Reliance Life Insurance
“AGENCY RECRUITMENT AND CHANNEL MANAGEMENT OF INSURANCE INDUSTRY”
With reference to
ICICI PRUDENTIAL LIFE INSURANCE Co. Ltd.
RAJKOT
A project report submitted in Partial Fulfillment of award of MBA Degree
Project Guide
Mr. Manoj Desai
Submitted By: Vipul Zala(118)
Submitted To:
S.K.PATEL INSTITUTE OF MANAGEMENT & COMPUTER STUDIES
GANDHINAGAR, GUJARAT
JULY, 2005
-I-
PREFACE
In India insurance sector was totally reserved for public sector companies like LIC, GIC, etc. With the opening up of the economy, a score of MNCs have come in the market with Indian business houses resulting in client friendly, healthy competition and rivalry in the insurance sector. Good old days have gone , where only LIC agents were seen knocking doors of potential clients.
The policies floated by the government insurance companies where primarily meant to cover risk but in today’s market, the policies are having predominantly a major part of investment option with high rate of return. The entire concept of insurance agent who used to convince his customers to buy the policy has changed to insurance advisors who design a complete financial solution for his client.
In this project , the main focus is on “Channel Management”. To get marketing staff like advisors , to promote the insurance company, by large collections turn over and optimizing profitability. One of the major challenge for all private companies is to develop a strong sales team , since LIC who enjoyed a monopoly in this sector before it was opened for private players has a network of 2,50,000 agents where as ICICI Prudential Life insurance company has around 50,000 advisors. It is not out of place to mention that “Attraction” has become one of the important managerial function in order to get good quality staff (Employees) at optimal cost.
- II -
ACKNOWLEDGEMENT
We are highly
With reference to
ICICI PRUDENTIAL LIFE INSURANCE Co. Ltd.
RAJKOT
A project report submitted in Partial Fulfillment of award of MBA Degree
Project Guide
Mr. Manoj Desai
Submitted By: Vipul Zala(118)
Submitted To:
S.K.PATEL INSTITUTE OF MANAGEMENT & COMPUTER STUDIES
GANDHINAGAR, GUJARAT
JULY, 2005
-I-
PREFACE
In India insurance sector was totally reserved for public sector companies like LIC, GIC, etc. With the opening up of the economy, a score of MNCs have come in the market with Indian business houses resulting in client friendly, healthy competition and rivalry in the insurance sector. Good old days have gone , where only LIC agents were seen knocking doors of potential clients.
The policies floated by the government insurance companies where primarily meant to cover risk but in today’s market, the policies are having predominantly a major part of investment option with high rate of return. The entire concept of insurance agent who used to convince his customers to buy the policy has changed to insurance advisors who design a complete financial solution for his client.
In this project , the main focus is on “Channel Management”. To get marketing staff like advisors , to promote the insurance company, by large collections turn over and optimizing profitability. One of the major challenge for all private companies is to develop a strong sales team , since LIC who enjoyed a monopoly in this sector before it was opened for private players has a network of 2,50,000 agents where as ICICI Prudential Life insurance company has around 50,000 advisors. It is not out of place to mention that “Attraction” has become one of the important managerial function in order to get good quality staff (Employees) at optimal cost.
- II -
ACKNOWLEDGEMENT
We are highly
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