The role of integrates marketing communications in life insurancet

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TO WHOMSOEVER IT MAY CONCERN

CERTIFICATE

This is to certify that the project titled the role of integrates marketing communications in life insurance is a bonafide work carried out by Anand singh (Roll No.453) For ICICI PRUDENTIAL CO.LTD.. He is a student of Vishwakarma Institute Of Management, Pune and has worked under our direction and guidance .The project report is submitted in the partial fulfillment of Masters in Business Administration course of University Of Pune for the academic year 2004-2006.

Dr. Sharad Joshi Prof .Avinash Nene Director Project Guide

EXECUTIVE SUMMARY:

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and

Prudential plc, a leading international financial services group

headquartered in 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).

In today s highly competitive environment companies are rigoursly

searching for programmes which would give them an edge over

their competitors.These programmes range within a myriad of

activities,the marketing communications forming the pivotal

among them.A marketing communications which includes the

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various promotional tools mixed in appropriate proportion and

integrated into a single marketing programme is supposed to give

an strategic advantage to the companies.

Objectives :

To find out the specific roles played by the various

constituents of integrated marketing communications.

To identify the most effective among the IMC

To identify the ineffectual constituents.

To suggest various ways of improving the IMC

Methodology

Initiation of project.

Study Design

Survey

Data Analysis

Recommendations.

Sample size : 100 respondents.

Sampling Method used : Deliberate Sampling

In the first phase of my project I studied about life

insurance industry and few products of ICICI

PRUDENTIAL in detail.

I interviewed the respondents by administering them the

questionnaire.

The various tools that I used to analyze the data was

simple and cross tabulation.

The major findings of my survey are:

Advertising serves as a door opener

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Personal selling is very important in consumer decision

making

Sales literature gives credibility to company s promise

Telecalls play important part in fixing appointments

Internet marketing helps in maintaining CRM

Publicity increase awareness and inclination

The recommendations that I suggested to ICICI PRUDENTIAL

are:

Advertisements of ICICI PRULIFE should be more product

expressive and easily comprehensive, so that a customer

feels an urge to enquire about the products.

Since from the findings it is clear that advisors are

extremely Improtant in selling the policies, they should be

trained on the concepts of marketing and not just selling .

Sales literature should be written in more customer friendly

language.

Telemarketers should enquire the brief background of

prospects during the appointments calls .

Internet should be used to maintain CRM.

Company should engage in keeping itself in news, should

organize events, seminars etc.

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INTRODUCTION

Man is exposed to risks and uncertainities.For instance the time

of the death of a person is uncertain,and in the case of his

premature death his dependant s may find themselves deprived

of all means of existence.Every pudent man will carefully consider

how best he can prevent such risk or minimize or provide against

its effects.It is difficult for for an individual to survive unless the

arrangement for covering the risk is possible.This arrangemrnt is

made possible by insurance.

Insurance stepds in to transfer such risk and dangers to the

shoulders of the person who are willing to accept the burden for

monetary considerations Insurance is a device by which the loss

likely to be caused by an uncertain event is spread over a number

of persons who are exposed to it and who propose to insure

themselves against such an event.The essence of insurance is

that it compensates the financial losses of a person and thus his

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dependents have a security of fixed income even if the person is

not around.

As these days there are a number of companies both private and

public who are providing the service of insurance,so it becomes

essential foer a firm to distinguish their brand from its competitors

and also make people aware about their presence.Integrated

Marketing communications is one such tool by which a firm can

achieve the above objectives.Integrated Marketing

communications has gained popularity in recent years in order to

market a product especially in the highly competitive markets

such as that of India.

PROJECT INITIATION

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UNDERSTANDING THE ORGANIZATION

COMPANY S PROFILE

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and

Prudential plc, a leading international financial services group

headquartered in 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

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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 his life.

VISION

To make ICICI Prudential the dominant Life and Pensions player

built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them

superior products and service

Leveraging technology to service customers quickly,

efficiently and conveniently

Developing and implementing superior risk management

and investment strategies to offer sustainable and stable

returns to our policyholders

Providing an enabling environment to foster growth and

learning for our employees

And above all, building transparency in all our dealings.

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The success of the company will be founded in its unflinching

commitment to 5 core values -- Integrity, Customer First,

Boundaryless, Ownership and Passion. Each of the values

describe what the company stands for, the qualities of our people

and the way we work.

We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and

reshaping the sector. Given the quality of our parentage and the

commitment of our team, there are no limits to our growth.

UNDERSTANDING THE SCOPE OF PROJECT

In today s highly competitive environment companies are rigoursly

searching for programmes which would give them an edge over

their competitors.These programmes range within a myriad of

activities,the marketing communications form the pivotal among

them.A marketing communications which includes the various

promotional tools mixed in appropriate proportion and integrated

into a single marketing programme is supposed to give an

strategic advantage to the companies.

This project aims at finding out the specific roles that the

constituents of promotional programmes in life insurance play so

that the stronger areas could be further reinforced ,the ineffectual

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areas could be weeded out as they unnecessarily consume useful

resources and the other important areas could be given a facelift,

such that upon their integration into a single marketing

programme they could become a lethal armory in the marketers

quiver.

Training programme for conducting the field work

The training programme started with comprehensive study adout

the life insurance.I was given information about the life insurance

industry and its functions.I was also given information regarding

some of the products of life ICICI PRUDENTIAL.

LIFE INSURANCE IN A NUTSHELL

Life insurance is chiefly a risk management tool meant to offer

financial protection to you and your dependents in the events of

your unfortunate death If you are adequately insured your life

insurance should enable your dependents to maintain their

current life style and pursue their life goals..

But in India individual understanding and awareness of life

insurance is very low, may people don t even know that the

policies are on offer which will them meet their insurance and

their own financial needs.That is why today a marketing

programme is needed which will provide enough information to

them so that they could understand their insurance needs and

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find appropriate fits.In todays economy life insurance has come to

represent more than risk cover.The best selling insurance

products in the market has attractive investments and tax benefits

offer.

Life insurance started in India in 1870 when Bombay Mutual

Assurance Society, the first Indian life assurance society, was

formed . Other companies like Oriental, Bharat and Empire of

India were also set up in the 1870-90s.

It was during the swadeshi movement in the early 20th century

that insurance witnessed a big boom in India with several more

companies being set up.

As these companies grew, the government began to exercise

control on them. The Insurance Act was passed in 1912, followed

by a detailed and amended Insurance Act of 1938 that looked into

investments, expenditure and management of these companies'

funds.

By the mid-1950s, there were around 170 insurance companies

and 80 provident fund societies in the country's life insurance

scene. However, in the absence of regulatory systems, scams

and irregularities were almost a way of life at most of these

companies.

As a result, the government decided nationalize the life

assurance business in India. The Life Insurance Corporation of

India was set up in 1956 to take over around 250 life companies.

For years thereafter, insurance remained a monopoly of the

public sector. It was only after seven years of deliberation and

debate - after the RN Malhotra Committee report of 1994 became

the first serious document calling for the re-opening up of the

insurance sector to private players -- that the sector was finally

opened up to private players in 2001.

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The Insurance Regulatory & Development Authority, an

autonomous insurance regulator set up in 2000, has extensive

powers to oversee the insurance business and regulate in a

manner that will safeguard the interests of the insured.

THE BASICS OF LIFE INSUARNCE

The basic concept of insurance is that it does not protect

the asset. It does not prevent the loss; it only compensates

the economic losses.

Insurance is the mechanism in which people who are

exposed to same risks come together and agree that if

anyone among them suffers a loss the others will share the

loss and make good to the person who lost.

The occurrence has to be random, accidental, and not

deliberate.

Life insurance policy is a contract in terms of Indian

contract act, 1872.

Life insurance is a branch of insurance in which human life

is insured and in which compensation is made available to

the designated survivors of the deceased person.

The cost of the policy is called premiums or contributions

which are paid either yearly, half yearly or monthly

depending upon the terms stipulated in the policy.

In life insurance there are usually two types of plans

(a) term insurance

(b) pure endowment

In term insurance claim is paid only on death during the term and

in pure endowment claim is paid only on surviving the period.

All other plans are mixture of term and pure endowment.

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Some of popular plans are annuity, marriage endowment

plans, children plans etc.

Nowadays unit linked plans are in great demand which

includes the term insurance + investment plan.

Rider is a clause or condition that is added to a basic policy

and provides an additional benefit. Some of the riders ADBR,

CIR, WOPR.

The claims could be maturity claims, death claims, accidents

and disability benefits.

There are group insurances which provide cover to a large

number of individual under a single policy called master

policy .

Ombudsman resolve disputes between policy holders and

insurers.

Person who asks for policy is called proposer and the person

to whom death claimed is nominated by the proposer. Is

called nominee.

PRODUCTS OFFERED BY ICICI PRUDENTIAL

ICICI PRUDENTIAL OFFERS SEVERAL TYPES OF

PRODUCTS.

THE PRODUCTS OF ICICI PRUDENTIAL ARE :

PROTECTION PLANS

SAVINGS PLAN

CHILD PLANS

INVESTMENT PLANS

RETIREMENT PLANS

GROUP PLANS

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KEYMAN PLANS

SOME OF THE PRODUCTS OF ICICI PUDENTIAL :

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Minimum age at entry 0 years

Maximum age at entry 60 years

Minimum sum assured Rs 1,00,000

Minimum premium Rs 18000 yearly

Rs 9000 half yearly

Rs 1500 monthly

Maximum age at maturity 75 years

Minimum term 3 years

Maximum term Life time

Premium payment mode Yearly,half yearly,monthly

Death benefits Higher of sum assured or value of investment

Flexibility Increase/decrease death benefits,flexibile

contribution,4 switches a year free,top ups

Surrender value After 3 years 100% of investment.

Riders allowed ADR,CIR,MSABR

Tax benefits Sec 88,sec 10(10D)

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Minimum age at entry 0 years

Maximum age at entry 60 years

Minimum sum assured Rs 1,00,000

Minimum premium Rs 8000 yearly

Rs 4000 half yearly

Rs 667 monthly

Maximum age at maturity 75 years

Minimum term 10 years

Maximum term 30 years

Premium payment mode Yearly,half yearly,monthly

Death benefits sum assured +higher of value of units fund/

guranteed value of unit fund.

Flexibility Increase/decrease death benefits,flexibile

contribution,4 switches a year free,top ups

Surrender value Differs from year to year.

Riders allowed ADR,CIR,WOP

Tax benefits Sec 88,sec 10(10D)

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RIDERS

Riders are options that allow one to enhance one s life cover,

qualitatively and quantitavely.They can be considered as toppings

that add value to the policies. They are optional and are available

in variety of flavors to be choosen based on one s preferences.

They are in addition to the policies bought and come at an extra

cost.

Some common riders offered by ICICI PRUDENTIAL are :

Critical Illness Benefit Rider

Accident & Disability Benefit Rider

Accident Benefit Rider

Income Benefit Rider

Waiver of Premium Rider (WOP)

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Integrated Marketing Communications

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For many years the promotional function in most sectors was

dominated by mass media advertising. companies relied primarily

on their advertising agencies for their guidance in most areas of

their promotional activities. But in today s competitive generation

the need for a marketing programme which includes all relevant

areas of communication is being felt like never before.The

companies are anxious to find that which part of their marketing

communications programme is ineffectual so that they could

substitute them with other more effective means of

communication.

Marketers are adopting the IMC approach because they have

understood the strategic importance of integrating the various

communications functions rather them having them operate

autonomously. By coordinating their marketing efforts companies

can avoid duplication, take advantage of synergy among

promotional tools and develop more effective marketing

communications programme.

DEFINITION OF IMC ;

"Integrated marketing communication simply

recognizes the need to plan and build-up all relevant marketing

communications so that they work together in harmony to

greatest effect with greatest efficiency"

In its simplest form, it is the "process of integrating all elements of

marketing communications mix across all customer contact points

to achieve greater brand coherence

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ROLE OF IMC:

IMC has an increasingly central role to play in

today's market place, because if offers company a way to

strategically coordinate messages and establish a meaningful

dialogue with customers. In short, IMC provides organizations

with a strategic method for both establishing and maintaining

relationships with key stakeholders. And this is essential for

marketing success in the twenty-first century.

DRIVERS OF IMC:

The marketplace is changing. What was once a single audience

has fragmented and companies have to establish and maintain

brand relationships with a variety of groups of people-customers,

as well as other stakeholders, such as employees, investors,

suppliers and distributors, local communities, and the media.

Organizations now have to communicate with these groups using

a wide variety of media.

Because the mass media now have considerably less importance

than they have had in the past, dialogue is becoming increasingly

critical in this marketplace. That means that companies can no

longer rely only on one-way communication targeted to large

groups of customers. To be successful now, organizations must

not only be able to target messages to individual customers, but

also to listen and respond to all their stakeholders. That means

they must know who these people are, and the key to that is

database-driven communication.

IMC is critical to brand relationship programs, because it provides

the skills and new ways of thinking that are necessary if

organizations are to create and successfully manage dialogue

with customers and other key stakeholders.

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THE TOOLS OF IMC:

ADVERTISING

PERSONAL SELLING

SALES PROMOTION

DIRECT MARKETING

TELE MARKETING

INTERNET MARKETING

PUBLICITY/PUBLIC RELATIONS

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ADVERTISING:

Advertising is defined as any paid form of non personal

communication about an organization, product, service, or idea by

an identified sponsor.

Its paid form because the space and time for the advertisements

are bought. Non personal because advertising is a tool of mass

communication and is aimed at larger audience, one to one

dialogue is absent in advertising.

Advertising are of many form:

Print advertising which includes advertisements in print

medium like newspapers, magazines etc.

Electronic medium includes broadcasting mediums like

television, radio etc.

Outdoor advertising like billboards, display signs etc.

Brochures and booklets.

Some of the advertisements of ICICI PRUDENTIAL are:

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Subhead: We cover you.

Bodycopy: At ICICI Prudential Life Insurance, we keep life

smooth, even when you have wrinkles. We show you that

retirement is also about living. We're with you, in sun or storm. It's

how we, a joint venture between India's leading financial services

provider and one of the world's finest life insurance companies,

cover you. At every step in life. So, always remember, that you're

not alone.

Baseline: Joy Hope Freedom Life

Agency: Lowe Lintas

Client: ICICI

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Headline: Beneath every wave, is an anchor.


Bodycopy: Welcome to ICICI Prudential Life Insurance. We keep

your family encased in a cocoon of happiness, even when you're

not there. We're your navigator through life's troubled waters. It's

how we, a joint venture between India's leading financial services

provider and one of the world's finest life insurance companies,

cover you. At every step in life. So, always remember, that you're

not alone.


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Headline: On every long journey, there's a partner to keep it

safe.


Bodycopy: We're ICICI Prudential Life Insurance. As your partner

in life's journey, we vow to always protect you against risks &

uncertainties. It's how we, a joint venture between India's leading

financial services provider and one of the world's finest life

insurance companies, cover you. At every step in life. So, always

remember, that you're not alone.


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PERSONAL SELLING:

is a form of person to person

communication which a seller attempts to assist or persuade

prospective buyers to purchase the company s product or service.

Personal selling involves direct contact with buyers and sellers.

Personal selling include

Sales presentations.

Sales meetings

Fairs and trade shows.

Life insurance policy could be sold only through the agents

according to the IRDA, who work on commission basis. These

agents have to undergo 100 hours of compulsory training in any

of the IRDA certified institutes and then they have to pass an

examination of 100 marks conducted by the IRDA, the pass

marks for the examination is 50.

In ICICI PRUDENTIAL these agents are called advisors. After the

advisors pass their IRDA exam they undergo product training at

the respective branches.

DIRECT MARKETING:

Use of mail, telephone, fax, email, to communicate directly with or

solicit a direct response from the customer. The most common

types of direct Marketing are

Telemarketing

Internet marketing

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SALES BROCHURES:

Sales brochures contain the information about the product, the

terms and conditions, the various specifications about the

product. The sales literature is usually prepared by the technical

writers who try to give detailed information about the product and

at the same time try to maintain the presentations in an attractive

way so as to get attention of the customers.

Some of the sales literature which form a part of ICICI

PRUDENTIAL S marketing communications programme are:

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30

31

32

33

34

35

36

37

38

39

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OBJECTIVES

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OBJECTIVES:

For many years the promotional function in most sectors was

dominated by mass media advertising. companies relied primarily

on their advertising agencies for their guidance in most areas of

their promotional activities. But in today s competitive generation

the need for a marketing programme which includes all relevant

areas of communication is being felt like never before.

Objectives of study:

The research was carried out to accomplish the following

Objectives:

To identify the specific roles played by the constituents of

IMC

To identify the major and minor drivers of IMC.

To identify the areas that needs to be improved upon.

To suggest various measures to improve communications

programme.

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Research methodology:

Research methodology is a way to systematically solve the

research problem. It may be understood as science of studying

how research is done scientifically. In it we study various steps

that are generally adopted by a researcher in studying his

research problem along with logic behind them.

Sampling

It involves procedures that use a small part of population to make

conclusion regarding the whole population

Sampling plan for the project.

Geographical / sample area: VADODRA

Sampling unit: The recent policy holders of ICICI PRUDENTIAL.

Sample size: 100

DATA COLLECTION

The project was to identify the specific roles played by the

constituents of integrated marketing communications, so I used

the primary and secondary methods of data collection. I used the

company s database of new policy holders and then collected the

primary information from them by administering the questionnaire

to them.

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FIELD WORK PLAN

The field work was carried according to the sampling plan formed,

by visiting the policy holders at their respective homes or offices

as agreed upon the appointments.The main motive for these

visits was to get the questionnaire filled up which would give us

important data for our research purpose. The questionnaires are

either directly filled up by the respondents targeted.

DATA COLLECTION TOOL

The data collection tool that I have used is Questionnaire. I

have selected questionnaire as a data collection tool primarily

because of descriptive nature of sampling & secondly it was the

most suitable tool that could help in achieving all the objectives of

the study.

LIMITATIONS

People happens to be a little hesitant in disclosing their financial

dealings with everyone,so at first they were little skeptic about

giving appointments on the issues of policies that they had

bought. But when I gave them the nature and importance of

research then they agreed to meet me.

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ADVERTISEMENTS OF ICICI PRUDENTIAL PROVIDES

INFORMATION ABOUT COMPANY S BUSINESS.

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

66 20 0 7 7

0

10

20

30

40

50

60

70

No. of Respondents

StronglyAgree

Agree neitheragree nordisagree

Disagree Stronglydisagree

66%

20%

0%

7%7%

Strongly Agree

Agree

neither agree nor disagree

Disagree

Strongly disagree

INTERPRETATION

Since 66% of the respondents strongly favour that the

advertisements of ICICI PRUDENTIAL provide information about

the company s business we can infer that the advertisements

plays a major role in informing the target customers about the

existence of company dealing in a particular business.

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Analysis on the attitude summation scale :

Assigning numerical weights

Strongly Agree Agree

neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 66

2

132

agree 20

1

20

neither agree nor

disagree 2

0

0

disagree 7

-1

-7

strongly disagree 7

-2

-14

total 131

WEIGHTED AVERAGE SCORE =131/100

=1.31

INTERPRETATION

Since the mean is 1.31 it is greater than 1 and is more inclined

towards 2 ,it means that the given statement is favourable.so it

can be safely be assumed that the advertisements of ICICI

PRUDENTIAL does inform people about the business it deals in.

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PEOPLE AGREE TO MEET IPRU ADVISORS BECAUSE THEY

ARE AWARE ABOUT ICICI PRUDENTIAL FROM VARIOUS

ADVERTISEMENTS.

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

78

12

0

6

4

0

10

20

30

40

50

60

70

80

No. of Respondents

StronglyAgree



78%

12%

0%

6%

4%

Strongly Agree

Agree

Disagree

Strongly disagree

INTERPRTATION:

Here the effectiveness of brand awareness could be seen the ads

have established ICICI prudential as a successful brand and

people have started associating I pru with life insurance which

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earlier was considered to be a domain of LIC that is why 78% of

respondents strongly agree that they agreed to meet the advisors

because they were aware of ICICI prudential from various ads.

Analysis on the attitude summation scale:



neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 78

2

156

Agree 12

1

12

neither agree nor

disagree 0

0

0

disagree 6

-1

-6

strongly disagree 4

-2

-8

Total 154

WEIGHTED AVERAGE SCORE = 154 / 100

=1.54

INTERPRTATION

Since the weighted mean is 1.54 so we can infer that the average

respondents feel that the advertisements work as a door opener

in life insurance industry.

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ADVERTISEMENTS OF ICICI PRUDENTIAL CONVINCES

PEOPLE TO BUY POLICIES

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

1

3

0

7

89

0

102030405060708090

No. of Respondents

StronglyAgree



1%

3%

0%

7%

89%

Strongly Agree

Agree

Disagree

Strongly disagree

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INTERPRETATION:

Since 89% of the respondents strongly disagree that that

advertisements of ICICI PRUDENTIAL convinced them to buy

policy we can infer that advertisements does not sell policy.




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 1

2

2

agree 3

1

3

neither agree nor

disagree 0

0

0

disagree 7

-1

-7

strongly disagree 89

-2

-89

-91

WEIGHTED AVERAGE SCORE = - 91/100

= - 0 .91

INTERPRETATION

Since the weighted mean is -.91 ,that is it is closer to respondents

who disagree, so we can infer that this statement is not

favourable,the advertisements of ICICI PRUDENTIAL is not

enough to sell the policy.

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ADVERTISEMENTS OF ICICI PRUDENTIAL GIVE

INFORMATION ABOUT THE PRODUCTS OFFERED

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

4

11

0

18

67

010203040506070

No. of Respondents

StronglyAgree



4%11%0%18%

67%

Strongly Agree

Agree

Disagree

Strongly disagree

INTERPRETATION :

since 67% of the respondents disagree that the advertisements

that advertisements provided them the product information we

can infer that the advertisements of ICICI PRUDENTIAL are not

enough to detail about the products offered by them

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neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 04

2

8

agree 11

1

11

neither agree nor

disagree 0

0

0

disagree 18

-1

-18


-2

-134

total -133

WEIGHTED AVERAGE SCORE = -133 /100

= -1.33

INTERPRETATION:

Since the mean score is -1.33 ,it means that the respondents did

not favour the statement that the advertisements of icici prudential

provided them product information.

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ADVISORS PROVIDE RELEVANT INFORMATION ABOUT

INSURANCE PRODUCTS

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

78

13

0

6

3

0

10

20

30

40

50

60

70

80

No. of Respondents

StronglyAgree



78%

13%

0%

6%

3%

Strongly Agree

Agree

neither agree nordisagree

Disagree

Strongly disagree

INTERPRETATION :

since 78% strongly agree that the advisors provided them

information regarding we can infer that the advisors play

important role in explaining the insurance products to the

customers.

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neither

agree

nor

disagree Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 78

2

156

agree 13

1

13

neither agree nor

disagree 0

0

0

disagree 6

-1

-6

strongly disagree 3

-2

-6

total 157

WEIGHTED AVERAGE SCORE = 157 /100

= 1.57

INTERPRETATION :

Since the average is 1.57 which shows that the statement is

favourable so we can infer that advisors play important role in

explaining the products to the prospects.

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ADVISORS CONVINCE CUSTOMERS TO BUY POLICY

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

89

8

0

2

1

010

2030

405060

708090

No. of Respondents

StronglyAgree



89%

8%

0%2%

1%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRTATION :

Since 89% of the respondents strongly feel that without advisors

visiting them they may not have been convinced to buy policy, we

can infer that advisors play important role in convincing people to

buy the policy.

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neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 78

2

156

agree 13

1

13

neither agree nor

disagree 0

0

0

disagree 6

-1

-6

strongly disagree 3

-2

-6

total 157

WEIGHTED AVERAGE SCORE =157 /100

=1.57

INTERPRETATION :

the average of 1.57 indicates that this is a very favourable

statement ,so we can say that advisors play important part in

convincing the prospects.

56

ADVISORS ARE AN INDISPENSIBLE PART IN CONSUMER

DECISION MAKING

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

56

22

0

11

11

0

10

20

30

40

50

60

No. of Respondents

StronglyAgree



56%

22%

0%11%11%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION

Since 56% of the respondents strongly agree that advisors where

indispensable in their decision making we can infer that advisors

play important play very important part in consumer decision

making in life insurance.

57




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 56

2

56

agree 22

1

22

neither agree nor

disagree 0

0

0

disagree 11

-1

-11


-2

-22

total 45

WEIGHTED AVERAGE SCORE =45/100

=0.45

INTERPRETATION :

This average weighted score suggests that this statement is very

favourable, so we can say that the advisors play an important part

in consumer decision making in life insurance.

58

ADVISORS MAKE THE CUSTOMERS FEEL THAT THEY ARE

OFFERING FINANCIAL SECURITY TO THEM AND THEIR

FAMILY.

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

46

12

0

38

4

0

10

20

30

40

50

No. of Respondents

StronglyAgree



46% 12%

0%

38%4%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 46% of the respondents strongly agree that the advisors

made them feel that they where offering financial security to them

and their family members, we can infer that advisors play an

important part in consumer decision making in life insurance

industry.

59




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 46

2

46

agree 12

1

12

neither agree nor

disagree 0

0

0

disagree 38

-1

-38

strongly disagree 4

-2

-8

total 12

WEIGHTED AVERAGE SCORE=12/100

=1.2

INTERPRETATION :

The average weighted score of 1.2 indicates that this statement is

favourable,so we can infer that advisors do play important part in

consumer decision making in life insurance.

60

SALES BROUCHERS ARE EASY TO UNDERSTAND

Strongly

Agree Agree

neither

agree nor

dis agree Disagree

Strongly

disagree

10

11

0

10

69

010

2030

4050

6070

No. of Respondents

StronglyAgree



10%

11%

0%

10%

69%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

since 69% of the respondents strongly disagree that the sales

brochures of understandable without help we can infer that sales

brochures published by icici prudential are not easy to understand

.

61




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 10

2

20

agree 11

1

11

neither agree nor

disagree 0

0

0

disagree 10

-1

-10


-2

-138

total -117

WEIGHTED AVERAGE SCORE = -117/100

= -1.17

INTERPRETATION :

The average weighted score of -1.17 indicates that this statement

is not favourable so we can infer that sales brochures are not

easy to understand.

62

SALES BROCHURES GIVES CREDIBILITY TO

COMPANY S PROMISE

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

70 12 12 4 2

010203040506070

No. of Respondents

StronglyAgree



70%

12%12%4%

2%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION:

Since 70% of the respondents strongly agree that the sales

brochure gives credibility to the company s promises we can infer

that the sales brochures play an important part in persuading

consumer to buy policy.

63




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 70

2

140

agree 12

1

12

neither agree nor

disagree 12

0

0

disagree 4

-1

-4

strongly disagree 2

-2

-4

total 144

WEIGHTED MEAN =144/100

=1.44

INTERPRETATION :

The average weighted score of 1.44 indicates the statement is

favourable so we can infer that the sales brochures play an

important part in marketing of life insurance policies.

64

BROCHURES OF ICICI PRUDENTIAL ARE COMPREHANSIVE

IN CONTENT

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

36

24

0

28

12

05

10152025303540

No. of Respondents

StronglyAgree



36%24%

0%

28%12%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRTATION:

Since 36% strongly agree and 24% agree that the product

brochures of icici prudential are comprehensive in content we can

infer that it answers that queries of the prospects and thus form

an important constituent in the marketing of policies.

65




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 36

2

72

agree 24

1

24

neither agree nor

disagree 0

0

0

disagree 28

-1

-28


-2

-24

total 44

WEIGHTED AVERAGE SCORE =44 /100

= 0.44

INTERPRETATION :

The average weighted score of .44 indicates that the statement is

favourable so we can infer that the sales brochures of ICICI

PRUDENTIAL are comprehensive in content.

66

BROCHURES ARE AN INDISPENSIBLE PART IN CONSUMER

DECESION MAKING IN LIFE INSURANCE

INDUSTRY

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

39 22 0 19 20

05

10152025303540

No. of Respondents

StronglyAgree



39% 22%

0%

19%20%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 39% of the respondents strongly agree that brochures were

an integral part in their decision making we can infer that sales

brochures plays an important role in selling the life insurance

policy

67




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 39

2

78

agree 22

1

22

neither agree nor

disagree 0

0

0

disagree 19

-1

-19


-2

-40

total 41

WEIGHTED AVERAGE SCORE = 41/100

= 0.41

INTERPRETATION :

The average weighted score of .41 indicates that the statement is

favourable so we can infer that the sales brochures of ICICI

PRUDENTIAL play a very important role in consumer decision

making.

68

APPOINTMENT OVER PHONE PRIOR TO SALES CALL IS

ESSENTIAL

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

82 10 0 6 2

0

20

40

60

80

100

No. of Respondents

StronglyAgree

Agree neithragree nordisagree


82%

10%0%6%2%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 82% of the respondents strongly agree that appointment

over phone prior to sales call is essential we can infer that phones

play very important role in fixing appointment in the life insurance

policy.

69




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 82

2

164

agree 10

1

10

neither agree nor

disagree 0

0

0

disagree 6

-1

-6

strongly disagree 2

-2

-4

total 164


=1.64

INTERPRETATION

The average weighted score of 1.64 indicates that the statement

is favourable so we can infer that the phones play very important

role in fixing appointment in life insurance.

70

PHONES COULD BE USED TO SELL POLICIES

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

1

2

0

20

77

01020304050607080

No. of Respondents

StronglyAgree



1%

2%

0%

20%

77%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 77% of the respondents strongly disagree that they would

buy policy over phone we can infer that phones cannot be used

to sell life insurance policies.

71




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 1

2

2

agree 2

1

2

neither agree nor

disagree 0

0

0

disagree 20

-1

-20


-2

-154

total -170


= -1.70

INTERPRETATION

the average weighted score of -1.70 indicates that the statement

is not favourable so we can infer that the phones could not be

used to sell policies.

72

PHONES ARE THE BEST MEANS OF MAKING

APPOINTMENTS

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

64

13

11

7

5

010203040506070

No. of Respondents

StronglyAgree



64%

13%

11%

7%5%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 64% of the respondents strongly agree that phones are the

best means of making appointments we can infer that phones can

play an important role in fixing appointment.

73




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 64

2

128

agree 13

1

13

neither agree nor

disagree 11

0

11

disagree 07

-1

-7

strongly disagree 5

-2

-10

total 135


=1.35

INTERPRETATION

the average weighted score of 1.35 indicates that the statement

is favourable so we can infer that the phones could play an

important role in fixing appointment.

74

THE CONTENTS OF POLICIES COULD BE EXPLAINED ON

THE EMAIL

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

7

11

17

23

42

0

10

20

30

40

50

No. of Respondents

StronglyAgree



7%11%

17%

23%

42%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 42% of the respondents strongly agree that the contents of

the policy could explained on the net w can infer that internet

cannot be used to sell policies.

75




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 7

2

14

agree 11

1

11

neither agree nor

disagree 17

0

0

disagree 21

-1

-21


-2

-84

total -80


= - .80

INTERPRETATION

the average weighted score of - .80 indicates that the statement is

not favourable so we can infer that internet cannot be used to sell

policies.

76

INDIAN CUSTOMERS WILL PREFER TO PAY PREMIUMS

OVER INTERNET

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

17 21 0 23 39

05

10152025303540

No. of Respondents

StronglyAgree



17%

21%

0%

23%

39%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 39% of the respondents strongly disagree that the contents

of the policy could explained on the net we can infer that internet

cannot be used to collect premiums as for now..

77




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 17

2

34

agree 21

1

21

neither agree nor

disagree 0

0

0

disagree 23

-1

-23


-2

-78

total -46


= - .46

INTERPRETATION

The average weighted score of - .46 indicates that the statement

is not favourable so we can infer that internet cannot be used to

collect premiums.

78

INTERNET IS A GOOD MEANS OF CHECKING POLICY

STATUS

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

86 8 0 4 2

0

20

40

60

80

100

No. of Respondents

StronglyAgree



86%

8%

0%

4%

2%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 86% of the respondents strongly agree that internet is a

good means of checking policy status we can infer that internet

could be used in updating customers with the policy detail.

79




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 86

2

172

agree 08

1

8

neither agree nor

disagree 0

0

0

disagree 04

-1

-4


-2

-4

total 172

WEIGHTD AVERAGE SCORE = 172/100

=1.72

INTERPRETATION


is favourable so we can infer that internet could be used to

update customers with their policy status.

80

INTERNET IS OF GREAT IMPORTANCE IN MAINTAINING

CRM

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

42 24 0 21 13

0

10

20

30

40

50

No. of Respondents

StronglyAgree



42%

24% 0%

21%

13%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 42% of the respondents strongly agree that internet is a

good means of maintaining CRM we can infer that internet could

be used in maintaing relations with the customers.

81




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 42

2

84

agree 24

1

24

neither agree nor

disagree 0

0

0

disagree 21

-1

-21


-2

-26

total 61


=0.61

INTERPRETATION


is favourable so we can infer that internet could be used to

maintain relations with the customers.

82

THE NEWS OF ICICI PRUDENTIAL AS THE LEADING

PVT.LIFE INSURANCE COMPANY SUPPORTS ITS SALES

Strongly

Agree Agree

neither

agree nor

disagree Disagree

Strongly

disagree

53 30 0 6 1

010

203040

5060

No. of Respondents

StronglyAgree



59%

33%

0%

7%1%

Strongly Agree

Agree


Disagree

Strongly disagree

INTERPRETATION :

Since 59% of the respondents strongly agree that they bought

policy from ICICI PRUDENTIAL because it was the no.1 pvt.life

83

insurance company we can infer that the publicity of the company

boost its sales.




neither

agree

nor

disagree

Disagree

Strongly

disagree

2

1

0

-1

-2

strongly agree 53

2

106

agree 23

1

23

neither agree nor

disagree 0

0

0

disagree 6

-1

-6

strongly disagree 1

-2

-2

total 121


=1.21

INTERPRETATION

The average weighted score of 1.21 indicates that the statement

is favorable so we can infer that the publicity of ICICI

PRUDENTIAL does boost its sales.

84

FINDINGS

Role of various constituents of IMC

ADVERTISING

Provides information about company s business

The advertisements have positioned ICICI prudential as a

successful brand in life insurance, this serves as a door

opener for the advisors.

PERSONAL SELLING

Provide relevant information about policies

Is very important in life insurance

It is important in consumer decision making

SALES LITERATURE

Sales literature gives credibility to company s promise

Sales literature helps in convincing customer

Sales literature provides comprehensive information about

ICICI PRUDENTIAL S products

DIRECT MARKETING

TELE MARKETING

Telecalls play important part in fixing appointments

Telecalls helps in knowing brief back ground of customers

INTERNET MARKETING

Internet marketing helps in maintaining CRM

Internet is useful to customers to get updated on their

policy status

PUBLICITY /PR

Publicity increase awareness and inclination

ICICI PRUDENTIAL in news favour the company sales

85

RECOMMENDATIONS

Advertisements of ICICI PRULIFE should be more

products expressive and easily comprehensive, so that a

customer feels an urge to enquire about the products.

Since from the findings it is clear that advisors are

extremely Important in selling the policies, they should be

trained on the concepts of marketing and not just selling.

They should be equipped with proper CRM techniques so

that they could increase the frequency of call conversion

as well as they could retain the existence clientele.

Sales literature should be written in more customer friendly

language, the technical terms should be clearly explain

since it is considered as providing credibility to company s

promise, company s seal on it will give even more

authenticity to the promises made in the brochure.

Telemarketers should enquire the brief background of

prospects during the appointments calls so that proper

strategies could be planned before the visit of the sales

personnel.

Internet should be used to maintain CRM and update

policy holder about the position of their fund, as well as

informing them about a new product even before it is

launched so that they would get a feeling of preferential

treatment.

Company should engage in keeping itself in news, should

organize events, seminars etc.

86

The company should initiate hassle free claim settlements

as this communicates to the consumers that the company

is prompt in keeping its promises and this influences

consumer decision making in a big way.

The IMC program is effective when the message carried by

its constituents is uniform that is each constituents of this

program should communicate the same message to the

prospects, this is when the tools of IMC will work in tandem

and their fusion and unison will bring about the desired

impact in influencing consumer decisions.

Since the heart of any services is the framework of

services triangle

Company

Internal marketing External Marketing

(Enabling promises) (Making Promises)

Providers Customers

Interactive Marketing

(Keeping Promises)

The three interlinked groups that work together to develop

promote and deliver services, should be put into effect in the life

insurance industry and could be best done while settling the

claims. The services providers who deal in interactive marketing

should get full backup while enabling the promises which were

made through external marketing. Thus the internal marketing

assumes a paramount importance in life insurance, and an

effective internal marketing communication would ensure that the

promises, which are made, are delivered and this in turn will

induce publicity.

87

CONCLUSIONS :

Thus we can see the role of integrated marketing communication

in life insurance industry. It is the effect of the fusion of the

individual components of the integrated marketing

communications that clicks and bring about the realization of the

goal that the communications programme is intended to achieve.

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Date post:	18-Oct-2014
Category:	Business
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