ICICI Prudential Life Insurance

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ICICI Prudential Life Insurance Company Ltd.
Private company
Industry Insurance Services
Founded 12 December 2000
Headquarters Mumbai, India
Area served
 India
Key people
  • Sandeep Bakhshi (Managing Director & Chief Executive Officer),
  • Puneet Nanda (Chief Marketing Officer),
  • Sandeep Batra (Executive Director),
  • Satyan Jambunathan (Executive Vice President),
  • Manish Kumar (Chief Investment Officer),
  • Navin Sharma (Chief Internal Audit),
  • Binay Agarwala (Chief Financial Officer & Chief Risk Officer- Enterprise Risk),
  • Deepak Kinger (Chief Compliance Officer),
  • Poonam Bhardwaj (Chief Risk Officer- Operations Risk)
Products Insurance
Total assets ₹100,000 crore (US$15 billion) (2014)
Website www.iciciprulife.com

ICICI Prudential Life Insurance Company Ltd. is one of the leading life insurance players in India. It has assets held over Rs. 100,000 Cr.[1]

ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively . For the financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The company has assets under management of Rs. 1001.83 billion as on March 31, 2015.[2][3]

History

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential plc, a leading international financial services group headquartered in the United Kingdom.[4] ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory and Development Authority of India (IRDAI).[5]

Management / Key people

  • Mr. Sandeep Bakhshi - Managing Director & Chief Executive Officer[6]
  • Mr. Puneet Nanda - Executive Director (Chief Marketing Officer)[7]
  • Mr. Sandeep Batra - Executive Director[8]
  • Mr. Satyan Jambunathan - Chief Actuary (Appointed Actuary)[9]
  • Mr. Manish Kumar - Chief Investment Officer[10]
  • Mr. Deepak Kinger - Executive Vice President (Chief Compliance Officer)[11][12]
  • Mr. Binay Agarwala - Chief Financial Officer[13]
  • Mr. Pratyay Bhattacharya - Vice President (Chief Risk Officer - Enterprise Risk)[14]
  • Mr. Amish Banker - Senior Vice President (Chief Risk Officer - Operational Risk)[15]
  • Mr. Navin Sharma - Senior Vice President (Chief Internal Audit)[16]

Proprietary Products / Products & Services

ICICI Prudential offers a wide range of insurance products across different categories to its customers such as Term Life Insurance Plans, Wealth Insurance Plans, Retirement or Pension Plans, Group Insurance plans and Rural Plans.[17]

  • Term Plan: Life insurance plan that is valid for a specified term
  • Wealth Plans: Life insurance that also focuses on wealth building through investment in stocks or mutual funds
  • Traditional Savings / Money Back Plans: A type of insurance where you give a defined contribution consistently and get a benefit at the time of maturity
  • Retirement plans: Focuses on securing the post retirement life
  • Group Plan: Aimed towards insuring employees
  • Rural plan: Aimed at insuring the rural inhabitants

Awards and recognitions

2003

  • The Economic Times: A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005 Best Life Insurer 2003[18]

2006

  • Prudence Award 2006: People Award for excellence in training and people development[19]

2007

  • ICICI Prudential Life's, retirement solutions campaign for the year 2006-07 was awarded the Bronze Effie trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Ad Club[20]

2008

  • ICAI Award for Excellence in Financial Reporting' by the Institute of Chartered Accountants of India (ICAI) for the financial year ended March 31, 2008[21]
  • ICICI Prudential Life was awarded the Life Insurance Company of the Year at the 12th Asia Insurance Industry Awards 2008[21]

2009

  • ICICI Prudential ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity "Most Trusted Brands 2009" survey[22]
  • ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009[23]

2010

  • AGC Networks - Economic Times: India's Most Customer Responsive Insurance Company[24]

2011

  • ICICI Prudential Life Insurance has been conferred the 'Insurance Company of the Year Award 2011' and Company of the Year Award 2011 Life Insurance at The Indian Insurance Awards 2011 instituted by the reputed insurance journal of India Insurance Review, in association with Celent, a research and consulting firm[25]
  • ICICI Prudential Life Insurance was awarded the ‘ICWAI National Award for Excellence in Cost Management – 2010’ under the ‘Private sector-Service (Large) category at ICWAI annual event[26]

2012

  • ICICI Prudential Life Insurance has been pronounced winner in the 2nd Excellence Awards and Recognition for Shared Services, 2012. It won the award in the category - Shared Services in India - Insurance Domain[27]
  • Bronze Effie in the Financial services category for the campaign "Life Insurance in just 10 Minutes"[28]
  • ICICI Pru iCare has been voted the Product of the Year 2012[29]

2013

  • Silver EFFIE in the Financial services category for the campaign "Achche Bandeh"[30]

References

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  21. ↑ 21.0 21.1 http://www.business-standard.com/article/press-releases/icici-prudential-life-records-28-premium-growth-for-9mfy2009-109011901075_1.html
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[1] [2]

External links

  1. ↑ http://www.iciciprulife.com/public/About-us/Key-Persons.htm
  2. ↑ http://www.iciciprulife.com/public/About-us/About-Us.htm
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