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ST. Kabir Institute Of Professional
Studies
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Project Of Human Resource Management

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Guided to: - Prof. Vaishali Trivedi

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Submitted by: - Shaival Shah

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1820176 - A

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Recruitment, Training and Development of ICICI

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Prudential Life Insurance Company Ltd

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DECLARATION
I Shaival Shah solemnly declares that the project work entitled
Project report on “Recruitment Training and Development of ICICI
Prudential Life Insurance Company Ltd .”is the original work done
under the guidance of Prof. Vaishali Trivedi and has not been
previously submitted to any examination of this university or any
other university

Place:
Date

(Vaishali Trivedi)
INDUSTRY PROFILE
Root of Life Insurance Life protection was conceived in England when the principal
approach giving brief spread to a time of a year was issued as ahead of schedule as 1583 A.D.
The Amicable Society began allowing fluctuating total on death since 1705 and a fixed whole
since 1757. With the advancement of mortality tables, disaster protection gained a logical
character. The Equitable Society established in 1762 was the primary society set up on
logical premise. 3.2 Origin of Life Insurance in India In India, after the disappointment of 2
British organizations, the European and the Albert in 1870, which endeavored composing
business on Indian lives, first Indian life confirmation organization was shaped around the
same time called Bombay Mutual Assurance Society Ltd. It was trailed by Oriental life
confirmation Company constrained in 1874, Bharat in 1896 and Empire of India in 1897. The
possibility of protection was resulting from a craving of the general population to share the
loss of a person by many. Initially, it was confined to different types of disaster protection. It
began with marine protection where the misfortunes by virtue of hazards of the ocean were
shared by all who were occupied with exchange.

At present 24 disaster protection organizations in India. Out of which one is Life Insurance
Corporation of India is the open segment Insurance Company in India and 23 private Life
protection organizations in India. The principle point of life coverage organizations to share
the danger of everyday life of people. It give wellbeing and security from the sudden
occasion like Death, seniority advantage, Disability, sickness or business dangers (unforeseen
and dubious) for example fire, tremor, burglary, mishap and so on disaster protection industry
in India performing different financial aspects exercises, for example, fabricating,
exchanging, banking, transportation and protection. The Government India permitted Remote
Direct Investment up to 49%. The insurance sector is divided into two:

1. Life Insurance
2. General insurance

Private safety net providers in India have recorded amazing development of 26% in
annualized new business premium for the period of May 2016. Life coverage Corporation of
India (LIC) recorded a development of 22% (year-on-year).All the insurance agencies in
India working under the control of protection administrative and advancement specialist of
India.
Company Profile
ICICI Prudential Life Insurance Company is a joint endeavour between ICICI Bank, a
chief money related influence house and prudential plc, a main universal budgetary
administrations assemble headquartered in the United Kingdom. ICICI Prudential was among
the primary Private Sector Insurance Companies to start tasks in December 2000 in the wake
of accepting endorsement from Insurance Regulatory Development Authority (IRDA).

Diagram of ICICI Prudential ICICI Prudential Life Insurance Company is a joint endeavour
between ICICI Bank - one of India's premier money related administrations organizations and
Prudential plc - a main global budgetary administrations gather headquartered in the United
Kingdom. Complete capital mixture remains at Rs. 37.72 billion, with ICICI Bank holding a
stake of 74% and Prudential plc holding 26%. The organization started its activities in
December 2000 in the wake of getting endorsement from Insurance Regulatory Development
Authority (IRDA). Today, their across the nation group includes more than 955 branches
notwithstanding 1,033 smaller scale workplaces, more than 261,000 counsellors; and 20 banc
affirmation accomplices. ICICI Prudential was the primary life safety net provider in India to
get a National Insurer Financial Strength rating of AAA (Ind) from Fitch evaluations. For a
long time in succession, ICICI Prudential has been casted a ballot as India's Most Trusted
Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg overview of 'Most
Trusted Brands'. As the organization enlarges its dissemination, item range and client base, it
proceeds to enthusiastically maintain its duty to convey world-class budgetary answers for
clients all over India.

India has an enhanced money related division experiencing fast extension, both as far as solid
development of existing monetary administrations firms and new substances entering the
market. The segment involves business banks, insurance agencies, non-banking money
related organizations, co-agents, benefits reserves, common assets and other littler monetary
elements. The financial controller has permitted new substances, for example, installments
banks to be made as of late in this way adding to the sorts of elements working in the
division. Notwithstanding, the money related part in India is transcendently a financial area
with business banks representing more than 64 percent of the complete resources held by the
monetary framework.

Mission:-

ICICI Prudential ICICI Prudential Life is all about…… The success of the company will be
founded in its unflinching commitment to 5 core values -- Integrity, Customer First,
Boundary less, Ownership and Passion

Vision: -

“To make the company the dominant Life and Pensions player built on trust by world- class
people and service.”
TRAINING AT ICICI PRUDENTIAL

Definition
Training and Development " is any endeavour to improve present or future worker
Performance by improving his execution capacities and potential through adapting, typically
by changing the representative's frame of mind or expanding his or her aptitudes and
information. The requirement for Training and Development is controlled by the
representative's execution lack.

One of the destinations of the present investigation is to comprehend the targets of preparing
programs for consultants in protection industry all in all and afterward to make an
investigation of the preparation program directed in ICICI Prudential. Preparing goals in
protection part In protection division, the should be very much prepared expect enormous
extents. A one of a kind element as respects protection is that it isn't only adequate to have a
legitimately prepared workforce; there is a need to spread the message of protection among
the masses.

In simple terms, training and development refers to the imparting


of specific skills, abilities and knowledge to an employee.

Training & Development need = Standard performance - Actual performance

Systematic Model Training

The framework demonstrates comprises of five stages and ought to be rehashed all the time
to make further upgrades. The preparation ought to accomplish the motivation behind helping
representative to play out their work to required norms. The means associated with System
Model of preparing are as per the following:

1. Break down and distinguish the preparation needs for example to investigate the division,
work, representatives necessity, who needs preparing, what do they have to get the hang of,
assessing preparing cost, and so forth The subsequent stage is to build up an act measure
based on which genuine execution would be assessed.

2. Plan and give preparing to address recognized issues. This progression requires creating
destinations of preparing, recognizing

3. Build up This stage requires posting the exercises in the preparation program that will help
the members to master, choosing conveyance strategy, analyzing the preparation material,
approving data to be conferred to ensure it achieves every one of the objectives and
destinations.

4. Executing is the hardest piece of the framework since one wrong advance can prompt the
disappointment of entire preparing program.

5. Assessing each stage in order to ensure it has accomplished its point regarding resulting
work execution. Making important revisions to any of the past stage so as to cure or improve
disappointment rehearses.
Training at LIC
LIC has as of late propelled a preparation program called PROT (Post Recruitment
Orientation Training). This is propelled level preparing for new operators and the specialists
are learning a great deal of down to earth things here. Such kind of value preparing is
required for new operators.

Need for Training


In the present situation of globalization and progression, the power of rivalry is
expanding step by step in all circles of business and the disaster protection segment is no
special case. A standout amongst the most basic components in the association is the
specialists. They are mindful for driving deals as well as spreading the mindfulness and need
of life protection among the majority.

The following is the need for training that has been identified:-

1. To increase productivity
2. To improve quality
3. To help a company fulfil its future personnel need.
4. To improve organization climate

The protection business controller, IRDA endorsed 50 hours of hypothetical and reasonable
preparing for individuals to be authorized as operators for an insurance agency. The
preparation outfits operators with essential information on protection like the specialized
terms utilized, the sorts of strategies accessible, morals, implicit rules, etc.

Rewards & Recognition to the agents


LIC specialists are continually perceived and remunerated for their execution. Various
rivalries throughout the entire year advance sound challenge among specialists and
acknowledgment for their endeavours. Contingent upon the dimension of business the
specialist accomplishes in a year, the person can turn into an individual from different clubs,
for example, the Corporate Club, the Director's club, and so forth. Every one of these clubs
have explicit execution criteria for capability and individuals from these clubs are qualified
for go to workshops held at extraordinary worldwide and household areas every year.
Counselors can likewise meet all requirements for the prestigious MDRT (Million Dollar
Round Table), select universal protection specialists club.

Benefits of Training
1. Preparing must contribute in keeping individuals side by side of most recent data,
specialized learning in particular regions and build up their identity to suit their
necessities.
2. Preparing must likewise set up the specialists to comprehend and evaluates the
activity content so the operators can perform with certainty and recommend upgrades
in procedures included.
3. Preparing must get expected aptitudes to encourage basic leadership and critical
thinking abilities. Better commitment and profitability must be evaluated every once
in a while.
4. Preparing must concentrate on helping a person in overseeing change.

TYPES OF TRAINING
1. On the Job Training: - Training agents to learn the skills while working on the job.

2. Off the Job Training :- It has different which are as follows;


a. Lectures: - It has a few focal points. It is fast and straightforward approach to give
learning to vast gathering of students.
b. Case Study: - It is an advancement strategy in which the supervisor is given a
composed portrayal of an authoritative issue to analyze and tackle.
c. Role Playing: - It is an improvement method in which groups of specialists
contends by taking choices with respect to sensible yet invigorated circumstance.
Training at BAJAJ Allianz Life insurance
The operators preparing program in Bajaj Allianz Life Insurance is known as
Certified Insurance Consultant Program (CICP). The specialists have an extraordinary
chance, to forces the affirmation at various branches. The educational programs would not
just give the operators top to bottom learning into protection however would furnish them
with the business edge that is required in consistently requesting, dynamic market today.
Something abandons saying that the operators would be the main advisor in the business to
have such an accreditation, a group, which would be separated from others.

Need for Training


The specialists are perceived as an expert monetary organizer who can assist the customers
with achieving their money related destinations through the results of Bajaj Allianz Life.
Preparing will build up the specialists to end up learned and which will assist them with
handling rivalry viably.

The Certified Insurance Consultant Program (CICP) for the specialists is for 5 days covering
different subjects from organization introduction, highlights and advantages of items, need
based selling aptitudes, arrangement and deals introduction abilities, prospecting strategies
and proposition structure top off. Extensively the modules might be condensed as item
preparing, budgetary rudiments and selling aptitudes.

Benefits of training
1. Differentiates Bajaj Allianz life from competition.
2. Focuses on customer needs and provides customised solution.
3. Builds customer loyalty thus ensuring more referrals.

There are different winning open doors for specialists who are genuine, committed and
willing to meet imminent clients consistently. The operators can gain through commissions,
reward, reestablishment commissions, grants which are money related and nonmonetary and
venturing out chances to national and universal goals. Additionally the specialists who are
effective have acknowledgment and glory in the general public. The restoration commissions
continue coming even after the specialists have quit working.

Rewards and Recognition


There are various opportunities for the agents to perform and earn various rewards and
incentives by qualifying for different clubs. They are

1. Club Membership.
2. Early Bird.
3. Star on Debut.
4. Super Star on Debut.
5. Mega Star on Debut.
6. Early Bird.
Types of Training
They have different types of Off the Job Training like,

1. Vestibule training,
2. Role playing
3. Lecture
4. Case discussion
5. Programmed instruction

For On the Job Training they have,

1. Apprentice training
2. Observation
3. Demonstration calls with the trainers