icici prudential life insurance - advisors recruitment--edited

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Chapter 1 Introduction


EXECUTIVE SUMMARYWith new competitors coming every now and then in the field of business, the company positioning should be strong enough to retain its position in business. ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED has positioned itself strongly with high-class advisors, unit manager, and technical persons. The study that is being made is that TO UNDERSTAND THE ADVISORS RECRUITMENT PROCESS OF ICICI LIFE INSURANCE AND THEIR ROLE IN SALES To make this research mostly Primary data is being used, taking a sample size of 65 peoples. The Research Methodology that is being implemented in this study is Sampling Method. The company is having the largest sales force after Life Insurance Corporation of India ,follows a strict code of recruitment as the advisors or the sales persons as they are going to be companys advisors or ambassadors. The result which was found from this research clearly shows a company should be more flexible to the training program they organized for the high profile advisor. The project undertaken is the thorough study of the service & activities, which the company is willing to give each advisor. From the survey it was revealed that ICICI PRUDENTIAL is doing quite well in all the sections of its operation.


Objective:The objective may be defined as Something worked toward or striven for; a goal .The objective of my study is to understand the ADVISORS RECRUITMENT PROCESS in ICICI PRUDENTIAL LIFE INSURANCE and THEIR ROLE IN INSURANCE BUSINESS.


Chapter 2 Literature Review


What is Insurance?Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party happening of a certain event. Insurance is a protection against a financial loss arising on the happening of an unexpected event. Insurance Companies collect premium to provide for this protection. A loss is paid out of this premium collected from the insuring public. The insurance Company act as a trustee to the amount collected through premium. Insurance is generally classified in three main categories, (i) Life Insurance, (ii) Health insurance and (iii) General Insurance To get insurance an individual or an organization can approach to an insurance Company directly, through Insurance Agent of the concerned company or through Intermediaries.

Benefits of InsuranceInsurance is the instrument of Security, saving and peace of mind. It provides several benefits by paying a small amount of premium to an insurance company as: Safeguards oneself and one's family for future requirements Peace of mind-in case of financial loss. Encourage saving. Tax rebate Protection from the claim made by creditors Security against a personal loan, housing loan or other types of loan Provide a protection cover to industries, agriculture, women and child

Indias Insurance Sector6

OverviewIndian insurance market size is presently estimated at US$ 66-70 million. By 2006, it was expected to grow five-fold to US$ 377 million. In 2000-01 fiscal year, total premiums stood at US$ 9933 million which is 0.41 percent of total global premiums of US$ 2443.6 billion. Total premiums of Indian insurance industry in 2000-01 fiscal was 2.32 percent of country's GDP. Per capita premium stood at US$ 9.9. Indian insurance market potential could be gauged by the fact that currently about 40-42 million people have been brought under insurance whereas the potential is estimated at 200-250 million. Insurance companies could tap only 5 percent of Indian middle class segment.

Indian federal government considers insurance as one of major sources of funds for infrastructure development. The government has identified the following as major thrust areas: Timely and reliable statistical data and information about policies and markets to instill a degree of credibility; A code of good practices based on international best practices to raise the standard of Indian insurance sector; Strengthening of supervision and regulation; Market participation in decision-making; High solvency standard' and Developing alternative channels.

Till end of 1999-2000 fiscal year, two state-run insurance companies, namely, Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance (both life and non-life) providers in India. Under GIC there were four subsidiaries-- National Insurance Company Ltd, Oriental Insurance Company Ltd, New India Assurance Company Ltd, and United India Assurance Company Ltd. In fiscal 2000-01, the Indian federal government lifted all entry restrictions for private sector investors. Foreign investment insurance market was also allowed with 26 7

percent cap.

IS INSURANCE A WORTHWHILE CAREER?Considering that insurance is a profession that is identified with accidents and untoward incident and those insurance officials have a poor image of over promising and underdelivering on the insuring public, is insurance an honorable and worthwhile profession? The answer is yes. This profession provides a framework for learning about human nature at its raw; makes one persistent in his efforts; provokes to rethink on revised strategies and procedures for achieving goals. One is required to think and feel like a lawyer and to make allowance for the views and feelings of others in arriving at decisions. One is required to rapidly build up gaps in his knowledge base, should he want to succeed in the profession. Ones ability to compromise and work with others is continually on trial. One has an opportunity to become a complete human being who can show care and consideration for others.

Insurance Regulatory Authority:On the recommendation of Malhotra Committee, an Insurance Regulatory Development Act (IRDA) passed by Indian Parliament in 1993. Its main aim is to activate an insurance regulatory apparatus essential for proper monitoring and control of the Insurance industry. Due to this Act several Indian private companies have entered into the insurance market, and some companies have joined with foreign partners. In this economic reform process the Insurance Companies will boost the socio-economic development process. The huge amount of funds that will be at the disposal of Insurance Companies will be directed as desired avenues like housing, safe drinking water, electricity, primary education and infrastructure. The growth of the debt market will also get a boost. Above all the policyholders will get better pricing of products from competitive insurance companies.


There are some benefits of life Insurance as: Protection: Life Insurance guarantee full protection against risk of death of the assured. In case of death, full sum assured is payable. Long term saving: Life Insurance encourages long term saving. By paying a small premium in easy installments for a long period a handsome saving can be achieved. Liquidity: Loan can be obtained against a policy assured whenever required. Tax Profit: Tax relief in income tax and wealth tax can be availed on the premium paid for Life Insurance. By the year 1956, 154 Indian insurance, 16 non-Indian insurance and 75 provident societies were carrying on Life insurance business in India. On 1st September 1956 all the Insurance Companies were nationalized. On September 1956, LIC Act was passed by Indian Parliament and the state run Life Insurance Corporation of India (LIC) has held the monopoly in countries life Insurance sector. Life Insurance Products Almost every company is offering same products, the difference are rates of premium, or the riders. Some of the important products are as follow: An Endowment Policy: Under this, policyholder will get survival benefits (if he/she survives the policy) or his/her nominees, will get sum assured plus addition bonus, if applicable (in the event of policyholders death). Money back Policy: Under this policy holder will get a portion of his/her sum assured at regular intervals during their lifetime; in the event of policy holders death, nominee of the policy will get the sum assured, with additions and bonus, where applicable. A whole Life Plan: Under this policyholder pay premium virtually through his/her life time, and not be eligible for any of the benefits, which will go only to the policy nominee. A tem Plan: Under this policyholder will get insurance cover for a specified term, typically 5, 10, 15 years. Benefits accrue to nominee only in the event of 9

policyholders death during the period. Distribution Channels in Life Insurance Distribution is all about getting your product/service to the right people at the right time with special consideration for profit and effectiveness. Successful marketing does not end when a business has developed a product/service and has found its appropriate target audience with a view to selling it at the 'right price'. The next issue that needs to be faced is how they are going to distribute and sell this product/service to the people- the consumers. When a consumer purchases a product/service, it may have been bought directly from the business, or it may have been through a number of intermediaries (Brokers, Agents, etc).


The business of insurance done by insurance companies (13 private and 1 public) called as insurers, is to bring together persons with common insurance interests (Sharing the same risks), collecting the share or contribution (called premium ) from all of them and paying out compensation (called claim) to those who suffer. THE CURRENT SET-UP: With opening up of the insurance sector for private participation in the year 2000, private insurance companies mostly together with a foreign joint venture partner have entered into the non-life insurance market. There are six public sector companies including Agriculture insurance companies and eight companies in the private sector. The business of insurance done by insurance companies (13 private and 1 public), called insurers is to bring together persons with common insurance interests (sharing the same risk), collecting the share or contribution (called premium) from all of them and paying out compensation (called claim) to those who suffer.


PAID UPCAPITAL (IN CRORE) RS. 925 RS.305 RS.255 RS.250 RS.290 RS.231 RS.203 RS.240




RS.200 RS.175 RS.160 RS.120

9TH 10TH 11TH 12TH

While competition is catching up with the life insurance after liberalization, a look at the top line private players in terms of the key ratios like expense ratio, efficiency of capital employed and persistency for the financial year 2008-2009 shows that ICICI PRUDENTIAL LIFE (IPL) has emerged as a leader. Even while LIFE INSURANCE CORPORATION (LIC) continues to be the leader having a market share of 92 percentage in the life insurance market, among the new private players. In the short span since the insurance sector was opened up, ICICI Prudential Life Insurance has literally dictate the markets evolution. Catering to all age and income segments, the company started out with the traditional insurance policies that were easy to understand. The idea was to entice customers used to LICS style of functioning. The gap between ICICI Prudential and the second_in_line private insurer is vast. In fact, this hiatus has led some analysts to wonder if the company is not a trifle too aggressive. But others say this has more to do with the companys customer-centric fous, its panIndia presence and superior risk management and investment strategies ICICI Prudential is not, however, resting on its laurels. The company will continue to innovate and set the standards.


PARTNERS:ICICI and Prudential came together in 1993 to form Prudential ICICI Asset management Company, which has today emerged as one of the leading mutual funds in India. Riding on the success of this relation, the two companies joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a commitment to provide leading edge life insurance solutions.

PRUDENTIAL PLCEstablished in 1848, Prudential Plc is a leading international financial services company IN THE U.K.As of June 2008, the company had over US $300 in billion funds under management and more than 16 million customers worldwide. Prudential has brought to the market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is UKs largest life insurance company with a vast network of 22 life and mutual fund operation in 12 countriesChina, HongKong,India,Japan,korea,Malaysia,Phillipines,Singapore,Tawain, Thialand and Vietnam. Since1923, Prudential, has championed customer centric products and services, supported by over 60,000 staff and agents across the region.




ICICI PRUDENTIAL IN INDIA:ICICI Prudential Life Insurance Company is a joint venture company between ICICI Bank, a premier financial powerhouse and prudential Plc, a leading international financial services group headquater in the United Kingdom. This joint venture is formed in the year December, 2000 and ICICI Prudential was amongst the first private sector companies to begin operations in December, 2000 after receiving approval from the Insurance Regulatory development Authority (IRDA). ICICI Prudentials equity base stands at Rs 9.25 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. In the period of April dec 2008 the company garnered Rs 8.6 billion of new business premium for a total sum assured of over Rs 73.6 billion and wrote nearly 3,45,000 policies.

COMPANY PRODUCTSInsurance Solutions 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 SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection. 14

CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Saver Protect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child?s marriage, expenses for a childs higher education or purchase of an asset. LifeTime & LifeTime II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options - Preserver, Protector ,Balancer and Maximiser. LifeLink II is a single premium Market Linked Insurance Plan which combines 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 insurance cover till the age of 75. InvestShield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium 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 childs life. SmartKid plans are also available in unit-linked form both single premium and regular premium.

Retirement Solutions ForeverLife is a retirement product targeted at individuals in their thirties. SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover.

Market-linked retirement products LifeTime Pension II is a regular premium market-linked pension plan 15

LifeLink Pension II is a single premium market-linked pension.

Group Insurance SolutionsICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Pru Group Gratuity Plan: ICICI Pru 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 defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI Pru Group Term Plan: ICICI Pru 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 to the beneficiary nominated by the member on his/her death.


Flexible Rider Options ICICI Pru 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 accident 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 entitled 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 offered against 43 surgical procedures. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available on SmarKid, SecurePlus and CashPlus

MARKET SHARE: APRIL-FEB 2009 OF ICICI PRU : With a total business worth Rs.11,500 crore during this fiscal, the market share of ICICI Prudential Life Insurance has touched 12 percent, reflecting the trust of retail investors in India for saving towards their long term financial goals, including life and health insurance, ICICI-12%


VISIONTO BE THE DOMINANT PLAYER IN THE LIFE INSURANCE INDUSTRY. Recruitment of good quality advisors Intensive product training Selling skills through training Superior technology and processes Innovative financial solutions


INTRODUCTION OF THE TOPICThe task is to choose the good quality advisor those who are having the following quality. Confidence Self motivation And Persuasion Urge to be financially independent Relationship skills

I have to recognize where a person (whom I meet to recruit him/her as an advisor) having all these characteristics or not .If some person is closed enough to these characteristics then. I discussed the following support pattern. After getting all these information an advisor basically asked about the working environment. Then I discussed the working environment and try to convince him/her that he/she has the potential to become an agent/advisor.

1. To be part of a world class sales team. 2. Work from his/her (advisor) own office or residence. 3. Work full time or part time. 4. Earn commission, bonus and incentives. 5. No upper limits on earnings. 6. Flexible career.

Therefore the first and for most problem is to convinced that person those who having enough patience to listen my companies idea/views. The role of the advisor is to quite effective to search a good prospect. 19

FUNCTION OF ADVISORS:Advisors provide on going financial advice for his /her client/prospect. In our official term prospect is a person who can buy life insurance from us. The advisors study the prospects needs and persuade them to buy a policy. Complete all formalities for proposal of new insurance, including filling up forms. collecting premium. arranging medical examination, collecting proofs (of age/income), reports and information required by the underwriter. After having sold a new insurance policy, the advisor has to ensure that the policy continues. without a lapse. till it becomes a claim. For that reason an advisor has to do the following: 1. Keep in touch with the policy holder to make sure that renewal premiums are paid in time. 2. Ensure that nominations are made or changed, if necessary 3. Assist in collecting claim amounts. As an advisor you contribute in bringing in new business for the company offer world class pre and post sales service to the clients with the support of the organization.

But an advisor to us means much more than a salesman or a, saleswoman, at ICICI Prudential recognize our advisors as the ambassadors of our organization in the market place and we consider the advisor force would be our biggest differentiating factor in the coming years. That is why; we take a lot of care in recruiting and developing our advisor force, so that we can maintain our standards of quality in service and salesmanship. 20

The competition and the customer awareness have forced the times to be a knowledge oriented marketplace. Appreciating the same we strive to get people with reasonably good graduation background as our advisors. We also acknowledge and recognize prior 11 sales experience of the persons, at the time of recruitment. The other function is to be of assistance to the policy holder in case he/she needs a loan under the policy.

ROLE OF AN ADVISOR:1. Identify future clients/prospect 2. Making appointment. 2. Conduct financial review meeting with prospect. 4. Close sale. 5. Get referral 6. Provide service to clients/prospect. 7. Follow internal sales and reporting system. After analyzing the quality(which the company is looking for), back office service (which the company is giving to that person). functions to be performed, role to be played . I used to describe the benefits which the advisor can get out of his/her joining as an advisor in ICICI Prudential Life Insurance Company.


OPPORTUNITIES1. No start up capital is required to becoming an advisor. 2. Flexible working environment. 3. Be his/her own boss. 4. Unlimited earning potential. 5. To be part of world class team. Besides these ICICI Pru has given the following benefits to the individual those who are willing to join as an advisor in our company.

REMUNERATIONThe advisor is remunerated by way of commission on the premium paid under policies canvassed by him/her. The rates of commission vary according to the plans of insurance and the term of the policy. It also differs between first year premiums and subsequent premiums. To analyze the premium structure it is necessary to discuss the product portfolio. ICICI Pru has more than 28, types of different policy and we can classify them in to three groups.

In IC1C1 Prudential each point is recognized by equal amount of rupees and this quality is determined at the beginning of the year by the company. This year one point is amounted to twelve rupees. Before the year ending total points multiplied by the rupee and the amounted sum is used to buy a gift for that advisor.In ICICI Prudential some contest and initiative will be taken at the beginning of the year. These are discussed below:


CONTEST AND INITIATIVES:1. ICICI Pru star club -India 2. ICICI Pru star club - international. 3. Presidents club. CLUB MEMIBERSHIP: PRESIDENTS CLUB: One advisor can get a membership in this club by qualifying the following details. Qualification criteria: Logins between 1st Jan; 2009 up to 3l" Dec. 2009. # Issuals between 1st Jan, 2009 up to 15th Jan, 2009. # Only urban and enforce policies will be considered at the time of results. # Activation based on Activity Chart. # Baseline WRP Rs. 30. 00.000. # No lives criteria for qualification. # Persistency required minimum 85 percent based on premiums. WRP (weighted received premium includes): All first year policy premiums as per login and issuance criteria mentioned. # 100 percent of regular premiums received # 10 percent of single premiums and top- up received.


Period of login and is suance : Logins: 1st April '05 to 31st March Issuance: 1st April '09 to 15th April '09 Activity chart:

No of months since licensing Or Duration of contest 1, 2,3 4,5,6 7, 8, 9 10, 11,12 Winning criteria : 100% 3 months 6 months 9 months

Minimum no of months Advisors need to be Active

Top 225 advisors based on % over achievement of the Baseline Top 25 in the above group will travel with spouse Atomization Criteria fulfillment according to Activity Chart Only urban and inforce policies will be considered at the time of final results Persistency required 85% based on premium. The company facilitate the rest of the advisors to take their spouse along at the Advisor cost. Based on performance the advisor can qualify for the BEST STAR CLUB.



Approaching the Agency Filling up the compulsory IRDA form Scheduling the training Conduction of examination Final selection as LAThe person has to pay Rs. 1000/- for becoming an Advisor. That person is given an 8 days intensive training in which he is also given product details. After the training is over the person has to give an examination named as IC 33 taken by Insurance Regulatory and Development Authority. Once the person clears his examination a code is generated in his name. The person now becomes an Advisor and is ready to bring business. There are also some criteria examined to be an Insurance Advisor:Age Above 25 ? Married ? Are you a graduate ? Living in same city for more than 5 years ? Household income about 2 Lakhs ? Yes / No Yes / No Yes / No Yes / No Yes / No

The person who fulfills three criteria out of the above five is eligible to become an 25


Being have a career as an advisor with ICICI Pru life insurance aspire to provide state of the art customer service and opportunities and avenues for enterprising people to grow and prosper. Backed by the latest technology, they will offer their customer:Complete and diversified product portfolio Faster and more accurate service Multi-channel distribution system Would people be interested in a job where: Earning potential is unlimited Have a clear career path Supported with your own efforts, consultants and supervisor training. Provides a comprehensive benefit package

If so, they may want to consider joining the team and become an advisor with them.



To be part of world class sales team. Work from your own office or residence. Work full time or part time. Earn commission, bonus and incentives. No upper limit of earning. Flexible career. What does it take to be an ICICI Prudential advisor? At ICICI Prudential, we believe that our Advisors are our ambassadors to the customers. They are a key source of business for the organization, and are The continuing link with our clients. That is why, we take a lot of care in recruiting and developing our advisor force, so that we continue to set higher standards of quality in service and salesmanship. To cater to the needs of the knowledge-oriented marketplace, we look for graduates who are service-oriented, good communicators and enjoy meeting new people. Prior sales experience is an added benefit.

TRAININGAt ICICI Prudential, we understand the importance of training in a dynamic business environment. Our advisors go through both generic and specific, professional programs that help them remain well informed and knowledgeable about the companys products in the market. There is a further focus on soft skills such as communication, managing longterm relationships and selling skills, which are very relevant in a service-driven industry like life insurance. State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For advisors who might be occupied with their daily business/professional routines, ICICI Prudential also offers convenient training options such as online and self-learning are also provided by the organization. 27

A 15-day training schedule covers the mandatory IRDA training requirements and ICICI Prudential product-training module. Revision session ensure 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, giving advisors a feel of how their business will work from the very first day. All through, the Unit Manager and the management provide continuous support to the advisors in achieving independence towards garnering business.


OPPURTUNITY FOR BEING AN ADVISOR No start up capital required. Flexible working environment Be your own boss. Unlimited earning potential To be a part of world class team.

COMMISSION STRUCTURENumber of policies sold Average Premium Rs. Total Premium earned Rs. Average Commission including bonuses estimate @ 22.5%* Earning from New Business Rs. Commission on Renewal Premium @ Year 1 100 20000 2000000 450000 450000 Year 2 150 20000 4000000 675000 675000 120000 Year 3 200 20000 4000000 900000 900000 180000

6% for year 2, 3 and 3 % after that 120000 Earning from Renewal business Rs. 120000 300000 Total Earning Rs. 45000 795000 1200000 st * Depending on the product mix Commission can go upto 35% in the 1 year, 7.5 % in the 2nd and 3rd year and 5% 4th year onwards.


Chapter 3 Research Methodology

REASEARCH METHDOLOGYThe study of research methodology gives the student the necessary training in gathering material, participation in field work when required, and also training in techniques for the 30

collection of data appropriate to particular problem, in the use of statistics, questionnaires and controlled experimentation and in recording evidences, sorting it out and interpreting it. Knowledge of research methodology plays a key role in project work. It consists of series of actions or steps necessary to effectively carry out research and the desired sequencing of these steps.

Data Collection Method Data can be collected by Primary as well as secondary method.

Primary Data Sources Questionnaire methods and discussions were used to collect data. Questionnaire Designed: Questionnaire was used for the survey.

Secondary Data Sources The secondary data sources were collected from the company manuals, handbooks, websites and management books and are edited to suite the purpose. Sampling technique: Stratified sampling technique is adopted to conduct the research. Stratified sampling is a selection method for achieving a greater degree of representatives, therefore decreasing the probable sampling error. It is based on the concept that a homogeneous population produces samples with smaller sampling errors than does a heterogeneous population. Stratified sampling is accomplished by placing all the members of the population into groups according to some characteristics that is common among them, that is homogeneous subsets of the population. Then specified number of unit is chosen from each of the groups or strata by purposive means. 31

Sample Size:Sample size was taken 65 to undertake the survey.



Analysis 1 Age of respondents: the following is the distribution of age of the respondents. Age 45 Years


Number of individuals





30 25 20 15 10 5 0 < yrs 25-35 yrs 35-45 yrs > yrs 25 45

Interpretation: Less than 25 years of age individuals constitute 48.33% of sample size .Whereas individuals with more than 45 years of age constitute only 8.33%.

Analysis 2 Sex of respondents


F ale em


Interpretation: Sample is dominated by males which constitute 73.33% of total size. More males are recruited as agents.

Analysis 3 Occupation of Respondents Occupation Studen t Number 14 Pvt. Employee 8 Govt. Employee 17 26 Others


Govt. E p, m 17 Other, 26

P rivate E p, 8 m S tudent, 14

Interpretation: Sample is dominated by students and Others who are interested in becoming insurance agents. Analysis 4 Are you satisfied with the training provided to you?


No Yes 0 10 20 30 40 50 60

Interpretation: Most of the individuals are satisfied with the training process which ICICI provides to them. Analysis 5 Marital status:

34 33 .5 33 32 .5 32 31 .5 31 30 .5 30 29 .5


Unm arried

Interpretation: 52.30% of the sample size is married people. Analysis 6 Question: Do you think insurance agent business is career oriented? Yes 49 No- 16 37

5 0 4 0 3 0 2 0 1 0 0 yes no

Interpretation: Almost 64.54% of Individuals think insurance agent business is career oriented.

Analysis 7 Question: How will you rate ICICIs training program ?

o Excellent o Good o Fair o Poor


3 0 2 5 2 0 1 5 1 0 5 0 E ellent xc Good F ir a P oor

Interpretation: 81.66% trainee rate program as Good & Excellent .

Analysis 8 Question: Were you able to acquire skills from training Yes: 47 No: 18 ?

50 40 30 20 10 0

Y es


Interpretation: Most of the candidates think that they were able to acquire skill form training and gained confidence. 39

Analysis 9 Question: Given a chance would you like to make extra money from other business? Yes: 59 No: 6


Y es

Interpretation: 90.76% of the individuals would like to make extra money from some other business.



Findings:The findings are based on the survey undertaken and interview of individuals and I came across that although the training process was beneficial to advisors but they still lack 41

confidence in this business and mostly take it as part time business. The other findings are summarized as follows:

People dont show interest in trainings. People can have only one license which also restricts them to become an agent. People do not afford the training period. People are not interested to invest Rs1000 for an agents job. People like to have a fixed salary job.


1. Try to know the reason for being not interested. 2. Try to make them aware as much as possible regarding product profile which is best in the market like S&P, life time, life time pension and smart kids. 3. Convince them by saying that we also have evening classes or on line training program so that; that person can easily afford this time. 4. If the person will make one policy he/she will be able to earn that much of money by means of commission not only that during training period IRDA charge Rs8500/ per trainee but ICICI Pru is taking only Rs1000/. 5. Try to fix minimum targets for new recruited as they are new in field. 6. Team leader should constantly motivate and suggest the beginners.


Chapter 6 Bibliography




INTERNET: www.wikipeadia www.bima.com www.iciciprulife.com





1. Name: 2. Age: 3. Sex: 4. Occupation: Government Employee Private Employee Student Others Male Female

5. Are you satisfied with the training provided to you? o Yes o No

6. Are you Married ? o Yes o No

7. Do you think insurance agent business is career oriented? o Yes o No

8. How will you rate ICICIs training o Excellent o Good o Fair



o Poor 9. Were you able to acquire skills from training? o Yes o No 10. Given a chance would you like to make extra money from other business? o Yes o No