Bharti Axa Lif Insurance

60
INDUSTRIAL TRAINING PROJECT REPORT UNDER TAKEN @ ON DYNAMIC OF AGENCY RECRUITMENT (Bharti AXA Life Insurance) Prepared by: MBA - 3 rd SEM. Roll no. 8 Seat no. Name of the Institution

Transcript of Bharti Axa Lif Insurance

Page 1: Bharti Axa Lif Insurance

INDUSTRIAL TRAINING PROJECT REPORT UNDER TAKEN

@

ON

DYNAMIC OF AGENCY RECRUITMENT (Bharti AXA Life Insurance)

Prepared by:

MBA - 3rd SEM.

Roll no. 8 Seat no.

Name of the Institution

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DECLARATION

I Undersigned the student of MBA – 3rd

SEM by declare that the project

report is my own work and has carried out under the guidance and

supervision of Prof. ABHAY RAJA and other Prof. of T.N.Rao College,

RAJKOT. Further I declare that it has not been submitted to any other

university of examination.

Date: Sign. Of Student

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PREFACE

In this age of neck to neck competition, there is much importance given

to practical knowledge. The theorical knowledge is not sufficient to

understand the boundless field of business management.

Today every person wants to be a master in the field they are in. The

practical training is a life of management student. In modern world the

importance of management is increasing day by day. Industrial training

provide a student sufficient knowledge to develop an education to

connect theory and practical.

So to fulfill our purpose I have done training at “BHARTI AXA LIFE

INSURANCE”

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ACKNOWLEDGEMENT

It is my great pleasure to present this report before you. I sincerely would

like to show my gratitude towards all those persons who have helped me

throughout my project work

I am heartily thankful to Mr. Samson Pinto, Company guide, Bharti

Axa Life lnsurance Ltd., Ahmedabad for giving me his valuable

guidance for preparing this report. He has been an exceptional mentor

during these two months of SIP. It has been a great learning experience of

being a trainee under him.

I would like to express my special thanks to all the another official who

has helped me a lot during this SIP. Their critical advices helped me to

make this report more effective.

Moreover, I thanks to prof. ABHAY RAJA who guided me before and

after the industrial training. He gave me great support to prepare this

project, too. And all who directly or indirectly helped me in preparing

this report.

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INDEX

1. Sector‟s Profile

2. Company Profile

3. Executive Training

4. Introduction to IRDA ACT

5. Introduction Insurance Advisor

6. Executive Task Assigned & Achieved

7. Methodology

8. Analysis of performance v/s Target

9. SWOT Analysis

10. Suggestion

11. Limitation

12. Questionnaire

13. Conclusion

14. Bibliography

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Sector’s

Profile

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INDEX

i. Introduction Insurance Sector

ii. Brief History

iii. Insurance Sector in India

iv. Scenario Insurance Industry in India

v. Contribution to GDP

vi. Status of Insurance Industry

vii. Insurance Sector Before Privatization

viii. Insurance Sector After Privatization

ix. Future of Insurance Sector

x. Life Insurance

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INTRODUCTION TO INSURANCE SECTOR

In India, the concept of insurance was never given a serious thought, as compared to

other countries. Life insurance premium to Gross Domestic Product (GDP) ratio is a

mere 1.4% as compared to a healthier rate of 8% amongst other developing countries.

The reason being lack of awareness and opportunities combined with poor state of

services provided.

Presently in India, the insurance sector is nationalized; Life Insurance Corporation of

India (LIC) and General Insurance Company (GIC) render services along with its 4

subsidiaries. While LIC provides life insurance, GIC is concerned with non life

insurance like - motor, marine, fire, health and personal accident insurance.

LIC has been one of the pioneering organizations in India, which ushered in the use of

information technology in their business on a very large scale to deliver more value

and satisfaction to the policyholders. LIC has fully computerized most of its branches

all over India. Metropolitan Area Network (MAN) has enabled policyholders to pay

premiums or to get their status report, surrender value quotation and loan quotation

online. The Zonal Offices and MAN centers are connected through a Wide Area

Network (WAN). Interactive Voice Response Systems have been made functional in a

number of centers all over the country.

The insurance industry in our country is on the threshold of a new era of rapid

expansion. A more competitive environment is expected to emerge with new private

participants being allowed to enter the insurance industry. The need for private sector

participation in this sector is justified on the basis of enhancing the efficiency of

operations, achieving a greater density and penetration of life insurance in the country

and for a greater mobilization of long-term savings for long gestation infrastructure

projects. In the wake of emerging competition, LIC, with its more than four decades

of experience and wide reach, is equipped to face the challenges emanating from the

entry of new players. Insurance is a federal subject in India. The primary legislation

that deals with insurance business in India is:

Insurance Act, 1938, Insurance Regulatory & Development Authority Act,

Composition of Authority under IRDA Act, 1999

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BRIEF HISTORY

The origin of insurance is very old .The time when we were not even born; man has

sought some sort of protection from the unpredictable calamities of the nature. The

basic urge in man to secure himself against any form of risk and uncertainty led to the

origin of insurance.

The insurance came to India from UK; with the establishment of the Oriental Life

insurance Corporation in 1818.The Indian life insurance company act 1912 was the

first statutory body that started to regulate the life insurance business in India. By

1956 about 154 Indian, 16 foreign and 75 provident firms were been established in

India. Then the central government took over these companies and as a result the LIC

was formed. Since then LIC has worked towards spreading life insurance and building

a wide network across the length and the breath of the country. After the liberalization

the entrance of foreign players has added to the competition in the market.

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INSURANCE SECTOR IN INDIA

The insurance sector in India has witnessed almost a 360-degree turn over a period of

almost two centuries. It has come a full circle from being an open competitive market

to nationalization and back to a liberalized market again.

DEVELOPMENT OF INSURANCE IN INDIA

The business of life insurance in India started in the year 1818 with the establishment

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

milestones in the life insurance business in India are:

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 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.

Despite all these the insurance market is currently underdeveloped in India. This is

mainly because of the following reasons.

The large-scale of operations, public sector bureaucracies and cumbersome

procedures.

The highest paid employees of the nationalized insurance companies are

characterized by abysmal productivity, utter ignorance of the basic principles of

the insurance business, endemic corruption, gross indiscipline and sheer

laziness.

Dominating the inevitably weak management of the nationalized insurance

companies, the militant and strongly unionized employees of the nationalized

monopoly insurance companies have transformed Indian insurance from

volume-driven into class-based business.

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SCENARIO OF INSURANCE INDUSTRY IN INDIA

India with its large population does provide an immense potential for the insurance

industry to flourish. Below given are some of the statistics pertaining to Indian

insurance Industry.

INDIA AT A GLANCE:

Population: 1 Billion

Economy: 5th largest in the world in terms of Purchasing

Power Parity (PPP)

GDP growth Rate: Over 6% per year on an average for the

last decade

Savings Rate: Around 26% of GDP

Estimated middle class population: 300 Million

Insured population: 70 million only

Estimated business (2008): $6.6 Billion

This characteristic of their business makes insurance companies the biggest

investors in long-gestation infrastructure development projects in all developed and

aspiring nations.

The insurance sector in India has come up a full circle from being an open

competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn

witnessed over a period of almost two centuries.

By any yardstick, India, with about 200 million middle class households, presents a

huge untapped potential for players in the insurance industry. Saturation of markets

in many developed economies has made the Indian market even more attractive for

global insurance majors. The following table reflects the low percentage and per

capita penetration of insurance in India compared to other developed and

developing countries. With the per capita income in India expected to grow at over

6% for the next 10 years and with improvement in awareness levels, the demand for

insurance is expected to grow at an attractive rate in India.

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CONTRIBUTION TO GDP

Insurance sector‟s contribution to GDP of different countries are as follow:,

Status of Indian Insurance Sector

The insurance industry in India is estimated to be of US $ 66-70 million & is

expected to grow to US $ 377 million by 2005. With the opening of this sector it

was felt that LIC would lose its hold on the Indian market. But LIC still

continues to dominate the market with its strong 800,000 task force. Its

incremental market where is 97% & is growing at a pace of 13%. In fact, some

of its agents are the members of MDRT (Million Dollar Round Table). The

growth of LIC can also be attributed to its presence in the US, UK where it

functions as a corporate agent. Amongst private life insurers ICICI Prudential

topped the list & in non-life insurers TATA-AIG has emerged stronger followed

by Reliance General.

Insurance in India before 2000 meant only LIC (Life Insurance Corporation) &

GIC (General Insurance Corporation). These two players signified the entire

insurance sector in India. No doubt they were an amalgamation of as many as

351 private insurance companies i.e. LIC was formed by nationalizing 245

private insurance firms in 1956 & GIC by nationalizing 106 firms in 1970.

Countries Contribution to GDP

(Premium as % of GDP) UK 12.71

Japan 8.70

US 4,48

South Africa 14.04

Australia 6.04

South Korea 9.89

India 1.77

China 1.12

Malaysia 2.13

Indonesia 0.54

Brazil 0.36

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INSURANCE SECTOR BEFORE PRIVATIZATION

The Indian Insurance sector before privatization was based on the following factors:

Simple products.

Lower penetration & more direct business due to lack of intermediaries.

Though the domestic savings in India is 25% only 5 per cent of it is insured. The

Gross Insurance Premium in India is as low as 0.3% compared to Japan which is

31%, European Union =25%, Canada = 1.3%. Which is 51st in the world?

But with the Vajpayee government coming to power in 2000 for a brief period,

the way for privatization of insurance sector was paved. & lobe hold, now we

have as many as 26 private players in this field i.e. 13 life-insurers & 13 non-life

insurers. The reinsures function under the umbrella of GIC & are required to

reinsure 30% of their business with it. GIC has allowed Indian exporters to

secure liability insurance from outside the country, which has facilitated its

entry into SAARC.

In various segments of Indian Insurance industry, health care presents a huge

potential. The total expenditure on health in India is 6 per cent of the GDP. The

government spending is less than 25% compared to 30-40% of developed

countries. The health insurance industry in India can be valued at more than

90,000 core rupees. This means that in a population of 1 billion only 2340

million people are insured. It is estimated that this number will grow to 650

million by 2005.

The opening up of this sector has led to heightened activity. To increase

penetration both national & private players are now using conventional means.

However, both the private & national players are reluctant to actively participate

in the motor insurance segment, as the losses in this sector are more than 100%.

Moreover the motor insurance premium is as low as 2.5 per cent of the vehicle

cost compared to international standard of 6 per cent.

The privatization of insurance sector in India has encouraged the government to

go in for more such moves. The track record of LIC has shown that even

national players can function in a competitive environment & still dominate the

market.

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Why Private Insurance companies came to India?

In India, the laws & practices have changed significantly, since the 1950‟s. The

amendments made in 1952, to the Insurance Act, 1938, did away with the system of

Principal agents, Special agents & chief agents, who were till then permitted to

procure proposals from the market for insurance companies. Restrictions were also

imposed on managing agencies, as well as on the nature of remunerations that could

be paid to agents.

As at the end of 1998, only the following organizations were transacting life insurance

business in India.

Life Insurance Corporation of India (L.I.C.)

Postal Life Insurance (P.L.I)

All others who were transacting life insurance business in India were prevented from

doing so by the Nationalization Act of 1956, & all their business was taken over by

the L.I.C. It is expected that there could be significant changes in the following years;

if & when new rules are enacted, enabling more private companies to transact life

insurance business in India. LIC came into being on 1st September, 1956 as a result of

the nationalization of life insurance business. It transacts business throughout India &

also in the U.K., Mauritius, Fiji & Bahrain.

LIC of India was the only player in the market from 1956 & even after 40 years of

existence it was not possible for them to cover all the population for life insurance.

They were hardly able to cover 10-15% of the population even after having so many

branches & employees. So for covering each & every individual under insurance,

government allowed private players to get into this business in 1999.

LIC came into being on 1st September, 1956 as a result of the nationalization of

life insurance business.

LIC was hardly able to cover 10-15% of the population even after its 40 years

of existence in market

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Now in all there are 17 players in Life insurance business including LIC & they are

1. Bajaj Allianz Life Insurance Co. Ltd.

2. Birla Sun Life Insurance Co. Ltd. (BSLI)

3. HDFC Standard Life Insurance Co. Ltd. (HDFC STD LIFE)

4. ICICI Prudential Life Insurance Co. Ltd. (ICICI PRU)

5. ING Vysya Life Insurance Co. Ltd. (ING VYSYA)

6. Max New York Life Insurance Co. Ltd. (MNYL)

7. MetLife India Insurance Co. Pvt. Ltd. (METLIFE)

8. Kotak Mahindra Old Mutual Life Insurance Co. Ltd.

9. SBI Life Insurance Co. Ltd. (SBI LIFE)

10. TATA AIG Life Insurance Co. Ltd. (TATA AIG)

11. Reliance Life Insurance Company Ltd.

12. Aviva Life Insurance Co. Pvt. Ltd. (AVIVA)

13. Sahara India Life Insurance Co. Ltd. (SAHARA LIFE)

14. Shriram Life Insurance Co. Ltd (SHRIRAM LIFE)

15. Bharti AXA Life Insurance Co. Ltd. (BHARTI AXA)

16. Future General India Life Insurance Co. Ltd.

17. IDBI Fortis Life Insurance Company

What were these private players supposed to do?

All these private players were focusing on two things:

Geographical Expansion

Capacity Building

Geographical Expansion :

First of all the private players were concentration on the reach. They opened number

of branches in the country so that they can compete with the insurance giant LIC.

Because insurance is such a cake, more the persons

Capacity Building:

In service sector when we are talking about capacity building we are not talking about

procuring sophisticated equipments /machines but about manpower. So in insurance

sector the capacity building i.e. recruiting personnel is done in two ways: a)

Recruiting employees i.e. Sales Manager /Sales officer b) Recruiting Life Insurance

Advisors.

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Insurance Industry After Privatization

Reforms have marked the entry of many of the global insurance majors into the Indian

market in the form of joint ventures with Indian companies, which have responded to

the competition in an admirable fashion by launching new products and improving

service standards. In India there are 17 players in insurance sector. One is LIC and

others are as below:

Date of Reg.

Name of the company

1 23.10.2000 HDFC Standard Life Insurance Company Ltd.

2 15.11.2000 Max New York Life Insurance Co. Ltd.

3 24.11.2000 ICICI Prudential Life Insurance Company Ltd.

4 10.01.2001 Kotak Mahindra Old Mutual Life Insurance Ltd.

5 31.01.2001 Birla Sun Life Insurance Company Ltd.

6 23.10.2001 Reliance Life Insurance Company Ltd.

7 30.03.2001 Tata AIG Life Insurance Company Ltd.

8 02.08.2001 ING Vysya Life Insurance Company Ltd.

9 03.08.2001 Bajaj Allianz Life Insurance Company Ltd.

10 06.08.2001 Metlife India Insurance Company Pvt. Ltd.

11 14.05.2002 Aviva Life Insurance Co. India Pvt. Ltd.

12 06.02.2004 Sahara India Insurance Company Ltd.

13 30.07.2006 Bharti AXA Life Insurance Co. Ltd.

14 3.01.2002 Shriram Life Insurance Co. Ltd

15 4.09.2007 Future General India Life Insurance Co. Ltd.

16 30.03.2001 SBI Life Insurance Company Ltd

17 19.12.2007 IDBI Fortis Life Insurance Company

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MARKET SHARE OF LIFE INSURANCE PREMIUM

COLLECTION

Sr.No. Company Name 2006-07 2007-08

1 HDFC Standard Life Insurance Company Ltd 1220 2201

2 Max New York Life Insurance Co. Ltd. 752 1280

3 ICICI Prudential Life Insurance Company Ltd. 3925 6643

4 Kotak Mahindra Old Mutual Life Insurance Ltd 499 943

5 Birla Sun Life Insurance Company Ltd. 699 1708

6 Reliance Life Insurance Company Ltd 689 1820

7 Tata AIG Life Insurance Company Ltd. 518 788

8 ING Vysya Life Insurance Company Private Ltd. 418 656

9 Bajaj Allianz Life Insurance Company Ltd. 3027 5568

10 Aviva Life Insurance Co. India Pvt. Ltd 656 980

11 Sahara India Insurance company Ltd 19 71

12 Bharti Axa Life insurance 8 105

13 Shriram Life Insurance Co. Ltd 87 124

14 SBI Life insurance 1198 2531

15 Met life insurance 302 764

16 Future Generali 00 0.41

17 IDBI Fortis Life 00 4.36

18 LIC 23899 23583

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Graphical Presentation of this data is as below;

Market Sherefor primium Collaction of

Insu.Co.2006-07

3% 2%

10% 1%

2%

2%

1%

1%

8%

2%0%0%0%

3%

1%0%0%

63%

HDFC Standard Life Insurance

Company LtdMax New York Life Insurance

Co. Ltd.ICICI Prudential Life Insurance

Company Ltd.Kotak Mahindra Old Mutual

Life Insurance LtdBirla Sun Life Insurance

Company Ltd.Reliance Life Insurance

Company LtdTata AIG Life Insurance

Company Ltd.ING Vysya Life Insurance

Company PrivateLtd.Bajaj Allianz Life Insurance

Company Ltd.Aviva Life Insurance Co. India

Pvt. LtdSahara India Insurance

company LtdBharti Axa Life insurance

Shriram Life Insurance Co. Ltd

(SHRIRAM LIFE)SBI Life insurance

Met life insurance

Future Generali

IDBI Fortis Life

LIC

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Market Shere for Primium collaction

of Insu.Co.in 2007-08

4% 3%

13%

2%

3%

4%

2%

1%

11%

2%

0%

0%

0%

5%

2%

0%

0%

47%

HDFC Standard Life Insurance

Company LtdMax New York Life Insurance Co.

Ltd.ICICI Prudential Life Insurance

Company Ltd.Kotak Mahindra Old Mutual Life

Insurance LtdBirla Sun Life Insurance Company

Ltd.Reliance Life Insurance Company

LtdTata AIG Life Insurance Company

Ltd.ING Vysya Life Insurance

Company PrivateLtd.Bajaj Allianz Life Insurance

Company Ltd.Aviva Life Insurance Co. India Pvt.

LtdSahara India Insurance company

LtdBharti Axa Life insurance

Shriram Life Insurance Co. Ltd

(SHRIRAM LIFE)SBI Life insurance

Met life insurance

Future Generali

IDBI Fortis Life

LIC

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FUTURE OF INSURANCE SECTOR

Job opportunities are likely to increase manifold. The number of people working

in the insurance sector in India is roughly the same as in the UK with a population

that is 1/7 India‟s; the US with a population ¼ the size of India has nearly 4 times

the number. In the emerging markets, the picture is no less encouraging. In South

Korea, the number of full time employees more than doubled over a ten-year

period. Thailand added 50 per cent more jobs in four years.

The liberalization of the insurance sector promises several new jobs opportunities

for those employed in the finance sector that are equipped with degrees in finance.

Finance professionals who had witnessed a slump in the job market would be

much-relieved lot to hear about the privatization of the insurance sector.

There could be a huge inflow of funds into the country. Given the industry‟s huge

requirement of start-up capital, the initial years after opening up are bound to see a

strong inflow of foreign capital. Moreover, given that the breakeven, typically,

come much later than in the case of other sectors, odds are those first remittances

of dividend will not happen before a good 10-15 years.

Apart from pure re-insurance activities, which is providing insurance protection, a

revolution will come in service related fields like training, seminars, workshop,

know how transfer regarding risk assessment & rating, risk inspection, risk

management & devising new policy cover, etc. also, with more player in market,

there will be significant increase in advertising, brand building, & keep pricing not

ridiculous pricing & this will whole lot of ancillary industries.

Substantial shift in the distribution of insurance in India is likely to take place.

Many of these changes will echo international trends. Worldwide, insurance

product move along a continuum from pure service products to pure commodity

products. Initially, insurance is seen as a complex product with high advice &

service component. Buyers prefer a face-to-face interaction & place a high

premium on brand names & reliability.

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As product become simple & awareness increases, they become off-the-shelf,

commodity products. Seller move to remote channels such as the telephone or

direct mail. Various intermediaries, not necessarily insurance companies, sell

insurance. In UK for example retailer Marks & Spencer now sell insurance

products. In some countries like Netherlands & Japan, insurance is marketed using

post office‟s distribution channels. At this point, buyers look for low price. Brand

loyalty could shift from the insurer to the seller.

In other markets, notably Europe, this has resulted in banc assurance: banks

entering the insurance business. The Netherlands led with financial services firms

providing an entire range of products including bank accounts, motor, home & life

insurance, & pensions. Other European markets have followed suit. In France over

half of all life insurance sales are made through banks. In the UK, almost 95% of

banks & building societies are distributing insurance products today.

In India too, banks hope to maximize expensive existing networks by selling a

range of products. Various seminars & conferences on banc assurance are taking

place & many bankers have clearly shown their inclination to enter insurance

market by leveraging their strengths in the areas of areas of brand image,

distribution network, & face to face contact with the clients & telemarketing

coupled with advanced information technology systems. The

Mergers of Citibank with Travelers in USA & of Winterthur, the largest Swiss Co.

with Credit Suisse are recent examples of the phenomenon likely to sweep India

too.

Insurers in India should also explore distribution through non-financial

organizations. For example, insurance for consumer items such as refrigerators

can be offered at the point of sale. This piggybank on an existing distribution

channel & increases the likelihood of insurance sales. Alliances with

manufacturers of retailers of consumer goods will be possible. With increasing

competition, they are wooing customers with various incentives, of which

insurance can be one.

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Another potential channel that reduces the need for an owned distribution network

is worksite marketing. Insurers will be able to market pensions, health insurance

& even other general covers through employers to their employees. These

products may be purchased by the employer or simply marketed at the workplace

with the employer‟s co-operation.

The major elements that will be Critical in shaping the future of the insurance

market can be broadly outlined as:

Distribution

Competition

Building Trust & Customer Confidence

Product innovation

Health Insurance

Training & Education

Information Technology

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LIFE INSURANCE

A small, happy family – husband, wife and two cute kids. One bread winner and four

mouth to be fed. Things are doing well, BUT.... What next if something goes wrong

with bread winner?????? Life insurance is a contract payment of some money to the

person assured on the happening of the event issued against. Usually the specified

date at periodic intervals or on unfortunate death, if any occurs earlier.

The Head or the breadwinner of the family generally supports the family for

their basic needs, such as, food, clothing & shelter, by bringing income at a regular

interval. So long as he or she lives & the income is received steadily, the family is

secure; but untimely death or disability of that person puts the family in a very

difficult situation, and sometimes in stark poverty. Uncertainty of death is inherent in

human life.

It is the uncertainty that is the risk, which gives rise to the necessity for some

form of protection against the financial loss arising from death. Insurance substitutes

this uncertainty by certainty.

The primary purpose of Life Insurance is the protection of the family.

Insurance in its various forms protects against such misfortunes by having the losses

of the unfortunate few paid by the contribution of the many that are exposed to the

same risk. This is the essence of insurance- the sharing of losses and substitution of

certainty for uncertainty.

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HISTORY LIFE INSURANCE

Almost 4,500 years ago, in the ancient land of Babylonia, traders used to bear

risk of the caravan trade by giving loans that had to be later repaid with interest

when the goods arrived safely. In 2100 BC, the Code of Hammurabi granted legal

status to the practice. That, perhaps, was how insurance made its beginning.

Life insurance had its origins in ancient Rome, where citizens formed burial clubs

that would meet the funeral expenses of its members as well as help survivors by

making some payments.

The first ….

Insurance as we know it today owes its existence to 17th century England. In

fact, it began taking shape in 1688 at a rather interesting place called Lloyd's

Coffee House in London, where merchants, ship-owners and underwriters met

to discuss and transact business. By the end of the 18th century, Lloyd's had

brewed enough business to become one of the first modern insurance

companies.

Insurance and Myth...

Back to the 17th century, in 1693, astronomer Edmond Halley constructed the

first mortality table to provide a link between the life insurance premium and

the average life spans based on statistical laws of mortality and compound

interest. In 1756, Joseph Dodson reworked the table, linking premium rate to

age

The first stock companies to get into the business of insurance were chartered

in England in 1720. The year 1735 saw the birth of the first insurance

company in the American colonies in Charleston, SC.

In 1759, the Presbyterian Synod of Philadelphia sponsored the first life

insurance corporation in America for the benefit of ministers and their

dependents.

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However, it was after 1840 that life insurance really took off in a big way. The

trigger: reducing opposition from religious groups.

The growing years...

The 19th century saw huge developments in the field of insurance, with newer

products being devised to meet the growing Needs of urbanization and

industrialization.

In 1835, the infamous New York fire drew people's attention to the need to

provide for sudden and large losses. Two years later, Massachusetts became

the first state to require companies by law to maintain such reserves. The great

Chicago fire of 1871 further emphasized how fires can cause huge losses in

densely populated modern cities. The practice of reinsurance, wherein the

risks are spread among several companies, was devised specifically for such

situations.

There were more offshoots of the process of industrialization. In 1897, the

British government passed the Workmen's Compensation Act, which made it

mandatory for a company to insure its employees against industrial accidents.

With the advent of the automobile, public liability insurance, this first made its

appearance in the 1880s, gained importance and acceptance.

In the 19th century, many societies were founded to insure the life and health

of their members, while fraternal orders provided low-cost, members-only

insurance.

Even today, such fraternal orders continue to provide insurance coverage to

members as do most labour organizations. Many employers sponsor group

insurance policies for their employees, providing not just life insurance, but

sickness and accident benefits and old-age pensions. Employees contribute a

certain percentage of the premium for these policies.

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WHY LIFE INSURANCE?

In this entire world, people live and people die. No one is immortal. Everybody

who borne has to die, it is the rule. We all know it, but human beings do not think

much about it, infect we do not want to think about it. Everyone in the world is

very optimistic about his life. No one knows when he/she is going to die and

fortunately it is right also. We all know our Date-of-birth, but we don‟t know our

date-of –Death. Here the man is very possessive about his life and wants to live

more and more in what so ever condition is. He wants to live till ripe old age. He

wants to do very last for his parents and watch his children stand on their feet.

But, what if fate cuts life shorts? Who would pay for his children‟s education,

their marriage? Ensures life continuity for them? What if sudden disability or

illness puts us out of action? Who would pay the mounting household bills? Have

we ever thought of it? If these adversities occur, are we equipped to face the

situation?

Let us look at the entire concept from a different way. During our life time we are

supposed to deal with three probabilities and two priorities as shown next page:

Dying too soon Living Death Living too long

FIGURE 1.1 Priorities and Probabilities of a Human Life

Wealth

Creation

Children’s

Education

And Marriage

Page 27: Bharti Axa Lif Insurance

As shown in the figure a person has got three probabilities – Dying too soon,

Living death and Living too long – and two probabilities – Children‟s Education

and Marriage and Wealth Creation. We look in to each of them one after another.

Dying Too Soon:

As just discussed above that everybody KNOWS about it but NO one FEELS about it.

We all know about uncertainty of our life but we still are so optimistic about it. Today‟s

stressful and hectic life style increases its uncertainty. It is found that only 3 out of 4

people reach age of 60* and we always consider ourselves among rest of the 3. A

person‟s family will need his/her income to maintain the same lifestyle.

Don’t we want them to be happy, not only as long as WE live but as long as THEY live?

* Statistical Survey of India

Living Death:

Page 28: Bharti Axa Lif Insurance

6 out of 10 people suffer a life-threatening illness before they reach the age of 60.

Critical illness or disability can

shatter your dreams for your loved

ones. Not only you suffer but you

also have to watch your family

suffer. When unfortunate event

occurs, your income should not

stop.

Your Children’s Bright Future:

Don‟t we know that education and marriage require a lot of money?

There are certain times in a person‟s life when he/she would want his love to be

available to his/her children in form of hard cash.

]

This is one area where you don‟t want to compromise, isn‟t it? You are the source of

your children‟s happiness-protect it!

Page 29: Bharti Axa Lif Insurance

Wealth Creation:

Don’t you want a house of your own? A comfortable bank balance?

All of life‟s comforts, be it a car or a vacation

Life Insurance” – “Jeene Ki Azaadi”

Page 30: Bharti Axa Lif Insurance

To answer these questions, we have to plan prior for the uncertainties of our life and

the planning will result in the answer.

In short we can say that the total service package of life insurance is as in above

diagram.

Peace of

Mind

Office

Service

Pre and

Post Sales

Service

Liquidity Safety

Return

Forced

Savings

Tax

Benefits

Risk-

Cover

CORE

Page 31: Bharti Axa Lif Insurance

Company

Profile

Page 32: Bharti Axa Lif Insurance

What Is Bharti Axa?

Bharti Axa Life Insurance is collaboration between Bharti Enterprises and AXA

Group.

Bharti AXA Life Insurance is a joint venture between Bharti, one of India‟s leading

business groups with interests in telecom, agri business and retail, and AXA, world

leader in financial protection and wealth management. The joint venture company has

a 74% stake from Bharti and 26% stake of AXA.

The company launched national operations in December 2006. Today, we have over

5200 employees across over 12 states in the country. Our business philosophy is built

around the promise of making people "Life Confident".

VALUE AND VISION

Vision and Values of Bharti Axa Life Insurance is as follow:

Vision

To be a leader and the preferred company for financial protection and wealth

management in India.

Values

Professionalism

Innovation

Team Spirit

Pragmatism

Integrity

Page 33: Bharti Axa Lif Insurance

About the Promoters

Bharti Enterprises

It is one of India‟s leading business groups with interests in telecom, agri. business,

insurance and retail. Bharti has been a pioneering force in the telecom sector with

many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is

one of India‟s leading private sector providers of telecommunications services with an

aggregate of 60 million customers, spanning mobile, fixed line, broadband and

enterprise services. Bharti Airtel was ranked amongst the best performing companies

in the world in the Business Week IT 100 list 2007. Bharti Teletech is the country‟s

largest manufacturer and exporter of telephone terminals. Bharti has a joint venture

with ELRO Holdings India Ltd. – „FieldFresh Foods Pvt. Ltd‟ - for global distribution

of fresh fruits and vegetables. Bharti also has a joint venture - „Bharti AXA Life

Insurance Company Ltd.‟ - with AXA, world leader in financial protection and wealth

management

AXA

AXA Group is a worldwide leader in Financial Protection. AXA's operations are

diverse geographically, with major operations in Western Europe, North America and

the Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of

December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion,

IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted

earnings to Euro 5,140 million.

AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock

exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SA‟s

life insurance and wealth management businesses in the Asia-Pacific region. It has

operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines,

Thailand, China, India and Malaysia. AXA APH had A$106.4 billion in total funds

under management and administration at 30 June 2007 and reported profit after tax

before non-recurring items of A$374.0 million for the six months ended 30 June 2007

Page 34: Bharti Axa Lif Insurance

Distribution

Bharti AXA has one of the largest distribution networks amongst private life insurers

in India. As of March 31, 2007 the company has over 934 offices across the country

and over 10,016 advisors. Distribution strategy of Bharti AXA is as follow:

Distribution Strategy of Bharti AXA

Tied Agency Bancassurance & Alliances

Bancassurance

Corporate

Agency/Brokers

Direct Marketing

Agency Force

20%

10%

70%

Page 35: Bharti Axa Lif Insurance

PRODUCT LINE

Bharati AXA Life Insurance Co. Ltd., Product Line is as follow:

Pure Protection Protection, Saving

&Wealth Creation

Wealth

Creation and

Protection

Traditional Secure Confident Save Confident

ULIP Future Confident Wealth

Confident

Future Confident ll Invest

Confident

Aspire Life Dream Life

Pension

Structure of sales department

Bharati AXA Life Insurance Company Ltd.‟s sales department structure is as follow;

Regional Manager

Branch Sales Manager

Territory Manager

Sales Manager

Asst. Sales Manager

Senior Manager

Unit Manager

Advisors

Page 36: Bharti Axa Lif Insurance

Corporate structure.

..

CORPORATE STRUCTURE

TIED

AGENCY ALTERNATE

DISTRIBUTION

VICE PRESIDENT COURNTRY HEAD

ASSI SALES

MANGER

BANCASSURNCE CORPORATE

AGENCY

SALES

MANAGER

REGIONAL MANAGER

BRANCH SALES

MANAGER

SALES

MANAGER

FINANCIAL SERVICE TEAM

LEADER

TRAINESS CUSTOMER

SERVICE

REPRESENT

UNIT

MANAGER

RELATIONSHIP

MANAGER

Page 37: Bharti Axa Lif Insurance

Executive

Training (DYNAMICS OF AGENCY RECRUITMENT)

Page 38: Bharti Axa Lif Insurance

Meaning of 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………………

Now the question comes is that “ how can he/she be the advisor of the

company” ???????

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.

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.

Hence, life insurance offers one with an opportunity for:

An exciting / challenging career.

Flexible work hours.

Unlimited income.

Regular income for years till the policies sold by one is in force.

Page 39: Bharti Axa Lif Insurance

SUPPORT AND BENEFITS

As a Life Advisor with Bharti Axa Life Insurance one would enjoy the following

benefits:

1.Enriching training program: An intensive training program before one commences

his/her new career. This would equip one with all the information and knowledge

about life insurance, its benefits and our products. This would help one to perform

his/her job better and meet his/her goals. One would also enjoy the benefits of

continuous training and mentoring programs that are designed to update one, apart

from enhancing one‟s selling skills

2.Mentoring: Training and support from the Company to meet one‟s goals.

Opportunity to learn from industry professionals.

3. Flexibility: Decide one‟s own working hours and earning goals.

4. Satisfaction: One will help people manage their assets and plan their financial

security, and experience deep satisfaction from making a positive difference in others

lives. One acts as a strategist in annuities, business insurance, estate planning and

personal investment, providing both short and long term solutions to financial risks.

5. Freedom:Continue with your present job occupation if you so desire and treat this

as a parallel source of income. This allows you time to decide if you want to take the

job of a Life Advisor as a full time activity.

6. Earnings Entitlement to a percentage of the premium as commission till the time

the policies sold by you are in force.

7. Attractive additional benefits for high-performers: Palmtops, Planners, Leather

portfolio bags, Offsite conferences, Foreign trips and Sales promotional schemes.

Page 40: Bharti Axa Lif Insurance

Learning From the Executive Training

Provides an opportunity to apply the concepts learn t in real –life situations.

It sensitizes us about nuances of work place by the time-bound projects assigned

by the company.

It creates awareness about the strengths & weaknesses in the work environment

It provides a platform to develop a network while OJT (On-the-job-Training),

which would be useful in enhancing career prospectus.

Know the day-to-day functions of the company.

It provides a unique opportunity to get exposed to corporate culture, professional

experience & professional behavior & putting the theoretical concepts learnt in the

classroom for developing managerial skills.

To gain a deeper understanding of the work culture, deadlines, pressure etc. of an

organization.

It gives a flavor of teamwork, organization culture, team dynamics, result

orientation, organizational pressures, complexities in achieving the desired results

etc.

It provides direct exposure to the execution & support functions of the

departments.

It provides a good scope for developing necessary managerial skills &

positiveattitude

Page 41: Bharti Axa Lif Insurance

Introduction to

IRDA Act

Page 42: Bharti Axa Lif Insurance

Mission:

“To protect the interests of the policyholders, to regulate, promote & ensure orderly

growth of the insurance industry & for matters connected therewith or incidental

thereto.”

After liberalization of the insurance sector in 1999, private players have entered both

life & non-life business in India. The Insurance Regulatory & Development Authority

(IRDA) was constituted in April 2000, as an autonomous body to regulate & develop

the business of insurance & reinsurance in the country in terms of the IRDA Act

1999.

Duties, Powers & Functions Of IRDA :

Licensing & regulating the insurance sector by acting as an independent &

regulatory body.

Specifying requisite qualifications, code of conduct & practical training for

insurance intermediaries & agents.

Protecting the interest of the policyholders in matters concerning assigning of

policy, settlement of insurance claims etc.

Regulating investment of funds by insurance companies.

Calling for information from undertaking, conducting enquiries & investigations

including audit of insurers & other organizations connected with the insurance

business.

Regulating maintenance of margins of solvency of the insurer.

Adjudication of disputes between insurers & intermediaries.

Supervising the functioning of the Tariff Advisory Committee.

Page 43: Bharti Axa Lif Insurance

Introduction

Insurance Advisor

Page 44: Bharti Axa Lif Insurance

CRITERIA FOR SELECTION

Criteria for the selection of the Financial Advisor are as follow;

Age: 18 or above for both Male and Female

Educational Qualification required:

o Rural Area*: 10th

Pass

o Urban Area*: 12th

Pass

* Areas are bifurcated according to the population.

For getting license to work as an agent of any company a person must complete 100

hours training and pass exam of Indian Institute of Insurance (III). If a person is

already holding license for General Insurance than he will have to complete only 50

hours training.

All the above criteria are common for all the companies, they have to follow it. In

practice, because of competitive environment many companies decide their own

criteria apart from all above. Different criteria used by companies are shown in the

following table:

Page 45: Bharti Axa Lif Insurance

At least

Graduat

e Person

Living in

Ahmedaba

d for at

least 3 yrs

Networ

k /

Society

group

High Net

Income

(HNI)*grou

p

Married

and have

dependent

s

Age

grou

p

25-50

yrs

KLI 1

ICICI

Prudential

2

-

LIC - - - -

Birla Sun

life

- - -

Bajaj

Allianz 3

- - -

ING

Vysya4

- - - - -

Bharti

Axa

-

Aviva 6 NA

TABLE 5.2 Criteria for Selecting Agents by different Companies.

Page 46: Bharti Axa Lif Insurance

FUNCTIONS OF THE AGENTS

Life insurances agent has the unique role of such a person, who enjoys the trust of

two parties - the prospect and the insurer - simultaneously in the same transaction.

To simplify, functions of a life insurance agent could be divided into two parts,

viz.

'Pre-sale functions';

'Post-sale functions'

Function Before Sales:

Contact prospects

Study their insurance needs

Completion of formalities for proposal of new insurance viz,

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.

The Target customers of the company are :

Housewives

Students

Businessman

Brokers

Retired persons

Page 47: Bharti Axa Lif Insurance

BHARTI AXA LIFE INSURANCE, Private leader also take into consideration

most of the criteria. They also focus on quality rather than quality. Further, they

also opt to recruit LIC agents. Logic behind this may be that person won‟t require

the training (Elimination of Training Cost), moreover his experience and

Established network can be encased easily. Thus, BHARTI AXA has also adopted

competitive strategy because the LA is a major source of business.

Executive Task Assigned & Task Achieved

Graphical Representation of The Task Assigned and Achieved

Week Target Achievement

1 1 0

2 1 1

3 2 1

4 2 1

5 2 2

6 3 2

7 3 2

8 3 3

Task assigned and Task achieved

1

2

3

4

5

6

7

8

1 1

2 2 2

3 3 3

0

1 1 1

2 2 2

3

0

1

2

3

4

5

6

7

8

9

1 2 3 4 5 6 7 8

Week Target Achievement

Page 48: Bharti Axa Lif Insurance

METHODOLOGY

Page 49: Bharti Axa Lif Insurance

METHODLOGY

Strategies applied for achieving the task assigned

Cold Calling:

Cold calling means to approach the customers with out taking prior appointments. I

have done lots of cold calling as I visited different shops and malls I got a great

experience as I interacted with different kind of peoples. Even I learned lots of things

regarding convincing the customers.

Role Plays:

Role play is a kind of play or say drama which is been

presented in front of a group of peoples and that is even in rural areas where people

don‟t understand the face to face interaction or any another explanation. Role play is

done basically in local language and we are planning to do the same as our role play is

all set to do.

Data Collection:

My third strategy is to collect data as many as possible from different sources. So for

this data collection I have visited different colleges and even to different banks to get

the data of retired people. I went to colleges to get the data of the graduate students

who would the good prospect for our company.

Canopy:

Canopy is the kind of activity in which we do arrange a small Business

Opportunity Presentation. We select particular area and in this area we give

invitations to the people residing in this area and than we arrange the

presentation. We did our canopy in the areas like Navarangpura, Gurukul,

Vijay Cross Road and tried to cover as many areas as possible.

Page 50: Bharti Axa Lif Insurance

SWOT

Analysis

Page 51: Bharti Axa Lif Insurance

STRENGTHS

The strengths of BHARTI AXA are:

Offers greater relationships and more face to face contacts with the customers.

Cross-selling ability of its highly trained agents.

BHARTI AXA has marketing, research and development and the competing

products

Ability to serve multiple segments

Higher market share growth in private sector Life insurance companies

Adaptable management structure

Multiple product lines

Higher premium growth

Increasing network in semi urban and rural markets

WEAKNESSES

The weaknesses for BHARTI AXA are:

Higher cost for insurer and consumer because of high commission rates.

Strong Competing brands of other players with almost the same features

Presence of other players in multiple segment

The Direct Marketing and other promotional efforts done by other players

increases the competition

Lower believability in BHARTI AXA brand than Life Insurance Corporation

Low coverage in Semi-urban and Rural market Segments

Page 52: Bharti Axa Lif Insurance

OPPORTUNITIES

Focus on high net worth individuals who prefer relationship over price

Continually look for new sales opportunities

High market growth provides opportunity for the company to increase their

role in increasing Premium collections.

Large number of prospective customers has provided opportunity for the

company to increase their operation to wider customer base.

Higher awareness of insurance products attracts customers to use insurance

services and products

Insurance companies are becoming more and more self-regulated

operationally.

Because of the large customer based, the company can have the benefit of

economies of scale in providing services.

Transformation of people across countries increases efficiency and effectively

in the company‟s operation.

Speeding up of the technological adoption in insurance companies has

provided opportunity for them to provide services to a larger customer base at

lower cost.

Collaboration with supplier of back office and front office technological

development has increase the quality and effectively of the operation.

Increasing computer literacy and quality of education has increased the

efficiency of operation through advanced technology.

The move towards retail customers has access the banks to the rural

population.

Tie up with other banks to increase ATM networks has lowered the

operational cost of the company.

Higher foreign investment in insurance business has increased the

technological development, branch expansion and wider network abilities.

Foreign companies also merge with other banks to increase the networks and

customer services within the nation and internationally.

Population is becoming ageing which may hamper the effectively of providing

insurance business

Page 53: Bharti Axa Lif Insurance

THREATS

Large number of Insurance companies has increased the rivalry in the

industry.

Lower switching cost for customers can be a threat for the company to convert

other company‟s customers to its products.

Standardization of insurance products and services has lowered the profit

margins for the company.

A higher premium to the agents is one of the biggest cost disadvantages to the

company.

The legal regulation from IRDA may affect particular company negatively.

The scams of co-operative banks have affected the image of private companies

in the mind of the people, which may affect the image of private insurance

companies negatively.

Higher inflation rate can increase the cost for the company in providing

services

Page 54: Bharti Axa Lif Insurance

SUGGESTIONS

I personally believe that BHARTI AXA requires promoting their very strongly

as in day on day the competitive companies are increasing and to be in the

race it has to promote its products continuously. Their Brand awareness –

specifically in Life Insurance – is high compare to competitors. They should

aggressively promote on media like Television, newspaper like Times of India

and Economics Times.

BHARTI AXA should expand their distribution network in Semi Rural and

Rural areas to target market having huge potential.

Their Motivation Strategy for Life Advisors is very effective during Training

and even after training; they should stick to it and even try for innovative

ways.

Build trust upon customers through services and transparency in investment

and other policy.

Focus on marketing strategy which can appeal mass in chunk.

Page 55: Bharti Axa Lif Insurance

LIMITATION

Generating Database:

I have faced lots of problem in generating data base as I have used different sources to

generate it, e.g. I visited different colleges to generate data of fresher students and even

visited to different call center to get the data base of the customers but the problem I faced

was they didn‟t provided me the data as they told me that it is confidential.

Appointments at improper timings:

My second limitation was the appointments at improper timings as the customers call us at

any of their convenience time and it can be in the early morning or it can be in the late night

also.

High Fees:

To be an advisor in BHARTI AXA the fees is Rs. 825 so this is quite a huge amount as

compare to the competitors, because in L.I.C it is 450 Rs, in MAX LIFE it is 500 so when a

customers get ready to be advisor he basically stuck to the fees.

Quality Customers:

What BHARTI AXA ask from is to recruit quality advisors, they to maintain the Q

Score but it is very difficult to get that quality customers.

Page 56: Bharti Axa Lif Insurance

QUESTIONAIRE

Questionnaire used for survey is as follow;

Dear Respondent,

We are conducting this research to measure ethnocentrism level

of Insurance Companies. Our objective behind this study is to find our some concrete

outcomes for ethnocentrism. Which help the management students. By filling-up this

questionnaire you can help us in transformation of our efforts in to worth findings.

Whatever data you have to provide it is purely confidential and we have to use this

information for our academic purpose only.

Qualifying Questions:

Please tick against the following questions.

Name:___________________________________________

Q.1 Gender:

A) Male _______ B) Female ________

Q.2 Age:

A) Below 30 _____ C) 40-50 _______

B) 30-40 _____ D) Above 50 _______

Q.3 Marital Status

A) Married _______ B) Unmarried _

Q.4 Occupation:

A) Financial Investors ________

B) Students ________

C) CA ________

D) Tax Consultant ________

E) Housewife ________

F) Teachers _______

G) LIC Agents _______

H) Advocates _______

Q.5What kind of business would you like to do?

A) Insurance _________

B) Investment/stock market _________

C) Multilevel marketing _________

D) Dealership _________

E) Other _________

Page 57: Bharti Axa Lif Insurance

Q.6 What Criteria do you consider for selecting a business?

A) Very low investment _______

B) Low risk & high return _______

C) Flexible working hours _______

D) Support & guidance based business _______

E) Business under reputed brand name _______

Q.7 How many hours would you like to spend on a part time business?

A) Less than 2 hours ________

B) 2-4 hours ________

C) More than 4 hours ________

Q.8 Your expected income from part time business?

A) Less than 5000 ________

B) 5000-10000 ________

C) More than 10000 ________

Q.9 What skill do you have which you consider will be an assets in BHARTI AXA

A) Relationship skill ________

B) Communication skill ________

C) Leadership ________

D) Convincing Power ________

E) Any other Please Specify ________

Q.10 What motivate you to enter the field of selling (Please rank order them in order

to perform your performance i.e.1,2,3,4,5)

A) Opportunity to earn more money ________

B) Desire to be one‟s own boss ________

C) Desire to meet people ________

D Dislike of office jobs _______

E)Desire to build life long relationship ________

Q.11 Do you or your family member has taken any life insurance?

A) YES B) NO

If YES, did you take insurance through

A) Insurance agent ________

B) Some ones recommendation ________

C) Own interest ________

Q.12 Are you self employed or salaried?

A) Self employed ________ B) Salaried _________

Page 58: Bharti Axa Lif Insurance

Q.13 How did you learn about this opportunity?

A) News paper ________

B) Friends ________

C) Magazine ________

D) Any other ________

Page 59: Bharti Axa Lif Insurance

CONCLUSION

Entry of Private players in Insurance Industry has changed the entire scenario of the

Industry. Industry has shown Revolution of 360* starting from 1956. Private players

have challenged the LIC and compelled to face the competition. This cut-throat

competition has been a boon for customer. He has been more informed and getting

better services. Negligence to the Insurance is decreasing day by day. Thus, total

scenario of the Industry has changed from as it was in 1956 – a Monopoly Market.

On account of increased competition, companies have to compete to grab the market.

Tied channel is perhaps the best alternative to reach maximum target customers. So to

have best results companies are required to have best people, who can work for the

efficiently and give best results. So, as a result now a days companies have become

more choosy in recruiting agents.

Effective Sales required to be carried out in a way starting from Prospecting and

Qualifying to Follow-up and Maintenance. Each step in effective selling process is

required to be taken care. In BHARTI AXA, LAs are trained in such a manner that

they are able to carry effective sales process. Sales Managers do them lot of help in

this context. They use Need-Satisfaction approach (Mostly) and also Formulated

approach for this and it works

Page 60: Bharti Axa Lif Insurance

BIBLIOGRAPHY

Books referred

"Insurance Vision 2000", The Insurance Times, Calcutta.

Cooper Donald & Schindler Pamela, " Business Research Methods", Sixth

Edition, New Delhi, Me. Graw Hills, 1999.

Kotler Philip, "Marketing Management", Eleventh Edition, New Delhi,

2006.

Websites

www.Bharti Axa life insurance.com

www.irdaindia.org

www.irda.orq.com

www.indiainfoline.com