gill summer training report on recruitment of advisors for bharti axa life insurance

8/6/2019 Gill Summer Training Report on Recruitment of Advisors for Bharti Axa Life Insurance

1/63

SUMMER TRAINING REPORT ON

Recruitment and selection of life insurance AgentIn the partial fulfillment of the Degree of Master of Business Administration Session (2008-2010)

Submitted to Dr. Yasmin Jhanjhua Professor SILB Solan

Submitted by Nitin Gupta MBA 3rd Semester


2/63

Bharti Axa Life Insurance (Training Report)

PREFACEPractical training is an important part of management courses. Theoretical studies are not sufficient to get into corporate world and understand the complexities of large-scale organizations.

Practical training exposes us to real practices of management in the organization. It also exposes students to the treasures of experience, knowledge and leaning which prerequisites of making a successful career are.

I deem it privilege to have undergone this project. I acknowledge that the practical training that I got from this cannot be gained otherwise. I found my project very interesting and challenging.

(Nitin Gupta)

SILB School Of Business Management

Page 2


3/63


STUDENT DECLARATIONI hereby declare that study of process of recruitment and selection of life insurance agent has been exclusively done by me for the degree of MASTERS OF BUSINESSADMINISTRATION and not for any other degree, Diploma or fellowship. This is my own study done under the guidance of guide and Managers of the company. I hereby

declare that the contents of this report are true and best to my knowledge.

(Nitin Gupta)


Page 3


4/63


DECLARATIONThis is to certify that the project report entitled the process of recruitment and selection of Life insurance agent submitted for the degree of MBA for ShooliniInstitute of Life sciences and Business management , Affiliated to Himachal Pradesh University from (1st july, 2009 to 31st August, 2009) is a bonafied research

work carried by Nitin Gupta, student of Shoolini Institute Of Life Sciences AndBusiness Management. This assistance and help received during the course of investigation have been fully acknowledged.

Project Co-coordinator


Page 4


5/63


Brief summaryIntroduction:A general term insurance is related to service sector. Insurance is concerned withthe protection of economic value of assets. For example in case of a factory ora cow, the product generated by it is sold and income is generated. In this pro

ject the Bharti AXA Life Insurance Company is undertaken which is one of the popular sector insurance sectors. The analysis of Bharti AXA Life Insurance is takenform different sectors. For creating strong relationship and for a success fullbusiness every insurance company required financial planner.

Objective of the study:y y y How to recruit agents for Bharti-AXA life insurance. To understand the process of recruitment and selection of agent in life insurance. Why people are notwilling to work as an agent in life insurance sector specially with private companies.

Need of the study:

The study is undertaken to know how many people are interested to work as life insurance agent in Bharti AXA and their thinking about the Bharti AXA Life Insurance Company or about private insurance company.

Conclusion:In India, there is throat cut competition in the market of life insurance that brand service which adopt new strategies for sales. I concluding the whole storyit can be said that people are much more aware about the aspects of life insurance and also have knowledge about the role and act of agent but mostly people unwilling to work as life insurance agent and mostly people prefer to work with LICbecause it is a semi government corporation.


Page 5


6/63


7/63


Industry Profile


Page 7


8/63


WHAT IS INSURANCEThe business of insurance is related to the protection of the ECONOMIC VALUES OFASSETS. Every asset has a value. The asset would have been created through theefforts of the owner. The asset would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some ben

efits form it. It is a benefit because it meets some of his needs. The benefit may be an income or in some other form. In the case of a factory or a cow, the product generated by it is sold and income is generated. In the case of a motor car, it provides comfort and convenience in transportation. There is no direct income. Both are assets and provide benefits.

Every asset is expected to last for a certain period of time during which it will provide the benefits. After that, the benefit may not be available. There is alife-time for a machine in factory or a cow or a motor car. None of them will last for ever. The owner is aware of this and he can so manage his affairs that by the end of that period or life-time, a substitute is made available. Thus he makes sure that the benefit is not lost. However, the asset may get lost earlier.

An accident or some other unfortunate event may destroy it or make it incapableof giving the benefits. An epidemic may kill the cow suddenly. In that case, the owner and those enjoying the benefits therefore, would be deprived of the benefits. The planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effects of such adverse situations. It promises to pay to the owner or beneficiary of theasset, a certain sum if the loss occurs.


Page 8


9/63


HISTORY OF INSURANCE Insurance has been known to exist in some form or other since 3000 BC. The Chinese traders, traveling treacherous river rapids would distribute their goods among several vessels, so that the loss form any one vessel being lost, would be partial and shared, and not total. The Babylonian traders would agree to pay additi

onal sums to lenders, as the price for writing off the loans, in case of the shipment being stolen. The inhabitants of Rhodes adopted the principle of general average of general average, whereby, if goods are shipped together, the owners would bear the losses in proportion, if loss occurs, due to jettisoning during distress. {Captains of ships caught in storms, would throw away some of the cargo toreduce the weight and restore balance. Such throwing away is called jettisoning}The Greeks had started benevolent societies in the late 7 th century AD, to take care of the funeral and families of members ho died. The great fire of Londonin 1666,in which more than 13000 house were lost, gave a boost to insurance andthe first fire insurance company, called the fire office, was started in 1680.

The origins of insurance business as in vogue at present, is traced to the Lloyds

Coffee House in London. Traders, who used to gather in the Lloyds coffee house in London, agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas of because of bad weather spoiling the goods or sinking the ship. In India, insurancebegan in 1818 with life insurance being transacted by an English company, the Oriental Life Insurance Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the National, the National Indian and Hindustan Cooperative inKolkata.

Later, were established the cooperative Assurance in Lahore, the Bombay Life (originally called the swadeshi life), the India Mercantile, the new India and theJupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companies

started as a result of the swadeshi movement in the early 1900s. By the year 1956, when life insurance business was nationalized and the life Insurance Corporation of India (LIC) was formed on1st September 1956, there were 170 companies and75 provident fund societies transacting life business in India. After the amendments to the relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.8.2007, sixteen new life insurers had been registered and were transacting life insurance business in India.


Page 9


10/63


The History of Insurance in India

Some of the important milestones in the life insurance business in India are: 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act withthe objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by thecentral government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government ofIndia. The General insurance business in India, on the other hand, can trace itsroots to the Triton Insurance Company Ltd., the first general insurance company

established in the year 1850 in Calcutta by the British.


Page 10


11/63


12/63


. 4. Administering the legacy for beneficiaries: It often happens that a provision which a husband or father has made through insurance is quickly lost throughspeculative or unwise investment or by unnecessary expenditure on luxuries. These contingencies can be provided against in the case of insurance. The policyholder can arrange that in the in the event of his death the beneficiary should rece

ive, instead of a single sum (a). payment of the net claim amount by equal installments over a specified period of years, or (b).payment of the claim amount bysmaller monthly installments over the selected period followed by a lump sum atthe end thereof. 5. Ready marketability and suitability for quick borrowings: After an initial period, if the policy holder finds himself unable to continue payment of premiums he can surrender the policy for a cash sum. Alternatively he can tide over a temporary difficulty by taking loan on the sole security of the policy without delay. Further a life insurance policy is sometimes acceptable as security for a commercial loan. 6. Tax relief: For computing income tax (especially in India the Indian income tax act) follows deduction from income tax payable, a certain percentage of a portion of the taxable income of individuals which is diverted to payment of insurance premiums. When this tax relief is taken into

account it will be found that the assured is n effect paying a lower premium forhis insurance.


Page 12


13/63


14/63


Role of Insurance in Economic Development

For economic development, investments are necessary. Investments are made out ofsavings. A life insurance company is a major instrument for the mobilization ofsavings of people, particularly from the middle and lower income groups. These

savings are channeled into investments for economic growth.

An insurance companys strength lies in the fact that huge amounts come by way ofpremiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policyholders.

The management of insurance companies is required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. This is why successful insurance companies would not be foundinvesting in speculative ventures. Their investments benefit the society at large.

The system of insurance provides numerous direct and indirect benefits to the individual and his family as well as to industry and commerce and to the communityand the nation as a whole. Those who insure, both individuals and corporate, are directly benefited because they are protected from the consequences of the loss that may be caused by the accident or fortuitous event. Insurance, thus, in asense protects the capital in industry and releases the capital for further expansion and development of business and industry.

The every existence of risk that is, uncertainty concerning the future, is a severe handicaps in economic activities. Insurance removes the fear, worry and anxiety associated with this future uncertainty and thus encourages free investmentof capital in business enterprises and promotes efficient use of existing resour

ces.


Page 14


15/63


Thus insurance encourages commercial and industrial development and there by contributes to a vigorous economy and increased national productivity.

Present day organization of industry, commerce and trade depend entirely on insurance for their operation, banks and financial institutions lend money to indust

rial and commercial undertakings only on the basis of the collateral security ofinsurance. No bank or financial institution would advance loans on property unless it is insured against loss or damage by insurable perils.

Insurers are closely associated with several agencies and institutions engaged in fire loss prevention, cargo loss prevention, cargo loss prevention, industrialsafety and road safety. Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts.

The object of these surveys is not only to assess the risk for rating purposes but also to suggest and recommend to the insured, various improvements in the ris

k, which will attract lower rates of premium and what is more important , reducethe loss potential. For example, burglary surveyors make recommendation in regard to security measures such as better locking system, appointment of Watchman,etc. Engineering surveys play a most useful part in accident prevention as valuable technical advice is provided in respect of plant and machinery.

Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the country. It helps to earn foreign exchange and represent invisible exports.


Page 15


16/63


17/63


24 25 26 27 28 29 30 31

127 128 130 133 135 136 138 140

06.02.2004 17.11.2005 14.07.2006 04.09.2007 19.12.2007 08.05.2008 27.06.2008 27.

06.2008

Sahara India Insurance Company Ltd. Shriram Life Insurance Company Ltd. Bharti AXA Life Insurance Company Ltd. Future general Indai life Insurance Co.Ltd IDBI Fortis Life Insurance Company Ltd. Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd. Aegon Religare Life Insurance Company Ltd. DLF Pramerica Life Insurance Company Ltd.

List of General Insurance Companies

1 2. 3. 1 2

123 124 125 139 141

15.07.2002 27.08.2002 27.08.2002 27.06.2008 15.12.2008

Cholamandalam General Insurance Company Ltd. Export Credit Guarantee CorporationLtd. HDFC-Chubb General Insurance Co. Ltd. Bharti Axa General Insurance CompanyLtd. Raheja QBE General Insurance Co. Ltd


Page 17


18/63


Company profile

History of Bharti AXA Life InsuranceSILB School Of Business Management Page 18


19/63


20/63


21/63


professionalism

Team Spirit

Innovation

values

Pragmatism

Integrity

Strategy To achieve a top 5 market position in India through a multi-distribution, multiproduct platform

To adapt AXA's best practice blueprints as a sound platform for profitable growt

h

To leverage Bharti's local knowledge, infrastructure and customer base


Page 21


22/63


23/63


24/63


25/63


Centum Learning LimitedCentum Learning Limited provides end-to-end learning and skill-building solutions to several large corporates. It provides solutions that impact business performance through enhanced employee productivity, customer profitability and effective talent transformation.

Jersey Airtel LtdJersey Airtel, a subsidiary of Bharti, offers world-class mobile services in Jersey (Channel Islands) over its full 2G, 3G and HSDPA enhanced network. The Company brings market-leading products and services to its customers under Airtel-Vodafone brand.

Bharti FoundationBharti Foundation was set up in 2000, with the vision, To help underprivileged children and young people of our country realize their potential. It aims to createand support programs that bring about sustainable changes through education andthe use of technology and information.

Bharti RealtyBharti Realty Limited is a young, vibrant and dynamic realty company with expanding interests in commercial, retail and residential real estate. Bharti Realty aims to be amongst the most admired real estate players in India and aspires to attain highest degree


Page 25


26/63


of customer trust through superior product design and maintaining an uncompromising stand towards environmental responsibility, ethics and safety

Bharti InfratelBharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive in

frastructure services on a non-discriminatory basis to all telecom operators inIndia. Bharti Infratel also holds approximately 42% stake in Indus Towers, a joint venture between Bharti, Vodafone and Idea to offer passive infrastructure services.

Bharti Enterprises Bharti Airtel Ltd: Bharti Airtel Ltd is Indias leading provider of telecommunications service. The company has 4 distinct Business divisions- mobile and telephone services, broadband services, long distance services and enterprise services, Bharti Teletech Ltd


Page 26


27/63


28/63


The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE underthe ticker symbol AXA.

AXA Asia Pacific Holdings

AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SAs life insurance and wealth management businesses in the Asia-Pacific region. It has operationsin Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines, Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in total funds undermanagement and administration at 30 June 2007 and reported a profit after tax before non-recurring items of A$374.0 million for the six months ended 30 June 2007.

Products of Bharti-AXA Life Insurance

Bright stars

This is a regular premium unit-linked insurance policy, which, which offers youthe twin benefits of protecting your loved ones and creating wealth for them over the desired period. As a caring parent, you want only the best for your child.As your child grows, his aspirations will grow too and so will your responsibilities. Whether its higher studies SILB School Of Business Management Page 28


29/63


abroad, a grand wedding or a comfortable home you can now ensure that your childis always one step ahead You can fulfill all the dreams you have for your child, and give him what he deserves. A bright future! The plan also offers the flexibility to make modifications, depending on the changing needs of your child. Ashis dreams grow, the plan will grow too so financial hurdles will never come in t

he way of his growing dreams! With Bharti AXA Life Bright Stars, Parameter Minimum age at entry Maximum age at entry Eligibility 18 years 70 years minus policybenefit period chosen. E.G: for policy benefit period of 17 years, the maximum age at entry is 53 years. Maximum age at maturity Minimum premium 70 years Rs.15,000 p.a. for annual & semi-annual modes Rs18,000 p.a for monthly mode Premium modes Policy benefit periods available Minimum top-up premium Annual, semi-annualand monthly 7 years,10 years,15 years, 17 years and 20 years Rs. 2,500

Spot surakshaIntroduction Spot Suraksha is a unit liked insurance product, which offers you an instant insurance protection and benefit of wealth creation in the long-term.

Main Advantages of Spot Suraksha Understand the product:(Read and understand the product brochure)


Page 29


30/63


Answering the simple health related questions, Sign up the simple application form, submit photograph, proofs for identity, address and age. A cover note is issued to policy holder and insurance cover starts instantly. 100% allocation of premium- Full allocation of premium to the Investment Fund, according to policy holder choice from 2nd year onwards. A guaranteed special addition equal to 130% o

f annualized premium in the first policy year is added in the policy fund at maturity or death, which is earlier.

PARAMETER Minimum age at entry Maximum age at entry Maximum age at maturity Minimum premium Premium Modes Policy term Minimum top up premium 5 years 55 years 70years

ELIGIBILITY

Rs. 12,000 p.a Annual, Semi-annual and monthly 15 years Rs. 5,000

Dream life pension

Let you live your retired life king-size This plan is made for old persons and to make them self independent and live a life of dignity and self-respect. Todayyou are busy climbing the ladder of success and realizing your dreams. Today, time is with you. Just take a moment and think. The bharti AXA Life Dream life pension gives you: A post retirement income for life.


Page 30


31/63


Policy holder choose the age at which he/she would like to retire (vesting age),which determines your premium paying term. Alternatively you can opt for singlepremium payment.

PARAMETER Minimum age at entry Maximum age at entry Minimum age at vesting Maxim

um age at vesting Premium modes 18 years 70 years 45 years 80 years Single

ELIGIBILITY

pay,

yearly,

Half-yearly

,Quarterly and monthly Minimum premium Annual Regular Premium: Rs.12, 000p.a. Minimum policy term Minimum top-up premium 10 years Rs.2, 500 and no maximum limit

on topup premium and top up allowed only after first policy year.

MERIT PLUSThis is a regular premium unit-linked insurance policy which offers you the twinbenefits of protection against financial loss in the unfortunate event of the death and helping you to create wealth systematically over the long-term. Hence this product is suitable for your long-term objective like retirement planning, childrens future and giving a total protection to you and your family. PARAMETER ELIGIBILITY


Page 31


32/63


Minimum age at entry Maximum age at entry

0 year 60 years (For death benefit option A) 55 years (For death benefit optionb)

Maturity age

80 years (for death benefit option A) 75 years (for death benefit option B)

Policy benefit period

80 year less age at entry (for death benefit option A) 75 years less age at entry (For death benefit option B)

Premium payable period Minimum premium Minimum Top-up premium

Yearly, Half-Yearly And Monthly Rs.10,000 500

Benefits of Bharti AXA Life merit plusIn merit plus the policy holder must have to choice one option out of the two. 1.Sum assured(less all partial withdrawals made form the basic policy fund duringthe 12 months prior to the date of death of life assured) or the policy Fund Value as on the date of intimation of death, which is higher, will be paid. 2.Thesum of sum assured and the policy fund value as on the date of intimation of death will be paid.

Future confidentFuture confident is a suitable product for you, if your objective is long-term targeted wealth creation over 15-20 year, either for your own retirement or for your childrens future, while at the same time providing your family enhance financ

ial protection.


Page 32


33/63


PARAMETER

ELIGIBILITY

Minimum age at entry Maximum age at entry Maturity age Policy benefit period Pre

mium payable period

0 year 60 years 70 years 70 year less age at entry Yearly, Monthly Half-Yearly,quarterly and

Minimum premium

Rs.10,000 for yearly, 5,000 for half-yearly 2,500 for quarterly and Rs.834 for monthly premium

Minimum Top-up premium

500

Secure ConfidenceProvide complete financial protection to your family, even when you are not there. Secure confident is suitable to you if your objective is to protect your family against any financial loss caused due to unfortunate death, disability due toan accident or critical illnesses which may deprive them of a secured future.


Page 33


34/63


Parameter Minimum age at entry Maximum age at entry Minimum sum assured Minimumpremium

Eligibility 18 years 55 years Rs.5 ,00,000 RS.1,500 for yearly,Rs.780 for half-yearly, Rs.405 for quarterly and Rs.135 for monthly premium

Policy benefit period Maximum age at maturity. Premium paying term On death A sum assured is paid to the policy holder or nominee and the policy shall be terminated.

5,10,15,20 and 25 years 60 years Equal to the policy benefit period. On survivalThe policy shall be terminated and no monies shall be payable to the policy holder.


Page 34


35/63


Introduction of the process of recruitment and selection of agent

Objectives of the study To understand the process of recruitment and selection of agent in Bharti AXA life insurance.


Page 35


36/63


How to recruits agent for Bharti-AXA life insurance To know about the view of general public about the job of agent Why people are not willing to work with as an agent, especially with private player.

Meaning of Recruitment

Finding the right people is a make-or-break factor for success in business today. Recruiting the top talent for a job takes time and you have to attract qualitycandidates who have the knowledge and skills needed to help your company grow.The fact is, your success with recruitment depends on how well you prepare yourjob ad, and use source of recruitment, and your interviewing skills. Prepare a job ad that works to start, you want to be sure that your potential candidate truly understands the job. The clearer you are with the task description, working conditions and advantages, the less time you will waste examining and rejecting applications The essentials of any job description are: A brief description of your company Detailed outline of the tasks involved Qualifications and experiencerequired Equipment and resources used to do the work Skills required using them.However, you should also include work benefits (e.g., vacation, travel and perk

s), general working conditions (e.g., scheduling, outside work) and the specifictraits required (e.g.,

teambuilding and communications skills). Ultimately, you want to be perceived asan attractive employer in a competitive market. Find the right recruitment vehicle choose the vehicle that best works for your company, depending on your budget and resources.


Page 36


37/63


38/63


39/63


According to section 182 of Indian contracts Act, an agent is a person employed todo any act for another or to represent another in dealing with a third person.In the insurance industry, the term agent is ordinarily applied to a person engaged by the insurer to procure new business. The insurance Act definers and insurance agent as one who is licensed under Section 42 of that Act and is paid by way

of commission or otherwise, in consideration of his soliciting of procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance. He is, for all purposes, an authorized salesman forinsurance and needs a license.

An agent is one who acts on behalf of another. The another on whose behalf the agent acts, is called the principal in this case. The insurance company is the principal in this case. The lawyer is the agent of the client, when he argues the case in court. An ambassador is an agent of his country. The agent represents theprincipal and acts on his behalf. Some insurers designate their agents as advisers, consultants etc. as if they are independent advisor or consultant would not be appointed by an insurance company. He would be knowledgeable enough as a person t

o be approached for advice or consultation. Some insurance agents may acquire that status. All insurance agents should strive to attain that status.

Procedure for becoming an Agenty The insurance Act, 1938 lays down that an insurance agent must possess a licence under Section 42 of that Act. The licence is to be issued by the IRDA. The IRDA has SILB School Of Business Management Page 39


40/63


41/63


The licence once issued, can be cancelled whenever the person acquires a disqualification. Applications for renewal have to make at least thirty days before theexpiry of the licence, along either the renewal fee of Rs.250. If the application is not made at least thirty days before the expiry, but is made before the date of expiry of licence, an additional fee of Rs.100 is payable . If the applica

tion is made after the date of expiry, it would be normally being refused. Priorto renewal of the licence, the agent should have completed at least 25 hours practical training in life or general insurance business or at least 50 hours practical training in life and general insurance business in the case of a compositeinsurance agent. Insures who select agents for appointment, make arrangements for training, for appearing in the prescribed examinations, and obtaining the licence.

NOTE The insurance Act provides, In Section 44, for payment of commission on renewal premium even after termination of the agency. The commission will be limited to a rate not exceeding 4%, to be eligible for this; the agent should have been an agent with that insurer for at least (1) five years and policies for at lea

st Rs50,000 are in force one year before termination of agency or, (2) 10 year.

This commission will be payable to the heirs of the agent after the agents death.

FUNCTION OF AN AGENTSILB School Of Business Management Page 41


42/63


Understanding the prospects needs and persuade him to buy a plan of life insurance that suits his interests best. Complete the formalities:- paper work, medicalexamination, which are necessary to get the policy expeditiously. Keep in touchto ensure that changing circumstances are reflected in the arrangements relatingto premium payments, nomination and other necessary alterations. Facilitate qui

ck settlement of claims. Be totally honest with both the prospect and the insurer. Not to induce prospects to submit wrong information.

Career with Bharti AXA Opportunity to earn unlimited income. Career Growth. Be your own boss. High quality training & Support to improve productivity. Compensation amongst the best. Club member benefits. Payout structured to facilitate your cash flows better. Best in class & competitive products. Pension for life.

Recruitment ProcessSILB School Of Business Management Page 42


43/63


Develop a Profile

Develop sources of recruitment

Approaching the Targeted recruits

Initial screening and Interviews

Reality check

Sources of RecruitmentSILB School Of Business Management Page 43


44/63


45/63


46/63


Job Ads/Inserts This program should be on regular long range basis. Example: Navajeevan sharma who is a relationship officer in bhrati AXA Life Insurance company put an ad in the newspaper, in which he called for the reader to phone him during a specified2 to 4 hours period on Monday or Sunday morning From those who called Navjeevan

Sharma was able to eliminate more misfits (who are not qualified) and arrange for two to six personal visits.

Placement consultantsMOA can recruit a placement consultant or register him self in internet job search sites to get list of prospects.

Seminars/job fairsManager of agency can also organized seminars at management institutes and colleges. OR Bharti AXA life insurance company participate in the job fairs and thenshort list prospects and then look for further opportunities for them.

Cold Prospecting MOA can use the telephone directory. MOA and telecaller can use the directoriesof various business and social organizations.

Database Primary data: Direct collection of data of from the source of information, technology including personal interviewing, survey etc. Secondary Data: Indirect collection of data from sources can be purchased from the open market and various kind of database are available such as telephone databases of various surveys.

Point to be noted while recruiting the AgentsSILB School Of Business Management Page 46


47/63


Mature and responsible family person. Ambitious, hungry for recognition, challenges. Occupation. Experience and current designation. For how many years he is living in the city. Greedy person. Occupation of parent. Family income. Any experience in life insurance sector. Leadership qualities. Social and amiable.

Sources for Recruitment and Selection of Agent used during TrainingNatural Market Market Survey

Secondary Data (Telephone Directory)

Telephone ScriptSILB School Of Business Management Page 47


48/63


Hello sir, I am Paramjit Singh from Bharti AXA. I want your few minute to speak.Sir, Bharti AXA is going to expend the Business by recruiting quality people and offering them the potential of a very rewarding career opportunity. We have acquired your business card and we are aware of the company you work for and you are one of the selective person with whom our company want to concern. So I would

like to meet you for coffee to explain the exciting and rewarding opportunity.It may have for you in terms of career compensation and support.. (Excellent I look forward to meeting you please May I have your address and I will confirm ourmeeting in writing) OR (According to your convenience will you please tell me when and where we can meet?) Thank You Sir.

Step 1.

Documents Required

Age proof. Address proof. Photo 8. Education proof. Q score sheet. Agency applic

ation. Form V A. Fill NAAF.

Step 2.

Interview section

During the interview the senior manager/MOA asked following question to the candidate to judge his ability and knowledge. Qualification. Present occupation. Knowledge or experience in insurance sector Tenor of stay in the town. Number of family member. Household income.

Occupation of parent. If selected then the senior manager/MOA approve the application. The managers take the help of scoring Mechanism. Scoring Mechanism was fi

lled at the time of apply. SILB School Of Business Management Page 48


49/63


50/63


During this training the knowledge about the entire essential concept related tolife insurance is provided to agent. Insurers will have different practices andoffer different benefits in their plans. All of them will be based on these concepts. The details of the practices and the plans of each insurer will have to be learnt from the respective insures.

Step 4.

During training following things will be teaches.What is insurance Principles of life Assurance Premiums and Bonuses Life Insurance products Underwriting Insurance Documents Policy conditions Claims Linked life insurance products Insurance agency Laws and Regulations IRDA Regulation 2000.IRDA Regulation 2002.

Step 5.

Examination and Code

Examination is the second last part of the recruitment and selection process. Itinclude one hour test under, which contain 50 objective questions, one marks each, Pass marks are 25. There are two method of examination. Online Manual In case of online the result is declared on the spot and in the case of manual resultis declared within one month. After clearing the exam, ULIP training of two dayswill be given to the advisor about the product of company and then agency codeis generated.


Page 50


51/63


OBJECTIVES AND RESEARCH METHODOLGY

Objectives of the studySILB School Of Business Management Page 51


52/63


To understand the process of recruitment and selection of agent in Bharti AXA life insurance. How to recruits agent for Bharti-AXA life insurance To know aboutthe view of general public about the job of agent Why people are not willing towork with as an agent, especially with private player.

Research MethodologyResearch Methodology is the investigation of specific problem in detail. At first problem is defined carefully for conducting research. There should be a good research plan for conducting research. No research can be done without data collection. After all this analyze is made for getting solution for problem. Definingthe problem Defining the sampling plan Collection of data Analyze and interpretation

Defining the problemDefining the research problem is first necessary step for any research. This work should be done carefully. Here research problem is to know wiliness of generalpublic to work as an agent with private player or Bharti-AXA life insurance.

Sampling planThe sampling plan calls for three decisions. A) Sampling Unit: I have completedmy survey in CHANDIGARH, MOHALI. B) Sample Size: The selection of 20 respondents. The sample was drawn from shopkeepers. The selection of the respondent was done on the basis of simple random sampling. C) Contract methods I have conduct therespondent through personal interviews

Research InstrumentA close friend questionnaire was constructed for my survey. Questionnaire consisting of a set of questions made to filled by various respondents.

Collecting the Information


Page 52


53/63


54/63


55/63


Yes

No 0, 0% 0, 0% 8, 20%

yes

32, 80%no

y

Only 20% shopkeepers were interested in taking up this business opportunity withBharti.(8 shopkeeper were interested in this activity)

2) How much time can you dedicate per day for this activity?(For getting Appointments) hr 1-2 hrs 3-h hrs 0% 0% 5 hrs or more

2,25%

half hour 1/2 to 2 2 to 4

6,75%

4 to 5

y y

From the above 8 people , 6 people said that they can spend hour for this activity daily. 2 said that they can spent to 2 hours for this activity.

3) Do you have any knowledge of or experience in Insurance?


Page 55


56/63


Yes

No 0, 0% 0, 0% 8, 20% no 32, 80% yes

y y

80% of shopkeeper said that they have knowledge about insurance. 20% of shopkeeper said that they have no knowledge about insurance.

4) Do you have Experience as an agent? Yes No

0, 0% 0, 0% 6, 15% yes no

34, 85%

y y

15% of shopkeepers have experience in the field of life insurance. 85% of shopkeepers have no experience in the field of life insurance.


Page 56


57/63


If yes, then please specify the name of the company.

0, 0% 1, 17%LIC

3,50% 2, 33%

HDFC ICICI

y y y

Out of 6 people 33%(3) of shopkeeper working with LIC 33% (2) of shopkeeper working with HDFC Standard Life insurance 33% (1) of shopkeeper working with ICICI Prudential Life Insurance Co. Ltd.

5) Can you spare 1/2 day on training to understand to product and how can introduce it to your customer? Yes NO

0, 0% 0, 0% 4, 10%

Yes no

36, 90%

10 % of shopkeepers were interesting to spare 1/2 day on training to understandto product.


Page 57


58/63


Name: Address:Location:Mobile no. Shop Type:- (Mobile stores, General store, Chemist etc. Please specify

QUESTIONNAIRE1) Would you be interested in taking up this business opportunity with Bharti? Y

es No 2) How much time can you dedicate per day for this activity? (For gettingAppointments) hr 1-2 hrs 3-h hrs 5 hrs or more 3) Do you have any knowledge of or experience in Insurance? Knowledge Yes No

Experience Yes No


Page 58


59/63


60/63


61/63


62/63


63/63