Reliance Life Insurance

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“AGENCY RECRUITMENT AND CHANNEL MANAGEMENT OF INSURANCE INDUSTRY”

With reference to
ICICI PRUDENTIAL LIFE INSURANCE Co. Ltd.
RAJKOT

A project report submitted in Partial Fulfillment of award of MBA Degree

Project Guide
Mr. Manoj Desai

Submitted By:
Vipul Zala(118) 

Submitted To:

S.K.PATEL INSTITUTE OF MANAGEMENT & COMPUTER STUDIES
GANDHINAGAR, GUJARAT
JULY, 2005
-I-

PREFACE

In India insurance sector was totally reserved for public sector companies like LIC, GIC, etc. With the opening up of the economy, a score of MNCs have come in the market with Indian business houses resulting in client friendly, healthy competition and rivalry in the insurance sector. Good old days have gone , where only LIC agents were seen knocking doors of potential clients.

The policies floated by the government insurance companies where primarily meant to cover risk but in today’s market, the policies are having predominantly a major part of investment option with high rate of return. The entire concept of insurance agent who used to convince his customers to buy the policy has changed to insurance advisors who design a complete financial solution for his client.

In this project , the main focus is on “Channel Management”. To get marketing staff like advisors , to promote the insurance company, by large collections turn over and optimizing profitability. One of the major challenge for all private companies is to develop a strong sales team , since LIC who enjoyed a monopoly in this sector before it was opened for private players has a network of 2,50,000 agents where as ICICI Prudential Life insurance company has around 50,000 advisors. It is not out of place to mention that “Attraction” has become one of the important managerial function in order to get good quality staff (Employees) at optimal cost.

- II -

ACKNOWLEDGEMENT

We are highly obliged to S.K. PATEL INSTITUE OF MANAGEMENT & COMPUTER STUDIES for giving us the opportunity of doing our summer project

We wish to express our deep sense of gratitude and sincere thanks to our director Mr. Chinnam Reddy (SKPIMCS, Gandhinagar), who gave us the privileged opportunity to carry on this project and to realize the potential of us which was till now hidden to us.

We also express our great indebtedness to our faculty members, of SKPIMCS for their continuous support, kind co-operation and fruitful suggestions over the period of time that has helped us to cultivate better professional skills.

Every study requires a guidance of someone who is working in that field. Firstly I would like to thank Mr. Pankaj Agrawal, Assistant sales Manager, channel Development & Mr. Jignesh Bhatt, Sales Manager, Rajkot Branch, of ICICI Prudential Life Insurance co. Ltd. For providing me an opportunity to work with a professional organization, the ICICI Prudential Life Insurance Co. Ltd. It needs the shades of various people to give it a final stage.

We would like to express our deep feeling of gratitude and thanks to our friends and our relatives, who offered us full fledged support and all those who knowingly or unknowingly helped us to fulfill the objective of the project.

Vipul Zala
S.K. Patel Institute of Management & computer studies, Gandhinager

-III-

EXECUTIVE SUMMARY

The business of insurance is related to the protection of economic value of assets. Insurance has become a major financial instrument to mobilize investments and savings and providing people with financial solutions to cover their future needs. The concept of insurance agents has become more important as they have graduated to insurance advisors who provide the complete investment plan to their clients.

A project report provides the information about the general competitive environment and evolved the recent developments and happening in the...
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