2. 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).
3. • 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.
.
4. • 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.
5. 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
6. 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.
7. 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.
8. 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:
9. • Term plans
• Wealth plans
• Child plans
• Health plans
• Retirement plans
• Group plans
• Rural plans
10. 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.
11. • Bronze Effie in the Financial services category
for the campaign "Life Insurance in just 10
Minutes"
12. 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.
13. 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.
14. 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.
15. • 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.
16. 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:-
17. • 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
18. • 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.
19. • 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 .
20. • 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.
21. • 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.
22. • 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.
23. • 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
24. • 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.
