), Faculty, IIIT-Allahabad.
8/8/2019 Amit Sahani_ICICI Project Report
2/77
ICICI Prudential
ACKNOWLEDGEMENT
I wish to express my sincere gratitude to Mr. Mohit Bahuguna, (Sales Manager
B&A, Lucknow) for giving me the opportunity to do my summer training at his highly
esteemed Organization.
I am grateful to Mr.Ritesh Kumar Singh (Team Leader, ICICI Pru, Allahabad), Mr.
Vishal Agrawal, (ICICI Pru, Varanasi) for their Valuable guidance, advice,
suggestion and constant encouragement rendered to me at every stage.
I am also thankful to Mr.R.K.Nishad (IT officer, Varanasi), Mr. Ashok Kamal (Editor,
Samchar times) for giving me information and guidance during my training period.
I am extremely thankful to my Faculty Guide Dr. Arpita Khare at Indian Institute of
Information Technology for her invaluable Guidance and Suggestions during my
Training.
I am also thankful Anurika Vaish and all others who helped me directly or indirectly
towards the completion of my works.
AMIT
KUMAR SAHANI
MBA (IT)
IIIT- Allahabad
Indian Institute Of Information Technology 2
8/8/2019 Amit Sahani_ICICI Project Report
3/77
TABLE OF CONTENTS
1. OBJECTIVES 5
2. THEORY AND CONCEPT 6
3. COMPANY PROFILE 7
I. COMPANY 7II. VISION 8
III. PROMOTERS 10
IV. PRODUCT 12
V. DISTRIBUTION 18
4. STRUCTURE OF THE SALES FUNCTION 19
5. IT INTEGRATION 23
6. RESEARCH METHODOLOGY 32
a. PROBLEM&RESEARCH OBJECTIVE 32
b. RESEARCH PLAN 33c. DATA COLLECTION 33
7. ANAYLISIS 39
8. FINDING 52
9. PORTER FIVE COMPETITIVE FORCES 54
10. SWOT ANAYSIS 57
11. BCG MATRIX 61
12. RECOMMENDATION AND SUGGESTIONS 63
13. BIBLIOGRAPHY 65
14.APPENDIX 66i. QUESTIONNARIES 66
ii. BOARD OF DIRECTORS 70
iii. MANAGEMENT TEAM 71
iv. SURVEY REPORT 72
Indian Institute Of Information Technology 3
8/8/2019 Amit Sahani_ICICI Project Report
4/77
Objective:-
Financial market is one of the markets where there is lots of option for the
Company, because this market is at the starting point or at the initial stage. ICICI
prudential is a part of these financial markets who is selling the insurance as well as
the mutual fund. The financial market mainly depend upon the investor who have
the power of money to invest into the market in the form of insurance or mutual
funds, and our objective was to find out investor who can be the future client of the
company, our project Synergy of High Net- Worth Individuals (HNI) With their
Distribution Channel ,which mainly focus on finding out the investment
behaviors of the HNI clients, their mode of investment , and the people who can
change their financial decision, because most of the HNI client usually take the
Advice of the people who are close to them ,and has the knowledge about the
financial market.
Indian Institute Of Information Technology 4
8/8/2019 Amit Sahani_ICICI Project Report
5/77
Theory and Concept
Financial market is one of the market, which had started to grow a few years ago,
and with boom in this sector many private company came into existence, and ICICI
prudential is one of them. The Financial market is mainly depend on the people who
had enough money to invest, to get a good return out of it and our project aim was to
find out those prospect who can invest heavily on the financial market and the
source through which we can reach them, such as:-
Bankers.
Chartered Accountant.
Investment Consultant
It is general known that most of the heavy investor usually consults their bankers,
chartered accountant or their Investment Consultant before taking any decision
while investing, because they are the people who are generally close to them and
know them very well, so our project was to find out, who are the people who can
change their decision to ICICI Prudential favour .Most of HNI are usually depend
upon their CA, because he is the person who control the financial detail of his client
and his decision are generally consider as one of the most valuable decision . So ourmain aim of the project was to find out the various details such as:-
Chartered Accountants name
Chartered Accountant, Detail.
Clients Advisor
Bank Name
Indian Institute Of Information Technology 5
8/8/2019 Amit Sahani_ICICI Project Report
6/77
Company Profile:
About ICICI Prudential:-
ICICI Prudential Life Insurance Company is ajoint venture between ICICI Bank,
a premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst
the first private sector insurance companies to begin operations in December 2000
after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 9.25 billion 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 Crore of new business premium for
a total sum assured of Rs 13,780 Crore and wrote nearly 615,000 policies. The
company has a network of about 56,000 advisors; as well as 7 Bancassurance and
150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its
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.
Indian Institute Of Information Technology 6
8/8/2019 Amit Sahani_ICICI Project Report
7/77
VISION:-
To make ICICI Prudential the dominant Life and Pensions player built on trust by
world-class people and service.
This is what company hopes to achieve:
Understanding the needs of customers and offering them superior
products and service
Leveraging technology to service customers quickly, efficiently and
conveniently.
Indian Institute Of Information Technology 7
TotalProtection
ICICI Prudential Life is allabout
HealthWe
alth
We cover you atevery step in Life
Life
8/8/2019 Amit Sahani_ICICI Project Report
8/77
Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns to
Companys policyholders
Providing an enabling environment to foster growth and learning for
Companies employees
And above all, building transparency in all Companys dealings.
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity, Customer First, Boundary less, Ownership and Passion.
Each of the values describes what the company stands for, the qualities of people
and the way they work.
Company believes that it is on the threshold of an exciting new opportunity, where it
can play a significant role in redefining and reshaping the sector. Given the quality
of parentage and the commitment of its team, there are no limits to its growth.
Indian Institute Of Information Technology 8
8/8/2019 Amit Sahani_ICICI Project Report
9/77
PROMOTERS:-
ICICI Bank:-
ICICI was founded by the World Bank, Government of India and representatives of
the private sector in 1955 to encourage and assist industrial development and
investment in India. ICICI Bank is Indias second-largest bank with total assets of
about Rs.112, 024 Crore and a network of about 450 branches and offices and about
1750 ATMs. It offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialized subsidiaries and affiliates in the areas of investment banking, life and
non-life insurance, venture capital, asset management and information technology.
ICICI Bank posted a net profit of Rs.1637 Crore for the year ended March 31, 2004.
ICICI Banks equity shares are listed in India on stock exchanges at Chennai, Delhi,
Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock
Exchange of India Limited and its American Depositary Receipts (ADRs) are listed
on the New York Stock Exchange (NYSE).The Various segment of ICICI are .
Indian Institute Of Information Technology 9
http://www.iciciventure.com/http://www.icicilombard.com/http://www.icicibank.com/http://www.iciciprulife.com/http://www.iseconline.com/8/8/2019 Amit Sahani_ICICI Project Report
10/77
Prudential plc:-
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to
more than 16 million customers, policyholder and unit holders worldwide. As of
June 30, 2004, the company had over US$300 billion in funds under management.
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 the leading European life insurance company with a vast network of 24
life and mutual fund operations in twelve countries - China, Hong Kong, India,
Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand
and Vietnam.
The company has six Bancassurance 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 150 corporate agents and brokers. It has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies and
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 2,14,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT
infrastructure to provide superior quality of service to customers.
Indian Institute Of Information Technology 10
8/8/2019 Amit Sahani_ICICI Project Report
11/77
PRODUCTS:-
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 27 products can be
enhanced with up to 6 riders, to create a customized solution for each policyholder.
Savings Solutions:-
SecurePlus is a transparent and feature-packed savings plan that offers 3
levels of protection.
Indian Institute Of Information Technology 11
8/8/2019 Amit Sahani_ICICI Project Report
12/77
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
Save?n?Protect is a traditional endowment savings plan that offers life
protection along with adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone
expenses like a childs marriage, expenses for a childs higher education or
purchase of an asset.
LifeTime & LifeTimeII offer customers the flexibility and control to
customize the policy to meet the changing needs at different life stages. Each
offer 4 fund options- Preserver, Protector, Balancer and Maximiser.
LifeLink II is a single premium Market Linked Insurance Plan which
combines life insurance cover with the opportunity to stay invested in the
stock market.
Premier Life is a limited premium paying plan that offers customers life
insurance cover till the age of 75.
InvestShield Life is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest.
Indian Institute Of Information Technology 12
8/8/2019 Amit Sahani_ICICI Project Report
13/77
InvestShield Cash is a Market Linked plan that provides capital guarantee
on the invested premiums and declared bonus interest along with flexible
liquidity options.
InvestShield Goldis a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with limited
premium payment terms.
Protection Solutions:-
Lifeguardis a protection plan, which offers life cover at very low cost. It is
available in 3 options- level term assurance, level term assurance with return
of premium and single premium.
Child Plans
SmartKideducation plans provide guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the childs
life. SmartKid plans are also available in unit-linked form- both single
premium and regular premium.
Retirement Solutions:-
Forever Lifeis a retirement product targeted at individuals in their thirties.
Indian Institute Of Information Technology 13
8/8/2019 Amit Sahani_ICICI Project Report
14/77
SecurePlus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
Market-linked retirement
products:-
LifeTimePension IIis a regular premium market-linked pension plan
Life LinkPension IIis a single premium market-linked pension plan.
Invest Shield Pension is a regular premium pension plan with a capital
guarantee on the investible premium and declared bonuses.
ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance
policy targeted at the economically underprivileged sections of the society.
Group Insurance Solutions:-
ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.
ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner. The
Indian Institute Of Information Technology 14
8/8/2019 Amit Sahani_ICICI Project Report
15/77
plan can also be customized to structure schemes that can provide benefits
beyond the statutory obligations.
ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible
defined contribution superannuation scheme to provide a retirement kitty for
each member of the group. Employees have the option of choosing from
various annuity options or opting for a partial commutation of the annuity at
the time of retirement.
ICICI Pru Group Term Plan: ICICI Pru?S flexible group term solution
helps provide affordable cover to members of a group. The cover could be
uniform or based on designation/rank or a multiple of salary. The benefit
under the policy is paid to the beneficiary nominated by the member on
his/her death.
Flexible Rider Options:-
ICICI Pru Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
Accident & disability benefit: If death occurs as the result of an
accident during the term of the policy, the beneficiary receives an additional
amount equal to the sum assured under the policy. If the death occurs while
traveling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
Indian Institute Of Information Technology 15
8/8/2019 Amit Sahani_ICICI Project Report
16/77
Accident Benefit: This rider option pays the sum assured under the rider
on death due to accident.
Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.
Major Surgical Assistance Benefit: provides financial support in the
event of medical emergencies, ensuring benefits are payable to the life
assured for medical expenses incurred for surgical procedures. Cover is
offered against 43 surgical procedures.
Income Benefit: This rider pays the 10% of the sum assured to the
nominee every year, till maturity, in the event of the death of the life assured.
It is available on SmartKid, SecurePlus and Cash Plus
Waiver of Premium:In case of total and permanent disability due to an
accident, the premiums are waived till maturity. This rider is available with
SecurePlus and Cash Plus.
Keyman Insurance Plans
A keyman is an individual who directly affects the profitability and the
continuity of a business and whose absence may have an adverse effect on the
health and continuity of the business. Keyman insurance is a life insurance
policy taken by the company on the life of such a key person.
Indian Institute Of Information Technology 16
8/8/2019 Amit Sahani_ICICI Project Report
17/77
The objective of the Keyman insurance is to provide the company with money
so that the financial losses to the company can be protected, in absence of the
Keyman. The aim is to indemnify the company of these losses and to allow
business continuity.
All premiums paid for securing a Keyman life insurance policy are treated as
business expenditure u/s 37 (1).
Rural Plans :-
ICICI PruLife Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
1. Low and Affordable Premiums
2. Life Cover
3. Savings Option
4. Hassle free procedure.
Mutual FundsA Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned
Indian Institute Of Information Technology 17
8/8/2019 Amit Sahani_ICICI Project Report
18/77
through these investments and the capital appreciations realized are shared by its
unit holders in proportion to the number of units owned by them.
DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 74 cities and towns in India.
These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad,
Bangalore, Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut,
Chandigarh, Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur,
Guwhati, Gurgaon, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar,
Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam,
Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai,
Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,
Rourkela, Saharanpur, Salem, Shimla, Siliguri, Surat, Thane, Thrissur, Trichy,
Trivandrum, Udaipur, Vadodara, Vapi, Vashi, Vijayawada and Vizag.
Indian Institute Of Information Technology 18
8/8/2019 Amit Sahani_ICICI Project Report
19/77
Structure of the Sales Function
ICICI Prudentials sales function is divided into two functional structures within
the organization. These two Structures are:
Bancassurance & Alliances
Tied Agency
Both types of structures are described as follows:
Bancassurance & Alliances: Bancassurance or Banca: - ICICI
Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of
partners, B & A has emerged as a vital component of the companys sales and
distribution strategy, contributing to approximately one third of companys total
business.
Indian Institute Of Information Technology 19
8/8/2019 Amit Sahani_ICICI Project Report
20/77
The business philosophy at B&A is to leverage distribution synergies with there
partners and add value to its customers as well as the partners. Flexibility, adaptation
and experimenting with new ideas are the hallmarks of this channel. The business
philosophy at B&A is to leverage distribution synergies with its partners and add
value to the business of both. Bancassurance Team includes:
Banks
ICICI Bank
Federal Bank
South Indian Bank
Bank of India
Lord Krishna Bank
Some co-operative banks
Corporate Agents
Bajaj Capital
India Infoline
Way 2 Wealth
Advanced Financial Services (Karvy)
Blue Chip
Indian Institute Of Information Technology 20
8/8/2019 Amit Sahani_ICICI Project Report
21/77
AHS
APS
Strategic Marketing Pvt. Ltd.
S M Insurance
Investment Managers
Emgee Muthoot Insurance
The hierarchy structure of the ICICI
Prudential Life Insurance Ltd. is as
follows:
Indian Institute Of Information Technology 21
8/8/2019 Amit Sahani_ICICI Project Report
22/77
o Branch Sales Manager (BSM)/ Center Sales Manager
o Sales Manager(SM)
o Assistant Sales Manager (ASM)
o Team Leader (TL)
o Financial Service Consultant (FSC)
Tied Agency: -Tied Agency is the largest distribution channel of ICICI Prudential,
comprising a large advisor force that targets various customer segments. The
strength of tied agency lies in an aggressive strategy of expanding and procuring
Indian Institute Of Information Technology 22
8/8/2019 Amit Sahani_ICICI Project Report
23/77
quality business. With focus on sales & people development, tied agency has
emerged as a robust, predictable and sustainable business model.
Generally this advisors works under the leadership of unit manager, who motivate
them in every step by providing training and guidance to them, usually each unit
manager have 20 to 30 advisors under them.
o Branch Sales Manager (BSM)/ Center Sales Manager
o Sales Manager(SM)
o Assistant Sales Manager (ASM)
o Unit Manager (UM)
o Advisors:-
Advisors are the people who are not the employee of the ICICI
prudential, but works as commission agents.
IT Integration
Indian Institute Of Information Technology 23
8/8/2019 Amit Sahani_ICICI Project Report
24/77
The Information Technology function at ICICI Prudential is committed to enable
business through the use of technology. It is segmented into 4 groups to enable
highest levels of delivery to the customers: Life Asia Solutions Group that provides
flexibility in designing better product offerings to end-users, the Solutions Group-
Web that provides real-time information to customers and is responsible for
customer relationship management, IT Architecture & Corporate Solutions
Group is in charge of developing and maintaining a blueprint for the IT architecture
for the enterprise as a whole. This team works as an in house R&D Solution Group,
exploring new technological initiatives and also caters to information needs of
corporate functions in the organization. IT Infrastructure group is responsible for
providing hardware, software, network services to the whole organization. This
group runs the 'Digital Nervous System' of the Enterprise at the highest levels of
efficiency and provide robust, scalable and highly available platform for deployment
of business application.
The IT function is divided into two functional units and two staff units.
Functional Units
1. Systems Delivery
2. Operations & Infrastructure
Staff Units
1. IT Quality
2. IT Architecture and strategy
Indian Institute Of Information Technology 24
8/8/2019 Amit Sahani_ICICI Project Report
25/77
Systems Delivery focuses on Business Analysis of processes and generation of
business requirements in conjunction with the users, all activities within the
Software Development Life Cycle (SDLC) - starting with Business Requirements
Analysis and ending with Implementation of a system that meets the requirement.
These include vendor and platform evaluation and selection, system design,
acceptance testing (Pre - UAT), and post implementation support.
The systems delivery unit is aligned with the business organization by forming
three vertical units:
1. Core Insurance Systems
2. Distribution and Access Channel Systems
3. Corporate Systems
IT Operations focuses on operating the applications at the agreed level, as per user
requirements. This include running end of period batch jobs, executing downloads &
uploads, executing report runs and batch queries, taking backups, maintaining tape
libraries and executing review activities like security reviews etc.
IT Infrastructure focuses on procuring, providing and maintaining the necessary
hardware, Local network, branch network, e-mail network and internet access
facilities in order to enable optimum automation across HO and all branches. This
unit also provides local helpdesks at all required points.
IT Quality focuses on improving SDLC and operations processes, defining
benchmarks for both, collecting metrics, reporting compliance and publishing
Indian Institute Of Information Technology 25
8/8/2019 Amit Sahani_ICICI Project Report
26/77
dashboards. It conducts process compliance reviews and in addition is responsible
for framing the Information security policies.
IT Architecture and Strategy evaluates existing architecture and strategies, and
evolves the architecture that helps company maintain technical edge over
competitors for the oncoming years. It is also evaluating new products, trends and
strategies and conduct research into their applicability in Companys domain.
The Capability Maturity Model for Software (CMM) is a framework that describes
the key elements of an effective software process. The CMM describes an
Indian Institute Of Information Technology 26
8/8/2019 Amit Sahani_ICICI Project Report
27/77
evolutionary improvement path from an ad-hoc.Immature process to a mature
disciplined process.
The CMM covers practices for planning, engineering, and managing software
development and maintenance. When followed, these keys practices improve the
ability of organizations to meet goals for cost, schedule, functionality, and product
quality.
The CMM establishes a yardstick against which it is possible to judge, in a
repeatable way, the maturity of an organization's software process and compare it to
the state of the practices of the industry. The CMM can also be used by an
organization to plan improvements to its software process.
The CMM has 5 Levels, 18 Key Process Areas (KPA's), 316 Key Practices and 52
Goals.
ICICI Prudential have opted the CMM
To Meet Customer/Market needs.
To have Best Practices.
To look for higher maturity by ensuring repeatability.
Usage of Statistical results on Processes for Continuous Improvement.
A diagnostic tool to look into organization's strength and weaknesses.
The processes in the IT department are scaled to meet all KPA's from CMM
level 3
Indian Institute Of Information Technology 27
8/8/2019 Amit Sahani_ICICI Project Report
28/77
A Software Engineering Process Group (SEPG) is a team of software professionals
with the responsibility of driving and facilitating software process improvement
efforts within an organization.
Formation of SEPG (Software Engineering
Process Group)
A management representative is the chairperson of the SEPG.
SEPG chairperson ensures that a core of Professionals representing all the technical
groups of all verticals and functional groups of the organization form SEPG.
Members of SEPG are given either full time or part time responsibility for SEPG
activities like defining process, transitioning technology and tools into the
organization, piloting the process / technology improvements and deploying the
process / technology improvements.
SEPG chairperson identifies the persons to carry out the tasks of SEPG
SEPG chairperson reviews the SEPG activities on a quarterly basis (or
depending on the business needs) and he/she identifies the roles and
responsibilities for the SEPG members on a rotational basis.
SEPG members are trained to perform statistical process control and
analysis, technology transition, management activities, tool evaluation
techniques and causal analysis.
SEPG should consist of 6-8 members.
Responsibilities of SEPG
Indian Institute Of Information Technology 28
8/8/2019 Amit Sahani_ICICI Project Report
29/77
Define organizational goals and measurement plans for software process
performance in discussion with the Project Steering Committee.
Develop and implement software process at the organizational level.
Co-ordinate process / technology improvement activities at the
organizational level.
Ensure members of the software team and other related groups receive
orientation on the organizations software process activities.
Internal process assessment.
Maintain the organizations software process assets.
Explore potential areas for applying new technology.
Identify, select and evaluate new technologies.
Incorporate Effective process / technologies into the organization based on
the organizations business plan and goals.
Review SEPG Activities
Review and approve Software Process Improvement Plan
ICICI Pru has defined 15 processes that cover the entire Software Development Life
Cycle (SDLC) of a software project. Each process has artifacts associated to
facilitate data collection during various stages, track changes and monitor the
progress of the project/enhancement.
Indian Institute Of Information Technology 29
8/8/2019 Amit Sahani_ICICI Project Report
30/77
The processes are as follows..
Management Responsibility - Defines the management's accountabilities,
responsibilities, and commitment towards continuous support for the software
quality system and process improvement.
Software Quality System - Defines the way the software quality system is
structured and provides guidelines to make any changes to the same.
Requirements Management - Outlines the activities involved in gathering,
analyzing, reviewing and approval of requirements. Manages changes to
requirements and project initiation activities.
Estimation - Outlines the estimation methods to be followed and managing changes
to estimates.
Project Planning and Tracking - Describes the activities involved during the
planning stage of a project, provides means to monitor and control the progress of
the project.
Software Subcontract Management - Outlines defining the work to be
subcontracted, agreement on commitments with the subcontractor, planning;
tracking and QA of the subcontracted work.
Indian Institute Of Information Technology 30
http://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/1%20Management%20Responsibility/ICICI%201%20Procedure%20Mgmt.%20Responsibility_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/2%20Software%20Quality%20System/ICICI%202%20Software%20Quality%20System%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/3%20Requirements%20Management/ICICI%203%20Requirements%20Management_Ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/3%20Requirements%20Management/ICICI%203%20Requirements%20Management_Ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/4%20Estimation/ICICI%204%20Estimation%20Procedure%20_V1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/5%20Project%20Planning%20and%20Tracking/ICICI%205%20Project%20Planning%20and%20Tracking_ver1.2.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/7%20Software%20Subcontract%20Management/ICICI%207%20-%20Software%20Subcontract%20Management%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/1%20Management%20Responsibility/ICICI%201%20Procedure%20Mgmt.%20Responsibility_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/2%20Software%20Quality%20System/ICICI%202%20Software%20Quality%20System%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/3%20Requirements%20Management/ICICI%203%20Requirements%20Management_Ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/4%20Estimation/ICICI%204%20Estimation%20Procedure%20_V1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/5%20Project%20Planning%20and%20Tracking/ICICI%205%20Project%20Planning%20and%20Tracking_ver1.2.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/7%20Software%20Subcontract%20Management/ICICI%207%20-%20Software%20Subcontract%20Management%20Procedure_ver1.0.doc8/8/2019 Amit Sahani_ICICI Project Report
31/77
Reviews - Describes the steps involved in carrying a review activity and
documenting the findings of the review.
Design and Coding - Outlines the steps involved in translating the software
components identified in the design document into software units that can be coded
compiled and tested.
Testing - Outlines the steps involved in Planning and carrying out Testing of the
software components.
Software Quality Assurance - Outlines the activities carried out by the SQA
Software Configuration Management - Outlines the process involved in preparing
the Configuration management plan, identifying and base lining the configurable
items, steps involved in releasing the tested software.
Enhancement and Post Production - Outlines the processes to be followed for
activities related to minor, medium and production related issues.
Process Improvement - Outlines the activities to be carried out for Software
Quality System Improvements.
Measurements - Describes the measurements to be collected at various stages of the
project and the analysis to be done.
Indian Institute Of Information Technology 31
http://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/14%20Review/ICICI%2014%20Review%20procedure_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/6%20Design%20and%20Coding/ICICI%206%20Design%20and%20Coding%20Procedure_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/8%20Testing/ICICI%208%20Testing_ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/11%20Software%20Quality%20Assurance/ICICI%2011%20Software%20Quality%20Assurance%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/12%20Software%20Configuration%20Management/ICICI%2012%20Software%20Configuration%20Management_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/9%20Enhancement%20&%20Post%20Production%20Support/ICICI%209%20%20Enhancement%20&%20Post%20Production%20Support%20Procedure_ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/9%20Enhancement%20&%20Post%20Production%20Support/ICICI%209%20%20Enhancement%20&%20Post%20Production%20Support%20Procedure_ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/15%20Process%20Improvement/ICICI%2015%20Process%20Improvement%20Procedure_V1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/16%20Measurements/ICICI%2016%20Measurements%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/14%20Review/ICICI%2014%20Review%20procedure_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/6%20Design%20and%20Coding/ICICI%206%20Design%20and%20Coding%20Procedure_Ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/8%20Testing/ICICI%208%20Testing_ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/11%20Software%20Quality%20Assurance/ICICI%2011%20Software%20Quality%20Assurance%20Procedure_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/12%20Software%20Configuration%20Management/ICICI%2012%20Software%20Configuration%20Management_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/9%20Enhancement%20&%20Post%20Production%20Support/ICICI%209%20%20Enhancement%20&%20Post%20Production%20Support%20Procedure_ver1.1.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/15%20Process%20Improvement/ICICI%2015%20Process%20Improvement%20Procedure_V1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/16%20Measurements/ICICI%2016%20Measurements%20Procedure_ver1.0.doc8/8/2019 Amit Sahani_ICICI Project Report
32/77
Post Project Evaluation - Mentions the activities involved in evaluating the
performance of the project after its completion.
SIX SIGMA IMPLEMENTATION BY ICICI PRUDENTIAL.
ICICI Prudential is one of a handful of companies in the service industry, which had
the mettle to take up the six-sigma initiative.It's quite some time now since ICICI
Prudential took up this quality initiative and since then they have grown beyond
expectations. As another step towards becoming a world-class service Organisation,
ICICI Prudential have blended quality in the form of six sigma into all their
processes and systems. And that gave birth to a hybrid "Business Excellence" team
with the people making processes and ensuring quality coming together to cut down
cost and process inefficiencies.Some of the figure of the sigma level are :
Expense Processing MIS:-
Expense Processing:-
Indian Institute Of Information Technology 32
http://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/10%20Post%20Project%20Evaluation/ICICI%2010%20Post%20Project%20Evaluation_ver1.0.dochttp://10.16.42.20/Software%20Quality%20System/Software%20Process%20Database%20ver%201.0/10%20Post%20Project%20Evaluation/ICICI%2010%20Post%20Project%20Evaluation_ver1.0.doc8/8/2019 Amit Sahani_ICICI Project Report
33/77
Policy Issuance Sigma Level:-
J ET (Login to Customer
Policy Issuance Sigma Level HNI
Indian Institute Of Information Technology
1.00
1.50
2.00
2.50Improvement over last month
No Change
33
8/8/2019 Amit Sahani_ICICI Project Report
34/77
J ET (Cheque Date to
Customer Received)
Accuracy MIS:-
1. Accuracy MIS presents the number of error caught at various stages of
policy issuance
2. Branch Discrepancy: Any error caught in the application form or
underwriting sheet before data entry at COPS.
Opportunities: All cases logged in given period
3. Call Back Error: All errors identified at post issuance call back stage.
Opportunities : All cases issued in given period
4. Correction Complaints: All complaints received for errors on contract
details
5. Opportunities: All contracts issued in previous month
Indian Institute Of Information Technology 34
8/8/2019 Amit Sahani_ICICI Project Report
35/77
B r a n c h D i
Data Capture: Error done while filling application form
Data Entry Error: Error done while doing data entry at COPS
Underwriting Error : Error done by underwriters
Service Overall
Indian Institute Of Information Technology 35
8/8/2019 Amit Sahani_ICICI Project Report
36/77
Indian Institute Of Information Technology3
4
5
6
maLevel
Requ
Compl
Cate
36
8/8/2019 Amit Sahani_ICICI Project Report
37/77
Research Methodology:-
Research is one of the most important parts in the survey to collect information and
knowledge. Marketing research is defined as the systematic design, collection,
analysis, and reporting of data and findings relevant to a specific marketing situation
facing the company.
Problem and Research Objective:-
Our main objective was to find out the top HNIs (High net worth income) group and
their various mode of investment. The main problem was how to find out the top
twenty HNI clients from the bunch of people without knowing them in detail.
To get all this information a thorough planning had to be done, so I first started with
designing the questionnaire for the clients whom I was going to target and to know
about their investment pattern. The main things to be known from the clients were:
1. There Annual turnover
2. Who are there bankers
3. There chartered accountant
4. Who influence there investment decision
5. What is there annual investment
Indian Institute Of Information Technology 37
8/8/2019 Amit Sahani_ICICI Project Report
38/77
Research plan-
The research process depends upon developing the most efficient plan for gathering
the needed information. Designing a research plan calls for decisions on the data
sources, research approaches, research instruments, sampling plan, and contact
methods.
Our objective was to find the Synergy of HNIs with there Distribution Channel.
This objective had made our project too narrow because from now onward our task
was to find the top industries and person who can invest above 1 crores and more
then that. So from now onwards I started to target only to a special segment of the
people.
Data source:-
For this project both primary and secondary data were the most valuable source of
information.
Secondary data:-
Secondary data provide a starting point for research and offer the valuable source of
information.
The secondary data was the most important source for my project because my first
aim was to find out the top five person or industries from every segment of the
industries so for this reason I started collecting the various directory which can help
me in finding out the desired information about the industries and people.
The various directories are as follows:-
Indian Institute Of Information Technology 38
8/8/2019 Amit Sahani_ICICI Project Report
39/77
Telephone Directory.
Income Tax office.
City directory.
Chartered Accountant Directory.
Carpet Industries Directory.
Hotel Industries Directory.
HDFC Banks.
Indian medical association directory.
Transporter directory.
Exporter Directory.
Lawyers Directory.
Builders & Constructors Directories
CNF
Primary data:-
Primary data are data freshly gathered for a specific purpose. The various sources of
primary data for my project are as follows.
Banks.
Local residents.
People from industries
Indian Institute Of Information Technology 39
8/8/2019 Amit Sahani_ICICI Project Report
40/77
Research Approaches:-
From the two data source which I have mention above secondary data are the easiest
way to gather and the cost of collecting this data is very low and easily available
from the respective association. And I started by collecting this directory from the
various sources, because at the starting point of the survey this information play a
important part for me and this help me to short out the people which, I can meet
with them to collected more information about them or who are my target people.
After collecting the secondary data or information from the secondary sources then I
started collecting from primary sources to narrow down my research. There are
basically five ways to collect data.
Survey Research: - This method was the most appropriate way
to collect data. And I have used this method in my project to
find out the company need by identifying the suitable prospect
in the city who can become the ICICI pru client.
Observational Research:- This method was not used by me in
my project ,because this survey have no use for me
Focus-group Research: - This method is also not used by me in
my survey.
Behavioral data:-This method was also not used by me in my
survey.
Indian Institute Of Information Technology 40
8/8/2019 Amit Sahani_ICICI Project Report
41/77
Research Instruments:-
There is various way of research instrument of collecting primary data, the various
methods are:-
1. Questionnaires.
2. Psychological tools.
3. Mechanical Devices.
4. Qualitative Measures.
From the above mentioned research instruments I had used only Questionnaires
technique to find out the various information about the clients such as their turnover,
chartered accountant, investment behaviors, who is their financial consultant etc.
And this was the technique which I felt the best way to extract information about the
client
Indian Institute Of Information Technology 41
8/8/2019 Amit Sahani_ICICI Project Report
42/77
Sampling Plans:-
After collecting entire data and deciding on the research approach and instruments,
now I had to decide on the sampling plan which was one of the important task,
because from the bunch of people I had to select only those people ,whom I can
target from now onward .There are three way of sorting the data.
o Sampling Unit: - who is to be surveyed? And now my task
was to define the target population, which will be sampled
from the number of people.
o Sample Size: - large sample give more reliable result than
small sample, so for this reason I had taken around 40 people
to whom I should focus upon, because my target was only 20
clients.
Contact Methods:-
Once the client had been decided now my task was how to contact them ,and for me
there only two ways of contacting them .
1. Personal Interview: - this method was the most appropriate
way of survey, because by personal interview I came to know
their feeling about the ICICI. Their personal behavior and
many more things.
Indian Institute Of Information Technology 42
8/8/2019 Amit Sahani_ICICI Project Report
43/77
2. Telephone: - This method is also used by me for once, because
the client had no time for me, and there was no other option
for me.
Major Industries of the city:
Varanasi is usually considered as the land of Temple but it will be not wrong, if we
say that it is also the land of rich people. The Various Industries of the city are:-
Sarees Industries.
Carpet Industries.
Oil Industries.
Hotel Industries.
Transport.
Textile Industries.
Etc
Indian Institute Of Information Technology 43
8/8/2019 Amit Sahani_ICICI Project Report
44/77
Analysis Of the Chart
RETURN CLIENTS LOOKED AT:-
R e t u r n c l i e n t s a r
5
4 0
4 5
1 0
L e s s t h a n
B / W 1 0 - 1
B / W 1 5 - 2
A b o v e 2 0
Returns client are looking at
From the Above Pie chart, it is clear that most of the client are looking above 15% ,
this is because they are getting more return from their earlier investment such as in
Indian Institute Of Information Technology 44
8/8/2019 Amit Sahani_ICICI Project Report
45/77
the business and in real state, this shows that they are willing to take more risk to get
more return from their investments
The second largest group is between 10% to 15%, this shows that most of the
businesses man wants to balance the risk and return of their investment so that there
is no big loss in the future.
Around 85% of the clients comes under this two category ,this shows that most of
the clients are ready to take risk for their investments.
Indian Institute Of Information Technology 45
8/8/2019 Amit Sahani_ICICI Project Report
46/77
Mutual Fund Preference ChartFrom the below pie chart, preference of the clients for the various mutual funds is
depicted. In this Mutual Fund preference, HDFC emerge as the winners closely
followed by Prudential ICICI. This is mainly because at present there is not much
option for the client in the city, and secondly ICICI prudential and reliance, have
opened their branches in the city recently. While some clients like to invest in other
mutual funds as well.
M u t u a l F u n
4 0
2 0
4 0 H D F C
P r u d e n t i
M u t u a l I P
Indian Institute Of Information Technology 46
8/8/2019 Amit Sahani_ICICI Project Report
47/77
Preference of Clients
Between
Nationalized and Private Banks
P r e f e r e n c e o
N a t i o n a l i z e d
P r i v a t e B a n k
From the above chart it is very clear that the nationalized banks are far ahead in
compare to private banks. There are many factors, which are affecting the decision
of the people.
1. Nationalized banks are operating for many years in the city and the private
banks had opened their branches, a few years an ago.
2. Most of the nationalized banks employees are local residents which plays an
important role in customer relation.
Indian Institute Of Information Technology 47
8/8/2019 Amit Sahani_ICICI Project Report
48/77
3. The customer relationships of the nationalized banks are very old and for this
reason customers are not willing to change their banks.
4. most of the clients wants a special attention to them while their visit, and this
is very well done by some of the nationalized banks .while the private banks
are unable to do this.
5. most of the private banks are using metro city style of behavior while dealing
with the clients and this behavior are not liked by most of the people
6. Some of the private banks are charging more money for their service,
especially in preparing draft and other transaction. While nationalized banks
are not charging at all or very less in compare to private banks.
7. There are more branches of the nationalized banks in compare to private
banks, which makes people more interested in the nationalized banks
Indian Institute Of Information Technology 48
8/8/2019 Amit Sahani_ICICI Project Report
49/77
N a tio n a liz e d B
1 1 %6 %
6 0
6 %
6 % 1 1
S t a t e B a n k
IndiaBa nk o f I nd i
Union B ankindia
P unjab Na t ioB a n k
Ce n tra l Ba nIndia
A l lahab ad B
From the above chart it is very clear that Union Bank of India is the leading
nationalized bank of the City. It has 60% share in the banking segment. The factor
which favor them are:
1. The service of the union bank is far better then any nationalized banks in the
city.
2. Union bank provide additional facilities to its HNI clients.
3. They have better relationship with their clients.
4. Union banks if India had more branches in the city ,which makes their clients
easy to reach to their branches.
Indian Institute Of Information Technology 49
8/8/2019 Amit Sahani_ICICI Project Report
50/77
PRIVATE BANKS CHART
P r iv a te B a
5 05 0
IC IC I B a
H D F C B a
PRIVATE BANKS: - the pie chart shows the preference of the client for the
various Private Banks. It is very clear from the chart that ICICI Bank and HDFC are
the two leading private banks of the city. This is mainly because.
These two banks are the first private banks which has opened their branches
in the city.
ICICI and HDFC brands name, play an important part in their success in the
city because people usually go through the name the company.
Indian Institute Of Information Technology 50
8/8/2019 Amit Sahani_ICICI Project Report
51/77
AGE BRAKET OF THE IINDUSTRIES
A g e B
52 0
1 56 0
L e s s t h a
B / W 5 - 1
B / W 1 0 - 1
A b o v e 1 5
From the Above Chart it is very clear that most of the industries are very old.
Around 60% of the industries are more then 15 years old, this shows that
they have a strong financial backing.
They are very much stable in their fields or segment
Indian Institute Of Information Technology 51
8/8/2019 Amit Sahani_ICICI Project Report
52/77
1 15
8 4
B a n k e r
I n t e r n a l A d
S e lf D e c i s i
Form the above chart it is clear that most of the HNI relies on their own
decision, there are around 84% of the people who wants to take their own
financial decision because either they do not wants to share their investment
decision with other or they thinks that they are more intelligent to take
decision of their own.
Secondly bankers are more prefer by the HNI, this is generally because
banker are the people who generally interact with them and secondly HNI
believe on their bankers because of the relationship .
Indian Institute Of Information Technology 52
8/8/2019 Amit Sahani_ICICI Project Report
53/77
2 0
5
2 %
1 72 2
3 4
B a n k F D
R B I B o n d
M u t u a l F u n d
U n i t L i n k e d
P l a n / I n s u r a n
R e a l E s t a t e
B a c k i n t o b u
Preference investment Instrument
Business emerge to be the most preferred investment instrument of the clients
with maximum 34% of clients from all the clients preferring this as their
favorite investment option Because, it gives more return then any other
investment.
Bank FD emerges out to be the second most preferred option for the
clients to invest in the market. This is also dependant on various reasons
which are given as under:
o Easy loans available against the Bank Fixed Deposits.
Indian Institute Of Information Technology 53
8/8/2019 Amit Sahani_ICICI Project Report
54/77
o Clients can withdraw their money at almost anytime giving them the
option of maintaining Liquidity.
o With all this Bank FD also provides a decent return concerned the
minimum of the risk in any of the available investment instruments.
o We have seen above in the analysis of nationalized vs. private banks
that nationalized banks are the more preferred ones, this also adds
weight to clients preferring Bank FDs due to trust build during all
these years.
Then, next preferred option for the clients is Unit link plan/Insurance.
Indian Institute Of Information Technology 54
8/8/2019 Amit Sahani_ICICI Project Report
55/77
T e n u r e o f F D
2 5
1 78
5 0
S h o r t T e r mt h a n 2 y e a r
M e d iu m T e
2 - 5 y e a r s )L o n g T e r m
t h a n 5 y e a r
N o t K n o w n
We can see from the above chart that there are majority of clients (from the
clients who have disclosed this data) prefer the short term fixed deposits as their
favorite option. Most of the clients use the ideal money which they have to meet the
uncertainty or short term requirement.
Indian Institute Of Information Technology 55
8/8/2019 Amit Sahani_ICICI Project Report
56/77
INSURANCE PARTNER PREFERENCE
CHART
I n s u r a n c e P a r t n
4 7
3 3
7 %1 3
L IC
H D F C
IC IC I P r u d e
O r i e n t a l In s
This chart show the preference of the people who had invested in the insurance
sector, and from the chart it is very clear that LIC is the leading company in this
field, because of many factors such as:-.
LIC is leading in this field mainly, because it is the first mover in the
insurance sector and had capture most of the market by being first mover in
this sector
LIC had a very good network of agents, and those are the back bone of the
company.
Indian Institute Of Information Technology 56
8/8/2019 Amit Sahani_ICICI Project Report
57/77
LIC had provided better service in the past which had made trust in the mind
of the people and for that reason they feel more comfortable.
HDFC and ICICI Pru are the second in this field mainly because they had
opened their branches recently and slowly they are capturing the market
and in the future the ratio is decrease, because there are many opportunity to
cash in by both the company .
Indian Institute Of Information Technology 57
8/8/2019 Amit Sahani_ICICI Project Report
58/77
Finding
Most of the HNI client prefers the nationalized bank in
comparison to private banks.
The most common reason is that the public banks are operating for many years and
they have developed a good relationship with their client and this is the reason why
the HNI are not eager to move to the private banks. Secondly, most of the clients
want a special attention to them while their visit and this is very well done by the
public banks (especially by the union banks of India,) because most of the employee
in the public banks are local residents and they have their personal contact with
them.
Telephone Calling by the ICICI bank and ICICI prudential
Advisors are disturbing the clients-
There is excess calling by the employee of the icici banks and by the Advisors of
ICICI Prudential, and this is one of the reasons why they are not interested in the
bank nor in ICICI prudential, and the other reason is that most of the time Advisors
try to meet the HNI clients without prior notice, this create a bad impression about
the company.
Indian Institute Of Information Technology 58
8/8/2019 Amit Sahani_ICICI Project Report
59/77
Most of the HNI clients, Money are kept ideal in the banks
This is a very good opportunities for the icici prudential to cash most of the HNI
client in varanasi, because there is not much option for them for investment and
most of the client prefer to keep a good amount of cash with them for uncertainty
and for other reasons.
In the insurance sector LIC is the number one company prefer
by the people-
LIC is the most prefer insurance company in the country, this is because of the brand
name and LIC is also the first mover in the insurance sector and this is a great
advantage for them. There are lots of things which favors them are.
The company image in the mind of the people
The life long service of the company
A very good channel of people (agents)
Very good relationship with their clients
Lack of information or knowledge about the private Insurance Company.
A large Part of Market is Uncovered in case of Mutual
Fund:-
Large parts of the people do not know about the mutual funds investment or in other
word they are unaware of the mutual funds scheme but they have the power of
Money. These clients should be cash in by the ICICI prudential.
Indian Institute Of Information Technology 59
8/8/2019 Amit Sahani_ICICI Project Report
60/77
PORTER FIVE
COMPETITIVE FORCES.
Competitive Force: - Michael Porter has identified five forces that determine
the intrinsic long-run profit attractiveness of a market or market segment.
Industry competitors
Potential entrants.
Substitutes.
Buyers.
Suppliers.
Threat of Intense Segment Rivalry: -A segment like insurance sector which
is very attractive because, it is in the growing stage of the life cycle, and these
makes this segment attractive but on the other hand it already contains
aggressive competitors such as: -
Life Insurance of India.
Bajaj Alliances
ICICI Prudential Life Insurance.
Indian Institute Of Information Technology 60
8/8/2019 Amit Sahani_ICICI Project Report
61/77
HDFC.
Franklin Templeton.
Reliance.
Unit trust Of India. Etc.
The numbers of Competitors are less in the Insurances sectors that makes this
Sector attractive to most of the financial companies. So, for that reason ICICI
prudential have a tuff competition with other competitors in this segment and
secondly icici Pru had an experience of five years of this segment but on the other
hand the company like, LIC had more then 20 years of experience of this market. So
for ICICI prudential there is threat mainly with the LIC. And in future this can lead
to frequent price wars, advertising battles and new-product introductions and will
make it expensive to compete. But overall this segment is very attractive.
Threat of new entrants: -segments attractiveness varies with the height of its entry
and exit barriers.
If we look from this angle then this segment is moderate because the entry barriers
are high for the foreign companies, because of the restriction imposed by the Indian
government on them, such as, they can have a maximum of 26% stage in the
company and secondly the companies should have certain amount of money with
them as mention by the govt. and the exit barriers are low. This means that few new
firms can enter into the industry and poor-performing firms can easily exit and for
this reason, this segment is more attractive for the companies.
Indian Institute Of Information Technology 61
8/8/2019 Amit Sahani_ICICI Project Report
62/77
Threat of substitute Product: -When we considers on the substitute products, this
segment is unattractive because there are many actual and potential substitutes for
the product of ICICI prudential and all the competitors have almost similar product
or plans, but they mainly differ in the service point of view.
Threat of Buyers growing Bargaining Power: -This segment is
unattractive because the buyers possess strong or growing bargaining powers
such as: -
The buyers switching cost is low in the financial investment sectors.
The product is undifferentiated because most of the companies in the
insurance sector provide almost same policies and investment plans.
Threat of Suppliers Growing Powers: - In this segment, the suppliers
bargaining power is more, because banks and CA are the easiest and the important
channel to reach the client and for that reason they have the strong bargaining
power.
Indian Institute Of Information Technology 62
8/8/2019 Amit Sahani_ICICI Project Report
63/77
SWOT Analysis
STRENGTH:-
Brand Name of ICICI:-The name of the ICICI is known in all over the
country as number one bank in the private sector and this is the name which
people have trusted for many years, which is mainly due to the ICICI Bank.
So ICICI Prudential, do not have the crises of the brand name
STRONG FINANCIAL BACKING: - the ICICI prudential had a strong
financial backing from their promoter, (ICICI BANK and Prudential), which
help the company to build trust on the mind of the people.
STRONG SALES FORCE : - The Company has a very strong force of
good marketing brain, which gives an edge over the other competitor
especially nationalized insurance company like LIC. And secondly it has a
very good distribution channel which helps the company to get more clients
from these reliable sources. These channel include
Allied Banks like
ICICI Bank
Indian Institute Of Information Technology 63
8/8/2019 Amit Sahani_ICICI Project Report
64/77
Federal Bank
South Indian Bank
Bank of India
Lord Krishna Bank
Some co-operative banks
Corporate Agents
Bajaj Capita
India Infoline
Way 2 Wealth
Advanced Financial Services (Karvy)
Blue Chip
AHS
APS
Strategic Marketing Pvt. Ltd.
S M Insurance
Investment Managers
Allied Corporate Agencies
Strong Marketing and Sales Promotion team
ULIPs: Almost 90% of the total business of ICICI Pru is the business with
the sale of ULIPs and only 10% of the products are the traditional insurance
Indian Institute Of Information Technology 64
8/8/2019 Amit Sahani_ICICI Project Report
65/77
policies. So this is the strength which ICICI Pru can work upon more to get
the maximum positive results.
WEAKNESS:-
Lack of Information about the product:-Most of the product of the
ICICI Prudential are known by the people, this is because of lack of
information about the product and bad marketing strategies by the company
mainly in small cities
FOCUSING MAINLY ON THE URBAN SECTOR:-ICICI
prudential mainly focus on the urban sector of the country, where the
competition is very tuft and are not concentrating on the other sector of the
country mainly in the rural sector where there.
Most of the Plans are too complicated:-ICICI Prudential insurance
plan are too complex to understand for a layout person, and this makes most
of the people to avoid this plan because they feel difficulties to understand.
The same is in the case of Mutual Funds.
OPPORTUNITIES:-
Indian Institute Of Information Technology 65
8/8/2019 Amit Sahani_ICICI Project Report
66/77
A large Part of cities are uncovered: - A large part of the cities are
uncovered by ICICI Prudential life insurance where they do not have any
branches.
Some Top Nationalized banks should be made Allies: - There
are large parts of the cities were Nationalized banks have large number of
clients in compare to private banks, this is mainly because they are operating
for such a long time and there is a good opportunities to converted those
customer into ICICI prudential customer, By making them allies.
There is a good opportunities to increase the Advisors base: -
when we compare the ratio of Advisors with LIC, then we will find that there
is a large gap between them, so there is an opportunities to increase the
advisor base by breaking the agents of LIC.
Threats:-
LIC: - LIC is the greatest threat to ICICI prudential in the area of insurance
sector, because it is one of the oldest insurance company in the country, and
have a large size of the customer abase.
Threat with some private banks: - there are some banks which are
providing these services to their customer. And slowly taking away a good
market share.
Indian Institute Of Information Technology 66
8/8/2019 Amit Sahani_ICICI Project Report
67/77
BCG Matrix
CASH COW: -
Tied Agency: -Tied agency are cash cow for ICICI prudential because they are the
people who brings more customer to the company and cover a large area of the city
and the cost of keeping them is very less because advisors works on the commission
basis the this is the reason why they works so hard. Around 30 to 40 advisors work
under one unit manager. The cost of maintaining them is very less in comparison to
the other department.
Indian Institute Of Information Technology 67
8/8/2019 Amit Sahani_ICICI Project Report
68/77
STAR: -
BANKERS:-Bankers are star of the company when we plot in the BCG matrix,
because most of the HNI which the company gets is through the Bankers this is
because most HNI have their Account in the Banks and they also rely on the banks
for their investment. Secondly people recognized ICICI prudential as a part of ICICI
bank and ICICI bank name is used by the ICICI prudential to get more customers
and usually customer trust ICICI prudential because of ICICI banks.
Question Marks:-
Corporate; - Corporate allies come under the Question marks because the city like
Varanasi, where most of the decision are taken by the HNI themselves, with little
help or no help with their Chartered Accountant, but there is a greater chance, if we
convince their CA and through them we can reach to their client very easily and in
future they can become star for the company but lot of investment is required.
Dogs:-
No one at present;-As Insurance sector is at the growing stage, so there is no dog
for the company at present and in future ,which are on the three section can become
dog for the company
Indian Institute Of Information Technology 68
8/8/2019 Amit Sahani_ICICI Project Report
69/77
Recommendation and Suggestions
Lack of information about the service provided By the ICICI prudential
life insurance: - Most of the client whom I meet during my survey told me
that they were unaware of the service and scheme, which the company is
providing to the people. This is mainly because of the lack marketing their
product by the company. So I suggest that the company should market its
brand in more aggressive manner.
Start Making Link with the Nationalized Banks to get more Business:-
When we look at the Small city like Varanasi, most of the HNI client prefer
and have their account in Nationalized banks, because this banks are giving
good service for many years and If ICICI prudential can make tie-up with the
employees of this banks then they can be able to get more business from this
contact.
Service of the ICICI bank should be improved: - What I hear in Varanasi
is that most of the HNI do not want to do business with the ICICI banks, and
this is mainly because of their service and the banks do not give preference
to them and there are many restrictions in their operations. So I suggested
that some staff should be made to look after them, because they are the
customers who mainly give us the business.
Indian Institute Of Information Technology 69
8/8/2019 Amit Sahani_ICICI Project Report
70/77
Access Telephone Calling should be stopped: -Most of the time, clients
get disturb because of telephone call made by the advisors of ICICI
prudential and bank. I accept that this is the most successful mode of
contacting the people, but access calling create a wrong impression in the
mind of the customer.
Image of the ICICI should be improved in the City: - Most of the time
people do not want to do business with the ICICI, because of the Hidden cost
which they come across while dealing with the bank.
More focus is given to the industrial class then the service class: - ICICI
prudential are concentrating more on the industrial class then the service
class. It is generally known that more insurance are made by the service class
to get reduction from the Tax, so we should also focus on the service class
because they are the people who wants to secure their life by investing in the
insurances sector and in the mutual funds. So I suggest that concentration
should be given to this class also because the ratio of the service class is
much high in the country.
More Local Employee should be hired by the company: -the local
employees will have their contact in the city and this can be use by the
company to get more business from their contact and This will add
additional benefit to the company
Indian Institute Of Information Technology 70
8/8/2019 Amit Sahani_ICICI Project Report
71/77
Bibliography
Internet Websites:
www.iciciprulife.com www.icicibank.com
www.google.com
www.bima.com
Directories:
Telephone Directory.
Income Tax office.
City directory.
Chartered Accountant Directory.
Carpet Industries Directory.
Hotel Industries Directory.
HDFC Banks.
Indian medical association directory.
Transporter directory.
Exporter Directory.
Lawyers Directory.
Indian Institute Of Information Technology 71
http://www.iciciprulife.com/http://www.icicibank.com/http://www.google.com/http://www.bima.com/http://www.iciciprulife.com/http://www.icicibank.com/http://www.google.com/http://www.bima.com/8/8/2019 Amit Sahani_ICICI Project Report
72/77
Builders & Constructors Directories
CNF
Other Materials:
Marketing Management by Philip Kotler.
Finsight (Level 1).
Product Brochures.
Questionnaire
PART-I
PERSONAL DETAILS:-
1. Name of the Organization:
2. Name of Director/ Partner:
3. Address:
a. Registered:
b. Corporate:
4. Phone No.
a. Direct Line:
b. Board Line:
c. Mobile No.:
d. Email Id:
5. Turnover of Organization:
6. Chartered Accountant
Indian Institute Of Information Technology 72
8/8/2019 Amit Sahani_ICICI Project Report
73/77
a. Name:
b. Address:
c. Phone No.:
7. Area of Operation:
8. Who are your bankers:
a. Major Business:
b. Minor-1:
c. Minor-2:
9. Who do you consult before Investing?
a. Banker (Name of Bank):
b. Chartered Accountant:
c. Investment Consultant (Name):
10. What do you think about ICICI Bank?
a. Will Suit my requirement
b. Will no suit my requirement
PART II
1. Do you invest in any instrument available in the market
a. Yes
b. No
2. If yes, then where do you invest?
a. Bank FD
Indian Institute Of Information Technology 73
8/8/2019 Amit Sahani_ICICI Project Report
74/77
b. RBI Bond
c. Mutual Fund
d. Trading Market
e. Unit Linked Plan
f. Any other (please specify)
3. If 2(a) then which bank FD you invested and what tenure?
4. If 2(b) then tentatively how much money invested?
5. If 2(c) then which mutual funds you have invested into
a. Franklin Templeton
b. Reliance
c. HDFC
d. Prudential ICICI
e. Mutual IPO
f. Any other (please specify)
6. If (5) then what is the return you are looking at:
a. Less than 10%
b. 10% - 15%
c. 15% - 20%
d. More than 20%
7. If you trade directly into market then through which broker
Indian Institute Of Information Technology 74
8/8/2019 Amit Sahani_ICICI Project Report
75/77
8. Do you have invested into Unit Linked Plan/ Insurance
a. Yes
b. No
9. If yes then which company and what investment plan you have invested
in
10. How much do you invest annually?
a. Less than 1 Crore
b. 1 to 5 Crore
c. 5 to 10 Crore
d. 10 and above
11. What services your investment manager provides you?
12. What additional benefits you would like to have?
Indian Institute Of Information Technology 75
8/8/2019 Amit Sahani_ICICI Project Report
76/77
Board of Directors:
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R NarayananMs. Shikha Sharma, Managing Director
Indian Institute Of Information Technology 76
8/8/2019 Amit Sahani_ICICI Project Report
77/77
Management Team
Ms. Shikha Sharma, Managing Director & CEO
Mr. V. Rajagopalan, Chief - Actuary
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Ms. Anita Pai, Chief - Customer Service and Operations
Mr. Puneet Nanda, Chief - Investments
Mr. Shubhro J. Mitra, Chief - Human Resources
Mr. Dipan Bhattacharya - Chief Information Technology