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Gaurabh Sah

Apr 07, 2018

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    A THESIS ON

    AGENCY RECRUITMENT IN INSURANCE

    INDUSTRY WITH SPECIAL REFERENCE TO

    ICICI PRUDENTIAL

    BY

    GAURABH SAH

    09JU00200006

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    A THESIS ON

    AGENCY RECRUITMENT IN INSURANCE

    INDUSTRY WITH SPECIAL REFERENCE TO ICICI

    PRUDENTIAL

    BY

    GAURABH SAH

    09JU00200006

    A report submitted in partial fulfillment of

    The requirements of

    MBA Program of

    ICFAI UNIVERSITY JHARKHAND

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    Table Of Contents

    ACKNOWLEDGEMENT

    ABSTRACT

    OBJECTIVES

    METHODOLOGY

    LIMITATIONS & FINDINGS

    INTRODUCTION

    INSURANCE

    IRDA

    LIFE INSURANCE

    COMPANY PROFILE

    ICICI Bank

    Prudential Plc

    PRODUCTS

    MAJOR PLAYERS IN INSURANCE SECTOR

    TRAINING OF ADVISORS

    COMPARATIVE ANALYSIS OF ICICI PRUDENTIAL PRODUCT

    RECRUITMENT OF ADVISORS

    THE DUTIES AND OBLIGATION OF THE AGENT

    CODE OF CONDUCT

    TRAINING OF ADVISORS

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    QUESTIONNAIRE AND FINDINGS FROM IT

    SWOT ANALYSIS

    FINDINGS DURING THE PROJECT

    SUGGESTIONS

    BIBLIOGRAPHY

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    ACKNOWLEDGEMENT

    I am grateful for my project to Mr.NAVEEN KUMAR (UM) at ICICI

    PRUDENTIAL LIFE INSURANCE COMPANY who helped me throughout the

    project and encouraged to take this project in future course for my career.

    I would like to express my sincere gratitude and thanks to Dr. Kaushik Dutta for

    his constant support and cooperation at each step during the project and for

    providing me an enlightened perspective and a very conducive environment.

    Im grateful to Dr.Kaushik Dutta (Faculty ICFAI Jharkhand),who really

    suggested me to work on this topic and helped me to collect the relevant datas

    and get the real gist of current scenario .Few people who are not the direct part of

    my project but without their help things would not have been as easy as they

    were, and they are the people I shared my work station.

    Gaurabh Sah

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    ABSTRACT

    Life is the only tool to secure our life in future. It also provides a safeguard to the

    uncertainities of our life. Life investment is the cheapest investment tool in which

    we can earn more in a short period of time . In Insurance industry there are two

    channels of distribution Alternate Distribution and Tide Agency Advisor

    Recruitment is a part of Tide Agency.

    My Thesis Report is about agency recruitment and channel distribution ofICICIPrudential Life Insurance . It means company is recruiting advisors for expanding

    its business. Company adopts chain marketing as a methodology for expansion.

    ICICI Prudential is concentrating highly on a agency recruitment it has 93000

    advisors and is planning to extend this number to 130000 by the end of 2009-10.

    I have done comparative analysis of the ICICI Prudential Products with other

    companies product, their differences, advantages and disadvantages of prudential

    products.

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    OBJECTIVE

    y The primary objective of the project is to know the scope of life insurance in

    India as in the sense of employment measure.

    y From the survey we try to find out which feature of the product is most

    popular with the customers that incline them to purchase the product.

    y We also need to find out whether the after sales service ofICICIPRUDENTIAL LIFE Insurances is prompt. To find out how we improve

    the service and what is the benefit of being a insurance advisor.

    y We also find out the service channel satisfaction whether the helpline

    number is easily available and the life advisors that approached them are

    easily approachable after sales and are looking after any problem that is

    faced by him.

    y With this survey we will find out which product ofICICI PRUDFENTIAL

    is more famous among the customers and what feature of the product

    inclined them to purchase that product and what other features they want in

    other products or that product which they have purchased.

    y We will also find out the brand awareness of ICICI PRUDENTIAL LIFE

    INSURANCE and Challenges for implementing ULIPs over all financialproducts available in markets.

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    METHODOLOGY

    The methodology is an integral primary part of the project work. Every project hasbeen undertaken in and definite manner, which forms the validity of the report. The

    project undertaken by me is also based on a definite method, which is usually

    found in most of the research projects. The methodology in my project is based on

    the following manner in a sequential order: -

    A. Data Collection

    1. Data Collection (types of data).

    2. Source of data collection.

    3. Methods of data collection.

    A. Data Collection

    The collection of data is a core part of every activities relating to marketing

    decisions. The information derived from such data is closely analyzed, Interpreted

    and a conclusion has been arrived on which other decisions are totally depends.

    There are various sources from where data can be collected any there also most

    appropriate methods in the application of which we can collect the data. In the

    application of sources and methods the reliability and accuracy must be well

    judged prior to collection. The whole study has been worked out depending on the

    data availed from.

    Sources of data collection:

    There are two sources on which data can be collected via primary source andsecondary source. The data which are prepared from the main proposed and

    researcher or owner it is called primary source and the data collected from this

    source is called primary data. The data which is collected from the persons, private

    bodies, private research agencies etc are called secondary source and the data

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    collected is from both primary and secondary type. The following are the data

    which have been collected from both the sources:-

    Primary data: -

    In the course of carrying out the project I have collected very few data from thissource but they are more needed in carrying out the project work. The following

    data has been has been collected from this source like the Ranchi market.

    Secondary data: -

    Most of the data in my project has been collected from the secondary source as the

    data is only available to them and other parties I have found the most convenient

    source and collected from them. The data collected from this source are the past

    records and it is used to analyses.

    The data, which have been collected from this source, are mentioned below:

    Historical data from internet.

    Methods of data collection:

    The method of data collection is as essential as the source of collection of data.

    The methods of data collection establish a pattern, the application on which

    provides a well fledged out data. A most appropriate method will produce data

    which are more accurate, reliable and cheap and also will require less time and

    efforts in the collection. In the carrying of my project I have used the following

    methods in collecting the data:-

    Personal Enquiry: -

    The data from the personal contacts collected by the use of the method of personal

    enquiry. The customers located at different places in Ranchi was approached byme to obtain favorable and required data to add in to the part of my project.

    Personal Survey: -

    The information regarding the Investors being kept have been collected through

    personal survey. The application of the above mentioned methods

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    LIMITATION & FINDINGS

    y As the movement throughout the city is not possible due to certain

    constraints so the movement was quite restricted.

    y People are not ready to go for training. As the training period is of 17 daysand it involves full day, so it becomes difficult for them to leave their officesor shops for such a long time.

    y The compulsion of selling 12 policies in a year also restricts them frombecoming advisors. If they do not fulfill this target, then their license is

    cancelled after a year.

    y Lack of trust on any company of Private Sector.

    y Lack of knowledge about the products ifICICI Prudential and their total andblind faith on LIC.

    y Sometimes, fresh graduates want to become advisors but the companydenies making them an advisor as they are very fickle-minded and alsounreliable.

    y There is a problem in targeting Chartered Accountants. ICAI, which is thegoverning body ofChartered Accountants, does not allow them to becomeadvisors. However, now they have permitted some CAs to become advisors,

    but these are only those ones who are doing jobs somewhere and not allowed

    the ones who are doing their practices. So, till this decision is very dicey.

    y Sometimes, even those people want to become advisors for the companywho are not a localite but then the major problem that they face is that theyhave got no natural market, so they are very susceptible about their

    performance and whether they will be able to generate business for thecompany or not, so they avoid to take up this challenge.

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    y Some people ask about comparative analysis with LIC.

    y Some people conside

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