Profile of ICICI Prudential Life Insurances Company Limited
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank – one of India’s foremost financial services companies- and Prudential plc – a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. It began its operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential has been voted as India’s Most Trusted Private Life Insurer for three consecutive years by the Economic Times. ICICI Prudential has retained its position as the number one private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
As regards the distribution of ICICI Prudential Life, It has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with 2,100 branches (including 1,116 microoffices) and an advisor base of over 290,000 as on December 31, 2010. The company has 18 bank assurance partners having tie-ups with ICICI Bank, Jalgaon People Co-op Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank etc.
Objectives of the Unit
To be the dominant Life, Health and Pensions player built on trust by world-class people and service ICICI Prudential Life Insurance company aims to achieve by;
(i) Understanding the needs of customers and offering them superior products and service;
(ii) Leveraging technology to service customers quickly, efficiently and conveniently;
(iii) Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders;
(iv) Providing and enabling environment to foster growth and learning for its employees with transparency.
The success of the company depends upon values – Integrity, customer First, Boundary less, ownership and passion. Each of the values describes what the company stands for the qualities of its people and the way company work.
The company believes in redefining and reshaping the sector. Given the quality of its parentage and the commitment of its team, there are no limits to its growth.
Organizational Setup & Pattern of Management
As regards Management pattern of the ICICI Prudential Life Insurance Company Limited, the Board Comprises of reputed people from the finance, industry both from India and abroad. The Board consists of one Chairperson and nine Directors as on 31 March 20101. The Board carried on its activities with the help of different six committees through 1918 officers in 1726 various locations as on March 31, 2010. The Board of Directors is responsible for overall corporate strategy and other board related matters.
The Managing Director oversees implementation of strategy, achievement of the business plan and day to day activities and operations related issues.