HR Project on Recruitment and Selection Procedure of Pru. ICICI 2017
Project Report on Recruitment and Selection Process of ICICI Life Insurance Company Ltd.
(A Project Report Survey at Hisar City)
Submitted inside the partial achievement for the award of the degree of
Master of Business Administration
CERTIFICATE
This is to certify that this Project Report entitled ‘Recruitment & Selection Process of ICICI Life Insurance Company Ltd.’ is the end result of studies work finished by Mr. __________ below the steering and supervision of Professor _______________________.
Signature
Project Report Recruitment and Selection of ICICI Pru. Insurance Companies
PREFACE
People are a organization’s maximum critical belongings. They could make or break the fortunes of a business. In today’s rather competitive business surroundings setting the right human beings in the right function may be very vital for the success of any agency.
The recruitment and choice selection is of prime significance as it is the vehicle for acquiring the exceptional viable individual-to-activity fit a good way to, make contributions extensively in the direction of the Company’s effectiveness. It is likewise becoming increasingly more vital, as the Company evolves and adjustments, that new recruits display a willingness to study, adaptability and potential to work as part of a crew. The Recruitment & Selection procedure ensures that those standards are addressed
In this challenge I have studied Recruitment and Selection procedure of ICICI Prudential Life Insurance and attempted to offer some methods with a purpose to make recruitment greater powerful and to lessen the fee of hiring an worker.
I am privileged to be one of the students who were given an opportunity to do my schooling with ICICI Prudential Life Insurance. My involvement within the mission has been very difficult and has supplied me a platform to leverage my ability within the maximum optimistic manner. ICICI Prudential Life coverage is considered one of India’s leading monetary institutions presenting complete monetary solutions that encompass each sphere of lifestyles. In a brief span of time,ICICI has set an example via having a regular and confident adventure to boom and achievement.
During the schooling period I actually have studied deeply the procedure of hiring in ICICI Prudential Life insurance and did a SWOT evaluation of ICICI Prudential Life Insurance to find out the prevailing shortcomings and potential threats and thereby advocated pointers.
This mission but is an attempt to proportion as first-class as viable my revel in in company international with all my colleagues and my faculty.
I might be thrilled to acquire reader’s comments which maybe valuable classes for my destiny tasks.
Project Report Recruitment and selection Executive Summary
In these days’s hastily changing business surroundings, businesses should reply quickly to requirements for people. The Financial market has been witnessing growth that’s manifold for previous few years. Many private players have entered the financial system thereby growing the extent of opposition. In the competitive state of affairs it has turn out to be a venture for each organisation to undertake practices that would help the employer stand out in the marketplace. The competitiveness of a corporation of an corporation is measured through the nice of products and services offered to clients which might be precise from others. Thus the first-class services offered to the consumers are result of the genius brains operating at the back of them.
Human Resource in this regard has grow to be an vital feature in any organisation. All practices of marketing and price range may be without difficulty emulated but the functionality, the abilities and skills of someone cannot be emulated. Hence, it’s far crucial to have a well-described recruitment policy in region, which may be done efficaciously to get the quality suits for the vacant positions. Selecting the wrong candidate or rejecting the right candidate could end up steeply-priced errors for the company. Therefore a recruitment exercise in an company should be effective and efficient in attracting the fine manpower.
Project Report Recruitment and selection of Insurance Companies : Coverage –The quantity and drawback
With largest range of life insurance rules in pressure inside the world, coverage occurs to be a mega possibility in India. Its business is developing at 15-20% yearly and currently is of the order of Rs. 450m. Together with banking region it adds approximately 7% to the GDP.
Like inside the case of BPO’s, Insurance region too faces the trouble of attrition. Thus, recruitment is an ongoing manner carried through out the year. The assignment is primarily based on the study of recruitment system. The various hints cautioned had been the result of the examine. The idea is to generate approaches of dealing with excessive attrition and making hiring method achievable and efficient.
Data Used
There were especially two sources of facts collection
Primary facts:
Survey approach
Personal interview with applicants
In depth conversation with the position agency
Secondary information:
Study of recruitment policy
Websites
Published articles
Project Report Recruitment and selection of ICICI Pru. Research Methodology used
Study of recruitment and selection at ICICI Prudential Life Insurance by using the manual provided by means of the HR department;
Web sites
Journals
Magazines
Books
Project Report Recruitment and selection
Findings
Recruitment is achieved during the 12 months extra throughout the months of May-June and Oct-Nov;
Huge funding of time;
Huge recruitment cost;
To pursue these, I might be going through the recruitment guidelines of the corporation. By lively participation in the recruitment procedure, the areas where development can be bought about can be identified.
Thus the complete research might be completed under the steerage of external guide. It will also contain recruitment and selection procedures, reading the fabric offer internally by using the organisation, records from the new employees.
Project Report Recruitment and Selection Process Introduction
Introduction Of The Insurance Industry
Overview
The tale of coverage is probably as old because the story of mankind. The identical instinct that activates modern-day businessmen today to cozy themselves against loss and catastrophe existed in primitive men also. They too sought to ward off the evil results of fireplace and flood and loss of existence and had been inclined to make a few sort of sacrifice a good way to gain security. Though the concept of coverage is essentially a development of the current past, especially after the economic era – past few centuries – but its beginnings date back almost 6000 years.
The first a long time of the twentieth century noticed lot of boom in coverage commercial enterprise. From 44 groups with total business-in-pressure as Rs.22.Forty four crore, it rose to 176 companies with overall enterprise-in-pressure as Rs.298 crore in 1938. The Insurance Act 1938 become the primary legislation governing now not simplest life coverage but additionally non-existence insurance to provide strict kingdom manipulate over insurance commercial enterprise.
Some of the critical milestones inside the existence insurance commercial enterprise in India are:
1818: Oriental Life Insurance Company, the first lifestyles insurance corporation on Indian soil commenced functioning.
1870: Bombay Mutual Life Assurance Society, the primary Indian existence coverage business enterprise started out its enterprise.
1912: The Indian Life Assurance Companies Act enacted because the first statute to regulate the existence insurance commercial enterprise.
1928: The Indian Insurance Companies Act enacted to enable the authorities to accumulate statistical facts about both life and non-life coverage companies.
1938: Earlier rules consolidated and amended to by way of the Insurance Act with the objective of protective the pursuits of the insuring public.
1956: 245 Indian and overseas insurers and provident societies are taken over by way of the crucial authorities and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
The General coverage enterprise in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first standard insurance business enterprise established within the 12 months 1850 in Calcutta by way of the British.
Some of the crucial milestones in the widespread insurance commercial enterprise in India are:
1907: The Indian Mercantile Insurance Ltd. Installation, the first employer to transact all training of standard insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of behavior for ensuring fair behavior and sound business practices.
1968: The Insurance Act amended to alter investments and set minimal solvency margins and the Tariff Advisory Committee installation.
1972: The General Insurance Business (Nationalisation) Act, 1972 nationalised the overall coverage business in India with impact from 1st January 1973.
With largest wide variety of life coverage guidelines in force inside the international, Insurance happens to be a mega opportunity in India. It’s a enterprise growing on the charge of 15-20 per cent yearly and presently is of the order of Rs 450 billion. Together with banking offerings, it provides about 7 in step with cent to the us of a’s GDP. Gross top class series is sort of 2 per cent of GDP and budget to be had with LIC for investments are eight according to cent of GDP.
Yet, almost eighty per cent of Indian populace is without lifestyles coverage cowl even as medical insurance and non-lifestyles coverage is still under international standards. And this part of the populace is likewise subject to susceptible social security and pension systems with hardly ever any vintage age profits protection. This itself is an indicator that growth potential for the insurance sector is titanic.
A nicely-advanced and advanced insurance area is wanted for monetary development because it gives long time funds for infrastructure development and at the identical time strengthens the hazard taking capacity. It is expected that over the following ten years India could require investments of the order of 1 trillion US dollar. The Insurance quarter, to a degree, can enable investments in infrastructure development to sustain economic boom of the united states.
India has come a complete circle from being an open aggressive marketplace to nationalization and back to a liberalized marketplace once more. Tracing the tendencies inside the Indian insurance region exhibits the 360 degree flip witnessed over a length of almost two centuries.
Present Scenario
The establishing up of the world is in all likelihood to cause greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector agencies. In the personal quarter 14 life coverage and 8 preferred insurance businesses had been registered. A host of private Insurance agencies running in both lifestyles and non-lifestyles segments have commenced selling their insurance guidelines..
Life Insurance Market
The Life Insurance market in India is an underdeveloped marketplace that turned into only tapped with the aid of the state owned LIC until the access of personal insurers. The penetration of existence insurance products turned into 19 percentage of the whole 400 million of the insurable populace. The country owned LIC offered coverage as a tax tool, now not as a product giving protection. Most customers were beneath- insured without a flexibility or transparency in the products. With the entry of the non-public insurers the guidelines of the sport have changed.
The personal insurers also appear to be scoring big in different approaches- they’re persuading humans to take out bigger policies. Buoyed by way of their faster than anticipated achievement, almost all personal insurers are rapid- forwarding the second one phase in their enlargement plans.
[Project Report Recruitment and Selection Process of ICICI Pru.] Major Insurance Players
Licenses have been issued for the subsequent corporations
ICICI Prudential Life Insurance Limited
ICICI Prudential Life Insurance Company Limited
HDFC Standard Life Insurance Company Limited
Birla Sun Life Insurance Company Limited
TATA AIG Life Insurance Company Limited
Max New York Life Insurance Company Limited
SBI – Cardiff Life Insurance Company Limited
ING Vysya Life Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited
MetLife Life Insurance Company Limited
Aviva Life Insurance Company Limited
AMP Sanmar Life Insurance Company Limited
Sahara India Life Insurance Limited
Sri Ram Life Insurance Limited
Protection of the hobbies of policyholders:
IRDA has the obligation of shielding the hobby of insurance policyholders. Towards achieving this objective, the Authority has taken the following steps:
IRDA has notified Protection of Policyholders Interest Regulations 2001 to offer for: policy notion files in without difficulty understandable language; claims manner in each lifestyles and non-lifestyles; putting in of criticism redressal equipment; rapid agreement of claims; and policyholders’ servicing. The Regulation additionally presents for price of hobby through insurers for the postpone in settlement of claim.
The insurers are required to keep solvency margins so that they may be in a position to fulfill their obligations toward policyholders with regard to price of claims.
It is obligatory at the a part of the coverage companies to reveal absolutely the benefits, phrases and situations beneath the policy. The commercials issued by the insurers have to now not mislead the insuring public.
All insurers are required to installation right criticism redress equipment in their head workplace and at their other places of work.
The Authority takes up with the insurers any grievance acquired from the policyholders in reference to services furnished by way of them beneath the insurance contract.
Company Profile of ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture among ICICI Bank, a ideal economic powerhouse and Prudential percent, a main worldwide monetary offerings group based in the United Kingdom.
ICICI changed into established in 1955 to lend money for commercial development. Today, it has various into retail banking and is the most important private bank within the united states of america. Prudential p.C changed into hooked up in 1848 and is presently the most important lifestyles insurance organization in UK.
ICICI Prudential is currently the No. 1 non-public life insurer within the us of a.
The Company recognizes that the using force for gaining sustainable aggressive advantage on this commercial enterprise is superior customer revel in and funding behind the emblem. The Company objectives to attain this by using striving to provide global magnificence service levels thru regular innovation in products, distribution channels and technology primarily based transport. The Company has already taken full-size steps to acquire this aim.
India’s Number One non-public life insurer, ICICI Prudential Life Insurance Company is a joint assignment among ICICI Bank-one among India’s most important economic offerings agencies-and Prudential p.C- a main global financial services organization headquartered in the United Kingdom. Total capital infusion stands at Rs. 123.Seventy two billion, with ICICI Bank preserving a stake of seventy four% and Prudential % retaining 26%.
ICICI Prudential turned into the first existence insurer in India to obtain a National Insurer Financial Strength score of AAA (Ind) from Fitch scores. For three years in a row, ICICI Prudential has been voted as India’s Most Trusted Private Life Insurer, by using The Economic Times – AC Nielsen ORG Marg survey of ‘Most Trusted Brands’. As we develop our distribution, product range and purchaser base, we retain to tirelessly uphold our commitment to deliver world-class economic answers to clients throughout India.
FACT SHEET THE COMPANY
ICICI Prudential Life Insurance Company is a joint mission between ICICI Bank, a top-quality financial powerhouse, and Prudential p.C, a leading global financial offerings organization situated in the United Kingdom. ICICI Prudential was amongst the first non-public region insurance corporations to start operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential’s capital stands at Rs. 123.Seventy two billion with ICICI Bank and Prudential % preserving seventy four% and 26% stake respectively. The employer has belongings held to the track of over Rs. 118,400 crore.
ICICI Prudential is also the best non-public life insurer in India to acquire a National Insurer Financial Strength rating of AAA (Ind) from Fitch scores. The AAA (Ind) score is the best rating, and is a clean assurance of ICICI Prudential’s potential to meet its obligations to customers on the time of maturity or claims.
For the beyond six years, ICICI Prudential has retained its position because the No. 1 personal life insurer within the u . S . A ., with a wide variety of bendy products that meet the needs of the Indian consumer at every step in lifestyles.
Distribution
ICICI Prudential has one among the biggest distribution networks among private life insurers in India. It has a strong presence across India with over 1680 branches and over 435,000 advisors.
The company has over 23 bancassurnace companions, having tie-united states of americawith ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India backed Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.
Products Insurance Solutions For Individuals
ICICI Prudential Life Insurance offers a variety of revolutionary, purchaser-centric merchandise that meet the needs of customers at each life stage. Its merchandise may be improved with up to 4 riders, to create a custom designed answer for every policy holder.
Savings Solutions
Save’n’Protect is a conventional endowment financial savings plan that offers existence protection in conjunction with adequate returns.
CashBak is an anticipated endowment coverage ideal for meeting milestone fees like a infant’s marriage, prices for a kid’s higher schooling or purchase of an asset.
LifeTimeSuper offer clients the ability and manipulate to customise the policy to fulfill the changing needs at one of a kind existence degrees. Each provide 4 fund alternatives — Preserver, Protector, Balancer and Maximiser.
LifeLink Super is a single top class Unit Linked Insurance Plan which mixes existence insurance cover with the opportunity to live invested inside the stock market.
Premier Life Gold is a confined top class paying plan that gives customers lifestyles coverage cowl until the age of 75.
InvestShield Life New is a unit related plan that offers premium assure at the invested rates and guarantees that the patron receives handiest the blessings of fund appreciation without any of the risks of depreciation.
InvestShield Cashbak is a unit connected plan that gives premium guarantee on the invested premiums together with bendy liquidity alternatives.
Protection Solutions
LifeGuard is a protection plan, which offers existence cowl at very low fee. It is to be had in 3 alternatives – degree time period assurance, stage term warranty with return of premium and unmarried top rate.
HomeAssure is a loan decreasing term assurance plan designed in particular to assist customers cover their domestic loans in a simple and price-effective way.
Child Plans
SmartKid education plans provide guaranteed academic advantages to a baby along side lifestyles insurance cover for the figure who purchases the coverage. The coverage is designed to offer cash at crucial milestones in the child’s life. SmartKid plans are also available in unit-connected shape – both unmarried premium and ordinary premium.
Education Insurance Plans
Education insurance below the SmartKid logo affords guaranteed instructional benefits to a child along with lifestyles insurance cowl for the discern who purchases the policy. The policy is designed to offer money at critical milestones within the baby’s existence. SmartKid plans are also available in unit-linked form – both unmarried top class and everyday top class
Retirement Solutions
ForeverLife is a retirement product centered at individuals in their thirties.
Market-linked retirement products
LifeTime Super Pension is a regular top class marketplace-connected 401-k.
Golden Years: is a constrained top class paying retirement answer that gives tax advantages up to Rs two hundred,000 u.S.A.80C, with flexibility in both the buildup and payout stages.
Health Solution
Health Assure and Health Assure Plus: Health Assure is a ordinary premium plan which gives long term cover in opposition to 6 vital ailments by providing policyholder with monetary assistance, no matter the real medical expenses. Health Assure Plus offers the delivered gain of an equal life insurance cover
Cancer Care: is a normal top rate plan that can pay cash advantage on the analysis in addition to at unique levels within the treatment of numerous cancer conditions.
Diabetes Care and Diabetes Care Plus*: 1st ever crucial infection insurance cowl for diabetics.
Hospital Care*: Hospital Care gives a Cashless hospitalization facility in greater then 3000 network hospitals
Crisis Cover : is a 360-diploma product on the way to provide lengthy-term coverage against 35 critical ailments, total and permanent disability, and dying
Group Insurance Solutions
ICICI Prudential also gives Group Insurance Solutions for businesses looking for to decorate advantages to their employees.
ICICI Pru Group Gratuity Plan: ICICI Pru’s organization gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes which can provide blessings past the statutory responsibilities.
ICICI Pru Group Superannuation Plan: ICICI Pru gives a flexible defined contribution superannuation scheme to provide a retirement kitty for every member of the institution. Employees have the choice of selecting from numerous annuity options or opting for a partial commutation of the annuity on the time of retirement.
ICICI Pru Group Term Plan: ICICI Pru’s bendy institution term answer allows provide low-cost cowl to individuals of a set. The cowl will be uniform or primarily based on designation/rank or a a couple of of profits. The gain beneath the coverage is paid to the beneficiary nominated with the aid of the member on his/her dying.
Flexible Rider Options
ICICI Pru Life gives bendy riders, which may be delivered to the primary coverage at a marginal cost, depending on the precise wishes of the customer.
1. Accident Benefit: If death takes place because the end result of an coincidence throughout the term of the coverage, the beneficiary receives a further quantity same to the rider sum assured beneath the coverage. If the demise occurs even as journeying in a certified mass transport automobile, the beneficiary can be entitled to twice the sum confident as extra gain.
2. Accident & Disability Benefit: This rider alternative will pay 10% the sum confident under the rider each 12 months till next 10 years on Accidental Permanent Disability of 2 Organs.
3. Critical Illness Benefit: protects the insured towards economic loss in the occasion of nine certain crucial ailments. Benefits are payable to the insured for scientific fees prior to dying.
Four. Income Benefit: This rider can pay the ten% of the sum assured to the nominee each year, till adulthood, inside the event of the demise of the lifestyles assured. It is available on SmarKid, SecurePlus and CashPlus
5. Waiver of Premium: In case of general and everlasting disability due to an twist of fate, the premiums are waived till maturity. This rider is to be had with SecurePlus and CashPlus.
Choice of Six Investment Options :-
ICICI prudential gives you the opportunity of choosing among funding alternatives to match your investment priorities.
1) Protector:-
An Investment Option with funding indebt and money market units.
2) Maximiser :-
An investment alternative with investment in fairness and fairness related units.
3) Balancer :-
An funding choice with funding in a mix of fairness and debt oriented gadgets.
4) Preserver :-
An investment choice with funding in low-chance devices like coins and make contact with
cash markets.
5) Flexi Growth:-
New Fund (NFO) released in March 2007, Long term returns from an fairness portfolio lare,mid and small cap businesses.
6) Flexi balanced:-
Balance of capital appreciation and solid returns from an equity (massive,mid & small cap organizations) & debt portfolio.
Vision and Mission
Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer inside the lifestyles insurance industry. This they desire to obtain thru their commitment to excellence, focus on service, pace and innovation, and leveraging our technological know-how.
The success of the company might be based on its strong cognizance on values and clarity of motive. These include:
· Understanding the needs of customers and supplying them advanced products and service
· Building long lasting relationships with their partners
· Providing an permitting environment to foster increase and mastering for his or her employees
And principally building transparency in all our dealings.
They agree with that they can play a great function in redefining and reshaping the sector. Given the pleasant of their parentage and the dedication in their crew, they sense that tere will be no limits to their boom.
DISTRIBUTION
ICICI Prudential has considered one of the most important distribution networks among personal lifestyles insurers in India, having began operations in a hundred and fifty cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north to Trivandrum inside the south.
The employer has 9 bank partnerships for distribution, having agreements with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some co-operative banks, in addition to over three hundred company agents and agents. It has additionally tied up with NGOs, MFIs and corporates for the distribution of rural rules.
ICICI Prudential has recruited and skilled greater than 1, 90,000 insurance advisors to interface with and recommend customers. Further, it leverages its trendy IT infrastructure to provide superior high-quality of carrier to clients
Registered Office :
ICICI Towers 9thfloor, Bandra-Kurla Complex
Mumbai – 400 051.
Tel: 494 3232
Regional Office :
8th floor EROS Coorporate Tower, Nehru region,
New Delhi-110011.Tel:46554405
Delhi office :
third ground
Videocon Towers
E-1, Rani Jhansi Road
New Delhi – 110055. Tel: 601 3232
ICICI Prudential Life Insurance office in Dubai
In a circulate to consolidate its role in the Gulf vicinity, ICICI Prudential Life Insurance (ICICI Prudential), India’s No. 1 personal life insurance organisation, opened its consultant office in Dubai, turning into the first private lifestyles insurer from India to open an workplace in the Emirate.
At ICICI Prudential we offer pragmatic, world-class answers. Put absolutely, answers with loads of common feel. Solutions that take care of your four primary monetary wishes – Earning, Saving, Investing and Spending. So you stay your existence to the fullest, sans concerns.