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Project on recruitment,training and development of icici prudential life insurance company ltd

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Project on recruitment,training and development of icici prudential life insurance company ltd

Project on recruitment,training and development of icici prudential life insurance company ltd

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  • 1. Project on Recruitment,Training and Development of ICICI Prudential Life Insurance Company Ltd
  • 2. 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.
  • 3. 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 & DEVELOPMENT 33 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
  • 4. a. QUESTIONNAIRES 77 b. BOARD OF DIRECTORS 80 c. MANAGEMENT TEAM 81 d. AWARDS AND RECOGNITION 82
  • 5. 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
  • 6. 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.
  • 7. 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 .
  • 8. 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 Undergraduate 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.
  • 9. VISION “ 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 products and service ? Leveraging technology to service customers quickly, efficiently and conveniently. ? Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to Company’s policyholders ? 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.
  • 10. 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 investment 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 specialized 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 Exchange 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 management and general insurance. In Asia, Prudential is the leading European life insurance 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 organizations like
  • 11. Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained about 2,14,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. PRODUCTS Insurance 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. • 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 protection along with adequate returns. • CashBak is an anticipated endowment policy ideal for meeting milestone expenses 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 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 Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest.
  • 12. • InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. • 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 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 between 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 guarantee 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.
  • 13. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance 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 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?S flexible group term solution helps provide affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid 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 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.
  • 14. • 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 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 continuity 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 business 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 consumers. These products offer the following features: 1. Low and Affordable Premiums 2. Life Cover 3. Savings Option 4. Hassle free procedure.
  • 15. DISTRIBUTION ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 74 cities and towns in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Bangalore, Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Guwhati, Gurgaon, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, 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.
  • 16. 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: Bancassurance & Alliances: Bancassurance 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
  • 17. ? 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)
  • 18. • 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 : ? Recruitment Process of ICICI Prudential 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.
  • 19. 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 Advisors: 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
  • 20. 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 Selected ? 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
  • 21. 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 :
  • 22. Expense Processing Policy Insurance Sigma Level Policy Insurance Sigma Level 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 • 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
  • 23. Research Methodology 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.
  • 24. 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.
  • 25. 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.
  • 26. 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 define the target population, which will be sampled from the number of people. • Sample Size: Large Sample give more reliable result than small sample, 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 behavior 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 option for me.
  • 27. Analysis of the Survey Q.1 How many Trainees attended the Training Session ? Q.2 What is the age of trainees who attend the Training Session ? Q. 3 How did you rank ICICI Prudential Life Insurance Company ? 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? Q.11 Are you Interested ; if there is a Saturday and Sunday Batches?
  • 28. 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
  • 29. ? 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.
  • 30. 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
  • 31. 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 Prudential 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.
  • 32. 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.
  • 33. 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.
  • 34. 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 aggressive 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 Nationalized 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 preference 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 investing in the insurances sector. So I suggest that
  • 35. 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.
  • 36. Bibliography Internet 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
  • 37. 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
  • 38. 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
  • 39. 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
  • 40. 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