EXECUTIVE SUMMARY

With new competitors coming every now and then in the field of business, the company
positioning should be strong enough to retain its position in business.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED has positioned itself
strongly with high-class advisors, unit manager, and technical persons.
The study that is being made is that “TO UNDERSTAND THE ADVISORS
RECRUITMENT PROCESS OF ICICI LIFE INSURANCE AND THEIR ROLE
IN SALES” To make this research mostly Primary data is being used, taking a sample
size of 65 peoples. The Research Methodology that is being implemented in this study is
Sampling Method. The company is having the largest sales force after Life Insurance
Corporation of India ,follows a strict code of recruitment as the advisors or the sales
persons as they are going to be company’s advisor’s or ambassadors.
The result which was found from this research clearly shows a company should be more
flexible to the training program they organized for the high profile advisor. The project
undertaken is the thorough study of the service & activities, which the company is willing
to give each advisor. From the survey it was revealed that ICICI PRUDENTIAL is doing
quite well in all the sections of its operation.3

Objective:-
The objective may be defined as Something worked toward or striven for; a goal .The
objective of my study is to understand the
ADVISORS RECRUITMENT PROCESS in ICICI PRUDENTIAL
LIFE INSURANCE and
THEIR ROLE IN INSURANCE BUSINESS.

INTRODUCTION OF THE TOPIC

The task is to choose the good quality advisor those who are having the following quality.
•Confidence
•Self motivation And Persuasion
•Urge to be financially
independent
•Relationship skills
I have to recognize where a person (whom I meet to recruit him/her as an advisor) having
all these characteristics or not .If some person is closed enough to these characteristics
then. I discussed the following support pattern.
After getting all these information an advisor basically asked about the working
environment. Then I discussed the working environment and try to convince him/her that
he/she has the potential to become an agent/advisor.
1. To be part of a world class sales team.
2. Work from his/her (advisor) own office or residence.
3. Work full time or part time.
4. Earn commission, bonus and incentives.
5. No upper limits on earnings.
6. Flexible career.
Therefore the first and for most problem is to convinced that person those who
having enough patience to listen my companies idea/views.
The role of the advisor is to quite effective to search a good prospect.
19 FUNCTION OF ADVISORS:
Advisors provide on going financial advice for his /her client/prospect. In our
official term prospect is a person who can buy life insurance from us.
The advisors study the prospects needs and persuade them to buy a policy.
Complete all formalities for proposal of new insurance, including filling up forms.
collecting premium. arranging medical examination, collecting proofs (of age/income),
reports and information required by the underwriter.
After having sold a new insurance policy, the advisor has to ensure that the policy
continues. without a lapse. till it becomes a claim. For that reason an advisor has to do the
following:

1. Keep in touch with the policy holder to make sure that renewal premiums are
paid in time.
2. Ensure that nominations are made or changed, if necessary
3. Assist in collecting claim amounts.
As an advisor you contribute in bringing in new business for the company offer world
class pre and post sales service to the clients with the support of the organization.
But an advisor to us means much more than a salesman or a, saleswoman, at ICICI
Prudential recognize our advisors as the ambassadors of our organization in the market
place and we consider the advisor force would be our biggest differentiating factor in the
coming years.
That is why; we take a lot of care in recruiting and developing our advisor force, so that
we can maintain our standards of quality in service and salesmanship.
The competition and the customer awareness have forced the times to be a knowledge
oriented marketplace. Appreciating the same we strive to get people with reasonably
good graduation background as our advisors. We also acknowledge and recognize prior
11 sales experience of the persons, at the time of recruitment.
The other function is to be of assistance to the policy holder in case he/she needs a loan
under the policy.
ROLE OF AN ADVISOR:
1. Identify future clients/prospect
2. Making appointment.
2. Conduct financial review meeting with prospect.
4. Close sale.
5. Get referral
6. Provide service to clients/prospect.
7. Follow internal sales and reporting system.
After analyzing the quality(which the company is looking for), back office service (which
the company is giving to that person). functions to be performed, role to be played . I
used to describe the benefits which the advisor can get out of his/her joining as an advisor
in ICICI Prudential Life Insurance Company.

OPPORTUNITIES
1. No start up capital is required to becoming an advisor.
2. Flexible working environment.
3. Be his/her own boss.
4. Unlimited earning potential.
5. To be part of world class team.
Besides these ICICI Pru has given the following benefits to the individual those who are
willing to join as an advisor in our company.
REMUNERATION
The advisor is remunerated by way of commission on the premium paid under policies
canvassed by him/her. The rates of commission vary according to the plans of insurance
and the term of the policy. It also differs between first year premiums and subsequent
premiums. To analyze the premium structure it is necessary to discuss the product
portfolio. ICICI Pru has more than 28, types of different policy and we can classify them
in to three groups.
In IC1C1 Prudential each point is recognized by equal amount of rupees and this quality
is determined at the beginning of the year by the company. This year one point is
amounted to twelve rupees. Before the year ending total points multiplied by the rupee
and the amounted sum is used to buy a gift for that advisor.In ICICI Prudential some
contest and initiative will be taken at the beginning of the year. These are discussed
below: