DISSERTATION REPORT 0N ´RECRUITMENT AND SELECTION PROCESS OF INSURANCE COMPANIESµ AT ICICI PRUDENTIAL LIFE INSURANCE

SUBMITTED TO AMITY UNIVERSITY IN PARTIAL FULFILMENT OF ´BACHELORS OF BUSINESS ADMINISTRATIONµ

SUBMITTED TO:
MR.RAJENDRA KUMAR

SUBMITTED BY:
VINEETA KHATWANI BBA-VIth SEMESTER (A7006408080)

STUDENT·S CERTIFICATE

Certified that this report is prepared based on the study of the topic ³RECRUITMENT AND SELECTION PROCESS OF INSURANCE COMPANIES´ under the able guidance of Mr. RAJENDRA KUMAR() in partial fulfillment of the requirement for award of degree of Bachlors of Business Administration (BBA-H.R) from Amity University, Uttar Pradesh.

Date.______________

Signature VINEETA KHATWANI Student

Signature Mr RAJENDRA KUMAR Faculty Guide

Signature Professor R P Singh Director (ABS)

CERTIFICATE BY FACULTY GUIDE
Forward here with a STUDY on ³RECRUITMENT AND SELECTION PROCESS OF INSURANCE COMPANIES´, submitted by VINEETA KHATWANI, A7006408080 student of BBA Semester VI, Section- B. This project work has been done in partial fulfillment of the Bachelor¶s in Business Administration from Amity University, Uttar Pradesh

Mr.RAJENDRA KUMAR

my friends who helped me in getting information regarding the topic.I would also like to thank Mr. ABS) And last but never the least .P Singh Sir (head of institute . . R.ACKNOWLEDGEMENT I would like to extend my sincere thanks to my faculty guide Mr RAJENDRA KUMAR ( ) who has been a constant source of support throughout my report.

TABLE OF CONTENT 1-Introduction of insurance industry 2-ICICI life insurance company .mission and vision 3-Recruitment and selection 4-SWOT analysis of ICICI 5-Recommendations and Suggestions 6-Conclusion 7-Learnings 8-Bibliography .profile .

Its business is growing at 15-20% annually and presently is of the order of Rs. Hence. organizations have to respond quickly to requirements for people. . Together with banking sector it adds about 7% to the GDP. 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. The Financial market has been witnessing growth which is manifold for last few years. 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 various recommendations suggested have been the result of the study. Human Resource Management in this regard has become an important function in any organization. Coverage ²The extent and limitation With largest number of life insurance policies in force in the world. The project is based on the study of recruitment process. Thus the best services offered to the consumers are result of the genius brains working behind them. 450m. insurance happens to be a mega opportunity in India. Like the case of BPO·s. Many private players have entered the economy thereby increasing the level of competition. which can be executed effectively to get the best fits for the vacant positions. Therefore a recruitment practice in an organization must be effective and efficient in attracting the best manpower. Insurance sector too faces the problem of attrition.Executive Summary In today·s rapidly changing business environment. All practices of marketing and finances can be easily emulated but the capability. recruitment is an ongoing process carried through out the year. The idea is to generate ways of dealing with high attrition and making hiring process manageable and efficient. the skills and talent of a person cannot be emulated. Selecting the wrong candidate or rejecting the right candidate could turn out to be costly mistakes for the organization. Thus. it is important to have a welldefined recruitment policy in place.

Data Used in Project The main source of data collection used isSecondary data: y y y Study of recruitment policy Websites Published articles Research methodology used Study of recruitment and selection at ICICI Prudential Life Insurance by the manual provided by the HR department. y y y y Web sites Journals Magazines Books .

CHAPTER 1.INTRODUCTION OF INSURANCE INDUSTRIES .

The first two decades of the twentieth century saw lot of growth in insurance business.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. particularly after the industrial era ² past few centuries ² yet its beginnings date back almost 6000 years. 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. .22.298 crore in 1938. Though the concept of insurance is largely a development of the recent past.44 crore. it rose to 176 companies with total business-in-force as Rs. 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. From 44 companies with total business-in-force as Rs.

Some of the important milestones in the general insurance business in India are: y y y 1907: The Indian Mercantile Insurance Ltd. LIC formed by an Act of Parliament. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. on the other hand. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. the first company to transact all classes of general insurance business.Some of the important milestones in the life insurance business in India are: y y y y y y 1818: Oriental Life Insurance Company. 1870: Bombay Mutual Life Assurance Society. 5 crore from the Government of India. 1956. the first life insurance company on Indian soil started functioning. 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. frames a code of conduct for ensuring fair conduct and sound business practices. set up. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. the first Indian life insurance company started its business.. can trace its roots to the Triton Insurance Company Ltd. viz. with a capital contribution of Rs. . 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. a wing of the Insurance Association of India. 1957: General Insurance Council. the first general insurance company established in the year 1850 in Calcutta by the British. The General insurance business in India. LIC Act.

. The Insurance sector. It·s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Present Scenario The Government of India liberalized the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill. Insurance happens to be a mega opportunity in India. it adds about 7 per cent to the country·s GDP. India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. to some extent. This itself is an indicator that growth potential for the insurance sector is immense. Yet. 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. can enable investments in infrastructure development to sustain economic growth of the country.y 1972: The General Insurance Business (Nationalisation) Act. Together with banking services. 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. lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. 1972 nationalised the general insurance business in India with effect from 1st January 1973. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. With largest number of life insurance policies in force in the world.

03. smart marketing and aggressive distribution. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies.insured with no flexibility or transparency in the products.they are persuading people to take out bigger policies. The private insurers also seem to be scoring big in other ways. The state owned LIC sold insurance as a tax instrument. The new business premiums of the 12 private players has tripled to Rs 1000 crore in year 2002. The penetration of life insurance products was 19 percent of the total 400 million of the insurable population. Innovative products. Most customers were under.. Indians. who have always seen life insurance as a tax saving device. In the private sector 14 life insurance and 8 general insurance companies have been registered. Buoyed by their quicker than expected success. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. With the entry of the private insurers the rules of the game have changed. The 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the market in terms of premium income. nearly all private insurers are fastforwarding the second phase of their expansion plans.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. 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. . not as a product giving protection. are now suddenly turning to the private sector and snapping up the new innovative products on offer.

Major Insurance Players Licenses have been issued for the following companies*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 ² 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 .

claims procedure in both life and non-life. the Authority has taken the following steps: y y y y IRDA has notified Protection of Policyholders Interest Regulations 2001 to provide for: policy proposal documents in easily understandable language. 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.Protection of the interests of policyholders: IRDA has the responsibility of protecting the interest of insurance policyholders. speedy settlement of claims. It is obligatory on the part of the insurance companies to disclose clearly the benefits. The advertisements issued by the insurers should not mislead the insuring public. The Regulation also provides for payment of interest by insurers for the delay in settlement of claim. setting up of grievance redressal machinery. and policyholders' servicing. . terms and conditions under the policy. The Authority takes up with the insurers any complaint received from the policyholders in connection with services provided by them under the insurance contract. Towards achieving this objective. All insurers are required to set up proper grievance redress machinery in their head office and at their other offices.

CHAPTER 2.INTRODUCTION OF ICICI PRUDENTIAL .

a premier financial powerhouse and Prudential plc. a leading international financial services group headquartered in the United Kingdom. it has diversified into retail banking and is the largest private bank 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. For the financial year ended March 31.780 crore and wrote nearly 615.000 policies. Total capital infusion stands at Rs. The Company has already taken significant steps to achieve this goal. with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. Prudential plc was established in 1848 and is presently the largest life insurance company in UK. distribution channels and technology based delivery. 2005. ICICI Prudential is currently the No. .72 billion.a leading international financial services group headquartered in the United Kingdom.ICICI Prudential Life Insurance Company Profile y y y y y ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products. ICICI was established in 1955 to lend money for industrial development. the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13. India's Number One private life insurer. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bankone of India's foremost financial services companies-and Prudential plc. 1 private life insurer in the country. Today. 23.

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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. ICICI Prudential's capital stands at Rs. 23.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the first quarter ended June 30, 2007, the company garnered Rs. 987 crore of weighted retail + group new business premiums and wrote over 450,000 retail policies in the period. The company has assets held to the tune of over Rs. 18,400 crore.

Distribution
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ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 680 branches and over 235,000 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 Cooperative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin 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, customercentric 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
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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 ³ 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. · InvestShield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options.

Protection Solutions
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LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 options ² 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
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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 ² both single premium and regular premium.

Education Insurance Plans
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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
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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.

Employees have the option of choosing from various . The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. Diabetes Care and Diabetes Care Plus*: 1st ever critical illness insurance cover for diabetics.y Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100.000 u/s 80C. 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. Health Solution y y y y y 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. with flexibility in both the accumulation and payout stages. total and permanent disability. irrespective of the actual medical expenses. ICICI Pru Group Gratuity Plan: ICICI Pru·s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. 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 longterm coverage against 35 critical illnesses. 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. and death Note (*) products Re-launched on 1st July 2006 Group Insurance Solutions y y y ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

the premiums are waived till maturity. till maturity. 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. in the event of the death of the life assured. The cover could be uniform or based on designation/rank or a multiple of salary. y y y y y 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.y annuity options or opting for a partial commutation of the annuity at the time of retirement. depending on the specific needs of the customer. Flexible Rider Options ICICI Pru Life offers flexible riders. the beneficiary will be entitled to twice the sum assured as additional benefit. It is available on SmarKid. 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. If the death occurs while traveling in an authorized mass transport vehicle. SecurePlus and CashPlus Waiver of Premium: In case of total and permanent disability due to an accident. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year. ICICI Pru Group Term Plan: ICICI Pru·s flexible group term solution helps provide affordable cover to members of a group. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. . This rider is available with SecurePlus and CashPlus. which can be added to the basic policy at a marginal cost.

mid & small cap companies) & debt portfolio. Long term returns from an equity portfolio lare.mid and small cap companies. .ICICI prudential offers you the opportunity of selecting between investment options to match your investment priorities. 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. 5) Flexi Growth:New Fund (NFO) launched in March 2007. 1) Protector:An Investment Option with investment indebt and money market instruments.y Choice of Six Investment Options :. 4) Preserver :An investment option with investment in low-risk instruments like cash and call money markets. 6) Flexi balanced:Balance of capital appreciation and stable returns from an equity (large.

110055.Tel:46554405 Delhi office : 3rd floor. New Delhi-110011.400 051. Tel: 494 3232 Regional Office : 8th floor EROS Coorporate Tower. focus on service. Given the quality of their parentage and the commitment of their team. Videocon Towers E-1. These include: y y y 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. Tel: 601 3232 . This they hope to achieve through their commitment to excellence. Registered Office : ICICI Towers 9thfloor. and leveraging our technological expertise. Nehru place. they feel that there will be no limits to their growth. Rani Jhansi Road. Bandra-Kurla Complex. speed and innovation. New Delhi . They believe that they can play a significant role in redefining and reshaping the sector.Vision and Mission of ICICI Prudential Life Insurance Company Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. The success of the organisation will be founded on its strong focus on values and clarity of purpose. Mumbai .

Investing and Spending.ICICI Prudential Life Insurance opens office in Dubai In a move to consolidate its position in the Gulf region. At ICICI Prudential we offer pragmatic. So you live your life to the fullest. Put simply. becoming the first private life insurer from India to open an office in the Emirate. ICICI Prudential Life Insurance (ICICI Prudential). . solutions with a lot of common sense. also opened its representative office in Dubai. Saving. sans worries. world-class solutions. Solutions that take care of your four basic financial needs .Earning. India's No. 1 private life insurance company.

CHAPTER 3.RECRUITMENT AND SELECTION .

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 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 worthµ. The next step is careful examination of the job and enumeration of skills. With successful recruiting to create a sizeable pool of candidates. 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 . Recruitment follows HR planning and goes hand in hand with selection process by which organizations evaluate the suitability of candidates. Recruitment is the process by which organizations locate and attract individuals to fill job vacancies. even the most accurate selection system is of little use Recruiting begins when a vacancy occurs and the recruiter receives authorization to fill it.

Authorization: S. Exclusions: The policy does not cover the detailed formalities involved after the candidate joins the organization. selecting and appointing personnel on the permanent rolls of an organization. Authorized Signatory 1 2 Head.No.Scope: To define the process and flow of activities while recruiting.Human resource 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. .

Recruitment and Selection is conducted by: HR & Branch Manager Functional Head . the checks and control measures to be adopted and information that has to be captured. 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 HR department would set the recruitment norms for the organization.ACTIVITY FLOW The organization philosophy should be kept in mind while formulating the recruitment procedure.

different functions/departments. It would also specify the requirement budget. at different geographical locations and the timing of the individual requirements. 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 at requirement levels. B. The manpower planning process for the year would commence with the company·s budgeting activity. 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 . of the in entire various organization.RECRUITMENT PLANNING Recruitment planning on the basis of budget A. 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.

Alternately. 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 normally information.Regional HR has adequate notice for the time lapses involved in sourcing any other activities. The Regional HR·s would undertake the planning activity and necessary preparations in advance of the anticipated requirements. Review of Manpower Plans and Additional Manpower A. D. VP-HR may record the summary of his . a The recommendations of the would require formal approval Managing Director. as monthly and quarterly activities on the basis of the approved budget. Review of manpower budgets shall take place on a quarterly basis. 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. C. estimated separations and replacements therefore.

SOURCING OF SUITABLE CANDIDATES Selection of Sources Regional HR would tap various sources/channels for getting the right candidate. Headhunting firms particularly for senior positions. Advertisement in the internet/newspapers/magazines/company·s sites/job sites or any other media. Placement Agencies (particularly for positions of Managers and above). volumes of recruitment and any other relevant factors. . Depending on the nature of the position/grade. the Regional HR would use any one multiple sources such as: Existing database (active application data bank). to signify the final decision taken regarding the recommendations. Employee referral as per any company scheme that may be approved from time to time. Direct recruitment from campuses/academic institutes.discussion with the Managing Director and the MD·s approval on the recommendations. specialist positions and critical positions.

confidentiality requirements. . The norms for using any of the sources are not water tight. depending on the specifics of each position for which recruitment advertisements are to be released. The media for releasing advertisement would depend on the level of the position being considered and the urgency of the requirements. Key features of the positions as notified by the Functional Heads would normally form a part of the advertisement text. company·s Regional HR may obtain assistance and/or any from the marketing department external advertising agencies for the preparation of the contents. relative efficacy and cost considerations would play a role in the choice of the appropriate sourcing mechanism. Number of positions. 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.Job websites and Any other appropriate sources. criticality of positions and the urgency of the positions.

Plans for such recruitment need specific special approval of VP-HR. 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. timings of the recruitment. . fresher fitting different description listed above may be recruited from time to time. in the requisite numbers and at the compensation/stipend amounts to be formally approved of the VP-HR. from academic institutes of appropriate standards/reputation/grade. depending on the specific features of the position. internet sites and business magazines. norms regarding the identification of the appropriate institutes.The advertisement mode that could be broadly specified as newspapers (local or mainline depending on requirements). number of candidates to be recruited into different positions. Placement Agencies/Headhunting Agencies Depending upon the vacancies. constitution of the selection panels.

Aptitude/attitude of the candidate. Establish the annual guaranteed cash compensation of the individual and check whether the person would fit into the system. Motives of the person to join the company and whether focus is in the short term or is a long term player. g. b. . networking ability. Explain the role of Sales manager to the applicant and check the acceptance of the candidate for the same. say numerically ability. c. etc f. e. The general profile of the candidate. Screening would be on the basis of the profile of the candidate and the departmental requirements. Personality fit of the candidate into the profile. d. Basic skill level on our set of requirements. This assessment will be with respect to: a. In case of need. the Regional HR may take a Tele interview of the candidate for further assessment process.Screening the candidates First level screening The Candidates would be screened by the HR Manager/Branch Manager for the respective locations.

Second Level Screening Aptitude Test If the first assessment is positive. 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. once such a test is finalized. For the final selection. The scoring. Tied Agency Sales Manager candidates short listed by the BM have will then take sales Aptitude test. once such test is selected approved by the company. the candidates will give the aptitude test. the regional Manager (Business Heads for HO) will meet the candidates short listed by the branch manager/VP. interpretation and the generation of interview probes from that test will also be done at this time. The chart specifying the Minimum recruitment is specified below: Category Branch Area Business Managing Heads Director approval level for each level of Manager/Chief Manager/AVP/VP Manager CSE/ADVISORS BIC BM/CM SM Yes Yes Yes Yes No Yes Yes Yes No No Yes Yes No No No Yes .

considering for another position) shall be forwarded to the associated Recruitment Manager/ Head of Regional HR. B. soon after the interview is over. referral to another panel. qualitative observations about the candidate and overall decision regarding selection or otherwise (including a decision to defer the induction. Any discrepancies noticed by the panel members regarding the authenticity of the data provided by the candidate . Along with these numerical ratings. Suitably appropriate IES formats may be created for specific positions. They may insist on seeing the proof of the claims made by the candidate regarding qualifications. Ratings on various attributes of the candidates shall be recorded in the interview evaluation sheet. experience and other achievements.General Norms regarding interview Process: A. Individual panel members have the option of appending their additional remarks/observations. decide to meet the candidate on more than one occasion or to refer the candidate to another panel. 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. C. at their discretion. They may. No selection will be treated as final unless the IES form is filled comprehensively.

After the final round. along with the interviewer·s recommendations and Reference check form should be forwarded by the recruitment managers to recruitment head. C. if any. respective branch/regional heads would undertake this co-ordination. B. 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. Specific points to be probed during the reference check process. after taking mutual convenience into account.. or . D. if the candidate is selected. For field positions. must also be clearly recorded and high lightened on the IES forms. Interview evaluation sheet .should be specifically and formally recorded on the IES form and suitably high lightened. An appropriate formal communication shall be sent to the candidate whose candidature is not being taken forward. Administrative Actions Regarding Interviews A. CV. job requisition no.reference check details. 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. educational details. the complete set of papers Personal Data Form.

at the discretion of the VP-HR. In the case of sales-Tied Agency functions. Negotiations of the terms and conditions and other preappointment formalities A. by the recruitment team/associated line managers. for the MD·s formal approval. In the case of interviews taking place at the branch/regional levels. In appropriate cases. Any fitment beyond this norms will need the approval of HeadHR. similar noting should be recorded on the individual candidate·s papers. For all other functions. the branch managers will be allowed to fix the salary and grade of the incoming sales manager. a deviation may be referred to the Managing Director. . Any candidate being offered a CTC of more than 4lacs will need the sign off from HEAD-HR. the compensation and grade would be fixed post a discussion between the Head of the Regional HR and the associated AVP/VP.details of the verbal/telephonic communications provided to the candidate shall be recorded on the candidates papers. HR will forward a worksheet to support the BM·s to evaluate the appropriate cash CTC of the incumbent. provided the compensation does not exceed 20% of the candidates current cash salary.

Close relatives and friends cannot be considered as references. B. reference should be made with the latest employer. Reference checks process should not normally be initiated unless the candidate has indicated his firm acceptance of the offer being made by us. the matter may be to the VP-HR for a final decision. A second reference check will be done if considered necessary. Wherever feasible and considered appropriate. Where the minimum two reference checks are not possible (particularly with the current employer) or where there is a mixed response from different sources. reference checks should be undertaken with at least one reference. whenever required. Responsible officials from the former employers. academic institutes and/or any other eminent personalities can be considered as appropriate references. Reference checks A. The format of reference check is to be used as a framework for conducting the process. Normal. Depending on the seniority . They may seek the assistance of the recruitment managers.B. In case the candidate is currently un-employed. Responsibility for negotiations and finalization of the terms shall rest with the best Branch Manager/Associated Manager. a reference should be made with a senior official of the candidate·s current employer.

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. he/she would forward the relevant papers listed below to the head of recruitment. fresher and life advisors as sales Managers no reference checks will be required. C. VP-HR would normally consult the functional head concerned.and any other considerations about the positions. In case of recruitment of Management trainees. 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. Any candidate whose credentials are doubtful shall not be recruited. before coming to conclusions. Latest and updated resume of the candidate . Employment offer letter A. satisfactory reference check reports and medical fitness.

Language Proficiency. . Highest Education certificate. Two Professional references. Relieving Letter of last Employment. Background check Form. B. 2 Passport Size Photograph. Proof of Residence. Employment details. 1 Month Salary Slip of Current Employer. 1 Month Salary Slip of Last Employer.Photocopy of the appointment letter of the last employer or latest salary slip. Document check list for every grade is as follows: Authorization Release Form. Highest Education marksheet.

A copy of the offer letter shall be duly signed and returned to the candidate. the ¶offer· has not taken place in formal sense. which are also formally communicated to him/her in the form of a checklist that is attached to the letter of offer. and send the same to the concerned Branch Manager/ HR Manager. Till this letter is issued. E. Candidate would be expected to fulfill various joining formalities. D.C. to be signed by the National Recruitment Manager or Chief Manager-HR. before issuing the . 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 nonstandard terms to any specific candidate. Employee services team will issue offer letter. 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. The employee service HR team will for follow the up Branch of the Manager/Regional Manager joining candidate and will collect all relevant documents from the candidate including the joining report. F. 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.

After the of all necessary documents. Once the documentation is complete for the new joinee (including the accepted appointment letter).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). If the person does not submit the relieving letter from the previous organization. An the recruitment list of the and key selection process of as illustrative deliverables these incumbents is listed below. G. 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. the employee service manager can put their salary on hold till such time as the said documents are received. the employee service team will send the appointment letter to the new joinee. Key tasks of Regional HR Head Regional HR Head will have the authority and responsibility to administer/implement outlined. This advance will be adjusted once the person gets included in the subsequent month·s payroll. . where required to be submitted as per the table given above. within three months of joining. H.

templates and any other mechanisms to ensure smooth execution of the process requirement. . Creation of appropriate sourcing mechanism along with tracking the performance of these mechanisms. scheduling etc. time and cost consideration of the company in accordance with the approved manpower budget.Ensuring inductions as per quality. academic/professional institutes and any other including the custody of the formal agreements . documents. 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. tracking timely payments and adjusted thereto Creation of comprehensive and appropriate tools. linkages. along with timely improvements thereto Assistance to user department and line managers including in interviewing/selection support. numbers. parties such as placement consultants. coordination with external agencies. Creation of quarterly and monthly recruitment plans Effective candidates.

placement agencies. Effective coordination with the post recruitment arm of the Human Resource function Documentation and creating MIS regarding waiver. institutes. deviation.Creation and maintenance of qualitative information base regarding candidates. extensions of probation periods/training period. etc and identifying the key areas for improvement in the formal recruitment and selection process document. campuses. including publication/circulation of appropriate reports there from to the relevant users within the company. and any other employment-market information. Creation and maintenance of appropriate and high-quality MIS for current and future needs of the organization. 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. etc for the purpose of improvement to recruitment and selection process. .

SWOT Analysis of ICICI Prudential Life Insurance·s Recruitment Process .CHAPTER 4.

Increasing spill over as a . Same channel partners are handling all insurance companies. Conversion of footfalls is low. Lengthy pre-offer formalities. This leads to same pool of candidates being circulated to all partners. Proper reference checks to ensure that only bonafide candidates are appointed. frequent and easy mobility for employees. Footfall MIS being maintained at each branch locally by Admin. Huge employee turnover. Weaknesses Pre assessment tests are costly. Threats Increasing number of private players in insurance sector creates ample choices. Opportunities Campus recruitments have huge potential for fulfilling manpower requirements cost effectively.SWOT Analysis of ICICI Prudential Life Insurance·s Recruitment Process Strengths Brand equity of Kotak Mahindra Bank. Tie up with recruitment agencies on supplying fixed number of footfalls week on week. Adequate number of channel partners to generate footfalls for each location. Develop exclusive contract with channel partners to meet the manpower requirements. Rigorous Pre-Hiring assessment tests to understand aptitude and personality of candidates.

Reduce turn around time of making an offer. senior level candidates hesitate to meet HR of other companies for the fear of grapevine. . As the insurance industry is small. candidate has more than one offer at the time of making a job shift.Make blue form brief and to the point.

CHAPTER 5RECOMMENDATIONS AND SUGGESTIONS .

For example. Technology (such as automated or Web-based tracking) is ideal for eliminating unnecessary steps and reducing delays. because of busy schedule of senior managers and sometimes because of tight schedule of candidate. Sometimes. Here at ICICI Prudential Life Insurance. waste time. 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. the interview has to be postponed.Compress the "white space" in your hiring process.RECOMMENDATIONS & SUGGESTIONS . and virtually assure you'll lose talented candidates. Often the longest delays occur between critical selection events. It must be made mandatory for the candidates to take the test. This delay could be minimized by scheduling interviews in the regional locations. or candidates who make it through screening may wait weeks to interview with a hiring manager. the delays occur when the outstation candidates are called for interviews at Regional branches like Delhi and Mumbai. Additionally it can send across a positive image about the company. . White Spaces are delays in hiring process that are unproductive. a recruiter may need several weeks to screen a few hundred resumes from the Web job boards. It is recommended to reduce the turnaround time for the recruitment and selection process. White space in recruitment can be compressed by the use of IT also.

This will help people to get a clearer picture and provide for most suitable candidates. -Reduce the pre offer formalities: Pre-offer documentation includes filling of a lengthy Blue form which includes all personal. 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. This is very time consuming and even after taking these details from candidate its not sure that offer will be made or not. -Know what you're looking for in candidates. then it is recommended that these placement agencies be given a well drafted job description and job specification.-Tie up with more & more consultants from multiple segments Since the limited placement agencies are sourcing candidates to all insurance companies. in case there is need to utilize the service of a placement agency. 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. there often comes the problem of duplication of data. Therefore. Thus making efficient utilization of the existing resources. This . This can also be circulated to internal employees under the employee referral scheme. educational and professional details of candidate.

- One size doesn·t fits all An effort must be made to study local condition. An option is to have different tests for different regions. Currently. - Blend technology and into every hiring aspect of your recruiting process. infrastructure etc. education levels. and experiences . offering access to thousands of resumes within hours. So. Companies have begun to use the Web to collect and instantly match data on candidate skills. language. A test with high level of English and complicated sentence structure can be a hurdle in areas where language itself is barrier. Since applying common test for all candidates across entire country can overshadow a candidates capabilities. motivations. But the Web can also be a powerful tool for screening and qualifying that flood of resumes. Web-based technology lets you increase hiring speed and quality while reducing costs. This factor must be given importance since Indian society is divided on various parameters such as education. 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.also becomes frustrating for the candidate sometimes. job boards constitute the biggest use of the Web.

and keep in touch through e-mail. - Build and manage your candidate pool as a precious resource. How do you keep a pool active? Some companies send their newsletters to pool candidates. applicant selfscheduling. A personorganization helps to assess how well a candidate is suited the organization. Work the Web wisely and you save time for recruiters and hiring managers and nab top candidates before your competitors can. Other uses of Web-based technology include online interviewing. candidate assessment and testing. 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. and tracking. Pool management is not easy in a tight labor market --good candidates often go . give them product coupons. Rather than undertaking the time-consuming process of filling one job at a time. Whether the attitude he/she carries will promote both organizational as well personal goals. you draw on the candidate pool and fill jobs as they become available. method must be devised to check for person-organization fit. It is recommended that apart from the person-job fit.against job criteria. It will help the organization to retain its employees for a longer period of time and less burden on recruitment staff. This takes a great importance especially when attrition is high.

especially those with a reputation as a great place to work. a good impression about the will make him recommend the name to his people. But many organizations. . A candidate when invited for a interview must be attended as soon as possible and should be made to wait for hours together. there must a proper coordination of the interview of the candidate and greater degree of professionalism. 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. Even if he is not selected. For this. 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. Interviews conducted on a scheduled time leave a good impression on the candidate.elsewhere. are able to fill positions quickly using the pool concept.

CONCLUSION .CHAPTER 6.

The first step in this direction is to ensure competitive people come in the organization. Therefore it makes recruitment a critical function in the organization. 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.CONCLUSION Insurance is confronted with high attrition rate. Thus the organization must look out for methods that can enable it to adopt best recruitment practices. 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. Therefore recruitment in this regard becomes an important function. 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.

LEARNINGS .CHAPTER 7.

implications and significance.LEARNINGS Every endeavor undertaken to accomplish challenging goals. Convince people about the job profile and to sell the job to the prospective candidate. Prioritize issues according to their importance. In brief all learnings of this report are summarized as under: Understanding of person and profile fit. Handling queries received from various quarters. can only be successful under the experienced and encouraging guidance. Following up with the candidates during the entire selection process. Communicating with the corporate. its various types. Field work exposure to tap candidates that further strengthened the learning. Reply to official mails. Performance appraisals. Managing HR department in the absence of HR manager. Learning about salary fitments. Learned to convince candidates about the offer rolled out and making them accept the offer through effective communication. y y y y y y y y y y y y .

CHAPTER 8.BIBLIOGRAPHY .

Indian insurance .com .www.www.Competency-Based Recruitment and Selection Internet: .BIBLIOGRAPHY During the preparation of project I took the help of various sources which are as follows: Books: .www.google.Emerging trends in insurance industry .iciciprulife.com/company/icici-prudential-life-insurance-company-limited .linkedin.com/ipru/memberlogin .