PROJECT REPORTS

ON

“DIFFERENT PROCEDURE OF RECRUITMENT &

SELECTION ADOPTED IN ICICI PRUDENCIAL

INSURANCE LTD.”

Submitted in partial fulfilment of the requirement of Post Graduate

Diploma in Business Management

By:

SMRITI.

Roll No: GJUJUL08AC032

Batch: 2008-2010

Under the Guidance of:

Mr. NIKHIL KULSHRETHA.

DEAN, ACADEMICS.

NSB School of Business

NSB SCHOOL OF BUSINESS B-II/1, MCIE, Delhi-Mathura Road, New Delhi

DEPARTMENT OF HUMAN RESOURCENSB School of Business ,New Delhi

AUTHENTICATION CERTIFICATE

This is to certify that the work presented in this dissertation and titled “DIFFERENT PROCEDURE OF RECRUITMENT AND

SELECTION ADOPTED IN ICICI PRUDENCIAL LIFE

INSURANCE LTD.” has been entirely carried out by SMRITI

Roll No. GJULUL08AC032 Under my guidance is being

submitted to NSB School of Business, New Delhi and this

dissertation has not been submitted by him to any other university

for attainment of any degree/diploma or certificate course.

Signature of the Project Guide

PREFACE

M.B.A. is stepping-stone to Management career. In order to achieve

practical, positive and concrete results the theoretical knowledge must be

supplemented with exposure to real environment. MBA combines both

theory and its practical applications as its major content of study in the field

of management .Theoretical knowledge without practical knowledge is of

little value. Theoretical studies in classroom are not sufficient to understand

the functioning of marketing concepts. Therefore, it becomes necessary to

undergo any project work. Practical project supplements the theoretical

studies i.e., it covers what is left uncovered in the classroom. It exposes a

student to invaluable treasure of experiences. I took my project work with

ICICI Prudential. Project work is a part of our curriculum, which helps us to

correlate our theoretical concepts with practical experiences. The topic that I

have taken for project is “PROCEDURE OF RECRUITMENT AND

SELECTION ADOPTED IN ICICI PRUDENTIAL LIFE

INSURANCE Ltd.” has been suggested to me by Human Resource

Department (ICICI Prudential). Accomplishment and achievement of goals

is the major aim of any organization. These goals are achieved by

properrecruitment of employees. Recruitment of quality and

dedicatedemployees plays an important role in achieving these goals.

ACKNOWLEDGEMENT

“Our personalities are based on the foundation of eduvation imparted“Our personalities are based on the foundation of eduvation imparted

by one teacher who are next to God.”by one teacher who are next to God.”

I wish to thank Mr. Sunil kumar arora(Unit manager of ICICI Prudential LIC

Ltd.) for giving me this opportunity to do my dissertation with ICICI

Prudential LIC Ltd. I also wish to acknowledge him for his continuous and

unmatched guidance till the completion of the project. I also be thankful to

Mr. NIKHIL KULSHRETHA (DEAN, NSB.) who is my project guide

for giving me proper guideline and support during my research project.

I also express my gratitude aff of ICICI Prudential LIC Ltd. for providing

me valuable inputs, supervision and cooperation throughout the period of

my research project, which helped me in successful completion of my

project.

I would also like to thank Mr. Adarsh Aggarwal who guided and supervises

me throughout my research project and remained an active supporter from

the beginning till the end.

SMIRITI

ROLL NO: AC032

MBA 4TH SEMESTER.

4

CONTENTS

TOPIC PAGE No.

1. EXECUTIVE SUMMARY 06

2. INTRODUCTION 08

3. LITERATURE REVIEW 13

4. RESEARCH METHODOLOGY 16 Objectives Hypothesis Research design Sampling plan Sampling unit Sampling design Limitations 5. INDUSTRY PROFILE 22

6. COMPANY PROFILE 33 Product profile Management SWOT analysis

7. RECRUITMENT & SELECTION 45

8. FINDINGS & ANALYSIS 60

9. CONCLUSION 76

10. RECOMMENDATIONS 79

11. BIBLIOGRAPHY 81

5

12. QUETIONNAIRE 83

    

EXECUTIVE

SUMMARY

6

EXECUTIVE SUMMARY

ICICI Prudential Life Insurance co. ltd is the #1 private life insurers in the world. The

project was undertaken to study the dynamics of insurance agency development and need

of life insurance in human life. The study of ICICI Prudential life group is undertaken to

understand the services provided by ICICI Prudential to their customers as well as the

insurance advisors recruitment process adopted by ICICI Prudential Life Insurance

Company.

The project was studied to know how ICICI Prudential life is promoting their insurance

advisors in the field helping them to bring more and more business by the means of

handsome commission structure, renewal commissions, rewards, trophies and certificate,

honoring them in front of other insurance advisors. ICICI Prudential also provides other

future prospects to their advisors. This all not only increases the efficiency of the winners

but also of those who have under performed. Through this process ICICI Prudential also

win customers by strong commitment to life insurance advisors.

7

INTRODUCTION

8

WHAT IS RECRUITMENT AND SELECTION ?

Recruitment refers to the process of finding possible candidates for a job or

function, usually undertaken by recruiters. It also may be undertaken by an employment

agency or a member of staff at the business or organization looking for recruits.

Advertising is commonly part of the recruiting process, and can occur through several

means: through online, newspapers, using newspaper dedicated to job advertisement,

through professional publication, using advertisements placed in windows, through a job

center, through campus graduate recruitment programs, etc.

Suitability for a job is typically assessed by looking for skills, e.g.

communication skills, typing skills, computer skills. Evidence for skills required for a job

may be provided in the form of qualifications (educational or professional), experience in

a job requiring the relevant skills or the testimony of references. Employment agencies

may also give computerized tests to assess an individual's "off-hand" knowledge of

9

software packages or typing skills. At a more basic level written tests may be given to

assess numeric and literacy. A candidate may also be assessed on the basis of an

interview. Sometimes candidates will be requested to provide a résumé (also known as a

CV) or to complete an application form to provide this evidence.

The Selection Process 

1.  Application Review. Applications are reviewed to identify applicants meeting

the minimum qualifications listed in the job announcement.  Applicants who do

not meet the minimum qualifications are notified by mail.  Applicants who do

meet the minimum qualifications proceed to the examination process.

 

2.   Examination. When filling a vacant position, the State of Colorado requires

the use of an examination process to identify the top three candidates.  If three or

fewer candidates meet the minimum qualifications of the position vacancy, the

minimum qualifications are the exam and all of the applicants are referred to the

supervisor for interview.  However, if more than three applicants meet the

minimum qualifications, an examination must be used to determine the top three

candidates.  The number and types of exams chosen for this process will depend

on the job class of the position vacancy and the total number of qualified

applicants on the initial list.  The top three candidates identified via this

examination process will be referred to the supervisor of the position vacancy for

interview.

10

 

3.   Supervisor Review and Consideration. The supervisor of a position

vacancy makes the hiring decision. Typically, supervisors interview each of the

candidates on the referral list. However, a supervisor is not required to interview

each of the candidates before making a hiring decision. A review of each

candidate’s resume and an interview with the candidate who is deemed the best fit

for the position is sometimes sufficient to make a hiring decision.

 

 

4. Job Offer. After careful consideration of each candidate, the supervisor makes

the final decision. Depending on type of work performed in the position, a job

offer may be contingent on the results of a drug test, physical examination and/or

criminal background check.

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OPPORTUNITY FOR THE ADVISOR

1. No Startup Capital Required: The advisor of ICICI have the best

opportunity that they don’t require any kind of startup capital for the work

that have to perform.

2. Flexible Working Environment: The second opportunity for the advisor is

that they are being provided by the most flexible working environment.

They are able to do work according to there convenience.

3. Be Your Own Boss: The next best opportunity for the advisor is that they

don’t have any boss on there head they are there own boss, they can choose

there own way for doing things.

4. Unlimited earning potential: The next opportunity is that an advisor can earn

unlimited this all depends upon the potential of that agent, no one is there

who can stop them except till they stop themselves.

12

5. To Be Part of a World-Class Team: Last but not the least opportunity for the

advisor is that they get a chance to become a part of world class team that is

ICICI.

LITERATURE

REVIEW

13

The literature review includes the academic book, journals,

internet access, megazines etc.

ICFAI reader – October2006(page no 58-60). It guided me to know

about the growth of the insurance sector over the last few years.

“GUPTA S.P”- The information regarding the statistical tool and their

limitation on different fields the research is given in this section. The

section explain why to use correlation and what are the situation in

which correlation can be used, and what does correlation means.

Schamums: statistical methods- Sultan Chand Publication. The

information regarding the statistical tool and their limitation on

different fields the research is given in this section. This section

explain why to use trend analysis and what are the situations in which

correlation can be used, and what does correlation means.

14

Beri G.C:- Marketing Research 3rd edition: this book helps in the

understanding the various research design and analytical tool used

here.

“Kothari C.R.” The information regarding the basic of research and

research methodology, what are the different types of research design,

what is problem statement, what are the sources of data collection and

what are the methods of data collection in this section.

Nalini Porna Tripathy: Insurance theory &Introduction to Insurance,

their advantages, disadvantages and various types has been taken from

it.

What’s the need of life insurance, I read it from the Tata-McGrw

Hill Investors desk reference McGrw Hill publication, Ellie Williams Clinton.

15

RESEARCH

METHODOLOGY

16

OBJECTIVES

1. To study the recruitment policy of ICICI Prudential.

2. To find out suitable candidates for the post of advisor.

3. To study about the competitors of ICICI Prudential.

IMPORTANCE OF MY STUDY

This study is very significant in a sense that I examine to focus throughout an practical

application that all the managers need to deal with there HR relations and responsibilities.

This study is designed to provide accurate and authorative information in regard to the

subject matter covered. Theses are interesting time for HR Managers.

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HYPOTHESIS

The report is on the basis of fallowing hypothesis:

The HR Practices being employed by the organization are contributing towards

its growth. The employees working in the organization are satisfied with the HR

H R Practices includes :

Recruitment

Selection

Planning

Training and development

Performance Appraisal

Payroll system

Retirement Benefits

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Incentive System

RESEARCH DESIGN

The research design is a pattern or outline of a research project’s work. It is a statement

of only the essential elements of a study, those that provide the basic guidelines for the

detail of project. The present study being conducted followed a descriptive research

design. It produces a picture of the phenomenon in which the decision maker is

interested. As the data would be response from a sample containing large number of

soursection” of the situation. Design of descriptive studies includes the nature and source

of data, the nature of the expected result and the analytical method

SAMPLING PLAN

The samples are taken on the basis of Random Sampling Plan

SAMPLING SIZE

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The sample size is 30.

SAMPLING UNITS

The sampling unit includes private manager of ICICI PRU.

DATA COLLECTION METHODS

Both primary ands secondary sources of data are used to collect the information.

SECONDRY DATA has been collected through published data. Published data is

available in books, magazines, reports, bulletins and in various sites on net.

The PRIMARY DATA is collected by personnel interview (structured) of the HR

Managers of different life Insurance companies in Private sector. A survey was

conducted keeping in view the objective of the study. The questionnaire is consisted of

both open ended and close ended questions

SAMPLING DESIGN

The selection of companies is based on judgmental sampling as the sample is too large.

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DATA ANALYSIS AND INTERPRATION

For the purpose of analyzing the raw data it is summarized into a master table from this

table the results have been carried out. The questions, which are alternative choices, are

analyzed by taking percentage. In case of other questions, mean score and percentage

have been calculated, the question for which there are specific answers the range is

clubbed and percentage habeen calculated. In case of exploratory questions the general

suggestions have been summarized.

LIMITATIONS

In every project/study undertaken limitations arises and are inevitable.

● This project report is based on the information given by the head or Unit Manager’s

of the centers. The information is also collected through some magazines, newspapers

and e-mails. Some respondents were not interested in giving answers as they were

appearing to be busy.

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●In fact, this project report involves human processing and analysis. Therefore, there

are chances of human error.

●One of the major limitations is time bounded ness. The Management Trainees are

restricted to a training of 6-8 weeks only ,and much of the time is spent in Coaching and

training itself and not in the field.

INDUSTRY

22

PROFILE

INSURANCE SECTOR IN INDIA

The insurance landscape in India is undergoing a tectonic shift. Despite its more than

teeming one billion populations, India still has a low insurance penetration of 1.95

percent, 51st in the world. Although India boasts a saving rate or around 25 percent, less

than 5 percent is spent on insurance.

With the entry of competition, the rules of the game have begun to change. The market is

already beginning to wetness a wide array of product from players whose number is set to

grow. In such a scenario, the appeal of insurance is the benefits of protection of lives &

assets from insurance products.

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Only 22% of the insurable population possesses life insurance. What’s more, in a country

over billion people, life insurance premier forms only 1.8% of GDP indicate the extent of

underinsurance. Recognizing the huge potential of the market and the need to make

insurance, particularly the life insurance, available on a wider scale, the government

opened the industry to private players in 1999 and was flooded with applications. Major

international insurance-Prudential and Standard Life of UK, Sun life of UK, Sun life of

Canada, AIG, MetLife and New York Life of the US, to name a few tied up with leading

companies of India to reach out this vast market.

Today, the Indian insurance industry has a dozen of private players, each of which is

making strides in raising awareness level, introducing innovative products and increasing

the penetration of life insurance in the vastly underinsured country. The success of effort

is noteworthy – private insurers captured nearly 9 percent of new business premium

income in tow years of operations.

The biggest beneficiary of the competition amongst the life insurers is the consumer. A

wide range of products, customer focused service and professional advice has become the

mainstay in the industry. It is seen a dramatic increase in customer awareness, with

penetration cutting across the socio-economic class and attracting people who have never

purchased

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insurance before. With the heightened awareness comes a willingness to evaluate life

insurance as an integral part of financial planning kit a significant change nearly attuned,

where insurance is purchased as a tax saving pool.

Not only has there been shift in the perception of life insurance, but also the way it is

sold. From being a purely advisor driven business, the sector has seen the emergency of a

number of channels, including bank assurance, corporate agents and direct marketing.

These channel though very new, quickly gaining importance because they present

customers multiple ways of approaching life insures.

There is also a huge improvement in service attitude ad delivery making a customer a

focus of each initiative. Technology has come to aid giving the platform; the reach and

the ability each service each customer seamlessly. Multiple touch points have emerged

contact centers, e-mail, facsimile, websites, snail-mails etc.

On the product front, there are two trends that stand out. The days of high guaranteed

return products, are over. Products are now priced flexible, realistically, sustain ably. LIC

of India has witnessed a decline in first year premium in FY03 while private players has

witnessed a more than three fold premium growth because of reduction of guaranteed

return products.

First year premium income (Rs. in Crores)

2002-2003

2001-2002

Private Players 982 297

25

LIC of India 11,343 14,843

The other major change is the introduction of liquid, transparent and flexible policies,

with linked products leading the bridge.

While such products are more complex, there is a distinct set of investors who fond such

products appealing. As the market matures, the demand for unit link and products will

only increase.

SHARE OF INSURANCE SECTOR IN VARIOUS PUBLIC DEPOSITS

26

INSURANCE 51.79 %

MUTUAL FUNDS 15.45 %

EQUITY SHARES 8.95 %

FIXED DIPOSITS 23.81 %

Collaboration of Indian Companies with Foreign Companies

S.No Indian Companies Foreign partnership

1. Kotak Mahindra Chubb

2. Tata Group AIG

3. Sundram Finance Winterthur

4. Sanmar Group GIO of Australia

5. Spic Metlife

6. ILFS Cigna

7. Alpic Finance Allianz

8. 20th Century Canada Life

9. Vysya Bank ING

10. Cholmandalam Axa

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11. SBI Alliance Capital

12. HDFC Standard Life

13. ICICI Prudential Plc

14. Hindustan Times Commercial union

15. IDBI Principal

16. Max India New Yark Life

Insurance Corporation of India

The Parliament of India passed the Life Insurance Corporation Act on the 19th of June

1956, and the Life Insurance Corporation of India was created on 1st September, 1956,

with the objective of spreading life insurance much more widely and in particular to the

rural areas with a view to reach all insurable persons in the country, providing them

adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its

corporate office in the year 1956. Since life insurance contracts are long term contracts

and during the currency of the policy it requires a variety of services need was felt in the

later years to expand the operations and place a branch office at each district headquarter.

Re-organization of LIC took place and large numbers of new branch offices were opened.

As a result of re-organization servicing functions were transferred to the branches, and

28

branches were made accounting units. It may be seen that from about 200.00 crores of

New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70,

and it took another 10 years for LIC to cross 2000.00 crore mark of new business. But

with re-organization happening in the early eighties, by 1985-86 LIC had already crossed

7000.00 crore Sum Assured on new policies.

AVIVA LIFE INUSRANCE

Aviva is UK’s largest and the world’s fifth largest insurance Group. It is one of the

leading providers of life and pensions products to Europe and has substantial businesses

elsewhere around the world. With a history dating back to 1696, Aviva has a 40 million-

customer base worldwide. It has more than £364 billion of assets under management.

In India, Aviva has a long history dating back to 1834. At the time of nationalisation it

was the largest foreign insurer in India in terms of the compensation paid by the

Government of India. Aviva was also the first foreign insurance company in India to set

up its representative office in 1995.

In India, Aviva has a joint venture with Dabur, one of India's oldest, and largest Group of

companies. A professionally managed company, Dabur is the country's leading producer

29

of traditional healthcare products.

In accordance with the government regulations Aviva holds a 26 per cent stake in the

joint venture and the Dabur group holds the balance 74 per cent share.

With a strong sales force of over 28,000 Financial Planning Advisers (FPAs), Aviva has

initiated an innovative and differentiated sales approach to the business. Through the

“Financial Health Check” (FHC) Aviva’s sales force has been able to establish its

credibility in the market. The FHC is a free service administered by the FPAs for a need-

based analysis of the customer’s long-term savings and insurance needs. Depending on

the life stage and earnings of the customer, the FHC assesses and recommends the right

insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has leveraged its global

expertise in Bancassurance successfully in India. Currently, Aviva has Bankassurance tie-

ups with ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of

Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, Co-operative Banks in

Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal and Andhra Pradesh .

BIRLA SUN LIFE INSURANCE

30

Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in

India. Within 4 years of its launch, BSLI has cemented its position as a leading player in

the Private Life Insurance Industry.

There has been focus on Investment Linked Insurance Products, supported with

protection products to maintain leadership in product innovation. Multi Distribution

Channels- Direct Sales Force, Alternate Channels and Group offering convenient

channels of purchase to customers. Web-enabled IT systems for superior customer

services act as its back bone.

Corporate governance and a high degree of transparency in all business practices and

procedures First to have an operational Business Continuity Plan. Strong fundamentals

based on the Aditya Birla group's local insight and Sun Life Financials's global expertise.

ING Vysya Life in India

ING Vysya Life Insurance Company Limited (the Company)

entered the private life insurance industry in India in September 2001, and in a span of 5

years has established itself as a distinctive life insurance brand with an innovative,

attractive and customer friendly product portfolio and a professional advisor sales force.

It has a dedicated and committed advisor sales force of over 21,000 people, working from

140 branches located in 74 major cities across the country and over 3,000 employees. It

also distributes products in close cooperation with the ING Vysya Bank network. The

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Company has a customer base of over 4,50,000 & is headquartered at Bangalore. In 2005,

ING Vysya Life earned a total income in excess of Rs. 400 crore and also has a share

capital of Rs. 440 crore.

RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the

Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is one of India’s leading

private sector financial services companies, and ranks among the top 3 private sector

financial services and banking companies, in terms of net worth. Reliance Capital has

interests in asset management and mutual funds, stock broking, life and general

insurance, proprietary investments, private equity and other activities in financial

services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC)

registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of

India Act, 1934.

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Reliance Capital sees immense potential in the rapidly growing financial services sector

in India and aims to become a dominant player in this industry and offer fully integrated

financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer

need based Life Insurance solutions to individuals and Corporate.

COMPANY

33

PROFILE

PROFILE

COMPANY NAME: ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

INDIAN PARTNER : ICICI BANK

FORIGN PARTNER : PRUDENTIAL PLC

EQUITY RATIO : 74:26

COMMENCEMENT OF OPERATION : 19TH DECEMBER 2000

FIELD OF OPERATION: LIFE

GENERAL DONE BY ICICI LOMBARD

34

HOME ADDRESS : ICICI PRUDENTIAL LIFE INSURANCE COMPANY, ICICI PRULIFE TOWERS, 1089, Appasaheb Marathe Marg, Prabhadevi,MUMBAI- 400025

CEO OF THE COMPANY : Ms. SHIKHA SHARMA

Prudential PLC

Established in 1848, Prudential plc is a leading international financial services company

in the UK, with around US$250 billion funds under management, and more than 16

million customers worldwide. Prudential has championed customer-centric products and

services, supported by over 60,000 staff and agents across the region Prudential has

brought to market an integrated range of financial services products that now includes life

assurance, pensions, mutual funds, banking, investment management and general

insurance. M&G was acquired by Prudential in 1999 and is the Group's UK and

European fund manager, responsible for managing over £112 billion of funds (as at

31 March 2004).

35

Launched by Prudential in 1998, Egg is an innovative financial services company, with

over 2.5 million customers with a market share of nearly 5% of UK credit card balances.

In Asia, Prudential is UK's largest life insurance company with a vast network of 23 life

& fund management operations in 12 countries serving 4 million customers- China, Hong

Kong, India, Japan, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan,

Thailand & Vietnam. In the US, Prudential owns Jackson National Life, a leading life

ins. company & has more than 1.5 million policies and contracts in force.

Commitment & Aim

According to them- our commitment to the shareholders who own Prudential is to

maximise the value over time of their investment. We do this by investing for the long

term to develop and bring out the best in our people and our businesses to produce

superior products and services, and hence superior financial returns. Our aim is to deliver

top quartile performance among our international peer group in terms of total shareholder

returns. At Prudential our aim is lasting relationships with our customers and

policyholders, through products and services that offer value for money and security. We

also seek to enhance our Company's reputation, built over 150 years, for integrity and for

acting responsibly within society.

EQUITY

The Company has an equity base which stands at a whopping figure of Rs. 6.75 billion,

with ICICI Bank and Prudential Plc. holding 74% and 26% stake respectively. In the first

quarter of the financial year 2006-07, company has crossed a new milestone of insuring

36

lives more than 2.5 million policy holders. and premium income in excess of Rs. 1185

crore the company has network of about 60,000+ advisors as well as 12 bank assurance

tie-ups at present. The company has got 113 branches across 95 different locations across

the country.

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks amongst private life insurer

in India, having commenced operations in 95 cities and towns in India. These are Agra,

Ahmedabad, Ajmer, Allahabad, Amritsar, Banglore, Bhatinda, Bhopal, Bhubhaneswar,

Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hugli,

Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochin,

Kolkata, Kota, Kottayam, Locknow, Ludhina, Madurai, Manglore, Merath, Mumbai,

Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur,

Trichy, Trivandrum, Vashi, Vijaywada and Vizag.

37

BANK ASSURANCE

The company has twelve bank assurance tie-up, having agreements with ICICI Bank,

Allahabad Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank,

and Punjab and Maharashtra Co-operative Bank, Shamro Vithal Co-operative Bank and

Jalgaon People’s Co-operative Bank, as well as some corporate agents. It has also tied up

with organizations like Dhan for distribution of Salam Zindagi, a policy for the socially

and economically underprivileged sections of society.

VISION

● To be Dominant Life & Pension Player build on trust by world

class People & Services.

● The vision of the company clearly states that it wants to become the

dominant Life and Pension player built on trust by world-class people

and services.

The Company hopes to achieve the above-mentioned objective by:

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1. Understanding the needs of customer’s and offering them superior products and

services.

2. Leveraging technology to service customer quickly, efficiently and conveniently

3. Developing and implementing superior risk management and investment

strategies to offer sustainable and returns to the policyholders.

4. Providing an enabling environment to foster growth and learning for the

employees.

5. And above all, building transparency in all the dealings.

The success of the company will be founded in its unflinching commitment to 5 core

values – Integrity, Customer Firs, Boundary less, Ownership and Passion. Each of the

values describes what the company stands for, the qualities of the people and the way the

company works

TECHNOLOGY

The company continuously leverages on the state of art technology that it possess. The

modern and updated technology infrastructure helps not only to provide superior quality

of products and services to the customers but at the same time helps in creating a prudent

reward and recognitions program for the company itself. The company can leverage on

this advantage to drive out one of the best CRM in the industry at the present. The parent

company also is in a move to duplicate the ICICI model in order would market. It is

nothing but a result of the superb all-round performance that the company has shown in

39

all the facts of business and over the period. But more important has been the continued

focus on growth and the strife for results from the workforce itself.

The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that we

do - be it product development, distribution, the sales process or servicing. Here's a peek

into what makes us leaders.

1. Our products have been developed after a clear and thorough understanding of

customers' needs. It is this research that helps us develop Education plans that offer the

ideal way to truly guarantee your child's education, Retirement solutions that are a hedge

against inflation and yet promise a fixed income after you retire, or Health insurance that

arms you with the funds you might need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to ensure that our

customers can access them easily and quickly. To this end, ICICI Prudential has an

advisor base across the length and breadth of the country, and also partners with leading

banks, corporate agents and brokers to distribute our products

3. Robust risk management and underwriting practices form the core of our business.

With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a

smooth and hassle-free claims process.

40

4. Entrusted with helping our customers meet their long-term goals, we adopt an

investment philosophy that aims to achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our 16,000 plus strong team is given the opportunity to

learn and grow, every day in a multitude of ways. We believe this keeps them engaged

and enthusiastic, so that they can deliver on our promise to cover you, at every step in

life.

MANAGEMENT

BOARD OF DIRECTORS

The ICICI prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Mr. K. V. Kamath, ChairmanMr. Mark NorbomMrs. Kalpana MorpariaMrs. Kevin Holmgren Mr. M. P. ModiMr. R. Narayanan Ms. Shikha Sharma, Managing Director

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MANAGEMENT TEAM

Ms. Shikha Sharma, Managing Director & CEOMr. N.S.Kanan, Executive DirectorMr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, EVP – Customer Service & Technology Mr. Azim Mithani, Chief Actuary Mr. Puneet Nanda, Chief Investments Officer

SWOT ANALYSIS OF ICICI PRUDENTIAL

STRENGTHS

ICICI PRUDENTIAL is the largest private player in the insurance industry in

India, with a market share of around 36% amongst the private players.

ICICI PRUDENTIAL has deposited a paid up capital of Rs. 925 crores with

IRDA as a caution deposit, the highest amongst all the life insurance companies in

India whereas LIC has deposited only 60 crores so far.

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ICICI PRUDENTIAL is the first life insurance company to offer ECS debit

facility.

ICICI PRUDENTIAL is the first company to introduce unit linked life insurance

and pension products. Presently the maximum numbers of ranges are under ULIP

like life insurance, investment as well as pension plans.

Its Venture funds management co. Ltd is India’s largest venture capital company.

PRODUCTS:

Flexibility to switch your fund value at your own discretion 4 times a

year

viz Maximiser, Protector, Balancer, Preserver.

Greater transparency- policyholder knows what is happening to his money

and where the company has invested the money.

Liquidity option: you can make partial or complete withdrawals anytime

after 3 years.

Life insurance plans are eligible for deduction under Sec. 80C.

The proceeds or withdrawals of life insurance policies are exempt under

Sec 10(10D), subject to norms prescribed in that section.

Riders are provided to give the policyholder the additional protection at

marginal cost- Accident and Disability rider, Critical Illness Rider,

Accidental benefit rider.

Loan against the policy: After the policy has acquired a surrender value

one can avail loan against the policy. WEAKNESSESIndustry in

nascent stage.

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Rural areas still not covered.

Not very well known among the Indian population.

Lack of credibility in the public because ICICI being a private player.

Premiums are high as compared to its competitors.

Very few branches in the country.

PRODUCTS:

The policy doesn’t have the surrender option before the 3rd year.

Plan do not offer any guarantee or assured return

The product profile is not very comprehensive.

Mortality, management and administrative charges are sky-scraping as

compared to its competitors.

OPPORTUNITIES

Liberalization of Indian economy.

As the industry is growing the whole market is virgin.

The whole private sector is open to be tapped even though the competition is

fierce from government owned insurance companies.

It’s a volume business that is even if the company has few good corporates the

turnover ceases to increase by manifold.

PRODUCTS:

Preserver fund looks good due to comfortable liquidity in the economy

and there is little chance of any hike in short-term rates by RBI.

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Finance minister unveiled a budget-favoring consumer spending, boosting

demand and therefore higher economic growth

THREATS

The Govt. players will become aggressive thus growth is going to be tough.

Entry of other new players is not ruled out

Apprehension towards ICICI PRUDENTIAL being a private life insurance

company.

We expect the industry to rationalize in future that is mergers and acquisitions

will happen which will impact the industry and ICICI PRUDENTIAL fortunes.

PRODUCTS:

Past performance of these plans is not indicative of the future performance of

the plan

RECRUITMENT

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ANDSELECTION

THE COMPANY

Recruitment is a vital issue for organizations to get right. With skills shortages in some

key areas and the push for improvement following the competition, organizations need to

make sure they have the right people - and enough of them. There are many aspects to

improving service delivery, but recruiting the workforce with the capacity to deliver is a

vital foundation. There is much innovative work already going on in organizations and

there are encouraging signs of improvement.

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Many of the issues surrounding building capacity relate to the way that people are

recruited and developed within organizations. Organizations need to be able to deliver

improved services within a current framework of shortage of some key skills and tight

financial constraints. Recruitment processes therefore need to fit in with the overall

business needs of the organization through a carefully planned and systematic approach

to workforce planning, accompanied by consideration about how service delivery is made

and whether new ways of working would be more effective. The best responses to

recruitment problems are ones that moved away from a primary focus on recruitment to a

holistic focus on people’s whole work experience.

Some of the issues that demand organization’s attention are mentioned below. These are

those issues, which if dealt properly and sorted out in time, really helps an organization to

attract right kind of talent. With the help of this industry survey of mine, I’ve tried to

understand the policies of different organizations in these areas as regards recruitment.

within the organization and the work tasks and outputs. A person specification tends to

set out in more detail what sort of skills, attributes, experience and qualifications are

needed for an individual to meet the requirements of the job and how the organization

will assess the individual Job Analysis

Before determining who to attract and select, it is essential that the organization has a

clear idea about what the job requires and the attributes of the person who will best meet

these requirements. Traditionally, job or role descriptions and person specifications have

been devised to enable the organization to do this.

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Job or role descriptions detail information about the job purpose, its position during the

recruitment and selection process to determine whether they meet these requirements.

Structure of the Hiring Team

To know the structure of this recruitment team can also be very important for an

organization. Better structure, leads to best results.

Outsourcing

The recruitment process can be contracted out partly or wholly to an external

organization. This outsourcing may be for a specific vacancy, such as the use of a

recruitment agency to recruit for the company to make the advisor base. Different parts

of the recruitment process may be outsourced; for example using corporate agents;

telesales, read and place job advertisements, or for short listing the profiles or for

reference check.

This may mean that the agency can provide a quicker, better and even cheaper service

than the organization can provide itself. Improved service levels may also result from the

service level agreement agreed between the organization and the corporate agents.

Human Resource Management Information Systems (HRMIS) in

Recruitment

Depending on the qualification of the advisors provided by them, HRMIS can help at

every step of the recruitment and selection process such as:

Recording job requirements, through on-line job descriptions and person

specifications;

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Recording previous job advertisements, which may then be modified for the current

vacancy;

Producing information for the job package, such as standard letters regarding the

application processes etc;

Linking to advisor based information, if the Internet is used for recruitment and the

receipt of applications;

Producing letters and information for candidates regarding the selection process, such

as invitations to attend interviews etc;

Record selection process results;

Producing contracts of employment for the successful candidate;

Recording the successful candidate’s personal and job information for future use

during employment;

Recording information about applicants and the process for monitoring purposes.

The use of a HRM during the recruitment and selection process can speed up the process

and free resources. For example, depending on the type of package used, it may be

possible to enter a candidate’s details once and this information can then be used to

generate all other documentation and information. If the use of a HRM is linked to

online recruitment and applications, the process may be streamlined still further.

The implementation of a HRM can be costly, both in terms of purchasing the software,

but also in training staff to operate the new system.

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SELECTION METHODS

This section looks at the process of selecting candidates. A variety of methods are

available and consideration needs to be given as to which are suitable for a particular

post. The methods described here are:

On-line screening and short listing

Technical Tests

Interviews

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Psychometric testing

Ability and aptitude tests

Personality profiling

ON-LINE SCREENING AND SHORTLISTING

Initial screening of applications is usually based on an assessment of a candidate’s

experience and qualifications against the job’s requirements. On-line systems are now

available which can filter applications automatically.

An on-line selection facility screens applications against set criteria through key word

searches. It may also provide a scoring mechanism.

The use of on-line screening may be a useful way of filtering quickly through a huge

volume of applications or sorting applications, if there are a number of jobs that have

been advertised at the same time..

Some organizations that use this approach have had to develop long application forms in

order to ensure that the candidate includes all appropriate information in sufficient detail.

Other organizations only use this approach as a first step in attempting to select

candidates and then go through the applications again manually to double check that all

appropriate applications have been selected.

TECHNICAL TESTS

One of the important and most commonly used methods in the Insurance industry is the

use of logical test to judge the accuracy and presence of mind of the candidate.

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INTERVIEWS

Interviews are almost always used at some point in the process. The interview process is

formed through identification of the key requirements of the job and a list of questions is

drawn up. A panel of interviewers works through each set of questions with each

candidate and scores them on their answers. At the end of the interview process the

overall scores are considered and the best candidate chosen. If additional selection

methods are chosen this is fed into the overall process at the end and again the best-fit

candidate is offered the appointment.

Even where the interview is structured, this does not mean that follow up questions

cannot be asked to probe more deeply into a candidate’s skills and experience. An

interview that does not do this, but instead sticks to a rigid list of questions, will not allow

the interviewer to obtain the information required to make a proper decision. Also,

sometimes these interviews are based on the technical test that the person has given.

Officers and members who are involved in the interview process should be trained in

interviewing skills and the sorts of questions they should or should not ask.

PSYCHOMETRIC TESTING

A range of attributes are best tested through psychometric testing. This term is often

confusing but in essence, means that a ‘mental measure’ is used. Therefore, psychometric

testing covers ability tests, aptitude testing and personality profiling.

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Proper psychometric testing can only be carried out by appropriately qualified staff. It is

essential that applicants are offered feedback on their performance and that applicants

understand how the test information is used during decision-making processes.

Personality tests are usually considered in conjunction with other information, as the

results can be unreliable. Ability tests can also be used in this way, but many

organizations use cut-off marks so that all candidates who achieve less than a certain

mark are rejected while the rest progress to the next stage.

ABILITY AND APTITUDE TESTS

The term ‘ability tests’ is used broadly and in this context will encompass aptitude tests

too. Ability tests may cover a range of areas including:

General intelligence;

Verbal ability;

Numerical ability;

Spatial ability;

Clerical ability;

Diagrammatical ability;

Mechanical ability;

Sensory and motor abilities.

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PERSONAL ITY PROFILE

An individual's personality may affect their suitability for some posts. However,

personality profiling does not have a ‘right’ or ‘wrong’ answer and individuals may be

sifted through identifying particular behaviors that are better suited to the job than others.

It is therefore important for those undertaking the selection process to be clear on the

characteristics required to perform well in the job.

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DECIDING WHICH SELECTION METHODS TO USE

A significant amount of research has been done on how reliable various methods are. A

summary of research on how well methods predict future job performance shows that,

where perfect prediction is 1.0, the following selection methods score as follows:

● Assessment centre promotion (0.68)

Work samples (0.54)

Ability tests (0.54)

Structured interviews (0.44)

Integrity tests (0.41)

Assessment centre performance (0.41)

Personality tests (0.38)

Which methods are suitable for a particular job?

When determining which selection method is most appropriate, it is necessary to consider

the requirements of the job, through analysis of the job/role description and person

specification, and what skills, experience and aptitudes are being sought. Some

authorities make reference on the person specification as to how they will assess that

requirement during the selection process, so that potential candidates are aware of the

methods the authority will use. Of course, more than one selection method may be

appropriate for a particular job.

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COMPENSATION LEVELS

It is one of the most important factors that decide the efficiency of the hiring process of

any organization. It is very important to know what different organizations are paying at

to their employees at different levels. To be competitive and attract the best talent, it is

very important to know what others are paying.

TRACKING THE PERFORMANCE OF HIRING

Quality is a journey and not the destination. Therefore it is always better to keep trying to

achieve the best results. The word best is very relative in nature. It can’t be absolute.

Therefore it is very important to keep a track of the performance of the hiring as a

function and also keep a check on the efficiency of various sources of recruitment and the

recruiters. For this various metrics are used by different organizations in different

manner. The data is captured in different forms and means by the organizations and

presented in a customized manner according to the needs of the organization. It is

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dependent on what an organization is trying to check and evaluate. Thus it is good to

know what all things other organizations are keeping a track of. This can really help in

making an organization effective.

Structure of the Hiring Team

In ICICI Prudential LIC Ltd.

There is a team of about 45 people in the recruitment function. These people are divided

on the basis of tracks. The different tracks are: Trainee, Associate, Sr. Associate,

Manager, GSS, Specialist & Research Track. These tracks are on the basis of levels

existing in ICICI Prudential So every track hires for that particular level only.

However GSS track hires for all the internal teams of ICICI Prudential for e.g. HR,

Staffing, Learning and Development, IT etc. While the specialist track takes care of

specific requirements. In ICICI Prudential the hiring is general and not BU specific. After

the person his hired, his staffing is taken care of by the staffing team.

The research track provides all the back end support to the recruiters. These can be

headhunting, mapping the industry etc.

Locational Strategy

Hiring is centralized from Mumbai. However, there is a small hiring team in Delhi as

well.

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Application

There is no provision of applying through hardcopy. People can apply through online

resume format or in form of referrals or can send their profile after talking to any

recruiter directly.

Educational Qualification of laterals hired

There are no specific preferences to hire engineers etc. as lateral hire. Even simple

graduates are hired, but never such problem has occurred. Even though a person is a just

a simple graduate but he is good enough to be hired then normally he might have done

some course or the other to complete that 16 yrs of education. So normally such problems

are not faced. But even then if something like this does occur then companies use their

‘Cab’ system wherein they’re given authority to send certain no. of people to a particular

country for work purpose.

Use of Aptitude/Psychometric Tests

ICICI Prudential also uses to take different kinds of Aptitude or Psychometric Test.

Recruitment channel usage break-up analysis

Job boards – 12%

Employee Referrals – 40%

Consultants – 10%Others (Walk-ins, direct, networking, contractor conversion) – 8%

Research Track – 30%

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With privatization of the insurance sector, career prospects are manifold. You have an

opportunity to work in wide areas like underwriting, sales, marketing and distribution,

product management, finance, HR operations, customer service and

investment.

We are looking at professionals from diverse background and from across the industry

spectrum including FMCG companies, banking & finance, insurance etc.

Underwriting

Underwriters assess the risk in the business. Candidates with the right blend of

educational qualification and background can explore this segment.

Sales, Marketing & Distribution

There is an immense opportunity in the area of sales, marketing and distribution. Sales

and marketing requires special skill sets and specialisation. Degree holders from reputed

institutes with sales and marketing experience can explore opportunities in this area.

Operations

Operations is an integral part of the insurance sector. Candidates with requisite

qualification and experience can explore opportunity in this area.

Investment

Professionals with MBA / CA degree and with requisite experience in banks, MFs can

look forward for a promising career.

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Finance

Finance is a critical part of any organisation. Candidates with MBA /CA/ICWA/CS

degree and with requisite experience can look forward for a promising career in this area.

HR Operation

Human Resource is an essential part of an organisation as it helps in formulating,

developing and executing organizational strategy. Professionals with relevant

degree/diploma in HR and requisite experience can explore various opportunities in this

segCustomer Service

Insurance being is a service-specific industry, the demand for customer service

professionals is on the rise. Degree holders with the right mix of soft-skills, pleasing

personality and a good understanding of the customer psyche can apply.

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FINDINGS

AND

ANALYSIS

Q1. Minimum educational qualification for an advisor? Options Response

1. 10 th 28% 2. 12th 20%

3. Graduation 52%

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Response

1. 10th

2. 12th

3. Graduation

The above graph shows that majority of the manager prefer to recruit advisor

who have a graduation qualification. And other prefer who having a

qualification 10th & 12th .Because graduate advisor have ability to grasp

knowledge than others.

Q2. Basic criteria for success of an advisor RANK WISE? Options Response 1)Age above 25 14%

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2)Married 36%3)Graduate 45%4)living in the same city for more than 5 years 05%

Response

1)Age above 25____________

2)Married

3)Graduate

4)living in thesame city for morethan 5 yrs

As the graph shows that manager prefer to find out a graduate advisor than

to married, age above 25,&living in the same city for more than 5 yrs.

This is the success rating of adviror who having three condition from the

above list.

Q3. Which age group advisor working best? Options Response 1)19-30 yrs 45%

2)31-40yrs 55%

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Response

1)19-30 yrs_____________

2)31-40yrs

In this graph 55% thinks that the advisor of age between 31- 40 & other 45

% thinks that these age group advisor working best. Because the advsor

between 31-40 age group have more responsibility towards their family &

People trust more these people.

Q4. Different ways of recruitment of advisor in icici pru. Rankwise?

Options Response 1)Through internal contest 23%

2)Walk in interview 30%3)Marketing technique 37%

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4)Through summer trainees 10%

Respone

1)Through internalcontest_______________

2)Walk in interview

3)Marketingtechnique

4)Through summertrainees

This graph shows that there is no clear response

In this answer, there is a mix response 37% manager thinks that marketing

technique is best method of recruitment & 30% prefer walk in interview &

through internal contest &summer trainees.

Q5.Give rank according to you for segmentation of advisor? Options Response

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1)Serviceman(pvt.) 35%2)Unemployed 65%

Response

1)serviceman(pvt.)

2)Unemployed

This graph shows that majority of the people who are unemployed prefer to

be an advisor than serviceman people. So manager to more concentrate on

the unemployed people who are realy needy.

Q6. Give rank for different ways to promote business for advisor? Options Response 1)Additional commission & salary 50%

2}Club membership 40%3)Offering free insurance 10%

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Response

1)Additionalcommission &salary______________

2}Clubmembership

3)Offering freeinsurance

In response to this question manager of ICICI PRU. Gave more

concentration on additional commission & salary to promote their business

& 40 prefer club membership & other 10% prefer free insurance to promote

business in ICICI PRU.

Q7.Does high fee of licensing has negative effect on advisor recruitment? Options Response

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1. Yes 45%2. No 55%

Response

1.      Yes_______________

2.      No

This graph shows that 55% manager thinks that there is no effect of fees for

recruitment but 45% manager thinks that fees have a negative effect on

recruitment of advisor. So there should be reduction in the fees . Give some

relaxsation to the people who are not affordable

Q8.Give rank to inspirational factor to promote business for advisor? Options Response 1)Commission & rewards 40%

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2)Joint field visits 10%3)Motivational session 30%4)Participation in contest 20%

Response 1)Commision &rewards________________

2)Joint field visits

3)Motivationalsession

4)Participation incontest

These are the some motivational factor adopted by the manager to promote

business . 40 % prefer commission & rewards , 30 % prefer motivational

session ,10 % prefer joint field visit & other

20%suggest participation in contest for motivating the advisor. So there

should be more concentration on joint field visit.

Q9.Give rank to different distribution channel of icici pru.? Options Response 1)Bank assurance 20%

2)Direct marketing 35%

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3)Tide agency 15%4)corporate agents 30%

Response

1)Bank assurance________________

2)Direct marketing

3)Tide agency

4)corporate agents

These are the some distribution channel of ICICI PRU. Which were described above.

Q10.Training required for effective advisor? Options Response

1. 150 hrs 15%2. 100hrs 85%

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Response

1.      150 hrs________________

2. 100hrs

This graph indicates that majority of the respondent says that there should

be 100 hrs training for effective advisor & some 15% prefer 150 hrs training

for effective advisor.

Q11. Criteria for giving rating to effective advisor? Options Response 1)By communication skill 25%

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2)By working skill 75%

Response

1)Bycommunicationskill

2)By working skill

In this response also 75% of the respondent gave stress on working skill of

the advisor & 25% gave stress on communication skill. There should be

both skill required for effective advisor.

Q12. Are you getting timely & regularly instruction & support from your boss? Options Response

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1)Strongly agree 65%2)Agree 35%

Response

1)Strongly agree_________________

2)Agree

In this response majority of the respondent said that they got timely &

regularly instruction from their boss.

Q13.Do you update your advisor about new product & strategies regularly? Options Response

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1)Yes 88%2)No 12%

Response

1)Yes__________________

2)No

this graph indicate that majority of the respondent said that they are

contineously updating their advisor about new product & strategy of the

company.

Q14) Is there any role of references (contacts) with more people? Options Response

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1)Yes 82%2)No 18%

Response

1)Yes___________________

2)No

there are majority of the respondent were agreed that there is a important

role of contacts in insurance industry . some are not agreed upon this

statement.

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FINDINGS

The advisors who are married performing well and selling more policy than the advisor who are unmarried.

The aged advisors (31 – 40years) is able to sell more policy than the younger (19 – 30) years) advisors.

Commission, incentive and reward structure of ICICI Prudential Life Insurance Co. Ltd. And join field visit.

There is a important role of contact with more people in

insurance sector

These are the two important qualities for effective advisor that are working skill & communication skill.

Those advisors who have 3 Q SCORE out of 5 perform better.

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CONCLUSION

This research study examines the recruitment process and systems of ICICI

PRUDENTIAL LIC Company Ltd in detail. The objective of this research was to

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comprehensively study the recruitment systems and practices ICICI PRUDENTIAL LIC

Company Ltd.

1. This study sheds light on how ICICI PRUDENTIAL LIC Company Ltd has different

recruitment strategies and different ways of achieving the goal. For e.g. some

organizations have BU specific recruitment team and they hire on requisition basis,

while on the other hand some organizations have general hiring and one single hiring

team hiring for all the BUs. Some organizations have centralized hiring while others

have location wise hiring.

2. Different organizations have different hierarchies. Although most of the organizations

now have broad banding in place but some organization’s structure are more flat than

others that helps them in attracting right talent.

The recruitment and selection process of different organizations also tends to be different.

This decides the culture of the organization. Every organization has some requirements

that a candidate needs to fulfill. So every organization judges a candidate on its own

requirement. When there is a match, the person gets hired.

3. Also the various sources of recruitment are present in different percentage performance

in different organizations. Some have high percentage hires from referrals while

others have to depend upon consultants for that. It is the case with the compensation

packages as well, paid to these people.

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ICICI PRUDENTIAL LIC Company Ltd has different approaches to find out the amount

of package a candidate needs to be offered. Some have the inbuilt nature of taking care of

equity aspect of the organization while others are very flexible and pay what a person is

worth in the market.

Although the above-mentioned policies and conditions are very specific from

organization to organization, there can be certain policies and practices that are worth

implementing in an organization as well after tailoring it according to the needs of the

organization.

But there are certain practices & systems that can be applied in any organization

depending upon what is suitable for that organization in the minds of the decision

makers. This is where this research is different as with the help of this project the ways in

which various firms handle recruitment have been identified.

This report can be of immense use to streamline any organization’s recruitment process.

Also it is a result of comprehensive industry survey and gives a clear and true picture of

what’s happening in the industry.

Every organization has its own way of working and recruiting. It is very hard to copy

each other when the organizational set up is completely different in different

organizations. But it always helps to know what competitors are doing and to try and

improve an organization so that it’s always just a step ahead of the competition. This

report can surely help in that.

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SUGGESTION

AND

RECOMMENDATION

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To increase the job satisfaction level of the advisors the company should concentrate

mainly on the commission, incentive and reward structure rather than the

motivational session and joint field visit.

Ideal advisors should be married male of the age group 31 to 40

ICICI Prudential should try to allure experienced insurance agents to sell their

product.

Educational qualification is not factor of being an effective advisor

Advertisement of products should stress on the need of security.

.Insurance should be popularized as means of securing further

rather than saving tax

New entrants should come out with innovative riders especially

covering medical expenses that will compete with the medi-claim.

Insurance agents should be well trained; they should know each and every thing

about the policy and the recent changes in the policy.

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BIBILIOGRAPHY

82

BOOKS

1. Kothari C.R. , Research Methodology, New Delhi; New Age International Publication, second edition.

2. Human Resource Management by Ashwathapa (third edition), published by TATA Mc GRAW HILL Publication Company Ltd. Page no. 81-136,171,179,267,284.

3. Human Resource Management By T. N. Chhabra4. Human Resource Management By Arun monnapa.

WEBSITES

1. www.iciciprulife.com2. www.icicibank.com3. www.icicipruuniverse.com4. www.licindia.com

.Annual Reports of ICICI Prudential Life Insurance.

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QUESTIONNAIRE

NAME: ………………………………………….

DESIGNATION: ……………………………….

COMPANY: …………………………………….

Q1. Minimum educational qualification for an advisor? 

1) 10 th 2) 12th

3) Graduation

 

Q2.  Basic criteria for success of an advisor RANKWISE? 

1) 1)Age above 25      

2)Married

3)Graduate

4)living in the same city for more than 5 yrs

Q3. Which age group advisor working best?

       1)19-30 yrs       

       2)31-40yrs   

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Q4. Different ways of recruitment of advisor in icici pru. Rankwise? 

      1)Through internal contest    

      2)Walk in interview

      3)Marketing technique

      4)Through summer trainees 

Q5.Give rank according to you for segmentation of advisor?  

      1)Businessman      

      2)serviceman(pvt) 

Q6. Give rank for different ways to promote business  for advisor?

       1)Additional commission & salary   

2}Club membership

3)Offering free insurance 

Q7.Does high fee of licensing has negative effect on advisors recruitment? 

1. Yes      2. No

 

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Q8.Give rank to inspirational factor to promote business for advisor? 

      1)Commision & rewards    

      2)Joint field visits

      3)Motivational session

      4)Participation in contest 

Q9.Give rank to different distribution channel of icici pru.? 

      1)Bank assurance     

      2)Direct marketing

      3)Tide agency

      4)corporate agents    

Q10.Training required for effective advisor

1). 150 hrs       

2)100hrs

 

Q11. Criteria for giving rating to effective advisor? 

      1)By communication skil

    2)By working skill     

  

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Q12. Are you getting timely & regularly instruction & support from your boss?

      1)Strongly agree      

      2)Agree

Q13.Do you update your advisor about new product & strategies regularly?

      1)Yes      

      2)No 

Q14) Is there any role of refrences(contacts) with more people? 

      1)Yes       

      2)No 

Suggestion:-…………………………………………………………………................ 

…………………………………………………………………………………….. …………………………………………………………………………………….  

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