ICICI PRUDENTIAL LIFE INSURANCE

SUBMITTED BY:ARTI TYAGI (6548)

NIKITA MADHUKAR (6566)

OVERVIEW

• ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

• ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of March 31, 2013) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the financial year 2013, the company has garnered total premium of Rs 13,538 crores and has underwritten over 13 million policies since inception. The company has assets held over Rs. 74,000 crores as on March 31, 2013.

.

• For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

VISION • To be the dominant Life, Health and Pensions player built on

trust by world-class people and service.• This we hope to achieve by:• Understanding the needs of customers and offering them

superior products and service• Leveraging technology to service customers quickly,

efficiently and conveniently• Developing and implementing superior risk management

and investment strategies to offer sustainable and stable returns to our policyholders

• Providing an enabling environment to foster growth and learning for our employees

CONTD...

• And above all, building transparency in all our dealings• The success of the company will be founded in its

unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.

• We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

VALUES

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Humility, and Passion. These values shine forth in all we do, and have become the keystones of our success.

RANGE OF PRODUCTS• At ICICI Prudential Life, we understand that different

individuals have different needs.• The ideal insurance plan is one that addresses the

exact insurance needs of the individual which depends on the age and life stage of the individual apart from a host of other factors.

• ICICI Prudential Life offers plans under the following major need categories:

• Term plans• Wealth plans• Child plans• Health plans• Retirement plans• Group plans• Rural plans

AWARDS AND RECOGNITIONS• ICICI Prudential Life Insurance has been pronounced winner in

the 2nd Excellence Awards and Recognition for Shared Services, 2012. We won the award in the category - Shared Services in India - Insurance Domain. These awards have been instituted by All India Management Association (AIMA) & Delhi Management Association (DMA), in collaboration with Rvalue Consulting as knowledge partners, to honour,recognize & promote trasformative strategies for shared services.

• Bronze Effie in the Financial services category for the campaign "Life Insurance in just 10 Minutes"

INVESTMENT PHILOSOPHY AND STRATEGY

• As a life insurance company, we know that our customers trust their monies with us for the long-term, and hope to use these funds to protect and achieve the dreams and aspirations of their families. With this in mind, our investment focus is to ensure long term Safety, Stability and Profitability of our customer's funds. Our aim is to achieve superior returns for a given level of risk. In order to meet this objective, we have developed an investment framework that is based on a sound investment process coupled with a rigorous and sophisticated risk management strategy.

CONTD...

Investment process• Our investment management process relies on

analytics & research to achieve positive risk-adjusted returns in each product category, be it for child plans, retirement solutions or other endowment-related funds. We clearly define an asset allocation strategy that matches the risk characteristics of the corresponding liability, or put simply, we ensure that the promise we have made to the customer will be met.

CONTD....

• Our investment management process relies on analytics & research to achieve positive risk-adjusted returns in each product category, be it for child plans, retirement solutions or other endowment-related funds. We clearly define an asset allocation strategy that matches the risk characteristics of the corresponding liability, or put simply, we ensure that the promise we have made to the customer will be met.

• The investment decision-making process has three tiers, each of which has varying degrees of discretion and considers detailed research in order to decide the best portfolio composition. The emphasis is to segregate the decision to buy a scrip from the process of actually buying it, and thereby institutionalize decision-making.

HR STRATEGIES

Judhajit Das, HR Head, strongly advocates meritocracy and discusses how the insurance industry is witnessing its next phase of calibrated growth and expanding steadily – largely the frontline sales level.

Following are the questions which are answered by Mr. Judhajit Das in context to HR strategies of ICICI Prudential:-

• What is your annual company turnover? We garnered a total premium of R17,881 crore for the fiscal year ended March 31, 2011.

• What is your biggest CSR activity? At ICICI Prudential Life Insurance, we are dedicated to helping and supporting our communities and our citizens. Our endeavour is to leverage our resources and expertise towards activities that will benefit the society at large. Our CSR initiatives are largely focused in the areas of disaster relief, education, senior citizen welfare and health. We also work closely with ICICI Foundation to support various CSR initiatives

• We support volunteerism and also engage in a payroll giving programme where the organisation matches the contribution of employees in areas that are aligned to the CSR focus of the company. The annual marathon in Mumbai and Delhi, World Elder’s Day celebrations are few of the CSR initiatives that we have been regularly partnering.

• Describe your organisational culture in three words? Our organisational values are – without boundaries, integrity, humility, customers first and passion. These values are reflected in every aspect of our functioning.

• How many employees do you have? We have around 13,200 employees currently.

• What is the average age of your workforce? The average age of our workforce is around 31 years.

• How many vacancies do you have, on an average, every month? We have around 2000 vacancies for this financial year. Apart from this, we are also looking at replacement hiring during the course of the year .

• What job vacancies do you find difficult to fill? We usually find specialist positions in actuarial science difficult to fill.

• Your ideal employee in three words … Our ideal employee is one who is an organisational citizen and is aligned to the organisational values of passion, integrity, humility, customer first and without boundaries.

• What academic qualification do you look for in your middle managers? In terms of academic qualifications, we give preference to graduates and people who have professional qualifications such as an MBA, chartered accountancy and actuarial sciences experts. The emphasis is on hiring for attitude and training for skills.

• What is your preferred method of finding new employees? Choose two from this list: head hunter, newspaper ad, job portal, word of mouth, internal search While we use a variety of channels for recruitment, we prefer the referral system to shortlist prospective employees.

• What time do you start and finish business? Our office timings are from 9.15 am to 5.45 pm.

• How many years has your oldest employee served? We started our operations about 10 years ago. Our oldest employees have been with us since inception and have completed 10 years with us. More than 50% of our senior management have been with us for more than eight years.

• Do you have a five-day or six-day week? We have a five-day week at the corporate office and a five-anda- half-day week in all our branch offices.

• How many days annual, sick and casual leave do you grant? We grant a privilege leave of 28 working days and 15 sick leaves How many women do you employ? We have over 2100 women as part of our workforce currently.

• What is one distinguishing feature of your office in terms of architecture

and space? We have always encouraged an open office architecture wherein people can interact and exchange ideas across teams. Moreover, this ensures that the senior management is easily accessible to other employees and that accessibility and interactive engagement is not compromised.

• What is your retention strategy? Our retention strategy is focussed on creating a clear value proposition for our employees based on long-term growth and learning. We strongly advocate meritocracy and foster an organisational environment where every employee can learn, grow and build a stable and long term career with us.

• Do you have any innovative employment policies? We have always

endeavoured to create employment policies that are flexible to accommodate an employee’s needs and special circumstances. Our policies around sabbatical leaves, maternity leaves and part-time employment are tailored to meet the specific needs of an employee. Employees are allowed periods of extended leave or a “sabbatical” for reasons of health, parenthood, family/personal exigencies or any other reason up to a maximum of one year

• We also offer employees the option of restricted working hours for reasons of health or personal exigencies. These may include employees who work in the premises of the company or elsewhere, depending on the need and type of the job. Also, all women employees are eligible for a paid maternity leave entitlement of 180 days.

• What is the current hiring trend in your industry? The life insurance industry has undergone a transition over the last year and emerged stronger from it. The industry is witnessing its next phase of calibrated growth and we are seeing insurers steadily expanding – largely at the frontline sales level.

THANK YOU