How ICICI Prudential accelerated time-to-fill and improved offer-to-joining ratio through innovative recruitment digitisation

ICICI Prudential (IPru) is one of the leading life insurance companies in India. It is one of the first private sector insurance companies in India offering one-stop services in the areas of insurance, optimum investment, financial coverage and losses, mortality benefit, and health option etc.

Challenges

IPru has a presence in 400+ locations across India. As a life insurance company, IPru’s topline relies on having the right sales folks placed at the right locations, with significant growth potential in tier 2 and tier 3 cities. Unfortunately hiring in remote locations is always challenging. Not just that, being in the financial industry, the HR team also had to cope with high offer drop-outs and high early attrition. Insurance sales roles are also not the most sought after roles, hence the need to attract talent.

With its existing Applicant Tracking System (ATS), the human resources team was completely overburdened with an array of challenges.

• No funnel visibility for the leadership
• Vendors were submitting profiles via email leading to significant manual overhead in terms of uploading profiles into the system and validating source credit
• No way to automatically capture branch walk-ins into the system
• Processing bottlenecks for Line Manager who are typically on the field with limited access to email
• Lack of real-time data to management, vendors or employees

I

Pru had set 3 clear objectives for its new ATS:

Experience

• Deliver a great candidate experience
• Easy processing experience for Recruiters and Line Managers

Efficiency

• Reduce Turnaround Time by eliminating bottlenecks and manual intervention in the process
• Improve Quality of Hire (Retention)
• Reduce Cost Per Hire

Insights

• Deliver a candidate funnel to drive/optimize Talent Acquisition
• Enable detailed reporting – Management & Leadership experience

RippleHire has brought in innovation and governance in recruitment digitization. Their progressive Applicant Tracking System enabled us to streamline hiring for our distributed workforce and enable business outcomes. The platform is intuitive and flexible, resulting in over 90% adoption within our talent acquisition team.

Anuj Varma,
Senior Vice President, ICICI Prudential Life Insurance

Solutions

RippleHire (RH), a leader in distributed workforce hiring, had already partnered with IPru to gamify their employee referral solution. With great efforts from both the teams, there was a good surge in numbers with IPru’s retention moving up to 85% and offer to joining ratio to 95% and above.

In less than six months, IPru upgraded the partnership and signed up for an internal mobility solution to improve employee retention. They then enabled a career site which allowed for them to build a funnel for referrals, IJP and a career site channel. The success of these initiatives was then followed by digitising the entire recruitment process.

Sourcing

RippleHire built a sourcing engine through which candidates from all sources directly came into the system after a robust, automated duplication check. Recruiters have flexibility to choose which jobs to be posted to which sources

• Vendor Portal: Vendors can directly upload candidates in bulk into the system, with a real-time view on candidate status
• Campus Portal: Campus candidates can directly create their application in the system before recruitment team visits them
• Branch Walk-in Portal: Automated application ID generated for branch alk-in candidates, reducing the manual intervention
• Gamified employee referral portal
• Facebook career page with applications coming directly into the ATS
• Internal mobility portal with jobs specifically targeted to the relevant employee segments
• Ability to link jobs to career portals

Processing

• RippleHire provided the ability to process candidates or request reviews in bulk
• Line Managers can submit feedback through mobile without logging in
• In-built governance checks and audit trails

Offer to Hire

• Custom offer letter templates and compensation structures
• Configurable approval matrix
• Real-time status tracking

Metrics  

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Candidate experience rating

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Adoption rate amongst recruiters and vendors

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Recruiter experience rating

Funnel visibility from apply to hire

Ability to slice the funnel by market, channel, source that helps leadership take strategic decisions around hiring outcomes.