A PROJECT REPORT

ON TRAINING AND DEVELOPMENT IN ICICI PRUDENTIAL

IN THE SUBJECT HUMAN RESOURCE MANAGEMENT SUBMITTED TO UNIVERSITY OF MUMBAI FOR SEMESTER II OF M.COM.

BY

JIGAR MAHESH RAVAL ROLL NO. 152

UNDER THE GUIDANCE OF Prof. SANDHYA PARASHAR YEAR 2012 2013

ACKNOWLEDGEMENT

I wish express my sincere acknowledgement to our principal Dr. M. R. Nair and all other who were directly or indirectly associated with the project. In the completion for this project, support and help of many is acknowledged. I would like to express my sincere appreciation to Prof. Sandhya Parashar for her guidance, patience, kindness and wisdom with this research project, as well as all other important aspect of this project. Additional acknowledgements go to the Librarian for providing me with all the required reference books for the project. Lastly, I would like to express my sincerest appreciation towards my parents, and all of my extended friends for their everlasting support and encouragement.

DECLARATION

I, Jigar Mahesh Raval Student of M.com. Part-I Bank Management, Roll. No 152 hereby declare that the project for the paper Human Resource Management, Training and Development in ICICI Prudential submitted by me to University of Mumbai, Semester II examination during the academic year 2012-2013, is based on actual work carried by me under the guidance and supervision of Prof. Sandhya Parashar. I further state that this work is original and not submitted anywhere else for any examination.

JIGAR MAHESH RAVAL.

CERTIFICATE
This is to certify that the project entitled ______________________________________________________________ _______________________________________________________________ ________________________________ Submitted by

Mr./Ms._______________________________________________ Roll No. ________ student of M.Com. (Part-I) Accountancy / Management / Banking & Finance (University of Mumbai) Semester I examination has not been submitted for any other examination and does not form a part of any other course undergone by the candidate. It is further certified that he / she has completed all required phases of the project. This project is original to the best of our knowledge and has been accepted for Internal Assessment.

Internal Examiner

External Examiner

Co-ordinator

Principal

College seal

Sr No. 1

Particulars

Remarks

EXECUTIVE SUMMARY

INTRODUCTION
3

INDUSTRY PROFILE

INDIAN INSURANCE MARKET HISTORY

COMPANY PROFILE TRAINING AT ICICI PRUDENTIAL TRAINING COMPONENTS CONCLUSION QUESTIONNAIRE

7 8 9

10

BIBLOGRAPHY

EXECUTIVE SUMMARY

This project on training effectiveness for advisors in insurance industry has been undertaken in ICICI Prudential. This project attempts to understand the objectives of training programs of insurance companies. A detailed study of the training programs conducted by ICICI Prudential for its financial advisors has been made. The main objective is to understand the impact of the training programs on the performance levels of the financial advisors ICICI Prudential is currently No.1 private life insurer in the country. It has one of the largest distribution networks amongst private life insurers in the country. This has generated curiosity in me to know how far training programs have improved the employees job performance. An attempt has been made to understand the effectiveness of training programs at entry level, i.e., for advisors has been made here. For, the advisor/ agent are the public face of the insurance company and make the most enduring impact on the customer. The study involved both primary and secondary sources for collecting information. The secondary sources include companys website, books, journals, insurance magazines, HR reviews, articles on internet etc.The primary data was collected with the help of a structured questionnaire administered to 25 advisors who were selected through simple random sampling technique. The data has been analyzed by assigning scores to the responses given by the advisors and with the help of a correlation matrix between different variables, the conclusions have been arrived at. The observations made during the data analysis have been represented with the help of pie charts and bar diagrams.

Finally, the conclusion part discusses about the major findings of the study and the various measures to be taken by the ICICI Prudential to improve its training programs for advisors. The advisors were not satisfied with the duration of the training program since they were already in regular employment with some or the other company. They wanted the timings to be re scheduled. However, ICICI Prudential has been taking care to take note of such problems and constantly trying to update the knowledge and skills of the advisors.

INTRODUCTION

Every organization requires competent employees for the successful functioning of its various departments. To ensure that the staff works efficiently and effectively, the organization has to continuously evaluate their performance and bridge any performance gaps by providing appropriate training to them. For, it is the people who make or mar an organization. Traditionally, the training policy in an organization focused on enhancing the productivity and effectiveness of the employees so that the medium term and long term strategies of the organization could be successfully fulfilled. Since up gradation of skills and knowledge has direct relevance to performance, training policy till date was desired to have linkages with other HR systems and policies like performance appraisal, career planning, rewards and promotion as decided by the management. With the ushering in of Globalization and Liberalization since early 1990s, there has been a sea change in our business processes, and our corporate practices forcing organizations to mould themselves to the new era of competition, where they have to

compete not at local or national level but at international level. This necessitates huge investments in the training programs for providing the requisite skill set to the staff. The ultimate aim of any training program is to achieve: Continuous Improvement Change-in-Attitude Cost Saving Total Productivity Scope for development
When organization has invested in some training, how do we know if it has a success? Our gut feeling might be that skills and practice have improved. But in what ways and by how much has it improved, and did organization get value of money? Answers to these questions can be found by doing evaluation.

The evaluation of training forms the remaining part of the training cycle which starts with the identification of training needs, establishing objectives and continues through to the design and delivery of the training course itself.

It is the function of evaluation to assess whether the learning objectives originally identified have been satisfied and any deficiency rectified. It is part of a continuing management process consisting of planning, implementation and evaluation; ideally with each following the other in a continuous cycle until successful completion of the activity. Evaluation process must start before training has begun and continue throughout the whole learning process.

Donald Kirkpatrick developed four level models to assess training effectiveness. According to him, evaluation always begins with level first and should move through other levels in sequence. Reaction Level: The purpose is to measure the individuals reaction to the training activity. The benefit of Reaction level evaluation is to improve Training and Development activity efficiency and effectiveness. Learning Level: The basic purpose is to measure the learning transfer achieved by the training and development activity. Another purpose is to determine to what extent the individual increased their knowledge, skills and changed their attitudes by applying quantitative or qualitative assessment methods. Behavior Level: The basic purpose is to measure changes in behavior of the individual as a result of the training and development activity and how well the enhancement of knowledge, skill, attitudes has prepared them for their role. Result Level: The purpose is to measure the contribution of training and development to the achievement of the business/operational goals.

There are three possible opportunities to undertake an evaluation: Pre Training Evaluation: it is a method of judging the worth of a program before the program activities begin. The objective of this evaluation is (a) To determine the appropriateness of the context of training activity and (b) To help in defining relevant training objectives. Context and Input Evaluation: is a method of judging the worth of a program while the program activities are happening. The objectives of this evaluation are (a) To assess a training course or workshop as it progress (b) To find out the extent of program

implementation and (c) To determine improvement and adjustments needed to attain the training objectives. Post Training Evaluation: is method of judging the worth of a program at the end of the program activities. The focus is on the outcome. It tries to judge whether the transfer of training to the job has taken place or not.

The onus to decide on the effectiveness of the training program should primarily be on the employee and through his performance and quality of output, the organization should form impressions. The employee undergoing training therefore should demonstrate the additional skills and competence at his workplace to enable the organization to value it and to realize the value such efforts add to the organization in achieving its goals and objectives and to frame and practice relevant HR policies and processes.

Literature Review

As customer relationship plays a major role in the insurance business, adequate training has to be provided to the employees to understand the customer needs and communicate the suitable product details according to their requirements. A company will be successful if the intermediaries interacting with the customers have a sound knowledge of the products available and are able to convey the same to the end users. Insurance expert Dale S Beach defined training as the organized procedure by which the employees learn knowledge and skills for a definite purpose. The organization has to conduct training programs to educate the staff about the various products available, to improve their communication skills and also to equip them to handle different types of customers. Liberalization and privatization of the insurance sector have resulted in a competitive market. Insurance companies require smart and skilled personnel to compete with their rivals in the market. The companies should impart necessary knowledge and skills to the employees by conducting training programs, seminars, conferences and workshops. The HDFC Standard Life Insurance Company imparts knowledge on insurance and other related business process through Management Trainees Program. The Oriental Staff Training College ( OSTC ) is the training center for Oriental Insurance Company. As a part of on-the-job training, companies are tying with training institutions to upgrade the employee knowledge on the latest technology and novel techniques in the industry to improve his performance. Strong academia-industry partnerships are also witnessed. United India Insurance Company in partnership with Dr. Ambedkar Law University in Tamil Nadu provides a post graduate diploma course in general insurance law

and practice. A survey reveals that the training sensitivity among the private insurers stands at 3 on the scale of 0 to 5, where 0 represents not sensitive and 5 represents highly sensitive. A study of the Indian insurance sector by McKinsey & Co., the global consultancy firm, says a mere 25-30% of the life insurance agents have the acceptable level of training and sales standards set by their companies. The study further says there is not much to differentiate between those advisors who have spent more than two years in a company and new recruits without any sales experience. Definitely, this is a sad reflection on the quality of training imparted to the agents!!!! The focus of the training during the last decade has shifted from training for survival to training for success. Training, therefore, has to serve as a vehicle for change. To satisfy the curiosity of agents, the faculty members will have to become real coaches and not mere cheerleaders. The training system has to develop wings to fly towards greater heights. All this is possible only when the organizations evaluate the effectiveness of the existing training programs on performance improvement of the employees and thereafter make suitable changes in the training policy to bridge the performance gaps in the employees

INDUSTRY PROFILE Origin of Life Insurance

Life insurance was born in England when the first policy providing temporary cover for a period of 12 months was issued as early as 1583 A.D. The Amicable Society started granting fluctuating sum on death since 1705 and a fixed sum since 1757. With the development of mortality tables, life insurance acquired a scientific character. The Equitable Society founded in 1762 was the first society established on scientific basis.

Origin of Life Insurance in India

In India, after the failure of 2 British companies, the European and the Albert in 1870, which attempted writing business on Indian lives, first Indian life assurance company was formed in the same year called Bombay Mutual Assurance Society Ltd. It was followed by Oriental life assurance Company limited in 1874, Bharat in 1896 and Empire of India in 1897. The idea of insurance was born out of a desire of the people to share the loss of an individual by many. Originally, it was restricted to other forms of life insurance. It started with marine insurance where the losses on account of perils of the sea were shared by all who were engaged in trade. References to some forms of insurance have been found in the codes of Hammurabi Manu.

The Swadeshi movement of 1905 provided impetus to the formation of several companies such as the Hindustan Cooperative, the United India, the Bombay life, the National. Further in the wake of freedom movement, number of companies such as the New India, the Jupiter, and the Lakshmi emerged.

The government began to exercise certain measure of control on insurance business by passing Insurance Act in 1912. In order to control the investment of funds,

expenditure and management, a comprehensive Act was passed known as Insurance Act 1938. To control the affairs, the office of controller of insurance was established. The Act was amended extensively in 1950.

Indian Insurance Market History

Insurance has a long history in India. Life insurance in its current form was introduced in 1818 when Oriental Life Insurance Company began its operations in India. General insurance was however a late entrant in 1850 when Triton insurance company set up its base in Kolkata.

History of insurance in India can be bifurcated into 3 eras:

a) Pre Nationalization

b) Nationalization

c) Post Nationalization

Life insurance was the first to be nationalized in 1956. Life Insurance Corporation of India was formed by consolidating the operations of various life insurance companies. General Insurance followed suit and was nationalized in 1973. General Insurance Corporation of India was set up as the controlling body with New India, United India, National and Oriental as its subsidiaries. The process of opening up of the insurance sector

was initiated against the background of Economic Reform Process which commenced from 1991. For this purpose, Malhotra Committee was formed which submitted report in 1994 and Insurance Regulatory Development Act (IRDA) was passed in 1999. Subsequently, Indian Insurance was opened for private companies which began operations since 2001.

Indian Insurance Market History

For years now, private players have been active in the liberalized environment. The insurance market has witnessed dynamic changes which include presence of a fairly large number of insurers both life and non life segment. Most of the private insurance companies have formed joint venture partnering well recognized foreign players across the globe. There are now 29 insurance companies operating in the Indian market 15 private life insurers, 9 private non-life insurers and 6 public sector companies (see Appendix). With many more joint ventures in the offing, the insurance industry in India today stands at cross roads as competition intensifies and companies prepare survival strategies in a de-tariffed scenario. There is pressure from both within the country and outside on the Government to increase the Foreign Direct Investment (FDI) limit from the current 26% to 49% which would help JV partners to bring in funds for expansion.

COMPANY PROFILE

Overview of ICICI Prudential ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 37.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. The company began its operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, their nation-wide team comprises of over 955 branches in addition to 1,033 micro-offices, over 261,000 advisors; and 20 banc assurance partners. ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As the company widens its distribution, product range and customer base, it continues to tirelessly uphold its commitment to deliver world-class financial solutions to customers all over India.

ICICI Prudential Life is all about

Health

TOTAL PROTECTION

Wealth

Life

We cover you at every step in Life 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.

The VISION of the company is To make the company the dominant Life and Pensions player built on trust by worldclass people and service.

The company proposes to achieve its vision by: Understanding the needs of the customers and offering them superior products and services. Leveraging technology to service customers quickly, efficiently and conveniently. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to the policy holders. Providing and enabling environment to foster growth and learning for the employees. Building transparency in all dealings.

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all they do, and have become the keystones of companys success. 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 Ms. Kalpana Morparia, Vice Chairperson Ms. Chanda Kochhar, Director Mr. Barry Stowe, Director Mr. H.T. Phong, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Ms. Rama Bijapurkar, Director Mr. Keki Dadiseth, Director

Ms. Shikha Sharma, Managing Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director

Management Team The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad. Ms. Shikha Sharma, Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President Customer Service & Technology Dr. Avijit Chatterjee, Appointed Actuary Mr. Puneet Nanda, Executive Vice President & Chief Investment Officer

Hierarchy Structure of Training Department

Training Head

Training Managers

Associate training manager

(2)

Branch manager

Consultant Trainers (Freelancers)

TRAINING AT ICICI PRUDENTIAL

One of the objectives of the present study is to understand the objectives of training programs for advisors in insurance industry in general and then to make a study of the training program conducted in ICICI Prudential. Training objectives in insurance sector In insurance sector, the need to be well trained assumes gigantic proportions. A unique feature as regards insurance is that it is not merely sufficient to have a properly trained workforce; there is a need to spread the message of insurance among the populace. The above, to a great extent, depend on the knowledge ability of the distribution personnel on account of the interface that they are required to maintain with all the prospects. The best of advertisements and other forms of spreading message would be no substitute for a job well done by the intermediary. The advisor/ agent are the public face of the insurance company and make the most enduring impact on the customer. The prospective policyholders today need professional inputs from intermediaries whom they can trust and respect. Therefore, the undeclared objective behind training the advisors is their professionalization, making them capable of good selling and thus ultimately benefitting the customer. Need analysis, features and benefits, objection handling and closing skills are the key components of quality insurance sales training. The opening up of the sector has given a boost to the training industry. Acute shortage of trained and expert professionals has spurred the corporate houses to adopt the strategy of tying up with educational institutions and overcome the dearth of skilled insurance professionals in this highly competitive market. A case in point is ICICI Prudential. The

company has joined hands with some training/ educational institutions to start customized courses. Training Program for Advisors Advisors are the people who are not the employees of the ICICI prudential, but works as commission agents. Becoming an advisor is a part time job offer which can be taken up by any person above the age of 18 years and who has passed 12th or higher secondary, wherein the person can utilize his/her contacts for making a different high source of income. They can be associated either full time or part time as per their requirements. There are unlimited career paths and opportunities for income & growth for deserving candidates. The training program is conducted at all the branches of the company. Each batch consists of minimum of 12 17 candidates. The training program consists of following components: CAREER ORIENTATION PROGRAM 4 hrs. The candidates are provided with information about prospects for Indian economy, insurance industry in general and ICICI Prudential in particular. They are also briefed on prospects and career growth of an advisor. ADVISOR INDUCTION PROGRAM ( AIP ) 4 days The candidates are imparted with product knowledge, process knowledge and about the company. REFRESHER TRAINING I.R.D.A training of 50 hours duration (i.e., 7 hours per day for 7 days period) is mandatory. The course comprises of different modules which are detailed below:

Module 1:

Chapters: 1. Introduction to Insurance 2. Fundamental Principles of Life Insurance 3. Life Insurance Products Module 2: Chapters: 4. Options, Guarantees and Riders 5. Computation of Premiums / Bonuses Module 3: Chapters: 6. Insurance Documents 7. Claims 8. Organization - Distribution Channels 9. Group Insurance and Superannuation Schemes / Pension Plans

Module 4: Chapters: 10. Rural Market 11. Financial Planning and Taxation

12. Legislative and Regulatory Matters 13. Functions of the Agent Module 5: Chapters: 14. Fundamental of the Agency Law and Agency Commission Structure 15. Insurance Salesmanship and Selling Techniques Test The student has to undergo a test at the end of the program. On successful completion of the test, the student will become an

IRDA (Insurance Regulatory and Development Authority) Certified Insurance Agent. The advisors are also advised to complete Financial Markets Beginners Module of NCFM (National Stock Exchange Certification) examination since the company is now offering ULIPS or Unit Linked Investment Plans which offer both life cover as well as scope for savings or investments options as the customer desires.

TRAINING COMPONENTS Training Inputs There are 7 sub variables under V1 such as: course structure, course content, duration of training program, training hand outs and aids, quality of exercise, training coordination & organization and communication of training objectives clearly. A five point rating scale was used to gather the responses from the advisors. The ratings given for each sub variable by each respondent is combined to get a total score for that respondent. If a respondent gives rating of 1 to the entire 7 sub variables, the total score for that respondent would be 1* 7 = 7. Similarly, if a respondent gives rating of 5 to all, then total score for V1 would be 5* 7 = 35. Therefore, if we calculate the total scores given by each respondent in the same manner, the scores would vary from 7 to 35. Taking the total score into consideration, all the scores obtained were again categorized into 3 and the frequency obtained is given below: Feedback on training inputs Category POOR (7 16) AVERAGE ( 17- 26) EXCELLENT(27 -35) Frequency 0 10 15 Percentage 40 60

Feedback on Training Inputs

POOR 16-7 AVERAGE 17-26 16 14 12 10 8 6 4 2 0 16-7 POOR 17-26 AVERAGE 27-35 EXCELLENT EXCELLENT 27-35

Role of Trainer There are 5 sub variables in V2 such as: Subject knowledge/ conceptual clarity, Trainer created & maintained environment for learning, Trainers training skills & competence, Presentation methodology and Guidance & support. Applying the same procedure as for V1, we get the range of scores as 5 to 25. The respondents are then categorized into 3 groups as: Feedback on the role of trainer

Category POOR (5 11) AVERAGE ( 12- 18)

Frequency 0 0

Percentage -

EXCELLENT(19 -25)

25

100

Feedback on the role of trainer

25 20 15 10 5 0 5 to 11 POOR 12 to 18 AVERAGE 19 to 25 EXCELLENT

Facilities at the venue The responses for V3 were obtained in the form of yes or no. The score assigned for no response was 2 and for yes was 1. 20 out of 25 advisors interviewed found the facilities provided by the company at the venue as satisfactory. In other words, 80% of the respondents were satisfied with the facilities provided at the venue. Satisfaction with facilities at venue

20%

yes no

80%

Relevance to the job A 5 point rating scale was used to gather responses from the advisors which ranged from 1 for not at all relevant to 5 for highly relevant. Of all the respondents, 92% felt that the training programs conducted for them were highly relevant while only 8% were not sure. Feedback on relevance to job

Overall evaluation of training program As in the case of V1 and V2, here also same 5 point rating scale was used. Almost all of the respondents have given highest rating to the training program as a whole. 15 respondents gave above average rating and 10 gave excellent rating with respect to overall evaluation of the training program.

Feedback on overall training program

V1 V1 1

V2

V3

V4

V5

INTERRELATIONSHIP AMONG TRAINING COMPONENTS 7.1 Correlation analysis matrix A correlation matrix has been drawn taking all the above five variables into consideration, i.e., V1, V2, V3, V4 and V5, to understand the interrelationship among these variables.

V2 V3 V4 V5

0.89 0.46 0.52 0.79

1 0.52 0.58 0.95 1 0.25 0.44 1 0.54 1

Table 5 : Correlation matrix between the variables

V1 Training Inputs As could be seen from the intercorrelation matrix above, the training inputs are significantly and positively correlated with all the other variables roles of the trainer, facilities at venue, relevance of the program and the overall evaluation of the training program. These significant relationships are obvious since training inputs form the core part of any training program. They are designed on the basis of training needs assessment made by the HR department of the organization. A positive correlation is found between training inputs and roles of the trainer (r 1,2 = 0.89). This implies that the training inputs and trainers style of imparting the training program go hand- in hand. Depending on the course structure & content, the time allocated for each module and the facilities provided at the venue, the trainer adopts suitable methods to create environment for learning.

On the other hand, the least correlation has been found among training inputs and the facilities provided at the venue by the organization (r1,3 = 0.46). This proves that the facilities available at the venue have no much significance for the advisors. They are more concerned about the way the training program has been designed and imparted. Generally, there has to be a significant correlation between training inputs and the relevance of the program to the job profile and the same has been found in the study also (r 1,4 = 0.52). For, the course structure & content is designed by taking the skills, knowledge and attitudes required for effective performance of the job into consideration. The basic purpose of providing training is to make the advisors capable of good selling. Further, a significant correlation (r1,5 = 0.79) between the training inputs and the overall evaluation of the training program by the advisors can also be seen in the matrix. That is, if the advisors feel the training inputs are above average, they give similar rating for the program as a whole. This shows that training inputs forms a crucial component for overall success of the program. V2 Role of the trainer Table shows that trainers subject knowledge and training skills have emerged as the most

significant variable in relation to the overall evaluation of the training program (r2,5 = 0.95 ). In case of many training programs, it has been found that there is no impact on the productivity of the employees even though the training inputs have been of very high quality. This is because little do they realize that training is conducted so that employees can implement the knowledge in their day- to-day work by developing requisite skills. Trainers should not only impart knowledge but show to the participants a route map of how to convert this gained knowledge into a skill over a period of time. But then many trainers are not clear

how to convert the knowledge into a skill. These trainers concentrate more on the tools or methods of the training rather than this conversion. This has been the major reason for failure of several training programs. The significant relationship between trainers role and relevance of program to the job (r2,4= 0.58) proves the same. Generally, the trainers teaching style and the creation of environment for learning depends on the access to the various facilities available at the venue. For example, provision of audiovisual aids can facilitate two way participation, quick revisit to material for clarifying a point, offer entertainment etc. The positive and significant relationship between trainers role and facilities at venue (r2,3 = 0.52) drives home the same point. V3 Facilities at venue This variable does not have much significant relationship with the relevance of the program to job and the overall evaluation of the training program (r3,4 = 0.25 , r3,5 = 0.44). this shows that even if proper facilities are not provided at the venue, if the training inputs and the trainers communication skills are good, the training program could be a success. Herzberg has propounded that the presence of hygiene factors can only prevent dissatisfaction but cannot lead to satisfaction. Similarly, facilities at venue being hygiene factor , the satisfaction with it does not motivate employees to improve their performance. They can at best facilitate creating an environment for learning. V4 Relevance to job It is quite obvious that if the training program is found to be relevant to the job, the training program will also be rated highly. This, however, depends to a great extent on how the training knowledge is imparted by the trainer and converted to skills required for job.

Satisfactory aspects of training program This was an open-ended question for which multiple responses were given by the advisors. The various responses can be categorized into three broad areas: course material, training facilities and trainers knowledge and skills. As already discussed in Chapter 6, the advisors rated the trainers role as excellent. Most of them were quite satisfied with the way the training was imparted. They found the trainers to be responsive and approachable whenever they required any guidance and support. Improvements suggested by the Advisors The focus of the study was on advisors who received entry level training in last one to two months. Many were already employed in different areas and this career formed an additional source of income for them. They are finding it difficult to manage time for both their regular work and training classes. Hence, the advisors feel that if possible, the duration of the training program has to be reduced or it should be imparted through distance mode. The course structure and schedule were found to be satisfactory but the advisors feel that the technical language used in the material should be simplified. This would help them in explaining the products in simple language to the customers.

CONCLUSION ICICI Prudential, being No.1 private player in life insurance in the country with the largest distribution network, has made efforts to update its training programs to keep pace with the fast changing world. In a highly competitive market, such continuous efforts are necessary to be ahead of competitors. The major findings with respect to the training program for advisors conducted by ICICI Prudential are The advisors have chosen career in insurance to earn additional income and have quick career growth. The advisors have joined ICICI Prudential mostly through references The course content is all encompassing, i.e., it covers a study of all aspects of life insurance , an overview about economy and introduction to various products of the company and the unique features of each. The training aids and handouts were found to be of high quality The conceptual knowledge and presentation skills of the trainers are rated to be excellent. The training program is conducted at all the branches and the facilities provided were considered to be satisfactory. The advisors had a problem with the duration of the training program and the technical language of the material

The suggestions that can be made to improve the training program for advisors are The duration of the training program could be reduced. The training program should be conducted during weekends so that the advisors can concentrate properly. The training program could be imparted through distance mode or online mode. Besides in technical language, the concepts should be explained in simple language or local language also which a layman can understand. This would help the advisors to interact in a better way with the customers. Knowledge about ones products and also that of the competitors should be provided to the advisors so that they can handle customer queries well and develop good selling skills. The techniques to promote the brand awareness of ICICI Prudential should be included in the course.

ICICI Prudential should concentrate more on the training programs conducted for the advisors. For, they are the ones who not only sell the companys products but also create and maintain brand image among the customers. Constant assessment of the advisors skills in order to upgrade them would go a long way in achieving success in this dynamic industry.

QUESTIONNAIRE 1. What prompted you to choose a career in insurance industry? 2. What motivated you to join ICICI PRUDENTIAL? 3. Rate the following: (On Scale of 1 to 5: 1-poor, 2- below average, 3- average, 4-above average, 5- excellent ) A) Course structure B) Course Content C) Duration of training program D) Handouts & Training aids E) Quality of exercise F) Training coordination & organization G) Communication of training objectives clearly

4. Trainer Feedback A) Subject knowledge/ conceptual clarity

B) Trainer created & maintained environment for Learning C) Trainers training skills & competence

D) Presentation methodology E) Guidance & support

5. Were the facilities provided at the venue adequate? Yes No

6. What did you like the best about the program?

7. What could have been done better?

8. What is your overall evaluation of the training program? (Rate on scale of 1 to 5)

9. Do you think this training program is relevant to your job profile? (tick appropriate one) Highly relevant Relevant Not sure Not that much relevant Not at all relevant

10. Any other comments/ suggestions___________________________________________ _______________________________________________________________________

BIBLIOGRAPHY WEBSITES 1. www.iciciprulife.com 2. www.ficci.com 3. www.citehr.com

MAGAZINE Insurance chronicle, Vol-VII, Issue-XI, November 2007 BOOKS Reddy, Dr.B.Rathan. Effective HR Training and Development Strategy. Himalaya Publishing House, 2007 Goldstein, Irwin.L. Training in Organizations. Thomas Wadsworth, 2001