hdfc fincial consultant by ishtiyak ah

Recruitment Of Financial ` Consultant & to study the roles

& responsibility of S.D.M

HP.INSTITUTE OF MANAGEMENT STUDIES.(HPIMS.)Affiliated from H.P technical university, Hamirpur

OF THE JOB PROJECT

PROJECT TOPIC : Recruitment of financial consultant & to study the roles and responsibility of Sales development manager in HDFCSLIC.

SUBMITTED TO: - SUBMITTED BY: - ISHTIYAK AH DAR MBA 4SEM

Roll No. 9379

HP. institute of Management Studies totu Shimla.

http://www.hdfcinsuranceindia.com/hdfc_sl/nf_lp/images/img_top.gif



AKNOWLEDGEMENTThe statistical analyses of survey responses in this study reveal interesting I

would like to start by praying the almighty; which has been always help me and will

be the driving force of this mankind to give all of us the strength to achieve our set

goals and target. The compilation of a report not only requires time, effort and

energy but also valuable guidelines from various people.

I have great pleasure and privilege in expressing my deep sense of gratitude to my

supervisor Mr. Rajesh Sharma (Branch Manager) Gaurav Malhotra (H.R.

Executive) & Rajesh Kaushal (Territory manager) for his supervision, constant

encouragement, constructive criticism and valuable counsel.

Finally we also wish to thank HP.Institute of Management Studies for making this

experience of summer training in an esteemed organization like HDFC STANDARD

LIFE possible. The learning from this experience has been immense and would be

cherished throughout life.

Ishtiyak ah.




PREFACE

In today’s technology driven and competitive business environment learning new

skills and upgrading to existing ones are very vital. Education should compromise

not only book learning but also proper training of mind acquisition of practical

knowledge in the secret of success. The challenges and opportunities emerging in the

wake of globalization and liberalization of economics world, calls for a through

understanding of the various factors of Management.

Pursuing MBA in Hp.Institute Of Management Studies, Shimla provides me the

opportunities to develop my skill of managerial aspect. For my purpose I had the

privilege to have been associated with the India’s leading HDFCSLIC with a view to

obtain practical exposure in corporate world.




Table of Content

Serial

No.

Chapter

No.

Chapter Name Page

Number

1 Chapter

No. 1

Introduction

2 Chapter

No. 2

Review of literature

3 Chapter

No. 3

Research

Methodology

4 Chapter

No. 4

Data Analysis &

Interpretation

5 Chapter

No. 5

Conclusions &

Recommendation




6 . Bibliography

7 Questionnaire

CHAPTER NO 1

INTRODUCTION

(i) INTRODUCTION ABOUT THE

TOPIC

&




(ii) INTRODUCTION ABOUT THE COMPANY

INSURANCE: DEFINITION AND FUNCTION

Insurance may be described as a social device to reduce or manage risk of

loss of life and property. Under the plan of insurance, a large no. of people associate

themselves by sharing risks attached to individuals. The risks which can be ensured

against include fire, the perils of sea, death and accidents and burglary. Any risk

contingent upon these may be insured against at a premium commensurate with the

risk involved. Thus collective bearing of risk is insurance.




DEFINITION

General definition:

In the words of John Magee, “Insurance is the plan by which large no. of people

associate themselves transfer to the shoulders of all, risks that attach to individuals.”

Fundamental definition:

In the words of D.S. Hansell, “Insurance may be defined as a social device

providing financial compensation for the affects of misfortune, the payment being

made from the accumulated contributions of all parties participating in the

scheme.”

Contractual definition:

In the words of Justice Tindall, “Insurance is a contract in which a sum of

money is paid to the assured as consideration of insurer’s incurring the risk of

paying, a large sum upon a given contingency.”

CHARACTERISTICS OF INSURANCE

*Sharing of risks

*Co-operative device

*Evaluation of risks

*Payment on happening of a specific event



& responsibility of S.D.M *The amount of payment depends on the nature of losses incurred

*The success of insurance business depends on the large no. of people insured

against similar risk

*The insurance is a plan in which the insured transfers his risks on the

insurer

*Insurance is a legal contract which is based upon certain principles of

insurance which includes utmost good faith , insurable interest, contribution,

indemnity, causes proximal, subrogation etc.

*The scope of insurance is much wider and extensive.

FUNCTIONS OF INSURANCE:-

Primary functions-

1. Provide protection:- Insurance cannot check the happening of the risk, but

can provide for the losses of risk.

2. Collective bearing of risk:- Insurance is a device to share the financial losses

of few among many others.

3. Assessment of risk: - Insurance determines the probable volume by

evaluating various factors that gives rise to risk.

4. Provide certainty:- Insurance is device, which helps to change from

uncertainty to certainty.



& responsibility of S.D.M Secondary functions-

1. Prevention of losses:- Insurance cautions businessman and individuals to

adopt suitable device to prevent unfortunate consequences of risk by observing

safety instructions.

2. Small capital to cover large risks:- Insurance relives the businessman from

security investment, by paying small amount of insurance against larger risks and

uncertainty.

3. Contributions towards development of larger industries.

ORIGIN AND DEVELOPMENT OF INSURANCE

Insurance in the modern form originated in the Mediterranean during 13/14th

century. The earliest references to insurance have been found in Babylonia, the

Greeks and the Romans. The use of insurance appeared in the account of north

Italian merchant banks who then dominated the international trade in Europe at

that time. Marine insurance is the oldest form of insurance followed by life

insurance and fire insurance. The patterns that have been used in England followed

in other countries also in these kinds of insurance. The origin and growth of Marine

Insurance, life insurance, fire insurance were miscellaneous.




LIFE INSURANCE

Life insurance may be defined as a contract in which the insurer, in

consideration of a certain premium, either in a lump sum or by other periodical

payments, agrees to pay to the assured, or to the person for those benefit the policy

is taken, the assured sum of money, on the happening of a specified event contingent

on the human life. A contract of life insurance, as in other forms of insurance,

requires that the assured must have the time of the contract an insurable interest in

his life upon which the insurance is affected. In a contract of life insurance, interest

has only to be proved at the date of the contract, and not necessarily present at the

time when the policy falls due.

A person can assure his life his own life and every part of it, and can insure for

any sum whatsoever, as he likes. Similarly, a wife has an insurable interest in her

husband and vice-versa. However, mere natural love and affection is not sufficient

to constitute an insurable interest. It must be shown that the person affecting

insurance on the life of another is so related to that other person as to have claim for

support. For example, a sister has an insurable in the life of a brother who supports

her.

A person not related to the other can have insurable interest on that other

person. For example, a creditor has insurable interest in the life of his debtor to the

extent of debt. A creditor can insure the life of his debtor up to the amount of debt,

at the time of issue of the policy. An employee has an insurable interest in the life of

the employer arising out of contractual obligation to employ him for a stipulated

period at fixed salary. Similarly, from an employer to the employee who is bound by

the contract to serve for a certain period of time.




LIFE INSURANCE CORPORATION

Till January 1956, life insurance in India was under the control of

private sector. After 19th January 1956 all life insurance business in India has been

nationalized. As a beginning, the Life Insurance ordinance was promulgated on the

18th January 1956. Thereafter Life Insurance act was passed and LIC came into

existence from 1st September 1956.

Organization of LIC

The LIC’s central office is situated in Mumbai. It has seven zonal offices in

India and three branches outside.

The internal organization and management of LIC comprises of:

I. Board of Directors

II. Committees corporation.

III. The chairman

IV. Managing Director




ROLE OF LIFE INSURANCE

Role 1: “Life Insurance as Investment”

Insurance is an attractive option for investment. While most people

recognize the risk hedging and tax saving potential of insurance, many are not

aware of its Advantages as an investment option as well. Insurance products yield

more compared to regular investment option and this is besides the added incentives

offered by insurers.

You cannot an compare an insurance product with other investment schemes for the

simple reason that it offers financial protection from, something that is missing in

non-insurance products.

In life insurance, unlike non-life products, you get maturity benefits on

survival at the end of the term. In other words, if you take a life insurance policy for

20 years and survive the term, the amount invested as a premium in the policy will

come back to you with added returns. In the unfortunate event of death with in the

tenure of the policy, the family of the deceased will receive the sum assured.

Now, let us compare insurance as an investment options. If you invest

Rs.10,000 in PPF your money grows to 10,950 at 9.5 percent interest over a year.

But in this case, the access to your funds will be limited. One can withdraw 5

percent of the initial deposit only after 4 years.




Same amount of Rs.10,000 can give you an insurance cover of up to approximately

Rs.5-40 times of premium (depending upon the plan(ULIP Youngstar), age and

medical condition of the life insured, etc.) and the amount he get in return on

maturity is 15% or more depend upon market which is far more then PPF amount

and if some miss happening can happened then risk cover can immediately available

to the nominee of the policy holder on the death.

Thus insurance is a unique investment avenue that delivers sound returns in

addition to protection.

Role 2: Life insurance as “Risk Cover”

First and foremost, insurance is about risk cover and protection-financial

protection, to be more precise to help outlast life’s unpredictable losses. Designed to

safeguard against losses suffered on account of any unforeseen event, insurance

provide you with that unique sense of security that no other form of investment

provides. By buying life insurance, you buy peace of mind and are prepared to face

any financial demand that would hit the family in case of an untimely demise.

To provide such protection, insurance firms collect contributions from many

people. who face the same risk .A loss claim is paid of the total premium collected by

the insurance companies, who act as trustees to the monies.

Insurance also provide a safeguard in the case of accidents of a drop in income

after retirement. An accident or disability can be devastating, and an insurance

policy can lend timely support to the family n such items. It also comes as a great




Help when you retire, in case no unknown incident happens during the term of the

policy. With the entry of private sector players in insurance, you have a wide range

of products and services to choose from further, many of these can be further

customized to fit individual or specific group needs. Considering the amount you

have to pay now, it’s worth buying some extra sleep.

Role 3: Life insurance as “Tax Planning”

Insurance serves as an excellent tax saving mechanism too. The government of

India has offered incentives to the life insurance products in order to facilitate the

flow of funds in to the productive assets under section 88 of income tax act 1961; an

individual is entitled to a rebate of 2 percent on the annual premium payable on his

or her life and life of his or her children or adult children. the rebate is deductible

from tax payable by the individual or a Hindu Undivided family. The rebate is

deductible from the tax payable by an individual or a Hindu undivided family. You

will be eligible for tax benefits under Section 80C and 10-10D of the income tax act

1961.Under section 80c you can save rs. 100000 are allowed as a deduction from

your taxable income.




INTRODUCTION about HDFCSLIC

HDFC Standard Life Insurance Company Limited. is one of India's leading private insurance companies, which offers a range of individual and group insurance solutions. It is a joint venture between Housing Development

Finance Corporation Limited (HDFC Limited), India's leading housing finance institution and a Group Company of the Standard Life Plc, UK. As on February 28, 2009 HDFC Ltd. holds 74% and Standard Life (Mauritius Holding) 2006, Ltd. holds 26% of equity in the joint venture, while the rest is held by others.

HDFC

Market Leader in the Housing Finance Sector



& responsibility of S.D.M Over 2,00000 crores in Loan Approvals

Customer base of over 2 million

Stable and experienced management

India’s largest housing finance institution

Asset base over Rs. 100 billion

International presence through service associates

Highest Corporate governance rating AAA

from CRISIL and ICRA

Standard Life Assurance Company

Europe’s largest mutual life assurance company founded in 1825

AA2 rated by Standard & Poor’s and Moody’s

Voted the ‘Company of the Decade’

Total assets under management Rs. 5,81,000 crore

Serving customers for over 180 years

Voted 5 star life & Pensions provider for last 10 years




HDFC Limited


SECURITISATION

Future Activities

DISTRIBUTION HDFC CHUBB GENERAL INSURANCE

CO. LTD.



Why HDFC Standard Life ?

Brand Value & Recognition of the partners

First Private Life Insurance Company to be licensed by IRDA

First Company to Declare Bonus

Presence in over 750 locations in India - largest branch network

Market Share of 9.10 %

Insures one life every 3 minutes

Total Winner of Outlook Money 2003 & 2004 award as

‘Best New Insurer’

Rated as India’s Most Respected Private Insurance Company by

Business world magazine (2004)

Maximum No. of MDRT Qualifiers

Over 6.5 lacks satisfied customers

Objectives

– State the benefits of selecting the right company



& responsibility of S.D.M – Enlist the parameters of selecting a life insurance company

– List strengths of HDFC, Standard Life & HDFCSL

– Draw organization structure of HDFCSL as well as Retail

Team

– Describe your role as Sales Development Manager &

Channel Development Manager

HISTORY

HDFC STANDARD LIFE INSURANCE HOUSING DEVELOPMENT

FINANCE CORPORATION LIMITED (HDFC)

Founded in 1977, HDFC is today the market leader in housing finance in

India and has extended financial assistance to more than 15 lacks homes. HDFC has

more than 750 offices in India presently. It also has one international office in Dubai

and 3 Service Associates in Kuwait, Qatar, and the Sultanate of Oman. HDFC’s

asset base amounts to over Rs. 28,000 crores. Its financial strength is reflected in

highest safety ratings of ‘FAAA’ and ‘MAAA’ awarded by CRISIL and ICRA – two

of India’s leading credit rating agencies – respectively, for the last 6 years

consequently. It has a depositor base of over 16 lacks customers and a deposit

agent’s force of over 46,000 of the total deposits, 73% are sourced from individual




and trust depositors. Which demonstrates the tremendous confidence that retail

investors have in the company.

Being an institution that is strongly committed to the highest standards of

quality and excellence, HDFC has won several accolades in the past few years such

as “ Ramakrishna Bajaj National Quality Award” for the year 1999, this award was

instituted to award recognition to Indian companies for business excellence and

qualify achievement HDFC is the only company so far to receive this award.

STANDARD LIFE ASSURANCE COMPANY

Founded in 1825, Standard life has been at the forefront of the UK insurance

industry for 176 years by combining sound financial judgment with integrity and

reliability. The largest Mutual life Company in Europe, it has operations in the

United Kingdom, Ireland, Spain, Germany, Austria and Canada with representative

offices in Hong Kong and China.

One of its most recent successes was the launch of Standard Life Bank on 1 st

January, 1998. The introduction of its innovative mortgage product in January 1999

has an immediate impact on the UK market, accounting for 11% of all new lending

within the first operational year. The current loans understanding amount to Rs.

43,300 crore.




Standard Life has total assets of Rs. $125 billion and new premium income last year

of Rs. 30,000 crore. Its UK investment portfolio accounts for approx 2% of all

shares listed in the London Stock Exchange. It is one of the few insurance

companies in the world to receive AAA rating from two of the leading international

credit rating agencies. Moody’s and Standard Z& Poor’s. The later described

Standard Life’s ability to meet its claims obligations as overwhelming under a

variety of economic conditions.

Standard life is rated as one of the strongest companies of the world, in financial

terms. The company’s reputation in the UK market remains unrivalled. Besides,

being voted ‘company of the year’ for overall service, for the third consecutive year,

Standard Life was recently voted ‘Company of the Decade’ by independent brokers.

INSURANCE REGULATORY DEVELOPMENT AUTHORITY

The opening up of the sector has been long standing and with the passing of

The Insurance Regulatory and Development Authority – IRDA bill a significant

help has been taken. IRDA is formed as an authority to protest the interests of

holders of insurance policies, to regulate promote, and ensure orderly growth of

insurance industry and for matters connected therewith or incidental thereto.




With the Insurance regulatory and Development Act, the focus shifted to the

following:

The Insurance Regulatory and Development Authority (IRDA) should

given priority to health insurance while issuing certificates of registration.

Policyholder’s funds will be invested in the social sector and infrastruc-

ture. The percentage may be specified by the IRDA and such regulations

will apply to all insurers opening in the country.

Insurers will be expected to undertake a certain percentage of business in

the rural or social sector and provide policies to persons residing in rural

areas, workers in the unorganized and informal economically basic.

In case of the insurers fall to meet the social sector obligation a fine of Rs.

2.5mn would be imposed the first time. Subsequent failures would result

in cancellation of licenses.

Incorporation of HDFC Standard Life Insurance

Company Limited




The company was incorporated on 14th August 2000 under the name of the

HDFC Standard Life Insurance Company Limited. On the 23rd of October 2000,

HDFC Standard Life was the only life company to be granted a certificate of

registration.

HDFC are the main shareholders in HDFC Standard Life, with 74% while standard

Life owns 26%. Given standard Life’s existing investment in the HDFC Group, this

is the maximum investment allowed under current regulations.

Life Insurers:

Sr. No. Registration

Number

Date of

Registration

Name of the Company

1. 101 23.10.2000 HDFC Standard Life Insurance

Company Ltd.

2. 104 15.11.2000 Max New York Life Insurance Co.

Ltd.

3. 105 24.11.2000 ICICI Prudential Life Insurance

Company Ltd.

4. 107 10.01.2001 OM Kotak Mahindra Life Insurance

Co. Ltd.



& responsibility of S.D.M 5. 109 31.01.2001 Birla Sun Life Insurance Company

Ltd.

6. 110 12.02.2001 Tata AIG Life Insurance Company

Ltd.

7. 111 30.03.2001 SBI Life Insurance Company Ltd.

8. 114 02.08.2001 ING Vysya Life Insurance Company

Private Limited.

9. 116 03.08.2001 Bajaj Allianz Life Insurance

Company Ltd.

10. 117 06.08.2001 Metlife India Insurance Company Pvt.

Ltd.




The Retail sales Hierarchy of HDFC Standard

Life Insurance

General Manager

↓

Head Retail Sales

↓

Regional Branch Manager

↓

Business Development Managers

↓

Certified Financial Consultants




CEO OF THE COMPANY

Mr. Deepak S. Parekh

Mr. Deepak S. Parekh Is the Chairman of the Company. He is also the Executive Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined HDFC Limited in a senior management position in 1978. He was inducted as a whole-time director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

Mr. Paresh Parasnis is the Principal Officer and Executive

Director of the company – HDFC SLIC




Mr. Paresh Parasnis

LIST OF DIRECTORS

Sir Alexander M. Crombie

Mr. Keki M. Mistry

Ms. Marcia D. Campbell

Ms. Renu S. Karnad

Mr. Norman K. Skeoch

Mr. Gautam R. Divan

Mr. Ranjan Pant

Mr. Ravi Narain

Mr. Gerald E. Grimstone




DEFINITION OF AN FINANCIAL CONSULTANT

• Section 182 of Indian Contract Act 1872 defines an FC as under

– person employed to do any act for another or to represent another in

dealing with a third person

The person on whose behalf the FC works is called Principal

Principal is bound by the actions of the FC

WHY INSURANCE IS A PROFESSION?




INSURER AS THE AGENT’S SPONSOR

The Insurer:

• Develops agency by sponsoring training of agents whom he wants

to license

• Issues license through a designated person


Agent is his own Boss

‘paymaster’

Independent work

Economic Security

No fixed rules of work

No investment

No forwarding


& responsibility of S.D.M Designated Person:

An officer normally in charge of marketing operations as specified by

an insurer, and authorized by IRDA to issue or renews licenses

LICENSING OF FC

• Covered under IRDA (licensing of Insurance Agents) Regulations,

2000

• Criteria to become an agent laid down

• Training requirements specified

• Licensing & renewals by designated person only

• To be composite insurance agent, two separate applications

required

CRITERIA FOR BECOMING AN FINANCIAL

CONSUTANT HP. institute of Management Studies totu Shimla.


& responsibility of S.D.M To become a financial consultant a person need some eligibility criteria.

In HDFCSLIC that criteria is known as Q5 Quality. If a person does not

fulfill of these criteria then however hard he may try, the person will

either not be able to become Financial Consultant or will not be eligible

for one. So Minimum a person should be Q3 for Financial Consultant.

• Age - Minimum 18-25-60 years

• Educational Qualification

– At least 10th standard (population of <5000)Rural

– At least 12th standard (population >5000)Urban

– Graduates in any streams

• Nativity : Minimum 2 Years in the City

• Marital Status : Married

• Sales Experience : 1 Year or more

• Time 6 hours or more per week

• Good personality

• Sound mental health

TRAINING REQUIREMENT FOR FC




IRDA Specifications:

• 50 hours in life / General Insurance

• For Composite Agent, at least 100 hours of practical training in

life and general insurance business combined

• Training to be conducted by an Institute approved and notified

by IRDA

• Training requirement reduced to 50% for those with qualification

such as CA, MBA, Associate/Fellow of Insurance Institute of

India etc.

PRE-RECRUITMENT TEST

To become an FC, the person



& responsibility of S.D.M Must qualify Pre-Recruitment Test conducted by body recognized

by IRDA

• Permitted to take test only if he has completed required number

of hours of training

• Must obtain at least 50% marks to pass the Pre Recruitment Test

LICENSING PROCESS

Designated person issues license along with identity card valid

for three years – license fee is Rs. 250

• For renewal of license, agent must undergo additional training for

25 hours

• Designated person takes decision to renew license or not



& responsibility of S.D.M • Application for renewal of license to be made at least 30 days

before expiry of license otherwise additional fee of Rs. 100

payable

CORPORATE FINANCIAL CONSULTANT

• A Firm, a Company, Co-operative society, Panchayat, or Local

Authority can be Corporate Agent and work for one Insurance

Company

• Designated partner or Director or any Officer designated as

Corporate Insurance Executive to undergo training and pass the

test

INSURANCE BROKERS

• Broker is a new channel of distribution of insurance products.



& responsibility of S.D.M • While agent represents insurer, broker represents the client

• Broker to meet certain Capital criteria

• Broker can recommend to their clients product of any Insurance

Company

• Brokers have to undergo 100 hours training and pass the test

• License to insurance brokers issued by IRDA

• Three types of brokers – Direct Broker , Re-insurance Broker,

Composite Broker

TERMINATION OF AGENCY

Agency can also be terminated if Agent acquires any legal

disqualification

such as -

- Found to be minor

- Found to be of unsound mind

- Conviction for criminal misappropriation

- Criminal breach of trust




- Cheating or forgery

ROLE OF CONSULTANT IN UNDERWRITING

He submits a confidential report with each proposal form about health habit and

income of the proposer.

CODE OF CONDUCT FOR FC

• The Regulations prescribe a Code of Conduct for Agents

• The Code states that Agent shall identify himself and the insurer

he represents

• Do’s for Agents as per Code of Conduct

– Show the licence if prospect demands

– Explain all the options available to the client

– Recommend a plan suitable for client’s needs

– Disclose the commission he gets if enquired by the client



& responsibility of S.D.M – Explain the nature & importance of information in the

Proposal Form. Impress upon the client to disclose all

information fully & truthfully

– Make all enquires about the prospect

– Inform insurer about anything material or habits which can

affect underwriting decision

– Inform the client about acceptance / rejection of risk

– Help clients to comply with the requirements asked for by

the insurer

– Advise policyholder to effect nomination / change etc.

– Ensure remittance of premium by the policyholder on due

dates by notice orally or in writing

– Dont’s for Fc as per Code of Conduct

- Not to induce the client to give wrong information



& responsibility of S.D.M - Not to interfere the proposal introduced by other

agent

– Not to demand or receive a share in claim amount

– Not to ask the policyholder to discontinue existing policy

and to take new one.

WHY WAS IRDA ESTABLISHED?

TO REGULATE, PROMOTE & ENSURE ORDERLY GROWTH OF

LIFE INSURANCE

&

GENERAL INSURANCE INDUSTRY

IRDA MEMBERS

• Members are appointed by Central Govt.

• CHAIRPERSON

• WHOLETIME MEMBERS TENURE 5 YEARS



& responsibility of S.D.M • PART TIME MEMBERS

Why Certified Financial consultant and not an

Financial Consultant

‘Certified’ because - a governing body of the insurance segment

called the IRDA certifies you ‘Financial consultant’ because –

• We believe you need to advice and recommend

the best solution to meet a client’s financial requirement.

Commission Structure of financial consultant




Support and Recognition

• Top quality training initially by the company

• Support of a dedicated Sales Development Manager

• First class pre and post sales support

• Lead Generation Support

• Marketing Support


First year 2nd year 3rd Year+ Bonus

Endowment 25% 5% 5% 15%Money Back 25% 5% 5% 15%Term Assurance (RP) 20% 5% 5% 15%Loan Cover Term (RP) 20% 5% 5% 15%PPP (RP) 7.50% 2% 2% NILSPWLP/ PPP (SP) 2% - -ULEP 12.50% 4% 1% NILULPP (RP) 7.50% 2% 1% NILTraditional Plan 40% 5% 5% NIL

Type of PlanRate of commision

Commission Structure of finanacial consultant



• Recognition Programs - MDRT, Top Achievers Section

• Reward Programs

• Online Support

• Strong Brand Recognition

• 24 hours Customer Support

• Superior Product Portfolio

Star Performers Club

• Level 1: Star Centurion Club (upto 10% extra commission)

• Level 2: Gold Star Performers Club (5% extra commission)

• Level 3: Silver Star Performers Club (2.5% extra commission)

Club members are eligible for various privileges depending upon levels.

They can choose from an assortment of gifts ranging from mobile

phones, wrist watches, telephone answering machines, electronic

diaries,




Palmtops, PCs, two wheelers, cars, ACS, holiday packages etc,

subject to maximum limit applicable to him/her.

Quizzes & Contests

• Periodic Branch Level Contests

• National Level Contests

• Prizes ranging from Foreign Trips, Consumer Durables, Mobile

phones, Laptops, Palmtops, Handy-cams, Gold Coins etc.

• All Financial Consultants who qualify for National Level gets

Certificate of Achievement from the Head - Retail Sales

• Monthly Quizzes in ‘In Touch with Life’ – an in-house magazine

• Subscription to Insurance Monthly “Insurance Watch”




Who are we looking for ?

• Committed, have the drive, determination and openness to learn.

• Professional Out tour

• Ability to sell a range of financial products

• Looks forward to meeting & interacting with people

• Have the zeal to perform & excel

• Want to be a winner in life

Are you ready for the challenge ?

Of any approximate Rs. 50, 000 crore

by way of premium income – in the next 5 years





at least Rs 10,000 crore is available

by way of commission only.

The pie is huge; the challenge is of to get maximum

of this pie for you.

COMMENTS: During my survey I found that financial consultants are the back

Bone of the Insurance Industry. If a insurance Industry have Quality F.C. then

naturally that company is good in Business. The whole insurance industry works on

relationship and networking. According to my observations Financial consultant in

this industry can do more business if they can be little more Professional, build

strong relations with customers improve their communication, sharp their selling

skills, self motivator and can take some more initiative.




SALE

DEVELOMENT

MANAGER





MEANING OF SDM

SDM means sales developing manager. The main purpose of Sales

development manager is to recruit high performing Financial

Consultant, train & continuously motivating them to achieve sales

target effectively.

ROLES OF SDM

– Continually recruit the Quality Financial Consultant like Retired

Persons,salaried,CharteredAccountants,entrepreneurs/Businessm

en,students,housewives,brokers and Professionals for strong sales

team

– Trained them and continually motivate them for business

– Arranging Meetings and seminars for financial consultant

– Teaching them selling skills

– Providing them the data and documents that they required




– Distributing the updated information like contests to financial

consultant time to time

– Supporting the sales team 24 hours

– Make the strategies for continuity in Business

– Building the strong relations with financial consultants and

customers

– Giving targets to Financial consultants for effective Performance

– Getting reference for more recruitments and Business

– Learning continually from superior (Branch Manager) and

reporting and discussing the problems with him for better results

SAM OF SDM

Sam is a major and most important tool to get registered your day to

day activities done in the field.

Through SAM your performance will be reviewed and taken on daily

basis.




NEED OF KEY POINTS

– Activities performed on financial consultant recruitment

– Activities performed on business calls

– FC Visit review

– FC Team meetings /building

– Training of FC

– Increase the passing ratio of financial consultant by some extra

efforts

SDM OBJECTIVES AND STRATEGY FOR

SALES FORCE

The days when all the sales force did was "sell, sell, and sel1" are long gone. Sales

represantives need how to diagnose a customer's problem and propose a solution.

Sales people show a customer-prospect how their company can help a customer

Profitability.

Companies need to define the specific objectives they want their sales force to



& responsibility of S.D.M achieve, For example, a company might want its sales representatives to spend 80

percent of their time with current customers and 20 percent with prospects, and 85

percent of their time on established products and 15 percent on new products. The

specific allocation scheme depends on the kind of products and customers, but

regardless of the selling context, salespeople will have one or more of the following

specific tasks to perform:

Prospecting. Searching for prospects, or leads.

Targeting. Deciding how to allocate their time among prospects and cus-

tomers.

Communicating. Communicating information about the company's products

and services. .

Selling. Approaching, presenting, answering questions, overcoming objec-

tions, and closing sales.

Servicing. Providing various services to the customers consulting on prob-

lems, rendering technical assistance, arranging financing, expediting deliv-

ery.

Information gathering. Conducting market research and doing intelligence

work.

Allocating. Deciding which customers will get scarce products during prod-

uct shortages.

Because of the expense, most companies are moving to the concept of a

leveraged sales force. A sales force focuses on selling the company's more

complex and customized products to large accounts, while low-end selling is

done by inside salespeople and through Web ordering. Tasks such as lead

generation, proposal writing, order fulfillment, and postsale support are turned

over to others. Salespeople handle fewer accounts, and are rewarded for key

account growth. This is far different from expecting salespeople to selling every

possible account, which is usually the weakness of geographically based sales

forces.




FLAG OF SDM

FAQ for Launch of FLAG 0607 1/6 FLAG 0676

FLAG – 0607

FAQ and Guideline Sheet

1. From when FLAG 0607 is effective

A FLAG 0607 is effective April 06

2. What does the program offers to the front line sales

A An opportunity to

Scale up in the sales hierarchy

Increase in CTC

Get recognized for his achievements




& responsibility of S.D.M 3. What are the new features of the program?

A

a) Target cycles of 9 month

b) 4 Cycles of targets thus 4 opportunity months

c) Early achievers will be rewarded early – Faster the better

d) Higher reward to high performers

e) LEAP targets included in the program

4. Which are the Measure of performance for which the targets are been

incorporated in

the program?

A The program focuses on three business targets:

- RNEP

- Active FC count

- Team size of FC

5. How is RNEP(Received Net Effective Premium) CALCULATED?

A RNEP calculation rules would be similar to the one applied for RNEP

calculations of

Sales incentive scheme

6. What is Active FC for the FLAG PROGRAM? HP. institute of Management Studies totu Shimla.



An FC would be considered active once he has one new conversion (new

business) in the month.


7. When does the program starts and ends?

The program starts with 1st target cycle. The duration of the target cycle is

nine months.

Joining Month Start Month of 1st Target Cycle

FLS joined before or on 31st March 06 The start month of the 1st target

cycle is

Apr 06 and the end month is Dec 06

Joinees joined after Mar 06

The start month of the 1st target cycle is

the subsequent month of the joining month

e.g. Joining month = Apr 06

1st Cycle start month = May 06

1st Cycle end month = Jan 07

6. If a FLS is not able to achieve the set targets of 1st target cycle, does

he/she has further opportunity to achieve? HP. institute of Management Studies totu Shimla.



The program will offer 4 target cycles; hence opportunity to scale to next

level comes four times.

9. How do the subsequent target cycle starts and ends?

A The table below represents the start month of 1st cycle and end month of

4 target cycles based on the joining month of FLS

The start month of the second and subsequent target cycles will be one-

month

ahead of start month of the previous cycle.


Annexure B provides guidelines on structure of consolidated excel

formats

of FLAG tracker

10. When would be the results declared?

A Every Month we would be taking stock of achievement of all the

participants for all the

MOPs under the program.



& responsibility of S.D.M If any of the FLS has achieved all the MOPs then we would be taking a

waiting period

of one month for reconciling possible look ins / Cancellations happening of

the policies.

Comments: - During my survey what I found that sales Development Managers

are failed for effective business due to

1. Less extra efforts

2. Weak communications

3. Weak relations with financial consultants and customers

4.Weak Team

5. Lack of Coordination

6. Lack of Management

7. Not developing the leadership Qualities in Financial Consultants

8. Lack of Motivation

9. Negative Attitude



& responsibility of S.D.M 10. Job Dissatisfaction

11. Not able to approach and Train their Financial Consultants

And those who success in Effective Business are good in

1. Communications

2. Strong relations with customers and financial consultants

3. Take initiative

4. Great management

5. Positive attitude

6. Good selling skills

But in the end I can also say that Exception are always there.

HR ROLES AND PROCEDURES

A Center’s HR group has a key role in developing, introducing and sustaining policies, practices and services for accommo-dating spouses/partners. This role includes:

supporting management in the development of Center policy and practices for accommodating spouses/partners;

advising job applicants and their spouses/partners about the availability and application of these practices;

exercising initiative, as much as possible, to accommo-date spouses’/partners’ needs prior to their move to the duty station; HP. institute of Management Studies totu Shimla.


& responsibility of S.D.M ensuring that high-quality advice and assistance is avail-

able to spouses/partners during their settling in to the duty station;

monitoring the needs of spouses/partners actively after they settle in, and acting expeditiously to meet those needs where possible;

providing a range of support services to spouses/part-ners, particularly in publicizing employment and consultancy opportunities;

providing support and guidance to spouse/partner com-mittees;

Reviewing the impact and effectiveness of the Center’s policy

and practices periodically, and reporting to senior

management with options for future refinements

HR ROLES

RECRUITMENT

1. TEST

2. INTERVIEW HP. institute of Management Studies totu Shimla.


& responsibility of S.D.M 3. SELECTION

4. CHECK REFERENCE

5. PREVIOUS CTC

6. ENTERTAINING

7. CHECK QUALIFICATION

8. REPORTING TO THEIR BM/SDM/BDM

9. FILL JOINING KITTS

10. PREAPARING RECORD

2. PROCESS ADHERENCE

CHECK ATTENDANCE

PREPARING OF RECRUITMENT TRACKERS

MEDICLAIM UPDATION

INVITATION TO ALL BRANCHES

GROUP TERM INSURANCE

GIVE OFFER LETTER

PROVIDE BANK OPENING LETTER

PROVIDE ACCEPTANCE LETTER



& responsibility of S.D.M PROVIDE RELEIVING LATTER

RECORDS OF SALARY

3. GREIVANCE HANDLING

EMPLOYEES COMPLAINTS

PROVIDE SOLUTION

MAILS TO H.O

PROVIDE INFORMATION ABOUT ANY PREVIOUS

EMPLOYEES

UPDATE THE DATA

TAKING IMMEDIATE ACTION

RESOLVE THE PROBLEM

EMPLOYEE ENGAGEMENT

ORGANISE FUN SESSION

FUNTOSH CLUB

SAMOSA DAY

FUN FLIPS DAY



& responsibility of S.D.M CELEBRATE ON EVERY FESTIVAL

GIVE INFORMATION ABOUT NEW SCHEMES

ROLE OF GREEN PAGE

GREEN PAGE

Green page is the important document of the company. On a green page you can access the different tools. Green page is very important because employees of the organization can take any type of information through the green page. Green page is the connected through the intranet in the organization. You can check anything related to the employees like Financial consultants, SDM can mark their attendance in empower. Every employee can check their salary details.

EXAMPLE:

EMPOWER

USER NAME: YOUR EMPLOYEE NO.

PASSWORD: Default password for first time users is adnet 2003

Your problem period will be of three months from the date of joining the services.

Post that you will be assessed for confirmation by your immediate superior.




IN EMPOWER

.Mark you attendance/attendance regularization.

View your attendance record for the current year.

Give your leave request.

Take a record of your leaves taken in the past.

Mark your appraisal for the year.

You can avail three types of leaves during the year post your confirmation.

.CL: Casual leaves 8 leaves per calendar year

.SL: Sick leave 15 leaves per calendar year

PL: Privilege 30 leaves per calendar year

CASUAL leaves lapse at the end of each calendar year and will not be reward for accumulations.

MY COMPENSATION MANAGEMENT

Under this head you can a-----View your pay slips for previous months. HP. institute of Management Studies totu Shimla.



Update your salary account no with specifiedBank of the organization.

View your PF statementDeclare your tax saving options for the current financial year.View your tax deduction done so far the previous year.

View and download form 16 for previous year after spending at least one year in organization.View your eligibilities on leave travel allowance as well as domiciliary mediclaim allowance.

VISION AND VALUES OF THE COMPANY

Vision Statement

“The most successful and admired life insurance company,

which means that we are the most trusted company,

the easiest to deal with, offer the best value for money

and set the standards in the industry.

In short, “ The most obvious choice for all”.





Values

• Innovation

• Customer Centric

• Joy & Simplicity

• Team Work

• One for all & all for one

• People care

Achievements

• Rated ‘Best New Insurer – 2003’,by Outlook Money

• Declared bonus Initiated Anti-rebating issues with IRDA,

Resulting in introduction of new guidelines for 4 consecutive years since

inception

• Ranked as ‘India’s 3rb Best Managed Company’ by Finance Asia -2005




S WOT Analysis OF HDFC SLIC

STRENGTHS WEAKNESSES

Strong Brand Image Dedicated sales team Value added services. HDFC Bank Professional Environment Future Security Best services Best fund management Great Leader 2nd most Recall Brand Global Expertise in Product

Development and & Training Distinguished characteristic in each

product from the competitors.

Rigid Eligibility Criteria Weak Customer Relations

Management Centralized Structure Less motivation to Financial

consultant Unawareness in rural places about

company Lesser emphasis on marketing

activities




OPPORTUNITIES THREATS

Large Untapped Market. Distinguishable product (children plan). More demand for insurance Increasing Population Positive attitude customers

Presence of very strong competitors. Aggressive marketing by competitors. Various investment Schemes Market instability

Awards & Accolades

* India’s best managed company by Asia money magazine - 1995

and 1996

* Most competitive Indian company by Euromoney - 1997

* One of the 5 best Indian Boards by Business Today -1997

* Best presented accounts 1994-95 and 1996-97 (3rd place) - in the

SAARC region by the South Asian Federation of Accounts in the

financial sector category HP. institute of Management Studies totu Shimla.



* Rated as one of the best companies in India for strategy &

management and investor relations by Asia money - 1998

* Excellence in service industry by the Indian Institute of

Marketing Management & Top Management Club (Pune) -1998

* Shield for the best presented accounts for banks and financial

institutions - over 11 times (8 years in a row)

* 1999 IMC Ramakrishna Bajaj National Quality Award in the

service category

* CII-EXIM Bank Commendation Certificate for commitment to

Total Quality Management - 2000

* Asia money declared HDFC as the second best managed company

in India - 2001

* Euromoney identified HDFC as one of Asia’s top 10 best managed

companies in the finance sector - 2001

* Rated as the Best Non-Banking Financial Company in Asia by

Institutional Investor Research Group – 2002




CHAPTER NO 2

REVIEW OF

THE LITER-ATURE




A literature review :-is a text written by someone to consider the critical points of current knowledge including substantive findings, as well as theoretical and methodological contributions to a particular topic. Literature reviews are secondary sources, and as such, do not report any new or original experimental work. Also, a literature review can be interpreted as a review of an abstract accomplishment.

Most often associated with academic-oriented literature, such as a thesis or peer-re-viewed article, a literature review usually precedes a research proposal and results section. Its main goals are to situate the current study within the body of literature and to provide context for the particular reader. Literature reviews are a staple for research in nearly every academic field.

A systematic review is a literature review focused on a research question, trying to identify, appraise, select and synthesize all high quality research evidence relevant to that question. A meta analysis is typically a systematic review using statistical methods to effectively combine the data used on all selected studies to produce a more reliable result.

CHAPTER NO 3

RESEARCH

METHODOLOGY HP. institute of Management Studies totu Shimla.

http://en.wikipedia.org/wiki/Secondary_sources

http://en.wikipedia.org/wiki/Secondary_sources

http://en.wikipedia.org/wiki/Meta_analysis

http://en.wikipedia.org/wiki/Systematic_review

http://en.wikipedia.org/wiki/Thesis


& responsibility of S.D.M RESEARCH MEANING AND DEFINATION :-

Research comprises "creative work undertaken on a systematic

basis in order to increase the stock of knowledge, including knowledge of man, culture

and society, and the use of this stock of knowledge to devise new applications." It is

used to establish or confirm facts, reaffirm the results of previous work, solve new or

existing problems, support theorems, or develop new theories. A research project may

also be an expansion on past work in the field. To test the validity of instruments,

procedures, or experiments, research may replicate elements of prior projects, or the

project as a whole. The primary purposes of basic research (as opposed to applied

research) are documentation, discovery, interpretation, or the research and

development (R&D) of methods and systems for the advancement of human

knowledge. Approaches to research depend on epistemologies, which vary considerably

both within and between humanities and sciences. There are several forms of research:

scientific, humanities, artistic, economic, social, business, marketing, practitioner

research, etc.

Forms of research Artistic research:- also seen as 'practice-based research', can take form when

creative works are considered both the research and the object of research itself. It is the debatable body of thought which offers an alternative to purely scientific methods in research in its search for knowledge and truth.


http://en.wikipedia.org/wiki/Practitioner_research

http://en.wikipedia.org/wiki/Practitioner_research

http://en.wikipedia.org/wiki/Marketing_research

http://en.wikipedia.org/wiki/Social_research

http://en.wikipedia.org/wiki/Epistemology

http://en.wikipedia.org/wiki/Knowledge

http://en.wikipedia.org/wiki/Research_and_development

http://en.wikipedia.org/wiki/Research_and_development

http://en.wikipedia.org/wiki/Interpretation_(philosophy)

http://en.wikipedia.org/wiki/Discovery_(observation)

http://en.wikipedia.org/wiki/Documentation

http://en.wikipedia.org/wiki/Applied_research

http://en.wikipedia.org/wiki/Applied_research

http://en.wikipedia.org/wiki/Basic_research

http://en.wikipedia.org/wiki/Theory

http://en.wikipedia.org/wiki/Theorem


& responsibility of S.D.M Research in the humanities :-involves different methods such as for example

hermeneutics and semiotics, and a different, more relativist epistemology. Hu-manities scholars usually do not search for the ultimate correct answer to a question, but instead explore the issues and details that surround it. Context is always important, and context can be social, historical, political, cultural or eth-nic. An example of research in the humanities is historical research, which is em-bodied in historical method. Historians use primary sources and other evidence to systematically investigate a topic, and then to write histories in the form of ac-counts of the past.

Scientific research :- relies on the application of the scientific method, a harness-ing of curiosity. This research provides scientific information and theories for the explanation of the nature and the properties of the world. It makes practical applications possible. Scientific research is funded by public authorities, by charitable organizations and by private groups, including many companies. Sci-entific research can be subdivided into different classifications according to their academic and application disciplines. Scientific research is a widely used cri-terion for judging the standing of an academic institution, such as business schools, but some argue that such is an inaccurate assessment of the institution, because the quality of research does not tell about the quality of teaching (these do not necessarily correlate totally)t such is an inaccurate assessment of the insti-tution, because the quality of research does not tell about the quality of teaching (these do not necessarily correlate totally)

Generally, research is understood to follow a certain structural process. Though step order may vary depending on the subject matter and researcher, the following steps are usually part of most formal research, both basic and applied:

1. Observations and Formation of the topic : Consists of the subject area of ones interest and following that subject area to conduct subject related research. The subject area should not be randomly chosen since it requires reading a vast amount of literature on the topic to determine the gap in the literature the researcher intends to narrow. A keen interest in the chosen subject area is advisable. The research will have to be justified by linking its importance to already existing knowledge about the topic.

2. Hypothesis : A testable prediction which designates the relationship between two or more variables.

3. Conceptual definition : Description of a concept by relating it to other con-cepts.

4. Operational definition : Details in regards to defining the variables and how they will be measured/assessed in the study.


http://en.wikipedia.org/wiki/Operational_definition

http://en.wikipedia.org/wiki/Conceptual_definition

http://en.wikipedia.org/wiki/Hypothesis

http://en.wikipedia.org/wiki/Scientific_method#Elements_of_the_scientific_method

http://en.wikipedia.org/wiki/Process_(science)

http://en.wikipedia.org/wiki/Nature

http://en.wikipedia.org/wiki/Science

http://en.wikipedia.org/wiki/Curiosity

http://en.wikipedia.org/wiki/Evidence

http://en.wikipedia.org/wiki/Primary_sources

http://en.wikipedia.org/wiki/Historical_method

http://en.wikipedia.org/wiki/Epistemology

http://en.wikipedia.org/wiki/Relativist

http://en.wikipedia.org/wiki/Semiotics

http://en.wikipedia.org/wiki/Hermeneutics


& responsibility of S.D.M 5. Gathering of data : Consists of identifying a population and selecting samples,

gathering information from and/or about these samples by using specific re-search instruments. The instruments used for data collection must be valid and reliable.

6. Analysis of data : Involves breaking down the individual pieces of data in or-der to draw conclusions about it.

7. Data Interpretation : This can be represented through tables, figures and pic-tures, and then described in words.

8. Test, revising of hypothesis 9. Conclusion, reiteration if necessary

A common misconception is that a hypothesis will be proven (see, rather, Null hypo-thesis). Generally a hypothesis is used to make predictions that can be tested by ob-serving the outcome of an experiment. If the outcome is inconsistent with the hypo-thesis, then the hypothesis is rejected (see falsifiability). However, if the outcome is consistent with the hypothesis, the experiment is said to support the hypothesis. This careful language is used because researchers recognize that alternative hypotheses may also be consistent with the observations. In this sense, a hypothesis can never be proven, but rather only supported by surviving rounds of scientific testing and, eventually, becoming widely thought of as true.

A useful hypothesis allows prediction and within the accuracy of observation of the time, the prediction will be verified. As the accuracy of observation improves with time, the hypothesis may no longer provide an accurate prediction. In this case a new hypothesis will arise to challenge the old, and to the extent that the new hypo-thesis makes more accurate predictions than the old, the new will supplant it. Re-searchers can also use a null hypothesis, which state no relationship or difference between the independent or dependent variables. A null hypothesis uses a sample of all possible people to make a conclusion about the population.


http://en.wikipedia.org/wiki/Falsifiability

http://en.wikipedia.org/wiki/Null_hypothesis


http://en.wikipedia.org/wiki/Scientific_method#Elements_of_the_scientific_method

http://en.wikipedia.org/wiki/Scientific_method#Evaluation_and_improvement

http://en.wikipedia.org/wiki/Data_Interpretation

http://en.wikipedia.org/wiki/Data_analysis

http://en.wikipedia.org/wiki/Data_collection



Steps in conducting research:-

Research is often conducted using the hourglass model structure of research. The hourglass model starts with a broad spectrum for research, focusing in on the re-quired information through the method of the project (like the neck of the hour-glass), then expands the research in the form of discussion and results. The major steps in conducting research are:

Identification of research problem Literature review Specifying the purpose of research Determine specific research questions or hypotheses Data collection Analyzing and interpreting the data Reporting and evaluating research Communicating the research findings and, possibly, recommendations

The steps generally represent the overall process, however they should be viewed as an ever-changing iterative process rather than a fixed set of steps. Most researches begin with a general statement of the problem, or rather, the purpose for engaging in the study. The literature review identifies flaws or holes in previous research which provides justification for the study. Often, a literature review is conducted in a given subject area before a research question is identified. A gap in the current lit-erature, as identified by a researcher, then engenders a research question. The re-search question may be parallel to the hypothesis. The hypothesis is the supposition to be tested. The researcher(s) collects data to test the hypothesis. The researcher(s) then analyzes and interprets the data via a variety of statistical methods, engaging in what is known as Empirical research. The results of the data analysis in confirm-ing or failing to reject the Null hypothesis are then reported and evaluated. At the end the researcher may discuss avenues for further research.

Rudolph Rummel says, "... no researcher should accept any one or two tests as definitive. It is only when a range of tests are consistent over many kinds of data, re-searchers, and methods can one have confidence in the results."

Research Design


http://en.wikipedia.org/wiki/Rudolph_Rummel


http://en.wikipedia.org/wiki/Empirical_research


& responsibility of S.D.M This is a descriptive type of research because it is a type of conclusive research

which has a major objective of description of something, i.e. Public opinion

about financial consultant.

Objective of the Study:

1-How to recruit the Financial Consultants.

2-How to apply the management skills

3-learning and implementing the selling skills and selling the insurance

plans in the market

Even some other important objectives are also given to me like:

1. learn the time management

2. learn the official documentary work

3. learn the roles and responsibility of sales development Manager

4. learn how to become a good leader & motivator

So these are some objectives given to me for my study.

Thus keeping this in mind following benefits can be drafted out form this project:



& responsibility of S.D.M 1. This project will help in identifying the most strong & most weak source of

awareness, so that adequate promotional strategies for different segments of the

market could be worked out.

2. This Project will give an insight to the most important factors which influence a

person to work as a financial consultant in Insurance sector.

3. The advertisement recall will be helpful in identifying those Medias which needs

to be worked upon and to be strengthened.

4. The project will give a picture about what image does a company have in the

minds of people so that appropriate positioning strategies could be framed.

NEED

During this survey I learn so many things like what is the basic need of an financial

consultant. Financial consultant is the backbone of the insurance industry.

The whole field work has to done to the financial consultant and it is only a financial

consultant who brings the business for the company. So recruiting the quality

financial consultant Who have a great prestige in the market (eg.Pradhan, Charted

Accountants, income tax officer)is very important for the company. If a company

has quality financial consulatants then company is good in business and in output.



& responsibility of S.D.M But if a company does not have good financial consultant then it is failed to give the

required output to the company. So about my objective i.e. recruitment of the

financial consultant is an important work for an insurance organization. It is an

base of the insurance sector on what whole industry is depends upon.

Scope

The scope of my study is so wide in the insurance sector. Recruiting the financial

consultant is an part of retail sales. So person who recruits the financial consultant

can become a channel development manager and sales development manager. And a

person who is a financial consultant can also become an sales development manager

but he or she should have to clear some criteria of the target like he or she should be

a gold club qualifier and he or she must be minimum graduate. Those criteria



& responsibility of S.D.M Should have to be accomplished with in one year. And he or she can grow more in

this sector up to a top level. So in this sector I find a lots of scope for any person.

Limitations:

I don’t find any limitation in my study because this organization works on trust,

transparency and best services.

SURVEY

The important part of this study was survey. The survey was conducted in

Mandi. The purpose of the survey is to awareness of people about Financial

Consultant.



& responsibility of S.D.M For any survey Questionnaire plays a vital role. A Questionnaire decides the

success of the survey. There should be following characteristics of an Questionnaire.

1) There should be continuity in the questions.

2) All Questions should be linked with the required information of study.

3) The language used in questionnaire should be easy.

4) The Questionnaire should not very or very long.

5) There should be more objective questions than Subjective questions.

After considering all these main areas of effective Questionnaire, We made an

Questionnaire and conduct the Survey. To find out the awareness of financial

consultant of HDFC standard life insurance sector in Mandi is not easy because of

geographical and demographic situations in Mandi.Mandi are not a big city. It has

the population of just over 2 Lakhs also the middle class and poor population is high

in this city.

So for this research I used some different techniques also like sending sms and

callings to the people from a telephonic data, which I collect from the

communication shops and some series idea about the local numbers.

Sample



& responsibility of S.D.M Sample size 100

Sample unit people

Sample area Mandi

Data collection

The sources from which I collected the data are as following:-

Primary Data:

Data is collected through personal interviews and potential customers with

the help of Questionnaire having questions related to Hdfc standard Life Insurance

and financial consultants. But first of all it was necessary to collect information

related to company itself, its product, its competitor’s products and many more. It

was also essential to study the criteria to become an financial consultant and his or

her roles and responsibility to get a film idea about this project.

Secondary Data:

This type of data is collected from various sites of Internet and print media.

1. Primary Data

Ner chowk



& responsibility of S.D.M Mandi

2. Secondary Data

Websites

News Papers

Magazines

CHAPTER NO 4

DATA ANALYSIS




AND

INTERPRETATION

DATA ANALYSIS AND INTERPRETATION

Data Analysis

After the data have been collected I turns to the analyzing them. Thus I

classify the raw data into some purposeful and usable categories. For this chart is

used to explain about the conclusion of the survey. and I try my best to know

the customer’s point of view regarding Hdfc standard life and Recruitment of

Financial Consultant. For getting customer’s point of view Questionnaire is made.

Sample size is 100 from Distt. Mandi.




Data Interpretation

In this step, I seek to explain findings on the basis of some theory. The

process of interpretation may quite often trigger off new questions which in turn

may lead to further researches. Data was interpreted and inferences were drawn

and transformed to meaningful information so that accurate decision can be taken.

Conclusion:

About the Hdfcslic and insurance sector it is concluded that the ratio in

the output is very less. Only 85 % people are aware about the insurance

but they do not know exactly how much insurance is beneficial to them.

As per the recruitment work it is founded that recruitment approach

ratio is also very less. It is only 60% and only 30% people can be ready

to work as an financial consultants and from them only 47% people can

came for the IRDA training from that only 23% is passing ratio of the



& responsibility of S.D.M exam and only 7% from them can work seriously and become active

financial consultant. From the another observation and data it is also

concluded that only 12% people are insured and 88 % people are

uninsured in the market.

QUESTIONNAIER

During my summer training I made a questionnaire for recruitment of financial consultant. I did survey in Mandi (H.P) Area and try to get maximum true answers from people. That questionnaire is in given formats:

1. Recruitments of financial consultants

DATED:

EVALUATION QUESTIONER

NAME:

ADDRESS:



& responsibility of S.D.M CONTACT NO :

EDUCATION:(Please specify last Education Qualification, Institute & Marks)

WORK HISTORY:

WHAT DID YOU LIKE THE MOST ABOUT YOUR PREVIOUS JOB?

WHAT DID YOU DISLIKE THE MOST ABOUT THAT JOB?

WHAT DO YOU LIKE THE MOST ABOUT YOUR CURRENT JOB? WHY?

WHAT DO YOU DISLIKE THE MOST ABOUT THIS JOB?

WHAT, TO YOUR MIND, ARE THE CHARACTERISTICS OF A SUCCESSFUL SALES PERSON?



& responsibility of S.D.M 1.

2.

CAN YOU NAME THE FIRST THREE PEOPLE THAT COME TO YPOU MIND WHAN YOU THINK OF THESE CHARACTERISTICS? THESE SHOULD BE THE ONES THAT YOU HAVE PERSONALLY INTERACTED WITH.

NAME ADDRESS CONTACT NO.

1.

2.

3.

Did u listen about Life Insurance?

Did u listen about HDFCSLIC?

Does u know what a financial consultant is?

Are u insured?



& responsibility of S.D.M ELIGIBILITY ON Q-SCORE:

AGE

MARITAL STATUS

QUALIFICATION

GENDER

LIVING IN THE CITY FOR 5 YEARS

TOTAL POINTS SCORED

SIGNATURE RECRUITER

Conclusion about Questionnaire: this questionnaire helps a lot in recruitments of financial consultant. Through that questionnaire I got so many new contact and reference that become my prospects for financial consultants.




CUTOMER’S VIEWS TOWARDS FINANCIAL COUNSULTANT AND CONCLUSION

INSURANCE AWARNESS 85%

Recruitment approach ratio 60%

Recruitment ratio (F.C’s) 30%

TRAINIG RATIO 47%

PASSING RATIO 23%

Active Ratio 7%

INSURED PEOPLE 12%

UNINSURED PEOPLE 88%










BIBLIOGRAPHY

1-www.google.com

2-www.standardchartered.com

3-www.hdfcinsurance.com





hdfc fincial consultant by ishtiyak ah

Documents

necessarily

ensure orderly

hindu undivided

1st target

sales development

channel development

hdfc standard

quality financial