Major Project

A Study of Recruitment and Selection Process in ICICI Life
Insurance Company Ltd.
A SUMMER TRAINING PROJECT REPORT

Submitted in the partial fulfillment of the requirements of
the Award of Degree Master of Business Administration
2021 - 2023
Submitted by:- Guided by: - Priyanka Diwedi Mr. Mohit Arora
Bharati Vidyapeeth University

School of Distance Education,
Academic Study Center: BVIMR, New Delhi

An ISO 9001:2008, 14001: 2004 Certified
Institute NAAC Re-Accreditation Grade “A”
University
2021 - 2023
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STUDENT UNDERTAKING
This is to certify that I Priyanka Diwedi had completed the Project

titled “A Study of Recruitment and Selection Process in ICICI Life
Insurance Company Ltd.” under the guidance of Mr. Mohit Arora in
the partial fulfillment of the requirement for the award of degree of
MBA from Bharati Vidyapeeth Deemed University, SDE, Academic
Study Center BVIMR, New Delhi. This is an original piece of work and
I had neither copied nor submitted it earlier elsewhere.
Priyanka Diwedi
MBA IIIRD SEMESTER

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CERTIFICATE
This is to certify that the project titled “A Study of Recruitment and Selection Process in
ICICI Life Insurance Company Ltd.” is an academic work done by “Priyanka Diwedi”
submitted in the partial fulfillment of the requirement for the award of the Degree of MBA from
Bharati Vidyapeeth Deemed University SDE, Academic Study Center BVIMR, New Delhi
under my guidance and direction. To the best of my knowledge and belief the data and
information presented by him in the project has not been submitted earlier.
Mr. Mohit Arora

Project Guide
3
CERTIFICATE
This is to certify that the Project titled “A Study of Recruitment and Selection Process in
ICICI Life Insurance Company Ltd.” is an academic work done by “Priyanka Diwedi”
submitted in the partial fulfillment of the requirement for the award of the Degree of “MBA”
from “Bharati Vidyapeeth Deemed University, SDE, Academic Study Center BVIMR, New
Delhi”. It has been completed under the guidance of Mr. Mohit Arora.
Dr. A.R. Deshmukh

(Director)
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ACKNOWLEDGEMENT
If words are considered to be signs of gratitude then let these words convey the very same, my
sincere gratitude to ICICI for providing me an opportunity to work with and giving necessary
directions on doing this project to the best of my abilities.
Acknowledgement is an individual’s feeling towards many people, who directly or indirectly stimulated
& influenced one's intellectual development in one's student and professional life.
This formal statement of acknowledgement will hardly meet the ends of justice in the matter of
expressing my sense of gratitude and obligation to all those who helped me in the completion of this
project.
All the very outset thanks to Mr. Mohit Arora for instructing me and providing me the opportunity to
participate in the project and sharing his invaluable knowledge and experience with me. His innovative
ideas provided me clarity of thoughts which helped me to think in the right way. Despite their busy
schedule they spared valuable moments for reviewing and rectifying this project work.
Due to the proper guidance the making of a project report became an enjoyable experience and easy to
workout.
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PREFACE
The successful completion of this project was a unique experience for me because by visiting
many places and interacting with various people, I achieved a better knowledge about
Recruitment & Selection. The experience which I gained by doing this project was essential at
this turning point of my career. This project is being submitted with detailed analysis of the
research undertaken by me.
The research provides an opportunity to the student to devote her skills, knowledge and
competencies required during the technical session. The research is on the topic “A Study of
Recruitment and Selection Process in ICICI Life Insurance Company Ltd.”
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TABLE OF CONTENT
CONTENT PAGE NO.
CHAPTER 1 - INTRODUCTION (9-30) 1.1 About the Company
1.2 Environmental Scanning

1.3 Porter's five forces model of competition –Michael Porter
CHAPTER 2 - RESEARCH METHODOLOGY (31-38) 2.1 Statement of the Problem

2.2 Objectives & Scope of Study
2.3 Managerial usefulness of study
2.4 Type of Research and research Design
2.5 Data Collection Methods
2.6 Limitations of Study
CHAPTER 3 – CONCEPTUAL DISCUSSION (39-49) 3.1 Review of Literature
3.2 Current Issues

3.3 History and Development of Company and Industry
3.4 New Development of Company and Industry
CHAPTER 4 – DATA ANALYSIS (50-70) 4.1 Methods and techniques of data analysis
4.2 Primary Data Analysis
4.3 Secondary Data Analysis
CHAPTER 5 – FINDINGS AND RECOMMENDATIONS (71-74) CHAPTER 6 -

CONCLUSION AND SUGGESTIONS (75-77) BIBLIOGRAPHY (78)
CHAPTER -1
INTRODUCTION
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1.1 About the Company
Overview
With the 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 the banking sector it adds about 7% to the GDP.
Like in the case of BPO’s, the Insurance sector too faces the problem of attrition. Thus,
recruitment is an ongoing process carried throughout the year. The project is based on the study
of the 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 the hiring process
manageable and efficient.
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 a lot of growth in the 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.
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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.
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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 the 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 percent of GDP and funds
available with LIC for investments are 8 percent of GDP.
Yet, nearly 80 per cent of the 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 dollars. 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.
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With the 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 percent of GDP and funds
available with LIC for investments are 8 percent of GDP.
Yet, nearly 80 per cent of the 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 dollars. 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.
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, lifting all entry restrictions for
private players and allowing foreign players to enter the market with some limits on direct
foreign ownership.
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
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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 employees 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 12 private insurers in the life insurance market have already grabbed nearly 9 percent of the
market in terms of premium income. The new business premiums of the 12 private players have
tripled to Rs 1000 crore in 2014-15 over last year. Innovative products, smart marketing and
aggressive distribution. That's the triple whammy combination that has enabled fledgling private
insurance companies to sign up Indian employees faster than anyone ever expected. Indians, who
have always seen life insurance as a tax saving device, are now suddenly turning to the private
sector and snapping up the new innovative products on offer.
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.
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Major Insurance Players
∙ 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
∙ Shriram Life Insurance Limited
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.
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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
insured public.
All insurers are required to set up proper grievance redressal 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.
Company Profile
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse and prudential, 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 the UK.
ICICI Prudential is currently the No. 1 private life insurer in the country. For the financial year
ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total
sum assured of Rs 13,780 crore and wrote nearly 615,000 policies.
The Company 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.
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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 Prudential
plc- a leading international financial services group headquartered in the United Kingdom. Total
capital infusion stands at Rs. 23.72 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 employees all over India.
Fact Sheet
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse, and Prudential plc, a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
the Insurance Regulatory Development Authority (IRDA).
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.
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 employees
at the time of maturity or claims.
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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 680 branches and over 235,000 advisors.
The company has over 23 bancassurance 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, 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, customer-centric products that meet
the needs of employees at every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.
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 offers employees the flexibility and control to customize the policy to meet the
changing needs at different life stages. Each offers 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.
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∙ Premier Life Gold is a limited premium paying plan that offers employees 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
∙ 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
employees cover their home loans in a simple and cost-effective manner.
Child Plans
∙ Smart Kid 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. Smart Kid plans are also available in
unit-linked form – both single premium and regular premium.
Education Insurance Plans
Education insurance under the Smart Kid 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. Smart Kid plans are
also available in unit-linked form - both single premium and regular premium.
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Retirement Solutions
∙ Forever Life 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 100,000 u/s 80C,
with flexibility in both the accumulation and payout stages.
Health Solution
∙ Health Assure and Health Assure Plus: Health Assure is a regular premium plan which
provides long term cover against 6 critical illnesses by providing policyholders 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 than
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.
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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 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.
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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 organization will be founded on its strong focus on values and clarity of purpose. These
include:
Understanding the needs of employees and offering them superior products and services.
∙ 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 there will be no limits
to their growth.
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SWOT Analysis of ICICI Prudential Life Insurance’s Recruitment
Process:
Tie up with recruitment agencies on
supplying a fixed number of footfalls week
Strengths on week.
Brand equity of ICICI. Develop exclusive contracts with channel

partners to meet the manpower
Rigorous Pre-Hiring assessment tests to requirements.
understand aptitude and personality of
candidates. Make blue form brief and to the point.
Proper reference checks to ensure that only Reduce turnaround time of making an offer.
bonafide candidates are appointed. Weaknesses
Adequate number of channel partners to Pre assessment tests are costly.

generate footfalls for each location.
Conversion of footfalls is low.
Footfall MIS being maintained at each
branch locally by Admin. Lengthy pre-offer formalities.
Huge employee turnover.

Opportunities
Campus recruitments have huge potential

for fulfilling manpower requirements cost
effectively.
Same channel partners are handling all
insurance companies. This leads to the same
pool of candidates being circulated to all
partners.
Increasing spill over as a candidate has

more than one offer at the time of making a
job shift.
Threats
As the insurance industry is small, senior
Increasing number of private players in the level candidates hesitate to meet HR of
insurance sector creates ample choices, other companies for fear of grapevine.
frequent and easy mobility for employees.
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1.2 Environmental Scanning
POLITICAL ENVIRONMENT
The financial year 2011 has been a defining year for the Indian life insurance industry. The
Regulator introduced significant and exciting changes that altered the dynamics of the life
insurance industry. These changes further reinforced the proposition of life insurance as a means
of ensuring protection and providing financial security in the case of an eventuality. It also
ensured a greater balance of power amongst all stakeholders of the industry, namely the insurer,
customer and distributor. These structural changes were introduced to further augment the
employees trust in life insurance and simultaneously protecting his interests. This, we believe, is
extremely positive for the industry in the long run and these changes have taken us a step closer
to building a world class life insurance industry.
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Economic Environment
The last decade has seen the Indian life insurance sector evolve and grow substantially thereby
cementing its position as a key component of the financial services sector and contributing
significantly to economic development and nation building. At ICICI Prudential Life, the journey
over the last decade has been one of learning and doing simple things the right way, like focusing
extensively on delivering high quality products & services to employees. This has resulted in the
company becoming the trusted insurance partner for the nation’s population. Due to its deep
understanding of consumer needs, the company has been able to provide customized solutions
encompassing the vital components of protection, financial security and long term financial
goals. An ingrained value of constant innovation has ensured that innovation is reflected in every
sphere, encompassing all functions within the organization. The company believes in embracing
technological innovations and harnessing it to enhance customer service and create efficiencies.
We believe that providing a strong foundation of financial security for employees has enabled us
to successfully navigate through the last decade. ICICI Prudential Life Insurance is proud to
partner a nation in progress.
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Socio-Cultural Environment
The work culture at ICICI Lombard plays a critical role in its success and ability to stand as the
largest private sector non-life insurer of India. Delivering challenging jobs, rewarding
performance and providing opportunities continuously, we ensure that the environment is
growth inductive. At ICICI Lombard, your career path lies in your hands.
Opportunity
ICICI Lombard is an Equal Opportunity Employer. Our objective is to recruit, hire, train and
promote to all job levels, the most qualified applicants without regard to race, color, religion,
sex, national origin, age, disability, military service, marital status or sexual orientation.
Training & Development

ICICI Lombard believes in adding value to its human capital through various programs viz.
induction program, product training, e-learning modules and other functional training
programs. This enables the employees to hone their skills, think out of box, develop initiative
and adopt a proactive approach.
Challenges & Growth

Employees are encouraged to grow not just vertically, but also horizontally broadening the
scope of their responsibility within the organization. We offer critical and challenging roles in
a wide range of industry segments and our talent management goals are geared to creating a
pipeline for potential leaders.
Technological Environment
India is one of the world’s largest exporters of technology and continues to power, amongst
others, the global financial services industry. However, the use of technology in the domestic
financial services industry currently reflects just the tip of the iceberg. Extensive use of
technology holds the key to transforming the manner in which the industry is currently
functioning and reaching out to employees. Technology not only substantially reduces costs for
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companies but exponentially increases efficiency. The Indian insurance industry can derive
remarkable benefits in reaching out to and providing solutions to employees if the power of
technology is meticulously harnessed. More importantly, it can significantly enhance the levels
and quality of service to employees
Environmental Issues (Green Environment)
ICICI Prudential Life today has a well-rounded, multi-channel distribution strategy. This enables
the company to reach out and be accessible to employees in a form and manner of their
preference – bancassurance, direct marketing, corporate distributors, advisors as well as over the
Internet. The Endeavour is to reach out to and be accessible to employees across different
geographies and socio-economic strata. Over the last decade, the company has developed
innovative distribution strategies to reach out to employees. The company has invested a great
deal in training its distribution network to provide insurance solutions based on the life stage of
employees. More importantly, the distribution is tuned to provide counsel and not merely offer
products. At the end of the financial year 2011, the geographical footprint of the company across
the country was established through more than 50 Bancassurance tie-ups, an agency force of over
175,000 advisors, with product & solutions distribution touch points totaling approximately
5,000. All this was in addition to the 1,400 owned branches. With this breadth and depth of
distribution network, the company has contributed towards enhancing financial literacy and
inclusion. The company has been able to achieve this enormous size and scale of its distribution
network due to extensive use of technology which facilitates the seamless processing of data and
ensures quick turnaround time. More importantly, it enables the company to provide the exact
same level of service to employees across geographies – urban, semi-urban or rural.ICICI
Prudential Life, over the years, has constantly evaluated its distribution architecture and
introduced innovations to meet the changing preferences of employees. The company has also
made progress in utilizing the online space as a crucial distribution and service touch-point to
meet the needs of the increasingly technology-savvy customer.
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1.3 Porter's five forces model of competition –Michael Porter
Recruitment is mainly an employee oriented task. A high-quality of services to the employee is crucial
for the growth and stability of any bank. A wider distribution and access of financial services helps both
consumers and producers to raise their welfare and productivity. Such access is especially powerful for
the poor as it provides them opportunities to build savings, make investments, avail credit, and more
importantly, insure themselves against income shocks and emergencies.
27
Bargaining Power of Buyers
High bargaining power of customers on account of banks renders uniform services to the clients.
Nowadays almost all banks would like to provide requisite information very easily by way of Internet,
Mobile banking to their clients. If the bargaining power of employees is high, they influence the
profitability of the market by imposing their requirements in terms of price, service, and quality.
Choosing clients is crucial because a firm should avoid being in a situation of dependence. The level of
concentration of employees gives them more or less power. Generally their bargaining power tends to be
inversely proportional to that of the suppliers.
Bargaining power of Supplier

Low bargaining power of suppliers on account of RBI regulatory benchmarks. Banks have to meet
numerous regulatory standards created by RBI. The bargaining power of suppliers is very important in a
market. Powerful suppliers can impose their conditions in terms of price, quality and quantity. On the
other hand if there are a lot of suppliers their influence is weaker. One has to analyze the number of
realized orders, the cost of changing the supplier, and the presence of raw materials.
Competitive Rivalry
High competition of account of a number of prominent public, private, foreign along with cooperative
banks. The competition between firms determines the attractiveness of a sector. Companies are struggling
to maintain their power. The competition changes based on sector development, diversity and the
existence of barriers to enter. In addition it is an analysis of the number of competitors, products, brands,
strengths and weaknesses, strategies, market shares.
Threats of Substitutes Products

High menace from substitutes like NBFCs, Mutual funds, Government securities and T-bills.The
substitute products can be considered as an alternative compared to supply on the market. These products
are due to changes in the state of technology or to innovation. The companies see their products be
replaced by different products. These products often have a better price/quality report and come from
sectors with higher profits. These substitute products can be dangerous and the company should anticipate
coping with this threat.
28
Threat of New Entrants
Low threat of new entrants on account of banking regulations. Before setting up a new bank, it is essential
to take the consent of the RBI. It is in a company’s interest to create barriers to prevent its competitors
from entering the market. They are either new companies, or companies which intend to diversify. These
barriers can be legal (patent regulations) or industrial (products or single brands).The arrival of new
entrants also depends on the size of the market (economy of scale). The reputation of a company already
installed, the cost of entry, access to raw materials, technical standards, cultural barriers.
29
CHAPTER -2
RESEARCH METHODOLOGY
30
2.1 Statement of problem
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 brought about can
be identified.
Thus the whole research would be done under the guidance of an external guide. It will also
involve recruitment and selection processes, reading the material provided internally by the
organization, and information from the new employees. 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. ❖

To identify areas where there can be scope for improvement
❖ To give suitable recommendation to streamline the hiring process
31
2.2 Objectives & Scope of Study
Objectives
The following objectives of the study have been adopted: -
1. To understand the theoretical framework of term of Recruitment & Selection of ICICI. 2.
To explore the growth of the organization till its present status.
3. To study the term of Recruitment & Selection of ICICI Prudential Life Insurance. 4.
Functions undertaken by the organization.
5. To assess the awareness and involvement of the employees of the function 6.
Organization in respect of Recruitment & Selection of ICICI.
7. To evaluate the term of Recruitment & Selection of ICICI.
Scope of Study
∙ As the data is collected from The ICICI Prudential life Insurance Pvt Ltd, this result cannot
correlate to the entire Life Insurance industry. So further researchers may concentrate on
other regions.
∙ This project conducted a survey to measure the level of term of Recruitment & Selection of
ICICI Prudential Life Insurance.
∙ This project is helpful for those further who are undergoing the concept of Recruitment &
Selection of ICICI Prudential Life Insurance and to know the Recruitment & Selection of
ICICI Prudential Life Insurance. in the ICICI Prudential life Insurance Pvt Ltd.
32
2.3 Managerial usefulness of study
ICICI Prudential Life Insurance has partnered with Indian Institute of Management, Calcutta
(IIMC), to launch the Executive Program in Management and Insurance (EPMI). This is an
exclusive and first of its kind tie-up in the Indian life insurance industry to offer a specialized
management program focusing on the insurance industry.
Speaking on the occasion, Mr. Judhajit Das, Chief-Human Resources, ICICI Prudential Life
Insurance said, ''With the boom in the Indian insurance industry over the last few years, there is
an increasing need for skilled professionals in the sector. An effective solution to this situation is
a strong industry-academia partnership that will help create a ready pool of productive talent.
Keeping this approach in mind, we have partnered with the country's premier management
institute to provide the relevant academic edge to the students through a comprehensive
curriculum that will empower them to take on the challenges at work from the very first day. On
successful completion of the course, they will be able to take on leadership positions in the
organization'', he added.
Prof. Saibal Chattyopadhyay, Dean, Indian Institute Management, Calcutta said, ''As a leading
institute in management we play a pioneering role in designing courses to cater to the ever
increasing learning and developmental needs of the various industries. EPMI is designed with the
dual benefit of developing a pool of high quality talent for the life insurance industry and later
providing them a growth platform at ICICI Prudential Life. Through our partnership with ICICI
Prudential Life we intend to successfully leverage their expertise in the field of insurance and
combine it with relevant academic and the management edge within the classroom environment.''
India is one of the fastest growing emerging insurance markets globally. Until the year 2000, the
Indian Insurance market was a monopoly of the Life Insurance Corporation of India (LIC). Since
liberalization, the Indian insurance market has grown rapidly with insurance penetration rising
from 1.2% in fiscal 2000 to ~4.4% in fiscal 2009. The Indian economic fundamentals, such as
structural shift of the economy towards the service sector, favorable demographic profile, rising
income and higher orientation towards savings by households gave a conducive environment for
the insurance industry to record unprecedented growth between 2000 to 2008. The growth has
been led by the private life insurance companies, which have expanded the market by developing
33
new and innovative distribution channels, geographical expansion and innovative products for the
consumer. The new business premium registered a CAGR of 30% in the period from fiscal 2000
to fiscal 2008, with the private players garnering 50% of the market share by fiscal 2008. The
table below depicts the multifold growth of the life insurance sector post liberalization:
Particulars Fiscal 2009 Fiscal 2008
Interest, Dividend and rent 11.69 6.47
Profit/loss on sale of (17.03) 17.06
(55.78) 6.32
Investments*9(net) Unrealised
gain/loss
Total Income/(loss)on Investment (61.12) 29.85
34
2.4 Type of research and research Design
Research shows that the company also has the highest recall value and consideration to buy
among private insurance players Since ICICI Prudential Life started its business in 2000, the
company has built a strong foundation and rapidly scaled up its product portfolio, distribution,
service and fund management capabilities which have helped the company sustain leadership in
the industry, since inception. As the environment evolves, we will continue to build and enhance all
the capabilities needed to achieve our aspiration of focusing on growth with efficiency. We are confident
that this will enable us to outperform in the years to come and we look forward to the future with
excitement.
Exploratory Research
Design in which the major emphasis is on gaining ideas and insights.
Descriptive Research
Research design in which the major emphasis is on determining the frequency with which something
occurs or the extent to which two variables.
Causal Research
Research design in which the major emphasis is on determining cause-and-effect relationships.
35
2.5 Data Collection Methods
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
Qualitative researchers typically rely on four methods for gathering

information:
(a) participating in the setting,
(b) observing directly,
(c) interviewing in depth, and
(d) analyzing documents and material culture.
These form the core of their inquiry, the staples of the diet. Several secondary and specialized
methods of data collection supplement them. This chapter provides a brief discussion of the
primary and the secondary methods to be considered in designing a qualitative study.
This discussion does not replace the many excellent, detailed references on data collection (we
refer to several at the end of this chapter). Its purpose is to guide the proposal writer in
stipulating the methods of choice for his study and in describing for the reader how the data will
inform his research questions. How the researcher plans to use these methods, however, depends
on several considerations.
36
2.6 Limitations of Study
Every task is undertaken with an objective and accomplishment of this objective determines our
success. The recruitment at ICICI Prudential Life Insurance involved a lot of searching 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 an interview would not turn up.
❖ Run out of the database many times since most of them would have already been contacted;
❖ Candidates were to be searched from the job portals and called up to be scheduled for an
interview.
❖ A summer trainees we could not separate systems to work on.
❖ At times many people had for a 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.
❖ Did not secure cooperation easily.
❖ People asked a lot of counter questions so convincing them was a major task.
❖ People did not disclose much about their employee details.
37
CHAPTER -3
CONCEPTUAL DISCUSSION
38
3.1 Review of Literature
“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 follows HR planning and goes hand in hand with the selection process by which
organizations evaluate the suitability of candidates. With successful recruiting to create a sizable
pool of candidates, even the most accurate selection system is of little use.
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:
v Creating an applicant pool using internal or external methods
v Evaluate candidates via selection
v Convince the candidate
v And finally make an offer
Compress the "white space" in your hiring process.
White Spaces are delays in the 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.
39
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 the
busy schedule of senior managers and sometimes because of the tight schedule of candidates, 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 a 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.
This chapter presents the review of literature to identify and understand the implications of
different issues related to consumer behavior and life insurances in India. A comprehensive
review of related past studies helps the researcher to adopt, modify and improve the
conceptualization of the framework and provide a link with past approaches. The findings and
recommendation of the past literature relating to consumer behavior towards life insurance
services are not many. Only few comprehensive studies exclusively towards consumer behavior
on endowment policy are carried out in India. Based on the review of literature the researcher has
been able to identify her source for the present study. The available studies are collected from
research articles, committee reports, projects and surveys conducted.
40
3.2 Current Issues
PRESS COVERAGE
Standard Chartered Bank and ICICI Prudential Life Insurance sign Bancassurance partnership
Mumbai; March 1, 2018
ICICI Prudential Life launches ICICI Pru Guaranteed Wealth Protector

Mumbai; March 3, 2018
ICICI Prudential Life launches ICICI Pru Easy Retirement

Mumbai; April 18, 2018
ICICI Prudential Life launches ICICI Pru Cash Advantage

Mumbai; April 01, 2018
ICICI Prudential Life waives the requirement for a Death Certificate from municipal authorities
for Uttarakhand victims
Mumbai; Feb 12, 2018
ICICI Prudential Life launches ICICI Pru Shubh Retirement

Mumbai; January 07, 2018
41
3.2 History and development of company
History
Since 1848 Prudential has protected the interests of our policyholders and shareholders — from
industrial workers and their families in Victorian Britain to more than 23 million insurance
employees worldwide today. Beginnings:-
On 30th May 1848, in a room at 12 Hatton Garden in the City of London, the premises of Hans
lip and Manning solicitors, a group of gentlemen met to form The Prudential Mutual Assurance
Investment and Loan Association. The first annual report boldly stated the Company’s clear
intentions: ‘to infix habits of Prudence among many individuals’. By 1875 the company - known
as The Prudential Assurance Company from 1867 - was collecting premiums on 3.4 million
policies and by 1898 it had become the leading UK life company, with £30 million in
accumulated funds. Over the decades, Prudential’s agents became a familiar sight around Britain,
offering the company’s products all over the country and building the business.
Prudential’s rapid growth can be judged by the fact that, during the First World War, the
company paid out claims on more than one third of the British soldiers killed during the war.
42
Overseas Expansion
Prudential soon looked to expand its business overseas and in 1923 opened its first overseas life
branch in India. By the 1970s Prudential had made several new acquisitions, including Vanbrugh
Life and M&G Reinsurance. It became impractical to manage these diverse units and so
Prudential Corporation plc was established in 1978 to enable more flexible management.
In the United States, Prudential acquired Jackson National Life Insurance Company in 1986.
Founded in 1961, Jackson is one of the largest life insurance companies in the US, providing
retirement savings and income solutions to more than 2.9 million employees.
Growth in Asia
Recognising the high potential for growth and expansion in Asia, Prudential Corporation Asia
was formed in 1994 and now has life operations in 13 countries across the region. Back in the
UK, the company acquired M&G in 1999, strengthening its investment portfolio. Founded in
1901, M&G launched the first unit trust in Britain in 1931.
43
3.4 New Development of Company & Industry
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.
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.
44
The media for releasing advertisements 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, freshers fitting different descriptions 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
45
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 a test is
selected and 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 to the Functional Head (VP’s in case of HO) for functional
assessment and suitability into the role.
Tied Agency Sales Manager candidates shortlisted by the BM 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 shortlisted by the branch manager/VP. The chart specifying the
Minimum approval level for each level of recruitment is specified below:
Category Branch Area Business Managing

Manager/Chief Manager/AVP/VP Heads Director
Manager
CSE/ADVISORS Yes No No No
BIC Yes Yes No No
BM/CM Yes Yes Yes No

SM Yes Yes Yes Yes
46
Compared to the Western countries, online trading is still in its infancy in India. With trading
turnover at around Rs. 10 crores per day from online trading compared to a combined gross
turnover of around Rs. 9000-10,000 crores handled by the BSE and NSE together, online trading
has a long way to go.
In October 2014 Prudential launched a new subsidiary, PruHealth, a joint venture with Discovery
Holdings of South Africa selling private medical insurance to the UK market.
In April 2015 Prudential outsourced its back office functions to Capita: about 3,000 jobs were
transferred (1,000 in Sterling, 750 in Reading and 1,250 in Mumbai).
This significant outsourcing deal, worth an estimated £722m over a 15 year contract, built on
Prudential's existing relationship with Capita who took over its Belfast operation in 2015 along
with approximately 450 employees in a smaller operational restructure.
On 1 March 2015, Prudential announced that it was in "advanced talks" to purchase the pan Asian
life insurance company of AIG, American International Assurance (AIA) for approximately £23
billion. The deal later collapsed and AIA ended up raising money in an IPO.
E- Broking - A small beginning:

You have some money to dabble with. Trading shares on BSE/NSE has always been your dream.
When will you ever find the time? And besides, the hassle of finding a broker is not easy.
Realizing there is an untapped market of investors who want to be able to execute their own
trades when it suits them, brokers have taken their trading rooms to the Internet. Known as online
brokers, they allow you to buy and sell shares via the Internet.
There are 2 types of online trading service: discount brokers and full service online brokers.
Discount online brokers allow you to trade via the Internet at reduced rates. Some provide quality
research, others don’t. Full service online brokerage is linked to existing brokerages. These
brokers allow their clients to place online orders with the option of talking/ chatting to brokers if
advice is needed. Brokerage rates here are higher. 5Paisa.com, ICICIDirect.com, IndiaBulls.com,
47
Sharekhan.com, Geodic securities.com, HDFCsec.com, Tatatdw.com, Kotakstreet.com are some
of the online broking sites in India. With net trading in securities and rapid consolidation
between multiple stock exchanges, the international securities marketplace is fast becoming a
"global village" through the creation of a universal virtual equity market.
48
CHAPTER - 4
DATA ANALYSIS
49
4.1 Methods and techniques of data analysis
Research is the best solution and most appropriate way to collect data. And I have used this
method in my project to find out the candidates' needs by identifying the suitable prospecting city
who can become the ICICI Prudential employees. Data used to analyze the recruitment &
selection in ICICI was of primary and secondary. A sample of 20 employees was taken as a
sample element. The survey was conducted in the Delhi region only.
Q1) In your organization the manpower requirement is identified well in advance?

.
OPTIONS
O
Moderately Disagree
%
100
N
I 90
S
80
E 70
E
60
Y
50
O
L
40
P
30
M
20 STRONGLY AGREE
Moderately Agree
E
10
F
0 STRONGLY DISAGREE
O
CAN'T SAY
SL.NO OPTIONS IN NUMBER IN PERCENTAGE
1 Strongly agree (5) 3 15%
2 Moderately agree (4) 14 70%
3 Strongly disagree (3) 0 -
4 Moderately disagree (2) 3 15%
5 Can’t say (1) 0 -
SCORE: 3.85 SAMPLE SIZE: 20
50
INTERPRETATION
As per the response received from the questions asked from the employees it was evaluated that:-
1. 15% of the employees strongly agreed that in our organization the manpower requirement is
identified well in advance.
2. 70% of the employees moderately agreed that in our organization the manpower requirement
is identified well in advance.
3. 15% of the employees moderately disagreed that in our organization the manpower
requirement is identified well in advance.
51
Q2) Is there any well defined recruitment policy?
O
%
100
N
90
I
80
S
70
60
E
Y
50
O
40
L 30 Moderately Agree Moderately Disagree CAN'T SAY
P
20 STRONGLY
DISAGREE
M
10
0
E
F
STRONGLY OPTIONS
AGREE
SL.N OPTIONS IN NUMBER IN PERCENTAGE

O
3 Strongly disagree (3) 1 5%
4 Moderately disagree (2) 0 -
5 Can’t say (1) 0 -
52
INTERPRETATION
1. 45% of the employees strongly agreed that there is a well defined recruitment policy. 2. 50% of
the employees moderately agreed that there is a well defined recruitment policy.
3. 5% of the employees strongly disagreed that there is a well defined recruitment policy.
53
Q3) Do you think the need for manpower planning is given due consideration?
O
%
100
N
90
I
80
S
70
60
E
Y
50
O
40
P
20 STRONGLY
DISAGREE
M
10
0
E
F
STRONGLY OPTIONS
AGREE

O
5 Can’t say (1) 1 5%
54
INTERPRETATION
1. 30% of the employees strongly agreed that manpower planning is given due consideration.
2. 50% of the employees moderately agreed that manpower planning is given due consideration.
3. 15% of the employees moderately disagreed that manpower planning is given due
consideration.
4. 5% of the employees can’t say that manpower planning is given due consideration.
55
Q4) Do you think the present selection process is feasible for selecting the employees?
N
O
F
100
I
L O 90
80
S
P
.
E
M O
70
E
%
60
E
N
Y
50
40 OPTIONS
30
20
10
0
STRONGLY
AGREE
Moderately Agree CAN'T SAY

STRONGLY
DISAGREE
Moderately Disagree

O
5 Can’t say (1) 0 -
56
INTERPRETATION
1. 10% of the employees strongly agreed that the present selection process is feasible for
selecting the employees.
2. 80% of the employees moderately agreed that the present selection process is feasible for
3. 10% of the employees moderately disagreed that the present selection process is feasible for
57
Q5) Are the views of the concerned department head given special attention while
selecting the employees of the department?
YES NO
1 Yes 12 60%
2 No 8 40%
SAMPLE SIZE: 20
58
INTERPRETATION
1. 60% of the employees said that views of the concerned department head are given special
attention while selecting the employees of the department.
2. 40% of the employees said that views of the concerned department head are not given special
attention while selecting the employees of the department.
59
Q6) Are external sources relied upon when requirement arises?
YES NO
1 Yes 12 60%
2 No 8 40%
SAMPLE SIZE: 20
60
INTERPRETATION
1. 60% of the employees said that external sources are relied upon when requirement arises. 2.
40% of the employees said that external sources are not relied upon when a requirement arises.
61
Q7) To identify the employees’ capability and aptitude psychological testing is used. Do you
think it is useful to use this technique?
%
100
N 40
OPTIONS
I
S 30
EE
20 Moderately Disagree
Y
OL
10
P
0
M
O
.
ON
90
STRONGLY AGREE
80
Moderately Agree
70 STRONGLY DISAGREE
60
CAN'T SAY
50

O
5 Can’t say (1) 0 -
62
INTERPRETATION
1. 35% of the employees strongly agreed that it is useful to identify the employees’ capability
and aptitude psychological testing.
2. 50% of the employees moderately agreed that it is useful to identify the employees’ capability
3. 15% of the employees moderately disagreed that it is useful to identify the employees’
capability and aptitude psychological testing.
63
Q8) Is there any participation by the line manager in planning and recruitment?
O
%
100
N
90
I
80
S
70
60
E
Y
50
O
40
P
20 STRONGLY
DISAGREE
M
10
0
E
F
STRONGLY OPTIONS
AGREE
5 Can’t say (1) 3 15%
64
INTERPRETATION
1. 5% of the employees strongly agreed that there is participation by the line manager in
planning and recruitment.
2. 45% of the employees moderately agreed that there is participation by the line manager in
3. 15% of the employees strongly disagreed that there is participation by the line manager in
4. 20% of the employees moderately disagreed that there is participation by the line manager
in planning and recruitment.
5. 15% of the employees can’t say that there is participation by the line manager in planning
and recruitment.
65
Q9) Is the principle of the right man for the right job strictly followed?
.
100
%
90
80
N
70
S
E
60
E 50
Y
40
O
30
L
20
P Moderately Agree Moderately Disagree CAN'T SAY
10 STRONGLY
M
E
0 DISAGREE
STRONGLY
AGREE
F
OPTIONS
O

O
5 Can’t say (1) 1 5%
66
INTERPRETATION
1. 20% of the employees strongly agreed that the principle of right man for the right job is
strictly followed.
2. 60% of the employees moderately agreed that the principle of the right man for the right job is
strictly followed.
3. 5% of the employees strongly disagreed that the principle of right man for the right job is
strictly followed.
4. 10% of the employees moderately disagreed that the principle of right man for the right job is
strictly followed.
5. 5% of the employees can’t say that the principle of right man for the right job is strictly
followed.
67
Q10) Which internal or external source of recruitment is followed by the company?
EMPLOYMENT EXCHANGE CAMPUS INTERVIEW
ADVERTISEMENT PROMOTION
TRAINING
1 Employment exchange 0 -
2 Campus interview 6 30%
3 Advertisement 10 50%
4 Promotion 2 10%
5 Training 2 10%
SAMPLE SIZE: 20
68
INTERPRETATION
1. 30% of the employees said that recruitment is made through campus interviews. 2.
50% of the employees said that recruitment is made through advertisement. 3. 10% of
the employees said that recruitment is made through promotion. 4. 10% of the
employees said that recruitment is made through training.
69
CHAPTER -5
FINDINGS AND RECOMMENDATIONS
70
Finding
After Going through the Internship training we Find that :-
⮚ 15% of the employees are strongly agreed that in our organization the manpower
⮚ 70% of the employees are moderately agreed that in our organization the manpower
⮚ 15% of the employees are moderately disagreed that in our organization the
manpower requirement is identified well in advance.
⮚ 45% of the employees are strongly agreed that there is well defined recruitment
policy.
⮚ 50% of the employees are moderately agreed that there is well defined recruitment
policy.
⮚ 5% of the employees are strongly disagreed that there is well defined recruitment
policy.
⮚ 30% of the employees are strongly agreed that manpower planning is given due
consideration.
⮚ 50% of the employees are moderately agreed that manpower planning is given due
consideration.
⮚ 15% of the employees are moderately disagreed that manpower planning is given
due consideration.
⮚ 5% of the employees can’t say that manpower planning is given due consideration.
⮚ 10% of the employees are strongly agreed that present selection process is feasible
for selecting the employees.
⮚ 80% of the employees are moderately agreed that present selection process is
feasible for selecting the employees.
⮚ 10% of the employees are moderately disagreed that present selection process is
feasible for selecting the employees.
⮚ 60% of the employees said that views of the concerned department head are given
special attention while selecting the employees of the department.
71
⮚ 40% of the employees said that views of the concerned department head are not
given special attention while selecting the employees of the department. ⮚ 35% of the
employees are strongly agreed that it is useful to identify the employees’ capability
⮚ 50% of the employees are moderately agreed that it is useful to identify the
employees’ capability and aptitude psychological testing.
⮚ 15% of the employees are moderately disagreed that it is useful to identify the
employees’ capability and aptitude psychological testing.
⮚ 5% of the employees are strongly agreed that there is participation by the line
manager in planning and recruitment.
⮚ 45% of the employees are moderately agreed that there is participation by the line
⮚ 15% of the employees are strongly disagreed that there is participation by the line
⮚ 20% of the employees are moderately disagreed that there is participation by the
line manager in planning and recruitment.
⮚ 15% of the employees can’t say that there is participation by the line manager in
⮚ 20% of the employees are strongly agreed that principal of right man for the right
job is strictly followed.
⮚ 60% of the employees are moderately agreed that principal of right man for the
right job is strictly followed.
⮚ 5% of the employees are strongly disagreed that principal of right man for the right
job is strictly followed.
⮚ 10% of the employees are moderately disagreed that principal of right man for the
right job is strictly followed.
⮚ 5% of the employees can’t say that principal of right man for the right job is strictly
followed.
⮚ 30% of the employees said that recruitment is made through campus interview.
⮚ 50% of the employees said that recruitment is made through advertisement. ⮚
10% of the employees said that recruitment is made through training.
72
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 Kotak 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. ∙ Learn to convince
candidates about the offer rolled out and making them accept the offer through effective
communication.
∙ Performance appraisals, its various types, implications and significance. ∙
Handling queries received from various quarters.
∙ Managing the HR department in the absence of an HR manager.

73
CHAPTER -6
CONCLUSIONS AND SUGGESTIONS

74
Conclusion
Insurance is confronted with a 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 its
activities. It is only when an organization is recognized for its quality that it can build stability
with its employees. Thus an organization must be able to stand out in the crowd.
The first step in this direction is to ensure competitive people come into 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 the 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.
The study is carried out to determine the study of Recruitment and selection of ICICI Prudential
life Insurance Even though the company is providing sufficient facilities to the employee’s to an
extent. The company may provide some more facilities like proper ventilation, medical facilities,
transport facilities and welfare activities which would reduce absenteeism and enhance the
employees to work more efficiently and effectively for achieving the organizational objectives.
75
Questionnaire
1) Do you have a clearly stated Recruitment & Selection Policy?

∙ Yes
∙ No
∙ To some extent
2) What are the qualities 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 then for which type of post………………………………….
5) Which source of Recruitment is better for companies:-
∙ Internal Source ;
∙ External Source
∙ Depends on Situation & Post……………………………………
76
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 done?
∙ Yes
∙ No
77
BIBLIOGRAPHY
WEBSITE
∙ http://www.google.com
∙ www.wikipedia.com
∙ http://www.answes/icici.com
∙ http://www.slideshare.net/JenBarr/recruitment-selection-process-presentation ∙
http://www.scribd.com/doc/33993225/Recruitment-Process-of-ICICI- ∙
http://en.wikipedia.org/wiki/ICICI_Bank
∙ www.iciciprulife.com
MAGAZINES / NEWSPAPERS
∙ Business World
∙ The Times of India
∙ India today
∙ Hindustan Times
BOOKS:
⮚ MOHAN.S, R.ELANGOVAN, Human resource management, regal publications,

pageno.-30-37, 64-79,100-110.
⮚ KUMAR NIRMAL, Human resource management and industrial relations, Himalaya

Publishing House, page no.-34-37, 47-54.
78

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A Study of Recruitment and Selection Process in ICICI Life

Insurance Company Ltd.

A SUMMER TRAINING PROJECT REPORT

Submitted by:- Guided by: - Priyanka Diwedi Mr. Mohit Arora

Bharati Vidyapeeth University

Academic Study Center: BVIMR, New Delhi

This is to certify that I Priyanka Diwedi had completed the Project

MBA IIIRD SEMESTER

Mr. Mohit Arora

Dr. A.R. Deshmukh

CONTENT PAGE NO.

CHAPTER 1 - INTRODUCTION (9-30) 1.1 About the Company

1.2 Environmental Scanning

CHAPTER 2 - RESEARCH METHODOLOGY (31-38) 2.1 Statement of the Problem

CHAPTER 3 – CONCEPTUAL DISCUSSION (39-49) 3.1 Review of Literature

3.2 Current Issues

CHAPTER 5 – FINDINGS AND RECOMMENDATIONS (71-74) CHAPTER 6 -

A well-developed and evolved insurance sector is needed for economic development as it

A well-developed and evolved insurance sector is needed for economic development as it

∙ 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

∙ Shriram Life Insurance Limited

Products Insurance Solutions For Individuals:-

child’s marriage, expenses for a child’s higher education or purchase of an asset. ∙

cover till the age of 75.

premiums along with flexible liquidity options.

Education Insurance Plans

∙ Forever Life is a retirement product targeted at individuals in their thirties. ∙

Market-linked retirement products

Group Insurance Solutions

Flexible Rider Options

Choice of Six Investment Options :-

An Investment Option with investment indebt and money market instruments.

An investment option with investment in equity and equity related instruments.

Vision and Mission

Brand equity of ICICI. Develop exclusive contracts with channel

Adequate number of channel partners to Pre assessment tests are costly.

Huge employee turnover.

Campus recruitments have huge potential

Increasing spill over as a candidate has

Training & Development

Challenges & Growth

Environmental Issues (Green Environment)

Bargaining power of Supplier

Threats of Substitutes Products

The main objectives for undertaking this project are:

❖ To understand the internal Recruitment process at ICICI Prudential. ❖

Particulars Fiscal 2009 Fiscal 2008

Interest, Dividend and rent 11.69 6.47

Profit/loss on sale of (17.03) 17.06

Total Income/(loss)on Investment (61.12) 29.85

There were mainly two sources of data collection