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7/28/2019 Advisor Recruitment in Icici Prudential

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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

Download - Advisor Recruitment in Icici Prudential

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