Icici life insurance

CHAPTER 1
EXECUTIVE SUMMARY
The project titled – “ A study on understanding current sources and
identifying the best source of recruitment in ICICI Prudential.” Is a result of close
association with the company for the span of three months. It was a great experience
working in a company which is professionally managed and driven by the policies
framed by the corporate office which is in Mumbai.
Company’s vision is to make ICICI Prudential Life Insurance Company the
dominant new insurer in the life insurance industry. This is believed to be achieved
through the commitment to excellence, focus on service, speed and innovation.
The success of the organization will be founded on its strong focus on values
and clarity of purpose. These include;
Understanding the needs of customers and offering them superior products
and service.
Leveraging technology to service customers quickly, efficiently and
conveniently.
Developing and implementing superior risk management and investment
strategies to offer stable returns to the policy holders.
Levering technology to service customers quickly, efficiently and
conveniently.
Directorate of Distance Education 1

Developing and implementing superior risk management and investment
strategies to offer returns to the policyholders.
Providing an enabling environment to faster growth and learning for the
employees and above all building transparency in all the dealings.
Company also believe that it is on the threshold of an exciting new
opportunity, where it can play a significant role in redefining and reshaping are
sector. Given the quality of percentage and quality and the commitment of the team,
there are no limits to the growth.
During the project work it was noticed that the success pillars on which the
company is standing at and has attained the number one position among the private
players are:
1. Customer First
• Own the customer, deliver the promise
• Listen actively, stretch continually to add value to customers and channel
partners
• RICE: Respect Internal Customer Expectations
• Seek and empower decision making for superior service delivery.
• Live Quality
2. Boundaryless
• Never say ‘it’s not my job’, go beyond the call of duty
• Experiment, believe any thing is possible
• Seek new ideas regardless of source
• Share ideas and thoughts freely across levels & functions.

3. Ownership
• If it is to be, it is up to me
• Bias for action
• Own mistakes, learn from failures
• Confront hard facts, pursue goals relentlessly
• Accountable for team performance.
4. Passion
• Winning Instinct: Transmit boundless energy and enthusiasm to drive results
• Stand up and make a difference, challenge status quo & drive change
• Demonstrate speed for competitive advantage
• Passionately nurture and reward excellence
5. Integrity
• Walk the talk, live the values
• Stand u honestly and fearlessly for what I truly care about
• Always act in a consistent and equitable manner.
• Do not compromise the future to pay for the present

The objectives of the study were:
 To select the Best Source of Recruitment for ICICI Prudential.
 To assess the different Sources of Recruitment of the Company
 To understand the candidate and the Job Profile of the Managerial Level.
 To suggest measures which can add value to the Operations of the HR
Department.
Study was based on the above mentioned objectives and eventually the
findings and suggestions were given to the company, particularly to the HR
Department. It was found that the consultants were the best source of recruitment in
ICICI Prudential. Few suggestions were given to the company which will surely help
the company to get good candidates from the consultants. Apart from the
suggestions based on the objectives other suggestions were also given which will
help the HR Department to add value to its daily operations.

CHAPTER 2
INTRODUCTION
THEORITICAL BACKGROUND
“Manpower” or “Human Resource” may be thought of as “the total
knowledge, skills, creative abilities, talents and aptitudes of an organization’s work
force, as well as the values, attitudes and beliefs of an individual involved….It is the
sum total of inherent abilities, acquired knowledge and skills represented by the
talents and aptitudes of the employed persons.”
Human Resource Management includes all activities used to attract & retain
employees and to ensure they perform at a high level in meeting organizational goals.
It means employing people, developing their resources, utilizing, maintaining and
compensating their services in tune with the job and organizational requirements.
These activities are made up of:
1. Recruitment & selection.
2. Training and development.
3. Performance appraisal and feedback.
4. Pay and benefits.
5. Labour relations.

Components of a HRM System
Recruitment
&
Selection
Selection
Labour
Relations
Training &
Development
Pay &
Rewards
Performance
Appraisal &
Feedback

Recruitment: -
It is the process of searching for prospective employees and stimulating them
to apply for jobs in the organization.
Selection: -
The selection procedure is the system of functions and devices adopted in a
given company, to ascertain whether the candidates’ specifications are matched with
the job specifications and requirements or not.
Training: -
It refers to the teaching and learning activities carried on for the primary
purpose of helping members of an organization, to acquire and apply the knowledge,
skills, abilities and attitudes needed by a particular job and organization.
Development: -
Development: - Development is a systematic process of building workers
skills to enable them to take on new duties.
Performance Appraisal and Feedback: -
Performance appraisal is ;the system of measuring both qualitatively and
quantitatively, an individual’s capacity and attitudes in relation to the job.
Pay and Rewards: -
These can be anything that attracts an employee’s attention and stimulates
him to work.

Labour Relations: -
Considers all activities managers perform to ensure there is a good
relationship with labour unions.
RECRUITMENT
Recruitment is “a process to discover the sources of manpower to meet the
requirements of the staffing schedule and to employ effective measures for attracting
that manpower in adequate numbers to facilitate effective selection of an efficient
workforce”.
Recruitment of good employees is a key survival issue in business today.
Executive and Managerial recruitment is even a more challenging and vital task, as
they are the decision makers of the organization. Hence, the sources of recruitment
should be selected very carefully and the formulation of the recruitment policy and
procedures should be carried out after thorough job analysis, in line with the
organization’s objectives, the existing competitive environment and the changing
trends.
Objectives of Recruitment:
To attract people with multi-dimensional skills and experiences that suit the present
and future organizational strategies,
To induct outsiders with a new perspective to lead the company,
To infuse fresh blood at all levels of the organization,
To develop an organizational culture that attracts competent people to the company,
To search or head hunt/head pouch people whose skills fit the company’s values,
To devise methodologies for assessing psychological traits,
To seek out non-conventional development grounds of talent,
To search for talent globally and not just within the company,
To design entry pay that competes on quality but not on quantum.

FACTORS AFFECTING RECRUITMENT
INTERNAL
EXTERNAL
Company’s Pay Package
Socio-Economic Factors
Quality of Work Life
Organizational Culture
Career Planning &
Growth Opportunities
Company’s Size
Company’s
Product/services
Geographical Spread of
the Company’s
Operations
Company’s Growth
Rate
Role of Trade Union
Cost of Recruitment
Company’s Name &
Fame
Supply & Demand
Factors (for Human
Resources)
Employment
Rate/Employment
Opportunities
Labour Market
conditions
Political, Legal and
Governmental Factors like
Reservations for SC/CT/BC &
Sons-of-the-soil
Information Systems like
Employment Exchanges of Tele-
recruiting like Internet

Methods or Techniques of Recruitment:
FOR INTERNAL CANDIDATES:
Promotions: - It is the transfer of an employee to a job which pays more money or
one that carries some preferred status.
Transfers: - Employees will be stimulated to work in the new sections or places if
management wishes to transfer them to the places of their choice.
FOR EXTERNAL CANDIDATES:
Present Employees: - Candidates can be recruited, through recommendations made
by the present employees of the organization.
Scouting: - Scouting means sending the representative of the organizations to
various sources of recruitment with a view to persuade or stimulate the candidates to
apply for jobs.
Advertising: - It includes different media like newspapers, magazines of all kinds,
radio, television, etc.

MODERN TECHNIQUES:
Walk-in: - As per this technique, the potential candidates are required to attend for
an interview directly and without a prior application on a specified date, time and at a
specified place.
Consult-in: - The busy and dynamic companies encourage the potential job seekers
to approach them personally and consult them regarding the jobs.
Head-hunting: - These are also known as search consultants. The companies
request the professional organizations to search for the best candidates particularly
for the senior executive positions.
Body Shopping: - Professional organizations and the hi-tech training institutes
develop the pool of human resources for the possible employment. The prospective
employers contact these organizations to recruit the candidates. These professional
and training institutions are called body shoppers and these activities are known as
body shopping.
Business Alliances: - Business alliances like acquisitions, mergers and take-over
help in getting human resources. The company with surplus human resources offers
the services of their employees to other needy organizations.
Tele-Recruitment: - This technique involves the use of the Internet, to advertise job
vacancies and also for the candidates to apply online.

SOURCES OF RECRUITMENT
Recruitment is more likely to achieve its objective if recruiting sources reflect
the type or position to be filled. Certain recruiting sources are more effective than
others for filling certain types of jobs. There are mainly two sources of recruitment
and they are:
INTERNAL SOURCES: - Most large organizations will attempt to develop their
own employees for positions beyond the lowest level.
EXTERNAL SOURCES; - These sources lie outside the organization. They
usually include new entrants, the unemployed, etc.
INTERVIEW:
An interview is an attempt to secure maximum amount of information from
the candidate concerning his suitability for the job under consideration. It can be said
to be a formal meeting in person, especially one arranged for the assessment of the
qualifications of an applicant.
There are several different ways to structure and conduct valid selection
interviews and it is important to select the one that best meets your needs, both in
terms of the major job requirements that you have decided to measure as well as the
time frame you have established to get a new person on board. Hence, the different
types of interviews are:

Types of Interview
Patterned or
Structured
interview
Non-directive
or Free
Interview
Depth or
Action
Interview
Group
Discussion
Interview
Panel Or
Board Of
Interview
Stress
Interview
Interview
via the
Internet
Tele-
Interview

TYPES OR METHODS OF INTERVIEW
Patterned or Structured Interview: This is the most common method of
interview. The whole process of interview, from the kind of questions to be asked to
the close of the interview is well structured and planned. Such interviews are also
called standardized interviews for they are pre-planned to a high degree of accuracy
and precision.
Non-directive or Free Interview: This type of interview is unstructured and is
relatively non-planned as to format.
Depth or Action Interview: It is semi-structured in nature and utilizes
questions in keys areas, which have been studied in advance by the interviewer. This
type of interview demands more mature understanding of human behavior and
development and, therefore, more careful selection of the interviewee.
Group Discussion Interview: In this type of interview, groups rather than
individuals are interviewed. The object of conducting such an interview is to see
how well individuals perform on a particular task or in a particular situation.
Panel or Board Interview: In case of such types of interviews, a candidate is
interviewed by a number of interviewers. Questions may be asked in turn or asked in
random order as they arise on the topic.
Stress Interview: In the stress interview, the interviewer assumes a hostile role
toward the applicant. He deliberately puts him on the defensive by trying to annoy,
embarrass or frustrate him. The purpose is to find out how a candidate behaves in a
stress situation.

Tele-Interview: This is one of the modern methods of interviewing. In such
cases, interviews are conducted over the telephone.
Interview Via the Internet: In recent times, as candidates come from different
places and due too constraint of time, many times interviews are conducted online
through various ways, like e-mails, online chats, video conferencing, etc.

INDUSTRY PROFILE
Insurance in India has been under public sector for over four decades. The
Life Insurance Corporation (LIC) was nationalized in 1956 by merging 245 private
insurance companies, and the General Insurance Corporation was formed.
A number of foreign insurance companies have set up representative office in
India and have also tied up with asset management companies.
When insurance is sold, a promise is sold. A promise from the insurance
company to compensate for losses, if and when the event insured against occurs. The
event insured against is a tragic one that causes damage and loss to the policyholder.
The insurance helps to relieve the impact of the tragedy partly, thus performing an
intrinsically satisfying service. Hence the market for general insurance is unlimited.
Any person who owns an asset of economic value and is engaged in economic
activity needs insurance. This market is very big one, geographically and otherwise,
and the risks to be insured against are varied, from cattle to pump sets to hi-tech
satellites and oil wells.
The present government has gone ahead to announce the liberalization of this
sector. In effect, liberalization means that private and foreign investors can
participate in the Indian insurance sector. But, there are certain rules governing the
Indian and Foreign companies.

Rules Governing Indian Companies
• Minimum paid up capital of Rs.1 Billion
• To invest policy holders’ fund only in India
• International companies holding restricted to 26%
• Indian promoters to dilute their equity holding to 26% over 10 year period.
• No company allowed to deal in life and non-life insurance on as a single entity
• New players to deal in 15-18 months
• Domestic player cannot be a subsidiary of a foreign company
• 3% of gross premium income to be kept in RBI deposits
Rules Governing Foreign Companies
• 26% equity participation
• Cannot appoint majority directors on the board
• Cannot have say in the day to day workings of the company
• Can affect only special resolutions

Insurance tie – ups in India
S.No. Foreign Partner
Firms
Country Indian
Partner
Sector
1 Prudential Life UK ICICI Life
2 Allianz AG Germany Bajaj Auto Ltd Non-Life
3
American
International
USA
The TATA
Group
Non-Life
4
American
International
USA
The TATA
Group
Life
5 CGU Life UK Dabur Life
6 Sun Life Canada
The Aditya
Birla Group
Life
7 Chubb Group USA ----------- Non-Life
8 ING Group Netherlands Vysya Bank Life
9 Standard Life UK HDFC Life
10 CIGNA USA ------------ Health
11 AMP Australia Sanmar Life
12 Guarian AXA France ------------ Non-Life
13 Zurich Switzerland Hero Group Non-Life
14 Metlife US J&K Bank Life
15 Legal and General Australia ----------- Non – Life
16
Royal and Sun
Alliance
UK
Sundaram
Finance
Non – Life

17 Yasuda Fire Japan ---------- Non-Life
18
Tokyo Fire and
Marine
Japan IFFCO Non-Life
19 Aegon NV Natherlands IL&FS Life
20 Mitusui Marine Japan ---------- Non-Life
21 GE Capital USA ---------- Non-Life
22
NEW York Life
International
USA Max India Ltd. Life
23 Old Mutual South Africa
Kotak
Mahindra
Finance Ltd.
Life
24 Aetna US ----------- Life
25 BUPA UK Piramal Health Care
26 ----------- ------------
Reliance
General Ins
Co. Ltd.
Non-Life
27 ----------- ------------
Reliance Life
Insurance Co.
Life
28 Cardiff France
State Bank of
India
Life

General challenges to the insurance sector
How to identify specific need for insurance cover, and develop a suitable
product accordingly Actuary (one who specialize in the mathematics of insurance).
Actuary science and deciding of a specific premium is the biggest problem on which
basis business model is based.
Training and development of insurance agents who will act as sales
representatives.
India is a vast country with a population of one billion, with predominant
problems of poverty, unemployment, illiteracy etc. Insurance sector has to face the
challenge of how to make insurance buying a priority in the lower and middle income
class.
Like any other service sector, Insurance will also face challenges of branding,
packaging, product-price-place-promotion and revenue model. Challenges of
organizational structure: From public sector to private sector, with predominance of
joint ventures, how a new organizational format will emerge is another management
challenge the insurance sector will have to manage.

COMPANY PROFILE
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 private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA).
ICICI Prudential’s equity base stands at Rs.5.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. As of September 30, 2004,
the company had issued over 450,000 policies, with a sum assured exceeding
Rs.11,000 crore and premium income of nearly Rs.800 crore. The company has a
network of over 25000 advisors; as well as 11 Bancassurance tie-ups. Today the
company is the #1 private life insurer in the country.
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset
Management Company, which has today emerged as one of the leading mutual funds
in India. The two companies bring together two of the strongest financial service
brands in Asia, known for their professionalism, excellent quality of service and long
term commitment to you. Riding on the success of this relationship, the two
companies joined hands once more in 2000, to form ICICI Prudential Life Insurance,
with a commitment to provide leading-edge life insurance solutions.
ICICI Bank has 74% stake in the company, and Prudential plc has 26%

ICICI Bank
ICICI Bank (NYSE:IBN) is India’s second largest bank with an asset base of
Rs.106812 Croce. ICICI Bank provides a broad spectrum of financial service to
individuals and companies. This includes mortgages, car and personal loans, credit
and debit cards, corporate and agricultural finance. The bank service a growing
customer base of more than 7 million customer accounts and 5 million bondholders
accounts through a multi-channel access network. This includes about 450 branches
and extension counters, 1675 ATMs, call centers and Internet Banking
(www.icicibank.com). ICICI Bank posed a net profit of Rs.1,206 Crore for the year
ended March 31, 2004.’ ICICI Bank is the only Indian company7 to be rated above
the country rating by the international rating agency Moody’s and the only Indian
company to be awarded an investment grade international credit rating. The Bank
enjoys the highest AAA (or equivalent) rating from all leading Indian rating
agencies.
Prudential plc
Established in 1848, Prudential plc is a leading international financial services
company in the UK, with around US$250 billion funds under management, and more
than 16 million customers worldwide. 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 UK’s largest life insurance company with a vast network of 22 life and
mutual funds operations in twelve countries – China, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan , Thailand and Vietnam.
Since 1923, Prudential has championed customer-centric products and services,
supported by over 60,000 staff and agents across the region.

Board of directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chariman
Mr. Mark Tucker
Mrs. Lalitha D. Gupte
Mr. Danny Bardin
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. M.P. Modi
Mr. R. Narayanan
Mr. S.P. Subhedar, (Alternate Director to Mr. Danny bardin)
Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)
Ms. Shikha Sharma, Managing Director
Management Team
Ms. Shikha Sharma, Managing Director
Ms. Anita Pai, Chief – Operations & Underwriting
Mr. Bill Lisle, Chief Agency Officer
Mr. Sandeep Batra, Chief Financial Officer & Company
Mr. Saugata Gupta, Chier – Marketing
Mr. Shubro J. Mitra, Chief – Human Fesources
Mr. V. Rajagopalan, Appointed Actuary
Mr. Anil Tikoo, Head – Information Technology

THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture between ICICI, a
premier financial powerhouse and Prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst
the first private sector insurance companies to begin operations in December 2000
after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential’s equity base stands at Rs.525 crore with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. As of September 30, 2004,
the company had issued over 450,000 policies, with a sum assured exceeding
Rs.11,000 crore and premium income of nearly Rs.800 crore. Today the company is
the #1 private life insurer in the country.
HR Policies & Procedures
The policies and procedures laid down here promote the philosophy of the
Company with regard to standards of excellence; terms of employment; employee
development; and employee services. The objective of this section is to inform you
of the Policies related to Travel, Compensation, Mediclaim, Transfers etc.
Performance Management
ICICI Pru is committed to creating a performance driven culture through
effective management of performance of all staff members in a way that is mutually
beneficial. It drives the same by linking individual performance objective to business
objectives and evaluating performance consistently and fairly.

Training & Capability Development Programs
The focus of our Training & Capability Development Programs is to develop
key competencies and skills among staff members so as to facilitate attainment of full
people potential.
Pace
The peoplesoft initiative P.A.CE is an enabler for our People Processes. It is
Personalized, Accessible, Convenient and Easy and a key stepping-stone in providing
a platform for HR processes that are truly world standard.
Financial Growth of the company
ICICI Prudential clocks growth of 170% in H1 of Fy04
ICICI Prudential Life Insurance, the leading private life insurer in the
country, has maintained the fast pace of growth during the first half of the current
year ended September 2004. the company has garnered Rs.184 crore of premium (in
terms of WAPI) IN THE PERIOD OF April – September 2004, clocking a growth of
170% over premium income of Rs.68 crore in the corresponding period of the
previous year ( Apr – Sept 2003). ICICI Prudential issued nearly 114,000 policies
during the period, compared to 77,183 policies during the same period last year.
The company has also shown an impressive sequential growth of 65 percent
in Q2 (Jul-Sept ’04) over Q1 (Apr-Jun ’04). It gathered Rs.114 crore of premium in
Q2 and Rs.69 crore in Q1 (in WAPI terms).

‘We believe that scale in terms of reach, product portfolio, and channels is
extremely critical to the success of the life insurance business. At the same time, we
have ensured that this growth is built on a foundation of a strong brand, sound
processes, positive customer experience and robust risk and investment
management’, said Ms. Shikha Sharma, CEO & MD, ICICI Prudential Life
Insurance.
The company has grown to 41 locations in the past quarter, recently adding
Bhubhaneshwar, Goa, Guntur, Jalandhar, Jodhpur, Kanpur, Karnal, Kottayam,
Thrissur, Vijayawada and Vizag to its distribution network. It has also tied up with 4
co-operative banks in the past 2 months, and has launched three new savings and
investment products. The company has implemented a 6 Sigma quality programme
to ensure consistent service delivery to the widening customer base, and has a sound
risk and investment management systems to ensure the long-term health of the
business.
The greatest growth has come from the increased pick up and sale of unit-
linked plans. These plans, in all their forms – retirement, child, savings and
investment-contribute over 75% new business in Q2. In the past quarter, the
company also launched two new Smart Kid unit-linked child plans; one a regular
premium option, the other a single premium option.

Annualized Returns on the company’s unit-linked funds for period September
30, 2003 – September 30, 2004 are as below.
ICICI Pru Fund Return%
Protector 14.2
Balancer 33.6
Maxi miser 65.6
Protector Pension 14.0
Balancer Pension 34.2
Maxi miser Pension 66.5
Marketing
Marketing at ICICI Pru covers an array of activities – advertising, branding,
market development, channel support, direct and alliance marketing and corporate
communications. The people in each of these sub-functions perform a unique job, of
which you can learn more through this section. The advertising and branding section
has the schedules of advertising campaigns and a detailing on what ICICI
Prudential’s corporate identity stands for, why its important to be consistent and the
guidelines that must be adhered to. This sections also details the branding across
training, advisor and advertising collaterals with references.
Market development has lucid presentations about the products and how they
compare to those of competition. It also gives recent updates on the recent
happening in the life and pension sector.
Channel marketing aims to streamline the design and development of
collaterals across distribution channels. You will find examples of posters, flyers,
banners, danglers, sales tools, etc developed for tied agents, bancassurance and
corporate agents, as well as for product launches and campaigns.

Direct channels comprise direct marketing and alliance marketing. Direct
marketing taps databases to generate high quality leads for profitable business.
Under direct marketing you will find creative of recent campaigns, as well as details
such as database list, target audience. Alliance marketing seeks to tie up with
channel partners that have synergies with ICICI Prudential and develop programs
that benefit the customer, ICICI Prudential and the channel partner.
Corporate communications handles media relations and is responsible for
some of the news clips regarding ICICI Prudential that we see in the press.
What is Life Insurance in India?
Life Insurance made its debut in India well over 100 years ago. Life
Insurance is a contract providing for payment of a sum of money to the person
assured on the happening of the event insured against. Usually the contract provides
for the payment of an amount on the date of maturity or at specified dates at periodic
intervals or on the death of the assured if it occurs earlier. Among other things, the
contract also provides for the payment of premium usually periodically to the insurer
by the assured. Life Insurance is superior to other forms of savings since its
advantages are in the form of ‘protection’, ‘Aid to Thrift’, ‘Protection against
Creditors’, ‘Liquidity’, ‘Tax relief’, ‘Cash Estate and ‘Money when you need it’.
These advantages overweigh the ones available in other kinds of savings such
as Bank deposits, Unit Trust of India, Public Provident Fund, Post Office Savings
etc. Unlike other saving plans, it affords full protection against risk of death. In cases
of death, full sum assured is made available under the Life Insurance Policy whereas
under other saving schemes, the total accumulated savings along will be available.

LIFE INSURANCE CONTRACT
A Contract of Insurance is a contract of utmost goof faith, technically known
as ‘ Uberrima Fides’. The doctrine of disclosing material facts is embodied in this
important principle, which applies to all forms of presumed to have means of
knowledge, which are not accessible to the Insurer, who is the other party to the
contract. Therefore the proposer is bound to tell the insurer, everything effecting the
judgment of the insurer no matter how so ever unimportant it may seem to him. In all
contracts of insurance, the proposer is bound to make full disclosure of material facts.
Misrepresentation, non-disclosure of fraud in any document leading to acceptance of
the risk automatically discharges the insurer from all liabilities under the contract.
For issue of Life Insurance Policy the following requirements have to be
fulfilled:
1. The proposer has to make a proposal with consideration of payment of first
premium in the form of deposit.
2. The insurer has to accept the proposal mentioning the precise terms on which
the proposal has been accepted.
3. The proposer has to carry out the terms of the acceptance letter where after
alone the policy can be issued.
The financial aspect of Life Insurance is based on the Actuarial principles which
are the most important and the complicated ones.
Insurance has been described as the institution which eliminates risk and
substitutes certainty for uncertainty.’
How is Life Insurance different from other forms of Insurance?
One important difference between Life Insurance and other forms of
Insurance is that:

In other forms of Insurance, namely fire, marine, miscellaneous, the contract
is for a short period usually for one year and is renewable at the end of the that
period. On the other hand, in Life Insurance, it is usually for a long period extending
over a number of years as the contingency insured against namely, hazard of death is
bound to happen, the uncertainty only being as to when it will happen.
The risk of death, further, increases with the age of the life insured if
therefore, the life insurance contract were to run for one year only and were to renew
year after year by mutual consent, the insurer will have to re-assess the risk and
charge a higher premium commensurate with the increased risk due to higher age.
Thus, as the need for Life Insurance would increase with age, so would the cost; and
the latter would become prohibitive at advanced ages when the need for insurance
would be the greatest.
To overcome this difficulty life insurance contracts run for a long period and
a uniform or level annual premium is charged to cover an increasing risk.

STATEMENT OF THE PROBLEM, NEED & THE
IMPORTANCE OF THE STUDY AND OBJECTIVES OF THE
RESEARCH
Introduction:
Recruitment is the process of finding and attracting capable applicants for
employment. The process begins when new recruits are sought and ends when their
applications are submitted. The result is a pool of applicants from which new
employees are selected.
Selection is the process of differentiating between applicants in order to
identify (and hire) those with a greater likelihood of success in a job. Recruitment
and selection of good employees is a key survival issue in business today. Executive
and Managerial recruitment is even a more challenging and vital task, as they are the
decision makers of the organization. Hence, the sources of recruitment should be
selected very carefully and the formulation of the recruitment policy and procedures
should be carried out after thorough job analysis, in line with the organization’s
objectives, the existing competitive environment and the changing trends.
1. STATEMENT OF THE PROBLEM:
In the age of globalization, an organization can raise physical resources
(property, asset and financial resources) but the growth, development and
performance of an organization is mainly the hard work of its employees i.e. the
human capital. Organizations must therefore focus on their employees to produce, to
expand, to meet the challenges of the global economy. An employee is now a key
asset, who can play a crucial role in the growth and development of the organization.

Realizing this, the HR policies and procedures have been framed and are
effectively being used in ICICI Prudential. A high performing organization, to
maintain its position, needs to be always vibrant and forward-looking. That is why
the management in ICICI Prudential has felt a need of recruiting young and
enthusiastic executives and Managers on a continuous basis, so as to keep it live and
thriving. While the existing experienced executives are the present strength of the
company, the possibilities of identifying the best source of recruitment for pumping
in fresh blood with new ideas, outlook, vision and insight has been explored through
the study.
2. NEED AND IMPORTANCE OF THE STUDY:
ICICI Prudential is India’s number one Life Insurance Company where
recruitment for sales personnel is always on. Company has got five sources from
where it gets the candidate to fill up the positions vacant. The resources are
Consultants, Campus Recruitments, Employee Referral, Advertisements and direct
walk-ins. This study was aimed to have a detail insight on the Recruitment process
followed in the company and to identify the best source of Recruitment so that more
efforts can be taken to streamline the Recruitment process of ICICI Prudential. The
Study is also important because the respondents who were contracted are from
managerial level and hence it also helps to understand the take of managers about the
recruitment policies followed in the company.
The study is also important as its objective also include giving suggestions to
the HR Department so that it can improve its operational functioning and can build a
good rapport through out the region for which it has look into matters beyond
recruitment and training. HR Department is more in to operations which includes
processing papers for offer letter generation after taking telecom of the candidates
outside Bangalore and sending their papers to the corporate office, which is in
Mumbai from where all the activities are controlled. This study is important as an

attempt is made to suggest the company to look beyond recruitment and other
operational activities are controlled. This study is important as an attempt is made to
suggest the company to look beyond recruitment and other operational activities. It
was a challenge to work on this project as the whole region, which includes five
states Karnataka, Kerala, Andhra Pradesh, Tamilnadu and Goa, all the recruitment
activities of these states are managed by the Bangalore Office. This project work was
carried on with a belief that it will help to streamline the recruitment activities and a
best source of Recruitment out of the ones which are already in use so that the
company can concentrate more on that particular source.
3. OBJECTIVES OF THE RESEARCH:
The Objectives of this project has been divided into two:
PRIMARY OBJECTIVE
To Select the Best Source of Recruitment for ICICI Prudential.
SECONDARY OBJECTIVES
A. To assess the different Sources of Recruitment of the Company.
B. To understand the candidate and the job profile of the Managerial Level.
C. To Suggest measures which can add value to the Operations of the HR
Department.

CHAPTER-3
REVIEW OF LITERATURE
Research work follows the vast reading of literature, which is already available
about the topic, which helps to form a clear idea before the research starts. Before
starting the project “A Study on understanding the sources and identifying the best
source of Recruitment in ICICI Prudential references were done to collect the
information about the topic which helped immensely while doing the study. The
details of which are discussed under the following heads namely-
1.Purpose
2.Methodology
3.Conclusion
1. Purpose:
The first step of the research is literature survey. In literature survey the specific
areas and issues upon which data has to be collected is decided based on the
objectives of the study.
 To know the recent happenings and trends in the field of Recruitment.
 To get more information from the previous studies.
2. Methodology
This project is done by adopting descriptive research method. For this both
primary and secondary data are collected. Primary data is collected by using
questionnaire and personal interviews. Secondary data is collected from the
brouchers of the agency, magazines, books and websites. The information was
collected from the book “ Essentials of Human Resource Management and Industrial
Relations”- P.Subba Rao. The information regarding the basic concepts of

recruitment was taken from the book “Human Resource and Personnel Management”
– Aswathappa. Other sources of collecting information was suffering the net and
information were particularly gathered from websites www.google.com,
www.iciciprulife.com, humanresources.about.com, www.humancapitalonline.com.
Maximum part of this study is based on primary data.
3. Conclusion
After making survey of the literature it could be concluded that lots of books
have talked about Recruitment, Sources of Recruitment and related topics but with
ICICI Prudential’s perspective to find the best source of Recruitment which was the
primary objective was something which nobody has tried to find before. Therefore
this should be considered as a work about which nothing has been done before.

CHAPTER 4
REAEARCH METHODOLOGY
Type of Research:
The research is done by using the descriptive research method. In a
descriptive research the main aim will be to provide an accurate snapshot. A
descriptive study was undertaken and data has been collected using both primary and
secondary sources of data. Under the primary source, data has been collected
through questionnaire and interview method. Under the secondary source, data has
been collected through company database, records, manuals, articles and websites.
Sampling Technique:
25 respondents were selected from the managerial level on random basis.
Sample Size:
The universe consisted of 25 personnel at the management cadre of the
Company. A census study of this universe was conducted.
Sample Description:
Sample constitutes 25 people from the managerial level in ICICI Prudential,
Residency Road branch, Bangalore. Sample included people from all departments
namely – Sales, HR, Operations, Administration and Training Department.
Instrumentation Techniques:
Questionnaires have been used to collect data from 25 personnel from the
management cadre. It included open-ended questions and many other questions
having multiple options, as answers. The data collected was classified and tabulated
for the purpose of analysis. Simple statistical tools were used for anlaysis.
Percentages were calculated for the purpose of generalization. Charts, graphs and

diagrams have also been drawn, based on the tabulation. Inferences were drawn and
conclusions made. Data has also been collected from the organization’s Human
Resource (HR) Manual, website and journals.
Actual collection of data:
The sources of data for this research study are mainly through two sources:
A) Primary Data
B) Secondary Data
Primary Data
The primary data are those, which are collected afresh, and for the first time,
thus it happens to be original in character. Primary data have been used to study and
select the best source of Recruitment in ICICI Prudential. The questionnaires have
been prepared to study it and the sample size was 25.
Secondary Data
The secondary data are those, which have been already collected by someone
else. Secondary data also has been used to get the information. Various books on
Recruitment, journals, magazines etc were referred to gather the information.
Software used for data analysis:
For the data analysis, and the subsequent interpretation advanced version of
MS-EXCEL 2000 has been used. This application software has helped to construct
the frequency table, various kinds of graphs and to find out the average responses
from the sample. By the automated data analysis it has minimized the time constraint
and reduced human errors and also accurate outlay of information.

Limitations of the study:
1. Study is restricted to the respondents who are from residency road branch of ICICI
Prudential so the results could not be applicable to other branches of ICICI Prudential
unless changes are made and opinions are taken from the managers of the respective
branches.
2. It is limited only to the executive and managerial cadre.
3. Confidential matters were not easily revealed.
4. Time constraint is another limitation of the study.
5. Sample size is restricted to 25 respondents only.

Educational Qualification of the Respondents – Que No. 06
Table No.1
Educational Qualification of the Respondents
Directorate of Distance Education
Educational Qualification No. Of Managers % of Managers
Graduate 5 20 %
Post Graduate 18 72 %
Any Other 2 8 %
Total 25 100 %
39

CHART-1
Inference:
It can be clearly made from the above graph that more than 70 % of the
respondents are post graduates and hence the opinion of theirs should be given high
importance. Inference can be drawn that the sample size is of high quality.
Chart Showing the Educational Qualification of the
Managers
20%
72%
8%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Educational Qualification
%ofManagers
Graduate
Post
Graduate
Any Other

How many years of experience did you have, prior to joining
this organization? – Que. No. 08
Table No. 2
Experience of Manager in years
Years of Experience No. Of Managers % of Managers
0 to 1 4 16 %
1 to 3 6 24 %
3 to 5 13 52 %
5 to 7 2 8 %
Total 25 100 %
41

CHART-2
Inference:
The graph shows the experience of the managers before joining ICICI
Prudential. Inference can be drawn that the majority of the managers have
experience between 3 to 5 years, which also means that apart from having quality
education they also are very experienced and hence the views given by them are of
high importance.
Chart Showing Experience of the Managers
16%
24%
52%
8%
0%
10%
20%
30%
40%
50%
60%
Experience in Years
%ofManagers
0 to 1
1 to 3
3 to 5
5 to 7

How many years you have been working in this
organization ? – Que. No. 10
Table No. 3
Association of managers with the company
Years of Experience No. Of Managers % of Managers
0 to 1 7 28 %
1 to 3 13 52 %
Recently Joined 5 20 %
Total 25 100 %
43

CHART-3
Inference:
The graph shows the association of the respondents with the Company. ICICI
Prudential is only 3 years old and 50% of the respondents were there from the
starting itself, which means employed, retention is high in ICICI Prudential, which is
a good sign for any company.
Chart Indicating Association Of Managers with the
Company
28%
52%
20%
0%
10%
20%
30%
40%
50%
60%
Association with the Company in Years
%ofManagers
0 to 1
1 to 3
Rece
ntly
Join
ed

How did you come to know about the job vacancy in this
company?– Que. No. 11
Table No. 4
How did you come to know about the job vacancy?
Job vacancy No. Of Managers % of Managers
Internal Reference 3 12 %
Advertisement 5 20 %
Consultancy 12 48 %
Casual Application 2 8 %
Campus Recruitment 3 12 %
Total 25 100 %
45

CHART-4
Inference:
This Chart shows the source from where the present employees came to know
about the vacancy and it is found that the Consultancy as a source is the highest
because 48% of the employees came through Consultancy. Inference can be drawn
that the Consultancy is a good Source of Recruitment in ICICI Prudential.
Chart Indication source of knowing the job
vacancy
12%
20%
48%
8%
12%
0%
10%
20%
30%
40%
50%
60%
%ofManagers
Internal Reference Advertisement Consultancy
Casual Application Campus Recruitment

What attracted you to apply for this present job? –
Que. No. 12
Table No. 5
Reasons for attraction towards the job
Attraction towards the job No. Of Respondents % of Respondents
Vision of the Company 2 8 %
Good Working Environment 2 8 %
Organizations Reputation 10 40 %
Growth Opportunities 3 12 %
Pay Package 8 32 %
Total 25 100 %
47

CHART-5
Inference:
The Chart Shows the reasons for attracting towards the present job of the
respondents and an inference can be drawn that the ICICI Prudential has got a good
brand name which attracts majority of the people to join the organization. People are
also happy with the salary and perks, which is given to them in this company.
Chart indicating the reasons for attraction towards
the present Job
8% 8%
40%
12%
32%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
%ofManagers
Vision of the Comapany Good Working Environment
Organizations Reputation Growth Opportunities
Pay Package

Do you agree that the four rounds of interview are very tiring
for a candidate ? – Que. No. 13
Table No. 6
Are four rounds of interview tiring?
Are four rounds of
interview tiring? No. Of Managers % of Managers
Yes 4 16 %
No 9 36 %
Appropriate 12 48 %
Total 25 100 %
49

CHART-6
Inference:
The graph shows the opinion of the respondents who joined the Company
after Four rounds of Interview, which is still practiced. Four rounds being Group
discussion, Written Test, HR Interview and Final Interview and nearly 50% of them
think that the rounds are appropriate but its being suggested to them company after
the project was completed that they should make candidates for a long time when
they come for interview.
Chart Showing whether the four rounds of
interview are very tiring for a candidate
16%
36%
48%
0%
10%
20%
30%
40%
50%
60%
%ofManagers
Yes
No
Appropriate

What is your opinion about the interview that had been
conducted? – Que. No. 14
Table No. 7
Opinion about the Interview
Opinion about the Interview No. Of Respondents % of Respondents
Very Good 2 8 %
Good 7 28 %
Satisfactory 15 60 %
Poor 1 4 %
Total 25 100 %
51

CHART-7
Inference:
The Inference can be drawn after seeing the above chart that the majority of
the people opine that the rounds of interview were satisfactory and only few said that
it was very good which means room for improvement is there and Company should
work for that.
Chart Showing the opinion about the interview
8%
28%
60%
4%
0%
10%
20%
30%
40%
50%
60%
70%
%ofRespondents
Very Good Good Satisfactory Poor

How do you rate the Recruitment Process followed by the
Company? – Que. No. 18
Table No. 8
Recruitment Process of the Company
Recruitment Process
of the Company No. Of Managers % of Managers
Good 8 32 %
Excellent 4 16 %
Average 10 40 %
Poor 3 12 %
Total 25 100 %
53

CHART-8
Inference:
Manager’s view about the Recruitment Process followed by the Company is
not that great, which means company especially the HR Department, should strive
hard to build good rapport among the departments.
Chart Indicating the Managers view about the
recruitment process of the Company
32%
16%
40%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
%ofManagers
Good Excellent Average Poor

Which Sectors should company aim to get good candidate ? –
Que. No. 19
Table No. 9
Sectors to look at to get good candidates
Sectors No. Of Managers % of Managers
IT 5 20 %
Pharmaceuticals 8 32 %
Banking 9 36 %
Others 3 12 %
Total 25 100 %
55

CHART-9
Inference:
The most significant question was to ask the managers for their ideas as to
which other sectors the Company look at to get good candidates and inference can be
drawn that the IT AND pharmaceutical should be the good sectors for ICICI
Prudential to be on.
Chart Showing the sectors to get good candidates
20%
32%
36%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
%ofManagers
IT Pharmaceuticals Banking Others

The Two forms of job advertisement (Newspaper &
Internet) which are used by the company – do you think its
effective? – Que. No. 24
Table No. 10
Are Advertisements Effective?
Are Advertisements
Effective? No. Of Managers % of Managers
Effective 15 60 %
Not Effective 2 8 %
Should be more presentable 8 32 %
Total 25 100 %
57

CHART-10
Inference:
The Chart shows the opinion of managers on the effectiveness of the job
advertisement given by the company and inference can be drawn that the company
should be more creative and should come out with advertisements which are more
appealing and effective.
Chart Indicating Mangers view on effectiveness of
Advertisement
60%
8%
32%
0%
10%
20%
30%
40%
50%
60%
70%
%ofManagers
Effective Not Effective Should be more Presentable

Should Company go for other means of job advertising also ?
– Que. No. 25
Table No. 11
Other means of Advertising
Other means of Advertising No. Of Managers % of Managers
Magazines 9 36 %
Trade Journals 16 64 %
Any Other - -
Total 25 100 %
59

CHART-11
Inference:
Inference can be drawn from the above chart that the company should find
new means of job advertising. Magazines and Trade Journals would be good means
to try on apart from the usual Newspaper Advertisement.
Chart Indicating other means of job
advertisement
36%
64%
0%
0%
10%
20%
30%
40%
50%
60%
70%
%ofManagers
Magazines Trade Journals Any Other

Do you agree that the consultants are doing a good job for
ICICI Prudential ? – Que. No. 26
Table No. 12
Are Consultants doing a good job for ICICI Prudential?
Are Consultants doing
a good job? No. Of Managers % of Managers
Yes 17 68 %
No 2 8 %
Reasonable 6 24 %
Total 25 100 %
61

CHART-12
Inference:
The Chart shows the respondents view when asked whether consultants were
doing good job for ICICI Prudential. Inference can be drawn that the Consultants are
doing good job for the company.
Are Consultants doing good job for ICICI
Prudential?
68%
8%
24%
0%
10%
20%
30%
40%
50%
60%
70%
80%
%ofManagers
Yes No Reasonable

What do you think is the best Consultant associated with
ICICI Prudential ? – Que. No. 28
Table No. 13
Best Consultant associated with ICICI Prudential
Best Consultant No. Of Managers % Of Managers
Corporate Buddha 10 40 %
Reach 8 32 %
Pearl 5 20 %
Resource Link 2 8 %
Total 25 100 %
63

CHART-13
Inference:
The Chart shows the top four Consultants associated with ICICI Prudential in
which majority of the Respondents feel that Corporate Buddha is the number one
Consultancy.
Chart Showing the Best Consultancy
40%
32%
20%
8%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
%ofManagers
Corporate Budha Reach Pearl Resource Link

Which Source of Recruitment should be given more priority ?
– Que. No. 30(B)
Table No. 14
Which Source of Recruitment should be given more priority ?
Priority to which source No. Of Managers % Of Managers
Consultants 4 44 %
Employee Referral 13 12 %
Direct - -
Total 25 100 %
65

CHART-14
Inference:
Above chart shows the percentage of respondents voting for streamlining of
different Sources of Recruitment. Inference can be drawn that there I more scope for
improvement and that can be done by coming up with more incentive plans for
Consultants.
Chart indicating the source of recruitment which
should be given more priority
44%
32%
12%
0%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
%ofManagers
Consultants Advertisement Employee Referral
Direct Campus Recruitment

According to you which is the best source of Recruitment ?
– Que. No. 31
Table No. 15
Best Source of Recruitment
Best Source of Recruitment No. Of Managers % Of Managers
Consultant 17 68 %
Employee Reference 2 8 %
Direct 1 4 %
Total 25 100 %
67

CHART-15
Inference:
Primary Objective of the Project was to identify the best Source of
Recruitment in ICICI Prudential and from the above Chart the inference can be
drawn that the Consultants are the best Source of Recruitment and reliability to get
good candidates is more.
Chart showing the best source of Recruitment
68%
16%
8%
4% 4%
0%
10%
20%
30%
40%
50%
60%
70%
80%
%ofManagers
Consultant Advertisement
Employee Reference Campus Recruitment
Direct

CHAPTER 6
SUMMARY OF FINDINGS, CONCLUSION AND SUGGESTIONS
With the change in the work-scenario brought about through globalization the
service sector also has attracted the attention of many. With this as the background
the study was undertaken for Insurance Company with an emphasis on the sources of
Recruitment.
The objectives of the study were:
 To Select the Best Source of Recruitment for ICICI Prudential.
 To assess the different Sources of Recruitment of the Company.
 To understand the candidate and the Job Profile of the Managerial Level.
 To suggest measures which can add value to the Operations of the HR
Department.
SUMMARY OF FINDINGS
Based on the analysis of the collected data and with reference to the objectives,
the significant findings are summarized, conclusions drawn and suggestions given.
1. 72% of the Managers presently working with the company are post graduates
and very few are there who are only graduates, which means educational
qualification is given importance in the company.
2. Majority of the managers possessed work experience of 3-5 years before
joining ICICI Prudential. Point to be noted is that even people with 0-1 yr of
experience are also there in the manager cadre, which is very important to

strike a balance between experienced people and very talented people. The
company has the right kind of work force.
3. ICICI Prudential, after the sector was privatized started the operations in
Bangalore at 2001. It was founded that most of the managers have stayed
with the company since then which means company is good at employee
retention. It should be further noted that those who have joined newly has
come as part of expansion of the staff and not because the earlier employees
resigned.
4. Respondents when joined the organization came to know about the job
vacancy through different sources in which consultancy as a source is the
highest which means consultancy’s association with the company is moving
steady since inception.
5. Most of the respondents who applied for their present managerial level jobs
were attracted by the organization’s reputation, while the pay package offered
was secondary. Hence, it is seen that an organization’s reputation carries a lot
of weight in attracting employees.
6. Overall opinions about the rounds of interview, which are conducted in ICICI
Prudential, say that the rounds are appropriate and not very tiring. But it is
advised that the time taken for the whole process can be cut down so that
candidates don’t get weird waiting to go for their next round of interview.
7. It is observed that the respondents don’t have a great opinion about the
interview, which they had undergone. Which means steps has to be taken so
that the quality of interview can be uplifted.
8. 40% of the respondents opine that the recruitment process followed in ICICI
Prudential is average and only 16% consider it as excellent. So HR

Department should take steps to match the expectations of the people who
take the rounds of interview as not very great.
9. Company should aim at Banking and Pharmaceutical companies to get good
candidates. It is advised that the HR Department should start aggressive head
hunting directly without relying completely on the consultants to get good
candidates.
10. It is observed that a good number of people feel that the job advertisements
made by the company are not very effective. Therefore company should try
to make the job advertisements more presentable so that it can attract lot
many candidates to come for interview.
11. Further to that majority of the respondents feel that the company should try
new means of advertisement in which trade journal is the idea which attracted
majority of the votes from the managers. People requirement in the sales
department is on throughout the year so it will not be a bad idea to advertise
in any trade journal or any business magazine which would attract more
people to take up the job hence giving a wide range of quality of candidates to
the company.
12. There is no doubt in the minds of 68% of the people that the consultants
associated with ICICI Prudential are doing a good job for the company.
Majority of the respondents admit that consultants are the candidate getters
for the company.
13. 40% of the respondents voted Corporate Buddha as the Best consultancy
among Reach consultancy, Pearl Consultancy and Resource Link. It is noted
while working with the company that Corporate Buddha is very
professionally managed group.

14. Out of the various sources of recruitment, consultant as a source of
recruitment should be given most importance. It is advised that the company
should hold frequent meetings with all the consultancies at a regular interval,
which will help to have a good relationship between the company and its
consultant.
15. 68% of the respondents believe that the consultants are the best source of
recruitment. The primary objective of the project was to identify the best
source of recruitment and it was founded that the consultants are the best
source of recruitment.

CONCLUSION
The main focus of the study was to have an in-depth appreciation of the
Recruitment policies, procedures and practices vis-à-vis evaluate their effectiveness n
hiring the right persons and being able to tap their potentials to gel with the
Company’s mission, objectives and goals. Though the Company’s recruitment policy
and procedures had professionalism and were methodically planned out, yet in reality
it was observed that there were few contradictions in carrying out the policy.
The study-revelations are interesting and thought provoking in certain areas.
The study has also afforded an opportunity to the respondents to express their views
on the prevalent recruitment procedures and give their independent suggestions,
which have been enlisted in the analysis and findings for the management to ponder
upon in the interest of employees.
The whole recruitment process is appreciated by most of the recruited
management personnel, as it is not too lengthy and cumbersome.
The Company’s reputation was a feature that most attracted personnel to seek
employment in it. The fact that the procedure was effective can be seen from the
satisfaction levels of the personnel and low personnel turnover. Thus, it can be
concluded that to attract and retain the best in the industry, the employing
organization should maintain high standards in all services provided to their
employees and also keep track of the changing trends of customer tastes and methods
to appease the same with outstanding people and good HR practices.

Conclusion of the study undertaken with perspective to the
objectives specifically chosen for the purpose of the study:
1. After the study was completed it was found that the best source of recruitment
in ICICI Prudential was Consultant among other sources like advertisement,
employee referral, direct walk-in and campus recruitment.
2. Assessment of the sources of recruitment was done by coordinating in all the
interviews which took place in the span of three months because of which it
can be concluded that among all the sources of recruitment consultancy as a
source of recruitment is very fruitful as candidates who come for interview in
ICICI Prudential through consultants are clear about the job profile and are
clear as to what is expected out of them by the company.
3. The opportunity provided by the company to be among the employees for
three months also helped to understand the job profile and the candidate
profile at the managerial level and it was found that only best of the
candidates are hired and the parameters of selecting the candidates, which are
standard for all the interviews, are strictly followed.
4. Attempt is made to give some suggestions to the company which can add
value to the daily operations done by the HR Department. Suggestions can be
read in the following page.

SUGGESTIONS
The Insurance Industry in India has attained global standards and is home to
both reputed National and International group of Companies. Particularly in
Bangalore, there is a very good growth potential, as Bangalore is known as the ‘IT
Capital of India.’
Thus, to have a competitive edge, Companies have to strive to recruit and
build a strong team of the best executives, managers and staff and be able to retain
them as any complacency could mar the organizational growth and development
process.
Based on the study conducted on understanding current sources and
identifying the best source of recruitment in ICICI Prudential, Bangalore and
considering the findings of this study, a few suggestions are made which are as
follows:
1. Company should modify the scheme of payment made to consultants when
any candidate is hired from their side. Company should differentiate
consultants depending on their performance. Company should pay more to
consultants who are doing exceptionally good work for the company than
paying them the standard fees, which is applicable for all the consultants.
2. Company should frequently conduct meetings with the consultants, which
will help both consultant and the company to understand each other better.
3. Steps should be taken to fasten the process of pending payments of the
consultants so that they get the payment in time and they time is not wasted
doing follow ups.

4. The four rounds of interview, which is standard for all the jobs, are
appropriate but time, which is taken, is lengthy. So managers should make
themselves free on the day of interview to take the final interview so that the
candidate doesn’t wait for long.
5. HR Department should make a checklist and follow that before sending the
candidates profile for offer letter generation to corporate office which is in
Mumbai, so that there are no mistakes of name and CTC once candidates gets
his/her offer letter.
6. One sad thing, which was noticed, is that on employee’s birthday and special
occasion as such, no official wishes are given from HR Department. A
bouquet or a greeting card should be sent from the HR Department to the
employees on their birthday.
7. HR Department should be more involved in welfare activities of it employees.
8. Company can also think of having an in house Canteen for its employees.

QUESTIONNAIRE
Note: - It is important that you complete every question.
Dear Sir/Madam,
I, S.A. Naresh Kumar, student of I.R & P.M, Directorate of Distance
Education, batch of 2004-05, am conducting this study to understand and identify
the best source of Recruitment in ICICI Prudential, Bangalore. Kindly spare a few
minutes to answer the following questions:
1. Name: _______________________________
2. Age: _____________
3. Designation: _________________________
4. Department: __________________________
5. Sex:
Male Female
6. Educational Qualification
Graduate P.G
Any other. Please Specify ______________________________
7. If previous job held, what was your designation?
____________________________________________________________
__

8. How many years of experience did you have, prior to joining this
organization?
0 – 1 yrs
3 – 5 yrs
7 yrs and more
1 – 3 yrs
5-7 yrs
9. Are you aware of the different sources of Recruitment of the
company?
Yes
No
Not very clear
10. How many years have you been working in this organization?
0-1 yr
Recently
joined
1-3 yrs
11. How did you come to know about the job vacancy in this Company?
Internal Reference
Advertisements in Media/Internet/Website
Human Resource Recruiting Consultancy
By Casual Application
Campus Recruitment
12. What attracted you to apply for this job?
Vision of the Company
Good Working Environment
Organization’s Reputation
Job itself

Growth Opportunities
Pay Package
13. Do you agree that the four rounds of interview are very tiring for a
candidate?
Yes
No
Appropriate
14. What is your opinion about the interview that had been conducted?
Very Good
Good
Satisfactory
Poor
15. Do you view the HR interview that had been conducted?
Formality
Necessity
16. Does the offer or appointment letter give sufficient information on the
service conditions relating to your appointment?
Yes
No
17. Are the joining formalities time-consuming and procedural?

Yes
No
18. How do you rate the Recruitment Process followed by the company?
Excellent
Average
Good
Poor
19. Which sectors should company aim at to get good candidate?
IT
Pharmaceuticals
Banking
Please mention others
20. In you earlier organization, was the recruitment procedure better than
the one in ICICI Prudential, Bangalore?
Yes
No
Similar
21. Are you aware of the talent@hunt Scheme run by the company?
Yes
No
22. Have you referred any candidate under Talent@hunt scheme?
Yes

No
23. Do you think the amount which is given under the Talent@hunt
Scheme is appropriate?
Appropriate
Should be reduced
Should be increased
24. The Two forms of job advertisement (Newspaper & Internet), which
are used by the company-do, you think its effective?
Yes
No
Should be more presentable
25. Should Company goes for other means of job advertising also?
Magazines
Trade Journals
Any other
26. Do you agree that the consultants are doing a good job for ICICI
Prudential?
Yes
No
Reasonable

27. Should company invite consultants to work with?
Yes
No
Can’t Say
28. Who do you think is the best consultant associated with ICICI
Prudential?
Pearl
Corporate Buddha
Resource Link
Reach
Specify Others
29. Do you think company should adopt a different rating policy for
different consultants based on their performance?
Yes
No
30. Do you think company should put extra effort in streamlining any
particular source of recruitment?
Yes
No
Can’t Say

B. If yes, according to you which source should be given more priority?
Consultant
Advertisement
Direct
Employee Referral
Campus
31. According to you, which is the best source of Recruitment?
Consultant
Advertisement
Employee Referral
Direct
Campus
Thank you.

BIBLIOGRAPHY
 Author: P. Subba Rao.
Book Name: Essentials of Human Resource Management and Industrial
Relations.
Edition: 2003.
Name of Publisher: Himalaya Publishing House.
 Author: K. Aswathappa.
Book Name: Human Resource and Personnel Management.
Edition: 3rd
Edition.
Name of Publisher: Tata McGraw Hill.
 Magazine: HRM REVIEW
WEBSITES
http:// humnresources.about.com/
http:// www.humancapitalonline.com
www.iciciprulife.com
www.google.com

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