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EXECUTIVE

SUMMARY

Executive Summary

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ICICI Prudential Life Insurance co. ltd is the #1 private life insurers in

India. The project was undertaken to study the recruitment policies and

procedure adopted in ICICI Prudential Life Insurance Ltd. The study of

ICICI Prudential life group is undertaken to understand the services

provided by ICICI Prudential to their customers as well as the insurance

advisors recruitment process adopted by ICICI Prudential Life Insurance

Company.

The project was studied to know how ICICI Prudential life is promoting

their insurance advisors in the field helping them to bring more and more

business by the means of handsome commission structure, renewal

commissions, rewards, trophies and certificate, honoring them in front of

other insurance advisors. ICICI Prudential also provides other future

prospects to their advisors. This all not only increases the efficiency of

the winners but also of those who have under performed. Through this

process ICICI Prudential also win customers by strong commitment to

life insurance advisors.

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INTRODUCTION

WHAT IS RECRUITMENT AND SELECTION ?

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Recruitment refers to the process of finding possible candidates for ajob

or function, usually undertaken by recruiters. It also may be undertaken

by an employment agency or a member of staff at the business or

organization looking for recruits. Advertising is commonly part of the

recruiting process, and can occur through several means: through online,

newspapers, using newspaper dedicated to job advertisement, through

professional publication, using advertisements placed in windows,

through ajob center, through campus graduate recruitment programs, etc.

Suitability for a job is typically assessed by looking for skills, e.g.

communication skills, typing skills, computer skills. Evidence for skills

required for a job may be provided in the form of qualifications

(educational or professional), experience in a job requiring the relevant

skills or the testimony of references. Employment agencies may also give

computerized tests to assess an individual's "off-hand" knowledge of

software packages or typing skills. At a more basic level written tests

may be given to assess numeric and literacy. A candidate may also be

assessed on the basis of an interview. Sometimes candidates will be

requested to provide a rsum (also known as a CV) or to complete an

application form to provide this evidence.

The Selection Process

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http://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Recruiterhttp://en.wikipedia.org/wiki/Employment_agencyhttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Job_Centrehttp://en.wikipedia.org/wiki/Graduate_recruitmenthttp://en.wikipedia.org/wiki/Assessmenthttp://en.wikipedia.org/wiki/Typinghttp://en.wikipedia.org/wiki/Numeracyhttp://en.wikipedia.org/wiki/Literacyhttp://en.wikipedia.org/wiki/Job_interviewhttp://en.wikipedia.org/wiki/R%C3%A9sum%C3%A9http://en.wikipedia.org/w/index.php?title=Job_application_form&action=edithttp://en.wikipedia.org/wiki/Employmenthttp://en.wikipedia.org/wiki/Recruiterhttp://en.wikipedia.org/wiki/Employment_agencyhttp://en.wikipedia.org/wiki/Advertisinghttp://en.wikipedia.org/wiki/Job_Centrehttp://en.wikipedia.org/wiki/Graduate_recruitmenthttp://en.wikipedia.org/wiki/Assessmenthttp://en.wikipedia.org/wiki/Typinghttp://en.wikipedia.org/wiki/Numeracyhttp://en.wikipedia.org/wiki/Literacyhttp://en.wikipedia.org/wiki/Job_interviewhttp://en.wikipedia.org/wiki/R%C3%A9sum%C3%A9http://en.wikipedia.org/w/index.php?title=Job_application_form&action=edit


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1. Application Review. Applications are reviewed to identify

applicants meeting the minimum qualifications listed in the job

announcement. Applicants who do not meet the minimum

qualifications are notified by mail. Applicants who do meet theminimum qualifications proceed to the examination process.

2. Examination. When filling a vacant position, the State of

Colorado requires the use of an examination process to identify the

top three candidates. If three or fewer candidates meet the

minimum qualifications of the position vacancy, the minimum

qualifications are the exam and all of the applicants are referred to

the supervisor for interview. However, if more than three

applicants meet the minimum qualifications, an examination must

be used to determine the top three candidates. The number and

types of exams chosen for this process will depend on the job class

of the position vacancy and the total number of qualified applicants

on the initial list. The top three candidates identified via this

examination process will be referred to the supervisor of the

position vacancy for interview.

3. Supervisor Review and Consideration. The supervisor of aposition vacancy makes the hiring decision. Typically, supervisors

interview each of the candidates on the referral list. However, a

supervisor is not required to interview each of the candidates

before making a hiring decision. A review of each candidates

resume and an interview with the candidate who is deemed the best

fit for the position is sometimes sufficient to make a hiring

decision.

4. Job Offer. After careful consideration of each candidate, the

supervisor makes the final decision. Depending on type of work

performed in the position, a job offer may be contingent on the

results of a drug test, physical examination and/or criminal

background check.

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2. To create awareness among people about advisorship and its

benefits.

3. To study the recruitment policy of ICICI Prudential Life Insurance

Ltd.

4. To convience the people who want to join the company as a

advisor.

IMPORTANCE OF MY STUDY

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This study is very significant in a sense that I examine to focus

throughout an practical application that all the managers need to deal with

there HR relations and responsibilities.

This study is designed to provide accurate and authorative information in

regard to the subject matter covered. Theses are interesting time for HR

Managers.

HYPOTHESIS

The report is on the basis of fallowing hypothesis:

The HR Practices being employed by the organization are

contributing towards its growth. The employees working in the

organization are satisfied with the HR practices being followed by

the organization.

H R Practices includes :

Recruitment

Selection

Planning

Training and development

Performance Appraisal

Payroll system

Retirement Benefits

Incentive System

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RESEARCH DESIGN

The research design is a pattern or outline of a research projects work. It

is a statement of only the essential elements of a study, those that provide

the basic guidelines for the detail of project. The present study being

conducted followed a descriptive research design. It produces a picture

of the phenomenon in which the decision maker is interested. Design of

descriptive studies includes the nature and source of data, the nature of

the expected result and the analytical method.

SAMPLING PLAN

The samples are taken on the basis of Random Sampling Plan

SAMPLING SIZE

The sample size is 30.

SAMPLING UNITS

The sampling unit includes both private ant corporate sectors.

DATA COLLECTION METHODS

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Both primary ands secondary sources of data are used to collect the

information. SECONDRY DATA has been collected through published

data. Published data is available in books, magazines, reports, bulletins

and in various sites on net. Secondary data is used to prepare the

company and industry profile.

The PRIMARY DATA is collected by questionnaire method. A survey

was conducted keeping in view the objective of the study. The

questionnaire is consisted of both open ended and close ended questions

SAMPLING DESIGN

The selection of companies is based on judgmental sampling.

DATA ANALYSIS AND INTERPRATION

The questions, which are alternative choices, are analyzed by taking

percentage. In case of other questions, mean score and percentage have

been calculated, the question for which there are specific answers the

range is clubbed and percentage has been calculated. In case of

exploratory questions the general suggestions have been summarized.

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LIMITATIONS

In every project/study undertaken limitations arises and are inevitable.

* One of the major limitations is time shortage. The ManagementTrainees are restricted to a training of 6-8 weeks only ,and which is short

period of time.

* The respondents were not interested in giving answers as they wereappearing to be busy.

* In fact, this project report involves human processing and analysis.Therefore, there are chances of human error.

* Trainees are provided with limited resources. No financial aid orstipend is being paid to them, so they can not spend much on meetings

with the potential customers.

* The findings of research are limited to a perticular area and can not beapplied to all places.

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INDUSTRY

PROFILE

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INSURANCE SECTOR IN INDIA

India is marching ahead to more prosperous future. The

economy is on a high growth path, domestic savings are growing,exports have risen and inflation has stabilized. Infrastructure

sector, which even today is woefully inadequate to meet the

expected increased industrial activities, has been accorded top

priority by the government. All this should reflect in a growth rate of

7 to 8% for the next 3-4 years. With this scenario of high economic

growth further reforms in the financial sector are in the CommonMinimum Program of the Government.

The insurance industry, which still remains a state monopoly, is

therefore engaging serious attention of the Government. De-

regulation of insurance sector has already been recommended by

the Malhotra Committee and has generally been welcomed by a

dominant body of industry and populace though the employees

unions and some others remain opposed to the idea of introducing

competition in the insurance sector.

India is regarded as under- insured country with insurance

penetration at a very low level of 0.6% of GDP. Insurance, as a

rule, has always been given very low priority by corporate India. It

is always taken with reluctance, usually only when it is compulsory,

and then only by big industrial houses. Without exception it is

always inadequate to meet the needs of the corporate sector.

In addition to the tradition exposure of

fire, floods, workers compensation and the interruption, Corporate

India also has to address unpredictable changes in areas

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such as environment; security; occupational health and safety;

public liabilities; Directors and Officers Liability and product liability

It therefore becomes quite obvious that purchase of insurance, in

itself, will not substitute for a soundly based and property

implemented Risk Management

Program as insurance can only offer some financial relief byre

placing the plants; it cannot replace the loss in development of a

business or development of the market.

The likely private players

A number of foreign insurance companies have set up

representative office in India and have also tied up with various

asset management companies. They have either signed

Memorandum of Understanding with Indian companies or are

trying to do the same. A few of them have been around for the last

four to five years. Some have carried out extensive research on

the Indian insurance sector. Others have set up liaison offices. All

of them are waiting with bated breathe for the opening up of the

sector and taking a bite of the great Indian Insurance pie.

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SHARE OF INSURANCE SECTORIN VARIOUS PUBLIC DEPOSITS

INSURANCE 51.79 %

MUTUAL FUNDS 15.45 %

EQUITY SHARES 8.95 %

FIXED DIPOSITS 23.81 %

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MUTUAL FUNDS

EQUITY SHARES

FIXED DIPOSITS

INSURANCE


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VARIOUS PLAYERS PRESENT INTHE MARKET

Life Insurance Corporation of India

ICICI Prudential Life Insurance Company limited

Birla Sun Life Insurance Company Limited

HDFC Standard Life Insurance Company Limited

Max New York Life Insurance Company Limited

SBI Life Insurance Company Limited

TATA-AIG Life Insurance Company Limited

Bajaj Allianz Life Insurance Company Limited

Kotak Mahindra Old Mutual Life Insurance Company Limited

ING Vysya Life Insurance Company Pvt. Limited

Aviva Life Insurance Company India Pvt. Limited

Met Life India Life Insurance Company Pvt. Limited

Reliance Life Insurance Company Limit

Shriram Life Insurance Company Limit

Sahara India Life Insurance Company Limit

Bharti AXA Life Insurance Company Limit

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Life Insurance Corporation of India

The Parliament of India passed the Life Insurance Corporation Act on the

19th of June 1956, and the Life Insurance Corporation of India wascreated on 1st September, 1956, with the objective of spreading life

insurance much more widely and in particular to the rural areas with a

view to reach all insurable persons in the country, providing them

adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices,

apart from its corporate office in the year 1956. Since life insurance

contracts are long term contracts and during the currency of the policy it

requires a variety of services need was felt in the later years to expand theoperations and place a branch office at each district headquarter. Re-

organization of LIC took place and large numbers of new branch offices

were opened. As a result of re-organization servicing functions were

transferred to the branches, and branches were made accounting units. It

may be seen that from about 200.00 crores of New Business in 1957 the

corporation crossed 1000.00 crores only in the year 1969-70, and it took

another 10 years for LIC to cross 2000.00 crore mark of new business.

But with re-organization happening in the early eighties, by 1985-86 LIC

had already crossed 7000.00 crore Sum Assured on new policies.

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AVIVA LIFE INUSRANCE

Aviva is UKs largest and the worlds fifth largest insurance Group. It is

one of the leading providers of life and pensions products to Europe and

has substantial businesses elsewhere around the world. With a history

dating back to 1696, Aviva has a 40 million-customer base worldwide. It

has more than 364 billion of assets under management.

In India, Aviva has a long history dating back to 1834. At the time of

nationalisation it was the largest foreign insurer in India in terms of the

compensation paid by the Government of India. Aviva was also the first

foreign insurance company in India to set up its representative office in

1995.

In India, Aviva has a joint venture with Dabur, one of India's oldest, and

largest Group of companies. A professionally managed company, Dabur

is the country's leading producer of traditional healthcare products.

In accordance with the government regulations Aviva holds a 26 per cent

stake in the joint venture and the Dabur group holds the balance 74 per

cent share.

With a strong sales force of over 28,000 Financial Planning Advisers

(FPAs), Aviva has initiated an innovative and differentiated sales

approach to the business. Through the Financial Health Check (FHC)

Avivas sales force has been able to establish its credibility in the market.

The FHC is a free service administered by the FPAs for a need-based

analysis of the customers long-term savings and insurance needs.

Depending on the life stage and earnings of the customer, the FHC

assesses and recommends the right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has

leveraged its global expertise in Bancassurance successfully in India.

Currently, Aviva has Bankassurance tie-ups with ABN Amro Bank,

American Express Bank, Canara Bank, Centurion Bank of Punjab, The

Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, Co-operative Banks

in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal and

Andhra Pradesh .

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BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance pioneered the unique Unit Linked LifeInsurance Solutions in India. Within 4 years of its launch, BSLI has

cemented its position as a leading player in the Private Life Insurance

Industry.

There has been focus on Investment Linked Insurance Products,

supported with protection products to maintain leadership in product

innovation. Multi Distribution Channels- Direct Sales Force, Alternate

Channels and Group offering convenient channels of purchase to

customers. Web-enabled IT systems for superior customer services act asits back bone.

Corporate governance and a high degree of transparency in all business

practices and procedures First to have an operational Business Continuity

Plan. Strong fundamentals based on the Aditya Birla group's local insight

and Sun Life Financials's global expertise.

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http://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#adityahttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#sunlifehttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#adityahttp://www.birlasunlife.com/BirlaSunLife/Insurance/BSLI_MP/BSLI_AboutUs/Company_Profile/abtus_comprofile2.aspx#sunlife


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ING Vysya Life in India

ING Vysya Life Insurance

Company Limited (the Company) entered the private life insurance

industry in India in September 2001, and in a span of 5 years hasestablished itself as a distinctive life insurance brand with an innovative,

attractive and customer friendly product portfolio and a professional

advisor sales force.

It has a dedicated and committed advisor sales force of over 21,000

people, working from 140 branches located in 74 major cities across the

country and over 3,000 employees. It also distributes products in close

cooperation with the ING Vysya Bank network. The Company has a

customer base of over 4,50,000 & is headquartered at Bangalore. In 2005,ING Vysya Life earned a total income in excess of Rs. 400 crore and also

has a share capital of Rs. 440 crore.

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RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance CapitalLtd. of the Reliance - Anil Dhirubhai Ambani Group. Reliance Capital is

one of Indias leading private sector financial services companies, and

ranks among the top 3 private sector financial services and banking

companies, in terms of net worth. Reliance Capital has interests in asset

management and mutual funds, stock broking, life and general insurance,

proprietary investments, private equity and other activities in financial

services.

Reliance Capital Limited (RCL) is a Non-Banking Financial Company(NBFC) registered with the Reserve Bank of India under section 45-IA of

the Reserve Bank of India Act, 1934.

Reliance Capital sees immense potential in the rapidly growing financial

services sector in India and aims to become a dominant player in this

industry and offer fully integrated financial services.

Reliance Life Insurance is another step forward for Reliance Capital

Limited to offer need based Life Insurance solutions to individuals and

Corporate.

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COMPANY

PROFILE

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ABOUT THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and

prudential plc, a leading International financial services group

headquartered in the United Kingdom. ICICI Prudential was

amongst the first private sector insurance companies to Begin

operation in December 2000 after receiving approval from

insurance Regulatory development authority (IRDA).

ICICI Prudentials equity base stands at Rs. 11.85 billion with ICICI

Bank and prudential plc holding 74% and 26% stake respectively.

The company has a network of about 56,000 advisors; as well as7

bank 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.

Its the top most private life insurer in the country at present having

the largest distribution network among the privet players in the

country. The company always had the commitment to expand and

reshape the life insurance in India. Therefore it was imminent that

company comes lip with a broad spectrum of policies catering to a

varied customer based.

ORIGINS

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Prudential has had a continuous presence in Asia since 1923 and

is now the largest UK life insurer in the region. Prudential

Corporation Asia, established in1994, has its foundations in

general insurance agencies first established in1923 in china,

Malaya, the Philippines, India and Japan, as part of a drive to

establish the prudential name throughout the world. The first

overseas agency for life insurance was based in India, also in

1923, and the life branch was established in Singapore and

Malaya in 1931.aithough the man from the pru was a household

name in UK at name prudential was at first unknown overseas; a

dedicated overseas sales force, combined with regional

advertising campaigns worked to establish brand awareness and

create a strong reputation in this new market. Following adverse

effects on business in Asia during the Second World War,

prudential concentrated its efforts in contacting existing

policyholder and making arrangement for claims to be paid andpolicies reinstated. Business in Asia was further expanded when

prudential Hong Kong was set up first as the general and than as a

life insurance business in the 1960s.

EXPANSION

Prudentials current business in Asia is based on the established markets

in Hong Kong. Malaysia and Singapore and new venture in china,Vietnam,Thailand and Indonesia.In November 1999 prudential

announced the launch of a new operation in Taiwan; this was the launch

of PCA Life in Japan, and the acquisition of Young Poong Life in

Korea.In additional to wholly owned operation, Prudential Corporation

Asia has formed a number of successful joint venture partnerships.In

India,where life insurance was nationalized in 1956, Prudential re-enteredthe marked in 1998 through a joint venture with ICICI. With the launch

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of CITIC Prudential Life in 2000, Prudential became the first UK

Company to establish life business in China, and now has licenses for life

business in Guangzhou, Beijing and Suzhou. Prudential is now the

leading European life insurer in Asia, with operation in 12 countries

and a rapidly expanding mutual fund business. More than 115000

staff and agent develop and sell a range of insurance and

investment products tailored to the needs of each local market.

Prudential Corporation Asia has also successfully diversified its

distribution channels, including banc assurance agreement in 11

countries. Product innovations have included the introduction of

capital efficient unit linked life assurance and designed to help

adult children in Malaysia, Hong Kong and Singapore to care for

their elderly parents.

TECHNOLOGY

The company continuously leverages on the state of art

technology that it possess. The modern and updated technologyinfrastructure helps not only to provide superior quality of products

and services to the customers but at the same time helps in

creating a prudent reward and recognition program for the

company itself. The company can leverage on this advantage to

dry out one of the best CRM in the industry at the present. The

parent company also in a move to duplicate the ICICI model inorder would market .it is nothing but a result of the superb all

around performance that the company has shown all the fact of the

business and over the period. But more important has been the

continued focus on growth and the strife for results from the

workforce itself.

VISION

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To make ICICI Prudential the dominant life and Pensions

player built on trust by world class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them

superior products and service

Leveraging technology to service customers quickly, efficiently

and conveniently.

Developing and implementing superior risk management and

investment strategies to offer sustainable and stable and stable

returns to our policyholders.

Providing an enabling environment to foster growth and learning

for our employees.

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching

commitment to 5 core values- integrity, customer first, Boundary

less, Ownership and passion. Each of the values describes what

the company stands for the qualities of our people and the way we

work.

We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and

reshaping the sector. Given the quality of our parentage and the

commitment of our team, there are no limits to our growth.

PROMOTERS OF ICICI PRUDENTIAL

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ICICI Bank

ICICI Bank is Indias second-largest bank with total assets of about

Rs.1892.18 billion and a network of about 590 branches and

offices and about 2030 ATMs. It offers a wide range of banking

products and financial services to corporate and retail customers

through a variety of delivery channels and through its specialized

subsidiaries and affiliates in the areas of investment banking, life

and non-life insurance, venture capital, asset management and

information technology. ICICI Bank posted a net profit ofRs.1, 637

crore for the year ended September 30,2005. ICICI Banks equity

shares are listed in India on stock exchanges at Chennai, Delhi,

Kolkata and Vadodara, the Stock Exchanges, Mumbai and the

National stock exchange Of India limited and its American

Depositary Receipts (ADRS) are listed other New York Stock

Exchange (NYSE).

Prudential plc

Established in London in 1848, Prudential plc, through its

businesses in the UK and Europe and Asia, provides retail

financial services products and services more than 16 million

customers, policyholder and unit billion in funds under

management. Prudential has brought to market an Integrated

range of financial services products that now include life

assurance, pensions, mutual funds, banking investment

management and general insurance. In Asia, Prudential is the

leading European Life insurance company with a vast network of

24 life and mutual operations in twelve countries China, Hong

Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,

Singapore, Taiwan, Thailand and Vietnams.

DISTRIBUTION

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ICICI Prudential has one of the largest distribution networks

amongst private life insures in India, having commenced

operations in 74 cities and towns in India.

These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar,

Anand,Aurangabad, Bangaloree, Bareilly, Bharuch, Bhatinda,

Bhopal,Bhubhaneswar, Calicut, Chandigarh, Chennai,

Ccoimbatore, Dehradun,Durgapur, Fridabad, Goa, Guntur,

Guwhati, Gurgaon, Gwalior, Hyderabad,Hubli, Indore, Jaipur,

Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur,Karnal,

Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode,

Lucknow,Ludhiana, Madurai, Mangalore, Meerut, Mehsana,

Mumbai, Mysore,Nagpur, Nasik, Noida, New Delhi, Patiala, Pune,

Raipur, Rajkot, Ranchi,Rourkela, Saharanpur, Salem, Shimla,

Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur,

Vadodara, Vapi, Vashi, Vijayawada andVizag.

The company has 7 banc assurance tie-ups, having agreementswithICICI Bank, Feedral Bank, South Indian Bank, Bank of India,

Lord Krishna Bank and some Co- Operative banks, as well as over

150 corporate agents and brokers. It has also tied up with NGOs,

MFIs and corporates for the distribution of rural policies and

organizations like Dhan for distribution of Salaam Zindagi, a policy

for the socially and economically underprivileged sections ofsociety.

ICICI Prudential has recruited and trained about 56000 insurance

advisors to interface with and advise customers. Further, it

leverages its state-of- the-art IT infrastructure to provide superior

quality of service to customers.

SWOT ANALYSIS

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STRENGTHS

ICICI PRUDENTIAL is the largest private player in the insurance

industry in India, with a market share of around 36% amongst the

private players.

ICICI PRUDENTIAL has deposited a paid up capital of Rs. 925 crores

with IRDA as a caution deposit, the highest amongst all the life

insurance companies in India whereas LIC has deposited only 60 crores

so far.

ICICI PRUDENTIAL is the first life insurance company to offer ECS

debit facility.

ICICI PRUDENTIAL is the first company to introduce unit linked life

insurance and pension products. Presently the maximum numbers of

ranges are under ULIP like life insurance, investment as well as pension

plans.

Its Venture funds management co. Ltd is Indias largest venture capital

company.

PRODUCTS:

Flexibility to switch your fund value at your own discretion 4 times a year

viz Maximiser, Protector, Balancer, Preserver.

Greater transparency- policyholder knows what is happening to

his money and where the company has invested the money.

Liquidity option: you can make partial or complete withdrawals

anytime after 3 years.

Life insurance plans are eligible for deduction under Sec. 80C.

The proceeds or withdrawals of life insurance policies are exempt

under Sec 10(10D), subject to norms prescribed in that section.

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Riders are provided to give the policyholder the additional

protection at marginal cost- Accident and Disability rider, Critical

Illness Rider, Accidental benefit rider.

Loan against the policy

: After the policy has acquired a surrender value one can avail

loan against the policy.

WEAKNESSES

Industry in nascent stage.

Rural areas still not covered. Not very well known among the Indian population.

Lack of credibility in the public because ICICI being a private player.

Premiums are high as compared to its competitors.

Very few branches in the country.

PRODUCTS:

The policy doesnt have the surrender option before the 3rd year.

Plan do not offer any guarantee or assured return

The product profile is not very comprehensive.

Mortality, management and administrative charges are sky-

scraping as compared to its competitors.

OPPORTUNITIES

Liberalization of Indian economy.

As the industry is growing the whole market is virgin.

The whole private sector is open to be tapped even though the

competition is fierce from government owned insurance companies.

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Its a volume business that is even if the company has few good

corporates the turnover ceases to increase by manifold.

PRODUCTS:

Preserver fund looks good due to comfortable liquidity in the

economy and there is little chance of any hike in short-term rates

by RBI.

Finance minister unveiled a budget-favoring consumer spending,

boosting demand and therefore higher economic growth

THREATS

The Govt. players will become aggressive thus growth is going to be

tough.

Entry of other new players is not ruled out

Apprehension towards ICICI PRUDENTIAL being a private life

insurance company.

We expect the industry to rationalize in future that is mergers and

acquisitions will happen which will impact the industry and ICICI

PRUDENTIAL fortunes.

PRODUCTS:

Past performance of these plans is not indicative of the future

performance of the plan

The sum invested in the funds is subject to market risks and there

can be no assurance that the objective of the plans will be achieved.

All benefits payable under the policy are subject to the tax laws and

other financial enactment, as they exist from time to time.

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RECRUITMENT

ANDSELECTION

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PRACTICE OF RECRUITMENT IN

THE COMPNAY

Recruitment is a vital issue for organizations to get right. With skills

shortages in some key areas and the push for improvement following the

competition, organizations need to make sure they have the right people -

and enough of them. There are many aspects to improving service

delivery, but recruiting the workforce with the capacity to deliver is a

vital foundation. There is much innovative work already going on in

organizations and there are encouraging signs of improvement.

Many of the issues surrounding building capacity relate to the way that

people are recruited and developed within organizations. Organizations

need to be able to deliver improved services within a current framework

of shortage of some key skills and tight financial constraints. Recruitment

processes therefore need to fit in with the overall business needs of the

organization through a carefully planned and systematic approach to

workforce planning, accompanied by consideration about how service

delivery is made and whether new ways of working would be more

effective. The best responses to recruitment problems are ones that

moved away from a primary focus on recruitment to a holistic focus on

peoples whole work experience.

Some of the issues that demand organizations attention are mentioned

below. These are those issues, which if dealt properly and sorted out in

time, really helps an organization to attract right kind of talent. With the

help of this industry survey of mine, Ive tried to understand the policies

of different organizations in these areas as regards recruitment.

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Job Analysis

Before determining who to attract and select, it is essential that the

organization has a clear idea about what the job requires and the attributes

of the person who will best meet these requirements. Traditionally, job or

role descriptions and person specifications have been devised to enable

the organization to do this.

Job or role descriptions detail information about the job purpose, its

position within the organization and the work tasks and outputs. A person

specification tends to set out in more detail what sort of skills, attributes,

experience and qualifications are needed for an individual to meet the

requirements of the job and how the organization will assess the

individual during the recruitment and selection process to determine

whether they meet these requirements.

Structure of the Hiring Team

To know the structure of this recruitment team can also be very important

for an organization. Better structure, leads to best results.

Outsourcing

The recruitment process can be contracted out partly or wholly to an

external organization. This outsourcing may be for a specific vacancy,

such as the use of a recruitment agency to recruit for the company to

make the advisor base. Different parts of the recruitment process may be

outsourced; for example using corporate agents; telesales, read and place

job advertisements, or for short listing the profiles or for reference check.

This may mean

that the agency can provide a quicker, better and even cheaper service

than the organization can provide itself. Improved service levels may also

result from the service level agreement agreed between the organization

and the corporate agents.

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Human Resource Management Information

Systems (HRMIS) in Recruitment

Depending on the qualification of the advisors provided by them, HRMIS

can help at every step of the recruitment and selection process such as:

Recording job requirements, through on-line job descriptions and

person specifications;

Recording previous job advertisements, which may then be modified

for the current vacancy;

Producing information for the job package, such as standard letters

regarding the application processes etc;

Linking to advisor based information, if the Internet is used for

recruitment and the receipt of applications;

Producing letters and information for candidates regarding the

selection process, such as invitations to attend interviews etc;

Record selection process results;

Producing contracts of employment for the successful candidate;

Recording the successful candidates personal and job information for

future use during employment;

Recording information about applicants and the process for

monitoring purposes.

The use of a HRM during the recruitment and selection process can speed

up the process and free resources. For example, depending on the type of

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package used, it may be possible to enter a candidates details once and

this information can then be used to generate all other documentation and

information. If the use of a HRM is linked to online recruitment and

applications, the process may be streamlined still further.

The implementation of a HRM can be costly, both in terms of purchasing

the software, but also in training staff to operate the new system.

SELECTION METHODS

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This section looks at the process of selecting candidates. A variety of

methods are available and consideration needs to be given as to which are

suitable for a particular post. The methods described here are:

On-line screening and short listing

Technical Tests

Interviews

Psychometric testing

Ability and aptitude tests

Personality profiling

ON-LINE SCREENING AND SHORTLISTING

Initial screening of applications is usually based on an assessment of a

candidates experience and qualifications against the jobs requirements.

On-line systems are now available which can filter applications

automatically.

An on-line selection facility screens applications against set criteria

through key word searches. It may also provide a scoring mechanism.

The use of on-line screening may be a useful way of filtering quickly

through a huge volume of applications or sorting applications, if there are

a number of jobs that have been advertised at the same time..

Some organizations that use this approach have had to develop long

application forms in order to ensure that the candidate includes all

appropriate information in sufficient detail. Other organizations only use

this approach as a first step in attempting to select candidates and then go

through the applications again manually to double check that all

appropriate applications have been selected.

TECHNICAL TESTS

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One of the important and most commonly used methods in the Insurance

industry is the use of logical test to judge the accuracy and presence of

mind of the candidate.

INTERVIEWS

Interviews are almost always used at some point in the process. The

interview process is formed through identification of the key

requirements of the job and a list of questions is drawn up. A panel of

interviewers works through each set of questions with each candidate and

scores them on their answers. At the end of the interview process the

overall scores are considered and the best candidate chosen. If additional

selection methods are chosen this is fed into the overall process at the end

and again the best-fit candidate is offered the appointment.

Even where the interview is structured, this does not mean that follow up

questions cannot be asked to probe more deeply into a candidates skills

and experience. An interview that does not do this, but instead sticks to a

rigid list of questions, will not allow the interviewer to obtain the

information required to make a proper decision. Also, sometimes these

interviews are based on the technical test that the person has given.

Officers and members who are

involved in the interview process should be trained in interviewing skills

and the sorts of questions they should or should not ask.

PSYCHOMETRIC TESTING

A range of attributes are best tested through psychometric testing. Thisterm is often confusing but in essence, means that a mental measure is

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used. Therefore, psychometric testing covers ability tests, aptitude testing

and personality profiling.

Proper psychometric testing can only be carried out by appropriately

qualified staff. It is essential that applicants are offered feedback on their

performance and that applicants understand how the test information is

used during decision-making processes. Personality tests are usually

considered in conjunction with other information, as the results can be

unreliable. Ability tests can also be used in this way, but many

organizations use cut-off marks so that all candidates who achieve less

than a certain mark are rejected while the rest progress to the next stage.

ABILITY AND APTITUDE TESTS

The term ability tests is used broadly and in this context will encompass

aptitude tests too. Ability tests may cover a range of areas including:

General intelligence;

Verbal ability;

Numerical ability;

Spatial ability;

Clerical ability;

Diagrammatical ability;

Mechanical ability;

Sensory and motor abilities.

PERSONALITY PROFILING

An individual's personality may affect their suitability for some posts.

However, personality profiling does not have a right or wrong answer

and individuals may be sifted through identifying particular behaviors

that are better suited to the job than others. It is therefore important for

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It is one of the most important factors that decide the efficiency of the

hiring process of any organization. It is very important to know what

different organizations are paying at to their employees at different levels.

To be competitive and attract the best talent, it is very important to know

what others are paying.

TRACKING THE PERFORMANCE OF HIRING

Quality is a journey and not the destination. Therefore it is always better

to keep trying to achieve the best results. The word best is very relative in

nature. It cant be absolute. Therefore it is very important to keep a track

of the performance of the hiring as a function and also keep a check on

the efficiency of various sources of recruitment and the recruiters. For

this various metrics are used by different organizations in different

manner. The data is captured in different forms and means by the

organizations and presented in a customized manner according to the

needs of the organization. It is dependent on what an organization is

trying to check and evaluate. Thus it is good to know what all things

other organizations are keeping a track of. This can really help in making

an organization effective.

Structure of the Hiring Team

In ICICI Prudential LI Ltd.

There is a team of about 45 people in the recruitment function. These

people are divided on the basis of tracks. The different tracks are:

Trainee, Associate, Sr. Associate, Manager, GSS, Specialist & Research

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Track. These tracks are on the basis of levels existing in ICICI Prudential

So every track hires for that particular level only.

However GSS track hires for all the internal teams of ICICI Prudential for

e.g. HR, Staffing, Learning and Development, IT etc.

While the specialist track takes care of specific requirements. In ICICI

Prudential the hiring is general and not BU specific. After the person his

hired, his staffing is taken care of by the staffing team.

The research track provides all the back end support to the recruiters.

These can be headhunting, mapping the industry etc.

Locational Strategy

Hiring is centralized from Mumbai. However, there is a small hiring team

in Delhi as well.

Application

There is no provision of applying through hardcopy. People can apply

through online resume format or in form of referrals or can send their

profile after talking to any recruiter directly.

Educational Qualification of laterals hired

There are no specific preferences

to hire engineers etc. as lateral hire. Even simple graduates are hired, but

never such problem has occurred. Even though a person is a just a simple

graduate but he is good enough to be hired then normally he might

have done some course or the other to complete that 16 yrs of education.

So normally such problems are not faced. But even then if something like

this does occur then companies use their Cab system wherein theyre

given authority to send certain no. of people to a particular country for

work purpose.

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Use of Aptitude/Psychometric Tests

ICICI Prudential also uses to take different kinds of Aptitude or

Psychometric Test.

Recruitment channel usage break-up analysis

Job boards 12%

Employee Referrals 40%

Consultants 10%

Others (Walk-ins, direct, networking, contractor conversion) 8%

Research Track 30%

With privatization of the insurance sector, career prospects are manifold.

You have an opportunity to work in wide areas like underwriting, sales,

marketing and distribution, product management, finance, HR operations,

customer service and investment.

We are looking at professionals from diverse background and from across

the industry spectrum including FMCG companies, banking & finance,

insurance etc.

UnderwritingUnderwriters assess the risk in the business. Candidates with the right

blend of educational qualification and background can explore this

segment.

Sales, Marketing & DistributionThere is an immense opportunity in the area of sales, marketing and

distribution. Sales and marketing requires special skill sets andspecialisation. Degree holders from reputed institutes with sales and

marketing experience can explore opportunities in this area.

OperationsOperations is an integral part of the insurance sector. Candidates with

requisite qualification and experience can explore opportunity in this

area.

InvestmentProfessionals with MBA / CA degree and with requisite experience in

banks, MFs can look forward for a promising career.

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FinanceFinance is a critical part of any organisation. Candidates with MBA

/CA/ICWA/CS degree and with requisite experience can look forward for

a promising career in this area.

HR Operation

Human Resource is an essential part of an organisation as it helps in

formulating, developing and executing organizational strategy.

Professionals with relevant degree/diploma in HR and requisite

experience can explore various opportunities in this segment.

Customer ServiceInsurance being is a service-specific industry, the demand for customer

service professionals is on the rise. Degree holders with the right mix of

soft-skills, pleasing personality and a good understanding of the customer

psyche can apply.

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FINDINGS

AND

ANALYSIS

ANALYSIS

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Q1. What are the different ways of recruitment of

advisors in ICICI Prudential Life Insurance Ltd.?

Options Response i) Through internal contest 23%

ii) Walk in interview 30%

iii) Marketing technique 37%

iv) Through summer trainees 10%

Respone

1)Through internal

contest_______________

2)Walk in interview

3)Marketing

technique

4)Through summer

trainees

This graph shows that there is no clear response.In this answer, there is a mix response 37% manager thinks that

marketing technique is best method of recruitment & 30% prefer walk in

interview & through internal contest &summer trainees.

Q2. What is the recruitment policy in your organization?

Options Responsei) External 65%..

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ii) Internal &by training 35%..

Response

External

Internal & by

Training

The above graph shows that in insurance sector much of the recruitment

is done externally.

This depicts that the insurance companies believe in recruitment from

their top management externally. .

Q3.What procedure the organization follows for selecting

the efficient applicants from pool of applicants?

Options Response

i) Educational & 45%.

Professional qualificationii) Experience 45%.

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iii) Extra qualification 10%.

The above figure shows that the insurance companies are having different

selection criteria. Educational and professional qualification is must to

work with the esteemed organization. This shows that the insurance

companies are much concerned bout the experience the candidate has

achieved in this field.

Q4. Basic criteria for success ofadvisors in your organization?

Options Response i) Age above 25 14%

ii) Married 36%iii) Graduate 45%

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Educational &

Professionalqualification

Experience

Extra qualification


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iv) living in the same city for more than 5 years 05%

Response

1)Age above 25____________

2)Married

3)Graduate

4)living in the

same city for more

than 5 yrs

As the graph shows that manager prefer to find out a graduate advisor

than to married, age above 25 & living in the same city for more than 5

yrs is not so considered for selecting advisors.

Q5.Does high fee of licensing has negative effect on advisors

recruitment?

Options Responsei. Yes 45%

ii. No 55%

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Response

1. Yes

_______________

2. No

This graph shows that 55% manager thinks that there is no

effect of fees for recruitment but 45% manager thinks that feeshave a negative effect on recruitment of advisor. So there should

be reduction in the fee .

Q6. Which age group advisors are working better?

Options Response i) 19-30 years 15%..

ii) 31-40 years 45%..

iii) 40-60 years 30%..iv) Above 60 10%..

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The above graph shows that advisors between the age group of 31-40

years are achieving their targets much easily as compared to advisors of

other age group. People coming under this age group are considered to be

more stable and responsible.

Q7. Which advisors are performing better?

Options Response

i) Male 37%.

ii) Female 63%.

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19-30years

31-40years

40-60

years

Above60

S10%

20%

40%

60%

19-30 years31-40 years

40-60 years

Above 60

Male

Female


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The above graph shows that female advisors are performing better thanmale advisors as they are more dedicated towards their work and family.

People have more faith in terms of money for the females.

Q8. What according to you is main inspirational factor for

the advisors?

Options Response i) Commission & reward 42%.

ii) Joint field visits 19%.

iii) Motivational sessions 39%.

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The graph depicts that major inspirational factor affecting the

performance in a insurance sector is commission and rewards being given

to the employees and managers. Besides this joint field visits are not of

much affect as a motivation factor

Q9. What are the benefits and services your organization

provide to the employees ?

Options Responsei) Additional commission 60%..

& salary benefits

ii) Club membership 25%

iii) Offering free insurance 5%..

iv) Target based incentives 10%..

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Commission &

reward

Joint field visits

Motivational

sessions

Additional

commission & salry

benefits

Club membership

Offering free

insurance

Target based

incentives


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Now the task of HR Manger is not only to recruit and select the

candidates but also to retain the intellectual with in the organization, and

for that 60% of the insurance companies are providing additional

commission and salary benefits to their employees. While 5% of the

insurance companies are providing free insurance to their employees so

as to retain them in the organization. This shows that now the

organizations are much concerned for the retention of the intellectuals in

their organization by providing benefits and appropriate pay plans.

Q10. What is your plan for different employees?

Options Response i) Fixed 28%.

ii) Incentives 21%.

iii) Fixed+Commision 43%.

iv) All of the above 8%.

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From the data collected through good performing insurance companies, it

is assumed that companies providing fix salary and commission to their

workers are performing better. Majority companies (43%) provide both

fix salary and incentives to their employees. For better performance, it is

assumed that salary and incentives both should be given.

Q11.What is criteria for giving rating to effective advisors in

your organization ?

Options Response

i) By working skills 34%.

ii) By communication skills 21%.

iii) By both 45%.

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Fixed

Incentives

Fixed+Commision

All of the above


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Employees having both working skills and communication skill are rated

higher than having an either. On the other hand working kill is rated

above the communication skill.

Q12.Does your organization update your advisors about new

strategies adopted in the organization?

Options Responsei)Yes 88%

ii)No 12%

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By working skills

By

communicationskills

By both


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Response

1)Yes_______________

___

2)No

This graph indicate that majority of the respondent said that they

are continuously up dating their advisor about new strategy of

the company.

Q13.What is training period required for effective advisors?

Options Response1. 150 hrs 15%

2. 100hrs 85%

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Response

1. 150 hrs_______________

_

2. 100hrs

This graph indicates that majority of the respondent says that

there should be 100 hrs training for effective advisor & some

15% prefer 150 hrs training for effective advisor.

Q14. What are promotional and incremental plans of your

Organization?

Options Response i) Working skills 35%.

ii) Experience 35%.

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iii) Management participation 30%.

The graph depicts that 35% of the insurance companies provides

incentives including both financial (increment) and non financial

(promotion) incentives on the basis of working skills and experience

while 30% of the companies take management participation as their basis

for providing increment and promotion to their employees. Thus some

more emphasis on the promotion on the basis of management decision

making participation must be laid down by encouraging more

participation of the employees.

Q15. Does your organization invite employees to participate

in decision making?

Options Response

i) Yes 31%

ii) No 69%.

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Working skills

Experience

Management

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The above figure depicts that only 31% companies have employee

participation in decision making.

Employee participation is must for better decisions to be taken.

FINDINGS

The experience advisors are doing more business for the company.

The advisors who have more contacts are able to selling more

policies.

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No


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The advisors who have better communication skills is able to

convince more people.

The advisors who are married performing well and selling more

policy than the advisor who are unmarried.

The advisors of age group (31 40years) is able to sell more policy

than the advisors of age group (19 25years).

The female advisors are selling more policy than the male advisor

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CONCLUSION

This research study examines the recruitment process and systems of

ICICI PRUDENTIAL LIC Company Ltd in detail. The objective of this

research was to comprehensively study the recruitment systems and

practices ICICI PRUDENTIAL LI Company Ltd.

This study sheds light on how ICICI PRUDENTIAL LI Company Ltd has

different recruitment strategies and different ways of achieving the goal.

Different organizations have different hierarchies. Although most of the

organizations now have broad banding in place but some organizations

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structure are more flat than others that helps them in attracting right

talent.

The recruitment and selection process of different organizations also

tends to be different. This decides the culture of the organization. Every

organization has some requirements that a candidate needs to fulfill. So

every organization judges a candidate on its own requirement. When

there is a match, the person gets hired.

Also the various sources of recruitment are present in different

percentage performance in different organizations. Some have high

percentage hires from referrals while others have to depend upon

consultants for that. It is the case with the compensation packages as

well, paid to these people.

ICICI PRUDENTIAL LI Company Ltd has different approaches to find

out the amount of package a candidate needs to be offered. Some have the

inbuilt nature of taking care of equity aspect of the organization while

others are very flexible and pay what a person is worth in the market.

Although the above-mentioned

policies and conditions are very specific from organization to

organization, there can be certain policies and practices that are

worth implementing in an organization as well after tailoring it according

to the needs of the organization.But there are certain practices & systems that can be applied in any

organization depending upon what is suitable for that organization in the

minds of the decision makers. This is where this research is different as

with the help of this project the ways in which various firms handle

recruitment have been identified.

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This report can be of immense use to streamline any organizations

recruitment process. Also it is a result of comprehensive industry survey

and gives a clear and true picture of whats happening in the industry.

Every organization has its own way of working and recruiting. It is very

hard to copy each other when the organizational set up is completely

different in different organizations. But it always helps to know what

competitors are doing and to try and improve an organization so that its

always just a step ahead of the competition. This report can surely help in

that.

SUGGESTIONS

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AND

RECOMMENDATION

To increase the job satisfaction level of the advisors the company

should concentrate mainly on the commission, incentive and reward

structure rather than the motivational session and joint field visit.

The company should have used advertisement as a method of

recruitment.

The company should recruit more and more advisors for sellingtheir policies.

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The vacancies should be filled by the potential and qualified

candidates.

Infrastructure should be provided to the advisors by the company.

Ideal advisors should be married male of the age group 31 to 40.

ICICI Prudential should try to select experienced insurance agents

to sell their policies.

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BIBILIOGRAPH

Y

BOOKS

1. Kothari C.R. , Research Methodology, New Delhi; New

Age International Publication, second edition.

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2. Human Resource Management by Ashwathapa (third

edition), published by TATA Mc GRAW HILL Publication

Company Ltd. Page no. 81-136,171,179,267,284.

3. Human Resource Management By T. N. Chhabra

4. Human Resource Management By Arun Monappa

WEBSITES

1. www.iciciprulife.com

2. www.icicibank.com

3. www.icicipruuniverse.com 4. www.licindia.com

.Annual Reports of ICICI Prudential Life Insurance.
http://www.iciciprulife.com/http://www.icicipruuniverse.com/http://www.iciciprulife.com/http://www.icicipruuniverse.com/

san deep mann 22

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