advisor recruitment in icici prudential
TRANSCRIPT
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Summer Training Presentation
in partial fulfillment for the degree of
Masters of Business Administration
Department of Business Administration
Faculty of Management Studies and Research
Aligarh Muslim University, Aligarh.
Murshidabad Centre, West. Bengal
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SUMMER TRAINING REPORT PRESENTATION
Of project undertaken at
ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.On
ADVISOR RECRUITMENT IN ICICI
PRUDENTIAL LIFE INSURANCE CO. LTD
Under the supervision of:
Mr. Harish KhaliqueHR Manager, ICICI Prudential life InsurancePresented By:
ISRAR AHMAD(11-MBAW-34)
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Contents
Company profile
Introduction of the problem
Objective of study
Theoretical concept
research methodology
Data collection and presentation
data analysis
FindingsConclusion
Suggestions
limitations
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Company Profile
ICICI Prudential Life insurance Company is a joint venture between ICICI Bank
and Prudential Plc.
ICICI Prudential was amongst the first private sector insurance companies to begin
operations in December 2000 after receiving approval from IRDA.
VISION:-To make ICICI Prudential the dominant life and pensions player built on
trust by world class people and services.
VALUES:- Customer First, Integrity, Boundary less, Ownership, Passion
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INTRODUCTION OF THE PROBLEM
TOPIC: Advisor recruitment in ICICI Prudential Life Insurance
Company Limited.SOME BASIC MANDATED WHICH A MANAGER ANSWERS BEFORE RECRUITING
WHY TO RECRUIT
Thats the way to do this business
More recruits, more active advisors, more BUSINESS!!
WHO TO RECRUIT
A successful advisor common traits are :
Age : 25-50 Education : Graduate
Family Income: above Rs 3 Lakh p.a
Marital status: Married
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SOME OTHERS POINTS BEFORE RECRUITingSuccessful advisors usually have 2 years of work exp.
Women/housewife are very successful.
Small entrepreneur
Average profile
Women
Students
Retired personnel
Avoidable profile New to city
Income profile approx Rs 1 lakh p.a
People who do not own their transport
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Most preferred profiles to
recruit as advisor
CAs
Doctors
Lawyers
Govt. employees
Bankers and brokers
Agents of others life insurance companies
Executives working in a call centers.
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Objective of the study
Primary objectModes and ways through which they recruit advisors.
Secondary objectCommission structures.Training programme.
USPs.
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THEORETICAL CONCEPTHierarchy In Insurance Company
SALESMANAGER
AREA
SALESMANAGER
UNITMANAGER
UNITMANAGER
ADVISOR ADVISOR ADVISOR
UNITMANAGER
AREA SALES
MANAGER
AREA SALES
MANAGER
AREASALES
MAAGER
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30CONTACTS
8 FORINTERVIEW
2SELECTED
RECRUITING SUCCESS FORMULA
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Before we move on to searching it is important to know
the profile of the advisor.
The general profile would be:
Age 25-45 years
Smart appearance and sound health
High IQ and common sense
Ability to work under pressurePrior sales experience
Money motivation
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STRATEGIES INVOLVED IN SEARCHING
POTENTIAL ADVISORS
Personal observation
Present advisor recommendation
Client referrals
College campuses
Seminars
Newspaper advertisement
Direct mail
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RESEACH METHODOLOGY
Sampling:-During this step we have to createdatabase of the persons who can be recruited as aninsurance advisor. The data base should inlude our
relatives and friends
Pre-approach:-during this step we fixappointments with the prospective persons and get aproper day and time from him to meet and explain thevarious benefits of the advisors
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Approach:-approaching part include meetingwith the prospective persons.
Selected persons were contacted telephonically
Opening the call:- In this step we check for thedetails of the persons during the meeting.
RECRUITMENT:-Finally data was collected inwritten format from those who were interested
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DATA COLLECTIO AND PRESENTATION
I have used my own database which consists of small
entrepreneur, high school and college teachers etc. In my case what I had proceed on behalf of the
company, the list of given database
Table showing the frequency ad percentage of different
age group.Age group frequency Percentage
Below 25 17 34
25-35 22 44
35-45 4 8
45-55 3 6
More than 55 4 8
Total 50 100
Y
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DATA ANALYSIS% of different age group people
>2534%
25-3544%
35-458%
45-556%
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% of people who are interested in ICICI
PRUDENTIAL
From this graphical representation it exactly shows that
maximum number of people are interested towards
ICICI PRUDENTIAL to run up a business as an advisors
Interested shown frequency percentage
Yes 30 60
No 20 40
total 50 100
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% of people who have different household income
To become an insurance advisor anyone need minimum household
income of Rs 2 lakh. So our research target was those customerswhose household income lies between Rs 2-3 lakh /yr.
Income household frequency Percentage
1-2 lakh/yr 10 20
2-3 lakh/yr 18 36
3-4 lakh/yr 15 30
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FindingsOn the basis of the data collected through the questionnaire, I came to
the following analysis.
The most of the people who were interested in insurance sector
were below 25 year.
The married people were more interested as compared to the
unmarried people.
The people who were on the govt. job and having own businesswas making good response as compared to others.
Most of the individual who were simple graduate were making
more interest in insurance sector as compared to the post
graduate and professional people.Lot of people was making negative response about the interest
in insurance sector
Most of the people like to start a business with ICICI Prudential
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CONCLUSION ICICI Prudential Life insurance Company is the no 1
private life insurance company in India
It is concluded that through references people can be easily
recruited.
It is found that persons doing their private business are ready to
be recruited as an advisor.
It found that those who pay the fees for training are mostly
committed for recruitment.
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Suggestions
From our study we could find out that peopleare not aware about the policies and features
of insurance. Therefore ICICI are suggestion
to shed light on policies and explain thefeatures.
The return of the policies are not properly
managed and never given in time. So these
must be looked at.
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LIMITATIONS OF THE STUDY
People do not trust on private companies.
Presence of competitors like Bajaj Allianz, Kotak Life, FGI, etc
Presence of government investment options.
Advisor income depends upon their work. (no fixed income).
Differences in advisors commission as compare to govt. sector.
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THANK YOU