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MNYL, MNYL,
PRABHADEVI. PRABHADEVI.
MR.MAINAK PRAMANIK.
MR.
SALES MANAGER,
FACULTY GUIDE,
MNYL,
IIPM,
PRABHADEVI.
MUMBAI
CERTIFICTE OF APPROVAL
Name Signature
Date: Date:
ABSTRACT.
ACKNOWLEDGEMENT
This project has not only widened my horizon as far as academics are
concerned but also helped me to enlarge my knowledge bank. Marketing
Management and Human resources are not topics, which could be handled
with certain amount of casualty. It requires a deep study and hard work,
which is key to success. There are many people associated with this project
without which this project would not have been possible.
I would like to thank Mr. Manish Saklani, who allow me to do this project
in Max New York Life successfully.
I am deeply grateful to Mr. Alok Ghosh, my project guide for his ever
willing help and guidance to complete my project successfully.
I would like to thank to Mr. Mainak Pramanik, my Sales Manager for his
nobel inspiration, keen interest, constant supervision and ever willing help
throughout the course of this study.
Above all I would like to thank all contacted persons of firm who took out
valuable time to answer my queries and gave me full information about
insurance industry and Max New York Life.
PREFACE
Acknowledgement
5
Preface
7
Table of Contents
9
List of Abbreviations
11
C.2 SHORTLISTING 56
C.3 APPROACHING 57
C.5 NAT 58
C.8 FCS 58
C.9 CONTRACT 58
SECTION E: CONCLUSION 62
E.1 EXPERIENCE 63
E.2 SUMMARY 64
E.3 RECOMMENDATION 65
E.4 BIBLIOGRAPHY 67
LIST OF ABBREVIATIONS.
AA Agent Advisor
PO Personal Observation
SM Sales Manager
• Personal observation.
• Nominator.
• CoI.
Section A
INTRODUCTION.
Historical Perspective
Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a
statutory body in April 2000 has fastidiously stuck to its schedule of framing
regulations and registering the private sector insurance companies. Since
being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. The other decision taken
simultaneously to provide the supporting systems to the insurance sector
and in particular the life insurance companies was the launch of the IRDA
online service for issue and renewal of licenses to agents. The approval of
institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in
place to sell their products.
Present Scenario
The Government of India liberalised the insurance sector in March 2000 with
the passage of the Insurance Regulatory and Development Authority (IRDA)
Bill, lifting all entry restrictions for private players and allowing foreign
players to enter the market with some limits on direct foreign ownership.
Life insurance business in terms of first year premium has shown a growth of
more than 95% over the previous year and non life, or general insurance, is
not far behind either, growing at 22% during 2006-07.The 15 private insurers
in the life insurance market have already grabbed nearly 24 percent of the
market in terms of premium income. The new business premium of the 15
private players has tripled over last year. Meanwhile, state owned LIC's new
premium business has fallen. Figure shows comparison between premiums
being collected by private and public limited players in year 2006 and 2007.
The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back
policies. But in the annuity or pension products business, the private insurers
have already wrested over 33 percent of the market. And in the popular unit-
linked insurance schemes they have a virtual monopoly, with over 90
percent of the customers.
The private insurers also seem to be scoring big in other ways- they are
persuading people to take out bigger policies. For instance, the average size
of a life insurance policy before privatisation was around Rs 50,000. That has
risen to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to
persuade new customers.
• Max New York Life Insurance Company Ltd. is a joint venture between
New York Life and Max India Limited.
• New York Life is a Fortune 100 company and Max India Limited is one
of India's leading multi-business corporations.
• The company has positioned itself on the quality platform.
• It has developed a strong corporate governance model based on the
core values of excellence, honesty, knowledge, caring, integrity and
teamwork.
• The strategy is to establish itself as a trusted life insurance specialist
through a quality approach to business.
• In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholder's
funds.
• The Company's paid up capital is Rs. 657 crore, which is more than the
norm laid down by IRDA.
• Max New York Life has identified individual agents as its primary
channel of distribution.
• The Company places a lot of emphasis on its selection process, which
comprises four stages –
Screening,
Psychometric test,
Career seminar
Final interview.
E
MDR
T
Ex.
Council
Paul Colgan
Trophy
Centurion
Hi-Flier
Ten-A-Monther
Premium Leader
1) Premium Leader
2) Ten-A-Monther
Lunch.
3) Hi-Flier
Qualifying Criteria- 15 paid cases & Rs. 40,000 FYC at the end of
month 3
Qualifying Criteria- 25 paid cases & Rs. 80,000 FYC at the end of
month 6
Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhs FYC in July- June
for
9) Centurion
Qualifying Criteria- Highest FYC with 100 or more paid cases and
Council Meeting.
Reward and Recognition- MDRT dues for all qualifiers. Top 35 by FYC
will
meeting.
PRODUCTS OF MNYL
• Endowment Plans
• Children Plan
• Pension Plans
Vision
Be a national player.
Values
This vision to become India's most admired life insurance company will
be realized through our unique set of values, which are as follows:
Achievements
CSR
Max New York Life has been instrumental in changing the paradigm of life
insurance in India. It is the first life insurance company in India to introduce
cause related marketing.
Children are at the very heart of Max New York Life's strategy. SOS Children's
Villages of India is internationally recognized for its work in giving
underprivileged children a wholesome life. The mission of SOS is "to help
orphaned and abandoned children, by providing them with a family, a
permanent home, education and strong foundation for an independent life."
It's mission ties in with Max New York Life's philosophy of helping people
secure the future of their near and dear ones.
The company donates a part of the total money collected on all policies sold,
to SOS Children's Villages of India at the end of the year.
Leadership Team
Section B
From this eligibility model company judge prospective person. The company
follows unique eligibility criteria for AA selection by which company is able is
to always justify its mission. The basic objective of having an eligibility model
for recruitment is to have good retention and greater effectiveness in the
delivery of service.
2. Married:
Person who stays more than 5 year has huge natural market which
helps him to get more business in short period.
4. Graduate:
1. Financial stability:
MNYL is focuses on classes and not on masses thus they select strong agent
advisors.
it helps to get higher case rate and case size. Also the chances of policy
lapsing can be less and renewals can be more.
4. Independent:
5. Persuasion:
Desirable Candidates
1) Housewives.
3) CA’s.
5) NSC brokers.
6) Tax Consultants.
7) Businessman.
8) Doctors.
9) Travel agents.
10 Lawyers
)
11 Diamond merchants.
)
12 Social workers.
)
1) Prospecting: Identify the right person who fits in the eligibility model.
• RULE OF 31
There are several ways for gathering names in order to follow rule of 31.
• Natural Market:
• Personal Observation:
• Nominator Call:
A centre of influence person is people who are influential and you know
them personally. They are approached for giving references of the
client.
• Prospect Call:
• Activities:
• Phoenix mill.
• Nakshatra mall.
• Hirra panna.
• Siddhivinayak temple.
• BSE.
This is another method that helps the management trainee and the sales
managers keep a track of the names he has from his natural market as well
as through name gathering,
COLD
WARM
HOT
Cold
Cold is like what u are having. In this column we include all the names
which we have as a prospect. It includes C o I names, references,
nominators, PO names and so on. It is a list of all the names that we
wish to contact in future.
Warm
Hot
After being entered in the warm list if any candidate has attended any
of the seminars held at Max New York Life after the initial screening
done and if the candidate has been given P200 (project 200) then the
prospective agent is then said to be entered in the hot list.
80 30 8
QUESTIONNAIRE
Hello. This is MRUNAL D. SAMANT from Max New York Life, working here as a
management trainee. I would appreciate it if you could lend me just 2
minutes of your time for my project on Insurance Industry. I would like to
SHARES
5%
PROPERT
INVEST INSURAN
Y. - MENT CE
OPTION
55 % 15 %
S.
MUTUAL
FUND.
25 %
a. _____________________________________
c. _____________________________________
TATA AIG
BIRLA SUN
LIFE
ICICI
PRUDENTIAL
_________________________________________
a. ____________________________________
b. Money Back
d. Term Plan
a. Security
b. Investment
c. Tax Benefits
TAX BENEFIT
SECURITY
INVESTMENT
a. Rs.20,000 to 30,000
b. Rs.30,000 to 50,000
c. Rs.50,000 to 75,000
d. Rs.75000 to 1,00,000
a. Yes
b. No
YES
NO
a. Communication
b. Networking
c. Both
COMMUNICATI
ON
NETWORKING
BOTH
NAME: ______________________________________
ADDRESS: ______________________________________
______________________________________
Thank You for your valuable time and for your information the agency
business in insurance sector is successfully pursued by businessman,
housewife, freelancers, IT Consultants/CA, professionals like Doctors,
Architects, Trader Segments, Auto, Real Estate, etc.
MNYL has its own scientifically handled script they use worldwide for
approaching the future AA for the Company. The company periodically
modifies the versions of the scripts if needed as per requirement. All the
mangers are required to follow the scripts. There are several kinds of scripts.
The classification of scripts is follows:
1) Nominator Script:
2) CoI Script:
Centre of influence is a people whom you know. The main objective of this
script is to fix an appointment with the CoI or to collect the references from
them.
With the help of this script, firm tries to motivate people to visit MNYL office.
The main objective of this script is to call the prospect in MNYL for the initial
screening.
This script includes many questions which help to get references quickly.
This script is used to entertain Nominators and influence them to collect
references from them.
All the scripts are also contained with expected objections from the
prospects/CoI/nominators. These objections are based on the rich
experiences and have adequate strategy to avoid objection. In any Case, an
objection is found to be unlisted it is responsibility of SM to bring back in the
spirit of original script provided them.
Section C
Short listing
Contacting
NO
Intereste
End
d?
YES
Initial Screening
NAT
Intereste
End
d? YES
Career interview
FCS
NOT CLEARED
IC-33 ? Reappear
CLEARED
• Address of Contact
• Age
• Marital Status
• Qualification
• Financial Status
• Profession
• Annual Income
• Natural Market
• Comments
Candidates are shortlisted from the P200 as per the eligibility criteria laid
down by the company. Only eligible candidates are considered for the next
process.
C.3 CONTACTING
Graduate 1 point
Married 1 point
C.5 NAT
All the prospects are required to attend career seminar at MNYL which
provides broader aspects of growth as an Agent Advisor.
C.8 FCS
All the selected candidates are required to attend 22 day training session for
receiving the license from IRDA to become an Agent Advisor.
C.9 CONTRACT
All the successful candidates having legal license of IRDA are contracted with
MNYL.
In this firm has its own statistic. That means if we will contact 60
person in a month. Then we can convert 2 people for a batch as a
AA.
60 Cold prospects.
16 Test.
08 Seminar.
04 Career Interview.
02 FCS Batch.
Section D
Particulars Status
1) Initial Screening 30
2) NAT 6
3) Career Seminar 8
4) P200 8
5) Career Interview 5
6) FCS -
7) Total Recruitment -
8) Contracted -
The above activity chart represents the work done by me in accordance with
the channel development process. The P200 sheet will be attached with this
project where name and contact numbers are stored in format prescribed by
the MNYL.
SECTION E
CONCLUSION
My Experience with MNYL will always be grateful for me. I learned many
things in MNYL. The very first thing I learned in MNYL is to handle objections
from the customers. Different type of scripts of MNYL helps in this.
Overall “Channel Development” was a fair attempt from me. During the
project I was able to make 200 names.
I shared a lot of activities with my colleagues. All the trainees from different
background also remained a source of energy for my daily activities.
E.2 SUMMARY
E.3 RECOMMENDATION
HEARD
KNOWN
EXPERIENCED
UNKNOWN.
• Have a re-look at the existing product range and design products which
can attract masses rather than just serving only classes.
E.4 BIBLIOGRAPHY.
• www.maxnewyorklife.com
• www.google.com