Excelsoft provides backbone for an integrated learning practice in the BFSI sector
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank – one of India’s foremost financial service companies and Prudential Plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI bank holding a stake of 74% and Prudential Plc holding 26%. It began operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, its nation-wide reach includes over 1,900 branches (inclusive of 1,074 micro-offices), over 210,000 advisors; and 7 bancassurance partners.
95% of the workforce of the company is into sales through different channels such as agency channels (independent agent all over the country), proprietary sales force (employee of ICICI Prudential), BANCA (non-banking brokerage house). The company is always in need of educating and training its workforce in order to make them knowledgeable about insurance products that the company offers.
The core problem faced by the company was an inability to attract employees to its existing LMS and lack of active support and service from the existing software provider on issues being faced with the platform. Employee interest was routinely turned off from using the LMS due to the unattractive course page. There was also lack of some important and significant features course status display and performance comparison which was hindering the success of learning programmes.
ICICI Prudential deployed Excelsoft’s course management module which is a part of Saras Corporate Solution. The solution contained architecture, features and a user interface which was vastly improved and dynamic capturing the interest of employees. Significant value was also added with incorporation of flash animation as well as facility to check course status, performance and rank. A bulk enrolment facility made it easier for the administrators to allocate courses to employees as well as automatically chart a roadmap for new recruits through the induction and training process.
· Significantly improved employee participation in training programmes encouraging course completion as well as enhancing learning retention
· Equipped the sales teams with product knowledge in a flexible manner reducing time-to-market and boosting the sales effort
· Provided easy administrative features reducing complexity saving valuable time and effort of the HR team