recruitment of advisors in icici prudential life insurance

Click here to load reader

Post on 28-Oct-2014

50 views

Category:

Documents

1 download

Embed Size (px)

TRANSCRIPT

A SUMMER PROJECT REPORT ON

RECRUITMENT OF ADVISORS IN ICICI PRUDENTIAL LIFE INSURANCE

Submitted in the partial fulfillment of degree of Bachelor of Business Administration (Banking &insurance) (2010- 2013)

Under the guidance of: MS. BINDU VASHISTH Assistant Professor, FIMT

Submitted by: AKSHAYA PREM Enrollment No.: 01090101810 BBA(B&I) 5rd Semester

FAIRFIELD INSTITUTE OF MANAGEMENT AND TECHNOLOGYAffiliated to Guru Gobind Singh Indraprastha University, Delhi. Kapashera, New Delhi- 110037

Table of ContentsPage nos. Student declaration....................................................................................i Certificate by the guide.............................................................................ii Certificate by company..............................................................................iii Acknowledgement.....................................................................................iv

Chapter-1Research Objectives of the study...............................................................2 Research Methodology of the study...........................................................3 Limitation...................................................................................................5

Chapter-2 Introduction..................................................................................7 Chapter -3Company Profile .......................................................................................9

Chapter -4Data analysis and interpretation ..............................................................40

Chapter -5Findings...................................................................................................48

Chapter-6Suggestion................................................................................................50

Chapter -7Conclusion................................................................................................52 Bibliography ..........................................................................................53 Annexure..................................................................................................54

STUDENT DECLARATIONI hereby declare that the project entitled Recruitment of Advisors in ICICI prudential life insurance under the guidance of Ms. Bindu Vashisth submitted in the partial fulfillment of degree of Bachelor of Business Administration (Banking & Insurance) from Fairfield Institute of Management and Technology, affiliated from GGSIPU New Delhi. This is my original work and this project work has not formed the basis for the award of any Degree to the best of my Knowledge.

Name: Akshaya Prem Enrolment No: 01090101810 Place: New Delhi Date:

i

Certificate by the GuideThis is to certify that project title Recruitment of Advisors in ICICI prudential life insurance is the original work of Akshaya Prem student of BBA 5 th semester and has been duly completed her project under my guidance and supervision up to my satisfactory level. This work has been done in partial fulfillment of the requirement for the award of the degree of Bachelor of Business Administration from Fairfield Institute of Management and Technology, GGSIPU and has not been submitted anywhere in any other university for the award of any degree.

Bindu Vashisth Senior Assistant Professor Management Department FIMT

ii

AcknowledgementIt is pleasure to acknowledge many people who knowingly and unwittingly helped me, to complete my project. First of all let me praise god for all the blessings, which carried me through all those years. I am particularly indebted to Director Mr. R.K Garg Singh of the Fairfield Institute of Management and Technology which inculcated in me utmost respect for human values and groomed me up in the field of software technology to take on the challenges of the competitive world. First and foremost, I would like to express my regards to Ms. Bindu Vashisth for her constant encouragement and support. I would also like to express my immense gratitude towards my guide for providing the invaluable knowledge, guidance, encouragement extended during the completion of this project. Last but not the least; I am grateful to my parents, my sister, my brother, my friends and my guide for their moral support and encouragement during the entire period of time

Signature of the student

iii

CHAPTER-1 Research Objectives of the study Research Methodology of the study Limitation

1

OBJECTIVES OF THE STUDYMain Objective:To study the Recruitment of Advisor policies for ICICI prudential life insurance.

Sub Objective:To understand the clientele profile To study the recruitment, selection and training process of the advisors. To study about the various products offered by the company. To provide an enabling environment to foster growth and learning for advisors. To expand the channel base of Priority Circle.

2

RESEARCH METHODOLOGYThis is an endeavor to locate right kind of people possessing the right kind of skills to become successful financial consultants. The study also tries to find out the kind of people and skills that would further enhance the insurance business. ICICI Prudential insurance business aims at recruiting those who have entrepreneurial skills and necessary drive to survive and flourish in the present competitive and ever increasing insurance industry. The universe of study was limited to Delhi. The universe was divided in different segments. The process of segmentation was primarily aimed at simplifying the universe into smaller parts so each segment can be handled according to its unique features. These segments were as follows: Students 1. B.Com and MBA pass outs 2. Students perusing CA, MFC. Enterprising Women 1. Hobby class operators 2. Beauty Saloon owners 3. Fashion boutiques 4. Kitty Party groups 5. Agents of direct Selling. Property Dealers Commission Agents CAs, Advocates and other Tax Consultants. VRS Scheme holders/ Retired Members

The research methodology is discussed in detail later. However, the following is the summary of the same.

3

Students:Research methodology: Mail + Call activity Data Source: colleges and respective institutions.

Enterprising women:Research Methodology: Telecalling Data source: Personal contacts + Local Directories

Property dealers:Research Methodology: Telemarketing Data source: Yellow pages + Local newspaper.

CAs, income tax consultants and advocates:Research Methodology: Personal Contact Data Source: Yellow Pages.

4

LIMITATIONS OF THE STUDY1. Area covered was confined to some regions only. 2. People were reluctant to join this job as it doesnt provide any fixed salary. 3. People perceived this profession as a low status profession. 4. Availability of data to contact people was a problem. 5. Due to the presence of large number of LIC agents, people refused to become advisors of any company as according to them there exists a huge competition. 6. Insurance business itself doesnt enjoy a good reputation in the society. 7. The candidates like CAs, Advocates and Tax consultants could not arrange a meeting with ASM in spite of their interest.

5

CHAPTER-2 Introduction

INTRODUCTIONThe objective of this project was to assist ICICI Prudential Life Insurance in expanding their channel by recruiting Advisors for the company. For the company to successfully continue its 6

operations, it needs to undergo change to get new business and to get new ideas. Moreover insurance is such a growing sector that it has full potential to have new customers. So it is very essential to have new people in the system, which can add new customers to the company. The first objective of the study was to look for different segments of the people. The second objective of the project was to analyze the person to find whether he is fit for doing insurance. The third objective of the project was to finally introduce some people in the system by recruiting them as advisors of the company. The research methodology consisted of secondary data, which was collected from different colleges, Tata Press Yellow Pages etc and personal interview with people in Delhi.

7

CHAPTER-3Company profile Company vision Service standard ICICI prudential priority circle Meaning of insurance The insurance industry The global insurance

COMPANY PROFILEIncorporated on July 20, 2000 it is a 74:26, joint venture between ICICI and Prudential plc of U.K. In November 2000, ICICI Prudential Life Insurance was granted Certification of Registration for carrying out life insurance Business by the Insurance Regulatory & 8

Development Authority of India. The Company issued its f first policy on December 12, 2000. 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 615,000 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 mee

View more