Professional Documents
Culture Documents
ICICI Project
ICICI Project
Development of ICICI
Prudential Life Insurance
Company Ltd.
Submitted By:
MISS. SHUBHANGI Y. BHENDIGIRE
MMS – SECOND YEAR (HR)
PARASHAR – 07
Supervised By:
ACKNOWLEDGEMENT
JAIN (Channel Development Manager (C. D. M.) for giving me the opportunity to
I am grateful to MR. PRITESH GOSAR (Team Leader and Unit Manager of ICICI
Prudential, Mulund), MR. SACHIN KADAM, (Agency Manager) for their Valuable
stage.
I am also thankful to MR. SHRIPAD JANYE (IT Officer) for his invaluable Guidance
I am also thankful to all others who helped me directly or indirectly towards the
completion of my works.
TABLE OF
CONTENTS
46
c) DATA SOURCE
47
d) RESEARCH APPROCHES
49
e) RESEARCH INSTRUMENT
50
f) SAMPLING PLAN
51
g) CONTACT METHOD
8 52
ANALYSIS OF THE SURVEY
9 63
FINDINGS
10 66
SWOT ANALYSIS
11 71
BCG MATRIX
12 74
RECOMMENDATION AND SUGGESTION
13 76
BIBLIOGRAPHY
14 77
APPENDIX
77
a. QUESTIONNAIRES
80
b. BOARD OF DIRECTORS
81
c. MANAGEMENT TEAM
82
d. AWARDS AND RECOGNITION
Objective
Insurance Advisors or Financial Advisors play very Important role for the
Company, because this Advisors is the present and future assets of the company, as
they treated like a Partner of the ICICI Prudential Life Insurance Company Ltd. . .
2. Exam Attendance
which mainly focus on finding out Importance of Training and Development for
Insurance Advisors.
personal qualities of the employee which do not have a one to one relationship with
his current job. It may be to help an employee to grow. Like stress management
tangible benefits to the company. At the best, there might be some intangible
benefits in the long run, like improved motivation, loyalty, improved intra-
directly related to employee’s job skills, like Communication Skills course for
Same program for some one in back office would be termed as “Development
Program.”
attitude or increasing his or her skills and knowledge .The need for
Performance
- Self –Starters
- Committed
- Motivated
- Result Oriented
- Sensitive to environment
Meaning of Recruitment:
Company Profile
Company Ltd:
Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In 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 6,15,000 policies. The
company has a network of about 56,000 advisors; as well as 7 Banc assurance and
150 corporate agent tie-ups. For the past four 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.
SOME FACTS :
He
alt
h Total e alt
h
W
Protectio
n
We cover you at
every step in Life
Life
VISION
“ To make ICICI Prudential the dominant Life and Pensions player built on trust by
conveniently.
Company’s policyholders
Companies employees
The success of the company will be founded in its unflinching commitment to 5 core
values -------- Integrity, Customer First, Boundary less, Ownership and Passion.
Each of the values describes what the company stands for, the qualities of people
can play a significant role in redefining and reshaping the sector. Given the quality
of parentage and the commitment of its team, there are no limits to its growth.
PROMOTERS
ICICI Bank:
ICICI was founded by the World Bank, Government of India and representatives of
the private sector in 1955 to encourage and assist industrial development and
investment in India. ICICI Bank is India’s second-largest bank with total assets of
about Rs.112, 024 Crore and a network of about 450 branches and offices and about
1750 ATMs. It offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialized subsidiaries and affiliates in the areas of investment banking, life and
ICICI Bank posted a net profit of Rs.1637 Crore for the year ended March 31, 2004.
ICICI Bank’s equity shares are listed in India on stock exchanges at Chennai, Delhi,
Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock
Exchange of India Limited and its American Depositary Receipts (ADR’s) are listed
on the New York Stock Exchange (NYSE).The various segment of ICICI are.
Prudential plc:-
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to
June 30, 2004, the company had over US $300 billion in funds under management.
that now includes life assurance, pensions, mutual funds, banking, investment
management and general insurance. In Asia, Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
The company has six Bancassurance tie-ups, having agreements with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-
operative banks, as well as over 150 corporate agents and brokers. It has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies and
organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially
ICICI Prudential has recruited and trained about 2,14,000 insurance advisors to
PRODUCTS
:
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 27 products can be
Savings Solutions:
levels of protection.
purchase of an asset.
customize the policy to meet the changing needs at different life stages. Each
combines life insurance cover with the opportunity to stay invested in the
stock market.
• Premier Life is a limited premium paying plan that offers customers life
on the invested premiums and declared bonus interest along with flexible
liquidity options.
the invested premiums and declared bonus interest along with limited
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
Child Plans :
along with life insurance cover for the parent who purchases the policy. The
life. SmartKid plans are also available in unit-linked form- both single
Retirement Solutions:
products
ICICI Prudential also launched- Salaam Zindagi, a social sector group insurance
ICICI Prudential also offers Group Insurance Solutions for companies seeking to
• ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps
plan can also be customized to structure schemes that can provide benefits
• each member of the group. Employees have the option of choosing from
• ICICI Pru Group Term Plan: ICICI Pru? S flexible group term solution
his/her death.
Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added to the basic policy at
accident during the term of the policy, the beneficiary receives an additional
amount equal to the sum assured under the policy. If the death occurs while
• Accident Benefit: This rider option pays the sum assured under the rider
• Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
• 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.
accident, the premiums are waived till maturity. This rider is available with
continuity of a business and whose absence may have an adverse effect on the
The objective of the Keyman insurance is to provide the company with money
so that the financial losses to the company can be protected, in absence of the
Keyman. The aim is to indemnify the company of these losses and to allow
business continuity. All premiums paid for securing a Keyman life insurance
ICICI Pru Life Rural Products are designed to meet the needs of the rural
consumers. These products offer the following features:
2. Life Cover
3. Savings Option
DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life
ICICI Prudential’s sales function is divided into two functional structures within
Tied Agency
Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of
partners, B & A has emerged as a vital component of the company’s sales and
business.
partners and add value to its customers as well as the partners. Flexibility, adaptation
and experimenting with new ideas are the hallmarks of this channel. The business
philosophy at B&A is to leverage distribution synergies with its partners and add
ICICI Bank
Federal Bank
Bank of India
Corporate Agents
Bajaj Capital
India Infoline
Way 2 Wealth
Blue Chip
AHS
APS
S M Insurance
Investment Managers
o Sales Manager(SM)
Tied Agency: Tied Agency is the largest distribution channel of ICICI Prudential,
comprising a large advisor force that targets various customer segments. The
quality business. With focus on sales & people development, tied agency has
Generally this advisors works under the leadership of unit manager, who motivate
them in every step by providing training and guidance to them, usually each unit
• Sales Manager(SM)
• Advisors:
Advisors are the people who are not the employee of the ICICI
Branch
Advisor
2.
7. Recruitmen
t
Cashier Officer
6. 3.
DOPS Unit
Departme Manage
nt r
5. 4.
Recepti Sales
on Manage
r
Recruitment Process of ICICI
Ltd.:
1. Insurance Advisors :
2. Recruitment Officers :
in the long period of time. The FSP form will be Properly fill-up by the
Recruitment Officer.
3. Unit Manager :
Unit Manager is the Person who recruit the Recruitment Officers. i.e.
All the Recruitment Officers will be under the Unit Manager of the
company. And Also all Financial Advisors are also under the Unit
Manager of the Company. In these case, The FSP form will Properly sign
and again check by the Unit Manager and if there is any rejection in case
4. Sales Manager :
5. Reception :
The FSP form is send to receptionist for check out the rejection if any.
i.e. The FSP form is login to receptionist before 4.30 p.m. according to the
6. BDOP’S Department :
BDOP’S Department is the department who finalized the FSP form and
accepts the form, if there is no rejection. If there is any rejection then that
7. Cashier :
Cashier is the Person who give the Acknowledgement Slip after the form
will be accepted.
8. Head Branch :
(Andheri). Finally, the FSP form is send to Head Branch and the Exam Centre
Advisors:
a) Knowledge
b) Professionalism
c) Hard work
d) Patience
e) Sincerity
f) Target Achieve
a) Commission
b) Knowledge
d) No Target
f) Trustworthiness
f) Lack of Professionalism
Selected ?
a) No Investment
1. Women…………
c) Be financially Independent
Investments
3. PSU Employees………………..
Customers
4. Financial Consultants…………………..
Relationship
ICICI PRUDENTIAL
ICICI Prudential is one of a handful of companies in the service industry, which had
the mettle to take up the six-sigma initiative. It's quite some time now since ICICI
Prudential took up this quality initiative and since then they have grown beyond
ICICI Prudential have blended quality in the form of six sigma into all their
processes and systems. And that gave birth to a hybrid "Business Excellence" team
with the people making processes and ensuring quality coming together to cut down
cost and process inefficiencies. Some of the figure of the sigma level are :
Expense Processing
2.50
Improvement over last month
No Change
2.00
1.50
Policy Insurance Sigma Level
1.00
J ET (Login to Custom
Received)
Policy Insurance Sigma Level
Accuracy MIS
1. Accuracy MIS presents the number of error caught at various stages of
policy issuance.
3. Call Back Error: All errors identified at post issuance call back stage.
details
J E T (C h e q u e
5. Opportunities: All contracts issued in previous month
• Data Entry Error: Error done while doing data entry at COPS
S ta g e
• Underwriting Error : Error done by underwriters
Service – Overall
B r a n c h D is
6
Cate
5
ma Level
Comp
Research Methodology
4
Requ
3
Research is one of the most important parts in the survey to collect information and
analysis, and reporting of data and findings relevant to a specific marketing situation
Our main objective was to find out how much Training and Development
necessary for the Insurance Advisors. The main problem was how to find out the
To get all this information a through planning had to be done, so I first started
with designing the questionnaire for the clients whom I was going to target and to
know about their needs . The main things to be known from the clients were:
2. Exam Attendance
Research plan
The research process depends upon developing the most efficient plan for gathering
the needed information. Designing a research plan calls for decisions on the data
sources, research approaches, research instruments, sampling plan, and contact
methods.
Our objective was to find the “How much Training and Development necessary for
Insurance Advisors.”
This objective had made our project too narrow because from now onward our task
was to find the needs and Changes requirement in Training Session and Person who
come for the training was satisfied with the training session or not, So from now
Data source
For this project both Primary and Secondary data were the most valuable Source of
Information.
Primary data: :
Primary data are data freshly gathered for a specific purpose. The various sources of
Banks.
Local residents.
Secondary data :
Secondary data provide a starting point for research and offer the valuable source of
information.
The secondary data was the most important source for my project because my first
aim was to find out the top five person or industries from every segment of the
industries so for this reason I started collecting the various directory which can help
me in finding out the desired information about the industries and people.
Telephone Directory
Research Approaches
From the two data source which I have mention above Primary data are the
easiest way to gather and the cost of collecting this data is very low and easily
available from the respective association. And I started by collecting from the
various sources, because at the starting point of the survey this information play a
important part for me and this help me to short out the people which, I can meet
with them to collected more information about them or who are my target people.
After collecting the Primary data or information from the Primary Sources then
I started collecting from Secondary Sources to narrow down my research. There are
Survey Research:
This method was the most appropriate way to collect data. And
I have used this method in my project to find out the Client needs by
identifying the suitable prospect in the city who can become the
ICICI prudential client.
Observational Research:
training i.e. whether they are really interested for the work or they
Focus-group Research:
Research
Instruments
There is various way of research instrument of collecting Primary data, the various
methods are:-
1. Questionnaires.
2. Psychological tools.
3. Mechanical Devices.
4. Qualitative Measures.
From the above mentioned research instruments I had used only Questionnaires
technique to find out the various information about the clients such as their
Designation, their behavior about the training session etc. And this was the
technique which I felt the best way to extract information about the client.
Sampling Plans
After Collecting entire data and deciding on the research approach and instruments,
now I had to decide on the Sampling Plan which was one of the important task,
because from the bunch of People I had to Select only those people, whom I can
target from now onward . There are three way of sorting the data.
• Sampling
Large Sample give more reliable result than small sample, so for this
Contact Methods
Once the client had been decided now my task was how to contact them ,and for me
the client had no time for meet me, and there was no other
34%
1
2
66%
16 % 1 0%
1
2
3
74 %
7%
13%
33% 1
2
3
4
20%
5
27%
33%
1
2
67%
8% 4%
1
10%
2
3
52% 4
26% 5
0%
6%
1
22% 2
3
56% 4
16% 5
12%
88%
6% 4% 10% 1
16 % 2
3
4
64% 5
16%
1
2
50%
3
34%
22%
42% 1
2
3
36%
4 6%
1
2
54 %
Finding
Most of the ICICI Prudential trainee prefers the Mornings and
Prudential is operating for many years and they have developed a good
relationship with their trainees and this is the reason why they are not
eager to move to the other banks. Secondly, most of the trainees want a
special attention to them while their visit and this is very well done by
Company Ltd. While interacting with the trainees of Mulund and Kalyan
Branch , I come to know that most of them not getting time to attend the
8 days training because of their working time and also some time by
Personal Problems.
or 3 Lakh Premium within Six month then they can become the
Consultant Trainer or Unit Manager of the ICICI Prudential. i.e. They
country, this is because of the brand name and also the second mover in the
insurance sector and this is a great advantage for them. There are lots of
Company
Large parts of the People i.e. Housewives, Students etc. do not know
about the Insurance, part of the Insurance plans , mutual funds investment or
in other word they are unaware of the Insurance Sectors but when they attend
the training for the purpose of Improve Knowledge and Skills, Career
SWOT Analysis
STRENGTH
Brand Name of ICICI Prudential: - The name of the ICICI is known in all
over the country as number one bank in the private sector and this is the
name which people have trusted for many years, which is mainly due to the
ICICI Bank. So ICICI Prudential, do not have the crises of the brand name
financial backing from their promoter, (ICICI BANK and Prudential), which
good marketing brain, which gives an edge over the other competitor
very good distribution channel which helps the company to get more clients
from these reliable sources. These channel include Allied Banks like :
• ICICI Bank
• Federal Bank
• Bank of India
Corporate Agent :
• Bajaj Capita
• India Infoline
• Way 2 Wealth
• AHS
• APS
• S M Insurance
• Investment Managers
the business with the sale of ULIP’s and only 10% of the products are the
Prudential can work upon more to get the maximum positive results.
WEAKNESS
information about the product and bad marketing strategies by the company
on the urban sector of the country, where the competition is very tuff and are
not concentrating on the other sector of the country mainly in the rural sector
where there.
plan are too complex to understand for a layout person, and this makes most
of the people to avoid this plan because they feel difficulties to understand.
OPPORTUNITIES
A large Part of cities are uncovered: A large part of the cities are
uncovered by ICICI Prudential life insurance where they do not have any
branches.
large parts of the cities were Nationalized banks have large number of clients
in compare to private banks, this is mainly because they are operating for
When we compare the ratio of Advisors with LIC, then we will find that
THREATS
insurance company in the country, and have a large size of the customer
base.
Threat with some private banks: - there are some banks which are
providing these services to their customer. And slowly taking away a good
market share.
BCG Matrix
CASH COW
Tied Agency:
Tied agency are cash cow for ICICI prudential because they are the people
who brings more customer to the company and cover a large area of the city and the
cost of keeping them is very less because advisors works on the commission basis
the this is the reason why they works so hard. Around 30 to 40 advisors work under
one unit manager. The cost of maintaining them is very less in comparison to the
other department.
STAR
BANKERS:
Bankers are star of the company when we plot in the BCG matrix, because
most of the people recognized ICICI prudential as a part of ICICI bank and ICICI
bank name is used by the ICICI prudential to get more customers and usually
Question Marks
Corporate:
Corporate allies come under the Question marks because the city like
Mulund, where most of the decision are taken by the Manager themselves, with little
help or no help with their Chartered Accountant, but there is a greater chance, if we
convince their CA and through them we can reach to their client very easily and in
future they can become star for the company but lot of investment is required.
Dogs
No one at present :
company at present and in future which are on the three section can become dog for
the company.
life insurance:
Most of the client whom I meet during my survey told me that they
were unaware of the service and scheme, which the company is providing to
the people. This is mainly because of the lack marketing their product by the
company. So I suggest that the company should market its brand in more
aggressive manner.
• Start Making Link with the Nationalized Banks to get more Business:
Branches etc. most of IPRU client prefer and have their account in
Nationalized banks, because this banks are giving good service for many
years and If ICICI prudential can make tie-up with the employees of this
banks then they can be able to get more business from this contact.
Most of the clients do not want to do business with the ICICI banks,
and this is mainly because of their service and the banks do not give
suggested that some staff should be made to look after them, because they
because of the Hidden cost which they come across while dealing with the
bank.
• More focus is given to the Industrial Class then the service class:
the service class. It is generally known that more insurance are made by the
service class to get reduction from the Tax, so we should also focus on the
service class because they are the people who wants to secure their life by
given to this class also because the ratio of the service class is much high in
the country.
The local employees will have their contact in the city and this can be
use by the company to get more business from their contact and This will
Bibliography
Internet Websites:
www.iciciprulife.com
www.icicibank.com
www.bima.com
Directories:
Telephone Directory
Other Materials :
Product Brochures.
India
Questionnaire
PART-I
PERSONAL DETAILS :
3. Address :
a. Registered :
b. Corporate :
4. Phone No.
a. Direct Line :
b. Board Line :
c. Mobile No. :
d. Email Id :
5. Turnover of Organization :
6. Area of Operation :
a. Major Businessman :
b. Chartered Accountant :
c. Ex-Insurance Advisors :
PART –II
Q.1. How did you rank ICICI Prudential Life Insurance Company ?
1 2 3 4 5
a. Yes b. No
Q.7. How much time can you going to dedicate for the training Session?
a. Less than four days b. Six days c. More than 6 days.
Q.8. According to you; what should be the tentative time / convenient time for
the training?
a. Morning b. Afternoon c. Evening
___________________________________________________________
____________________________________________________________
__________________________________
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. R Narayanan
Management Team
Recongnitions
Innovation Award
for launching
Diabetes Care – Prudence Award 2006
People Award for excellence in training and people development - Prudence Award
2006
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as