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Introduction to Insurence:
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 Bharti AXA Life Insurance Company is undertaken which is one of the popular sector insurance sectors. The analysis of Bharti AXA Life Insurance is taken form different sectors. For creating strong relationship and for a success full business every insurance company required financial planner.
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.
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.ca, 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.
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.
In terms of the Insurance Act, a licences will not be given if the person is
minor, found to be of unsound mind, 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 found guilty of or knowingly participation in or conniving at any fraud, dishonesty or misrepresentation against an insurer or an insured, not possessing the requisite qualifications and specified training,
Found violating the code of conduct as specified in the regulations. The fee for a licence is Rs.825 for individual. A licence is granted for 3 years. It may be renewed after 3 years and again valid for 3 years.
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
Sampling plan
The sampling plan calls for three decisions. A) Sampling Unit: I have completed my survey in CHANDIGARH, MOHALI. B) Sample Size: The selection of 20 respondents. The sample was drawn from shopkeepers. The selection of the respondent was done on the basis of simple random sampling. C) Contract methods I have conduct 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.
Presentations of Findings
This was the last stop of the survey.
Script
Bharti has expanded into new territories of business and they now offer the best in class insurance products. This new venture is named Bharti-AXA. Mr. Sunil Bharti mittal is introducing insurance to Punjab and Chandigarh 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 Bhartis product and get an appointment. Post this, manager form Bharti-AXA will go, explain the product & close he sale for you. You will in turn receive 15-20 % margin on sale. E.g. if a policy is sold by Bharti-AXA manager for 10,000 you will receive 2,000. We are here to understand your interest in this proposal specially designed by Mr. Sunil Bharti Mittal for Punjab and Chandigar
QUESTIONNAIRE
Only 20% shopkeepers were interested in taking up this business opportunity with Bharti.(8 shopkeeper were interested in this activity) Would you be interested in taking up this business opportunity with Bharti? Yes No
How much time can you dedicate per day for this activity?(For getting Appointments) 1-2 hrs 3-h hrs 5 hrs or more
hr
From the above 8 people , 6 people said that they can spend hour for this activity daily. 2 said that they can spent to 2 hours for this activity.
80% of shopkeeper said that they have knowledge about insurance. 20% of shopkeeper said that they have no knowledge about insurance.
15% of shopkeepers have experience in the field of life insurance. 85% of shopkeepers have no experience in the field of life insurance.
Out of 6 people 33%(3) of shopkeeper working with LIC 33% (2) of shopkeeper working with HDFC Standard Life insurance 33% (1) of shopkeeper working with ICICI Prudential Life Insurance Co. Ltd.
Can you spare 1/2 day on training to understand to product and how can introduce it to your customer? Yes NO
10 % of shopkeepers were interesting to spare 1/2 day on training to understand to product. Name: Address:Location:Mobile no. Shop Type:- (Mobile stores, General store, Chemist etc. Please specify
QUESTIONNAIRE
Would you be interested in taking up this business opportunity with Bharti?
Yes
No How much time can you dedicate per day for this activity? (For getting Appointments)
hr
1-2 hrs
3-h hrs
Yes
No
Experience
Yes
No
Can you spare day on training to understand the product and how can introduce it to your customer?
Yes No
Under 50
51-100
101-300
301-600
Above 600
Limitation
I didnt get complete feed from the shopkeepers about the question as they are busy in there 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.
Finding
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 there social relation with other and also effect upon there 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.
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.
Suggestions
Bharti-AXA life insurance company 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, Bharti-AXA Life Insurance Company 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.
BIBLIOGRAPHY
S. Balachandran, (2009), IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai
www.ibef.org