HR project on recruitment, selection of financial advisor and bancassurance

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Its a indepth study of how in financial sector mainly banking industry recruit select an train the advisors

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HR project on recruitment, selection of financial advisor and bancassurance

  1. 1. PROJECT REPORT ON “RECRUITMENT, SELECTION OF FINANCIAL ADVISOR AND BANCASSURANCE” CONTENTS
  2. 2. Executive Summary Objective & Scope of Project Company Profile Theoretical Background Research Methodology Observation & Analysis Findings: Limitations Conclusion Recommendation Bibliography Annexure EXCUTIVE SUMMARY
  3. 3. I had a personal interview with the manager of priority circle and I was asked to tell something about Haldwani market and how many people do I know in Haldwani. I was asked to write down the names of those persons whom I know in Haldwani. Then I studied the working process of an executive for selecting the people as business partners which consists insurance advisors of the company. The project work was done to know the marketing world in a closer way. The ingredients of the market and its effect were experienced in the due course of the project. The skeleton structure of this project work is mentioned as follows. The company ICICI Prudential has been set up to encourage the insurance business. Within few years of its origin it has commercialized many branches all over India. The company itself is headed by Zonal Manager, and then down line in the hierarchy comes the Unit Managers. The Unit Managers are responsible for recruiting the Financial Advisors in the company. These financial advisors are the commission agents who target the potential market for selling the Life Insurance Policies of ICICI Prudential. My responsibility as a project trainee was to recruit and select financial advisors from the market. It was really great to be at par with the Unit Managers and share the same responsibility. I as a project trainee was provided with proper and scheduled training in the initial couple of days. The training covered the techniques to be applied in order to recruit and select the Financial Advisors. These are as follows: The way to identify the potential. The type and nature of people to be targeted. The way to pitch the objective and views to the potential Financial Advisors. The Identification of market as a whole. The understanding of the professional atmosphere. These are the techniques that were covered under the training this training was done with the view of improving the skills to the be a good convincer.
  4. 4. I was advised to be all the way with the Unit Manager and understand what he does and try to execute the same. Everyday I was given a target to meet at least ten customers. And promote the idea to become financial advisors, and apply the personal as well as trained skill and abilities to convert them. During my project work I initially targeted the people who seemed to have a lot of contacts like restaurant owners, shop owners, chartered accountants, business men and high profile marketing executive related to some other sector. The reason for such approach was that these are the people who normally have a lot of contacts in the market. They meet a large number of new people o daily bases. So, these are the people who are potentially capable of generating policies regularly. My job was to explain them the benefits of becoming the financial advisors, as a source of regular and free income without investing hours at work. The Potential Advisors were explained the quantity to income: They were authorized to receive a guaranteed income of 15% to 20% of the first premium of any new policy that they would be able to convert. A part from this they would also continue to receive at least 10% to 15% of the annual premium of a policy that they generate, till the number of years the policyholder keep the policy active. A new ICICI zero balance account for their benefit. Also regular invitation to the prudential parties shows. Most importantly a regular authorized IRDA license only for people authorized to sell insurance policies. These were the benefits that will attract any person who knows a large number of tax-payers, or knows people who are financially capable of taking policy for themselves or for their family members. OBJECTIVE OF THE PROJECT
  5. 5. The main objective of this project is to get the knowledge about the recruitment process made for selecting people as an advisor in an insurance company. It tells us about the plans policies and the types of the people to target them and recruit then in the company. It main purpose to know the benefits of the insurance advisor and knowledge about the working process of all department of the company. It Elucidates on the company‟s products policies, profile and commission structure including the history of company‟s business. Project work is done to get a practical knowledge about the corporate world and its professional was of working. It is done for the management student to gain knowledge and get a professional outlook in the world of business. It is aimed for to understand the difference between the theoretical and practical knowledge. This project report is prepared to get practical knowledge by preparing ourselves for present and future analysis of the whole industry. In these two months of project I have gained lot of information and knowledge about the insurance industry which is one of the most important growing industries in our economy. COMPANY PROFILE
  6. 6. Human life is an income generating asset. This asset can be lost though unexpected death or made not functional through sickness or disability caused by an accident. There is no certainty that an accident will happen. But its timing is uncertain. Life insurance protects against loss of income of an individual life insurance. 1. Does not protects the asset 2. Does not prevent the loss Life insurance reduces impact of the risk of the owner and those who depend on the asset it must however be noted that, only economic of financial losses can be compensated. For e.g. emotional support that the breadwinner provides can neither be evaluated nor compensated. However the financial support can be evaluated and compensated. Role of insurance in building the nation. Insurance benefits society by:- Providing the relief to the insurance from any mishap Reducing the burden of the government in providing relief to the old citizen. Placing large sum of money at the disposal of the government of development Suddenly insurance has come to be a way of life. Even though many of the private insurance companies came in to the market during 2001, only now the market is highly dynamic. In India insurance has been synonymous with LCI. Life Insurance Corporation was created as an entity in 1956 through LIC act. Since then, until recently 2000 the insurance sector. Both life & non-life was monopolized by public sector insurance corporations. Now, with the impact of LPG (Liberalization, Privatization and Globalization) many private business houses have come up as joint venture with partnerships. From multinational insurance companies. The private players are introducing innovative. Insurance products, appointing qualified persons as agents and advisors. They are aggressively promoting their products and are going for multi-channel distribution. History
  7. 7. 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 being operation in December 2000 after receiving approval from insurance regulatory development authority (IRDA) ICICI Prudential equity base stands at Rs. 9.25billion with ICICI bank and prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005 the company garnered Rs. 584 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 the about 56,000 advisors as well as 7 bank assurance and 150 corporate agent tie-ups. For the past four years ICICI prudential has retained its position as a no. private life insurer in the country with a wide rage of flexible products that meet the needs of the Indian customer at every step in life. ICICI Prudential life insurance co. ltd. Is a 74:26 joint venture between ICICI bank and prudential pale, UK? The company brings together the local market expertise and financial strength of ICICI bank and prudential international life insurance experience. The company was granted a certificate of registration by the IRDA on November 24, 2000 and eighteen days later, issued its first policy on december12. From its early days ICICI prudential seemed to have the wherewithal for a large scale business. By march 31,2002 a little over a year since its launch, the company had issued 100,000 polices translating into a premium income of approximately Rs. 1,200 million on a sum assured of over Rs. 23 billion. When the company began its operations the need was to build a brand that was relatable to symbolized trust and was easily recognized and understood. It launched a corporate campaign using the theme of sin door to epitomize protection trust togetherness and all that it Indian, endearing itself to the masses. The success of the campaign “the calling card of the company” saw the brand awareness scores almost at par with its 40 years old competitor. The theme of protection was also extended to subsequent product and category specific campaigns- from child plans to retirement solution- which highlight how the company will be with us customers at every step of life. From day one, the company has unflinchingly focused on being a mass-market player, developing products creating a distribution network and deploying resources that would further its goal. A part form ramping up and thoroughly training its advisors the company has twelve
  8. 8. banc assurance partners- largest in the country. It swiftly revised and added to its initial range of products, pioneering market linked products and pension plans to offer customers the most flexible life insurance policies in the country. In 31 March 2007, ICICI prudential increased its capital base by Rs.20.60 Billion its ninth capital hike bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital of the company standing at Rs 20.60 billion, ICICI prudential to have the highest capital base amongst all life insurance in the company. The challenge ICICI prudential now faces is to retain its top-notch position and continue to deliver the finest life insurance and pension solution to its ever-growing customer base. Another novel introduction is the ICICI prudential life style rewards club, India‟s first rewards program for the life advisors. It allows ICICI prudential advisors to redeem points for items for items ranging from kitchenware to gold, white goods and even international holidays. PROMOTION ICICI Prudential is a case study in how advertising and marketing can play a vital role in re- shaping and industry. It has demonstrated how an industry where the customer was nothing more than a policy number has changed to one where customer preference rules the roost. Brand-building in a complex category like life insurance is an uphill and multi faceted task. At the time of launching operations the communications task was to build credibility so as to give the customer the confidence that it was a company that could be trusted to invest funds with. The aim was to encourage people to view insurance not as a compulsory tax saving instrument, but as a means to lead a worry-free secure life and in the process, create the differentiator for brand ICICI prudential. The brand proposition for all the campaigns was reflected in the line “Suraksha Zindagi Ke Har kadam Par”. The campaign featured a significant competitive advantage, the sound financial backing and credentials of ICICI and prudential and showcased products from different segments. The advertising idea was encapsulated in the symbol of protection the Sin door. This campaign contributed extensively to raising brad awareness and crating a distinctive identify for the company. The refreshingly different “Retire from work, not life” campaign succeeded in bringing retirement planning into the consideration set of a younger target audience and won a silver Effie for its efforts. The media campaign was complemented by seminars to spread awareness about the need for retirement planning. Very recently the company launched a new corporate campaign an extension of the sin door communication-which aims at reassuring customers that the company is committed to staying with them through all the ups and downs in life, using marriage and the seven vows or “Saat Pheras” as a metaphor for commitment. The campaign aims at strengthening the brand by memorably bringing out the commitment for life element.
  9. 9. Insurance a service industry needs to address seven marketing mix elements unlike the 4ps in manufacturing industry. The service marketing mix knows as 7ps consists of product, price, promotion, place, people, physical evidence and process. Though all mix elements are equally important the more conspicuous and dynamic mix elements of insurance at present are product promotion and place. A number of innovative products have come up in the industry and to make the consumer aware the promotion campaigns fill much of the insurance company‟s budget. Though there are distinct strategies in product and promotion mixes this paper focuses on exploring the innovations in distribution mix. Mantra of Insurance Industry Although distribution has its own mix, insurance being a service industry the prime distribution mix element is channel mix. This paper concentrates on the innovative channels surfacing in insurance industry. To deliver the services, players in insurance take various to route to reach and service the customers. With just 70 million insured out of 1000 million, there is enormous potential in the industry. Traditionally the channel member has been the insurance agent. Some private insurance companies now call them advisors. Never the less agents form the prime front life force with all insurance companies and they remain to be the most basic and most important channel members to reach the customers. Apart from agents the insurance companies take various innovative routes to spearhead their marketing plans and to capture a larger pie of market share. This sector was opened for the private players in the year2000. Many private players have entered the sector looking at the potential and also to serve the society. In the year 1948, United Nations declared “everyone has right to standard of living the adequate for health and well being of the family”. The death of the person during the productive years is a great loss for the society as well as for the nation. Life insurance reduces this cost and it‟s complementary to states effort at social management. Recent scenario in India is that only 22% of the insurable population is having the policies of some or the other company, and the companies are not able to reach the huge population of India. So there is a need to advisors in this industry. They are one of the important parts of the distribution channel. In my assignment I have to recruit the advisors for the company and after which provide them a through training about the products and assist them to their sales call.
  10. 10. At ICICI prudential we have to look for the people who fit‟ sin to the criteria of the company. A life insurance advisor works on the commission basis. He is paid a stated percentage of the premium collected by him. Section 40 a 910 of the insurance act stipulates that the maximum amount which can be paid to a life insurance advisor, by way of commission in any form, shell be 34% of the first year 7.5% of the second and third year‟s premium and 5% of subsequent renewal premium. While recruiting advisors for ICICI prudential we have to look for the prospect that has to fulfill the below mentioned criteria:- Age above 18 years He/She must be maximum graduate and minimum as H.S.C (as per specified by the company. He/She must the resident of Haldwani. To know what is the people thinking about the ICICI prudential life insurance. Learn to recruit and select right person for right job. It he satisfied any tow of the above mentioned points; he is eligible for the post of the financial advisor. The field of the life insurance is the challenging or by far the most interesting job. The mantra to succeed in this business is to recruit the right candidate profile and be able to take the right activities done by him at the right and to motivate him from time to time to the business done. Corporate Profile ICICI is one of the biggest financial power houses in the country. It is a household name and the impact. Which ICICI has made in the retail market is enormous. Market From over 50 years life insurance in India was defined and driven by only one company the Life Insurance Corporation of India (LIC) with the insurance regulatory and development authority(IRDA) bill 1999 paving the way for entry of private companies in to both life and general sectors there was bound to be new found excitement-and new success stories. Today just three years since their entry their cumulative share has crossed 13% (source: IRDA), exceeding expectations The industry presented a huge opportunity life insurance penetration for instance was at an abysmal 22% of the insurable population. However private players have had to rise to many challengers. They were faced with attitudinal barriers towards the category and the perception that insurance was only a tax-saving tool. Insurance per se has lost it basic rationale protection. It was not surprising then that its potential lay frozen and unexploited. The challenge for private
  11. 11. insurance players was to change the established category driver and get customer to evaluate life insurance as an investment-cum-protection tool. ICICI Bank ICICI Bank is India‟s second largest bank with total assets of about Rs. 3446.56, Billion and a network of about 950 branches and offices and about 3300 ATMs. I offers wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through it specialized subsidiaries and affiliated 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. 31.10 Billion for the year ended march 31, 2007. ICICI bank‟s equity shares are listed in India on stock exchange at Chennai,Delhi, Kolkata, and Vadodara, the stock exchange, Mumbai and the national stock exchange of India limited and its American Depositary Receipts (ADRs) are listed on the New York stock exchange (NYSE) Prudential PLC Established in London in 1848, Prudential plc, through its business in the UK and Europe the US and Asia provide s retail financial services product and services to more than 16 million customers, policyholder and and unit holders worldwide. As of June 30, 2007 the company had over 259 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. Fact Sheet 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 operation in December 2000 after receiving approval from insurance regulatory development authority (IRDA) ICICI Prudential equity base stands at Rs. 925 crore with ICICI bank and prudential plc holding 74% and 26% stake respectively. In the quarter ended June 30, 2007. The company game red Rs. 4843 Crore of new business premium for a total sum assured of Rs.8760 Crore and wrote 1,11,522 policies. 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. To know more about the company please visitswww.iciciprulife.com. Distribution of Life Insurance Company
  12. 12. 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, Bhubhaneshewar , 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, Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune Raipur Rajkot, Ranchi, Rourkela, Saharanpur, Salam, Shimla, Siliguri, Surat Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Vashi, Vijayawada and Vizag. The Company has seven banc assurance tie-ups having agreement 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 tied up with ngos, mfis and corporate for the distribution of rural policies and organization like dhan for distribution of salaam zindagi a policy for the socially and economically underprivileged sections of society. Vision of Life Insurance Company To make ICICI prudential the dominant life and pension‟s player built on trust by world class people and services. This we hope to achieve by: 1. Understanding the needs of customers and offering them superior products and service 2. Leveraging technology to service customers quickly efficiently and conveniently 3. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders 4. Providing an enabling environment to foster growth and learning for our employees 5. And above all building transparency in all our 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 our people and the way we work. We do believer that we are on the threshold of an exciting new opportunity where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. What is Insurance?
  13. 13. It is contract between the two parties. One party is called as insurer and other party is called as insured. He is the one who undertakes in exchange for a fixed sum called as premium. To pay the other party for happening of a certain event. It is protection against a financial loss arising on the happening of an unexpected event. The insurance company collects premium to provide for the protection. A loss is paid out of this premium collected from insured public. The insurance company acts as a trustee for the amount collected through premium. It is classified as 1. Life Insurance 2. Health Insurance 3. General Insurance For getting an organization insured one can approach to the insurance company directly through insurance agent or through intermediaries. Benefits ofInsurance: Insurance is an instrument for security saving and peace of mind. It provides several benefits by paying a small amount of premium to the company as:- Safeguarding 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 loans housing loans and other type of loans Providing a protection cover to the industries agriculture and to women and child. What is Life Insurance? It is the contract for the payment of a sum of money to a person assured to receive the amount. On happening of the event insured against it. The company contracts provides for the payment of an amount on the date of maturity at a specified date at a happening of an unexpected event. It is paid for the benefits. Benefits of Life Insurance
  14. 14. Superior to other saving plan. Encourages forces thrift. Easy settlement and protection against creditors. Administering the legacy for beneficiaries. Ready marketability and suitability for quick borrowing. Disability benefits. Accidental death benefits Tax relief. Introduction of Priority Circle Priority circle is another division of ICICI prudential company it was opened to give preference to the salaried and non salaried people for offering the financial services by letting these people to become the business partners, and can offer the product based training for an opportunity to diversify the business and widen the services which are offered no capital investment and earn higher returns. Features of Priority Circle It is having 91 branches spread over 67 location. A committed team of corporate bankers and call center executives 46000 advisor force. Tied up with India‟s leading bank like ICICI bank, bank of India and federal bank. Introduction of the products of ICICI Prudential
  15. 15. It covers the various and wider range of products and polices with including the features of its own choices in the customers hands they are:- Saving cum protection plans. Pure protection plans. Child plans. Market linked plans. Group plans. Retirement plans. Saving Cum Protection Plan : It is that plan which offers a variety of policies for the benefits needed for the protection and an opportunity to save all important assets for the event of purchasing an home through loan and wedding through loan and insurance. It has the following benefits. They are:- 1. Invest shield life. 2. Invest shield cash. 3. Invest shield gold 4. Premier life. 5. Life time and life time2. 6. Secure plus. 7. Cash plus 8. Save n protect 1. Invest Shield Life:- Under this a regular premium consists of unit linked insurance plan with an assurance of capital guarantee needed to meet your financial goals and uncertainty takes place for the future period of time. In order to protect you family and you capital to earn more on your investment.
  16. 16. 2. Invest shield cash:- It is the regular premium unit lined insurance plan which given an assurance of flexible liquidity options I.E. more money earned at the time of closing down the business and conversion of cash and paying of all debts. 3. Invest Sheild Gold:- It is the unit linked plans of insurance which gives an assurance of payment of premium for a period of time for its coverage as per the terms. 4. Premier life:- It is a market linked insurance plans which are necessary for meeting your investment and protection needs. 5. Life time and life time2:- It is that market linked insurance plans that teachers to change the investment and protection needs throughout in the life time. 6. Secure plus :- It is an insurance plan which provides the saving for the protection and also the multiple options that you have. 7. Cash Plus:- It is an insurance plan which gives an edge for the saving people in the form protection and multiple options with the power of liquidity. 9. Save n protect:- It is an endowment policy needs for the savings for offering both for the high offerings and protection. Pure Protection Plan :
  17. 17. It is that plan which is known as lifeguard insurance for the total security for the family at an affordable cost. It consists of few things. They are:- A- Level Term Assurance with Return. B- Level Term Assurance Without of Premium. C- Level Term Assurance with single premium. A- In the first case you need to pay a regular premium for term of insurance that you have chosen. Equal to the sum assured. 1- In case of death the entire sum of money assured will be paid back 2- In case of maturity the premium is paid is returned till survival B- In the second case the total sum of money assured is paid to the beneficiaries. But no maturity benefits are given for the survival. C- In the third case the single premium amount is only one time payment of premium depending upon the term sum assured. The minimum sum assured is 2.5lakhs. Incase of death of life, the amount is paid to the beneficiaries but no maturity benefits are given at the end of term. Smart kid Protection Plan: As a responsible parent you will always strive to ensure a hassle free successful life for your child. However life is full of uncertainties and even the best laid plans can go wrong. Here‟s how you can give your child a 100% safe and assured tomorrow whatever the uncertainties Smart kid is especially designed to provide flexibility and safeguard your child‟s future education and lifestyle taking all possibilities into account. Choose from amongst a basket of 4 plans:- 1- Smart kid regular premium 2- Smart kid unit linked regular premium. 3- Smartkid unit linked regular premium II 4- Smartkid unit linked single premium II All these Plans for You:
  18. 18. I. Financial benefits: - Regular payments at critical stages in your child‟s, life like board examinations, graduation and post graduation. II. Total peace of mind even it you are not around. III. Sum assured is paid immediately: - Ensures that your loved ones stay financial secure even in your absence. IV. All future premiums are waived: - Ensuring that your family is not financially burdened in your absence. V. Policy benefits continue: - The educational benefits of the policy continue ensuring that your child can realize his or her dreams without any hassles. VI. Development Allowance: - Smart kid guarantees regular income to secure your child‟s educational career and also ensures his or her all-round development for a nominal additional amount. The Income benefit rider takes care of his trough an annual payment of 10% of the sum assured to your child till the maturity of the policy in the unfortunate event of the death of the parent. Group Solutions In an era of competitive parity the only asset that makes a decisive difference between corporate success and failure is the quality of human capital employee benefits have proven to be an excellent tool to optimize the retention of talent and improve an organization‟s bottom-line. The quality of an organization‟s employee benefits establishes and maintains a company‟s image as a caring employer. Optimum care of employees is a long term investment that results in a sustained competitive advantage for an organization in the times to come Protection Solutions Life guard is 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 Plan
  19. 19. 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. The guaranteed value of the unit fund of the value of all invested premium (premium net of all charges) along with the declared bonus interests. The capital guarantee is applicable only on the invested premium and the declared bonus interests. Secure Plan. An insurance plan that gives added protection saving and multiple options all in one! The flexibility to choose your premium contribution The flexibility to choose amongst three levels of cover (in the form of sum assured) for the same amount of total annual contribution. The flexibility of shifting between the three levels of cover as you require. The flexibility of receiving your maturity proceeds as a lumpsum or in equal annual installments over 3to 5 years. You can also enhance your policy by adding variety of riders. Saving Solution: Secure plus is a transparent and feature-packed saving 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 saving plan that offers life protection along with adequate returns. Cash back is an anticipated endowment policy ideal for meeting milestone expenses like a child‟s marriage expenses for a child-s higher education or purchases on an asset. Life time & life time 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, and balancer and maximizes.
  20. 20. Life link 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 customer life insurance cover till the age of 75. Invest shield life is a market linked plan that provides capital guarantee on the invested premiums and declared bonus interest. ICICI Pru Group Solution Advantage: An integrated basket of employee benefits solutions that offer incomparable flexible benefits. Sound investment management that focuses on safety stability and profitability of the portfolio. Personalized financial planning for your employee that takes care of his/her changing needs at every stage of life. Quality service initiatives and transparency across all operations, promising superlative operational efficiency. ICICI prudential has recruited and trained over 60000 insurance advisors to interface with advice customers. Further it leverages its state of the art IT infrastructure to provide superior quality of service to customers. Alternate Products of ICICI Prudential 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 rider to create a customized solution for each policy holder.
  21. 21. Cash plus Advantages: The flexibility to choose your premium contribution. The flexibility to choose amongst three levels of cover (in the form of sum assured) for the same amount of total annual contribution. The flexibility of shifting between the three levels of cover as you require. The flexibility of receiving your maturity proceeds as a lump sum or in equal annual installments over 3 or 5 years. An insurance plan that gives you added protection saving multiple options, plans the power of liquidity. The flexibility of withdrawing up to 10% of the accumulated value of your policy, after the first 5 policy years. ProtectionAdvantages: Choose a specified level of protection (available only with life time) Two levels of sum assured to choose from (available only with life time II) Flexibility to increase or decrease your sum assured. Add on riders to protect you against any eventually. Savings Advantages Flexibility to increase or decrease your contribution. Facility of premium holiday, where in the policy continues even if there is a temporary break in the payment of annual contribution (available only with life time.) Facility of automatic cover continuance, where in the policy continues even if there is a temporary break in the payment of annual contribution (available only with life timeII.) Facility to top-up your investment any time you have surplus funds. Additional allocation of units on a periodic basis.
  22. 22. Loans against the policy. Investment Advantages Choose from among four funds, based on your investment and risk appetite. Choice to switch between investments options (4 free switches every policy year.) Cash Back A single plan that combines protection, saving and liquidity. Periodic liquidity:- The plans offers 2 terms (15 years or 20 years) which offers survival benefit payment at regular intervals to provide you liquidity. Guaranteed Benefits: - Guaranteed additions@3.5% compounded annually for the first 4 years of the policy. Maturity Benefit: - At the end of the term, you can get the full sum assured the guaranteed additions and the vested bonuses. Death Benefit: - If the life assured were to meet with an unfortunate death, the beneficiary will get the sum assured, the guaranteed additions and the vested bonuses, irrespective of the survival benefits already paid. ICICI prudential gives you the freedom to form your very own comprehensive insurance policy by adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to increase the scope of your policy at a nominal cost. Critical illness rider Accident & disability benefit rider Accident benefit rider Income benefit rider Waiver of premium
  23. 23. Critical Illness BenefitRider: This rider provides protection against 9 critical illnesses, namely, major organ transplants, complete renal failure, stroke, paralysis, heart attack, valve replacement surgery, major surgery of the aorta, CAGS (bypass) and cancer. Benefits Paid On Contracting the Illness: Accelerated benefits (available with save n‟ protect and cash back):- If the policyholder is diagnosed with any of the specified illness, then the policyholder is paid the entire sum assured under the rider. The policy along with all the riders (to the extent of the rider sum assured) is then terminated. However, the remainder of the base policy continues till the end of the term. The policyholder will have to continue paying his premiums for the remainder of the policy. Accelerated benefits(available with secure plus, cash plus and secure plus pensions):- If the policyholder is diagnosed with any of the specific illness, then the policyholder is paid the entire sum assured under the rider the life cover along with all the riders is then terminated. However, the policy value accumulation continues till the end of the term or death, whichever is earlier. Standalone benefits(available with golden years premier life, life time, life time II, forever life, group term plan, invest shield life, invest shield cash and invest shield gold):- If the policy holder is diagnosed with any of the specified illness, he/she is paid the rider sum assured and the rider terminates. However, the base policy continues till maturity. Premiums paid under this rider are eligible for tax benefits under section 80D. Accident & disability benefit rider: - In this case if any person becomes disabled in any accident then the whole amount of the bill will be paid by the company as per the policy.
  24. 24. Waiver Of Premium Rider (WOP) On total and permanent disability due to an accident all future premiums for both the base policy and rider (s) will be waived till the end of the term of the rider or death of the life assured if earlier. Waiver of premium rider is available with secure plus, cash plus, life guard ROP, life guard WROP, smart kid unit linked regular premium II, life time II, life time pension II secure plus pension, invest shield life, invest shield cash and invest shield pension. Premiums paid under this rider are eligible for tax benefits under section 80C. For a detailed list of exclusions/ conditions, please ask for our rider brochure.
  25. 25. Group Insurance Solutions ICICI Prudential also offers group insurance solutions for companies seeking to enhance benefits to their employee. 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.
  26. 26. Flexible Rider Solution ICICI Pru life offers flexible riders which can be added to the basis 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 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: - Protect 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. 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 smart kid, secure plus 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 secure plus and cash plus.
  27. 27. Invest Sheild Gold A unit-linked insurance plan with an assurance of capital guarantee which offers you the benefit of a limited premium payment term. An ideal plan for protection with wealth creation that offers the flexibility of a limited premium paying term. Flexibility to choose a premium payment term of 5,7 or 10 years for a maturity term of 10,15or 20 years respectively. Flexibility to choose a specific level of protection (sum assured), based on a multiple of the annual premium. At the end of the term (maturity) the higher of the value of units or the guarantee value is paid. On death, sum assured along with the higher of value of units or the guaranteed value is payable. Additional credits payable as a percentage of the initial annual premium are paid along with the death or maturity benefit. Facility to make with drawls from the 6th policy year onwards till the end of the policy term. Every year withdraw up to 10% of the value of units. Flexibility to make additional investment with the help of the top-up facility.
  28. 28. Flexibility to increase/decrease your annual premium amount. Total transparency with the premium allocation and other charges declared upfront. The guaranteed value of the unit fund is the value of all invested. Premiums (premiums net of all charges) along with the declared bonus interests. The capital guarantee is applicable only on the invested premium and the declared bonus interests. Premier Life Premier life: - The preferred plan for the preferred customer. The key features of the plan are. Limited premium payment option: - choose from among a 3, 5,7or 10 year premium paying term. Choice of sum assured: - Choose a sum assured which is minimum multiple of 1 and a maximum multiple of 25 times the annual contribution. Additional allocation of units on a periodic basis. Facility to top-up your investment any time your have surplus fund. Choose from among four funds, based on your investment objective and risk appetite.
  29. 29. Choice to switch between investmentsoptions (4 free switches every policy year). Flexibility to decrease your sum assured. Add-on riders to protect you against any eventuality. Loans against the policy Life Time & Life TimeII Presenting a life time and life time II-unit-linked plan that meets your changing needs over a lifetime. These solutions have been developed to meet your saving, protection and investment needs at every stage in life. Protection in this Plan Choose a specified level of protection (available only with life time). Two levels of sum assured to choose from (available only with life time II). Add-on riders to protect you against any eventuality.
  30. 30. Saving In this Plan Flexibility to increase or decrease your contribution. Facility of premium holiday, where in the policy continues even if there is a temporary break in the payment of annual contribution (available only with life time.) Facility of automatic cover continuance where in the policy continues even if there is a temporary break in the payment of annual contribution (available only with life timeII). Facility to top-up your investment any time you have surplus funds. Additional allocation of units on a periodic basis. Loans against the policy, Investment Choose from among four funds, based on your investment objective and risk appetite. Choice to switch between investmentsoptions (4 free switches every policy year). Save N Product An ideal plan for those who want to accumulate funds on a regular basis while enjoying insurance protection. Guaranteed Benefits: - Guaranteed additions @ 3.5% of the sum assured compounded annually for the first 4 years of the policy. Extended Life Cover: - an extended cover for 5 years after the maturity of the policy for 50% of the sum assured at no extra cost. Maturity Benefit: - at the end of the term the policyholder receives the full sum assured the guaranteed additions and the vested bonuses. Death Benefit: - the beneficiary receives the sum assured the guaranteed additions and the vested bonuses the life assured were to meet an unfortunate event. In case the life assured is aged 7 year or less the basic premium paid will be returned.
  31. 31. Achievements of ICICI Prudential Beginning operations in December 2000 ICICI prudential success has been meteoric becoming the number one private life insurer within month of launch. Today it has one of the target distribution networks amongst private life insurers in India, with braches in 91 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160billion. ICICI Prudential closed the financial year ended march 31,2007 with a total received premium income of 20.6 billion, up 57 % form last year total premium income of Rs.15.87 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the company‟s range of unique unit-linked policies and pension plans. The company‟s retail market share amongst private companies stood at 36% making it a clear leader in the segment. To add to its achievements in the year 2006-07 it was adjudged Most Trusted Private Life Insurer (Economic Times “Most Trusted Brand Survey” by A.C.Nielsen ORG-MARG). It was also conferred the “Outlook Money-Best life Insurer” award for the second year running. The company is also proud to have won silver at EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI prudential was also short listed to the final round for its “sin door” campaign in EFFIES2002 ICICI Prudential‟s success is rooted in its philosophy to always offer the customer a choice. This has been the driving force behind its multi-channel distribution strategy which includes advisors, banks, direct marketing and corporate agents. In fact ICICI prudential was the first insurer to invest in multiple channels and offer the customer choice and access, the reducing dependency on any one channel. ICICI prudential also made great strides in the retirement solutions and pension market. The company‟s penetration of the retirement market was driven by the focused approach towards creating awareness through a sustained campaign “Retire from work, not life”. Within six month, the campaign rewarded ICICI prudential with an increased share 23% of the total pension market and 78% amongst private players.
  32. 32. Recent Development by ICICI Prudential In keeping with its belief that a happy customer is the best endorsement ICICI prudential has embraced the six sigma approach to quality an exercise that begins and ends with the customer- from capturing his voice to measuring and responding to his experience. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Earlier peoples took insurance for safety benefits but not the company aims to change the mind set of the people and aware them what all advantage other than. Tax Benefits Investment Option Diversifying risk Can a person get by getting himself insured?
  33. 33. Work Process: The structure should fit the goal of the organization. The company gets the prospective clients through three channels. It‟s a one level marketing channel at ICICI prudential with three distribution networks. 1. BANCASSURANCE:-Bancassurance is word coined in the western world, when banks began to get involved in the marketing of the insurance business. The involvement took different forms in the different countries. In some countries the same institution would offer both banking and insurance products separately or together as the customer may need. 2. TIED AGENTS: - The unit manager appoints these agents and there people work their respective unit manager. Their main work is to create awareness among the customers and then get the prospective customers after knowing their needs. 3. CORPORATE AGENTS: - These people work through sales executive. They appoint different people under them, who in turn get the business for the company. All the above mentioned agents have to undergo 100 hour training and getting license from IRDA, after which they are authorized to sell the product of the company.
  34. 34. Major insurance players in the market are listed below: Sr.No. Indian partner Foreign partner Specialization 1 ADITYA BIRLA SUN LIFE CANADA LIFE INS 2 KOTAK MAHINDRA OLD MUTUAL S AFRICA LIFE INS 3 HDFC STANDARD LIFE UK LIFE INS 4 RELIANCE NO FOREIGN ALLIANCE LIFE & NON LIFE INS 5 ICICI PRUDENTIAL UK LIFE INS 6 MAX INDIA NEW YORK LIFE U.S.A LIFE INS 7 TATA GROUP AIG, UK LIFE & NON LIFE INS 8 VYSYA BANK ING NETHERLANDS LIFE INS 9 HERO GROUP ZURICH, SWITZERLAND LIFE INS 10 CHOLAMANDALM UNDISCLOSED LIFE INS 11 HINDUSTAN TIMES UNDISCLOSED LIFE INS 12 DABUR CUG UK LIFE INS 13 UNDECIDED METLIFE U.S.A LIFE INS 14 SANMAR GROUP AMP AUSTRALIA LIFE INS 15 SBI CARDIFF FRANCIE LIFE INS 16 CORPORATION BANK UNDISCLOSED LIFE INS 17 MET LIFE U.S.A LIFE INS 18 UNDISCLOSED CIGNA U.S.A LIFE INS 19 UNDISCLOSED NATIONWIDE U.S.A LIFE INS 20 UNDISCLOSED G.E.CAPITAL U.S.A LIFE INS The above mentioned are the list of the players that are there in the Indian life insurance industry and some of them have yet to start their operations in India still going under the process of licensing. Therefore we can see the competition that is still growing because the need of penetration of the life insurance sector in the Indian industry. On the other hand we can say that there is still a good opportunities for the employment in this sector.
  35. 35. THEORATICAL BACKGROUND My Project Title is “Recruitment, Selection Of Financial Advisor &Bancassurance Recruitment has acquired an immense importance in today‟s organizations. Organizations have realized the value of the human capital recruitment is the first step in the process of acquiring and retaining the human resource for an organization. In the service industry like insurance, recruitment of advisors is the on going process, as they are the one of the important part of the distribution. Hence it is important to have well defined recruitment policy in the place, which can be executed effectively to get the best fits for the vacant positions in the insurance industry the recruitment policy is concerned with quality and qualification of the prospective advisor. The agent is the main intermediary between the customer and the company. The customer- advisor link is stronger than the advisor-company link. The advisors main function is to solicit and procure life insurance business for the insurer. At the same time, he is trusted by the prospect to advise him suitably keeping the circumstance and needs in the mind. His functions would include. Understand the prospects need and persuade him to buy a plan of life insurance that suits his interest and his requirement. Keep in touch to ensure that changing circumstances are reflected in the arrangements relating to the premium nomination etc. Facilitate the quick settlement of the claims. Be very honest with both prospect and the company.
  36. 36. Process of Recruitment: The process of recruitment at ICICI prudential can be described in brief with the help of below given clarification. In process of recruitment the H.R. department plans that whether there is any need for recruitment or not. However in every insurance company it is an ongoing process as they are considered as the heart of the distribution channel and counts for the maximum business done. After which the company has to select between the two alternative i.e. demand or surplus. If there is demand they go forward for recruitment process and if there are surplus i.e. any dead advisors they are given certain reminders after which they are retrenched. At next level company look for the number of advisors to be recruited by using different resources and methods. Than company has to analyze the cost involved after which recruitment is done. At last the programmed is evaluated and this process continues. Concept of Selection The process of choosing the right candidate for the right job is called selection. The selection process starts with gathering complete information about the prospect advisor. The selection process can have the four possible outcomes. Two of the possible outcomes have positive outcomes are selecting the right candidate. It is obvious that the impact is going to be positive. The second positive outcomes ar4e rejecting the wrong candidate that is going to help the company in future. If he was selected than the company and his respective unit manager has to divert all there attention towards that dead advisors. The two negative outcomes are selecting the wrong candidate or rejecting the right candidate. The first case the cost of having an unsuitable candidate in the going to create many problems for the company and his respective unit manager. The company is going to suffer loss in training the advisor. In the last case where the right candidate is rejected the company loses potential candidate who would have turned out to be the asset for the company because of his positive contribution. Accept Reject
  37. 37. SUCCESSFUL UNSUCCESSFUL Business components in the insurance industry First task of my project is prospecting which is a very difficult task in itself to do, because there are so many competitors in the market with one or some other competitive advantage. According to porters competitive strategies a company has to adopt any one of the below mentioned strategies and concentrate hard on it to gain the competitive advantage. Porter‟s generic competitive strategies An insurance industry can either go for differentiation strategy like ICICI PRUDENTIAL and MAX NEW YORK which differentiate itself form other by recruitment a good quantity of advisor with quality of financial advisors and not running for the quantity. On the other hand it can go for cost leadership like OM KOTAK or AVIVA which has a cost advantage when it comes to the examination & training fees. Some companies go for focus strategies like LIC the public giant that adopt this strategy as most of the people have a good faith on it because its one of the government owned subsidiary. CORRECT DECISION REJECT ERROR ACCEPT ERROR CORRECT DECISION DIFFERENTION COST LEADERSHIP FOCUS
  38. 38. How to generate a good prospect First before prospecting we must go for proper segmentation of the target market. While segmenting we have to consider the criteria for segmentation. Geographic segmentation: - For this have to took that which area is the most suitable for targeting the prospect by taking into consideration their lifestyle and their standard of leaving. Income: - for this we have to look for various target groups and accordingly we have to develop the strategy showing them that it is their need and they are the one who will be benefiting by joining ICICI prudential. Psychographic:- For this we have to look for various target groups, which is influenced by some of their traits like motivation by the person they consider their idol, their values and belief etc. Lifestyle: - This is the group that has a different lifestyle and a very high standard of leaving referred as HNI ‟s(High Network Individuals). They are basically influenced by some other factors like rewards and recognition which gives them a chance to prove their worth in the society. There fore we have to emphasis on the rewards and recognition programmes that are run by ICICI prudential. Accordingly, we have to do the effective segmentation that will help the company. An effective segmentation must be: Measurable Substantial Accessible Differentiable Actionable
  39. 39. If all above mentioned are then in a segmentation than it is of some worth to company. Otherwise the company has to suffer in way of dead advisors and company has to spent a good sum of money on them, which could have been utilized somewhere else. Factors influencing buying decisions: After segmenting we have to look for the factors that affect the prospective advisor influence to join the company. Need recognition Information search Evaluation of the best possible alternative Join as a financial advisor Post purchase evaluation One before becoming advisor goes through the above-mentioned stages first he recognize that weather there is any need for him to join as the advisor, will it really benefit him if he joins as the financial advisor. In fact this is the stage that we have keep in mind while recruiting the advisor. Because in today‟s world there is no one who would like to earn some extra amount of money by just working without any binding. At the second stage he gathers the information about its competitor. This is the stage where we find it very difficult because the prospective customer gets reason in delaying the proposal. At the third stage he evaluates the best possible alternative. This is the stage we have to focus on because at this stage we can provide so many reasons to the prospective advisor for joining ICICI prudential. Then comes the stage where he decides to join the agency and ready to take the training. After this step comes the post purchase evaluation where he cross checks himself with the advisor of the other company, regarding the rewards and recognition offers that are offered to him and others.
  40. 40. Strategy to Satisfy the Key Stakeholders: STAKEHOLDERS PROCESS RESOURCES ORGANISATION As seen in above figure one could easily recognize the stakeholders are of outmost importance to any company. In insurance industry financial advisors are one of the important ingredients to complete their stakeholders so it‟s the company who has to look for them so that they are satisfied and motivated to perform well. At ICICI prudential we have to look for the people who fit into the category of the company. A life‟s insurance advisor works on the commission basis. He is paid a stated percentage of the premium collected by him. While recruiting the advisors for ICICI prudential we have to look for the prospect that has to fulfill the below mentioned criteria. Age above 18 years. He/She must be maximum graduate and minimum HSC He/She must be resident of Haldwani. Prior sales experience necessary. If he satisfies any of the above conditions he is eligible for the post of the financial advisor. The field of insurance is the challenging job, by far the most interesting job. The mantra to succeed in this business is to recruit the right candidate profile and be able to take the right activities done by him the right time and to motivate him from to time to get the business done.
  41. 41. Responsibilities: While recruiting the prospective advisors, the company believes that they are the ambassadors of the company so they must be provided a quality training and extensive support from their respective advisors so has to keep its differentiation strategies identify alive. They are one of the key sources of the business for the company. That is why the company takes a lot of efforts in recruiting and developing our advisor. To cater to the needs of the knowledge oriented marketplace, company looks for graduates who are service oriented, good communication and enjoy meeting new people prior sales experience in an added benefit. As we all know that the penetration rate of insurance sector in the country is very less. Yet it is one of the fastest growing service sectors after IT & telecommunication. In simple words, there is still unawareness among the customers for which there is a need of huge amount of advisor who can reach the untapped and unaware customers. According to the recent budget with increase in FDI, limit in service sector and opening up of the gates for foreign insurance provider, the unemployment rate in India is surely going to decline in the coming years. Target as per the companies requirement As per companies guidelines the company has divided the targets into various groups mentioned below. Chartered Accountant: - This is the main target as per the company‟s requirement. This is the target group of the people core activity is of financial background, and it is considered as one of the highest designation in the field of finance. Basic work of the C.A. is to look after the auditing and filling of the returns. Along with that he also acts as the financial consultant who guides the people about the way of investing their money fro getting higher returns and for tax benefits. Moreover, if they become the advisor for the company, they can get the best possible business for the company. Tax & Financial Consultant: - They are the people who guide the people about the way of investment for the purpose of the tax benefits & at the same time, they like to associate them with some of the leading financial that are into some of the financial products. These people are good target for the company as they can also get the good amount of the business done for the company. LIC & GIC Agents: They are the target groups who are on to the similar kind of the work and having a good number of the customer base. For tapping them just company has to show the need for joining ICICI prudential. Because by joining ICICI prudential they will be able to provide number of variety of the products to their customer without diversifying their
  42. 42. present work and just providing guidance to their customer in selecting the best possible product as per their requirement. RETIRED & VRS People: - A person who has retired or taken VRS from the company can work for a company that provides them features like no binding work as much as you want to report tension. They are the target group that always looks forward for the opportunities to earn their livelihood to be financial independent. Housewives: - These are the target group that mainly looks after their household work. However with increasing number of expenses in the growing economy with limited source of bread earner, they are focusing into go for some look that best suites their working environment. So these are the business that provides them the best possible chance for earning a good amount of money. HNI‟s:-They are the groups who belong to a very rich family and having a large number of contacts and have capability of influencing their peer groups. They can be converted into advisors as company runs programme for such kind of peoples through rewards& recognition programme. Students:-This target group mostly does not have any prior sales of marketing experience. However as they are considered as the fresh blood in any industry they have that determination to do something and secure a position for them. That is the main reason why company is looking for the fresh graduates as their prospective advisors. Others:- In this category company focuses on various target groups such as estate agents professors, businessperson etc. Understanding your customer relationship lifecycle while recruiting advisor PRE-PURCHASE PURCHASE POST PURCHASE KNOW LEDGE CONSI DERAI ON SELEC TIONT RIAL SATIC FACTI ON LOYA LTY WARN AESS
  43. 43. Viewing your customer relationship through the lens of the customer relationship lifecycle for the prospective financial advisor it provides the insight into the various ways you interact with prospect and customer. Every customer/company relationship begins with awareness; here we have to create the awareness among the prospects about the benefits of being an knowledge about various options available to him & the knowledge about the company‟s past performance. At the next stage, i.e. consideration he considers some factors and moves to the next stage of the cycle, i.e. selection where he selects the particular company has over its competitors. At the next stage he measures the satisfaction with the company and works up to mark and has some loyalty within himself for the company. Key is to understand your prospects and customers unique needs in each life cycle stage especially as it relates to: How to motivate prospects to move from initial awareness through to selection. How to shorten the time it taken prospect to move from initial awareness through to selection. How to motivate customer to move from selection through to loyalty. Improving stage to stage conversation positively influences key financial metrics. Agency as a Profession: To most persons life insurance is just one of the many avenues for financial outlay. When an agent approaches a prospect with the proposal for life insurance, the chance are that a prospect will no know much about the benefits under various plans. He may be vaguely familiar with the alternatives available but it unlikely to be sure of the details of all of them. He would need expert advice. If he sees the life insurance to the exclusion of other alternatives then that advisors intentions and expertise would be suspect. On the country if he sees the advisor as one knows about other alternatives and who is willing to take a note of the needs of the prospect, then that advisor would have a better chance of persuading the prospect one way or the other. Many advisors see the agency as a means to earn a living. They may spend only a part of the time on insurance, being busy on the other work the rest of the time. Some advisors however try to study and understand the business in the details and to improve their skills. They are trying to become the best in the professions. They would be recognized as experts in the field. To be able to advise the prospect on the best financial arrangements appropriate to his situations. The advisor needs to be familiar with the alternative available in the market. He is also expected to know in full benefits and the limitations of the various plans being offered by his company. A
  44. 44. good advisor is a good financial planner taking into account not merely the plans offered by the company. Procedure for becoming an advisor: The insurance act, 1938 lays down that an insurance advisor must posses a license under section 42 of that act .The license is to be issued by the IRDA. The IRDA has authorized designated person, in each insurance company, to issue the license on the behalf of the IRDA. A license issued by the IRDA will be valid for three years .This license may be to act an advisor or as a composite insurance advisor. No advisor is allowed to work for more than one life insurance company or a general insurance company. The qualification necessary before a license can be given are hat the person individual or a corporate insurance advisor must. 1. Be at least 18 years old. 2. Have passed at least 12th standard. Have undergone the practical training at least 100 hours (50 hours from an MBA or general insurance advisor) Have passed the pre–recruitment examination conducted by IRDA India. A person with the following disqualification is debarred from holding a license .He has been found to be of unsound mound by a court of competent jurisdiction .HE has been found guilty of the criminal breach of trust the license once used can be cancelled whenever the person acquires disqualification. Management Trainees Role: As a management trainee we have to look for the prospective customer through program such as Telecalling: It is the one of the most important tool we have learned to use when its not your natural market .Through telecalling ,we have to all the customers tell them about the business opportunity and if possible fix an appointment or call them to office for individual BOP presentation . Following mentioned is the illustration of the success rate that as a telecaller I had received .The hit rate expected through this method was 1-2%.
  45. 45. Cold Canvassing: This is one of the fastest method and effective tool to recruit advisor for the company. Under this method trainees were sent out in field and they had to contact the general public. Along with presentation of the opportunity tin the first contact initial screening were also done by the trainee. They also had to gather the main was to create interest in the contacted person about the opportunity and convince him to inform their respective unit managers and schedule an appointment with that person. Unit managers helped the trainees to convince the person visiting the office. The expected hit rate under this method was 5-6%. Pamphlet Distribution: Pre-printed pamphlets were given by the trainees to distribute in the market. These pamphlets contained mysterious information about the opportunity. The information printed on the pamphlets was made mysterious in order to create interest and excitement in the reader. Along with this one more advantage of making it mysterious was the concealment of the fact that the opportunity is in the field of insurance of insurance were printed on those pamphlets. This was done with a view that if pre-printed number and accordingly can be convinced by the unit manager. Mass BPO Presentation: We invited the large number of the prospective customers with a prior invitation to them to attend the program,”PARIVARTAN”. After which our respective managers used to give the presentation to the invites at our respective managers used to give the power point presentation, after which they were told about the benefits that he never expected and got from the ICICI prudential. Following given is the success rate of our team. No of invites 50 No of audience present 10 No to invites who can‟t attend because of busy schedule 28 No of invites no interested 12 Individual BPO: In this program we invited the individual customers for attending the program. It is very successful because at a time we have to deal with one customer so that we are able to clear their doubts. The Hierarchy of the company:
  46. 46. HEAD OF SALE TERRITORY MANAGER SALES MANAGER ASST. SALES MANAGER AGENCY MANAGER UNIT MANGER ADVISOR So the company gives the opportunity to the advisor to perform and climb the ladder. My achievements in the training: An achievement is something that can be counted or shown on the paper. However according to me achievements are something that is materialistic. Because therecomplete SIP has been a learning experience for me. After coming for SIP I came to know about so many things that one is not going to learn in the book. By giving this statement, I do not want to say that knowledge provided through books or in the college is of no use. However when it comes to practical
  47. 47. implementing the theories learnt in college or in kotler is difficult to implement. That is why along with the bookish knowledge one must also be exposed to the real life situation for getting idea of the real life situations. Following mentioned is my achievement. Increasing in foreign countries. In India people by and know about life insurance but still have a lot of wrong notions about it. Personal contacts by agents may continue to be necessary for quite sometime. Another method being attempted is the use of the extensive network of branches of banks. The customers of both banks and life insurance are practically from the same segments of population. Through the same contact the prospect can be helped to arrange for both band deposits and life insurance. There would be saving in infrastructure costs and overheads. New insurer find this an easy way access vast areas. It may be possible to develop composite products having the elements of both life insurance and banking. These trends have to develop. Products on the Finger Tips: Insurance solutions for individuals: ICICI prudential life insurance offers a range of innovative customer centric products that meet the needs of customer at every life stage. Its 20 products can be enhanced with up to 6 riders to create a customized solution for each policyholder. Saving Solution: Secure plus is a transparent and feature-packed saving plan that offers 3 level of protection. Cash pls is a transparent feature packed saving plan that offers 3 levels of protection as well as liquidity options. Save n Protect is a traditional endowment saving plan that offers life protection along with adequate returns. Cash back is an anticipated endowment policy ideal for meeting milestone expenses like a child marriage expenses for a child‟s higher education of purchase of an asset. Life time &Life time II offer customer the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options-preservers, balancer and maximaiser.
  48. 48. Life link 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 that offers customers life insurance cover till the age of 75 Invested shield life is market linked plan that provides capital guarantee on the invested premium and declared bonus interest. Invested shield cash is market linked plan that provide capital guarantee on the invested premium and declared bonus interest along with flexible liquidity options. Invested shield gold is a market linked plan that provides capital guarantee on the invested premium and declared bonus interest along with limited premium payment terms. Protection solutions. Life guard is a protection plan offers life cover at very low cost. It is available in 3 options level term assurance with return of premium and single premium. Child plans Smartkid education plans provide guarantee 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 milestone in the child‟s life. Smart kid 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. Secure plans pension is a flexible pension plan that allows one to select between 3 levels of cover. Market Linked Retirement Products Life time pension II is a regular premium market linked plan. Life link pension II is a single premium market linked plan.
  49. 49. Invested shield pension is a regular premium pension plan with a capital guarantee on the inventible premium and declared bonuses. ICICI prudential also launched-Salaam Zindagi- a social group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions ICICI prudential also offers groups 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 scientific manner. These plans 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 options of choosing how 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 an 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. An 18 day training schedule cover the company the mandatory IRDA training requirements and ICICI prudential product-training module. Revision session ensure that eh candidate thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment setting with potential customers giving advisors a feel of how their business will work from the very first day. All through the unit
  50. 50. manager and the management provide continues support to the advisors in achieving independence towards garnering business. Career Benefits: Tiger trainer: Advisors has the option of joining the company as a trainer. Criteria of selections: a) Age group 25-45 b) Minimum of 2 polices every month for at least one year. c) Selected candidate have to clear an assessment centre before getting selected. Mobile Tiger: Advisors had the options of joining the company as a part time trainer. Criteria for selection: a) Age group 25-45 b) Minimum of 2 polices every month for at least one year. c) Selected candidates have to clear an assessment centre before getting selected. Pinnacle: Advisor has the option of joining the company as unit manager. Criteria for selection: a) Age group 25-45 b) Minimum of 2 polices every month for at least one year. c) Selected candidates have to clear an assessment centre before getting selected. Fast Track Pinnacle Advisor has the option of joining the company as unit manager. Criteria for selection a) Age group 25-45 b) Minimum of 30 policies issued within a period of 6 month 10 licensed advisors within a period of 3 months. c) Selected candidates have to clear an assessment centre before getting selected. Advisor Loyalty Programme-Grand Perks
  51. 51. This is a unique loyalty programme for our performing advisors where qualifying advisors are entitled for various benefits and privileges. There are 3 qualifying slabs. This is an annual programme for the period of 1 year. Grand Perk Silver Benefits: Rewards Category Website access Call Centre Access Accident Insurance worth 50K Discount Coupon booklet once a year Associate financial planner programme training available at a discounted cost. Grand perks gold benefits: Rewards category Website access Call centre access Free pre-approved ICICI bank credit card with accident insurance worth 20 lakes Discount coupon booklet twice a year. Associate financial planner programme training available at a discounted cost (40% discount) along with park sponsorship for the programme. Valet service for booking of movie tickets arrangement and payment of utility bills. Quarterly newsletter Invites for special shows/ concerts/ plays twice a year Personal development programs conducted by reputed professional Fully loaded laptops available at company rates. Grand perks plantinum benefits: Rewards category Website access Call centre access Free pre-approved ICICI bank credit card with accident insurance worth 20 lakhs Discount coupon booklet twice a year Associate financial planner programme training available at a discounted. cost (40% discount) along with park sponsorship for the programe.
  52. 52. Quarterly newsletter Invites for special shows/ concerts/ plays twice a year Personal development programs conducted by reputed professional Fully loaded laptops available at company rates Personalized stationary items like visiting cards, letter heads etc. Free subscription to insurance watch magazine. Extra reimbursement up to 3.5% additional commission rates. Advisor needs to be with ICICI pru for at least a period of 1 yrs to be eligible for platinum club benefits. International Recognition and Foreign trips- A) President Club This is the most prestigious recognition programme from ICICI pru the top 30 advisor in the country (10 with spouse) are eligible for the contest. This programme is conducted by prudential Asia at an exotic foreign location every year 3n/d. The qualifying period for the programme is from Jan-Dec every year B) International Star Club The top 225 advisors in the county (25 with spouse) are eligible for the contest. This programme is conducted by ICICI prudential at an exotic foreign location. The qualifying period for the programme is from Apr-Mar every year. C) India Star Club The top 225 advisors in the country (25 with spouse) are eligible for the contest. The advisor are sent to a beautiful location in the country for a period of 3n/4d Held every year between Apr-Mar D) Debut Star Club This is a contest for the new advisors licensed after Dec. 01. the period for the contest is April- Sept. 75 advisors in the country are eligible for the contest The advisors are sent to a beautiful location in the country for a period 2N/3D Company Recognitions
  53. 53. Certificate of Excellence: The top 3 advisors of every branch are recognized for their excellent performance for various qualifying criteria like A) pension sales B) no of lives C) high net worth sales These certificates are given every quarter. BMS/ZM/HOS forums The top advisors are invited to these forums every quarter and get a chance to interact with top management and interchange views and ideas. Other Benefits Direct entry to grand Perk Platinum Club for COT/TOT advisors of competition who join us by taking agency in the name of another family member. Individual email Ids. Segmented training programmes for advisors SMS alerts for renewal premiums. RESEARCH METHODOLGY There are two types of research carried out for a study. It comprises of collection of data which indicates that from where we has collected the data and what are the various methods of study. They are:- 1. Primary Data Collection 2. Secondary Data Collection Primary Research It is that method in which the data is collected for the first time and not done by any other person previously. It involves direct market survey, Questionnaires, Personally meeting or Telephonic interviews etc.
  54. 54. Secondary Research It is that method in which the data is borrowed from the various sources like newspapers Books, Institutions, Internet, Company journals etc. This methodology is prepared for the project report with the help of the information collected from:- 1. College Library, Dehradun. 2. Newspapers, Internet, and Magazines Smapelling Method: In this project report I have used simple random sampling and quota sampling method for appropriate study of the project. Simple random sampling method:- It is that method which is used for interviewing the customers for selection directly on a random basis. Quota sampling method:- It is that method which is used for representing other units from which the information has been collected. It is also contains some biased questions. Developing the research Plan:
  55. 55. Once the task is identified the next step is to prepare a plan for getting the information. Collection of Data: Primary Data: This type of data does not exist. It is originated by primary sources like personal interaction or feedback forms or questionnaires which act as a tool for collecting data. Secondary Data: This type of data already exist & is used to generate information as per required examples of such type of data are journals magazines etc. Tools Used: As a management trainee we have to look for the prospective customers through application of various tools such as Tele calls It is the one of the important tools that we learned to use when it‟s not your natural market. Through telecalling we have to cal the customers‟s and tells them about the business opportunity and if possible fix an appointment or call them to office for the individual BOP presentation. Cold Canvassing: This is one of the fastest method and effective tool to recruit advisors for the company. Under this method, trainees were sent out in field an they had to contact the general public. Along with the presentation of the opportunity in the first contact, initial screening were also done by the trainees. They also had to gather the main aim was to create interest in the contacted person about the opportunity and convince him to inform their respective unit managers and schedule an
  56. 56. appointment with that person. Unit managers helped the trainees to convince the person visiting the office. The expected his rate under this method was 5-6%. Pamphlet Distribution Pamplet Distribution Pre-printed pamphlets were given to the trainees to distribute in the market. These pamphlets contained mysterious information about the opportunity. The information printed on the pamphlets was made mysterious in order to create the interest and excitement in the reader. Along with this one more advantage of making it mysterious was the concealment of the fact that the opportunity is in the field of insurance of insurance and is provided by ICICI prudential. Phone numbers of the unit managers were printed on those pamphlets. This was done with a view that if pre-printed number and accordingly can be convinced by the unit manager. Private Sector gaining market Share Postage (Innovative Method) This was an Innovative method used byme. Normally there is no scope of door to door meet to the high profile customers to make them Advisors. So, I selected a residential plot where the people were potentially targeted to make them Advisors. I prepared an attractive format and mailed them at their postal address. I received a good response, as the people called on the prescribed number, and most of them were convinced and converted as Financial Advisors.
  57. 57. OBSERVATION & ANALYSIS Chapter-11 Life Insurance It was really a great experience working with such a competitive sector. During this project training I minutely experienced the market and the company, and found that there are many things which an Individual as an employee of Insurance sector should be proud of. The details as mentioned below: If we try to question that, why we get a rebate on our taxes while investing in the Insurance sector, keeping the economic factor constant that answers the question? The Insurance sector employees are into the sale of something which is very useful for any customer. Any insurance is undertaken with the view of safety and well-being. So in insurance sector we provide something that will always be a benefit to the other person. So it concludes that the Insurance Sector has a social moral attached to its business activity. No wonder we find a huge rebate to the investors and also to the company in terms of taxes. That‟s the basic reason which remains unsaid but still known the insurance employees, and no wonder the Insurance employees feel proud to be a part of Insurance Sector. ICICI Prudential Life Insurance and ICICI Bank have launched a pre-paid annuity card, which is considered to be the first such initiative in the pension segment. This international card will allow pensioners to withdraw cash at ICICI Bank and VISA ATMs and make purchases at several merchant establishments. Customers will also get a monthly
  58. 58. statement just like with a debit or credit card. The policyholders do not have to open an ICICI Bank account for availing themselves of the card. An annuity is a contract sold by an insurance company designed to provide payments to the policyholder at specified intervals, usually after retirement. An ICICI Prudential Life annuity policy will offer a return of 8.5 per cent without the return of premium. Ms Shikha Sharma, MD and CEO, ICICI Prudential, said the company would target its current group superannuation customers as well as companies that self-manage their superannuation funds with this retail offering. Most pensioners receive their pension through cheques, which must be deposited in a bank account to access as cash. Research by the company According to research conducted by ICICI Prudential, delays in receiving the cheque, the process of getting the cheque cleared as well as security issues of handling cash were pointed out as among the problems faced by pensioners. The annuity card will smoothen this process by electronically crediting the card with the defined pension as per the specification - monthly, quarterly or annually. The limit on the card will hence be the credited annuity amount. However, only the first three transactions in a month will be without any additional charges. The bank is working on offering reward points on the annuity card just like other debit or credit cards. According to Ms Chanda Kochhar, Executive Director, ICICI Bank, additional facilities such as making utilities payments using the annuity card are also being considered Pru ICICI Emerging STAR-G Latest NAV 23.45 (22/09/07) 52-Week High 28.03 (10/05/07) 52-Week Low 16.06 (28/10/05) Fund Category Equity: Diversified Type Open End Trailing Returns As on 22 Sep 2007 Fund Category Year to Date 15.80 18.76 1-Month 1.43 4.63 3-Month 12.09 14.78
  59. 59. Launch Date October 2004 Risk Grade Not Rated Return Grade Not Rated Net Assets (Cr) 921.58 (31/08/07) Benchmark Nifty Junior 1-Year 33.69 35.51 3-Year -- 48.71 5-Year -- 46.15 Return Since Launch 54.32 -- Returns up to 1 year are absolute and over 1 year isannualized. Relative Performance (Fund Vs Category Average) Life Insurance overview in India:
  60. 60. Life insurance market In-force premium INR 426.4b FY‟07**new premiums INR 131.2b Total premiums INR 557.6b Top 5 players Life insurance Company in India ICICI Prudential Birla Sun Life Bajaj Allianz ** April 2006-March 2007 HDFC Standard “Strictly confidential and for private circulation only” Retail Market Share: Private Players
  61. 61. “Strictly confidential and for private circulation only” 1%1% 36% 9%14% 8% 11% 2% 6% 4% 5% 3% Sanmar AMP ICICI PRU HDFC STD.LIFE BIRLA SUNLIFE TATA AIG ALLIANZ BAJAJ LIFE MAX NEWYORK OM KOTAK AVIVA ING VYSYA
  62. 62. The Insurance Opportunity in India Source: Swiss Re, Economic Research & Consulting 2006 The Indian insurance sector is under penetrated in both the life & general insurance segments. Rapid expansion of Distribution We have created a large – scale, nationwide distribution network 14.8 11.6 9.5 4.8 3.3 3.3 2.9 16 14 12 10 8 6 4 0 5 10 15 20 25 30 35 U nited K ingdom South Korea U nited S tatesM alasiyaThailand india china Genral insurance Life insurance Premium as a % of GDP
  63. 63. March 2003 March 2004 March 2005 March 2006 Location Branches Advisors Bank Relationships FSC CA Relationship 13 14 10000 25 29 18000 54 70 33000 69 102 56300 7 1036 150+  Initial years , emphasis was on expanding the reach  Now, penetrating those cities for increasing market share  Focus on sales and service processes to achieve higher Penetration into high networth (HNW) segment. FINDINGS Chapter-12 While recruiting advisors for ICICI Prudential we have to look for the prospect that has to fulfill the mentioned criteria: Age above 18 years He / she must be maximum graduate and minimum as H.S.C. He/she must resident in Haldwani. They gave me criteria for advisors I have to recruit the students service people businessman and housewife
  64. 64. The profile should be like CA,CS and Tax consultant and LIC agents To know what is the people thinking about ICICI prudential life insurance If he satisfies any two above mentioned points he is eligible for the post of financial advisor. The field of insurance is the challenging job by far the most interesting job the mantra to succeed in this business is you recruit the right candidate profile and be able to take the right activities done by him at the right and motivate him from time to time to get the business done. During the project work it was found that the interested advisors can be divided into few categories: I found that the modern customers are not inclined only to the Life Insurance Corporation of India, as it was the case few years back. They are more open-minded with logical thinking. People who are well settled were more interested to be the financial advisors. Housewife were hesitant to involve themselves as Advisors, but as they become the advisors,they prove to the major source of business, the statistics says they bring major portion of policies as compared to employed working males. It was also found that once the training for the Advisors are over the advisors are more efficient, active and confident. I also experienced that major of the policies come between the month of November to April, its because the people are more inclined in these months to invest for the Tax Saving purpose. So, it can be said that the policies which have short & medium term return will be more successful in the market. Limitations It was a great time working with ICICI Prudential. There are hardly any limitations which I find. But still there are few which in my views can be taken care of. Those limitations are mentioned as follows:- The customers are the key for any sector.So it‟s important that their mindset and thinking is observed minutely and worked on, before we focus on the product. In the potential
  65. 65. market 40% to the population is illiterate .they still believed that LIC is only company where the money can be invested safely. In the rural areas there are people who take policies. In my views the companies have not made its reach into the rural areas. Few financial advisors in every bifurcated rural India can generate huge business. Policies are no doubt excellent that are provided by Prudential. In my views value addition is the key for success and growth in the current business marked. Like, quarterly gatherings, or invitation for tea party to the existing and potential customers, will help in goodwill and will attract new customers. These are only the few limitation that could be highlighted; every aspect of the project work and the company was to its perfection. CONCLUSION All over India, the insurance industry is being transformed by deregulation Consolidation and by the convergence of financial services. Cutting edge Services which can enrich customer experience at lower costs are today at a Premium.Insurer need to be able to harness new distribution channels. They must develop and sell new products which are complex and the same time flexible .they must be online and in real time to leverage any strategic competitive advantage in this time of flux.
  66. 66. As far as ICICI Prudential is concerned it can be stated that through its excellent support and aggressive marketing style, ICICI Prudential has shown a noticeable increase in the market share. Recruitment of financial advisors is a vitial work for the company because these recruities bring business to the company. However there are some areas where the company in not at the top most position but its generating up and is committed to acquire that spot. RECOMMENDATIONS During out training we came to much observation that was the pitfalls or the hurdles in out work. Even though the company ranks first in the private life insurance sector, there were some areas on which the company was lacking and following are the suggestions to the company. 1. conducting the mass BOP: When the company conducted mass business opportunity presentation in the month in the same month many of its competitors also conducted the BOP in which they made very high expenses on programme through various modes of communication such as from radio cable TV ads in the newspaper etc. when it came to ICICI Prudential side they the prospect through courier. The result was that the number of the prospects attended the programme of ICICI prudential was very less than that of its competitors. For this the suggestions is that the company must promote such programme through various Medias for making it successfully. 2. Conducting various programmes: When it comes to societal marketing or conducting various programme to create the brand awareness they we are lacking on this parts too. Many of its competitors conducted programmes such as drawing competitions sponsoring various functions etc. the company must also conduct such programme as it will indirectly promote its products and help them in making the brand building.
  67. 67. 3. Tie up with placement consultants: the company must tie up with some placement through which it will be able to find the proper profile candidate as an advisor. At the same the consult will be getting so many prospects that are looking for the job. 4. Increasing the scope for its pinnacle programme: ICICI prudential is the only company that is conducting the programme called pinnacle, which provides the chance to one how wants to enter the company as a part of its employee. According to this programme one has to be an advisor and after which he has to login 30 polices within the time span of six months after which he will be sent to trainer on the pay role of the company. The company can increase the programme according to the performance of the unit manager. While working with the company for almost four month and being in the system I fill that the company can increase the level of the pinnacle programme. In addition through which it can provide the advisor to climb the ladder as per target completed. SUGGESTIONS FOR CUSTOMERS ICICI Prudential life insurance is one of the most trusted insurance companies which launch various schemes for various types of people. The following are. The suggestions in the form of the guidelines which will be helpful for all the types of the customers who are covered by the insurance policies. They are:- 1. The policy should help the people„s future by saving the money for their family. 2. The insurance policy should protect the people‟s future in case of the emergency and also in financial losses. 3. The policy holder must get the assured sum of money as per the various insurance plans. 4. To pay the entire sum of money to the deceased person in case if policy holder dies during the term of policy. BIBLOGRAPHY

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