A Project Report on

Recruitment, Training and Development of ICICI

Prudential Life Insurance Company Ltd

Submitted to the Rashtrasant Tukadoji Maharaj

Nagpur University, Nagpur

As a partial fulfillment of

MASTER OF COMMERCE

Submitted By

Payal A. Agrawal

Guid By

Mr. Satoke sir

Department Of Management,

Dhanvate National College

Nagpur
 Certificate

This is to certify that Project Report entitled

Project on Recruitment Training and Development of ICICI
Prudential Life Insurance Company Ltd
Submitted by
Payal A. Agrawal
Has been duly completed satisfactory manner as a
Partial fulfillment of the award of
MASTER OF COMMERCE
Rashtrasant Tukadoji Maharaj Nagpur University,
Nagpur
Under my supervision and guidance
Project Guide
Mr. Satoke Sir
Internal Examiner External Examiner
PRINCIPLE
DR. BABAN TAYVADE
2014 - 15
 ACKNOWLEDGEMENT
I have great pleasure to express my sincere gratitude to my Guide
Prof. Aparna Tiwari from department of Management, New Arts
Commerce & science college for her most valuable guidance and
consistent encouragement throughout the research work of this particular
project.
I also take this an opportunity to acknowledge Prof .Ronghe
,Director of Management and Principle Prof. Mrs. Dr. Pankaj Bhoyar
providing all kinds of facilities for research work of this project, which
is very much special to me.
I also thank all my teaching staff of Department of Management
for rendering all kinds of help wherever required and also all the staff of
library for providing better co-operation during research work.
Last but not the least I offer my sincere thanks to all those who directly
or indirectly helped me in moulding this research project in a great
fashion.

(Pranita Gaydhane)
 DECLARATION
I Pranita Gydhane solemnly declares that the project work entitled
Project report on “Recruitment Training and Development of ICICI
Prudential Life Insurance Company Ltd .”is the original work done
under the guidance of Prof. Aparna Tiwari and has not been previously
submitted to any examination of this university or any other university

Place:
Date

( Pranita Gydhane)
 TABLE OF CONTENTS

SR.NO CONTENTS PG.NO.

1. INTRODUCTION
2. OBJECTIVES
3. LIMITATION OF STUDY
4. RESEARCH METHODOLOGY
5. HYPOTHESIS
6. COMPANY PROFILE
7. THEORY AND CONCEPT
8. VISION
9. .PROMOTERS
10. PRODUCT
11. DISTRIBUTION
12. STRUCTURE OF THE SALES FUNCTIO
13. PROCESS AND IMPORTANTS OF TRAINING &
DEVELOPMENT
14. SIX SIGMA IMPLEMENTATION BY IPRU
15. ANALYSIS AND INTERPRETATION
16. FINDINGS
17. SWOT ANALYSIS
18. RECOMMENDATION AND SUGGESTION
19. BIBLIOGRAPHY
20. QUESTIONNAIRES
 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. .
” The Primary Objectives of ICICI Prudential is to Improve
Knowledge about the Insurance Industry and How to achieve the goals
and Objectives in order to face the Competitive World by knowing
Personality Development Skills . ”
The Secondary objective was to find out –
1. Why Batches getting Cancel ?
2. Exam Attendance .
3. Exam Pass-out Ratio Our Project .
.
 HYPOTHESIS
Every organization desired that it will grow successful in competitive
market and achieve goals as early as possible which are determine by
the company. In 20th century it is difficult survive at competitive market
hence to get the well position in competitive market firm must possess
all the factor these are required for it, not only having this factor but it
should be well defined .
The human Resource department is one of the most important
department t in the firm The well trained and skillful employee can help
to achieve target as early as possible hence the recruitment and is very
important activity in the organization .The training activity also help the
employee to know detail about their job .This also help to group
communication in between employee that cause good environment in
organization .This activity also help to increase the knowledge and skill
of employee that is beneficial for firm .In the insurance company much
more task of it depend on employee and their communication therefore it
necessary to recruit well and skillful employee and also train them.

Employees are satisfied with training and development

program. Present recruitment method is faire in the company.
 Company Profile
About ICICI Prudential Life Insurance Company Ltd : 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 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.
 Theory and Concept
Training generally refers to reaching of new skill in
professional field of the employee. Like an employee being taught to
operate another machine, or to perform a new operation in the same
machine. Development refers to enhancement of 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 techniques, yoga lessons, meditation exercises, soft skills
training, etc.
While training is expected to reward the company immediately in
terms of better productivity of employee, Development does not lead to
a by immediate and tangible benefits to the company. At the best, there
might be some intangible benefits in the long run, like improved
motivation, loyalty, improved intra-departmental relations, reduced
absenteeism on medical ground etc. Dividing line between training
and development is expectation of immediate benefits. Thus, in
case a program, generally qualifying as development program,
isdirectly related to employee’s job skills, like Communication Skills
course for telephone attendant or receptionist, will qualify as training
and not as development. Same program for some one in back office
would be termed as “Development Program.”

Definition of Training & Development :

“ Training & Development ” is any attempt to improve
current or future employee Performance by improving his
performance capabilities and potential through learning, usually by
changing the employee’s attitude or increasing his or her skills and
knowledge .The need for Training and Development is determined by
the employee’s performance deficiency, computed as follows –
Training & Development Need = Standard Performance - Actual
Performance.
NATURE OF TRAINING AND DEVELOPMENT

In simple terms, training and development refers to the

imparting of specific skills, abilities and knowledge to an employee. A
formal definition of training & development is… it is any attempt
to improve current or future employee performance by
increasing an employee’s ability to perform through learning,
usually by changing the employee’s attitude or increasing his or her
skills and knowledge. The need for training & development is
determined by the employee’s performance deficiency, computed as
follows:

Training & Development need = Standard performance – Actual

performance.

We can make a distinction among training, education and

development. Such distinction enables us to acquire a better
perspective about the meaning of the terms. Training, as was stated
earlier, refers to the process of imparting specific skills. Education, on
the other hand, is confined to theoretical learning in
classrooms.

Systematic Model Training

Traning and Development Home » Systematic Model

Training
The system model consists of five phases and should be
repeated on a regular basis to make further improvements. The
training should achieve the purpose of helping employee to
perform their work to required standards. The steps involved
in System Model of training are as follows:

1. Analyze and identify thetraining needs i.e. to analyze the

department, job, employees requirement, who needs training,
what do they need to learn, estimating training cost, etc The
next step is to develop a performance measure on the basis of
which actual performance would be evaluated. 
2. Design and provide training to meet identified needs. This
step requires developing objectives of training, identifying

3. Develop- This phase requires listing the activities in

the training program that will assist the participants to learn,
selecting delivery method, examining the training material,
validating information to be imparted to make sure it
accomplishes all the goals & objectives.

4. Implementing is the hardest part of the system because one

wrong step can lead to the failure of whole training program.

5. Evaluating each phase so as to make sure it has achieved

its aim in terms of subsequent work performance. Making
necessary amendments to any of the previous stage in order to
remedy or improve failure practices.

the learning steps, sequencing and structuring the contents. 

TRADITIONAL AND MODERN APPROACH OF
TRAINING AND DEVLOPMENT

Traditional Approach – Most of the organizations before never

used to believe intraining. They were holding the traditional view
that managers are born and not made. There were also some views
 that training is a very costly affair and not worth. Organizations
used to believe more in executive pinching. But now the scenario
seems to be changing. 

The modern approach of training and development is that

Indian Organizations have realized the importance of corporate
training. Training is now considered as more of retention tool than
a cost. The training system in Indian Industry has been changed to
create a smarter workforce and yield the best results

TRAINING AND DEVELOPMENT OBJECTIVES

The principal objective of training and development division is to

make sure the availability of a skilled and willing workforce to
an organization. In addition to that, there are four other
objectives: Individual, Organizational, Functional, and Societal.

Individual Objectives – help employees in achieving their

personal goals, which in turn, enhances the individual contribution
to an organization.

Organizational Objectives – assist the organization with its

primary objective by bringing individual effectiveness.

Functional Objectives – maintain the department’s contribution at

a level suitable to the organization’s needs.

Societal Objectives – ensure that an organization is ethically and

socially responsible to the needs and challenges of the society. 
The Benefits of Employee Training
How Training Benefits the Organization:
• Leads to improved profitability and/or more positive attitudes
towards profit orientation. Improves the job knowledge and skills at all
levels of the organization

• Improves the morale of the workforce

• Helps people identify with organizational goals

• Helps create a better corporate image

• Fosters authenticity, openness and trust

• Improves relationship between boss and subordinate

• Aids in organizational development

• learns from the trainee

• Helps prepare guidelines for work

• Aids in understanding and carrying out organizational policies.

• Provides information for future needs in all areas of the organization

• Organization gets more effective decision-making and problem-

solving skills

• Aids in development for promotion from within

Importance Of Training and Development

  Optimum Utilization of Human Resources –Training and
Development helps in optimizing the utilization of human resource
that further helps the employee to achieve the organizational goals
as well as their individual goals.

 Development of Human Resources – Training and Development

helps to provide an opportunity and broad structure for the
development of human resources’ technical and behavioral skills in
an organization. It also helps the employees in attaining personal
growth.

 Development of skills of employees – Training and Development

helps in increasing the job knowledge and skills of employees at
each level. It helps to expand the horizons of human intellect and
an overall personality of the employees.

Meaning of Recruitment:
The human resources are the most important assets of an organization.
The success or failure of an organization is largely dependent on
the caliber of the people working therein. Without positive and
creative contributions from people, organizations cannot progress and
prosper. In order to achieve the goals or perform the activities
of an organization, therefore, we need to recruit people with requisite
skills, qualifications and experience. While doing so, we have to
keep the present as well as the future requirements of the
organization in mind.

Definition of Recruitment:
Recruitment is the process of locating and encouraging potential
applicants to apply for existing or anticipated job openings. It is
actually a linking function, joining together those with jobs to fill
and those seeking jobs. Recruitment, logically, aims at (i)
attracting a large number of qualified applicants who are ready to take
up the job if it’s offered and (ii) offering enough information for
unqualified persons to self-select themselves out( for example, the
recruitment ad of a foreign bank may invite applications from chartered
accountants who have cleared the CA examination in the first attempt
only.)
Recruitment is the discovering of potential applicants for
actual or anticipated organizational vacancies.

Recruitment Policies and Procedures:

One of the first steps in planning for the recruitment of employees into
the organization is to establish proper policies and procedures. A
recruitment policy indicates the organizations’ code of conduct in
this area of activity. A typical policy statement for recruitment may
run thus :
In its recruitment activities, the company will :
• Advertise all Vacancies internally
• Reply to every job applicant promptly
• Inform job applicants the basic details and job conditions of every
job advertised.
• Process all applications with efficiency and courtesy
• Seek candidates on the basis of their qualifications
• Aim to ensure that every person invited for interview will be
given a fair and through hearing .

VISION
 “ To make ICICI Prudential the dominant Life and Pensions player
built on trust by World-class People and Service. ”This is what
company hopes to achieve:? Understanding the needs of customers and
offering them superior products and service
? Leveraging technology to service customers quickly, efficiently and
conveniently.
? Developing and implementing superior risk management and
investment strategies to offer sustainable and stable returns to
Company’s policyholders
? Providing an enabling environment to foster growth and learning for
Companies employees
? And above all, building transparency in all Company’s dealings.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 and the way they work. Company believes that it is on the
threshold of an exciting new opportunity, where it 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.1 12, 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 non-life insurance, venture capital, asset
management and information technology.

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 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
more than 16 million customers, policyholder and unit holders
worldwide. As of June 30, 2004, the company had over US $300
billion in funds under management. Prudential has brought to
market an integrated range of financial services products 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 Philippines, Singapore,
Taiwan, Thailand and Vietnam. 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
and economically underprivileged sections of society. ICICI Prudential
has recruited and trained about 2,14,000 insurance advisors to interface
with and advise customers.
Product 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 27 products can be enhanced with up to 6 riders, to create a
customized solution for each policyholder. Savings Solutions:
• Secure plus is a transparent and feature-packed savings plan that offers
3 levels of protection. • Cash
Plus is a transparent, feature-packed savings plan that offers 3
levels of protection as well as liquidity options.
• Save?n?Protect is a traditional endowment savings plan that offers life
protection along with adequate returns.
• CashBack 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.
• LifeTime&LifeTime II 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 II is a single premium Market Linked Insurance Plan which
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 insurance cover till the age of 75.
• Invest Shield Life is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest.
• Invest Shield Cash is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest along
with flexible liquidity options.
• Invest Shield Gold is a Market Linked plan that provides capital
guarantee on the invested premiums and declared bonus interest
along with limited premium payment terms.
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.
Child Plans
• Smart Kid education plans provide guaranteed educational benefits
to a child along with life insurance cover for the parent who purchases
the policy. The policy is designed to provide money at important
milestones in the child’s life. Smart Kid plans are also available in unit-
linked form- both single premium and regular premium. Retirement
Solutions:• Forever Life is a retirement product targeted at individuals in
their thirties.
• Secure Plus Pension is a flexible pension plan that allows one to select
between 3 levels of cover.
Market-linked retirement products
• LifeTime Pension II is a regular premium market-linked pension plan
• Life Link Pension II is a single premium market-linked pension plan.
• Invest Shield Pension is a regular premium pension plan with a capital
guarantee on the investible premium and declared bonuses.ICICI
Prudential also launched- Salaam Zindagi, a social sector group
insurance policy targeted at the economically underprivileged sections
of the society.

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 Prudential Life offers flexible riders, which can be added to the
basic policy at a marginal cost, depending on the specific needs of the
customer.
• Accident & disability 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 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.
• Accident Benefit: This rider option pays the sum assured under the
rider on death due to accident.
• 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.
• Major Surgical Assistance Benefit: provides financial support in
the event of medical emergencies, ensuring benefits are payable to the
life
• assured for medical expenses incurred for surgical procedures. Cover is
offered against 43 surgical procedures.
• 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 SmartKid, SecurePlus and Cash
Plus
• 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 Secure Plus and Cash Plus.

Keyman Insurance Plans

A keyman is an individual who directly affects the profitability and the
continuity of a business and whose absence may have an adverse effect
on the health and continuity of the business. Keyman insurance is a life
insurance policy taken by the company on the life of such a key person.
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 Keymanlife insurance policy are treated as business expenditure u/s 37
(1).
Rural Plans
ICICI Pru Life Rural Products are designed to meet the needs of the
rural consumers. These products offer the following features:1. Low and
Affordable Premiums2. Life Cover3. Savings Option4. Hassle free
procedure.
Distribution on ICICI Prudential has one of the largest distribution
networks amongst private life insurers in India, having commenced
operations in 74 cities and towns in India. These are: Agra, Ahmedabad,
Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Bangalore,
Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut,
Chandigarh, Chennai, Coimbatore, Dehradun, Durgapur, Faridabad,
Goa, Guntur, Guwhati, Gurgaon, Gwalior, Hyderabad, Hubli, Indore,
Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal,
Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode, Lucknow,
Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai, Mysore,
Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot,
Ranchi, Rourkela, Saharanpur, Salem, Shimla, Siliguri, Surat,
Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi,
Vashi, Vijayawada and Vizag.
Structure of the Sales Function
ICICI Prudential’s sales function is divided into two functional
structures within the organization. These two Structures are:
? Bancassurance & Alliances
? Tied Agency
Both types of structures are described as follows:
Bancassurance & Alliances: Bancassurance or Banca: - ICICI
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 distribution strategy,
contributing to approximately one third of company’s total business.
The business philosophy at B&A is to leverage distribution synergies
with there 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 value to
the business of both. Bancassurance Team includesBanks
? ICICI Bank
? Federal Bank
? South Indian Bank
? Bank of India
? Lord Krishna Bank
? Some co-operative banks
Corporate Agents
? Bajaj Capital
? India Infoline
?Way 2 Wealth
? Advanced Financial Services (Karvy)
? Blue Chip
?AHS
?APS
?Strategic Marketing Pvt. Ltd.
? S M Insurance
?Investment Managers
?EmgeeMuthoot Insurance
The Hierarchy Structure of the ICICI Prudential Life Insurance Ltd. is as
follows:
Branch Sales Manager (BSM)/ Center Sales Managero Sales
Manager(SM)o Assistant Sales Manager (ASM)o Team Leader (TL)o
Financial Service Consultant (FSC)
Tied Agency: Tied Agency is the largest distribution channel of
ICICI Prudential, comprising a large advisor force that targets various
customer segments. The strength of tied agency lies in an aggressive
strategy of expanding and procuring quality business. With focus on
sales & people development, tied agency has emerged as a
robust, predictable and sustainable business model. 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 manager have 20 to 30 advisors under them.
• Branch Sales Manager (BSM)/ Center Sales Manager
• Sales Manager(SM)
• Assistant Sales Manager (ASM)
• Unit Manager (UM)
• Advisors: Advisors are the people who are not the employee of the
ICICI Prudential, but works as commission agents.? The Chart showing
the Recruitment Process of ICICI Prudential ? Recruitment Process of
ICICI Prudential Life Insurance Company Ltd.:
1. Insurance Advisors : Insurance Advisors is the Financial
Advisors / Financial Agent of the company. Recruitment process
starts with Recruitment of financial Advisors. Basically Financial
Advisors, deals with various policies of the company. The Application
Form which is known as FSP form will be given to Insurance
Advisors for the Post of Financial Advisors and that form is
Submitted to Recruitment Officers after the signature done by Insurance
Advisors. There are 16 signature was taken from the Insurance Advisors.
2. Recruitment Officers : Recruitment Officers is the Person who
recruit the Insurance Advisors 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 then that will be solve by
the Unit Manager of the company.
4. Sales Manager : Sales Manager is the Person who take the Personal
Interview of Insurance Advisors and that FSP form is send to Sales
Manager. In Practically Sales Manager is not needed for the Recruitment
Process.
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 rules and regulation of the company.
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 rejection Form is directly sends to Unit
Manager of the Company.
7. Cashier : Cashier is the Person who give the
Acknowledgement Slip after the form will be accepted.
8. Head Branch : Head Branch of the ICICI Prudential Life Insurance
Company is at Amboli (Andheri). Finally, the FSP form is send to Head
Branch and the Exam Centre will be decided by the Head Branch.
? What Company looks in Insurance Advisors
? ICICI Prudential Life Insurance Company Ltd. wants from the
Insurance Advisors:a) Knowledgeb) Professionalismc) Hard workd)
Patiencee) Sincerityf) Target Achieve
? What Insurance Advisors wants from IPRU
? Insurance Advisors wants from the IPRU:
a) Commission
 b) Knowledge
c) Rewards and Recognitiond) No Targete) Flexible Working hoursf)
Trustworthiness
? Why Training and Development is required?
a) How to pitch the Product
b) Provide Marketing knowledge to the Insurance Advisors
c) To motivate the Insurance Advisorsd) To Improve Communication
Skillse) To face the Competitive Worldf) Lack of Professionalismg)
Increased Productivity / quality of work/ Low Businessh) Improve
morale of the workforce
? What is the Opportunity for Insurance Advisors after being
Selected ?
1.No Investmentb) Offers Continuous Unlimited Income month on
monthc) Flexible Working hoursd) An Opportunity attached with social
causeThe Opportunity of a Lifetime for –1. Women…………
a) Emergence of more nuclear families
b) Supplement your family income
c) Be financially Independent
d) Make a Positive difference in other’s lives
2. Young Entrepreneurs…………..
a) Start your own business with virtually zero Investments
b) Be your own Boss
c) Get hands-on experience in the financial domin
3. PSU Employees………………..
a) Supplement your income in your spare time
b) Get the satisfaction of providing protection for your Customers
c) Get national and international recognition
4. Financial Consultants…………………..
a) Supplement your income with little additional effort
b) Offer your customers a complete Product Portfolio
c) Get an Opportunity to build lifelong customer Relationship
SIX SIGMA IMPLEMENTATION BY 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 expectations. As
another step towards becoming a world-class service Organization,
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 MIS :
Expense ProcessingPolicy Insurance Sigma Level Policy Insurance
Sigma Level
Accuracy MIS1. Accuracy MIS presents the number of error caught at
various stages of policy issuance.2. Branch Discrepancy: Any error
caught in the application form or underwriting sheet before data entry at
COPS.
• Opportunities: All cases logged in given period3. Call Back Error: All
errors identified at post issuance call back stage.
• Opportunities : All cases issued in given period4. Correction
Complaints: All complaints received for errors on contract
details5. Opportunities: All contracts issued in previous month
• Data Capture: Error done while filling application form
• Data Entry Error: Error done while doing data entry at COPS
• Underwriting Error : Error done by underwritersService – Overall
Research Methodology
Research is one of the most important parts in the survey to
collect information and knowledge. Marketing research is defined as
the systematic design, collection, analysis, and reporting of data and
findings relevant to a specific marketing situation facing the company.
Problem and Research Objective :
The main objectiveof study was to find out how much Training and
Development necessary for the Insurance Advisors. The main
problem was how to find out the Cancellation of Batches, Exam
attendance, Exam Pass out Ratio etc. To get all this information a
through planning had to be done, so starting of study with designing the
questionnaire for the clients who were target and to know about their
needs . The main things to be known from the clients were:
1.Why Batches getting Cancel?
2. Exam Attendance
3. Exam Pass out Ratio
4. Involvement of Insurance Advisors
5. Lack of Communication Skills

Primary data: :
Primary data are data freshly gathered for a specific purpose. The
various sources of primary data for project are as follows.
?Personal interaction with employe
? Local residents.
? People from industries
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 project because first aim was to find out the top five
person or industries from every segment of the industries so for this
reason to started collecting the various directory which can help me in
finding out the desired information about the industries and people.The
various directories are as follows:-
? Internet
?Books;-

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 basically five ways to collect data.
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: This method was includes the observation of
people in the 8 days training i.e. whether they are really interested for
the work or they just come for the time pass.
.
Research InstrumentsThere 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 PlansAfter 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 Unit: who is to be surveyed? And now my task was to
define the target population, which will be sampled from the number of
people.
• Sample Size: Large Sample give more reliable result than small
sample, so for this reason I had taken around 50 people to whom I
should focus.
Contact MethodsOnce the client had been decided now my task was how
to contact them ,and for me there only two ways of contacting them .
1. Personal Interview: This method was the most appropriate
way of survey, because by personal interview I came to know their
feeling about the ICICI Prudential. Their personal behavior and many
more things.
2.Telephone: This method is also used for once, because the client had
no time for meet me, and there was no other option for me.
Analysis of the Survey
Q.1 How many Trainees attended the Training Session?
Q.2 What is the age of trainees who attend the Training
Session ?
Q. 3 How did you rank ICICI Prudential Life Insurance
Company ?
Q.4 According to you; what is the purpose of Training? (1=
Knowledge and Skills & 2 = Career Orientation)
Q.5 How much you are satisfied with Training Session?
Q.6 What is your opinion about trainer knowledge?
Finding

? Most of the ICICI Prudential trainee prefers the Mornings and

Afternoon Batches for Training :The most common reason is
that Time Management . And the ICICI 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 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 the ICICI Prudential especially by the Mulund
Branch.

? Most of the trainees prefers to attend the 4 days training :There

is 8 days training in the ICICI Prudential Life Insurance 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.

? Most of the ICICI Prudential trainees, attend the trainees for the
purpose of Career Orientation :

This is a very good opportunities for the ICICI Prudential trainees

to become a financial advisors. If he/she complete the target of
36 Policies or 3 Lakh Premium within Six month then they
can become the Consultant Trainer or Unit Manager of the
ICICI Prudential. i.e. They can come directly on the Pay role.

? In the insurance sector ICICI Prudential is the number one

company prefer by the people :ICICI Prudential is the most prefer
insurance company in the 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 things which favors
them are.? The company image in the mind of the people ?The life
long service of the company
? A very good channel of People (agents)
? Maintaining a very good relationship with their trainees and also
with employees
? Lack of information or knowledge about the other Insurance
Company
? Opinion about the trainers Knowledge :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 Orientation then they get
proper knowledge of Insurance Sectors. According to Survey
made by me, I come to know that the trainees was extremely
satisfied with trainers Knowledge.
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 ? STRONG

FINANCIAL BACKING: - The ICICI Prudential had a strong

financial backing from their promoter, (ICICI BANK and
Prudential), which help the company to build trust on the mind of
the people.?

STRONG SALES FORCE: - The Company has a very

strong force of good marketing brain, which gives an edge over
the other competitor especially nationalized insurance company
like LIC. And secondly it has a 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
• South Indian Bank
• Bank of India
• Lord Krishna Bank
• Some co-operative banks

Corporate Agent :

• Bajaj Capita
• India Infoline
• Way 2 Wealth
• Advanced Financial Services (Karvy)
• Blue Chip
• AHS
• APS
• Strategic Marketing Pvt. Ltd.
• S M Insurance
• Investment Managers Allied Corporate Agencies , Strong
Marketing and Sales Promotion Team

? ULIP’s: Almost 90% of the total business of ICICI Prudential

is the business with the sale of ULIP’s and only 10% of the
products are the traditional insurance policies. So this is the
strength which ICICI Prudential can work upon more to get the
maximum positive results.

WEAKNESS
?Lack of Information about the Product: Most of the
product of the ICICI Prudential are known by the people, this
is because of lack of information about the product and bad
marketing strategies by the company mainly in small cities
? Focusing mainly on the Urban Sector : ICICI prudential main
focus 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.
? Most of the Plans are too Complicated: ICICI Prudential
insurance 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.
The same is in the case of Mutual Funds.
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 ? Some Top Nationalized banks should be made
Allies: There are 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 such a long time
and there is a good opportunities to converted those customer
into ICICI prudential customer, By making them allies.? There is
a good opportunities to increase the Advisors base: When we
compare the ratio of Advisors with LIC, then we will find that
there is a large gap between them, so there is an opportunities to
increase the advisor base by breaking the agents of LIC.

THREATS
Life Insurance Company Ltd: LIC is the greatest threat to ICICI
prudential in the area of insurance sector, because it is one of the
oldest 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.
Recommendation and Suggestions

• Lack of information about the service provided By the

ICICI prudential 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: When we look at the Small city like Andheri, Bandra,
Dadar, 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.
• Service of the ICICI bank should be improved: 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
preference to them and there are many restrictions in their
operations. So I
suggested that some staff should be made to look after
them, because they are the customers who mainly give us the
business.
• Image of the ICICI Should be improved in the City: Most of the
time people do not want to do business with the ICICI,
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:
ICICI prudential are concentrating more on the industrial class
then 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 investing in the insurances sector.
So I suggest that concentration should be given to this class also
because the ratio of the service class is much high in the country.

• More Local Employee Should be hired by the company: 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 add additional benefit to the company.
Bibliography
Internet Websites:
? www.iciciprulife.com
? www.icicibank.com
? www.bima.com

Directories
:? Telephone Directory

Other Materials :
? Marketing Management by Philip Kotler.
? Human Resources Management by Ashawathapa
? Product Brochures.
? News Papers like Mid day, Mumbai Mirror and Times of India
Questionnaire
PART-I:-
PERSONAL DETAILS :
1. Name of the Organization :
2. Name of Director/ Partner :
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 :
7. Who are your trainees :
a. Major Businessman :
b. Graduates and Under graduate Students :
8. Who do you consult before Surveying ?
a. Banker (Name of Bank)
 b. Chartered Accountant :
c. Ex-Insurance Advisors :
9. What do you think about ICICI Bank?
a. Will Suit my requirement
b. Will not suit my requirement

PART –II:-

Q.1. How did you rank ICICI Prudential Life Insurance

Company ?
12345
Q.2. According to you; what is the purpose of Training?
a. Knowledge and Skill b. Career Orientation
Q.3. How much you are satisfied with Training Session?
Extremely Satisfied 54 3 2 1 Dissatisfied
Q. 4. What is your opinion about trainer knowledge ?
a. Poor b. Need Improvement c. Fair
d. Good e. Excellent
Q.5. Was the Content of the training adequate ?
a. Yes b. No
Q. 6. How much you are satisfied with 8 days training?
Extremely Satisfied 5 4 3 2 1 Dissatisfied
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 DIRECTOR
The ICICI Prudential Life Insurance Company Limited Board
comprises reputed people from the finance industry both from
India and abroad.
Mr. K.V. Kamath, Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. KalpanaMorparia
Mrs. ChandaKochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R Narayanan
Ms. Shikha Sharma, Managing Director