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Summer Training Presentation in partial fulfillment for the degree of Masters of Business Administration

Department of Business Administration Faculty of Management Studies and Research Aligarh Muslim University, Aligarh. Murshidabad Centre, West. Bengal

SUMMER TRAINING REPORT PRESENTATION


Of project undertaken at ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.
On

ADVISOR RECRUITMENT IN ICICI PRUDENTIAL LIFE INSURANCE CO. LTD


Under the supervision of:

Mr. Harish Khalique HR Manager, ICICI Prudential life Insurance


Presented By: ISRAR AHMAD (11-MBAW-34)

Contents
Company profile Introduction of the problem Objective of study Theoretical concept research methodology Data collection and presentation data analysis Findings Conclusion Suggestions limitations

Company Profile
ICICI Prudential Life insurance Company is a joint venture between ICICI Bank
and Prudential Plc.
ICICI Prudential was amongst the first private sector insurance companies to begin

operations in December 2000 after receiving approval from IRDA.

VISION:-To make ICICI Prudential the dominant life and pensions player built on

trust by world class people and services.

VALUES:- Customer First, Integrity, Boundary less, Ownership, Passion

INTRODUCTION OF THE PROBLEM


TOPIC: Advisor recruitment in ICICI Prudential Life Insurance
Company Limited.
SOME BASIC MANDATED WHICH A MANAGER ANSWERS BEFORE RECRUITING
WHY TO RECRUIT Thats the way to do this business More recruits, more active advisors, more BUSINESS!!

WHO TO RECRUIT

A successful advisor common traits are :


Age : 25-50

Education : Graduate
Family Income: above Rs 3 Lakh p.a Marital status: Married

SOME OTHERS POINTS BEFORE RECRUITing


Successful advisors usually have 2 years of work exp. Women/housewife are very successful.

Small entrepreneur

Average profile
Women

Students
Retired personnel

Avoidable profile
New to city
Income profile approx Rs 1 lakh p.a People who do not own their transport

Most preferred profiles to recruit as advisor


CAs
Doctors Lawyers Govt. employees Bankers and brokers Agents of others life insurance companies Executives working in a call centers.

Objective of the study

Primary object
Modes and ways through which they recruit advisors.

Secondary object
Commission structures.

Training programme.
USPs.

THEORETICAL CONCEPT
Hierarchy In Insurance Company
SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

AREA SALES MANAGER

AREASALES MAAGER

UNIT MANAGER

UNIT MANAGER

UNIT MANAGER

ADVISOR

ADVISOR

ADVISOR

RECRUITING SUCCESS FORMULA


30 CONTACTS

8 FOR INTERVIEW

2 SELECTED

Before we move on to searching it is important to know the profile of the advisor.

The general profile would be:


Age 25-45 years Smart appearance and sound health High IQ and common sense Ability to work under pressure

Prior sales experience


Money motivation

STRATEGIES INVOLVED IN SEARCHING POTENTIAL ADVISORS


Personal observation

Present advisor recommendation


Client referrals College campuses

Seminars
Newspaper advertisement Direct mail

RESEACH METHODOLOGY
Sampling:-During this step we have to create
database of the persons who can be recruited as an insurance advisor. The data base should inlude our relatives and friends

Pre-approach:-during this step we fix


appointments with the prospective persons and get a proper day and time from him to meet and explain the various benefits of the advisors

Approach:-approaching part include meeting


with the prospective persons. Selected persons were contacted telephonically

Opening the call:- In this step we check for the


details of the persons during the meeting.

RECRUITMENT:-Finally data was collected in


written format from those who were interested

DATA COLLECTIO AND PRESENTATION


I have used my own database which consists of small

entrepreneur, high school and college teachers etc. In my case what I had proceed on behalf of the company, the list of given database Table showing the frequency ad percentage of different age group.
Age group
Below 25 25-35 35-45 45-55 More than 55 Total

frequency
17 22 4 3 4 50

Percentage
34 44 8 6 8 100

DATA ANALYSIS
% of different age group people
45-55 35-45 6% 8% <55 8%

>25 34%

25-35 44%

From this diagram shows that 25-35 group peoples very much interested towards ICICI Prudential. In This training programme our main target customers were minimum 25 years of age.

% of people who are interested in ICICI PRUDENTIAL


Interested shown Yes No total frequency 30 20 50 percentage 60 40 100

From this graphical representation it exactly shows that maximum number of people are interested towards ICICI PRUDENTIAL to run up a business as an advisors

% of people who have different household income


Income household 1-2 lakh/yr 2-3 lakh/yr 3-4 lakh/yr <4 lakh/yr Total frequency 10 18 15 7 50 Percentage 20 36 30 14 100

To become an insurance advisor anyone need minimum household income of Rs 2 lakh. So our research target was those customers whose household income lies between Rs 2-3 lakh /yr.

Findings On the basis of the data collected through the questionnaire, I came to
the following analysis.

The most of the people who were interested in insurance sector

were below 25 year. The married people were more interested as compared to the unmarried people. The people who were on the govt. job and having own business was making good response as compared to others. Most of the individual who were simple graduate were making more interest in insurance sector as compared to the post graduate and professional people. Lot of people was making negative response about the interest in insurance sector Most of the people like to start a business with ICICI Prudential

CONCLUSION
ICICI Prudential Life insurance Company is the no 1

private life insurance company in India


It is concluded that through references people can be easily

recruited.
It is found that persons doing their private business are ready to

be recruited as an advisor.
It found that those who pay the fees for training are mostly

committed for recruitment.

Suggestions
From our study we could find out that people

are not aware about the policies and features of insurance. Therefore ICICI are suggestion to shed light on policies and explain the features.
The return of the policies are not properly

managed and never given in time. So these must be looked at.

LIMITATIONS OF THE STUDY


People do not trust on private companies. Presence of competitors like Bajaj Allianz, Kotak Life, FGI, etc Presence of government investment options. Advisor income depends upon their work. (no fixed income).

Differences in advisors commission as compare to govt. sector.

THANK YOU

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