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What is Insurance?
y A practice by which a company provides a guarantee of
compensation for specified loss, damage, illness, or death in return for payment of a premium. y Life insurance is a contract between the policy holder and the insurer, where the insurer promises to pay a designated beneficiary a sum of money (a "premium") upon the death of the insured person.
family and dependents in the event of any unforeseen event or your untimely death. y Life Insurance takes care of those who are financially dependent on you even when you are not around to look after them. y Retirement planning requires wise investments during your working life in order to live comfortably during retirement. A good retirement plan takes care of your retirement, as there is no guarantee of a consistent income post retirement.
company started operations? y Products offered by the Company y Fall in premium collection
Wealth Creation
seeks to take care of three major concerns (a) protection of consumers interest, (b) to ensure the financial soundness of the insurance industry, and (c) to help the healthy growth of the insurance market. The three guiding principles of the industry must be to charge premium no higher than what is warranted by strict actuarial considerations, to invest the funds for obtaining maximum yield for the policy holders consistent with the safety of capital and to render efficient and prompt service to policy holders.
based insurance solutions to your clients, helping them manage their risk effectively. y Functions of Life Insurance Agents: 1. Provision of the necessary application forms. Submit application forms to the company. 2. Provide reminders premiums payments and return receipts. 3. Assist in claiming death benefits, if required
earnings.
(Dec07-Nov08) In-force Agents grew from 31,244 in Nov07 to 92,112 in Nov 08 In-force Leaders grew from 2,920 in Nov07 to 8,114 in Nov08 New Agents created this year was 87,842 as compared to 21,125 last year Besides the above, even New Leaders created this year was 5,747 as compared to 2,132 last year (170% YoY Growth)
into the branch as financial advisors. y Target Audience were working people of all age groups.
Pitch/ Concept
y TATA AIG providing a unique opportunity y Looking at Qualified people who can work as Financial y y y y
Advisors. Giving them high commissions, good career path and recognitions. Opportunity to earn additional income. Need to undergo a 3 day training program A small 17 minute presentation by Senior Business Associate to discuss this opportunity
2 . Market Survey
y The study of the spending characteristics and purchasing power of
the consumer who are within your business's geographic area of operation; a research method for defining the market parameters of a business. Market survey--where you actually speak to members of your target audience--are an important part of market research. y Market Survey was conducted on needs of supplementary income. Income derived from sources such as interest/dividends, capital gains, and rental properties; these sources require tax returns to support the qualifying income. And also income which is additional to the income we earn is called as supplementary income.
people feel the need of Supplementary Income. y And the method of conducting the survey was Questionnaire. y Out of 10 societies, 2-3 societies secretaries were interested in it. The rest were not interested because their secretaries did not give permission to do so.
3. Mobile Activity
y The main objective here is to people make aware that there
are different career opportunities in Insurance Industry. y Method of conducting the mobile activity was to fix up and Seniors would conduct the interviews. y This activity was done by way of sending huge number of SMS to large number of people. y Target Audience were people of all age groups. Qualification of an advisor is HSC pass.
people were not selected. y Feedback was average because out of 28 people who were called for the interview on the first day only 12 came for the interview. y Two Rounds of interview were there namely Aptitude Test and HR round. People appearing for the interview were asked to bring documents such as Pan Card, Address Proof, HSC Mark Sheet and 6 photographs. y Those people who were working elsewhere also appeared for the interview.