promoting the concept of insurance from

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Promoting the concept of Insurance from

ICICI PRUDENTIAL


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Recruitment of Advisors


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Declaration

I,am soniya bellani studentof m.b.a III SEM, MIMT COLLEGE,dadabadi kota

hereby declare that all the information facts and figures produced in this report is

based on my own experience and study during my research in analyzing the

RECRUITMENT & SELECTION

I further declare that all the information and facts furnished in this project

report are based on my intensive research findings.

Soniya bellani

M.B.A. IInd year

Mimt,kota


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Preface

People are a companys most important assets. They can make or break the fortunes ofa business. In todays highly competitive business environment placing the right people

in the right position is very critical for the success of any organization.The recruitment and selection decision is of prime importance as it is the vehicle forobtaining the best possible person-to-job fit that will, contribute significantly towards theCompany's effectiveness. It is also becoming increasingly important, as the Companyevolves and changes, that new recruits show a willingness to learn, adaptability andability to work as part of a team. The Recruitment & Selection procedure ensures thatthese criteria are addressed

With this project I have learnt about the Recruitment and Selection process of ICICIPrudential Life Insurance and attempted to provide some ways so as to makerecruitment more effective and to reduce the cost of hiring an employee.

I am privileged to be one of the students who got an opportunity to do my training withICICI Prudential Life Insurance. My involvement in the project has been verychallenging and has provided me a platform to leverage my potential in the mostconstructive way.

ICICI Prudential Life insurance is one of India's leading financial institutions offeringcomplete financial solutions that encompass every sphere of life. In a short span of timeICICI prudential life insurance has set an example by having a steady and confident

journey to growth and success.

During the training period I have studied deeply the process of hiring in ICICI PrudentialLife insurance and did a SWOT analysis of ICICI Prudential Life Insurance to find outthe existing shortcomings and potential threats and thereby recommended suggestions.

This project however is an attempt to share as best as possible my experience incorporate world with all my colleagues and my faculty.

I would be delighted to receive readers comments which maybe valuable a lessons formy future projects.


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ACKNOWLEDGEMENT

I express my sincere thanks to my project guide.Mrs. Shruti Sharma faculty of Mimt Kota Deptt of management., for guiding me right

form the inception till the successful completion of the project. I sincerely acknowledgeher for extending their valuable guidance, support for literature, critical reviews ofproject and the report and above all the moral support she had provided to me with allstages of this project.I would also like to thank the supporting staff Management Department, for their helpand cooperation throughout our project.

(Soniya Bellanit)


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EXECUTIVE SUMMARY

. Human Resource in this regard has become an important function in anyorganization. All practices of marketing and finances can be easily emulated butthe capability, the skills and talent of a person cannot be emulated. Hence, it isimportant to have a well-defined recruitment policy in place, which can beexecuted effectively to get the best fits for the vacant positions. Selecting thewrong candidate or rejecting the right candidate could turn out to be costlymistakes for the organization. Therefore a recruitment practice in an organizationmust be effective and efficient in attracting the best manpower.

Coverage The extent and limitation

With largest number of life insurance policies in force in the world, insurancehappens to be a mega opportunity in India. Its business is growing at 15-20%annually . Together with banking sector it adds about 7% to the GDP.

recruitment is an ongoing process carried throughout the year. The project isbased on the study of recruitment process. The various recommendationssuggested have been the result of the study. The idea is to generate ways ofdealing with high attrition and making hiring process manageable and efficient .


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Page No1. DECLARATION 42. ACKNOWLEDGEMENT 6-73. PREFACE 84. INTRODUCTION 9-11a. HISTORY OF INSURANCEb. PRESENSE SCENARIO OF INSURANCE COMPANY5. INDUSTRY OVERVIEW 12-17a. WHAT IS INSURANCEb. OVERVIEW OF INSURANCEc. IMPORTANCE OF INSURANCEd. ADVANTAGE F LIFE INSURANCE6. COMPANY PROFILE 18-36

a. PROMOTERb. BANK ASSURANCEc. VISION

d. SALES CHANNELe. ADVISORf. PLCg. PRODUCT7. FINDING SUITABLE PROFILE FOR 37-43INSURANCE SALE8. SEARCH AND FIX CRITERIA ABOUT 44-45SUITABLE PROFILE OF INSURANCE SALES

9. METHODOLOGY 46-68a. OBJECTIVES OF THE STUDY

B. REVIEW OF LITERATUREc. DATA COLLECTIOND. DATA INTERPRETATIONe. LIMITATION10.IRDA 69-7111.THE TYPICAL CARRER PROGRESSION 72-78PATH12.CONCLUSION 79-81


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13.RECOMMENDATION & SUGGESTION 8214.BIBLIOGRAPHY 83-8415.APPENDIX 85-90


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HISTORY

The history of life insurance in India dates back to 1818 when I was

conceived as a means to provide for English windows. Interestingly in those

days a higher premium was charge for Indian lies than non- Indian lives, as

Indian lives were considered more risky for coverage.

The Bombay Mutual Life Insurance Society started its business in 1870. It

was the first company to charge same premium for both Indian and Non-

Indian live. The oriental Assurance Company was establishing in1880. Thefirst general insurance company- Tital Insurance Company Limited was

established in 1850.

Insurance regulation formally began in India with the passing of the lifeinsurance companys act of1912 and the provident fund act of 1912. Several

frauds during 20s and 30s sullied insurance business in India. By 1938 there

were 176 insurance companies. The first comprehensive legislation was

introduced with the insurance Act of that 1938 that provided strict state

control over insurance business. The government of India in 1956, broughttogether over 240 private life insurance and provident societies under one

nationalized monopoly cooperation and LIC was born. Nationalization wasjustified on the ground that it would create much-needed funds for rapid

industrialization. This was in conformity with the governments chosen part

of state lead planning and development.

With this nearly 107 insurer were amalgamated and grouped into four

companies- National Insurance Company, New India Assurance Company,

Oriental Insurance Company and United India Insurance Company. Thesewere subsidiaries of the general insurance company (GIC).


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PRESENT SCENARIO OF THE

INSURANCE SECTOR

Liberalization commitments of the country to help in disciplining future

economic policies will include the insurance reforms. When the word

over, insurance, markets have been opened up, India cannot remain in

isolation. Globalization is the new economic reality, which is here to

stay heralding a new era of insurance in India. Wit the opening of the

insurance industry, India stands to gain the following major advantages:

1.Globalization will provide improved opportunities to thecustomers for better products, with more reasonable and

affordable pricing.

2.The customer will get quicker servicing.3.It will enhance the saving rate.4.Long-term funds for infrastructure development will be available

to the country.

5.It will secure for India larger inflows of foreign capital needed tosustain our GDP growth.

promoting the concept of insurance from

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