Post on 09-Apr-2018
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RECRUITMENT FINDINGS
Profiles of Advisors working with ICICI Prudential Life Insurance Company Ltd.
AGE WISE DISTRIBUTION OF ADVISIORS
The following table summarizes the findings:
That 28% of the advisors recruited are below 25 age,24% of them are in the age group
25 28.within the range of 29 -32 yrs of age the percentage is also 24.but in the age group
of 33 40 the percentage were only 12%.and above 40 yrs of age it was only 12 % .
below 25
28%
25 - 28
24%
29 - 3224%
33 - 40
12%
40 and
above
12%
The above Pie Charts Depicts that 28% of the advisors recruited by me are below 25
age,24% of them are in the age group 25 28.within the range of 29 -32 yrs of age thepercentage is also 24.but in the age group of 33 40 the percentage were only 12%.and
above 40 yrs of age it was only 12 %
Based on experience
S.No Experience in Years % of advisors1 Less than 3 Yrs 35%2 4-6 Yrs 18%3 7-9 Yrs 29%
4 More than 10 Yrs 18%
S.NO Age Distribution % of Advisors1 Below 25 28%2 25-28 24%3 29-32 24%4 33-40 12%5 40&above 12%
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Percentage of advisors recruited on the basis experience of less than three yrs is
35%,advisior having experience of 4 6 yrs were 18%.advisiors of experience 7 9yrs are
29% and of experience of more than 10 yrs were only 18%
6, 35%
3, 18%5, 29%
3, 18% less than 3 yrs
4 - 6 yrs
7 - 9 yrs
10 yrs and above
Percentage of advisors recruited on the basis experience of less than three yrs is
35%,advisior having experience of 4 6 yrs were 18%.advisiors of experience 7 9yrs are
29% and of experience of more than 10 yrs were only 18
Success parameters of advisors
The success parameters of the advisors in this project is the business given by the
advisors.In the project 17 advisors registered for icici prudential for IRDA exam but out of
them 14 were able to clear the exam and finally qualified for the license.The performance
of the 14 advisors are as follows:
010,00020,00030,00040,00050,00060,000
1 2 3 4 5No of advisiors
P r e m
i u Series1
Series2
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ANALYSIS OF THE SURVEY
1) Do you have any insurance policy?
INTERPRETATION : 62% have insurance policy but 38% have not insurance policy
(2) Which type of policy do you have?
INTERPRETATION:
6% have pension plan ,3% have children plan,1%health plan,5% have market linked
plan,4%endownwnt plan
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3) How do you come to know about insurance plans?
INTERPRETATION:
84%agents,4% friends,4% newspaper, 8%electronic media know the insurance plan
4) How do you rate ICICI prudential on the basis of market
reputation
INTERPRETATION:
44% good,36% average, 8% poor 12% not known the basic of market reputation
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(5) Are you aware of market linked insurance plans?
INTERPETATION:
46% people aware of market linked insurance plan.54% not aware the market plan
(6) Do you think it is profitable to invest in market linked plans?
INTERPETATION
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46% Profitable to invest in market and 36% not interested.
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7) How will you prefer to invest in the market?
INTERPETATION
18% mutual fund,24% share market ,12% IPOs,46% insurance plan to invested in the
market.
8) Are you Planning to purchase any insurance policy in the
coming 4 months ?
INTERPETATION
24% people to purchase any insurance policy in coming 4 months,76% people is not
interested.
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9) If Yes Please specifies the policy?
34%
8%8%33%
17%
Pension plan
Children plan
Health plan
market linkedplan
endownmwntplan
INTERPETATION
34% pension plan ,8%childern plan,8% health plan,33% market linked plan ,17%
endownmwmt plan to specifies the policy.
10) For how much time you are willing to pay for market linked
policy?
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INTERPETATION37%-10000-12000
25%-15000-18000
13% -20000-24000
25%-more than -350000 willing to in market.
(11) What benefits you want to seek from an market linked
insurance policy ?
INTERPETATION62%only profit ,25% more than profit,13% more insurance cover and nominal profit they
benefited in market linked in insurance policy.
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FINDINGS
With the strong team of 200000 advisors ICICI Prudential is No.1 insurance
business
With their strong values ICICI Prudential has succeed in winning the hearts of 2.8million customers .
The work culture in ICICI Prudential is healthy and Energetic
Employees are dedicated to their work and work as a great team.
Good reward system is their to motivate the employees.
ULIP(unit link insurance plans) are USP for ICICI Prudential which give better
returns to the customers.
Investment plans have right balance between profit and protection.
In child policies Lower charges over the period of the policy for premiums below Rs.
5 lacs. Income Benefit Rider & ADBR Rider available to the parent, thus providing
more value to the Customer.
In saving plans is very transparent, enabling you to track your investment year after
year through the transparency in charges and the annual statements
pension plans gives you the option to invest upto 100% in equities through our Maximiser Fund thus giving you the option to maximise your investments.It also
gives you the flexibility to increase / decrease contribution.
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To avail this facility, you have to log into your customer account and choose 'Pay Online'
option. Payment options for premium payment are credit card (Master/Visa) and Net
Banking.
Banks for which Net Banking facility is available are: Bank of India, Centurion bank of
Punjab (erstwhile Bank of Punjab), HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank,
Punjab National Bank, Union Bank of India, UTI Bank.
Cheque / Demand Draft
If you choose to pay your premiums through cheques, please draw your cheque in favour
of "ICICIPrulife, Policy Number xxxxxxxx" . Do mention your name and contact number
on the reverse of the cheque.
Incase you choose to make your premium payments through demand drafts, please draw
your demand draft in favour of "ICICI Prudential payable Mumbai'' . Please do mention
your name, policy nos & contact nos on the reverse of the demand draft.
Please note, we only accept cheques and demand drafts which are in Indian rupee
denominations.
The premium cheques can either be submitted at our Bahrain Representative office or can
be given to our sales personnel.
Electronic Clearing System (ECS)
ECS is an automated facility which debits your premium from the bank account specified
by you, on your premium due date. In case of the premium due date falling on a holiday,
the premium amount would be deducted on the next working day. Premium payment for
ECS locations under the Non-rolling settlement category may not be deducted on the
Premium Due Date. This is applicable for all active (in force) policies.
To avail this facility, you have to submit the ECS form along with a cancelled cheque
(which helps us record the MICR code of your bank- see image). Once you submit this
form, we can activate the ECS facility for your policy number.
Please note that the ECS facility can be availed only through NRE accounts & premium will
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SUGGESTIONS
Based on the Research findings following suggestions can be made.
Advisor should be in regular touch with his /her Unit Manager.
Company should introduce low premium unit linked plans.
Customer need good return from unit linked insurance plans, company should
manage the fund properly.
Advisor should visit office regularly and update the knowledge.
A structure layout for growth opportunities for Advisors should be developed withinthe organization.
The Advisors who achieve the targets should be rewarded with additional monetary
and non-monetary benefits..
Do work in challenging form.
Company should Provide the technique to advisors how to work in the field.
Brochures and Product Plans required in Hindi Version.
Branch Manager should takes direct feed back from the advisors.
Advisors who are recruited should be well qualified.
Regular training camp should be organized for the latest updates in the company.
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SWOT ANALYSIS
STRENGTH
ICICI prudential Life Insurance Company Limited is right now the market leader in Private
Insurer segment.
WEAKNESS
The company right now has lesser number of agents (i.e. financial advisors) than LIC of
India, which affects their sales in comparison to LIC of India.
OPPURTUNITY
ICICI Prudential Life Insurance Company Limited can give LIC of INDIA agents an
opportunity to join ICICI Prudential Life Insurance Company Limited as ICICI Prudential has
got more incentive packages & servicing quality better than LIC of India. Doing; this they
can reduce their cost of training and can exploit their experience.
THREAT
Other big brand names like BIRLAS, TATA, SBI, SBI, AND AVIVA ETC.
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CONCLUSION
Insurance is still a selling product in country like India. It is the company who has to
find the market and go to the prospect rather then the client directly approaching to the
company. The opening up of the sector has also resulted in stiff competition as many
private companies are entering in. So it becomes very important to be the best out of the
rest in the market. This, the company can achieve by offering value added services to the
customers by giving them maximum benefits. Company is trying to given more assured
returns to the investors. Mostly products are based on the NAV or they are unit Linked" so
awareness, knowledge and brand image of the will be product the first priority for the
company.
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QUESTIONNAIRE
Personal information
Name _______________________________
Age _______________________________
Marital status _______________________________
Annual income _______________________________
Address _______________________________ _______________________________
_______________________________
Contact no. _______________________________
(1) Do you have any insurance policy?
Yes No
(2) How do you come to know about insurance plans?
(a) Agents
(b) Friends/Family
(c) News Paper
(d) Electronic Media
(3) How do you rate ICICI prudential on the basis of market reputation?
(a) Good
(b) Average
(c) Poor
(d) Not known
(4) Are you planning to purchase any insurance policy in the coming 4 months?
Yes No
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(5) How do you thing about part time job with your flexi work time?
.
(6) We give you business opportunity to earn unlimited (high) with ZERO INVESTMENT.
..
(7) ICICI prudential have better carrier growth plan to his financial consultant by
performance level Acc. to their choice as full time or part time: -
1. Unit Manager 2. Business Partner
.
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BIBLIOGRAPHY
Web sites
1) www.iciciprulife.com
2) www.irdaindia.org 2006
3) www.icici.com
4) www.google.com
Magazines
Insurance Plus
Business India
Economic Times
Material provided by the company
Survey
ICICI life Insurance Product Brochures
ICICI Life Insurance Mannul
http://www.icici.com/http://www.icici.com/