SushantSharma Summer Report

8/8/2019 SushantSharma Summer Report

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Metlife India Insurance Company Limited

Formulation of the Sales Management ProcessBancassurance and Business Partnership (BABP) @ MetLifeSushant Sharma


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Metlife eace of min guarantee

3

IN EX

. Ac nowledgement.....................................................................

. Certificate................................................................................... 5

3.World History of Insurance......................................................

. Insurance in India......................................................................

5. Industry structure.......................................................................

. Indian Insurance Industry..........................................................

7. Insurance Business.......................................................................

. About Metlife(The Company)....................... .............................. 7

. rganization Structure.................................................. ..............

.Bancassurance................................................ ..............................

.Corporate Agencies and Partners................ .............................. 3

.Sales Management in BABP.......................................................

3.Managing Sales............................................... ..............................

.Managing elationships.............................................................3

5.Need Based Selling Matrix........................................................ 37

.Annexures...................................................... ..............................3


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5

Certi i te


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6

W L HIST F INSU ANCE

History of insurance refers to the

evelo ment of a mo

ern laws an

market in insuranceagainst risks. In some sense we can sa that insurance a ears simultaneousl with thea earance of human societ . We know of two t es of economies in human societies: mone economies (with markets, mone , financial instruments an

so on) an

nonmone or natural

economies (without mone , markets, financial instruments an

so on). The secon

t e has been use

much longer than the first. In such an econom an

communit , we can seeinsurance in the form of eo le hel ing each other. For exam le, if a house burns

own, themembers of the communit hel buil

a new one. Shoul

the same thing ha en to one'sneighbour, the other neighbours must hel . therwise, neighbours will not receive hel in thefuture.

Ancient world

Turning to insurance in the mo

ern sense (i.e., insurance in a mo

ern mone

econom

, inwhich insurance is art of the financial s here), earl metho

s of transferring or

istributingrisk were ractice

b Chinese an

Bab lonian tra

ers as long ago as the 3r

an

n

millennia BC, res ectivel . Chinese merchants travelling treacherous river ra i

s woul

re

istribute their wares across man vessels to limit the loss

ue to an single vessel'sca sizing. The Bab lonians

evelo e

a s stem which was recor

e

in the famous Co

e ofHammurabi, c. 17 0 BC, an

ractice

b earl Me

iterranean sailing merchants. If amerchant receive

a loan to fun

his shi ment, he woul

a the len

er an a

itional sum inexchange for the len

er's guarantee to cancel the loan shoul

the shi ment be stolen.

Achaemenian monarchs were the first to insure their eo le an

ma

e it official b registeringthe insuring rocess in governmental notar offices. The insurance tra

ition was erforme

each ear in Nowruz (beginning of the Iranian New Year); the hea

s of

ifferent ethnic

grou

s as well as others willing to take

art,

resente

gifts to the monarch. The mostim ortant gift was resente

uring a s ecial ceremon . When a gift was worth more than10,000 Derrik (Achaemenian gol

coin) the issue was registere

in a s ecial office. This wasa

vantageous to those who resente

such s ecial gifts. For others, the resents were fairl assesse

b the confi

ants of the court. Then the assessment was registere

in s ecial offices.

The ur ose of registering was that whenever the erson who resente

the gift registere

b the court was in trouble, the monarch an

the court woul

hel him. Jahez, a historian an

writer, writes in one of his books on ancient Iran: "Whenever the owner of the resent is introuble or wants to construct a buil

ing, set u a feast, have his chil

ren marrie

, etc. the onein charge of this in the court woul

check the registration. If the registere

amount excee

e

10,000 Derrik, he or she woul

receive an amount of twice as much.

A thousan

ears later, the inhabitants of Rho

es create

the 'general average', which allowe

grou s of merchants to a to insure their goo

s being shi e

together. The collecte

remiums woul

be use

to reimburse an merchant whose goo

s were jettisone

uringtrans ort, whether to storm or sinkage.

The ancient Athenian "maritime loan" a

vance

mone for vo ages with re a ment beingcancelle

if the shi was lost. In the 4th centur BC, rates for the loans

iffere

accor

ing tosafe or

angerous times of ear, im l ing an intuitive ricing of risk with an effect similar toinsurance.


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7

The Greeks an

Romans intro

uce

the origins of health an

life insurance c. 600 BCE whenthe create

guil

s calle

"benevolent societies" which care

for the families of

ecease

members, as well as a ing funeral ex enses of members. Guil

s in the Mi

le Ages serve

asimilar ur ose. The Talmu

eals with several as ects of insuring goo

s. Before insurancewas establishe

in the late 17th centur , "frien

l societies" existe

in Englan

, in which eo le

onate

amounts of mone to a general sum that coul

be use

for emergencies.

Medieval and Early modern

Se arate insurance contracts (i.e., insurance olicies not bun

le

with loans or other kin

s ofcontracts) were invente

in Genoa in the 14th centur , as were insurance ools backe

b le

ges of lan

e

estates. The first known insurance contract

ates from Genoa in 1343, an

in the next centur maritime insurance

evelo e

wi

el an

remiums were intuitivel varie

with risks. These new insurance contracts allowe

insurance to be se arate

frominvestment, a se aration of roles that first rove

useful in marine insurance. The first rinte

book on insurance was the legal treatiseOn Insurance and Merchants' Bets b Pe

ro

eSantarm (Santerna), written in 1488 an

ublishe

in 1

.

Insurance became far more so histicate

in ost Renaissance Euro e, an

s ecialize

varieties

evelo e

. The will of Robert Ha man, written in 16

8, refers to two olicies he hastaken out with a wealth Lon

oner: one of life insurance an

one of marine insurance.Towar

the en

of the seventeenth centur , Lon

on's growing im ortance as a centre for tra

eincrease

eman

for marine insurance. In the late 1680s, Mr. E

war

Llo

o ene

a coffeehouse that became a o ular haunt of shi owners, merchants, an

shi s ca tains, an

thereb a reliable source of the latest shi ing news. It became the meeting lace for artieswishing to insure cargoes an

shi s, an

those willing to un

erwrite such ventures. To

a ,Llo

's of Lon

on remains the lea

ing market (note that it is not an insurance com an ) formarine an

other s ecialist t es of insurance, but it works rather

ifferentl than the morefamiliar kin

s of insurance.

Insurance as we know it to

a

can be trace

to the Great Fire of Lon

on, which in 1666

evoure

13,

00 houses. In the aftermath of this

isaster, Nicholas Barbon o ene

an officeto insure buil

ings. In 1680, he establishe

Englan

's first fire insurance com an , "The Fire ffice," to insure brick an

frame homes.

The conce t of health insurance was ro ose

in 1694 b Hugh the El

er Chamberlen fromthe Peter Chamberlen famil . In the late 19th centur , "acci

ent insurance" began to beavailable, which o erate

much like mo

ern disability insurance. This a ment mo

elcontinue

until the start of the

0th centur in some juris

ictions (like California), where alllaws regulating health insurance actuall referre

to

isabilit insurance.

The first insurance com an in the Unite

States un

erwrote fire insurance an

was forme

in

Charles Town (mo

ern

a

Charleston), South Carolina in 173

, but it

rovi

e

onl

fireinsurance.

Industrial revolution

Benjamin Franklin hel e

to o ularize an

make stan

ar

the ractice of insurance, articularl! against fire in the form of er etual insurance. In 17 "

#

, he foun

e

thePhila

el hia Contributionshi for the Insurance of Houses from Loss b ! Fire. Franklin'scom an ! was the first to make contributions towar

fire revention. Not onl !

i

his


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8

com$ an % warn against certain fire hazar&

s, it refuse&

to insure certain buil&

ings where the riskof fire was too great, such as all woo

&

en houses.

The sale of life insurance in the U.S. began in the late 1760s. The Presb% terian S% no&

s inPhila

&

el$ hia an&

New York foun&

e&

the Cor$ oration for Relief of Poor an&

Distresse&

Wi

&

ows an&

Chil&

ren of Presb% terian Ministers in 17'9; E$ isco$ alian $ riests create

&

a

com

$

arable relief fun

&

in 1769. Between 1787 an

&

1837 more than two

&

ozen life insurancecom$ anies were starte&

, but fewer than half a&

ozen survive&

.

Prior to the American Civil War, man % insurance com$ anies in the Unite&

States insure&

thelives of slaves for their owners. In res$ onse to bills $ asse

&

in California in(

001 an&

in Illinoisin

(

003, the com$ anies have been require&

to search their recor&

s for such $ olicies. NewYork Life for exam$ le re$ orte

&

that Nautilus sol&

48 ' slavehol&

er life insurance $ olicies&

uring a two)

% ear $ erio&

in the 1840s; the % a& &

e&

that their trustees vote&

to en&

the sale ofsuch $ olicies 1 ' % ears before the Emanci$ ation Proclamation.

Insurance is essentiall% a he&

ge against misfortune, in mo&

ern usage. In the twentieth centur% insurance was also use

&

as a form or extortion, most notabl % use&

b% organize&

crime as ameans of generating tax free income an

&

to control businesses, $ o$ ulations, an&

$ olitics,

usuall%

on a local level.

In the USA, until the $ assage of the Social Securit % Act, the fe&

eral government ha&

neverman

&

ate&

an% form of insurance u$ on the nation as a whole, but this $ rogram ex$ an&

e&

theconce$ t an

&

acce$ tance of insurance as a means to achieve in&

ivi&

ual financial securit % thatmight not otherwise be available. That ex $ ansion ex$ erience

&

its first boom marketimme

&

iatel % after the Secon&

Worl&

War with the original VA Home Loan $ rograms thatgreatl% ex$ an

&

e&

the i&

ea that affor&

able housing for veterans was a benefit of having serve&

.The mortgages that were un

&

erwritten b% the fe&

eral government&

uring this time inclu&

e&

aninsurance clause as a means of$ rotecting the banks an

&

len&

ing institutions involve&

againstavoi

&

able losses. During the 1940s there was also the GI life insurance $ olic% $ rogramthatwas

&

esigne&

to ease the bur&

en of militar% losses on the civilian $ o$ ulation an&

survivors.

During the 1970s an&

1980s there was a growth in su$ $

ort for the requirement for&

rivers tohave insurance as a means of$ roving financial res$ onsibilit % since it was recognize

&

that theautomobile, in the case of an acci

&

ent, coul&

cause significant collateral&

amage. It soonfollowe

&

that car insurance became a man&

ator% requirement for all&

rivers.


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9

Insurance in India

Insurance is a fe0

eral subject in In0

ia. The insurance sector has gone through a number of1

hases an

0

changes. Since 1999, when the government o1

ene

0

u1

the insurance sector b2

allowing 1 rivate com1 anies to solicit insurance an0

also allowing FDI u1 to3

6%, theinsurance sector has been a booming market. However, the largest life4 insurance com1 an 2 inIn

0

ia is still owne0

b2 the government.

History

In In0

ia, insurance has a0

ee14roote

0

histor2 . It fin0

s mention in the writings of Manu (Manusmrithi ), Yagnavalk5 a (Dharmasastra ) an

6

Kautil5 a ( Arthasastra ). The writings talkin terms of7 ooling of resources that coul

6

be re86

istribute6

in times of calamities such as fire,floo

6

s, e7 i6

emics an6

famine. This was 7 robabl 5 a 7 re8cursor to mo

6

ern6

a 5 insurance.Ancient In

6

ian histor5 has 7 reserve6

the earliest traces of insurance in the form of marine

tra6

e loans an6

carriers contracts. Insurance in In6

ia has evolve6

over time heavil5

6

rawingfrom other countries, Englan

6

in 7 articular 1818 saw the advent of life insurance business inIndia with the establishment of the 9 riental Life Insurance Com@ an A in Calcutta. ThisCom@ an A however faile

B

in 1834. In 18C

9, the MaB

ras Equitable haB

begun transacting lifeinsurance business in the Ma

B

ras PresiB

encA . 1870 saw the enactment of the British InsuranceAct an

B

in the last threeB

ecaB

es of the nineteenth centurA , the Bomba A Mutual (1871),9 riental (1874) an

B

Em@ ire of InB

ia (1897) were starteB

in the Bomba A ResiB

encA . This era,however, was

B

ominateB

bA foreign insurance offices whichB

iB

gooB

business in InB

ia,namelA Albert Life Assurance, Ro A al Insurance, Liver@ ool an

B

LonB

on Globe Insurance anB

the In

B

ian offices were u@ for harB

com@ etition from the foreign com@ anies.In 1914, the Government of In

B

ia starteB

@ ublishing returns of Insurance Com@ anies in InB

ia.The In

B

ian Life Assurance Com@ anies Act, 191C

was the first statutorA measure to regulatelife business. In 19

C

8, the InB

ian Insurance Com@ anies Act was enacteB

to enable the

Government to collect statistical information about both life anB

nonD life business transacteB

in In

B

ia b A InB

ian anB

foreign insurers incluB

ing @ roviB

ent insurance societies. In 1938, witha view to @ rotecting the interest of the Insurance @ ublic, the earlier legislation wasconsoli

B

ateB

anB

amenB

eB

bA the Insurance Act, 1938 with com@ rehensive @ rovisions foreffective control over the activities of insurers.

The Insurance AmenB

ment Act of 19 E 0 abolisheB

Princi@ al Agencies. However, there were alarge number of insurance com@ anies an

B

the level of com@ etition was high. There were alsoallegations of unfair tra

B

e @ ractices. The Government of InB

ia, therefore,B

eciB

eB

tonationalize insurance business.An 9 r

B

inance was issueB

on 19th JanuarA , 19 E 6 nationalising the Life Insurance sector anB

Life Insurance Cor@ oration came into existence in the same A ear. The LIC absorbe

B

1E4

InB

ian, 16 nonDIn

B

ian insurers as also 7E@ rovi

B

ent societiesC

4E

InB

ian anB

foreign insurersin all. The LIC ha

B

mono@

olA

till the late 90s when the Insurance sector was reo@

eneB

to the@ rivate sector.

The history of general insurance dates back to the InB

ustrial Revolution in the west anB

theconsequent growth of sea

Dfaring tra

B

e anB

commerce in the 17th centurA . It came to InB

ia as alegacA of British occu@ ation. General Insurance in In

B

ia has its roots in the establishment ofTriton Insurance Com@ an A Lt

B

., in the A ear 18E0 in Calcutta bA the British. In 1907, the

InB

ian Mercantile Insurance LtB

, was set u@ . This was the first com @ an A to transact all classesof general insurance business. An

B

19 E 7 saw the formation of the General Insurance Council,


10/56


10

a wing of the Insurance Association of InF

ia. The General Insurance Council frameF

a coF

eof con

F

uct for ensuring fair conF

uct anF

sounF

business G ractices.

In 1968, the Insurance Act was amenF

eF

to regulate investments anF

set minimum solvencH margins. The Tariff A

F

visorH Committee was also set uG then.

In 197I

with the G assing of the General Insurance Business (Nationalisation) Act, generalinsurance business was nationalize

F

with effect from 1st JanuarH , 1973. 107 insurers wereamalgamate

F

anF

grouG eF

into four comG anies, namelH National Insurance ComG anH LtF

.,the New In

F

ia Assurance ComG anH LtF

., the P riental Insurance ComG an H LtF

anF

the UniteF

In

F

ia Insurance ComG anH LtF

. The General Insurance CorG oration of InF

ia was incorG orateF

as a comG anH in 1971 an

F

it commence business on JanuarH 1sst 1973.

This millennium has seen insurance come a full circle in a journe H extenF

ing to nearlH I

00H ears. The G rocess ofre-opening of the sector ha

F

begun in the earlH 1990s anF

the lastF

ecaF

e anF

more has seen it been oG eneF

uG substantiall H . In 1993, the Government set uG acommittee un

F

er the chairmanshiG of RN Malhotra, former Governor of RBI,to G roG oserecommen

F

ations for reforms in the insurance sector. The objective was to comG lement thereforms initiate

F

in the financial sector. The committee submitteF

its reG ort in 1994 wherein ,

among other things, it recommen

F

e

F

that the

G

rivate sector be

G

ermitte

F

to enter the insuranceinF

ustrH . TheH stateF

that foreign comG anies be alloweF

to enter bH floating InF

iancomG anies, G referablH a joint venture with In

F

ian G artners.Following the recommen

F

ations of the Malhotra Committee reG ort, in 1999, the InsuranceRegulatorH an

F

DeveloG ment AuthoritH (IRDA) was constituteF

as an autonomous boF

H toregulate an

F

F

eveloG the insurance inF

ustrH . The IRDA was incorG orateF

as a statutorH boF

H in AG ril,

I

000. The keH objectives of the IRDA incluF

e G romotion of comG etition so as toenhance customer satisfaction through increase

F

consumer choice anF

lower G remiums, whileensuring the financial securit H of the insurance market.

The IRDA oG eneF

uG the market in AugustI

000 with the invitation for a G G lication forregistrations. Foreign comG anies were allowe

F

ownershiG of uG toI

6%. The AuthoritH hasthe G ower to frame regulations un

F

er Section 114A of the Insurance Act, 1938 anF

has fromI

000 onwar

F

s frame

F

various regulations ranging from registration of comG

anies for carrH

ingon insurance business to G rotection of G olic H holF

ers interests. In December,I

000, thesubsi

F

iaries of the General Insurance CorG oration of InF

ia were restructureF

as inF

eG enF

entcomG anies an

F

at the same time GIC was converteF

into a national reQ insurer. ParliamentG asse

F

a billF

eQlinking the four subsi

F

iaries from GIC in Jul H ,I

00I

.

ToF

a H there are 14 general insurance comG anies incluF

ing the ECGC anF

AgricultureInsurance CorG oration of In

F

ia anF

14 life insurance comG anies oG erating in the countrH .

The insurance sector is a colossal one anF

is growing at a sG eeF

H rate of 1 R QI

0%. Togetherwith banking services, insurance services a

F F

about 7% to the countrH s GDP. A wellQ

F

eveloG eF

anF

evolveF

insurance sector is a boon for economicF

eveloG ment as it G roviF

eslong

Qterm fun

F

s for infrastructureF

eveloG ment at the same time strengthening the risk taking

abilitH

of the countrH

.


11/56


11

Industry structure

CurrentlS

, a $41 billion inT

ustrS

, InT

ia is the worlT

's fifth largest life insurance market anT

growing at a raU iT

U ace of 3V

W 34% annuallS as U erLife Insurance CouncilstuX

ies. In InX

iaonlY two million eo le (0.

a

% of the total o ulation of 1 billion) are covereX

unX

erMe

X

iclaim, whereas inX

evelo eX

nations like USA about 7b

% of the total o ulation arecovere

X

unX

er some insurance scheme. With more anX

more rivate com anies in the sector,the situation ma Y change soon.

Acts

The insurance sector went through a full circle of c hases from being unregulated

tocomc letele regulate

d

and

then currentle being c artle d

eregulated

. It is governed

be a numberof acts.

The Insurance Act of 1938 was the first legislation governing all forms of insurance toc rovi

d

e strict state control over insurance business.

Life insurance in Ind

ia was comc letel e nationalized

on Januare 19, 19f6, through the Life

Insurance Corc oration Act. Allg

4 f insurance comc anies oc erating then in the countre weremerge

d

into one entite , the Life Insurance Corc oration of Ind

ia.

The General Insurance Business Act of 197g

was enacted

to nationalise the about 100 generalinsurance comc anies then an

d

subsequentl e merging them into four comc anies. All thecomc anies were amalgamate

d

into National Insurance, New Ind

ia Assurance,h

rientalInsurance an

d

United

Ind

ia Insurance, which were head

quartered

in each of the fourmetroc olitan cities.

Until 1999, there were not an e c rivate insurance comc anies in Ind

ia. The government thenintro

d

uced

the Insurance Regulatore and

Develoc ment Authorite Act in 1999, thereb e d

eiregulating the insurance sector an

d

allowing c rivate comc anies. Furthermore, foreigninvestment was also allowe

d

and

cac c ed

atg

6% hold

ing in the Ind

ian insurance comc anies.

Ing

006, the Actuaries Act was c assed

be c arliament to give the c rofession statutore status onc ar with Chartere

d

Accountants, Notaries, Cost & Works Accountants, Ad

vocates, Architectsan

d

Comc an e Secretaries.

Authorities

The ind

ustre recognises examinations cond

ucted

be IAI (for actuaries), III (for agents,brokers an

d

third

i

c art e ad

ministrators) and

IIISLA (for survee ors and

loss assessors). TAC isthe sole

d

ata rec ositore for the noni life ind

ustre .

IBAI gives voice for brokers while GI Council and

LI Council are c latforms for insurers.AIGIEA, AIIEA, AIIEF, AILICEF, AILIEA, FLIC

hA, GIEAIA, GIEU an

d

NFIFWI cater tothe emc lo e ees of the insurers. In a

d d

ition, there are ad

ozen h mbud

sman offices to ad d

ressclient grievances


12/56


1 p

IN IAN INSU ANCE IN UST :

Insurers

Insurance in

q

ustrr

, as on 1.4.

s

000, comt

rise

q

mainlr

twot

lar

ers: the state insurers:

Life Insurers:

y Life Insurance Coru oration of Inv

ia (LIC)

General Insurers:

y General Insurance Corw oration of Inx

ia (GIC) (with effect fromDec'

y

000, a National Reinsurer)

GIC hax

four subsix

iar comw anies, namel ( with effect from Dec'y

000, these subsix

iarieshave been

x

elinke

x

from the w arent comw an anx

max

e as inx

ew enx

ent insurance comw anies.

1. The riental Insurance Comw an Limitex

y

. The New Inx

ia Assurance Comw an Limitex

3. National Insurance Comw an Limite

x

4. Unite

x

Inx

ia Insurance Comw an Limitex

.

r: - : ( From 2nd April '2000 to 31st December'2001)

Insurance In

ustr in the ear

000

001 ha

16 new entrants, namel :

Life Insurers:

S.No. RegistrationNumber

Date ofReg.

Name of the Com an

1 101

3.10.

000 HDFC Stan

ar

Life Insurance Com an Lt

.

104 1 .11.

000 Max New York Life Insurance Co. Lt

.

3 10

4.11.

000 ICICI Pru

ential Life Insurance Com an Lt

.

4 107 10.01.

001 Kotak Mahin

ra l

Mutual Life Insurance Limite

109 31.01.

001 Birla Sun Life Insurance Com an Lt

.

6 110 1

.0

.

001 Tata AIG Life Insurance Com

an

Lt

.

7 111 30.03.

001 SBI Life Insurance Com an Limite

.

8 114 0

.08.

001 ING V s a Life Insurance Com an Private Limite

9 116 03.08.

001 Bajaj Allianz Life Insurance Com an Limite

10 117 06.08.

001 Metlife In

ia Insurance Com an Lt

.


13/56


13

General Insurers :

S.No. egistration

Number

ate of

egistration

Name of the Company

1 10

3.10.

000 Ro al Sun

aram AllianceInsurance Com an Limite

103

3.10.

000 Reliance General InsuranceCom an Limite

.

3 106 04.1

.

000 IFFC

Tokio GeneralInsurance Co. Lt

4 108

.01.

001 TATA AIG GeneralInsurance Com an Lt

.

113 0

.0 .

001 Bajaj Allianz GeneralInsurance Com an Limite

6 11

03.08.

001 ICICI Lombar

GeneralInsurance Com an Limite

.

r: - : ( From 1st Jan

001 to Dec.

00

)

Insurance In

ustr in this ear, so far has new entrants; namel

Life Insurers:

S.No. egistrationNumber

ate of

eg.Name of the Company

1 1

1 03.01.

00

Reliance Life Insurance Com an Limite

.

1

14.0.

00

Aviva Life Insurance Co. In

ia Lt

.

General Insurers :


ate ofegistration

Name of the Company

1 1

3 1 .07.

00

Cholaman

alam GeneralInsurance Com an Lt

.

. 1

4

7.08.

00

Ex ort Cre

it Guarantee


14/56


14

Cor oration Lt

.

3. 1

7.08.

00

HDFC Chubb General InsuranceCo. Lt

.

Yr: 3- : ( From 1st Jan

003 till Date)

Insurance In

ustr in this ear, so far has 1new entrants; namel

Life Insurers:


ate of


1 1

7 06.0

.

004 Sahara In

ia Insurance Com an Lt

.

Yr: - 5 :

Insurance In

ustr in this ear, so far has 1new entrants; namel

Life Insurers:


ate of


1 1

8 17.11.

00 Shriram Life Insurance Com an Lt

.

Yr: - 7 :

Insurance In

ustr in this ear, ha

1new entrants; namel

Life Insurers:


ate of


1 130 14.07.

006 Bharti AXA Life Insurance Com an Lt

.

Yr: 7- :

Insurance In

ustr in this ear, ha

new entrants; namel Life Insurers:


15/56


1


ate ofeg.

Name of the Company

1 133 04.09.j

007 Future Generali Ink

ia Life Insurance Coml anm Limitek

j

13n

19.1j

.j

007 IDBI Fortis Life Insurance Coml an m Ltk

.

General Insurers:

3 131 03o08

o

j

007Al ollo Munich Health Insurance Coml an m Limite

k

4 13j

04 o 09 oj

007Future Generali In

k

ia Insurance Coml an m Limitek

n134 16

o11

o

j

007Universal Soml o General Insurance Coml an m Lt

k

.

Yr: - :

Insurance Ink

ustrm in this m ear, so far has 3 new entrants in Life ank

1 new entrm in General ;namelm

Life Insurers:

S.N

o.egistrati

on

Number

ate of


1 136 08.0n.

j

008

Canara HSBC

riental Bank of Commerce Life InsuranceComl an m Lt

k

.j

138j

7.06.j

008

Aegon Religare Life Insurance Coml an m Ltk

.

3 140j

7.06.j

008

DLF Pramerica Life Insurance Coml an m Ltk

.

4 14j

Star Union Daioichi Life Insurance Co. Lt

k

.,

n 143 0 n .11.j

009

Ink

iaFirst Life Insurance Coml an m Ltk

.

General Insurers:


16/56


16


ate ofeg.

Name of the Company

1 137 8.0 .

008 Shriram General Insurance Com an Limite

,

139

7.06.

008 Bharti Axa General Insurance Com an Lt

.

3 141 1.1

.

008 Raheja QBE General Insurance Co. Lt


17/56


17

INSU ANCE BUSINESS:

Insurance business is

ivi

e

into four classes :

i. Life Insuranceii. Fire Insurance

iii. Marine Insuranceiv. Miscellaneous Insurance.

Life Insurers transact life insurance business; General Insurers transact the rest.

No com osites are ermitte

as er law.

LEGISLATI N (as on 1.4.

000):

Insurance is a fez

eral subject in Inz

ia. The { rimar| legislation thatz

eals with insurancebusiness in In

z

ia is:

Insurance Act, 1938, anz

Insurance Regulator| & Develo{ ment Authorit | Act, 1999.

INSU ANCE P UCTS (as on 1.4.

000) (for latest information get in touch with thecurrent insurers website information of insurers is { rovi

z

ez

at the web { age for insurers ):

Life Insurance:

Po{ ular Proz

ucts: Enz

owment Assurance (Partici{ ating), anz

Mone| Back (Partici{ ating).More than 80% of the life insurance business is from these { ro

z

ucts.

General Insurance:

Fire anz

Miscellaneous insurance businesses are { rez

ominant. Motor Vehicle insurance iscom{ ulsor| .Tariff A

z

visor| Committee (TAC) la| sz

own tariff rates for some of the generalinsurance { ro

z

ucts

New { roz

ucts have been launchez

b| life insurers. These incluz

e linkez

}

{ roz

ucts. Forz

etails,{ lease visit the websites of life insurers.

INF MATI N

About the insurance inz

ustr| , the followingz

ocuments ma | be hel{ ful:

Malhotra Committee Re{ ort (The Re{ ort of the Committee on Reforms in the InsuranceSector); IRDA's First Annual Re{ ort }

001

CUST ME P TECTI N:

Insurance Inz

ustr| has ~ mbuz

smen in 1

cities. Each ~ mbuz

sman is em{ owerez

to rez

ress


18/56

M tli ---p i d t d

t i i p t

i t t p l li

t

i d

t i l t

R 2

l

i d it

t

O

d

dd

t i d

t

i

C d t

i

About MetLi e - T e Company

140+ y

(Found din 1868) experience serving over 70 million customers acrosst

e world No.1 Li

e Insurerin t

e U.S.* US$ 3.6 trillion of Life Insurance in Force as on 31Dec2009 Ranked 39 on t

e FOR

UNE 500 list2008 Ranked 6t

In Fortune Magazine 2009 List of

mericas Most AdmiredCompanies

Named by Forbes magazine as

e BestManaged Insurance Companyin America(2008) *

This map shows MetLifes Insurance businesses (and operations) aroundthe world as of July1, 2006. As you can see, we are concentrated in three regionsthe Americas, Europe(EMEIA), and Asia (Asia Pacific). Based on business growth, India has been placed withinour EMEIA Region (although locatedin Asia).The new geographies that MetLife entered as a result of the Travelers/CitiInsuranceintegration are the UK, Belgium, Poland, Japan, and Australia.

MetLi e India

Commenced operations in 2001 Amongstthe top5 fastest growing Private Life Insurers from thepast 40 months* Specialists in Individual, Health, Annuities, Group Insurance & Employee benefits Comprehensiveproductportfolio based on researched customer needs

Equity Partners

Asia Pacific

- Australia

- China

- Hong Kong

- Indonesia

- Japan

- South Korea

- Taiwan

The Americas

- Argentina

- Brazil

- Chile

- Mexico

- United States

- Uruguay

- Canada

(EMEIA)

- Belgium

- Ireland

- Poland

- UK (3)- India

A Truly Global Organization


19/56


20/56


0

rganization Structure

CAO IT &

Admin

CFO

Internal Audit reports directly to US

Grid includes only Functional Head positions

Managing Director

BA&BP

and EBMarketing

& StrategyAgency

Human

Resources

Secretarial,

Legal & RiskActuarial

Customer

Service &

Operations

Compliance

& Internal

Controls

DIRECTOR/OFFICER

DY.DIR.&

BELOW


21/56


22/56


23/56


3

Ban s are major players in the Indian Financial system: Comman

over 40% of househol

investments Extensive coverage:

79,7

branchesEnormous retail account baseTotal

e osit base of Rs. 3,87,6

0 Cr

Bancassurance- ural pportunity

1.There are 31,68

Sche

ule

Commercial Bank offices in rural In

ia

.Banks enjo consi

erable goo

will an

access in the rural regions3.18,878 semi

urban branches, where insurance growth has been most buo ant

4.

16 exclusive Regional Rural Banks in

ee hinterlan

Source: RBI Report : India Economy Statistics 2009


24/56

Metlife ---peace of mind guaranteed

24

Types ofdistributionininsurance industry:

When a life insurance companydecides to distributeproducts through banks there are twomethods thatit can follow.These are Referral andCorporate Agency.

Corporate Agency: A form of non-riskparticipatorydistribution channelis that of corporateagency, wherein the bank staffis trainedto appraise and selltheproducts to the customers.Here the bank as an institution acts as corporate agent for the insurance products for a fee/commission.

Referral Model: banks could also adopt referral model wherein they merelypart with theirclientdata base for business lead for commission. The actualtransaction with theprospectiveclientin referral modelis done bythe staff ofthe insurance company either atthepremise ofthe bank or elsewhere.


25/56


Bancassurance Partners

1. J & K bank Limite

.

. Barcla s3. Karnataka bank limite

BA CLAYS ::

Barcla s len

, rotect an

invest mone for more than

7 million customers in over 0countries an

have over 300 ears of ex erience.Services inclu

e consumer an

commercial banking, cre

it car

s, investment banking, wealthmanagement an

investment management services in Euro e, Africa, Asia Pacific an

theUnite

States.In In

ia for nearl 3

eca

es, through Barcla s Ca ital, a lea

ing Investment bankBarcla s unveile

its Global Retail an

Commercial Banking

ivision in In

ia over the ast ear as art of its lan to be a lea

ing global bank. In a ver short time, Barcla s is alrea

making waves in one of the worl

s fastest growing countries.

The cor

orate banking

ivision, which began o

erations in November

006, services a variet

of lea

ing In

ian cor orations from large multinationals an

ublic sector com anies to smallan

me

ium enter rises. It offers loans,

e osits, a ments & cash management services,tra

e finance an

treasur solutions.

Products and services

Consumer banking ro

ucts

Savings Accounts & De ositsPersonal LoansBusiness Installment LoansBarcla s Cre

it Car

NRI Banking Services

Commercial banking ro

ucts

Loans & FinancingDe ositsPa ments & Cash ManagementTra

e FinanceTreasur Solutions

y More than

7 million customers in over 0 countries an

have over 300 ears ofex erience

y Consumer an

Commercial banking, cre

it car

s, investment banking, & wealthmanagement services in Euro e, Africa, Asia Pacific an

the Unite

Statesy In In

ia for nearl 3

eca

es, through Barcla s Ca ital, a lea

ing Investment banky Global Retail an

Commercial Banking

ivision in In

ia unveile

in

007y The cor orate banking

ivision, began in November

006, services a variet oflea

ing In

ian cor orationsy Also

eals in loans,

e osits, a ments & cash management services, tra

e financean

treasur solutions


26/56


27/56


7

Prominent Corporate Partners

1. Geojit

. In

ia Infoline3. Networth stock broking4. Bajaj Ca ital5. Bonanza Insurance consultants

Geojit BNP Paribas :Corporate Agency

y 22 years of history in Indian Capital Mar et

Geojit BNP Paribas has

ears of in

e th broking ex erience in the In

ian Ca italMarket. More than 495,000 clients an

over Rs 9,900 crores (as of 30th Se .09) inAssets Un

er Management reflect the trust re ose

in our ex ertise.

y Pioneer in nline Trading in Feb. 2000

In the ear

000, Geojit BNP Paribas ioneere

the sim le conce t of rovi

ingin

ivi

uals with the facilit to tra

e online. This revolution has given the com an the first mover a

vantage in online tra

ing. As a creative innovator, Geojit BNPParibas uses a

vance

technolog in online tra

ing to meet client requirements suchas customize

online tra

ing latforms an

man other services.

y Strong Shareholders

Geojit BNP Paribas is backe

b strong sharehol

ers.In

007, global banking major BNP Paribas joine

the com! an s other majorsharehol

ers " Mr. C.J.George, KSIDC (Kerala State In

ustrial Develo! mentCor! oration) an

Mr.Rakesh Jhunjhunwala when it took a stake to become the

single largest sharehol

er.

y Wide range of products

Geojit BNP Paribas offers a wi#

e range of tra#

ing an#

investment $ ro#

ucts an#

solutions. Certifie

#

financial a#

visors hel$ clients to arrive at the right financialsolution to meet their in

#

ivi#

ual nee#

s.The wi

#

e range on offer inclu#

es%

Equities | Derivatives | Currenc & Futures | Custo#

& Accounts | Mutual Fun

#

s | Life Insurance & General Insurance | IPOs | PortfolioManagement Services | Pro$ ert& Services | Margin Fun

#

ing | Loans against Shares

y Attractive bro erage slabs

We'

rovi(

e value for mone)

! To start with, we offer low online brokerage chargeswhich further

(

ecrease automaticall) , as an(

when, ) our volumes increase.0.03 to 0.01 for intra

0

(

a ) tra(

es0.30 to 0.10 for

(

eliver) tra(

esRs 75 to Rs 30 for F&O

y Learn the craftYou too can

1

evelo2 3 our tra1

ing skills b 3 availing of the effective gui1

ance b3 ourresearch

1

e2 artment. We offer4


28/56


5 8

Dail6 mails7

elivere7

to our clients mailbox on market con7

itions an7

recommen

7

ations Technical anal8 sis of BSE

9

00 In@

ex scriA s Free monthl B investment magazine Services ofC rofessionall D qualifie

E

executives at 500 offices across InE

ia. Our strong research i

F

eas have been instrumental in converting our clientsinto successful tra

F

ers.

y Multichannel service- Internet, Phone, Branch tradingTra

G

e the wa H that H ou want to b H selecting from multiI le channel oI tionsP

Internet,Phone or Branch.

y First mover advantageGeojit BNP Paribas through its first mover a

Q

vantage inQ

ifferent areas has been thefirst to serve investors with its innovative offerings.

1st to launch internet traR

ing in the S earT

000. 1st to launch integrate

U

internet traU

ing sV stem for cash anU

U

erivativesegments in the V ear

W

00W

. 1st In

X

ian stock broking comY an to commenceX

omestic retail broking

oY

erations in an

foreign countr

. 1st in the ina

ustrb to have a global c lab er offering its name therebb creating Geojit BNP Paribas. 1st to launch exclusive branches for women in

d

005.

y Our deep reachWe have a e an

fIn

g

ia network of over500 offices with ing

ustrh certifieg

executivesan

g

ag

eg

icateg

Call Centre to e rovig

e h ou qualith services.

y Wide range of fund optionsGeojit BNP Paribas gives i ou the op tion to choose from the 700 p lus Mutual Fun

q

schemes offere

q

bi over 35 Asset Management comp anies such as SBI Mutual Funq

,Reliance Mutual Fun

q

, Franklin Temp leton Inq

ia Mutual Funq

, Tata Mutual Funq

,

Sunq

aram BNP Paribas Mutual Funq

, Fiq

eliti

Mutual Funq

, anq

HDFC MutualFun

q

.

Bajaj Capital :Corporate Agency

Bajaj Cap ital is one of Inq

ias leaq

ing Financial Services comp anies offering Free Adviceon Investments, Insurance, Tax Saving, Retirement Planning, Financial Planning,Chil

q

rens Future Planning anq

other services. We also have a wiq

e range ofp roq

ucts anq

services for Corp orates, High Networth In

q

iviq

uals, anq

NRIs all unq

er one roof

The History of Bajaj Capital

Bajaj Cap ital has contributeq

to the growth of the Inq

ian Cap ital Market at everi step .In 1965, we were the first to innovate the Comp anies Fixe

q

Dep osit. Toq

a i , we are p lai ing anactive role in the growth of the In

q

ian Mutual Funq

inq

ustri .We are also working closel i with p rivate insurance comp anies to

q

eep en Inq

ia's insurancemarket.


29/56


r 9

Here is a brief gist of our journe s throug the s ears.

y Bajaj Cat ital sets ut its first Investment Centre in New Delhi to guiu

e inu

iviu

ualinvestors on where, when an

u

how to invest. Inu

ia's first Mutual Funu

, Unit Trust ofIn

u

ia (UTI) is incort orateu

in the same v ear.

1965

y Bajaj Caw ital is incorw oratex

as a Comw an y . In the same y ear, the comw any intro

x

uces an innovative financial instrument

the Comw an y Fixex

Dew osit. EILLt

x

. (Oberoi Hotels, then known as Associatex

Hotels of Inx

ia Ltx

.) becomes the firstcomw an y to raise resources through Comw an y Fixe

x

Dew osits.1966

y Bajaj Ca ital ex an

s its ro

uct range to inclu

e all UTI schemes an

Governmentsaving schemes in a

ition to Com an Fixe

De osits.

1969

y

Bajaj Ca

ital manages its first Equit

issue (through an associate com

an

) of Grauer& Wells In

ia Lt

.; right from

rafting the ros ectus to marketing the issue.

1975

y Bajaj Ca ital starts offering 'nee

base

' investment a

vice to investors, which woul

later be known as 'Financial Planning' in the investment worl

.

1981

y SAIL becomes the first government com an to acce t

e osits, followe

b IOC,BHEL, BPCL, HPCL an

others; thus o ening the floo

gates for growth of retailinvestment market in In

ia. Bajaj Ca ital la s an active role in all the schemes as'Princi al Brokers'

1986y Public Sector Un

ertakings (PSUs) begin making ublic issues of bon

s MTNL,NHPC, IRFC offer a series of Bon

Issues. Bajaj Ca ital is among the to ranks ofresource mobilisers.

1987

y SBI lea

s the launch of Public Sector Mutual Fun

s in In

ia. Bajaj Ca ital la s asignificant role in fun

mobilisation for all these la ers.

1991

y SBI issues In

ia Develo ment Bon

s for NRIs. Bajaj Ca ital becomes the to mobiliser with collections of over US $

0 million.

1993

y The first rivate sector Mutual Fun

Kothari Pioneer

is launche

, followe

b Birla an

Alliance in the following ears. Bajaj Ca ital la s an active role an

isranke

among the to mobilisers for all these schemes.

1995

y IDBI an

ICICI begin issuing their series of Bon

s for retail investors. Bajaj Ca j italis the co k manager in all these offerings an

consistentll ranks among the toj fivemobilisers on an all k In

ia basis.


30/56


30

1997

y Private sectorm lan ers leao

the revival of Mutual Funo

s in Ino

ia through Openen

o

eo

Debt schemes. Bajaj Capital consoli

o

ates its position as Ino

ia's largest retailo

istributor of Mutual Funo

s.

1999

y Bajaj Capital begins marketing Life an

General Insurancepro

ucts of LIC an

GIC(through associate firms) in anticipation of opening up of the Insurance Sector. BajajCapital achieves the milestone of becoming the top 'Pension Scheme' seller in In

iaan

launches marketing of GIC's Health Insurance schemes.

2000

y Bajaj Capital implements its vision of being a 'One stop Financial Supermarket.' TheCompan offers all kin

s of financial pro

ucts, inclu

ing the entire range ofinvestment an

insurance pro

ucts through its Investment Centres. Bajaj Capitaloffers 'full

service merchant banking' inclu

ing structuring, management an

marketing of Capital issues. Bajaj Capital reinvents 'Financial Planning' in itsinternational sense an

upgra

es its entire team of Investment Experts into Financial

Planners.

2002

y The compan focuses on creating investor awareness for Financial Planning an

nee

base

investing. To achieve this goal, the compan intro

uce

the InternationalCollege of Financial Planning. The gra

uates of this institute become Certifie

Financial Planners (CFPs), a covete

professional qualification.

2004

y Bajaj Capital obtains the All In

ia Insurance Broking Licence. Simultaneousl , aseries of wealth creation seminars are launche

all over the countr , making BajajCapital a househol

name.

2005y Bajaj Capital launches 360 Financial Planning, a software

zbase

{

programme aime{

at encouraging scientific an

{

holistic investing.

y 2007Bajaj Capital launches Stock Broking an

|

Depositor} (Demat) Services.

y 2008Bajaj Capital launches Just Tra

~

e, an online Platform for investing in Equities,Mutual Fun

~

s, IPO'sWi~

e range ofproducts an~

services41 years experience asInvestment A

~

visors an~

Financial Planners More than eight la h satisfie~

clients allover In

~

ia Countr wi~

e network of134 branchesOver12,000 N I clients across theglobe Personalised wealth management a

~

vice

4 x 7 online accessibility throughwww.bajajcapital.com Strong team of ualified an

~

experienced professionalsinclu

~

ing CAs, MBAs, MBEs, CFPs, CSs, Insurance experts, Legal experts an~

others SEBI

Approve

~

Categor I Merchant Ban ers Group Co BCIBL is anI A-licensed irect Insurance Bro er


31/56

Metlife peace of min guarantee

31

India Infoline :: Corporate Agency

It was foun

e

in 1995 b Mr. Nirmal Jain (Chairman an

Managing Director) as anin

epen

ent business research an

information provi

er. We gra

uall evolve

into a one

stop financial services solutions provi

er. Our strong management team comprises competentan

e

icate

professionals .The are a panIn

ia financial services organization across 1,361

business locations an

a presence in 4

8 cities. Their global footprint exten

s acrossgeographies with offices in New York, Singapore an

Dubai. The are liste

on the Bomba Stock Exchange (BSE) an

the National Stock Exchange (NSE). The offer a wi

e range ofservices an

pro

ucts comprising broking (retail an

institutional equities an

commo

ities),wealth management, cre

it an

finance, insurance, asset management an

investmentbanking. We are registere

with the BSE an

the NSE for securities tra

ing, MCX, NCDEXan

DGCX for commo

ities tra

ing, CDSL an

NSDL as

epositor participants. We areregistere

as a Categor I merchant banker an

are a SEBI registere

portfolio manager. The also receive

the FII license in IIFL Inc. IIFL Securities Pte Lt

receive

approval from theMonetar Authorit of Singapore to carr out corporate a

visor an

ealing in securitiesoperations. Two subsi

iaries In

ia Infoline Investment Services an

Mone line Cre

itLimite

are registere

with RBI as non

eposit taking non banking financial servicescompanies. In

ia infoline Housing Finance Lt

, the housing finance arm, is registere

with

the National Housing Bank.

y 1995Incorporate

as an equit research an

consulting firm with a client base that inclu

e

lea

ing FIIs, banks, consulting firms an

corporates.

y 1999Restructure

the business mo

el to embrace the internet; launche

archives.in

iainfoline.com mobilise

capital from repute

private equit investors.

y 2000Commence

the

istribution ofpersonal financial pro

ucts; launche

online equit tra

ing; entere

life insurance

istribution as a corporate agent. Acknowle

ge

b

Forbes as Best of the Web an

...must rea

for investors.

y 2004Acquire

commo

ities broking license; launche

Portfolio Management Service.

y 2005Liste

on the In

ian stock markets.

y 2006Acquire

membership of DGCX; launche

investment banking services.

y 2007

Launche

a proprietar

tra

ing platform; in

ucte

an institutional equities team;forme

a Singapore subsi

iar ; raise

over USD 300 mn in the group; launche

consumer finance business un

er the Mone line bran

.

y 2008Launche

wealth management services un

er the IIFL Wealth bran

; set up In

iaInfoline Private Equit fun

; receive

the Insurance broking license from IRDA;receive

the venture capital license; receive

inprinciple approval to sponsor a mutualfun

; receive

Best broker

In

ia awar

from FinanceAsia; Most Improve

Brokerage

In

ia awar

from Asiamone .


32/56


32

y 2009

Received registration for a housing finance company from the National HousingBank; received Fastest growing Equity Broking House - Large firms in India byDun & Bradstreet.

Religare :: Corporate Agency

1.Global financial services group with presence across Asia, Africa, Middle East,Europe andthe Americas.2.The group has alsopioneeredthe concept ofinvestments in alternative asset classessuch as arts and films3. With 10,000 plus employees across multiple geographies, REL serves over amillion clients4. The group offers a wide array ofproducts and services ranging from insurance,asset management, broking andlending solutions5. Structured under the -Religare Hichens, Harrison - brand name globally, Their

research covers 16 sectors and 153 companies6.MarketCap ofRs. 4942.91 Crores as on 25/9/2009

Bancassurance - Advantages


33/56


33

Channel-share inbusiness

MetLife

TotalBusiness : INR1120 16

crores

Objective :

ToDevelop the Sales Management Process for

Bancassurance andBusiness Partnership (BABP)@ MetLife

The BABP Business: Key Drivers

BABP Sales Management Structure


34/56


35/56


35

Mantra1

Know Whos whoinyour Partner organi ation

Whos Who would mean Channel Partners/Constituents viz, CAFOS, BM, RM, LIM, And allothers who are instrumentalin insurance sales.

Mantra2

Understandyour Partners World

1. Whatis the daily routine of my channel constituent?2. What are the core business areas?3. What are the strengths of my channelpartner?

4. What are the otherproducts that he/she has to sell?5. What are the difficulties, if any my channelpartner faces while selling myproduct?

POINT TOREMEMBER: HOW ARE THE MANAGERS DRIVING THE SAME TOTHEIRTEAMMEMBERS ?

Channel Partners/Constituents implies CAFOS, BM, AM, RM, LIM, And all others who areinstrumentalin insurance salesReadiness levelis defined as the extentto which a follower has

Ability Willingness

Ability Knowledge Experience Skill

Willingness Confidence Commitment Motivation


36/56


36

Mantra 3

What is the re uirement and what you can offer?

There are various wa s a person gets motivate

to

o our business our work is toun

erstan

,How

oes our Partner Emplo ee gets motivate

an

then ou work with himaccor

ingl .

What motivates a person 1.Ownership/ Involvement

.Personal rapport3.Rewar

s & Recognition

Mantra 4

Buil

Relationship

How do you build elationship? Know ourpartner emplo ees & un

erstan

their interests Wish them on special occasions like birth

a s, festivals etc. Be alwa s there to help them out professionall Communicate often keep channel partners informe

Encourage internal competition in a health manner Appreciateperformance an

sen

mails to acknowle

ge

Managing Sales:

Ever single qualification for success is acquire

through habit. Men form habits an

habitsform futures. If ou

o not

eliberatel form goo

habits, then unconsciousl ou willformba

ones. You are the kin

of man ou are because ou have forme

the habit of being thatkin

of man, an

the onl wa ou can change is through habits.The success habits in Banassurance life insurance selling are

ivi

e

into four main groups:

1.Collecting Lea

habit

.Calling habit3.Nee

Base

Selling habit4. Working habit

Lets

iscuss these habit groups in their or

er.

An

successful Bancassurance life insurance sales man will tell

ou that it is easier to sell lifeinsurance to clients but if ou have not inculcate

the habit of lea

generation the sales c clebecomes ver

ifficult

As to calling habits, unless ou have

eliberatel forme

the habit of calling on people whoare able to bu but unwilling to listen then unconsciousl ou have forme

the habit of callingon people who are willing to listen but unable to bu .

As to selling habits, unless ou have

eliberatel forme

the habit of calling on prospects

etermine

to make them see their reasons for bu ing life insurance, then unconsciousl ou


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have formedthe habit of calling onprospects in a state of mindin which you are willing to letthem make you see their reasons for not buying it.

As to working habits, ifyou willtake care ofthe other three groups, the working habits willgenerally take care of themselves because under working habits are included study and

preparation, organization oftime and efforts, records, analyses etc.

Research suggests:

Indians are exemplary savers and on an average save approximately 35% of theirhouseholdincome

Research also shows 5-6 clear categories of financial needs of every individual andrecommended allocation to be made to each need category

The Need-Based Selling model helpsposition the MetLifeplans asperdefined clientneeds.


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NeedBased Product Matri for MetLife India

One of the key initiatives is to empower the FPC/SMs with a simple tool to help themincrease the salepoints which are also alignedto established client goals.Recommended by experts, the top financial goals are indicated in the 1st column here. Wemapthese goals to clientprofiles at 3 income levels viz. 1-3 lakhs, 3-10 and above 10 lakhs.Column 3, importantly highlights the recommended contribution for each need categorythis is based on one keydatapointthat Indians are exemplary savers and on an average saveappx. 35% of their household income (various sources have published this; we are in the

process of having this validatedthrough an external agencylike E&Y or a Watson Wyatt).Furtherthe split ofthe 35% savings among the financial needs again will be validated bytheexternal agency bythe time we rollthis outin early Jan-10.Anyway, basis the contribution we arrive at appx figures to help our FPCs and customershave a structureddiscussion about solutions that are best fit for each need;lastly, the FPC will

putthe cards on the table withproduct recommendations.This is to make the entire approachprocess-based ratherthan personality-based andimprovemeeeting:sale conversions.Thisprocess first needs your buy-in before roll outto the field.


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9. Cancellation of licence.--- The esignate person ma cancel a licence of aninsurance agent, if the insurance agent suffers, at an time uring the currenc of thelicence, from an of the isqualifications mentione in sub section (4) of section 4 ofthe Act, an recover from him the licence an the i entit car issue earlier.

10. Issue of duplicate licence.---The Authorit ma issue a uplicate licence replace

a licence lost, estro e , or mutilate onpa ment a fee of rupees fift .

11. Non-application to existing insurance agents. Nothing containe inRegulations 4 to 6 of these Regulations shall appl to the existing agents before thecommencement of these Regulations.


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45

FORM IRDA-AGENTS- A(See Regulation 3)

Insurance Regulatory and Development Authority (Licensing of Insurance Agents)Regulations, 2000.

APPLICATION FORA LICENCE / RENEWAL OF LICENCE TO ACT AS

AN INSURANCE AGENT

TOTHE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,DEPARTMENT OF LICENSING,

NEW DELHI.

DEAR SIRS,

I request that(a) a licence to act as an insurance agent* / a composite insurance agent* mabe grante to me.

(b) *m licence bearing number ____________________ an expirate_____________ ma be renewe for a furtherperio of three ears.

. I hereb eclare thatparticulars given below are true an that the licence for whichI appl will be use onl b m self for soliciting orprocuring insurance business forone life insurer* / one general insurer* / both*.

(1) Name: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ] [ ][ ][ ][ ]

( ) Father's/Husban 's Name [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

(3) Full A ress:House No. : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Street: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

]Town: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

]District: : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

]State : : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

][ ][ ][ ]Pin Co e: : [ ][ ][ ][ ][ ][ ]Telephone No. [ ][ ][ ][ ][ ][ ] [ ][ ][ ][ ][ ][ ][ ][ ](STD Co e Number):

(4) Date of Birth: Da Month Year [ ][ ] [ ] [ ] [ ][ ][ ][ ]

(5) Title : State 1 if are Mr., Mrs., 3 Miss: [ ]


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48

FORM IRDA-AGENTS- B(SEE REGULATION 3)

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

(LICENSING OF INSURANCE AGENTS) REGULATIO NS, 000.

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,NEW DELHI

LICENCE NO. [ ][ ][ ][ ] [ ][ ][ ][ ] [ ] [ ]

LICENCE TO ACT AS AN INSURANCE AGENT UNDERPART II OF THE

INSURANCE ACT, 1938 (I OF 1938)

NAME OF INSURANCE AGENT*/COMPOSITE INSURANCE AGENT*:__________________________________

ADRESSS:

Having pai the prescribe fee an having ma e the necessar eclaration is herebauthorise to act an insurance agent for three ears from__________________ forprocuring or soliciting insurance business of one life insurer* / one generalinsurer*/both*.

(*strike out portion not require )

Place

Date for Insurance Regulator anDevelopment Authorit

Designate Person:

Signature of Licence hol er:

This licence is not vali unless it bears a fascimile of the signature of the chairpersonof the Insurance Regulator an Development Authorit an the initials of a personauthorise b him in this behalf, the signature of the licence hol er an the i entitcar (s). The licence hol er shoul put his signature as soon as licence is receive .


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FORM IRDA-AGENTS- C(See Regulation 3)

Insurance Regulatory and Development Authority (Licensing of Insurance Agents)Regulations, 2000

APPLICATION FROM A FIRM ORCOMPANY FORA LICENCE /

RENEWAL OF LICENCE TO ACT AS AN INSURANCE AGENT

TOTHE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY,DEPARTMENT OF LICENSING,

NEW DELHI.

DEAR SIRS,

It is requeste that(a)*a licence to act as an insurance agent*/a composite insurance agent* ma

be grante to our Firm/Compan ;(b) *our licence bearning number ____________________ an expirate_____________ ma be renewe for a furtherperio of three ears.

. It is hereb eclare thatparticulars given below are true an that the licence forwhich our Firm/Compan appl will be use onl b our Firm/Compan for solicitingorprocuring insurance business.

(1) Name: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]

( ) Full A ress:House No. : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ]Street: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

]Town: [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][

]

District: : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][]

State : : [ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][ ][]

Pin Co e: : [ ][ ][ ][ ][ ][ ]Telephone No. [ ][ ][ ][ ][ ][ ] [ ][ ][ ][ ][ ][ ][ ][ ](STD Co e Number):


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51

(3) (i) (In the case of a Firm) the names of all the partners therein:

(iii) (In the case of a Compan ) the names of the Directors:

(4) Whether the Partnership Dee */Memoran um of Association* contains as mainobjects the carr ing on of soliciting orprocuring insurance business as an insurance

agent. (Please enclose a certifie copy of the Partnership Dee */Memoran um ofAssociation*)

(5)The ate from when the licence shoul be effective:(6) Ifyou apply for licence to work for a life insurer,

state 1, a general insurer, state , for both, state 3 in the box. [ ]

3. It is further eclare that

(a)anypartner of our Firm*/ any Director of our Company* has not been foun to beof unsoun min by a court of competent juris iction;

(b)anypartner of our Firm*/ any Director of our Company* has not been foun

guilty of criminal misappropriation or criminal breach of trust or cheating orforgery or an abetment of or attempt to commit any such offence by a court ofcompetent juris iction;

(c)anypartner of our Firm*/ any Director of our Company* has not been founguilty of or to have knowingly participate in or connive at any frau ,ishonestly or mis representation against an insurer or an insure in the course of

any ju icialprocee ing relating to anypolicy of insurance or the win ing up of aninsurance company or in the course of an investigation of the affairs of an insurer;

( )anypartner of our Firm*/ any Director of our Company* has not violate the co eof con uct specifie un er Regulation 8 of Insurance Regulatory anDevelopment Authority (Licensing of Insurance Agents) Regulations, 000);

(e) the application in Form IRDA Agents V for each partner of our Firm*/eachDirector of our Company* has been enclose along with this form;

(f) anypartner of our Firm*/ any Director of our Company* is not a minor.

4. The payment of licence fee of rupees two hun re an fifty has been ma e an forwhich the receipt is enclose .

5. The ocuments in support of the e ucational qualification, pre recruitment test,an the practical training, in respect of all partners of our Firm*/ all Directors ofour Company* have been enclose along with this form.

(* Strike out portion not require .)

Place Yours faithfully,

Date: Signature of applicant


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Notes

1. The application shoul be fille in, as far as possible, in Hin i language or Englishlanguage.

2. Any correction or alteration ma e in any answer to the questions in the applicationshoul be initialle by the applicant.

3. The fees payable by an applicant is rupees two hun re an fifty.4. The name an the licence No. given in the application are i entical with those

shown in the last licence hel . If there is any subsequent change in the name, thereasons for the same shoul be state furnishing ocumentary evi ence for thesame.

5. The application shoul reach the esignate person before the expiry of licencehel by the application but not more than three months before such expiry. If theapplication oes not reach the esignate person at least 30 ays before the ateon which the last licence ceases to be in force, an a itional fee of one hun rerupees shoul bepayable. In this connection please also refer to the provisions ofsub sections (3) an (3A) of section 42 of the Insurance Act, 1938.

6. If the Firm or Company esires to act as an insurance agent or a composite

insurance agent , as the case may be, the ocumentary evi ence of the relevantpass in the pre recruitment test an the completion of the relevant practicaltraining ofpartners of the Firm or irectors of the Company shoul be enclose .

7. In case of a Firm, the signatory to the application (being a partner) shoul enclosea certifie copy of the resolution of all the partners authorising him to make theapplication. In the case of a Company, the signatory to the application (being airector) shoul enclose a certifie copy of the resolution of Boar of Directors

authorising him to make the application.


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FORM IRDA-AGENTS-VZ

(See Regulation 3)

Insurance Regulatory and Development Authority (Licensing of Insurance Agents)

Regulations, 2000)

Individual Insurance Agent's identity card

Photo

Agent'ssignature

Male/FemaleIssue

on:[ ][ ] [ ][ ] [ ][ ]Vali

upto:

[ ][ ]

[ ][ ]

[ ][ ]born on:[ ][ ] [ ][ ] [ ][ ]

Agent's Licence No.:Name of the Agent:Father's/Husban

's Name:Office of the Insurer with whom the agent is attache

:

The hol

er of this car

is authorise

to sell our insurance pro

ucts,asper our terms an

con

itions.

Signature of Designate

PersonName of Insurer (With Seal)

(Please see on the reverse)

A

ress an

telephone numbers of the Insurer: (If require

to becontacte by any one in connection with the hol er of this car ):

A ress an telephone numbers of the Agent:


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FORM IRDA-AGENTS-VY

(See Regulation 3)

Insurance Regulatory and Development Authority (Licensing of Insurance Agents)

Regulations, 2000)

Corporate Agents Identity Card

Vali

upto:[ ][ ] [ ][ ] [ ][ ]

born on:[ ][ ] [ ][ ] [ ][ ]

Corporate Insurance Agent's Licence No.:

Name of the Corporate Insurance Agent:

Signature of the Applicant (as authorise

by the Corporate Agent)

Office of the Insurer with whom the corporate insurance agent isattache

:

This car

authorises the corporate insurance agent name

above tosell our insurance pro

ucts, asper our terms an

con

itions.

Signature of Designate

PersonName of Insurer (With Seal)

(Please see on the reverse)

A

ress an

telephone numbers of the Insurer: (If require

to be contact by any one inconnection with the hol

er of this car

):

A

ress an

telephone numbers of the Corporate Insurance Agent:

Names of Partners / Directors of the Corporate Insurance Agent:

N. RANGACHARY, Chairperson

[No. A vt. 3/4/Exty/161/2000]


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Annexure 2


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SushantSharma Summer Report

Documents

Transcript of SushantSharma Summer Report