MetLife INSURANCE (Training Report)

INTERNSHIP TRAINING REPORT

ON
RECRUITMENT AND SELECTION OF LIFE INSURANCE AGENT

In the partial fulfillment of the Degree of Bachelor of Business Administration

Session (2010-2013)

BRANCH: Vasant Vihar (New Delhi)

UNDER: Vinod Balodi (Sales Manager)
INTERNSHIP PERIOD: 11th june to 31stth july

Submitted to
Sanjeela Mathur
Professor
Jagannath International Management
School (Kalkaji)- New Delhi
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Submitted by
Yuvraj Ghimirey
BBA 5thSemester
(2010-2013)

MetLife INSURANCE (Training Report)

PREFACE

Practical training is an important part of management courses. Theoretical

studies are not sufficient to get into corporate world and understand the
complexities of large-scale organizations.
Practical training exposes us to real practices of management in the
organization. It also exposes students to the treasures of experience, knowledge
and leaning which prerequisites of making a successful career are.
I deem it privilege to have undergone this project. I acknowledge that the
practical training that I got from this cannot be gained otherwise. I found my
project very interesting and challenging.
Yuvraj Ghimirey

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STUDENT DECLARATION

This is to certify that the project report entitled The process of recruitment and
selection of Life insurance agent submitted for the degree of BBA for
Jagannath International Management School, Affiliated to Guru Gobind Singh
Indraprastha University. Its a bonafied research work carried by me, Yuvraj
Ghimirey, a student of Jagannath International Management School (New
Delhi).
The assistance and help received during the course of investigation have been
fully acknowledged.

Yuvraj Ghimirey

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BRIEF SUMMARY
Introduction:
A general term Insurance is related to service sector. Insurance is concerned
with the protection of economic value of assets. For example in case of a
factory or a cow, the product generated by it is sold and income is generated. In
this project the Metropolitan Life Insurance Company or MetLife for short is
one of the popular sector insurance sectors. The analysis of MetLife is taken
from different sectors. For creating strong relationship and for a success full
business every insurance company required financial planner.
Objective of the study:
How to recruit agents MetLife.
To understand the process of recruitment and selection of agent in life
insurance.
Why people are not willing to work as an agent in life insurance sector
especially with private companies.
Need of the study:
The study is undertaken to know how many people are interested to work as life
insurance agent in MetLife and their thinking about the MetLife. or about
private insurance company.
Conclusion:
In India, there is throat cut competition in the market of life insurance that brand
service which adopt new strategies for sales. I concluding the whole story it can
be said that people are much more aware about the aspects of life insurance and
also have knowledge about the role and act of agent but mostly people
unwilling to work as life insurance agent and mostly people prefer to work with
LIC because it is a semi government corporation.

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TABLE OF CONTENTS

CHAPTER NO.

PARTICULARS

PAGE NO.

Chapter 1

Industry Profile

6-16

Chapter 2

Company Profile

17-32

Chapter 3

Introduction of Recruitment
and Selection Process of
Agents

33-54

Chapter 4

Objectives of the Study and

Research Methodology

55-57

Chapter 5

Data Presentation and

Interpretation

57-62

Chapter 6

Limitations and Findings

63

Chapter 7

Conclusion and Suggestions

63-65

Chapter 8

Bibliography

66

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INDUSTRY PROFILE

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WHAT IS INSURANCE
The business of insurance is related to the protection of the ECONOMIC
VALUES OF ASSETS. Every asset has a value. The asset would have been
created through the efforts of the owner. The asset would have been created
through the efforts of the owner. The asset is valuable to the owner, because he
expects to get some benefits from it. It is a benefit because it meets some of his
needs. The benefit may be an income or in some other form. In the case of a
factory or a cow, the product generated by it is sold and income is generated. In
the case of a motor car, it provides comfort and convenience in transportation.
There is no direct income. Both are assets and provide benefits.
Every asset is expected to last for a certain period of time during which it will
provide the benefits. After that, the benefit may not be available.
There is a life-time for a machine in factory or a cow or a motor car. None of
them will last forever. The owner is aware of this and he can so manage his
affairs that by the end of that period or life-time, a substitute is made available.
Thus he makes sure that the benefit is not lost. However, the asset may get lost
earlier. An accident or some other unfortunate event may destroy it or make it
incapable of giving the benefits. An epidemic may kill the cow suddenly. In that
case, the owner and those enjoying the benefits therefore, would be deprived of
the benefits. The planned substitute would not have been ready. There is an
adverse or unpleasant situation. Insurance is a mechanism that helps to reduce
the effects of such adverse situations. It promises to pay to the owner or
beneficiary of the asset, a certain sum if the loss occurs.

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HISTORY OF INSURANCE

Insurance has been known to exist in some form or other since 3000 BC. The Chinese
traders, travelling treacherous river rapids would distribute their goods among several
vessels, so that the loss from any one vessel being lost would be partial and shared,
and not total. The Babylonian traders would agree to pay additional sums to lenders,
as the price for writing off the loans, in case of the shipment being stolen. The
inhabitants of Rhodes adopted the principle of general average, whereby, if goods are
shipped together, the owners would bear the losses in proportion, if loss occurs, due to
jettisoning during distress. (Captains of ships caught in storms, would throw away
some of the cargo to reduce the weight and restore balance. Such throwing away is
called jettisoning.) The Greeks had started benevolent societies in the late 7th century
AD, to take care of the funeral and families of members who died. The great fire of
London in 1666,in which more than 13000 house were lost, gave a boost to insurance
and the first fire insurance company, called the fire office, was started in 1680.
The origins of insurance business as in vogue at present, is traced to the Lloyds
Coffee House in London. Traders, who used to gather in the Lloyds coffee house in
London, agreed to share the losses to their goods while being carried by ships. The
losses used to occur because of pirates who robbed on the high seas because of bad
weather spoiling the goods or sinking the ship. In India, insurance began in 1818 with
life insurance being transacted by an English company, the Oriental Life Insurance
Co. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 in
Delhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, the
National, the National Indian and Hindustan Cooperative in Kolkata.
Later, were established the cooperative Assurance in Lahore, the Bombay Life
(originally called the swadeshi life), the India Mercantile, the new India and the
Jupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companies
started as a result of the swadeshi movement in the early 1900s. By the year 1956,
when life insurance business was nationalized and the life Insurance Corporation of
India (LIC) was formed on1st September 1956, there were 170 companies and 75
provident fund societies transacting life business in India. After the amendments to
the relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life
insurance business in India. By 31.8.2007, sixteen new life insurers had been
registered and were transacting life insurance business in India.

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HISTORY OF INSURANCE IN INDIA

Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and non-life
insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance
Act with the objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over
by the central government and nationalized. LIC formed by an Act of
Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 Crores
from the Government of India.
The General insurance business in India, on the other hand, can trace its
roots to the Triton Insurance Company Ltd., the first general insurance
company established in the year 1850 in Calcutta by the British.

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LIFE INSURANCE A BASIC NEED

Life insurance is a contract providing for payment of a sum of money to the person assured
or, failing him, to the person entitled to receive the same, on the happening of certain event.
A family is generally dependent for its food, clothing and shelter on the income brought in at
regular intervals by the bread winner of the family. So long as the he lives and the income is
received steadily, that family is secure; but should death suddenly intervene the family may
be left in a very difficult situation and sometimes, in stark poverty.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which gives
rise to the necessity for some form of protection against the financial loss arising from death;
insurance substitutes this uncertainty by certainty.
Few Advantages of Life Insurance.
1. It is superior to an ordinary savings plans:
This is so because unlike other saving plans, it affords full protection against risk of death. In
case of death, the full sum assured is made available under a life assurance policy; whereas
under other savings schemes the total accumulated savings alone will be available. The latter
will be considerably less than the sum assured, if death occurs during early years.
2. Insurance encourages and forces thrift:
A savings deposit can be too easily withdrawn. Many may not be able to resist the temptation
of using the balance for some less worthy purpose. On the other hand, the payment of life
insurance premiums becomes a habit and comes to be viewed with the same seriousness as
the payment of interest on a mortgage. Thus insurance, in effect brings about compulsory
saving.
3. Easy settlement and protection against creditors:
The life assured can name a person or persons to whom the policy moneys would be payable
in the event of his death. The proceeds of a life insurance policy can be protected against. The
claims of the creditors of the life assured by effecting a valid assignment of the policy. A
married womens property act policy constitutes a trust in favour of the wife and children and
no separate assignment is necessary. The beneficiaries are fully protected from creditors
except to the extent of any interest in the policy retained by the assured.

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(Contd.)

4. Administering the legacy for beneficiaries:

It often happens that a provision which a husband or father has made through insurance is
quickly lost through speculative or unwise investment or by unnecessary expenditure on
luxuries. These contingencies can be provided against in the case of insurance. The
policyholder can arrange that in the in the event of his death the beneficiary should receive,
instead of a single sum (a). Payment of the net claim amount by equal instalments over a
specified period of years, or (b). Payment of the claim amount by smaller monthly
instalments over the selected period followed by a lump sum at the end thereof.
5. Ready marketability and suitability for quick borrowings:
After an initial period, if the policy holder finds himself unable to continue payment of
premiums he can surrender the policy for a cash sum. Alternatively he can tide over a
temporary difficulty by taking loan on the sole security of the policy without delay. Further a
life insurance policy is sometimes acceptable as security for a commercial loan.
6. Tax relief:
For computing income tax (especially in India the Indian income tax act) follows deduction
from income tax payable, a certain percentage of a portion of the taxable income of
individuals which is diverted to payment of insurance premiums. When this tax relief is taken
into account it will be found that the assured is n effect paying a lower premium for his
insurance.

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HOW INSURANCE WORKS

The mechanism of insurance is very simple. People who are exposed to the
same risks come together and agree that, if any one of the members suffers a
loss, the others will share the loss and make good to the person who lost. All
people who send goods by ship are exposed to the same risk related to water
damage, ship sinking, piracy, etc. those owning factories are not exposed to
these risks, but they are exposed to different kinds of risks like, fire, hailstorms,
earthquakes, lightening, burglary, etc. like this, different kinds of risks can be
identified and separate groups, made including those exposed to such risks. By
this method, the risk is spread among the community and the likely big impact
on one is reduced to smaller manageable impacts on all.

If a Jumbo Jet with more than 350 passengers crashes, the loss would run into
several Crores of rupees. No airline would be able to bear such a loss. It is
unlikely that many Jumbo Jets will crash at the same time. If 100 airline
companies flying Jumbo Jets, come together into an insurance pool, whenever
one of the jumbo jets in the pool crashes, the loss to be borne by each airline
would come down to a few Lakhs of rupees. Thus, insurance is a business
sharing.

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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 savings of people, particularly from the middle and
lower income groups. These savings are channelled into investments for
economic growth.
An insurance companys strength lies in the fact that huge amounts come
by way of premiums. Every premium represents a risk that is covered by
that premium. In effect, therefore, these vast amounts represent pooling
of risks. The funds are collected and held in trust for the benefit of the
policy holders.
The management of insurance companies is required to keep this aspect
in mind and make all its decisions in ways that benefit the community.
This applies also to its investments. This is why successful insurance
companies would not be found investing in speculative ventures. Their
investments benefit the society at large.
The system of insurance provides numerous direct and indirect benefits to
the individual and his family as well as to industry and commerce and to
the community and the nation as a whole. Those who insure, both
individuals and corporate, are directly benefited because they are
protected from the consequences of the loss that may be caused by the
accident or fortuitous event. Insurance, thus, in a sense protects the
capital in industry and releases the capital for further expansion and
development of business and industry.
The very existence of risk that is, uncertainty concerning the future, is a
severe handicaps in economic activities. Insurance removes the fear,
worry and anxiety associated with this future uncertainty and thus
encourages free investment of capital in business enterprises and
promotes efficient use of existing resources.
(Contd.)

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Thus insurance encourages commercial and industrial development and

there by contributes to a vigorous economy and increased national
productivity.
Present day organization of industry, commerce and trade depend entirely
on insurance for their operation, banks and financial institutions lend
money to industrial and commercial undertakings only on the basis of the
collateral security of insurance. No bank or financial institution would
advance loans on property unless it is insured against loss or damage by
insurable perils.
Insurers are closely associated with several agencies and institutions
engaged in fire loss prevention, cargo loss prevention, cargo loss
prevention, industrial safety and road safety. Before acceptance of a risk,
insurers arrange survey and inspection of the property to be insured, by
qualified engineers and other experts.
The object of these surveys is not only to assess the risk for rating
purposes but also to suggest and recommend to the insured, various
improvements in the risk, which will attract lower rates of premium and
what is more important , reduce the loss potential. For example, burglary
surveyors make recommendation in regard to security measures such as
better locking system, appointment of Watchman, etc. Engineering
surveys play a most useful part in accident prevention as valuable
technical advice is provided in respect of plant and machinery.
Insurance ranks with export trade, shipping and banking services as
earner of foreign exchange to the country. It helps to earn foreign
exchange and represent invisible exports.

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LIST OF INSURANCE COMPANIES LISTED IN

DIFFERENT YEARS
List of Insurance Companies
Sl.
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Registratio
n Number
101
102
103
104
105
106
107
108
109
110
111
113
114
115
116
117
121
122

Date of
Reg.
23/10/2000
23/10/2000
23/10/2000
15/11/2000
24/11/2000
04/12/2000
10/01/2001
22/01/2001
31/01/2001
12/02/2001
30/03/2001
02/05/2001
02/08/2001
03/08/2001
03/08/2001
06/08/2001
03/01/2002
15/05/2002

19
20
21
22
23

127
128
130
131
132

06/02/2004
17/11/2005
14/07/2006
03/08/2007
04/09/2007

24

133

04/09/2007

25

134

16/11/2007

26
27

135
136

19/12/2007
08/05/2008

28

138

27/06/2008

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Name of the Company

HDFC Standard Life Insurance Company Limited
Royal Sundaram Alliance Insurance Company Limited
Reliance General Insurance Company Limited
Max New York Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited
IFFCO Tokio General Insurance Company Limited
Kotak Mahindra Old Mutual Life Insurance Limited
TATA AIG General Insurance Company Limited
Birla Sun Life Insurance Company Limited
Tata AIG Life Insurance Company Limited
SBI Life Insurance Company Limited
Bajaj Allianz General Insurance Company Limited
ING Vysya Life Insurance Company Private Limited
ICICI Lombard General Insurance Company Limited
Bajaj Allianz Life Insurance Company Limited
MetLife India Insurance Company Limited
Reliance Life Insurance Company Limited
Aviva Life Insurance Company India Private
Limited
Sahara India Insurance Company Limited
Shriram Life Insurance Company Limited
Bharti AXA Life Insurance Company Limited
Apollo DKV Insurance Company Limited
Future Generali India Insurance Company
Limited
Future Generali India Life Insurance Company
Limited
Universal Sompo General Insurance Company
Limited
IDBI Fortis Life Insurance Company Limited
Canara HSBC Oriental Bank of Commerce Life
Insurance Company Limited
Aegon Religare Life Insurance Company
Limited

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140

27/06/2008

DLF Pramerica Life Insurance Company

Limited

(Contd.)

List of General Insurance Companies

Sl.
No.
1

Registratio
n Number
123

Date of
Reg.
15/07/2002

2
3

124
125

27/08/2002
27/08/2002

139

27/06/2008

141

15/12/2008

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Name of the Company

Cholamandalam General Insurance Company
Limited
Export Credit Guarantee Corporation Limited
HDFC-Chubb General Insurance Company
Limited
Bharti AXA General Insurance Company
Limited
Raheja QBE General Insurance Company
Limited

MetLife INSURANCE (Training Report)

COMPANY PROFILE

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INTRODUCTION OF METLIFE INC.

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance
Company or MetLife for short. The firm was founded on March 24, 1868. For
most of its life the company was a mutual organization, but it went public in
2000.

MetLife is the largest life insurer in the United States, with more than $3.3
trillion of life insurance in force. A leader in savings and retirement products
and services for individuals, small business, and large institutions, MetLife
serves 90 of the largest Fortune 100 companies.

The company is headquartered at 1095 Avenue of the Americas in Midtown

Manhattan, New York City, though it retains some executive offices and its
board room in the MetLife Building, which it sold in 2005.

The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well as
group insurance and retirement & savings products and services to corporations
and other institutions. For more information, please visit www.metlife.com.

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INTRODUCTION OF METLIFE (INDIA)

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International
Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private
Limited and other private investors. MetLife is one of the fastest growing life
insurance companies in the country. It serves its customers by offering a range
of innovative products to individuals and group customers at more than 600
locations through its bank partners and company-owned offices. MetLife has
more than 50,000 Financial Advisors, who help customers achieve peace of
mind across the length and breadth of the country.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in
the Americas, Asia Pacific and Europe. Affiliated companies, outside of India,
include the number one life insurer in the United States (based on life insurance
enforce), with over 140 years of experience and relationships with more than 90
of the top one hundred FORTUNE 500 companies. The MetLife companies
offer life insurance, annuities, automobile and home insurance, retail banking
and other financial services to individuals, as well as group insurance,
reinsurance and retirement and savings products and services to corporations
and other institutions. For more information, please visit www.metlife.co.in.

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METLIFE AND THE ENVIRONMENT

As an industry leader and a growing, global enterprise, MetLife has committed

to driving efforts that address sustainability, reduce our carbon footprint and
invest in ventures that will have a positive impact on the environment. As our
business is built on promises, we recognize the tremendous importance of
making yet another promise for the future by ensuring our world remains a
healthy and vibrant place for the many generations to come through our
businesses, our associates and our business partners, we can and will make a
difference by contributing to a growing, global effort that will benefit everyone
today and in the future.

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ETHICS AND INTEGRITY

For more than a century, MetLife has built a reputation as a company that
believes in fair dealing, integrity, and trustworthiness. We firmly believe that
adherence to the highest standards of ethical conduct is the only acceptable way
of doing business and is the personal responsibility of every one of our
associates. The company's well-known name and good reputation are reinforced
by our pledge to deliver value and world class service to all who do business
with us, always keeping in mind what is best for our customers.

The importance of ethics and compliance to the Company is demonstrated by

the Companys extensive efforts and resources directed to this area. We are
committed to our compliance vision of having MetLife be the world's most
trusted company.

Supporting these efforts are the MetLife core values of integrity and honesty,
the fundamental building blocks of our long and successful history, that shape
the way we do business. These values are central to our efforts to achieve the
MetLife vision to build financial freedom for everyone and emphasize our
outward focus on customers and their needs. We recognize that our ongoing
success will spring from these values and, as we look to the future, we remain
committed to the highest standards of ethics, integrity and trustworthiness,
while continuing to pursue a strategy of building financial freedom for
everyone. This defines who we are.

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COMPLIANCE AND FRAUD HOTLINE

MetLife is committed to the highest standards of business conduct and expects
the same from all people with whom we interact. MetLife has implemented a
program aimed at deterring, detecting, investigating and prosecuting insurance
fraud.
Fraud is a major concern of everyone in the insurance industry and is of
increasing concern to lawmakers. Not only is insurance fraud a crime in most
states, it also threatens the best interests of our customers because it raises the
cost of insurance for everyone.
Compliance & Fraud Hotline at 1800-462-6565

DIVERSITY
MetLife's Diversity and Inclusion vision is to attract and retain the best talent
and to foster an inclusive culture that leverages our diversity to drive growth
and profitability wherever we do business in the global marketplace.
At MetLife, diversity is core to our business, embedded at all levels of our
company with clear accountability for success. Our commitment to diversity
and inclusion makes MetLife a more competitive company and allows us to
better serve our customers, attract and retain the best talent, and do business
with the best companies and suppliers around the world. It brings to MetLife
fresh perspectives, new ways of thinking and more innovative products. It helps
build relationships in the communities we serve and helps support our brand. At
MetLife, diversity is a key driver of business performance and creates lasting
shareholder value.
But examples really tell the story, and through this Diversity site, you'll learn
more about how MetLife delivers on its commitment to Diversity - from our
Work-Life solutions to our Enterprise-wide Diversity Council and Affinity
Groups, to how we're reaching Multicultural Markets.
MetLife is an Equal Opportunity Employer.

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"Coming into your own",

performing as a Leader to
be really effective and
successful by acting and
making decisions
independently to get
results.

It's all about People,

MetLife's key resource.
MetLife will succeed
because we are winning
from within.

Functioning productively
in teams towards a
common purpose;
realising the collective
power of diverse workgroups.

Operating with an intense

dedication to managing
monetary resources for
strong business results.

Conducting all business

endeavours with truth,
sincerity and fairness.

Continuously creating and

introducing new and
original ideas and ways of
doing things.

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MANAGEMENT TEAM
Rajesh Relan
Managing Director

MSVS Phanesh
Appointed Actuary

Sameer Bansal
Director- Agency

Nitish Asthana
Director- Bancassurance & Business Partnerships

Joydeep Mukherji
Chief Financial Officer

Balachander Sekhar
Director - Marketing

KR Anil Kumar
Director - Legal & Risk and Company Secretary

P. S. Sankaran
Director Compliance & Internal Controls

(Contd.)

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KS Raghavan
Chief Administrative Officer

Gaurav Sharma
Director - Customer Service and Operations

Shilpa Vaid
Deputy Director- Human Resources

TAGLINE
Peace of Mind, Guaranteed

MASCOT- A DOG NAMED SNOOPY

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PARTNERS

Geojit Securities was founded by Mr. C.J. George in 1987 as a Proprietorship

for doing Broking business in Cochin Stock Exchange. In 1994, the business
was taken over by Geojit Securities Ltd, a Joint Venture between Mr. C.J.
George and the Kerala State Industrial Development Corporation Ltd. In the
following year, the company came up with an IPO and the shares were listed in
various Stock Exchanges in India in 1995.

Jammu and Kashmir Bank Limited was incorporated on 1st October, 1938 and
commenced its business from 4th July, 1939 at in Kashmir (India). The Bank
was the first in the country as a State owned bank. According to the extended
Central laws of the state, Jammu & Kashmir Bank was defined as a govt.
Company as per the provision of Indian companies' act 1956. In the year 1971,
the Bank received the status of scheduled bank. It was declared as "A" Class
Bank by RBI in 1976. Today the bank has more than 500 branches across the
country and has recently become a billion Dollar Company.

(Contd.)

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Mangaloreheadquartered Karnataka Bank, a leading private sector Bank

having a network of 433 branches across 19 States and 2 Union Territories, is
more than 84 years old. The Bank is a technology savvy, customer centric
progressive bank with a national presence, driven by the highest standards of
corporate governance and guided by sound ethical values. All the 433 branches
of the Bank are under the umbrella of core banking solution.
The Bank has a host of customer friendly deposit and advances products
meeting the varied needs and preferences of its customers. The Bank offers a
plethora of technology driven products like Internet Banking facility, Demat
services, Mutual Fund products of reputed companies, Life and General
Insurance services, Visa enabled Debit Card with wide acceptability across the
globe. The Bank has an ambitious business turnover target of Rs. 35000 Crores
for the year 2008-09 with a branch expansion plan to reach the tally of 460
branches and additional ATMs to take the total to 180 by end-March 2009.

In 1982, a group of Hyderabad-based practicing Chartered Accountants started

Karvy Consultants Limited with a capital of Rs.1,50,000 offering auditing and
taxation services initially. Later, it forayed into the Registrar and Share Transfer
activities and subsequently into financial services. All along, Karvy's strong
work ethic and professional background leveraged with Information Technology
enabled it to deliver quality to the individual.

(Contd.)

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Established in 1921, Mini Muthoottu with an illustrious history of banking

behind them today operates from 75 branches in Kerala and 5 in Bangalore. All
business concerns of Mini Muthoottu function under the strict guidelines set by
the Department of Company Law Affairs and Reserve Bank of India. They also
have a certificate of compliance with the requirements regarding prudential
norms from the Reserve Bank of India. Mini Muthoottu, under the leadership of
its Chairman, Mr. Roy M Mathew, offers both the resources and capabilities like
any national player coupled with individualized attention to its customers.

Way2Wealth is a premier Investment Consultancy Firm that has been launched

with the aim of making investing simpler, more understandable and profitable
for the investors. Way2Wealth brings a wide range of product offerings from
Fixed Income Securities, Life Insurance and Mutual Funds to Equity and
Derivatives (on the National Stock Exchange) for the convenience and benefit
of it customers. Way2Wealth has over 40 easily accessible investment outlets
spread across 20 major towns and cities in the country.

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METLIFE PERFORMS IN OVER THE FOLLOWING STATES

Andhra Pradesh
Assam
Bihar
Chandigarh
Chhattisgarh
Delhi
Goa
Gujarat
Haryana
Jammu & Kashmir
Jharkhand
Karnataka
Kerala
Madhya Pradesh
Maharashtra
Orissa
Punjab
Rajasthan
Tamilnadu
Tripura
Uttar Pradesh
Uttrakhand
West Bengal

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STRATEGIES

To achieve a top 5 market position in India through a multi-distribution,

multi-product platform.
To adapt MetLife's best practice blueprints as a sound platform for
profitable growth.

To leverage local knowledge, infrastructure and customer base.

To deliver high levels of shareholder return.
To build long term value with our business partners by enhancing the
proposition to their customers.
To be the employer of choice to attract and retain the best talent in India.
To be recognized as being close and qualified by our customers.

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PRODUCTS OF METLIFE INSURANCE

Child Plan

Met Bhavishya
Met Junior Endowment
Met Junior Money Back
Met Magic Plus

Retirement
Met Growth Super
Met Pension-Par
Met Pension Plus

Savings

Met Sukh
Met Suvida
Met Saral
Met 100

Protection

Met Suraksha
met Suraksha TROP
Met Suraksha Plus
Met Mortgage Protector Plus

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Rural
Met Vishwas
Met Suvidha-Rural

Investment

Met Easy Plus

Met Wealth Plus
Met Gold Plus
Met Fortune
Met Smart Life

Health
Met Health Care

Monthly Income
Met Monthly Income Plan
Met Monthly Income Plan 7 Pay

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INTRODUCTION OF THE
PROCESS OF
RECRUITMENT AND
SELECTION OF AGENT

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OBJECTIVES OF THE STUDY

To understand the process of recruitment and selection of agent in
MetLife.
How to recruits agent for MetLife.
To know about the view of general public about the job of agent.
Why people are not willing to work with as an agent, especially with
private player.

MEANING OF RECRUITMENT
Finding the right people is a make-or-break factor for success in business today.
Recruiting the top talent for a job takes time and you have to attract quality
candidates who have the knowledge and skills needed to help your company
grow.
The fact is, your success with recruitment depends on how well you prepare
your job ad, and use source of recruitment, and your interviewing skills.
Prepare a job ad that works to start, you want to be sure that your potential
candidate truly understands the job. The clearer you are with the task
description, working conditions and advantages, the less time you will waste
examining and rejecting applications.
The essentials of any job description are:

A brief description of your company

Detailed outline of the tasks involved
Qualifications and experience required
Equipment and resources used to do the work
Skills required using them
(Contd.)

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However, you should also include work benefits (e.g., vacation, travel and
perks), general working conditions (e.g., scheduling, outside work) and the
specific traits required (e.g., teambuilding and communications skills).
Ultimately, you want to be perceived as an attractive employer in a competitive
market.
Find the right recruitment vehicle choose the vehicle that best works for your
company, depending on your budget and resources,
Word of mouth, or simply telling your employees, friends and colleagues about
a job opening, is a less expensive strategy but generates fewer candidates. The
advantage is that you already know something about your recruiters and their
skills, knowledge and achievements. This is a preferred method with companies
that have a finder's fee program for their employees.
Advertising is a toss of the dice. If it goes well, it can help you find ideal
candidates in a regional, national, or international pool. If not, it's a costly
investment yielding few results. Make sure to factor in the time it takes to go
through a large number of resumes.
Employment agencies cost more but generally provide a good range of
candidates. The employment advisors look at your needs, screen a number of
candidates, and only send you the applications that meet your requirements.
Bear in mind that the largest employment agencies do not necessarily offer the
best choice of candidates. There are numerous agencies that specialize in
recruitment in specific sectors.
Recruiting online such as monster.com, workopolis.com, and jobboom.com.
These can provide inexpensive, worldwide access to employees. In fact, 65% of
job seekers now have access to these types of services. Using the Internet for
recruiting usually involves regular visits to specialized recruitment sites, joining
newsgroups, and posting your job openings on recruitment sites, electronic
publications and on your own Web site.

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After recruitment the next part is selection of best candidates.

MAKE THE INTERVIEW DELIVER

Since the purpose of an interview is to identify and verify the candidate's
potential, it should be structured to bring out all the desired competencies and
aptitudes. Remember that you have to decide between the candidates: you could
create a point system or analysis grid for comparing their strengths and
weaknesses.
Here are a few points to consider when structuring an interview:
Make a list in advance of the points for discussion and corresponding
questions.
Present the candidates with a situation they could face on the job and ask
them how they would react. This will enable you to evaluate the
candidates' knowledge, skills and work methods.
Ask the candidates to describe some difficult situations encountered in
previous jobs and to explain the way in which they were resolved. This
will give you the chance to gauge the candidates' self-confidence,
creativity and problem-solving skills.
Ask the candidates to describe a difficult situation involving colleagues
and how it was resolved. This will enable you to test their aptitude for
teamwork.
Ask the candidates about their ambitions and plans to ensure they fit your
company profile.
Beware of asking questions about personal interests. They can get the interview
off track or annoy people who want to keep their work and private lives
separate.

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DEFINITION OF AGENT

According to section 182 of Indian contracts Act, an agent is a person employed

to do any act for another or to represent another in dealing with a third person.
In the insurance industry, the term agent is ordinarily applied to a person
engaged by the insurer to procure new business. The insurance Act definers and
insurance agent as one who is licensed under Section 42 of that Act and is paid
by way of commission or otherwise, in consideration of his soliciting of
procuring insurance business, including business relating to the continuance,
renewal or revival of policies of insurance. He is, for all purposes, an authorized
salesman for insurance and needs a license.
An agent is one who acts on behalf of another. Another on whose behalf the
agent acts is called the principal in this case. The insurance company is the
principal in this case. The lawyer is the agent of the client, when he argues the
case in court. An ambassador is an agent of his country. The agent represents the
principal and acts on his behalf. Some insurers designate their agents as advisers
, consultants etc. as if they are independent advisor or consultant would not
be appointed by an insurance company. He would be knowledgeable enough as
a person to be approached for advice or consultation. Some insurance agents
may acquire that status. All insurance agents should strive to attain that status.

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PROCEDURE FOR BECOMING AN AGENT

The insurance Act, 1938 lays down that an insurance agent must possess
a license under Section 42 of that Act. The license is to be issued by the
IRDA. The IRDA has authorized designated persons, in each insurance
company, to issue the licenses on behalf of the IRDA.
In terms of the Insurance Act, licenses will not be given if the person is
(a) minor,
(b) found to be of unsound mind,
(c) found guilty of criminal misappropriation or criminal
misappropriation or criminal breach of trust or cheating or forgery
or an abetment of or attempt to commit any such offence
(d) found guilty of or knowingly participation in or conniving at
any fraud, dishonesty or misrepresentation against an insurer or an
insured,
(e) not possessing the requisite qualifications and specified
training,
(f) Found violating the code of conduct as specified in the
regulations.
(g) The fee for a license is Rs.825 for individual. A license is
granted for 3 years. It may be renewed after 3 years and again valid
for 3 years.

(Contd.)

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A license issued by the IRDA may be to act as an agent for a life insurer,
as well as for a general insurer. No agent is allowed to work for more than
one life insurer or more than one general insurer.
The Qualifications necessary before a license can be given are that the
person must be
a) Not a minor.
b) Have passed at least the 12th standard or equivalent
examination, if he is to be appointed in a place with a population of
5,000 or more, then at least passed the 10th standard.
c) Have undergone practical training for at least 50 hours in life or
general insurance business, as the case may be, form an institution,
approved and notified by the IRDA. IN the case of a person
wanting to become a composite insurance agent, the applicant
should have completed at least 75 hours practical training in life
and general insurance business, which may be spread over six to
eight weeks.
d) Have passed the pre-recruitment examination conducted by the
insurance institute of India or any other examination body
authorized by the IRDA.

(Contd.)

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The license once issued, can be cancelled whenever the person acquires a
disqualification. Applications for renewal have to make at least thirty days
before the expiry of the license, along either the renewal fee of Rs.250. If the
application is not made at least thirty days before the expiry, but is made before
the date of expiry of license, an additional fee of Rs.100 is payable . If the
application is made after the date of expiry, it would be normally being refused.
Prior to renewal of the license, the agent should have completed at least 25
hours practical training in life or general insurance business or at least 50 hours
practical training in life and general insurance business in the case of a
composite insurance agent.
Insures who select agents for appointment, make arrangements for training, for
appearing in the prescribed examinations, and obtaining the license.
NOTE
The insurance Act provides, In Section 44, for payment of commission on
renewal premium even after termination of the agency. The commission will be
limited to a rate not exceeding 4%, to be eligible for this; the agent should have
been an agent with that insurer for at least
(1) five years and policies for at least Rs 50,000 are in force one year
before termination of agency or,
(2) 10 years.

This commission will be payable to the heirs of the agent after the agent's death.

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FUNCTION OF AN AGENT
Understanding the prospect's needs and persuade him to buy a plan of life
insurance that suits his interests best.
Complete the formalities: - paper work, medical examination, which are
necessary to get the policy expeditiously.
Keep in touch to ensure that changing circumstances are reflected in the
arrangements relating to premium payments, nomination and other
necessary alterations.
Facilitate quick settlement of claims.
Be totally honest with both the prospect and the insurer.
Not to induce prospects to submit wrong information.

CAREER WITH METLIFE

Opportunity to earn unlimited income.

Career Growth.
Be your own boss.
High quality training & Support to improve productivity.
Compensation amongst the best.
Club member benefits.
Payout structured to facilitate your cash flows better.
Best in class & competitive products.
Pension for life.

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RECRUITMENT PROCESS

Develop a Profile

Develop sources of
recruitment

Approaching the
Targeted recruits

Initial screening and

Interviews

Reality check

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SOURCES OF RECRUITMENT

Controlle
d

Uncontrol
led

Natural
Market

Job
Ads/Inserts
Placement
Consultants

Centre of
Influence

Presentation/Se
minar

Agents
gets
Agents

Cold
Prospecting

Data Base

Prima
ry

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CONTROLLED SOURCES

NATURAL MARKET

Your family
Your friends
People at job/business
Neighbours

EXTENDED NATURAL MARKET

The following are sources of names:

People know through children.
People know through spouse.
People know through hobbies/ games.
People known through social groups
People known through public service.
People you do business with.
Friends of friends.

CENTRE OF INFLUNCE
People with influence and prestige, other member of society believe and
faith on them.
People who have a big circle of relationships: like secretary in societies,
president of an association.
People who are known to you and are willing to help you.
People who have contacts with the class of people you want to deals with.
People who have faith in your leadership.
A centre of influence is a person who is in contact with many people
through social, political, religious or business angulations
Usually a respected individual with influence over the people with
him/her is in contact.

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UNCONTROLLED SOURCES
Job Ads/Inserts
This program should be on regular long range basis.
Example: Navjeevan Sharma who is a relationship officer in
MetLife put an ad in the newspaper, in which he called for the
reader to phone him during a specified 2 to 4 hours period on
Monday or Sunday morning.
From those who called Navjeevan Sharma was able to eliminate
more misfits (who are not qualified) and arrange for two to six
personal visits.

Placement consultants
MOA can recruit a placement consultant or register himself in
internet job search sites to get list of prospects.

Seminars/Job Fairs
Manager of agency can also organized seminars at
management institutes and colleges.
OR
MetLife participate in the job fairs and then short list
prospects and then look for further opportunities for them.

(Contd.)

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Cold Prospecting
MOA can use the telephone directory.
MOA and telecaller can use the directories of various
business and social organizations.

Database
Primary data: Direct collection of data of from the source
of information, technology including personal interviewing,
survey etc.
Secondary Data: Indirect collection of data from sources
can be purchased from the open market and various kind
of database is available such as telephone databases of
various surveys.

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POINT TO BE NOTED WHILE RECRUITING THE AGENTS

Mature and responsible family person.

Ambitious, hungry for recognition, challenges.
Occupation.
Experience and current designation.
For how many years he is living in the city.
Greedy person.
Occupation of parent.
Family income.
Any experience in life insurance sector.
Leadership qualities.
Social and amiable.

SOURCES FOR RECRUITMENT AND SELECTION OF

AGENT USED DURING TRAINING

Natural
Market

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Secondary Data
(Telephone
Directory)

Market
Survey

MetLife INSURANCE (Training Report)

TELEPHONE SCRIPT

Hello sir,
I am Yuvraj Ghimiery from MetLife. I want your few minute to speak.
Sir, MetLife is going to expend the Business by recruiting quality people and
offering them the potential of a very rewarding career opportunity.
We have acquired your business card and we are aware of the company you
work for and you are one of the selective person with whom our company want
to concern. So I would like to meet you for coffee to explain the exciting and
rewarding opportunity. It may have for you in terms of career compensation and
support.
(Excellent I look forward to meeting you please May I have your address and I
will confirm our meeting in writing.)
OR
(According to your convenience will you please tell me when and where we can
meet?)
Thank You Sir.

Step1. Documents Required

Age proof.
Address proof.
Photo.
Education proof.
Q score sheet.
Agency application.
Form VA.
Fill NAAF.
(Contd.)

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Step2. Interview section

During the interview the senior manager/MOA asked following question to the
candidate to judge his ability and knowledge.

Qualification.
Present occupation.
Knowledge or experience in insurance sector
Tenor of stay in the town.
Number of family member.
Household income.
Occupation of parent.

If selected then the senior manager/MOA approve the application. The

managers take the help of scoring Mechanism. Scoring Mechanism was filled at
the time of apply.

Step3. Training
50 Hours Training and also provide a text book (IC-33 life insurance) for prerecruitment Examination for Life Insurance Agents, which is based on syllabus
prescribed by insurance Regulatory & Development Authority.
IRDA for short, has laid down that those who wish to become insurance agents
will be given licenses only after they complete a course of study, training and
pass an examination prescribed by it.
During this training the knowledge about the entire essential concept related to
life insurance is provided to agent. Insurers will have different practices and
offer different benefits in their plans. All of them will be based on these
concepts. The details of the practices and the plans of each insurer will have to
be learnt from the respective insures.

(Contd.)

Step4. During training following things will be taught

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What is insurance
Principles of life Assurance
Premiums and Bonuses
Life Insurance products
Underwriting
Insurance Documents
Policy conditions
Claims
Linked life insurance products
Insurance agency
Laws and Regulations
IRDA Regulation 2000.
IRDA Regulation 2002.

Step5. Examination and Code

Examination is the second last part of the recruitment and selection process. It
include one hour test under, which contain 50 objective questions, one marks
each, and Pass marks are 25.
There are two method of examination.
Online
Manual
In case of online the result is declared on the spot and in the case of manual
result is declared within one month.
After clearing the exam, ULIP training of two days will be given to the advisor
about the product of company and then agency code is generated.

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After complying all the essential requirements to become an agent, a

U.R.N(Unique registeration number) is issued by I.R.D.A(Insurance regulatory
development authority).

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OBJECTIVES AND
RESEARCH
METHODOLOGY

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OBJECTIVES OF THE STUDY

To understand the process of recruitment and selection of agent
in MetLife.
How to recruits agent for MetLife.
To know about the view of general public about the job of agent.
Why people are not willing to work with as an agent, especially
with private player.
RESEARCH METHODOLOGY
Research Methodology is the investigation of specific problem in detail. At first
problem is defined carefully for conducting research. There should be a good
research plan for conducting research. No research can be done without data
collection. After all this analyze is made for getting solution for problem.

Defining the problem

Defining the sampling plan
Collection of data
Analyze and interpretation

Defining the problem

Defining the research problem is first necessary step for any research. This work
should be done carefully. Here research problem is to know wiliness of general
public to work as an agent with private player or MetLife.

(Contd.)

Sampling plan

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The sampling plan calls for three decisions.

A) Sampling Unit: I have completed my survey in South Delhi.
B) Sample Size: The selection of 20 respondents. The sample was drawn from
shopkeepers, housewives, students . The selection of the respondent was done
on the basis of simple random sampling.
C) Contract methods
I have conducted the respondent through personal interviews.

Research Instrument
A close friend questionnaire was constructed for my survey. Questionnaire
consisting of a set of questions made to filled by various respondents.

Collecting the Information

After this, I have collected the information from the respondent with the help of
questionnaire.

Analyze the Information

The next step is to extract the pertinent finding from the collected data. I have
tabulated the collected data & developed frequency distributions.
Thus the whole data was grouped aspect wise and was presented in tabular
from. Thus, frequencies & percentages were to redder impact of the study.

Presentations of Findings
This was the last stop of the survey.

DATA PRESENTAION AND INTERPRETATION

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Name: -

Address:-

Location:Mobile no.
Shop Type: - (Mobile stores, General store, Chemist etc. Please specify
Script

MetLife has expanded into new territories of business and they now offer
the best in class insurance products.

MetLife is introducing Insurance to every part of Delhi retailers and

would like to give you an opportunity to earn and setup a new income
which can give you 15-20% margin on an average.

In this business you only have to contact your known people or regular
customers and their references to introduce MetLifes product and get an
appointment.

Post this, manager form MetLife will go, explain the product & close he
will sale for you. You will in turn receive 15-20 % margin on sale. E.g. if
a policy is sold by MetLife manager for 10,000 you will receive 2,000.

1) Would you be interested in taking up this business opportunity with

MetLife?

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Yes or, No

2000%; 20%
yes

no

8000%; 80%

Only 20% of people were interested in taking up this business

opportunity with MetLife. (8 shopkeeper were interested in this activity)
2) How much time can you dedicate per day for this activity?(For getting
Appointments)
hr

1-2 hrs

3-h hrs

5 hrs or more

25%
half hour

1/2 to 2

2 to 4

4 to 5

75%

From the above 8 people, 6 people said that they can spend hour for
this activity daily.
2 said that they can spend to 2 hours for this activity.
(Contd.)

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3) Do you have any knowledge of or experience in Insurance?

Yes or, No

2000%; 20%
no

yes

8000%; 80%

80% of people said that they have knowledge about insurance.

20% of people said that they have no knowledge about insurance.
4) Do you have Experience as an agent?
Yes or, No

600%; 15%
yes

no

3rd Qtr

4th Qtr

3400%; 85%

15% of people have experience in the field of life insurance.

85% of people have no experience in the field of life insurance.
(Contd.)
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If yes, then please specify the name of the company.

1700%; 17%
HDFC
5000%;

LIC

ICICI
50%

3300%; 33%

Out of 6 people 33%(3) of shopkeeper working with LIC

33% (2) of people working with HDFC Standard Life insurance
33% (1) of people working with ICICI Prudential Life Insurance Co. Ltd.

5) Can you spare 1/2 day on training to understand to product and how can
introduce it to your customer?
Yes or, No

400%; 10%
Yes
3600%; 90%

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Name: -

10
%
of

Address:-

Location:Mobile no.
Shop Type: - (Mobile stores, General store, Chemist etc. Please specify

people were interesting to spare 1/2 day on training to understand to product.

QUESTIONNAIRE
1. Would you be interested in taking up this business opportunity with
MetLife?
a.
b.

Yes
No

2. How much time can you dedicate per day for this activity? (For getting
Appointments)
a.
b.
c.
d.

hr
1-2 hrs
3-h hrs
5 hrs or more

3. Do you have any knowledge of or experience in Insurance?

Knowledge:
a. Yes
b. No

(Contd.)

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Experience:
a. Yes
b. No
If yes, then please specify the name of the company.

1. Can you spare day on training to understand the product and how can
introduce it to your customer?
a. Yes
b. No

2. How many people do you know in this city?

a.
b.
c.
d.
e.

Under 50
51-100
101-300
301-600
Above 600

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LIMITATIONS
I didnt get complete feed from the people about the question as they are
busy in their work and had less time to fill questioned.
Sincerity of answering the questions cannot be judged.
Time was the major constraint for me to understand the long process of
recruitment and selection.
Limited money available for project.

FINDINGS

Why people are not ready to work with private players in life insurance?
OR
Why people are not ready to work as an agent in any company?
In these days LIC created a very well image in the mind of General public
because it is semi Government Company and also an oldest company. In
short most people of Indian believe upon the LIC only.
During the training period we felt that most of people who are already
working in insurance sector think that it is easy to sell the product of LIC
than to sell the product of other life insurance company.
Most of people say that this job affects upon their social relation with
other and also effect upon their business.
Most of people believe that private insurance companies carried out fraud
activity thats why they never believe upon the private players.
People think that it is a time consuming activity and also required huge
market skills.
Some people said that only greedy people like to work in insurance
sector.
Because of three days compulsory training.
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CONCLUSION

In India, there is throat cut competition in the market of life insurance that brand
service which adopt new strategies for sales. I concluding the whole story it can
be said that people are much more aware about the aspects of life insurance and
also have knowledge about the role and act of agent but mostly people
unwilling to work as life insurance agent and mostly people prefer to work with
LIC because it is a semi government corporation.

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SUGGESTIONS
MetLife must give more advertisements on electronic media and print
media, as it help in enhance its goodwill and more people are willing to
work with reputed companies, through proper advertisement it become
easy to sell the product.
An insurance company must work with honesty to win the confident of
its agent and general public.
Duration of training must be reducing as in these day people have no
extra time.
Fees charged by companies from candidate for IRDA exam and training
should reduce.
Many other extra facilities must be provide to agent to attract them such
local and foreign trips, special price on achieving a target, open bank
account at free of cost.
MetLife must organize more and more seminars and also participate in
the job trade fairs to find out more candidates.
Increase the commission of agents.
Company must relic to candidate or other people that they are doing a
social service for the welfare of society.
Better career opportunity must be provided to an adviser, such as on role
job, promotion etc.
A special function must organize time to time in which the special prizes
distribute among those agent who perform well.
The duration of the process of recruitment and selection is too long (one
and half month), during this process mostly candidate loss there interest,
so there is an urgent need to reduce the duration of this period.
Reduce the minimum premium amount it will help company to attract the
agent of other company, as it increases the scope of market of its agent.

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WEBLIOGRAPHY

www.metlife.com
www.metlife.co.in
www.irdaindia.org
www.ibef.org
www.en.wikipedia.org/wiki/Metlife

THE OPPORTUNITY
About 2/3 of the Indian population is 'insurable'
High % of population is uninsured or underinsurance.

We Indian are "natural savers"

Indians save the maximum in the world.

Those 'insured' are 'underinsured'.

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