Recruitment,Training and

Development of ICICI

Prudential Life Insurance

Company Ltd.

Submitted By:

MISS. SHUBHANGI Y. BHENDIGIRE

MMS – SECOND YEAR (HR)

PARASHAR – 07

Supervised By:

MR. HITESH JAIN MS. LEENA SINGH

Channel Development Manager (C. D .M.) Sales Manager

ICICI Prudential ICICI Prudential

ACKNOWLEDGEMENT

I wish to express my sincere gratitude to MR. SHANKAR SESHAN (Branch

Manager, Mulund, MRS. LEENA SINGH (Sales Manager), MR. HITESH

JAIN (Channel Development Manager (C. D. M.) for giving me the opportunity to

do my summer training at his highly esteemed Organization.

I am grateful to MR. PRITESH GOSAR (Team Leader and Unit Manager of ICICI

Prudential, Mulund), MR. SACHIN KADAM, (Agency Manager) for their Valuable

guidance, advice, suggestion and constant encouragement rendered to me at every

stage.

I am also thankful to MR. SHRIPAD JANYE (IT Officer) for his invaluable Guidance

and Suggestions during my Training.

I am also thankful to all others who helped me directly or indirectly towards the

completion of my works.

TABLE OF CONTENTS

SR.NO CONTENTS PG.NO.

1 OBJECTIVES 06

2 THEORY AND CONCEPT 07

3 COMPANY PROFILE 11

COMPANY 11

VISION 14

PROMOTERS 16

PRODUCT 19

DISTRIBUTION 26

4 STRUCTURE OF THE SALES FUNCTION 27

5 RECRUITMENT PROCESS CHART 32

6 RECRUITMENT PROCESS AND IMPORTANTS OF TRAINING &

33

DEVELOPMENT 7 SIX SIGMA IMPLEMENTATION BY IPRU 38

8 RESEARCH METHODOLOGY 44

a) PROBLEM & RESEARCH OBJECTIVE

44

b) RESEARCH PLAN 45

c) DATA SOURCE 46

d) RESEARCH APPROCHES 47

e) RESEARCH INSTRUMENT 49

f) SAMPLING PLAN 50

g) CONTACT METHOD 51

8 ANALYSIS OF THE SURVEY 52

9 FINDINGS 63

10 SWOT ANALYSIS 66

11 BCG MATRIX 71

12 RECOMMENDATION AND SUGGESTION 74

13 BIBLIOGRAPHY 76

14 APPENDIX 77

a. QUESTIONNAIRES 77

b. BOARD OF DIRECTORS 80

c. MANAGEMENT TEAM 81

d. AWARDS AND RECOGNITION 82

Objective

Insurance Advisors or Financial Advisors play very Important role for the

Company, because this Advisors is the present and future assets of the company, as

they treated like a Partner of the ICICI Prudential Life Insurance Company Ltd. . .

” The Primary Objectives of ICICI Prudential is to Improve

Knowledge about the Insurance Industry and How to achieve the

goals and Objectives in order to face the Competitive World by

knowing Personality Development Skills . ”

The Secondary objective was to find out -

1. Why Batches getting Cancel?

2. Exam Attendance

3. Exam Pass-out Ratio

Our Project “Recruitment and Training and Development of ICICI Prudential”

which mainly focus on finding out Importance of Training and Development for

Insurance Advisors.

Theory and Concept

Training generally refers to reaching of new skill in professional field of the

employee. Like an employee being taught to operate another machine, or to perform

a new operation in the same machine. Development refers to enhancement of

personal qualities of the employee which do not have a one to one relationship with

his current job. It may be to help an employee to grow. Like stress management

techniques, yoga lessons, meditation exercises, soft skills training, etc.

While training is expected to reward the company immediately in terms of

better productivity of employee, Development does not lead to a by immediate and

tangible benefits to the company. At the best, there might be some intangible

benefits in the long run, like improved motivation, loyalty, improved intra-

departmental relations, reduced absenteeism on medical ground etc.

Dividing line between training and development is expectation of immediate

benefits. Thus, in case a program, generally qualifying as development program, is

directly related to employee’s job skills, like Communication Skills course for

telephone attendant or receptionist, will qualify as training and not as development.

Same program for some one in back office would be termed as “Development

Program.”

Definition of Training & Development :

“ Training & Development ” is any attempt to improve current or

future employee Performance by improving his performance capabilities

and potential through learning, usually by changing the employee’s

attitude or increasing his or her skills and knowledge .The need for

Training and Development is determined by the employee’s

performance deficiency, computed as follows –

Training & Development Need = Standard Performance - Actual

Performance

Objectives of Management Development Programs ( MDP ) :

To make the managers

- Self –Starters

- Committed

- Motivated

- Result Oriented

- Sensitive to environment

- Creating the self awareness

- Develop inspiring leadership styles

- Teach them about effective Communication

Meaning of Recruitment :

The human resources are the most important assets of an

organization. The success or failure of an organization is largely dependent

on the caliber of the people working therein. Without positive and creative

contributions from people, organizations cannot progress and prosper. In

order to achieve the goals or perform the activities of an organization,

therefore, we need to recruit people with requisite skills, qualifications and

experience. While doing so, we have to keep the present as well as the

future requirements of the organization in mind.

Definition of Recruitment :

Recruitment is the process of locating and encouraging potential

applicants to apply for existing or anticipated job openings. It is actually a

linking function, joining together those with jobs to fill and those seeking

jobs. Recruitment, logically, aims at (i) attracting a large number of

qualified applicants who are ready to take up the job if it’s offered and (ii)

offering enough information for unqualified persons to self-select themselves

out (for example, the recruitment ad of a foreign bank may invite

applications from chartered accountants who have cleared the CA

examination in the first attempt only.)

Recruitment is the discovering of potential applicants for actual or

anticipated organizational vacancies.

Recruitment Policies and Procedures :

One of the first steps in planning for the recruitment of employees

into the organization is to establish proper policies and procedures. A

recruitment policy indicates the organizations’ code of conduct in this area of

activity. A typical policy statement for recruitment may run thus:

In its recruitment activities, the company will:

Advertise all Vacancies internally

Reply to every job applicant promptly

Inform job applicants the basic details and job conditions of

every job advertised.

Process all applications with efficiency and courtesy

Seek candidates on the basis of their qualifications

Aim to ensure that every person invited for interview will be

given a fair and through hearing.

Company Profile

About ICICI Prudential Life Insurance

Company Ltd:

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse and prudential plc, a leading international

financial services group headquartered in the United Kingdom. ICICI Prudential was

amongst the first Private Sector Insurance Companies to begin operations in

December 2000 after receiving approval from Insurance Regulatory Development

Authority (IRDA).

  ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and

Prudential plc holding 74% and 26% stake respectively. In the financial year ended

March 31, 2005, the company garnered Rs 1584 Crore of new business premium for

a total sum assured of Rs. 13,780 Crore and wrote nearly 6,15,000 policies. The

company has a network of about 56,000 advisors; as well as 7 Banc assurance and

150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its

Position as the No. 1 Private Life Insurer in the country, with a wide range of

flexible Products that meet the needs of the Indian customer at every step in life.

SOME FACTS :

1 Life Insurance Company (LIC) invested 26% in ICICI Prudential Company.

2 Over 2,70,000 Financial Advisors which includes brokers, housewives,

Chartered Accountants, retired Persons, Businessmen, Graduate and Under-

graduate Students etc.

3 Over 16 million customers across the globe.

4 Present in 14 countries throughout Asia.

5 75 years of experience in Asia. .

6 Given Insurance to Titanic that sank.

7 Prudential sponsored Cricket World Cup in 1983.

VISION

Total Protectio

n

ICICI Prudential Life is all about……

Health Wealth

We cover you at every step in Life

Life

“ To make ICICI Prudential the dominant Life and Pensions player built on trust by

World-class People and Service. ”

This is what company hopes to achieve:

Understanding the needs of customers and offering them superior prod-

ucts and service

Leveraging technology to service customers quickly, efficiently and con-

veniently.

Developing and implementing superior risk management and invest-

ment strategies to offer sustainable and stable returns to Company’s pol-

icyholders

Providing an enabling environment to foster growth and learning for

Companies employees

And above all, building transparency in all Company’s dealings.

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

values -------- Integrity, Customer First, Boundary less, Ownership and Passion.

Each of the values describes what the company stands for, the qualities of people

and the way they work.

Company believes that it is on the threshold of an exciting new opportunity, where it

can play a significant role in redefining and reshaping the sector. Given the quality

of parentage and the commitment of its team, there are no limits to its growth.

PROMOTERS

ICICI Bank:

ICICI was founded by the World Bank, Government of India and representatives of

the private sector in 1955 to encourage and assist industrial development and invest-

ment in India. ICICI Bank is India’s second-largest bank with total assets of about

Rs.112, 024 Crore and a network of about 450 branches and offices and about 1750

ATMs. It offers a wide range of banking products and financial services to corporate

and retail customers through a variety of delivery channels and through its special-

ized subsidiaries and affiliates in the areas of investment banking, life and non-life

insurance, venture capital, asset management and information technology. ICICI

Bank posted a net profit of Rs.1637 Crore for the year ended March 31, 2004. ICICI

Bank’s equity shares are listed in India on stock exchanges at Chennai, Delhi,

Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Ex-

change of India Limited and its American Depositary Receipts (ADR’s) are listed on

the New York Stock Exchange (NYSE).The various segment of ICICI are.

   

 

Prudential plc:-

Established in London in 1848, Prudential plc, through its businesses in the UK and

Europe, the US and Asia, provides retail financial services products and services to

more than 16 million customers, policyholder and unit holders worldwide. As of

June 30, 2004, the company had over US $300 billion in funds under management.

Prudential has brought to market an integrated range of financial services products

that now includes life assurance, pensions, mutual funds, banking, investment man-

agement and general insurance. In Asia, Prudential is the leading European life in-

surance company with a vast network of 24 life and mutual fund operations in

twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the

Philippines, Singapore, Taiwan, Thailand and Vietnam.

The company has six Bancassurance tie-ups, having agreements with ICICI Bank,

Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-

operative banks, as well as over 150 corporate agents and brokers. It has also tied up

with NGOs, MFIs and corporates for the distribution of rural policies and organiza-

tions like Dhan for distribution of Salaam Zindagi, a policy for the socially and eco-

nomically underprivileged sections of society.  

ICICI Prudential has recruited and trained about 2,14,000 insurance advisors to in-

terface with and advise customers. Further, it leverages its state-of-the-art IT infra-

structure to provide superior quality of service to customers.

Val

ue

of ben

efit

Time Period

Death

InsuranceStock marketBond

But the value of Life Insurance...

Maturity

life cover

PRODUCTS

Insurance Solutions for Individuals

:

ICICI Prudential Life Insurance offers a range of innovative, customer-centric prod-

ucts that meet the needs of customers at every life stage. Its 27 products can be en-

hanced with up to 6 riders, to create a customized solution for each policyholder.

Savings Solutions:

SecurePlus is a transparent and feature-packed savings plan that offers 3 lev-

els of protection.

Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of

protection as well as liquidity options.

Save?n?Protect is a traditional endowment savings plan that offers life pro-

tection along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone ex-

penses like a child’s marriage, expenses for a child’s higher education or

purchase of an asset.

LifeTime & LifeTime II offer customers the flexibility and control to cus-

tomize the policy to meet the changing needs at different life stages. Each of-

fer 4 fund options- Preserver, Protector, Balancer and Maximiser.

LifeLink II is a single premium Market Linked Insurance Plan which com-

bines life insurance cover with the opportunity to stay invested in the stock

market.

Premier Life is a limited premium paying plan that offers customers life in-

surance cover till the age of 75.

InvestShield Life is a Market Linked plan that provides capital guarantee on

the invested premiums and declared bonus interest.

InvestShield Cash is a Market Linked plan that provides capital guarantee

on the invested premiums and declared bonus interest along with flexible liq-

uidity options.

InvestShield Gold is a Market Linked plan that provides capital guarantee on

the invested premiums and declared bonus interest along with limited pre-

mium payment terms.

Protection Solutions

Lifeguard is a protection plan, which offers life cover at very low cost. It is

available in 3 options- level term assurance, level term assurance with return

of premium and single premium.

Child Plans :

SmartKid education plans provide guaranteed educational benefits to a child

along with life insurance cover for the parent who purchases the policy. The

policy is designed to provide money at important milestones in the child’s

life. SmartKid plans are also available in unit-linked form- both single

premium and regular premium.

 Retirement Solutions:

Forever Life is a retirement product targeted at individuals in their thirties.

SecurePlus Pension is a flexible pension plan that allows one to select be-

tween 3 levels of cover.

Market-linked retirement

products

LifeTime Pension II is a regular premium market-linked pension plan

Life Link Pension II is a single premium market-linked pension plan.

Invest Shield Pension is a regular premium pension plan with a capital guar-

antee on the investible premium and declared bonuses.

ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance

policy targeted at the economically underprivileged sections of the society.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to en-

hance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner. The

plan can also be customized to structure schemes that can provide benefits

beyond the statutory obligations.

ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible de-

fined contribution superannuation scheme to provide a retirement kitty for

each member of the group. Employees have the option of choosing from var-

ious annuity options or opting for a partial commutation of the annuity at the

time of retirement.

ICICI Pru Group Term Plan: 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 un-

der the policy is paid to the beneficiary nominated by the member on his/her

death.

Flexible Rider 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.

Accident & disability benefit: If death occurs as the result of an acci-

dent during the term of the policy, the beneficiary receives an additional

amount equal to the sum assured under the policy. If the death occurs while

traveling in an authorized mass transport vehicle, the beneficiary will be enti-

tled to twice the sum assured as additional benefit.

Accident Benefit: This rider option pays the sum assured under the rider

on death due to accident.

Critical Illness Benefit: protects the insured against financial loss in the

event of 9 specified critical illnesses. Benefits are payable to the insured for

medical expenses prior to death.

Major Surgical Assistance Benefit: provides financial support in the

event of medical emergencies, ensuring benefits are payable to the life

Assured for medical expenses incurred for surgical procedures. Cover is of-

fered against 43 surgical procedures.

Income Benefit: This rider pays the 10% of the sum assured to the nomi-

nee every year, till maturity, in the event of the death of the life assured. It is

available on SmartKid, SecurePlus and Cash Plus

Waiver of Premium: In case of total and permanent disability due to an

accident, the premiums are waived till maturity. This rider is available with

SecurePlus and Cash Plus.

Keyman Insurance Plans

A keyman is an individual who directly affects the profitability and the continu-

ity of a business and whose absence may have an adverse effect on the health

and continuity of the business. Keyman insurance is a life insurance policy taken

by the company on the life of such a key person.

The objective of the Keyman insurance is to provide the company with money

so that the financial losses to the company can be protected, in absence of the

Keyman. The aim is to indemnify the company of these losses and to allow busi-

ness continuity. All premiums paid for securing a Keyman life insurance policy

are treated as business expenditure u/s 37 (1).

Rural Plans

ICICI Pru Life Rural Products are designed to meet the needs of the rural con-

sumers. These products offer the following features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure.

DISTRIBUTION

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

surers in India, having commenced operations in 74 cities and towns in India. These

are: Agra, Ahmadabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Banga-

lore, Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh,

Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Guwahati,

Gurgaon, Gwalior, Hyderabad, Hugli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshed-

pur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam,

Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai,

Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,

Rourkela, Saharanpur, Salem, Shimla, Siliguri, Surat, Thane, Thrissur, Trichy,

Trivandrum, Udaipur, Vadodara, Vapi, Vashi, Vijayawada and Vizag.

Structure of the Sales Function

ICICI Prudential’s sales function is divided into two functional structures within

the organization. These two Structures are:

Bancassurance & Alliances

Tied Agency

Both types of structures are described as follows:

Banc assurance & Alliances: Banc assurance or Banca : - ICICI

Prudential was a pioneer in offering life insurance solutions through banks and

alliances. Within a short span of two years, and with nearly a large number of

partners, B & A has emerged as a vital component of the company’s sales and

distribution strategy, contributing to approximately one third of company’s total

business.

The business philosophy at B&A is to leverage distribution synergies with there

partners and add value to its customers as well as the partners. Flexibility, adaptation

and experimenting with new ideas are the hallmarks of this channel. The business

philosophy at B&A is to leverage distribution synergies with its partners and add

value to the business of both. Bancassurance Team includes:

Banks

ICICI Bank

Federal Bank

South Indian Bank

Bank of India

Lord Krishna Bank

Some co-operative banks

Corporate Agents

Bajaj Capital

India Infoline

Way 2 Wealth

Advanced Financial Services (Karvy)

Blue Chip

AHS

APS

Strategic Marketing Pvt. Ltd.

S M Insurance

Investment Managers

Emgee Muthoot Insurance

The Hierarchy Structure of the ICICI

Prudential Life Insurance Ltd. is as follows:

o Branch Sales Manager (BSM)/ Center Sales Manager

o Sales Manager(SM)

o Assistant Sales Manager (ASM)

o Team Leader (TL)

o Financial Service Consultant (FSC)

Tied Agency: Tied Agency is the largest distribution channel of ICICI Prudential,

comprising a large advisor force that targets various customer segments. The

strength of tied agency lies in an aggressive strategy of expanding and procuring

quality business. With focus on sales & people development, tied agency has

emerged as a robust, predictable and sustainable business model.

Generally this advisors works under the leadership of unit manager, who motivate

them in every step by providing training and guidance to them, usually each unit

manager have 20 to 30 advisors under them.

Branch Sales Manager (BSM)/ Center Sales Manager

Sales Manager(SM)

Assistant Sales Manager (ASM)

Unit Manager (UM)

Advisors:

Advisors are the people who are not the employee of the ICICI

Prudential, but works as commission agents.

The Chart showing the Recruitment Process of ICICI Prudential :

7.

Cashier

8.

Head Branch

6.

DOPS Departme

nt

5.

Reception

4.

Sales Manage

r

3.

Unit Manage

r

2.

Recruitment

Officer

1. Insurance Advisor

Recruitment Process of ICICI Pru -

dential Life Insurance Company

Ltd.:

1. Insurance Advisors :

Insurance Advisors is the Financial Advisors / Financial Agent of the

company. Recruitment process starts with Recruitment of financial

Advisors. Basically Financial Advisors, deals with various policies

of the company. The Application Form which is known as FSP

form will be given to Insurance Advisors for the Post of Financial

Advisors and that form is Submitted to Recruitment Officers after

the signature done by Insurance Advisors. There are 16 signature

was taken from the Insurance Advisors.

2. Recruitment Officers :

Recruitment Officers is the Person who recruit the Insurance Advisors

in the long period of time. The FSP form will be Properly fill-up by the

Recruitment Officer.

3. Unit Manager :

Unit Manager is the Person who recruit the Recruitment Officers. i.e.

All the Recruitment Officers will be under the Unit Manager of the

company. And Also all Financial Advisors are also under the Unit

Manager of the Company. In these case, The FSP form will Properly sign

and again check by the Unit Manager and if there is any rejection in case

then that will be solve by the Unit Manager of the company.

4. Sales Manager :

Sales Manager is the Person who take the Personal Interview of

Insurance Advisors and that FSP form is send to Sales Manager. In

Practically Sales Manager is not needed for the Recruitment Process.

5. Reception :

The FSP form is send to receptionist for check out the rejection if any.

i.e. The FSP form is login to receptionist before 4.30 p.m. according to the

rules and regulation of the company.

6. BDOP’S Department :

BDOP’S Department is the department who finalized the FSP form and

accepts the form, if there is no rejection. If there is any rejection then that

rejection Form is directly sends to Unit Manager of the Company.

7. Cashier :

Cashier is the Person who give the Acknowledgement Slip after the form

will be accepted.

8. Head Branch :

Head Branch of the ICICI Prudential Life Insurance Company is at Amboli

(Andheri). Finally, the FSP form is send to Head Branch and the Exam Centre

will be decided by the Head Branch.

What Company looks in Insurance Advisors?

ICICI Prudential Life Insurance Company Ltd. wants from the Insurance Advi-

sors:

a) Knowledge

b) Professionalism

c) Hard work

d) Patience

e) Sincerity

f) Target Achieve

What Insurance Advisors wants from IPRU ?

Insurance Advisors wants from the IPRU:

a) Commission

b) Knowledge

c) Rewards and Recognition

d) No Target

e) Flexible Working hours

f) Trustworthiness

Why Training and Development is required?

a) How to pitch the Product

b) Provide Marketing knowledge to the Insurance Advisors

c) To motivate the Insurance Advisors

d) To Improve Communication Skills

e) To face the Competitive World

f) Lack of Professionalism

g) Increased Productivity / quality of work/ Low Business

h) Improve morale of the workforce

What is the Opportunity for Insurance Advisors after being Se-

lected ?

a) No Investment

b) Offers Continuous Unlimited Income month on month

c) Flexible Working hours

d) An Opportunity attached with social cause

The Opportunity of a Lifetime for –

1. Women…………

a) Emergence of more nuclear families

b) Supplement your family income

c) Be financially Independent

d) Make a Positive difference in other’s lives

2. Young Entrepreneurs…………..

a) Start your own business with virtually zero

Investments

b) Be your own Boss

c) Get hands-on experience in the financial domin

3. PSU Employees………………..

a) Supplement your income in your spare time

b) Get the satisfaction of providing protection for your

Customers

c) Get national and international recognition

4. Financial Consultants…………………..

a) Supplement your income with little additional effort

b) Offer your customers a complete Product Portfolio

c) Get an Opportunity to build lifelong customer

Relationship

SIX SIGMA IMPLEMENTATION BY

ICICI PRUDENTIAL

ICICI Prudential is one of a handful of companies in the service industry, which had

the mettle to take up the six-sigma initiative. It's quite some time now since ICICI

Prudential took up this quality initiative and since then they have grown beyond

expectations. As another step towards becoming a world-class service Organisation,

ICICI Prudential have blended quality in the form of six sigma into all their

processes and systems. And that gave birth to a hybrid "Business Excellence" team

with the people making processes and ensuring quality coming together to cut down

cost and process inefficiencies. Some of the figure of the sigma level are :

Expense Processing MIS :

Expense Processing

Policy Insurance Sigma Level

Expense Processing Sigma

0.00

0.50

1.00

1.50

2.00

2.50

BILL TO CLAIM CLAIM TOACKNOWLEDMENT

ACKNOWLEDGEMENTTO CHEQUE

CLAIM TOACKNOWLEDMENT

ACKNOWLEDGEMENTTO CREDIT

CLAIM TO CREDIT

VENDOR REIMBURSEMENT

Nov-04

Dec-04

Jan-05c

Improvement over last month

No Change

J un-05 May-05 Apr-05Norms Days

Blue Dart 8

Cat A Non Blue Dart 9

Blue Dart 9

Cat B Non Blue Dart 10

Blue Dart 11

Non Blue Dart 12

Blue Dart 13

Non Blue Dart 14

Blue Dart 11Non Blue Dart 12

Blue Dart 13Non Blue Dart 14

Policy Issuance - Sigma Levels

J ET (Login to Customer Received)

3.19 3.04 2.97

3.28 3.22 3.01

J ET (Cheque Date to Customer Received)

Cat A 2.93 2.78 2.75

Cat B 3.14 3.04 2.90

MEDICAL (Medical Test to Customer Received)

Cat A 2.95 2.59 2.57

Cat B 3.11 2.89 2.83

Policy Insurance Sigma Level

J un-05 May-05 Apr-05Norms Days

Blue Dart 11

Non Blue Dart 12

Blue Dart 13

Non Blue Dart 14

Blue Dart 11Non Blue Dart 12

Blue Dart 13Non Blue Dart 14

2.34

Cat B 3.21 2.89 2.60

MEDICAL (Medical Test to Customer Received)

Cat A 2.86 2.64

2.49

Cat B 3.15 3.07 2.76

J ET (Cheque Date to Customer Received)

Cat A 2.96 2.71

Policy Issuance - Sigma Levels

Accuracy MIS

1. Accuracy MIS presents the number of error caught at various stages of

policy issuance.

2. Branch Discrepancy: Any error caught in the application form or

underwriting sheet before data entry at COPS.

Opportunities: All cases logged in given period

3. Call Back Error: All errors identified at post issuance call back stage.

Opportunities : All cases issued in given period

4. Correction Complaints: All complaints received for errors on contract

details

5. Opportunities: All contracts issued in previous month

Stage ErrorsOpportu-

nitiesBusiness

RatioData

CaptureData Entry

Under-writing

Branch Discrepancy 786 35032 2.24% 175 222 389

Call Back Error 620 31219 1.99% 207 395 18

Correction Complaints 225 24617 0.91% 24 201 0

Total Errors 1631 406 818 407Error % 25% 50% 25%

Error TypeAccuracy MIS

Data Capture: Error done while filling application form

Data Entry Error: Error done while doing data entry at COPS

Underwriting Error : Error done by underwriters

Service – Overall

Research Methodology

Service Sigma

2.792.54

2.9

3.48 3.49 3.52

0

1

2

3

4

5

6

Apr 05 May 05 Jun 05

Sig

ma L

evel

Complaint Request Target

Apr 05 May 05 J un 050.65% 0.59% 0.58%4.13% 2.84% 2.95%Requests

Business Ratio

Complaints

Category

Research is one of the most important parts in the survey to collect information and

knowledge. Marketing research is defined as the systematic design, collection,

analysis, and reporting of data and findings relevant to a specific marketing situation

facing the company.

Problem and Research Objective :

Our main objective was to find out how much Training and Development

necessary for the Insurance Advisors. The main problem was how to find out the

Cancellation of Batches, Exam attendance, Exam Pass out Ratio etc.

To get all this information a through planning had to be done, so I first started

with designing the questionnaire for the clients whom I was going to target and to

know about their needs . The main things to be known from the clients were:

1. Why Batches getting Cancel?

2. Exam Attendance

3. Exam Pass out Ratio

4. Involvement of Insurance Advisors

5. Lack of Communication Skills

Research plan

The research process depends upon developing the most efficient plan for gathering

the needed information. Designing a research plan calls for decisions on the data

sources, research approaches, research instruments, sampling plan, and contact

methods.

Our objective was to find the “How much Training and Development necessary for

Insurance Advisors.”

This objective had made our project too narrow because from now onward our task

was to find the needs and Changes requirement in Training Session and Person who

come for the training was satisfied with the training session or not, So from now

onwards I started to target only to a special segment of the people.

Data source

For this project both Primary and Secondary data were the most valuable Source of

Information.

Primary data: :

Primary data are data freshly gathered for a specific purpose. The various sources of

primary data for my project are as follows.

Banks.

Local residents.

People from industries

Secondary data :

Secondary data provide a starting point for research and offer the valuable source of

information.

The secondary data was the most important source for my project because my first

aim was to find out the top five person or industries from every segment of the

industries so for this reason I started collecting the various directory which can help

me in finding out the desired information about the industries and people.

The various directories are as follows:-

Telephone Directory

Research Approaches

From the two data source which I have mention above Primary data are the

easiest way to gather and the cost of collecting this data is very low and easily

available from the respective association. And I started by collecting from the

various sources, because at the starting point of the survey this information play a

important part for me and this help me to short out the people which, I can meet

with them to collected more information about them or who are my target people.

After collecting the Primary data or information from the Primary Sources then

I started collecting from Secondary Sources to narrow down my research. There are

basically five ways to collect data.

Survey Research:

This method was the most appropriate way to collect data. And

I have used this method in my project to find out the Client needs by

identifying the suitable prospect in the city who can become the

ICICI prudential client.

Observational Research:

This method was includes the observation of people in the 8 days

training i.e. whether they are really interested for the work or they

just come for the time pass.

Focus-group Research:

This method is also not used by me in my survey.

Behavioral data:

This method was also not used by me in my survey.

Research

Instruments

There is various way of research instrument of collecting Primary data, the various

methods are:-

1. Questionnaires.

2. Psychological tools.

3. Mechanical Devices.

4. Qualitative Measures.

From the above mentioned research instruments I had used only Questionnaires

technique to find out the various information about the clients such as their

Designation, their behavior about the training session etc. And this was the

technique which I felt the best way to extract information about the client.

Sampling Plans

After Collecting entire data and deciding on the research approach and instruments,

now I had to decide on the Sampling Plan which was one of the important task,

because from the bunch of People I had to Select only those people, whom I can

target from now onward . There are three way of sorting the data.

Sampling Unit: who is to be surveyed? And now my task was to de-

fine the target population, which will be sampled from the number of

people.

Sample Size: Large Sample give more reliable result than small sam-

ple, so for this reason I had taken around 50 people to whom I should

focus.

Contact Methods

Once the client had been decided now my task was how to contact them ,and for me

there only two ways of contacting them .

1. Personal Interview: This method was the most appropriate

way of survey, because by personal interview I came to know

their feeling about the ICICI Prudential. Their personal be-

havior and many more things.

2. Telephone: This method is also used by me for once, because

the client had no time for meet me, and there was no other op-

tion for me.

Analysis of the Survey

Q.1 How many Trainees attended the Training Session ?

No. Of Trainees

34%

66%

1

2

Q.2 What is the age of trainees who attend the Training Session ?

Q. 3 How did you rank ICICI Prudential Life Insurance Company ?

Ranking of ICICI Prudential

7%13%

20%

27%

33% 1

2

3

4

5

Q.4 According to you; what is the purpose of Training?

(1= Knowledge and Skills & 2 = Career Orientation)

Q.5 How much you are satisfied with Training Session?

Q.6 What is your opinion about trainer knowledge?

Q.7 Was the Content of the training

adequate ?

Q. 8 How much you are satisfied with

8 days training?

Q.9 How much time can you going to

dedicate for the training Session ?

Q.10 According to you; what should be

the tentative time / convenient time

for the training?

Convenient Time for Trainees

42%

36%

22%

1

2

3

Q.11 Are you Interested ; if there is a

Saturday and Sunday Batches?

Interested for Weekend Batches

54%

46%1

2

Finding

Most of the ICICI Prudential trainee prefers the Mornings and

Afternoon Batches for Training :

The most common reason is that Time Management . And the ICICI

Prudential is operating for many years and they have developed a good

relationship with their trainees and this is the reason why they are not

eager to move to the other banks. Secondly, most of the trainees want a

special attention to them while their visit and this is very well done by

the ICICI Prudential especially by the Mulund Branch.

Most of the trainees prefers to attend the 4 days training :

There is 8 days training in the ICICI Prudential Life Insurance

Company Ltd. While interacting with the trainees of Mulund and Kalyan

Branch , I come to know that most of them not getting time to attend the

8 days training because of their working time and also some time by

Personal Problems.

Most of the ICICI Prudential trainees, attend the trainees for

the purpose of Career Orientation :

This is a very good opportunities for the ICICI Prudential trainees to

become a financial advisors. If he/she complete the target of 36 Policies

or 3 Lakh Premium within Six month then they can become the

Consultant Trainer or Unit Manager of the ICICI Prudential. i.e. They

can come directly on the Pay role.

In the insurance sector ICICI Prudential is the number one

company prefer by the people :

ICICI Prudential is the most prefer insurance company in the

country, this is because of the brand name and also the second mover in the

insurance sector and this is a great advantage for them. There are lots of

things which favors them are.

The company image in the mind of the people

The life long service of the company

A very good channel of People (agents)

Maintaining a very good relationship with their trainees and also

with employees

Lack of information or knowledge about the other Insurance

Company

Opinion about the trainers Knowledge :

Large parts of the People i.e. Housewives, Students etc. do not know

about the Insurance, part of the Insurance plans , mutual funds investment or

in other word they are unaware of the Insurance Sectors but when they attend

the training for the purpose of Improve Knowledge and Skills, Career

Orientation then they get proper knowledge of Insurance Sectors. According

to Survey made by me, I come to know that the trainees was extremely

satisfied with trainers Knowledge.

SWOT Analysis

STRENGTH

Brand Name of ICICI Prudential: - The name of the ICICI is known in all

over the country as number one bank in the private sector and this is the

name which people have trusted for many years, which is mainly due to the

ICICI Bank. So ICICI Prudential, do not have the crises of the brand name

STRONG FINANCIAL BACKING : - The ICICI Prudential had a strong

financial backing from their promoter, (ICICI BANK and Prudential), which

help the company to build trust on the mind of the people.

STRONG SALES FORCE : - The Company has a very strong force of

good marketing brain, which gives an edge over the other competitor

especially nationalized insurance company like LIC. And secondly it has a

very good distribution channel which helps the company to get more clients

from these reliable sources. These channel include Allied Banks like :

ICICI Bank

Federal Bank

South Indian Bank

Bank of India

Lord Krishna Bank

Some co-operative banks

Corporate Agent :

Bajaj Capita

India Infoline

Way 2 Wealth

Advanced Financial Services (Karvy)

Blue Chip

AHS

APS

Strategic Marketing Pvt. Ltd.

S M Insurance

Investment Managers

Allied Corporate Agencies , Strong Marketing and Sales Promotion Team

ULIP’s: Almost 90% of the total business of ICICI Prudential is the

business with the sale of ULIP’s and only 10% of the products are the

traditional insurance policies. So this is the strength which ICICI Pruden-

tial can work upon more to get the maximum positive results.

WEAKNESS

Lack of Information about the Product: Most of the product of the

ICICI Prudential are known by the people, this is because of lack of

information about the product and bad marketing strategies by the company

mainly in small cities

Focusing mainly on the Urban Sector : ICICI prudential main focus

on the urban sector of the country, where the competition is very tuff and are

not concentrating on the other sector of the country mainly in the rural sector

where there.

Most of the Plans are too Complicated: ICICI Prudential insurance

plan are too complex to understand for a layout person, and this makes most

of the people to avoid this plan because they feel difficulties to understand.

The same is in the case of Mutual Funds.

OPPORTUNITIES

A large Part of cities are uncovered: A large part of the cities are

uncovered by ICICI Prudential life insurance where they do not have any

branches.

Some Top Nationalized banks should be made Allies: There are

large parts of the cities were Nationalized banks have large number of clients

in compare to private banks, this is mainly because they are operating for

such a long time and there is a good opportunities to converted those

customer into ICICI prudential customer, By making them allies.

There is a good opportunities to increase the Advisors base:

When we compare the ratio of Advisors with LIC, then we will find that

there is a large gap between them, so there is an opportunities to increase the

advisor base by breaking the agents of LIC.

THREATS

Life Insurance Company Ltd: LIC is the greatest threat to ICICI

prudential in the area of insurance sector, because it is one of the oldest

insurance company in the country, and have a large size of the customer

base.

Threat with some private banks: - there are some banks which are

providing these services to their customer. And slowly taking away a good

market share.

BCG Matrix

CASH COW

Tied Agency:

Tied agency are cash cow for ICICI prudential because they are the people

who brings more customer to the company and cover a large area of the city and the

cost of keeping them is very less because advisors works on the commission basis

the this is the reason why they works so hard. Around 30 to 40 advisors work under

one unit manager. The cost of maintaining them is very less in comparison to the

other department.

STAR

BANKERS:

Bankers are star of the company when we plot in the BCG matrix, because

most of the people recognized ICICI prudential as a part of ICICI bank and ICICI

bank name is used by the ICICI prudential to get more customers and usually

customer trust ICICI prudential because of ICICI banks.

Question Marks

Corporate:

Corporate allies come under the Question marks because the city like

Mulund, where most of the decision are taken by the Manager themselves, with little

help or no help with their Chartered Accountant, but there is a greater chance, if we

convince their CA and through them we can reach to their client very easily and in

future they can become star for the company but lot of investment is required.

Dogs

No one at present :

As Insurance sector is at the growing stage, so there is no dog for the

company at present and in future which are on the three section can become dog for

the company.

Recommendation and Suggestions

Lack of information about the service provided By the ICICI prudential

life insurance:

Most of the client whom I meet during my survey told me that they

were unaware of the service and scheme, which the company is providing to

the people. This is mainly because of the lack marketing their product by the

company. So I suggest that the company should market its brand in more ag-

gressive manner.

Start Making Link with the Nationalized Banks to get more Business:

When we look at the Small city like Andheri, Bandra, Dadar,

Branches etc. most of IPRU client prefer and have their account in National-

ized banks, because this banks are giving good service for many years and If

ICICI prudential can make tie-up with the employees of this banks then they

can be able to get more business from this contact.

Service of the ICICI bank should be improved:

Most of the clients do not want to do business with the ICICI banks,

and this is mainly because of their service and the banks do not give prefer-

ence to them and there are many restrictions in their operations. So I

suggested that some staff should be made to look after them, because they

are the customers who mainly give us the business.

Image of the ICICI Should be improved in the City:

Most of the time people do not want to do business with the ICICI,

because of the Hidden cost which they come across while dealing with the

bank.

More focus is given to the Industrial Class then the service class:

ICICI prudential are concentrating more on the industrial class then

the service class. It is generally known that more insurance are made by the

service class to get reduction from the Tax, so we should also focus on the

service class because they are the people who wants to secure their life by in-

vesting in the insurances sector. So I suggest that concentration should be

given to this class also because the ratio of the service class is much high in

the country.

More Local Employee Should be hired by the company:

The local employees will have their contact in the city and this can be

use by the company to get more business from their contact and This will

add additional benefit to the company.

BibliographyInternet Websites:

www.iciciprulife.com

www.icicibank.com

www.bima.com

Directories:

Telephone Directory

Other Materials :

Marketing Management by Philip Kotler.

Human Resources Management by Ashawathapa

Product Brochures.

News Papers like Mid day, Mumbai Mirror and Times of India

Questionnaire

PART-I

PERSONAL DETAILS :

1. Name of the Organization :

2. Name of Director/ Partner :

3. Address :

a. Registered :

b. Corporate :

4. Phone No.

a. Direct Line :

b. Board Line :

c. Mobile No. :

d. Email Id :

5. Turnover of Organization :

6. Area of Operation :

7. Who are your trainees :

a. Major Businessman :

b. Graduates and Under graduate Students :

8. Who do you consult before Surveying ?

a. Banker (Name of Bank) :

b. Chartered Accountant :

c. Ex-Insurance Advisors :

9. What do you think about ICICI Bank?

a. Will Suit my requirement

b. Will not suit my requirement

PART –II

Q.1. How did you rank ICICI Prudential Life Insurance Company ?

1 2 3 4 5

Q.2. According to you; what is the purpose of Training?

a. Knowledge and Skill b. Career Orientation

Q.3. How much you are satisfied with Training Session?

Extremely Satisfied 5 4 3 2 1 Dissatisfied

Q. 4. What is your opinion about trainer knowledge ?

a. Poor b. Need Improvement c. Fair d. Good e. Excellent

Q.5. Was the Content of the training adequate ?

a. Yes b. No

Q. 6. How much you are satisfied with 8 days training?

Extremely Satisfied 5 4 3 2 1 Dissatisfied

Q.7. How much time can you going to dedicate for the training Session?

a. Less than four days b. Six days c. More than 6 days.

Q.8. According to you; what should be the tentative time / convenient time for

the training?

a. Morning b. Afternoon c. Evening

Q.9. Are you interested; if there is a Saturday and Sunday Batches?

a. Yes b. No

Q.10. What additional benefits you would like to have?

___________________________________________________________

____________________________________________________________

__________________________________

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, Chairman

Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. Kevin Holmgren

Mr. M.P. Modi

Mr. R Narayanan

Ms. Shikha Sharma, Managing Director

Management Team

Ms. Shikha Sharma, Managing Director & CEO

Mr. V. Rajagopalan, Chief - Actuary

Mr. Sandeep Batra, Chief Financial Officer & Company Secretary

Ms. Anita Pai, Chief - Customer Service and Operations

Mr. Puneet Nanda, Chief - Investments

Mr. Shubhro J. Mitra, Chief - Human Resources

Mr. Dipan Bhattacharya - Chief Information Technology

Awards and

Recongnitions

Innovation Award for launching Diabetes Care – Prudence Award

2006

People Award for excellence in training and people development - Prudence Award

2006

Super brand 2003-04 Organization with Innovative HR Practices.

Asia-Pacific H R Congress Awards for HR Excellence

ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass

Communication in the category of Most Creative Advertisement-Television

India's Most Customer Responsive Insurance Company

Avaya Global Connect - Economic Times Customer Responsiveness Awards, 2007

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as

one of the 50 Most Powerful Women in Business by The Financial Express.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was

adjudged the Entrepreneur of the Year-Manager at the Ernst and Young

Entrepreneur Awards 2007.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was

awarded the Outstanding Businesswoman of the Year at CNBC TV18's

India Business Leader Awards 2007

ICICI Prudential Life Insurance won the award for the Best Life Insurer-

Runner up at the Outlook Money & NDTV Profit Awards 2007.

Best Life Insurer 2003 Outlook Money Awards 2003 & 2004.

ICICI Prudential Life won the ICICI Group Marketing Excellence

Award 2008 in three key categories for its marketing initiatives