Project Report on Recruitment and Selection

Process of ICICI Life Insurance Company Ltd.

(A Project Report Survey at Lucknow City)

Submitted in the partial fulfillment for the award of the degree of

Master of Business Administration

(Session : 2017-2019)

UNDER THE GUIDANCE OF :

MRS Shabina Khan

SUBMITTED BY :

Kopal Mehrotra

Roll no : 1702007748
 CERTIFICATE

This is to certify that this Project Report entitled 'Recruitment & Selection
Process of ICICI Life Insurance Company Ltd.' is the result of research work
carried out by Miss. Kopal Mehrotra under the guidance and supervision of
my Senior Ms Shabina.

Signature

Contact no :- 9415528951

Primary email id :- qds186@gmail.com

 ACKNOWLEDGMENT

A training report is never the sole product of the person whose name appears

on the cover. There is always help, guidance and suggestion of many in

preparation of such a report. So it becomes my first duty express my gratitude

towards all of them.

I would also like to express my gratitude to Mrs . Shabina faculty at Sikkim

Manipal University for her excellent guidance and help throughout the training

period.

I want to acknowledge the help provided by guide and friends. The precious

inputs provided by them have helped in compiling this report. As well as I

want to thank my friends and colleagues who helped me in this working.

I express my deep –hearted thanks and gratitude to all of those who helped

me in this project.
Recruitment and Selection of ICICI Pru.

Insurance Companies

PREFACE

People are a company’s most important assets. They can make or break the
fortunes of a business. In today’s highly competitive business environment
placing the right people in the right position is very critical for the success of
any organization.

The recruitment and selection decision is of prime importance as it is the

vehicle for obtaining the best possible person-to-job fit that will, contribute
significantly towards the Company's effectiveness. It is also becoming
increasingly important, as the Company evolves and changes, that new
recruits show a willingness to learn, adaptability and ability to work as part of
a team. The Recruitment & Selection procedure ensures that these criteria
are addressed

In this project I have studied Recruitment and Selection process of ICICI

Prudential Life Insurance and attempted to provide some ways so as to
make recruitment more effective and to reduce the cost of hiring an
employee.

I am privileged to be one of the students who got an opportunity to do my

training with ICICI Prudential Life Insurance. My involvement in the project
has been very challenging and has provided me a platform to leverage my
potential in the most constructive way. ICICI Prudential Life insurance is one
of India's leading financial institutions offering complete financial solutions that
encompass every sphere of life. In a short span of time, ICICI has set an
example by having a steady and confident journey to growth and success.
During the training period I have studied deeply the process of hiring in ICICI
Prudential Life insurance and did a SWOT analysis of ICICI Prudential Life
Insurance to find out the existing shortcomings and potential threats and
thereby recommended suggestions.

This project however is an attempt to share as best as possible my

experience in corporate world with all my colleagues and my faculty.

I would be delighted to receive reader’s comments which maybe valuable

lessons for my future projects.
Recruitment and selection Executive Summary

In today’s rapidly changing business environment, organizations have to

respond quickly to requirements for people. The Financial market has been
witnessing growth which is manifold for last few years. Many private players
have entered the economy thereby increasing the level of competition. In the
competitive scenario it has become a challenge for each company to adopt
practices that would help the organization stand out in the market. The
competitiveness of a company of an organization is measured through the
quality of products and services offered to customers that are unique from
others. Thus the best services offered to the consumers are result of the
genius brains working behind them.

Today’s tight labor market is making it more difficult to find, recruit and select
talented people for an organization. The competition for talent is intensifying
as there are fewer qualified applicants available. This shortage of applicants
makes it all the more important for the organizations to be able to more
effectively attract , select and retain quality candidates.

Human Resource in this regard has become an important function in any

organization. All practices of marketing and finances can be easily emulated
but the capability, the skills and talent of a person cannot be emulated.
Hence, it is important to have a well-defined recruitment policy in place, which
can be executed effectively to get the best fits for the vacant positions.
Selecting the wrong candidate or rejecting the right candidate could turn out to
be costly mistakes for the organization. Therefore a recruitment practice in an
organization must be effective and efficient in attracting the best manpower.

In human resource management, “recruitment” is the process of finding and

hiring the best and most qualified candidate for a job opening, in a timely and
cost-effective manner. It can also be defined as the “process of searching for
prospective employees and stimulating and encouraging them to apply for
jobs in an organization”.

It is one whole process, with a full life cycle, that begins with identification of
the needs of the company with respect to the job, and ends with the
introduction of the employee to the organization.

When we speak of the recruitment process, we immediately think of activities

such as the analysis of the requirements of a specific job, attracting
candidates to apply for that job, screening the applicants and selecting among
them, hiring the chosen candidates to become new employees of the
organization, and integrating them into the structure.

Through recruitment, organizations make sure that the skill sets of the staff or
manpower of the company remains aligned to its initiatives and goals.

In the event that they notice some positions do not really contribute to the
advancement of the organization towards its goals, then it can take the proper
action to correct this, probably through job redesign, restructuring of the
workforce, or conduct of job enrichment programs.

Effective recruiting means that the person employed for the job is the best
possible candidate for it, with all the required skills, talents and qualifications
of the job. Efficient recruiting, on the other hand, means that the process has
been carried out without incurring a lot of costs on the part of the organization.
By following the process, there is a greater chance that the human resources
department can get the best possible person for the job.
Organizations may carry out their hiring processes their own way, but without
a system or set guidelines in place for its conduct and implementation, there
is a risk that the company may incur more expenses than necessar

Recruitment and Selection Policy

The Recruitment and Selection Policy (hereinafter referred to as “the policy”)

contains the policy of conduct observed by Ingersoll Rand in the recruitment
and selection process. The purpose ofthe policy is to provide a standard for
the recruitment and selection procedure. The policy is set up chronologically,
from the time that the job becomes open for recruitment to the date
theposition is filled.

ICICI Life Insurance Company is committed to employ, in its best judgment,

suitable candidates for approved positions while engaging in recruitment and
selection processes that are in compliance with all applicable employment
laws. It is the policy of ICICI Life Insurance Prudential to provide equal
employment opportunity for employment to all applicants and employees.

HR Policies and Procedures

The Policies and procedures laid down here promote the philosophy of the
company with regards to standards of excellence ; terms of employment ;
employee development ; and employee services. The objective of this section
is to inform you of the policies related to Travel, Compensation , Mediclaim,
transfers etc.

Underlying Principles

The policy is based on the following underlying principles:

• The applicant will be chosen on the basis of suitability with respect to the
position.
• The applicant will be informed on the application procedure and the details
of the vacant position.

• The company will request that the applicant provide only the information that
is needed to assess suitability for the position.

• The applicant will provide the company with information it needs to form an
accurate picture of the applicant’s suitability for the vacant position.

• The information provided by the applicant will be treated confidentially and

with due care; the applicant’s privacy will also be respected in other matters.

• If an applicant submits a written complaint to the company, the company will

investigate and respond to the complaint in writing.

The policy applies to a procedure that is directed toward filling a vacancy

within the company and for which the recruitment of candidates takes place
by a) public announcement, such as in advertisements in newspapers, radio,
state agency or internet, b) notice boards or internal recruitment and/or c)
through employment agencies, recruitment and selection agencies
orexecutive search.
Recruitment and selection of Insurance

Companies : Coverage –The extent and

limitation

With largest number of life insurance policies in force in the world, insurance
happens to be a mega opportunity in India. Its business is growing at 15-20%
annually and presently is of the order of Rs. 450m. Together with banking
sector it adds about 7% to the GDP.

Like in the case of BPO’s, Insurance sector too faces the problem of attrition.
Thus, recruitment is an ongoing process carried through out the year. The
project is based on the study of recruitment process. The various
recommendations suggested have been the result of the study. The idea is to
generate ways of dealing with high attrition and making hiring process
manageable and efficient.

Data Used

There were mainly two sources of data collection

• Primary data:
• Survey method
• Personal interview with candidates
• In depth conversation with the placement agency

Secondary data:

• Study of recruitment policy

• Websites
• Published articles
Project Report Recruitment and selection of ICICI Pru. Research
Methodology used

• Study of recruitment and selection at ICICI Prudential Life Insurance by

the manual provided by the HR department;
• Web sites
• Journals
• Magazines
• Books

Project Report Recruitment and selection

Findings

• Recruitment is done throughout the year more during the months of

May-June and Oct-Nov;
• Huge investment of time;
• Huge recruitment cost;

To pursue these, I would be going through the recruitment policies of the

company. By active participation in the recruitment process, the areas where
improvement can be bought about can be identified.

Thus the whole research would be done under the guidance of external guide.
It will also involve recruitment and selection processes, reading the material
provide internally by the organization, information from the new employees.
Recruitment and Selection Process

Introduction

Introduction Of The Insurance Industry

Overview

The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves
against loss and disaster existed in primitive men also. They too sought to
avert the evil consequences of fire and flood and loss of life and were willing
to make some sort of sacrifice in order to achieve security. Though the
concept of insurance is largely a development of the recent past, particularly
after the industrial era – past few centuries – yet its beginnings date back
almost 6000 years.

The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force as Rs.22.44 crore,
it rose to 176 companies with total business-in-force as Rs.298 crore in 1938.
The Insurance Act 1938 was the first legislation governing not only life
insurance but also non-life insurance to provide strict state control over
insurance business.
Some of the important milestones in the life insurance business in India are:

1818: Oriental Life Insurance Company, the first life insurance company on
Indian soil started functioning.

1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.

1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-life
insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act

with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over
by the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from
the Government of India.

The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India

are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound business
practices.

1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with effect from 1st
January 1973.

With largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It’s a business growing at the rate
of 15-20 per cent annually and presently is of the order of Rs 450 billion.
Together with banking services, it adds about 7 per cent to the country’s GDP.
Gross premium collection is nearly 2 per cent of GDP and funds available with
LIC for investments are 8 per cent of GDP.

Yet, nearly 80 per cent of Indian population is without life insurance cover
while health insurance and non-life insurance continues to be below
international standards. And this part of the population is also subject to weak
social security and pension systems with hardly any old age income security.
This itself is an indicator that growth potential for the insurance sector is
immense.
A well-developed and evolved insurance sector is needed for economic
development as it provides long term funds for infrastructure development and
at the same time strengthens the risk taking ability. It is estimated that over
the next ten years India would require investments of the order of one trillion
US dollar. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.

India has come a full circle from being an open competitive market to
nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360 degree turn
witnessed over a period of almost two centuries.
General Challenges to the insurance sector

How to identify specific need for insurance cover , and develop a suitable
product accordingly Actuary (one who specialize in the mathematics of
insurance ) . Actuary science and deciding of a specific premium is the
biggest problem on which basis business model is based.

Training and Development of insurance agents who will act as a sales

representatives.

India is a vast country with a population of one billion , with predominant

problems of poverty , unemployment , illiteracy etc. Insurance sector has to
face the challenges of how to make insurance buying a priority in the lower
and middle income class.

Like any Other service sector , Insurance will also face challenges of branding
, packaging and product – price- place –promotion and revenue model.
Challenges of organizational structure. From public sector with predominance
of joint ventures , how a new organizational format will emerge is another
management challenge the insurance sector will have to manage.
Present Scenario

The opening up of the sector is likely to lead to greater spread and deepening
of insurance in India and this may also include restructuring and revitalizing of
the public sector companies. In the private sector 14 life insurance and 8
general insurance companies have been registered. A host of private
Insurance companies operating in both life and non-life segments have
started selling their insurance policies.

Life Insurance Market

The Life Insurance market in India is an underdeveloped market that was only
tapped by the state owned LIC till the entry of private insurers. The
penetration of life insurance products was 19 percent of the total 400 million of
the insurable population. The state owned LIC sold insurance as a tax
instrument, not as a product giving protection. Most customers were under-
insured with no flexibility or transparency in the products. With the entry of the
private insurers the rules of the game have changed.

The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back
policies. But in the annuity or pension products business, the private insurers
have already wrested over 33 percent of the market. And in the popular unit-
linked insurance schemes they have a virtual monopoly, with over 90 percent
of the customers.

The private insurers also seem to be scoring big in other ways- they are
persuading people to take out bigger policies. Buoyed by their quicker than
expected success, nearly all private insurers are fast- forwarding the second
phase of their expansion plans.
The insurance industry in India is at the crossroads of development. For any
country and its economic development, having a well-developed insurance
sector that is evolving is definitely a boon. And, if you are wondering what
must be the reason for this, then the answer lies in the fact that this sector
provides some long-term funds for the development of the country’s
infrastructure as well as strengthening the risk-taking ability of the country. In
India, the rapid rate at which economic growth has occurred in the past
decade is a very significant development, when you even look at it in terms of
the global economic scenario. Know more about the insurance industry in
India in this article. These topics are important for many competitive and bank
exams. Apart from the exam criteria, knowledge of these topics increases
your general awareness too.

The Indian insurance market is a huge business opportunity waiting to be

harnessed. India currently accounts for less than 1.5 per cent of the world’s
total insurance premiums and about 2 per cent of the world’s life insurance
premiums despite being the second most populous nation. The country is the
fifteenth largest insurance market in the world in terms of premium volume,
and has the potential to grow exponentially in the coming years.
Licenses have been issued for the following companies

• ICICI Prudential Life Insurance Limited

• ICICI Prudential Life Insurance Company Limited
• HDFC Standard Life Insurance Company Limited
• Birla Sun Life Insurance Company Limited
• TATA AIG Life Insurance Company Limited
• Max New York Life Insurance Company Limited
• SBI – Cardiff Life Insurance Company Limited
• ING Vysya Life Insurance Company Limited
• Bajaj Allianz Life Insurance Company Limited
• MetLife Life Insurance Company Limited
• Aviva Life Insurance Company Limited
• AMP Sanmar Life Insurance Company Limited
• Sahara India Life Insurance Limited
• Sri Ram Life Insurance Limited

Protection of the interests of policyholders:

IRDA has the responsibility of protecting the interest of insurance

policyholders. Towards achieving this objective, the Authority has taken the
following steps:

• IRDA has notified Protection of Policyholders Interest Regulations 2001

to provide for: policy proposal documents in easily understandable
language; claims procedure in both life and non-life; setting up of
grievance redressal machinery; speedy settlement of claims; and
policyholders' servicing. The Regulation also provides for payment of
interest by insurers for the delay in settlement of claim.
• The insurers are required to maintain solvency margins so that they are
in a position to meet their obligations towards policyholders with regard
to payment of claims.
• It is obligatory on the part of the insurance companies to disclose
clearly the benefits, terms and conditions under the policy. The
advertisements issued by the insurers should not mislead the insuring
public.
• All insurers are required to set up proper grievance redress machinery
in their head office and at their other offices.

The Authority takes up with the insurers any complaint received from the
policyholders in connection with services provided by them under the
insurance contract.
DUTY OF INSURERS:

It is obligatory on the part of the insurance companies to disclose clearly the

benefits, terms and conditions under the policy. The advertisements issued by
the insurers should not mislead the insuring public. IRDAI’s regulations
stipulate the Turnaround Times (TAT) for various services that an insurance
company has to render to you.

STATUTORY OBLIGATION:

The insurers are required to maintain solvency margins so that they are in a
position to meet their obligations towards policyholders with regard to
payment of claims.

SOURCING OF BUSINESS:

Every insurance agent has to explain the nature of information required in the
proposal form by the insurer, and also the importance of disclosure of material
information in the purchase of an insurance contract. An insurer or its agent or
other intermediary has to provide all material information to enable you to
decide on the best cover in your best interest. Where you are dependent on
the advice of an agent or an insurance intermediary, such a person must
advise you dispassionately.
Company Profile of ICICI Prudential Life

Insurance
• 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 was established in 1955 to lend money for industrial
development. Today, it has diversified into retail banking and is the
largest private bank in the country. Prudential plc was established in
1848 and is presently the largest life insurance company in UK.
• ICICI Prudential is currently the No. 1 private life insurer in the country.
• 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.
• India's Number One private life insurer, ICICI Prudential Life Insurance
Company is a joint venture between ICICI Bank-one of India's foremost
financial services companies-and Prudentialplc- a leading international
financial services group headquartered in the United Kingdom. Total
capital infusion stands at Rs. 123.72 billion, with ICICI Bank holding a
stake of 74% and Prudential plc holding 26%.
• ICICI Prudential was the first life insurer in India to receive a National
Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For
three years in a row, ICICI Prudential has been voted as India's Most
Trusted Private Life Insurer, by The Economic Times - AC Nielsen
ORG Marg survey of 'Most Trusted Brands'. As we grow our
distribution, product range and customer base, we continue to tirelessly
uphold our commitment to deliver world-class financial solutions to
customers all over India.
FACT SHEET THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture between ICICI

Bank, a premier financial powerhouse, and Prudentialplc, 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 capital stands at Rs. 123.72 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. The company has
assets held to the tune of over Rs. 118,400 crore.

ICICI Prudential is also the only private life insurer in India to receive a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The
AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI
Prudential's ability to meet its obligations to customers at the time of maturity
or claims.

For the past six 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 in life.
 Distribution

ICICI Prudential has one of the largest distribution networks amongst private
life insurers in India. It has a strong presence across India with over 1680
branches and over 435,000 advisors.

The company has over 23 bancassurnace partners, having tie-ups with ICICI
Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank,
Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank,
ShamraoVithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsored
Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-
operative Bank, BalliaKshetriyaGramin Bank, The Haryana State Co-
operative Bank and Imphal Urban Cooperative Bank Limited.

Products Insurance Solutions For Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric

products that meet the needs of customers at every life stage. Its products
can be enhanced with up to 4 riders, to create a customized solution for each
policy holder.

Savings Solutions

• Save’n’Protect is a traditional endowment savings plan that offers life

protection along with adequate returns.
• CashBak 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.
• LifeTimeSuper 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 that offers
customers life insurance cover till the age of 75.
• 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.
 • InvestShieldCashbak is a unit linked plan that provides premium
guarantee on the invested premiums along with flexible liquidity
options.

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.
• 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

A child Education plan offers the combined benefits of savings and protection.
There are some unit linked insurance plans that provides the opportunity to
create wealth as well. Child education plans are designed to provide financial
security to your child so that his or her education never gets hindered due to
any unfortunate event in future.

• 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.

Education Insurance 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

• ForeverLife is a retirement product targeted at individuals in their

thirties.
• Market-linked retirement products
• LifeTime Super Pension is a regular premium market-linked pension
plan.
• Golden Years: is a limited premium paying retirement solution that
offers tax benefits up to Rs 200,000 u/s 80C, with flexibility in both the
accumulation and payout stages.

Health Solution

➢ Steps to Take When Considering Your Healthcare Solutions

1.) Establish your budget

2.) Prioritize the benefits you want

3.) Consider the types of providers and physicians you’ll see

4.) Determine the care and coverage your dependent(s) may need, if you
have any.

We recommend that you also examine the options offered with different types
of plans, including their importance to you. Once you’ve taken these steps,
you’ll be able to conduct a knowledgeable search, which will lead to an
educated decision.
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.
• Diabetes Care and Diabetes Care Plus*: 1st ever critical illness
insurance cover for diabetics.
• Hospital Care*: Hospital Care offers a Cashless hospitalization facility
in more then 3000 network hospitals
• Crisis Cover : is a 360-degree product that will provide long-term
coverage against 35 critical illnesses, total and permanent disability,
and death

Group Insurance Solutions

• 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.
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.

1. Accident 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.

2. Accident & Disability Benefit: This rider option pays 10% the sum assured
under the rider every year till next 10 years on Accidental Permanent
Disability of 2 Organs.

3. 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.

4. 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

5. Waiver of Premium: In case of total and permanent disability due to an

accident, the premiums are waived till maturity. This rider is available with
SecurePlus and CashPlus.
Choice of Six Investment Options :-

ICICI prudential offers you the opportunity of selecting between investment

options to match your investment priorities.

1) Protector:-

An Investment Option with investment indebt and money market instruments.

2) Maximiser :-

An investment option with investment in equity and equity related

instruments.

3) Balancer :-

An investment option with investment in a mix of equity and debt oriented

instruments.

4) Preserver :-

An investment option with investment in low-risk instruments like cash and

call

money markets.

5) Flexi Growth:-

New Fund (NFO) launched in March 2007, Long term returns from an equity
portfolio lare,mid and small cap companies.

6) Flexi balanced:-

Balance of capital appreciation and stable returns from an equity (large,mid&

small cap companies) & debt portfolio.
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.

And above all building transparency in all our dealings.

They believe that they can play a significant role in redefining and reshaping
the sector. Given the quality of their parentage and the commitment of their
team, they feel that tere will be no limits to their growth.

1.) Grow significantly and achieve significant non-life insurance market share.

2.) Continue delivering attractive returns to our shareholders become a caring

organization and employer of choice.

3.) Invest in top quality human resources and develop full potentials of
employees by providing continued training and insurance education.

4.)Bring innovation in insurance products and selling techniques.

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks amongst private
life insurers in India, having commenced operations in 150 cities and towns in
India, stretching from Bhuj in the west to Guwahati in the east, and Jammu in
the north to Trivandrum in the south.

The company has 9 bank partnerships for distribution, having agreements

with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Lord
Krishna Bank, and some co-operative banks, as well as over 300 corporate
agents and brokers. It has also tied up with NGOs, MFIs and corporates for
the distribution of rural policies.

ICICI Prudential has recruited and trained more than 1, 90,000 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.
Registered Office :

ICICI Towers 9thfloor, Bandra-Kurla Complex

Mumbai - 400 051.
Tel: 494 3232

Regional Office :

8th floor EROS Coorporate Tower, Nehru place,

New Delhi-110011.Tel:46554405

Delhi office :

3rd floor
Videocon Towers
E-1, Rani Jhansi Road
New Delhi - 110055. Tel: 601 3232

Lucknow Office:

1St Floor, Metro Tower,

Shah Najaf Road
HazratGanj
Lucknow, Uttar Pradesh - 226001

ICICI Prudential Life Insurance office in Dubai

In a move to consolidate its position in the Gulf region, ICICI Prudential Life
Insurance (ICICI Prudential), India's No. 1 private life insurance company,
opened its representative office in Dubai, becoming the first private life insurer
from India to open an office in the Emirate.

At ICICI Prudential we offer pragmatic, world-class solutions. Put simply,

solutions with a lot of common sense. Solutions that take care of your four
basic financial needs - Earning, Saving, Investing and Spending. So you live
your life to the fullest, sans worries.
 OBJECTIVES OF THE PROJECT

Every task is undertaken with an objective. Without any objective a

task is rendered meaningless. The main objectives for undertaking this project
are:

❖ To understand the internal Recruitment process at ICICI Prudential Life

Insurance

❖ To identify areas where there can be scope for improvement

❖ To give suitable recommendation to streamline the hiring process.

❖ To understand the nature of recruitment and selection policy for acquiring

suitable personnel.

❖ To understand the variables of recruitment and selection in ICICI

Prudential life Insurance LTD.

❖ To identify the sources of manpower supply with a view to acquire the

best possible candidate.

❖ To understand the procedure of recruitment and selection in ICICI Life

Insurance Prudential LTD.

❖ Finally to bring out the challenges ahead with the respect to recruitment
and selection of advisors.
 METHODOLOGY

The insurance sector is marked with a high level of attrition and

therefore recruitment process becomes a crucial function of the organization.
At ICICI Prudential Life Insurance, recruitment is all time high during May-
June and Oct-Nov. The attrition is high among the sales managers, unit
mangers mostly in the sales profile. The recruitment is high during these
months due to the fact that March and September are half year closing and
business is high during Jan-Mar. Thus it is only after March that people move
out of the companies.

Since my summer training was in the months of May-June, it gave me

the opportunity of involving myself directly with the recruitment process and
analyzing the process so that suitable recommendations can be given. This
project is centered on identifying best hiring practices in the insurance
industries. It therefore requires great amount of research work. The
methodology adopted was planned in advance so as to collect data in the
most organized way.

❖ The first task was to understand the various job profiles for which
recruitment was to be done.

❖ The next step was to explore the various job portals to search for suitable
candidates for the job profile.

❖ Once the search criteria were put, candidates went through a telephonic
interview to validate the information mentioned in their resume.

❖ A candidate matching the desired profile was then lined for the first round
of Face to Face interview in their respective cities.

❖ Firstly the candidate had filled up the personal data form(pdf).

❖ Then the candidates INTERVIEW EVALUATION SHEET which is
provided by interviewer was crosschecked by the HR team. If they think
that the candidate was good to hire or not.

❖ When a candidate cleared his first round, he is then made to take an

online aptitude test. We created the online aptitude test. It the HR
department, which has the exclusive rights to assign test, codes to the
candidates. Each code was unique and could be used only once by a
candidate.

❖ I was involved in assigning codes and administering the test

❖ Once the candidate completed his first assessment, his scores were
checked. If he cleared his cut-off he was given another test.

❖ I had the responsibility to make sure that candidates complete all

formalities and had to regularly follow up with them.

❖ Since we received many resumes, it was essential that a database be

maintained to keep a track. It was convenient method than to stock up
piles of papers. ICICI has their own database named as “PACE”, I update
all the records of the new joinees in that tracker. PACE containes all the
information of a candidate such as name, contact number, location etc.

❖ The external guide maintained a regular updating of the database.

❖ Understanding what kinds of database are maintained and how they help
in keeping a record.

❖ I was also involved in maintaining a track of test codes given, the

database for employee referrals, Database for the resumes received
through mails and response of advertisement.
 RESEARCH METHODOLOGY

Date Source

Primary:-Through Questionnaires

Secondary:- Through Internet, Journals, News papers and Misc.

Data Collection Procedure:- Survey

Research Instrument:- Structured Questionnaire.

Sample Size:- 50

Sample Area : - work done via Lucknow Office.

Sample procedure :- Random sampling.

PROJECT SCHEDULE :-

Firstweek :-Training program from the company.

Second week:-Collecting the primary and secondary data.

Third week-Designing the questionnaire .

Fourth week:- Conducting the survey in Lucknow office & Analysis of Data

collected.

Fifth week-Final Report preparation and presentation.

 Limitations of the study

Every task is undertaken with an objective and accomplishment of this

objective determines our success.

Task:

The recruitment at ICICI Prudential Life Insurance involved a lot search from
the database and calling up candidates to check whether they fit the job
specification.

Difficulties:

❖ Candidates were reluctant to talk at times;

❖ Candidates who were contacted were not interested in Insurance on many

occasions;

❖ Candidates who were scheduled for interview would not turn up;

❖ Run out of database many times since most of them would have already
been contacted;

Lead Generation

Insurance product sales comes with a distinct set of lead generation

challenges. Prospects, for example, are often unwilling to admit that what
they are being offered is a necessity, as is the case for life insurance products.
In some instances, prospects feel uncomfortable about planning for the
inevitable, which makes them apprehensive about looking into retirement
products.

These are just a couple of concerns that make lead generation a roadblock for
advisors, year after year. With the neck-and-neck competition, it becomes
more of a challenge for agents to come up with creative and efficient methods
for lead gen.
Task:

Candidates were to be searched from the job portals and called up to be

scheduled for an interview.

Difficulties:

❖ A summer trainees we could not separate systems to work on;

❖ At times many people had for couple of hours to work on the computer;

❖ Since STD calls had to be made, the availability of phone was limited, so
there was greater coordination required with respect to its usage and
maintains a time slot so that other person has a chance to use.

Task:

Inter company analysis through survey and questionnaire filling.

Difficulties:

❖ Did not secure cooperation easily;

❖ People asked lot of counter question so convincing them was a major task;

❖ People did not disclose much about their employee details.

 RECRUITMENT AND SELECTION
“The art of choosing men is not nearly so difficult as the art of
enabling those one has chosen to attain their full worth”.

Recruitment is the process by which organizations locate and attract

individuals to fill job vacancies. Most organizations have a continuing need to
recruit new employees to replace those who leave or are promoted in order to
acquire new skills and promote organizational growth.

Recruitment is defined as the process of identifying and making the

potential candidates to apply for the jobs.

Recruitment follows HR planning and goes hand in hand with

selection process by which organizations evaluate the suitability of
candidates. With successful recruiting to create a sizeable pool of candidates,
even the most accurate selection system is of little use.

Recruitment can be defined as searching for and obtaining a pool of

potential candidates with the desired knowledge, skills and experience to
allow an organisation to select the most appropriate people to fill job
vacancies against defined position descriptions and specifications.

The purpose of the recruitment process is to find the widest pool of

applicants to provide the greatest opportunity to select the best people for the
required roles in an organisation.

Acquiring the best applicants for a role can be a competitive advantage

for an organisation whereas ineffective recruitment and selection can result in
enormous disruption, reduced productivity, interpersonal difficulties and
interruptions to operations, customer service and long term costs.

Recruiting begins when a vacancy occurs and the recruiter receives

authorization to fill it. The next step is careful examination of the job and
enumeration of skills, abilities and experience needed to perform the job
successfully. Other steps follow:
❖ Creating an applicant pool using internal or external methods

❖ Evaluate candidates via selection

❖ Convince the candidate

❖ And finally make an offer

SELECTION

Once a pool of candidates has been identified through the recruitment process
the most appropriate candidate, or candidates are identified through a
selection process including but not limited to interviewing, reference
checking and testing. The purpose of the selection process is to ensure
that the best person or people are appointed to the role or roles using
effective, fair and equitable assessment activities.

STRATEGY

Having an effective recruitment strategy is paramount to the success of any

organisation. The recruitment and selection function can become a costly and
inefficient process if not approached in a systematic and proactive manner. A
recruitment and selection strategy:

✓ Ensures the organisation has the necessary skills, knowledge and

attributes to meet current and future strategic and operational
requirements
✓ Ensures supply meets demand requirements
✓ Increases the pool of potential applicants
✓ Improves the selection process by ensuring that only those applicants
that meet the requirements of the position are selected for further
investigation
Process of Recruitment:

Recruitment Process Passes through the Following Stages:

(i) Searching out the sources from where required persons will be available
for recruitment. If young managers are to be recruited then institutions
imparting instructions in business administration will be the best source.

(ii) Developing the techniques to attract the suitable candidates. The goodwill
and reputation of an organisation in the market may be one method. The
publicity about the company being a professional employer may also assist in
stimulating candidates to apply.

(iii) Using of good techniques to attract prospective candidates. There may be

offers of attractive salaries, proper facilities for development, etc.

(iv) Recruitment Planning:

The first step involved in the recruitment process is planning. Here, planning
involves to draft a comprehensive job specification for the vacant position,
outlining its major and minor responsibili-ties; the skills, experience and
qualifications needed; grade and level of pay; starting date; whether
temporary or permanent; and mention of special conditions, if any, attached
to the job to be filled ”

(v) Strategy Development:

Once it is known how many with what qualifications of candidates are

required, the next step involved in this regard is to devise a suitable strategy
for recruiting the candidates in the organisation.

(vi) Searching:

This step involves attracting job seekers to the organisation. There are broadly
two sources used to attract candidates.
These are:

1. Internal Sources, and

2. External Sources.

(vii) Screening:

Though some view screening as the starting point of selection, we have

considered it as an integral part of recruitment. The reason being the selection
process starts only after the applications have been screened and shortlisted.
Let it be exemplified with an example.

In the Universities, applications are invited for filling the post of Professors.
Applications re-ceived in response to invitation, i.e., advertisement are
screened and shortlisted on the basis of eligibility and suitability. Then, only
the screened applicants are invited for seminar presentation and personal
interview. The selection process starts from here, i.e., seminar presentation or
interview.
Scope: To define the process and flow of activities while recruiting, selecting
and appointing personnel on the permanent rolls of an organization.

Authorization:

S.No. Authorized Signatory

1 Head- Human resource
2 Managing director

Amendments and deviations:

Any amendments to and deviations from this policy can only be authorized
by the Head-human Resources and the Managing Director.

Exclusions:

The policy does not cover the detailed formalities involved after the candidate
joins the organization.
 ACTIVITY FLOW
The organization philosophy should be kept in mind while formulating the
recruitment procedure.

The HR department would set the recruitment norms for the

organization. However, the onus of effective implementation and compliance
with the process rests with the heads of the respective functions and
departments who are involved in the recruitment and selection process.

The process is aimed at defining the series of activities that needs to be

performed by different persons involved in the process of recruitment, the
checks and control measures to be adopted and information that has to be
captured.

Recruitment and Selection is conducted by:

❖ HR & Branch Manager

❖ Functional Head

RECRUITMENT PLANNING

Recruitment planning on the basis of budget

A. The manpower planning process for the year would commence with
the company’s budgeting activity. The respective Functional heads
would submit the manpower requirements of their respective
functions/ departments to the board of Directors as part of the annual
business plan after detailed discussion with the head of human
Resource Function along with detailed notes in support of the
projected numbers assumptions regarding the direct and indirect
salary costs for each position.

B. A copy of the duly approved manpower plan would be forwarded by

the HR department for their further actions during the course of the
year. The annual budget would specify the manpower requirement of
the entire organization, at different levels, in various
 functions/departments, at different geographical locations and the
timing of the individual requirements. It would also specify the
requirement budget, which is the cost allotted towards the recruitment
of the budgeted staff and the replacement of the existing employees.
The manpower plan would also clearly indicate the exact time at which
the incumbent should be on board in such a way that the Regional HR
has adequate notice for the time lapses involved in sourcing any other
activities.

C. The Regional HR’s would undertake the planning activity and

necessary preparations in advance of the anticipated requirements, as
monthly and quarterly activities on the basis of the approved budget,
estimated separations and replacements therefore.

D. The vacancies sought to be filled or being filled shall always be within

the approved annual manpower budget and no recruitment process
shall be initiated without the formal concurrence of the Head of the
Regional HR under any circumstance. Head of the Regional HR shall
also have the responsibility to monitor the appointments being
considered at any point of time with specific respect to the duly
approved manpower budgets.
 Review of Manpower Plans and Additional Manpower

A. Review of manpower budgets shall take place on a quarterly basis. In

the event of any new position or any deviations to the original plans,
details of the positions maybe forwarded to the VP-HR along with the
adequate supporting information. The recommendations would
normally require a formal approval of the Managing Director.
Alternately, VP-HR may record the summary of his discussion with
the Managing Director and the MD’s approval on the
recommendations, to signify the final decision taken regarding the
recommendations.

SOURCING OF SUITABLE CANDIDATES

Selection of Sources

Regional HR would tap various sources/channels for getting the right

candidate. Depending on the nature of the position/grade, volumes of
recruitment and any other relevant factors, the Regional HR would use any
one multiple sources such as:

❖ Existing database (active application data bank);

❖ Employee referral as per any company scheme that may be approved

from time to time;

❖ Advertisement in the internet/newspapers/magazines/company’s

sites/job sites or any other media;

❖ Placement Agencies (particularly for positions of Managers and above);

❖ Headhunting firms particularly for senior positions, specialist positions

and critical positions;

❖ Direct recruitment from campuses/academic institutes;

❖ Job websites and

❖ Any other appropriate sources.

The norms for using any of the sources are not water tight. Number of
positions, criticality of positions and the urgency of the positions,
confidentiality requirements, relative efficacy and cost considerations would
play a role in the choice of the appropriate sourcing mechanism.

Importance of Selection

Selection is a significant procedure because hiring good capitals can help rise
the overall activities of the organization. In comparison, if there is bad hire
with a bad assortment process, then the work will be pretentious and the cost
acquired for swapping that bad resource will be high.

The purpose of selection is to select the maximum appropriate candidate, who

can meet the necessities of the jobs in an organization, who will be a effective
applicant. For meeting the aims of the organization, it is significant to assess
numerous qualities of each candidate such as their qualifications, skills,
experiences, overall attitude, etc. In this procedure, the most appropriate
applicant is picked after the removal of the candidates, who are not
appropriate for the vacant job.

The organization has to keep an eye on a proper hiring process or procedure,

as a enormous amount of money is spent for hiring a right candidate for a
position. If a hiring is wrong, then the cost experienced in induction and
training the incorrect candidate will be a huge loss to the employer in terms of
money, effort, and also time. Therefore, selection is very significant and the
procedure should be perfect for the betterment of the organization.
 ADVERTISEMENTS

❖ All recruitment advertisements (in any form and any medium) shall
always conform to the KLI compliance norms and would not be released
by any department or branch without the approval of the VP-HR.
depending on the specifics of each position for which recruitment
advertisements are to be released, Regional HR may obtain assistance
from the company’s marketing department and/or any external
advertising agencies for the preparation of the contents. Key features of
the positions as notified by the Functional Heads would normally form a
part of the advertisement text.

❖ The media for releasing advertisement would depend on the level of the
position being considered and the urgency of the requirements.

❖ The advertisement mode that could be broadly specified as newspapers

(local or mainline depending on requirements), internet sites and business
magazines.

Placement Agencies/Headhunting Agencies

❖ Depending upon the vacancies, fresher fitting different description listed

above may be recruited from time to time, from academic institutes of
appropriate standards/reputation/grade, in the requisite numbers and at
the compensation/stipend amounts to be formally approved of the VP-
HR. Plans for such recruitment need specific special approval of VP-HR.
norms regarding the identification of the appropriate institutes,
constitution of the selection panels, timings of the recruitment, number of
candidates to be recruited into different positions, choice of the
appropriate selection process and the tools thereof shall be decided by the
Head of the Regional HR in consultation with the VP-HR, depending on
the specific features of the position.
 Screening the candidates

First level screening

The Candidates would be screened by the HR Manager/Branch

Manager for the respective locations. Screening would be on the basis of the
profile of the candidate and the departmental requirements.

This assessment will be with respect to:

a. The general profile of the candidate,

b. Personality fit of the candidate into the profile,
c. Aptitude/attitude of the candidate,
d. Motives of the person to join the company and whether focus is in the
short term or is a long term player,
e. Basic skill level on our set of requirements, say numerically ability,
networking ability, etc
f. Establish the annual guaranteed cash compensation of the individual
and check whether the person would fit into the system.
g. Explain the role of Sales manager to the applicant and check the
acceptance of the candidate for the same.

In case of need, the Regional HR may take a Tele interview of the candidate
for further assessment process.

Second Level Screening

Aptitude Test

If the first assessment is positive, the candidates will give the aptitude
test, once such test is selected approved by the company. The scoring,
interpretation and the generation of interview probes from that test will also
be done at this time. People who qualify the minimum criteria on this test will
be put up on to the Functional Head (VP’s in case of HO) for functional
assessment and suitability into the role.

Tied Agency Sales Manager candidates short listed by the BM have

will then take sales Aptitude test, once such a test is finalized. For the final
selection, the regional Manager (Business Heads for HO) will meet the
candidates short listed by the branch manager/VP. The chart specifying the
Minimum approval level for each level of recruitment is specified below:

Category Branch Area Busines Managin

Manager/Chie Manager/AVP/V s Heads g
f Manager P Director
CSE/ADVISOR Yes No No No
S
BIC Yes Yes No No
BM/CM Yes Yes Yes No
SM Yes Yes Yes Yes

General Norms regarding interview Process:

A. Interviews should consider the entire data provided by the candidate

either through the formal CV or otherwise before coming to a
conclusion about the candidate. They may insist on seeing the proof of
the claims made by the candidate regarding qualifications, experience
and other achievements. They may, at their discretion, decide to meet
the candidate on more than one occasion or to refer the candidate to
another panel.

B. Ratings on various attributes of the candidates shall be recorded in the

interview evaluation sheet, soon after the interview is over. Along with
these numerical ratings, qualitative observations about the candidate
and overall decision regarding selection or otherwise (including a
decision to defer the induction, referral to another panel, considering
for another position) shall be forwarded to the associated Recruitment
Manager/ Head of Regional HR. Individual panel members have the
option of appending their additional remarks/observations. No
selection will be treated as final unless the IES form is filled
comprehensively. Suitably appropriate IES formats may be created for
specific positions.
C. Any discrepancies noticed by the panel members regarding the
authenticity of the data provided by the candidate should be
specifically and formally recorded on the IES form and suitably high
lightened.
 D. Specific points to be probed during the reference check process, if any,
must also be clearly recorded and high lightened on the IES forms.

Administrative Actions Regarding Interviews

A. Scheduling and the venue of the interviews would be handled by the

recruitment team in consultation with the short listed candidate and
the selection panel members, after taking mutual convenience into
account. For field positions, respective branch/regional heads would
undertake this co-ordination.
B. After the final round, if the candidate is selected, the complete set of
papers Personal Data Form, CV, job requisition no., Interview
evaluation sheet ,reference check details, educational details, along
with the interviewer’s recommendations and Reference check form
should be forwarded by the recruitment managers to recruitment head.
Fitment of the candidate into a grade and compensation fitment shall
be on the assumption of authenticity of the information provided in the
CV/application form.
C. An appropriate formal communication shall be sent to the candidate
whose candidature is not being taken forward, or details of the
verbal/telephonic communications provided to the candidate shall be
recorded on the candidates papers, by the recruitment team/associated
line managers. In the case of interviews taking place at the
branch/regional levels, similar noting should be recorded on the
individual candidate’s papers.
Negotiations of the terms and conditions and other pre-appointment
formalities

A. In the case of sales-Tied Agency functions, the branch managers will be

allowed to fix the salary and grade of the incoming sales manager,
provided the compensation does not exceed 20% of the candidates
current cash salary. Any fitment beyond this norms will need the
approval of Head-HR. HR will forward a worksheet to support the
BM’s to evaluate the appropriate cash CTC of the incumbent. For all
other functions, the compensation and grade would be fixed post a
discussion between the Head of the Regional HR and the associated
AVP/VP. Any candidate being offered a CTC of more than 4lacs will
need the sign off from HEAD-HR. In appropriate cases, at the
discretion of the VP-HR, a deviation may be referred to the Managing
Director, for the MD’s formal approval.

B. Responsibility for negotiations and finalization of the terms shall rest

with the best Branch Manager/Associated Manager. They may seek
the assistance of the recruitment managers, whenever required.
Reference checks process should not normally be initiated unless the
candidate has indicated his firm acceptance of the offer being made by
us.

Reference checks

A. Normal, reference checks should be undertaken with at least one

reference. A second reference check will be done if considered
necessary. Responsible officials from the former employers, academic
institutes and/or any other eminent personalities can be considered as
appropriate references. Close relatives and friends cannot be
considered as references. Wherever feasible and considered
appropriate, a reference should be made with a senior official of the
candidate’s current employer. In case the candidate is currently un-
employed, reference should be made with the latest employer. The
format of reference check is to be used as a framework for conducting
the process.

B. Where the minimum two reference checks are not possible

(particularly with the current employer) or where there is a mixed
 response from different sources, the matter may be to the VP-HR for a
final decision. Depending on the seniority and any other
considerations about the positions, VP-HR would normally consult the
functional head concerned, before coming to conclusions. Any
candidate whose credentials are doubtful shall not be recruited.

C. In case of recruitment of Management trainees, fresher and life

advisors as sales Managers no reference checks will be required.

Employment offer letter

A. When a recruitment Manager is fully satisfied about the selection of the

right candidate and about completion of all the formalities connected
with the appointment of candidate including requisite documentation,
satisfactory reference check reports and medical fitness, he/she would
forward the relevant papers listed below to the head of recruitment.

➢ Personal Data form

➢ Employee requisition form duly filled by the regional

Head/Branch Manager

➢ Interview evaluation sheet filled by the regional head/Branch

manager/interviewer with his/her comments.

➢ Latest and updated resume of the candidate

➢ Photocopy of the appointment letter of the last employer or latest

salary slip.

➢ Employment details.

➢ Two Professional references.

➢ Language Proficiency.

B. Document check list for every grade is as follows:

➢ Authorization Release Form.

➢ Background check Form.

➢ Highest Education certificate.

➢ Highest Education marksheet.

➢ 1 Month Salary Slip of Current Employer.

➢ 1 Month Salary Slip of Last Employer.

➢ Relieving Letter of last Employment.

➢ Proof of Residence.

➢ 2 Passport Size Photograph.

C. Regional HR manager will take the signature of Head-HR on the

employee requisition form and forward the papers to the employee
service team for issuance of the offer letter.

D. Employee services team will issue offer letter, to be signed by the

National Recruitment Manager or Chief Manager-HR, and send the
same to the concerned Branch Manager/ HR Manager.

E. It would be the responsibility of the Branch Manager/HR Manager to

ensure that the accepted copy of the offer letter is forwarded to the
employee service team within a week of receipt of the offer letter. Till
this letter is issued, the ‘offer’ has not taken place in formal sense. A
copy of the offer letter shall be duly signed and returned to the
candidate. Candidate would be expected to fulfill various joining
formalities, which are also formally communicated to him/her in the
form of a checklist that is attached to the letter of offer. The Regional
HR head shall have the overall responsibility and accountability to
maintain the templates of the offer letters and also for drafting of
suitable non-standard terms to any specific candidate.

F. The employee service team will follow up Branch Manager/Regional

HR Manager for the joining of the candidate and will collect all
relevant documents from the candidate including the joining report,
 before issuing the appointment letter. The employee service team may
enlist the help of the Branch Manager to ensure that all necessary
documents within ten days o the person joining. After the of all
necessary documents, the employee service team will send the
appointment letter to the new joinee.

G. Once the documentation is complete for the new joinee (including the
accepted appointment letter), people who may have joined before
20th of the month but have not been included in the payroll for the
month because of delay in receipt of papers will be given ad-hoc salary
advance (up to maximum of 65% of the pro rated salary). This advance
will be adjusted once the person gets included in the subsequent
month’s payroll.

H. If the person does not submit the relieving letter from the previous
organization, where required to be submitted as per the table given
above, within three months of joining, the employee service manager
can put their salary on hold till such time as the said documents are
received.
Key tasks of Regional HR Head

Regional HR Head will have the authority and responsibility to

administer/implement the recruitment and selection process as outlined. An
illustrative list of the key deliverables of these incumbents is listed below.

❖ Ensuring inductions as per quality, numbers, time and cost consideration

of the company in accordance with the approved manpower budget.

❖ Creation of appropriate sourcing mechanism along with tracking the

performance of these mechanisms.

❖ Creation of quarterly and monthly recruitment plans

❖ Effective coordination with external parties such as candidates, placement

agencies, consultants, academic/professional institutes and any other
including the custody of the formal agreements , tracking timely payments
and adjusted thereto

❖ Creation of comprehensive and appropriate tools, linkages, documents,

templates and any other mechanisms to ensure smooth execution of the
process requirement, along with timely improvements thereto

❖ Assistance to user department and line managers including in

interviewing/selection support, scheduling etc.

❖ Effective internal communication with user departments and line

managers including making the standard recruitment formats and other
templates easily available to such users and notifying the modifications to
such formats and templates.

❖ Creation and maintenance of qualitative information base regarding

candidates, placement agencies, campuses, institutes, and any other
employment-market information.

❖ Creation and maintenance of appropriate and high-quality MIS for current

and future needs of the organization, including publication/circulation of
appropriate reports there from to the relevant users within the company.

❖ Monitoring recruitment costs

❖ Complete documentation for the entire recruitment and selection process
for easy and quick retrieval in a readily auditable format

❖ Timely and effective communication with all internal and external parties
including the candidates

❖ Tracking the progress of the selected candidates including resignation,

extensions of probation periods/training period, etc for the purpose of
improvement to recruitment and selection process.

❖ Effective coordination with the post recruitment arm of the Human

Resource function

❖ Documentation and creating MIS regarding waiver, deviation, etc and

identifying the key areas for improvement in the formal recruitment and
selection process document.

❖ Provide advice, information and support to Agency CEO’s, Agency

HR, line managers and employees on HR policies and procedures in
line with best practice.
❖ Focus on the continuous improvement of HR processes and
procedures.
❖ Ensure completion of the annual IPG code of conduct process and
other global initiatives.
❖ Prepare reports for management in relation to employee turnover; new
hires; resignations; training and development etc.
SWOT Analysis of ICICI Prudential Life Insurance’s

Recruitment Process

Strengths Weaknesses

Brand equity of Kotak Mahindra Bank. Pre assessment tests are costly.

Rigorous Pre-Hiring assessment tests to Conversion of footfalls is low.

understand aptitude and personality of
Lengthy pre-offer formalities.
candidates.

Huge employee turnover.

Proper reference checks to ensure that only

bonafide candidates are appointed.

Adequate number of channel partners to

generate footfalls for each location.

Footfall MIS being maintained at each

branch locally by Admin.

Threats
Opportunities
Increasing number of private players
Campus recruitments have huge
in insurance sector creates ample
potential for fulfilling manpower
choices, frequent and easy mobility
requirements cost effectively.
for employees.

Tie up with recruitment agencies on

Same channel partners are handling
supplying fixed number of footfalls
all insurance companies. This leads to
week on week.
same pool of candidates being
Develop exclusive contract with
channel partners to meet the
manpower requirements.
Make blue form brief and to the
point.
Reduce turn around time of making
an offer.
circulated to all partners.
Increasing spill over as a candidate
has more than one offer at the time of
making a job shift.
As the insurance industry is small,
senior level candidates hesitate to
meet HR of other companies for the
fear of grapevine.

Elements of a SWOT Analysis

When using SWOT analysis, an organization needs to be realistic about its

good and bad points. The organization needs to keep the analysis specific by
avoiding gray areas and analyzing in relation to real-life contexts. For
example, how do the organization’s products and services compare to those
of competing firms? SWOT analysis should be short and simple, and should
avoid complexity and over-analysis because much of the information is
subjective. Thus, companies should use it as a guide and not a prescription.
Strengths describe what an organization excels at and separates it from the
competition: a strong brand, loyal customer base, a strong balance sheet,
unique technology and so on. For example, a hedge fund may have
developed a proprietary trading strategy that returns market-beating results.
It must then decide how to use those results to attract new investors.
Weaknesses stop an organization from performing at its optimum level. They
are areas where the business needs to improve to remain competitive: higher-
than-industry-average turnover, high levels of debt, an inadequate supply
chain or lack of capital.
Opportunities refer to favorable external factors that an organization can use
to give it a competitive advantage. For example, a car manufacturer can
export its cars into a new market, increasing sales and market share, if a
country cuts tariffs.
Threats refer to factors that have the potential to harm an organization. For
example, a drought is a threat to a wheat-producing company, as it may
destroy or reduce the crop yield. Other common threats include things like
rising costs for inputs, increasing competition, tight labor supply and so on.
RECOMMENDATIONS & SUGGESTIONS

How to Hire the Right candidates for insurance filed?

Wherever you are in your insurance career, whether you are a single agent
hoping to expand or an agency owner will a roomful of employees, hiring the
best people is your surest ticket to greater wealth, security, and success.
The best agents will find new clients in places you never thought to look.
They will make money for you rain or shine, recovery or recession — and
they will do it without blow-by-blow oversight from you.

In other words, if you wonder how to grow your insurance agency, the
simple answer is right in front of you — hire the right people.

So why isn’t everyone hiring great agents? Because hiring a great insurance
agent, or even a good one, is not an easy task.

Obviously, you need to find someone who can network, sell products and
close a deal, but selling insurance is not like selling widgets. Depending on
the lines your agency carries, you may need to find agents with expertise in
business liability risks, business succession planning, commercial property,
life insurance, retirement planning, estate planning, group and individual
health insurance, and more.

At the very least, you need to find someone who can be trained in any of the
skills they may be lacking.

What type of policy is best for you?

What type of policy is best for you?

The two basic types of life insurance policies are – term and cash value whole
life. Term insurance is just pure protection, payable on the death of the
insured and is cheaper. Cash value whole life policies provide death
protection and have a “cash build up” feature that acts somewhat like a tax-
deferred savings account. Usually, whole life insurance is much more
expensive. The accumulated “cash value” can also be the source of low
interest loans for the policyholder.
When evaluating these types of policies, be sure to consider all the costs, the
amount of death benefits and ask for a history of what the level of earnings on
the “cash value” the insurance company has paid previously. You may find
that it makes sense to “buy term and invest the rest.”

Develop an Insurance Agent Training Program

You do not have to come up with a painfully detailed plan, but you should
consider the steps you might need to take to get a new agent ready for work.
Whether you find someone within the insurance industry or outside it, for
example, licensing may be an issue. Even a professional who is already
working in insurance may not have the continuing education credits they
need to obtain a license in the lines you want them to sell, so you will need to
clear this hurdle quickly.

It is important to have professional resources on hand to deal with these types

of issues. StateCE, for example, offers continuing education courses in all 50
states and promises a next-day turnaround time for delivering credits to the
state once your prospects complete their courses, which means less time
wasted for you.

In addition to helping your prospective hires get their licensing in place, you
might want to consider putting together good basic lists of local networking
opportunities and establish weekly mentoring meetings with your newest
hires to make sure their progress is smooth.
 Compress the "white space" in your hiring process.

White Spaces are delays in hiring process that are unproductive, waste time,
and virtually assure you'll lose talented candidates. Often the longest delays
occur between critical selection events. For example, a recruiter may need
several weeks to screen a few hundred resumes from the Web job boards, or
candidates who make it through screening may wait weeks to interview with
a hiring manager.

Here at ICICI Prudential Life Insurance, the delays occur when the outstation
candidates are called for interviews at Regional branches like Delhi and
Mumbai. Sometimes, because of busy schedule of senior managers and
sometimes because of tight schedule of candidate, the interview has to be
postponed. This delay could be minimized by scheduling interviews in the
regional locations. It is recommended to reduce the turnaround time for the
recruitment and selection process. It must be made mandatory for the
candidates to take the test, filling up forms etc within the stipulated time, this
will make sure that the candidates do not hold casual attitude and take the
recruitment process more seriously. Additionally it can send across a positive
image about the company. White space in recruitment can be compressed by
the use of IT also. Technology (such as automated or Web-based tracking) is
ideal for eliminating unnecessary steps and reducing delays.

Tie up with more & more consultants from multiple

segments

Since the limited placement agencies are sourcing candidates to all insurance
companies, there often comes the problem of duplication of data. Therefore it
is recommended that more and more consultants should be tied up from
multiple segments to attract large pool of new and fresh talent.
 Know what you're looking for in candidates.
It is observed that the candidates sourced by placement agencies and send
for further rounds of interviews are rarely found suitable by the hiring
managers. Therefore, in case there is need to utilize the service of a
placement agency, then it is recommended that these placement agencies
be given a well drafted job description and job specification. This can also
be circulated to internal employees under the employee referral scheme.
This will help people to get a clearer picture and provide for most suitable
candidates. Thus making efficient utilization of the existing resources.

Reduce the pre offer formalities:

Pre-offer documentation includes filling of a lengthy Blue form which

includes all personal, educational and professional details of candidate. This
is very time consuming and even after taking these details from candidate its
not sure that offer will be made or not. This also becomes frustrating for the
candidate sometimes. So, it is recommended that unnecessary details should
not be asked before we make the final offer to the candidate. Blue form
should be made consise.

One size doesn’t fits all

An effort must be made to study local condition, education levels. Since

applying common test for all candidates across entire country can
overshadow a candidates capabilities. This factor must be given
importance since Indian society is divided on various parameters such as
education, language, infrastructure etc. A test with high level of English
and complicated sentence structure can be a hurdle in areas where
language itself is barrier. An option is to have different tests for different
regions.
 Blend technology into every aspect of your recruiting
and hiring process.

Web-based technology lets you increase hiring speed and quality while
reducing costs. Currently, job boards constitute the biggest use of the Web,
offering access to thousands of resumes within hours. But the Web can
also be a powerful tool for screening and qualifying that flood of resumes.
Companies have begun to use the Web to collect and instantly match data
on candidate skills, motivations, and experiences against job criteria.
Other uses of Web-based technology include online interviewing,
candidate assessment and testing, applicant self-scheduling, and tracking.
Work the Web wisely and you save time for recruiters and hiring
managers and nab top candidates before your competitors can.

❖ It is recommended that apart from the person-job fit, method must be

devised to check for person-organization fit. A person-organization helps
to assess how well a candidate is suited the organization. Whether the
attitude he/she carries will promote both organizational as well personal
goals. This takes a great importance especially when attrition is high. It
will help the organization to retain its employees for a longer period of
time and less burden on recruitment staff.
How to Grow Your Insurance Agency by Attracting the
Best People

If you already have agents working for you, you might want to start by
making sure you have good measurement tools in place to determine who
your best agents are. Again, depending on the lines you carry, that could
include anything from determining who brings the most new faces into
the agency each month to who your top-dollar producers per client are, to
a combination of both.

Once you know who your best agents are, study them for clues to their
success, and keep in mind that they might not be the same attributes that
brought you to where you are. A quiet introvert may not seem like a
natural-born salesperson, for example, but she might outwork everyone in
the office or simply work more efficiently than anyone around her to reach
better contacts. Whatever you find in your circumstance, those are the
traits to seek in your new hire.

If you have never hired an agent before, start with the basics. A college
degree might indicate that a candidate has the ability to learn and
complete complicated long-term tasks, for example. A stable work history
in a people-related field, such as teaching, might indicate a strong ability
to communicate with strangers or to convey complex ideas in an
understandable way. A background in the types of activities you insure
could ease the learning curve in some more complicated lines, such as
commercial liability.
 Build and manage your candidate pool as a precious
resource.

A "candidate pool" is a group of individuals who have shown interest in

working for your company and are qualified for and ready to fill certain
positions. Rather than undertaking the time-consuming process of filling
one job at a time, you draw on the candidate pool and fill jobs as they
become available. How do you keep a pool active? Some companies send
their newsletters to pool candidates, give them product coupons, and keep
in touch through e-mail. Pool management is not easy in a tight labor
market --good candidates often go elsewhere. But many organizations,
especially those with a reputation as a great place to work, are able to fill
positions quickly using the pool concept.

Create winning impression even on those who are not

selected
Its very important to create a favorable impression of your organization on
all those who come for interview. Those who are not selected in the first
round of personal interview should also carry this impression that they
have missed the opportunity to work in a great company. For this, there
must a proper coordination of the interview of the candidate and greater
degree of professionalism. A candidate when invited for a interview must
be attended as soon as possible and should be made to wait for hours
together. Interviews conducted on a scheduled time leave a good
impression on the candidate. Even if he is not selected, a good impression
about the will make him recommend the name to his people.
 CONCLUSION

Insurance is confronted with high attrition rate. Therefore it

makes recruitment a critical function in the organization. In order to grow
and sustain in the competitive environment it is important for an organization
to continuously develop and bring out innovations in all it activities. It is only
when organization is recognized for its quality that it can build a stability
with its customers. Thus an organization must be able to stand out in the
crowd.

The first step in this direction is to ensure competitive people come in

the organization. Therefore recruitment in this regard becomes an important
function. The organization must constantly improvise in its recruitment
process so that it is able to attract best in the industry in order to serve the
best. Thus the organization must look out for methods that can enable it to
adopt best recruitment practices.
How to Build a Recruitment Process Hire Top Talent

Analyze. Take a close look at business needs as well as goals and objectives
that you want to achieve.

Identify. Know your long-term plans for expansion or reduction in staff

members, critical roles in the business, and any gaps that need to be filled.
Also, be on the lookout for seasonal fluctuations in staffing requirements.

Determine. Figure out what the best recruitment method is for your business.
Job searches via social media are increasing and this method can be used to
effectively target candidates with specific skills sets.

Secure. Provide a competitive salary and opportunities for personal growth

within your business. According to the survey, 13 percent of employers said
salary is the most important factor in retaining employees.

Establish. Decide on, and put into practice, a method to measure results and
test whether your strategy is working. Also, establish a training budget to
develop and enhance skills and knowledge.

• Write a differentiated job description that gets the right talent engaged
and excited
• Proactively source qualified candidates
• Set realistic expectations with your hiring manager (because no
candidate is perfect)
• Sell candidates at every touchpoint
• Pass appropriate candidates to onsites and save your entire team
valuable time
• And all in all, reduce your time to hire while increasing your quality of
hire (yes, you CAN have your cake and eat it, too).
 LEARNINGS
Every endeavor undertaken to accomplish challenging goals, can only be
successful under the experienced and encouraging guidance. I am privileged
to have undergone training at ICICI Prudential Life Insurance. As learning
never stops, my learning at ICICI Prudential Life Insurance has come from a
lot of exposure, on the job training and close interaction with the corporate. In
brief my learning and achievements can be summarized as under:

❖ Understanding of person and profile fit.

❖ Convince people about the job profile and to sell the job to the
prospective candidate;
❖ Following up with the candidates during the entire selection process;
❖ Learned to convince candidates about the offer rolled out and making
them accept the offer through effective communication;
❖ Learning about salary fitments.
❖ Communicating with the corporate;
❖ Performance appraisals, its various types, implications and
significance;
❖ Handling queries received from various quarters;
❖ Managing HR department in the absence of HR manager;
❖ Reply to official mails;
❖ Prioritize issues according to their importance;
❖ Field work exposure to tap candidates that further strengthened the
learning.
❖ It involves a systematic and structured approach to achieve set
objectives. Students with a strong performance based orientation are
able to tactically change their orientation from shallow to deep, for
example, depending on how teachers reward performance.
❖ Candidates want to work for organizations that have highly engaging
cultures. They want to work in a positive work environment where
they feel valued, have opportunities to grow and are a key part of the
company’s success.
Boost Agent Efforts with Marketing

As a carrier, you may have found success in one particular area of insurance,
such as writing commercial auto policies. When shopping around for an
agent, whether independent or exclusive, think about what your customer
wants. They want agents who know their business, especially the risks and
rewards. That’s also the type of agent you want to work for you. Perhaps you
want them to only sell your policies. So how do you engage the best agents?
You have to stand out in the industry. How? By implementing insurance
marketing strategies.

Not only do agents prefer partner carriers who will help maximize their
marketing efforts and increase customer sales. But, as more and more
customers shop for insurance online, carriers have to become smarter about
developing digital strategies that reach clients.

To have a robust digital strategy, carriers must invest in people, technology,

and end-to-end business processes. The key is to implement a digital strategy
that generates brand awareness for the carrier but keeps the agent the focal
point of the transaction.
 Keys to Customer Growth for the Life Insurance

The study indicated some common challenges that carriers should work on
overcoming:

Generational divide: carriers should look to new generations for growth as

the baby boomer generation – historically the most reliable customer base –
continues to wane.

Evolving customer expectations: Consumers of all generations, but

particularly the younger demographics, want to research and buy through
multiple channels, with emphasis on easy access to real-time information
through digital channels.

Diminishing effectiveness of traditional distribution: As customer

expectations and behaviors shift, the way in which carriers have typically
partnered with producers is becoming less effective
Ineffective sales and marketing strategies: Underserved markets are not being
reached due to outdated and ineffective marketing strategies traditionally
targeted at demographics/socioeconomic levels.

The life insurance industry represents an area ripe for growth as the economy
is beginning to bounce back and consumer confidence increases. The winners
in the life insurance industry will be those who implement more customer-
focused strategies across a broader range of digital channels to meet evolving
expectations. Here’s a look at 5 key strategies life insurers should be
implementing to drive growth.
Questionnaire:

1) Do you have a clearly stated Recruitment & Selection Policy ?

• Yes
• No
• To some extent

2) What are the quality of ICICI Prudential Life Insurance Company

recruitment System :-

• Quick Response time for requirement

• Bringing in Quality People
• Proper coordination with other team or department
• Efficient Maintenance & Updating of Database

3) What Recruitment Sources are used?

• Advertisement
• Employee Referral
• Consultant
• Portals
• All of these….

4) Does ICICI Prudential adopt Internal Recruitment Source i.e. Transfer &
Promotion:-

• Yes
• No
• If Yes than for which type of post………………………………….

5) Which source of Recruitment is better for companies:-

• Internal Source ;
• External Source
• Depends on Situation & Post……………………………………

6) Rank the Qualities in the order of your preference on the basis of which you
select candidate:-

• Qualification
• Experience
 • Skills
• Personality
• Depend on Job Variety

7) How many Stages are followed in selection procedure:-

• 2
• 3
• 4

8) Does ICICI Prudential ask candidates to enter into BONDS with them:-

• Yes
• No
• If Yes then what kind of Job or Department………………………….

9) Is the estimation of Recruitment Process cost is done?

• Yes
• No