Upload
srusti-parekh
View
126
Download
2
Tags:
Embed Size (px)
Citation preview
Recruitment,Training and
Development of ICICI
Prudential Life Insurance
Company Ltd.
Submitted By:
MISS. SHUBHANGI Y. BHENDIGIRE
MMS – SECOND YEAR (HR)
PARASHAR – 07
Supervised By:
MR. HITESH JAIN MS. LEENA SINGH
Channel Development Manager (C. D .M.) Sales Manager
ICICI Prudential ICICI Prudential
ACKNOWLEDGEMENT
I wish to express my sincere gratitude to MR. SHANKAR SESHAN (Branch
Manager, Mulund, MRS. LEENA SINGH (Sales Manager), MR. HITESH
JAIN (Channel Development Manager (C. D. M.) for giving me the opportunity to
do my summer training at his highly esteemed Organization.
I am grateful to MR. PRITESH GOSAR (Team Leader and Unit Manager of ICICI
Prudential, Mulund), MR. SACHIN KADAM, (Agency Manager) for their Valuable
guidance, advice, suggestion and constant encouragement rendered to me at every
stage.
I am also thankful to MR. SHRIPAD JANYE (IT Officer) for his invaluable Guidance
and Suggestions during my Training.
I am also thankful to all others who helped me directly or indirectly towards the
completion of my works.
TABLE OF CONTENTS
SR.NO CONTENTS PG.NO.
1 OBJECTIVES 06
2 THEORY AND CONCEPT 07
3 COMPANY PROFILE 11
COMPANY 11
VISION 14
PROMOTERS 16
PRODUCT 19
DISTRIBUTION 26
4 STRUCTURE OF THE SALES FUNCTION 27
5 RECRUITMENT PROCESS CHART 32
6 RECRUITMENT PROCESS AND IMPORTANTS OF TRAINING &
33
DEVELOPMENT 7 SIX SIGMA IMPLEMENTATION BY IPRU 38
8 RESEARCH METHODOLOGY 44
a) PROBLEM & RESEARCH OBJECTIVE
44
b) RESEARCH PLAN 45
c) DATA SOURCE 46
d) RESEARCH APPROCHES 47
e) RESEARCH INSTRUMENT 49
f) SAMPLING PLAN 50
g) CONTACT METHOD 51
8 ANALYSIS OF THE SURVEY 52
9 FINDINGS 63
10 SWOT ANALYSIS 66
11 BCG MATRIX 71
12 RECOMMENDATION AND SUGGESTION 74
13 BIBLIOGRAPHY 76
14 APPENDIX 77
a. QUESTIONNAIRES 77
b. BOARD OF DIRECTORS 80
c. MANAGEMENT TEAM 81
d. AWARDS AND RECOGNITION 82
Objective
Insurance Advisors or Financial Advisors play very Important role for the
Company, because this Advisors is the present and future assets of the company, as
they treated like a Partner of the ICICI Prudential Life Insurance Company Ltd. . .
” The Primary Objectives of ICICI Prudential is to Improve
Knowledge about the Insurance Industry and How to achieve the
goals and Objectives in order to face the Competitive World by
knowing Personality Development Skills . ”
The Secondary objective was to find out -
1. Why Batches getting Cancel?
2. Exam Attendance
3. Exam Pass-out Ratio
Our Project “Recruitment and Training and Development of ICICI Prudential”
which mainly focus on finding out Importance of Training and Development for
Insurance Advisors.
Theory and Concept
Training generally refers to reaching of new skill in professional field of the
employee. Like an employee being taught to operate another machine, or to perform
a new operation in the same machine. Development refers to enhancement of
personal qualities of the employee which do not have a one to one relationship with
his current job. It may be to help an employee to grow. Like stress management
techniques, yoga lessons, meditation exercises, soft skills training, etc.
While training is expected to reward the company immediately in terms of
better productivity of employee, Development does not lead to a by immediate and
tangible benefits to the company. At the best, there might be some intangible
benefits in the long run, like improved motivation, loyalty, improved intra-
departmental relations, reduced absenteeism on medical ground etc.
Dividing line between training and development is expectation of immediate
benefits. Thus, in case a program, generally qualifying as development program, is
directly related to employee’s job skills, like Communication Skills course for
telephone attendant or receptionist, will qualify as training and not as development.
Same program for some one in back office would be termed as “Development
Program.”
Definition of Training & Development :
“ Training & Development ” is any attempt to improve current or
future employee Performance by improving his performance capabilities
and potential through learning, usually by changing the employee’s
attitude or increasing his or her skills and knowledge .The need for
Training and Development is determined by the employee’s
performance deficiency, computed as follows –
Training & Development Need = Standard Performance - Actual
Performance
Objectives of Management Development Programs ( MDP ) :
To make the managers
- Self –Starters
- Committed
- Motivated
- Result Oriented
- Sensitive to environment
- Creating the self awareness
- Develop inspiring leadership styles
- Teach them about effective Communication
Meaning of Recruitment :
The human resources are the most important assets of an
organization. The success or failure of an organization is largely dependent
on the caliber of the people working therein. Without positive and creative
contributions from people, organizations cannot progress and prosper. In
order to achieve the goals or perform the activities of an organization,
therefore, we need to recruit people with requisite skills, qualifications and
experience. While doing so, we have to keep the present as well as the
future requirements of the organization in mind.
Definition of Recruitment :
Recruitment is the process of locating and encouraging potential
applicants to apply for existing or anticipated job openings. It is actually a
linking function, joining together those with jobs to fill and those seeking
jobs. Recruitment, logically, aims at (i) attracting a large number of
qualified applicants who are ready to take up the job if it’s offered and (ii)
offering enough information for unqualified persons to self-select themselves
out (for example, the recruitment ad of a foreign bank may invite
applications from chartered accountants who have cleared the CA
examination in the first attempt only.)
Recruitment is the discovering of potential applicants for actual or
anticipated organizational vacancies.
Recruitment Policies and Procedures :
One of the first steps in planning for the recruitment of employees
into the organization is to establish proper policies and procedures. A
recruitment policy indicates the organizations’ code of conduct in this area of
activity. A typical policy statement for recruitment may run thus:
In its recruitment activities, the company will:
Advertise all Vacancies internally
Reply to every job applicant promptly
Inform job applicants the basic details and job conditions of
every job advertised.
Process all applications with efficiency and courtesy
Seek candidates on the basis of their qualifications
Aim to ensure that every person invited for interview will be
given a fair and through hearing.
Company Profile
About ICICI Prudential Life Insurance
Company Ltd:
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, a premier financial powerhouse and prudential plc, a leading international
financial services group headquartered in the United Kingdom. ICICI Prudential was
amongst the first Private Sector Insurance Companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory Development
Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In the financial year ended
March 31, 2005, the company garnered Rs 1584 Crore of new business premium for
a total sum assured of Rs. 13,780 Crore and wrote nearly 6,15,000 policies. The
company has a network of about 56,000 advisors; as well as 7 Banc assurance and
150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its
Position as the No. 1 Private Life Insurer in the country, with a wide range of
flexible Products that meet the needs of the Indian customer at every step in life.
SOME FACTS :
1 Life Insurance Company (LIC) invested 26% in ICICI Prudential Company.
2 Over 2,70,000 Financial Advisors which includes brokers, housewives,
Chartered Accountants, retired Persons, Businessmen, Graduate and Under-
graduate Students etc.
3 Over 16 million customers across the globe.
4 Present in 14 countries throughout Asia.
5 75 years of experience in Asia. .
6 Given Insurance to Titanic that sank.
7 Prudential sponsored Cricket World Cup in 1983.
VISION
Total Protectio
n
ICICI Prudential Life is all about……
Health Wealth
We cover you at every step in Life
Life
“ To make ICICI Prudential the dominant Life and Pensions player built on trust by
World-class People and Service. ”
This is what company hopes to achieve:
Understanding the needs of customers and offering them superior prod-
ucts and service
Leveraging technology to service customers quickly, efficiently and con-
veniently.
Developing and implementing superior risk management and invest-
ment strategies to offer sustainable and stable returns to Company’s pol-
icyholders
Providing an enabling environment to foster growth and learning for
Companies employees
And above all, building transparency in all Company’s dealings.
The success of the company will be founded in its unflinching commitment to 5 core
values -------- Integrity, Customer First, Boundary less, Ownership and Passion.
Each of the values describes what the company stands for, the qualities of people
and the way they work.
Company believes that it is on the threshold of an exciting new opportunity, where it
can play a significant role in redefining and reshaping the sector. Given the quality
of parentage and the commitment of its team, there are no limits to its growth.
PROMOTERS
ICICI Bank:
ICICI was founded by the World Bank, Government of India and representatives of
the private sector in 1955 to encourage and assist industrial development and invest-
ment in India. ICICI Bank is India’s second-largest bank with total assets of about
Rs.112, 024 Crore and a network of about 450 branches and offices and about 1750
ATMs. It offers a wide range of banking products and financial services to corporate
and retail customers through a variety of delivery channels and through its special-
ized subsidiaries and affiliates in the areas of investment banking, life and non-life
insurance, venture capital, asset management and information technology. ICICI
Bank posted a net profit of Rs.1637 Crore for the year ended March 31, 2004. ICICI
Bank’s equity shares are listed in India on stock exchanges at Chennai, Delhi,
Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Ex-
change of India Limited and its American Depositary Receipts (ADR’s) are listed on
the New York Stock Exchange (NYSE).The various segment of ICICI are.
Prudential plc:-
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to
more than 16 million customers, policyholder and unit holders worldwide. As of
June 30, 2004, the company had over US $300 billion in funds under management.
Prudential has brought to market an integrated range of financial services products
that now includes life assurance, pensions, mutual funds, banking, investment man-
agement and general insurance. In Asia, Prudential is the leading European life in-
surance company with a vast network of 24 life and mutual fund operations in
twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
Philippines, Singapore, Taiwan, Thailand and Vietnam.
The company has six Bancassurance tie-ups, having agreements with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-
operative banks, as well as over 150 corporate agents and brokers. It has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies and organiza-
tions like Dhan for distribution of Salaam Zindagi, a policy for the socially and eco-
nomically underprivileged sections of society.
ICICI Prudential has recruited and trained about 2,14,000 insurance advisors to in-
terface with and advise customers. Further, it leverages its state-of-the-art IT infra-
structure to provide superior quality of service to customers.
Val
ue
of ben
efit
Time Period
Death
InsuranceStock marketBond
But the value of Life Insurance...
Maturity
life cover
PRODUCTS
Insurance Solutions for Individuals
:
ICICI Prudential Life Insurance offers a range of innovative, customer-centric prod-
ucts that meet the needs of customers at every life stage. Its 27 products can be en-
hanced with up to 6 riders, to create a customized solution for each policyholder.
Savings Solutions:
SecurePlus is a transparent and feature-packed savings plan that offers 3 lev-
els of protection.
Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
Save?n?Protect is a traditional endowment savings plan that offers life pro-
tection along with adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone ex-
penses like a child’s marriage, expenses for a child’s higher education or
purchase of an asset.
LifeTime & LifeTime II offer customers the flexibility and control to cus-
tomize the policy to meet the changing needs at different life stages. Each of-
fer 4 fund options- Preserver, Protector, Balancer and Maximiser.
LifeLink II is a single premium Market Linked Insurance Plan which com-
bines life insurance cover with the opportunity to stay invested in the stock
market.
Premier Life is a limited premium paying plan that offers customers life in-
surance cover till the age of 75.
InvestShield Life is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest.
InvestShield Cash is a Market Linked plan that provides capital guarantee
on the invested premiums and declared bonus interest along with flexible liq-
uidity options.
InvestShield Gold is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with limited pre-
mium payment terms.
Protection Solutions
Lifeguard is a protection plan, which offers life cover at very low cost. It is
available in 3 options- level term assurance, level term assurance with return
of premium and single premium.
Child Plans :
SmartKid education plans provide guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy. The
policy is designed to provide money at important milestones in the child’s
life. SmartKid plans are also available in unit-linked form- both single
premium and regular premium.
Retirement Solutions:
Forever Life is a retirement product targeted at individuals in their thirties.
SecurePlus Pension is a flexible pension plan that allows one to select be-
tween 3 levels of cover.
Market-linked retirement
products
LifeTime Pension II is a regular premium market-linked pension plan
Life Link Pension II is a single premium market-linked pension plan.
Invest Shield Pension is a regular premium pension plan with a capital guar-
antee on the investible premium and declared bonuses.
ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance
policy targeted at the economically underprivileged sections of the society.
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to en-
hance benefits to their employees.
ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner. The
plan can also be customized to structure schemes that can provide benefits
beyond the statutory obligations.
ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible de-
fined contribution superannuation scheme to provide a retirement kitty for
each member of the group. Employees have the option of choosing from var-
ious 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 un-
der the policy is paid to the beneficiary nominated by the member on his/her
death.
Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added to the basic policy at
a marginal cost, depending on the specific needs of the customer.
Accident & disability benefit: If death occurs as the result of an acci-
dent 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 enti-
tled to twice the sum assured as additional benefit.
Accident Benefit: This rider option pays the sum assured under the rider
on death due to accident.
Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.
Major Surgical Assistance Benefit: provides financial support in the
event of medical emergencies, ensuring benefits are payable to the life
Assured for medical expenses incurred for surgical procedures. Cover is of-
fered against 43 surgical procedures.
Income Benefit: This rider pays the 10% of the sum assured to the nomi-
nee every year, till maturity, in the event of the death of the life assured. It is
available on SmartKid, SecurePlus and Cash Plus
Waiver of Premium: In case of total and permanent disability due to an
accident, the premiums are waived till maturity. This rider is available with
SecurePlus and Cash Plus.
Keyman Insurance Plans
A keyman is an individual who directly affects the profitability and the continu-
ity of a business and whose absence may have an adverse effect on the health
and continuity of the business. Keyman insurance is a life insurance policy taken
by the company on the life of such a key person.
The objective of the Keyman insurance is to provide the company with money
so that the financial losses to the company can be protected, in absence of the
Keyman. The aim is to indemnify the company of these losses and to allow busi-
ness continuity. All premiums paid for securing a Keyman life insurance policy
are treated as business expenditure u/s 37 (1).
Rural Plans
ICICI Pru Life Rural Products are designed to meet the needs of the rural con-
sumers. These products offer the following features:
1. Low and Affordable Premiums
2. Life Cover
3. Savings Option
4. Hassle free procedure.
DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life in-
surers in India, having commenced operations in 74 cities and towns in India. These
are: Agra, Ahmadabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Banga-
lore, Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh,
Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Guwahati,
Gurgaon, Gwalior, Hyderabad, Hugli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshed-
pur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam,
Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai,
Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,
Rourkela, Saharanpur, Salem, Shimla, Siliguri, Surat, Thane, Thrissur, Trichy,
Trivandrum, Udaipur, Vadodara, Vapi, Vashi, Vijayawada and Vizag.
Structure of the Sales Function
ICICI Prudential’s sales function is divided into two functional structures within
the organization. These two Structures are:
Bancassurance & Alliances
Tied Agency
Both types of structures are described as follows:
Banc assurance & Alliances: Banc assurance or Banca : - ICICI
Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of
partners, B & A has emerged as a vital component of the company’s sales and
distribution strategy, contributing to approximately one third of company’s total
business.
The business philosophy at B&A is to leverage distribution synergies with there
partners and add value to its customers as well as the partners. Flexibility, adaptation
and experimenting with new ideas are the hallmarks of this channel. The business
philosophy at B&A is to leverage distribution synergies with its partners and add
value to the business of both. Bancassurance Team includes:
Banks
ICICI Bank
Federal Bank
South Indian Bank
Bank of India
Lord Krishna Bank
Some co-operative banks
Corporate Agents
Bajaj Capital
India Infoline
Way 2 Wealth
Advanced Financial Services (Karvy)
Blue Chip
AHS
APS
Strategic Marketing Pvt. Ltd.
S M Insurance
Investment Managers
Emgee Muthoot Insurance
The Hierarchy Structure of the ICICI
Prudential Life Insurance Ltd. is as follows:
o Branch Sales Manager (BSM)/ Center Sales Manager
o Sales Manager(SM)
o Assistant Sales Manager (ASM)
o Team Leader (TL)
o Financial Service Consultant (FSC)
Tied Agency: Tied Agency is the largest distribution channel of ICICI Prudential,
comprising a large advisor force that targets various customer segments. The
strength of tied agency lies in an aggressive strategy of expanding and procuring
quality business. With focus on sales & people development, tied agency has
emerged as a robust, predictable and sustainable business model.
Generally this advisors works under the leadership of unit manager, who motivate
them in every step by providing training and guidance to them, usually each unit
manager have 20 to 30 advisors under them.
Branch Sales Manager (BSM)/ Center Sales Manager
Sales Manager(SM)
Assistant Sales Manager (ASM)
Unit Manager (UM)
Advisors:
Advisors are the people who are not the employee of the ICICI
Prudential, but works as commission agents.
The Chart showing the Recruitment Process of ICICI Prudential :
7.
Cashier
8.
Head Branch
6.
DOPS Departme
nt
5.
Reception
4.
Sales Manage
r
3.
Unit Manage
r
2.
Recruitment
Officer
1. Insurance Advisor
Recruitment Process of ICICI Pru -
dential Life Insurance Company
Ltd.:
1. Insurance Advisors :
Insurance Advisors is the Financial Advisors / Financial Agent of the
company. Recruitment process starts with Recruitment of financial
Advisors. Basically Financial Advisors, deals with various policies
of the company. The Application Form which is known as FSP
form will be given to Insurance Advisors for the Post of Financial
Advisors and that form is Submitted to Recruitment Officers after
the signature done by Insurance Advisors. There are 16 signature
was taken from the Insurance Advisors.
2. Recruitment Officers :
Recruitment Officers is the Person who recruit the Insurance Advisors
in the long period of time. The FSP form will be Properly fill-up by the
Recruitment Officer.
3. Unit Manager :
Unit Manager is the Person who recruit the Recruitment Officers. i.e.
All the Recruitment Officers will be under the Unit Manager of the
company. And Also all Financial Advisors are also under the Unit
Manager of the Company. In these case, The FSP form will Properly sign
and again check by the Unit Manager and if there is any rejection in case
then that will be solve by the Unit Manager of the company.
4. Sales Manager :
Sales Manager is the Person who take the Personal Interview of
Insurance Advisors and that FSP form is send to Sales Manager. In
Practically Sales Manager is not needed for the Recruitment Process.
5. Reception :
The FSP form is send to receptionist for check out the rejection if any.
i.e. The FSP form is login to receptionist before 4.30 p.m. according to the
rules and regulation of the company.
6. BDOP’S Department :
BDOP’S Department is the department who finalized the FSP form and
accepts the form, if there is no rejection. If there is any rejection then that
rejection Form is directly sends to Unit Manager of the Company.
7. Cashier :
Cashier is the Person who give the Acknowledgement Slip after the form
will be accepted.
8. Head Branch :
Head Branch of the ICICI Prudential Life Insurance Company is at Amboli
(Andheri). Finally, the FSP form is send to Head Branch and the Exam Centre
will be decided by the Head Branch.
What Company looks in Insurance Advisors?
ICICI Prudential Life Insurance Company Ltd. wants from the Insurance Advi-
sors:
a) Knowledge
b) Professionalism
c) Hard work
d) Patience
e) Sincerity
f) Target Achieve
What Insurance Advisors wants from IPRU ?
Insurance Advisors wants from the IPRU:
a) Commission
b) Knowledge
c) Rewards and Recognition
d) No Target
e) Flexible Working hours
f) Trustworthiness
Why Training and Development is required?
a) How to pitch the Product
b) Provide Marketing knowledge to the Insurance Advisors
c) To motivate the Insurance Advisors
d) To Improve Communication Skills
e) To face the Competitive World
f) Lack of Professionalism
g) Increased Productivity / quality of work/ Low Business
h) Improve morale of the workforce
What is the Opportunity for Insurance Advisors after being Se-
lected ?
a) No Investment
b) Offers Continuous Unlimited Income month on month
c) Flexible Working hours
d) An Opportunity attached with social cause
The Opportunity of a Lifetime for –
1. Women…………
a) Emergence of more nuclear families
b) Supplement your family income
c) Be financially Independent
d) Make a Positive difference in other’s lives
2. Young Entrepreneurs…………..
a) Start your own business with virtually zero
Investments
b) Be your own Boss
c) Get hands-on experience in the financial domin
3. PSU Employees………………..
a) Supplement your income in your spare time
b) Get the satisfaction of providing protection for your
Customers
c) Get national and international recognition
4. Financial Consultants…………………..
a) Supplement your income with little additional effort
b) Offer your customers a complete Product Portfolio
c) Get an Opportunity to build lifelong customer
Relationship
SIX SIGMA IMPLEMENTATION BY
ICICI PRUDENTIAL
ICICI Prudential is one of a handful of companies in the service industry, which had
the mettle to take up the six-sigma initiative. It's quite some time now since ICICI
Prudential took up this quality initiative and since then they have grown beyond
expectations. As another step towards becoming a world-class service Organisation,
ICICI Prudential have blended quality in the form of six sigma into all their
processes and systems. And that gave birth to a hybrid "Business Excellence" team
with the people making processes and ensuring quality coming together to cut down
cost and process inefficiencies. Some of the figure of the sigma level are :
Expense Processing MIS :
Expense Processing
Policy Insurance Sigma Level
Expense Processing Sigma
0.00
0.50
1.00
1.50
2.00
2.50
BILL TO CLAIM CLAIM TOACKNOWLEDMENT
ACKNOWLEDGEMENTTO CHEQUE
CLAIM TOACKNOWLEDMENT
ACKNOWLEDGEMENTTO CREDIT
CLAIM TO CREDIT
VENDOR REIMBURSEMENT
Nov-04
Dec-04
Jan-05c
Improvement over last month
No Change
J un-05 May-05 Apr-05Norms Days
Blue Dart 8
Cat A Non Blue Dart 9
Blue Dart 9
Cat B Non Blue Dart 10
Blue Dart 11
Non Blue Dart 12
Blue Dart 13
Non Blue Dart 14
Blue Dart 11Non Blue Dart 12
Blue Dart 13Non Blue Dart 14
Policy Issuance - Sigma Levels
J ET (Login to Customer Received)
3.19 3.04 2.97
3.28 3.22 3.01
J ET (Cheque Date to Customer Received)
Cat A 2.93 2.78 2.75
Cat B 3.14 3.04 2.90
MEDICAL (Medical Test to Customer Received)
Cat A 2.95 2.59 2.57
Cat B 3.11 2.89 2.83
Policy Insurance Sigma Level
J un-05 May-05 Apr-05Norms Days
Blue Dart 11
Non Blue Dart 12
Blue Dart 13
Non Blue Dart 14
Blue Dart 11Non Blue Dart 12
Blue Dart 13Non Blue Dart 14
2.34
Cat B 3.21 2.89 2.60
MEDICAL (Medical Test to Customer Received)
Cat A 2.86 2.64
2.49
Cat B 3.15 3.07 2.76
J ET (Cheque Date to Customer Received)
Cat A 2.96 2.71
Policy Issuance - Sigma Levels
Accuracy MIS
1. Accuracy MIS presents the number of error caught at various stages of
policy issuance.
2. Branch Discrepancy: Any error caught in the application form or
underwriting sheet before data entry at COPS.
Opportunities: All cases logged in given period
3. Call Back Error: All errors identified at post issuance call back stage.
Opportunities : All cases issued in given period
4. Correction Complaints: All complaints received for errors on contract
details
5. Opportunities: All contracts issued in previous month
Stage ErrorsOpportu-
nitiesBusiness
RatioData
CaptureData Entry
Under-writing
Branch Discrepancy 786 35032 2.24% 175 222 389
Call Back Error 620 31219 1.99% 207 395 18
Correction Complaints 225 24617 0.91% 24 201 0
Total Errors 1631 406 818 407Error % 25% 50% 25%
Error TypeAccuracy MIS
Data Capture: Error done while filling application form
Data Entry Error: Error done while doing data entry at COPS
Underwriting Error : Error done by underwriters
Service – Overall
Research Methodology
Service Sigma
2.792.54
2.9
3.48 3.49 3.52
0
1
2
3
4
5
6
Apr 05 May 05 Jun 05
Sig
ma L
evel
Complaint Request Target
Apr 05 May 05 J un 050.65% 0.59% 0.58%4.13% 2.84% 2.95%Requests
Business Ratio
Complaints
Category
Research is one of the most important parts in the survey to collect information and
knowledge. Marketing research is defined as the systematic design, collection,
analysis, and reporting of data and findings relevant to a specific marketing situation
facing the company.
Problem and Research Objective :
Our main objective was to find out how much Training and Development
necessary for the Insurance Advisors. The main problem was how to find out the
Cancellation of Batches, Exam attendance, Exam Pass out Ratio etc.
To get all this information a through planning had to be done, so I first started
with designing the questionnaire for the clients whom I was going to target and to
know about their needs . The main things to be known from the clients were:
1. Why Batches getting Cancel?
2. Exam Attendance
3. Exam Pass out Ratio
4. Involvement of Insurance Advisors
5. Lack of Communication Skills
Research plan
The research process depends upon developing the most efficient plan for gathering
the needed information. Designing a research plan calls for decisions on the data
sources, research approaches, research instruments, sampling plan, and contact
methods.
Our objective was to find the “How much Training and Development necessary for
Insurance Advisors.”
This objective had made our project too narrow because from now onward our task
was to find the needs and Changes requirement in Training Session and Person who
come for the training was satisfied with the training session or not, So from now
onwards I started to target only to a special segment of the people.
Data source
For this project both Primary and Secondary data were the most valuable Source of
Information.
Primary data: :
Primary data are data freshly gathered for a specific purpose. The various sources of
primary data for my project are as follows.
Banks.
Local residents.
People from industries
Secondary data :
Secondary data provide a starting point for research and offer the valuable source of
information.
The secondary data was the most important source for my project because my first
aim was to find out the top five person or industries from every segment of the
industries so for this reason I started collecting the various directory which can help
me in finding out the desired information about the industries and people.
The various directories are as follows:-
Telephone Directory
Research Approaches
From the two data source which I have mention above Primary data are the
easiest way to gather and the cost of collecting this data is very low and easily
available from the respective association. And I started by collecting from the
various sources, because at the starting point of the survey this information play a
important part for me and this help me to short out the people which, I can meet
with them to collected more information about them or who are my target people.
After collecting the Primary data or information from the Primary Sources then
I started collecting from Secondary Sources to narrow down my research. There are
basically five ways to collect data.
Survey Research:
This method was the most appropriate way to collect data. And
I have used this method in my project to find out the Client needs by
identifying the suitable prospect in the city who can become the
ICICI prudential client.
Observational Research:
This method was includes the observation of people in the 8 days
training i.e. whether they are really interested for the work or they
just come for the time pass.
Focus-group Research:
This method is also not used by me in my survey.
Behavioral data:
This method was also not used by me in my survey.
Research
Instruments
There is various way of research instrument of collecting Primary data, the various
methods are:-
1. Questionnaires.
2. Psychological tools.
3. Mechanical Devices.
4. Qualitative Measures.
From the above mentioned research instruments I had used only Questionnaires
technique to find out the various information about the clients such as their
Designation, their behavior about the training session etc. And this was the
technique which I felt the best way to extract information about the client.
Sampling Plans
After Collecting entire data and deciding on the research approach and instruments,
now I had to decide on the Sampling Plan which was one of the important task,
because from the bunch of People I had to Select only those people, whom I can
target from now onward . There are three way of sorting the data.
Sampling Unit: who is to be surveyed? And now my task was to de-
fine the target population, which will be sampled from the number of
people.
Sample Size: Large Sample give more reliable result than small sam-
ple, so for this reason I had taken around 50 people to whom I should
focus.
Contact Methods
Once the client had been decided now my task was how to contact them ,and for me
there only two ways of contacting them .
1. Personal Interview: This method was the most appropriate
way of survey, because by personal interview I came to know
their feeling about the ICICI Prudential. Their personal be-
havior and many more things.
2. Telephone: This method is also used by me for once, because
the client had no time for meet me, and there was no other op-
tion for me.
Analysis of the Survey
Q.1 How many Trainees attended the Training Session ?
No. Of Trainees
34%
66%
1
2
Q.2 What is the age of trainees who attend the Training Session ?
Q. 3 How did you rank ICICI Prudential Life Insurance Company ?
Ranking of ICICI Prudential
7%13%
20%
27%
33% 1
2
3
4
5
Q.4 According to you; what is the purpose of Training?
(1= Knowledge and Skills & 2 = Career Orientation)
Q.5 How much you are satisfied with Training Session?
Q.6 What is your opinion about trainer knowledge?
Q.7 Was the Content of the training
adequate ?
Q. 8 How much you are satisfied with
8 days training?
Q.9 How much time can you going to
dedicate for the training Session ?
Q.10 According to you; what should be
the tentative time / convenient time
for the training?
Convenient Time for Trainees
42%
36%
22%
1
2
3
Q.11 Are you Interested ; if there is a
Saturday and Sunday Batches?
Interested for Weekend Batches
54%
46%1
2
Finding
Most of the ICICI Prudential trainee prefers the Mornings and
Afternoon Batches for Training :
The most common reason is that Time Management . And the ICICI
Prudential is operating for many years and they have developed a good
relationship with their trainees and this is the reason why they are not
eager to move to the other banks. Secondly, most of the trainees want a
special attention to them while their visit and this is very well done by
the ICICI Prudential especially by the Mulund Branch.
Most of the trainees prefers to attend the 4 days training :
There is 8 days training in the ICICI Prudential Life Insurance
Company Ltd. While interacting with the trainees of Mulund and Kalyan
Branch , I come to know that most of them not getting time to attend the
8 days training because of their working time and also some time by
Personal Problems.
Most of the ICICI Prudential trainees, attend the trainees for
the purpose of Career Orientation :
This is a very good opportunities for the ICICI Prudential trainees to
become a financial advisors. If he/she complete the target of 36 Policies
or 3 Lakh Premium within Six month then they can become the
Consultant Trainer or Unit Manager of the ICICI Prudential. i.e. They
can come directly on the Pay role.
In the insurance sector ICICI Prudential is the number one
company prefer by the people :
ICICI Prudential is the most prefer insurance company in the
country, this is because of the brand name and also the second mover in the
insurance sector and this is a great advantage for them. There are lots of
things which favors them are.
The company image in the mind of the people
The life long service of the company
A very good channel of People (agents)
Maintaining a very good relationship with their trainees and also
with employees
Lack of information or knowledge about the other Insurance
Company
Opinion about the trainers Knowledge :
Large parts of the People i.e. Housewives, Students etc. do not know
about the Insurance, part of the Insurance plans , mutual funds investment or
in other word they are unaware of the Insurance Sectors but when they attend
the training for the purpose of Improve Knowledge and Skills, Career
Orientation then they get proper knowledge of Insurance Sectors. According
to Survey made by me, I come to know that the trainees was extremely
satisfied with trainers Knowledge.
SWOT Analysis
STRENGTH
Brand Name of ICICI Prudential: - The name of the ICICI is known in all
over the country as number one bank in the private sector and this is the
name which people have trusted for many years, which is mainly due to the
ICICI Bank. So ICICI Prudential, do not have the crises of the brand name
STRONG FINANCIAL BACKING : - The ICICI Prudential had a strong
financial backing from their promoter, (ICICI BANK and Prudential), which
help the company to build trust on the mind of the people.
STRONG SALES FORCE : - The Company has a very strong force of
good marketing brain, which gives an edge over the other competitor
especially nationalized insurance company like LIC. And secondly it has a
very good distribution channel which helps the company to get more clients
from these reliable sources. These channel include Allied Banks like :
ICICI Bank
Federal Bank
South Indian Bank
Bank of India
Lord Krishna Bank
Some co-operative banks
Corporate Agent :
Bajaj Capita
India Infoline
Way 2 Wealth
Advanced Financial Services (Karvy)
Blue Chip
AHS
APS
Strategic Marketing Pvt. Ltd.
S M Insurance
Investment Managers
Allied Corporate Agencies , Strong Marketing and Sales Promotion Team
ULIP’s: Almost 90% of the total business of ICICI Prudential is the
business with the sale of ULIP’s and only 10% of the products are the
traditional insurance policies. So this is the strength which ICICI Pruden-
tial can work upon more to get the maximum positive results.
WEAKNESS
Lack of Information about the Product: Most of the product of the
ICICI Prudential are known by the people, this is because of lack of
information about the product and bad marketing strategies by the company
mainly in small cities
Focusing mainly on the Urban Sector : ICICI prudential main focus
on the urban sector of the country, where the competition is very tuff and are
not concentrating on the other sector of the country mainly in the rural sector
where there.
Most of the Plans are too Complicated: ICICI Prudential insurance
plan are too complex to understand for a layout person, and this makes most
of the people to avoid this plan because they feel difficulties to understand.
The same is in the case of Mutual Funds.
OPPORTUNITIES
A large Part of cities are uncovered: A large part of the cities are
uncovered by ICICI Prudential life insurance where they do not have any
branches.
Some Top Nationalized banks should be made Allies: There are
large parts of the cities were Nationalized banks have large number of clients
in compare to private banks, this is mainly because they are operating for
such a long time and there is a good opportunities to converted those
customer into ICICI prudential customer, By making them allies.
There is a good opportunities to increase the Advisors base:
When we compare the ratio of Advisors with LIC, then we will find that
there is a large gap between them, so there is an opportunities to increase the
advisor base by breaking the agents of LIC.
THREATS
Life Insurance Company Ltd: LIC is the greatest threat to ICICI
prudential in the area of insurance sector, because it is one of the oldest
insurance company in the country, and have a large size of the customer
base.
Threat with some private banks: - there are some banks which are
providing these services to their customer. And slowly taking away a good
market share.
BCG Matrix
CASH COW
Tied Agency:
Tied agency are cash cow for ICICI prudential because they are the people
who brings more customer to the company and cover a large area of the city and the
cost of keeping them is very less because advisors works on the commission basis
the this is the reason why they works so hard. Around 30 to 40 advisors work under
one unit manager. The cost of maintaining them is very less in comparison to the
other department.
STAR
BANKERS:
Bankers are star of the company when we plot in the BCG matrix, because
most of the people recognized ICICI prudential as a part of ICICI bank and ICICI
bank name is used by the ICICI prudential to get more customers and usually
customer trust ICICI prudential because of ICICI banks.
Question Marks
Corporate:
Corporate allies come under the Question marks because the city like
Mulund, where most of the decision are taken by the Manager themselves, with little
help or no help with their Chartered Accountant, but there is a greater chance, if we
convince their CA and through them we can reach to their client very easily and in
future they can become star for the company but lot of investment is required.
Dogs
No one at present :
As Insurance sector is at the growing stage, so there is no dog for the
company at present and in future which are on the three section can become dog for
the company.
Recommendation and Suggestions
Lack of information about the service provided By the ICICI prudential
life insurance:
Most of the client whom I meet during my survey told me that they
were unaware of the service and scheme, which the company is providing to
the people. This is mainly because of the lack marketing their product by the
company. So I suggest that the company should market its brand in more ag-
gressive manner.
Start Making Link with the Nationalized Banks to get more Business:
When we look at the Small city like Andheri, Bandra, Dadar,
Branches etc. most of IPRU client prefer and have their account in National-
ized banks, because this banks are giving good service for many years and If
ICICI prudential can make tie-up with the employees of this banks then they
can be able to get more business from this contact.
Service of the ICICI bank should be improved:
Most of the clients do not want to do business with the ICICI banks,
and this is mainly because of their service and the banks do not give prefer-
ence to them and there are many restrictions in their operations. So I
suggested that some staff should be made to look after them, because they
are the customers who mainly give us the business.
Image of the ICICI Should be improved in the City:
Most of the time people do not want to do business with the ICICI,
because of the Hidden cost which they come across while dealing with the
bank.
More focus is given to the Industrial Class then the service class:
ICICI prudential are concentrating more on the industrial class then
the service class. It is generally known that more insurance are made by the
service class to get reduction from the Tax, so we should also focus on the
service class because they are the people who wants to secure their life by in-
vesting in the insurances sector. So I suggest that concentration should be
given to this class also because the ratio of the service class is much high in
the country.
More Local Employee Should be hired by the company:
The local employees will have their contact in the city and this can be
use by the company to get more business from their contact and This will
add additional benefit to the company.
BibliographyInternet Websites:
www.iciciprulife.com
www.icicibank.com
www.bima.com
Directories:
Telephone Directory
Other Materials :
Marketing Management by Philip Kotler.
Human Resources Management by Ashawathapa
Product Brochures.
News Papers like Mid day, Mumbai Mirror and Times of India
Questionnaire
PART-I
PERSONAL DETAILS :
1. Name of the Organization :
2. Name of Director/ Partner :
3. Address :
a. Registered :
b. Corporate :
4. Phone No.
a. Direct Line :
b. Board Line :
c. Mobile No. :
d. Email Id :
5. Turnover of Organization :
6. Area of Operation :
7. Who are your trainees :
a. Major Businessman :
b. Graduates and Under graduate Students :
8. Who do you consult before Surveying ?
a. Banker (Name of Bank) :
b. Chartered Accountant :
c. Ex-Insurance Advisors :
9. What do you think about ICICI Bank?
a. Will Suit my requirement
b. Will not suit my requirement
PART –II
Q.1. How did you rank ICICI Prudential Life Insurance Company ?
1 2 3 4 5
Q.2. According to you; what is the purpose of Training?
a. Knowledge and Skill b. Career Orientation
Q.3. How much you are satisfied with Training Session?
Extremely Satisfied 5 4 3 2 1 Dissatisfied
Q. 4. What is your opinion about trainer knowledge ?
a. Poor b. Need Improvement c. Fair d. Good e. Excellent
Q.5. Was the Content of the training adequate ?
a. Yes b. No
Q. 6. How much you are satisfied with 8 days training?
Extremely Satisfied 5 4 3 2 1 Dissatisfied
Q.7. How much time can you going to dedicate for the training Session?
a. Less than four days b. Six days c. More than 6 days.
Q.8. According to you; what should be the tentative time / convenient time for
the training?
a. Morning b. Afternoon c. Evening
Q.9. Are you interested; if there is a Saturday and Sunday Batches?
a. Yes b. No
Q.10. What additional benefits you would like to have?
___________________________________________________________
____________________________________________________________
__________________________________
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R Narayanan
Ms. Shikha Sharma, Managing Director
Management Team
Ms. Shikha Sharma, Managing Director & CEO
Mr. V. Rajagopalan, Chief - Actuary
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Ms. Anita Pai, Chief - Customer Service and Operations
Mr. Puneet Nanda, Chief - Investments
Mr. Shubhro J. Mitra, Chief - Human Resources
Mr. Dipan Bhattacharya - Chief Information Technology
Awards and
Recongnitions
Innovation Award for launching Diabetes Care – Prudence Award
2006
People Award for excellence in training and people development - Prudence Award
2006
Super brand 2003-04 Organization with Innovative HR Practices.
Asia-Pacific H R Congress Awards for HR Excellence
ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
India's Most Customer Responsive Insurance Company
Avaya Global Connect - Economic Times Customer Responsiveness Awards, 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as
one of the 50 Most Powerful Women in Business by The Financial Express.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged the Entrepreneur of the Year-Manager at the Ernst and Young
Entrepreneur Awards 2007.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
awarded the Outstanding Businesswoman of the Year at CNBC TV18's
India Business Leader Awards 2007
ICICI Prudential Life Insurance won the award for the Best Life Insurer-
Runner up at the Outlook Money & NDTV Profit Awards 2007.
Best Life Insurer 2003 Outlook Money Awards 2003 & 2004.
ICICI Prudential Life won the ICICI Group Marketing Excellence
Award 2008 in three key categories for its marketing initiatives