Download - Gaurabh Sah
-
8/6/2019 Gaurabh Sah
1/61
A THESIS ON
AGENCY RECRUITMENT IN INSURANCE
INDUSTRY WITH SPECIAL REFERENCE TO
ICICI PRUDENTIAL
BY
GAURABH SAH
09JU00200006
-
8/6/2019 Gaurabh Sah
2/61
A THESIS ON
AGENCY RECRUITMENT IN INSURANCE
INDUSTRY WITH SPECIAL REFERENCE TO ICICI
PRUDENTIAL
BY
GAURABH SAH
09JU00200006
A report submitted in partial fulfillment of
The requirements of
MBA Program of
ICFAI UNIVERSITY JHARKHAND
-
8/6/2019 Gaurabh Sah
3/61
Table Of Contents
ACKNOWLEDGEMENT
ABSTRACT
OBJECTIVES
METHODOLOGY
LIMITATIONS & FINDINGS
INTRODUCTION
INSURANCE
IRDA
LIFE INSURANCE
COMPANY PROFILE
ICICI Bank
Prudential Plc
PRODUCTS
MAJOR PLAYERS IN INSURANCE SECTOR
TRAINING OF ADVISORS
COMPARATIVE ANALYSIS OF ICICI PRUDENTIAL PRODUCT
RECRUITMENT OF ADVISORS
THE DUTIES AND OBLIGATION OF THE AGENT
CODE OF CONDUCT
TRAINING OF ADVISORS
-
8/6/2019 Gaurabh Sah
4/61
QUESTIONNAIRE AND FINDINGS FROM IT
SWOT ANALYSIS
FINDINGS DURING THE PROJECT
SUGGESTIONS
BIBLIOGRAPHY
-
8/6/2019 Gaurabh Sah
5/61
ACKNOWLEDGEMENT
I am grateful for my project to Mr.NAVEEN KUMAR (UM) at ICICI
PRUDENTIAL LIFE INSURANCE COMPANY who helped me throughout the
project and encouraged to take this project in future course for my career.
I would like to express my sincere gratitude and thanks to Dr. Kaushik Dutta for
his constant support and cooperation at each step during the project and for
providing me an enlightened perspective and a very conducive environment.
Im grateful to Dr.Kaushik Dutta (Faculty ICFAI Jharkhand),who really
suggested me to work on this topic and helped me to collect the relevant datas
and get the real gist of current scenario .Few people who are not the direct part of
my project but without their help things would not have been as easy as they
were, and they are the people I shared my work station.
Gaurabh Sah
-
8/6/2019 Gaurabh Sah
6/61
ABSTRACT
Life is the only tool to secure our life in future. It also provides a safeguard to the
uncertainities of our life. Life investment is the cheapest investment tool in which
we can earn more in a short period of time . In Insurance industry there are two
channels of distribution Alternate Distribution and Tide Agency Advisor
Recruitment is a part of Tide Agency.
My Thesis Report is about agency recruitment and channel distribution ofICICIPrudential Life Insurance . It means company is recruiting advisors for expanding
its business. Company adopts chain marketing as a methodology for expansion.
ICICI Prudential is concentrating highly on a agency recruitment it has 93000
advisors and is planning to extend this number to 130000 by the end of 2009-10.
I have done comparative analysis of the ICICI Prudential Products with other
companies product, their differences, advantages and disadvantages of prudential
products.
-
8/6/2019 Gaurabh Sah
7/61
OBJECTIVE
y The primary objective of the project is to know the scope of life insurance in
India as in the sense of employment measure.
y From the survey we try to find out which feature of the product is most
popular with the customers that incline them to purchase the product.
y We also need to find out whether the after sales service ofICICIPRUDENTIAL LIFE Insurances is prompt. To find out how we improve
the service and what is the benefit of being a insurance advisor.
y We also find out the service channel satisfaction whether the helpline
number is easily available and the life advisors that approached them are
easily approachable after sales and are looking after any problem that is
faced by him.
y With this survey we will find out which product ofICICI PRUDFENTIAL
is more famous among the customers and what feature of the product
inclined them to purchase that product and what other features they want in
other products or that product which they have purchased.
y We will also find out the brand awareness of ICICI PRUDENTIAL LIFE
INSURANCE and Challenges for implementing ULIPs over all financialproducts available in markets.
-
8/6/2019 Gaurabh Sah
8/61
METHODOLOGY
The methodology is an integral primary part of the project work. Every project hasbeen undertaken in and definite manner, which forms the validity of the report. The
project undertaken by me is also based on a definite method, which is usually
found in most of the research projects. The methodology in my project is based on
the following manner in a sequential order: -
A. Data Collection
1. Data Collection (types of data).
2. Source of data collection.
3. Methods of data collection.
A. Data Collection
The collection of data is a core part of every activities relating to marketing
decisions. The information derived from such data is closely analyzed, Interpreted
and a conclusion has been arrived on which other decisions are totally depends.
There are various sources from where data can be collected any there also most
appropriate methods in the application of which we can collect the data. In the
application of sources and methods the reliability and accuracy must be well
judged prior to collection. The whole study has been worked out depending on the
data availed from.
Sources of data collection:
There are two sources on which data can be collected via primary source andsecondary source. The data which are prepared from the main proposed and
researcher or owner it is called primary source and the data collected from this
source is called primary data. The data which is collected from the persons, private
bodies, private research agencies etc are called secondary source and the data
-
8/6/2019 Gaurabh Sah
9/61
collected is from both primary and secondary type. The following are the data
which have been collected from both the sources:-
Primary data: -
In the course of carrying out the project I have collected very few data from thissource but they are more needed in carrying out the project work. The following
data has been has been collected from this source like the Ranchi market.
Secondary data: -
Most of the data in my project has been collected from the secondary source as the
data is only available to them and other parties I have found the most convenient
source and collected from them. The data collected from this source are the past
records and it is used to analyses.
The data, which have been collected from this source, are mentioned below:
Historical data from internet.
Methods of data collection:
The method of data collection is as essential as the source of collection of data.
The methods of data collection establish a pattern, the application on which
provides a well fledged out data. A most appropriate method will produce data
which are more accurate, reliable and cheap and also will require less time and
efforts in the collection. In the carrying of my project I have used the following
methods in collecting the data:-
Personal Enquiry: -
The data from the personal contacts collected by the use of the method of personal
enquiry. The customers located at different places in Ranchi was approached byme to obtain favorable and required data to add in to the part of my project.
Personal Survey: -
The information regarding the Investors being kept have been collected through
personal survey. The application of the above mentioned methods
-
8/6/2019 Gaurabh Sah
10/61
LIMITATION & FINDINGS
y As the movement throughout the city is not possible due to certain
constraints so the movement was quite restricted.
y People are not ready to go for training. As the training period is of 17 daysand it involves full day, so it becomes difficult for them to leave their officesor shops for such a long time.
y The compulsion of selling 12 policies in a year also restricts them frombecoming advisors. If they do not fulfill this target, then their license is
cancelled after a year.
y Lack of trust on any company of Private Sector.
y Lack of knowledge about the products ifICICI Prudential and their total andblind faith on LIC.
y Sometimes, fresh graduates want to become advisors but the companydenies making them an advisor as they are very fickle-minded and alsounreliable.
y There is a problem in targeting Chartered Accountants. ICAI, which is thegoverning body ofChartered Accountants, does not allow them to becomeadvisors. However, now they have permitted some CAs to become advisors,
but these are only those ones who are doing jobs somewhere and not allowed
the ones who are doing their practices. So, till this decision is very dicey.
y Sometimes, even those people want to become advisors for the companywho are not a localite but then the major problem that they face is that theyhave got no natural market, so they are very susceptible about their
performance and whether they will be able to generate business for thecompany or not, so they avoid to take up this challenge.
-
8/6/2019 Gaurabh Sah
11/61
y Some people ask about comparative analysis with LIC.
y Some people considerIRDA fees of Rs.1000 as a constraint.
y Non-availability of part-time training.
y All small towns are not open for doing this business.
y One person cannot take Life Insurance Agency of two different Companies.
y Time constraint is the biggest constraints in taking up the study.
-
8/6/2019 Gaurabh Sah
12/61
INTRODUCTION
What is Insurance
(1) Insurance is a contract in which a sum of money is paid to the assured inconsideration of the insurers incurring the risk of paying a large sum of a givencontingency.
- Justice Tindall
(2)Insurance is a contract by which one party for a compensation called in thepremium assumes party and promises to pay to him or his nominee a certain orascertainable sum of money on a specifies contingency.
- E.W. Fitterson
(3)Insurance may be described as a social device whereby a large group ofindividuals, through a system of equitable contributions, may reduce or
eliminate certain measurable risk of economic loss common to all members ofthe group.- Encyclopedia Britannica
The above definitions clearly show that insurance is a cooperative device to spread
the loss caused by a particular risk over a member of persons who are exposed to it
and who agree of insure them against risk. Insurance does not and cannot eliminate
the risk but only reduce the financial burden, which may be very heavy.
-
8/6/2019 Gaurabh Sah
13/61
The Insurance Regulatory & Development Authority
(IRDA)
Duties, Powers & Functions
Section 14 ofIRDA Act, 1999 lays down the duties, powers & functions of.
y Subject to the provisions of the Act & any other law for the time being inforce, the authority shall have the duty to regulate, promote & ensure orderlygrowth of the insurance business & re-insurance business.
y Without prejudice to the generality of the provisions contained in sub-section (1), the powers& functions of the Authority shall include,
1. Issue to the applicant a certificate of registration, renew,modify,withdraw,suspend or cancel such registration.
2. Protection of interests of the policy holders, insurable interest, settlement ofinsurance claim, surrender value of policy & other terms & conditions ofcontracts of insurance.
3. Specifying requisite qualifications, code of conduct, & practical training forintermediary or insurance intermediaries & agents;
4. Specifying the code of conduct for surveyors & loss assessors;
5. Promoting efficiency in the conduct of insurance business.
6. Promoting & regulating organizations connected with the insurance &reinsurance business;
-
8/6/2019 Gaurabh Sah
14/61
7. Levying fees & other charges for carrying out the purpose of this Act;
8. Calling for information form, undertaking inspection of, conductingenquiries & investigations including audit of the insurers, intermediaries,
insurance intermediaries & other organizations connected with the insurancebusiness;
9. Control & regulations of the rates, advantages, terms & conditions that may be offered by insurer in respect of general insurance business not socontrolled & regulated by the Tariff Advisory Committee under the section64U of the Insurance Act, 1938 (4 of 1938);
10. Specifying the firm & manner in which books of account shall bemaintained & statement of accounts shall be rendered be insurers & otherinsurance intermediaries;
11. Regulating investments of funds by insurance companies;
12. Regulating maintenance of margin of solvency;
13. Adjudications of disputes between insurers & intermediaries or insuranceintermediaries;
14. Supervising the functioning of the Tariff Advisory Committee;
15. Specifying the percentage of premium income of the insurer to financeschemes for promoting & regulating professional organization referred to in
clause (f).
16. Specifying the percentage of life insurance business & general insurancebusiness to be undertaken by the insurer in the rural or social sector.
17. Exercising such other powers as may be prescribed.
-
8/6/2019 Gaurabh Sah
15/61
LIFE INSURANCE
Life Insurance is the only too to secure our life in future. It also provides a safe
guard to the uncertainly or our life. Life Insurance is the cheapest investment tool
in which we can earn more in a short period of time.
In the word of D S Hansell Insurance may be defined as a social device
providing financial compensation for the effects of misfortune, the payment being
made from the accumulated contributions of all the parties participating in the
scheme.
The function of insurance is to protect you against losses you cant afford.
Insurance reduces anxiety over a possible loss and absorbs the financial brunt of its
consequences.
India has traditionally been a high savings oriented country being at par with the
thrifty Japan. Insurance Sector in the United States of America is as big in size as
the banking industry there. This gives us an idea of how important the insurance
sector is. Insurance sector channelises the savings of the people to long term
investments. In India where infrastructure is said to be of critical importance, this
sector will bring the nations own money for the nation.
y The global life insurance market stands at $ 1,521.2 billion while the non-
life insurance market is placed at $ 9222.4 billion.
y India takes the 23rd
position with US $ 9.933 billion annual premiumcollections and a meager 0.41% share.
y Out of one billion people in India, only 35 million people are by insurance.
-
8/6/2019 Gaurabh Sah
16/61
y Indian Insurance market is set to touch $ 25 billion by 2010, on theassumption of a 7 per cent real annual growth in GDP.
In three years time we would expect 10% of the population to be under some sort
of an insurance cover. This, assuming a premium of Rs.5000 on an average,
amounts to 100 millionxRs.5000 = Rs.500 billion.
This has made the sector the hottest one in India afterIT. With social security and
security to the public at large being the agenda for opening the sector, the role of
the regulator becomes all the more serious and one that would be carefully watched
at every step.
-
8/6/2019 Gaurabh Sah
17/61
COMPANY PROFILE
ICICI BANK
ICICI bank is Indias second largest bank with total assets of about Rs. 2,513.89
billion (US$ 56.3 billion) at March 31, 2006 and profit after tax of Rs. 25.40
billion (US$ 569 million) for the year ended March 31, 2006 (Rs. 20.05 billion for
the year ended March 31, 2005). ICICI Bank has a network of about 614 branches
and extension counters and over 2,200 ATMs.
ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through
its specialized subsidiaries and affiliates in the areas of investment banking, life
and non life insurance, venture capital and asset management. ICICI Bank set up
its international banking group on fiscal 2002 to carter to the cross border needs of
clients and leverage on its domestic banking strengths to offer product
internationally.
ICICI Bank currently has subsidiaries on the products in the United Kingdom,
Russia and Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka and
Dubai International Finance Center and representative offices in the United States,
United Arab Emirates, China , South Africa and Bangladesh. Our UK subsidiary
has established a branch in Belgium. ICICI Bank is the most valuable bank in India
in terms of market capitalization.
ICICI Banks equity shares are listed in India on the Bombay Stock Exchange and
the National Stock Exchange ofIndia Limited and its American Depositary
Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
-
8/6/2019 Gaurabh Sah
18/61
ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors
and employees.At June 5, 2006, ICICI Bank, with free float market capitalization
of about Rs. 480.00 billion (US$ 10.8 billion) ranked third amongst all the
companies listed on the Indian Stock Exchanges.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly owned subsidiary. ICICIs shareholding in ICICI
Bank was reduced to 46% through a public offering of shares in India in fiscal
2000, ICICI Banks acquisition of Bank of Bank of Madura in an all stock
amalgamation in fiscal 2001, and secondary market sales by ICICI to institutional
investors in fiscal 2001 and fiscal 2002. ICICI was formed in 1955 at the initiative
of the World Bank, the Government ofIndia and representatives ofIndianindustry.
The principle objective was to create a development financial institutional for
providing medium term and long term project financing to Indian Businesses.
In the 1990s, ICICI transformed its business from a development financial
institution offering only project finance to a diversified financial services group
offering a wide variety of products and services, both directly and through anumber of subsidiaries and affiliates like ICICI Bank. In 1999, ICICI became the
first Indian company and the first bank or financial institution from non- Japan
Asia to be listed on the NYSE.
-
8/6/2019 Gaurabh Sah
19/61
Prudential Plc
Established as an Prudential Mutual Assurance and Loan Association in 1848 ,
this company is an international financial services company with a product range
which extends from personal banking insurance , pension and retail investment , to
institutional fund management and property investments. Companys portfolio of
well known and respected brands, including Prudential, M&G Investments,
National Life, Prudential Corporation Asia, has attracted more than 19 million
customers (and policy holders and unit holders). Across the group the company has
234 billion pounds under management.
Prudential has significant operations in the UK, the US and Asia, contributing to a
diversity of earnings. Worldwide the company employs more than 2000 people and
the share holder no. extends unto 60,942.The Company is also listed on the
London and New York Stock exchanges.
-
8/6/2019 Gaurabh Sah
20/61
ICICI (INDUSTRIAL CREDIT & INVESTMENT
CORPORATION OF INDIA)
The World Bank, the Government ofIndia and the Indian Industry, to promote
industrial development ofIndia by providing project and corporate finance to
Indian Industry, established ICICI Ltd. in 1955.
ICICI has thus far financed all the major sectors of the economy, covering 6,848
companies and 16,851 projects. As of March 31,2000 ICICI had disbursed a total
of Rs.1,13,070 crores , since inception.
ORGANIZATIONAL STRUCTURE OF ICICI
ICICI Securites
ICICI Lombard
General Insurance
ICICI Venture
ICICI Prudential Life
Insurance
-
8/6/2019 Gaurabh Sah
21/61
PRUDETIAL PRODUCTS
InsuranceSolutions for individuals
ICICI Prudential life insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 27 products can be
enhanced with up to 6 riders, to create a customized solution for each policyholder
Savings Solutions
ICICI Prudential offers a variety of policies that give benefits of protection and
the opportunity to save for important assets or events, like a home, a car or a
wedding.
Save n Protect is a traditional endowment savings plan that offers both high
returns and protection.
CashBakis an endowment savings plan that allows customers to get back
substantial survival benefits without having to wait till the maturity date.
Protection Solutions
LifeGuard is a set of pure protection plans. This offers life cover, at a very
affordable cost.It is available in 3 options:-
Level Term Assurance with return of premium
Level Term Assurance without return of premium
Level Term Assurance - Single premium
-
8/6/2019 Gaurabh Sah
22/61
Education Insurance Plans
Education Insurance plans are especially designed to provide flexibility and
safeguard to a child's future education, taking all possibilities into account.
SmartKid regular premium
SmartKid Unit-linked Regular Premium
SmartKid Unit-linked Single Premium
These plans offer you:
Money at important stages of child's education
Total peace of mind, even if you are not around -
y Sum Assured is paid immediately
y All future premiums are paid by the Company
y Policy benefits continue
Guarantee a regular income to secure to a child's educational career and also ensure
his/her all-round development, for a nominal additional amount. The Income
Benefit Rider takes care of this through an annual payment of 10% of the Rider
sum assured, to child till the maturity of the policy, in the unfortunate event of the
death of the parent.
Retirement Solutions
Life Link Super Pension is a single premium, unit-linked pension policy
that offers the flexibility to invest in unit-linked funds that generate
potentially higher returns. The accumulated value of policy provides with a
regular income (pension) for life.
-
8/6/2019 Gaurabh Sah
23/61
Life Time Super Pension is a regular premium, unit-linked pension policy
that offers the flexibility to invest in unit-linked funds that generate
potentially higher returns.
Forever life is aregular premium pension plan that helps to save for
retirement while providing with life insurance protection.
Health Plans
Cancer Care is aComprehensive Cancer Protection Plan.
Health Assure is aLong-term Critical Illness Protection Plan.
Health Assure Plus is a Long-term Critical Illness Protection Plan with Life
Cover.
Investment Plans
InvestShield Life is a unique market linked plan that provides capital
guarantees on the invested premiums.
Life Time Super is aregular premium, unit-linked policy that offersflexibility, life cover and the potential to earn high returns by investing in
unit-linked funds.
Life Link Super is a single premium unit-linked insurance policy that offers
power-packed features coupled with flexible investment options.
Premier Life Gold is a limited premium paying plans that offers customers
life insurance cover till the age of 75.
Life Time Plus is a regular premium unit-linked insurance policy that offers
the benefit of enhanced life cover along with flexible investment options
-
8/6/2019 Gaurabh Sah
24/61
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.
ICICI Pru Group Solutions Advantage:
An integrated basket of employee benefits solutions that offer incomparable
flexible benefits.
Sound investment management that focuses on safety, stability and
profitability of the portfolio
Personalized financial planning for employee that takes care of his/her
changing financial needs at every stage of life.
Quality service initiatives and transparency across all operations, promising
superlative operational efficiency.
ICICI Pru Group Term Insurance
ICICI Pru's flexible group term solution helps provide affordable cover to members
of a group. The cover could be uniform or based on designation/rank or a multiple
of salary. The benefit under the policy is paid on the event of the members death
to the beneficiary nominated by the member. It is a one-year renewable policy
where one master policy covers all proposed employees comprising the group,
with a minimum group size of 25 persons.
ICICI Pru Group Gratuity Plan
ICICI Pru's group gratuity plan helps employers fund their gratuity obligation in a
scientific manner. Employers can avail of the tax benefits as applicable to
approved gratuity funds. The plan can also be customized to structure schemes that
-
8/6/2019 Gaurabh Sah
25/61
can provide benefits beyond the statutory obligations.
Rural Plans
ICICI PruLife Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
Low and Affordable Premiums
Life Cover
Savings Option
Hassle free procedure
ICICI Prudential offers 2 specially designed rural plans
ICICI Pru Mitr Endowment Plan
ICICI Pru Suraksha - Regular Premium
Flexible Riders Options
ICICI Prudential life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
Critical Illness Benefit Rider
Accident & Disability Benefit Rider
Accident Benefit Rider
Major Surgical Assistance Benefits
Income Benefit Rider
Waiver of Premium Rider (WOP)
-
8/6/2019 Gaurabh Sah
26/61
Critical Illness Benefit Rider
This rider provides protection against 9 critical illnesses, namely: Major organtransplants, Complete renal failure, Stroke, Paralysis, Heart attack, Valve
replacement surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer
.Benefits are payable to the insured for medical expenses prior to death.
Accident & Disability Benefit Rider
Benefits payable on death due to an accident If the policyholder dies due to an
accident, 100% of the rider sum assured is paid in addition to the basic sum
assured.
In case the policyholder dies in a land surface, mass public transport system
wherein the policyholder was traveling as a fare-paying passenger, then 200% of
the rider sum assured is paid.
Benefits payable in case of permanent disability due to an accident
If the policyholder survives an accident but becomes permanently disabled then the
premium for the basic plan is completely waived off to the extent of the rider sum
assured
Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in
providing that extra money and takes care of sudden financial set back that occurs
after a tragic disability.
Accident Benefit Rider
The rider option pays the sum assured under the rider on death due to an accident
-
8/6/2019 Gaurabh Sah
27/61
Major Surgical Assistance Benefits
Provides financial support in the event of medical emergencies, ensuring benefits
are payable to the life assured for medical expenses incurred for surgical
procedure. cover is offered against 43 surgical procedure
Income Benefit Rider
In case of death of the life assured during the term of the policy, 10% of the rider
sum assured is paid annually to the beneficiary, on each policy anniversary till
maturity of the rider. Income Benefit rider is available with SmartKid Child Plans.
Waiver of Premium Rider (WOP)
On total and permanent disability due to an accident, all future premiums for both
the base policy and rider(s) will be waived till the end of the term of the rider or
death of the life assured, if earlier.
Waiver of Premium rider is available with LifeTime Super,LifeTime
Plus,LifeTime Super Pension,SmartKid New ULRP,LifeGuard ROP,LifeGuard
WROP.
-
8/6/2019 Gaurabh Sah
28/61
Major Players in Insurance Sector
Life Insurance Business Non - Life Insurance Business
LifeInsurance
Corporation General
Insurance
Corporation
ICICI Prudential Life Insurance National Insurance Company
HDFC Standard Life Insurance The New India Assurance
Company
Max New York Life Insurance The Oriental Insurance
Company
Birla Sun Life Insurance United India Insurance
Company
OM Kotak Mahindra Life
Insurance
Reliance General Insurance
Reliance Life Insurance TATA AIG Insurance
Allianz Bajaj Life Insurance Royal Sundaran Alliance
General Ins.
DaburCGU Life Insurance Bajaj Alliance General
Insurance
ING Vyasa Life Insurance ICICI Lombard Insurance
-
8/6/2019 Gaurabh Sah
29/61
SBI Life Insurance
COMPARATIVE ANALYSIS
LIFELINK - THE COMPETETION
AVIVAS LIFEBOND:
Lifebond, the unit-linked single premium life insurance plan that offers a
protection cover of 101% of the initial premium. There are two funds:
A Unit Linked fund(with max equity exposure of 45%) and a unitized with profits
funds(with a max equity exposure of 20%).partial or complete withdrawals are
only allowed after 5 years ,prior to which a surrender penalty is applied. There is
no option to switch between the funds.
BIRLA SUNLIFE SINGLE PREEMIUM BOND:
This single premium plan only offers 2 tenures:5 years or 10 years and offers a
sum assured of 105% of the initial payment. Allows you to choose between 3
funds: Protector, Builder and Enhancer. Partial withdrawals are not available.
However, complete withdrawals are available from the 2nd
year onwards.
-
8/6/2019 Gaurabh Sah
30/61
PREMIUM BANDS AND THE APPROPRIATE COMPETETIVE
STRATERGY:
Rs 50000 - Rs 99999, Rs 100000 Rs 499999 and Rs 500000
Birla Sunlife Single Premium Bond and Aviva LifeBond are the only competitors
in this category. Secondly, since lifelink also gives you an option to choose a life
cover of 500% of the initial payment, if you opt for this option, you are
automatically eligible For tax benefits under section88 and section10(10D), as per
the prevailing income tax laws. This actually translates to an effective investment
of Rs. 42500, Rs 85000 and Rs. 425000 for investment of Rs 50000, Rs 100000
and Rs 500000 respectively.
LIFELINK PENSION THE COMETETION
FLEXI SECURELIFE RETIREMENT :
A Single premium unitlinked pension plan, which offers a sum assured of 110%
of the single premium. A Zero Death Cover is also available. The death benefits is
higher of the sum assured or 110% of the single premium, excluding any rider
premium.
HDFC LINKED-SP:
A Single premium unitlinked pension plan with Zero Life cover. In case of death
of the value of the units is paid along with a cash lump sum of Rs. 1000. 5 fund
options to choose from. No defined structure is available.
PREMIUM BANDS AND THE APPROPRIATE COMPETITIVE
STRATERGY
Rs. 10000 Rs 49999 and Rs 50000 and above
Across the above mentioned premium bands, HDFC Linked pension(sp) is the
closest competitor to lifelink pension, primarily because of the lower fund
management charges of 0.8% on each of its fund
-
8/6/2019 Gaurabh Sah
31/61
SMART KID UNIT LINKED SP THE
COMPETETION
BIRLA SUNLIFE MY CHILD (SP)
(Has 2 variants: Flexi SavePlus and Flexi CashFlow)
Flexi SavePlus is a regular premium unit linked life insurance plan with a fixed
maturity age of 15,20 and 25 years. Its gives you a lump sum payment on maturity.
The life assured in this case is the child.
Flexi CashFlow is a regular premium unit linked life insurance plan with a fixedmaturity age of 10,15 and 20 years .it gives u a periodic payments at vital stages of
the childs life. The life assured in this case is child.
PREMIUM BANDS AND THE APPROPRIATE COMPETITIVE
STRATERGY
Rs 50000 Rs 99999, Rs 100000 Rs 490000, Rs 500000 +Birla SunLife My Child(SP) is the the only competitor to SmartKid Unit Linked
Sp Across All Premium bands. However , Birla Sunlife offers a minmum sum
assured of Rs. 75000 as against Rs. 50000 offerd by a SmartKid Unit Linked Sp.
This makes SmartKid Unit linked SP the only player in the Rs. 50000 Rs.
75000 Premium band.
-
8/6/2019 Gaurabh Sah
32/61
LIFETIME THE COMETETION
HDFC LINKED:A Fixed term Unit-Linked life insurance plan with sum insurance plan with sum
assureds available only in the multiples of 5,10 and 20 based on age.
Death Benefit is higher of the sum assured or the value of the units .given a choice
of 5 fund options.
AVIVA LIFELONG:
A fixed term Unit-Linked life insurance plan, which offers 3 levels of sum assured.Death benefit is higher of the sum assured or the value of the units.
The policy gives an option to increase the sum assured from the 27th
policy year or
the life assured attaining 67 years of age, which is earlier. Choice of 2 funds: with
profits fund or Unit Linked funds.
LIC BIMA PLUS:
A 10 year term unit linked life insurance plan with sum assured available upto a
maximum upto 2 lakhs. Death benefit is the sum assured + value of units. Partial
withdrawal is allowed upto 50% of the bid value of the units from the 3rd
year
onwards.
OM KOTAK CAPITAL MULTIPLIER
A regular premium life insurance plan. Death Benefit is the sum assured or the
accumulated value. The plan does not have an option to choose the investment
fund. The premium is invested as per the risk appetite and objective of the
company.
-
8/6/2019 Gaurabh Sah
33/61
OM KOTAK SAKE INVESMENT PLAN:
A regular premium unit linked life insurance plan. Death benefits is the higher of
the sum assured or the value of units. Choice of 4 funds.
ALLIANZ BAJAJ UNITGAIN:
A regular premium unit-linked life insurance plan with a minimum sum assured of
5 times the premium paid. On death,the higher of the sum assured or the value of
units will be paid. Choice of 5 fund options.
TATA AIG INVESTASSURE:
A regular premium linked life insurance plan with a fixed term of 15,20 or 30
years and a minimum premium paying term of 6 years. On death, higher the sum
assured or the value of units paid. Premature withdrawls are allowed only after 2
years, but an additional charge.has a limit of 2 single premium
Top ups only upto twice a year.
PREMIUM BANDS AND THE APPROPRIATE COMPETITIVE
STRATERGY
Rs 18000 Rs 35999
The closest competitor to lifetime are Birla Sunlife Classic and HDFC Linked plan.
In case of shorter terms and lower rate of investment rate(6%)
HDFC Linked is closer to Lifetime than Birla due to low fundmanagement chargesof 0.8%. however in case of longer terms and a higher arte of investment
return(10%).Birla is closer to Lifetime due to lower charges on the premium as
compared to HDFC linked pla
-
8/6/2019 Gaurabh Sah
34/61
Rs 36000 Rs 99999 and Rs 100000 ++
The closest competitors Lifetime are Birla Sunlife Classic Life and HDFC
Linked plan, Birla SunLife . Birla is closest Competitor to Lifetime due to lower
charges on the premium as compared to HDFC linked Plan
Private companys premium incomes are as follows of their business: -
First Year Premium Income
Private Insurers Premium income(Rs. Crores)
ICICIPrudential 115.09
Max New York Life 43.23
HDFC Standard Life 36.1
Birla Sun Life 36.1
Allianz Bajaj 18.05
SBI life 15.20
OM Kotak 12.83
Source : Boston Consulting Group
-
8/6/2019 Gaurabh Sah
35/61
RANKING BASED ON FIRST YEAR
PREMIUM UNDERWRITTEN &
POLICIES BY LIFE INSURERS FOR THEFINANCIAL YEAR
2009-2010
Companies 2008-2009 Market
Share%
Growth% 2009-2010
LIC 1,628,468.67 87.04 1.93 15,976,76.15
ICICI PRUDENTIAL 750,91.03 4.01 106.23 364,10.67
BIRLA SUNLIFE 449,86.19 2.40 247.20 129,56.79
HDFC STANDARD 209,33.26 1.12 61.88 129,31.38
SBI LIFE 195,90.08 1.05 172.54 71,88.08
TATA-AIG 180,15.47 0.96 245.07 52,20.84
BAJAJ ALLIANZ 179,70.51 0.96 183.50 63,38.89
MAX NEW YORK 131,48.80 0.70 95.34 67,31.37
OM KOTAK 127,10.19 0.68 260.99 35,20.96
AVIVA 77,13.84 0.41 472.83 13,46.63
I NG VYASA 72,60.66 0.39 311.15 17,65.92
AMP SANMAR 27,88.16 0.15 341.5 6,31.52
-
8/6/2019 Gaurabh Sah
36/61
-
8/6/2019 Gaurabh Sah
37/61
Recruitment of Advisors
The importance of advisors
ICICI Prudential Life Insurance Co. Ltd. Aspires state of the art of customers
service & opportunities & avenues for enterprising people to grow & prosper. The
company wish to grow exponentially that is backed by the latest technology that is
backed by the latest technology, hence offering its customers:
y Complete & diversified product portfolio
y Faster & more accurate service
y Multi Channel distribution systems
y Highly trained professional sales people offering quality pre & post salesservice
The Profile of an Advisor
1. Age should be ideally between 25-60 years.2. Minimum education qualification is 10+2.3. Good & convincing communication skills.4. Capacity to build an impressive network.5. Engaged in gainful business or corporation.
6.Willing to undergo extensive training & development programs.7. Pleasing personality.
Skills & Competencies
As quoted by Mr. Shubro Mitra, Head HR, ICICI Prudential Life Insurance,
the company is always on a look out for people who have the following
skills & competencies that will require in the business are:
y Actuarial skillsy Investment management skills
y Core operation skills
y Core underwriting skills
y Relationship management skills
y Project Management skills
-
8/6/2019 Gaurabh Sah
38/61
Leadership & Team Skills
y A passion for achieving results
y High energy levels & infectious enthusiasmy Open to ideas
y Strong team players
y High caliber & ability
y And above all, unyielding integrity
THE ADVISORIS ALSO REQUIRED TO REGULARLY FOLLOW THE
INTERNAL SALES AND THE INTERNAL REPORTING SYSTEM SO AS
TO GET THE FEEDBACK AND FURTHER LEADS FOR THEPROSPECTIVE AREAS OF BUSINESS AND IMPROVEMENT.
The Duties & Obligations of the Agent
As per the IRDA guidelines every advisor must be trained & licensed to sell life
insurance. The responsibilities & obligations of the advisors have been clearly
defined.
y Every insurance agent should himself & the insurance company that herepresents along with the license particulars.
y The advisors should take into the needs of the clients before recommendinga plan.
y All requisites information in respect of the products recommended should beprovided with a Sales Illustration & the premium to be paid.
-
8/6/2019 Gaurabh Sah
39/61
y The agent is obligated to disclose the scales of commission likely to beearned by him through sale of the recommended product, should the clientwish to know it.
y The nature of information required in the application form should beadequately explained along with the requirements for supporting documents.
y Once the proposal is submitted, the advisor shall inform the status ofdecision by insurer promptly.
y In case of a claim, the advisor is required to render necessary assistance is
complying with the requirements for settlements of claims by the insurer.
y He/she should not interfere with any proposal introduced by any other
y any insurance advisor/agent or force the client to terminate an existingpolicy taken from him/her & take a new proposal within 3 years.
y
An advisor cannot induce the client to omit any material information orsubmit any wrong information in the proposal form.
y Further no rebating or offering any inducements in lieu of taking a policy isallowed.
-
8/6/2019 Gaurabh Sah
40/61
Code of Conduct for the Agent
The licensing ofInsurance Agent Regulations, 2000 lays down a code of conduct
for agents, which state that, the agent shall
y Disclose the license to the prospects on demand.
y Explain all available options to the prospect.
y Disclose the scales of commission, if asked for by the prospect.
y Impress upon the prospect need to disclose all information.
y Inform the insurer about any adverse habits & materials facts of the person
to be insuredy Convey to the proper about the acceptance or rejection of the proposal.
y Render necessary assistance to the policyholders or claimants orbeneficiaries in complying with the requirements, asked for by the insurer.
y Advise policyholders to affect nomination.
y Make every attempts to ensure remittance of premiums by the policyholderswithin the stipulated time by giving notice orally or in written.
y Not induce the prospect to submit any wrong information.
y Not interfere with the proposal introduced by other insurance agents.
y Not demand or receive share of proceeds under insurance contracts.
Not cause the termination of an existing policy with a view to effect a new
proposal.
-
8/6/2019 Gaurabh Sah
41/61
Training of Advisors
At ICICI Prudential, the emphasis is put on the importance of training in a dynamic
business environment. Advisors must go through both generic and specific,
professional programs that help them remain well informed and knowledgeable
about the company product in the market. There is a further focus on soft skills
such as communication managing long term relationships and selling skills which
are very reluctant in a serviced driven industry like Life Insurance.
State of the art infrastructure training facilities coupled with n excellent faculty,
guarantee an exceptional learning environment for advisors who might be occupied
with their daily business/profession routines, ICICI Prudential also offers
convenient training options such as online and self-learning are also provided by
the organization.
A 17 days training schedule covers the mandatory IRDA training requirements
and ICICI Prudential product training module. Revision session ensures that the
candidates thoroughly understand the course contents and are well prepared for the
licensing examination. Theoretical training is interspersed with practical
appointment settings with potential customers; give advisors a feel of how their
business will work from the very continuous support to the advisors in achieving
independence towards gaining business.
Career: At ICICI Prudential, career development is emphasized upon the very day
the advisor joins the system. Though individual meeting with his or her manager,the advisor can discuss various issues related to business development and career
enhanceme
-
8/6/2019 Gaurabh Sah
42/61
Expectations from the organization in terms of chalking a career in the insurance
industry are also discussed.
Tiger Team: ICICI Prudential offers the Tiger Team programme for identifiedhigh potential advisors. Hand picked by management. These advisors are placed on
a fast track career path and recognized as tiger trainers. The advisors can
participate in this programme subject to certain criteria fulfilled.
Pinnacle Programme: Absorption in to management is another career
enhancement option provided at ICICI Prudential option provided at ICICI
Prudential through Pinnacle Programme. This program helps advisors builds a fulltime career as a unit manager in the organization offering a great potential for
managing a team of advisors and personal development. Fast-Track Pinnacle
Programme is also available to advisors who are able to meet the performance
criteria within the stipulated time.
Rewards & Recognition: ICICI Prudential advisors are constantly recognized and
rewarded for their performances. Numerous contents all year round promotehealthy competition amongst advisors and recognition for their efforts. Depending
on the level of business the advisor achieves in a year, he or she can become a
member of various clubs such as President Club, ICICI PrustarInternational and
ICICI PrustarIndia Club. Each of these clubs has specified performance criteria for
qualification and members of this club are entitled to attend the seminars held at
exotic international and domestic locations each year.
Advisors are also qualifies for the renowned MDRT (Million Dollar Round Table)
an exclusive international insurance advisors club.
-
8/6/2019 Gaurabh Sah
43/61
Questionnaire
Name - _______________________________________
Age - _______________________________________
Gender - _______________________________________
Telephone - _______________________________________
1. What are your educational qualifications?
(Pick the appropriate)
a) 10th
Pass
b)10+2 / stream
c) Graduate (stream)
d)Post Graduate (Specify)
2. What is your current occupation? (Please Tick)
a) Salaried
b)Self employed
3. How many members do you have in your family?
4. How many members in your family are dependent?
5. If yes the only income earner in the family? (Please Tick)
a) Yes b) No
-
8/6/2019 Gaurabh Sah
44/61
6. Do you have any sales experience? If yes how many years?
a) Yes b) No c) How many years (If Yes)
7. What are your expectations from the company?
8. Give your suggestions for the company?
________________________________________________________
-
8/6/2019 Gaurabh Sah
45/61
FINDINGS FROM THE QUESTIONNAIRE OF PROSPECTIVE
ADVISORS
VAROIUS SEGMENTS USED
SAMPLE SIZE = 30
VARIOUS S G S US
20%
14%
21%14%
17%
14%Professionals
HousewifeBusinessman
Student
Ed. Unemployed
Service
Fig.1
-
8/6/2019 Gaurabh Sah
46/61
FACTORS THAT ONE CONSIDERS BEFORE CHOOSING A BUSINESS
OPPORTUNITY
BASIC FACTORS BEFORE CHOOSING
BUSINESS OPPORTUNITY
46%
27%
16%
11%Monetary Benefit
Recoginiton
Flexible Timing
All of the above
Fig.2
INSURANCE ACCORDING TO THEM
INSURANCE AS THEY SAY
46%
19%
19%
16%
Investment Tool
Security
Tax Saving Tool
All the above
-
8/6/2019 Gaurabh Sah
47/61
OUT OF THE SAMPLE SIZE OF 30, 76.67% OF THEM WERE INSURED
REASON TO BUY INSURANCE
43%
36%
21%
Tax Planning
Risk Coverage
Investment
Fig.4
Those who were not insured were housewives and students.
Out of 30, only 8 were associated with ICICI Prudential. They were the policy
holder of the company.
Only 11 out of 30 know the fact that ICICI Prudential is no.1 private life
insurance co.
Out of these 11, 5 are policy holder of the co. so those who are policy holder
generally know this fact.
3 of the policy holder dont know this fact.They bought the policy because oftheir relationship.
-
8/6/2019 Gaurabh Sah
48/61
IS INSURANCE HIGHLY PAYING BUSINESS
Fig.5
OUT OF 30, 18 OF THEM WANT TO BE A PART OF ICICI
PRUDENTIALDISTRIBUTION CHANNEL
THOSE WHO SAID NO, GAVE FOLLOWING REASONS.
y
ALREADY ADVISOR OF SOME COMPANYy TIME CONSTRAINT
y LOT OF FOLLOWUP REQUIRED
y VERY DIFFICULT TO CONVINCE
y TOO BUSY
y FAMILY RESPONSIBILITIES
IS INSURANCE HIGHLY PAYING
43%
40%
17%
Yes
No
May be
-
8/6/2019 Gaurabh Sah
49/61
TO DETERMINE THE VARIOUS IMPROVMENTS THAT ARE TO BE
DONE IN THE PRODUTS OF ICICI PRUDENTIAL AND SATISFACTION
LEVEL, SAMPLE SIZE OF 25 EXISTING ADVISORS IS ANALYSED
WORKING WITH ICICI PRUDENTIAL
31%
25%
25%
19%Less than 1 year
1-2 Years
2-3 Years
Above 3 Years
Fig.6
Out of 25 advisors, 19 % advisors have above 3 year experience.25 % have 2-3
years of experience .Another 25 % have 1-2 year experience. And 31% have
less than 1 year experience.
-
8/6/2019 Gaurabh Sah
50/61
No. OF PRODUCTS SOLD BY ADVISORS
Fig.7
74% ADVISORS SOLD MORE 30 PRODUCTS.13 % ADVISORS HAVE SOLD 20-30
PRODUCTS. AGAIN 13 % ADVISORS SOLD 10-20 PRODUCTS.
NO. OF PRODUCT SOLD
0% 13%
13%
74%
Less h 10
10-20
20-30
Greaterthan 30
-
8/6/2019 Gaurabh Sah
51/61
PURPOSE OF BUYING THE INSURANCE PRODUCTS BY CUSTOMERS
Fig.8
ACCORDING TO THE ADVISORS 49 % OF THE CUSTOMERS BUY
INSURANCE FOR TAX BENEFIT.27% BUY IT FOR INVESTMENT
PURPOSE.12% BUY ITB FOR SECURITY PURPOSE AND 12% BUY IT
FOR OTHER PURPOSE.
OTHER PURPOSES ARE-
1. PROTECTION OF MONEY
2. CONVINCED BY SELLER
ACCORDING TO ADVISORS, PENSION PLAN, SMART KID AND LIFE
TIME ARE THE PRODCTS THAT ARE SOLD THE MOST.
INVEST SHIELD, SAVE N PRODUCTS ARE SOLD THE MOST.
APPROXIMATELY, 70% ADVISORS HAVE RATED THE PRODUCTS
OF ICICI PRUDENTIAL AS THE BEST.
PURPOSE OF BUYING BY CUSTOMER
49%
27%
12%
12%
Tax Benefit
Investment
Security
Any other
-
8/6/2019 Gaurabh Sah
52/61
WHAT MOTIVATES THEM TO STAY
WHY ARE THEY HERE
50%
11%
28%
11%Money
Motivation by
company
Recoginition
Any other
Fig.9
50% OF THE ADVISORS ARE WORKING FOR MONEY, 28% ARE
WORKING FOR RECOGNITION, 11% ARE WORKING BECAUSE OF
MOTIVATION BY THE CO.11%ARE WORKING FOR BRAND NAME.
-
8/6/2019 Gaurabh Sah
53/61
SWOT ANALYSIS
STRENGTHS
GOOD BRAND NAME
ICICI and PRUDENTIAL are one of the market leaders in their respective
sectors.ICICI safety bonds enjoyed the highest AAA credit rating consistently while
prudential is the fourth largest company in terms of revenue in the world .
HANDSOME DEPOSIT WITH IRDA
ICICI Prudential has a deposit of total 230 crores with IRDA as against the
minimum cap of rs 100 crores. This will assure that the claimants will get their
money back on time without any delay .
LATEST TECNOLOGY
All the branches and the offices of the company are connected through intranet
and all the modern means in the technology that help in giving its customers
prompt services. All the information about the company and its products is
available on its site(iciciprulife.com)in detail.
COMPLETE AND DIVERSIFIED PRODUCT PORTFOLIO
The company has a total number of 14 products on offer to the general
public,keeping in mind the requirements of the public at different age levels . This
is one of the vital strengths of the company.
-
8/6/2019 Gaurabh Sah
54/61
FAST AND ACCURATE SERVICE TO THE CUSTOMER
The mission statement of the company promises to provide superior products and
services to the customer by understanding their needs.The use of latest tecnology
helps the company to give to its customers fast and accurate service.
LEADERS IN TERMS OF PREMIUM COLLECTED
The company was the leader in terms of premium that amounted to a sum total of
rs 122 crores in the last financial year ahead of MAX NEW YORK (43 crores) and
HDFC std(36 crores).
HIGHLY TRAINED AND PROFESSIONAL SALES FORCE
All the employees who are associated with ICICI PRUDENTIAL ARE highly
trained and professional in attitude.this quality staff ensures high quality pre and
post sales services.
INVESTMENT IN SECURED SECTOR
Of the total premium collected in the last financial year , company has invested
85% of the amount in government securities and has kept the remaining 15% as a
reserve for pre claim settlements.
-
8/6/2019 Gaurabh Sah
55/61
WEAKNESS
LOW REACH
Since the company has started its operations recently its reach is very limited.It has
19 offices and 28 locations across the country while its rival LIC has reached
almost every part of the country.The company will have to think over expanding
its operations as soon as possible .
LESS PRODUTS ON OFFER
As compared to LIC the company does not have a joint life policy and the group
insurance policy on offer to the public.
TO MUCH DEPENDENCE ON THE GOVERNMENT
The main reason behind public to buy insurance is the tax benefits,as the assesse
gets.If the government reduces the exemption given under different sections the
general public may think it otherwise to buy the policy.Though the company aims
to change the mindset of the public but it is the biggest weakness in all insurance
companies.
-
8/6/2019 Gaurabh Sah
56/61
OPPORTUNITIES
MAJORITY OF THE MARKET STILL UNTAPPED
Under the survey that was carried out it was discovered that only 22% of the
people have taken some or the other policy.
CAPPING IN RBI BONDS
The RBI offers a medium return tax saving bonds.But from this financial year inthe recent amendments there has been a capping on maximum amount i.e 2 lacs
that a person can invest.This is a good opportunity for the company to sell its
invest ment products that also promises insurance with tax benefits.
THREATS
COMING UP OF MANY PRIVATE PLAYERS
After opening of this sector, there are many companies who have aligned with
some or the other forein partner.Many banks are also coming in this sector with the
plan of giving risk cover to the account holders at a very cheap price.
GOVRNMENT
If the government comes up with an amendment wherein it plans to reduce the
exemption under different sections , the company may find it difficult to sell its
products.
-
8/6/2019 Gaurabh Sah
57/61
Findings During The Project
1. ICICI PRUDENTIAL LIFE INSURANCE COMPANY has great goodwill in market
in liberalized Indian market there are approximately 13 big companies in
Indian market and ICICI PRUDENTIAL is the No. 1 private insurance
company.
2. There are a lot of scope of life insurance in India only 2.5 people are secure
with life insurance so the insurance sector is its booming stage this boom
will more increase in 2-3 years.
3. Good profile insurance advisor could do better job. If ICICI PRUDENTIAL
mentions the level of advisor then they give great sales to the company.
4. ICICI PRUDENTIAL has tuff competition with LIC as well as TATA AIG, BAJAJ
ALLIANCE, BIRLA SUNLIFE INSURANCE, SAHARA, ING VYASA, OM KOTAK
MAHINDRA, HDFC INSURANCE and SBI LIFE.
5. If the company starts to concentrate on village segment market. Then
company can get great business.
6. ICICI PRUDENTIAL has interested and profitable planes for different age
groups.
7. I got the good profile people near by bank and share market. When I
concentrated on the 20-25 year age group people I found good result.
8. Within 20-25 year age group the sincerity level is high. They are career
oriented and want to earn more.
-
8/6/2019 Gaurabh Sah
58/61
9. In 25-30 age group people made interest to purchase the kids plan and
pension plan and money back plan.
10.In the age group of 30-35 years the people who are earning more than 3
lakh p.m. made interest to purchase ULIP.
11.I found that in insurance sector a person should have great communication
and convenience skill.
12.People made interest in the business opportunity of ICICI PRUDENTIAL
because these are lots of chances to increase earnings and make high place
in the company.
13.People took interest in pinnacle programme and also live the professional
environment of the company.
14.I found that low percentage of people is aware with the life insurance.
15.It was great experience to communicate with different people. I learnt
through cross-question by people.
16.There is lot of pressure in the insurance industry. Employees are always
there in pressure always.
17.Because of pressure the employees are not able to give their best
performance. They dont want to take too many risks.
-
8/6/2019 Gaurabh Sah
59/61
SUGGESTIONS
Effective and extensive advertising tool should be used to attract the qualitypeople as an insurance advisor.
Company must provide proper and timely information to the prospectiveadvisors and customers.
There must be a proper management information system in the company.
The plans and policies of the company should be flexible and there shouldbe transparency in its working.
Branch network should be expanded to cover each and every district so thatinsurance services could be provided with more ease and convenience.
There should be no territorial restrictions.
More stress should be given to rural marketing.
Company should provide new Advisor training program from time to timeand motivate them by regular meetings. Provision of suitable awards should
be made to inculcate enthusiasm and challenges.
Company should publish its weekly review of internal and externalcompetitive business.
Company should invite the potential customers as also existing customers tovests more money in the plans and generate their interest in new modified
plans.
-
8/6/2019 Gaurabh Sah
60/61
Biblography
Web sites
y www.iciciprulife.com
y www.ipruuniverse.com
y www.icici.com
y www.irdaindia.com
y www.indiacore.com
y www.maxlifeinsurance.com
Magazines
y Insurance Plus
y Business India
y Economics Times
y Material provided by the company
y Survey
Search Engines
y www.google.com
y www.yahoo.com
y www.altavista.com
-
8/6/2019 Gaurabh Sah
61/61