Project Report

On
Brand building and Awareness
of ICICI Prulife

Submitted by:
Kanhaiya Lal Gupta
PGDIM, NMIMS
MUMBAI.

DATE: 24TH October 2008

Acknowledgement
As I have discovered, although doing a research is somewhat daunting task, it is
not an entirely solitary one.
I would like to take an opportunity to thank all my professors for providing all the
assistance and guidance and making the concepts clear about Insurance and
business Strategy, which helped me a lot while doing the project work.
I am also thankful to the company ICICI Prudential insurance for providing the
opportunity to work on this project.
Last but not the least; I am grateful to the respondents for their support on this
project and specially the Credit Card Department of ICICI Bank, whose Sales
Executives have given me better support in finding contacts and to face the
respondents effectively.

Kanhaiya Lal Gupta

Abstract
The case let details the level of success of well-designed Branding Strategy or
marketing communications initiatives developed by ICICI Prudential Life
Insurance that helped it gain leadership position in the Indian life insurance market.
During its initial years ICICI Prudential focused on creating a strong brand
identity and awareness and designed the marketing communication strategy
accordingly.
However, in 2002 it completely changed the communications strategy and began to
promote specific products from its product portfolio based on the consumer
research study. One of the promotional objectives designed was to create a feel
good factor around retirement and change customers perception of retirement as a
mark of old age and loss of financial independence
In the year 2000, the Government of India opened up the life insurance market to
private players. Till then, the Indian life insurance industry had been dominated by
Life Insurance Corporation of India (LIC), the only player in the insurance
market. This monopoly had created such a strong brand identity and
awareness for LIC that LIC became a generic word for life insurance in
India.
After deregulation, many domestic and international players entered the life
insurance market. However, the Indian insurance industry continued to face
various problems such as low penetration (only 22% of the insurable population
were insured) and low premium to GDP ratio (of 1.3). Growth is hampered by the
existing customer perception that life insurance is only for rich or good earning
people and for them it is just a tax saving tool or sometimes a savings tool as

deposits in a bank. Today ICICI Prudential has a good score in Customer

Awareness and Brand Image in semi urban or urban areas, but still we have
poor score in that portion of country which constitute the 70% of Indian
population. And for a business it is important to know that why we do not have
such a good score amongst the rural India or can say amongst Aam Adami.
It is very sad and also a matter of fact that even in the metros, cities and towns
where the population is more educated, conscious and aware of the life and the
various environment related to their life circumstances such as economic, social,
technical, legal, political etc, even there people are lacking that ICICI
Prudential is something related to Banking operation, they find the ICICI
Prudential name by the name of its sponsor , it is good, but it is very sad what
they lack i.e. it is not any bank but Indias second largest and successful
Insurance Company.
It all on the basis of my own personal experiences throughout the day when I came
to know about ICICI Prudential and joined the course PGPMI in Mumbai, people
usually questioned me about ICICI Prudential name or they relate it with banking
related organization. It is possible that people who are in touch with me in these
days might not highly educated or not of high society, but as far as the Brand
Image and Awareness of ICICI Prudential Brand is concerned Aam Adami are
not having that extent of ICICI Prudentials brand awareness and brand
image as LIC is already having its name in their mind. So the research report is
including all such kind of issues and facts which can be taken in to consideration
while implementing any Branding Strategy at higher level of management.

Table of Content
1. Abstract.
2. Objective of the research report.
3.

Introduction to ICICI Prudential life insurance.

4. Brand Management & ICICI Prudential.

(1) Branding.
(2) Brand Essence.
(3) Branding

as a Competitive edge.

(4) Brand as a Promise

(5) Brand Identity.
(6) Brand

building and organizational changes.

(7) Brand Positioning

(8) FMA Strategy in Branding.
(9) Brand personality.
(10)Role of Agents/advisors in Brand Identity.
(11)Grass

root Branding

(12)Power

of word of mouth.

(13)E-branding.

5. Research methodology.
6.

Data collection & Interpretation.

7.

Findings on the basis of Survey

8.

Suggestions & Recommendations.

9. Conclusion.

10.Bibliography.
11.Annexure.

Objective of Research Report

Know Your Customer! (KNY)

The overall objective of the project work is to experience customer interface. A
realistic sales experience is one that integrates understanding of customer buying
and selling behavior with personal selling skills.

Every research is based on some theme or you can say it has some specific
objective on which the researcher gives more importance and my study is also
based upon some objective and these are as follows.

To study the organization and its activities related to branding.

To know what the various brand building activities are and what can be
done more in order to increase the awareness and branding.
To check the awareness among the target audience about the business of
ICICI Prulife.
To find out what should be the organizational change for creating
/increasing the brand awareness.
In short, to experience customer interface & to study the
brand management of ICICI Prudential and to analyze its
level of success among the target audience what
measures can be taken to improve its inefficiencies in
Branding.

Introduction to ICICI Prudential.

ICICI Prudential at Market Entry:
Little knowledge of the Prudential Brand.
No recognizable insurer except LIC.
Less awareness about insurance amongst

Indian Population.

ICICI Prudential- Now:

Quickly gained strong brand and icon

Recognition.
Top brand awareness amongst foreign
companies.
The Most Trusted Private Life Insurer by
Economic Times AC Nielsen survey 3
years running.

ICICI - Prudential A Great Partnership

ICICI
Brand Strength
Infrastructure
Customer Base
Market Innovators
Local Knowledge

PRUDENTIAL
Reputation
Insurance Expertise
Product
Distribution
Operation

ICICI Prudential BRANDING STRATEGY:

Cohesive branding from day one.

Branding campaigns highlight local

sensitivities and cultures within life
insurance context.

First to market with innovative products:

Unit link, Cancer, Diabetes
Premium guaranteed products
First to implement six sigma programs to
enhance service level.
ICICI Prudential ACHIEVEMENTS:

Avaya Global Customer Responsiveness

Award.

Created the largest and most productive

agency force now exceeding 130,000.

400 branches in 271 locations still

expanding.

100% local team.

Now exporting talent to other operations.

Large Bancassurance and Direct

marketing channels.

Aggressively build multi channel

distribution capability seize first mover
advantage amongst private insurers.

Leverage partners geographic footprint to

support expansion.

Brand Management & ICICI Prudential

Branding is more than just a business buzzword. It has become the crux of selling
in the new economy. The old marketing mantra was," Nothing happens until
somebody sells something,"
The new philosophy is Nothing happens until somebody brands something."

What is Branding?
A brand represents many more intangible aspects of a product or service:

A collection of feelings and perceptions about quality,

Image,

Lifestyle and status.

It creates in the mind of customers and prospects the perception that there is
no product or service on the market that is quite like yours.
In short, a brand offers the customer a guarantee and then delivers on it.

Brand Essence of ICICI Prudential

This is the heart and soul of a brand- a brands fundamental nature or quality.
Usually stated in two to three words, a brands essence is the one constant across
product categories and throughout the world. ICICI Prudential Brand Essence
is- We cover you. At every step in life

Branding- As a Competitive Edge

One of the truths of modern business is that there is almost nothing that your
competitors can't duplicate in a matter of weeks or months.
The question then becomes, "What competitive edge do I have to offer that cannot
be copied by anyone else?"

The answer? Your brand.

Creating a strong brand identity will build mind share one of the strongest
competitive advantages imaginable. As a result, customers will think of your
business first when they think of your product category.

Brand- As a Promise
A brand is not an icon, a slogan, or a mission statement. It is a promise- a promise
that a company can keep.

MISSION, VISION &

STRATEGY

VALUES &

COMMUNICATI

BRAND

PRODUCT &

OPERATION, SYSTEMS &

A full Spectrum on Branding in Insurance

Brand identity is comprised of:

Pricing

Distribution
Quality
Presence
Awareness Reputation
Image.
Benefits
Positioning salience
Preference
Share of market
Customer commitment

Brand Building Activities and Organizational changes

Brand Building and the steps involved in it.

Crafting the Most Powerful Brand Benefit

This can help ICICI Prudential to find that how can he craft again itself to build a
different Identity in the asymmetry of the information and branding. It includes
those factors which customer wants, organizations strength also favors to

capitalize on these factors and you should be first mover to work on those factors.
The combination of three makes a point of intersection which is called as the
SWEET SPOT- A fruitful part of the above effort.
1

VERY
IMPORTANT
TO

COPETITORS
ARE NOT
ADDRESSING

SW
EET

ORGANIZATI
ON
STRENGTH.

Brand Positioning & ICICI Prudential.

Positioning is the art of creating a brand that can persuade and
realistically demonstrate its relevance to a customer's daily life to become
his or her regular choice.
Positioning is not created by the marketer or the individual brand itself,
but by how others perceive it.
The Benefit-driven positioning In case of Insurance companies most
companies including ICICI Prudential, brand themselves by showing the
benefits driven by using insurance as a risk transferring tool.
ICICI Prudential Branding Strategy reveals that, it wants to connect
with customer by fulfilling their needs of security with emotional touch
of truthfulness and trustworthiness.

Determining Which Position Will Work for ICICI Prudential Brand

To determine which position will work best for ICICI Prudential, we have to
consider some new facts (apart from the risk covering or tax saving or income

oriented plans and trustworthiness) of changing consumer behavior of 21st century

Indians, which includes:

Innovation
Information
Speed
Convenience
Technology
Investment plans for bearish trends etc.

Brand LOGO & ICICI Prudential

It is at least as important for a logo to be recognizable as it is for it to be readable.
Often, people are only able to get a quick glance at the logo, and then only at a
distance. In those instances, recognition, not readability, is all that counts. That is
why it is important to integrate recognizable icons, shapes, type fonts, and
colors into a logos design.

Importance of Color
Color is an important consideration in the Brand Identity system. In fact, the
effects are physiological, psychological, and sociological.

Here in the ICICI Prudential LOGO colors used are Blue, Red,
Orange and White.
Blue is the most calming and increases reading attention.
Red conveys power, and is seductive.
Orange is often used to make an expensive item seem less expensive,
and is often associated with thanksgiving.

White is typically associated with cool, clean, and fresh.

FMA Strategy for ICICI Prudential

It s true that ICICI Prudential has always taken the opportunity of FMA in
launching its different types of new insurance schemes, but as per the New trend
and changing consumer behavior in market which all brand are lacking, ICICI
Prudential can take First Mover Advantage (FMA) through its innovative product
design and can brand itself as an Innovative and Trustable Organization.

Grassroots Branding and ICICI Prudential

Grassroots marketing is a form of branding that has really hit its stride in the last
few years. Sponsorships of everything from local baseball teams to nonmainstream musical events have been sought by marketers looking to carry their
brands into the customer's backyard.
As far ICICI Prudential is concerned it has Sponsors which build a smooth
background to play in the ruthless market , first is ICICI and second is Prudential
Plc, one has a sound financial background and trustful name in the Indian market
and the other one has a sound track record in the operation of insurance and other
related business in the global market.

Building Brand Personality- Infancy Stage of ICICI Prudential

Brand that carry with itself a true persona, and the beliefs and experiences similar
to a personality make a brand rise to a new level.
An attractive brand personality can pre-sell the prospect before the purchase,
reinforce the purchase decision, and help forge an emotional link that binds the
buyer to the brand for years to come.
As far as LIC is concerned it has its true personality due to monopoly over a long
period of time and as a public company it has its different image in the minds of

people, but ICICI Prudential is in its infancy stage of building Brand Image in
the whole India specially in the 70% of India i.e. rural sector of India.

Driving the consumer from Brand Awareness to Brand Insistence

Emotional
Connection

Relevant
Differentiati
on

Value

Awaren
ess

Accessibil
ity

Branding starts from the stage of creating awareness for the brand but creating only
awareness is not objective of the brand management. It takes a period of time and a
constant effort of organization towards the advertisement, service quality and
products offered by it, then people starts trusting on that organization in full-fledge,
and starts insisting for that brand i.e. LOYALTY comes in to picture.

Hierarchy of Effect: Conversion of a Prospect into a loyal customer.

Brand Emotional

Loyalty

Brand Accessibility

Brand Purchase

Brand Values
Brand Preference

Brand Differentiation
Purchase Consideration Set

The role of Insurance Advisor/Agents and Brand Identity.

Identity contact is the sum total of all information and experiences that a customer
or prospect has with a brand. As you can imagine, there are many different ways
that a customer can have contact with a brand in such a way that it communicates
his or her identity.
"It's the marketing team's job to prioritize identity contacts and to judge how they
might contribute to the brand's identity, and in what way they are relevant to the
realities of the consumer's everyday life,"
As far as insurance is concerned it has its Identity Contact by its sales people i.e.
Awareness
ItsBrand
Advisor/Agents.

Power of Word of Mouth

One of this power series, used in ICICI Prudential is:
Suraksha: Zindagi ke har kadam par
Or

jeetey raho

Whether it is planned or not, word of mouth is well worth the effort it takes to
generate it. "Word of mouth is still considered the most potent marketing
communication of all because it's dispensed by the most credible sources of all
ordinary citizens who don't carry a built-in bias of commercial sponsors," writes
Upshaw. "When your company is lucky enough to be the beneficiary of word of
mouth, your identity problems may be over, and your capacity problems may just
be beginning."

E-branding: Creating an Online Identity

Online companies are putting branding to work with remarkable success. "The
Internet helps promote companies' products in a very efficient manner and
especially to all audiences in all parts of the world,"
In short, e-branding is very important and must be taken into consideration. "Sites
need to be branded so that the consumer can have confidence in the site and is
willing to make a purchase there."
ICICI Prudential also has its own website i.e. www.iciciprulife.com which has not
gained popularity till now. One of the reasons of unpopularity is that computer
education and network accessibility is not available everywhere except in cities
and metros. Even people have fewer tendencies to use and make purchases through
internet because they prefer the face to face meeting and directly acquiring
information from agents/advisors in case of life insurance.

Research Methodology
The study about the branding activities of ICICI Prulife is an exploratory Study
which requires the field work. Survey is done on the basis of a set of a
Questionnaire: having some close ended and open ended questions.
In order to build an effective questionnaire, it has been pre-tested on the basis of
interviews and discussion over the objective of topic with my classmates, peer
group and some faculty members of NMIMS Mumbai.

Data Collection and Interpretation

Note: The survey is done in the Mumbai city itself, so the outcomes might vary
when it will be compared with any other part of India.
The sample size taken is 20. The sampling method is random sampling. Only the
criteria for the selection are they should be above 25 years and have earning
capacity either by business, service or self employment.
Data collection through questionnaire and personnel interview resulted in
availability of the desired information but these were useless until there were
analyzed. Various steps required for this purpose were editing, coding and
tabulating. Tabulating refers to bringing together similar data and compiling them
in an accurate and meaningful manner. The data collected by questionnaire was
analyzed, interpreted with the help of table, bar chart and pie chart.

Findings
The survey is done as per the given objective, to find out the level of awareness
amongst people, and the factors which influence the mind set of people in
brand building process of the ICICI Prudential. So the outcome of survey and
its interpretation is done through Excel tools as given below.
Every finding is comprised of three parts:
1. Question.
2. Outcome from survey i.e. data interpretation.
3. Analysis of outcome.

1. Have you ever heard of ICICI Prudential life Insurance company?

1
0.8
0.6

yes

0.4

no

0.2
0

yes

no

ANALYSIS:
1) Respondents are well informed of the insurance companies including ICICI

Prulife.
2) Awareness comes not only due to companys effort but the respondents interest
and education too.
3) It shows that selling insurance in city like Mumbai is relatively easy in
comparison to those places where people are not aware of the benefits of
insurance.
2. Which media has the larger impact on your perception about ICICI
Prulife?

25%
20%
15%
10%
5%
0%
Level of Potential in different Media to influence customer.

TV
NEWSPAPER
Articles/leaflets
Agents/Advisors
internet
Posters/Hoarding
Peer group

ANALYSIS:
1) Most people are influenced by the emotional TV Advertisement of the
company.
2) Internet & leaflets/Articles are used by intellectual people only i.e. very less in
percentage.
3) Direct contact with the companys Advisors and peer group is also a potential
media for brand building. So services given by agents are also one important
tool to build a great image of company in the minds of people.

3. Information and Advertisement asymmetry: Can you differentiate the

advertisement of ICICI prudential from other insurance company?

60%
50%
40%

YES
NO
SOMETIMES

30%
20%
10%
0%

Information & Advertisment Asymmetry

ANALYSIS:
1) Its fact and hard to digest that the advertisements shown by the companies are

having only one tool to influence the customer i.e. emotions, with relatively
same ground in emotion.
2) Ground made by someone else and played by someone else, its common
practice is going on in the insurance field.
3) So its time to take a benefit of this asymmetry and should put something
different and influencing by differentiating advertisement according to the
different objectives followed by the different categories of target customers.

4. Brands service in terms of speed, responsiveness and its special features

such as innovative and uniqueness etc.

40%
35%
30%
Best
Good
Average
Poor

25%
20%
15%
10%
5%
0%

Comparing Other Companies

ANALYSIS:
1. Comparing other insurance companies, the brand Image of ICICI Prulife in
terms of its services is good among respondents.
2. Some services like after sales services regarding the information of the next
premium, services during claim of sum assured and timely information
regarding NAV are the centre of influence.
3. Some respondents consider that new private companies will better serve in
comparison to those which already exist from the last 7-8 years.
4. Some consider that insurance companies can not be differentiated on these
grounds because they all are practicing the same.

5. Brand superiority as per the respondents, in the presence of LIC and other
insurance companies.

70%
60%
50%
1st ranking
2ndranking
3rdranking
4thranking

40%
30%
20%
10%
0%

ICICI Pru's rankacc to different respondents

ANALYSIS:
1. Some respondent are much satisfied with the ICICI Prus products and

customer services so they have given the first rank to the company.
2. Some respondents consider that the Government company and private
company can not compared because somehow and somewhere private
company are more trustable and reliable than a private company, so they
have given second priority to ICICI Prudential.
3. Some respondents are loyal some other private companies, it was their
personal prejudices, so they have evaluated ICICI Pru as 3rd or 4th.

6. How much do you like and feel the look, logo, punch lines, colors and

other aspect of design in Advertisement of ICICI Pru Brand.

40%
35%
30%
25%

Heart Touching
Attractive
Differentiable
Common

20%
15%
10%
5%
0%

Combined impact of Design, Punchline, Logo, Color etc.

ANALYSIS;
1. Logo, punch lines, design and colors have its impact on the minds of
people.
2. Some people might like the colors and design and some might compare this
with the other one, its all about human mind formation and its way of
perception, here the relevance is that every company want to that design and
color which capture the likes of most of them.
3. ICICI Pru is having good color combination and the way of presenting it.
People love its logo and punch lines because they can relate all these with
their own life and likes.
4. Again the problem of differentiation comes to the picture; some of them
might feel that they are not able to differentiate punch lines because every
company is having similar kind of punch line.

7. How much do you like to visit the website of ICICI Prudential for
information or any type of query?

70%
60%
50%
Always
Whenever needed
Never

40%
30%
20%
10%
0%

Use of internet for Insuarnce related Query & Info .

ANALYSIS:
1. In India, people used to call agents or take advice from their peer group

when they needed insurance related information.

2. People are less dependent on the internet for such purpose.
3. But it is also true that people who have already taken insurance policy, they
are frequent to use insurance companies website for their queries.

8. Does ICICI Prudential Brand gives you feeling of warmth, security &

self respect? Is it reliable and courteous?

60%
50%
40%
30%
20%

YES
To some extent
NO

10%
0%
Warmth, Security, Self respect, Courteousbuild Brand
Image

ANALYSIS:
1) ICICI Prulife has its emotional attachment with the people which builds its
brand Image.
2) People use to talk and recommend to others if they will have emotional
attachment & good perception about company.
3) Sometimes people think and feel proud when they join themselves with such a
reputed company.

9. How loyal you are & likely would you be to recommend ICICI Prulife to
others.

40%
35%
Loyal & Alwaysrecommend

30%
25%
15%

SometimesLoyal &
recommend
Loyal for other company

10%

I amnot Loyal for anyone

20%

5%
0%

Loyalty & Recommendation to others

ANALYSIS:
1) Loyalty is something which takes a lot of time to come, depending on the

satisfaction limit of Individual customer, 40% of the respondents are the loyal
customer for ICICI Prulife.
2) The respondents who are not loyal for anyone can become loyal if they get the
desired service from ICICI Prulife.
3) As ICICI Prulife is not facing competition from LIC only, there are so many
private companies like Baja Allianz, Kotak Mahindra etc who are providing
greater services in order to build a good image in the eyes of customer.
4) Fluctuation in the loyalty matrix depends on the no. of services facilitated by
company. If a person is satisfied with product features of ICICI Prulife, then he
will recommend others if others are seeking for best featured products. So the
person is sometimes loyal and sometimes not.

CONCLUSION
The front runner ICICI Prudential

Being a frontrunner in the life insurance industry, ICICI Prudential has always
performed both the category task, as well as the brand task, with the help of
advertising and public relations (PR). The companys initial campaigns addressed
various myths and misconceptions about life insurance, seeking to change
customer attitudes. For instance, life insurance had long been regarded as
expensive, rigid, difficult to understand and good only for tax saving.
ICICI Prudentials advertising
Life insurance is now increasingly seen as a complete solution to meet ones
myriad needs - health, wealth, life, child protection and retirement. Its a financial
product that provides a stable return on investment, protects life at affordable cost,
secures a childs future, does retirement planning in the most effective way and
provides additional health protection. It is now an integral part of the consumers
wealth management basket.
Amongst ICICI Prudentials innovative steps was the introduction of life stage and
need based solutions selling, thereby unshackling the category and meeting
specific customer needs. The brand proposition for all the ad campaigns was
reflected in the line We cover you. At every step in life, i.e. that ICICI Pru Life
is the only private life insurance company that provides consumer insurance
solutions which are relevant to the unique needs at every stage of life.

Challenges ahead
The most broad-based challenge for all companies was to spread awareness about
life insurance how it works, its benefits and most of all, its absolute necessity for
anyone who has dependents. At a more company specific level, the task for ICICI
Prudential was to build a relevant brand that customers could trust.

The Survey Experience

The experience for customer interface is really learning and remarkable.
The different types of responses of the same customer on the same ground,
sometimes creates confusion that what they really wants to express, sometimes I

felt that they are much more expecting from the company like ICICI Prulife that is
why they are arguing in some cases.
There way of responding also reveals that they want a change in the organization
for brand building activities, because somehow somewhere it is need of hour to
differentiate its identity with any other company.
The area used for research work, as I consider is much more educated and aware in
respect, so we might face the reverse condition when we do such work in rural part
of India. But in the city like Mumbai ICICI Prulife is a well reputed and one of the
best companies of the insurance industry.

Suggestions & Recommendations

FMA Strategy and ICICI Prudential Initiative
1. A complete package Trend-changing Consumer Behavior Pattern

Now People want a complete package in all type of product or services including
insurance too.
A complete Package means that all types of benefit such as: death, disability,
diseases, maturity, accidental benefits, capital appreciation, capital protection, tax
benefits, and loan. Education, retirement benefits which can be generated out of an
insurance policy should be given in a single policy or a similar arrangement and it
should be like that which covers not only one member of family but the whole
family including children,
Or in other words a complete insurance solution for the whole family.
A complete package solution has its other benefits also such as a company can sell
numbers of policies by prospecting a single customer.
2. Brand Awareness & Penetration through Local Media
Indian rural and semi urban areas are near about untapped and new market for
insurance sector, there is no other name apart from LIC, so ICICI Prudential can
take advantage of this thing and can become first company in private sector and
second insurance company in the mind of people of those area. The Local Media
such as Local Newspaper, radio, local TV channel and magazines can be used for
advertising of the company.

Information Asymmetry: Differentiate or Die

Customers of many products and services, especially in the financial Services
sector including insurance, suffer from an information asymmetry. As far as
insurance is concerned it is very frequent that ground made by some one else
and enjoyed by other. It is just because people are not able to differentiate the
special features of one company from other. And second similarity is that most
of the advertisements done by insurance companies are having same ground to
express i.e. same way of expressing emotions. It is true that one can not go beyond
the emotion if he is thinking to influence the person and his opinions but new ideas
can be generated and can be expressed in purely different manner in order to
differentiate own self.

Some learning from the Leaders Branding Strategy:

As far as LIC is concerned one can clearly identify and differentiate it from other if
the logos of different company put together and asked to find it.
One thing which I felt as a strong point in the logo of LIC is the mantra taken from
Gita (9-22) yogakshemam vahamyaham

- Which means that I promise to give those things he requires and those things
that he already possesses are protected by me. As per the Indian culture it has
huge impact on the Indian population and helps to build a different image and
identity in the eyes of people. I am not advocating for LIC but trying to justify
that we should consider each and every weakness as well as the strength of our
competitors, so that we can take benefit of strengths strategy and can keep oneself
out of those weaknesses which the competitor is already having.

Introducing ICICI Prudential- As a Brand for Middle Class and

Poors:
It is very sad to know that people of India thinks that insurance is for rich or for
those who are paying much more tax etc. It is a common myth among people
regarding insurance, but if we put a glimpse over the history then we realize that
the evolution of insurance concept was to share the risk among all so that burden
on one shoulder can be minimized. And it was not only for those who are rich but
also for those who are having less property and income to stabilize own self after
the contingency happened.
So in order to remove this myth among people ICICI should take initiative in those
areas where the level of awareness is relatively less and should try to express and
attach itself as a Brand for Middle class or Poors.

There are two ways of doing business one is to have lower sales but higher
profit margin and second is having higher sales but lower profit margin. Both
type of organization are success in the market but their strategy and business
approach are different and to some extent it depends on the nature of goods/
services, taste and preferences and the potential of buyers at large.
Here in India people of average income and lower income are more in percentage
and ICICI Prulife can design some pure insurance based products for them with
lower premium and sum assured as well, and target them extensively with a sound
advertisement strategy and specially oriented to them.
It might possible that we can cover a huge portion of India with huge increase in
sales volume as well as amount. Company can easily get a large no of customer
base which might be very fruitful in future as well when the earning capacity of
those customers will increase and at that time they will a loyal customer for ICICI
Prulife.

ANNEXURE
1. Information regarding respondents
Sr.
no.

Name of respondent Employment/

Profession.

Address

Contact

Vikas Adlakha

Business Executive

Andheri (E)

9987633559

Jatinder Saini

FCP Met life

Lower parel

24903133

Pawan Sahu

Sales Executive

Santacruz (w)

9920862588

Pooja Nayak

Sales Executive

Santacruz (w)

9773693088

Jayshree Parmar

Sales Executive

Santacruz (w)

9773693845

Nisha Delve

Sales Executive

Santacruz (w)

9867951958

Anjan Piprodia

Manager (Invstmnt)

Nirman point

9833966633

Ganesh Ojha

Sales Executive

Santacruz (w)

9833580933

Srinivas Gowda

Sales Executive

Santacruz (w)

9323457736

10

Perm Datta

Sales Executive

Santacruz (w)

9920741513

11

Vinod Mohite

Sales Executive

Santacruz (w)

9819579903

12

Satya Swaroop

Managing Editor

Andheri (E)

9820031016

13

Mridul Gupta

Officer IT

Chuchgate

22863417

14

Sunder kumar

Builder

Santacruz (w)

9833006012

15

Vishal Hundia

Export Doc. Dept.

Vile Parle(w)

9987184400

16

Anil Maurya

Sales Executive

Santacruz (w)

9892587421

17

Irshad Ahmed

Sales Executive

Santacruz (w)

9987463637

18

Jaywant Bhulbal

Sales Executive

Santacruz (w)

9869318103

19

Ramesh Pandey

Sales Executive

Santacruz (w)

9930526563

20

Deepak R Rajni

Advocate (H.C.)

Khar Pali

9821248239

21

Gaurav Shah

Sales dept. officer

Vashi

26621270

2. Questionnaire
(1) Have you ever heard of ICICI Prudential?
(1) Yes

(2) No

(2) Which media has the larger impact on your perception about ICICI Prudential?
(1) TV & other electronic media.
(2) Hoardings/posters.
(3) News paper/articles.
(4) Agents/personal meetings.
(5) References from your family, peers or others.
(6) Internet.

(3) Can you differentiate the advertisement of ICICI prudential from other insurance
companies?
(1) Yes

(2) No

(3) Sometimes

(4) To what extent ICICI Prudential brand have special features such as innovative,
trustworthiness etc?
(1) High

(2) Moderate

(3) Low

(2) Good

(3) Average

(5) How reliable is ICICI Prudential brand?

(1) Best

(6) How efficient is ICICI Prudential brands service in terms of speed, responsiveness,
commitments etc?

(1) Best

(2) Good

(3) Average

(7) How much do you like the look, feel and other design aspect of ICICI Prudential
brand?
(1) Heart touching

(2) Attractive

(3)Common

(8) How much do you like ICICI Prudential brand for life insurance/ how superior is this
brand to others?
(1) 1st priority

(2) 2nd priority

(3) 3rd priority

(4) 4th priority

(9) How likely would you be to recommend ICICI Prudential brand to others?
(1) Always

(2) Sometimes

(3)Never

(10)Do ICICI Prudential brand give you a feeling of warmth, security & self respect?
(1) Yes

(2) No

(11) How loyal you are for ICICI Prudential brand?

(1) I consider myself loyal to this brand.
(2) I really love this brand and it is more than product to me.
(3) I would go for other brand sometimes.

(4) I would go for the other brand every time.

(12) I like to visit the website for ICICI Prudential brand.

(1) Always

(2) Whenever needed

(3) Never

Personal Details:
Name Mr. /Mrs.:
Address:
Age:
Occupation:
Annual Income:

Lees than 3 lac

3 lac to 5 lac

5 lac to 8 lac

8 lac and above

Bibliography
Books & magazines:
Lynn B. Upshaw, "Building Brand Identity, (John Wiley, 1995)
Greg Hemstitcher, "Increasing Hits and Selling More on Your Web Site" (John
Wiley, 1997)
3) ICFAI Insurance chronicle.
1)
2)

Websites:
Search engines:
1)
2)
3)

www.google.com
www.yahoo.com
www.iciciprulife.com

4)
5)

www.lic.gov.in
www.ecommerceweekly.com