ICICI Prudential Life Insurance Company is a joint venture between one of the most successful private financial services company, ICICI Bank and One of the leading International financial services group, Prudential PLC, Headquartered in UK.
|COMPANY TYPE||Private Ltd|
|Managing Director & CEO||Mr. N S Kannan|
|Foreign Partner||It is a joint venture between ICICI Bank Ltd (74%) and Prudential Corporation Holdings Ltd (26%).|
|Contact Details||Toll-free : 1860 266 7766 (Existing Customer) 1800 3006 9777(New Customer) Website : www.ICICIPrulife.com Mail : lifeline@iciciPrulife.com SMS : 56767|
|Social Media Links||Twitter : twitter.com/iciciprulife Facebook : facebook.com/ICICIPrulife Instagram : Instagram.com/iciciprulifeofficial YouTube : youtube.com/iciciprudentiallife|
|Latest Claim Settlement Ratio||98.6 (2019-20)|
|Vision||To build an enduring institution that serves the protection and long-term saving needs of customers with sensitivity.|
|Year of start||2001|
|Assets Under Management||1,700.06 billion (as on June 2020)|
|Solvency Ratio||215% as on 31st MAR 2019|
|IRDAI registration No||105|
|Brand Ambassador||Mr. Amitabh Bachchan|
|Corporate office||ICICI prudential Life Insurance Co. Ltd. ICICI PruLife Towers, 1089 Appasaheb Marg, Prabhadevi, Mumbai – 400025.|
|Banking Partner||ICICI Bank|
|Awards and Recognition||1)Customer Service Company of the year 2020 2)Best Alternative or Digital Payments Program 2020 3)Ranked amongst the Top 3 Companies in Indian Corporate Governance Scorecard 4)Life Insurance Company of the year 2019 5)ICICI Pru iProtect smart “Product of the year 2019 “|
|Top Selling Best Products||1)ICICI Pru iProtect Smart Plan 2)ICICI Pru Assured Savings Insurance Plan 3)ICICI Pru Immediate Annuity Plan 4)ICICI Pru1 Wealth Plan|
Keep customers at the center of everything they do.
Openness to learn and change.
Demonstrate infectious energy to win and excel.
Do the right thing.
Treat organization agenda as paramount.
ABOUT ICICI PRUDENTIAL LIFE
ICICI Prudential Life began its operations in fiscal year 2001. The company which got first license to sell private insurance is ICICI prudential Life and got a AAA rating of National Insurer Financial Strength.
Hence, this company has been voted as India’s Most Trusted private Insurer for three consecutive years. The first company to crossed 1 trillion market of AUM is ICICI Prudential Life and also it is the first company in India for its shares are listed in BSE and NSE. ICICI prudential Life has consistently been amongst the top players in Indian Life Insurance sector.
OPERATIONS OF ICICI PRUDRNTIAL LIFE
This Company operates on the crore philosophy of customer centricity. ICICI Prudential Life offers various long-term savings and protection plans to meet the customer requirement through their various stages of life.
Similarly, they implement elop various initiatives to provide superior quality services, cost effective products, superior quality services, consistent fund performance and had hassle free claim settlement experience to their customer.
The success of the institution is built on their unflinching commitment to the five core values of Customer First, Humility, Passion, Integrity, and Boundaryless.
Their values guide their actions, describe what they stand for and the way they work. Every member of ICICI Prudential Life team is committed to the five core values and those values shine forth in all that they do.
ICICI Bank is a leading private sector bank in India. The Bank’s consolidated total assets stood at Rs. 13.77 trillion at March 31, 2020. The Bank currently has a network of 5,324 branches and 15,688 ATM’s across India.
HISTORY OF ICICI BANK
The Bank was originally promoted in 1994 by ICICI Limited, an Indian financial institution, and was its wholly-owned subsidiary. ICICI’ shareholding in ICICI Bank is 46% and remaining share was distributed through a public offering of shares in fiscal 1998.
With the initiative of World bank ICICI was formed in 1955 and its principal objective was to create a development financial institution for providing medium and long-term project financing to Indian business.
In 1990, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services.
For considering various corporate structure and alternatives to compete in Indian banking industry, and to move to universal banking, the management of ICICI and ICICI Bank formed the view that merger of ICICI with ICICI bank is the would be the optimal strategy for ICICI group’s universal banking.
In October 2001, the Board of Directors of ICICI and ICICI bank approved the merger of ICICI ad its two wholly-owned retail financing subsidiaries. The consequent made ICICI group’s financing and banking operations, both whole sale and retail, have been integrated in a single entity.
PRUDENTIAL CORPORATION HOLDINGS LIMITED
Prudential corporation holdings limited is an indirect wholly-owned subsidiary of Prudential Plc. The company is an Asia-led portfolio of businesses focused on structural growth markets. The business helps individuals to reduce risk in their lives and deal with their biggest financial concerns through life and health insurance, and retirement and asset management solutions.
OPERATIONS OF PRUDENTIAL CORPOATION HOLDINGS
Prudential Plc has 20 million customers and is listed on stock exchanges in London, Hong Kong, Singapore and New York. Prudential Plc is not affiliated in any manner with Prudential Financial, Inc. a company whose principal place of business is in the United States of America, nor with the Prudential Assurance company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
ICICI PRUDENTAL LIFE DEPUTY MANAGER SPEAKS
ICICI Prudential Life Insurance company’s service initiative titled ‘Claim for Sure’ promises to settle death claims in one day. Deputy Manager of ICICI Prudential Life, Mr. Puneeth Nandha told that leveraging technology of customer centricity was the bedrock of their strategy.
Technology solutions implemented had been enabled them to simplify and processed death claims on a fast track basis. Customer could take comfort in knowing that their families would had virtually immediate access to the claim proceed and continue with their lives.
In this pandemic Covid-19, ICICI Prudential in line with directives from authorities as part of efforts, the offices are operational but with limited staff. The digital platform of the company empowers customers to conduct self-help transactions.
The company urges customers to avoid unnecessary travel and use company’s digital platform from safety of their homes. Company provides 24/7 access for getting their policy information, apart from that customer can update their details such as nominee, mail, number and also doing their renewals or changing standing instructions etc. Also view their statement, receipt, tax certificate and upload the documents and check the status of the policy applications.
RECENT ACTIVITIES OF ICICI PRUDENTIAL LIFE
Recently ICICI prudential Life has introduced its customer service chatbot ‘LiGo’ on ‘Google Assistant’. This would enable the company’s policy holders to have their queries addressed by simple voice commands such as “Ok Google, I want to speak to ICICI Prudential Life LiGo” or “May I talk to ICICI prudential Life LiGo”.
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