SIP PPT

Project On ‘Recruitment of Insurance Agents’

of

Faculty Mentor: Submitted By:

Mrs. Harman Mangat Harpreet Kaur Brar Roll Number:313

MBA 3rd SEM (Marketing and HR)

Company Profile

A JOINT VENTURE BETWEEN

► State Bank Group, India’s largest and leading bank, with a network of over 16,000 branches and a loyal customer base of over 10 crore

► State Bank is India’s most trusted bank, with a 200 year-old history

► By far the best Brand Equity and brand recall among all banks in India

► BNP Paribas Assurance is the insurance arm of BNP Paribas - Euro Zone’s leading Bank.

► BNP Paribas Assurance operates in 41 countries mainly through the bancassurance and partnership model.

► BNP Paribas Assurance is the fourth-leading life insurer in France and the world leader in creditor insurance.

26%

74%

SBI Life’s Accomplishments

• Ranked No. 1 among private insurance companies

• Reported robust profits of ` 276 Cr.

• Total premium grew by 40% to ` 10,104 Cr.

• Fortune 500 company, ranked 282

• CRISIL reaffirmed its highest financial rating AAA/Stable to SBI life. ICRA assigned iAAA rating indicating highest claims paying ability to SBI Life Insurance

• Retained ISO 9001:2000 certificate for superior claim settlement process.

VISION

To be No. 1 in the private life insurance industry

To be highly profitable

To always maintain sound solvency margins

MISSION

SBI Life Insurance’s mission is to emerge as the leading company offering a

comprehensive range of Life Insurance and pension products at competitive prices, ensuring high standards of customer

service and world class operating efficiency.

IRDA Rankings

Market Share

Product Portfolio

• Unit Linked Products – SBI Life - Horizon II – SBI Life - Unit Plus II – SBI Life - Unit Plus Child Plan – SBI Life - Unit Plus Elite Plan – SBI Life - Smart ULIP – SBI Life - MAHA ANAND

• Pension Products – SBI Life - Horizon II Pension – SBI Life - Unit Plus II Pension – SBI Life - Immediate Annuity

• Pure Protection Products – SBI Life - Swadhan – SBI Life - Shield

• Protection cum Savings Products – SBI Life - Scholar II – SBI Life - Shubh Nivesh

• Money Back Scheme Products – SBI Life - Money Back – SBI Life - Sanjeevan Supreme

Distribution Channel

Channels

Institutional Alliance

Agency

Banca

Corporate Sales

Organizational Structure

ASM

DSM

SalesAM and

UMs

Sale Support

Executives and Associates

Operations

Executives and Associates

Agency Recruitment

• Agency recruitment is all about recruiting financial advisor for

the company. The financial advisor is the person who can guide the people in making proper investments regarding their life insurance. 

Financial Advisor

• Financial advisor is the person who has been issued the government authorized IRDA license which is valid for three years and in those 3 years he/she can tap into an unlimited income and reinvent their life.

• An agent is the representative of an insurance company who sells different policies or product to its clients. Another term used for insurance agents is advisors

• As a Life Advisor a person’s role would go beyond selling policies. His/her role would be to explain life insurance and its benefits to potential customers and help them decide which plan suits them best after analyzing their financial needs.

Advisor Roles

•  Contact prospects

• Study their insurance needs

• Completion of formalities for proposal of new insurance, – Filling of form

– Arranging for Medical Examination

– Collection proofs of age and income

– Any other information required by the underwriters 

Function After Sales:

• Ensure payment of renewal premiums.

• Assist policyholder for nomination / or change thereof

• Assist the policyholder in case he wants to get loan against the policy assignment.

• Assist the policyholder or the claimant to comply with the requirement for getting timely settlement of claims.

Advantages

• Commissions ranging from 8% to 40%

• No startup capital required.

• Flexible working environment.

• Be your own boss.

• Unlimited earning potential.

• Incentives on reaching MDRT 

Ideal Profiles

• Housewives• Income tax consultant• Charted accountant• Sales personnel’s working in :Automobile dealership, Credit card,

Telecom, Mutual fund• Doctors• Teachers• VRS holders • Post office agents• Businessmen

Recruitment ProcessIRN and URN Numbers Generated using online portals.

7 days compulsory Training for the IRDA Exam

Form processed at Head Office then IA code generated (valid for 3 yrs)

Research Design

• TITLE OF THE STUDY: “To Study the Process of recruitment of insurance advisors at

SBI life and preferences and motivations of existing and prospective insurance agents.”

• Research Instrument: Structured Questionnaire

• Research Type: Exploratory Research

• Contact Method: Personal Interview and Telephonic interviews

• Sample size: 150 respondents

• Sampling Units: Prospective and existing insurance advisors

• Sample Technique: Convenience Sampling

Data Interpretation

Questions like:

• What do you think about insurance sector?

• Why would you decide/decided to do this business?

• How much time can you spare for this business opportunity?

•What skill do you have which you consider will be an asset at SBI LIFE?

•Your expected monthly income from part time business?

What do you think about Insurance sector?

Laborious & Lucrative

Laborious but not Rewarding

Easy & Rewarding

Easy but not Rewarding

No Idea

0 10 20 30 40 50 60 70 80

70

14

42

6

18

Perception Number Of respondents   

Laborious & Lucrative 70

Laborious but not Rewarding 14

Easy & Rewarding 42

Easy but not Rewarding 6

No Idea 18

Total 150

Why would you like to do this business?

8%21%

28%17%

25%

Very low investment Low risk & high returnFlexible working hours Support and guidanceBrand name

Selection No. Of Respondents

Very low investment 12

Low risk & high return 32

Flexible working hours 42

Support and guidance 26

Brand name 38

Total 150

Time Commitment

Few Hours daily Weekends and holidays no specific time commitment

5272

26

Series1

Time Number of Respondents

Few Hours daily 52

Weekends and holidays 72

no specific time commitment 26

Total 150

Income Expected

4%

36%

60%

Less than 50005,000 to 10,000More than 10,000

Expected Income No. of respondents

Less than 5000 6

5,000 to 10,000 54

More than 10,000 90

Total 150

Motivation

41%

11%

28%

20%

Diargam 5.11

To earn more money

Dislike office jobs

Be your own boss

To meet people

Motivation No. of respondents

To earn more money 62

Dislike office jobs 16

Be your own boss 42

To meet people 30

Total 150

Suggestions

• Teams having people from different backgrounds

• Recruit people from ideal profiles as they have experience in selling and interacting with lots of clients.

• In the business opportunity presentation the managers should focus on points like ‘flexible working hours’ and ‘be your own boss’ as advantages for the prospective IAs.

• Main motivator is opportunity to earn more money and also the expected monthly income of 60% respondents is more than 10,000 thus in order to motivate IAs more and more monetary incentives should be given. 

• For 25% of the respondents the criteria for selecting this business would be a reputed brand name of SBI, this shows that in a market having huge competition from various brand people have lot of believe in the brand name of SBI thus the company should leverage this big advantage they have over their competitors.

 • There should me more emphasis on the skill development and

motivation of the IAs from their respective unit managers

THANK YOU