A

PROJECT REPORT ON
DIFFERENT PROCEDURES OF
RECRUITMENT & SELECTION
ADOPTED IN ICICI
PRUDENTIAL LIFE
INSURANCELtd.
(In the partial fulfillment of the Post Graduate Degree in MBA)

Under the guidelines of : Submitted By :

Miss. Naaj grovara Pawan kumar
FACULTY MEMBER OF Roll No: 1571/B
MMIM MULLANA (AMBALA) MBA 2nd Year

Submitted to :
M.M. INSTITUTE OF MANAGEMENT
APPROVED BY AICTE AND Affiliated to
Kurukshetra University Kurukshetra (Session 2006-08)
 PREFACE
M.B.A. is stepping-stone to Management career. In order to achieve

practical, positive and concrete results the theoretical knowledge must be

supplemented with exposure to real environment. MBA combines both

theory and its practical applications as its major content of study in the field

of management .Theoretical knowledge without practical knowledge is of

little value. Theoretical studies in classroom are not sufficient to understand

the functioning of marketing concepts. Therefore, it becomes necessary to

undergo any project work. Practical project supplements the theoretical

studies i.e., it covers what is left uncovered in the classroom. It exposes a

student to invaluable treasure of experiences. I took my project work with

ICICI Prudential. Project work is a part of our curriculum, which helps us to

correlate our theoretical concepts with practical experiences. The topic that I

have taken for project is “CRITICAL STUDY OF RECRUITMENT

POLICIES AND PROCEDURE ADOPTED IN ICICI PRUDENTIAL

LIFE INSURANCE Ltd.” has been suggested to me by Human Resource

Department (ICICI Prudential). Accomplishment and achievement of goals

is the major aim of any organization. These goals are achieved by

properrecruitment of employees. Recruitment of quality and

dedicatedemployees plays an important role in achieving these goals.

2
CERTIFICATE

3
 ACKNOWLEDGEMENT

“Our personalities are based on the foundation of eduvation imparted

by one teacher who are next to God.”
I wish to thank Mr. Sunil kumar arora(Unit manager of ICICI Prudential LIC
Ltd.) for giving me this opportunity to do my dissertation with ICICI
Prudential LIC Ltd. I also wish to acknowledge him for his continuous and
unmatched guidance till the completion of the project. I also be thankful to
miss Naaj gorovara(Faculty Member of MMIM) who is my project guide for
giving me proper guideline and support during my research project.
I also express my gratitude aff of ICICI Prudential LIC Ltd. for providing
me valuable inputs, supervision and cooperation throughout the period of
my research project, which helped me in successful completion of my
project.
I would also like to thank Mr. Adarsh Aggarwal who guided and supervises
me throughout my research project and remained an active supporter from
the beginning till the end.

PAWAN KUMAR
1571/B
MBA 2nd Year
(Session 2006-08)

4
 DECLARATION

SSI hereby affirm and declare that this project work on “Recruitment” has
been completed by me under the guidance and supervision of Mr. Sunil
kumar arora and embodies the original piece of work and has not been
copied and submitted to any other university or institution.
My indebtedness to other works/publications has been duly acknowledged.

Sunil kumar arora PAWAN KUMAR

Unit manager Roll No. – 1571/B

ICICI Prudential COURSE – M.B.A.
New Delhi Branch Session 2006-08

5
 CONTENTS
TOPIC PAGE No.

1. EXECUTIVE SUMMARY 01

2. INTRODUCTION 03

3. RESEARCH METHODOLOGY 06
Objectives
Hypothesis
Research design
Sampling plan
Sampling unit
Sampling design
Limitations

4. INDUSTRY PROFILE 12

5. COMPANY PROFILE 22
Product profile
Management
SWOT analysis

6. RECRUITMENT & SELECTION 30

7. FINDINGS & ANALYSIS 44

8. CONCLUSION 59

9. RECOMMENDATIONS 78

1O. BIBLIOGRAPHY 81

6
 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?

1)19-30 yrs

2)31-40yrs

7
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

8
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?

1)By communication skil

2)By working skill

9
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:-………………………………………………………………
…................

………………………………………………………………………………
…….. …………………………………………………………………………
………….

10
EXECUTIVE
SUMMARY

11
 EXECUTIVE SUMMARY

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.

12
INTRODUCTION

13
WHAT IS RECRUITMENT AND SELECTION ?

Recruitment refers to the process of finding possible candidates for a job or

function, usually undertaken by recruiters. It also may be undertaken by an
employment agency or a member of staff at the business or organization
looking for recruits. Advertising is commonly part of the recruiting process,
and can occur through several means: through online, newspapers, using
newspaper dedicated to job advertisement, through professional publication,
using advertisements placed in windows, through a job center, through
campus graduate recruitment programs, etc.

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

skills, typing skills, computer skills. Evidence for skills required for a job may be
provided in the form of qualifications (educational or professional), experience in a job
requiring the relevant skills or the testimony of references. Employment agencies may
also give computerized tests to assess an individual's "off-hand" knowledge of software
packages or typing skills. At a more basic level written tests may be given to assess
numeric and literacy. A candidate may also be assessed on the basis of an interview.
Sometimes candidates will be requested to provide a résumé (also known as a CV) or to

complete an application form to provide this evidence.

14
The Selection Process

1. Application Review. Applications are reviewed to identify applicants

meeting the minimum qualifications listed in the job announcement.
Applicants who do not meet the minimum qualifications are notified
by mail. Applicants who do meet the minimum qualifications proceed
to the examination process.

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

requires the use of an examination process to identify the top three
candidates. If three or fewer candidates meet the minimum
qualifications of the position vacancy, the minimum qualifications are
the exam and all of the applicants are referred to the supervisor for
interview. However, if more than three applicants meet the minimum
qualifications, an examination must be used to determine the top three
candidates. The number and types of exams chosen for this process
will depend on the job class of the position vacancy and the total
number of qualified applicants on the initial list. The top three
candidates identified via this examination process will be referred to
the supervisor of the position vacancy for interview.

3. Supervisor Review and Consideration. The supervisor of a

position vacancy makes the hiring decision. Typically, supervisors
interview each of the candidates on the referral list. However, a
supervisor is not required to interview each of the candidates before
making a hiring decision. A review of each candidate’s resume and an
interview with the candidate who is deemed the best fit for the
position is sometimes sufficient to make a hiring decision.

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

supervisor makes the final decision. Depending on type of work
performed in the position, a job offer may be contingent on the results
of a drug test, physical examination and/or criminal background
check.

15
 OPPORTUNITY FOR THE ADVISOR

1. No Startup Capital Required: The advisor of ICICI have the best

opportunity that they don’t require any kind of startup capital for
the work that have to perform.

2. Flexible Working Environment: The second opportunity for the

advisor is that they are being provided by the most flexible
working environment. They are able to do work according to
there convenience.

3. Be Your Own Boss: The next best opportunity for the advisor is
that they don’t have any boss on there head they are there own
boss, they can choose there own way for doing things.

4. Unlimited earning potential: The next opportunity is that an

advisor can earn unlimited this all depends upon the potential of
that agent, no one is there who can stop them except till they stop
themselves.

5. To Be Part of a World-Class Team: Last but not the least

opportunity for the advisor is that they get a chance to become a
part of world class team that is ICICI.

16
 RESEARCH
METHODOLOGY

17
OBJECTIVES
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 MY 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.

18
HYPOTHESIS

The report is on the basis of fallowing hypothesis:

• The HR Practices being employed by the organization are

contributing towards its growth. The employees working in the
organization are satisfied with the HR

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

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RESEARCH DESIGN
The research design is a pattern or outline of a research project’s 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

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.

20
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

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.

21
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
Manager’s 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
potential customers. It can be also treated as a limitation of Cost Bounded
ness.

22
INDUSTRY
PROFILE

INSURANCE SECTOR IN INDIA

23
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. What’s 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.

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.

24
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) 2002-2003 2001-2002
Private Players 982 297
LIC of India 11,343 14,843

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

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.

25
 SHARE OF INSURANCE SECTOR IN
VARIOUS PUBLIC DEPOSITS

60
MUTUAL FUNDS
50
40 EQUITY SHARES
30
FIXED DIPOSITS
20
10 INSURANCE

0
S

ES

TS

E
D

C
SI
N

AR

AN
FU

O
SH

R
P

SU
AL

DI
Y
TU

IN
ED
IT
U
U

X
EQ
M

FI

INSURANCE 51.79 %

MUTUAL FUNDS 15.45 %

EQUITY SHARES 8.95 %

FIXED DIPOSITS 23.81 %

Collaboration of Indian Companies with Foreign

Companies

26
S.No Indian Companies Foreign partnership

1. Kotak Mahindra Chubb

2. Tata Group AIG

3. Sundram Finance Winterthur

4. Sanmar Group GIO of Australia

5. Spic Metlife

6. ILFS Cigna

7. Alpic Finance Allianz

8. 20th Century Canada Life

9. Vysya Bank ING

10. Cholmandalam Axa

11. SBI Alliance Capital

12. HDFC Standard Life

13. ICICI Prudential Plc

14. Hindustan Times Commercial union

15. IDBI Principal

16. Max India New Yark Life

Insurance Corporation of India

27
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.

AVIVA LIFE INUSRANCE

28
Aviva is UK’s largest and the world’s 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) Aviva’s 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
customer’s long-term savings and insurance needs. Depending on the life
stage and earnings of the customer, the FHC assesses and recommends the
right insurance product for them.

Aviva pioneered the concept of Bancassurance in India, and has leveraged

its global expertise in Bancassurance successfully in India. Currently, Aviva
has Bankassurance tie-ups with ABN Amro Bank, American Express Bank,
Canara Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and
Punjab & Sind Bank, Co-operative Banks in Gujarat, Rajasthan, Jammu &
Kashmir, Bihar, West Bengal and Andhra Pradesh .

BIRLA SUN LIFE INSURANCE

29
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.

30
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.

31
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
India’s 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.

32
COMPANY
PROFILE

33
 PROFILE
COMPANY NAME : ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
INDIAN PARTNER : ICICI BANK
FORIGN PARTNER : PRUDENTIAL PLC

EQUITY RATIO : 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,MUMBAI- 400025

CEO OF THE COMPANY : Ms. SHIKHA SHARMA

Prudential PLC

34
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,

35
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.

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

36
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.

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 People’s 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.

37
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.

The Company hopes to achieve the above-mentioned objective by:

1. Understanding the needs of customer’s 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

38
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.

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.

39
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.

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

40
 SWOT ANALYSIS OF ICICI PRUDENTIAL

ST RE NG TH S

• 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 India’s largest venture capital
company.
• PRODUCTS:
 Flexibility to switch your fund value at your own discretion 4 times
a year
viz Maximiser, Protector, Balancer, Preserver.

41
  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.
 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 doesn’t have the surrender option before the 3rd year.
 Plan do not offer any guarantee or assured return
 The product profile is not very comprehensive.

42
  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.
• It’s 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:

43
 Past performance of these plans is not indicative of the future
performance of the plan
 The sum invested in the funds is subject to market risks and there can
be no assurance that the objective of the plans will be achieved.
 All benefits payable under the policy are subject to the tax laws and
other financial enactment, as they exist from time to time

RECRUITMENT
AND
SELECTION

44
 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

45
effective. The best responses to recruitment problems are ones that moved
away from a primary focus on recruitment to a holistic focus on people’s
whole work experience.
Some of the issues that demand organization’s attention are mentioned
below. These are those issues, which if dealt properly and sorted out in time,
really helps an organization to attract right kind of talent. With the help of
this industry survey of mine, I’ve 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

46
To know the structure of this recruitment team can also be very important for
an organization. Better structure, leads to best results.

Outsourcing
The recruitment process can be contracted out partly or wholly to an external
organization. This outsourcing may be for a specific vacancy, such as the use
of a recruitment agency to recruit for the company to make the advisor base.
Different parts of the recruitment process may be outsourced; for example
using corporate agents; telesales, read and place job advertisements, or for
short listing the profiles or for reference check.
This may mean that the agency can provide a quicker, better and even
cheaper service than the organization can provide itself. Improved service
levels may also result from the service level agreement agreed between the
organization and the corporate agents.
Human Resource Management Information
Systems (HRMIS) in Recruitment
Depending on the qualification of the advisors provided by them, HRMIS
can help at every step of the recruitment and selection process such as:
• Recording job requirements, through on-line job descriptions and person
specifications;
• Recording previous job advertisements, which may then be modified for
the current vacancy;
• Producing information for the job package, such as standard letters
regarding the application processes etc;
• Linking to advisor based information, if the Internet is used for
recruitment and the receipt of applications;

47
• 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 candidate’s 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 candidate’s 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.

48
 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

49
ON-LINE SCREENING AND SHORTLISTING
Initial screening of applications is usually based on an assessment of a
candidate’s experience and qualifications against the job’s requirements. On-
line systems are now available which can filter applications automatically.
An on-line selection facility screens applications against set criteria through
key word searches. It may also provide a scoring mechanism.
The use of on-line screening may be a useful way of filtering quickly
through a huge volume of applications or sorting applications, if there are a
number of jobs that have been advertised at the same time..
Some organizations that use this approach have had to develop long
application forms in order to ensure that the candidate includes all
appropriate information in sufficient detail. Other organizations only use this
approach as a first step in attempting to select candidates and then go
through the applications again manually to double check that all appropriate
applications have been selected.

TECHNICAL TESTS
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

50
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 candidate’s skills and
experience. An interview that does not do this, but instead sticks to a rigid
list of questions, will not allow the interviewer to obtain the information
required to make a proper decision. Also, sometimes these interviews are
based on the technical test that the person has given.
Officers and members who are involved in the interview process should be
trained in interviewing skills and the sorts of questions they should or should
not ask.

PSYCHOMETRIC TESTING
A range of attributes are best tested through psychometric testing. 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

51
performance and that applicants understand how the test information is used
during decision-making processes. Personality tests are usually considered
in conjunction with other information, as the results can be unreliable.
Ability tests can also be used in this way, but many organizations use cut-off
marks so that all candidates who achieve less than a certain mark are
rejected while the rest progress to the next stage.

ABILITY AND APTITUDE TESTS

The term ‘ability tests’ is used broadly and in this context will encompass
aptitude tests too. Ability tests may cover a range of areas including:
• General intelligence;
• Verbal ability;
• Numerical ability;
• Spatial ability;
• Clerical ability;
• Diagrammatical ability;
• Mechanical ability;
• Sensory and motor abilities.

52
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)

53
• Integrity tests (0.41)
• 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.

54
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 can’t 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.

55
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

56
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 they’re 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.

57
Sales, Marketing & Distribution
There is an immense opportunity in the area of sales, marketing and
distribution. Sales and marketing requires special skill sets and
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.

58
FINDINGS
AND
ANALYSIS
59
Q1. Minimum educational qualification for an advisor?
Options Response
1. 10 th 28%
2. 12th 20%
3. Graduation 52%

Response

1. 10th
2. 12th
3. Graduation

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.

60
Q2. Basic criteria for success of an advisor RANK WISE?
Options Response
1)Age above 25 14%
2)Married 36%
3)Graduate 45%
4)living in the same city for more than 5 years 05%

Response

1)Age above 25
____________

2)Married

3)Graduate

4)living in the
same city for more
than 5 yrs

As the graph shows that manager prefer to find out a graduate advisor than
to married, age above 25,&living in the same city for more than 5 yrs.
This is the success rating of adviror who having three condition from the
above list.

61
Q3. Which age group advisor working best?
Options Response
1)19-30 yrs 45%
2)31-40yrs 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.

62
Q4. Different ways of recruitment of advisor in icici pru.
Rankwise?

Options Response
1)Through internal contest 23%
2)Walk in interview 30%
3)Marketing technique 37%
4)Through summer trainees 10%

Respone

1)Through internal
contest
_______________
2)Walk in interview

3)Marketing
technique

4)Through summer
trainees

This graph shows that there is no clear response

In this answer, there is a mix response 37% manager thinks that marketing
technique is best method of recruitment & 30% prefer walk in interview &
through internal contest &summer trainees.

63
Q5.Give rank according to you for segmentation of advisor?
Options Response
1)Serviceman(pvt.) 35%
2)Unemployed 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.

64
Q6. Give rank for different ways to promote business for advisor?
Options Response
1)Additional commission & salary 50%
2}Club membership 40%
3)Offering free insurance 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.

65
Q7.Does high fee of licensing has negative effect on advisor
recruitment?
Options Response
1. Yes 45%
2. No 55%

Response

1. Yes
_______________
2. No

66
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

Q8.Give rank to inspirational factor to promote business for

advisor?
Options Response
1)Commission & rewards 40%
2)Joint field visits 10%
3)Motivational session 30%
4)Participation in contest 20%

Response 1)Commision &

rewards
_______________
_
2)Joint field visits

3)Motivational
session

4)Participation in
contest

67
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.

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

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

Response

1)Bank assurance
_______________
_
2)Direct marketing

3)Tide agency

4)corporate agents

68
These are the some distribution channel of ICICI PRU. Which
were described above.

Q10.Training required for effective advisor?

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

Response

1. 150 hrs
_______________
_
2. 100hrs

69
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.

Q11. Criteria for giving rating to effective advisor?

Options Response
1)By communication skill 25%
2)By working skill 75%

Response

1)By
communication
skill
2)By working skill

70
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.

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

71
 Response

1)Strongly agree
_______________
__
2)Agree

In this response majority of the respondent said that they got

timely & regularly instruction from their boss.

Q13.Do you update your advisor about new product & strategies
regularly?
Options Response
1)Yes 88%
2)No 12%

72
 Response

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.

Q14) Is there any role of references (contacts) with more people?

Options Response
1)Yes 82%
2)No 18%

73
 Response

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.

FINDINGS

74
• 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.

75
 CONCLUSION

This research study examines the recruitment process and systems of ICICI
PRUDENTIAL LIC Company Ltd in detail. The objective of this research

76
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 organization’s
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.
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

77
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 organization’s
recruitment process. Also it is a result of comprehensive industry survey and
gives a clear and true picture of what’s happening in the industry.
Every organization has its own way of working and recruiting. It is very
hard to copy each other when the organizational set up is completely
different in different organizations. But it always helps to know what
competitors are doing and to try and improve an organization so that it’s
always just a step ahead of the competition. This report can surely help in
that.

78
 SUGGESTION
AND
RECOMMENDATION

79
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.

80
BIBILIOGRAPHY

BOOKS

81
 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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