STUDY OF DISTRIBUTION CHANNELS & SELLING PROCESS THROUGH ADVISORS

Submitted By Shobhit Shukla MBA IIIsem.

Contents
Company Profile Research Objective Research Methodology Findings Recommendations

Company Profile

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies and Prudential plc - a leading international financial services group headquartered in the United Kingdom. ICICI bank holding a stake of 74% & Prudential plc holding 26%. The company was granted a certificate of Registration by the IRDA on November 24, 2000 and eighteen days later, issued its first policy on December 12.

ICICI has a network of approximately 1,400 offices and over 1,75,0000 advisors, as at June 30, 2011.

The joint strengths

A powerful joint venture partnership with each carrying a set of strengths complementing each others

Brand strength

Reputation

Infrastructure Customer base Market Innovators

Insurance expertise

PRUDENTIAL ICICI

Product Distribution

Local knowledge

Operations

Research Objectives
Distribution Channel

To describe the distribution channels used in ICICI Prudential. To know the selection process of the financial advisors in ICICI prudential. To know the training process of advisors in ICICI Prudential. To know the satisfaction level of the advisors regarding their selection process, training process & promotional tools provided to them. To find out the selling process adopted by the advisors in ICICI Prudential.

Selection Process

Training Process

Satisfaction Level

Selling Process

Research Methodology

Research Type Descriptive Research Data Sources Primary DataSample SizeThrough Questionnaire 100

Contd.

Secondary Data-

ICICI Prudential Annual Report 2009-10 IRDA Annual Report 2009-10

Websites

www.iciciprulife.com www.irda.gov.in www.icicibank.com www.prudential.co.uk

Findings

Distribution Channels Tied Agency Banc assurance Brokers Worksite Marketing

Selection Process Minimum Age- 18years Qualification Pre-recruitment Training 50hours IRDA mandatory Exam

Contd

Satisfaction Level
Almost 85% advisors are satisfied with the selection process, training module & promotional tools provided by ICICI Prudential. Some advisors are seeking for the more liberal selection process which may be through references and through internet. Some of the advisors are desiring more promotional tools so that they may become able to convince the potential customers.

Contd

Selling Process
Database

Prospecting Calling & taking appointment

Meeting

Make the sale & end the call

Follow up

Recommendations

ICICI Pru should provide more effective training to its advisors as ICICI pru is the top most private player in insurance sector but LIC-a govt venture, is far away from ICICI pru. ICICI pru should put more emphasis on the rural sector as they are not easily convinced by its advisors as in rural areas insurance means LIC. ICICI Pru can try to go for other distribution channels i.e. Post Offices, NGOs etc. ICICI pru should introduce more incentive schemes & contests to promote their advisors also.

Thank You