1

RESEARCH PROJECT REPORT

ON

CUSTOMER SATISFACTION ON HDFC HOME

LOANS
Submitted in partial fulfillment of the degree of

MASTER OF BUSINESS ADMINISTRATION

(2013-2014)
Of

UTTAR PRADESH TECHNICAL UNIVERSITY

LUCKNOW
BY

SUGANDH GAUTAM
UNDER THE SUPERVISION OF
FACULTY NAME :

DEVENDRA SINGH

SHRI JEET RAM SMARAK COLLEGE OF ENGG.

& TECH.
BAREILLY

ACKNOWLEDGEMENT
It gives me immense pleasure, having done a project on an interesting and
knowledgeable topic like The Recruitment and Development process of agent advisor.
Behind every study there stands a myriad of people whose help and contribution make
it successful. Since such a list will be a prohibitively long. I may be excused for
important omissions.
The guidance help and cooperation of my mentor MsDrishti Shankdharis being a
constant source of motivation.
This is my pleasure to thank Dr. ASHISH BHATNAGAR (Director General SJRSGOI)
for being a source of inspiration, help and co-operation.
This research was a good exposure that will definitely help me in my professional
career.
KRITIKA GUPTA
M.B.A. FINAL Year
Roll No.1247570038

PREFACE
Management is a stepping stone to the carrier and to develop good manager it is
necessary that the theoretical must be supplemented with exposure to the real
environment.
Theoretical knowledge just provides the base and its not sufficient to produce a
good manager thats why the practical training is needed.
Therefore, Summer Training is an essential requirement for the student of PGDM.This
training not only help the students to utilize his skills properly and learn field realities but
provides a chance to the organization to find out talent among the budding managers in
the very beginning.
In accordance with the requirement of PGDM course I have done my summer
training in Max New York Life Insurance.

The basic aim of my study is to recruit agent advisor and study regarding their policy
plans in Max New York Life Insurance.TABLE

OF CONTENTS

PARTICULARS
Acknowledgement

Preface

Introduction

ABOUT THE INSURANCE INDUSTRY

WHAT IS INSURANCE

PURPOSE AND NEED

11

ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

TYPES OF INSURANCE

13
14

WHY LIFE INSURANCE REQUIRED

16

PRINCIPLE OFINSURANCE

18

LIST OF INDIAN INSURANCE COMPANY

19

ABOUT THE COMPANY

COMPANY PROFILE

23

LIFE@MNYL

24

THE SIX DDIFFERENTATIORS

25

ACHIEVEMENTS AND AWARDS

26

MANAGEMENT

27

RESEARCH METHODOLOGY
OBJECTIVEOF THE RESREACH

39
42

0RECRUITMENT PROCESS
CRITERIA 12 POINT SYSTEM

43

SOURECS OF NAME GATHERING

SCREENING INTERVIEW

44
44

REFERENCE CHECK

45

CAREER SEMINAR AND GIVEN PROJECT LIKE P-40-

46

EVALUATE P40

47

INTERVIEW

48

TRAINING AND IRDA EXAM

49

CONTRACT WITH MNYL

50

DEVELOPMENT PROCESS OF MNYL

DEFINITION OF TRAINING

52

NEED OF TRAINING
AREA OF TRAINING

53
53

TRAINING DONE BY MAX NEWYORK LIFE

TRAINING FOR SALES MANAGER
TRAINING FOR AGENT ADVISOR
TRAINING FOR OPERATIONAL EXECUTIVES

54
55
56

REQUIRD SKILLS FOR EMPLOYE IN MNYL

FINDINGS

61

EXECUTIVE SUMMARY

62

RECOMMEDATIONS

63

BIBLIOGRAPHY

64

INTRODUCTION

ABOUT THE INSURANCE INDUSTRY

What is insurance

Purpose and need

Role of insurance in economic development

Types of insurance

Why life insurance is required

Principle of insurance

List of insurance company

WHAT IS INSURANCE

Every asset has a value for its owner and also for those who are benefited with the
existence of that asset. Insurance is concerned with the protection of economic value of
assets.
All of us are interested in the creation of assets because:
1. All assets have values.
2. They yield income to the owner.
3. They meet some other needs of the owner.
4. They may provide satisfaction of some needs and also yields
income to the owner.
The benefit may be an income or in some other form.

Example:

A house has a value.

A car is useful for providing traveling comfort to the owner and other members of
his family .There is no direct income.
An owner of a factory receives income by sale of its products.
A farmer may rear a cow with the expectation of getting milk for his family and
making some money from the sale of excess milk.
Every asset has normally an expected lifetime. During this period, it is expected to
perform and provide income/comfort to the owner. The owner, being aware of this,
plans the things in such a way that by the time the expected lifetime of the asset
expires, he is ready with funds required for its replacement. In this way, he ensures that
the value or income from the asset is not lost Well this appear to be a fine arrangement
provided the asset completes its lifetime.
All assets carry the risk of being destroyed or damaged. But all assets may not
necessarily get destroyed or damaged. Only in a few instances, the probability turns out
to be true and the asset gets actually lost or destroyed by accident or some other
unfortunate event before the completion of its excepted lifetime. The owner and those

deriving benefits from the asset will suffer because the arrangement to make available
its substitute is not yet ready.

10

Insurance is helpful in mitigating such adverse consequences. To sum up, assets are
insured, as they are likely to be lost or made non-functional through an accidental
occurrence.

Insurance does not protect the assets. This means that insurance cannot prevent loss
to the assets due to perils. Nor can insurance avoid the occurrence of perils. It only
compensates, may not be fully, the economic or financial loss resulting to the asset
from such damage or destruction.

PURPOSE AND NEED FOR INSURANCE

The need for life insurance is based on various factors including your current life style,
expected out goings in future, your present age and your family size. Insurance is
relevant only if there are uncertainties. If there is no uncertainty about the occurrence of

11

an event, it cannot be insured against. In the case of a human being, death is certain,
but the time of death is uncertain.
The first step should be to estimate how much financial support your dependents would
need to order to continue to enjoy the same life style as they enjoy today in the event
that you are not around to provide that support.
In estimating this support, you should consider all regular monthly expenses including
food, rentals, conveyance, school fees, medical expenses, and any debts to be repaid
etchant also estimated ones like for childrens education and marriage and your
unforeseen contingencies that your dependents might need during the period of
adjustment. Based on this analysis and the expected returns on the investments in
future, you can work out a sum of money that would help your dependents achieve
financial independence even if you are not around to support them.

While the situation of every individual would be different, and should be evaluated
separately, one rule of thumb is to buy a cover for an amount equal to 6-10 times your
annual income. clearly, the needed for insurance is not static and will change as your
life stage changes-so you must re-work the requirement periodically and review the
coverage available from time to time.

12

ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

For economic development, investments are necessary. Investments are made
out of savings. A life insurance company is a major instrument for the
mobilization of saving of people, particularly from the middle and lower income
group. These savings are channeled into investments for economic growth.
All good life insurance companies have huge funds, accumulated through the
payments of small amounts of premium of individuals. These funds are invested
in ways that contribute substantially for the economic development of the
countries in which they do business.
A life insurance companys funds are collected by way of premiums. Every
premium represents a risk that is covered by that premium. Therefore these vast
amounts represent pooling of risks. The funds are collected and held in trust for
the benefit of the policyholder. The management of life insurance companies are
required to keep this aspect in mind and make all its decisions in ways that
benefit the community.
Savings out of life insurance fund are utilized in investments for economic
growth.

TYPES OF INSURANCE

13

Life Insurance

General Insurance

Life Insurance
Insurance is protection of economic value of an asset, which includes human life,
against probable loss partial or in full.
A life insurance policy promises that the insurer will pay to the policyholder a certain
sum of money if the person insured dies or any other specified contingency happens. It
is a contract, within the meaning of the Indian Contract Act 1872.A contract is an
agreement between two or more parties to do, or not to do, so as to create a legally
binding relationship. A simple contract must have the following essentials:
Offers and acceptance
Consideration
Capacity to contract
Legality of object or purpose
Capability of performance
Intention to create legal relationship

14

Insurance is a contract between the insurer and the policyholder. The policyholder can
be different from the person whose life is insured.
Life Insurance is a contract for payment of sum of money to the person assured on the
happening of the vent inured against. Usually the contract provides for the payments of
an amount on the date of maturity or at specified sates at periodic intervals or at
unfortunate death, if it occurs earlier. Among other thing, the contract also provides for
these payments of the premium periodically to the Corporation by the assured. Life
Insurance is universally acknowledged to be an institution which eliminates risk,
substituting certainty for uncertainty and comes to the timely aid of the family in the
unfortunate event of the death of bread winner.

Life Insurance, in short, is concerned with two hazards that stand across the life path of
every person: that of dying prematurely leaving a dependent family to fend for itself and
that of living to old age without visible means off support.

WHY LIFE INSURANCE REQUIRED

Life Insurance cant be and should not be compared with any other form of investment.
It provides a life Long benefit, with returns when it is most required at the right time.
Replacement of income:One prime reason for buying life insurance is to replace the
income lost in the regular income stops, the proceeds from a life insurance policy can
be used to continue to support the family members.

15

Maintenance of Life style:In case of the unexpected death of life insured family
members are often hard pressed trying to arrange for funds that can maintain the
standard of living Thad they have grown accustomed to. Life insurance offers protection
against such as unfortunate eventuality.

Expenses due to premature Death:Life insurance can play a crucial role to pay off
any debts left behind the person insured. For example-car loans, medical bills,
mortgages, credit card payment etc are often left unpaid in case of sudden death.
These obligations can be met with life insurance, without any depletion in family assets.

Planning for Important Events like Childrens Education, Marriage etc:with the
cost of living going up day by day, prudent people would go for life insurance as the
most cost effective means to ensure that the important milestones in their childrens
lives are not hampered by the uncertainties of life.

16

PRINCIPLE OF INSURANCE:

Most of the facts relating to health, habits, personal history, family history etc., which
form the basis of the life insurance contract are known only to the proposer. The insurer
cannot know them, if the proposer does not disclose them. The underwriter can ask for
a medical report. Yet there may be certain aspects, which may not be brought out even
by the best medical examination. For example, a person suffering from Blood Pressure
or Diabetes can, through appropriate medication, hide these facts from the examining
doctor. History of past sickness, operations, injuries can be suppressed. Some of these
may affect the life expectancy of the person to be insured. Hence, these constitute
material information to enable the insurance company to assess the risk involved. A
summary of the doctrine of utmost good faith states, As the underwriter knows nothing
and the man who comes to him to ask for insurance knows everything, it is the duty of
the assured to make a full disclosure to the underwriter without being asked, of all
material circumstances. This is expressed by saying that it is a contract of good faith.

Principle of Insurable Interest:

17

Here the proposer must have a stake in the continuance of the subject matter insured
and could suffer a loss, if the risk occurs. What is insured is the financial or pecuniary
interest in the subject matter of insurance. The insured must be in a relationship with
the subject matter of insurance, whereby he benefits from its safety and well being and
would be prejudiced by its loss or damage.
For example: A husband has insurable interest in the life of his wife advice-versa.
Parents have insurable interest in the lives of their children.
An employer has insurable interest in his employee to the extent of the value of
his services.
A creditor has an insurable interest in the life of the debtor, to the extent of the
debt.
A company has an insurable interest in the life of a key valuable employee.
A surety has an insurable interest in the life of the principle debtor and also in the
life of his co-surety to the extent of the debt.
Partners have insurable interest in the live of each other.

Partners can insure each others lives, because they stand to lose in the event of death
of any of them. A creditor may lose financially if a debtor dies before repaying a loan.

18

His interest would be limited to the outstanding loan with outstanding interest. If
members of families are in business together or there are some other financial
relationships, insurable interest arises as a result of such financial involvement. The
insurable interest arises, not because of the family ties, but because of the business
ties.
Insurance is meant to compensate losses. By implication; the mechanism of insurance
cannot be used to make a profit. This broadly is the Principle.

19

LIST OF INSURANCE COMPANY

LIFE INSURERS
Public Sector
Life Insurance Corporation of www.licindia.com
India
Private Sector
Allianz Bajaj Life Insurance www.allianzbajaj.co.in
Company Limited
Birla

Sun-Life

Insurance www.birlasunlife.com

Company Limited
HDFC Standard Life Insurance www.hdfcinsurance.com
Co. Limited
ICICI Prudential Life Insurance www.iciciprulife.com
Co. Limited
ING Vysya Life Insurance

www.ingvysayalife.com

Company Limited
Max New York Life Insurance www.maxnewyorklife.com
Co. Limited

20

MetLife Insurance Company www.metlife.com

Limited
Om

Kotak

Mahindra

Insurance Co. Ltd.

Life www.omkotakmahnidra.co
m

SBI Life Insurance Company www.sbilife.co.in

Limited
TATA

AIG

Life

Insurance www.tata-aig.com

Company Limited
AMP

Sanmar

Assurance www.ampsanmar.com

Company Limited
Dabur CGU Life Insurance Co. www.avivaindia.com
Pvt. Limited

COMPANY INTRODUCTION

ABOUT MAX NEW YORK LIFE

COMPANY PROFILE
INSURANCE

COMPANY PROFILE
LIFE@MNYL

21

THE SIX DIFFFERENTATORS

ACHIEVEMENTS AND AWARDS
MANAGEMENT

COMPANY PROFILE
Max New York Life wants people to view insurance as a financial protection and
wealth creation instrument and not just a tax saving tool.
Max New York Life Insurance Company Ltd. Is a joint venture between Max India
Limited, one of Indias leading multi-business corporations and New York Life
International, the international arm of New York Life, a Fortune 100 Company. The
company has positioned itself on the quality platform. In line with its vision to be the
most admired life insurance company in India, it has developed a strong corporate

22

governance model based on the core values of excellence, honesty, knowledge, caring,
integrity and team work.

Incorporated in 2000, Max New York Life started commercial operation in 2001. In line
with its values of financial responsibility, Max New York Life has adopted prudent
financial practices to ensure safety off policyholders funds. The companys paid up
capital as on 30th August,2010 is Rs 1973Crore.

340 agent advisors have qualified for the Million Dollar Round Table [MDRT]
Membership in 2010. MDRT is an exclusive congregation of the worlds top selling
insurance agents and is internationally recognized as the standard of excellence in the
life insurance business.

Max New York Life has multi-channel distribution spread across the country. Agency
distribution is the primary channel complemented by partnership distribution, alliance
marketing and dedicated distribution for emerging markets.

The company places a lot of emphasis on its selection process for agent advisor, which
comprises four stages- screening, psychometric test, career seminar and final
interview.

23

The agent advisor is trained in house to ensure optimal control on quality of training.
The company currently has around 92,760 agent advisors at 710 offices across 385
cities with 88Lakh customers.

The company also has 36 referral tie-ups with banks, 24 partnership distribution and
alliance marketing relationships each. Max New York Life has put in place a unique hub
and spoke model of distribution to deepen our rural penetration. This is the first time
such a model has been put in place for rural marketing of insurance. The company has
133 offices dedicated to rural areas.

Max New York Life offers a suite of flexible products. It has now 21 products covering
both life and health insurance and 8 riders that can be customized to over 800
combinations enabling customers to choose the policy that best fits their need. Besides
it the company offers 6 products and 7 riders in group insurance business.

24

THE STATEMENTS

Vision

To become the most admired life insurance

Company in India.

Mission

To become one of the top quartile life insurance

companies in India.

Be a national player.
Be the brand of the first choice.
Become principle of the choice for agent.
Be the employer of the choice.

Values

our unique set of values, which are as follows:

25

Knowledge
Caring
Honesty
Excellence

Max New York Life Values and Beliefs: Life @ MNYL

Excellence:
In every aspect of work, Ranging from the in-house training institute to the detailed
Personal Insurance Plan. Max New York Life is focused on achieving the highest
standards of quality in every aspect of their business.

Honesty:
Is the heart of the Life Insurance business, Max New York believes that above all, Life
Insurance is based on trust. Transparency, Dependability and Integrity will form the
cornerstones of the Max New York Life experience.

Knowledge:

26

Is what makes experts? Max New York Life is focused on the Life Insurance business.
Perfectly combining global expertise with local knowledge, Max New York Life is the
Indian Life Insurance specialist.

Caring:
For the CustomerMax New York Life is redefining the Life Insurance paradigm to focus
on the needs of the customers. The Max New York service process is responsive,
personalized, humane and empathetic.

Culture:
Our in house culture recipe has some of the finest ingredients going into its making.
Some of more prominent aspects of our culture are stated below: Customer comes first

Do it right the first time

Bias for result oriented action

Financial strength and discipline
Clarity of purpose

27

International quality standards

Inclusive Meritocracy

The SIX Differentiators of MNYL

The company has six differentiators factor which give the competitive edge in this
competitive world. These are:

Selection Process:
MNYL selection process is designed to help the candidate and the organization make a
decision in mutual best interest. The first step in the process is an initial interview
followed by a test of numerical ability. Candidates who make the cut are invited to
attend a career seminar. The procedure facilitates a process of discovery, as both sides
develop an understanding of each others profile and requirements. The final stage in
the selection process is an assessment of the candidates natural market and potential
for growth.

Training Program:
MNYL has the finest training program for agents in the industry. They run training and
development programs for agents throughout their career. The training consists of a
two-year formal classroom based program. Max New York Life has two full-time
professional trainers in each office whose sole job is to train and guide new agents.

28

The success of MNYL training programs owes a lot to the strength of our partner, New
York Life. The training program developed by New York Life in the United States is
widely recognized as the best in the insurance industry. We have customized this
outstanding program for the Indian Market in the United States, New York Life had
more members in the Million Dollar Round Table, the worldwide organization of top
professional in the insurance industry, for 50 consecutive years. Since 2001, Max New
York Life has had more Qualifiers for the prestigious Million Dollar Round Table than all
the other private sector insurance companies get together.

Management Loyalties:
One of the many advantages of working with Max New York Life is that managers are
not allowed to sell insurance products to their own customers. Compensation in
management is derived entirely from the success of agents and the overall growth of
the organization. Managers at all levels are totally committed to the success of agents
and do not pursue any conflicting goals.

Products of MNYL:
No organization can claim to have the number one product in the insurance industry for
a long period of time. It is a matter of great pride that our products have always been
rated among the best in the industry. These products have been developed after
extensive research of the Indian market and are designed to meet an individuals needs
at every life stage.

29

Agents Contract:
Agents Contract is designed to attract efficient professionals and retain them for a long
time by compensating them generously. As an agent you can count on the support of
Max New York Life at all times to help you earn a good income today and create a
secure retirement for tomorrow.

Great Work Environment :

Max New York Life is committed to working in a high-tech environment. In the United
State, New York Life is noted for its leadership in using technology to provide very best
in customer service and employee support. The same system has been adapted for
India to offer simple, easy to understand illustration for the most complex products.

Achievements and Awards

Some of the Industry Firsts

30

First company to provide free look period of 15 days to the customer. This was
later made mandatory by the regulator
First company to start toll free line for agent services
First and the only life insurance company in India to implement Lean
methodology of service excellence in service industry
First life insurance company in India to provide various services to the agents
and customers over phone
First Indian life insurance company to start service center at the regional level
First life insurance company in India to receive ISO 9001:2000 certification
First life insurance Company to be awarded CII-EXIM Bank commendation
certificate for Strong Commitment to Excel.

Awards: Outlook Money survey ranked MNYL No.1 in Slow, Medium and Quick
fund categories
BT Mercer Ranked No7 in the Best companies to Work For

31

Awarded the Gallup Great Work Place Award 2009

CII Exam Bank Commendation Certificate for Business Excellence
2008 & 2009
Received Best Six Sigma Project award at 6th CII National Six Sigma

conventions 2009.
Recognized as a Super brand 2009-2010
Recipient of 2008 CIO 100 Award for technology implementation
Golden Peacock Award for Innovation 2008
Among the top 25 companies to work for in India, according to Business

world 2003 Great Workplaces of India

Among the top five most respected insurance companies in India as per
Business world 2004 & 2006 survey
Won Indo-American Corporate Excellence Award for Best Indo-US
company in Financial Services Category in 2006
Received Best Six Sigma Project award at Sacral Six Sigma Excellence
Awards 2006
Among top 3 in Asia Life Insurance Company of the Year Award 2007
instituted by Asia Insurance Review
Received the Amity Corporate Excellence Award 2007
Received the Outlook Money Award for being among the best new
insurers in the country.
Max New York Life bags the Asia Insurance Industry Innovation of the
Year Award 2009

32

MANAGEMENT OF MNYL..
BOARD OF DIRECTORS:
Mr. Analjit Singh
Chairman
Max New York Life Insurance
Mr. Anuroop (Tony) Singh
Vice Chairman
Max New York Life Insurance
Mr. Rajesh Sud
CEO & Managing Director
Max New York Life Insurance

Mr. Rajit Mehta

Executive Director and Chief Operating Officer
Max New York Life Insurance
Mr. William Beaty

33

Director
Max New York Life Insurance
Mr. Richard L. Mucci
Director
Max New York Life Insurance
Dr. Omkar Goswami
Director
Max New York Life Insurance
Ms. Marielle Theron
Director
Max New York Life Insurance
Mr. Leo Puri
Director
Max New York Life Insurance

MANAGEMENT TEAM:-

Mr. Rajesh Sud

CEO & Managing Director
Mr. Rajit Mehta
Executive Director & Chief Operating Officer
Mr. Ashish Vohra

34

Senior Director & Chief Distribution Officer

Mr. Rajiv Burman
Senior Director & Chief People Officer
Mr. John Poole
Appointed Actuary
Mr. Rajiv Mathur
Director Legal & Compliance
Mr. Prashant Tripathy
Director - Strategic Planning, Business Development and Health & Retirement
Mr. V.Viswanand
Director & Head - Products and Persistency Management

Ms. Anisha Motwani

Director and Chief Marketing Officer

35

RESEARCH METHODOLOGY
MEANING OF RESEARCH:Research in common parlance refers to a search for knowledge. One can also define
research as a scientific and systematic research for information on particular topic. In
fact research is an art of scientific investigation.
Research can be defined as logical and systematized application of the fundamentals
of science to the general and overall questions of a study ,and scientific techniques
which provides precise tools , specific procedures and technical, rather than
philosophical means for getting and ordering the data prior to their logical and
manipulation.

TYPES OF RESEARCH
The basic types of research are as follow;
1- Descriptive vs Analytical:- Descriptive research includes surveys and fact finding
enquiries of different kinds. The major purpose of descriptive research is
description of the state of affairs, as it exists at present. The method of research
utilized in descriptive research are survey methods of all kind, including
comparative and correlation methods.
2- Applied vs Fundamental:- Research can either be applied (or action) research or
fundamentals (or basic or pure) research. Applied research aims at finding a
solution for an immediate problem facing a society or an individual/business

36

organization

,where

as

fundamental

research

is

mainly

concerned

with

generalization and with the formulation of the theory.

3- Quantitative vs Qualitative:- Quantitative research is based on the measurement
of quality on amount. Qualitative research is concerned with qualitative
phenomenon relating to or involving quality .
4- Conceptual vs Empirical:- Conceptual research is that related to some abstract
ideas or theory. It is generally used by philosophers and thinkers to develop new
concepts or to reinterpret existing ones. Empirical Research relies on experience or
observation alone. Often without due regard for system and theory.
RESEARCH DESIGN:A research project conducted scientifically has a specific framework of research from
the problem identification to the presentation of the research report. This framework of
conducting research is known as the research design.
According to KiplingerResearch design is the plan, structure and strategy of
investigation conceived so as to obtain answers to answers research question and to
control variance.

RESEARCH METHODOLOGY FOR REPORT

Type of Research:The type of research conducted is Descriptive research design.

37

Type of data:1- Primary data: OBSERVATION

2- Secondary data: Reports and websites of organization.

Area:-civil lines, Rampur garden BAREILLY U.P.

OBJECTIVE OF THE RESEARCH

To study the recruitment and development (training) process in MNYL.

To apply the theoretical knowledge into practical exposure.

To find out the best stage of recruitment process at MNYL.
To study the about the working of insurance advisor.
To study about the working environment in insurance sector.

38

RECRUITMENT PROCESS

The steps of the recruitment process are:

1- Name Gathering
2- Aptitude test
3- Screening
i) Initial Screening
ii) Competency Based
4- Give the project like P40
5- Evaluate P40
6- Interview
7- Training 16 days
8- IRDA Test
9- Contracting with max new York life insurance.

Criteria 12- Point System:-

Criteria

Bases

Points
39

Age

Annual household income

Marital status

Education qualification

Background / Experience

Below 25

25-35

35-55

Above 55

2-3 lack

3-4 lack

Greater than 2 lack

unmarried

married

Under graduate

Graduate

Post graduate

Service

Self employed

Housewife

40

Sources of Name Gathering:The process involves gathering names of individual who can be prospective Agent
Advisor.

Controllable Source:Controllable Sources are the sources in which the sales manager can be proactive in
gathering names of the prospective candidates. When using controllable source, sales
manager need not rely on external factors to begin Name Gathering.

Centre of Influence:
COI is an individual who knows large group of people or is member of these groups.
Nominators:
Nominators are individuals who can give referrals, but with whom a sales manager has
not yet developed a COI relationship.
Agent Referral Program:
Under this program an Agent Advisor refers prospective candidates. ARP also provides
an additional income opportunity for Agent Advisor.

41

Personal Observation:
Can be defined as a face to face contact made on an impromptu basis in order to
secure an appointment for an interview. These opportunities usually occur when the
sales manager is in the midst of some other activity or event.
Friends and Family:
Some of the friends and family members, who know his or her target markets well, may
become COI.

Uncontrollable Sources: Newspaper advertising:Newspaper advertising can give the sales manager access to a large audience in a
short time, although it could be expensive. Therefore, the sales manager should
advertise in newspapers and general publications with a specific target.
Seminar:-

42

Recruiting seminars enables the sales manager to make a good impression with a wellrehearsed professional presentation. In addition to recruiting seminars, sales seminars,
continuing education seminars or other group meetings can also provide opportunities
to develop Nominators.
Campus Recruitment:-:
In this, the sales manager visit alumni offices and graduate school department. Many
colleges have placement officers to help graduates find employment.
The sales manager should build relationship with business school professors.
The sales manager should look for alumni who may be re-entering the job market
with some sales experience.
Employment Agencies:Publicemployment agencies can be helpful in Name Gathering. Some employment
agencies would let thee sales manager use the opportunity to access the database
and would give his or her fax number to receive resume.

Internet:Using the internet, the Sales manager can get access to a great number of people
andplaces.

43

The following are some of the tips that a sales manager can follow while Name
Gathering using the internet:
Know the relevant Web site restriction: MNYL does not allow sales manager
or Agent Advisor to put up their own Web pages. In addition, advertising on
the Web is limited.
Check college sites: Many alumni associations put graduates resumes on
the Web. Most of these sites require an access password, which the sales
manager has to get from the institution.

Jobs Fairs:Jobs Fairs could be great sources of quality names.

Check the sponsors references: There are many firms sponsoring job
fairs. Therefore, the sales manager needs to verify the references of the
firm, and ask for earlier MNYL participants in such events.
Use the recruiting booth: The sales manager needs to follow the
procedures as specified by the sponsor.
Take another person along: The sales manager should take another
sales manager, his or her colleague to ensure that he or she is flexible in
attending candidates who visit the booth. He or she would be able to

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have more extended conversations with promising candidates, and in

general would be able to accommodate more people.
Move around: The sales manager should not wait passively at his or her
table. He or she needs to gets up and introduce himself/herself. The
sales manager needs to visit other booths, introduce himself/herself
discuss about the types of candidates the other firms are seeking.

Screening:After gathering names, the next step is to conduct the Screening Interview. This is
the first interview with the prospective candidate. The screening consists of the
following activities:1. Initial Screening
2. Competency Based
1. Initial Screening :The initial screening interview is an interview conducted with an objective to literally
screen the prospective candidates and determine whether to continue the interview
process or not.
2. Competency-Based :

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The objective of this interview is to assess the prospective candidate for desired
competencies such as entrepreneurship skills and perseverance.
The main objectives of this stages are to assess how the candidate rates on:

Five Agent Eligibility Criteria:1. Age

2. Annual household income
3. Marital Status
4. Education Qualification
5. Background /Experience

Reference Checks:After the screening interview, the next step is to perform the reference checks. Two
types of reference checks should be performed at this stage, Professional Reference
Check and Personal Reference Check.

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Career Seminar and give project like P40:Office head discusses the opportunities of the agent advisors and explains the training
and the compensations offered and give the detail of the company. At the end of the
session, the sales manager distributes the P40.

Evaluate P40:The next step is to identify if whether the prospective candidate will be able to survive in
the insurance business. For this it is essential that the P40 has qualified prospects.

Interview:Career interview here the office head explains to the prospective candidate about the
opportunities of the career and motivates his or her to become an Agent Advisor.
An Additional Interview can be conducted if there is a doubt about the prospective
candidate. Besides the Office Head, the Associate Partner and Training Manager can
also be involved in the interview.

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Training and IRDA exam..

MNYL give 16daystraining for agent for entrance exam that exam conducted by
IRDA without given that exam you cant take the license of insurance sector in that
training trainer gives the knowledge of their different-2 product and tell what type of
document is required for purchasing the insurance policy for a candidate.
After passing the IRDA exam which is on line exam co. give the separate code
for the agent after that agent can do work. That code is the identity for the agent.

Contract with MNYL

After passing the IRDA exam MNYL have a contract with agent. After that co. issue a
license for a agent for a certain period of time after completing that license time you
have to renew that license and co. give that license for three years. And that license
renew fess amount is 250rs.

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DEVELPOMENT PROCEES OF MNYL

Definition of Training:Systematic development of the knowledge, skills and attitudes required by an

individual to perform adequately a given task or job. Training refers to efforts that help
enhance employee skills for carrying out the present job. According to Edwin B Flippo,
training is the act of increasing knowledge and skills of an employee for doing a
particular job.

Needs for training: To improve the current job performance of the employees.
To familiarize employees with the policies and procedures of theorganization.
To enhance the creativity, adaptability and versatility of the employeesand
tofacilitate learning at the work place.
To prepare employees for future job.
To change the skills, knowledge and attitudes of the employees on apermanent
basis.
To help employees manage their careers.

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To maintain knowledgeable work force.

To gain competitive advantage through a knowledgeable work force.
To promote organizational growth through individual growth.

Areas of Training

Company policies and procedures

Human relations training
Skill based training
Problem solving training

Training Program done by Max New York Life

Training is must for every individual when he enters into the organization. Even though
the candidate has experience he also should get training. Why because the

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organization culture, values and beliefs are different from one organization to other.
Thats why the training program plays a key role in every organization.
Training program following by Max New York Life Insurance is different at various
levels.
Mainly in training program the company concentrates on sales managers, agents,
operations executives and telesales.

Training program for sales managers:

The training program duration is 15 20 days

They get training on product knowledge.
Motivating and encouraging Advisors

Training program for Agent Advisors:

The training program duration is 15 20 days

They get training on product knowledge
How to convince the people.
Objection Handling

Training program for operations executives:

They will get training on customer database files

Taking care of the customer files
Well trained in product information and documentation
Renewals will be informed periodically.

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Required skills for employees in Max New York Life Insurance

Interpersonal skills
Excellent communication skills
Understanding nature
Aggressiveness
Convincing skills
Ability to motivate others
Interest to learn

FINDINGS

We came to know that people are looking for a trusted co. having good plans and
friendly services.

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The entrance of private players will increase the competition and it would be a
tough task to secure a good position in market.
The people think that insurance is a tool to protect their family & a future
investment as well as tax saving device.
People are satisfied with training program.
People say training plays major role in their performance.

EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and MAX NEW
YORK LIFE INSURANCE has given me the opportunity to work and get experience in
highly competitive and enhancing sector.

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The success story of good market share of different organizations depends upon
the availability of the product and services near to the customer, which can be
distributed through a distribution channel. In Insurance sector, distribution
channel includes only agents or agency holders of the company. If a company
like MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc has adequate
agents in the market they can capture big market as compared to the other
companies.
Agents are the best way for a company of Insurance sector through.

RECOMMENDATIONS
Max New York Life as an insurance company which has a very strong presence in India
and is rapidly expanding its operations in India.After working on this project I feel that
following are some of the ways in which the company can improve:
Increase the Awareness of the company
Still the awareness about the MNYL is less than its competitors like LIC.Bajaj Allianz
etc.As only few percent of the people are secured by the insurance and still there is
a great opportunity to secure the people .For this the awareness about the company
and its product should be increased among the people that would help them capture
a place in their minds and would help the company in recruiting agent advisors. This

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could be done in various ways may be through advertisements in print media and
televisions, hoardings and other campaigns.
Highlighting core strengths and make trust
Max New York Life should try to highlight its products that would make a need be felt
to general people even if they are covered by insurance. In order to do this they
should highlight the core strengths of the company and its product that would help
them getting more Deals as well as advisors.

RECOMMENDATIONS CONT..

As company is not too old in India but its root are very deep thus company should
highlight this strength and try to make trust among the people on this basis.
Online TrainingAs FCS is as training program of 16days which is mandatory for all the
candidates to attend to get the IRDA license. But what I feel this is the most difficult part
to retain those candidates to attend the training program because whole day is required
this. Business man, housewives and all other candidates find difficulty in it. So if the
training is done on line then this problem can be solved. As they can done their training
program along with their work

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BIBLIOGRAPHY
www. Maxnewyorklife.com
www. Irdaindia.org
www.ibef.org
www.blogspot.com
www.mapsofindia.com
www.economywatch.com
www.directories-today.com
Books IC-33 Life Insurance
KOTHARICR , RESEARCH METHODOLOGY 3rd Edition