A project report on recruitment and channel developmentat icici prudential

RECRUITMENT AND CHANNEL DEVELOPMENTAT ICICI-PRUDENTIAL

RECRUITMENT AND CHANNEL DEVELOPMENTAT ICICI-PRUDENTIAL

"A study on Recruitment and Channel Development at ICICI-Prudential"

The information given by you will be used only for the academic purpose, will be of immense value and would assist me in this endeavor. Thus kindly co-operate.

1. Name

:

2. Age

:

3. Gender

: Male Female

4. Marital Status : Married Unmarried

5. Address

:

6. Telephone/Mobile :

7. E-mail

:

8. Qualification

:

9. Occupation

:

10. How did the company approach you for recruitment?

Telecalling Advertisements Personal Contact & Reference

Self-Interest Others

11. What made you join the company as a Financial Advisor?

Money Career Rewards & Recognition Brand Culture Profile Others

12. How is the market for Life Insurance?

Excellent Good Fair Average Poor

13. Approximate Monthly income?

Less than 5000 5000-10000 10000-15000 15000 and above

14. Are you satisfied with the recruitment process followed by the Company?

Highly satisfied SatisfiedSome what Satisfied Not Satisfied

Not at all satisfied

15. Are you satisfied with the work environment of the company?

Highly satisfied SatisfiedSome what Satisfied Not Satisfied

Not at all satisfied

16. Do you feel proud to be an advisor of ICICI-Prudential?

Yes No

17. Is there any time constraint regarding the working hours?

Yes No

18. What is your opinion about the rules & regulations of the company?

Good Neutral Bad

19. Have you been rewarded anytime?

Yes No

20. Is there any growth opportunity in the company?

Yes No

21. Your opinion about the company

BIBLIOGRAPHY

BIBLIOGRAPHY

1. Personnel Management

: Mamoria

2. Human Resource Management

: Subba Rao

3. Managing Human Resources

: Wayne .F. Cascio

4. Web-Site

: iciciprulife.com , google.com

5. Journals

: Company journals and magazines.

TABLE OF CONTENTS

1. Executive Summary

2. Introduction

3. Need for Insurance

4. Company Profile

5. Products

6. Recruitment and Channel Development

FINDINGS

Summary of Findings

The findings of the project:

It is been found that most of the people in ICICI Pru are being recruited through the personal contacts or reference.

Most of the advisors have chosen this profession to make money and carrer.

Most of the advisors feel that there is a good market for the life insurance.

Most of the advisors have monthly income more than 10000.

Most of the advisors are satisfied with the recruitment process in the company as it a very simple and understandable process.

Most of the advisors are satisfied with the friendly work environment at ICICI Pru.

Most of the advisors feel proud to be an advisor at ICICI Pru

Most of the advisors are happy because there is no time constraint being imposed on them.

By the above analysis it is found that the advisors feel that the rules and regulations should be maintained and are very much happy with the present rules of the company.

The top advisors are being rewarded for their excellent performance.

By the analysis it is found that there is definitely a growth opportunity for the advisors through the programs like

Pinnacle

Mobile Tiger

Agency Champion

SUGGESTIONS

Summary of Suggestions

As most of the advisors are being recruited through personal contacts or reference, the company should also concentrate on advertisements and telecalling in order to attract people.

Most of the Market for Life Insurance is Untapped in India. So the company should penetrate these areas and make people aware of it.

Some people are not satisfied with the recruitment process because a fee of Rs 1200 is being collected from them in order to enroll their name. So the can try reducing the amount so that more no of people can afford for it. There is also a training period of 21 days in order to become an advisor. Some people who have taken up this job as a part time may not be having sufficient time for it. So the company can come up with alternate solution.

As most of the advisors are proud be associated with ICICI Pru the company should materialize this feeling and keep continuing a great job. And thus, motivate the people.

Since there is no time constraint for the advisors on the working hours the company should impose time constraint so that the advisors can keep themselves abreast and it will also not hinder the company's performance

Since there is a growth opportunity at ICICI Pru the advisors should grab the opportunity and make career and money to lead a happy life.

CONCLUSION

Conclusion

As ICICI Prudential is a leader in the private Life Insurance sector, the recruitment process in the company is well outlined and systematically followed. My study at ICICI Prudential indicates that most of the recruitment is done through personal contacts and telecalling by the Unit managers.

As far as the advisors feeling is concerned, they are very much satisfied with the recruitment process, commission earned, rewards and recognition programs in the company.

To conclude, I would like to say that working with ICICI Prudential for 2 months was a great experience. And I feel proud be an advisor of an esteemed company as ICICI Prudential is known for its leadership in the private life insurance sector.

EXECUTIVE SUMMARYEXECUTIVE SUMMARY Insurance is the pooling of fortuitous losses by transfer of such risk to insurers, who agreed to provide the pecuniary benefit on their occurance, or to render service connected with risk. It is the transfer of financial responsibility for the risk at the point of occurance and conventionally involves the insurer in a commitment to pay. The insurance service lead to efficient and productive allocation of capital resources, facilitate growth of trade and commerce. Globalization will certainly increase insurance penetration and all professionals shall equip themselves to exploit opportunities offered by this sector.

ICICI PRUDENTIAL has maintained its lead amongst the private players of life insurance with a market share of about 39%. The biggest achievement is in pension segment, where company introduced a slew of products and captured around 23% of the total pension market. ICICI Prudential have a customer centric growth strategy and has taken a number of

strategies against this.

The consumers are the largest economic group in any country and the present day business activities are because of consumers only. Thus, consumers are the pillars of the economy. The consumers are not only the heart of marketing system, but also the controller of marketing functions. But if the modern marketing system consumers sovereignty has become a myth on account of the variety of problems in the process of merchandising. The study of consumer behavior enables marketers to understand and predict consumer behavior in the market place; It also promotes understanding of the role that consumption plays in the lives of the individual.

This gives me an opportunity to work on with this endeavor focusing on the study of 'consumer behavior towards the insurance products' with special reference to ICICI PRUDENTIAL. The primary objective of the study is to understand the attitude and perception of the respondents towards insurance products.

The study gives an insight to the insurance industry. It briefly explains about the history of life insurance sector. It also contains the organizational profile of ICICI PRUDENTIAL, stating about its mile stones, vision, products, protection, solutions, advertising effectiveness and finally about its marketing strategies and challenges. The study ends up with the suggestions in order to modify the current system for a higher growth and progress.

INTRODUCTION

INTRODUCTION

LIFE INSURANCE

Life insurance is a contract providing for a payment of a sum of money to the person assured or failing him to the person entitled to receive the same on the happening of certain event. Uncertainty of death is inherent in human life. Ii is this risk, which gives rise to the necessity for some form of protection against the financial loss arising from death. Insurance substitutes this uncertainty by certainty. The objective of insurance is normally to provide:

A Family Protection.

B Provision for old age.

INSURANCE INDUSTRY

ORIGIN OF INSURANCE

The origin of insurance dates back to the 12th century, the origin of insurance appeared first in marine and land fields. The ideas of insurance were made i