Project report on “A DETAILED STUDY OF RECRUITMENT AND RETENTION STRATEGIES OF FCs IN LIFE INSURANCE INDUSTRY WITH A SPECIAL FOCUS TO HDFC SLIC”

Project report on

“A DETAILED STUDY OF RECRUITMENT AND RETENTION STRATEGIES OF FCs IN LIFE INSURANCE INDUSTRY WITH A

SPECIAL FOCUS TO HDFC SLIC”

Submitted in partial fulfillment of requirement ofDegree of M.B.A (I.C)

SUBMITTED BY: ANITA RANI M.B.A (I.C) 6TH Smst

PUNJABI UNIVERSITY PATIALABABA DHIAN DASS NIEGHBOURHOOD CAMPUS

(JHUNIR)SESSION: 2010-2011

1

TABLE OF CONTENTS

Title Page no.Chapter-1Industry profile 6-7Company profile 8-9Research objectives 10Vision& mission 11Values 12Key players 13Group companies 13Joint venture 14-16Competitors 17About insurance 18About financial consultents 19-23Chapter-2Research methodology 24-26Chapter-3Data analysis and interpretation 27-42Swot analysis 43Finding 44Limitations 45Conclusion 46Recommendation & suggestions 47Chapter-4Questionnaire 48-49Bibliography 50

2

ACKNOWLEDGEMENT

The project “ a detailed study of recruitment and retention stretegies of FCs in life insurance

industry with a special focus to HDFC SLIC” is an outcome of my research. For the completion

of this project I get an opportunity to express my deep gratitude to all those who helped me in

making this report.

First of all I would like to thank The Almighty for his blessing for completing this project

successfully.

I would like to extend my sincere thanks to Mrs. Gitika sagganhar (sales development manager

of HDFC life insurance Company) and Mr. Vikas(Branch Manager of HDFC life insurance

Company) for providing me articulate guidance and ceaseless encouragement throughout my

training.

Last but not the least, I also express my grateful thanks to respondents for giving their valuable

time to make this project to success.

Anita Rani

3

DECLARATION

I hereby declare that his project report entitled “A DETAILED STUDY OF RECRUITMENT

AND RETNETION STRATEGIES OF FCs IN LIFE INSURANCE INDUSTRY WITH A

SPECIAL FOCUS TO HDFC SLIC” held at …janurary, 2011…………, is the result of Original

work Carried out in intensive study of the field, for the award of the Degree of Bachelor in

BUSINESS ADMINISTRATION.

This Report has not been copied from anywhere, up to the best of my belief and knowledge. It

has not been submitted anywhere else for Award of any other Degree/diploma.

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EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum growth

and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-

80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attractsme to enter in this sector andHDFC Standard Life Insurance Company Ltd has given me the opportunity to work and get experience in highly competitive and enhancing sector.

The success story of good market share of different market organizations depends upon the

availability of the product and services near to the customer, which can be distributed through a

distribution channel. In Insurance sector, distribution channel includes only agents or agency

holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, MAX

etc have adequate agents in the market they can capture big market as compared to the other

companies. Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer

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Chapter -1

INDUSTRY PROFILE

INSURANCE:

Insurance can be defined as assurance for uncertainty. Insurance is about something going

wrong. Its’ often about things going right.; One of the Wonders of human nature is that we never

believe anything can actually go wrong.

The insurance sector in India has come a full circle from being an open competitive market to

nationalization and back to liberalized market again. Tracking the development in Indian

insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.

The business of life insurance in Indian in its existing form started in India in the year 1818 with

the establishment of Oriental Life. Insurance Company in Calcutta. Some of the important

milestones in life insurance business in India are.

1912: The Indian Life insurance Companies Act enacted as first statue to regulate the life

insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about 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.

1965: 245 Indian and foreign insurers and provident societies take over by the central

government and nationalized. LIC formed by an act of parliament viz. LIC. Act . 1956, with a

capital contribution of Rs. 5 Crore from the government of India.

6

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Reforms in the Insurance sector were initiated with the passes of the IRDA Bill in Parliament in

December 1999. The IRDA since its incorporation as a statutory body in April 2000 has

fastidiously such to its schedule of framing regulations and registering the private sector

insurance companies.

The other d4ecisoin taken simultaneously to provide the supporting systems to the insurance

sector and in particular the life insurance companies was the launch of the IRDA online service

for issue and renewal of licenses to agents.

7

COMPANY PROFILE

HDFC Standard Life Insurance Company Ltd.

HDFC Incorporated in 1977 with a 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 gross premium income for the year ending March 31, 2010 stood at Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores. The company has covered over 8,77,000 lives year ending March 31, 2010.

HDFC operates through almost 450 locations throughout the country with its corporate head quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with service associates in Kuwait, Oman and Qatar. HDFC is the largest housing Company in India for the last 27 years.

SNAPSHOT-I

Incorporated in 1977 as the first specialized mortgage company in India.

Almost 90% of initial shareholding in the hands of domestic intuitions and retail

investors. Current 77% of shares held by foreign institutional investors.

Besides the core business of mortgage HDFC has evolved into a financial conglomerate

with holdings In:

HDFC Standard Life insurance Company- HDFC holds 78.07 %.

HDFC Asset Management Company – HDFC holds 50.1%

HDFC Bank- HDFC holds 22.25%.

Intelenet Global (Business Process Outsourcing) – HDFC holds 50%.

HDFC Chubb General Insurance Company – HDFC holds 74%.

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SNAPSHOT-II

Loan Approvals Rs. 805 billion.

(up to Dec 2010) (US $ 18.30 bn.)

Loan Disbursements Rs.669 billion

(up to Dec. 2010) (US $ 15.20 bn)

Housing Units Financed 2.5 million.

Distribution

o Offices 181

o Outreach Programs 90

9

Research Objectives

Primary Objectives

To study about the awareness among the people for joining as agent in Life Insurance

Companies.

To know the role & scope of Financial Consultant in Life Insurance Companies.

To have a complete understanding of Recruitment & Selection process of FC’s in HDFC

Standard Life.

Secondary Objectives

To do SWOT analysis of HDFC Standard Life.

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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 vest values for

money, and easiest the standards in the industry, In short, “ The most obvious choice

for all. ”

Our Mission:

We aim to be the top new life insurance company in the market. This does not mean being the

largest or the most productive company in the market, rather it is a combination of several things

like –

Coustomer service of the highest order

Value for money for customers

Professionalism in carrying out business

Innovative products to cater to different needs of different customers

Use of technology to improve service standeards increasing market share

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VALUES

Integrity

Innovation

Customer centric.

People care.

Team work.

Joy and Simplicity.

12

KEY PLAYER

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. Deepak M Satwalekar is the Managing Director and CEO of the Company since

November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr.

Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology,

Bombay and a Masters Degree in Business Administration from The American University,

Washington DC.

GROUP COMPANIES

HDFC Bank: World Class Indian Bank- among the top private banks in India.

HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.

Intelent Global : BOP services for international customers.

CIBIL: Credit information services bureau.

HDFC Chubb: Upcoming Private companies in the field of General Insurance.

13

STANDARD LIFE

Standard Life is u.k.’s largest mutual life assurance company. Standard Life, which has been in

the life insurance business for the past 175 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

kits original Edinburgh premises, opening offices in other towns and acquitting 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 six years by Standard and

Poor.

SNAPSHOT

Founded in 1875, company supporting generation for last 179 years.

Currently over 5 m. Policy holders benefiting from the services offered.

U.k’s largest mutual life insurer.

JOINT VENTURE

14

HDFC Standard Life Insurance Company Limited was one of the first companies to be granted

license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated

and been conferred with many awards. HDFC is rated ‘AAA ’ by both CRISIL and ICRA.

Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. These reflect

the efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and

Rs. 600,000 Cr. Respectively.

HDFC Standard Life Insurance Company Ltd was incorporated on 14 th August 2000. HDFC is

the majority stakeholder in the insurance JV with 81.4 %stale and Standard :of as a staple pf

18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.

HDFC Standard Life Insurance Company Ltd. Is one of India’s 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.) India’s

leading housing finance institution and the Standard Life Assurance Company, a leading

provider of financial services from the United Kingdom. Both the promoters are will known for

their ethical dealings and financial strength and are thus committed to being a long-term player

in the life insurance industry- all important factors to consider when choosing your

insurer.

Financial Expertise

15

As a joint venture of leading financial services groups. HDFC standard Life has the

financial expertise required to manage your long-term investments safely and efficiently.

Range of Solutions

We have a range of individual and group solutions, which can be easily customized to

specific needs. Our group solutions have been designed to offer you complete flexibility

combined with a low charging structure.

Strong Ethical Values:

HDFC is an ethical and Cultural Organization. False selling or false commitment with

the customers is not allowed.

Most respected Private Insurance Company

HDFC was awarded No-1 Private Insurance Company In 2004 by the World Class

Magazine Business World. Integrity, Innovation and Customer Care.

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MAJOR PLAYERS IN INSURANCE INDUSTRY

LIFE INSURANCE CORPORATION

ICICI PRUDENTIAL

BAJAJ ALLIANZ: SHARED VISION

MAX NEW YORK LIFE INSURANCE CO.

TATA AIG

Why HDFC is better …?

1. Investment returns: investment returns and business growth provided by HDFC is

validated by bajaj Capital report. HDFC pacify the need of invertors up to healthy level

and make the strong relationship with them.

2. Financial Background and Experience: HDFC existing in the market since 1977. It has

a very handsome experience in the field of finance because it completely involved in

finance Sector only where as the others are running in many other field also like Reliance

(Petroleum, Textile, Telecom etc.)

3. Ethics and Values: HDFC is an ethical and cultural organization which prevents the

false selling and prohibit the false commitment to the customer.

4. Sales Force: Properly trend licensed and Educated People are the strength of the

company. So that they could give the best customer service.

5. Huge branch network HDFC is having 450 branches in all over the country.

6. Online accessibility : It makes the process faster and make the customer delightely

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What Is Insurance?

Insurance is a contract between two parties whereby one party called insurer undertakes In

exchange for a fixed sum called premiums, to pay the other party happening of a certain event

Benefits Of Life Insurance

It encourages saving and forces thrift.

It is superior to a traditional savings vehicle.

It helps to achieve the purpose of life assured.

It can be enchased and facilitates quick borrowing.

It provides valuable tax relief.

Who can be the financial consultant: ?

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Section 42(4) of the amended Insurance Act, 1938 states an agent to be one who is not: A minor.

Found to be sound mind by a court of competition jurisdiction.

Found guilty of criminal background.

Found guilty of having knowingly participated in or connived at any fraud /dishonesty or

misrepresentation against an insured.

Eligibility Required For Being CFC By IRDA

Work of financial consultant

Entry Age & Qualifications

Minimum Age - 18 years

Minimum Qualifications - 12th standard

(10th Std for rural area)

Rules & Regulations Regarding FCs

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Training

online training

offline training

50 hours training certificate

Fee (i) Rs. 825 DD for online training

Rs. 925 DD for offline training

Examination & certificate by IRDA

Documents Required

1. 8 Photographs

2. Age proof ( passport, birth certificate, collage living certificate, driving license)

3. Address proof

4. Education proof

5. Copy of pan card

Functions Of FC

An insurance agent is an important component of distribution channel for life insurance

business.

Meet prospects, analyze their financial needs, and persuade them to buy a product, which

provides solution.

They represents the company & give better services.

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Strategies:

Strategies Employed to achieve the target are as follows:-

Telecalling

Contacting the person directly (interview)

Collect references.

Some important steps to make effective telecalling:-

Open the call in a friendly and positive way.

State the name, position and company name.

Check the prospect has time to speak.

State the reason for the call.

Clearly succinctly explain how the meeting will be benefiting the prospect.

Achievements:

Recruited eight financial consultants for company.

Increase in confidence level.

Got the knowledge about, how to differentiate our product form that of LIC.

Made more and more people aware about my companies Products (Policies)

Taken some appointments for policies and got positive response from 8 persons with the

help of my BDM.

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BENEFITS OF BEING A FINANCIAL CONSULTANT ARE AS FOLLOWS:

Financial consultant, the right way to start career:

As a financial consultant the role will be to identify prospective customer. You will makes

presentation, as to how you can help analyses their financial needs, provide customize financial

solution to cater to their respective needs and conduct reviews on regular basis to keep customers

on thank.

Easy way to start on career:

Zero investment: There is no start-up capital. Be an own boss with a flexible working

environment, unlimited earning potential and the opportunity to be part of world class sales team.

Flexible work timings, part time or full time: FCs can work whenever he likes and from

whereever he like, FCs can work full time depending on their convenience its like no other job

however, the time.

Sunrise industry: Life insurance in India has a huge potential for growth Statistics reveal that

only 25% of the insurable population in India is insured and those insured are in need of still

higher insurance cover. The over 100% growth displayed by private life insurers indicates this

hu7ge untapped potential.

Strong Partnership:

A powerful brand – HDFC Standard Life Insurance:

We were the first private life insurance company to be granted a license by IRDA.

We have been rated by business world magazine. As Indies most respected private life insurance

company 2004.

We have grown over 130% in the last and more than 8 Lakhs policy holder. HDFC standard life

insurance has one of the highest brand recall of around 80%

PROFESSIONAL TRAINING PROGRAMS AND CONTINUID GUIDANCE:

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At HDFC standard training is an inherent element of our support system for FCs. Some of

our training and support initiative are as:

IRDA Training: Online training of 50 hrs. prepares for career as FCs and enables to pass the

IRDA examination. After the IRDA license, first step towards a successful career as a FC.

Basic Training and Induction: Independence of work experience, this training will give perfect

knowledge about the insurance industry along with comprehensive knowledge about the

insurance along with comprehensive knowledge abut HDFC SLIC Product.

Advance Training: Once Fc have settled down as a FC professional we will continuously

upgrade capability and knowledge through sophisticated training program, fit for this dynamic

world of financial products and markets.

CHAPTER-2

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Research Methodology

Research is a procedure of logical and systematic application of the fundamentals of science to

the general and overall questions of a study and scientific technique which provide precise tools,

specific procedure and technical rather than philosophical means for getting and ordering the

data prior to their logical analysis and manipulation. Different type of research designs is

available depending upon the nature of research project, availability of able manpower and

circumstances.

Methodology

1.          Research Design: The research design is the blueprint for the fulfillment of

objectives and answering questions. It is a master plan specifying the method and

procedures for collecting and analyzing needed information.

 Exploratory Research is used in this study .

2.  Data Collection Methods: The source of data includes primary and secondary data

sources.

Primary Sources: Primary data has been collected directly from sample respondents

through questionnaire and with the help of interview.

Secondary Sources: Secondary data has been collected from standard textbooks,

Newspapers, Magazines & Internet.

3. Research Instrument: Research instrument used for the primary data collection is

Questionnaire.

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4. Sample Design: Sample design is definite plan determine before any data is actually

obtaining for a sample from a given population. The researcher must decide the way of

selecting a sample. Samples can be either probability samples or non-probability

samples.

Sampling Technique:  Convenience

Sample Size: 100 Respondents.

Area of Study: Mohali

Willingness to be FC for HDFC

25

In order to determine the willingness of the people to become FC for HDFC SLIC in Mohali,

data collected by surveying is treated as analysis. Response to the parameter like professional,

unemployed students, housewives, investment consultant, post office agent.

Options Yes No Total

Professional 2 18 20

Working employees 2 18 20

House wives 1 9 10

Students 3 17 20

Investment consultants 2 8 10

Post office agents 3 7 10

Others - - 10

Total 13 87 100

CHAPTER- 3

26

DATA ANLYSIS AND INTERPRETATION

Q.1: Do you know about HDFC SLIC ?

27

Option No.of respondents Percentage

Yes 90 90%

No 10 10%

Interpretation

from the above figure 90% respondents know about Hdfc-slic and 10% do not know about the

company.

Q.2 what is your occupation?

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90%

10%

Yes

NO

option no. of respondents percentage

business 18 18%

Profession 26 26%

Service 12 12%

housewife 13 13%

unemployed 31 31%

Interpretation

The above diagram shows that the unemployed people are highly interested

towork as a financial consultant to earn something in comparision to the

other persons of different occupations

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Q.3:- about merital status –

option No.of respondents percentage

Married 65 65%

unmarried 35 35%

interpretation

The above graph shows that the married people are more conscious to earn

more as a financial consultant because their needs increases in comparison

to the unmarried

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Q.4 Awareness about the career in Insurance Sector –

Option No.of respondents Percentage

Yes 30 30%

No 70 70%

Interpretation

In this analysis 70% respondents aware about career in insurance sector .

31

Percentage of Respondents

30%

70%

Yes

No

Q.5: Do you know about the working of financial Consultant of “HDFC

SLIC” ?

Option No.of respondents Percentage

Yes 38 38%

No 62 62%

Interpretation

From the above figure , it is shown that only 38% respondents know about the working of FC

whereas 62% respondents don’t know about it.

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38%

62%

YES

NO

Q.6: Do you have an idea about financial market?

Option No. of respondents %

Yes 67 67%

No 33 33%

Interpretation

in above figure , it is shown that 67% respondents are awere about financial market and 33%

respondent don’t have knowledge about it.

33

67%

33%

YES

NO

Q.7: Do you have any sales experience? If yes, how many years ?

Option No. of respondents %

Yes 20 20%

No 80 80%

Interpretation

After data analysis it shows that 80% respondents don’t have sales experience while 20%

respondents have done work in sales.

34

20%

80%

YES

NO

Q.8:  Do you have experience in selling financial product? e.g. credit

card, insurance etc? If yes how many years?

Option No. of respondents %

Yes 11 11%

No 89 89%

Interpretation

This figure shows that only 11% respondents have experience in selling financial products and

89% respondents have not experience in this field.

35

11%

89%

YES

NO

Q.9: What do you think, in today’s scenario life insurance is need, want

or demand?

Option No. of respondents %

Need 46 46%

Want 17 17%

Demand 37 37%

Interpretation

From the above figure it is shown that 46% respondents said that insurance has become need ,

17% said that it is want and 37% said that it is demand of today

36

46%

17%

37% NEED

WANT

DEMAND

Q.10: In which of the financial market you have invested your

money?

Option No. of respondents %

Shares 14 14%

Mutual funds 15 15%

Insurance 23 23%

Others 48 48%

Interpretation

From above figure it is shown that 15% people have invested their money in Mutual Funds,

about 14% people have invested their money in shares, about 23% in insurance and about 48%

people have invested their money in other investment avenues.

37

14%

15%

23%

48%

SHARE

MUTUAL FUND

INSURANCE

OTHER

Q.11: Are you interested in getting opportunity of earning some

additional income as being financial consultant of “HDFC-SLIC” and why?

Option No.of respondents Percentage

Yes 20 20%

No 80 80%

Interpretation

This graph shows that 20% respondents are intersed in earning addition income being as

financial consultant and 80% respondents are not intersed.

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20%

80%

YES

NO

Q.12:- Do you currently have an agency of any life insurance Company ?

Option No.of respondents Percentage

Yes 10 10%

No 90 90%

Interpretation

The graph shows that 10% respondents have an agency of any other insurance company and 90%

respondends don’t have any agency.

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Q.13 How many members of your family are dependent on the income

earner of the family ?

Option No.of respondents Percentage

Two 67 67%

Three 23 23%

More than three 10 10%

Interpretation

In the above figure , it is shown that in 67% families two members of the family are dependent

on the income earner of the family. in 23% families three members and in 10% families more

than three members are dependent on the income earner of the family.

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Q.14 What would be the size of your social contact base who knows you on

first name basis ?

(E.g : Friendly, family, relative, colleagues if any ………etc.)

Option No.of respondents Percentage

Friendly 58 58%

Family 11 11%

Relative 9 9%

colleagues 13 13%

Any other 9 9%

Interpretation

In the above figure, it is shown that 58% respondents have friendly social contacts, 11% family,

9% have relative , 13% have colleagues and 9% have other social contacts.

41

Q.15: Do you want part time job or full time job?

option No. of respondents Percentage

Part time 38 38%

Full time 62 62%

Interpretation

The above figure shows that most of the respondents want to do full time job rather than part

time job.

42

SWOT ANALYSIS

STRENGTHS

1. Strong Brand Name

2. A large distribution network.

3. Customer centric approach

4. Excellence in Execution

5. Team Work (Together Everyone Achieves More)

6. Proactive Innovation.

WEAKNESS

1. Frequent job rotation by employees

2. Less number of advertisement

3. Hidden Charges

OPPORTUNITIES

1. Scope in Jaipur as it is in the developing phase.

2. Only 25% of insurable people have any insurance.

3. Can introduce innovative products offering a right mix of Flexibility/Risk/Return.

4. Share of FDI is going to raise by

26% to 49%.

THREATS

1. LIC’s brand name.

2. People prefer short investment rather than in insurance.

3. Other private insurance companies

43

FINDINGS

1- Customers are less aware about the private insurance company in market.

2- Some customer are like to join HDFC as FCs because it is a Part-time.

3- Many professions like CA, tax planner want a corporate agency rather than to be a financial

consultant.

4- HDFC is too selective in making a FC rather than to appoint any one like LIC.

5- Customer don’t want to join as financial consultant because it’s on commission basis they

want job on salary basis.

6- Educated customers are now vending towards private insurance Companies, due to the

attractive packages and services provided by various new insurance companies.

7- LIC has created a branded image in 3-4 decades, due to which new insurance companies are

facing trouble in capturing market share.

8- If the customers are joining HDFC the segment is more of tax consultant, investment for

consultant and other people who are engaged in investment business that is because they

want to diversity their portfolio.

9- HDFC SLIC is having good retention strategies for their financial consultant.

Reason for not joining HDFC SLIC.

Associated with an other company.

Do not have time

Low sales.

Private Player.

Limitations

44

So though the study aim to achieve the above mentioned Objective in full earnest and accuracy,

it may be hampered due to certain limitation. Some of the limitations are as follows:

To cover the various section for the society.

Respondents may not be at home and may have to re-contacted or replaced by others.

Getting accurate response form the respondents due to their inherent problem is difficult.

Limited response from client.

There is a time limitation it is not possible to study whole thing I covered some special

aspect as well as some topics.

CONCLUSION

45

After collection of data interpretation is done on that basis conclusion is drawn. The

conclusion drawn.

Conclusion prefer government insurance company other than private insurance

companies due to its reliability.

Customers are more brand oriented rather than product oriented.

Customers are less aware about the private insurance companies.

Private Players in order to encase maximum number of customers are introducing new

and innovative scheme for their FC.

Customers like to invest in other investment zones due to the hectic rules and regulations

associated with, entering into a contract with insurance companies.

Customers do not feel secure with private insurance companies.

Customers don’t want commission base job.

The central problem with the insurance companies is having that they are trying to

convince customers for a product which do not have any present relevance, i.e. each

policy which the customer is going to purchase will have a future set of action and

benefits. Due to which most of the people like to invest in those securities or

investment, which will give them a fruitful return in short period of time ?

Life insurance Corporation has completed more than three decades and that’s where

counts, inters of brand name, different number of policies for differed class and age group

of customers.

The Private players are on the way, but they need a lot of time investment for creating a

favorable brand image.

RECOMMENDATION & SUGGESTIONS

46

Customers should be made aware of the brand name of Insurance company through

advertisement.

The fear in the customer mind should be removed by company.

The insurance companies should try to nurture their brand name timely and attractive

facility provide to customer.

Company should more oriented towards rural market.

Provide a proper training to the workforce

No. of advertisements on Television & newspapers to be increased.

CHAPTER-4

QUESTIONNAIRE

47

1. Name of the respondent…………………………

2. Occupation………………………………………

3. Age ……………

4. Address ……………………………………………….

………………………………………………………….

5. Contact No………………

Q.1: Do you know about HDFC SLIC ?

Ans: (a) Yes (b) No

Q.2 what is your occupation?

Ans. (a) business (b) profession (c) service (d) housewife (e) unemployed

Q.3 adout merital status –

Ans. (a) married (b) unmarried

Q.4: Do you know about the working of financial Consultant of “HDFC SLIC” ?

Ans: (a) Yes (b) No (c) Insufficient Information.

Q.5: Do you currently have an agency of any life insurance Company ?

Ans: (a) Yes (b) No

Q.6: Are you aware about career in Insurance Sector?

Ans: (a) Yes (b) No

Q.7: What do you think, in today’s scenario life insurance is need, want or demand?

Ans. ………….

Q.8: Do you have an idea about financial market ?

Ans: (a) Yes (b) No

Q. 9: Do you have any sales experience ? If yes, how many years ?

Ans: (a) Yes (b) No

Q.10: Do you have experience in selling financial product ? e.g. credit card, insurance

etc ? If yes how many years ? (If yes to question 6)

Ans: (a) Yes ( ) (b) No ( )

48

Q.11: In which of the financial market you have invested your money ?

Ans: (a) Share (b) Mutual fund (c) Insurance.

Q. 12: Are you interested in getting the opportunity of earning some additional income as being

financial consultant of “HDFC SLIC” and why ?

Ans: (a) Yes (b) No

Q.13: How many members of your family are dependent on the income earner of the family ?

Ans: (a) two (b) three (c) more than three

Q.14: What would be the size of your social contact base who knows you on first name basis ?

(E.g : Friendly, family, relative, colleagues if any ………etc.)

Ans: Mention in appropriate nos.

Q.15: Do you want part time job or full time job?

Ans. (a) part time (b) full time

BIBLIOGRAPHY

  Magazines:-1. Insurance Times (Insurance Monthly Magazine-April, 2011)

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From Company:-1. Company Reports 2. Company Brochures

Websites:- www.apnabima.com www.hdfcinsurance.com www.indiastat.com www.google.com

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