Académique Documents
Professionnel Documents
Culture Documents
com
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ON
Prepared by:
MBA - 3rd SEM.
Roll no. 8 Seat no.
DECLARATION
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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
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ACKNOWLEDGEMENT
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INDEX
1.
Sectors Profile
2.
Company Profile
3.
Executive Training
4.
5.
6.
7.
Methodology
8.
9.
SWOT Analysis
10. Suggestion
11. Limitation
12. Questionnaire
13. Conclusion
14. Bibliography
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Sectors
Profile
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INDEX
i.
ii.
Brief History
iii.
iv.
v.
Contribution to GDP
vi.
vii.
viii.
ix.
x.
Life Insurance
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Act,
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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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
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CONTRIBUTION TO GDP
Insurance sectors contribution to GDP of different countries are as follow:,
Status
Countries
Contribution to GDP
(Premium as % of GDP)
UK
Japan
US
South Africa
Australia
South Korea
India
China
Malaysia
Indonesia
Brazil
12.71
8.70
4,48
14.04
6.04
9.89
1.77
1.12
2.13
0.54
0.36
of
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In India, the laws & practices have changed significantly, since the 1950s. 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)
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
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.
Now in all there are 17 players in Life insurance business including LIC & they are
1. Bajaj Allianz Life Insurance Co. Ltd.
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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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Date of Reg.
23.10.2000
15.11.2000
24.11.2000
10.01.2001
31.01.2001
23.10.2001
30.03.2001
02.08.2001
03.08.2001
10
06.08.2001
11
14.05.2002
12
06.02.2004
13
30.07.2006
14
3.01.2002
15
4.09.2007
16
30.03.2001
17
19.12.2007
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Company Name
2006-07
2007-08
1220
2201
752
1280
3925
6643
499
943
699
1708
689
1820
518
788
418
656
3027
5568
10
656
980
11
19
71
12
105
13
87
124
14
1198
2531
15
302
764
16
Future Generali
00
0.41
17
00
4.36
18
LIC
23899
23583
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3% 2%
10%
1%
2%
2%
1%
1%
8%
63%
2%
0%
3%
1%
0%
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4% 3%
13%
2%
47%
3%
4%
2%
1%
11%
0%
0%
2%
5%
2%
0%
Future Generali
0%
0%
LIC
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1/7
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 industrys
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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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 employers co-operation.
The major elements that will be Critical in shaping the future of the insurance
market can be broadly outlined as:
Distribution
Competition
Product innovation
Health Insurance
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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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.
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Childrens
Education
And Marriage
Wealth
Creation
Living Death
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As shown in the figure a person has got three probabilities Dying too soon,
Living death and Living too long and two probabilities Childrens 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. Todays
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
persons family will need his/her income to maintain the same lifestyle.
Dont 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:
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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.
This is one area where you dont want to compromise, isnt it? You are the source of
your childrens happiness-protect it!
Wealth Creation:
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Risk-Cover
Peace of
Mind
Tax
Benefits
Office
Service
Forced
Savings
CORE
Pre and
Post Sales
Service
Return
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Liquidity
Safety
In short we can say that the total service package of life insurance is as in above
diagram.
Company
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Profile
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Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias
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".
Professionalism
Innovation
Team Spirit
Pragmatism
Integrity
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Bharti Enterprises
It is one of Indias 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 Indias 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 countrys
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 SAs
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
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Distribution
Bharti AXA
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:
Tied Agency
70%
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PRODUCT LINE
Bharati AXA Life Insurance Co. Ltd., Product Line is as follow:
Traditional
ULIP
Pure Protection
Protection, Saving
&Wealth Creation
Secure Confident
Save Confident
Future Confident
Future Confident ll
Aspire Life
Wealth
Creation and
Protection
Wealth
Confident
Invest
Confident
Dream Life
Pension
Regional Manager
Territory Manager
Sales Manager
Senior Manager
Unit Manager
Advisors
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Corporate structure.
CORPORATE STRUCTURE
TIED
AGENCY
ALTERNATE
DISTRIBUTION
VICE PRESIDENT
COURNTRY HEAD
REGIONAL MANAGER
RELATIONSHIP
MANAGER
BRANCH SALES
MANAGER
SALES
MANAGER
SALES
MANAGER
ASSI SALES
MANGER
BANCASSURNCE
UNIT
MANAGER
FINANCIAL SERVICE
..
TRAINESS
CORPORATE
AGENCY
TEAM
LEADER
CUSTOMER
SERVICE
REPRESENT
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Executive
Training
(DYNAMICS OF AGENCY RECRUITMENT)
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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 persons 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:
Unlimited income.
Regular income for years till the policies sold by one is in force.
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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.
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Introduction to
IRDA Act
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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.
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Introduction
Insurance Advisor
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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:
At least
Living in
Networ
High Net
Married
Age
Graduat
Ahmedaba
k/
Income
and have
grou
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e Person
d for at
Society
(HNI)*grou
dependent
least 3 yrs
group
25-50
yrs
KLI 1
ICICI
LIC
Birla Sun
Prudential
2
life
Bajaj
Allianz 3
ING
Vysya
Bharti
Axa
Aviva 6
NA
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To simplify, functions of a life insurance agent could be divided into two parts,
viz.
'Pre-sale functions';
'Post-sale functions'
Filling of form
Arranging for Medical Examination
Collection proofs of age and income
Any other information required by the underwriters
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Week
1
2
3
4
5
6
7
8
Target
1
1
2
2
2
3
3
3
Achievement
0
1
1
1
2
2
2
3
Target
Achievement
9
8
8
7
7
6
6
5
5
4
3
2
4
3
2
11
1
0
3
2
11
2
1
22
3
2
33
2
0
1
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METHODOLOGY
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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:
presented in front of a group of peoples and that is even in rural areas where people
dont 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.
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SWOT
Analysis
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STRENGTHS
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
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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 companys 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
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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 companys 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
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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.
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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 didnt provided me the data as they told me that it is confidential.
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.
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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 _____
B) 30-40
_____
C) 40-50
_______
D) Above 50 _______
B) Unmarried _
________
________
________
________
________
_______
_______
_______
_________
_________
_________
_________
_________
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_______
_______
_______
_______
_______
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.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 ones 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
________
________
________
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________
________
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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.
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
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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.irdaindia.org
www.irda.orq.com
www.indiainfoline.com
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