Académique Documents
Professionnel Documents
Culture Documents
ON
RECRUITMENT OF CERTIFIED FINANCIAL
CONSULTANTS
IN
SESSION 2007-2009
SUBMITTED TO
SUBMITTED BY
Vivek Verma
MBA (III SEMESTER)
1
CONTENTS
1 Preface
2 Acknowledgements
3 Declarations
Introduction
What is insurance
History of Insurance Sector
IRDA
Life Insurance in India
Importance of Life Insurance
Company Profile
About HDFC SLIC
Board of Directors
Research Methodology
Profiling of prospects
Skim natural market
Leads generation
Mode of contacting prospects
Total no. of people contacted
Channel Development
Why to Recruit?
Who to recruit?
How to Recruit?
Recruitment Activities
Things to check while recruiting
Advisor Role
The Support Packages to make a successful advisor
SWOT Analysis
Research Methodolog
PREFACE
2
Prospect search, fallow up & identifying the different hiring
Every company needs to hire the right manpower at the right job
for that they hire search firms or job portals. And it comes from
ACKNOWLEDGEMENT
3
At the outset, I would like to place on record my gratitude to all those
who have been instrumental in shaping up this project with their guidance and
inspiration.
directing and guiding me enabled the project to assume its systematic shape.
ICCMRT) for his constant inspiration, supervision and guidance for this work
Last but not the least I must express my gratitude to my family and various
friends who gave moral support for completing this project work.
Ravindra Nath
4
INTRODUCTIO
N
5
WHAT IS INSURANCE?
Insurance is not necessarily an investment from which one
expects to get ones back. Nor it is gambling a gambler takes
risks. While insurance offers protection against risks that already
exist Insurance is a way to share risk with others.
6
Life Stages
Your insurance need will change as your life does, from starting
to work to enjoying your golden years and all the stages in
between. Each one of these stages may pose a different
insurance need/cover for you. In this section, we have drawn up
the basic life stages and help you analyze various insurance
needs accordingly.
7
STAGE 2 Just Married
Our needs
Planning for home / securing your home loan liability
Save for vacation
Save for your first child
Our needs
Provide for childrens education
Safeguarding family against loan liabilities
Savings for post-retirement
8
STAGE 4 Planning for Retirement
Our needs
Provide for regular income post retirement
Immediate Tax benefits
Lead a secure, independent and comfortable life style in your
retirement years
9
annual income. At 35, this is about 6 times. Of course the exact
amount must be adjusted according to the number of
dependents, existing investments and ones life stage. For
instance, if at 30 a person has two children and parents to
provide for, the amount of insurance should also be higher.
Lets assume that you are 30 years old and you earn Rs.4,
00,000 per annum. Now if your retirement age in 55 you have
25 years to go before retirement. So your Human Life Value is
(25 x 4, 00,000)
= Rs. 100, 00,000 (One Crore rupees).
So, your present Human life Value is one crore rupees, provided
you stay healthy. You take factors like inflation and increase in
income over a period of time to account your Human Life Value
is a lot more.
10
1999 followed by the establishment of IRDA (Insurance
Regulatory and Development Authority in April 2000.
The Indian Insurance Industry was dominated by
two states Insures the Life Insurance Corporation in Life
Insurance and The General Insurance Nationalization of the Life
and non Life sector in 1956 and 1972 respectively. In dec 99 the
IRDA act was passed which limited foreign investors to a 26%
cap on equity participation, and minimum capital requirement of
$20 million. At present, more than 20 private players are in the
market and some are in the pipeline. The advent of the new kids
poses to LIC to some what extent, door which LIC will have to
change its current polices regarding marketing and product
management.
11
the competitive scenario. While boasting full scale automations
of its operation, the truth is that its technology outdated. The
new players. With the state of the art technology under the belt,
will be in advantageous position . 80% of LICs business is
procured by 20% of its ill trained agent force. The foreign player
with the domestic partners string brand value, can test the
unconventional distribution channels like brokers, the Internet
the banking distribution system etc., although foreign players
may be tempted to keep their operations in big cities for the
cream layer of the society, the real market lies in rural India,
which accounts for the lions share of LICs present business.
The foreign players must adapt to Indian realities, the well
published failures of the world famous consumer goods
companies like Electrolux, whirlpool, Reebok, and Nike etc. to
gauge the Indian Psyche and sentiments demonstrate the
concept. They failed in the area of realistic pricing, product
promotion and reaching to the consumer. The foreign companies
know the ground realities to the details.
12
GROUP INSURANCE, INDIA
13
LOAN COVER TERM ASSURANCE POLICY,
INDIA
Tata AIG
ING Vysya
LIC
14
MONEY BACK POLICY, INDIA
Annuities differ from all the other forms of life insurance in that
an annuity does not provide any life insurance cover but,
instead, offers a guaranteed income either for life or a certain
period.
15
TERM LIFE INSURANCE POLICY, INDIA
Term life insurance policy covers risk only during the selected
term period. If the policyholder survives the term, the risk cover
comes to an end. Term life policies are primarily designed to
meet the needs of those people who are initially unable to pay
the larger premium required for a whole life or an endowment
assurance policy.
16
Options to take additional cover against
Death due to accident
Disability
Critical Illness
Surgeries
Liquidity
Tax planning
17
Life Insurance has come a long way from the earlier days when
it was originally conceived medium for short periods of to me.
Covering temporary risk situation, such as sea voyages. As life
Insurance became more established, it was realized what a
useful tool it was for a number of including.
Regular Saving:
Providing for ones family and oneself, as a medium to long
term exercise (through a series of regular payment or premiums)
This has become more relevant in recent times as people sect
financial independence for their family.
Investment:
Put simply the building up of saving while safeguarding it forms
the ravages of inflation. Unlike regular saving products,
investment products are traidanailly lump sum investment,
where the individual likes a one off payment.
Retirement
Provisions for later years become increasingly necessary,
especially in cultural and social environment. One can buy a
suitable insurance policy, which will provide periodical
payments in ones old age.
18
REVIEW OF INSURANCE SECTOR
India is having population of 1 Billion with a middle class
population estimated up to 300 million. It being the 5th largest
economy in the world in terms of Purchasing Power Parity
(PPP) has a GDP growth rate of over 6%per year on an average
for the last decades. The saving rate is estimated to be about
26% of the GDP. In the total population, the insured the
population is estimated to be about 70 million.
Privatization of Insurance:
The Indian insurance Sector has finally opened up and it is with
much anticipation that new players are awaiting their share of
market. License have been issued to both Indian and foreign
Players reliance , HDFC standard life , Max India Network ,
Royal Sundaram Alliance, ICICI prudential , IFFCO Tokyo
Marine, Bajaj Allianz , Birla Sun life, Tata AIG, AVIVA life
Insurance , SBI life , Om Kotak Mahindra are some of the
entrants into the newly liberalized Indian insurance market.
ICICI Prudential and HDFC Standard life have issued their life
policies from the private sector after 45 years.
The first move for the liberalization came with the Malhotra
Committee Report in 1993 which recommended the
privatization of Insurance, setting of an insurance regulatory
authority and restructuring the government monopoly LIC and
GIC and its subsidiaries IRDA Act passed in November 1999
had set ball rolling for the entry of Private Players in domestic
sector.
19
LIBERALIZATION OF INSURANCE
SECTOR:
Liberalization commitment of the country to help in disciplining
future economic policies will include the insurance reforms.
When world over insurance market has been opened up. India
cannot remain in isolation. History has shown that it is very
difficult to proper in isolation.
20
Advantages of Liberalization:
The opening up will enable the country to save more and
invest more for the development in infrastructure.
21
IRDA
The Insurance sector has been opened up in India, as
there was an urgent need. The international experience
indicates those country with a liberalized insurance sector
have witnessed a rapid growth in premium volumes
enhancing the domestic saving rate. This happened in China,
Malaysia and Singapore where a competitive market has led
to improvement in Services and Quicker settlement of claims.
It is also important to note that competition will bring about
advancement in information, communication and technology.
And rightly there force a decision was taken by the
Government of India to open up Insurance sector. The
establishment of IRDA in the month of April 2000 has been
important development in this direction, making the end of
monopoly in the insurance sector.
22
Need of brand name in Insurance:
23
Market Share Among Private Companies:
insurance companies.
Prevention of Loose Assured Returns and Long term
companies.
Most of the Indians are of the opinion that private
than other
Most to them are interested in insuring for an amount of
rs.1-2 lakhs.
There is significant relationship existing between monthly
24
ABOUT HDFC SLIC
25
HDFC Standard Life Insurance Company Ltd. is one of India's
leading private insurance companies, which offers a range of
individual and group insurance solutions. It is a joint venture
between Housing Development Finance Corporation Limited
(HDFC Ltd.), India's leading housing finance institution and a
Group Company of the Standard Life, UK. HDFC as on
December 31, 2007 holds 72.38 per cent of equity in the joint
venture.
Financial Expertise
As a joint venture of leading financial services groups, HDFC
Standard Life has the financial expertise required to manage
your long-term investments safely and efficiently.
Range of Solutions
We have a range of individual and group solutions, which can be
easily customized to specific needs. Our group solutions have
been designed to offer you complete flexibility combined with a
low charging structure.
FACT SHEET
26
HDFC Standard Life Insurance Co. Ltd. is a joint venture
between HDFC Ltd., India's largest housing finance
institution and Standard Life Assurance Company, Europe's
largest mutual life company. It was the first life insurance
company to be granted a certificate of registration by the
IRDA on the 23rd of October 2000.
BOARD MEMBERS
27
Brief profile of the Board of Directors
28
overseeing Investment Process & Chief Executive Officer
Function. Prior to this, Mr. Skeoch was working with M/s.
James Capel & Co. holding the positions of UK Economist,
Chief Economist, Executive Director, Director of Controls
and Strategy HSBS Securities and Managing Director
International Equities. He was also responsible for Economic
and Investment Strategy research produced on a worldwide
basis. Mr. Skeoch joined the Board of Directors in November
2005.
29
(RBI).
Group Companies
30
Bancassurance Parteners
31
PRODUCTS AND
SERVICES
INDIVIDUAL PRODUCTS
32
We at HDFC Standard Life realize that not everyone has the
same kind of needs. Keeping this in mind, we have a varied
range of Products that you can choose from to suit all your
needs. These will help secure your future as well as the future of
your family.
Protection Plans
You can protect your family against the loss of your income
or the burden of a loan in the event of your unfortunate
demise, disability or sickness. These plans offer valuable
peace of mind at a small price.
Investment Plans
Pension Plans
Our Pension Plans help you secure your financial
independence even after retirement.
33
post retirement and securing you financial independence.
Savings Plans
34
GROUP PRODUCTS
One-stop shop for employee-benefit solutions HDFC Standard
Life has the most comprehensive list of products for progressive
employers who wish to provide the best and most innovative
employee benefit solutions to their employees. We offer
different products for different needs of employers ranging from
term insurance plans for pure protection to voluntary plans such
as superannuation and leave encashment. We now offer the
following group products to our esteemed corporate clients:
Social Product
Development Insurance Plan
Development Insurance plan is an insurance plan which
provides life cover to members of a Development Agency for a
term of one year. On the death of any member of the group
insured during the year of cover, a lump sum is paid to that
member beneficiary to help meet some of the immediate
financial needs following their loss.
35
Eligibility
Members of the development agency and their spouses
with:
- Minimum age at the start of the policy 18 years last
birthday
- Maximum age at the start of policy 50 years last birthday
Employees of the Development Agency are not eligible to
join the group. The group to be covered is only eligible if it
contains more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the
group and will be the same for all members of the group.
The premium can only be paid by the Development Agency as
a single lump sum that includes all premiums for the group to
be covered. Cover will not start until the premium and all the
member information in our specified format has been
received.
The premium rate is Rs. 25 per Rs. 10,000 of lump sum, per
member.
Benefits
On the death of each member covered by the policy during the
year of cover a lump sum equal to the sum assured will be
paid to their beneficiaries or legal heirs. Where the death is as
a result of an accident, an additional lump sum will be paid
equal to half the sum assured. There are no benefits paid at the
end of the year of cover and there is no surrender value
available at any time.
36
The role of the Development Agency
Due to the nature of the groups covered, HDFC Standard Life
will be passing certain administrative tasks onto the
Development Agency. By passing on these tasks the premium
charged can be lower. These tasks would include:
Submission of member data in a specified computer format
Collection of premiums from group members
Recording changes in the details of group members
Disbursement of claim payments and the mortality rebate (if
any) to group members
These tasks would be in addition to the usual duties of a
policyholder such as:
Payment of premiums
Reporting of claims
Keeping policy holder information up to date
Training and support will be available to give guidance on
how to complete the tasks appropriately.
Since these additional tasks will impose a burden on the
Development Agency, the Development Agency may charge a
Rs. 10 administration fee to their members.
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states
No person shall allow or offer to allow, either directly or
indirectly, as an inducement to any person to take out or
renew or continue an insurance in respect of any kind of
risk relating to lives or property in India, any rebate of the
whole or part of the commission payable or any rebate of
the premium shown on the policy, nor shall any person
taking out or renewing or continuing a policy accept any
rebate, except such rebate as may be allowed in accordance
with the published prospectus or tables of the insurer
37
Tax Benefits
INCOME GROSS HOW MUCH HDFC
TAX ANNUAL TAX CAN STANDARD
SECTION SALARY YOU SAVE? LIFE PLANS
Upto Rs.
Across All 33,990 saved
All the life
Sec. 80C income on investment
insurance plans.
Slabs. of
Rs. 1, 00,000.
Upto Rs.
Across all 33,990 saved
All the pension
Sec. 80 CCC income on Investment
plans.
slabs. of Rs.1,
00,000.
Upto Rs. 3,399 All the health
Across all
saved on insurance riders
Sec. 80 D* income
Investment of available with the
slabs.
Rs. 10,000. conventional plans.
Rs. 37,389
TOTAL
Rs. 33,990 under Sec. 80C and under Sec. 80
SAVINGS
CCC, Rs.3, 399 under Sec. 80 D, calculated for a
POSSIBLE
male with gross annual income
**
exceeding Rs. 10, 00,000.
Under Sec. 10(10D), the benefits you receive are
Sec. 10 (10)D completely tax-free, subject to the conditions laid
down therein.
38
tax liabilities.
RESEARCH
METHODOLOGY
39
OBJECTIVE OF RESEARCH
METHODOLOGY
40
ELIGIBILITY
RANDOM
1. Profiling of prospect
41
Random observation, personal contacts and individual
approach has been used in data collection
The target areas for the FCs are CAs, Dr, housewives,
student,selfemployed,graduates and retired people. These
people are contacted through references given by our
colleagues,seniors,family members and so on. The first
target areas was housewifes because the are educated and
have the potential to engage in such activities.Also,they
want to invest their free time in part time working for
better growth
CA/CS
RETIRED PEOPLE
GRADUATES
42
Graduates have the ability to work in any situations. The
have zeal, power, enthusiasm, & urge to do something.
The graduates were been approached as they can flourish
their career by being FCs
DOCTORS
Doctors are one of the essential target areas of recruiting
FCs Doctors meet hundreds of people from every sphere
of society everyday. Moreover doctors are hard working
people & will be easy to convince to earn an additional
income.
SELF-EMPLOYED
43
1. The company would support you by providing the required
training and regular coaching
2. We also provide information in the form if sales at, so that
you are able to provide the best service to costumers.
3. One of the principle responsibilities of our business
development manager is to insure that each FC is supported at
all times.
44
spouse in the presentation so that they know what they are
getting into.
6. Always check on need for money and a drive to do well in life
if he has been doing well in life he will make efforts to do well
with us.
7. Keep checking on the pointers and do mental checks list of
the acceptable points
8. Be convinced about the profile and only go ahead
BENEFIT OF RECRUITMENT:
1. High probability of success
2. Tax and financial consultant
3. Bond/and mutual fund agent
4. LIC agent- surrogate
5. Small business owners
WORKING ENVIRONMENT
45
To be part of a world class sales team
Work from your own office or residence
Work full time or part time
Earn commissions, bonus and incentives
No upper limits of earning
Flexible career
YOUR OPPORTUNITY:
Selling skills
Product knowledge
Relationship skills
46
TRAINING DELIVREY THROUGH
SEVERAL CONVINIENT OPTIONS:
Face to face
Online
Self learning
The start was made first by the leveraging the natural market i.e.
our family, friends, relatives & personal contacts. This helps to
list down approximately 50 names and addresses to whom a
direct approach is to be made. This skimming of natural market
is done first to get handful of addresses and references with who
further approach could be made. This approach further turns out
to cover the target areas.
47
DIAGRAM SHOWING
NATURAL MARKET
48
3- LEAD GENERATION:
Skimming through natural market, generated contacts to various
people. This creates an opportunity to categorize peoples
interested in HDFC. This generates a lead towards the
organizational interest. Getting aware prospects financial
position and creating their interest towards HDFC. Short term is
the basic criteria of the approaching. It is better described as
follows:
Zero investment:
There is no start up capital. Be ones own boss with a
flexible working hour, unlimited earning potential and the
opportunity to be part of a world class sales team.
Sunrise industry:
Life insurance in India has a huge potential for growth.
Statistics reveal that only 25% of the insurable population
in India is not insured and those insured are in need of still
higher insurance cover. The over 100% growth displayed
by private life insurers indicating this huge untapped
potential.
49
Professional training programs
IRDA Training
Disha Training
Advanced Training:-
50
sophisticated training program, fit for this dynamic world of
finance product and market.
Unmatched support:-
51
The policies sold by one will give one a reward income income
every year. So every year ones income keeps increasing steadly,
even if one sells the same no. of policies every year.
Regular income:
Ones Reward:
52
The no. of people contacted were 125 including CAs, doctors,
housewives, retired people, students, businessmen etc.
PROCESS
53
1. No. of prospects contacted:
4. Critical ratio:
Out of 100 people the no. of people were converted as FC
were 1 which is 1% of the total contacted.
54
RESULT:
55
GROUP
COMPANIES
56
Aviva Life Insurance, India
57
Bajaj Allianz
58
Birla Sun Life Insurance Company Limited is a joint venture
between Aditya Birla Group and Sun Life Financial of Canada.
Aditya Birla Group is an Indian multinational conglomerate
with presence in India, Thailand, Indonesia, Malaysia,
Philippines, Egypt, Canada, Australia and China.
Contact Information
59
ICICI was established in 1955 to lend money for industrial
development. Today, it has diversified into retail banking and is
the largest private bank in the country. Prudential plc was
established in 1848 and is presently the largest life insurance
company in the UK.
Registered Office :
ICICI Towers
9th floor, Bandra-Kurla Complex
Mumbai - 400 051.
Tel: 494 3232
Delhi office :
3rd floor
Videocon Towers
E-1, Rani Jhansi Road
New Delhi - 110055. Tel: 601 3232
Email: wecoveru@icici.com Web site: www.iciciprulife.com
60
ING Vysya Life Insurance Company Private Limited entered the
private life insurance industry in India in September 2001. With
in a short span of time ING Vysya Life Insurance has registered
an impressive growth. The company currently has over 10,000
active advisors working from 75 branches (in 30 cities) across
the country and over 2300 employees.
Contact Address :
Old Mutual was established more than 150 years ago and offers
61
a diverse range of financial services in South Africa, the United
States and the United Kingdom. The company is listed on the
London Stock Exchange with a market capitalization and has its
headquarters in London.
Contact Address:
62
total premium of Rs 3766 crore generated by the insurance
industry through group business in the year 2005-06, LIC alone
accounted for Rs 3051 crore.
New York Life is a Fortune 100 company that has over 160
years of experience in the life insurance business. Max India
63
Limited is a multi-business corporate dealing in Clinical
Research, IT and Telecom Services, and Specialty Plastic
Products businesses.
Met Life Group has presence in America and Asia and has an
experience of over 137 years in providing financial services.
The MetLife companies are the number one life insurer in the
64
U.S. with approximately US $2.8 trillion of life insurance in
force. MetLife serves 88 of the top one hundred FORTUNE 500
companies. MetLife entered Indian insurance sector in 2001.
Contact Address:
MetLife India Insurance Co. Pvt Ltd.,
'Brigade Seshamahal',
5 Vani Vilas Road,
Basavanagudi, Bangalore - 560004
Email: metlifeindia@metlife.com
Phone: 1800 425 6969
65
Australia and the Sanmar Group. Headquartered in Chennai,
AMP Sanmar had over 90 offices across the country, 9,000
agents, and more than 900 employees.
Contact Address:
Reliance Life Insurance Company Limited,
Regd. Office: 9 Cathedral Road,
Chennai 600 086, India.
Ph: 2811 8400 Fax: 2811 7669.
Email : service@rcl.co.in
66
The Euro Zone's leading Bank. BNP is one of the oldest foreign
banks with a presence in India dating back to 1860.
Contact Address :
Regd Office State Bank Bhavan,
Madam Cama Road,
Nariman Point,
Mumbai - 400 021
67
Shriram Life has set a target of achieving a premium income of
Rs 110 crore during the first year of operations. While focussing
largely on the strong network of over 65,000 agents and
distribution network of more than 550 branches, Shriram Life is
also contemplating bancassurance alliances with couple of
banks
68
the largest underwriter of commercial and industrial insurance in
the United States. AIG has one of the most extensive life
insurance networks in the world.
Contact Address:
CHANNEL
DEVELOPMENT
69
CHANNEL DEVELOPMENT:
Why to RECRUIT?
Who to RECRUIT?
How to RECRUIT?
Recruitment Activities
What to Check while we are Recruiting
Role of consultant
Working Environment
Support Package for successful Advisor.
Extensive trading for successful Advisor.
Payment and benefit commission Structure
Recognition Program
Why to RECRUIT?
70
support back office services and so on. We are also offering the
other kind of employment fee people to sell life insurance they
are called Life Advisor or Financial Advisor . This is a big
area of employment which is very successful. However they
have not been sustainable on long period.
Who to RECRUIT?
How to RECRUIT?
71
Recruitment Activities
72
Always check on need for money and a drive to
do well In life if he has been doing well in life , he will
make efforts to do well with us
Ask questions about his past , find instances of
accomplishments
Keep checking on the pointers & do a mental
check list of the acceptable pointer
Be confined about the profile and then only go
ahead
Advisor Role
Working environment
73
Flexible career
Your Opportunity:
74
Global Star on Debut: If our new advisors sources RENP of
Rs. 24,00,000 in 30 days of licensing then he/she is entitled to
Gold Medal(Approx value Rs.60000) + certificate (signed by
ZM & Reg. Mgr).
75
Centurion Club: Top 100 ranked CFCs on RENP Minimum
RENP Rs.40,00,000 Non Monetary Benefit 5% and Retention
Bonus 1.25% Total 6.25% up to 10% (Contest Period 5th
July-30th Jun)
Branch Manager
Assistant Sales Manager
Branch Development Manager
Sales Development Manager
Certified Financial Consultants
76
1. Welcome letter
2. Laminated Identity Card
3. Copy of agency agreement
4. IRDA License
5. Bank account
6. 100 visiting card from the branch
7. Commission booklet
8. Reward& recognition booklet
9. Pin to access HDFCSLIC website
Selling skills
Product knowledge
Relationship skills
Next steps
Confirmation of mutual interest
Selection interview
Profiling test dates
Draft payment favoring
ICICI prudential life insurance co . Ltd
Payable at Mumbai
Finalize Training Date, venue
Support team the Company
Field visits
Training on products
77
And selling skills
Regular business reviews
Be a coach and mentor
Recognize high performers
Help you become financially independent
Expectations of team
Achieve sales targets
Participate in all meetings
Attend all training program
Weekly reviews at the office
Follow the sales process
Follow weekly reporting process
78
Findings 1
79
Analysis
Since the above finding shows that most of the CFCs with
HDFCSLIC have a mix reason for being a CFCs so the
dominating feature will be that one which forms the major
portion of the mix reaction extra income and career
progression . Thus HDFCSLIC is able to satisfy the two major
desires of its financial advisors those are money and growth.
Findings 2
80
Analysis
Findings 3
SATISFACTION LEVEL OF
FINANCIAL ADVISOR
Analysis
81
The finding is able to tell that satisfaction is higher than
dissatisfaction but the real achievement will be to convert that
dissatisfaction into satisfaction too. In this direction the first step
should be to think and make a proper action plan to increase the
level of satisfaction.
Findings 4
REASONS OF LINKING
HDFC SLIC.
INTEGRITY 27%
GOOD WORKING ENVIRONMENT 11%
CUSTOMER FRIENDLY POLICIES 32%
CAN WORK ALL OVER THE COUNTRY 30%
82
Analysis
Findings 5
WORKING ENVIRONMENT OF
THE COMPANY
Analysis
83
The finding shows the most consultants Perceptions for the
HDFC SLIC. Good working environment and some body are
says very good environment. It is benefits for the company then
they can provide the better facility for the consultants
Findings 6
Analysis
84
It is the shows the maximums advisors earn more than
2lakhs to 3laks rupees per annum so, advisor earn
sufficient income through HDFC SLIC.
Findings 7
8%
3%
22%
50%
3%
11%
0% 3%
85
Analysis
Findings 8
86
Analysis
Findings 9
Analysis
Findings 10
87
Analysis
Findings 11
88
Analysis
89
SWOT
ANALYSIS
SWOT ANALYSIS
STRENGTH:
90
company has maximum number of MDRT as well as
good number of HNI advisors
training process of the company is very strong
different plan for different peoples
According to the change in surrounding environment like
change in customer requirement.
WEAKNESS:
OPPORTUNITY:
THREATS:
Sold habits die hard: its still difficult task to win the
confidence of public towards private company.
The company is facing major threats from LIC which is an
only government company.
Plans for all income groups are not available which can
create adverse effect later on the market share of the
company.
91
CONCLUSION:
The market potential for private insurance companies is found to
be greater in the long run as most of the Indians are of the
opinion that, private insurance companies would be able to
perform well in the future. The private and foreign insurance
companies have to take immediate steps in appointing more
number of agents and / or advisors in addition to the employees
as it has been found out that agents are the best channel to reach
the general public regarding selling of insurance products. The
private and foreign insurance companies have to concentrate on
the factors like Prevention of Loss. Assured Returns and
Long tern Investment they can also focus on an insurance
amount of Rest 1- 2lakh with money back policies Hence the
market has potential. The private and foreign insurance
companies that are taking immediate steps can
tap it easily and rapidly.
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RECOMMENDATIONS
Increasing awareness:-
One of the major problems in recruiting FCs was that they were
not aware of the prospects and profit of becoming an FC. So, it
was really hard to convince them which could have been easier
if they had been aware.
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Increment of target areas:-
The potential areas which are generally targeted by the company
should be increased. This will give the opportunity to many
people of society those who want to work in the insurance sector
& they also have the zeal to achieve something, can proved
themselves in this field. And these areas include government
employees etc.
CONCLUSION
Today marketing must be understand not in the old sense of making a sale
telling and selling-but in the new sense of satisfying customer needs.
While selling life insurance one does not sell any tangible product
Thats why it becomes very essential to understand customer needs,
which will help to distribute and promote the product effectively and it
will be easy to sell the products.
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Life Insurance is all about selling life, for which one should be very
realistic and practical because its a matter of a persons life. Selling of
insurance policies is not an easy job it is all about convincing people,
winning their confidence and assuring them for a safe future.
REFERENCE
3. www.hdfcinsurance.com
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SAMPLE QUESTIONNAIRE
(GENERAL PUBLIC)
Name: ________________________________________
Address: ________________________________________
Age: ________________________________________
Contact No: ________________________________________
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2. Are you insured?
Yes No
3. Which Pvt. Insurance Co. you rate as the best in the insurance sector?
1. If HDFC Standard Life Insurance, then which distribution channel you prefer? And
why?
Bank assurance
Direct Marketing
SAMPLE QUESTIONNAIRE
(PROSPECT ADVISORS)
Name: ________________________________________
Address: ________________________________________
Age: ________________________________________
Contact No: ________________________________________
1. Gender
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a) Male
b) Female
2. Marital Status
a) Married
b) Unmarried
3. Educational Qualification
a) Any professional degree (MBA/CA)
b) Post Graduate
c) Graduate
d) Under Graduate/XII or equivalent
4. Occupational background
a) Govt/ state services
b) Pvt. Job
c) Professional C.A/M.B.A
d) Others (Specify)
7. Will you be interested in getting into a business with zero investment and
high returns?
a) Yes
b) No
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8. Are you aware of Life Insurance Policies and its benefits?
Yes No
a)Certainly
b)Probably
c) Definitely Not
b) Manual Training
c) Online Training
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