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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/

Documents

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