fyp-Recruitment-selection-Insurance Companies

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Recruitment and selection of Insurance Companies
PREFACE
People are a company’s most important assets. They can make or break the fortunes of a business.
In today’s highly competitive business environment placing the right people in the right position is
very critical for the success of any organization.
The recruitment and selection decision is of prime importance as it is the vehicle for obtaining the
best possible person-to-job fit that will, contribute significantly towards the Company's
effectiveness. It is also becoming increasingly important, as the Company evolves and changes, that
new recruits show a willingness to learn, adaptability and ability to work as part of a team. The
Recruitment & Selection procedure ensures that these criteria are addressed
In this project I have studied Recruitment and Selection process of ICICI Prudential
Life Insurance and attempted to provide some ways so as to make recruitment more
effective and to reduce the cost of hiring an employee.
I am privileged to be one of the students who got an opportunity to do my training with ICICI
Prudential Life Insurance. My involvement in the project has been very challenging
and has provided me a platform to leverage my potential in the most constructive way.
ICICI Prudential Life insurance is one of India's leading financial institutions offering
complete financial solutions that encompass every sphere of life. In a short span of time,ICICI has
set an example by having a steady and confident journey to growth and success.
During the training period I have studied deeply the process of hiring in ICICI
Prudential Life insurance and did a SWOT analysis of ICICI Prudential Life Insurance
to find out the existing shortcomings and potential threats and thereby recommended suggestions.
This project however is an attempt to share as best as possible my experience in corporate world
with all my colleagues and my faculty.
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I would be delighted to receive reader’s comments which maybe valuable lessons for my future
projects.
EXECUTIVE SUMMARY
In today’s rapidly changing business environment, organizations have to respond

quickly to requirements for people. The Financial market has been witnessing growth which is
manifold for last few years. Many private players have entered the economy thereby increasing the
level of competition. In the competitive scenario it has become a challenge for each company to
adopt practices that would help the organization stand out in the market. The competitiveness of a
company of an organization is measured through the quality of products and

services offered to customers that are unique from others. Thus the best services offered to the
consumers are result of the genius brains working behind them. Human Resource in this regard has
become an important function in any organization. All practices of marketing and

finances can be easily emulated but the capability, the skills and talent of a person cannot be
emulated. Hence, it is important to have a well-defined recruitment policy in place,

which can be executed effectively to get the best fits for the vacant positions. Selecting the wrong
candidate or rejecting the right candidate could turn out to be costly mistakes for the
organization. Therefore a recruitment practice in an

organization must be effective and efficient in attracting the best manpower.
Coverage –The extent and limitation
With largest number of life insurance policies in force in the world, insurance happens to be
a mega opportunity in India. Its business is growing at 15-20% annually and presently is of the
order of Rs. 450m. Together with banking sector it adds about 7% to the GDP.
Like in the case of BPO’s, Insurance sector too faces the problem of attrition. Thus,
recruitment is an ongoing process carried through out the year. The project is based
on the study of recruitment process. The various recommendations suggested have

been the result of the study. The idea is to generate ways of dealing with high attrition and making
hiring process manageable and efficient.
Data Used
There were mainly two sources of data collection
Ø Primary data:
Ø Survey method
Ø Personal interview with candidates
Ø In depth conversation with the placement agency
v Secondary data:
Ø Study of recruitment policy
Ø Websites
Ø Published articles
Research methodology used
v Study of recruitment and selection at ICICI Prudential

Life Insurance by the manual provided by the HR department;
v Web sites
v Journals
v Magazines
v Books
Findings
v Recruitment is done throughout the year more during the months of

May-June and Oct-Nov;
v Huge investment of time;
v Huge recruitment cost;
To pursue these, I would be going through the recruitment policies of the company.
By active participation in the recruitment process, the areas where improvement

can be bought about can be identified.
Thus the whole research would be done under the guidance of external guide. It will also involve
recruitment and selection processes, reading the material provide internally by the
organization, information from the new employees.
Introduction
1.1 Introduction Of The Insurance Industry
Overview
The story of insurance is probably as old as the story of mankind. The same instinct that prompts
modern businessmen today to secure themselves against loss and disaster existed in primitive men
also. They too sought to avert the evil consequences of fire and flood and loss of life and were
willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance
is largely a development of the recent past, particularly after the industrial era – past few centuries
– yet its beginnings date back almost 6000 years.
The first two decades of the twentieth century saw lot of growth in insurance business. From 44
companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total
business-in-force as Rs.298 crore in 1938. The Insurance Act 1938 was the first legislation
governing not only life insurance but also non-life insurance to provide strict state control over
insurance business.
Some of the important milestones in the life insurance business in India are:
1818: Oriental Life Insurance Company, the first life insurance company on Indian
soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance
company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical
information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital
contribution of Rs. 5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of
general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of
conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency margins and
the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973.
With largest number of life insurance policies in force in the world, Insurance happens to be a mega
opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is
of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the
country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC
for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance
and non-life insurance continues to be below international standards. And this part of the
population is also subject to weak social security and pension systems with hardly any old age
income security. This itself is an indicator that growth potential for the insurance sector is
immense.
A well-developed and evolved insurance sector is needed for economic development as it provides
long term funds for infrastructure development and at the same time strengthens the risk taking
ability. It is estimated that over the next ten years India would require investments of the order of
one trillion US dollar. The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
India has come a full circle from being an open competitive market to nationalization and back to a
liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360
degree turn witnessed over a period of almost two centuries.
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 host of
private Insurance companies operating in both life and non-life segments have started selling their
insurance policies..
Life Insurance Market
The Life Insurance market in India is an underdeveloped market that was only tapped by the state
owned LIC till the entry of private insurers. The penetration of life insurance products was 19
percent of the total 400 million of the insurable population. The state owned LIC sold insurance as a
tax instrument, not as a product giving protection. Most customers were under- insured with no
flexibility or transparency in the products. With the entry of the private insurers the rules of the
game have changed.
The 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 has
tripled to Rs 1000 crore in 2002- 03 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 customers 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.
Major Insurance Players
Licenses have been issued for the following companies
Ø ICICI Prudential Life Insurance Limited

Ø ICICI Prudential Life Insurance Company Limited
Ø HDFC Standard Life Insurance Company Limited
Ø Birla Sun Life Insurance Company Limited
Ø TATA AIG Life Insurance Company Limited
Ø Max New York Life Insurance Company Limited
Ø SBI – Cardiff Life Insurance Company Limited
Ø ING Vysya Life Insurance Company Limited
Ø Bajaj Allianz Life Insurance Company Limited
Ø MetLife Life Insurance Company Limited
Ø Aviva Life Insurance Company Limited
Ø AMP Sanmar Life Insurance Company Limited
Ø Sahara India Life Insurance Limited
Ø Sri Ram Life Insurance Limited
Protection of the interests of policyholders:

IRDA has the responsibility of protecting the interest of insurance policyholders. Towards achieving
this objective, the Authority has taken the following steps:
v 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.
v 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.
v It is obligatory on the part of the insurance companies to disclose clearly the benefits,
terms and conditions under the policy. The advertisements issued by the insurers
should not mislead the insuring public.
v All insurers are required to set up proper grievance redress machinery in their head
office and at their other offices.
The Authority takes up with the insurers any complaint received from the policyholders in
connection with services provided by them under the insurance contract.
1.2 COMPANY PROFILE
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial
powerhouse and Prudential plc, a leading international financial services group headquartered in
the United Kingdom.
ICICI was established in 1955 to lend money for industrial development. Today, it has diversified
into retail banking and is the largest private bank in the country. Prudential plc was established in
1848 and is presently the largest life insurance company in UK.
ICICI Prudential is currently the No. 1 private life insurer in the country. 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.
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 customers all over
India.
FACT SHEET
THE COMPANY
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial
powerhouse, and 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 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 customers at the time of
maturity or claims.
For the past six years, ICICI Prudential has retained its position as the No. 1 private life insurer in
the country, with a wide range of flexible products that meet the needs of the Indian customer at
every step in life.
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India.
It has a strong presence across India with over 680 branches and over 235,000 advisors.
The company has over 23 bancassurnace partners, having tie-ups with ICICI Bank, Federal Bank,
South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District 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 customers at every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policy holder.
Savings Solutions
 Save’n’Protect is a traditional endowment savings plan that offers life protection

along with adequate returns.
 CashBak is an anticipated endowment policy ideal for meeting milestone expenses
like a child’s marriage, expenses for a child’s higher education or purchase of an
asset.
 LifeTimeSuper offer customers the flexibility and control to customize the policy to
meet the changing needs at different life stages. Each offer 4 fund options —
Preserver, Protector, Balancer and Maximiser.
 LifeLink Super is a single premium Unit Linked Insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
 Premier Life Gold is a limited premium paying plan that offers customers life
insurance cover till the age of 75.
 InvestShield Life New is a unit linked plan that provides premium guarantee on the
invested premiums and ensures that the customer receives only the benefits of fund
appreciation without any of the risks of depreciation.
· 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 customers cover their home loans in a simple and cost-effective manner.
Child Plans
· SmartKid education plans provide guaranteed educational benefits to a child along

with life insurance cover for the parent who purchases the policy. The policy is
designed to provide money at important milestones in the child’s life. SmartKid
plans are also available in unit-linked form – both single premium and regular
premium.
Education Insurance Plans
· Education insurance under the SmartKid brand provides guaranteed educational

benefits to a child along with life insurance cover for the parent who purchases
the policy. The policy is designed to provide money at important milestones in the
child's life. SmartKid plans are also available in unit-linked form - both single
premium and regular premium
Retirement Solutions
 ForeverLife is a retirement product targeted at individuals in their thirties.

 Market-linked retirement products
 LifeTime Super Pension is a regular premium market-linked pension plan.
 Golden Years: is a limited premium paying retirement solution that offers tax
benefits up to Rs 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 policyholder
with financial assistance, irrespective of the actual medical expenses. Health Assure
Plus offers the added advantage of an equivalent life insurance cover
· Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as
well as at different stages in the treatment of various cancer conditions.
· Diabetes Care and Diabetes Care Plus*: 1st ever critical illness insurance cover for
diabetics.
· Hospital Care*: Hospital Care offers a Cashless hospitalization facility in more then
3000 network hospitals
· Crisis Cover : is a 360-degree product that will provide long-term coverage against
35 critical illnesses, total and permanent disability, and death
Note (*) products Re-launched on 1st July 2006
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to
their employees.
ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund their statutory
gratuity obligation in a scientific manner. The plan can also be customized to structure schemes
that can provide benefits beyond the statutory obligations.
ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution
superannuation scheme to provide a retirement kitty for each member of the group. Employees
have the option of choosing from various annuity options or opting for a partial commutation of the
annuity at the time of retirement.
ICICI Pru Group Term Plan: ICICI Pru’s flexible group term solution helps provide affordable cover
to members of a group. The cover could be uniform or based on designation/rank or a multiple of
salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her
death.
Flexible Rider Options
ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost,
depending on the specific needs of the customer.
1. Accident Benefit: If death occurs as the result of an accident during the term of the
policy, the beneficiary receives an additional amount equal to the rider sum assured
under the policy. If the death occurs while traveling in an authorized mass transport
vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.
2. Accident & Disability Benefit: This rider option pays 10% the sum assured under the
rider every year till next 10 years on Accidental Permanent Disability of 2 Organs.
3. Critical Illness Benefit: protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses
prior to death.
4. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till
maturity, in the event of the death of the life assured. It is available on SmarKid, SecurePlus and
CashPlus
5. Waiver of Premium: In case of total and permanent disability due to an accident, the premiums are
waived till maturity. This rider is available with SecurePlus and CashPlus.
Choice of Six Investment Options :-
ICICI prudential offers you the opportunity of selecting between investment options to match your
investment priorities.
1) Protector:-
An Investment Option with investment indebt and money market instruments.
2) Maximiser :-
An investment option with investment in equity and equity related instruments.
3) Balancer :-
An investment option with investment in a mix of equity and debt oriented

instruments.
4) Preserver :-
An investment option with investment in low-risk instruments like cash and call
money markets.
5) Flexi Growth:-
New Fund (NFO) launched in March 2007, Long term returns from an equity
portfolio lare,mid and small cap companies.
6) Flexi balanced:-
Balance of capital appreciation and stable returns from an equity (large,mid & small
cap companies) & debt portfolio.
Vision and Mission
Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the
life insurance industry. This they hope to achieve through their commitment to excellence, focus on
service, speed and innovation, and leveraging our technological expertise.
The success of the organisation will be founded on its strong focus on values and clarity of purpose.
These include:
· Understanding the needs of customers and offering them superior products and
service
· Building long lasting relationships with their partners
· Providing an enabling environment to foster growth and learning for their
employees
And above all building transparency in all our dealings.
They believe that they can play a significant role in redefining and reshaping the sector. Given the
quality of their parentage and the commitment of their team, they feel that tere will be no limits to
their growth.
DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India,
having commenced operations in 150 cities and towns in India, stretching from Bhuj in the west to
Guwahati in the east, and Jammu in the north to Trivandrum in the south.
The company has 9 bank partnerships for distribution, having agreements with ICICI Bank, Bank of
India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some co-operative banks, as well
as over 300 corporate agents and brokers. It has also tied up with NGOs, MFIs and corporates for
the distribution of rural policies.
ICICI Prudential has recruited and trained more than 1, 90,000 insurance advisors to interface with
and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior
quality of service to customers
RegisteredOffice :
ICICI Towers 9thfloor, Bandra-Kurla Complex

Mumbai - 400 051.
Tel: 494 3232
Regional Office :
8th floor EROS Coorporate Tower,Nehru place,
New Delhi-110011.Tel:46554405
Delhi office :
3rd floor
Videocon Towers
E-1, Rani Jhansi Road
New Delhi - 110055. Tel: 601 3232
ICICI Prudential Life Insurance opens office in Dubai
In a move to consolidate its position in the Gulf region, ICICI Prudential Life Insurance (ICICI
Prudential), India's No. 1 private life insurance company, today opened its representative office in
Dubai, becoming the first private life insurer from India to open an office in the Emirate.
At ICICI Prudential we offer pragmatic, world-class solutions. Put simply, solutions with a
lot of common sense. Solutions that take care of your four basic financial needs - Earning, Saving,
Investing and Spending. So you live your life to the fullest, sans worries.
OBJECTIVES OF THE PROJECT
Every task is undertaken with an objective. Without any objective a task is rendered
meaningless. The main objectives for undertaking this project are:
v To understand the internal Recruitment process at ICICI

Prudential Life Insurance
v To identify areas where there can be scope for improvement
v To give suitable recommendation to streamline the hiring process
METHODOLOGY
The insurance sector is marked with a high level of attrition and therefore
recruitment process becomes a crucial function of the organization. At ICICI Prudential Life
Insurance, recruitment is all time high during May-June and Oct-Nov. The attrition is high among
the sales managers, unit mangers mostly in the sales profile. The recruitment is high
during these months due to the fact that March and September are half year closing and business is
high during Jan-Mar. Thus it is only after March that people move out of the companies.
Since my summer training was in the months of May-June, it gave me the opportunity of
involving myself directly with the recruitment process and analyzing the process so
that suitable recommendations can be given. This project is centered on identifying best hiring
practices in the insurance industries. It therefore requires great amount of research
work. The methodology adopted was planned in advance so as to collect data in the
most organized way.
My area of focus was the recruitment and selection particularly at ICICI
Prudential Life Insurance. I was directly involved with the

recruitment for candidates for the sales profile. I was particularly involved with the sourcing of
candidates for the regions outside Delhi such as M.P, U.P and Rajasthan.
Before any task was undertaken, we were asked to go through the HR policies of ICICI
Prudential Life Insurance so that we get a better understanding of the process

followed by them.
v The first task was to understand the various job profiles for which
recruitment was to be done.
v The next step was to explore the various job portals to search for suitable candidates for
the job profile.
v Once the search criteria were put, candidates went through a telephonic interview to
validate the information mentioned in their resume.
v A candidate matching the desired profile was then lined for the first round of Face to
Face interview in their respective cities.
v Firstly the candidate had filled up the personal data form(pdf).
v Then the candidates INTERVIEW EVALUATION SHEET which is provided by interviewer

was crosschecked by the HR team. If they think that the candidate was good to hire or
not.
v When a candidate cleared his first round, he is then made to take an online aptitude test.
We created the online aptitude test. It the HR department, which has the
exclusive rights to assign test, codes to the candidates. Each code was unique and could
be used only once by a candidate.
v I was involved in assigning codes and administering the test
v Once the candidate completed his first assessment, his scores were checked. If he
cleared his cut-off he was given another test.
v I had the responsibility to make sure that candidates complete all formalities and had to
regularly follow up with them.
v Since we received many resumes, it was essential that a database be maintained to keep
a track. It was convenient method than to stock up piles of papers. ICICI has their own
database named as “PACE”, I update all the records of the new joinees in that tracker.
PACE containes all the information of a candidate such as name, contact number,
location etc.
v The external guide maintained a regular updating of the database.
v Understanding what kinds of database are maintained and how they help in keeping a
record.
v I was also involved in maintaining a track of test codes given, the database for employee
referrals, Database for the resumes received through mails and response of
advertisement.
RESEARCH METHODOLOGY
Date Source
Primary :- Through Questionnaires
Secondary :- Through Internet, Journals, News papers and Misc.
Data Collection Procedure :- Survey
Research Instrument :- Structured Questionnaire.
Sample Size : - 80
Sample Area : - work done in Delhi regional Office.
Sample procedure :- Random sampling.
PROJECT SCHEDULE :-
First 1 week :-Training program from the company.
Second week :-Collecting the primary and secondary data.
Third Fourth week :- Study Recruitment & Selection Process
Fifth week :-Designing the questionnaire .
Sixth week :-Conducting the survey in RO.
Seventh week :-Analysis of Data Collection.
Eighth week :-Final Report preparation and presentation.

Limitations of the study
Every task is undertaken with an objective and accomplishment of this objective determines our
success.
Task:
The recruitment at ICICI Prudential Life Insurance involved a lot
search from the database and calling up candidates to check whether they fit the job
specification.
Difficulties:
v Candidates were reluctant to talk at times;
v Candidates who were contacted were not interested in Insurance on many occasions;
v Candidates who were scheduled for interview would not turn up;
v Run out of database many times since most of them would have already been contacted;
Task:
Candidates were to be searched from the job portals and called up to be scheduled
for an interview.
Difficulties:
v A summer trainees we could not separate systems to work on;
v At times many people had for couple of hours to work on the computer;
v Since STD calls had to be made, the availability of phone was limited, so there was
greater coordination required with respect to its usage and maintains a time slot so that
other person has a chance to use.
Task:
Inter company analysis through survey and questionnaire filling.
Difficulties:
v Did not secure cooperation easily;
v People asked lot of counter question so convincing them was a major task;
v People did not disclose much about their employee details.
Topic Information
RECRUITMENT AND SELECTION
“The art of choosing men is not nearly so difficult as the art of enabling those one has
chosen to attain their full worth”.
Recruitment is the process by which organizations locate and attract

individuals to fill job vacancies. Most organizations have a continuing need to recruit new
employees to replace those who leave or are promoted in order to acquire new skills and promote
organizational growth.
Recruitment follows HR planning and goes hand in hand with selection

process by which organizations evaluate the suitability of candidates. With successful recruiting to
create a sizeable pool of candidates, even the most accurate selection system is of little use
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
Scope: To define the process and flow of activities while recruiting, selecting and appointing
personnel on the permanent rolls of an organization.
Authorization:
S.No. Authorized Signatory

1 Head- Human resource
2 Managing director
Amendments and deviations:
Any amendments to and deviations from this policy can only be authorized by the Head-human
Resources and the Managing Director.
Exclusions:
The policy does not cover the detailed formalities involved after the candidate joins the
organization.
ACTIVITY FLOW
The organization philosophy should be kept in mind while formulating the recruitment procedure.
The HR department would set the recruitment norms for the organization. However, the
onus of effective implementation and compliance with the process rests with the heads of the
respective functions and departments who are involved in the recruitment and selection process.
The process is aimed at defining the series of activities that needs to be performed by
different persons involved in the process of recruitment, the checks and control measures to be
adopted and information that has to be captured.
Recruitment and Selection is conducted by:
v HR & Branch Manager
v Functional Head
RECRUITMENT PLANNING
Recruitment planning on the basis of budget
A. The manpower planning process for the year would commence with the company’s
budgeting activity. The respective Functional heads would submit the manpower
requirements of their respective functions/ departments to the board of Directors
as part of the annual business plan after detailed discussion with the head of human
Resource Function along with detailed notes in support of the projected numbers
assumptions regarding the direct and indirect salary costs for each position.
B. A copy of the duly approved manpower plan would be forwarded by the HR

department for their further actions during the course of the year. The annual
budget would specify the manpower requirement of the entire organization, at
different levels, in various functions/departments, at different geographical
locations and the timing of the individual requirements. It would also specify the
requirement budget, which is the cost allotted towards the recruitment of the
budgeted staff and the replacement of the existing employees. The manpower plan
would also clearly indicate the exact time at which the incumbent should be on
board in such a way that the Regional HR has adequate notice for the time lapses
involved in sourcing any other activities.
C. The Regional HR’s would undertake the planning activity and necessary
preparations in advance of the anticipated requirements, as monthly and quarterly
activities on the basis of the approved budget, estimated separations and
replacements therefore.
D. The vacancies sought to be filled or being filled shall always be within the approved
annual manpower budget and no recruitment process shall be initiated without the
formal concurrence of the Head of the Regional HR under any circumstance. Head of
the Regional HR shall also have the responsibility to monitor the appointments
being considered at any point of time with specific respect to the duly approved
manpower budgets.
Review of Manpower Plans and Additional Manpower
A. Review of manpower budgets shall take place on a quarterly basis. In the event of
any new position or any deviations to the original plans, details of the positions
maybe forwarded to the VP-HR along with the adequate supporting information.
The recommendations would normally require a formal approval of the Managing
Director. Alternately, VP-HR may record the summary of his discussion with the
Managing Director and the MD’s approval on the recommendations, to signify the
final decision taken regarding the recommendations.
SOURCING OF SUITABLE CANDIDATES
Selection of Sources
Regional HR would tap various sources/channels for getting the right candidate. Depending
on the nature of the position/grade, volumes of recruitment and any other relevant factors, the
Regional HR would use any one multiple sources such as:
v Existing database (active application data bank);
v Employee referral as per any company scheme that may be approved from time to time;
v Advertisement in the internet/newspapers/magazines/company’s sites/job sites or any

other media;
v Placement Agencies (particularly for positions of Managers and above);
v Headhunting firms particularly for senior positions, specialist positions and critical
positions;
v Direct recruitment from campuses/academic institutes;
v Job websites and
v 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
v 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.
v The media for releasing advertisement would depend on the level of the position being
considered and the urgency of the requirements.
v 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

v Depending upon the vacancies, fresher fitting different description listed above may be
recruited from time to time, from academic institutes of appropriate
standards/reputation/grade, in the requisite numbers and at the compensation/stipend
amounts to be formally approved of the VP-HR. Plans for such recruitment need specific
special approval of VP-HR. norms regarding the identification of the appropriate
institutes, constitution of the selection panels, timings of the recruitment, number of
candidates to be recruited into different positions, choice of the appropriate selection
process and the tools thereof shall be decided by the Head of the Regional HR in
consultation with the VP-HR, depending on the specific features of the position.
Screening the candidates
First level screening
The Candidates would be screened by the HR Manager/Branch Manager for the respective
locations. Screening would be on the basis of the profile of the candidate and the departmental
requirements.
This assessment will be with respect to:
a. The general profile of the candidate,

b. Personality fit of the candidate into the profile,
c. Aptitude/attitude of the candidate,
d. Motives of the person to join the company and whether focus is in the short term or
is a long term player,
e. Basic skill level on our set of requirements, say numerically ability, networking
ability, etc
f. Establish the annual guaranteed cash compensation of the individual and check
whether the person would fit into the system.
g. Explain the role of Sales manager to the applicant and check the acceptance of the
candidate for the same.
In case of need, the Regional HR may take a Tele interview of the candidate for further assessment
process.
Second Level Screening
Aptitude Test
If the first assessment is positive, the candidates will give the aptitude test, once such test is
selected approved by the company. The scoring, interpretation and the generation of interview
probes from that test will also be done at this time. People who qualify the minimum criteria on this
test will be put up on to the Functional Head (VP’s in case of HO) for functional assessment and
suitability into the role.
Tied Agency Sales Manager candidates short listed by the BM have will then take sales
Aptitude test, once such a test is finalized. For the final selection, the regional Manager (Business
Heads for HO) will meet the candidates short listed by the branch manager/VP. The chart specifying
the Minimum approval level for each level of recruitment is specified below:
Category Branch Area 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
General Norms regarding interview Process:
A. Interviews should consider the entire data provided by the candidate either through
the formal CV or otherwise before coming to a conclusion about the candidate. They
may insist on seeing the proof of the claims made by the candidate regarding
qualifications, experience and other achievements. They may, at their discretion,
decide to meet the candidate on more than one occasion or to refer the candidate to
another panel.
B. Ratings on various attributes of the candidates shall be recorded in the interview

evaluation sheet, soon after the interview is over. Along with these numerical
ratings, qualitative observations about the candidate and overall decision regarding
selection or otherwise (including a decision to defer the induction, referral to
another panel, considering for another position) shall be forwarded to the
associated Recruitment Manager/ Head of Regional HR. Individual panel members
have the option of appending their additional remarks/observations. No selection
will be treated as final unless the IES form is filled comprehensively. Suitably
appropriate IES formats may be created for specific positions.
C. Any discrepancies noticed by the panel members regarding the authenticity of the
data provided by the candidate should be specifically and formally recorded on the
IES form and suitably high lightened.
D. Specific points to be probed during the reference check process, if any, must also be
clearly recorded and high lightened on the IES forms.
Administrative Actions Regarding Interviews
A. Scheduling and the venue of the interviews would be handled by the recruitment
team in consultation with the short listed candidate and the selection panel
members, after taking mutual convenience into account. For field positions,
respective branch/regional heads would undertake this co-ordination.
B. After the final round, if the candidate is selected, the complete set of papers Personal
Data Form, CV, job requisition no., Interview evaluation sheet ,reference check
details, educational details, along with the interviewer’s recommendations and
Reference check form should be forwarded by the recruitment managers to
recruitment head. Fitment of the candidate into a grade and compensation fitment
shall be on the assumption of authenticity of the information provided in the
CV/application form.
C. An appropriate formal communication shall be sent to the candidate whose
candidature is not being taken forward, or details of the verbal/telephonic
communications provided to the candidate shall be recorded on the candidates
papers, by the recruitment team/associated line managers. In the case of interviews
taking place at the branch/regional levels, similar noting should be recorded on the
individual candidate’s papers.
Negotiations of the terms and conditions and other pre-appointment formalities
A. In the case of sales-Tied Agency functions, the branch managers will be allowed to
fix the salary and grade of the incoming sales manager, provided the compensation
does not exceed 20% of the candidates current cash salary. Any fitment beyond this
norms will need the approval of Head-HR. HR will forward a worksheet to support
the BM’s to evaluate the appropriate cash CTC of the incumbent. For all other
functions, the compensation and grade would be fixed post a discussion between the
Head of the Regional HR and the associated AVP/VP. Any candidate being offered a
CTC of more than 4lacs will need the sign off from HEAD-HR. In appropriate cases, at
the discretion of the VP-HR, a deviation may be referred to the Managing Director,
for the MD’s formal approval.
B. Responsibility for negotiations and finalization of the terms shall rest with the best
Branch Manager/Associated Manager. They may seek the assistance of the
recruitment managers, whenever required. Reference checks process should not
normally be initiated unless the candidate has indicated his firm acceptance of the
offer being made by us.
Reference checks
A. Normal, reference checks should be undertaken with at least one reference. A

second reference check will be done if considered necessary. Responsible officials
from the former employers, academic institutes and/or any other eminent
personalities can be considered as appropriate references. Close relatives and
friends cannot be considered as references. Wherever feasible and considered
appropriate, a reference should be made with a senior official of the candidate’s
current employer. In case the candidate is currently un-employed, reference should
be made with the latest employer. The format of reference check is to be used as a
framework for conducting the process.
B. Where the minimum two reference checks are not possible (particularly with the
current employer) or where there is a mixed response from different sources, the
matter may be to the VP-HR for a final decision. Depending on the seniority and any
other considerations about the positions, VP-HR would normally consult the
functional head concerned, before coming to conclusions. Any candidate whose

credentials are doubtful shall not be recruited.
C. In case of recruitment of Management trainees, fresher and life advisors as sales

Managers no reference checks will be required.
Employment offer letter
A. When a recruitment Manager is fully satisfied about the selection of the right
candidate and about completion of all the formalities connected with the
appointment of candidate including requisite documentation, satisfactory reference
check reports and medical fitness, he/she would forward the relevant papers listed
below to the head of recruitment.
Ø Personal Data form
Ø Employee requisition form duly filled by the regional Head/Branch Manager
Ø Interview evaluation sheet filled by the regional head/Branch

manager/interviewer with his/her comments.
Ø Latest and updated resume of the candidate
Ø Photocopy of the appointment letter of the last employer or latest salary slip.
Ø Employment details.
Ø Two Professional references.
Ø Language Proficiency.
B. Document check list for every grade is as follows:
Ø Authorization Release Form.

Ø Background check Form.
Ø Highest Education certificate.
Ø Highest Education marksheet.
Ø 1 Month Salary Slip of Current Employer.
Ø 1 Month Salary Slip of Last Employer.
Ø Relieving Letter of last Employment.
Ø Proof of Residence.
Ø 2 Passport Size Photograph.
C. Regional HR manager will take the signature of Head-HR on the employee

requisition form and forward the papers to the employee service team for issuance
of the offer letter.
D. Employee services team will issue offer letter, to be signed by the National
Recruitment Manager or Chief Manager-HR, and send the same to the concerned
Branch Manager/ HR Manager.
E. It would be the responsibility of the Branch Manager/HR Manager to ensure that the
accepted copy of the offer letter is forwarded to the employee service team within a
week of receipt of the offer letter. Till this letter is issued, the ‘offer’ has not taken
place in formal sense. A copy of the offer letter shall be duly signed and returned to
the candidate. Candidate would be expected to fulfill various joining formalities,
which are also formally communicated to him/her in the form of a checklist that is
attached to the letter of offer. The Regional HR head shall have the overall
responsibility and accountability to maintain the templates of the offer letters and
also for drafting of suitable non-standard terms to any specific candidate.
F. The employee service team will follow up Branch Manager/Regional HR Manager

for the joining of the candidate and will collect all relevant documents from the
candidate including the joining report, before issuing the appointment letter. The
employee service team may enlist the help of the Branch Manager to ensure that all
necessary documents within ten days o the person joining. After the of all necessary
documents, the employee service team will send the appointment letter to the new
joinee.
G. Once the documentation is complete for the new joinee (including the accepted
appointment letter), people who may have joined before 20th of the month but have
not been included in the payroll for the month because of delay in receipt of papers
will be given ad-hoc salary advance (up to maximum of 65% of the pro rated salary).
This advance will be adjusted once the person gets included in the subsequent
month’s payroll.
H. If the person does not submit the relieving letter from the previous organization,
where required to be submitted as per the table given above, within three months of
joining, the employee service manager can put their salary on hold till such time as
the said documents are received.
Key tasks of Regional HR Head
Regional HR Head will have the authority and responsibility to administer/implement the
recruitment and selection process as outlined. An illustrative list of the key deliverables of these
incumbents is listed below.
v Ensuring inductions as per quality, numbers, time and cost consideration of the
company in accordance with the approved manpower budget.
v Creation of appropriate sourcing mechanism along with tracking the performance of

these mechanisms.
v Creation of quarterly and monthly recruitment plans

v Effective coordination with external parties such as candidates, placement agencies,

consultants, academic/professional institutes and any other including the custody of the
formal agreements , tracking timely payments and adjusted thereto
v Creation of comprehensive and appropriate tools, linkages, documents, templates and

any other mechanisms to ensure smooth execution of the process requirement, along
with timely improvements thereto
v Assistance to user department and line managers including in interviewing/selection

support, scheduling etc.
v Effective internal communication with user departments and line managers including
making the standard recruitment formats and other templates easily available to such
users and notifying the modifications to such formats and templates.
v Creation and maintenance of qualitative information base regarding candidates,

placement agencies, campuses, institutes, and any other employment-market
information.
v Creation and maintenance of appropriate and high-quality MIS for current and future
needs of the organization, including publication/circulation of appropriate reports there
from to the relevant users within the company.
v Monitoring recruitment costs
v Complete documentation for the entire recruitment and selection process for easy and
quick retrieval in a readily auditable format
v Timely and effective communication with all internal and external parties including the
candidates
v Tracking the progress of the selected candidates including resignation, extensions of

probation periods/training period, etc for the purpose of improvement to recruitment
and selection process.
v Effective coordination with the post recruitment arm of the Human Resource function
v Documentation and creating MIS regarding waiver, deviation, etc and identifying the
key areas for improvement in the formal recruitment and selection process document.
SWOT Analysis of ICICI Prudential Life Insurance’s Recruitment Process
Strengths Weaknesses
Brand equity of Kotak Mahindra Bank. Pre assessment tests are costly.
Rigorous Pre-Hiring assessment tests to Conversion of footfalls is low.

understand aptitude and personality of
candidates. Lengthy pre-offer formalities.
Proper reference checks to ensure that only Huge employee turnover.

bonafide candidates are appointed.
Adequate number of channel partners to

generate footfalls for each location.
Footfall MIS being maintained at each

branch locally by Admin.
Opportunities Threats
Campus recruitments have huge potential Increasing number of private players in

for fulfilling manpower requirements cost insurance sector creates ample choices,
effectively. frequent and easy mobility for employees.
Tie up with recruitment agencies on Same channel partners are handling all
supplying fixed number of footfalls week on insurance companies. This leads to same
week. pool of candidates being circulated to all
partners.
Develop exclusive contract with channel
partners to meet the manpower Increasing spill over as a candidate has
requirements. more than one offer at the time of making a
job shift.
Make blue form brief and to the point.
As the insurance industry is small, senior
Reduce turn around time of making an offer. level candidates hesitate to meet HR of other
companies for the fear of grapevine.
RECOMMENDATIONS & SUGGESTIONS
Compress the "white space" in your hiring process.
White Spaces are delays in hiring process that are unproductive, waste time, and virtually assure
you'll lose talented candidates. Often the longest delays occur between critical selection events. For
example, a recruiter may need several weeks to screen a few hundred resumes from the Web job
boards, or candidates who make it through screening may wait weeks to interview with a hiring
manager.
Here at ICICI Prudential Life Insurance, the delays occur when the outstation candidates are called
for interviews at Regional branches like Delhi and Mumbai. Sometimes, because of busy schedule of
senior managers and sometimes because of tight schedule of candidate, the interview has to be
postponed. This delay could be minimized by scheduling interviews in the regional locations. It is
recommended to reduce the turnaround time for the recruitment and selection process. It must be
made mandatory for the candidates to take the test, filling up forms etc within the stipulated time,
this will make sure that the candidates do not hold casual attitude and take the recruitment process
more seriously. Additionally it can send across a positive image about the company. White space in
recruitment can be compressed by the use of IT also. Technology (such as automated or Web-based
tracking) is ideal for eliminating unnecessary steps and reducing delays.
Tie up with more & more consultants from multiple segments
Since the limited placement agencies are sourcing candidates to all insurance companies, there
often comes the problem of duplication of data. Therefore it is recommended that more and more
consultants should be tied up from multiple segments to attract large pool of new and fresh talent.
Know what you're looking for in candidates.

It is observed that the candidates sourced by placement agencies and send for further
rounds of interviews are rarely found suitable by the hiring managers. Therefore, in
case there is need to utilize the service of a placement agency, then it is recommended
that these placement agencies be given a well drafted job description and job
specification. This can also be circulated to internal employees under the employee
referral scheme. This will help people to get a clearer picture and provide for most
suitable candidates. Thus making efficient utilization of the existing resources.
Reduce the pre offer formalities:
Pre-offer documentation includes filling of a lengthy Blue form which includes all personal,
educational and professional details of candidate. This is very time consuming and even after taking
these details from candidate its not sure that offer will be made or not. This also becomes
frustrating for the candidate sometimes. So, it is recommended that unnecessary details should not
be asked before we make the final offer to the candidate. Blue form should be made consise.
One size doesn’t fits all
An effort must be made to study local condition, education levels. Since applying
common test for all candidates across entire country can overshadow a candidates
capabilities. This factor must be given importance since Indian society is divided on
various parameters such as education, language, infrastructure etc. A test with high
level of English and complicated sentence structure can be a hurdle in areas where
language itself is barrier. An option is to have different tests for different regions.
Blend technology into every aspect of your recruiting and hiring process.
Web-based technology lets you increase hiring speed and quality while reducing costs.
Currently, job boards constitute the biggest use of the Web, offering access to thousands
of resumes within hours. But the Web can also be a powerful tool for screening and
qualifying that flood of resumes. Companies have begun to use the Web to collect and
instantly match data on candidate skills, motivations, and experiences against job
criteria. Other uses of Web-based technology include online interviewing, candidate
assessment and testing, applicant self-scheduling, and tracking. Work the Web wisely
and you save time for recruiters and hiring managers and nab top candidates before
your competitors can.
v It is recommended that apart from the person-job fit, method must be devised to check
for person-organization fit. A person-organization helps to assess how well a candidate
is suited the organization. Whether the attitude he/she carries will promote both
organizational as well personal goals. This takes a great importance especially when
attrition is high. It will help the organization to retain its employees for a longer period
of time and less burden on recruitment staff.
Build and manage your candidate pool as a precious resource.
A "candidate pool" is a group of individuals who have shown interest in working for
your company and are qualified for and ready to fill certain positions. Rather than
undertaking the time-consuming process of filling one job at a time, you draw on the
candidate pool and fill jobs as they become available. How do you keep a pool active?
Some companies send their newsletters to pool candidates, give them product coupons,
and keep in touch through e-mail. Pool management is not easy in a tight labor market --
good candidates often go elsewhere. But many organizations, especially those with a
reputation as a great place to work, are able to fill positions quickly using the pool
concept.
Create winning impression even on those who are not selected
Its very important to create a favorable impression of your organization on all those
who come for interview. Those who are not selected in the first round of personal
interview should also carry this impression that they have missed the opportunity to
work in a great company. For this, there must a proper coordination of the interview of
the candidate and greater degree of professionalism. A candidate when invited for a
interview must be attended as soon as possible and should be made to wait for hours
together. Interviews conducted on a scheduled time leave a good impression on the
candidate. Even if he is not selected, a good impression about the will make him
recommend the name to his people.
CONCLUSION
Insurance is confronted with high attrition rate. Therefore it makes recruitment a critical
function in the organization. In order to grow and sustain in the competitive environment it is
important for an organization to continuously develop and bring out innovations in all it activities.
It is only when organization is recognized for its quality that it can build a stability with its
customers. Thus an organization must be able to stand out in the crowd.
The first step in this direction is to ensure competitive people come in the organization.
Therefore recruitment in this regard becomes an important function. The organization must
constantly improvise in its recruitment process so that it is able to attract best in the industry in
order to serve the best. Thus the organization must look out for methods that can enable it to adopt
best recruitment practices.
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;

Learned to convince candidates about the offer rolled out and making them accept the offer through
effective communication;
Learning about salary fitments.
Communicating with the corporate;
Performance appraisals, its various types, implications and significance;
Handling queries received from various quarters;
Managing HR department in the absence of HR manager;
Reply to official mails;
Prioritize issues according to their importance;
Field work exposure to tap candidates that further strengthened the learning.
Q1.Do you have a clearly stated Recruitment & Selection Policy ?
· Yes
· No
· To some extent
2) What are the quality of ICICI Prudential Life Insurance Company recruitment
System:-
· Quick Response time for requirement
· Bringing in Quality People
· Proper coordination with other team or department
· Efficient Maintenance & Updating of Database

3)What Recruitment Sources are used?
· Advertisement
· Employee Referral
· Consultant
· Portals
· All of these….
4)Does ICICI Prudential adopt Internal Recruitment Source i.e. Transfer &
Promotion:-
(i) Yes (ii) No
If Yes than for which type of post………………………………….
5)Which source of Recruitment is better for companies:-
(i) Internal Source (ii) External Source
(iii) Depends on Situation & Post……………………………………

6)Rank the Qualities in the order of your preference on the basis of which you select candidate:-
· Qualification
· Experience
· Skills
· Personality
· Depend on Job Variety
7) How many Stages are followed in selection procedure:-
· 2
· 3
· 4
8) Does ICICI Prudential ask candidates to enter into BONDS with them:-
· Yes
· No
If Yes then what kind of Job or Department………………………….
Q9. Is the estimation of Recruitment Process cost is done?

· Yes
· No

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www.final-yearproject.com | www.finalyearthesis.

Recruitment and selection of Insurance Companies

very critical for the success of any organization.

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

company of an organization is measured through the quality of products and

become an important function in any organization. All practices of marketing and

emulated. Hence, it is important to have a well-defined recruitment policy in place,

organization. Therefore a recruitment practice in an

Coverage –The extent and limitation

on the study of recruitment process. The various recommendations suggested have

There were mainly two sources of data collection

Ø Personal interview with candidates

Ø In depth conversation with the placement agency

Ø Study of recruitment policy

Research methodology used

v Study of recruitment and selection at ICICI Prudential

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

v Huge investment of time;

v Huge recruitment cost;

By active participation in the recruitment process, the areas where improvement

organization, information from the new employees.

1.1 Introduction Of The Insurance Industry

Life Insurance Market

Major Insurance Players

Licenses have been issued for the following companies

Ø ICICI Prudential Life Insurance Limited

Ø ICICI Prudential Life Insurance Company Limited

Ø HDFC Standard Life Insurance Company Limited

Ø Birla Sun Life Insurance Company Limited

Ø TATA AIG Life Insurance Company Limited

Ø Max New York Life Insurance Company Limited

Ø SBI – Cardiff Life Insurance Company Limited

Ø ING Vysya Life Insurance Company Limited

Ø Bajaj Allianz Life Insurance Company Limited

Ø MetLife Life Insurance Company Limited

Ø Aviva Life Insurance Company Limited

Ø AMP Sanmar Life Insurance Company Limited

Ø Sahara India Life Insurance Limited

Ø Sri Ram Life Insurance Limited

Protection of the interests of policyholders:

1.2 COMPANY PROFILE

ICICI Prudential Life Insurance

Products Insurance Solutions For Individuals

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

· SmartKid education plans provide guaranteed educational benefits to a child along

Education Insurance Plans

· Education insurance under the SmartKid brand provides guaranteed educational

 ForeverLife is a retirement product targeted at individuals in their thirties.

Note (*) products Re-launched on 1st July 2006

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.

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

Vision and Mission

And above all building transparency in all our dealings.

ICICI Towers 9thfloor, Bandra-Kurla Complex

ICICI Prudential Life Insurance opens office in Dubai

OBJECTIVES OF THE PROJECT

v To understand the internal Recruitment process at ICICI

v To identify areas where there can be scope for improvement