icici bba project

8/9/2019 Icici Bba Project

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PROJECT REPORT

on

Recruitment and Selection Process

of

ICICI Life Insurance Co

CERTIFICATE

This is to certify that this Project Report entitled ‘Recruitment & Selection

Process of ICICI Life Insurance Company Ltd.’ is the result of research work

carried out by Mr. __________ under the guidance and superision of Professor _______________________.

!ignature

Recruitment and selection of Insurance Companies

PRE"#CE


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People are a co$pany%s $ost i$portant assets. They can $ake or break the

fortunes of a business. &n today%s highly co$petitie business eniron$ent placing

the right people in the right position is ery critical for the success of any

organi'ation.

The recruit$ent and selection decision is of pri$e i$portance as it is the ehicle

for obtaining the best possible person(to()ob fit that will* contribute significantly

towards the Co$pany+s effectieness. &t is also beco$ing increasingly i$portant*

as the Co$pany eoles and changes* that new recruits show a willingness to

learn* adaptability and ability to work as part of a tea$. The Recruit$ent ,

!election procedure ensures that these criteria are addressed

&n this pro)ect & hae studied Recruit$ent and !election process of &C&C&Prudential -ife &nsurance and atte$pted to proide so$e ways so as to $ake

recruit$ent $ore effectie and to reduce the cost of hiring an e$ployee.

& a$ priileged to be one of the students who got an opportunity to do $y training

with &C&C& Prudential -ife &nsurance. My inole$ent in the pro)ect has been

ery challenging and has proided $e a platfor$ to leerage $y potential in the

$ost constructie way.

&C&C& Prudential -ife insurance is one of &ndia+s leading financial institutionsoffering co$plete financial solutions that enco$pass eery sphere of life. &n a short

span of ti$e*&C&C& has set an ea$ple by haing a steady and confident )ourney to

growth and success.

/uring the training period & hae studied deeply the process of hiring in &C&C&

Prudential -ife insurance and did a !0OT analysis of &C&C& Prudential -ife

&nsurance to find out the eisting shortco$ings and potential threats and thereby

reco$$ended suggestions.

This pro)ect howeer is an atte$pt to share as best as possible $y eperience in

corporate world with all $y colleagues and $y faculty.

& would be delighted to receie reader%s co$$ents which $aybe aluable lessons

for $y future pro)ects.

E1EC2T&3E !2MM#R4


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&n today%s rapidly changing business eniron$ent* organi'ations hae to respond

5uickly to re5uire$ents for people. The "inancial $arket has been witnessing

growth which is $anifold for last few years. Many priate players hae entered the

econo$y thereby increasing the leel of co$petition. &n the co$petitie scenario it

has beco$e a challenge for each co$pany to adopt practices that would help the

organi'ation stand out in the $arket. The co$petitieness of a co$pany of an

organi'ation is $easured through the 5uality of products and serices offered to

custo$ers that are uni5ue fro$ others. Thus the best serices offered to the

consu$ers are result of the genius brains working behind the$. 6u$an Resource

in this regard has beco$e an i$portant function in any organi'ation. #ll practices

of $arketing and finances can be easily e$ulated but the capability* the skills and

talent of a person cannot be e$ulated. 6ence* it is i$portant to hae a well(defined

recruit$ent policy in place* which can be eecuted effectiely to get the best fitsfor the acant positions. !electing the wrong candidate or re)ecting the right

candidate could turn out to be costly $istakes for the organi'ation. Therefore a

recruit$ent practice in an organi'ation $ust be effectie and efficient in attracting

the best $anpower.

Coerage 7The etent and li$itation

0ith largest nu$ber of life insurance policies in force in the world*

insurance happens to be a $ega opportunity in &ndia. &ts business is growing at 89(

:;< annually and presently is of the order of Rs. =9;$. Together with banking

sector it adds about >< to the ?/P.

-ike in the case of @PO%s* &nsurance sector too faces the proble$ of

attrition. Thus* recruit$ent is an ongoing process carried through out the year. The

pro)ect is based on the study of recruit$ent process. The arious reco$$endations

suggested hae been the result of the study. The idea is to generate ways of dealing

with high attrition and $aking hiring process $anageable and efficient.

/ata 2sed

There were $ainly two sources of data collection

A Pri$ary dataB

A !urey $ethod


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A Personal interiew with candidates

A &n depth conersation with the place$ent agency

!econdary dataB

A !tudy of recruit$ent policy

A 0ebsites

A Published articles

Research $ethodology used

!tudy of recruit$ent and selection at &C&C& Prudential -ife &nsurance by the$anual proided by the 6R depart$ent

0eb sites

Journals

Maga'ines

@ooks

"indings

Recruit$ent is done throughout the year $ore during the $onths of May(Juneand Oct(Do

6uge inest$ent of ti$e

6uge recruit$ent cost

To pursue these* & would be going through the recruit$ent policies of the co$pany.

@y actie participation in the recruit$ent process* the areas where i$proe$ent

can be bought about can be identified.

Thus the whole research would be done under the guidance of eternal guide. &t

will also inole recruit$ent and selection processes* reading the $aterial proide

internally by the organi'ation* infor$ation fro$ the new e$ployees.


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Introduction

1.1 Introduction Of The Insurance Industry

Oeriew

The story of insurance is probably as old as the story of $ankind. The sa$e

instinct that pro$pts $odern business$en today to secure the$seles against lossand disaster eisted in pri$itie $en also. They too sought to aert the eil

conse5uences of fire and flood and loss of life and were willing to $ake so$e sortof sacrifice in order to achiee security. Though the concept of insurance is largely

a deelop$ent of the recent past* particularly after the industrial era 7 past fewcenturies 7 yet its beginnings date back al$ost ;;; years.

The first two decades of the twentieth century saw lot of growth in insurance business. "ro$ == co$panies with total business(in(force as Rs.::.== crore* it rose

to 8> co$panies with total business(in(force as Rs.:FG crore in 8FHG. The&nsurance #ct 8FHG was the first legislation goerning not only life insurance but

also non(life insurance to proide strict state control oer insurance business.

!o$e of the i$portant $ilestones in the life insurance business in &ndia areB

8G8GB Oriental -ife &nsurance Co$pany* the first life insurance co$pany on &ndiansoil started functioning.

8G>;B @o$bay Mutual -ife #ssurance !ociety* the first &ndian life insurance

co$pany started its business.

8F8:B The &ndian -ife #ssurance Co$panies #ct enacted as the first statute to

regulate the life insurance business.

8F:GB The &ndian &nsurance Co$panies #ct enacted to enable the goern$ent to

collect statistical infor$ation about both life and non(life insurance businesses.

8FHGB Earlier legislation consolidated and a$ended to by the &nsurance #ct with

the ob)ectie of protecting the interests of the insuring public.

8F9B :=9 &ndian and foreign insurers and proident societies are taken oer by the

central goern$ent and nationali'ed. -&C for$ed by an #ct of Parlia$ent* i'. -&C#ct* 8F9* with a capital contribution of Rs. 9 crore fro$ the ?oern$ent of &ndia.

The ?eneral insurance business in &ndia* on the other hand* can trace its roots to

the Triton &nsurance Co$pany -td.* the first general insurance co$pany

established in the year 8G9; in Calcutta by the @ritish.


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!o$e of the i$portant $ilestones in the general insurance business in &ndia areB

8F;>B The &ndian Mercantile &nsurance -td. set up* the first co$pany to transact all

classes of general insurance business.

8F9>B ?eneral &nsurance Council* a wing of the &nsurance #ssociation of &ndia*

fra$es a code of conduct for ensuring fair conduct and sound business practices.

8FGB The &nsurance #ct a$ended to regulate inest$ents and set $ini$u$

solency $argins and the Tariff #disory Co$$ittee set up.

8F>:B The ?eneral &nsurance @usiness IDationalisation #ct* 8F>: nationalised the

general insurance business in &ndia with effect fro$ 8st January 8F>H.

0ith largest nu$ber of life insurance policies in force in the world* &nsurancehappens to be a $ega opportunity in &ndia. &t%s a business growing at the rate of 89(

:; per cent annually and presently is of the order of Rs =9; billion. Together with banking serices* it adds about > per cent to the country%s ?/P. ?ross pre$iu$

collection is nearly : per cent of ?/P and funds aailable with -&C forinest$ents are G per cent of ?/P.

4et* nearly G; per cent of &ndian population is without life insurance coer whilehealth insurance and non(life insurance continues to be below international

standards. #nd this part of the population is also sub)ect to weak social securityand pension syste$s with hardly any old age inco$e security. This itself is an

indicator that growth potential for the insurance sector is i$$ense.

# well(deeloped and eoled insurance sector is needed for econo$ic

deelop$ent as it proides long ter$ funds for infrastructure deelop$ent and atthe sa$e ti$e strengthens the risk taking ability. &t is esti$ated that oer the net

ten years &ndia would re5uire inest$ents of the order of one trillion 2! dollar.The &nsurance sector* to so$e etent* can enable inest$ents in infrastructure

deelop$ent to sustain econo$ic growth of the country.

&ndia has co$e a full circle fro$ being an open co$petitie $arket to

nationali'ation and back to a liberali'ed $arket again. Tracing the deelop$ents inthe &ndian insurance sector reeals the H; degree turn witnessed oer a period of

al$ost two centuries.

Present !cenario

The ?oern$ent of &ndia liberali'ed the insurance sector in March :;;; with the

passage of the &nsurance Regulatory and /eelop$ent #uthority I&R/# @ill*

lifting all entry restrictions for priate players and allowing foreign players to enter the $arket with so$e li$its on direct foreign ownership.


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The opening up of the sector is likely to lead to greater spread and deepening ofinsurance in &ndia and this $ay also include restructuring and reitali'ing of the

public sector co$panies. &n the priate sector 8= life insurance and G generalinsurance co$panies hae been registered. # host of priate &nsurance co$panies

operating in both life and non(life seg$ents hae started selling their insurance policies..

-ife &nsurance Market

The -ife &nsurance $arket in &ndia is an underdeeloped $arket that was onlytapped by the state owned -&C till the entry of priate insurers. The penetration of

life insurance products was 8F percent of the total =;; $illion of the insurable


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population. The state owned -&C sold insurance as a ta instru$ent* not as a product giing protection. Most custo$ers were under( insured with no fleibility

or transparency in the products. 0ith the entry of the priate insurers the rules ofthe ga$e hae changed.

The 8: priate insurers in the life insurance $arket hae already grabbed nearly F percent of the $arket in ter$s of pre$iu$ inco$e. The new business pre$iu$s of

the 8: priate players has tripled to Rs 8;;; crore in :;;:( ;H oer last year.&nnoatie products* s$art $arketing and aggressie distribution. That+s the triple

wha$$y co$bination that has enabled fledgling priate insurance co$panies tosign up &ndian custo$ers faster than anyone eer epected. &ndians* who hae

always seen life insurance as a ta saing deice* are now suddenly turning to the priate sector and snapping up the new innoatie products on offer.

The priate insurers also see$ to be scoring big in other ways( they are persuading people to take out bigger policies. @uoyed by their 5uicker than epected success*

nearly all priate insurers are fast( forwarding the second phase of their epansion plans.

Ma)or &nsurance Players

-icenses hae been issued for the following co$panies

A &C&C& Prudential -ife &nsurance -i$ited

A &C&C& Prudential -ife &nsurance Co$pany -i$ited

A 6/"C !tandard -ife &nsurance Co$pany -i$ited

A @irla !un -ife &nsurance Co$pany -i$ited

A T#T# #&? -ife &nsurance Co$pany -i$ited

A Ma Dew 4ork -ife &nsurance Co$pany -i$ited

A !@& 7 Cardiff -ife &nsurance Co$pany -i$ited

A &D? 3ysya -ife &nsurance Co$pany -i$ited

A @a)a) #llian' -ife &nsurance Co$pany -i$ited

A Met-ife -ife &nsurance Co$pany -i$ited


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A #ia -ife &nsurance Co$pany -i$ited

A #MP !an$ar -ife &nsurance Co$pany -i$ited

A !ahara &ndia -ife &nsurance -i$ited

A !ri Ra$ -ife &nsurance -i$ited

Protection of the interests of policyholdersB

&R/# has the responsibility of protecting the interest of insurance policyholders.

Towards achieing this ob)ectie* the #uthority has taken the following stepsB

&R/# has notified Protection of Policyholders &nterest Regulations :;;8 to

proide forB policy proposal docu$ents in easily understandable language

clai$s procedure in both life and non(life setting up of grieance redressal

$achinery speedy settle$ent of clai$s and policyholders+ sericing. The

Regulation also proides for pay$ent of interest by insurers for the delay in

settle$ent of clai$.

The insurers are re5uired to $aintain solency $argins so that they are in a

position to $eet their obligations towards policyholders with regard to pay$ent

of clai$s.

&t is obligatory on the part of the insurance co$panies to disclose clearly the

benefits* ter$s and conditions under the policy. The adertise$ents issued by

the insurers should not $islead the insuring public.


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#ll insurers are re5uired to set up proper grieance redress $achinery in their

head office and at their other offices.

The #uthority takes up with the insurers any co$plaint receied fro$ the

policyholders in connection with serices proided by the$ under the insurance

contract.

8.: COMP#D4 PRO"&-E

&C&C& Prudential -ife &nsurance

&C&C& Prudential -ife &nsurance Co$pany is a )oint enture between &C&C& @ank* a pre$ier financial powerhouse and Prudential plc* a leading international financialserices group head5uartered in the 2nited Kingdo$.


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&C&C& was established in 8F99 to lend $oney for industrial deelop$ent. Today* it

has diersified into retail banking and is the largest priate bank in the country.Prudential plc was established in 8G=G and is presently the largest life insurance

co$pany in 2K.

&C&C& Prudential is currently the Do. 8 priate life insurer in the country. "or the

financial year ended March H8* :;;9* the co$pany garnered Rs 89G= crore of new business pre$iu$ for a total su$ assured of Rs 8H*>G; crore and wrote nearly

89*;;; policies.

The Co$pany recogni'es that the driing force for gaining sustainable co$petitie

adantage in this business is superior custo$er eperience and inest$ent behindthe brand. The Co$pany ai$s to achiee this by striing to proide world class

serice leels through constant innoation in products* distribution channels andtechnology based deliery. The Co$pany has already taken significant steps to

achiee this goal.

&ndia+s Du$ber One priate life insurer* &C&C& Prudential -ife &nsurance Co$pany

is a )oint enture between &C&C& @ank(one of &ndia+s fore$ost financial sericesco$panies(and Prudential plc( a leading international financial serices group

head5uartered in the 2nited Kingdo$. Total capital infusion stands at Rs. :H.>: billion* with &C&C& @ank holding a stake of >=< and Prudential plc holding :


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a$ongst the first priate sector insurance co$panies to begin operations in/ece$ber :;;; after receiing approal fro$ &nsurance Regulatory /eelop$ent

#uthority I&R/#.

&C&C& Prudential+s capital stands at Rs. :H.>: billion with &C&C& @ank andPrudential plc holding >=< and :< stake respectiely. "or the first 5uarter ended

June H;* :;;>* the co$pany garnered Rs. FG> crore of weighted retail L group new business pre$iu$s and wrote oer =9;*;;; retail policies in the period. The

co$pany has assets held to the tune of oer Rs. 8G*=;; crore.

&C&C& Prudential is also the only priate life insurer in &ndia to receie a Dational&nsurer "inancial !trength rating of ### I&nd fro$ "itch ratings. The ### I&nd

rating is the highest rating* and is a clear assurance of &C&C& Prudential+s ability to$eet its obligations to custo$ers at the ti$e of $aturity or clai$s.

"or the past si years* &C&C& Prudential has retained its position as the Do. 8 priate life insurer in the country* with a wide range of fleible products that $eet

the needs of the &ndian custo$er at eery step in life.

/istribution

&C&C& Prudential has one of the largest distribution networks a$ongst priate lifeinsurers in &ndia. &t has a strong presence across &ndia with oer G; branches and

oer :H9*;;; adisors.

The co$pany has oer :H bancassurnace partners* haing tie(ups with &C&C& @ank*"ederal @ank* !outh &ndian @ank* @ank of &ndia* -ord Krishna @ank* &dukki

/istrict Co(operatie @ank* Jalgaon Peoples Co(operatie @ank* !ha$rao 3ithalCo(op @ank* Ernakula$ @ank* F @ank of &ndia sponsored Regional Rural @anks

IRR@s* !angli 2rban Co(operatie @ank* @ara$ati Co(operatie @ank* @alliaKshetriya ?ra$in @ank* The 6aryana !tate Co(operatie @ank and &$phal 2rban

Cooperatie @ank -i$ited.

Products &nsurance !olutions "or &ndiiduals

&C&C& Prudential -ife &nsurance offers a range of innoatie* custo$er(centric products that $eet the needs of custo$ers at eery life stage. &ts products can be

enhanced with up to = riders* to create a custo$i'ed solution for each policyholder.

!aings !olutions

• Save’n’Protect is a traditional endow$ent saings plan that offers life

protection along with ade5uate returns.


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• CashBak is an anticipated endow$ent policy ideal for $eeting $ilestone

epenses like a child%s $arriage* epenses for a child%s higher education or

purchase of an asset.

•

LifeTimeSuper offer custo$ers the fleibility and control to custo$i'e the policy to $eet the changing needs at different life stages. Each offer = fundoptions Preserer* Protector* @alancer and Mai$iser.

• LifeLink Super is a single pre$iu$ 2nit -inked &nsurance Plan which

co$bines life insurance coer with the opportunity to stay inested in the

stock $arket.

• Premier Life Gold is a li$ited pre$iu$ paying plan that offers custo$ers

life insurance coer till the age of >9.

• InvestShield Life New is a unit linked plan that proides pre$iu$ guarantee

on the inested pre$iu$s and ensures that the custo$er receies only the benefits of fund appreciation without any of the risks of depreciation.

N InvestShield Cashbak is a unit linked plan that proides pre$iu$guarantee on the inested pre$iu$s along with fleible li5uidity options.

Protection !olutions

• LifeGuard is a protection plan* which offers life coer at ery low cost. &t is

aailable in H options 7 leel ter$ assurance* leel ter$ assurance withreturn of pre$iu$ and single pre$iu$.

• ome!ssure is a $ortgage reducing ter$ assurance plan designed

specifically to help custo$ers coer their ho$e loans in a si$ple and cost(

effectie $anner.

Child Plans

N Smart"id education plans proide guaranteed educational benefits to achild along with life insurance coer for the parent who purchases the

policy. The policy is designed to proide $oney at i$portant $ilestones inthe child%s life. !$artKid plans are also aailable in unit(linked for$ 7 both

single pre$iu$ and regular pre$iu$.

Education &nsurance Plans

N Education insurance under the !$artKid brand proides guaranteed

educational benefits to a child along with life insurance coer for the parent who purchases the policy. The policy is designed to proide $oney at


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i$portant $ilestones in the child+s life. !$artKid plans are also aailable inunit(linked for$ ( both single pre$iu$ and regular pre$iu$

Retire$ent !olutions

• #oreverLife is a retire$ent product targeted at indiiduals in their thirties.

• $arket%linked retirement products

• LifeTime Super Pension is a regular pre$iu$ $arket(linked pension plan.

• Golden &ears' is a li$ited pre$iu$ paying retire$ent solution that offers

ta benefits up to Rs 8;;*;;; us G;C* with fleibility in both theaccu$ulation and payout stages.

6ealth !olution

• ealth !ssure and ealth !ssure PlusB 6ealth #ssure is a regular pre$iu$

plan which proides long ter$ coer against critical illnesses by proiding policyholder with financial assistance* irrespectie of the actual $edical

epenses. 6ealth #ssure Plus offers the added adantage of an e5uialentlife insurance coer

N Cancer Care' is a regular pre$iu$ plan that pays cash benefit on the

diagnosis as well as at different stages in the treat$ent of arious cancerconditions.

N (iabetes Care and (iabetes Care Plus)' 8st eer critical illness insurance

coer for diabetics.

N ospital Care)' 6ospital Care offers a Cashless hospitali'ation facility in$ore then H;;; network hospitals

N Crisis Cover B is a H;(degree product that will proide long(ter$

coerage against H9 critical illnesses* total and per$anent disability* anddeath

Note *)+ products ,e%launched on - st .ul/ 0112

?roup &nsurance !olutions

&C&C& Prudential also offers ?roup &nsurance !olutions for co$panies seeking to

enhance benefits to their e$ployees.

&C&C& Pru ?roup ?ratuity PlanB &C&C& Pru%s group gratuity plan helps e$ployersfund their statutory gratuity obligation in a scientific $anner. The plan can also be


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custo$i'ed to structure sche$es that can proide benefits beyond the statutoryobligations.

&C&C& Pru ?roup !uperannuation PlanB &C&C& Pru offers a fleible definedcontribution superannuation sche$e to proide a retire$ent kitty for each $e$ber

of the group. E$ployees hae the option of choosing fro$ arious annuity optionsor opting for a partial co$$utation of the annuity at the ti$e of retire$ent.

&C&C& Pru ?roup Ter$ PlanB &C&C& Pru%s fleible group ter$ solution helps proideaffordable coer to $e$bers of a group. The coer could be unifor$ or based on

designationrank or a $ultiple of salary. The benefit under the policy is paid to the beneficiary no$inated by the $e$ber on hisher death.

"leible Rider Options

&C&C& Pru -ife offers fleible riders* which can be added to the basic policy at a

$arginal cost* depending on the specific needs of the custo$er.

8. !ccident Benefit' &f death occurs as the result of an accident during the ter$of the policy* the beneficiary receies an additional a$ount e5ual to the rider

su$ assured under the policy. &f the death occurs while traeling in anauthori'ed $ass transport ehicle* the beneficiary will be entitled to twice the

su$ assured as additional benefit.

:. !ccident 3 (isabilit/ Benefit' This rider option pays 8;< the su$ assuredunder the rider eery year till net 8; years on #ccidental Per$anent /isabilityof : Organs.

H. Critical Illness Benefit' protects the insured against financial loss in the eentof F specified critical illnesses. @enefits are payable to the insured for $edical

epenses prior to death.

=. Income Benefit' This rider pays the 8;< of the su$ assured to the no$inee

eery year* till $aturity* in the eent of the death of the life assured. &t is aailable

on !$arKid* !ecurePlus and CashPlus

9. 4aiver of Premium' &n case of total and per$anent disability due to an accident*the pre$iu$s are waied till $aturity. This rider is aailable with !ecurePlus and

CashPlus.


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Choice of !i &nest$ent Options B(

&C&C& prudential offers you the opportunity of selecting between inest$ent

options to $atch your inest$ent priorities.

8 ProtectorB(

#n &nest$ent Option with inest$ent indebt and $oney $arketinstru$ents.

: Mai$iser B(

#n inest$ent option with inest$ent in e5uity and e5uity relatedinstru$ents.

H @alancer B(

#n inest$ent option with inest$ent in a $i of e5uity and debt oriented

instru$ents.

= Preserer B(

#n inest$ent option with inest$ent in low(risk instru$ents like cash

and call

$oney $arkets.

9 "lei ?rowthB(

Dew "und ID"O launched in March :;;>* -ong ter$ returns fro$ an

e5uity portfolio lare*$id and s$all cap co$panies.

"lei balancedB(

@alance of capital appreciation and stable returns fro$ an e5uity Ilarge*$id

, s$all cap co$panies , debt portfolio.


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ision and !ission

Their ision is to $ake &C&C& Prudential -ife &nsurance Co$pany the do$inant

new insurer in the life insurance industry. This they hope to achiee through their co$$it$ent to ecellence* focus on serice* speed and innoation* and leeraging

our technological epertise.

The success of the organisation will be founded on its strong focus on alues andclarity of purpose. These includeB

N 2nderstanding the needs of custo$ers and offering the$ superior products and serice

N @uilding long lasting relationships with their partnersN Proiding an enabling eniron$ent to foster growth and learning for their

e$ployees

#nd aboe all building transparency in all our dealings.

They beliee that they can play a significant role in redefining and reshaping thesector. ?ien the 5uality of their parentage and the co$$it$ent of their tea$* they

feel that tere will be no li$its to their growth.

/&!TR&@2T&OD

&C&C& Prudential has one of the largest distribution networks a$ongst priate lifeinsurers in &ndia* haing co$$enced operations in 89; cities and towns in &ndia*stretching fro$ @hu) in the west to ?uwahati in the east* and Ja$$u in the north to

Triandru$ in the south.

The co$pany has F bank partnerships for distribution* haing agree$ents with

&C&C& @ank* @ank of &ndia* "ederal @ank* !outh &ndian @ank* -ord Krishna @ank*and so$e co(operatie banks* as well as oer H;; corporate agents and brokers. &t

has also tied up with D?Os* M"&s and corporates for the distribution of rural policies.

&C&C& Prudential has recruited and trained $ore than 8* F;*;;; insurance adisorsto interface with and adise custo$ers. "urther* it leerages its state(of(the(art &T

infrastructure to proide superior 5uality of serice to custo$ers

RegisteredOffice B

&C&C& Towers Fthfloor* @andra(Kurla Co$pleMu$bai ( =;; ;98.

TelB =F= H:H:


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Regional Office BGth floor ERO! Coorporate Tower*Dehru place*

Dew /elhi(88;;88.TelB=99==;9

/elhi office B

Hrd floor3ideocon Towers

E(8* Rani Jhansi Road Dew /elhi ( 88;;99. TelB ;8 H:H:

&C&C& Prudential -ife &nsurance opens office in /ubai

&n a $oe to consolidate its position in the ?ulf region* &C&C& Prudential -ife&nsurance I&C&C& Prudential* &ndia+s Do. 8 priate life insurance co$pany* today

opened its representatie office in /ubai* beco$ing the first priate life insurerfro$ &ndia to open an office in the E$irate.

#t &C&C& Prudential we offer prag$atic* world(class solutions. Put si$ply*

solutions with a lot of co$$on sense. !olutions that take care of your four basic

financial needs ( Earning* !aing* &nesting and !pending. !o you lie your life to

the fullest* sans worries.


19/51

Pro"ect Report Recruitment#Selection

Process Insurance Companies

O$%ECTIES OF T&E PRO%ECT

Eery task is undertaken with an ob)ectie. 0ithout any ob)ectie a task is rendered $eaningless. The

$ain ob)ecties for undertaking this pro)ect areB

To understand the internal Recruit$ent process at &C&C& Prudential -ife &nsurance

To identify areas where there can be scope for i$proe$ent

To gie suitable reco$$endation to strea$line the hiring process

!ET&O'OLO()

The insurance sector is $arked with a high leel of attrition and therefore recruit$ent process beco$es

a crucial function of the organi'ation. #t &C&C& Prudential -ife &nsurance* recruit$ent is all ti$e high during

May(June and Oct(Do. The attrition is high a$ong the sales $anagers* unit $angers $ostly in the sales profile.

The recruit$ent is high during these $onths due to the fact that March and !epte$ber are half year closing and

business is high during Jan(Mar. Thus it is only after March that people $oe out of the co$panies.

!ince $y su$$er training was in the $onths of May(June* it gae $e the opportunity of inoling

$yself directly with the recruit$ent process and analy'ing the process so that suitable reco$$endations can begien. This pro)ect is centered on identifying best hiring practices in the insurance industries. &t therefore

re5uires great a$ount of research work. The $ethodology adopted was planned in adance so as to collect data

in the $ost organi'ed way.

My area of focus was the recruit$ent and selection particularly at &C&C& Prudential -ife &nsurance. &

was directly inoled with the recruit$ent for candidates for the sales profile. & was particularly inoled with

the sourcing of candidates for the regions outside /elhi such as M.P* 2.P and Ra)asthan.

@efore any task was undertaken* we were asked to go through the 6R policies of &C&C& Prudential -ife

&nsurance so that we get a better understanding of the process followed by the$.


20/51

The first task was to understand the arious )ob profiles for which recruit$ent was to be done.

The net step was to eplore the arious )ob portals to search for suitable candidates for the )ob profile.

Once the search criteria were put* candidates went through a telephonic interiew to alidate the

infor$ation $entioned in their resu$e.

# candidate $atching the desired profile was then lined for the first round of "ace to "ace interiew in

their respectie cities.

"irstly the candidate had filled up the personal data for$Ipdf.

Then the candidates INT5,6I54 56!L7!TI8N S55T which is proided by interiewer was

crosschecked by the 6R tea$. &f they think that the candidate was good to hire or not.

0hen a candidate cleared his first round* he is then $ade to take an online aptitude test. 0e created the

online aptitude test. &t the 6R depart$ent* which has the eclusie rights to assign test* codes to the

candidates. Each code was uni5ue and could be used only once by a candidate.

& was inoled in assigning codes and ad$inistering the test

Once the candidate co$pleted his first assess$ent* his scores were checked. &f he cleared his cut(off he

was gien another test.

& had the responsibility to $ake sure that candidates co$plete all for$alities and had to regularly follow

up with the$.

!ince we receied $any resu$es* it was essential that a database be $aintained to keep a track. &t was

conenient $ethod than to stock up piles of papers. &C&C& has their own database na$ed as 9P!C5:* &

update all the records of the new )oinees in that tracker. P#CE containes all the infor$ation of a candidate

such as na$e* contact nu$ber* location etc.

The eternal guide $aintained a regular updating of the database.

2nderstanding what kinds of database are $aintained and how they help in keeping a record.

& was also inoled in $aintaining a track of test codes gien* the database for e$ployee referrals*

/atabase for the resu$es receied through $ails and response of adertise$ent.

RESEARC& !ET&O'OLO()


21/51

/ate !ource

Pri$ary B( Through uestionnaires

!econdary B( Through &nternet* Journals* Dews papers and Misc.

/ata Collection Procedure B( !urey

Research &nstru$ent B( !tructured uestionnaire.

!a$ple !i'e B ( G;

!a$ple #rea B ( work done in /elhi regional Office.

!a$ple procedure B( Rando$ sa$pling.

PROJECT !C6E/2-E B(

"irst 8 week B(Training progra$ fro$ the co$pany.

!econd week B(Collecting the pri$ary and secondary data.

Third "ourth week B( !tudy Recruit$ent , !election Process

"ifth week B(/esigning the 5uestionnaire .

!ith week B(Conducting the surey in RO.

!eenth week B(#nalysis of /ata Collection.

Eighth week B("inal Report preparation and presentation.

Limitations of the study


22/51

Every task is undertaken with an objective and accomplishment of

this objective determines our success.

Task:

The recruitment at ICICI Prudential Life Insurance involved a lot

search from the database and callin up candidates to check

whether they !t the job speci!cation.

"i#culties:

Candidates were reluctant to talk at times$

Candidates who were contacted were not interested in

Insurance on many occasions$

Candidates who were scheduled for interview would not turn

up$

%un out of database many times since most of them would

have already been contacted$

Task:

Candidates were to be searched from the job portals and called

up to be scheduled for an interview.

"i#culties:

& summer trainees we could not separate systems to work on$

&t times many people had for couple of hours to work on the

computer$

'ince 'T" calls had to be made( the availability of phone was

limited( so there was reater coordination re)uired with respect

to its usae and maintains a time slot so that other person has

a chance to use.

Task:


23/51

Inter company analysis throuh survey and )uestionnaire !llin.

"i#culties:

"id not secure cooperation easily$

People asked lot of counter )uestion so convincin them was a

major task$

People did not disclose much about their employee details.


24/51

Topic &nfor$ation

RECRUITMENT AND SELECTION

*The art of choosin men is not nearly so di#cult as the art

of enablin those one has chosen to attain their full worth+.

%ecruitment is the process by which orani,ations locate

and attract individuals to !ll job vacancies. -ost orani,ations

have a continuin need to recruit new employees to replace those

who leave or are promoted in order to ac)uire new skills and

promote orani,ational rowth.

%ecruitment follows % plannin and oes hand in hand with

selection process by which orani,ations evaluate the suitability

of candidates. /ith successful recruitin to create a si,eable pool

of candidates( even the most accurate selection system is of little

use

%ecruitin beins when a vacancy occurs and the recruiterreceives authori,ation to !ll it. The ne0t step is careful

e0amination of the job and enumeration of skills( abilities and

e0perience needed to perform the job successfully. 1ther steps

follow:

Creatin an applicant pool usin internal or e0ternal methods

Evaluate candidates via selection

Convince the candidate

&nd !nally make an o2er

'cope: To de!ne the process and 3ow of activities while recruitin(

selectin and appointin personnel on the permanent rolls of an

orani,ation.

&uthori,ation:


25/51

'.4o

.

&uthori,ed 'inatory

5 ead6 uman resource

7 -anain director

&mendments and deviations:

&ny amendments to and deviations from this policy can only be

authori,ed by the ead6human %esources and the -anain

"irector.

E0clusions:

The policy does not cover the detailed formalities involved after

the candidate joins the orani,ation.


26/51

&CTI8IT9 L1/

The orani,ation philosophy should be kept in mind while

formulatin the recruitment procedure.

The % department would set the recruitment norms for the

orani,ation. owever( the onus of e2ective implementation and

compliance with the process rests with the heads of therespective functions and departments who are involved in the

recruitment and selection process.

The process is aimed at de!nin the series of activities that

needs to be performed by di2erent persons involved in the

process of recruitment( the checks and control measures to be

adopted and information that has to be captured.

%ecruitment and 'election is conducted by:

% ;


27/51

%EC%=IT-E4T PL&44I4>

%ecruitment plannin on the basis of budet

#. The manpower plannin process for the year would

commence with the company?s budetin activity. The

respective unctional heads would submit the manpower

re)uirements of their respective functions@ departments to

the board of "irectors as part of the annual business planafter detailed discussion with the head of human %esource

unction alon with detailed notes in support of the

projected numbers assumptions reardin the direct and

indirect salary costs for each position.

@. & copy of the duly approved manpower plan would be

forwarded by the % department for their further actions

durin the course of the year. The annual budet would

specify the manpower re)uirement of the entire

orani,ation( at di2erent levels( in various

functions@departments( at di2erent eoraphical locations

and the timin of the individual re)uirements. It would also

specify the re)uirement budet( which is the cost allotted

towards the recruitment of the budeted sta2 and the

replacement of the e0istin employees. The manpower plan

would also clearly indicate the e0act time at which the

incumbent should be on board in such a way that the


28/51

%eional % has ade)uate notice for the time lapses

involved in sourcin any other activities.

C. The %eional %?s would undertake the plannin activity and

necessary preparations in advance of the anticipatedre)uirements( as monthly and )uarterly activities on the

basis of the approved budet( estimated separations and

replacements therefore.

/. The vacancies souht to be !lled or bein !lled shall always

be within the approved annual manpower budet and no

recruitment process shall be initiated without the formal

concurrence of the ead of the %eional % under anycircumstance. ead of the %eional % shall also have the

responsibility to monitor the appointments bein considered

at any point of time with speci!c respect to the duly

approved manpower budets.

%eview of -anpower Plans and &dditional -anpower

&. %eview of manpower budets shall take place on a )uarterly

basis. In the event of any new position or any deviations to

the oriinal plans( details of the positions maybe forwarded

to the 8P6% alon with the ade)uate supportin

information. The recommendations would normally re)uire a

formal approval of the -anain "irector. &lternately( 8P6%

may record the summary of his discussion with the

-anain "irector and the -"?s approval on the

recommendations( to sinify the !nal decision taken

reardin the recommendations.


29/51

'1=%CI4> 1 '=IT&


30/51

Placement &encies Aparticularly for positions of -anaers and

aboveB$

eadhuntin !rms particularly for senior positions( specialist

positions and critical positions$

"irect recruitment from campuses@academic institutes$

ob websites and

&ny other appropriate sources.

The norms for usin any of the sources are not water tiht.

4umber of positions( criticality of positions and the urency of thepositions( con!dentiality re)uirements( relative e#cacy and cost

considerations would play a role in the choice of the appropriate

sourcin mechanism.

&"8E%TI'E-E4T'

&ll recruitment advertisements Ain any form and any mediumB

shall always conform to the DLI compliance norms and wouldnot be released by any department or branch without the

approval of the 8P6%. dependin on the speci!cs of each

position for which recruitment advertisements are to be

released( %eional % may obtain assistance from the

company?s marketin department and@or any e0ternal

advertisin aencies for the preparation of the contents. Dey

features of the positions as noti!ed by the unctional eads

would normally form a part of the advertisement te0t.


31/51

The media for releasin advertisement would depend on the

level of the position bein considered and the urency of the

re)uirements.

The advertisement mode that could be broadly speci!ed asnewspapers Alocal or mainline dependin on re)uirementsB(

internet sites and business maa,ines.

Placement &encies@eadhuntin &encies

"ependin upon the vacancies( fresher !ttin di2erent

description listed above may be recruited from time to time(

from academic institutes of appropriate

standards@reputation@rade( in the re)uisite numbers and at

the compensation@stipend amounts to be formally approved of

the 8P6%. Plans for such recruitment need speci!c special

approval of 8P6%. norms reardin the identi!cation of the

appropriate institutes( constitution of the selection panels(

timins of the recruitment( number of candidates to be

recruited into di2erent positions( choice of the appropriate

selection process and the tools thereof shall be decided by the

ead of the %eional % in consultation with the 8P6%(dependin on the speci!c features of the position.

'creenin the candidates

irst level screenin

The Candidates would be screened by the %

-anaer@


32/51

d. -otives of the person to join the company and whether

focus is in the short term or is a lon term player(

e.


33/51

'econd Level 'creenin

&ptitude Test

If the !rst assessment is positive( the candidates will ivethe aptitude test( once such test is selected approved by the

company. The scorin( interpretation and the eneration of

interview probes from that test will also be done at this time.

People who )ualify the minimum criteria on this test will be put up

on to the unctional ead A8P?s in case of 1B for functional

assessment and suitability into the role.

Tied &ency 'ales -anaer candidates short listed by the


34/51

#. Interviews should consider the entire data provided by the

candidate either throuh the formal C8 or otherwise before

comin to a conclusion about the candidate. They may insist

on seein the proof of the claims made by the candidate

reardin )uali!cations( e0perience and other

achievements. They may( at their discretion( decide to meet

the candidate on more than one occasion or to refer the

candidate to another panel.

@. %atins on various attributes of the candidates shall be

recorded in the interview evaluation sheet( soon after the

interview is over. &lon with these numerical ratins(

)ualitative observations about the candidate and overalldecision reardin selection or otherwise Aincludin a

decision to defer the induction( referral to another panel(

considerin for another positionB shall be forwarded to the

associated %ecruitment -anaer@ ead of %eional %.

Individual panel members have the option of appendin

their additional remarks@observations. 4o selection will be

treated as !nal unless the IE' form is !lled comprehensively.

'uitably appropriate IE' formats may be created for speci!c

positions.

C. &ny discrepancies noticed by the panel members reardin

the authenticity of the data provided by the candidate

should be speci!cally and formally recorded on the IE' form

and suitably hih lihtened.

/. 'peci!c points to be probed durin the reference check

process( if any( must also be clearly recorded and hihlihtened on the IE' forms.

&dministrative &ctions %eardin Interviews

#. 'chedulin and the venue of the interviews would be

handled by the recruitment team in consultation with the

short listed candidate and the selection panel members(

after takin mutual convenience into account. or !eld


35/51

positions( respective branch@reional heads would undertake

this co6ordination.

@. &fter the !nal round( if the candidate is selected( the

complete set of papers Personal "ata orm( C8( jobre)uisition no.( Interview evaluation sheet (reference check

details( educational details( alon with the interviewer?s

recommendations and %eference check form should be

forwarded by the recruitment manaers to recruitment

head. itment of the candidate into a rade and

compensation !tment shall be on the assumption of

authenticity of the information provided in the

C8@application form.

C. &n appropriate formal communication shall be sent to the

candidate whose candidature is not bein taken forward( or

details of the verbal@telephonic communications provided to

the candidate shall be recorded on the candidates papers(

by the recruitment team@associated line manaers. In the

case of interviews takin place at the branch@reional levels(

similar notin should be recorded on the individual

candidate?s papers.

4eotiations of the terms and conditions and other pre6

appointment formalities

#. In the case of sales6Tied &ency functions( the branch

manaers will be allowed to !0 the salary and rade of the

incomin sales manaer( provided the compensation does

not e0ceed 7F of the candidates current cash salary. &ny!tment beyond this norms will need the approval of ead6

%. % will forward a worksheet to support the


36/51

may be referred to the -anain "irector( for the -"?s

formal approval.

@. %esponsibility for neotiations and !nali,ation of the terms

shall rest with the best


37/51

#. /hen a recruitment -anaer is fully satis!ed about the

selection of the riht candidate and about completion of all

the formalities connected with the appointment of candidate

includin re)uisite documentation( satisfactory reference

check reports and medical !tness( he@she would forward the

relevant papers listed below to the head of recruitment.

Personal "ata form

Employee re)uisition form duly !lled by the reional

ead@


38/51

%elievin Letter of last Employment.

Proof of %esidence.

7 Passport 'i,e Photoraph.

C. %eional % manaer will take the sinature of ead6% on

the employee re)uisition form and forward the papers to the

employee service team for issuance of the o2er letter.

/. Employee services team will issue o2er letter( to be sined

by the 4ational %ecruitment -anaer or Chief -anaer6%(and send the same to the concerned


39/51

?. 1nce the documentation is complete for the new joinee

Aincludin the accepted appointment letterB( people who

may have joined before 7th of the month but have not been

included in the payroll for the month because of delay in

receipt of papers will be iven ad6hoc salary advance Aup to

ma0imum of JF of the pro rated salaryB. This advance will

be adjusted once the person ets included in the subse)uent

month?s payroll.

6. If the person does not submit the relievin letter from the

previous orani,ation( where re)uired to be submitted as per

the table iven above( within three months of joinin( the

employee service manaer can put their salary on hold tillsuch time as the said documents are received.

Dey tasks of %eional % ead

%eional % ead will have the authority and responsibility

to administer@implement the recruitment and selection process as

outlined. &n illustrative list of the key deliverables of these

incumbents is listed below.

Ensurin inductions as per )uality( numbers( time and cost

consideration of the company in accordance with the approved

manpower budet.

Creation of appropriate sourcin mechanism alon with

trackin the performance of these mechanisms.

Creation of )uarterly and monthly recruitment plans

E2ective coordination with e0ternal parties such as

candidates( placement aencies( consultants(

academic@professional institutes and any other includin the

custody of the formal areements ( trackin timely payments

and adjusted thereto

Creation of comprehensive and appropriate tools( linkaes(

documents( templates and any other mechanisms to ensure


40/51

smooth e0ecution of the process re)uirement( alon with

timely improvements thereto

&ssistance to user department and line manaers includin in

interviewin@selection support( schedulin etc.

E2ective internal communication with user departments and

line manaers includin makin the standard recruitment

formats and other templates easily available to such users and

notifyin the modi!cations to such formats and templates.

Creation and maintenance of )ualitative information base

reardin candidates( placement aencies( campuses(

institutes( and any other employment6market information.

Creation and maintenance of appropriate and hih6)uality -I'

for current and future needs of the orani,ation( includin

publication@circulation of appropriate reports there from to the

relevant users within the company.

-onitorin recruitment costs

Complete documentation for the entire recruitment and

selection process for easy and )uick retrieval in a readily

auditable format

Timely and e2ective communication with all internal and

e0ternal parties includin the candidates

Trackin the proress of the selected candidates includin

resination( e0tensions of probation periods@trainin period( etcfor the purpose of improvement to recruitment and selection

process.

E2ective coordination with the post recruitment arm of the

uman %esource function

"ocumentation and creatin -I' reardin waiver( deviation(

etc and identifyin the key areas for improvement in the formal

recruitment and selection process document.


41/51

!0OT #nalysis of &C&C& Prudential -ife

&nsurance%s Recruit$ent Process

'trenths /eaknesses


42/51


43/51

%educe turn around time ofmakin an o2er.

job shift.

&s the insurance industry is

small( senior level candidateshesitate to meet % of othercompanies for the fear ofrapevine.

Compress the ;white space; in /our hirin< process=

/hite 'paces are delays in hirin process that are unproductive(

waste time( and virtually assure youKll lose talented candidates.1ften the lonest delays occur between critical selection events.

or e0ample( a recruiter may need several weeks to screen a few

hundred resumes from the /eb job boards( or candidates who

make it throuh screenin may wait weeks to interview with a

hirin manaer.

ere at ICICI Prudential Life Insurance( the delays occur when the

outstation candidates are called for interviews at %eional

branches like "elhi and -umbai. 'ometimes( because of busyschedule of senior manaers and sometimes because of tiht

schedule of candidate( the interview has to be postponed. This

delay could be minimi,ed by schedulin interviews in the reional

locations. It is recommended to reduce the turnaround time for

the recruitment and selection process. It must be made

mandatory for the candidates to take the test( !llin up forms etc

within the stipulated time( this will make sure that the candidates

do not hold casual attitude and take the recruitment process moreseriously. &dditionally it can send across a positive imae about


44/51

the company. /hite space in recruitment can be compressed by

the use of IT also. Technoloy Asuch as automated or /eb6based

trackinB is ideal for eliminatin unnecessary steps and reducin

delays.

Tie up with more 3 more consultants from multiple se


45/51

entire country can overshadow a candidates capabilities. This

factor must be iven importance since Indian society is divided

on various parameters such as education( lanuae(

infrastructure etc. & test with hih level of Enlish and

complicated sentence structure can be a hurdle in areas where

lanuae itself is barrier. &n option is to have di2erent tests for

di2erent reions.

Blend technolo


46/51

on the candidate pool and !ll jobs as they become available.

ow do you keep a pool activeM 'ome companies send their

newsletters to pool candidates( ive them product coupons(

and keep in touch throuh e6mail. Pool manaement is not

easy in a tiht labor market 66ood candidates often o

elsewhere.


47/51

C14CL='I14

Insurance is confronted with hih attrition rate. Therefore it

makes recruitment a critical function in the orani,ation. In order

to row and sustain in the competitive environment it is important

for an orani,ation to continuously develop and brin out

innovations in all it activities. It is only when orani,ation is

reconi,ed for its )uality that it can build a stability with its

customers. Thus an orani,ation must be able to stand out in the

crowd.

The !rst step in this direction is to ensure competitive

people come in the orani,ation. Therefore recruitment in this

reard becomes an important function. The orani,ation must

constantly improvise in its recruitment process so that it is able to

attract best in the industry in order to serve the best. Thus the

orani,ation must look out for methods that can enable it toadopt best recruitment practices.


48/51

-E#RD&D?!

Eery endeaor undertaken to acco$plish challenging goals* can only be

successful under the eperienced and encouraging guidance. & a$ priileged to

hae undergone training at &C&C& Prudential -ife &nsurance. #s learning neer

stops* $y learning at Kotak has co$e fro$ a lot of eposure* on the )ob training

and close interaction with the corporate. &n brief $y learning and achiee$ents can

be su$$ari'ed as underB

=nderstandin of person and pro!le !t.Convince people about the job pro!le and to sell the job to theprospective candidate$ollowin up with the candidates durin the entire selection

process$Learned to convince candidates about the o2er rolled out andmakin them accept the o2er throuh e2ective communication$Learnin about salary !tments.Communicatin with the corporate$Performance appraisals( its various types( implications andsini!cance$andlin )ueries received from various )uarters$-anain % department in the absence of % manaer$

%eply to o#cial mails$Prioriti,e issues accordin to their importance$


49/51

ield work e0posure to tap candidates that further strenthenedthe learnin.

Q

8./o you hae a clearly stated Recruit$ent , !election Policy

• 4es

• Do

• To so$e etent

: 0hat are the 5uality of &C&C& Prudential -ife &nsurance Co$pany

recruit$ent !yste$B(

• uick Response ti$e for re5uire$ent

• @ringing in uality People

• Proper coordination with other tea$ or depart$ent

• Efficient Maintenance , 2pdating of /atabase

H0hat Recruit$ent !ources are used

• #dertise$ent


50/51

• E$ployee Referral

• Consultant

• Portals

• #ll of theseS.

=/oes &C&C& Prudential adopt &nternal Recruit$ent !ource i.e. Transfer ,

Pro$otionB(

Ii 4es Iii Do

&f 4es than for which type of postSSSSSSSSSSSSS.

90hich source of Recruit$ent is better for co$paniesB(

Ii &nternal !ource Iii Eternal !ource

Iiii /epends on !ituation , PostSSSSSSSSSSSSSS

Rank the ualities in the order of your preference on the basis of which you

select candidateB(

• ualification

• Eperience

• !kills

• Personality

• /epend on Job 3ariety

> 6ow $any !tages are followed in selection procedureB(

• :

• H

• =


51/51

G /oes &C&C& Prudential ask candidates to enter into @OD/! with the$B(

• 4es

• Do

&f 4es then what kind of Job or /epart$entSSSSSSSSSS.

F. &s the esti$ation of Recruit$ent Process cost is done

• 4es

• Do

icici bba project

Documents