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Study of recruitment policies and procedure adopted in Icici prudential life insurance ltd.

CHAPTER -1 INTRODUCTION
ICICI Prudential Life Insurance co. ltd is the #1 private life insurers in the world. The project was undertaken to study the dynamics of insurance agency development and need of life insurance in human life. 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.

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

Objectives of The Study


1. To study the recruitment policy of ICICI Prudential. 2. To find out suitable candidates for the post of advisor. 3. To study about the competitors of ICICI Prudential.

Importance of The Study


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.

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

H R Practices includes :
Recruitment Selection Planning Training and development Performance Appraisal Payroll system Retirement Benefits Incentive System

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. As the data would be response from a sample containing large number of soursection of the situation. Design of descriptive studies includes the nature and source of data, the nature of the expected result and the analytical method

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

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 private manager of ICICI PRU.

DATA COLLECTION METHODS


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. The PRIMARY DATA is collected by personnel interview (structured) of the HR Managers of different life Insurance companies in Private sector. A survey was conducted keeping in view the objective of the study. The questionnaire is consisted of both open ended and close ended questions

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

SAMPLING DESIGN
The selection of companies is based on judgmental sampling as the sample is too large.

DATA ANALYSIS AND INTERPRATION


For the purpose of analyzing the raw data it is summarized into a master table from this table the results have been carried out. 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 habeen calculated. In case of exploratory questions the general suggestions have been summarized.

LIMITATIONS
In every project/study undertaken limitations arises and are inevitable. This project report is based on the information given by the head or Unit Managers of the centers. The information is also collected through some magazines, newspapers and e-mails. Some respondents were not interested in giving answers as they were appearing to be busy. In fact, this project report involves human processing and analysis. Therefore, there are chances of human error. One of the major limitations is time bounded ness. The Management Trainees are restricted to a training of 6-8 weeks only ,and much of the time is spent in Coaching and training itself and not in the field. Trainees are provided with limited resources. No financial aid or stipend is being paid to them, so they can not spend much on meetings with the

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

potential customers. It can be also treated as a limitation of Cost Bounded ness.

CHAPTER - 2 INDUSTRY PROFILE INSURANCE SECTOR IN INDIA

The insurance landscape in India is undergoing a tectonic shift. Despite its more than teeming one billion populations, India still has a low insurance penetration of 1.95 percent, 51st in the world. Although India boasts a saving rate or around 25 percent, less than 5 percent is spent on insurance. With the entry of competition, the rules of the game have begun to change. The market is already beginning to wetness a wide array of product from players whose number is set to grow. In such a scenario, the appeal of insurance is the benefits of protection of lives & assets from insurance products. Only 22% of the insurable population possesses life insurance. Whats more, in a country over billion people, life insurance premier forms only 1.8% of GDP indicate the extent of underinsurance. Recognizing the huge potential of the market and the need to make insurance, particularly the life insurance, available on a wider scale, the government opened the industry to private players in 1999 and was flooded with applications. Major international insurance-Prudential and Standard Life of UK, Sun life of UK, Sun life of Canada, AIG, MetLife and New York Life of the US, to name a few tied up with leading companies of India to reach out this vast market. Today, the Indian insurance industry has a dozen of private players, each of which is making strides in raising awareness level, introducing innovative products and increasing the penetration of life insurance in the vastly underinsured country. The success of effort is noteworthy private insurers captured nearly 9 percent of new business premium income in tow years of operations.

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

The biggest beneficiary of the competition amongst the life insurers is the consumer. A wide range of products, customer focused service and professional advice has become the mainstay in the industry. It is seen a dramatic increase in customer awareness, with penetration cutting across the socio-economic class and attracting people who have never purchased insurance before. With the heightened awareness comes a willingness to evaluate life insurance as an integral part of financial planning kit a significant change nearly attuned, where insurance is purchased as a tax saving pool. Not only has there been shift in the perception of life insurance, but also the way it is sold. From being a purely advisor driven business, the sector has seen the emergency of a number of channels, including bank assurance, corporate agents and direct marketing. These channel though very new, quickly gaining importance because they present customers multiple ways of approaching life insures. There is also a huge improvement in service attitude ad delivery making a customer a focus of each initiative. Technology has come to aid giving the platform; the reach and the ability each service each customer seamlessly. Multiple touch points have emerged contact centers, e-mail, facsimile, websites, snail-mails etc. On the product front, there are two trends that stand out. The days of high guaranteed return products, are over. Products are now priced flexible, realistically, sustain ably. LIC of India has witnessed a decline in first year premium in FY03 while private players has witnessed a more than three fold premium growth because of reduction of guaranteed return products.

First year premium income (Rs. in Crores) Private Players LIC of India

2002-2003 982 11,343

2001-2002 297 14,843

The other major change is the introduction of liquid, transparent and flexible policies, with linked products leading the bridge.

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

While such products are more complex, there is a distinct set of investors who fond such products appealing. As the market matures, the demand for unit link and products will only increase.

SHARE OF INSURANCE SECTOR IN VARIOUS PUBLIC DEPOSITS

60 50 40 30 20 10 0
S ES O SI TS D FU AN C N AR E

MUTUAL FUNDS EQUITY SHARES FIXED DIPOSITS INSURANCE

SH

DI P ED

TU

IT Y

EQ

INSURANCE MUTUAL FUNDS EQUITY SHARES FIXED DIPOSITS

FI X

IN

SU

AL

51.79 % 15.45 % 8.95 % 23.81 %

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

Collaboration of Indian Companies with Foreign Companies


S.No 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Indian Companies Kotak Mahindra Tata Group Sundram Finance Sanmar Group Spic ILFS Alpic Finance 20th Century Vysya Bank Cholmandalam SBI HDFC Foreign partnership Chubb AIG Winterthur GIO of Australia Metlife Cigna Allianz Canada Life ING Axa Alliance Capital Standard Life

13.
14.

ICICI
Hindustan Times

Prudential Plc
Commercial union

Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

15. 16.

IDBI Max India

Principal New Yark 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 was created 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 the operations 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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Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

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

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Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal and Andhra Pradesh .

BIRLA SUN LIFE INSURANCE

Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance 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 as its 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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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 has established 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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Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

RELIANCE LIFE INSURANCE

Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. 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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Study of recruitment policies and procedure adopted in icici prudential life insurance ltd.

Chapter-3 COMPANY PROFILE

PROFILE
COMPANY NAME : ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. INDIAN PARTNER FORIGN PARTNER EQUITY RATIO : ICICI BANK : PRUDENTIAL PLC : 74:26

COMMENCEMENT OF OPERATION : 19TH DECEMBER 2000 FIELD OF OPERATION: LIFE GENERAL DONE BY ICICI LOMBARD HOME ADDRESS : ICICI PRUDENTIAL LIFE INSURANCE COMPANY, ICICI PRULIFE TOWERS, 1089, Appasaheb Marathe Marg, Prabhadevi,MUMBAI400025 : Ms. SHIKHA SHARMA

CEO OF THE COMPANY

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Prudential PLC
Established in 1848, Prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management, and more than 16 million customers worldwide. Prudential has championed customer-centric products and services, supported by over 60,000 staff and agents across the region Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. M&G was acquired by Prudential in 1999 and is the Group's UK and European fund manager, responsible for managing over 112 billion of funds (as at 31 March 2004). Launched by Prudential in 1998, Egg is an innovative financial services company, with over 2.5 million customers with a market share of nearly 5% of UK credit card balances. In Asia, Prudential is UK's largest life insurance company with a vast network of 23 life & fund management operations in 12 countries serving 4 million customers- China, Hong Kong, India, Japan, Indonesia, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand & Vietnam. In the US, Prudential owns Jackson National Life, a leading life ins. company & has more than 1.5 million policies and contracts in force.
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Commitment & Aim


According to them- our commitment to the shareholders who own Prudential is to maximise the value over time of their investment. We do this by investing for the long term to develop and bring out the best in our people and our businesses to produce superior products and services, and hence superior financial returns. Our aim is to deliver top quartile performance among our international peer group in terms of total shareholder returns. At Prudential our aim is lasting relationships with our customers and policyholders, through products and services that offer value for money and security. We also seek to enhance our Company's reputation, built over 150 years, for integrity and for acting responsibly within society.

EQUITY
The Company has an equity base which stands at a whopping figure of Rs. 6.75 billion, with ICICI Bank and Prudential Plc. holding 74% and 26% stake respectively. In the first quarter of the financial year 2006-07, company has crossed a new milestone of insuring lives more than 2.5 million policy holders. and premium income in excess of Rs. 1185 crore the company has network of about 60,000+ advisors as well as 12 bank assurance tie-ups at present. The company has got 113 branches across 95 different locations across the country.

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DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life insurer in India, having commenced operations in 95 cities and towns in India. These are Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Banglore, Bhatinda, Bhopal, Bhubhaneswar, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hugli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochin, Kolkata, Kota, Kottayam, Locknow, Ludhina, Madurai, Manglore, Merath, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur, Trichy, Trivandrum, Vashi, Vijaywada and Vizag.

BANK ASSURANCE
The company has twelve bank assurance tie-up, having agreements with ICICI Bank, Allahabad Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, and Punjab and Maharashtra Co-operative Bank, Shamro Vithal Co-operative Bank and Jalgaon Peoples Co-operative Bank, as well as some corporate agents. It has also tied up with organizations like Dhan for distribution of Salam Zindagi, a policy for the socially and economically underprivileged sections of society.

VISION
To be Dominant Life & Pension Player build on trust by world class People & Services. The vision of the company clearly states that it wants to become the dominant Life and Pension player built on trust by world-class people and services.

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The Company hopes to achieve the above-mentioned objective by: 1. Understanding the needs of customers and offering them superior products and services. 2. Leveraging technology to service customer quickly, efficiently and conveniently 3. Developing and implementing superior risk management and investment strategies to offer sustainable and returns to the policyholders. 4. Providing an enabling environment to foster growth and learning for the employees. 5. And above all, building transparency in all the dealings. The success of the company will be founded in its unflinching commitment to 5 core values Integrity, Customer Firs, Boundary less, Ownership and Passion. Each of the values describes what the company stands for, the qualities of the people and the way the company works.

TECHNOLOGY
The company continuously leverages on the state of art technology that it possess. The modern and updated technology infrastructure 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 recognitions program for the company itself. The company can leverage on this advantage to drive out one of the best CRM in the industry at the present. The parent company also is in a move to duplicate the ICICI model in order would market. It is nothing but a result of the superb all-round performance that the company has shown in all the facts of business and over the period. But more important has been the continued focus on growth and the strife for results from the workforce itself.

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The ICICI Prudential Edge


The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders. 1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term. 5. Last but definitely not the least, our 16,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

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MANAGEMENT
BOARD OF DIRECTORS
The ICICI prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K. V. Kamath, Chairman Mr. Mark Norbom Mrs. Kalpana Morparia Mrs. Kevin Holmgren Mr. M. P. Modi Mr. R. Narayanan Ms. Shikha Sharma, Managing Director

MANAGEMENT TEAM
Ms. Shikha Sharma, Managing Director & CEO Mr. N.S.Kanan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, EVP Customer Service & Technology Mr. Azim Mithani, Chief Actuary Mr. Puneet Nanda, Chief Investments Officer

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SWOT ANALYSIS OF ICICI PRUDENTIAL

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: 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

Past performance of these plans is not indicative of the future

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Chapter - 4 RECRUITMENT AND SELECTION

THE COMPANY
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,
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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.

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

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 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.

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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.

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;

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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 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.

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SELECTION METHODS
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. Online 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..
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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 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.
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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. This term is often confusing but in essence, means that a mental measure is 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;


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Numerical ability; Spatial ability; Clerical ability; Diagrammatical ability; Mechanical ability; Sensory and motor abilities.

PERSONAL ITY PROFILE 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 those undertaking the selection process to be clear on the characteristics required to perform well in the job.

DECIDING WHICH SELECTION METHODS TO USE A significant amount of research has been done on how reliable various methods are. A summary of research on how well methods predict future job performance shows that, where perfect prediction is 1.0, the following selection methods score as follows: Assessment centre promotion (0.68) Work samples (0.54) Ability tests (0.54) Structured interviews (0.44) Integrity tests (0.41)
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Assessment centre performance (0.41) Personality tests (0.38)

Which methods are suitable for a particular job? When determining which selection method is most appropriate, it is necessary to consider the requirements of the job, through analysis of the job/role description and person specification, and what skills, experience and aptitudes are being sought. Some authorities make reference on the person specification as to how they will assess that requirement during the selection process, so that potential candidates are aware of the methods the authority will use. Of course, more than one selection method may be appropriate for a particular job.

COMPENSATION LEVELS
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.

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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 LIC 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 Track.

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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
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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.

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.

Underwriting
Underwriters assess the risk in the business. Candidates with the right blend of educational qualification and background can explore this segment.

Sales,

Marketing

&

Distribution

There is an immense opportunity in the area of sales, marketing and distribution. Sales and marketing requires special skill sets and
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specialisation. Degree holders from reputed institutes with sales and marketing experience can explore opportunities in this area.

Operations
Operations is an integral part of the insurance sector. Candidates with requisite qualification and experience can explore opportunity in this area.

Investment
Professionals with MBA / CA degree and with requisite experience in banks, MFs can look forward for a promising career.

Finance
Finance 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 segCustomer Service Insurance 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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Chapter - 5 DATA ANALYSIS AND INTERPRETATION

1. Minimum educational qualification for an advisor? Options Response


1. 10 th 2. 12th 3. Graduation
Response

28% 20% 52%

1. 10th 2. 12th 3. Graduation

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The above graph shows that majority of the manager prefer to recruit advisor who have a graduation qualification. And other prefer who having a qualification 10th & 12th .Because graduate advisor have ability to grasp knowledge than others.

Q2. Basic criteria for success of an advisor RANK WISE? Options Response
1)Age above 25 2)Married 3)Graduate 4)living in the same city for more than 5 years
Response

14% 36% 45% 05%

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. This is the success rating of adviror who having three condition from the above list.
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Q3. Which age group advisor working best? Options


1)19-30 yrs 2)31-40yrs

Response
45% 55%

Response

1)19-30 yrs _____________ 2)31-40yrs

In this graph 55% thinks that the advisor of age between 31- 40 & other 45 % thinks that these age group advisor working best. Because the advsor between 31-40 age group have more responsibility towards their family & People trust more these people.
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Q4. Different ways of recruitment of advisor in icici pru. Rankwise? Options


1)Through internal contest 2)Walk in interview 3)Marketing technique 4)Through summer trainees
Respone

Response
23% 30% 37% 10%

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.

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Q5.Give rank according to you for segmentation of advisor? Options Response


1)Serviceman(pvt.) 2)Unemployed 35% 65%

Response

1)serviceman(pvt.) 2)Unemployed

This graph shows that majority of the people who are unemployed prefer to be an advisor than serviceman people. So manager to more concentrate on the unemployed people who are realy needy.
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Q6. Give rank for different ways to promote business for advisor? Options Response
1)Additional commission & salary 2}Club membership 3)Offering free insurance 50% 40% 10%

Response

1)Additional commission & salary ______________ 2}Club membership

3)Offering free insurance

In response to this question manager of ICICI PRU. Gave more concentration on additional commission & salary to promote their business & 40 prefer club membership & other 10% prefer free insurance to promote business in ICICI PRU.

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Q7.Does high fee of licensing has negative effect on advisor recruitment? Options Response
1. Yes 2. No 45% 55%

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 fees have a negative effect on recruitment of advisor. So there should be reduction in the fees . Give some relaxsation to the people who are not affordable
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Q8.Give rank to inspirational factor to promote business for advisor? Options Response
1)Commission & rewards 2)Joint field visits 3)Motivational session 4)Participation in contest
Response

40% 10% 30% 20%


1)Commision & rewards _______________ _ 2)Joint field visits

3)Motivational session

4)Participation in contest

These are the some motivational factor adopted by the manager to promote business . 40 % prefer commission & rewards , 30 % prefer motivational session ,10 % prefer joint field visit & other 20%suggest participation in contest for motivating the advisor. So there should be more concentration on joint field visit.

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Q9.Give rank to different distribution channel of icici pru.? Options Response


1)Bank assurance 2)Direct marketing 3)Tide agency 4)corporate agents 20% 35% 15% 30%

Response

1)Bank assurance _______________ _ 2)Direct marketing

3)Tide agency

4)corporate agents

These are the some distribution channel of ICICI PRU. Which were described above.

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Q10.Training required for effective advisor? Options Response


1. 150 hrs 2. 100hrs 15% 85%

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.

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Q11. Criteria for giving rating to effective advisor? Options Response


1)By communication skill 2)By working skill
Response

25% 75%

1)By communication skill 2)By working skill

In this response also 75% of the respondent gave stress on working skill of the advisor & 25% gave stress on communication skill. There should be both skill required for effective advisor.

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Q12. Are you getting timely & regularly instruction & support from your boss? Options Response
1)Strongly agree 2)Agree 65% 35%

Response

1)Strongly agree _______________ __ 2)Agree

In this response majority of the respondent said that they got timely & regularly instruction from their boss.

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Q13.Do you update your advisor about new product & strategies regularly? Options Response
1)Yes 2)No
Response

88% 12%

1)Yes _______________ ___ 2)No

this graph indicate that majority of the respondent said that they are contineously updating their advisor about new product & strategy of the company.

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Q14) Is there any role of references (contacts) with more people? Options Response
1)Yes 2)No
Response

82% 18%

1)Yes _______________ ____ 2)No

there are majority of the respondent were agreed that there is a important role of contacts in insurance industry . some are not agreed upon this statement.

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Chapter 6 FINDINGS, SUGGESTION AND CONCLUSION

FINDINGS
The advisors who are married performing well and selling more policy than the advisor who are unmarried. The aged advisors (31 40years) is able to sell more policy than the younger (19 30) years) advisors. Commission, incentive and reward structure of ICICI Prudential Life Insurance Co. Ltd. And join field visit. There is a important role of contact with more people in insurance sector

These are the two important qualities for effective advisor that are working skill & communication skill. Those advisors who have 3 Q SCORE out of 5 perform better.

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SUGGESTION
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.

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

ICICI Prudential should try to allure experienced insurance agents to sell their product.

Educational qualification is not factor of being an effective advisor Advertisement of products should stress on the need of security. .Insurance should be popularized as means of securing further

rather than saving tax

New entrants should come out with innovative riders especially

covering medical expenses that will compete with the medi-claim. Insurance agents should be well trained; they should know each and

every thing about the policy and the recent changes in the policy.

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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 LIC Company Ltd. 1. This study sheds light on how ICICI PRUDENTIAL LIC Company Ltd has different recruitment strategies and different ways of achieving the goal. For e.g. some organizations have BU specific recruitment team and they hire on requisition basis, while on the other hand some organizations have general hiring and one single hiring team hiring for all the BUs. Some organizations have centralized hiring while others have location wise hiring. 2. Different organizations have different hierarchies. Although most of the organizations now have broad banding in place but some organizations 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.

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3. 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 LIC 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. 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
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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.

BIBILIOGRAPHY

BOOKS
1. Kothari C.R. , Research Methodology, New Delhi; New Age International Publication, second edition. 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 monnapa.

WEBSITES
1. www.iciciprulife.com

2. www.icicibank.com 3. www.icicipruuniverse.com 4. www.licindia.com

Annual Reports of ICICI Prudential Life Insurance.

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QUESTIONNAIRE

NAME: . DESIGNATION: . COMPANY: .

Q1. Minimum educational qualification for an advisor? 1) 10 th 2) 12th 3) Graduation

Q2. Basic criteria for success of an advisor RANKWISE? 1) 1)Age above 25 2)Married 3)Graduate 4)living in the same city for more than 5 yrs

Q3. Which age group advisor working best?

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1)19-30 yrs 2)31-40yrs

Q4. Different ways of recruitment of advisor in icici pru. Rankwise? 1)Through internal contest 2)Walk in interview 3)Marketing technique 4)Through summer trainees

Q5.Give rank according to you for segmentation of advisor? 1)Businessman 2)serviceman(pvt) Q6. Give rank for different ways to promote business for advisor? 1)Additional commission & salary 2}Club membership 3)Offering free insurance

Q7.Does high fee of licensing has negative effect on advisors recruitment? 1. Yes 2. No
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Q8.Give rank to inspirational factor to promote business for advisor? 1)Commision & rewards 2)Joint field visits 3)Motivational session 4)Participation in contest

Q9.Give rank to different distribution channel of icici pru.? 1)Bank assurance 2)Direct marketing 3)Tide agency 4)corporate agents

Q10.Training required for effective advisor 1). 150 hrs 2)100hrs

Q11. Criteria for giving rating to effective advisor?

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1)By communication skil 2)By working skill

Q12. Are you getting timely & regularly instruction & support from your boss? 1)Strongly agree 2)Agree Q13.Do you update your advisor about new product & strategies regularly? 1)Yes 2)No Q14) Is there any role of refrences(contacts) with more people? 1)Yes 2)No Suggestion:................ .. .

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