ASSOCIATE LEADERSHIP PROGRAMME

AGENDA
Economy and Industry Overview
ICICI Prudential Journey

Career Proposition at ICICI Prudential

AGENDA
Economy and Industry Overview
ICICI Prudential Journey

Career Proposition at ICICI Prudential

INDIA IS AMONGST TOP 20 LIFE INSURANCE MARKETS

2001

2014

United States

443

Japan

357

UK

154

France

76

Germany

56

Italy

41

S Korea

36

United States

528

Japan

372

UK

235

China

177

France

Italy

145

Germany

118

S.Korea

102

Taiwan

79

173

Taiwan

17

10

Australia

56

15

China

15

11

India

55

19

India

...

14

Source: Swiss Re Sigma report 2014;

Life premium volume in USD billions

INDIA GROWTH STORY

Significant opportunity even at the current savings rate

Favourable Demographics

Source: RBI, CSO and IRDA annual

report 2014, Company estimates

INSURANCE SHARE OF FINANCIAL SAVINGS

120.00
100.00
80.00

60.00

16.96
18.34

26.20
14.41

40.00
20.00
0.00
FY2002

FY2010

FY2013

FY2016

Currency & Deposits

Life Insurance Fund

Shares / Debentures / MFS

Provident / Pension Fund / Claims on Govt

Source: Reserve Bank of India

PENETRATION OF PROTECTION PRODUCTS

Sum Assured as % of GDP1
300%
250%
200%
150%
100%
50%
0%

270%

226%
166%

US

260%

149%

106%

96%

Japan Singapore Korea Malaysia Germany Thailand

60%

India

Low sum assured to GDP ratio

Swiss Re estimate of protection gap in India ` 540 trillion2
Potential premium of ` 1600 billion

1. Source: McKinsey analysis 2013; internal estimate

2. Assuming 250 mn working population with dependents
taking cover of 10x income

INDUSTRY OVERVIEW
Phase I: Inception

Phase II: Growth

Entry of Private players;

international giants joining
hands with leading Indian
brands

No. of players increased

from 13 to 23

Introduction of multi
product, multi channel
distribution architecture

Total premium received

grew at 19% CAGR
Insurance penetration as %
of GDP increased from 2%
to 4%

Phase III: Evolution

Economic slowdown
leading to reorientation of
business model

Life insurance penetration as a % of

GDP only at 2.8%; sum assured to
GDP ratio is comparatively lower

Regulatory changes for

enhancing policyholder
interest and drive right
selling practices

Nominal GDP growth likely to lead to

rise in household financial savings
at 15% CAGR by FY 2020

Industry AUM grew from

` 2.3 trillion to ` 16.2
trillion

2000-2002

Phase IV: Way Forward

Favourable demographics working

class population expected to be 50%
of overall population by FY 2030
Improving penetration and customer
satisfaction

2010-2014

2002-2010
8

2014 onwards

AGENDA
Economy and Industry Overview
ICICI Prudential Journey

Career Proposition at ICICI Prudential

OUR PARENTAGE
22K employees globally

Indias largest Pvt. sector Bank

4450 Branches, 14K ATMs

History of 168 yrs

`7206 bn AUM

562 bn of AUM

Strong credit ratings

24 mn customers
Leading life insurer in Asia

Market innovators

10

Source: Company website

OUR REACH
Branches

521

Staff

10,600

Advisors

121,000

Bancassurance partners

Multi-channel architecture aided by technology providing superior service delivery

11

As of 31st March 2016

WHAT WE OFFER LIFE STAGE BASED SOLUTIONS

L
Living too long
Pension / Annuity

Only Insurers

Life goals:
What are the solutions for these?
Who can provide these solutions?

Savings, Investment
Insurers and other financial institutions
12

E
Early death

Life cover
Only Insurers

WHAT WE OFFER LIFE STAGE BASED SOLUTIONS

YOUNG AND
SINGLE

MARRIED

MARRIED WITH
YOUNG CHILDREN

MARRIED WITH
GROWN UP CHILDREN

RETIRED

Life and health protection

Life and health
protection
Wealth creation
Life protection

Retirement planning

Child education

Retirement planning

Retirement planning

Health protection

Wealth Creation

Wealth creation

Pension

Wealth creation
Age 25 - 30

Health protection

Age 30-35

Age 35-40

13

Age 40-55

Age 55+

CONSISTENT MARKET LEADERS SINCE INCEPTION

FY2002

FY2006

FY2010

FY2012

FY2014

FY2015

2
3
4
5
6

14

Note: On retail weighted received premium basis

Source: CRISIL Research, Life Insurance Industry
Report, July 2016

FY2016

MARKET SHARE

Market Share

25.00%

23.00%

21.90%

18.90%

20.00%

15.00%
11.30%

11.30%

10.00%
7.20%
5.00%

0.00%
FY 2014

FY 2015
Within Industry

FY 2016

Within Pvt. Sector

15

Note: On Retail weighted received premium (RWRP) basis

Source: IRDA, Life insurance council

PROFITABILITY
Assets under management
(` bn)

Profit after tax

(` bn)
18.00

1,200.0

16.00

1,000.0

14.00

AUM has touched

1 Lakh crores mark
in FY2015

800.0

12.00
10.00

600.0

8.00

400.0

6.00
4.00

200.0

2.00

0.0

0.00
ICICI Pru HDFC Life SBI Life Max Life

ICICI
Pru

Bajaj

HDFC SBI Life Bajaj

Life
Allianz

Among the largest domestic fund managers

16

Source: IRDA
AUM: As on Mar 31, 2016
PAT: As on Mar 31, 2016

Max
Life

CUSTOMER RETENTION

13th month persistency

100.00%

90.00%
80.00%

79.00%

82.40%

71.50%

70.00%
60.00%
50.00%
40.00%
30.00%
20.00%

10.00%
0.00%

FY 2014

FY 2015
17

FY 2016

TECHNOLOGY AIDED APPROACH

Old
Approach
Customer meeting
(paper based

Sales
Executive

Digitized
Approach

discussion)

Product based
selling

Wait for issuance

and confirmation

Login at Branch

Need Based Decision

Physical form

Multiple doc
collection

Travel to Branch

Payment through
Cheque/DD

Manual errors

High travel time

Paperless Login

Issuance

Servicing

Policy
Issued!

Sales
Executive

Schedule
meetings
using
technology

Need based
selling with
streamlined
marketing
pitches
(video)

Online login
thru mobility
device

18

Doc scan &

ePay

Instant
decision

Anytime,
anywhere
customer
servicing

AGENDA
Economy and Industry Overview
ICICI Prudential Journey
Career Proposition at ICICI Prudential

19

OUR VALUES
CUSTOMER FIRST

Service excellence towards internal &

external customers
HUMILITY

Openness to change and learn

PASSION

Demonstrate infectious energy &

enthusiasm
INTEGRITY
Doing what is right even when nobody is
watching me
BOUNDARYLESS
Treat organization agenda as paramount

Products with competitive charges, balancing rewards for stakeholders

Ease of purchase process leveraging technology
Claim settlement: delivering the promise to customers
Focus on acquisition of new partners and new business models
Deployment of technology as a game changer in the industry
Fungibility of talent and integrated structure
Multi-channel, Multi-product, Multiple point of contact strategy
Consistent market leadership: scale and speed
Recognition of being trustees of public money
Risk-calibrated business growth: focus on quality partners
Regular role movements across functions
Local market focus with all teams driving business KPIs
Cross-functional teams to drive strategic projects

20

OUR CORNERSTONES
LEARNING & GROWTH

Enhancing your employability

quotient
SUPPORTIVE ENVIRONMENT
Enabling policies & benefits to
support life stage needs; robust
systems & processes

MERITOCRACY
Performance based rewards,
accelerated career growth for
consistent performers
FAIRNESS

Consistent in all our actions

Interventions towards a long-term career proposition

Learning through challenging assignments and on-the-job learning
Leveraging technology for learning
Adequate time given to employees to succeed
Technology to support work success
Enabling policies to help employees on health, family and in crisis

Relative assessment based on risk-calibrated business output KPIs

Career growth linked to consistent long-term business contribution

Rule-based criteria for career growth

Structured process for grievance resolution

21

ABOUT THE PROGRAMME

Learning & Growth is a core employee value proposition at ICICI Prudential and the Company recognises the need
to create a strong bench for leadership roles in all functions & geographies. The Company aims to develop internal
successors to take up larger responsibilities wherever possible by following a meritocratic cadre building process.
With this objective in mind, the Associate Leadership Programme has been designed. Under this programme,
fresh IIT graduates will go through stints in multiple functions and roles over a period of 4 years. The idea behind
this is to give exposure to young talent so they can be groomed for leadership roles rather than being functional
experts.
During this period, they will be supported with a dedicated coach & a mentor who will be available for their

support/guidance at any given point in time. Apart from the regular training & e-learning interventions, they will
also be benefiting with the leadership development interventions scheduled during this period which aim to develop
and groom talent.
22

PROGRAMME DESIGN
Organisation overview
Business fundamentals
Branch Stint

Stint 1: Building functional understanding on the job

Induction programme:
15 days

1st year

4th year

Business Fundamentals Certification

Mentor meet

2nd year

Stint 2: Opportunity to learn new skills and takeover larger responsibility

Long term career journey continues...

Annual performance review

Learning Workshops

23

3rd year

CAREER PROPOSITION AT ICICI PRUDENTIAL

12

11

State heads / City Heads

/ VP / SVP / EVP

10

Joining at
Level 6

Cluster Head /
Chief Mgr / AVP

7
6

Frontline Manager / Branch Head

Manager / Sr. Manager

4
3
2

Frontline

1
0

2 yrs

4 yrs

6 yrs

8 yrs

10 yrs

12 yrs

24

15 yrs

18 yrs

21 yrs

24 yrs

28 yrs

Time period

OPPORTUNITIES
Actuary

Pricing

Statutory Valuation

US GAAP

Business Planning

Modelling

Solvency II

IT / Digitization

Business Intelligence Unit

Business Analytics

Business Solutions Group

Digital Analytics

IT Architecture

Customer Analytics

Information Systems

Distributor Analytics

IT Analysis & Design

Employee Analytics

Network Management

Process

IT Deployment & Support

Enterprise Risk
Management

IT Security

25

COMPENSATION DETAILS
Annual Guaranteed Pay
Basic

: Rs. 300,000

Provident Fund1

: Rs. 72,000

Gratuity

: Rs. 14,421

Flexible Compensation Plan

: Rs. 613,579

Benefits:

Mediclaim

: Rs. 350,000

Group Term Insurance

: Rs. 1,500,000

Mobile & Conveyance allowance : As per policy

: Rs. 10,00,000

26

Assured Pay2

: Rs. 200,000

Retention Bonus3

: Rs. 200,000

CTC

: Rs. 14,00,000

1. Provident Fund includes employee as well as employer contribution of Rs.36,000 each.

2 Pro-rata from Date of joining
3. Payable in tranches of 1 Lac on completion of 1st & 2nd year

ARE YOU READY TO JOIN?

27