winning moves book - Department Of Industrial Policy & Promotion

worldwide experience in
pensions, ICICI Prudential became
the leading private pensions
provider.
One of the biggest challenges ICICI
Prudential faced was making sure
the company had the necessary
scale and distribution capabilities.
It meant putting in place the right
processing software, trained back
office staff and advisers,
connectivity, a medical network etc.
Essentially, to be a material player
in this business, meant having all
the elements right - brand, product,
distribution, processes, and of
course, management.
ICICI Prudential pursued an
innovative human resources
strategy. The company recruited
from a mix of sectors, and
interestingly, barely 5% of its staff had
prior experience in the life insurance
industry. This meant that ICICI
Prudential could look at the industry
75
with a completely fresh approach.
The company’s strategy to be a
significant player in the Indian life
insurance industry has been
highly successful. Since its
re-establishment, ICICI Prudential
has become the number one
private life insurer. In less than four
years, the company has expanded
its reach to 62 locations, and
strengthened its distribution
through 11 bank partners, over 120
corporate agent and broker tie-ups
and over 36,000 advisers.
Protecting more than 900,000
people, with a sum assured in
excess of Rs.20,000 crore and total
premium income exceeding
Rs.1800 crore, the company closed
the year ended March 2004 with
its second consecutive award for
Life Insurer of the Year from Outlook
Money magazine, and with 36% of
the private retail life insurance
market.