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Transcript of ICICI Prudential 100- Sandeep Kumar Singh
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AASUMMER TRAINING PROJECTSUMMER TRAINING PROJECT
ONONSTUDY OF
MARKETING CHANNELDEVELOPMENT
OF
Submitted for the partial fulfillment of the requirement of thedegree of
MASTER OF BUSINESS
ADMINSTRATION(APPROVED BY UPTU, LUCKNOW)(2007-2009)
INDUSTRY GUIDEMR. MAYANK KUMAR SISODIA
Rural Sales Associates, UttrakhandICICI Prudential Life Insurance Co. Ltd., Dehradun,
SUBMITTED TOMR. N.P. SINGHFaculty GuideMIMT, Gr. Noida
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SUBMITTED BYSANDEEP KUMARSINGHMBA (3rd Sem)Roll No. 0715270092
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A1100MANGALMAY INSTITUTE OF MANAGEMENT &
TECHNOLOGY [UTTAR PRADESH TECHNICAL UNIVERSITY, LUCKNOW]
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PREFACE
The business of insurance is related to the protection of economic
value of assets. The assets would have been created through the
efforts of the owner, in the expectation that, either through the income
generated there from the some other output, some of his needs would
be met. If assets get lost earlier, being destroyed or made non-
functional, through an accident or other unfortunate event, the owner
and those deriving benefits there from suffer. Insurance is a
mechanism that helps to reduce such adverse consequences.
Insurance plays a major role in different perspective. For economic
development investments are necessary. Investments are made out of
savings. A life insurance company is a major investment for the
mobilization of saving of people, particularly from the middle and lower
income groups. These savings are channeled in to the investments for
economic growth. In order to amenable to statistical predictions,
insurance risks must be handled on a large scale.
All organization face change in their environment with resultant change
in their markets and in the ability to satisfy their markets. Each
organization is faced with new marketing problems and opportunities in
their existing and potential market.
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Marketing decision makers cope with these challenges in a variety of
ways. The marketers is being required to forecast, forecast the risk
and uncertainness in their own way, supported by market research.
Man on earth can entirely eliminate knows no method but scientific
method can minimize the element of uncertainties that can result from
back of information without orientation, Market research is a process of
collecting information about who, why and how of actual and potential
consumers in a particular market. The main purpose of market
research is the ability to continually foresee both in the long and short
term.
This report is a outcome of summer training report at ICICI
PRUDENTIAL LIFE INSURANCE COMPANY LIMITED at Dehradun .
This training is a part of the curriculum of MASTER OF BUSINESS
ADMINISTRATION program at Mangalmay Institute of Management
& Technology, Greater Noida.
SANDEEP KUMAR SINGHMBA (3rd Sem)
Roll No. 07152700922007-2009
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ACKNOWLDGEMENT
I am very thankful to all those people who has ever been cooperate
and essential support provided to me at ICICI Prudential, Dehradun
branch and give the main theme to coordinate and participate at
multinational companies of banking sector. It is my duty to
acknowledge and thank them for their help. As a matter of course
thanks are due to the following persons in the given order: Industry
Guide, Mr. Mayank Kumar Sisodia, Rural Sales Associates, ICICI
Prudential Life Insurance Co. Ltd., Dehradun, who has been provided
me all the current information about marketing channel distribution of
ICICI Prudential Life Ins. Co. Ltd., and has facilitate all those help and
support as per essential.
I am very thankful to. Mr. N.P. Singh, Faculty Guide, MIMT, Greater
Noida, who has helped me out when ever their helps were required in
my project. Starting with the questionnaires till the end they were
always very helpful.
Last but least, it includes the day to day people whom I use to meet in
the organization. They are the advisors working there; this include the
staff working out there and even the people whom I met in the
Dehradun Branch of ICICI Prudential Life Insurance Unit, where all kind
of essential aspects has been provided to me for completion of my
summer training project report.
I am sincerely thankful to the above people who were very kind and co-
operative with us when ever we needed them.
SANDEEP KUMAR SINGHMBA (3rd Sem)
Roll No. 0715270092
2007-2009
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TABLE OF CONTENT
1. EXECUTIVE SUMMARY
2. THEORETICAL CONCEPTS
3. INTRODUCTION/STATEMENT OF THE PROBLEM
4. OBJECTIVE OF THE STUDY5. RESEARCH METHODOLOGY
6. INTRODUCTION OF THE INDUSTRY/ORGANIZATION
7. DATA PRESENTATION
8. DATA ANALYSIS
9. FINDINGS OF THE STUDY
10. RECOMMENDATIONS
11. REFERENCES /BIBLIOGRAPHY
12. APPENDIX
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EXECUTIVE SUMMARY
In todays competitive world the topper is always doing something
different from others or may be the same thing in a much more different
way. The same logic goes for the business world too. With new
competitors coming every now and then 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.
To make this research mostly Primary Data is being used, taking a
sample size of 150 people. The Research Methodology that is being
implemented in this study is Sampling Method .
This 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
through study of the services and 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 operations, but still it needs some
perfection to attract more and more HIGH PROFILE ADVISOR so that
they will give more policy for the company.
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THEORETICAL CONCEPTS
IMPORTANCE OF ADVISORS IN AN INSURANE
COMPANYIn the insurance industry the sales team following the typical
organization structure:
Hierarchy in Insurance Company
The sales team comprises of the Sales Manager superior to Area
Sales Manager, These ASMs (Area Sales Manager) have their
own individual team of Unit Manager and in turn Unit Managers
their own team of financial advisors.
Each team of ASMs competing with each other in surge of
achieving targets; each Unit Manager depends on their Advisors
8
SALES
MANAGER
AREA SALES
MANAGER
AREA SALES
MANAGER
AREA SALES
MANAGER
UNIT
MANAGER
UNIT
MANAGER
UNIT
MANAGER
ADVISORS ADVISORS ADVISORS
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for their business. So whats the use of unit manager, why are
they getting paid?
There work is to manage their team of Advisors, extend them
support in what ever way possible including regular training of
products, closing big calls, database management.
But it is the advisor that carries the flag of the company in the
market; they bear the brunt in the field. They represent the
company in the market to the customers, so nobody can deny the
importance of Advisors in the whole system.
They providing the company with the business and help their
respective Unit Manager to achieve their targets. So a unit
Manager has to be really careful while recruiting their Advisors.
The most important responsibility is to achieve the first P or
Production growth its what staying in Business requires of an
ICICI Prudential Manager. Part of this growth is accomplished by
improving the productivity of the existing agency member.
However, bringing sufficient number of high quality new
producers in to your sales organization each year is an absolute
must.
During the year of appointment, new Advisor usually account for
a relatively small proportion of the organizations total production.
These points to a particularly significant fact, one that causes to
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have a natural tendency to neglect the recruiting responsibility. It
is simply this the penalty for not recruiting, or for inadequate
recruiting, is a differed penalty.
Nonetheless, the penalty will be realized in due time. Again, the
number one job is to achieve consistent production
iDehraduneases. The most promising means of successfully
getting this job done is to induct a sufficient number of quality
advisors each year.
The most promising means of achieving profitable production
growth lies in your sales organizations capacity to give policy
owners good counsel and prompt, courteous serves to give
them value for premium paid. The best guarantee of having that
capacity comes from retaining large number of productive
advisor, In turn retention and productivity of advisor in your
organization depends largely on the quality and quantity of your
recruiting efforts.
Consequently, the development needs of your sales organization
call for successful recruiting. Its a necessity. The induction of a
sufficient quantity of high potential advisor results in substantial,
steady growth in production. This is why manager who move to
the top of ICICI Prudential honor roll and stay there are always
found to be manpower-focused.
Before we move to the how to of recruiting, lets consider some
important philosophies relative to recruiting.
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FIVE PERSISTENT CONCERNS
As an ICICI Prudential Manager, you are fully committed to
building a high performing, growing agency. This being true,
it follows those five concerns must be constant in your
annual planning.
The SEARCH for talent
The EVALUTION of potential advisors
The ATTRACTION of advisors
The RETENTION of advisors
The PRODUCTIVITY of advisors
Any manager who attains satisfying results in these five
areas will enjoy
Satisfying sales results
Outstanding persistency of business
Superior policy owner service capabilities
An enviable reputation as a ICICI Prudential agency
builder
A momentum which comes from the synergistic benefit
of success
OBVIOUSLY, THE FIRST THREE CONCERNS SEARCHING,
EVALUATING AND ATTRACTING-ARE VITAL:
The other two concerns, the retention and productivity of advisor,
must e considered together. To attain success might be achieved
in either area without total or real benefits to the agency, the
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company or the client. There is nothing short-term or temporary
about the challenge connected with these recruiting concerns.
They are constant. They are eternal.
CHART SHOWING HOW TO GET POTENTIAL ADVISOR:
Putting it simply in a flow
SEARCH
Where to look for
ATTRACT
How to attract to life Insurance
EVALUATE
How to evaluate
PRODUCTIVITY
RETENTION
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THE BASICS
The basic principal is involved in getting the recruiting job donesuccessfully and consistently. It is, of course, the one job must
not delegate.
Philosophy of high standards
Philosophy of high standards and a success syndrome is the
central point of maintaining high standards. The presence of
successful, high-performing Advisors in your organization attracts
more of the same. A recent study revealed that nearly one-half of
these individuals choose an insurance career because a
successful advisor influences them. Our experience at ICICI
Prudential supports this conclusion.
Atmosphere of Success
Ideally, as prospective Advisors enter your office, they should
find themselves surrounded by an atmosphere of success. They
should see evidence of a positive and dynamic environment.
They should be aware of high quality men and women high
standards of production high standards of the office neatness
and arrangement high standards of income high standards of
business management. They should be made to feel to, taste it
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and senses it. As a result, they will have a natural inclination to
become a part of the winning sales organization you building
.
There is no question about it its always easier to recruit
successfully in an organization that is on the move. You must
contribute to an environment where things are obviously
happening one that has an atmosphere of success. This is the
starting point if you are going to attract high potential advisors.
Attraction Power
Second, Work at developing your Attraction Power. Strive to be
the kind of person you want other to be. Be kind other want to
emulate. Youll have taken a giant steno toward being an
effective recruiter when you do.
Be especially consociation about your appearance. You cant
judge a book by its cover is a well-worn and accepted adage.
However, most prospects and prospective advisors dont believeit. They judge you by your overall appearance. Also, work
consistently at doing the thing, which will cause you to be known
for what you know. An active Involvement in social and civic
organization will assist you in letting your reputation precede you.
Youll have taken another step toward being an effective recruiter
when you do these things.
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Decide on the profile of the adviser
Next, decide on the profile of the adviser who will fit and grow
best in your operation the kind of person you can develop best.
Experience, age, market, contacts, income requirements, and a
number of other factors should be considered in answering the
big question what kind of an advisor is best suited for you and
your organization.
Constant need of advisors at ICICI Prudential
Remember the need of quality advisors never diminishes at ICICI
Prudential. It continues in to the future as far as you can see.
Thread of discount (TOD)
Fifth, be reminded that there is no large, ready supply of high
potential candidates who are discontented with their present job.
However, things do happen in individuals jobs, their lives or their family situation, which can cause them to become prospects for
you some times, almost overnight. When the thread of discount
surfaces, be sure they are thinking of you and the ICICI
Prudential.
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Success determined by past performance
Sixth, most successful advisor are highly competitive and
generally come into our business from jobs where there success
is determined by their performance. Consistence search for
prospective advisors among coaches, commission sales people
and individual who have been in business for themselves.
Build a weekly recruiting success formula
Finally, build a weekly recruiting success formula. Our statistics
show that to recruit one person, youll probably need at least 30
initial contacts. This will gives you seven people who will pass
the selection test. This is turn develops two advisor you will
appoint. Understanding these ratio enable you, emotionally and
physically, to plan and achieve the necessary activity to reach
your recruiting goal each year.
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RECRUITING SUCCESS FORMULA
Study Exhibit 2, recruiting success formula. Develop your
numbers. This strategy will help keep you focused on your
number one job recruiting enough of the right kind each year.
Recruiting success formula
Before we move on to searching it is important to know theprofile of the adviser.
The general profile would be:
Age 25-45 years
Smart appearance and should health
Good marketHigh IQ and common sense
Ability to work under pressure
Prior sales experience
Integrity and character
Money motivation
Drive and ambition
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2 SELECTED
8 FOR INTERVIEW
30 CONTACTS
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STRATEGIES
INVOLVED IN SEARCHING
POTENTIAL ADVISORS
Searching for high potential prospective advisor
If the search for prospective advisors must be continuous and
systematic just like prospective for sales, you must search
among several sources on a regular basis sources are broadly
classified as primary source and secondary source.
Personal observation
This method of uniquely personal. It permits you to apply your
own standards and exercise your own judgment. Always be on
the alert for prospective adviser in your daily selling activities in
instinctively apprises as prospective advisors those you see,
meet or sell. Stay in circulation and meet a lot of people on a
regular basis. Develop these individuals as friends and clients,
and then determine whether or not to recruit them.
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Present advisor recommendation
No one knows more about the kind of person you seek and the
kind of opportunities you have for the prospective advisor then
the present members of your sales organization. Moreover, they
have a selfish interest in wanting their associates to be type of
person who will reflect favorably on their organization. Many
successful advisors have an abil ity to att ract promising
prospective advisors who can and do succeed.
Client referrals
Clients are readily accessible source of prospective advisor and
referrals. It is safe to assume that client who has relied upon your
agency to handle their insurance are pleased with both you and
your work. Since you have created a favorable impression, the
can picture themselves or others as having the same success.
Therefore, it is mostly a matter of helping them to help you by
making enquires and asking questions designed to remind them
of names of prospective advisors.
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College campuses
Many high-potential, high quality young people are being
recruited directly from college. Todays college graduate seems
to be more interested in a meaningful career than most
opportunities offer.
However, some caution should be used in recruited on campus.
The person you seek from college must have exhibited define
leadership qualities and have a history a success. Also most
people in the final year are looking for permanent jobs and might
use this as a atop gap opportunity. While targeting colleges it
might be better to target colleges, which has students comingfrom business communities. Also targeting colleges offering
professional courses might not work since most of these students
would be interested in pursuing their respective profession.
Seminars
Seminars recruiting are a resourceful strategy that breaks with
tradition. It makes it possible for the prospective advisor, as part
of a group, to obtain information opportunities in the insurance
business, as part of a group, the prospective advisors feels
comfortable and quickly develops open-mindedness to
investigating the possibility of a career insurance. S seminars
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include seminars conducted by the association, doctors
seminars, HR professional. These seminars are one way to
reaching out to many people not by making a presentation to the
participants but by also word of mouth since these participants
would like to their families and friends, so also the chain would
continue.
Newspaper advertisement
Newspaper advertising created considerable activity. It is one of
the fastest ways to get name and talk people seeking a change in
employment. Consider as a Wholesale Method of widening your
range of contacts with prospective advisors. Keep in mind that
generally develops pop-up prospects that must be screened
carefully.
Realize that valuable t ime can be wasted interviewing or
qualifying responds who really only job are hunting. - or who are
in need of a job right now. Advanced planning with a definite
interview procedure will keep u from falling into this trap. At ICICI
prudential newspaper advertisements are regular a mode.
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Direct Mail
Mass mailing is a system if used can be a very successful tool.
One system is to send letter with reply cards on a regular basis
especially to centers of influence. Use li st from club, church and
alumni directories. The standards letter should briefly describe
the rewards of a successful insurance sales career. In a letter of
this nature, attempt to arouse the interest of the individual who
receives it in the hope that he or she will be more receptive to
your follow-up. You will want to investigate this innovation source
for producing names of quality prospective advisors.
A few examples of these COIs or centers of influence are:
Doctors
Lawyers
Pundits
Priests
Chartered Accountants
Teachers
NGO workers
Bankers
The one thing common to all these people is the contacts that the
have and the influence that the have over these contact.
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To insure a continuous flow of nomination from COIs,
practice these few basic rules for developing center of
influences.
Keep contacting them on a planned basis. The center that
gives you one name will give you more if you keep in
touch and ask.
Report back to your centers. Keep them informed of your
result.
Eliminate from your list of those centers who do not prove
to be cooperative or productive or who continually give
names of people needing jobs.
Maintain visibility. Keep your name in front of them.
Select your centers with an eye to developing as many
markets as possible.
Show your appreciation. Let your centers know you
appreciate their help.
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PRE-APPROACH LETTERS TO PROSPECTIVE ADVISOR
Sample one (mass mailer)
Dear. . (use the name)
We at ICICI prudential have a business opportunity to offer. With
a rapidly growing agency force and a business expanding by
leaps and bounds. I am looking at addition in my team. Thiscareer offers potential for unlimited earnings and personal
growth.
If you are a person with high energy levels and is looking for
business opportunities to be a successful entrepreneur, here is
your chance!!
I would like to talk to you personally about this fantastic offer for
you. Please call me on. . (Tele. No.)
Thanks and Regards,
Manager
ICICI Prudential life Insurance Company Ltd.
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Sample two(Employee)
Dear. . (Use the name)
In view of the unusual progress made by ICICI Prudential life insurance
company, we are planning an expansion in our team of sales
professionals.
Your name was referred to me as an ideal candidate for this role. I
would their ore like to present to you an opportunity of additional
income through a business with no capital investment.
I am looking for people who have the drive to achieve vertical financial
growth and want to make their dreams come true.
Ill be calling you within the next few days to arrange a visit so we can
discuss his important matter in greater details. You can then determine
whether there would be a mutual advantage in furthering our talks.
Thanks and Regards,
Manager
ICICI Prudential life Insurance Company Ltd.
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Sample three (COI Priest)
Dear. .: (Use the name)
Many people call on you for counsel and advice. Im writing you
because some of the problems of these people relate to employment or
business opportunities.
We have an unusual opportunity for people in your community who can
meet our standard and who have the desire to get ahead. The type of
individual who can best fit into our organization has had a few year of
business experience, but has the ability to make the ambition to make
money.
At this time, we are able to offer the right persons an unusually
attractive opportunity. We will give them best type of training for a
profitable career. They will be earning while they are learning our
unique method of clientele building. To help someone whom you know
to take advantage of this opportunity will be a real service.
Please list on the enclosed card the names of the people whom you
wish to recommend.
Thank you.
Respectfully,
Manager
ICICI Prudential life Insurance Company Ltd.
Sample four (Businessman)
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Dear. . (Use the name)
We at ICICI Prudential the no. 1 private insurer are offering you
an opportunity to diversify your business and enter the field of life
insurance. We have crossed 1,000 cores in term of our premium
and have sold over 1,000,000 policies.
A client of yours who was very happy with the service levels
maintain by you referred your name to me.
Here is an opportunity for you to earn more using your existent
infrastructure and clientele base. This business requires no
capital investment but can offer you high returns.
I would call on you to discuss this high return business
personally.
Thanks and Regards,
Unit Manager
ICICI Prudential life Insurance Company Ltd.
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for graduates who are service-oriented, good communicators and enjoy
meeting new people. Prior sales experience is an added benefit.
Some of the qualities they seek are:
Self-motivation
A master communicator
A go-getter
A graduate]
TRAINING
At ICICI Prudential, they understand the importance of training in a
dynamic business environment. Their advisors go through both generic
and specific, professional programs that help them remain well-
informed and knowledgeable about the companys product in the
market. There is a further focus on soft skills such as communication,
managing long-term relationships and selling skills, which are very
relevant I a service-driven industry like life insurance.
State of the art infrastructure training facilities coupled with an excellent
faculty, guarantee an exceptional learning environment. For advisor
who might be occupied with their daily business/professional routines,
ICICI Prudential also offers convenient training option such as online
and self-learning are also provided by the organization.
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A 18-day training schedule covers the mandatory IRDA training
requirement and ICICI Prudential product training module. Revision
session ensure that the candidates thoroughly understand the course
contents and are well prepared for the licensing examination.
Theoretical training is interspersed with practical appointment settings
with potential customers, giving advisors a feel of how their business
will work from the very first day. All through, the Unit Manager and the
management provide continuous support to the advisors in achieving
independence towards garnering business.
Career
At ICICI Prudential, career development is emphasized upon from the
very day the advisor joins the system. Though individual meeting with
his or her manager, the advisor can discuss various issues related to
business development and career enhancement. Expectations from the
organization in terms of chalking a career in the insurance industry are
also discussed.
Tiger Team: ICICI Prudential offers the Tiger team programmer for
identified high potential advisors. Hand picked by the management,
these advisors are placed on fast-track career path and recognized as
Tiger Trainers. The advisors can participate in this program, subject
to certain criteria being fulfilled.
Pinnacle Program: Absorption in to the management is another career
enhancement option provided at ICICI Prudential through the Pinnacle
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Program. This program helps advisors build a full time career as a unit
manager in the organization, offering great potential for managing a
team of advisors and personal development. Fast track Pinnacle
program is also available to advisors who are able to meet the
performance criteria within the stipulated time.
Rewards and Recognitions
ICICI Prudential advisors are constantly recognized and rewarded for
their performance. Numerous contests all year round promote healthy
competition amongst advisors and recognition for their efforts.
Depending on the level of business the advisors achieve in a year, he
or she can become a member of various clubs such as the Presidentsclub, ICICI Prudential Star International and ICICI Prudential Star India
club. Each of these clubs have specific performance criteria for
qualification and members of these clubs are entitled to attend
seminars held at exotic international and domestic locations each year.
Advisors can also qualify for the renowned MDRT (Million Dollar Round
Table), an exclusive international advisors club.
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SOME BASIC MANDATED -
A MANAGER ANSWERS BEFORE RECRUITING
WHY TO RECRUIT?
Because we are supposed to!!
Thats the way to do this business
More recruits, more active advisors, more BUSINESS!!
WHO TO RECRUIT?
Quality Dept. Has given some indicators in terms of what
are the common traits of our successful advisors
The commonalities are:
Age : between 30-45
Education : Graduate
Family Income : above Rs. 2 lacs p.a.
This is a broad pointer for us to remember what
are the chances of a person doing good or bad from
looking at his/her profile
Some other pointers from Quality
Successful advisors usually have 2 years of
work exp. In their current profession.
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Small time businessman/entrepreneursv.
successful profile.
Women/housewife are very successful
However they have not been sustainable over long
periods. They usually have become inactive after 6-7
months of joining. But till the time they are working, their
avg. WAPI & productivity is very high compared to others
People who are new to city are least probable
to do well.
High probability of success
Tax/financial consultants, CAs
Bond/mutual fund agentLIC agent-surrogates
Small business owners
Average profile
Women
Student
VRS/retired personnel
Avoidable profile
New to city
Income profile approx Rs. 1 lac p.a.
People who do not own their transport
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THE MOST SUCCESSFUL PROFILE The person who hasbeen managed well by you.
Things which you should have while meeting the prospect
BOP presenter
Reward points booklet OR take a copy of the catalog from the
website show the gift, a prospect wouldnt understand points,
but will value the gifts.
Advisor manual can show how the manual can answer many
procedural issues.
Talk about email ID & tech support the prospect would like to
know what all ill the company gives.
My Market 100-show the booklet and stress its importance
Copy of any certificate MORT certificate, Sales Champion
certificate etc to show recognition.
Insist on doing the BOP presentation it gives a
complete picture of what you have to present & answers a lot
of question
Stress on different thing to different profile change
your proposition as per the customer.
Women rewards, - gift items, household goods,
gold
Young marketing background career Pinnacle
Tax/MF/LIC agents Rewards & Recognition, Star
clubs.
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CAs foreign trips, preferential treatment in all
aspects, dont talk about commissions, stress on the extra.
Small businessman / entrepreneurs show ROE
Return on Energy, to the earn the same amount of money
from your business, you would be spending much more time
& energy AND A LOT OF CAPITAL FROM YOUR POCKET.
THE POWER OF RENEWAL COMMSSIONS
Always, always, always stress on the fact that renewal
commissions ARE THE differentiator from every other sort of
business
Spend lot of time on the Commissions structure given in the
BOP.
Try to do an example in front of them trying to portray thecommissions payable for the same amount of business done
every year.
THE EARNING CALCULATOR WILL BE OF HELP HERE.
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RECRUITMENT ACTIVITIES
SOME MORE WAYS ON HOW TO RECRUIT
Data base attack
Cold Calling
RWA activities tambola or children painting competition give
real time leads, cost effective per lead.
THING TO CHECK WHILE RECRUITING
ENERGY, ENERGY.always check the persons energy levels,
as this career is all about meeting new people, finding new
prospects and more so handling rejection.
His past/present occupation gives tremendous insight into his
energy levels.
Show him the path in his current environment how insurance
selling can fit in lowers the resistance of time availability.
Check his environment his family, locality
Check whether he cam work on his own
Find out if he is looking for money or career as he can has
both here.
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Always try to meet the person at his residence check for
locality, his household, standard of living, try to involve the
spouse in the presentation so that they know what they are
getting into.
ALWAYS check on need for money & a drive to do well in life if
he has been doing well in life, he will make efforts to do well with
us ask questions about his past, find instances of
accomplishments.
Keep checking on the pointers & do mental checks list of the
acceptable points.
Be convinced about the profile and then only go ahead.
STATEMENT OF THE PROBLEM
The statement of the problem is getting the recruitment of the
advisor who done job successfully and consistently. It is, of
course, the one job must not delegate.
Philosophy of high standards
Philosophy of high standards and a success syndrome is the
central point of maintaining high standards. The presence of
successful, high-performing Advisors in your organization attracts
more of the same. A recent study revealed that nearly one-half of
these individuals choose an insurance career because a
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successful advisor influences them. Our experience at ICICI
Prudential supports this conclusion.
Atmosphere of Success
Ideally, as prospective Advisors enter your office, they should
find themselves surrounded by an atmosphere of success. They
should see evidence of a positive and dynamic environment.
They should be aware of high quality men and women high
standards of production high standards of the office neatness
and arrangement high standards of income high standards of
business management. They should be made to feel to, taste it
and senses it. As a result, they will have a natural inclination to
become a part of the winning sales organization you building.There is no question about it its always easier to recruit
successfully in an organization that is on the move. You must
contribute to an environment where things are obviously
happening one that has an atmosphere of success. This is the
starting point if you are going to attract high potential advisors.
Attraction Power
Second, Work at developing your Attraction Power. Strive to be
the kind of person you want other to be. Be kind other want to
emulate. Youll have taken a giant steno toward being an
effective recruiter when you do.
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Be especially consociation about your appearance. You cant
judge a book by its cover is a well-worn and accepted adage.
However, most prospects and prospective advisors dont believe
it. They judge you by your overall appearance. Also, work
consistently at doing the thing, which will cause you to be known
for what you know. An active Involvement in social and civic
organization will assist you in letting your reputation precede you.
Youll have taken another step toward being an effective recruiter
when you do these things.
Decide on the profile of the adviser
Next, decide on the profile of the adviser who will fit and grow
best in your operation the kind of person you can develop best.Experience, age, market, contacts, income requirements, and a
number of other factors should be considered in answering the
big question what kind of an advisor is best suited for you and
your organization.
Constant need of advisors at ICICI Prudential
Remember the need of quality advisors never diminishes at ICICI
Prudential. It continues in to the future as far as you can see.
Thread of discount (TOD)
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Fifth, be reminded that there is no large, ready supply of high
potential candidates who are discontented with their present job.
However, things do happen in individuals jobs, their lives or their
family situation, which can cause them to become prospects for
you some times, almost overnight. When the thread of discount
surfaces, be sure they are thinking of you and the ICICI
Prudential.
Success determined by past performance
Sixth, most successful advisor are highly competitive and
generally come into our business from jobs where there success
is determined by their performance. Consistence search for
prospective advisors among coaches, commission sales peopleand individual who have been in business for themselves.
Build a weekly recruiting success formula
Finally, build a weekly recruiting success formula. Our statistics
show that to recruit one person, youll probably need at least 30
initial contacts. This will gives you seven people who will pass
the selection test. This is turn develops two advisor you will
appoint. Understanding these ratio enable you, emotionally and
physically, to plan and achieve the necessary activity to reach
your recruiting goal each year.
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OBJECTIVE OF THE STUDY
My stint with ICICI prudential made me cover various aspects of
insurance industry. One of those to recruit financial advisors for the
respective unit manager. We were given the same profile as a Unit
Manager; our number one task was to recruit.
Various activities covered under this task:
Market skimming in search for the best suited profile for
the company.
Managing the advisors after they join the company.
Providing support to the advisors.
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RESEARCH METHODOLOGY
The approach to the research is considered in this chapter, from the
theoretical underpinning to the collection and analysis of the data. It
begins with the extent of the research to provide the specific guidelines
of studying. The next part is concerned with the method of the research
that refers to the data collection and analyzing which is used in the
research.
CONCEPTUAL CONTEXT OF THE RESEARCH
As the objective of the research focuses on the search of potential
Insurance Advisor with special emphasis of ICICI Prudential. It will help
the company to iDehradunease its sales, which is prime objective of the company at this time. The research attempts to generate an
awareness among the people of Dehradun regarding the agency of
ICICI Prudential.
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DATA COLLECTION
PRIMARY DATA
Data collection of this research was done primarily through filling up of
questionnaires. The sample for the research including different
individuals of various age groups and having different profession and
qualification. Data was collected through the interview of individuals.
The questionnaires was containing questions regarding the personal
details of individuals and then some light question regarding their
primary knowledge related to private insurance companies. Then there
were questions related to their interest in being the Insurance Advisor
of the company.
SECONDARY DATA
A large amount of secondary data has been collected from secondary
sources. Some of the sources are:-
Report on Insurance sector of India. Articles from newspapers and magazines.
Various web sites of the insurance companies and related sites.
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DATA ANALYSIS
There are some features of analyzing data that need to be borne in
mind when choosing the method for analyzing the research. The
questionnaires were prepared to explore the psychology of individuals
about being associated with ICICI Prudential as insurance advisor and
to help the company grow by iDehraduneasing its sales. Instead of
testing a hypothesis, a qualitative analyst may demonstrate evidence
showing that a theory, generalizing, or interpretation is plausible.
SAMPLE SIZE
Various area of Dehradun were covered in order to fill the
questionnaire. I interacted with 150 individuals in order to know abouttheir interest of being Insurance advisor of ICICI Prudential.
Sample Size 150
SAMPLE COMPOSITION
I. Youth
II. Executive
III. Serviceman
IV. Business person
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RESEARCH DESIGN
A research design provides the frame work to be used as a guide in
collecting and analyzing data.
Descriptive Research: Market survey is one of the best examples of
descriptive research. This is a one shot research study at a given point
of time, and consists of a sample of the population of interest. Its
advantages are that it gives a good overall picture of the position at a
given time. It can cover many variables of interest, and is not affected
by the movements of elements in the sample, because other elements
can be substitute for them.
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INTRODUCTION OF THE INSURANCE
INDUSTRY/ORGANIZATION
INSURANCE
The business of insurance is related to the protection of the economic
values of assets. Every asset has a value; the assets would have been
created through the efforts of the owner. The asset is valuable to the
owner, because he expects to get some benefits from it. The benefit
may be an income or something else. It is a factory or a cow, the
product generated by is sold and income generated. In the case of a
motor car, it provides comfort and convenience in transportation. There
is no direct income.
Every asset is expected to last for a certain period of time during which
it will perform. After that, the benefit may not be available. There is a
life-time for a machine in a factory or a cow or a motor car. None of
them will lose for ever. The owner is aware of this and he can so
manage his affairs that by the end of that period of life-time, a
substitute is made available. Thus, he makes sure that the value of
income is not lost. However, the asset may get lost earlier. An accident
or some other unfortunate event may destroy it or make it non financial.
In that case, the owner and those deriving benefits there from, would
be deprived of the benefit and the planned substitute would not have
been ready. There is an adverse or unpleasant situation. Insurance is a
mechanism that helps to reduce the effect of such adverse situation.
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BRIEF HISTORY OF INSURANCE
The business of insurance started with marine business. Traders, who
used to gather in the Lloyds coffee house in London, agreed to share
the losses to their goods while being carried by ships. The losses used
to occur because of pirates who robbed on the high seas or because of
bad weather spoiling the goods or sinking the ship. The first insurance
policy was issued in 1583 in England. In India, insurance began in
1876 with life insurance being transacted by an English company, the
European and the Albert. The first Indian insurance company was the
Bombay Mutual Assurance Society Ltd, formed in 1870. This was
followed by the Oriental Life Assurance Co. in 1874, the Bharat in 1896
and the Empire of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the United
India in Madras, the Bombay Life in Mumbai, the National in Calcutta,
the New India in Mumbai, the Jupiter in Mumbai and the Lakshmi in
New Delhi. These were all Indian companies, started as a result of the
swadeshi movement in the early 1900s. By the year 1956, when the life
insurance was nationalized and the Life Insurance Corporation of India
(LIC) was formed on 1 st September 1956, there were 170 companies
and 75 provident fund societies transacting life insurance business in
India. After the amendment to the relevant laws in 1999, the L.I.C. did
not have the exclusive privilege of doing life insurance business in
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India. By 31.3.2002, eleven new insurers had been registered and and
had begun to transact life insurance business in India.
PURPOSE AND NEED OF INSURANCE
Assets are insured, because they are likely to be destroyed, through
accidental occurrences. Such possible occurrences are called perils,
Fire, floods, breakdown, lightning, earthquakes, etc, are perils. If such
perils can cause damage to the asset, we say that the asset is exposed
to that risk. Perils are the events. Risks are the consequential losses or
damages. The risk to a owner of a building, because of the peril of an
earthquake, may be a few lakhs or few crores of rupees, depending on
the cost of the building and the contents in it.
The risk only means that there is a possibility of loss or damage. The
damage may or may not happen. Insurance is relevant only if there are
uncertainties. If there is no uncertainty about the occurrence of an
event, it cannot be insured against. In the case of a human being,
death is certain, but the time of death is uncertain, In the case of a
person who is terminally ill, the time of death is not uncertain, though
not exactly known. He cannot be insured.
Insurance does not protect the asset. It does not prevent its loss due to
the peril. The peril cannot be avoided through insurance. The peril can
sometimes be avoided, through better safety and damage control
management. Insurance only tries to reduce the impact of the risk and
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the owner of the assets and those who depend on that asset. It only
compensates the losses and that too, not fully.
Only economic consequences can be insured. If the loss is not
financial, insurance may not be possible. Examples of non economic
losses are love and affection of parents, leadership of managers,
sentimental attachments to family heirlooms, innovative and creative
abilities, etc.
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INDIAN INSURANCE SECTOR
The Insurance sector in India governed by Insurance Act, 1938, the
Life Insurance Corporation Act, 1956 and General Insurance
Business (Nationalisation) Act, 1972, Insurance Regulatory and
Development Authority (IRDA) Act, 1999 and other related Acts.
Life Insurance Corporation of India (LIC)
Life Insurance Corporation of India (LIC) was formed in September,
1956 by an Act of Parliament, viz., Life Insurance Corporation Act,
1956, with capital contribution from the Government of India. The
then Finance Minister, Shri C.D. Deshmukh, while piloting the bill,
outlined the objectives of LIC thus: to conduct the business with theutmost economy, in a spirit of trusteeship; to charge premium no
higher than warranted by strict actuarial considerations; to invest
the funds for obtaining maximum yield for the policy holders
consistent with safety of the capital; to render prompt and efficient
service to policy holders, thereby making insurance widely popular.
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Since nationalisation, LIC has built up a vast network of 2,048
branches, 100 divisions and 7 zonal offices spread over the
country. The Life Insurance Corporation of India also transacts
business abroad and has offices in Fiji, Mauritius and United
Kingdom. LIC is associated with joint ventures abroad in the field of
insurance, namely, Ken-India Assurance Company Limited,
Nairobi; United Oriental Assurance Company Limited, Kuala
Lumpur and Life Insurance Corporation (International) E.C.
Bahrain. The Corporation has registered a joint venture company in
26th December, 2000 in Kathmandu, Nepal by the name of Life
Insurance Corporation (Nepal) Limited in collaboration with Vishal
Group Limited, a local industrial Group. An off-shore company
L.I.C. (Mauritius) Off-shore Limited has also been set up in 2001 to
tap the African insurance market.
GENERAL INSURANCE:
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General insurance business in the country was nationalised with effect
from 1st January, 1973 by the General Insurance Business
(Nationalisation) Act, 1972. More than 100 non-life insurance
companies including branches of foreign companies operating
within the country were amalgamated and grouped into four
companies, viz., the National Insurance Company Ltd., the New
India Assurance Company Ltd., the Oriental Insurance Company
Ltd., and the United India Insurance Company Ltd. with head
offices at Calcutta, Bombay, New Delhi and Madras, respectively.
General Insurance Corporation (GIC) which was the holding
company of the four public sector general insurance companies
has since been delinked from the later and has been approved as
the "Indian Reinsurer" since 3rd November 2000. The share capital
of GIC and that of the four companies are held by the Government
of India. All the five entities are Government companies registered
under the Companies Act.
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The general insurance business has grown in spread and volume
after nationalisation. The four companies have 2699 branch offices,
1360 divisional offices and 92 regional offices spread all over the
country. GIC and its subsidiaries have representation either directly
through branches or agencies in 16 countries and through
associate/ locally incorporated subsidiary companies in 14 other
countries. A wholly- owned subsidiary company of GIC, i.e. Indian
International Pte. Ltd. is operating in Singapore and there is a joint
venture company, viz. Kenindia Assurance Ltd. in Kenya. A new
wholly owned subsidiary called New India International Ltd., UK
has also been registered.
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NEW INSURANCE SCHEMES
UNIVERSAL HEALTH INSURANCE SCHEME
The Universal Health Insurance policy is available to groups of 100
or more families. The policy provides for reimbursement of medical
expenses upto Rs.30000/- towards hospitalisation floated amongst
the members of the family, death cover due to an accident for
Rs.25000 to the earning head of the family and compensation due
to loss of earning head of the family @ Rs.50/- per day upto a
maximum of 15 days, after a waiting period of three days, when the
earning head of the family is hospitalised. The premium under the
policy is Rs.1/- per day (i.e. Rs.365/- per annum) for an individual,
Rs.1.50 per day for a family of five limited to spouse and children
(i.e. Rs.548 per annum), and Rs.2/- per day (i.e. Rs. 730 per
annum) for covering dependent parents within the overall family
size of seven. A subsidy of Rs. 100 per year towards annual
premium for "Below Poverty Life" families is also provided under
the Scheme.
For purpose of this policy HOSPITAL means:
Any Hospital/Nursing home registered with the local authorities and
under the supervision of a registered and qualified Medical
practitioner.
Hospital/ Nursing Home run by Government.
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Enlisted hospitals run by NGOs/ Trusts/ selected private hospitals with
fixed schedule of charges.
Hospitalisation should be for a minimum period of 24 hours. However,
this time limit is not applied to some specific treatments and also
where due to technological advancement hospitalisation for 24
hours may not be required.
MAIN EXCLUSIONS :
All pre-existing diseases.
Corrective, cosmetic or aesthetic dental surgery or treatment.
Cost of spectacles, contact lens and hearing aid.
Primarily diagnostic expenses not related to sickness/injury.
Treatment for Pregnancy, Childbirth, Miscarriage, abortions etc.
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AGE LIMITATIONS:
This policy covers people between the age of 3 months to 65
years.
FLOATER BASIS:
The benefit of family will operate on floater basis i.e. the total
reimbursement of Rs. 30,000/- can be avalied of individually or
collectively by members of the family.
For further details please refer the Prospectus or the Policy
Document issued by the Insurance Company.
VARISHTHA PENSION BIMA YOJANA
Scheme
Indian citizens aged 55 years (last birthday) and above are eligible (no
upper age ceiling).
Pension will be paid during the lifetime of the pensioner.
In the event of unfortunate death of the pensioner, purchase price will
be paid to the nominee/ legal heir of the pensioner.
Mode of payment of pension : Monthly, Quarterly, Half Yearly or Yearly.
Minimum pension is Rs. 250/- per month
Maximum pension is Rs. 2000/- per month.
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Only one person from a family can apply. The family for this purpose
shall comprise of the pensioner, his/ her spouse and dependants.
Age proof will be required. Where age is to be admitted on declaration
basis, declaration on a stamp paper, signed in front of a notary
shall be required.
PREMIUM
Only single premium (purchase price) is payable i.e. premium is to
be paid in one lump sum. Further, premium shall be accepted by
cheques/ drafts payable on the Branch of the bank which is the
member of the local clearing house.
EXIT OPTION
Exit option to be provided after 15 years.
Availability of Loan
Availability of loan to the extent of 75% of Purchase Price after 3
years. Interest rate on loan to be decided by LIC from time to time.
At present, the rate of interest would be 10.5%.
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MAJOR POLICY CHANGESREFORMS IN INSURANCE SECTOR
Insurance sector has been opened up for competition from Indian
private insurance companies with the enactment of Insurance
Regulatory and Development Authority Act, 1999 (IRDA Act). As
per the provisions of IRDA Act, 1999, Insurance Regulatory and
Development Authority (IRDA) was established on 19th April 2000
to protect the interests of holder of insurance policy and to regulate,
promote and ensure orderly growth of the insurance industry. IRDA
Act 1999 paved the way for the entry of private players into the
insurance market which was hitherto the exclusive privilege of
public sector insurance companies/ corporations. Under the newdispensation Indian insurance companies in private sector were
permitted to operate in India with the following conditions:
Company is formed and registered under the Companies Act, 1956;
The aggregate holdings of equity shares by a foreign company, either
by itself or through its subsidiary companies or its nominees, do not
exceed 26%, paid up equity capital of such Indian insurance
company;
The company's sole purpose is to carry on life insurance business or
general insurance business or reinsurance business.
The minimum paid up equity capital for life or general insurance
business is Rs.100 crores.
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The minimum paid up equity capital for carrying on reinsurance
business has been prescribed as Rs.200 crores.
The Authority has notified 27 Regulations on various issues which
include Registration of Insurers, Regulation on insurance agents,
Solvency Margin, Re-insurance, Obligation of Insurers to Rural and
Social sector, Investment and Accounting Procedure, Protection of
policy holders' interest etc. Applications were invited by the
Authority with effect from 15th August, 2000 for issue of the
Certificate of Registration to both life and non-life insurers. The
Authority has its Head Quarter at Hyderabad.
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INSURANCE COMPANIES
IRDA has so far granted registration to 12 private life insurance
companies and 9 general insurance companies. If the existing
public sector insurance companies are included, there are
currently 13 insurance companies in the life side and 13
companies operating in general insurance business. General
Insurance Corporation has been approved as the "Indian
reinsurer" for underwriting only reinsurance business.
Particulars of the life insurance companies and general
insurance companies including their web address is given
below:
LIFE INSURERS WebsitesPublic Sector
Life Insurance Corporation of
Indiawww.licindia.com
Private Sector
ICICI Prudential Life Insurance
Co. Limitedwww.iciciprulife.com
Allianz Bajaj Life InsuranceCompany Limited
www.allianzbajaj.co.in
Birla Sun-Life Insurance
Company Limitedwww.birlasunlife.com
HDFC Standard Life Insurance
Co. Limitedwww.hdfcinsurance.com
ING Vysya Life Insurance www.ingvysayalife.com
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Company Limited
Max New York Life Insurance Co.
Limitedwww.maxnewyorklife.com
MetLife Insurance Company
Limitedwww.metlife.com
Om Kotak Mahindra Life
Insurance Co. Ltd.www.omkotakmahnidra.com
SBI Life Insurance Company
Limitedwww.sbilife.co.in
TATA AIG Life Insurance
Company Limitedwww.tata-aig.com
AMP Sanmar Assurance
Company Limitedwww.ampsanmar.com
Dabur CGU Life Insurance Co.
Pvt. Limitedwww.avivaindia.com
GENERAL INSURERS
Public Sector
National Insurance Company
Limitedwww.nationalinsuranceindia.com
New India Assurance Company
Limitedwww.niacl.com
Oriental Insurance Company
Limitedwww.orientalinsurance.nic.in
United India Insurance Company
Limitedwww.uiic.co.in
Private Sector
Bajaj Allianz General Insurance
Co. Limitedwww.bajajallianz.co.in
ICICI Lombard General www.icicilombard.com
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Insurance Co. Ltd.
IFFCO-Tokio General Insurance
Co. Ltd.www.itgi.co.in
Reliance General Insurance Co.
Limitedwww.ril.com
Royal Sundaram Alliance
Insurance Co. Ltd.www.royalsun.com
TATA AIG General Insurance Co.
Limited www.tata-aig.com
Cholamandalam General
Insurance Co. Ltd.www.cholainsurance.com
Export Credit Guarantee
Corporationwww.ecgcindia.com
HDFC Chubb General Insurance
Co. Ltd.
REINSURER
General Insurance Corporation of
Indiawww.gicindia.com
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PROTECTION OF THE INTEREST OF POLICY HOLDERS:
IRDA has the responsibility of protecting the interest of insurance
policyholders. Towards achieving this objective, the Authority has
taken the following steps:
IRDA has notified Protection of Policyholders Interest Regulations 2001
to provide for: policy proposal documents in easily understandable
language; claims procedure in both life and non-life; setting up of
grievance redressal machinery; speedy settlement of claims; and
policyholders' servicing. The Regulation also provides for payment
of interest by insurers for the delay in settlement of claim.
The insurers are required to maintain solvency margins so that they are
in a position to meet their obligations towards policyholders with
regard to payment of claims.
It is obligatory on the part of the insurance companies to disclose
clearly the benefits, terms and conditions under the policy. The
advertisements issued by the insurers should not mislead the
insuring public.
All insurers are required to set up proper grievance redress machinery
in their head office and at their other offices.
The Authority takes up with the insurers any complaint received from
the policyholders in connection with services provided by them
under the insurance contract.
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ABOUT ICICI PRUDENTIAL
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. This joint venture is
formed in the year Dec, 2000 and ICICI Prudential was amongst
the first private sector Insurance companies to begin operation in
Dec, 2000 af ter receiving approval from the Insurance
Regulatory Development Authority (IRDA).
For the year ended March 31, 2006, the company garnered Rs
24.12 billion of weighted new business premium and wrote 837,963
policies. The sum assured in force stands at Rs 458.88 billion. The
company has a network of over 72,000 advisors; as well as 9 banc
assurance partners and over 200 corporate agent and broker tie-ups. It
is also the only life insurer in India to be assigned AAA credit rating
from Fitch Ratings. For the past five 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 . ICICI Bank and Prudential Plc hold
74 percent and 26 percent stake respectively.
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PARTNERS
ICICI and Prudential came together in 1993 to form
Prudential ICICI Asset Management Company, which has today
emerged as one leading mutual funds in India. Riding on the
success of this relationship, the two companies joined hands
ones more in 2000, to form ICICI Prudential Life Insurance, with
a commitment to provide leading edge life insurance solutions.
ABOUT ICICI BANK
ICICI Bank is India's second-largest bank with total assets
of about Rs. 2,513.89 bn (US$ 56.3 bn) at March 31, 2006 and
profit after tax of Rs. 25.40 bn (US$ 569 mn) for the year ended
March 31, 2006 (Rs. 20.05 bn (US$ 449 mn) for the year endedMarch 31, 2005). ICICI Bank has a network of about 614
branches and extension counters and over 2,200 ATMs. ICICI
Bank 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 and asset management. ICICI Bank
set up its international banking group in fiscal 2002 to cater to
the cross border needs of clients and leverage on its domestic
banking strengths to offer products internationally. ICICI Bank
currently has subsidiaries in the United Kingdom, Russia and
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Canada, branches in Singapore, Bahrain, Hong Kong, Sri Lanka
and Dubai International Finance Centre and representative
offices in the United States, United Arab Emirates, China, South
Africa and Bangladesh. Our UK subsidiary has established a
branch in Belgium. ICICI Bank is the most valuable bank in India
in terms of market capitalization.
ICICI Bank's equity shares are listed in India on the Bombay
Stock Exchange and the National Stock Exchange of India
Limited and its American Depositary Receipts (ADRs) are listed
on the New York Stock Exchange (NYSE).
ICICI Bank has formulated a Code of Business Conduct and
Ethics for its directors and employees
At June 5, 2006, ICICI Bank, with free float market
capitalization of about Rs. 480.00 billion (US$ 10.8 billion)
ranked third amongst all the companies listed on the Indian
stock exchanges.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an
Indian financial institution, and was its wholly-owned subsidiary.
ICICI's shareholding in ICICI Bank was reduced to 46% through a
public offering of shares in India in fiscal 1998, an equity offering
in the form of ADRs listed on the NYSE in fiscal 2000, ICICI
Bank's acquisition of Bank of Madura Limited in an all-stock
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amalgamation in fiscal 2001, and secondary market sales by
ICICI to institutional investors in fiscal 2001 and fiscal 2002.
ICICI was formed in 1955 at the initiative of the World Bank, the
Government of India and representatives of Indian industry. The
principal objective was to create a development financial
institution for providing medium-term and long-term project
financing to Indian businesses. In the 1990s, ICICI transformed
its business from a development financial institution offering only
project finance to a diversified financial services group offering a
wide variety of products and services, both directly and through a
number of subsidiaries and affiliates like ICICI Bank. In 1999,
ICICI become the first Indian company and the first bank or
financial institution from non-Japan Asia to be listed on the
NYSE.
After consideration of various corporate structuring alternatives in
the context of the emerging competitive scenario in the Indian
banking industry, and the move towards universal banking, the
managements of ICICI and ICICI Bank formed the view that the
merger of ICICI with ICICI Bank would be the optimal strategic
alternative for both entities, and would create the optimal legal
structure for the ICICI group's universal banking strategy. The
merger would enhance value for ICICI shareholders through the
merged entity's access to low-cost deposits, greater opportunities
for earning fee-based income and the ability to participate in the
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payments system and provide transaction-banking services. The
merger would enhance value for ICICI Bank shareholders
through a large capital base and scale of operations, seamless
access to ICICI's strong corporate relationships built up over five
decades, entry into new business segments, higher market share
in various business segments, particularly fee-based services,
and access to the vast talent pool of ICICI and its subsidiaries. In
October 2001, the Boards of Directors of ICICI and ICICI Bank
approved the merger of ICICI and two of its wholly-owned retail
finance subsidiaries, ICICI Personal Financial Services Limited
and ICICI Capital Services Limited, with ICICI Bank. The merger
was approved by shareholders of ICICI and ICICI Bank in
January 2002, by the High Court of Gujarat at Ahmedabad in
March 2002, and by the High Court of Judicature at Mumbai and
the Reserve Bank of India in April 2002. Consequent to the
merger, the ICICI group's financing and banking operations, both
wholesale and retail, have been integrated in a single entity.
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PRUDENTIAL PLC
Established as the Prudential Mutual Assurance and Loan Association
in 1848, today it is an international financial services company with a
product range which extends from personal banking insurance,
pensions and retail investments, to institutional fund management and
property investments.
Its portfolio of well-known and respected brands, including Prudential,
M&G Investments, Jackson National Life, Prudential Corporation Asia
and Egg, has attracted more than 19 million customers (and policy
holders and unit holders) worldwide. Across the Group it has 234
billion of funds under management (at 31 December 2005).
Prudential has significant operations in the UK, the US and Asia,
contributing to a diversity of earnings. Worldwide it employ more than
20,000 people and our shareholders number 60,942 (at 31 December
2005). We are listed on the London and New York stock
In Asia, Prudential Corporation Asia has 23 operations in 12 countries.
These include strategic partnerships with some of the regions leading
players, including CITIC Group (for life business in China), ICICI Bank
(for life and mutual fund business in India) and Bank of China
International (for Mandatory Provident Fund business in Hong Kong).
Prudential Corporation Asia offers a wide range of savings, protection
and investment products tailored to the needs of our customers in each
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of the 12 markets in which itoperate. In addition to its life insurance
operations Prudential has asset management businesses in India,
Hong Kong, Japan, Taiwan, Malaysia, Singapore, Korea, Vietnam and
China managing over 26 billion (as of 30 June 2005).
VISION
Our vision:
To make ICICI Prudential the dominant Life and Pensions player
built on trust by world-class people and service.
This we hope to achieve by:
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
our policyholders
Providing an enabling environment to foster growth and learning
for our employees
And above all, building transparency in all our 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 our people and the way we work.
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We do believe that we are on the threshold of an exciting new
opportunity, where we can play a significant role in redefining and
reshaping the sector. Given the quality of our parentage and the
commitment of our team, there are no limits to our growth.
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MANAGEMENT
Board of Directors:
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. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. HT Phong
Mr. M.P. Modi
Mr. R Narayanan
Mr. Keki Dadiseth
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Management Team
Ms. Shikha Sharma, Managing Director & CEO
Mr. N.S. Kannan, Executive Director
Mr. V. Rajagopalan, Chief - Actuary
Mr. Sandeep Batra, Chief Financial Officer Company Secretary
Ms. Anita Pai, Chief - Customer Service and Technology
Mr. Puneet Nanda, Chief - Investments
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PRODUCT OF ICICI PRUDENTIAL
SAVINGS PLANSICICI Prudential offers a variety of policies that give you the benefits of
protection and the opportunity to save for important assets or events,
like a home, a car or a wedding.
A regular premium unit-linked insurance plan with an assurance of
Capital Guarantee* and the facility of extended insurance cover.
*The capital guarantee is applicable only on the invested premium and
the declared bonus interests.
A regular premium unit-linked insurance plan with an assurance of
Capital Guarantee* along with flexible liquidity options.
A unit-linked insurance plan with an assurance of Capital Guarantee*,
which offers you the benefit of a limited premium payment and
coverage term.
A market linked insurance plans that meets your Investment and
Protection needs.
Complete market-linked insurance plans that adapt itself to your
changing protection and investment needs, throughout a lifetime.
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An insurance plan that gives added protection savings and multiple
options, all in one!
An insurance plan that gives added protection savings, multiple
options, plus the power of liquidity.
A traditional endowment savings plan that offers both high returns andprotection.
An endowment savings plan that allows you to get back substantial
survival benefits without having to wait till the maturity date.
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PROTECTION PLANS
ICICI Prudential Life Insurance offers LifeGuard - a set of pure
protection plans. Choose from amongst three different product
structures to insure your life and provide total security to your family, at
a very affordable cost.
Level Term Assurance with return of premium
On death the entire sum assured will be paid.
On maturity, all the premiums paid will be returned.
Level Term Assurance without return of premium
On death the entire sum assured will be paid.
No survival or maturity benefits.
You can also enhance the above two policies by adding Accident &
Disability Benefit Rider and Waiver of Premium Rider (WOP).
Level Term Assurance - Single premium
On death the entire sum assured will be paid.
No survival or maturity benefits
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CHILD PLANS
As a responsible parent, you will always strive to ensure a hassle-free,
successful life for your child. However, life is full of uncertainties and
even the best-laid plans can go wrong. Heres how you can give your
child a 100% safe and assured tomorrow, whatever the uncertainties.
SmartKid is especially designed to provide flexibility and safeguard
your childs future education and lifestyle, taking all possibilities into
account. For further information on our SmartKid Education Plans
1. SmartKid regular premium2. SmartKid unit-linked regular premium3. SmartKid unit-linked regular premium II4. SmartKid unit-linked single premium II
All these plans offer you:
Financial Benefits: Regular payments at critical stages in your
childs life, like Board examinations, Graduation and Post-graduation.
Total peace of mind, even if you are not around
o Sum Assured is paid immediately: Ensures that your
loved ones stay financially secure, even in your absence
o All future premiums are waived: Ensuring that your
family is not financially burdened in your absence
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o Policy benefits continue: The educational benefits of
the policy continue, ensuring that your child can realize
his or her dreams without any hassles. Development Allowance: SmartKid guarantees regular income
to secure your childs educational career and also ensures his or
her all-round development, for a nominal additional amount. The
Income Benefit Rider takes care of this through an annual
payment of 10% of the sum assured, to your child, till the
maturity of the policy, in the unfortunate event of the death of the
parent. All SmartKid plans can be enhanced with the Accident &
Disability Benefit Rider and Income Benefit Rider.You can also
an Accident Benefit Rider to a SmartKid Regular Premium
policy,and a Waiver of Premium Rider (WOP) to SmartKid unit-
linked regular premium policy.
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RETIREMENT PLANS
Life Expectancy has been rising rapidly and today you can expect to
live longer than your earlier generations. For you, this iDehradunease
will mean a longer retirement life, stretching into a couple of decades.
ICICI Prudential presents Retirement Solutions that combine the best
of insurance and investment. These solutions are developed to ensure
your peace of mind for the years to come.For further information on our
Retirement Solutions
Choose from amongst 6 retirement plans:
A flexible unit-linked retirement solution that offers flexibilities during
the accumulation as well as payout phase.
A regular premium unit-linked pension plan with an assurance of Capital Guarantee*
*The capital guarantee is applicable only on the invested premium and
the declared bonus interests
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A regular premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, togenerate potentially higher returns.
A single premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to
generate potentially higher returns.
A regular premium pension plan that gives you the flexibility to choose
between 3 levels of sum assured for the same level of total annual
contribution
A regular premium pension plan that helps you save for your retirement
while providing you with life insurance protection.
Choose from 5 Annuity options at the time of vesting
1. Life Annuity
2. Life Annuity with return of purchase price
3. Life Annuity guaranteed for 5, 10, 15 years
4. Joint Life, Last Survivor without return of purchase price5. Joint Life, Last Survivor with return of purchase price
HEALTH PLANS
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Comprehensive Cancer Protection Plan
A Long-term Critical Illness Protection Plan.
A Long-term Critical Illness Protection Plan with Life Cover.
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INVESTMENT PLANS
Lifelink Super is a unique single premium plan that combines the
security of a life insurance policy with the opportunity to enjoy
potentially high returns on your investments.
Low Allocation Charges: The premium allocation charges areamongst the lowest across products. Allocation charge for single
Premium of Rs 500,000 or more is 0%.
Death Benefit: There are 2 options for sum assured - 500% of the
single premium or 125% of the single premium. In the event of an
unfortunate death, the beneficiary will receive higher of the value of
units or the initial death benefit (adjusted for partial withdrawals*).
Liquidity: In order to meet liquidity requirements, one can make partial
withdrawals from the accumulated value of the policy after completion
of three policy years.
Flexibility: Choose from four fund options, based on your investment
objective and risk appetite. If at a later stage your financial priorities
change, you can switch between the various fund options, absolutely
free, 4 times a year.
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GROUP SOLUTIONS
In an era of competitive parity, the only asset that makes a decisive
difference between corporate success and failure is the quality
of human capital. Employee benefits have proven to be an excellent
tool to optimize the retention of talent and improve an organisations
bottomline. The quality of an organisations employee benefits
establishes and maintains a company's image as a caring employer.Optimum care of employees is a long-term investment that results in a
sustained competitive advantage for an organisation in the times to
come.
ICICI Pru Group Solutions Advantage
An integrated basket of employee benefit solutions that offer
incomparable flexible benefits.
Sound investment management that focuses on safety, stability
and profitability of the portfolio.
Personalised financial planning for your employee that takes
care of his/her changing financial needs at every stage of life.
Quality service initiatives and transparency across alloperations, promising superlative operational efficiency.
Group Term Insurance : Helps provide affordable cover to members
of a group.
Group Gratuity Plan : Helps employers fund their statutory gratuity
obligation in a flexible and hassle-free manner.
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Grou