Strategic Management

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Strategic Management Project

Bachelor’s in Banking and Insurance (Sem-6)

Topic – Strategies of ICICI Insurance Business

Submitted to :Submitted by :
Prof. N. Punjabi Aman Vijay
Roll No. - 56

1/28/2013

INDEX
TOPIC| PAGE NO.|
Introduction – Company Background| 3|
ICICI Prudential Life - Promotional strategy| 4|
CRM Strategies| 8|
Article - Profitable Growth Culture at ICICI Prudential :| 11| ICICI Lombard GIC LTD. * Conquering New Geographies: Scaling Up into Rural India * ICICI Lombard General Insurance Boosts User Experience with Mobile App * ICICI Lombard Scaled Up With Enterprise Architecture:| 13| Bibliography| 17|

Introduction
Company background
ICICI insurance business is divided into two Categories. The life insurance business is managed by ICICI Prudential life and the general insurance business is managed by ICICI Lombard ICICI Prudential Life

ICICI prudential Life is a Joint Venture between ICICI Bank & Prudential PLC. After the IRDA approval it is among one of the first private sector insurance companies. It began its operations in 2000.ICICI prudential has a equity base of Rs 6.75 billion. In which Prudential PLC holds 26% stake whereas ICICI bank holds 74% stake. Foreign partner

Prudential PLC of U.K was established in 1948 and grown to be the largest life insurance and mutual fund company in U.K. Prudential PLC. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries.Prudential is the largest life insurance company in the United Kingdom. ICICI Lombard General Insurance Ltd

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 91 billion at March 31, 2012 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India. Foreign partner

Fairfax Financial Holdings Limited is a financial services holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and investment management. Fairfax was founded in 1985 by the present Chairman and Chief Executive Officer, V. Prem Watsa. The company has been under present management since 1985 and is headquartered in Toronto, Canada. ICICI Prudential Life

Promotional strategy:
1. Advertising
Advertising is defines as any paid form of non personal Communication to promote some product or service. The advertising idea, which was encapsulated in symbols of protection from the initial print campaign, culminated in the corporate film where SINDOOR was used as an endearing and lasting symbol of protection. Some Advertisements :

a. Headline: Beneath every wave, is an anchor.
Subhead: We cover you.
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. Baseline: Joy Hope Freedom Life

b. Headline: On every long journey, there's a partner to keep it safe. Subhead: We cover you.
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. Baseline: Joy Hope Freedom Life

2. Personal Selling
It is a form of...
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