A

PROJECT REPORT
ON
Study of customer preference towards for
becoming advisors of I.C.I.C.I Prudential
life Insurance company
AT
ICICI PRUDENTIAL LIFE INSURANCE
COMPANY
AUNDH (PUNE)
As Partial Fulfillment of PGP (DUAL)
Program

Submitted by:
MITHUN MAJI
INDIRA SCHOOL OF CAREER STUDIES,
WAKAD
PUNE.

2007-08
 ACKNOWLEDGEMENT

It is indeed a moment of great pleasure to express my sense

of profound gratitude & indebtedness to all the people who
have been instrumental in making my training a rich
experience. I got the opportunity to do a challenging project
in ICICI Prudential (Aundh), Pune.

First, I would like to acknowledge the sincere efforts and

assistance of Mr. Devashish Singh (Unit manager, ICICI
Prudential, Aundh) as he giving me the training about the
products and consumers behavior and also Mr.Vinod
Dubey(Sales Manager,ICICI Prudential)for selecting me on
this project and giving me full support and co-operation to
complete this project.

My deepest thanks to my internal guide Prof. (Mr.)

M.K.Gandhi for sharing her valuable time & guiding me for
the whole report. Which I could not have completed
successfully without her active guidance & assistance.

Mithun Maji
PGP (DUAL)
INDEX

S.R.NO. TOPICS PAGE NO

1 ACKNOWLEDGEMENT 2
2 CONTENTS 3

3 INTRODUCTION 4-18

4
COMPANY PROFILE 19-25

5 PRODUCTS OFFERED BY 26-36

I.C.I.C.I

6 ORGANISATION STRUCTURE OF 37-38

I.C.I.C.I PRUDENTIAL
7 RECRUITMENT OF INSURANCE 39-49
ADVISORS.
8 ABOUT THE INSURANCE 50-53
ADVISORS.
9 STRATEGIES FOR MAKING 54-57
QUALITYRECRUITMENT
AT ICICI
10 UNDERSTANDING THE 58-62
CUSTOMER’S PERCEPTION

11 DATA INTERPRETATION 63-70

 EXECUTIVE SUMMARY

I have done my Winter Internship Project from ICICI Prudential life

insurance company Limited, Aundh, pune. During my Winter
Internship Project; I implemented many concepts of marketing
in the real life situation.
This project work helped me to apply theoretical knowledge into
practical aspects on collected data which was a worthy experience
and during the discussion with company guide I realized that how
important the project report is for the company and me. I also realized
how teamwork, goal orientation and managing interpersonal
relationships are integral part of professional life; therefore this will
definitely help me to develop qualities required for executive. In
addition, I understood products of my company and its targeted
customers. Also I got information what are the basic categories of
Insurance products which are sold in the market and what are basic
criteria for becoming the advisors of I.C.I.C.I Prudential life insurance
company limited.
I understood about the competitors of my company such as

TATA AIG, Bajaj Allianz, MetLife etc and their products, after

collecting data and analyzing it. There are a lot of insurers from both
home and abroad, coming to Indian insurance market with their

innovative products and services, which were previously not available

to the individuals. What came as a boon for insurance was a

paradigm shift in consumer perception and preference due to a

rainbow of benefits for exigencies like critical illness, disability and

accidental death, which were unthinkable. As my project titled “Study

of customer preferences towards for becoming advisors of I.C.I.C.I

Prudential Life Insurance Company”... Recruitment of Insurance

advisors requires a full understanding of the organization’s goals and

mission. Since ICICI believes in getting business from its team of unit

managers, the advisors who are working under the unit managers are

required to deliver their best. The unit manager’s the key activity is to

recruit Insurance advisors. These advisors are the individual agents.

The key areas of work are to build a team, arrange for their training at

the organization, accompany them on their visits to clients and most

importantly motivate them. In this respect the difference in the

approach of a good unit manager and an over performing unit

manager is evident from the amount of business each one brings.

In this regard the team of advisors with which each unit

manager works with is carefully chosen and this indeed becomes a

mammoth task. The identification of advisers does not follow any

conventional process but their recruitment requires a few guidelines

to be followed. The identification of advisers does not follow. The

identification is made after scanning the prevalent market in the

city.The prospect candidates are scanned from various scattered is

required for example whether the candidate is ready to work. As an

adviser for the sake of getting reorganization or for earning money .It

is a surprising fact that even though 20% of the candidates work for

recognition, 80% of the business comes from this chunk .Hence

tapping the right people determines what business we can expect

from them.The candidates once they are identified and briefed about

their role in the organization are called for a screening whereby they

fill up from to be submitted to IRDA. After signing all the formalities,

they are invited to undergo 100 hour training as prescribed by IRDA

and then appear for an examination which is conducted by III

(Insurance Institute of India, Mumbai). On successful completion of

the exam, they get a license from IRDA which authorizes them to

market ICICI insurance products.

 The main activity of this project is thus identified the right chunk

of candidates, Explain to them the expose they will enjoy when they

becomes a part of the country’s largest life Insurance company and

then recruit them as advisors. The project took off on 15th of

November and after 20 days Insurance have covered the prescribed

few segments. In the first week concentration was on the high income

group and after that we are considering the IT peoples, housewives,

shopkeepers etc.
 OBECTIVES OF THE PROJECT

The objective behind the conducting project exercise was to get

useful insight about the insurance sector. I have prepared this report

with some specific objectives. The objective is as under:

1. To understand the fundamentals of insurance.

2. Identify the diverse customer requirement and identify the various

life insurance products, which have been developed from time to

time to meet the requirement.

3. Sell insurance professionally.

4. As I was working under the FSC my main objective was to solve

out the matter pertaining to the closing of the policies such as life

time pension and life time.

5. Apart from this, I had to generate the leads through recruiting the

new advisors for the company to generate business.

.
 PURPOSE SCOPE AND LIMITATION:

The main purpose of the project is recruit Insurance advisors. Efforts

have been made to understand the customer’s perception about the

company and the role they associate with the job of an Insurance

advisor. The scope of the project is two parts. First it means inducting

of candidates who will bring business prospects for the company and

secondly it was a tremendous opportunity to understand the

Insurance market scenario in Pune. A major limiting factor of project

was the perception of the people regarding the job of the Insurance

advisor who are perceived as low paid Insurance agents. People fail

to identify the challenges and the opportunities underlying this job.

SOURCES OF DATA

• Primary Data: Personal discussion with Insured people &

Uninsured people.
• Secondary Data: Books, Websites, data from company officials,
and from existing customers.
 INTRODUCTION

“Life Insurance is the agreement/contract to provide an assured sum

of money to the concerned person or his/her nominee on the

happening of a contingency/risk i.e. death of the person or maturity of

the policy.”

The business of Insurance is related to the protection of economic

value of assets. Every asset has a value. The asset would have been

created through the efforts of the owner in the expectation that, either

through the income generated there from or some other output, some

of his needs would be met. There is normally expected life time for

the asset during which time expected to from. The owner aware of

this can so manage his affairs that by the end of that life time, a

substitute is made available to ensure that the value or income is not

lost. However, if the asset gets lost earlier, being destroyed or made

non-functional, through an accidents or other unfortunate event, the

owner and those deriving benefits there from suffer. Insurance is a

mechanism that helps to reduce adverse consequences.

Insurance is relevant only, if there are uncertainties. If there is no

uncertainty about the occurrence of an event, it cannot be insured

against.

A human life is also an income generating asset. This asset also can

be lost through unexpectedly early death or made non- functional

through sickness and disabilities caused by accidents. Living too long

can be as much a problem as dying too young. These are risks which

need to be safeguarded against. Insurance takes care of all these

issues.

ABOUT INSURANCE

What is Life Insurance?

Life insurance is a guarantee that your family will receive financial

support, even in your absence. Put simply, life insurance provides

your family with a sum of money should something happen to you. It

thus permanently protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a

flexible money-saving scheme, which empowers you to accumulate

wealth-to buy a new car, get your children married and even retire

comfortably.

Key Benefits of Life Insurance

Need for Life Insurance

Today, there is no shortage of investment options for a person to

choose from. Modern day investments include gold, property, fixed

income instruments, mutual funds and of course, life insurance.

Given the plethora of choices, it becomes imperative to make the

right choice when investing your hard-earned money. Life insurance

Is a unique investment that helps you to meet your dual needs –?

saving for life's important goals, and protecting your assets.

Asset Protection
From an investor's point of view, an investment can play two roles –

asset appreciation or asset protection. While most financial

instruments have the underlying benefit of asset appreciation, life

insurance is unique in that it gives the customer the reassurance of

asset protection, along with a strong element of asset appreciation.

The core benefit of life insurance is that the financial interests of

One’s family remains protected from circumstances such as loss of

income due to critical illness or death of the policyholder.

Simultaneously, insurance products also have a strong inbuilt wealth

creation proposition. The customer therefore benefits on two counts

and life insurance occupies a unique space in the landscape of

investment options available to a customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a

young, newly married couple, it could be buying a house. Once, they

decide to start a family, the goal changes to planning for the

education or marriage of their children. As one grows older, planning

for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change,

the instrument in which you invest should offer corresponding

benefits pertinent to the new life stage.

Life insurance is the only investment option that offers specific

products tailor-made for different life stages. It thus ensures that the

benefits offered to the customer reflect the needs of the customer at

that particular life stage, and hence ensures that the financial goals of

those life stages are met.

The table below gives a general guide to the plans that are

appropriate for different life stages.

Life Stage Primary Need Life Insurance Product

Young & Single Asset creation Wealth creation plans
Young & Just Asset creation & Wealth creation and mortgage
married protection protection plans
Children's education, Education insurance, mortgage
Married with kids Asset creation and protection & wealth creation
protection plans
Middle aged with Planning for retirement & Retirement solutions & mortgage
grown up kids asset protection protection
Across all life-
Health plans Health Insurance
stages

History of Life Insurance:

The earliest type of life Insurance was started by the Greeks and

Romans.

All surviving members’ contributions for the burial cost of a member.

In case of the death of a member the cost of burial was made of the

contributed fund.

In the 17th century, the Tontine Annuity system was introduced

where associations of individuals were formed without any

reference to age, and a fund was created by equal contributions

from each member. The sum collected was invested, and at the end

of each year the interest was divided among the survivors. The last
 remaining survivor received both the years interest and the entire

amount of the principal.

The first organized life Insurance company was founded in 175 in

Philadelphia, in north America. Subsequently, over the past three

centuries, numerous life Insurance companies sprung up, making life

Insurance a popular tool for protection coupled with investment.

INSURANCE IN INDIA – The British introduced Insurance in

India in the beginning of the 19th century. In 1818 a British film called

as Bombay Life Insurance Company was established. Later the, the

Bombay Life Insurance Company was established in 1823. in 1874,

the oriental Government Security Life Insurance Company was set

up. The mismanagement of funds let to nationalization of Insurance

business in 1956. today there are over 14 life Insurance companies in

India.

HUMAN LIFE VALUE:-

Human life is the most valuable assets. This is easily proved if we

were to assign a monetary values to our life. This values depends on

our income-earning potential or the so called Human Life

Values(HLV).A person income supports his family, helps them to get

the most out of life .Month after month, year after year , his

dependents lives the best way they can using the money that person

earns .This money enables his household to run smoothly ,children to

go to college, takes care of medical bills, vacations and helps

maintain the life styles .

On the basis of a person’s income or earning potential , human Life

Values can be calculated .A simple rule of thumb to compute it is as

follows :

HLV=Present Annual Income * number of years until a person plans

to retire

If something were to happen to the person ,hear are a few possible

ways of dealing with the financial implications:

i) Draw from savings. But how long would the funds last? A

lifetime of savings could be used up in a few months.

ii) borrow from others : who will lend the money? Even family and

friends can only help to an extent. Any anyway, this would only

be a short term solution.

 Borrow from others: who will lend the money? Even family and

friends can only help to an extent. And anyway, this would be

a short- term solution.

iii) Sell the assets: what price will one get or his assets? Would

one like to sell his home? His car?

iv) Transfer the risk to an insurance company?

It is recommended that should be transferred to an insurance

company as it’s chapter, safer and smarter in the long run.

 Introduction
ICICI Prudential Life Insurance Company Limited was incorporated

on July 20, 2000. The authorized capital of the company is Rs.2300

Million and the paid up capital is Rs. 1500 Million. The Company is a

joint venture of ICICI (74%) and Prudential plc UK (26%).

The Company was granted Certificate of Registration for carrying out

Life Insurance business, by the Insurance Regulatory and

Development Authority on November 24, 2000. It commenced

commercial operations on December 19, 2000, becoming one of the

first few private sector players to enter the liberalized arena.

The Company is now operational in Mumbai, New Delhi, Pune,

Chennai, Kolkata, Bangalore, Chandigarh, Ahmedabad, Hyderabad,

Lucknow, Nasik, Jaipur, Cochin, Meerut, Mangalore and Ludhiana.

Till March 31,2002 the Company has issued 100,000 polices

translating into a Premium Income of around Rs. 1,200 Million and a

sum assured of over Rs.15,000 Million.

The Company recognizes that the driving force for gaining

sustainable competitive advantage in this business is superior

customer experience and investment behind the brand. The

Company aims to achieve this by striving to provide world class

service levels through constant innovation in products, distribution

channels and technology based delivery. The Company has already

taken significant steps to achieve this goal..

Vision and Mission

Their vision is to make ICICI Prudential Life Insurance Company the

dominant new insurer in the life insurance industry. This they hope to

achieve through their commitment to excellence, focus on service,

speed and innovation, and leveraging our technological expertise.

The success of the organisation will be founded on its strong focus on

values and clarity of purpose. These include:

• Understanding the needs of customers and offering them

superior products and service

• Building long lasting relationships with their partners

• Providing an enabling environment to foster growth and

learning for their employees

Management
 Board of Directors

The ICICI Prudential Life Insurance Company Limited Board

comprises reputed people from the finance industry both from India
and abroad.

Shri K.V. Kamath, Chairman

Mr. Mark Tucker

Smt. Lalita D. Gupte

Mr. Danny Bardin

Mrs. Kalpana Morparia

Shri M.P. Modi

Mr. John Caouette

Shri S.P.Subhedar, (Alternate Director to Mr. Danny Bardin)

Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)

Smt. Shikha Sharma, Managing Director

Management Team

Ms. Shikha Sharma, Managing Director

 Mr. Kevin Wright, Executive Vice President - Sales & Distribution

Ms. Madhavi Soman, Chief - Strategic Initiatives

Mr. V. Rajagopalan, Appointed Actuary

Mr. Sandeep Batra, Chief Financial Officer & Company Secretary

Mr. Saugata Gupta, Chief - Marketing & Service

Mr. Shubhro J. Mitra, Chief - Human Resources

Corporate Office:

ICCI Prulife Towers,

1089, Appasahab Marathe Marg,
Prabhadevi,
Mumbai 400 025.
Telephone Number: 022-462 1600
Website : http://www.iciciprulife.com

Claiming process
ICICI prudential is committed to securing the future of your loved

ones, particularly in their time of need. Towards this end, we have

developed and implemented a claim process to ensure the payment

of genuine and legitimate claims at the earliest and to without false

claim to protect the interests of our other policyholders.

In line with our philosophy of easing the financial burden on

policyholders and their nominees ICICI prudential with make a claim

payment within a working days from receipt of the last requirement.

 Claim process

 Documentation

 Forms

 Claim Process :-

Our claim is

1. Handled personally

2. Easy to understand

3. Flexible enough for speedy decisions.

4. Simple documentation

I.C.I.C.I have four step claim process

 1. Claim out to intimate to ICICI prudential about the claim.

2. ICICI prudential to help the claim out to complete the

documentation.

3. Claim out to submit the require documents.

4. ICICI Prudential to take decision on the claim.

 Documentation:

 Standard documents required for claim processing.

 Written intimation of the claim.

 Original policy document.

 Death certificate / hospital certificates.

 Claimants statements with discharge form.

Depending on the facts and circumstances of the claim, the

company may request for some additional documents.

 Forms

The form below will help you file action

Critical illness/ major surgical Assistance intimation.

Death claim intimation.

Claimant’s statements (Accidental death claim)

Claimant’s statements (Non- Accidental death claim)

 Insurance Solutions for Individuals

ICICI Prudential has a wide array of insurance plans that have been

designed with the philosophy that different individuals are bound to

have differing insurance needs.

The ideal insurance plan is one that addresses the exact insurance

needs of the individual that will depend on the age and life stage of

the individual apart from a host of other factors.

 Savings & Wealth Creation Solutions

Wealth Creation Plans give the customer the dual benefit of

protection along with the potentially higher returns of market-linked

instruments. The most important benefit of ULIPs is the flexibility they

give the customer in choosing the premium amount and also

choosing the underlying fund in which this money is to be invested.

Wealth creation plans also offer the customer more liquidity options

as compared to traditional plans. As such, ULIPs are ideal for

customers who want the protection of a life cover to be allied to the

returns of market linked instrument – giving them an unmatched

combination of benefits.

• 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 along with adequate returns.

• CashBack is an anticipated endowment policy ideal for meeting

milestone expenses like a child’s marriage, expenses for a child’s

 higher education or purchase of an asset. It is available for terms

of 15 and 20 years.

• LifeTime Super & LifeTime Plus are unit-linked plans that offer

customers the flexibility and control to customize the policy to meet

the changing needs at different life stages. Each offer 4 fund

options ? Preserver, Protector, Balancer and Maximiser.

• LifeLink Super is a single premium unit linked insurance Plan

which combines life insurance cover with the opportunity to stay

invested in the stock market.

• Premier Life Gold is a limited premium paying plan specially

structured for long-term wealth creation.

• InvestShield Life New is a unit linked plan that provides premium

guarantee on the invested premiums and ensures that the

customer receives only the benefits of fund appreciation without

any of the risks of depreciation.

• InvestShield Cashback is a unit linked plan that provides

premium guarantee on the invested premiums along with flexible

liquidity options.
 Protection Solutions

The sole objective of these plans, as their name indicates, is to serve

the protection needs of the customer and by doing so, safeguard

one’s family from the financial implications of unfortunate

circumstances than one cannot foresee.

Under the Protection Plans platform, ICICI Prudential brings the

following products:

• 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.

• HomeAssure is a mortgage reducing term assurance plan

designed specifically to help customers cover their home loans in

a simple and cost-effective manner.

 Child Plans

• Education insurance under the SmartKid brand provides

guaranteed educational benefits to a child along 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

The primary objective of a retirement plan is to help you provide for

your financial needs in your post retirement years.

• ForeverLife is a traditional retirement product that offers

guaranteed returns for the first 4 years and then declares bonuses

annually.
• LifeTime Super Pension is a regular premium unit linked pension

plan that helps one accumulate over the long term and offers an

annuity option (guaranteed income for life) at the time of

retirement.

• LifeLink Super Pension is a single premium unit linked pension

plan.

Health Solution

Under Health Product Suite, ICICI Prudential offers plans under the

following major need categories:

• Hospital Care : Get a benefit amount if you are hospitalized

for more than 24 hours i.e. at least 2 consecutive nights and

must be charged for 2 days room expenses.

 The benefit amount is fixed and will be paid irrespective of

actual hospitalization expenses .

DHCB is payable for hospitalization up to 90 days per policy year,

which includes any days spent in Intensive Care Unit.

• Health Assure and Health Assure Plus: Health Assure is a

regular premium plan which provides long term cover against 6

critical illnesses by providing policyholder with financial assistance,

irrespective of the actual medical expenses. Health Assure Plus

offers the added advantage of an equivalent life insurance cover .

• Cancer Care: is a regular premium plan that pays cash benefit on

the diagnosis as well as at different stages in the treatment of

various cancer conditions.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for

companies seeking to enhance benefits to their employees.

• 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.

• Group Superannuation Plan: ICICI Pru offers both defined

contribution (DC) and defined benefit (DB) superannuation

schemes to optimise returns for the members of the trust and

rationalise the cost. Members have the option of choosing from

various annuity options or opting for a partial commutation of the

annuity at the time of retirement.

• Group Immediate Annuities: In addition to the annuities offered

to existing superannuation customers, we offer immediate

annuities to superannuation funds not managed by us.

• 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 beneficiary nominated

by the member on his/her death.

 Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic

policy at a marginal cost, depending on the specific needs of the

customer.

• 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 rider sum assured under the policy.

If the death occurs while traveling in an authorized mass transport

vehicle, the beneficiary will be entitled to twice the sum assured as

additional benefit.

• 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.

• 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 SmarKid and CashPlus

• Waiver of Premium: In case of total and permanent disability due

to an accident, the future premiums continue to be paid by the

company till the time of maturity. This rider is available with

LifeTime Super, LifeTime Super Pension and CashPlus.

CHAPTER IV
Organizational Structure (Sales Division) of ICICI

Prudential.

Chief
Executive
Officer

Head of Sales

Head of Sales

Zonal Manager

Branch head or
Sales Manager

Front Line Unit

Managers

Insurance
Insurance Advisors
Advisors
CHAPTER V
 RECRUITMENT PERSPECTIVE

Globalization and the knowledge economy have created profound

impact on the structure and operation of organization. The third

generation reforms, using second generation tools for employing first

generation are at best an organizational anachronism. Obviously a

great deal of innovation and fresh perspective on the entire body of

organizational philosophy is critical for the success of the New Age of

digital business environment.

Manpower is critical for sustained competitive advantage in an

organization. The recruitment process acts as the link that connects

the organization and employees. The growing competitive

environment among organization has result in demand to recruit

highly skilled employees. As a result the recruitment strategies of

firms have also undergone a paradigm shift. Expectation level of

employees have shifted focus from the traditional perspective of

contractual employment. Employees seek specialized generalists

rather than generalized specialist. Skill based recruitment is the norm

of present times. As a consequence, job seekers need to mould and

constantly update themselves to remain employable in the fast

changing workplace.

With the change in perception of employment philosophy, recruitment

have become innovation in their method of recruitment. The response

of the potential job seekers to the situational demand is termed as

behavioral response. Research of human psychology indicates that

such response is likely to be replicated in the actual job situation.

Hence, there is a strong case for the behavioral recruitment model

likewise, the employee has expectations from the organization and

expects the employee to be the ‘best employee’.

Employment is all about a pro arrangement between the employer

and the job seeker, where both parties negotiate their respective

expectation of each other in the transaction called employment.

With recruitment goes an old saying – ‘if you fail to plan you plan to

fail’. Hiring of candidates should be based on a correct notion of what

is required for the best organization. Likewise, the organization

should also understand the individual needs and interests of the

prospective employees. In other words, goal congruence of the

organizational and the individual is a critical input to insure

motivational drive committed performance by an employee.

The best companies city a number reasons why recruiting and hiring

are the most important practice areas for creating and retaining high

performers The value of a good hire will continue to multiply

throughout an organization, where a bad hire will diminish value

good people attract other good people. There is a strong correlation

between good hires and positive corporate results. Good hiring

reduces the cost of turnover. And most important, appropriate

recruitment and hiring is becoming even more critical as there is

dearth of highly skilled employees.

Best organization succeed not because of their people, but because

they have the right people.

Being an ICICI Prudential advisor can be an enriching and exciting

career option. It’s an opportunity to associate with an industry leader,

be in touch with the and finest insurance practices from around the

globe, and grow both personally and professionally.

ROLE OF THE RECRUITER

 The Unit Manager who is the recruiter needs to understand that

the insurance advisors are the keys of insurance business.

 To generate more business company will require and number of

insurance advisors.

 The quality of recruitment that a manager make in to the

company fold is of great importance.

 The manager follows the ‘n number theory’ whereby more and

more insurance advisors are inducted in to the company.

 The Unit manager has to constantly motivate his team of

advisors so that the company gets maximum business out of

them.

 The business each insurance advisor bring clearly distinguishes

between a performing Unit Manager and an over performing

Unit Manager.

BENEFITS OF BEING AN INSURANCE ADVISOR

Unlimited earning potential

 A clear career path

 All round support through exclusive advertising, your own-in-

hours consultant, and

world-class training

 A comprehensive benefit package

WHAT DOES IT TAKE TO BE AN BE INSURANCE

ADVISOR?

 Training

 Careers

 Rewards and Recognition

Training at ICICI Prudential

At ICICI Prudential, we understand the importance of training

in a dynamic business environment. Our advisors go through both

generic and specific, professional programs that help them remain

well- informed and knowledgeable about the company’s products

in the market. There is a further focus on soft skills, such as

communication, managing long-term relationships and selling

skills, which are very relevant in a service-driven industry like life

insurance. State of the art infrastructure training facilities coupled

with an excellent faculty, guarantee an exceptional learning

environment. For advisors who might be occupied with their daily

businesses/professional routines, ICICI Prudential also offers

convenient training options such as online and self learning.

A 17-day training schedule covers the mandatory IRDA

training requirements and ICICI Prudential product-training

modules. Revision session ensure that the candidates thoroughly

understand the course contents and are well prepared for the

licensing examination training is interspersed with practical

appointment settings with potential customers, giving advisors a

feel of how their business will work from the very first day. All

through, the advisors to the advisors in achieving independence

towards generating business.

Career Development

At ICICI Prudential ,career development is emphasized

upon from the very day the advisor joins the system. Though

individual meetings with his or her manager, the advisor can

discuss various issues related to business development and

career enhancement. Expectations from the organization in terms

 of chalking a career in the insurance industry are also discussed

Tiger Team: ICICI Prudential offers the “Tiger Team” programmed

for identified high potential advisors. Hand picked by the

management, these advisors are placed on fast track career path

and recognized as ‘Tiger trainers’. The advisors can participate in

this programmed, subject to certain criteria being fulfilled.

Pinnacle Program: Absorption into the management is another career

enhancement option provided at ICICI Prudential through the

pinnacle program. The program helps advisor build a fulltime

career as a unit manager in the organization. Offering great

potential for managing a team of advisors and personal

development .‘Fast track pinnacle’ program is also available to

advisors who are able to meet the performance criteria within the

stipulated time.

Reward and recognition:

ICICI Prudential advisors are constantly recognized and

rewarded for their performance. Numerous contests all year round

promote healthy competition amongst advisors and recognition for

their efforts. Depending on level of business the advisor achieve in a

year He or she can become a member of various clubs such as the

President’s club, ICICI Pru Star International and the ICICI Pru Star

India club Each of these clubs have specific performance criteria for

criteria for qualification and members of these club are business the

advisor achieves in a year , he or she can becomes a member of

various clubs such as the President’s club ,ICICI Pru Star

International and the ICICI Pru Star India club .Each of these clubs

have specific performance criteria for qualification and members of

these clubs are entitled to attend seminars held at exotic international

and domestic locations each year .Advisors can also qualify for the

renowned MDRT (Million Dollar Round Table ), an exclusive

international insurance advisor club. While gathering information

about prospective candidates we also make assumption of the type

and the nature of business he or she will bring. Each advisor has his

own domain where he functions, taps the resources and brings

business. Often the team of advisor who work with a particular unit

manager work with a spirit of togetherness and also have the

challenging spirit to meet the targets as given by their manager or the

team leader. A unit manager may have several advisers working

under him. The number can be more than hundred or two hundred.

But the real chunk of business is brought by the small group of

advisor who are constantly on move, making calls, seeking

appointments and delivering result. This is the reason why stress has

not been made to gather highly qualified advisers nor very

experienced once. What ICICI aims at to tap the right people who can

do business, bring business and retain the business. More than

having good education qualification, if an adviser can adevise and

adopt sound marketing he can do business.

High Quality
Superior Management
Products

Extensive Growth and Strong Reputaion

Training prosperity of the
Extenstion advisers at ICICI

Excellent Customer
Attractive payments
and Benefits
(Diagram showing the prospects for growth and prosperity of
Insurance advisors at ICICI Prudential )

CHAPTER VI
 At ICICI Prudential, the Advisors are treated as ambassadors to

the customers. They are a key source of business for the

organization, and are the continuing link with our clients. Some major

work areas of the advisers include:

• To provide ongoing financial advice for his/her clients:

 Identify future clients.

Making appointments

Conduct financial review meetings with prospects/clients

Close sale

Get referrals

Provide service to clients

Provide service to clients

• Follows internal sales and reporting system

That is why, a lot of care is taken in recruiting and developing the

advisor force, so that the company continues to set higher

standards of quality in service and salesmanship. To cater to the

needs of the knowledge-oriented marketplace, they look for

graduates who are service – oriented, good communicators and

enjoy meeting new people. Prior sales experience is an added

benefit. Some other prerequisites:

Self – motivation

A master communicator

A go – getter

A graduate

Insurance Advisor: The Cog of the Insurance Wheel

• Insurance advisors are the interface between market &

company.
• They are the main channels of distribution of Insurance

products to the customers.

• The entire business in this sector is generated by Insurance

advisors.

• The entire gamut of Insurance business revolves round them.

• Hence they are utmost importance to the company.

• The role of Insurance Adviser:

• Identify Clients

• Making appointments

• Conduct financial review meetings with prospects/ clients.]

• Close sale

• Get referrals.

• provide service to clients

• Follow internal sales and reporting system.

CHAPTER VII
 Identify the key recruitment areas:

 The key recruitment areas are identified by gathering critical

information about the prospects. This information is available

from several sources like company database, Telephone

Directory, Chartered Accounts, Existing Insurance Advisers,

Call Centers, Shopping Malls, Prestigious Clubs, Personal

Contacts, and other References.

 Analyses the information collected.

  Categories prospects into different segments on the basis of

age, income and occupation.

 Develop strategies for dealing with each segment.

Make calls and seek appointment:

While making telephonic calls the recruiter keeps in mind the

stages involved in listening. The response shown by the receiver

foretells whether hr or she will be the prospective client or not.

The four steps of listening is as follows:

 Hearing- It is the first in the process of listening. At this stage,

the receiver simply pays attention to make sure that they have

heard the message. If the receiver repeats what he has heard,

then the speaker is assured that he has been heard.

 Interpretation- Failure to interpret the speaker’s word correctly

frequently leads to confusion. People sometimes interpret

words differently because of unreliable experience, knowledge,

vocabulary, culture, background and attitudes. A good speaker

 tone of voice, facial expressions and mannerisms to help

message Apparent to the listener.

 Evaluation -Throughout the third step, the receiver decides what

to do with the information that he has received. For example

while listening to a salesperson, he has two options. He will

either believe or doubt the salesperson. The judgment made in

the evaluation stage makes a decisive part of the listening

process.

 Respond – The final stage is to respond what has been

heard by the speaker. This is a verbal or visual response that

lets the speaker know that the receiver tells the speaker that he

is interested for an appointment; the speaker conforms the date

and time for appointment.

 Presentation – If the response is affirmative the appointments

follows soon after. During the appointments a presentation on

the terms, conditions and benefits is made. The following is

highlighted during the presentation.

 No startup capital required.

 Unlimited earning potential.

 Earn Commission, Bonus & Incentives,

 No upper limit on earnings.

 Career developments in Insurance industry through this

job.

 Close the deal – If the client is interested, he is handed over the

recruitment form.

CHAPTER VIII
With the help of a questionnaire we have tried to assimilate information

that can throw light on the customer’s perception about the job. The

questionnaire has been so designed that it not only understands the

customer’s perceived notion on the role of an insurance advisor but also

the market position of ICICI Prudencial.

Note : Questionnaire (Annexure-1)

Finding :

 A major finding was regarding the mindset of people who

perceive the Insurance advisor as low paid Insurance agents.

People do not see the challenges and the opportunity to

understand customer’s perception which is available in this job.

 Most of the interviews were not aware of the player in the

Insurance sector. Senior citizen and middle aged employees still

believe that insuring and working worth a government company

is less risky and reliable.

  Most of the interviews ranked reliability more important than

profitability when asked about reason for choosing a particular

Insurance company.

 Since the Insurance advisors are not the employees of the

company , people had several misconception on the career

prospects of this job.

 Following table shows the market position of the several private

players in the market.

MARKET SHARE OF THE MAJOR INSURANCE COMPANIES

Name of the player Market share (%)

ICICI Prudential 33
Birla Sun Life 12
Bajaj Allianz 12
SBI Life 2
HDFC Standerd 13
Tata Aig 8
Max New York 6
Aviva 5
Om Kotak Mahindra 4
ING Vysya 3
Amp Sanmar 1
Met Life 1
Market share of different insurance sector is shown below with

the help of pie chart.

Market share(%)

ICICI Prudential
Birla Sun Life
Bajaj Allianz
SBI Life
HDFC Standerd
Tata Aig
Max New York
Aviva
Om Kotak Mahindra
ING Vysya
Amp Sanmar
Met Life
RECOMMENDATION :

 As per the result from the execution of the strategies it is

recommended that to go in for quality recruitment, a structured

screening and selection process must be adopted .

 Structured interviews based on careful study of the candidates profile

can be conducted.

 To get an understanding of the competencies, career interested and

intellectual abilities of the candidate. Psychometric testing can also be

conducted.

 The unit managers under whom the advisors work under must

constantly motivate them to accept defeats or rejections.

Persuasiveness is the key here.

 DIVERSITY IN DATA

variation in data

self profesional
employed s
16% 23%
profesionals
Retired House wives
persons students
House
19% Retired persons
wives
14% self employed
students
28%
 At the time of doing my winter project, I had mate with
various people from various sector of society among them

(1)23 % professionals {Engineers, Doctors, CA, Etc. }

(2)14 % Housewives

(3) 28 % Students

(4)19 % Retired Persons

(5)16 % Self Employed

Different opinion of different professionals

Feedback of profesional client

8
7
6
No of clients

5
4
Series1
3
2
1
0
interested Status Lack of Not Others
Problem time intersted
Feedback Of Clients

Different professionals with whom I mate at the time of

Winter project they give different opinion about to become

advisors of I.C.I.C.I Prudential like-

• Some people says that they have no time to doing that type
of work.

• This type of work will be harmful for there status and

positions.

• Some people gives some positive respond like some are

interested to do the work or some persons says that they
are ready to the work but after some days.
 Different opinion of different housewives.

Feedback of housewives

6
5
No Of Clients

4
3
2
1
0
Interested Lack of want time to Not of Others
brand discuss interested
awarness
Feedback Of Clients

Different housewives with whom I have mate they give different

opinion about the work like

• They are not aware about the I.C.I.C.I brand.

• Because of social bindings.

• They are not self sufficient to take decision.

 Different opinion of different students.

Feedback of students
10
Feedback Of Clients

9
8
7
6
5
4
3
2
1
0
interested Not Financial Not Others
Interested problem fullfilling the
criteria
No.Of Clients

Different students with whom I have mate they give different opinion
about the work ,like :

• They are not fulfilling the criteria.

• They have financial problem.

• Some students gives some positive respond like some are

interested to do the work or some students says that they are
ready to the work but after some times.
 Different opinion of different retired persons.

Feedback Of Retired clients

8
7
6
No. Of Clients

5
4
3
2
1
0
Interested Not Interested Age Problem Others
Feedback Of Clients

Different retired persons with whom I have mate they give different
opinion about the work ,like :

• They seems to be highly interested to do the work and want to

use their spear time to earn extra money .

• Some are interested but they are physically unable to do the

work.

• Some people are more attracted to the Government sectors.

 Different opinion of different business men.

Feedback Of Self Employed Clients

6
5
No. Of Clients

4
3
2
1
0
Not Interested Lack Of Time Status Others
Interested Problem
Feedback Of Clients

I had mate with some self employed people also and their opinion
about the proposals is :

• As they have a very busy schedule they don’t have time to do

such work.

• They think it is harmful for their status and position in the

society.

• They have a very conflict view about I.C.I.C.I brand.