Last Updated on February 15, 2023 by
INTRODUCTION
This research was carried out for ICICI Prudential and was titled “A Study on How CBD Will Be a Potential Channel in Bridging the Geographical Barrier in Insurance Sales for ICICI Prudential Life Insurance.” This study, which was conducted among a small sample of residents in relation to ICICI Prudential Life Insurance Co., Ltd., aims to determine the new channel consultancy business development’s awareness and potential for overcoming the geographic divide in insurance sales.
By determining what percentage of the surveyed target population displays a desire to participate in the program, the primary goal of this research is to examine how the target audience responds to the CBD channel.
OBJECTIVES
- Method to evaluate the prevalence of life insurance and to get an understanding of the elements that have a role in determining whether or not someone will acquire life insurance.
- To get an idea of the level of familiarity individuals have with ICICI Prudential Life Insurance Company, Ltd.
- To investigate how customers feel about life insurance marketing, choosing a life insurance adviser, and distributing different types of life insurance products.
- To have an understanding of the degree of information that exists about the potential revenue and incentives that may be earned by advisors who promote life insurance products.
LITERATURE REVIEW
In the life insurance industry, the corporation is not allowed to offer its goods directly to customers; as a result, several methods of distribution have been developed and used by life insurance providers. The ICICI Prudential Life Insurance Company Limited has just just launched a brand new channel that goes by the acronym CBD, which stands for Consultancy Business Development.
The establishment of this channel has the dual goals of increasing the total number of advisers working for the firm from a variety of locations and expanding the geographic regions that it serves, including providing service to cities and towns that do not have any ICICI Prudential offices.
This might be investigated in a few different aspects of study. This research will assist the company in determining the factors that make the channel have the potential to bridge the geographical barrier in insurance sales and in formulating new strategies to promote this channel further. A detailed report on this new channel will be provided as part of this study.
CONCLUSION OF A STUDY ON HOW CBD WILL BE A POTENTIAL CHANNEL IN ICICI PRUDENTIAL
A large private insurance provider, ICICI Prudential Life Insurance Co. Ltd., has devised a new method for the recruitment of financial advisers. This channel might be promoted by educating people on the topic, running advertising campaigns, devising acceptable lucrative schemes, and describing the function that plays in the life insurance market. Because reputation is such an important factor in this industry, the corporation should put more of its focus on boosting its credibility throughout the whole of India.
A greater share of the market in rural regions may be captured by the firm if it takes the time to raise people’s awareness and educate them. All of these things might be of assistance to the corporation in advertising this new channel throughout the whole nation. It’s possible that this may help ICICI Prudential break over the geographical barrier in the insurance sales industry.
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| Project Name | : A Study on How CBD will be a Potential Channel in ICICI Prudential |
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