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A Project Report On: "Recruitment of Tied Agents in ICICI Prudential Life Insurance"
A Project Report On: "Recruitment of Tied Agents in ICICI Prudential Life Insurance"
Project report
On
1
Student's Undertaking
A copy of the project is also submitted to “ICICI Prudential Life Insurance Co.
Pvt. Ltd.”
Project Guides:
2
CONTENTS
3
ACKNOWLEDGEMENT
This project report bears the imprint of those who had rendered
their wholehearted support and encouragement without whose help
this effort of mine would be in vain. I express my deep sense of
gratitude and sincere thanks to my project guide, Ms. Neha, for her
directions, suggestion and information provided which were of
utmost importance for the successful completion of the project. I
am also thankful to Mr. Pranav Mishra for his proper guidance. I
am thankful to the employees of ICICI Prudential for assisting me
in the timely completion of project.
At last, I also thank to my friends those helped me in my training
period and in the completion of project.
(Amanjot Singh )
4
EXECUTIVE
SUMMARY
5
Executive Summary
The objective of this project was to assist ICICI Prudential Life Insurance in
expanding their channel by recruiting Tied Agents for the company. For the company
to successfully continue its operations, it needs to undergo change to get new business
and to get new ideas. Moreover insurance is such a growing sector that it has full
potential to have new customers. So it is very essential to have new people in the
system which can add new customers to the company.
This was achieved through a three pronged efforts. The first objective of the study was
to look for different segments of the people. The second objective of the project was
to analyze the person to find whether he is fit for doing insurance. The third objective
of the project was to finally introduce some people in the system by recruiting them as
advisors of the company.
The research methodology consisted of secondary data which was collected from
different colleges, Tata Press Yellow Pages etc and personal interview with people in
Chandigarh, Patiala, Rajpura, Ambala. The data collected is attached at the end of
the report.
I would like to thank my mentor who provided me the opportunity to become the
advisor for the company which will give me lots of experience and help me in future.
6
Objectives of the study
Main Objective:
Sub Objective:
1. To look for all segments of people so that they can be introduced in the system.
: Making recruitment convenient both for the company and the recruiter.
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RESEARCH
METHODOLOGY
8
Research Methodology
This is an endeavor to locate right kind of people possessing the right kind of skills
to become successful financial consultants. The study also tries to find out the kind
of people and skills that would further enhance the insurance business.
ICICI Prudential insurance business aims at recruiting those who have
entrepreneurial skills and necessary drive to survive and flourish in the present
competitive and ever increasing insurance industry.
The universe of study was limited to Chandigarh, Rajpura, Patiala and Ambala.
The universe was divided in different segments. The process of segmentation was
primarily aimed at simplifying the universe into smaller parts so each segment can
be handled according to its unique features. These segments were as follows:
Students
1. B.Com and MBA pass outs
2. Students perusing CA, MFC.
9
Enterprising Women
1. Hobby class operators
2. Beauty Saloon owners
3. Fashion boutiques
4. Kitty Party groups
5. Agents of direct Selling.
The research methodology is discussed in detail in the main chapter. However, the
following is the summary of the same.
STUDENTS
Research methodology: Mail + Call activity
Data Source: colleges and respective institutions.
ENTERPRISING WOMEN
Research Methodology: Telecalling
10
Data source: Personal contacts + classified section of HT City.
PROPERTY DEALERS
Research Methodology: Telemarketing
Data source: Yellow pages + Local newspaper.
11
LIMITATIONS OF THE STUDY
2. People were reluctant to join this job as it doesn’t provide any fixed salary.
5. Due to the presence of large number of LIC agents, people refused to become
advisors of any company as according to them there exits a huge competition.
12
7. The candidates like CA’s, Advocates and Tax consultants could not arrange a
meeting with ASM in spite of their interest.
Chapter 1
Industry
profile
13
Introduction to Insurance
Insurance
Losses of unfortunate few are shared by and spread over to many exposed to
same risk.
Loss of assets for any reasons deprives the owner of the expected benefits.
14
Insurance in this context is a mechanism that helps to reduce the adverse
consequences due to loss of assets.
Damage to assets caused by any perils is the risk that assets are exposed to.
We can say that human life is an income generating assets which can be lost
on early death or disabilities caused by accidents.
Insurance doesn’t protect the asset but only compensates the economic or
financial loss.
15
Investments are necessary for Economic development.
Savings out of life insurance funds are utilized in investments for growth.
16
This characteristic of their business makes insurance companies the biggest investors
in long-gestation infrastructure development projects in all developed and aspiring
nations. This is the most compelling reason why private sector (and foreign)
companies which will spread the insurance habit in the societal and consumer interest
are urgently required in this vital sector of the economy.
Per capita insurance premium in India is a mere US$ 6, one of the lowest in the
world. In South Korea, the corresponding figure is US$1,338, in USA it is $ 2250 and
in UK it is $1589.
Insurance premium in India accounts for a mere 2 per cent of GDP compared to
the world average of 7.8 per cent and G-7 average of 9.2 per cent.
17
liberalization of insurance creates an environment for the generation of long term
contractual funds for infrastructural investments.
This might seem a logical strategy from the point of view of new players. Start-up
costs-such as those of setting up a conventional distribution network-are large and
high-end niches offer better returns. However, in the long run 'middle-market' offers
the greatest potential as in terms of it is the second largest market in the world. This
may still be an urban market but goes beyond the affluent segment.
Insurance, even more than banking, is a volume game. A very exclusive approach is
unlikely to provide meaningful numbers. Therefore, private insurers would be best
served by a middle-market approach, targeting customer segments that are currently
untapped.
Classification of insurance
18
Life is full of uncertainty .Trials and tribulations abound in each and every aspect of
life .No one can truly predict or even estimate what the future has in store for him.
Life offers no guarantee by itself; expect the incidences of death and taxation.
The lack of security present throughout life can be overcome partially through
insurance. Insurance can never replace or repair a loss. But the monetary value offered
by insurance helps in adjusting to new circumstances.
Despite offering the innumerable options and immense scope insurance can be
classified into four major categories.
Insurance of a person
Insurance of property
Insurance of interest.
Insurance of liability.
Insurance of person .
Under the preview of this class of insurance the risk associated with human life in
general can be covered up to the limit specified. The person can insure his or her life
and his health against any unplanned contingencies.
The event of his death his dependents will be reimbursed with the full amount that he
was insured for. Or if the insured person meets with the accident or suffers from any
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illness that cripples him forever he will be compensated with complete sum assured.
Any way he may not be able to lead a normal life again.
Insurance of property
Everyone posses material value in the form of tangible assets . Assets can be in the
form of the landed estate or a vehicle, share holdings or plane old paper money.
Since tangible property has a physical shape or consistency it is subject to many risk
ranging from fire allied perils to theft and property. An individual’s life time of hard
work can be wiped out in a blink of an eye.
But if a person judiciously invest in insurance for his property prior to any unexpected
contingency the he will be suitably compensated for his loss as soon as the extend of
damage is ascertained.
Insurance of interest
20
Owing to an occasional error or omission committed by us, our clients or customers
might suffer a loss. In turn we might have to pay those damages for compensation out
of our own personal resources.
However, if our chosen professional qualifies for insurance of interest . Then our
insurance policy will be more than sufficient in arranging the funds and court
formalities that might ensue aftermath of legal libel.
Insurance of liability
Every person has to regulate his actions and behavior so as not to cause injury or
damage to other people and their property. Every one is personally liable for his or her
actions.
If due to lack of control over his actions or prejudice behavior, a person incurs any
liability then has to provide compensation out of his personnel resources. Liabilities,
Legal, Civil or Criminal can have severe repercussions on social standing and prestige
besides the financial status.
21
Insurance Regulatory and Development
Authority (IRDA)ACT,1999
22
This is a corporate body established for the purpose and objects as set out in
explanation to the title.
The authority replaces “Controller” under insurance act 1938.
It states that if authority is superseded by central govt. the insurance may be
appointed till such time as “Authority” is reconstituted.
Constitution of IRDA
1. Chairperson
2. Less than five whole time members
3. Less than four part time members.
1. Life Insurance
2. General Insurance
3. Actuarial science.
4. Finance
23
5. Economics
6. Law
7. Accountancy
8. Administration
Functions of IRDA
24
To promote and regulate professional organizations
connected with the insurance and reinsurance business.
The life insurance business of 154 Indian Life offices constituted by 16 non-Indian
insurers operation in India and 75 provident societies was taken over by the
Government of India.
LIC of India Act was passed by the parliament on 18th june1956 and it came into
effect from 1st July1956.
26
CHAPTER 2
COMPANY’s
PROFILE
27
ICICI PRUDENTIAL LIFE INSURANCE
COMPANY
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst
the first private sector insurance companies to begin operations in December 2000
after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In the financial year ended
March 31, 2005, the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The company
has a network of about 56,000 advisors; as well as 7 bancassurance and 150 corporate
agent tie-ups. For the past four years, ICICI Prudential has retained its position as the
No. 1 private life insurer in the country, with a wide range of flexible products that
meet the needs of the Indian customer at every step.
ICICI Prudential Life Insurance's new business has grown 77% in '04-05 to cross Rs
1,000 crore, with annualised new business premium of Rs 1,256 crore. The company's
total received premium, which includes renewal premium, has crossed Rs 2,363 crore
for '04-05.
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In the year 2004-05, 80% of the premium has been generated from unit-linked plans,
with nearly 40% of the premium collections going into equity. Indian policyholders
have been increasingly opting for unit-linked plans which offer higher exposure to
equities, ever since lower interest rates have forced insurers to cut bonuses on
traditional policies.
In contrast, the private life insurance agent force has grown by leaps and bounds. The
need for higher geographical penetration has seen insurance companies recruiting
aggressively. At last count, they added up to a massive 1,50,000. ICICI PruLife topped
the list among the private players, which had close to 50,000 agents, while Bajaj
Allianz had 30,000 agents. At least six of the 11 private life insurance players had an
agent force of 10,000 and plus.
This included Tata AIG, Max New York, HDFC Standard and Birla Sun Life. All these
insurance companies have allocated large amounts of fresh capital to build the agent
network across major cities in the past few years.
29
Our vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by
world-class people and service.
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the
values describe what the company stands for, the qualities of our people and the way
we work. .
30
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 74 cities and towns in India. These
are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Bangalore,
Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh, Chennai,
Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Guwhati, Gurgaon,
Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur,
Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode, Lucknow,
Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai, Mysore, Nagpur, Nasik,
Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Saharanpur,
Salem, Shimla, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur,
Vadodara, Vapi, Vashi, Vijayawada and Vizag.
The company has seven banc assurance tie-ups, having agreements with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-
operative banks, as well as over 150 corporate agents and brokers. It has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies and
organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially
and economically underprivileged sections of society.
ICICI Prudential has recruited and trained about 56,000 insurance advisors to interface
with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.
31
Organization Structure
Territory Manager
Unit Unit
Unit Manager
Manager
Manager
PRODUCTS
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Insurance Solutions for Individuals
Savings Solutions
33
LifeTime & LifeTime II offer customers the flexibility and control to customize
the policy to meet the changing needs at different life stages. Each offer 4 fund
options ? Preserver, Protector, Balancer and Maximiser.
LifeLink II is a single premium Market Linked Insurance Plan which combines
life insurance cover with the opportunity to stay invested in the stock market.
Premier Life is a limited premium paying plan that offers customers life
insurance cover till the age of 75.
InvestShield Life is a Market Linked plan that provides capital guarantee on the
invested premiums and declared bonus interest.
InvestShield Cash is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with flexible liquidity
options.
InvestShield Gold is a Market Linked plan that provides capital guarantee on
the invested premiums and declared bonus interest along with limited premium
payment terms.
Protection Solutions
LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3
options ? level term assurance, level term assurance with return of premium and single
premium.
Child Plans
34
SmartKid education plans provide 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
ICICI Prudential also launched ?Salaam Zindagi?, a social sector group insurance
policy targeted at the economically underprivileged sections of the society.
35
ICICI Prudential also offers Group Insurance Solutions for companies seeking
to enhance benefits to their employees.
ICICI Pru Group Gratuity Plan: ICICI Pru?s group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner. The
plan can also be customized to structure schemes that can provide benefits
beyond the statutory obligations.
ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined
contribution superannuation scheme to provide a retirement kitty for each
member of the group. Employees have the option of choosing from various annuity
options or opting for a partial commutation of the annuity at the time of retirement.
ICICI Pru Group Term Plan: ICICI Pru?s flexible group term solution helps
provide affordable cover to members of a group. The cover could be uniform or
based on designation/rank or a multiple of salary. The benefit under the policy
is paid to the beneficiary nominated by the member on his/her death.
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 sum assured under the policy. If the death occurs while traveling in an
36
authorized mass transport vehicle, the beneficiary will be entitled to twice the
sum assured as additional benefit.
Accident Benefit: This rider option pays the sum assured under the rider on
death due to accident.
Critical Illness Benefit: protects the insured against financial loss in the event
of 9 specified critical illnesses. Benefits are payable to the insured for medical
expenses prior to death.
Major Surgical Assistance Benefit: provides financial support in the event of
medical emergencies, ensuring benefits are payable to the life assured for
medical expenses incurred for surgical procedures. Cover is offered against 43
surgical procedures.
Income Benefit: This rider pays the 10% of the sum assured to the nominee
every year, till maturity, in the event of the death of the life assured. It is
available on SmarKid, SecurePlus and CashPlus .
37
1750 ATMs. It offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and
through its specialised subsidiaries and affiliates in the areas of investment
banking, life and non-life insurance, venture capital, asset management and
information technology. ICICI Bank posted a net profit of Rs.1,637 crore for the
year ended March 31, 2004.ICICI Bank’s equity shares are listed in India on
stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange,
Mumbai and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).
Impact of Liberalization
38
The introduction of private players in the industry has added to the colors in the
dull industry. The initiatives taken by the private players are very competitive
and have given immense competition to the time monopoly of the market LIC.
Since the advent of the private players in the market the industry has seen new
and innovative strengths taken by the players in this sector. The new players has
improved the service quality of the insurance as the result LIC down the years
have seen the declining phase in the carrier. The market share was distributed
among the private players .though LIC still holds the 75% of the insurance
sector but the upcoming natures of these private players are enough to give
more competition to LIC in the near future. LIC’s market share has decreased
from 95%(2002-2003) to 81%(2004-05). The following companies have the
rest of the market share of the insurance industry.
39
NAME OF THE PLAYER MARKET SHARE(%)
LIC 82.3
AVIVA 0.79
METLIFE 0.21
40
On the Basis of Premium Collected:
41
The life Insurance industry underwrote a premium of Rs.8,13,014.01 lakh
during the month of March 2005, taking the cumulative premium underwritten
during the current year 2004-05 to Rs.25,34,287.67 lakh. The #1 private Life
Insurance Company contributed Rs.1,58,408 (6.25 %) followed by Bajaj
Allianz which contributed Rs.86,001.80 lakh(3.39%).
42
43
On the basis of No. of Policies Sold:
ICICI Prudential firmly holds the number one position by selling 614673
policies in the year 2004-05 followed by Tata AIG (228894 policies).
44
45
Distribution Channels
Till date insurance agents still remain the main source through which the
insurance products are sold. The concept is very well established in the country
like India. But still the increasing use of other sources is imperative. It therefore
makes sense that the well balanced alternative channel of distribution .
At present the distribution channels that are available in the market are :
Direct selling
Corporate agents
Group Selling
Brokers and corporative Societies
Bancassurance
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CHAPTER 3
RECRUITMEN
T PROCESS
47
Project introduction
The project was to recruit the insurance advisors. The targets were provided
By the company and we had to meet them .In the first two weeks we were given
introduction of the company and the various products rendered by it.
We were trained about the various pitching techniques depending upon different
segments of people. After learning the pitching techniques, we started collecting
data from various colleges, employment exchanges.
These were some of the qualities that we searched in a person who could be an
asset to the company and could give business .It is not necessary to have good
academic background but a good salesman should have the following qualities:
He should be speedy, needy and greedy.
He should be presentable.
He should have good communication skills.
He should be ready to serve with a good smiling face.
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Recruitment Process
The distribution channel of ICICI Prudential is consisting of two types of agents:
Corporate Agents
Individual Agents
The former is known as corporate insurance agency while the later is called as Retail
Agency. In the corporate Agency the insurance work is given to a company and these
company further employees Agents. It is a sort of an indirect agency system. On the
other hand the company directly employee’s individual agents and no intermediary is
there.
49
The first segment to be taken under study was that of students with some commerce
background.
Our main selling point for this segment was that these students have some finance
knowledge. We gave them a career opportunity as they could be promoted as a unit
manager as soon as they meet the required target.
The required information of such students was collected from there respective
institutions. Those students whose response was positive were called in the premises
of ICICI Prudential for an informal interview where they were told about the job and
the opportunities involved.
50
The second segment was that of enterprising women.
The segment was further divided into sub groups which were as follows.
1. Hobby classes operators.
2. Beauty Saloon owners.
3. Fashion boutiques.
4. Kitty party groups.
5. Agents of direct selling products like Tupperware, Avon.
Our main Point in approaching them was that these women already had a well
established network in their respective fields and hence in a position to exploite them
further. If they are aware of the opportunities and are ready to take risk then they just
needed to tap the market that is already there for them.
51
The third segment of property dealers, commission agents, retired members from
banking industry.
Under Telemarketing, a telephone call was made to the targeted person wherein the
intention was to make the person aware of the objectives under study. For this purpose
we tried to allure the target customers to become an agent.
However the call must be made keeping this in mind a few things such as:
3. We should be considerate enough to respect the value of their time and must not
waste his time in unnecessary Jargons.
4. Care must b taken while introducing main subject, so that we are able to arouse
interest .
52
The fourth segment was of financiers and loan giving institutions.
The data sources of this segment were through people’s references and through
local newspapers. We adopted the method of direct interview with the person. This
involved a brief interaction between the targeted person and us.
The last segment was of CA’s, Income Tax Consultants and Advocates.
The data source of this segment was through Yellow Pages. We adopted the method
of direct interview after taking appointments on phone.
Firstly we called up people and explained them about the work profile .If we
found them interested, another round of screening was done by Unit Manager
with his respective ASM (channel development) and they short listed the most
capable candidates. Capability doesn’t mean that the person should have some
specific qualifications. Capability meant that the chosen candidates must have
at least interpersonal skills and should be keen enough to learn during training
process. He must also realize the importance of marketing in the field. We
preferred people with finance background as it becomes easier for them to
understand the insurance industry.
53
The second round of selection was consisted of an informal interview with the
candidate. There were main three purpose of this:
1. To reinforce the purpose of study i.e. selecting the right kind of people.
The selected candidate has to fill an application form along with the fees of
Rs.1200 which includes Rs.450 as license fees which is issued by IRDA and
Government of India, rest includes the examination fees.
54
Types of training
The selected candidates were given a option to select the type of training
depending upon their comfort and convenience. There were two types of
training available.
Online Training
In this type of training the person has to complete his IRDA training for 100
hours on the internet. After that he is required to attend the six days product
training manually. So the person who is busy with his job this training is quite
suitable for them.
Manual training
In this type training he has to complete both the product training and the IRDA
training manually. So he has to attend the continuous training for fifteen days.
This training is suitable for the person who is ready to take out his fifteen days.
55
During the manual training, the company provides free lunch.
FINDINGS
&
DATA
ANALYSIS
56
ANALYSIS AND FINDINGS
The main purpose of the study was to locate the right kind of people possessing
the right mix of interpersonal and marketing skills. The research process helped
in locating such people.
After obtaining the positive response from the various selected segment another
round of screening was done. The research helped in locating the interested
people. Now the company had to select the most capable one. Capability does
not need that the people should have some specific Qualifications. The
capability meant that the chosen candidates must at least possess interpersonal
skills and should be keen enough to learn during the training process. He must
also realize the importance of marketing industry.
57
The research results were as follows:
Students
Sample size: 75
Positive responses:19
Candidates Selected: Nil
In the complete segment, we had a good response. We contacted passed out
students who were unemployed. The screening process was intentionally
designed, very hard as they have to move into the hierarchy of the company
after meeting the targets. This was the reason why no student was selected.
58
Enterprising Women
Sample size: 25
Positive Responses: 10
Candidates selected: Nil
In the complete segment there was good response in the sense that there were
many positive candidates, there was none selected. The main reason was that in
spite of their interest, they lacked initiative in the decision making. It was found
that their husband took all their decisions. The company wanted there
59
consultants to be decision maker not decision takers. Hence there was no
financial consultant taken from this segment.
Property Dealers
Sample Size : 35
Positive response:9
Candidates selected: 2
In spite of contacting so many property dealers only two were converted. The
reason was this was that property dealers require a lot of chasing, chasing in the
sense that those who were interested were hard to have a personal contact with.
Hence it was a time consuming process and many were dropped because they
could not give time to company’s representative. Moreover, the nature of work
60
in property dealing is unpredictable. Some time there are no deals while there
may be times that a big party made a deal. Therefore only those dealers who
understand the risk were selected.
Commission Agents
Sample Size: 7
Positive Response: Nil
This segment was dropped because there were no positive responses. The
reason for this was that all the commission agents were engaged in the selling
of the products of other insurance companies.
61
Positive Responses: 5
Candidate Selected: 1
The response from this segment was moderate but only one candidate was
converted. The reason was that such people were neither energetic nor
enthusiastic to work despite of having the knowledge of the industry.
Sample Size : 5
Positive Response: 2
Candidates Selected: 2
The response from this segment was the best of all. There were a couple of
reasons for that .First of all; all these candidates were contacted on the basis of
62
references. Secondly, these people are risk takers. They are willing to enter into
new ventures and also have the kind of resources that are useful for the
insurance.
63
CONCLUSION
AND
RECOMMENDATION
S
Conclusion
64
ICICI Prudential is the top most private insurance company, so people are more
attracted towards it. The only thing required by the company is to give career
and the benefits provided by the company. The people are taking this career as
LIC agent only. But ICICI prudential through its pinnacle program and other
facilities is providing a very bright career to the youth. There is a lack of
information about this career therefore the company needs to capitalize on this
opportunity by providing information to the people.
The segment of students gave a good response but due to hard screening only
two were converted.
The segment of enterprising women was not that responsive and hence was
unsuitable for the job of financial consultant.
The segment of commission agents was again not responsive and not consultant
was obtained.
The segment of retired members of the banking industry did not possess that
energy that was required. So, the conversions were less.
The segment of CA’s and advocates was the most responsive probably due to
the fact that the candidates were very few and located primarily from
recommendations.
65
From the results we can conclude that the selection model of ICICI Prudential Life
Insurance Company for the purpose of selecting the right profile of the distribution
channel is very comprehensive and fulfills the objective optimally.
Recommendations
66
Agents are the life blood of the insurance industry’s distribution channel. They are the
main forces that bring business to the company. Unless and until the agents are
qualified and have the caliber to understand the current market scenario, they cannot
remain long in the business. Hence , an optimally selected sales force is the need for
the hour , for the industry like insurance.
1. There should be weekend batches of training for the people who cannot take
their full six days of the week from their busy schedule.
2. Anything can click in this line of work and hence the company should evaluate
the candidates subjectively.
3. Advertisements should be given in newspapers so that number people should
come for the interview.
4. Various MBA institutes should be targeted to get people with good marketing as
well as interpersonal skills.
5. There should be some fixed salary with some fixed targets.
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References
1. www.iciciprulife.com
2. www.financialexpress.com
3. www.insuranceguide.com
4. www.economictimes.com
5. www.google.com
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