Agency Recruitment in Insurance Industry with Special Reference to Icici Prudential

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A THESIS ON

AGENCY RECRUITMENT IN INSURANCE INDUSTRY WITH SPECIAL REFERENCE TO ICICI PRUDENTIAL

[pic]

BY

SUMIT ANAND

09JU00200044

A THESIS ON

AGENCY RECRUITMENT IN INSURANCE INDUSTRY WITH SPECIAL REFERENCE TO ICICI PRUDENTIAL

BY

[pic]

SUMIT ANAND

09JU00200044

A report submitted in partial fulfillment of

The requirements of

MBA Program of

ICFAI UNIVERSITY JHARKHAND

Table Of Contents

➢ ACKNOWLEDGEMENT

➢ ABSTRACT

➢ OBJECTIVES

➢ METHODOLOGY

➢ LIMITATIONS & FINDINGS

➢ INTRODUCTION

✓ INSURANCE

✓ IRDA

✓ LIFE INSURANCE

➢ COMPANY PROFILE

✓ ICICI Bank

✓ Prudential Plc

➢ PRODUCTS

➢ MAJOR PLAYERS IN INSURANCE SECTOR

➢ TRAINING OF ADVISORS

➢ COMPARATIVE ANALYSIS OF ICICI PRUDENTIAL PRODUCT

➢ RECRUITMENT OF ADVISORS

➢ THE DUTIES AND OBLIGATION OF THE AGENT

➢ CODE OF CONDUCT

➢ TRAINING OF ADVISORS

➢ QUESTIONNAIRE AND FINDINGS FROM IT

➢ SWOT ANALYSIS

➢ FINDINGS DURING THE PROJECT

➢ SUGGESTIONS

➢ BIBLIOGRAPHY

ACKNOWLEDGEMENT

I am grateful for my project to Mr.ABHISHEK KUMAR (UM) at ICICI PRUDENTIAL LIFE INSURANCE COMPANY who helped me throughout the project and encouraged to take this project in future course for my career.

I would like to express my sincere gratitude and thanks to Dr. Kaushik Dutta for his constant support and cooperation at each step during the project and for providing me an enlightened perspective and a very conducive environment.

I’m grateful to Mr.B.B.Acharya (Faculty ICFAI Jharkhand),who really suggested me to work on this topic and helped me to collect the relevant data’s and get the real gist of current scenario .Few people who are not the direct part of my project but without their help things would not have been as easy as they were, and they are the people I shared my work station.

SUMIT ANAND

ABSTRACT

Life is the only tool to secure our life in future. It also provides a safeguard to the uncertainities of our life. Life investment is the cheapest investment tool in which we can earn more in a short period of time . In Insurance industry there are two channels of distribution – Alternate Distribution and Tide Agency Advisor Recruitment is a part of Tide Agency.

My Thesis Report is about agency recruitment and channel distribution of ICICI Prudential Life Insurance . It means company is recruiting advisors for expanding its business. Company adopts chain marketing as a methodology for expansion.

ICICI Prudential is concentrating highly on a agency recruitment it has 93000 advisors and is planning to extend this number to 130000 by the end of 2009-10.

I have done comparative analysis of the ICICI Prudential Products with other companies product, their differences, advantages and disadvantages of prudential products.

OBJECTIVE

• The primary objective of the project is to know the scope of life insurance in India as in the sense of employment measure.

• From the survey we try to find out which feature of the product is most popular with the customers that incline them to purchase the product.

• We also need to find out whether the after sales service of ICICI PRUDENTIAL LIFE Insurance’s is prompt. To find out how we improve the service and what is the benefit of being a insurance advisor.

• We also find out the service channel satisfaction whether the helpline number is easily available and the life advisors that approached them are easily approachable after sales and are looking after any problem that is faced by him.

• With this survey we will find out which product of ICICI PRUDFENTIAL is more famous among the customers and what feature of the product inclined them to purchase that product and what other features they want in other products or that product which...
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