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Faculty Mentor: Submitted By:

Mrs. Harman Mangat Harpreet Kaur Brar

Roll Number:313
MBA 3rd SEM (Marketing and HR)
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ß State Bank Group, India¶s
largest and leading bank, with
a network of over 16,000
branches and a loyal
customer base of over 10
crore
ß State Bank is India¶s most
trusted bank, with a 200
year-old history
ß By far the best Brand Equity
and brand recall among all
banks in India
Î

ß BNP Paribas Assurance is the
insurance arm of BNP Paribas
- Euro Zone¶s leading Bank.
ß BNP Paribas Assurance
operates in 41 countries
mainly through the
bancassurance and
partnership model.
ß BNP Paribas Assurance is the
fourth-leading life insurer in
France and the world leader
in creditor insurance.






m Ranked No. 1 among private insurance companies

m Reported robust profits of 6 276 Cr.

m otal premium grew by 40% to 6 10,104 Cr.

m Fortune 500 company, ranked 282

m CRISIL reaffirmed its highest financial rating AAA/Stable to

SBI life. ICRA assigned iAAA rating indicating highest claims
paying ability to SBI Life Insurance

m Retained ISO 9001:2000 certificate for superior claim

settlement process.


Ú o be No. 1 in the private life insurance industry

Ú o be highly profitable

Ú o always maintain sound solvency margins

i

SBI Life Insurance¶s mission

is to emerge as the leading company offering a
comprehensive range of Life Insurance and pension products
at competitive prices, ensuring high standards of customer
service and world class operating efficiency.
IRDA Rankings
i 
 
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m '




` SBI Life - Horizon II
` SBI Life - Unit Plus II
` SBI Life - Unit Plus Child Plan
` SBI Life - Unit Plus Elite Plan
` SBI Life - Smart ULIP
` SBI Life - MAHA ANAND

m 



` SBI Life - Horizon II Pension
` SBI Life - Unit Plus II Pension
` SBI Life - Immediate Annuity
m  




` SBI Life - Swadhan
` SBI Life - Shield
m 



 

` SBI Life - Scholar II
` SBI Life - Shubh Nivesh
m 


` SBI Life - Money Back
` SBI Life - Sanjeevan Supreme
 


Institutional
Alliance

Corporate
Sales Channels Agency

Banca
 

  

ASM

DSM

Sales Sale Support Operations

AM and UMs Executives Executives

and and
Associates Associates

  

m Agency recruitment is all about recruiting financial advisor for

the company. he financial advisor is the person who can
guide the people in making proper investments regarding their
life insurance.

@
 


m Financial advisor is the person who has been issued the

government authorized IRDA license which is valid for three
years and in those 3 years he/she can tap into an unlimited
income and reinvent their life.
m An agent is the representative of an insurance company who
sells different policies or product to its clients. Another term
used for insurance agents is 


m As a Life Advisor a person¶s role would go beyond selling
policies. His/her role would be to explain life insurance and its
benefits to potential customers and help them decide which
plan suits them best after analyzing their financial needs.





m Contact prospects

m Study their insurance needs

m Completion of formalities for proposal of new insurance,

` Filling of form

` Arranging for Medical Examination

` Collection proofs of age and income

` Any other information required by the underwriters

@
 
—

m Ensure payment of renewal premiums.

m Assist policyholder for nomination / or change thereof

m Assist the policyholder in case he wants to get loan against the

policy assignment.

m Assist the policyholder or the claimant to comply with the

requirement for getting timely settlement of claims.


m Commissions ranging from 8% to 40%

m No startup capital required.

m Flexible working environment.

m Be your own boss.

m Unlimited earning potential.

m Incentives on reaching MDR

c


m Housewives
m Income tax consultant
m Charted accountant
m Sales personnel¶s working in :Automobile dealership, Credit card,
elecom, Mutual fund
m Doctors
m eachers
m
RS holders
m Post office agents
m Businessmen

  c


Unit managers Select Prospects and get

sponsorship forms filled along with 6


IRN and URN Numbers Generated using

online portals.

7 days compulsory raining for the IRDA

Exam

Candidates who clear the exam fill one

more form along with 6 

Form processed at Head Office then IA

code generated (valid for 3 yrs)

 

m V V@V
V'
È o Study the Process of recruitment of insurance advisors at
SBI life and preferences and motivations of existing and
prospective insurance agents.´

m      Structured Questionnaire

m   VExploratory Research

m

Personal Interview and elephonic
interviews
m 
! 150 respondents

m 
'
 Prospective and existing insurance advisors

m V
"Convenience Sampling

  


Questions like:

m ±hat do you think about insurance sector?

m ±hy would you decide/decided to do this business?

m How much time can you spare for this business

opportunity?

m±hat skill do you have which you consider will be an

asset at SBI LIFE?

mYour expected monthly income from part time business?

 ±


 

 
 
  

 
 
 †
 
 
 




 
 
  

  

No Idea 18

Easy but not Rewarding 6

Easy & Rewarding 42

Laborious but not Rewarding 14

Laborious & Lucrative 70

0 10 20 30 40 50 60 70 80
 ±!





 
    

 

 

 
 !
! 

"#
 
! 


  

   

$ 
 

   

ery low investment Low risk & high return

Flexible working hours Support and guidance
Brand name
25% 8%
22%

28%
17%
 V 
 


 
  

"% 

 

& ! 
 †

 







 

  

Few Hours daily ±eekends and holidays no specific time commitment

72
52

26

Few Hours daily ±eekends and holidays no specific time

commitment
 
"#
ï
   
  

! '((( 

')(((*()((( 

+! *()((( 

 

4%

36% Less than 5000

5,000 to 10,000
More than 10,000
60%
 i


+ 

    

 

 

,


-  

$   


 
  

  


 #$%%

20%
o earn more money

41% Dislike office jobs

Be your own boss

o meet people
28%

11%




m eams having people from different backgrounds

m Recruit people from ideal profiles as they have experience in

selling and interacting with lots of clients.

m In the business opportunity presentation the managers should

focus on points like µflexible working hours¶ and µbe your own
boss¶ as advantages for the prospective IAs.

m Main motivator is opportunity to earn more money and also

the expected monthly income of 60% respondents is more
than 10,000 thus in order to motivate IAs more and more
monetary incentives should be given.
m For 25% of the respondents the criteria for selecting this
business would be a reputed brand name of SBI, this shows
that in a market having huge competition from various brand
people have lot of believe in the brand name of SBI thus the
company should leverage this big advantage they have over
their competitors.

m here should me more emphasis on the skill development and

motivation of the IAs from their respective unit managers