The importance of brand in boosting the sales in life insurance services: ICICI Prudential Life Insurance

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The importance of brand in boosting the sales in life insurance services: ICICI Prudential Life Insurance

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Abstract

A brand name helps an organization differentiate itself from its competitors. In today's competitive world no product can go without a brand. Customers often build up a relationship with a brand that they trust and will often go back to time and time again. For example, some people may only purchase a Sony TV although there are acceptable alternatives on the market, because of a past positive history with this brand. How much is a brand worth? Brand equity refers to the value of the Brand. Brand equity does not develop instantaneously. A brand needs to be carefully nurtured and marketed so consumers feel real value and trust towards that brand. When a company manages its brands it has a number of strategies it can use to further increase its brand value. Line Extension is where an Organization adds to its current product line by introducing, versions with new features, an example could be a Crisp manufactures extending its line by adding more exotic flavors. Brand Extension : If your current brand name is successful, you may use the brand name to extend into new or existing areas. For example Virgin extending its brand from records, to airlines, to mobiles. Multi branding : The Company decides to further introduce more brands into an already existing category. Kellog does for example have a number of brands in the cereal market and the cereal bar market. Multi – branding can allow an organization to maximize profits, but a company needs to be weary over their own brands competing with each other over market share.

Introduction.
Types of life insurance policies.
Role of brand in insurance.
1. Need for branding in insurance.
Research design.
1. Statement of the problem.
2. Objectives of the study.
3. Scope.
4. Study Area.
5. Research methodology.
6. Data.
7. Operational definitions of concepts.
Company profile.
Products.
1. Child plans.
2. Retirement solutions.
3. Health solutions.
4. Group insurance solutions.
5. Flexible rider options.
About the promoters.
Marketing details.
1. Market.
2. Achievements.
3. History.
4. Product.
5. Recent developments.
6. Promotion.
7. Brand values.
Analysis and interpretation.
Findings and suggestions.
Conclusion.
Bibliography.
Annexures.

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[...] So this study will give importance of brand in boosting the sales in Life Insurance Services”. Objectives of the Study The objective of the study is to show the importance of brand in Life Insurance Services To get views from customers about the brand equity of ICICI Prudential To educate the users of this project about Life Insurance Scope The study find out the respondents view on the brand image of ICICI Prudential and how this helped it be a present successful private insurance player in India It will be useful to refer for the new comes entering in to the life Insurance business The survey made on study is in Bangalore. [...]

[...] The aim was to encourage people to view insurance not as a compulsory tax saving instrument, but as a means to lead to worry-free, secure life and in the process create the differentiator for brand ICICI Prudential. The brand proposition for all the campaigns was reflected in the line: ‘Suraksha: Zindagi ke har kadam par', the campaign featured a significant competitive advantage, the sound financial backing and credentials of ICICI and Prudential, and showcased products from different segments. The advertising idea was encapsulated in the symbol of protection the ‘Sindoor'. [...]

[...] Prudential is the leading European life insurance company with a vast network of 23 life and mutual fund operations in twelve countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore. Taiwan, Thailand and Vietnam. MARKETING DETAILS : MARKET : For ever 50 years, life Insurance in India was defined and driven by only one company the Life Insurance Corporation of India(LIC). With the Insurance Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry of private companies into both life and general sectors there was bound to be new-found excitement and new success stories. [...]

[...] Interpretation: Majority of the respondents in Bangalore agree that there is need for life insurance companies to create a brand image of ICICI prudential to boost sales Table showing the responses on the importance of brand image of ICICI prudential to boost sales. Yes 100% No Yes 100% No 2. Table showing the responses on the importance of brand image of ICICI prudential to boost sales. Sources : Primary Data Analysis: All respondents 100% in Bangalore agree that brand image played a vital role for ICICI prudential to be successful today. [...]

[...] In order to be ahead of LIC, ICICI Prudential must source providing customized life insurance services in rural market in India ICICI Prudential should come up with innovative ways to bring awareness about the need and importance of Life Insurance policy for a common man's life ICICI Prudential must focus on promoting other policies like Invest Shield, Life Guard, ADBR Plans According to the findings No.18. There are respondents who relieve that LIC is as the strong brand . So ICICI Prudential must come up with flexible policies for all classes of people in India ICICI Prudential must try and reduce admin charges and the premium amount for the policies Brand on the study the company must focus on new innovation schemes / policies for children. [...]

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