Page No.
Chapter 8 – Conclusions 55
Appendices 57
References 60
2
LIST OF TABLES
19
2 GP Membership Scheme 44
46
47
51
LIST OF ILLUSTRATIONS
24
2 Segments of ICICI
26
29
38
3
5 Hierarchical Structure of Training
Department 39
45
45
47
48
49
49
50
ABBREVIATIONS
GP Grand Perks
HR Human Resources
4
ICICI Industrial Credit and Investment Corporation of India
JV Joint Ventures
EXECUTIVE SUMMARY
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
5
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 employee’s
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 company’s website, books, journals, insurance
magazines, HR reviews, articles on internet etc.The primary data was collected with the help
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
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.
6
CHAPTER 1
INTRODUCTION
“It is our people who make the difference where it matters most…”
(Tesco 2002)
7
“This is a global success story made possible by the quality and determination
(Kellogg 2002)
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.
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,
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
8
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.
- Continuous Improvement
- Change-in-Attitude
- Cost Saving
- Total Productivity
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
The evaluation of training forms the remaining part of the training cycle
which starts with the identification of training needs, establishing objectives and continues
originally identified have been satisfied and any deficiency rectified. It is part of a continuing
each following the other in a continuous cycle until successful completion of the activity.
9
Evaluation process must start before training has begun and continue throughout the whole
learning process.
effectiveness. According to him, evaluation always begins with level first and should move
Reaction Level: The purpose is to measure the individual’s reaction to the training
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
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
the program activities begin. The objective of this evaluation is (a) To determine the
10
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
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
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.
adequate training has to be provided to the employees to understand the customer needs and
11
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.
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.
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
The HDFC Standard Life Insurance Company imparts knowledge on insurance and other
related business process through Management Trainees Program. The Oriental Staff Training
to upgrade the employee knowledge on the latest technology and novel techniques in the
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
12
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
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
make suitable changes in the training policy to bridge the performance gaps in the
employees.
13
CHAPTER 2
RESEARCH METHODOLOGY
2.1 Objectives
programs conducted for advisors in terms of their performance with special emphasis on
To study the content and methodology of ICICI Prudential’s training programs for
advisors.
2.2 Limitations
There was a difficulty in getting responses from the advisors as some of them refused
14
2.3 Sources of Data Collection
The relevant data was collected from both primary sources and secondary sources. The
starting point of my information gathering has been the secondary sources such as internet,
First, I made a study of the training objectives of the insurance companies to train its
personnel through secondary sources such as internet, insurance magazines, and journals and
so on. Then I gathered information about the training programs conducted for advisors by
ICICI Prudential by interacting with some of the advisors already working for the company.
procedure. The focus of study was on advisors who were trained in the recent past. So, the
sample was drawn from among the advisors who were working for ICICI Prudential since
last 1 – 2 months.
Data was collected through an interview schedule, consisting of both open ended and closed
ended questions. The schedule covered parameters like training methodology, trainer
feedback, overall effectiveness of training program, relevance of training program etc. Most
of the interviews were conducted over telephones since these advisors need not report to any
branch regularly. Most of the times, they were found to be in the field searching for
prospective customers. The approximate time taken for each interview was 10 minutes
15
2.6 Operationalization of Variables
All the variables were grouped into 7 categories and assigned symbols as follows:
V1 – training inputs, V2 – role of trainer , V3- facilities at venue, V4- relevance of training
program for job, V5- overall evaluation of training program, V6- most satisfactory aspects of
The ratings that the respondents had to assign for different variables (V1, V2, V3, V4, V5)
Ratings Interpretation
16
CHAPTER 3
INDUSTRY PROFILE
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.
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
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.
17
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
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
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.
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
18
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.
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.
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.
19
CHAPTER 4
COMPANY PROFILE
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
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;
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
20
Figure 1: Mission of ICICI Prudential
Hea
lth Total h
alt
Protectio We
n
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.
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.
21
The VISION of the company is
“To make the company the dominant Life and Pensions player built on trust by world-
• Providing and enabling environment to foster growth and learning for the
employees.
Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine
forth in all they do, and have become the keystones of company’s success.
22
4.2 Promoters
ICICI Bank
sector founded ICICI in 1955 to encourage and assist industrial development and
investment in India. ICICI Bank is India’s second-largest bank with total assets of about
Rs.112, 024 Crore and a network of about 450 branches and offices and about 1750 ATMs. It
offers a wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialized subsidiaries and
affiliates in the areas of investment banking, life and non-life insurance, venture capital, asset
management and information technology. ICICI Bank posted a net profit of Rs.1637 Crore
for the year ended March 31, 2004. ICICI Bank’s equity shares are listed in India on stock
exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the
National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are
listed on the New York Stock Exchange (NYSE). The Various segment of ICICI are
23
Prudential Plc
Established in London in 1848, Prudential plc, through its businesses in the UK and Europe,
the US and Asia, provides retail financial services products and services to more than 16
million customers, policyholder and unit holders worldwide. As of June 30, 2004, the
company had over US$300 billion in funds under management. Prudential has brought to
market an integrated range of financial services products that now includes life assurance,
pensions, mutual funds, banking, investment management and general insurance. In Asia,
Prudential is the leading European life insurance company with a vast network of 24 life and
mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan,
The company has six Bancassurance tie-ups, having agreements with ICICI
Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-
operative banks, as well as over 150 corporate agents and brokers. It has also tied up with
NGOs, MFIs and corporates for the distribution of rural policies and organizations like Dhan
for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged
sections of society.
ICICI Prudential has recruited and trained about 2,14,000 insurance advisors
24
Figure 2 : Value of Life Insurance
life cover
Insurance
Stock market
Death Bond
Maturity
Time Period
4.3 Products
products that meet the needs of customers at every life stage. Its 27 products can be enhanced
Savings Solutions
25
• Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of
protection as well as liquidity options.
• Save n Protect is a traditional endowment savings plan that offers life protection
• Cash Bank is an anticipated endowment policy ideal for meeting milestone expenses
asset.
• LifeTime & LifeTime II offer customers the flexibility and control to customize the
policy to meet the changing needs at different life stages. Each offer 4 fund options-
• LifeLink II is a single premium Market Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
• Premier Life is a limited premium paying plan that offers customers life insurance
• InvestShield Life is a Market Linked plan that provides capital guarantee on the
• InvestShield Cash is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest along with flexible liquidity options.
• InvestShield Gold is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest along with limited premium payment
terms.
26
Protection Solutions
• Lifeguard is a protection plan, which offers life cover at very low cost. It is available
in 3 options- level term assurance, level term assurance with return of premium and
single premium.
Child Plans
with life insurance cover for the parent who purchases the policy. The policy is
designed to provide money at important milestones in the child’s life. SmartKid plans
are also available in unit-linked form- both single premium and regular premium.
Retirement Solutions
• SecurePlus Pension is a flexible pension plan that allows one to select between 3
levels of cover.
• Invest Shield Pension is a regular premium pension plan with a capital guarantee on
ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance policy
27
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
• ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers
fund their statutory gratuity obligation in a scientific manner. The plan can also be
customized to structure schemes that can provide benefits beyond the statutory
obligations.
• ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
the group. Employees have the option of choosing from various annuity options or
• ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps
provide affordable cover to members of a group. The cover could be uniform or based
on designation/rank or a multiple of salary. The benefit under the policy is paid to the
ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal
• Accident & disability benefit: If death occurs as the result of an accident during the
term of the policy, the beneficiary receives an additional amount equal to the sum
assured under the policy. If the death occurs while traveling in an authorized mass
28
transport vehicle, the beneficiary will be entitled to twice the sum assured as
additional benefit.
• Accident Benefit: This rider option pays the sum assured under the rider on death
due to accident.
• Critical Illness Benefit: protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses
prior to death.
medical emergencies, ensuring benefits are payable to the life assured for medical
procedures.
• Income Benefit: This rider pays the 10% of the sum assured to the nominee every
year, till maturity, in the event of the death of the life assured. It is available on
• Waiver of Premium: In case of total and permanent disability due to an accident, the
premiums are waived till maturity. This rider is available with SecurePlus and Cash
Plus.
A keyman is an individual who directly affects the profitability and the continuity of a
business and whose absence may have an adverse effect on the health and continuity of the
business. Keyman insurance is a life insurance policy taken by the company on the life of
29
The objective of the Keyman insurance is to provide the company with money
so that the financial losses to the company can be protected, in absence of the Keyman. The
aim is to indemnify the company of these losses and to allow business continuity.
All premiums paid for securing a Keyman life insurance policy are treated as
Rural Plans
ICICI PruLife Rural Products are designed to meet the needs of the rural consumers. These
2. Life Cover
3. Savings Option
Mutual Funds
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal. The money thus collected is then invested in capital market instruments such
as shares, debentures and other securities. The income earned through these investments and
the capital appreciations realized are shared by its unit holders in proportion to the number of
30
4.4 Awards
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key
categories for its marketing initiatives
ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
31
India's Most Customer Responsive Insurance Company
Avaya Global Connect - Economic Times Customer Responsiveness Awards, 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged the
Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded the
Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader Awards
2007
32
ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the
Outlook Money & NDTV Profit Awards 2007
ICICI Prudential Life’s, retirement solutions campaign for the year 2006-07 was awarded the
Bronze Effy trophy in the services category.It also won the Brand Equity Bravery Award
2007, instituted by Ad club.
ICICI Prudential Life’s website, www.iciciprulife.com was awarded the best website among
private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards 2007 for
commendable work in the online.
33
4.5 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. Anita Pai, Executive Vice President – Customer Service & Technology
34
Dr. Avijit Chatterjee, Appointed Actuary
Mr. Puneet Nanda, Executive Vice President & Chief Investment Officer
Sales manager
(1)
Assistant sales
manager
(2)
Unit manager
(10)
Advisors
(20-30)
large advisor force that targets various customer segments. The strength of tied agency lies in
an aggressive strategy of expanding and procuring quality business. With focus on sales &
people development, tied agency has emerged as a robust, predictable and sustainable
business model.
35
In Hyderabad and Secunderabad , there are 6 branches and 5 spokes. In
each branch, there will be around 10 unit managers, 2 assistant sales managers and 1 sales
manager.
Generally the advisors works under the leadership of unit manager, who
motivate them in every step by providing training and guidance to them, usually each unit
Training Head
Training Managers
Associate training
manager
(2)
Branch manager
Consultant Trainers
(Freelancers)
36
CHAPTER 5
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
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
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
37
and benefits, objection handling and closing skills are the key components of quality
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
Prudential. The company has joined hands with some training/ educational institutions to
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
components:
38
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
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.
Module 1:
Chapters:
1. Introduction to Insurance
Module 2:
Chapters:
Module 3:
39
Chapters:
6. Insurance Documents
7. Claims
Module 4:
Chapters:
Module 5:
Chapters:
Test
40
The advisors are also advised to complete Financial Markets Beginners
company is now offering ULIPS or Unit Linked Investment Plans which offer both life cover
amount in the case of life insurance products and in the case of health insurance products;
they are paid commission up to 35% of the premium amount. If the advisor achieves a target
of Rs.30 lakhs in a period of one year, he /she will become member of Million Dollar
Round Table (MDRT). The benefits derived from this membership is that the advisors
would get one free laptop , invitations to participate in National Conventions, family trips ,
Apart from this, there is Grand Perk (GP) membership which would entitle
them to various benefits. The different kinds of GP membership are given below:
(in lakhs)
1.5 SILVER
3.5 SILVER PLUS
10 GOLD
22 GOLD PREMIERE
40 PLATINUM
41
For Gold, Gold Premiere and Platinum members, the company offers free
This was an open-ended question for which multiple responses were received from the
respondents. All the responses were grouped into 5 categories and the percentage of
respondents who opted for each was calculated as depicted below:
Figure 6: Reasons for career in insurance
11%
23%
extra source of income
no initial investment
29%
42
CHAPTER 6
TRAINING COMPONENTS
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 &
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
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
43
Table 3: Feedback on training inputs
POOR 16-7
AVERAGE 17-26
16 EXCELLENT 27-35
14
12
10
8
6
4
2
0
16-7 17-26 27-35
There are 5 sub – variables in V2 such as: Subject knowledge/ conceptual clarity, Trainer
created & maintained environment for learning, Trainers training skills & competence,
Applying the same procedure as for V1, we get the range of scores as 5 to 25. The
44
Table 4: Feedback on the role of trainer
25
20
15
10
0
5 to 11 12 to 18 19 to 25
POOR AVERAGE EXCELLENT
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
45
Figure 10: Satisfaction with facilities at venue
20%
yes
no
80%
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.
46
6.5 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
47
V1 V2 V3 V4 V5
V1 1
V2 0.89 1
V3 0.46 0.52 1
V4 0.52 0.58 0.25 1
V5 0.79 0.95 0.44 0.54 1
CHAPTER 7
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.
V1 – Training Inputs
48
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
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 trainer’s 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
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 (r1,4 = 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
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
49
program as a whole. This shows that training inputs forms a crucial component for overall
Table shows that trainer’s 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 trainer’s role and relevance
Generally, the trainer’s 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 audio-
visual aids can facilitate two way participation, quick revisit to material for clarifying a point,
offer entertainment etc. The positive and significant relationship between trainer’s role and
V3 – Facilities at venue
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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
trainer’s 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.
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.
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
As already discussed in Chapter 6, the advisors rated the trainer’s 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.
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
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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
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
CHAPTER 8
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
The major findings with respect to the training program for advisors
• The advisors have chosen career in insurance to earn additional income and have
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• 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
• 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
• The advisors had a problem with the duration of the training program and the
The suggestions that can be made to improve the training program for advisors are –
• 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.
local language also which a layman can understand. This would help the advisors to
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• Knowledge about one’s 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.
for the advisors. For, they are the ones who not only sell the company’s products but also
create and maintain brand image among the customers. Constant assessment of the advisor’s
skills in order to upgrade them would go a long way in achieving success in this dynamic
industry.
APPENDICES
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6. Life Insurance Corporation of India
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
QUESTIONNAIRE
A) Course structure
B) Course Content
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C) Duration of training program
E) Quality of exercise
4. Trainer Feedback
Learning
D) Presentation methodology
Yes No
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9. Do you think this training program is relevant to your job profile? (tick appropriate one)
Highly relevant
Relevant
Not sure
_______________________________________________________________________
REFERENCES
WEBSITES
1. www.iciciprulife.com
2. www.ficci.com
3. www.citehr.com
4. http://www.scribd.com/word/full/3825168?access_key=key-wthi0bc71r4yqzime4e
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5. http://www.scribd.com/doc/4369879/ICICI-PRULIFE
STUDY?from_email_friend_send=1
MAGAZINE
BOOKS
1. Cheng, Patrick Low Kim. “Training Success: understanding the learning and
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