SWOT Analysis of ICICI Prudential Life Insurance

SWOT Analysis of ICICI Prudential Life Insurance focuses on strengths, limitations, opportunities, and Threats. ICICI Prudential Life Insurance is one of the largest private sector insurance companies. The strengths and weaknesses of ICICI Prudential Life Insurance Swot are internal factors, while opportunities and risks are external factors.

SWOT Analysis is a validated management tool that enables a company like ICICI Prudential Life Insurance to measure its business & performance with competitors and the industry.

ICICI Prudential Life Insurance is a venture of ICICI Bank & Prudential. ICICI Prudential Life Insurance Limited has started its operations in the year 2001.

ICICI Prudential Life Insurance Limited is the market leader in a Private Life Insurance company followed by SBI Life, Bajaj Allianz & HDFC Life. ICICI Prudential AUM (Assets Under Management) as of the year ending 2019 was 1,604.10 billion. It is the first insurance company in India to be listed on BSE and NSE.

swot analysis of icici prudential life insurance

Strength in the SWOT Analysis of ICICI Prudential Life Insurance

  • ICICI Prudential Life Insurance has a customer-centric approach.
  • The organization has long term savings and protection plans for different stages of life. The company has cost-effective products, good customer support, consistent growth in investments, and a fast claim settlement process.
  • ICICI Prudential has multiple channels for selling its policies. ICICI is selling its policies through its branches. Insurance Advisors are also recruited by the company. Bancassurance is also a channel for selling its policies. ICICI Prudential has branches all over the country to market its products. Marketing Executives are trained to explain the features and benefits of ICICI Prudential Life Insurance. ICICI is also selling its policies through Online Channel. ICICI Prudential has a simple claim settlement process.
  • Good Claim Settlement Ratio.
  • Promotions: ICICI Prudential has a good Promotional Strategy. ICICI Prudential is taking every possible measure to promote its policies. ICICI Prudential Life Insurance is using modern techniques for promoting its products and services. For online advertisements, the company is using Google Ad Network and other Ad Networks. The company is using Facebook Marketing, Whatsapp Marketing, for its promotion. ICICI Prudential is also advertising its products on Television, Print Media, and in Magazines. It is also using Hoardings for promoting its products throughout the country. It is also promoting its products on various Social Media Platforms. These aggressive techniques are developing a good image among the customers of the company.
  • ICICI Prudential is using every possible channel for selling Policies.
  • ICICI Prudential has also tie-ups with banks to sell its policies.
  • The company is providing Training to its insurance advisors.
  • Good Unit Linked Insurance Policies. ULIPs of ICICI Prudential is also a major threat.

Weaknesses in the SWOT Analysis of ICICI Prudential Life Insurance

  • Being A Private sector organization ICICI is not able to create its brand image like LIC.
  • No Control over Insurance Advisors. Some advisors are not giving correct information about the policies before selling them.

Opportunities in the SWOT Analysis of ICICI Prudential Life Insurance

  • ICICI prudential can do tie-ups with new banks for selling and marketing of its Life Insurance Policies.
  • Due to Increasing demand of Insurance company can formulate strategies to promote and formulate new policies according to the need of customers.

Threats in the SWOT Analysis of ICICI Prudential Life Insurance

  • There is a touch competition between Insurance companies in India. Insurance companies are offering competitive premium to be paid for Insurance Policies. This can be a major threat.
  • Insurance is regulated by IRDA and ICICI Prudential has to comply with the policies and regulations of IRDA.

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