Designing a Training Program for “MAX NEW YORK LIFE” [INSURANCE] The Project includes information about the insurance sector in India, also about various Insurance companies in India. The Entire focus of this project was to understand the various Training Programs in the Company & accordingly design a new Training Program for the Firm. Prepared By :- SAHANA PARVEEN 01/01/2014
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Designing a Training Program for “MAX NEW YORK LIFE”
[INSURANCE]
The Project includes information about the insurance sector in India, also about various Insurance companies in India. The Entire focus of this project was to understand the various Training Programs in the Company & accordingly design a new Training Program for the Firm.
Prepared By :- SAHANA PARVEEN
01/01/2014
INTRODUCTION
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Life insurance is a form of insurance that pays monetary proceeds upon the
death of the insured covered in the policy. Essentially, a life insurance policy is a
contract between the named insured and the insurance company wherein the
insurance company agrees to pay an agreed sum of money to the insured's
beneficiary. With a large population and the untapped market area insurance
happens to be a very big opportunity in India. Today it stands as a business
growing at the rate of 15-20% annually. Together with banking services, it adds
about 7 percent to the country’s GDP. In spite of all this, the growth statistics of
the penetration of the insurance in the country is very poor. Nearly 80% of Indian
population is without life and health insurance cover. This is an indicator that
growth potential for the insurance sector is immense in India. It was due to this
immense growth that the regulations were introduced in the insurance sector and in
continuation “Malhotra Committee” was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform process
was participation of overseas insurance companies with 26% capital. Creating a
more competitive financial system suitable for the requirements of the economy
was the main idea behind this reform.
Since then the insurance industry has gone through many changes. The
liberalization of the insurance industry has never looked back and today stand as
one of the most competitive and exploring industry in India. The entry of the
private players and the increased use of the new distribution are in the limelight
today. The use of new distribution techniques and the IT tools has increased the
scope of the industry in the longer run. Insurance is the business which provides
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protection against financial aspects of risk, such as those to property, life, health
and legal liability.
In insurance the insured makes payment called “premiums” to an insurer,
and in return is able to claim a payment from the insurer if the insured suffers a
defined type of loss. This relationship is usually drawn up in a formal legal
contract.
About The Insurance Sector In India
Insurance sector is an opportunity for India.
This business is growing at the rate of 18-22 % annually.
Presently it covers market of RS.450 billion.
Together with banking sector it contributes about 7% to GDP.
Gross premium collection is about 2% of GDP.
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Still 80% of Indian population is without life insurance.
This is an indicator that growth potential for the insurance sector is immense.
Insurance sector contribute a lot in economic development.
It provides long term fund for infrastructure development.
It is estimated that over the next ten years India would require investments of the order of one trillion US dollar.
The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country.
There are two legislations that govern the sector-
The Insurance Act- 1938 The IRDA Act- 1999.
TOP TEN COMPANY
1 |Life Insurance Corporation of India (LIC)
Corporate Office – Mumbai, Maharashtra | Employees - 115900+ |Business – Financial services | Establishment – 1956 |Website – www.licindia.inDetails – Best Insurance Company in India dominating the market since then it
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established in market. In other word, It is the synonyms of Insurance in India, most important they have best settlement ratio.
2 | SBI Life Insurance
Corporate Office – Mumbai, Maharashtra | Employees – 7300+ |Business – Insurance | Establishment – 2001 |Website -www.sbilife.co.inDetails -State bank of India life insurance is a joint venture between BNP Paribas Cardif holding 74:26 ratios. It has great hold in Indian market as far as concern of Finance and banking sector, best in insurance sector after LIC.Top 10 Insurance Companies in India | Insurance Sector
3 | Birla Sunlife Insurance
Corporate Office – | Employees – 133000+ |Business – Financial services | Establishment – 2000 |Website -www.birlasunlife.comDetails - It is finacial and Insurance company, a Joint venture of Aditya Birla and Sun life Insurace. Company offers life insurance products including health, wealth and retiral plans.
4 | Reliance Life Insurance (RLIC)
Corporate Office – Navi Mumbai,Maharashtra | Employees – 1000+ |Business – Insurance | Establishment – 2001 |Website -www.reliancelife.comDetails – Company is group company of Reliance, among of top insurance company in
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India. In year 2011 Nippon life insurance, Japan acquired 26% share in this company.Top 10 Insurance Companies in India | Insurance Sector
5 | ICICI Prudential Life Insurance
Corporate Office – United Kingdom | Employees – 15000+ |Business – Life Insurance | Establishment – 2000 |Website -www.iciciprulife.comDetails – ICICI prudential is a joint venture between ICICI and prudential Plc, United kingdom. ICICI Prudential offers wide range of Insurance Products including health, wealth, life insurance, medical insurance and retiral solutions.
6 | Tata AIG Life Insurance
Corporate Office – Mumbai, Maharashtra | Employees – — |Business – Insurance | Establishment – 2001 |Website -www.tataaiginsurance.inDetails – Tata AIG is a joint venture between Tata and AIG, It is flagship company of Tata group. Started insurance business in year 2001, company launched many insurance products such as Motor, travel, health and accidental insurance.Top 10 Insurance Companies in India | Insurance Sector
7 | ING Vysya Life Insurance
Corporate Office – Bangalore, Karnataka | Employees – 7800+ |Business – Insurance | Establishment – 2001 |Website -www.inglife.co.inDetails – ING vysya is a insurance company offers insurance policies and retiral plans. It has been serving in more than 200 cities in India and almost 10 lacs customer base.
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8 | Bajaj Allianz Life Insurance
Corporate Office – Pune | Employees – 1000+ |Business – Insurance | Establishment – 2001 |Website -www.bajajallianz.comDetails – It is a private Insurance company offers many insurance plan & policies including ULIP, pension plans and term Insurance.Top 10 Insurance Companies in India | Insurance Sector
9 | Max Life Insurance
Corporate Office – New Delhi | Employees – 8000+ |Business – Financial Services | Establishment – 2000 |Website -www.maxlifeinsurance.comDetails – Max life insurance is another private company offers Insurance plans for everyone.
10 | HDFC Standard Life Insurance
Corporate Office – Mumbai, Maharashtra | Employees – 15500+ |Business – Insurance | Establishment – 2000 |Website -www.hdfclife.comDetails – Group company of giant Housing development finance corporation, it is joint venture with Standard life Insurance.Top 10 Insurance Companies in India | Insurance Sector
COMPANY PROFILE
Max New York Life Insurance
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“Max New York Life wants people to view insurance as a
financial protection and wealth creation instrument and not just a tax-
saving tool.”
Max New York Life Insurance Company Ltd. is a joint venture between
New York Life, a Fortune 100 company and Max India Limited, one of India's
leading multi-business corporations. The company has positioned itself on the
quality platform. In line with its vision to be the most admired life insurance
company in India, it has developed a strong corporate governance model based on
the core values of excellence, honesty, knowledge, caring, integrity and teamwork.
The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
New York Life is a Fortune 100 company that has over 160 years of
experience in the life insurance business. Max India Limited is a multi-business
corporate dealing in Clinical Research, IT and Telecom Services, and Specialty
Plastic Products businesses.
Max New York Life Insurance started its operations in India in 2000. It is
the first life insurance company in India to be awarded the IS0 9001:2000
certifications. Max New York offers customized products tailored to suit
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individual's needs. With its various Products and Riders, there are more than 400
product combinations to choose from. Today, Max New York Life Insurance has a
network of 57 offices spread over 37 cities all over India.
In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholder's funds. The
Company's paid up capital is Rs. 657 crore, which is more than the norm laid down
by IRDA.
Max New York Life has identified individual agents as its primary channel
of distribution. The Company places a lot of emphasis on its selection process,
which comprises four stages - screening, psychometric test, career seminar and
final interview. The agent advisors are trained in-house to ensure optimal control
on quality of training.
Max New York Life, one of India’s leading life insurance companies,
expanded its presence in the southern region by opening its first general office in
the city of Mysore. Max New York Life now has established a countrywide
network of 172 offices and representatives across 120 cities in India. The company
has over 25,300 agent advisors, who are widely considered the best in the business.
Max New York Life aspires to be the "life insurance brand of first choice" amongst
Indian consumers.
“Max New York Life wants people to view insurance as a financial
protection and wealth creation instrument and not just a tax-saving tool. Since the
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launch of our operations, our focus has always been on providing risk protection
and long-term wealth creation solutions to our customers. With a diverse product
portfolio to meet customer requirements, it is evident that we are setting
benchmarks in the marketplace and are well on course of realizing our vision to
become India’s most admired Life Insurance Company.
INTRODUCTION MAX NEW YORK LIFE
INSURANCE
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The Government of India liberalised the insurance sector in March 2000
with the passage of the Insurance Regulatory and Development Authority (IRDA)
Bill, lifting all entry restrictions for private players and allowing foreign players to
enter the market with some limits on direct foreign ownership. Under the current
guidelines, there is a 26 percent equity cap for foreign partners in an insurance
company. There is a proposal to increase this limit to 49 percent. The opening up
of the sector is likely to lead to greater spread and deepening of insurance in India
and this may also include restructuring and revitalizing of the public sector
companies. In the private sector 15 life insurance companies have been registered.
A host of private Insurance companies operating in life segments have started
selling their insurance policies since 2001. Table shows the current market players
in the life Insurance Industry (Source IRDA).
About Max New York Life
Max New York Life Insurance Company Ltd. is a joint venture between New York
Life and Max India Limited.
New York Life is a Fortune 100 company and Max India Limited is one of India's
leading multi-business corporations.
The company has positioned itself on the quality platform.
It has developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork.
The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
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In line with its values of financial responsibility, Max New York Life has adopted
prudent financial practices to ensure safety of policyholder's funds.
The Company's paid up capital is Rs. 657 crore, which is more than the norm laid
down by IRDA.
Max New York Life has identified individual agents as its primary channel of
distribution.
The Company places a lot of emphasis on its selection process, which comprises
four stages –
Screening,
Psychometric test,
Career seminar
Final interview.
Historical Perspective
In 1818 it was conceived as a means to provide for English Widows.
The Bombay Mutual Life Insurance Society started its business in 1870.
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It was the first company to charge same premium for both Indian and non-
Indian lives.
The Oriental Assurance Company was established in 1880.
Till the end of nineteenth century insurance business was almost entirely in
the hands of overseas companies.
Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the provident fund Act of 1912.
Several frauds during 20's and 30's sullied insurance business in India.
By 1938 there were 176 insurance companies.
The first comprehensive legislation was introduced with the Insurance Act
of 1938 that provided strict State Control over insurance business.
The insurance business grew at a faster pace after independence.
The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly
corporation and Life Insurance Corporation (LIC) was born.
Nationalization was justified on the grounds that it would create much
needed funds for rapid industrialization.
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Important Milestones In The Life Insurance Business In India:
Logo of Max Life Insurance
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1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament- LIC Act 1956- with a capital contribution of Rs. 5 crores from the Government of India.
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PUNCH LINE
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VISION:
Vision statement is “Most Admired Life Insurance Company in
India".
MISSION:
Become one of the top quartile life insurance companies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents.
LIMITATIONS:
1) The survey was conducted within the city only.
2) Time to interact with the customers was not sufficient.
3) Customers were not fully aware of various plans of max New York life
insurance.
4) Accurate results could not be found as every customer has his own opinion.
5) Media used for advertising is one of the limitations.
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6) Time period of the on the job training was also one of the limitations.
BOARD OF DIRECTORS
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Hierarchy of Max Life Insurance
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CCM
DRT
Ex. Council
Paul Colgan Trophy
Centurion
Agent of the Year
Paid Cases, FYC, Persistency, Rider, Referral and CEIP Leader
Career Foundation Club
Career Producer Award
Career Success Award
Hi-Flier
Ten-A-Monther
Premium Leader
SERVICES
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Plans of max life insurance
Individual
For individuals, we have a range of protection, investment, pension and
savings plans that assist and nurture dreams apart from providing protection. You
can choose from a range of products to suit your life-stage and needs.
For organizations we 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