1RESEARCH PROJECT REPORTONCUSTOMER SATISFACTION ON HDFC HOME
LOANSSubmitted in partial fulfillment of the degree ofMASTER OF
BUSINESS ADMINISTRATION(2013-2014)Of
UTTAR PRADESH TECHNICAL UNIVERSITYLUCKNOWBYSUGANDH GAUTAMUNDER
THE SUPERVISION OFFACULTY NAME : DEVENDRA SINGHSHRI JEET RAM SMARAK
COLLEGE OF ENGG. & TECH.BAREILLY
ACKNOWLEDGEMENTIt gives me immense pleasure, having done a
project on an interesting and knowledgeable topic like The
Recruitment and Development process of agent advisor.Behind every
study there stands a myriad of people whose help and contribution
make it successful. Since such a list will be a prohibitively long.
I may be excused for important omissions.The guidance help and
cooperation of my mentor MsDrishti Shankdharis being a constant
source of motivation.This is my pleasure to thank Dr. ASHISH
BHATNAGAR (Director General SJRSGOI) for being a source of
inspiration, help and co-operation. This research was a good
exposure that will definitely help me in my professional
career.KRITIKA GUPTAM.B.A. FINAL YearRoll No.1247570038
PREFACEManagement is a stepping stone to the carrier and to
develop good manager it is necessary that the theoretical must be
supplemented with exposure to the real environment. Theoretical
knowledge just provides the base and its not sufficient to produce
a good manager thats why the practical training is
needed.Therefore, Summer Training is an essential requirement for
the student of PGDM.This training not only help the students to
utilize his skills properly and learn field realities but provides
a chance to the organization to find out talent among the budding
managers in the very beginning. In accordance with the requirement
of PGDM course I have done my summer training in Max New York Life
Insurance. The basic aim of my study is to recruit agent advisor
and study regarding their policy plans in Max New York Life
Insurance.TABLE OF CONTENTSPARTICULARS Acknowledgement 2Preface
3Introduction7ABOUT THE INSURANCE INDUSTRY WHAT IS INSURANCE 8
PURPOSE AND NEED 11 ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT 13
TYPES OF INSURANCE 14 WHY LIFE INSURANCE REQUIRED 16 PRINCIPLE
OFINSURANCE 18 LIST OF INDIAN INSURANCE COMPANY 19ABOUT THE COMPANY
COMPANY PROFILE 23 LIFE@MNYL 24 THE SIX DDIFFERENTATIORS 25
ACHIEVEMENTS AND AWARDS 26 MANAGEMENT 27RESEARCH METHODOLOGY
39OBJECTIVEOF THE RESREACH 420RECRUITMENT PROCESS CRITERIA 12 POINT
SYSTEM 43 SOURECS OF NAME GATHERING 44 SCREENING INTERVIEW 44
REFERENCE CHECK 45 CAREER SEMINAR AND GIVEN PROJECT LIKE P-40- 46
EVALUATE P4047 INTERVIEW48 TRAINING AND IRDA EXAM49 CONTRACT WITH
MNYL 50
DEVELOPMENT PROCESS OF MNYL DEFINITION OF TRAINING52 NEED OF
TRAINING53 AREA OF TRAINING53TRAINING DONE BY MAX NEWYORK LIFE
TRAINING FOR SALES MANAGER54 TRAINING FOR AGENT ADVISOR55 TRAINING
FOR OPERATIONAL EXECUTIVES56
REQUIRD SKILLS FOR EMPLOYE IN MNYL FINDINGS61EXECUTIVE SUMMARY
62RECOMMEDATIONS63BIBLIOGRAPHY64
INTRODUCTION
ABOUT THE INSURANCE INDUSTRY What is insurance Purpose and need
Role of insurance in economic development Types of insurance Why
life insurance is required Principle of insurance List of insurance
company
WHAT IS INSURANCE
Every asset has a value for its owner and also for those who are
benefited with the existence of that asset. Insurance is concerned
with the protection of economic value of assets.All of us are
interested in the creation of assets because:1. All assets have
values.2. They yield income to the owner.3. They meet some other
needs of the owner.4. They may provide satisfaction of some needs
and also yields income to the owner.The benefit may be an income or
in some other form.
Example: A house has a value. A car is useful for providing
traveling comfort to the owner and other members of his family
.There is no direct income. An owner of a factory receives income
by sale of its products. A farmer may rear a cow with the
expectation of getting milk for his family and making some money
from the sale of excess milk.Every asset has normally an expected
lifetime. During this period, it is expected to perform and provide
income/comfort to the owner. The owner, being aware of this, plans
the things in such a way that by the time the expected lifetime of
the asset expires, he is ready with funds required for its
replacement. In this way, he ensures that the value or income from
the asset is not lost Well this appear to be a fine arrangement
provided the asset completes its lifetime.All assets carry the risk
of being destroyed or damaged. But all assets may not necessarily
get destroyed or damaged. Only in a few instances, the probability
turns out to be true and the asset gets actually lost or destroyed
by accident or some other unfortunate event before the completion
of its excepted lifetime. The owner and those
deriving benefits from the asset will suffer because the
arrangement to make available its substitute is not yet ready.
Insurance is helpful in mitigating such adverse consequences. To
sum up, assets are insured, as they are likely to be lost or made
non-functional through an accidental occurrence.
Insurance does not protect the assets. This means that insurance
cannot prevent loss to the assets due to perils. Nor can insurance
avoid the occurrence of perils. It only compensates, may not be
fully, the economic or financial loss resulting to the asset from
such damage or destruction.
PURPOSE AND NEED FOR INSURANCEThe need for life insurance is
based on various factors including your current life style,
expected out goings in future, your present age and your family
size. Insurance is relevant only if there are uncertainties. If
there is no uncertainty about the occurrence of an event, it cannot
be insured against. In the case of a human being, death is certain,
but the time of death is uncertain.The first step should be to
estimate how much financial support your dependents would need to
order to continue to enjoy the same life style as they enjoy today
in the event that you are not around to provide that support.In
estimating this support, you should consider all regular monthly
expenses including food, rentals, conveyance, school fees, medical
expenses, and any debts to be repaid etchant also estimated ones
like for childrens education and marriage and your unforeseen
contingencies that your dependents might need during the period of
adjustment. Based on this analysis and the expected returns on the
investments in future, you can work out a sum of money that would
help your dependents achieve financial independence even if you are
not around to support them.
While the situation of every individual would be different, and
should be evaluated separately, one rule of thumb is to buy a cover
for an amount equal to 6-10 times your annual income. clearly, the
needed for insurance is not static and will change as your life
stage changes-so you must re-work the requirement periodically and
review the coverage available from time to time.
ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT For economic
development, investments are necessary. Investments are made out of
savings. A life insurance company is a major instrument for the
mobilization of saving of people, particularly from the middle and
lower income group. These savings are channeled into investments
for economic growth. All good life insurance companies have huge
funds, accumulated through the payments of small amounts of premium
of individuals. These funds are invested in ways that contribute
substantially for the economic development of the countries in
which they do business. A life insurance companys funds are
collected by way of premiums. Every premium represents a risk that
is covered by that premium. Therefore these vast amounts represent
pooling of risks. The funds are collected and held in trust for the
benefit of the policyholder. The management of life insurance
companies are required to keep this aspect in mind and make all its
decisions in ways that benefit the community. Savings out of life
insurance fund are utilized in investments for economic growth.
TYPES OF INSURANCE
Life Insurance General Insurance
Life InsuranceInsurance is protection of economic value of an
asset, which includes human life, against probable loss partial or
in full.A life insurance policy promises that the insurer will pay
to the policyholder a certain sum of money if the person insured
dies or any other specified contingency happens. It is a contract,
within the meaning of the Indian Contract Act 1872.A contract is an
agreement between two or more parties to do, or not to do, so as to
create a legally binding relationship. A simple contract must have
the following essentials: Offers and acceptance Consideration
Capacity to contract Legality of object or purpose Capability of
performance Intention to create legal relationshipInsurance is a
contract between the insurer and the policyholder. The policyholder
can be different from the person whose life is insured.Life
Insurance is a contract for payment of sum of money to the person
assured on the happening of the vent inured against. Usually the
contract provides for the payments of an amount on the date of
maturity or at specified sates at periodic intervals or at
unfortunate death, if it occurs earlier. Among other thing, the
contract also provides for these payments of the premium
periodically to the Corporation by the assured. Life Insurance is
universally acknowledged to be an institution which eliminates
risk, substituting certainty for uncertainty and comes to the
timely aid of the family in the unfortunate event of the death of
bread winner.
Life Insurance, in short, is concerned with two hazards that
stand across the life path of every person: that of dying
prematurely leaving a dependent family to fend for itself and that
of living to old age without visible means off support.WHY LIFE
INSURANCE REQUIREDLife Insurance cant be and should not be compared
with any other form of investment. It provides a life Long benefit,
with returns when it is most required at the right time.Replacement
of income:One prime reason for buying life insurance is to replace
the income lost in the regular income stops, the proceeds from a
life insurance policy can be used to continue to support the family
members.
Maintenance of Life style:In case of the unexpected death of
life insured family members are often hard pressed trying to
arrange for funds that can maintain the standard of living Thad
they have grown accustomed to. Life insurance offers protection
against such as unfortunate eventuality.
Expenses due to premature Death:Life insurance can play a
crucial role to pay off any debts left behind the person insured.
For example-car loans, medical bills, mortgages, credit card
payment etc are often left unpaid in case of sudden death. These
obligations can be met with life insurance, without any depletion
in family assets.
Planning for Important Events like Childrens Education, Marriage
etc:with the cost of living going up day by day, prudent people
would go for life insurance as the most cost effective means to
ensure that the important milestones in their childrens lives are
not hampered by the uncertainties of life.
PRINCIPLE OF INSURANCE:
Most of the facts relating to health, habits, personal history,
family history etc., which form the basis of the life insurance
contract are known only to the proposer. The insurer cannot know
them, if the proposer does not disclose them. The underwriter can
ask for a medical report. Yet there may be certain aspects, which
may not be brought out even by the best medical examination. For
example, a person suffering from Blood Pressure or Diabetes can,
through appropriate medication, hide these facts from the examining
doctor. History of past sickness, operations, injuries can be
suppressed. Some of these may affect the life expectancy of the
person to be insured. Hence, these constitute material information
to enable the insurance company to assess the risk involved. A
summary of the doctrine of utmost good faith states, As the
underwriter knows nothing and the man who comes to him to ask for
insurance knows everything, it is the duty of the assured to make a
full disclosure to the underwriter without being asked, of all
material circumstances. This is expressed by saying that it is a
contract of good faith.
Principle of Insurable Interest:Here the proposer must have a
stake in the continuance of the subject matter insured and could
suffer a loss, if the risk occurs. What is insured is the financial
or pecuniary interest in the subject matter of insurance. The
insured must be in a relationship with the subject matter of
insurance, whereby he benefits from its safety and well being and
would be prejudiced by its loss or damage.For example:- A husband
has insurable interest in the life of his wife advice-versa.
Parents have insurable interest in the lives of their children. An
employer has insurable interest in his employee to the extent of
the value of his services. A creditor has an insurable interest in
the life of the debtor, to the extent of the debt. A company has an
insurable interest in the life of a key valuable employee. A surety
has an insurable interest in the life of the principle debtor and
also in the life of his co-surety to the extent of the debt.
Partners have insurable interest in the live of each other.
Partners can insure each others lives, because they stand to
lose in the event of death of any of them. A creditor may lose
financially if a debtor dies before repaying a loan. His interest
would be limited to the outstanding loan with outstanding interest.
If members of families are in business together or there are some
other financial relationships, insurable interest arises as a
result of such financial involvement. The insurable interest
arises, not because of the family ties, but because of the business
ties.Insurance is meant to compensate losses. By implication; the
mechanism of insurance cannot be used to make a profit. This
broadly is the Principle.
LIST OF INSURANCE COMPANYLIFE INSURERSWebsites
Public Sector
Life Insurance Corporation of Indiawww.licindia.com
Private Sector
Allianz Bajaj Life Insurance Company
Limitedwww.allianzbajaj.co.in
Birla Sun-Life Insurance Company Limitedwww.birlasunlife.com
HDFC Standard Life Insurance Co.
Limitedwww.hdfcinsurance.com
ICICI Prudential Life Insurance Co.
Limitedwww.iciciprulife.com
ING Vysya Life Insurance Company
Limitedwww.ingvysayalife.com
Max New York Life Insurance Co.
Limitedwww.maxnewyorklife.com
MetLife Insurance Company Limitedwww.metlife.com
Om Kotak Mahindra Life Insurance Co. Ltd.
www.omkotakmahnidra.com
SBI Life Insurance Company Limitedwww.sbilife.co.in
TATA AIG Life Insurance Company Limitedwww.tata-aig.com
AMP Sanmar Assurance Company Limitedwww.ampsanmar.com
Dabur CGU Life Insurance Co. Pvt. Limitedwww.avivaindia.com
COMPANY INTRODUCTION
ABOUT MAX NEW YORK LIFE INSURANCE COMPANY PROFILE
COMPANY PROFILE LIFE@MNYL THE SIX DIFFFERENTATORS ACHIEVEMENTS
AND AWARDS MANAGEMENT
COMPANY PROFILEMax 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 Max India Limited, one of Indias leading
multi-business corporations and New York Life International, the
international arm of New York Life, a Fortune 100 Company. 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 team work.
Incorporated in 2000, Max New York Life started commercial
operation in 2001. In line with its values of financial
responsibility, Max New York Life has adopted prudent financial
practices to ensure safety off policyholders funds. The companys
paid up capital as on 30th August,2010 is Rs 1973Crore.
340 agent advisors have qualified for the Million Dollar Round
Table [MDRT] Membership in 2010. MDRT is an exclusive congregation
of the worlds top selling insurance agents and is internationally
recognized as the standard of excellence in the life insurance
business.
Max New York Life has multi-channel distribution spread across
the country. Agency distribution is the primary channel
complemented by partnership distribution, alliance marketing and
dedicated distribution for emerging markets.
The company places a lot of emphasis on its selection process
for agent advisor, which comprises four stages- screening,
psychometric test, career seminar and final interview.The agent
advisor is trained in house to ensure optimal control on quality of
training. The company currently has around 92,760 agent advisors at
710 offices across 385 cities with 88Lakh customers.
The company also has 36 referral tie-ups with banks, 24
partnership distribution and alliance marketing relationships each.
Max New York Life has put in place a unique hub and spoke model of
distribution to deepen our rural penetration. This is the first
time such a model has been put in place for rural marketing of
insurance. The company has 133 offices dedicated to rural
areas.
Max New York Life offers a suite of flexible products. It has
now 21 products covering both life and health insurance and 8
riders that can be customized to over 800 combinations enabling
customers to choose the policy that best fits their need. Besides
it the company offers 6 products and 7 riders in group insurance
business.
VisionTHE STATEMENTS To become the most admired life insurance
Company in India.
Mission To become one of the top quartile life insurance
companies in India. Be a national player. Be the brand of the first
choice. Become principle of the choice for agent. Be the employer
of the choice.
Valuesour unique set of values, which are as follows: Knowledge
Caring Honesty ExcellenceMax New York Life Values and Beliefs: Life
@ MNYL
Excellence:In every aspect of work, Ranging from the in-house
training institute to the detailed Personal Insurance Plan. Max New
York Life is focused on achieving the highest standards of quality
in every aspect of their business.
Honesty:Is the heart of the Life Insurance business, Max New
York believes that above all, Life Insurance is based on trust.
Transparency, Dependability and Integrity will form the
cornerstones of the Max New York Life experience.Knowledge:Is what
makes experts? Max New York Life is focused on the Life Insurance
business. Perfectly combining global expertise with local
knowledge, Max New York Life is the Indian Life Insurance
specialist.
Caring:For the CustomerMax New York Life is redefining the Life
Insurance paradigm to focus on the needs of the customers. The Max
New York service process is responsive, personalized, humane and
empathetic.
Culture:Our in house culture recipe has some of the finest
ingredients going into its making.Some of more prominent aspects of
our culture are stated below:- Customer comes first Do it right the
first time Bias for result oriented action Financial strength and
discipline Clarity of purpose International quality standards
Inclusive MeritocracyThe SIX Differentiators of MNYL
The company has six differentiators factor which give the
competitive edge in this competitive world. These are:Selection
Process:MNYL selection process is designed to help the candidate
and the organization make a decision in mutual best interest. The
first step in the process is an initial interview followed by a
test of numerical ability. Candidates who make the cut are invited
to attend a career seminar. The procedure facilitates a process of
discovery, as both sides develop an understanding of each others
profile and requirements. The final stage in the selection process
is an assessment of the candidates natural market and potential for
growth.Training Program:MNYL has the finest training program for
agents in the industry. They run training and development programs
for agents throughout their career. The training consists of a
two-year formal classroom based program. Max New York Life has two
full-time professional trainers in each office whose sole job is to
train and guide new agents.The success of MNYL training programs
owes a lot to the strength of our partner, New York Life. The
training program developed by New York Life in the United States is
widely recognized as the best in the insurance industry. We have
customized this outstanding program for the Indian Market in the
United States, New York Life had more members in the Million Dollar
Round Table, the worldwide organization of top professional in the
insurance industry, for 50 consecutive years. Since 2001, Max New
York Life has had more Qualifiers for the prestigious Million
Dollar Round Table than all the other private sector insurance
companies get together.Management Loyalties:One of the many
advantages of working with Max New York Life is that managers are
not allowed to sell insurance products to their own customers.
Compensation in management is derived entirely from the success of
agents and the overall growth of the organization. Managers at all
levels are totally committed to the success of agents and do not
pursue any conflicting goals.Products of MNYL:No organization can
claim to have the number one product in the insurance industry for
a long period of time. It is a matter of great pride that our
products have always been rated among the best in the industry.
These products have been developed after extensive research of the
Indian market and are designed to meet an individuals needs at
every life stage.
Agents Contract:Agents Contract is designed to attract efficient
professionals and retain them for a long time by compensating them
generously. As an agent you can count on the support of Max New
York Life at all times to help you earn a good income today and
create a secure retirement for tomorrow.
Great Work Environment :Max New York Life is committed to
working in a high-tech environment. In the United State, New York
Life is noted for its leadership in using technology to provide
very best in customer service and employee support. The same system
has been adapted for India to offer simple, easy to understand
illustration for the most complex products.
Achievements and AwardsSome of the Industry Firsts First company
to provide free look period of 15 days to the customer. This was
later made mandatory by the regulator First company to start toll
free line for agent services First and the only life insurance
company in India to implement Lean methodology of service
excellence in service industry First life insurance company in
India to provide various services to the agents and customers over
phone First Indian life insurance company to start service center
at the regional level First life insurance company in India to
receive ISO 9001:2000 certification First life insurance Company to
be awarded CII-EXIM Bank commendation certificate for Strong
Commitment to Excel.
Awards:- Outlook Money survey ranked MNYL No.1 in Slow, Medium
and Quick fund categories BT Mercer Ranked No7 in the Best
companies to Work For Awarded the Gallup Great Work Place Award
2009 CII Exam Bank Commendation Certificate for Business Excellence
2008 & 2009 Received Best Six Sigma Project award at 6th CII
National Six Sigma conventions 2009. Recognized as a Super brand
2009-2010 Recipient of 2008 CIO 100 Award for technology
implementation Golden Peacock Award for Innovation 2008 Among the
top 25 companies to work for in India, according to Business world
2003 Great Workplaces of India Among the top five most respected
insurance companies in India as per Business world 2004 & 2006
survey Won Indo-American Corporate Excellence Award for Best
Indo-US company in Financial Services Category in 2006 Received
Best Six Sigma Project award at Sacral Six Sigma Excellence Awards
2006 Among top 3 in Asia Life Insurance Company of the Year Award
2007 instituted by Asia Insurance Review Received the Amity
Corporate Excellence Award 2007 Received the Outlook Money Award
for being among the best new insurers in the country. Max New York
Life bags the Asia Insurance Industry Innovation of the Year Award
2009
MANAGEMENT OF MNYL..BOARD OF DIRECTORS:Mr. Analjit Singh
ChairmanMax New York Life InsuranceMr. Anuroop (Tony) Singh Vice
ChairmanMax New York Life Insurance Mr. Rajesh SudCEO &
Managing DirectorMax New York Life Insurance
Mr. Rajit MehtaExecutive Director and Chief Operating OfficerMax
New York Life Insurance Mr. William Beaty DirectorMax New York Life
Insurance Mr. Richard L. Mucci DirectorMax New York Life Insurance
Dr. Omkar Goswami DirectorMax New York Life Insurance Ms. Marielle
Theron DirectorMax New York Life Insurance Mr. Leo Puri DirectorMax
New York Life Insurance
MANAGEMENT TEAM:-
Mr. Rajesh Sud CEO & Managing DirectorMr. Rajit Mehta
Executive Director & Chief Operating Officer Mr. Ashish Vohra
Senior Director & Chief Distribution Officer Mr. Rajiv Burman
Senior Director & Chief People Officer Mr. John Poole Appointed
Actuary Mr. Rajiv Mathur Director Legal & ComplianceMr.
Prashant Tripathy Director - Strategic Planning, Business
Development and Health & RetirementMr. V.Viswanand Director
& Head - Products and Persistency Management
Ms. Anisha Motwani Director and Chief Marketing Officer
RESEARCH METHODOLOGYMEANING OF RESEARCH:-Research in common
parlance refers to a search for knowledge. One can also define
research as a scientific and systematic research for information on
particular topic. In fact research is an art of scientific
investigation.Research can be defined as logical and systematized
application of the fundamentals of science to the general and
overall questions of a study ,and scientific techniques which
provides precise tools , specific procedures and technical, rather
than philosophical means for getting and ordering the data prior to
their logical and manipulation. TYPES OF RESEARCHThe basic types of
research are as follow;1- Descriptive vs Analytical:- Descriptive
research includes surveys and fact finding enquiries of different
kinds. The major purpose of descriptive research is description of
the state of affairs, as it exists at present. The method of
research utilized in descriptive research are survey methods of all
kind, including comparative and correlation methods.2- Applied vs
Fundamental:- Research can either be applied (or action) research
or fundamentals (or basic or pure) research. Applied research aims
at finding a solution for an immediate problem facing a society or
an individual/business organization ,where as fundamental research
is mainly concerned with generalization and with the formulation of
the theory.3- Quantitative vs Qualitative:- Quantitative research
is based on the measurement of quality on amount. Qualitative
research is concerned with qualitative phenomenon relating to or
involving quality .4- Conceptual vs Empirical:- Conceptual research
is that related to some abstract ideas or theory. It is generally
used by philosophers and thinkers to develop new concepts or to
reinterpret existing ones. Empirical Research relies on experience
or observation alone. Often without due regard for system and
theory.RESEARCH DESIGN:-A research project conducted scientifically
has a specific framework of research from the problem
identification to the presentation of the research report. This
framework of conducting research is known as the research
design.According to KiplingerResearch design is the plan, structure
and strategy of investigation conceived so as to obtain answers to
answers research question and to control variance. RESEARCH
METHODOLOGY FOR REPORT
Type of Research:-The type of research conducted is Descriptive
research design.
Type of data:-1- Primary data: OBSERVATION
2- Secondary data: Reports and websites of organization.
Area:-civil lines, Rampur garden BAREILLY U.P.
OBJECTIVE OF THE RESEARCH
To study the recruitment and development (training) process in
MNYL. To apply the theoretical knowledge into practical exposure.
To find out the best stage of recruitment process at MNYL. To study
the about the working of insurance advisor. To study about the
working environment in insurance sector.
RECRUITMENT PROCESS
The steps of the recruitment process are:1- Name Gathering2-
Aptitude test 3- Screening i) Initial Screening ii) Competency
Based4- Give the project like P405- Evaluate P406- Interview7-
Training 16 days8- IRDA Test9- Contracting with max new York life
insurance.
Criteria 12- Point System:-
CriteriaBasesPoints
AgeBelow 2525-3535-55Above 55
1232
Annual household income2-3 lack3-4 lackGreater than 2
lack123
Marital statusunmarriedmarried12
Education qualificationUnder graduateGraduatePost
graduate123
Background / Experience
ServiceSelf employedHousewifeVRS/RetiredSelf employed(in finance
sector)12333
Total points12
Sources of Name Gathering:-The process involves gathering names
of individual who can be prospective Agent Advisor.
Controllable Source:-Controllable Sources are the sources in
which the sales manager can be proactive in gathering names of the
prospective candidates. When using controllable source, sales
manager need not rely on external factors to begin Name
Gathering.
Centre of Influence:COI is an individual who knows large group
of people or is member of these groups. Nominators:Nominators are
individuals who can give referrals, but with whom a sales manager
has not yet developed a COI relationship. Agent Referral
Program:Under this program an Agent Advisor refers prospective
candidates. ARP also provides an additional income opportunity for
Agent Advisor.
Personal Observation:Can be defined as a face to face contact
made on an impromptu basis in order to secure an appointment for an
interview. These opportunities usually occur when the sales manager
is in the midst of some other activity or event. Friends and
Family:Some of the friends and family members, who know his or her
target markets well, may become COI.
Uncontrollable Sources:- Newspaper advertising:-Newspaper
advertising can give the sales manager access to a large audience
in a short time, although it could be expensive. Therefore, the
sales manager should advertise in newspapers and general
publications with a specific target. Seminar:-Recruiting seminars
enables the sales manager to make a good impression with a
well-rehearsed professional presentation. In addition to recruiting
seminars, sales seminars, continuing education seminars or other
group meetings can also provide opportunities to develop
Nominators. Campus Recruitment:-:In this, the sales manager visit
alumni offices and graduate school department. Many colleges have
placement officers to help graduates find employment.The sales
manager should build relationship with business school
professors.The sales manager should look for alumni who may be
re-entering the job market with some sales experience. Employment
Agencies:-Publicemployment agencies can be helpful in Name
Gathering. Some employment agencies would let thee sales manager
use the opportunity to access the database and would give his or
her fax number to receive resume.
Internet:-Using the internet, the Sales manager can get access
to a great number of people andplaces.The following are some of the
tips that a sales manager can follow while Name Gathering using the
internet: Know the relevant Web site restriction: MNYL does not
allow sales manager or Agent Advisor to put up their own Web pages.
In addition, advertising on the Web is limited. Check college
sites: Many alumni associations put graduates resumes on the Web.
Most of these sites require an access password, which the sales
manager has to get from the institution.
Jobs Fairs:-Jobs Fairs could be great sources of quality names.
Check the sponsors references: There are many firms sponsoring job
fairs. Therefore, the sales manager needs to verify the references
of the firm, and ask for earlier MNYL participants in such events.
Use the recruiting booth: The sales manager needs to follow the
procedures as specified by the sponsor. Take another person along:
The sales manager should take another sales manager, his or her
colleague to ensure that he or she is flexible in attending
candidates who visit the booth. He or she would be able to have
more extended conversations with promising candidates, and in
general would be able to accommodate more people. Move around: The
sales manager should not wait passively at his or her table. He or
she needs to gets up and introduce himself/herself. The sales
manager needs to visit other booths, introduce himself/herself
discuss about the types of candidates the other firms are
seeking.
Screening:-After gathering names, the next step is to conduct
the Screening Interview. This is the first interview with the
prospective candidate. The screening consists of the following
activities:-1. Initial Screening2. Competency Based1. Initial
Screening :-The initial screening interview is an interview
conducted with an objective to literally screen the prospective
candidates and determine whether to continue the interview process
or not.2. Competency-Based :The objective of this interview is to
assess the prospective candidate for desired competencies such as
entrepreneurship skills and perseverance.The main objectives of
this stages are to assess how the candidate rates on:
Five Agent Eligibility Criteria:-1. Age2. Annual household
income3. Marital Status4. Education Qualification5. Background
/Experience
Reference Checks:-After the screening interview, the next step
is to perform the reference checks. Two types of reference checks
should be performed at this stage, Professional Reference Check and
Personal Reference Check.
Career Seminar and give project like P40:-Office head discusses
the opportunities of the agent advisors and explains the training
and the compensations offered and give the detail of the company.
At the end of the session, the sales manager distributes the
P40.
Evaluate P40:-The next step is to identify if whether the
prospective candidate will be able to survive in the insurance
business. For this it is essential that the P40 has qualified
prospects.Interview:-Career interview here the office head explains
to the prospective candidate about the opportunities of the career
and motivates his or her to become an Agent Advisor.An Additional
Interview can be conducted if there is a doubt about the
prospective candidate. Besides the Office Head, the Associate
Partner and Training Manager can also be involved in the
interview.
Training and IRDA exam.. MNYL give 16daystraining for agent for
entrance exam that exam conducted by IRDA without given that exam
you cant take the license of insurance sector in that training
trainer gives the knowledge of their different-2 product and tell
what type of document is required for purchasing the insurance
policy for a candidate. After passing the IRDA exam which is on
line exam co. give the separate code for the agent after that agent
can do work. That code is the identity for the agent.
Contract with MNYLAfter passing the IRDA exam MNYL have a
contract with agent. After that co. issue a license for a agent for
a certain period of time after completing that license time you
have to renew that license and co. give that license for three
years. And that license renew fess amount is 250rs.
DEVELPOMENT PROCEES OF MNYL
Definition of Training:- Systematic development of the
knowledge, skills and attitudes required by an individual to
perform adequately a given task or job. Training refers to efforts
that help enhance employee skills for carrying out the present job.
According to Edwin B Flippo, training is the act of increasing
knowledge and skills of an employee for doing a particular job.
Needs for training:-
To improve the current job performance of the employees.
To familiarize employees with the policies and procedures of
theorganization.
To enhance the creativity, adaptability and versatility of the
employeesand tofacilitate learning at the work place.
To prepare employees for future job.
To change the skills, knowledge and attitudes of the employees
on apermanent basis.
To help employees manage their careers.
To maintain knowledgeable work force.
To gain competitive advantage through a knowledgeable work
force.
To promote organizational growth through individual growth.
Areas of Training Company policies and procedures Human
relations training Skill based training Problem solving
training
Training Program done by Max New York LifeTraining is must for
every individual when he enters into the organization. Even though
the candidate has experience he also should get training. Why
because the organization culture, values and beliefs are different
from one organization to other. Thats why the training program
plays a key role in every organization. Training program following
by Max New York Life Insurance is different at various levels.
Mainly in training program the company concentrates on sales
managers, agents, operations executives and telesales.
Training program for sales managers:- The training program
duration is 15 20 days They get training on product knowledge.
Motivating and encouraging Advisors
Training program for Agent Advisors:- The training program
duration is 15 20 days They get training on product knowledge How
to convince the people. Objection HandlingTraining program for
operations executives:- They will get training on customer database
files Taking care of the customer files Well trained in product
information and documentation Renewals will be informed
periodically.
Required skills for employees in Max New York Life Insurance
Interpersonal skills Excellent communication skills Understanding
nature Aggressiveness Convincing skills Ability to motivate others
Interest to learn
FINDINGS
We came to know that people are looking for a trusted co. having
good plans and friendly services. The entrance of private players
will increase the competition and it would be a tough task to
secure a good position in market.
The people think that insurance is a tool to protect their
family & a future investment as well as tax saving device.
People are satisfied with training program.
People say training plays major role in their performance.
EXECUTIVE SUMMARY
In todays 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 attracts me to enter in this sector and MAX NEW YORK LIFE
INSURANCE 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
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 MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc has adequate
agents in the market they can capture big market as compared to the
other companies.Agents are the best way for a company of Insurance
sector through.
RECOMMENDATIONSMax New York Life as an insurance company which
has a very strong presence in India and is rapidly expanding its
operations in India.After working on this project I feel that
following are some of the ways in which the company can improve:
Increase the Awareness of the companyStill the awareness about the
MNYL is less than its competitors like LIC.Bajaj Allianz etc.As
only few percent of the people are secured by the insurance and
still there is a great opportunity to secure the people .For this
the awareness about the company and its product should be increased
among the people that would help them capture a place in their
minds and would help the company in recruiting agent advisors. This
could be done in various ways may be through advertisements in
print media and televisions, hoardings and other campaigns.
Highlighting core strengths and make trustMax New York Life should
try to highlight its products that would make a need be felt to
general people even if they are covered by insurance. In order to
do this they should highlight the core strengths of the company and
its product that would help them getting more Deals as well as
advisors.
RECOMMENDATIONS CONT..
As company is not too old in India but its root are very deep
thus company should highlight this strength and try to make trust
among the people on this basis.Online TrainingAs FCS is as training
program of 16days which is mandatory for all the candidates to
attend to get the IRDA license. But what I feel this is the most
difficult part to retain those candidates to attend the training
program because whole day is required this. Business man,
housewives and all other candidates find difficulty in it. So if
the training is done on line then this problem can be solved. As
they can done their training program along with their work
BIBLIOGRAPHYwww. Maxnewyorklife.comwww.
Irdaindia.orgwww.ibef.orgwww.blogspot.comwww.mapsofindia.comwww.economywatch.comwww.directories-today.comBooks
-IC-33 Life InsuranceKOTHARICR , RESEARCH METHODOLOGY 3rd
Edition