RECRUITEMENT

AND SELECTION

IN

Diksha Garg

Roll no. 123007

MBA(HR) 3rd sem

About the industry

INSURANCE

• It is a system by which the losses suffered by a few are spread over many, exposed to similar risks.

• Insurance is a protection against financial loss arising on the happening of an unexpected event.

• It is essential that :– The calamity is either natural or unexpected

– The insured person does not gain out of this arrangement

Life insurance is a written contract

between the insured and the insurer,

that provides for the payment of the

insured sum on the date of the

maturity of the contract or on the

unfortunate death of the insured,

whichever occurs earlier.

Life

InsuranceThe Empowerment Story

Life Insurance Milestones

• 1818 - Oriental Insurance Company set up in Calcutta• 1912 - The Indian Life Assurance Companies Act

enacted - first statute• 1928 - The Indian Insurance Companies Act enacted

to enable the government to collect statistical information about both life and non-life insurance businesses.

• 1938 - Passing of the Insurance Act

• 1956 - Nationalisation of life insurance companies and

formation of LIC

• 1956-1999 - Monopoly of LIC for nearly 44 years

• 1999 - Privatisation initiated

The Insurance Players

Life Insurance Corporation of India (LIC)

SBI Life Insurance

Birla Sunlife Insurance

Reliance Life Insurance (RLIC)

ICICI Prudential Life Insurance

Bajaj Allianz Life Insurance

Max Life Insurance

HDFC Standard Life Insurance

Life insurers: Market share

LIC, 50%

ICICI, 10%

SBI, 5%

BAJAJ, 4%

OTHERS, 8%

RELIANCE, 5%

HDFC, 6%

BIRLA, 4%

MAX, 3%

TATA, 2%

MET , 1%

KOTAK, 2%

Market share

LIC

ICICI

SBI

BAJAJ

OTHERS

RELIANCE

HDFC

BIRLA

MAX

TATA

MET

KOTAK

IRDA Registration no. 111

issued on

29th March 2001

26% Stake74% Stake

SBG – State Bank of India

State Bank of India (SBI) is a multinational banking and financial services company based in India

It is a government-owned corporation with its headquarters in Mumbai, Maharashtra

As of December 2013, it had assets of US$388 billion*

SBI has 14 regional hubs and 57 Zonal Offices located at important cities throughout India*

SBI had 17,000 branches in India, as on December 2013*

As on 30th September 2013, the 5 ABs have a combined network of 5685 branches in India **

As of 28 June 2013, the bank had 190 overseas offices spread over 34 countries*

State Bank (SBI + Associate Banks) offers you the convenience of 43,000+ ATMs in India **

About BNP Paribas Cardif

Open Human

Centric Sustainable

Strong Asset

for the Group

40 Years of

existence

Present in

37 countries90 million

clients insured

Founded 40 years ago, the insurance subsidiary of BNP Paribas has become a global specialist in personal and property insurance, with a

presence in 37 countries across Europe, Asia and Latin America.

VISION

"To be the most trusted and preferred life insurance provider "

MISSION

"To emerge as the leading company offering a comprehensive

range of life insurance and pension products at competitive prices,

ensuring high standards of customer satisfaction and world class

operating efficiency, and become a model life insurance company

in India in the post liberalization period"

SBI Life – Vision & Mission

SBI Life – Values

ValuesAmbitionInnovationDynamismExcellenceTrustworthiness

Year

2013-14

Ranked number 1 amongst the private life insurers, in New

Business Premium (NBP), for the financial year 2013-14

Posted a record profit of Rs. 740 crore, during the financial year

ending March 31, 2014, an increase of 19% over the last financial

year

SBI Life’s regular new business premium increased by 14.5%, to

Rs. 2,998 crore during the financial year 2013 - 14, from Rs.

2,618 crore in FY 2012 - 13

Individual new business premium APE grew by 17.7% to Rs.

2,809 crore during financial year 2013-14, from Rs. 2,387 crore

during FY 2012 - 13

SBI Life – Pride Pointers (2013 - 2014)

Authorized Capital of Rs. 2,000 Crores

Paid Up Capital of Rs 1,000 Crores

Year

2013-14

SBI Life leveraged its wider reach through its 762 branches

network

AUM has grown by 12.7%, to Rs. 58,480 crore as on March 31,

2014 from Rs. 51,912 crore as on March 31, 2013

SBI Life – Pride Pointers (2013 - 2014)

Market share through individual business has increased to 16.8%

for the financial year 2013 – 14, from 13.8% during the last

financial year

SBI Life has garnered a new business market share of 17.2%

amongst private players for the financial year 2013 - 14

Authorized Capital of Rs. 2,000 Crores

Paid Up Capital of Rs 1,000 Crores

‘Best Life Insurance Provider 2013 – Runner’ Up by Outlook

Money.

‘Most Trusted Private Life Insurance Brand 2013’ by The

Economic Times, Brand Equity and Nielsen Survey

‘Global Performance Excellence Award 2013’ by Asia Pacific

Quality Organisation (APQO)

SBI Life – Awards in 2013- 2014

Year

2013-14

‘Digital Inclusion Skoch Awards 2013’

.

‘Communication Excellence Award 2013 at 4th CMO Asia

Awards’

Recruitment And Selection

“Recruitment is the process by which

organizations locate and attract

individuals to fill job vacancies”.

“Selection is the negative process and

involves the elimination of candidates

who do not have the required skills

and qualification for the job proposed”.

Recruitement And Selection In

Sbi Life

Interview section

Training

Examination and code

FINDINGSPeople view life insurance as more

protection of human asset value against

uncertainity.

People prefer internel reference while

applying for sbi life

People of india believe upon the LIC only

as LIC created a very well image in the

mind of general public.

Life insurance is a growing concern and

will grow at rapid pace in future.

Suggestions Compress the "white space" in

your hiring process.

Tie up with more & more consultants from

multiple segments

Know what you're looking for in

candidates.

Reduce the pre offer formalities

Blend technology into every aspect of your

recruiting and hiring process

conclusionInsurance is confronted with high attrition

rate. Therefore it makes recruitment a

critical function in the organization. In

order to grow and sustain in the

competitive environment, it is important

for an organization to continuously

develop and bring out innovations in all it

activities. It is only when organization is

recognized for its quality that it can build a

stability with its customers. Thus an

organization must be able to stand out in

the crowd.