Market Research on Financial Consultant in Hdfc Slic

8/6/2019 Market Research on Financial Consultant in Hdfc Slic

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HDFC STANDARD LIFE INSURANCE, PUNE

CHAPTER 1: INTRODUCTION

1.1 THE TOPIC: MARKET RESEARCH ON FINANCIAL CONSULTANT FOR

HDFCSLIC,

At HDFC Standard Life Insurance, I was assigned with the topic as Market Research

on Financial Consultant for my project work. The selection of the topic was in order to

take know how do these companies generates business through them.

Financial Consultants are those sources of a company who have their own relations and

personal contacts among common public that they use to generate business through.

Company has certain criteria to recruit these Financial Consultants. The steps are as

follows.

He should be at least 12th passed.

He should complete IRDA training.

He should clear the IRDA exam.

He should through successfully the exam and training.

Some other criteria:

He should have good personal contacts.

He should have convincing power.

He should be above 18th year old.

Once he through all these steps of recruitment, he becomes the legal Financial

Consultant of the company and reserve the right to sale the policy to any prospect client

also he is paid the commission a certain percentage. There are some reward and tour

package also.

DayanandaSagar Business School
http://images.google.co.in/imgres?imgurl=http://www.domain-b.com/finance/insurance/200204apr/hdfc-standard-life-insurance%2520logo.gif&imgrefurl=http://www.domain-b.com/finance/insurance/200204apr/20020404_equity.html&h=64&w=173&sz=3&hl=en&star%20


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1.2 REASON FOR SELECTION OF THIS TOPIC:

The financial sector is one of the booming and increasing leaps and bounce, some of

the experts say only 20% of Indian population is insured which means 80% Indian are not

insured and therefore having a bright prospect of progress of this sector where I too would

like to build my career and be a part of success story.

The Financial consultants are another channel through which the company sales its

policy. It is really difficult to convince and sale a single policy but since these consultants

have their contacts which they can sale a single policy. Whereas I found my interest indealing, interacting and handling a team, because all this most of time park you in some

critical zone which becomes challenge for you and your responsibility becomes to solve the

critical situation or problems.

1.3 IMPORTANCE TO THE COMPANY:

After interacting with companys marketing head I got to know that they have manyFinancial Consultants but not getting the policies up to the expectations level of the

company. Company is really interested in knowing if there is any mistake or lacking

somewhere in process of recruiting and or the criteria they have fixed for the recruitment.

The ultimate purpose of giving me this topic was to revise its recruitment policy/process.

1.4 LEARNING FROM THE STUDY:

The process of recruitment of HDFC STANDARD LIFE INSURANCE LTD.

How is the training given?

What are the criteria of selection?

The culture of insurance company particularly of HDFC.

What are the problems faced by these financial consultants on daily basis?

How to convince and convert the prospect client into real client?



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CHAPTER 2: ORGANIZATIONAL PROFILE

1.1 FORMATION OF COMPANY:

HOUSING DEVELOPMENT FINANCE CORPORATION:

HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of Malhotra

Committee. HDFC was incorporated with the primary objective of meeting a social need

that of promoting home ownership by providing long-term finance to households for their

housing needs. HDFC was promoted with an initial share capital of Rs. 10 crores.

HDFC has since emerged as the largest residential mortgage finance institution in

the country. The corporation has had a series of share issues raising its capital to Rs. 119

crores. The net worth of the corporation as on March 31, 2000 stood at Rs. 2,096 crores.

HDFC operates through 75 locations throughout the country with its Corporate

Headquarters in Mumbai, India. HDFC also has an international office in Dubai, U.A.E.,

with service associates in Kuwait, Oman and Qatar.

HDFCs main goals are to:

a) Develop close relationships with individual households.

b) Maintain its position as the premier housing finance institution in the country.

c) Transform ideas into viable and creative solutions.

d) Provide consistently high returns to shareholders.

e) To grow through diversification by leveraging off the existing client base.



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STANDARD LIFE:

The Standard Life Assurance Company ("Standard Life") was established in 1825

and the first Standard Life Assurance Company Act was passed by Parliament in 1832.

Standard Life was reincorporated as a mutual assurance company in 1925.

Standard Life is Europe's largest mutual life assurance company. Standard Life,

which has been in the life insurance business for the past 182 years, is a modern company

surviving quite a few changes since selling its first policy in 1825. The company expanded

in the 19th century from its original Edinburgh premises, opening offices in other towns

and acquiring other similar businesses.

Standard Life currently has assets exceeding over 70 billion under its management

and has the distinction of being accorded "AAA" rating consequently for the past six years

by Standard & Poor.

STANDARD LIFE ASIA LIMITED/JOINT VENTURES:

The groups Hong Kong subsidiary, Standard Life Asia Limited (SL Asia), was

incorporated in 1999 as a joint venture and became a wholly-owned subsidiary of Standard

Life in 2002. The groups operations in Hong Kong were established to give the group a

presence in the Far East from which it could expand into China. The groups joint ventures

in India with Housing Development Finance Corporation Limited (HDFC) were

incorporated in 2000 (in relation to the life assurance and pensions joint venture) and 2003

(in relation to the investment management joint venture). The groups joint venture in

China with Tianjin Economic Development Area General Company (TEDA) becameoperational in 2003.



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STANDARD LIFE GROUP:

The Standard Life group has been looking after the financial needs of customers for

over 182 years

It currently has a customer base of around 7 million people who rely on the

company for their insurance, pension, investment, banking and health-care needs

Its investment manager currently administers 125 billion in assets

It is a leading pensions provider in the UK, and is rated by Standard & Poor's as

'strong' with a rating of A+ and as 'good' with a rating of A1 by Moody's

Standard Life was awarded the 'Best Pension Provider' in 2004, 2005 and 2006 at

the Money Marketing Awards, and

It was voted a 5 star life and pensions provider at the Financial Adviser Service

Awards for the last 10 years running.

The '5 Star' accolade has also been awarded to Standard Life Investments for the last

10 years, and to Standard Life Bank since its inception in 1998.

Standard Life Bank was awarded the 'Best Flexible Mortgage Lender' at the

Mortgage Magazine Awards in 2006.



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INCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.:

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

Standard Life Insurance Company Limited.

Their ambition from the beginning was to be the first private company to re-enter

the life insurance market in India. On the 23rd of October 2000, this ambition was realised

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

registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while

Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group,

this is the maximum investment allowed under current regulations.

HDFC and Standard Life have a long and close relationship built upon shared

values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent

companies and be the yardstick by which all other insurance companies in India are

measured.

HDFC Standard Life Insurance Company Ltd. is one of Indias leading private life

insurance companies, which offers a range of individual and group insurance solutions. It is

a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.),

Indias leading housing finance institution and one of the subsidiaries of Standard Life plc,

leading providers of financial services in the United Kingdom.

Both the promoters are well known for their ethical dealings and financial strength

and are thus committed to being a long-term player in the life insurance industry.

2.2 PRODUCT SCOPE:



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HDFC Standard Life offers a bouquet of insurance solutions to meet every need.

The company caters to both, individuals as well as to companies looking to provide benefits

to their employees.

For individuals, the company has a range of protection, investment, pension and

savings plans that assist and nurture dreams apart from providing protection. The customers

can choose from a range of products to suit their life-stage and needs.

Fororganizations they have a host of customized solutions that range from Group

Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These

affordable plans apart from providing long term value to the employees help in enhancing

goodwill of the company.

The products of the company are categorized into various sections which are as

follows :

A. INDIVIDUAL PRODUCTS

B. GROUP PRODUCTS

C. RURAL PRODUCTS

D. SOCIAL PRODUCTS

E. TAX BENEFITS

For Individuals, HDFC Standard Life has a range of protection, investment,

pension and savings plans that assist and nurture dreams apart from providing protection.

Customer can choose from a range of products to suit his life-stage and needs.

For Organizations, HDFC Standard Life has a host of customized solutions that

range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation

Products. These affordable plans apart from providing long term value to the employees

help in enhancing goodwill of the company.

Individual Products:

1. HDFC Children's Plan,

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2. HDFC Endowment Assurance Plan,

3. HDFC Loan Cover Term Assurance Plan,

4. HDFC Money Back Plan,

5. HDFC Personal Pension Plan,

6. HDFC Single Premium Whole Of Life Plan,

7. HDFC Term Assurance Plan,

8. HDFC Unit Linked Endowment,

9. HDFC Unit Linked Endowment Plus,

10. HDFC Unit Linked Pension,

11. HDFC Unit Linked Pension Plus,12. HDFC Unit Linked Young Star,

13. HDFC Unit Linked Young Star Plus

At HDFC Standard Life realize that not everyone has the same kind of needs.

Keeping this in mind, varied range of products that customer can choose from to suit all

needs. These will help secure customer future as well as the future of family.

Protection Plans:

Customer can protect his family against the loss of his income or the burden of a

loan in the event of his unfortunate demise, disability or sickness. These plans offer

valuable peace of mind at a small price.

HDFC Standard Life Protection range includes Term Assurance Plan & Loan Cover Term

Assurance Plan.

Investment Plans:

HDFC Standard Life Single Premium Whole of Life plan is well suited to meet long

term investment needs. HDFC Standard Life provides with attractive long term returns

through regular bonuses.

Pension Plans:



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HDFC Standard Life Pension Plans help secure financial independence even after

retirement. Pension range includes Personal Pension Plan, Unit Linked Pension, and Unit

Linked Pension Plus Savings Plans.

Savings Plans:

HDFC Standard Life Savings Plans offer flexible options to build savings for futureneeds such as buying a dream home or fulfilling childrens immediate and future needs.

Group Products:

1. Group Term Insurance,

2. Group Variable Term Insurance,

3. Group Unit Linked Plan,

4. Gratuity Group Unit Linked Plan,

5. Superannuation Group Unit Linked Plan ,

6. Leave Encashment



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PRODUCT PORTFOLIO

HDFC offers products as per the life stages of the customers and their respective needs.

Your insurance need will change as your life does, from starting to work to enjoying

your golden years and all the stages in between. Each one of these stages may pose a

different insurance need/cover for you. In this section, we have drawn up the basic life

stages and help you analyze various insurance needs accordingly.

LIFE STAGES & NEEDS IN HAT STAGES



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STAGE 1: YOUNG & SINGLE

An important stage where one lays down the foundation of a successful life ahead.

Take advantage of the time and power of compounding to ensure that you build up your

dreams. Start saving early.

NEEDS: Save for Home & Wedding

Tax Planning

Save for Golden Years

STAGE 2: JUST MARRIED

Marriage brings about a significant change. New dreams and new

opportunities also bring in additional responsibilities. While both of you look forward to a

happy and secure life, it is equally important to ensure that eventualities dont come in the

way of shaping your dreams.

NEEDS:

Planning for home / securing your home loan liability.

Save for vacation.

Save for your first child.

STAGE 3: PROUD PARENTS



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Once you have children, your need for life insurance is even more. You need to

protect your family from an untoward incident. Ensure your protection umbrella takes into

account the future cost of securing your childs dream. You will want life to go on for your

loved ones, and having enough life insurance is a way to help ensure that.

NEEDS:

Provide for children's education

Safeguarding family against loan liabilities

Savings for post-retirement

STAGE 4: PLANNING FOR RETIREMENT

While you are busy climbing the ladder of success today, it is important

for you to take time and plan for your life after retirement. Having an early start for

retirement planning can make a significant difference to your savings. Think about your

golden years even before you have reached them. The key is to think ahead and plan well

using your time and money.

NEEDS

Provide for regular income post retirement

Immediate Tax benefits

Lead a secure, independent and comfortable life style in your retirement

years.

COMPARITIVE ADVANTAGE OVERCOMPETITORS PRODUCT:



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I compared two products, ICICI smart kid unit link and HDFC young star, in both

the policies parent is insured and child in nominee or beneficiary,

Both the policies contains same features, only additional rider is available in smart

kid is income benefit rider (IBR), how this rider works? this rider comes in the

picture when the parent expires or becomes permanent disable at that time this rider

pay 10% of sum assurance to nominee,

HDFC Youngstar offers Insurance Cover upto 20 Times of Annual Premium. You

may Pay Rs. 30000 per year & take Insurance Cover of Rs. 6 Lacs.

You may take Critical Illness Rider in HDFC Youngstar upto 65 years Age(as it

Cheaper than other ULIPS ).

The returns from HDFC Taxsaver, HDFC LT Advantage fund are better than the

returns from HDFC Standard Life Equity Fund.

HDFC Standard ULIP Returns are over 70% in last 1 year.

HDFC Youngstar with Maximum Insurance Cover of Rs.3.6 Lacs

2.3 MILESTONES IN THE HISTORY



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HDFC is Indias leading housing finance institution and has helped build more than

23, 00,000 houses since its incorporation in 1977.

In Financial Year 2003-04 its assets under management crossed Rs.36,000Cr.

As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor

base now stands at around 1 million depositors.

Rated AAA by CRISIL and ICRA for the 10th consecutive year

Awarded The Economic Times Corporate Citizen of the year Award for its long-

standing commitment to community development.

Presented the Dream Home award for the best housing finance provider in 2004 at

the third Annual Outlook Money Awards

HDFC Standard Life Insurance is the first private life insurance company to be

granted a license by IRDA

Rated as the "Best New Insurer - 2003" by Outlook Money magazine, Indias

number 1 personal finance magazine

Rated by Business world as Indias Most Respected Private Life Insurance

Company in 2004.

Has the highest brand recall, close to 80% (Source: AC Neilson ORG MARG, April

2005)

Has one of the widest branch networks with offices in over 100 cities servicing over

440 towns

2.4 COLLABORATIONS & AFFILIATIONS:



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SUBSIDIARY AND ASSOCIATE COMPANIES:

HDFC Bank

HDFC Mutual Fund

HDFC Standard Life Insurance Company

HLSIL

HDFC Chubb General Insurance Company Ltd.

Intel net Global Services Ltd.

Other Companies Co-Promoted by HDFC

Financial Information with regard to Subsidiary Companies


GROUP COMPANIESBANCASSURANCE

PARTNERS
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2.5 HEAD OFFICES AND BRANCHES

HEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.

'Trade Star', 2nd floor,AWing,



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Junction of Kondivita and M.V. Road,

Andheri-Kurla Road,

Andheri (East), Mumbai - 400 059.

PHONE: (Board) (022) 2822 0055 / 6751 6666

Fax: 2822 9998 / 2822 2414



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BRANCH LOCATIONS SITE MAP:



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PARAMETERS APR-MAR

2004-05 (Rs.Cr)

APR-MAR

2005-06 (Rs.Cr)GROWTH (%)

Total received premium 668.40 1532.21 129.23

New business 486.15 1028.94 111.65

Renewal 182.25 503.27 103.47

Effective Premium Income

(Total) 436.08 887.30 103.47

Group Business Premium (EPI) 49.40 135.15 173.58

2.6 TABLE OF FINANCIAL FIGURES:


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2.7 QUALITY POLICY:

SECURITY: Providing long term financial security to our policy holders will be

our constant endeavor. We will be do this by offering life insurance and pension

products.

TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will

aim to manage their investments very carefully and live up to this trust.

INNOVATION: Recognizing the different needs of our customers, we will be

offering a range of innovative products to meet these needs.

INTEGRITY

CUSTOMER CENTRIC

PEOPLE CARE ONE FOR ALL AND ALL FOR ONE

TEAM WORK

JOY AND SIMPLICITY



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2.8 ORGANIZATION CHART:


Chairman

MD

Retail Marketing Alternative Chanel O eration Chanel Human Resource

Regional Manager

Zonal Manager

Territory Manager

Branch Manager

Asst. B.M.

Business Dev. Mgr.

Sales Dev. Mgr.

Territory Manager

Branch Manager

Channel Executive

Team Manager

Operation Manager

HR Executive


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CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT

3.1 PROBLEM DEFINATION:

Recruit consultants were with good background human being and through rigorous

process of recruitment but still not able to perform up to the expectation level of company,

HR is not able to short out the problem why the performance is not coming even after

giving the full marketing support.

3.2 OBJECTIVES OF RESEARCH PROJECT:

PRIMARYOBJECTIVES:

To recruit more and more Financial Consultant and to promote the benefits those

are provided by HDFC Standard Life to its Financial Consultants

To find the different way of recruiting and selecting the Financial Consultants who

can produce more and fruitful results.

To study awareness of the HDFC Standard life insurance

SECONDARY OBJECTIVES:

To determine the need and purpose of Financial Consultant.

To understand the deciding criteria for people to become Financial Consultant.

To collect and analysis the information of prospect candidates in order to makethem appear in front of management so that they can be selected as Financial

consultant.

To offer suggestions based upon the findings.



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3.3 GEOGRAPHICAL SCOPE:

The same problem was with the all other branches of HDFC even out of the Pune city.

The management is conducting the same research on a big ground while my contribution is

tiny. Though my sample size and geographical area was defined and confine to a particular

territory but the application of out put from the research are going to be wide.

3.4 PROJECT SCOPE:

Market segmentation to find the potential consultants for HDFCSLIC.

To customize benefit package for consultants and help them to overcome their

agency problem arising out of their sedentary nature of work.

Corporate marketing of this product.

CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS



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All the findings and conclusions obtained are based on the survey done in the

working area within the time limit. I tried to select the sample representative of the whole

group during my job training. I have collected data from Chartered Accountants, Tax

Consultants, Businessman, Share Brokers, Lawyers, Working Professionals, House Wives

and Retired Persons in Pune.

RESEARCH PLAN:

1. Preliminary Investigation: In which data on the situation surrounding the problems

shall be gathered to arrive at

The correct definition of the problem.

An understanding of its environment.

2. Exploratory Study: To determine the approximate area where the problem lies.

4.1 RESEARCH DESIGN:

Research was initiated by examining the secondary data to gain insight into the

problem. By analyzing the secondary data, the study aim is to explore the short comings of

the present system and primary data will help to validate the analysis of secondary data

besides on unrevealing the areas which calls for improvement.

DEVELOPING THE RESEARCH PLAN:

The data for this research project has been collected through self Administration.

Due to time limitation and other constraints direct personal interview method is used. A

structured questionnaire was framed as it is less time consuming, generates specific and to

the point information, easier to tabulate and interpret. Moreover respondents prefer to give

direct answers. In questionnaires open ended and closed ended, both the types of questions

has been used.



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COLLECTION OF DATA:

1: Secondary Data: It was collected from internal sources. The secondary data was

collected on the basis of organizational file, official records, news papers, magazines,

management books, preserved information in the companies database and website of the

company.

2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Auto

loan providers were personally visited and interviewed. They were the main source of

Primary data. The method of collection of primary data was direct personal interview

through a structured questionnaire.

4.2 SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample

from the universe to know about its characteristics.

Sampling Units: Chartered Accountants, Tax Consultants, Lawyers, Business Man,

Professionals and House Wives of Pune.

Sample Technique: Random Sampling.

Research Instrument: Structured Questionnaire.

Contact Method: Personal Interview.

4.3 SAMPLE SIZE:

My sample size for this project was 200 respondents. Since it was not possible to

cover the whole universe in the available time period, it was necessary for me to take a

sample size of 200 respondents.

4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:



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The mode of collection of data will be based on Survey Method and Field Activity.

Primary data collection will based on personal interview. I have prepared the questionnaire

according to the necessity of the data to be collected.

4.5 RESEARCH LIMITATIONS:

It was not possible to understand thoroughly about the different marketing aspects

of the Financial Consultant within 60 days. As stipend, money was not given it was difficult to continue the project work.

All the work was limited in some limited areas of Pune so the findings should not be

generalized.

The area of research was Pune; It was too vast an area to cover within 60 days.

CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION



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1.Your Age?

TABLE

Sr. No. Category No. of Respondents Percentage

1 18-23 Years 40 20%

2 24-29 Years 70 35%

3 30-35 Years 60 30%

4 35 & above 30 15%

Total 200 100%

Base 200 respondents

GRAPH

Interpretation

From the table and graph above it can be seen that

20% respondents age are 18 to 23 years.



15% respondents age are 35 to above years.

2. Marital status?

TABLE



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1 Married 140 70%

2 Unmarried 60 30%

Total 200 100%Base 200 respondents

GRAPH

Interpretation


70% respondents are married.

30% respondents are unmarried.



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3. Educational Qualification?

TABLE


1 Under graduate 50 25%

2 Graduate 80 40%

3 Post graduate 70 35%

Total 200 100%


GRAPH

Interpretation


25% respondents are Under graduate.

40% respondents are Graduate.

35% respondents are Post graduate.

4. Number Of years Are You in Pune?



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TABLE

Sr. No. Category No. of Respondents Percentage1 Less than five years 78 39%

2 More than five years 122 61%

Total 200 100%


GRAPH

Interpretation


39% respondents are in Pune is less than five years.

61% respondents are in Pune is more than five years.

5. Your Occupation?

TABLE



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1 Business 40 20%

2 Profession 108 54%

3 Service 52 26%Total 200 100%


GRAPH

Interpretation


20% respondents Occupation is Business.

26% respondents Occupation is Profession.

54% respondents Occupation is Service.

6. Your annual household income?

TABLESr. No. Category No. of Respondents Percentage

1 Less than 2 lacs 98 49%



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2 Between 2 to 5 lacs 62 31%

3 Between 5to 8lacs 30 15%

4 More than 8 lacs 10 5%

Total 200 100% Base 200 respondents

GRAPH

Interpretation


49% respondents annual household income is less than 2 lacs.

31% respondents annual household income is between 2 to 5 lacs.

15% respondents annual household income is between 5 to 8 lacs.

5% respondents annual household income is more than 8 lacs.

7. Are you a member of a club/gymkhana?

TABLE

Sr. No. Category No. of Respondents Percentage1 Yes 84 42%

2 No 116 58%



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Total 200 100%


GRAPH

Interpretation


42% respondents are member of a club/gymkhana.

58% respondents are not member of a club/gymkhana.

8. What is your perception about insurance sector?

TABLE


1 Hard and lucrative 60 30%

2 Hard but not rewarding 18 9%3 Smooth and rewarding 82 41%

4 No idea 40 20%



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Total 200 100%


GRAPH

Interpretation


30% respondents perception about insurance sector is Hard & lucrative.

9% respondents perception about insurance sector is hard but not rewarding.

41% respondents perception about insurance sector is Smooth & rewarding.

20% respondents perception about insurance sector that they have no idea.

9. Do you know about HDFC Standard Life Insurance?

TABLE


1 Yes 164 82%

2 No 36 18%

Total 200 100%


GRAPH



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Interpretation


85% respondents are known about HDFC Standard life insurance.

15% respondents are not known about HDFC Standard life insurance.

10. Do you have any Insurance Policy?

TABLE


1 Yes 160 80%

2 No 40 20%

Total 200 100%


GRAPH



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11. Name of Insurance Company?

TABLE


1 LICI 104 65%

2 ICICI 16 10%

3 HDFC SLIC 8 5%

4 OTHERS 32 20%

Total 160 100%


GRAPH

Interpretation


65% respondents are insured by LICI.

10% respondents are insured by ICICI.

5% respondents insured by HDFCSLIC.

20% respondents insured by OTHERS.



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12. Do you hold any license of any insurance company?

TABLE


1 Yes 70 35%

2 No 130 65%

Total 200 100%


GRAPH

Interpretation


35% respondents are holding license of any insurance company.

65% respondents are not holding license of any insurance company.

13. Are you satisfied with the company?



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TABLE

Sr. No. Category No. of Respondents Percentage1 Yes 42 60%

2 No 28 40%

Total 70 100%

Base 70 respondents

GRAPH

Interpretation


60% respondents are satisfied with their insurance company.

40% respondents are not satisfied with their insurance company.

14. Do you know about HDFC Standard Life Insurance recruitment policies related to

financial consultant?



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TABLE


1 Yes 82 41%

2 No 118 59%

Total 200 100%


GRAPH

Interpretation


41% respondents are known about HDFC Standard Life Insurance recruitment

policies related to financial consultant.

59% respondents are not known about HDFC Standard Life Insurance recruitment

policies related to financial consultant.

15. Will you be interested to become Financial Consultant?

TABLE


1 Yes 60 30%



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2 No 140 70%

Total 200 100%


GRAPH

Interpretation


30% respondents are interested to become financial consultant.

70% respondents are not interested to become financial consultant.



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16. Would you like to earn an additional income through a business opportunity with HDFC

STANDARD LIFE?

TABLE


1 Yes 54 90%

2 No 6 10%

Total 60 100%

Base 60 respondents

GRAPH

Interpretation


90% respondents are interested to earn additional income.

10% respondents are not interested to earn additional income

CHAPTER 6: CONCLUSIONS & SUGGESTIONS

CONCLUSIONS:



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HDFC Standard Life, the insurance arm of HDFC is expected to go on stream.

Promoted by HDFC & Standard Life, already has good number of employees on board and

is recruiting Financial Consultants heavily to take the headcount to many more. It is on the

brim of increasing its client through its attractive schemes and offer.

The project opportunities provided was market segmentation and identifying

prospective clients in potential geographical location and for recruiting them as financial

consultant so to explore new Business Opportunity. Through this project, it could be

concluded that people are not much aware about the various benefit of being FinancialConsultant that are currently prevailing in the insurance industry.

Insurance was considered as unsought good which require hard core selling, but in

changing trend in income and people becoming financially literate, the demand for

insurance is increasing day by day. So, it is the company that first approaches gets its share

of reward. Proper after sale service can help the advisors to generate more business.

Gradually people are realizing the fact that insurance is not a necessary evil but means to

attain worry free life.

This activity much attract unemployed people as for them a source of income is a

great help for developing there future. Companys promotional activities for recruiting

Financial Consultant are also very less.

So, at last the conclusion is that there is tough competition ahead for the company

from its major competitors in terms of number of Financial Consultants.

Last but not the least I would like to thank HDFC SLI for giving me an opportunity

to work in the field of Financial Consultant. I hope the company finds my analysis relevant.

SUGGESTIONS:

Finally some recommendations for the company are as fallows:-



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To make people aware about the benefit of becoming HDFC Standard Lifes

Financial Consultant, following activities of advertisement should be done through

1. Print Media.

2. Hoarding & Banners.

3. Stalls in Trade Fares

4. Distribution of leaflets containing details information.

5. Company can recruit sales promoters so that maximum information can be

provided to the potential client.

By showing additional and alternative income source along with various schemes

for Financial Consultant in the company so that more and more FC can be recruited.

Free life cover for every active Financial Consultant.

Discounted rate premium for its family members.

Make people understand about the meaning of the IRDA authorization and its

validity.

Company should organize the program in the society, so that people will be aware

about the company

Separet time slot for Working Professionals, House Wives and Retired people.

Agency of non-life products should also be provided along with life.

Company should open more branches in different cities



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CHAPTER 7: LIMITATIONS

Every work has its own limitation. Limitations are extent to which the process

should not exceed. Limitations of this project are:-

The project was constrained by time limit of two months.

Mindset of people may very depending upon their age, gender, income etc.

Getting appointment from the concern person was very difficult.

People mind set about the survey was an obstacle in acquiring complete

information & positive interaction.

Respondents were very busy in their schedule. So it was very time taken in

every

Questionnaire response by them.



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Dear Sir/Madam,

I am a student of Suryadatta Institute of Management and Mass Communication,

Pune and presently doing a market survey MARKET RESEARCH ON FINANCIAL

CONSULTANTS FOR HDFCSLIC, PUNE. I request you to kindly fill the questionnaire

below and I assure you that the data generated shall be kept confidential.

.

1. Your Age: ____________________

2. Education Qualification.

Undergraduate

Graduate

Post graduate

3. Marital Status.

Married

Single

No. of Children: __________

4. Number Of years Are You in Pune.

Less than five years

More than five years

5. Occupation.

Business

Profession


Name: ..

Address: ..

Contact No :( O) (M)

City: ...............Pin:.State: .


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Service

(Please mention below the type of business/profession you are in incase of service

please mention your organization name and designation)

6.Your annual household income.

than 8 lack

7.Are you a member of a club/gymkhana?

Yes

No

If yes, Name of the club /gymkhana_______________________________________

8. What is your perception about insurance sector?

Hard &lucrative

Hard but not rewarding

Smooth &rewarding

No idea

9. Do you know about HDFC SLIC?

Yes

No



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10.Do you have any insurance policy?

Yes

No

11.Name insurance company?

LICI ICICI

HDFC SLIC OTHERS

If others, please specify___________________________________________________

12. Do you hold any license of any insurance company?

Yes

No

If yes, please specify which company________________________________________

Reason______________________________________________________________

13. Are you satisfied with the company?

Yes

No

Reason specify_________________________________________________________

14. Do you know about HDFC SLICs recruitment policies related to financial consultant?

Yes

No



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15. Will you be interested to become financial consultant?

Yes

No

16. Would you like to earn an additional income through a business opportunity with HDFC

STANDARD LIFE?

YES

NO

17. If yes, how many hours in a week can you commit for this business opportunity?

______________________________________________________________________

Date:

Place: Signature

Thank You

BIBLIOGRAPHY



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1.BOOKS AUTHORS Marketing Management (10th Edition) Philip Kotler

Marketing Management (3rd Edition) V.S. Ramaswamy

Research Methodology (2nd Edition)

Research Methodology

C.R.Kothary

S.P. Kasande

2. NEWS PAPERS

Times of India

Financial Express

3. WEBSITES

www.hdfcinsurance.com

www.irda.com

www.google.com
http://www.hdfcinsurance.com/http://images.google.co.in/imgres?imgurl=http://www.domain-b.com/finance/insurance/200204apr/hdfc-standard-life-insurance%2520logo.gif&imgrefurl=http://www.domain-b.com/finance/insurance/200204apr/20020404_equity.html&h=64&w=173&sz=3&hl=en&star%20http://www.hdfcinsurance.com/

Market Research on Financial Consultant in Hdfc Slic

Documents