Business Research - Icici Prudential

Research Project

o n ‘Brand building and Awarenes of ICICI Prulife’

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Objective...!! 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 define 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.

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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 discussion over the objective of topic with some of my friends, peer group and some faculty members.

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Data Collection & Interpretation Note: The survey is done in the Delhi 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 has resulted in availability of the desired information but these were useless until there were analyzed. • The data collected by questionnaire was analyzed, interpreted with the help of table, bar chart and pie chart. Kirana Store

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. ---Finding is comprised of three parts: ---Question. ---Outcome from survey i.e. data interpretation. ---Analysis of outcome.

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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: • Respondents are well informed of the insurance companies including ICICI Prulife. • Awareness comes not only due to company’s effort but the respondent’s interest and education too. • It shows that selling insurance in city like Delhi is relatively easy in comparison to those places where people are not aware of the benefits of insurance. Kirana Store

2. Which media has the larger impact on your perception about ICICI Prulife? 25% 20%

TV

15%

NEWSPAPER Articles/leaflets

10%

Agents/Advisors internet

5% 0% Level of Potential in different Media to influence customer.

Posters/Hoarding Peer group

ANALYSIS: • Most people are influenced by the emotional TV Advertisement of the company. •

Internet & leaflets/Articles are used by intellectual people only i.e. very less in percentage.

• Direct contact with the company’s 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. Kirana Store

3. Can you differentiate the advertisement of ICICI prudential from other insurance company?

60% 50% 40%

YES

30%

NO SOMETIMES

20% 10% 0%

Information & Advertisment Asymmetry

ANALYSIS: • Advertisements shown by the companies are having only one tool to influence the customer i.e. emotions, with relatively same ground in emotion. • 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. Kirana Store

4. Brand’s service in terms of speed, responsiveness and its special features such as innovative and uniqueness etc.

40% 35% 30% 25%

Best

20%

Good Average

15%

Poor

10% 5% 0%

ComparingOther Companies

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

5. Brand superiority 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: • Some respondent are much satisfied with the ICICI Pru’s products and customer services so they have given the first rank to the company. • Some respondents consider that the Government company and private company can not compared because somehow and somewhere government companies are more trustable and reliable than a private company, so they have given second priority to ICICI Prudential. • Some respondents are loyal some other private companies, it was their personal prejudices, so they have evaluated ICICI Pru as 3rd or 4th. Kirana Store

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

20% 15%

Common

10% 5% 0%

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

ANALYSIS: • 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. • 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. Kirana Store

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

70% 60% 50% 40%

Always

30%

Whenever needed Never

20% 10% 0%

ANALYSIS:

Use of internet for Insuarnce related Query & Info .

• In India, people used to call agents or take advice from their peer group when they needed insurance related information. • People are less dependent on the internet for such purpose. • But it is also true that people who have already taken insurance policy, they are frequent to use insurance companies website for their queries. Kirana Store

8. Does ICICI Prudential Brand gives you feeling of warmth, security & self respect? 60% 50% 40% 30%

YES

20%

NO

To some extent

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

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

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: • 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. • The respondents who are not loyal for anyone can become loyal if they get the desired service from ICICI Prulife. • Companies like Baja Allianz, LIC, Kotak Mahindra etc are providing greater services in order to build a good image in the eyes of customer. Kirana Store

Brand logo & ICICI Prudential Often, people are only able to get a quick glance at the logo, 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 logo’s design. 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. Kirana Store

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 company’s 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.

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. 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.

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Thank You 4 Listening! Jeete Raho…

Pratik Jain Manish Kulhari Kuldeep Sharma Sachin Kumar Manvinder Singh

I hope you learned something!

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