Prepared By:Mitesh Patel MBA SEM-III DBM-SPCE,

Visnagar.

OVERVIEW
Date of incorporation: July 20, 2000.

joint venture of ICICI (74%) & prudential plc UK (26%).

Second Largest Life Insurance company

Nation-wide team network of 2099 branches (inclusive of 1,116 micro-offices), over 276,000 advisors; and 18 banc assurance partners
India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'.

Protection solutions
Saving and Wealth creation solutions Retirement solutions Child plan

Heath solutions
Group insurance solutions Flexible rider options:

accident and disability benefits , critical illness benefits, waiver of premium, income benefit waiver.

Operations Department: Documentations of insurance policies Collection of insurance premiums Handling Customers inquiries / queries Clerical activities Marketing Department: Selling Tele marketing Advertising insurance products Advisor and recruitment consultants recruitment Trainings to the advisors
4

 Traditional tied agent

Banc assurance Brokers Franchisee agent Corporate agent Direct Selling

Statement of the Problem:To study profile of people who would like to work as life insurance advisor.

Objectives: To identify which kind of people are interested to work as a life

Insurance advisor advisor.

To study reasons for people do not like to work as a life insurance To identify objectives of people to work as life insurance advisor.

Continued.
To indentify sources of inspiration to become advisor of life

insurance company.

To indentify most preferable life insurance company of the people. To indentify influencing factor in selecting life insurance company for

becoming its advisor.

HYPOTHESIS
1.

There is no significant difference between proportion of male respondents and female respondents for working as life insurance advisor. There is no significant difference between proportion of Urban respondents and Rural respondents for working as life insurance advisor. There is no relationship between interest of respondents to work as life insurance advisor and their Age.

2.

3.

Continued

4.

There is no relationship between interest of respondents and their occupation for working as life insurance advisor.

5.

There is no relationship between interest of respondents and their income level for working as life insurance advisor.
There is no significant difference between proportion of Urban and Rural Respondents regarding awareness of IRDA exam

6.

Research method:Descriptive cross-sectional study Sample Unit :eligible Persons for becoming Life insurance advisor as per IRDA Rules

Sample Size :400 respondents

Sampling method:convenience non-probability sampling method used Sampling area:Unjha Village of Unjha Taluka.

Continued..
Research instruments: Close-ended Questionnaires MS Excel spreadsheet Field Survey:Between 18th June2009 to 30th June 2009 Data collection method:Personal interview

Data Analysis method: Cross -Tabulation method Percentage method Chi-square Test & Z-Test
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LITERATURE REVIEW
Morrow (1983) has identified sales people (e.g. Insurance agents)

clearly have multiple loyalties, multiple forms of work commitment.

Regan (1997) found that independent agents are used more often

by insurers that sell more complex insurance products, while exclusive agency insurers use their agents to market more standardized products.
Michael Etgar (1976) surveyed that the independent agent provide

better service to their customer than sole representatives of direct writer.

12

SCOPE OF STUDY

Decline interest in life insurance field to work as life

insurance advisor.
Scare of effective sales people in in life insurance sector
Searching of right kind of people for insurance marketing

13

DATA ANALYSIS

Opinion Regarding life insurance field for career

particular
Good Bad Cant say

Urban
180 80 47

rural
51 13 29

Total
231 93 76

Percent
57.75% 23.25 % 19%

Total

307

93

400

100%

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INTERST OF PEOPLE TO WORK AS LIFE INSURANCE ADVISOR

PARTICULAR

FEMALE

MALE

% OF FEMALE 22.09% 70.93% 6.98% 100%

% OF MALE 27.39% 64.65% 7.96% 100%

TOTAL

YES NO ALREADY JOINED TOTAL

19 61 6 86

86 203 25 314

26.25% 66% 7.75% 100%

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AREA WISE ANALYSIS OF RESONDENTS

INTEREST OF RESPONDENTS FOR LIFE INSURANCE IN THE RURAL AREA

PARTICULAR

FEMALE

MALE

FEMALE

MALE

% OF RURAL
24.73% 67.74% 7.53% 100% 16

YES NO ALREADY JOINDED TOTAL

4 12 4 20

19 51 3 73

20% 60% 20% 100%

26.03% 69.86% 4.11% 100%

INTEREST OF RESPONDENTS FOR BECOMING INSURANCE ADVISOR IN THE URBAN AREA :-

Particular
Yes No Already joined Total

Female
15 49 2 66

Male
67 152 22 241

% of Female
22.73 74.24 3.03 100.00

% of Male
27.80 63.07 9.13 100.00

% of Urban
26.71 65.47 7.82 100.00

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OCCUPATION AND INTEREST OF RESPONDENTS FOR ADVISOR

Total Unemployed Housewife Student Profession Service Business

0.00 5.00 10.00 15.00

26.25 40.00 15.38 30.98 24.24 21.59

17.95
20.00 25.00 30.00 35.00 40.00

Percent of interested Respondents

18

4% 10%

9%
7%

No need to earn

Absence of social network Do not like sales/marketing activities Don't have a time
Interest in other field

24%

46%

2%

15%

28%

Emplyoment Extra income Career Part time job Other

11%

44%

8%
Insurance Agent Tv Advertisemnt 28% 49% Seminar Recruitment consultant Insurance Co. 's employee News paper 7% 3% 5%

RESULT OF HYPOTHESIS

Hypothesis No.

Null Hypothesis There is no significant difference between proportion of interested respondent for life insurance advisor male and female. There is no significant difference between proportion of interested respondent for life insurance advisor of urban and rural area. There is no relationship between proportion of interested respondent for life insurance advisor and their Age.

Test used

Result

Z-Test

Accepted

Z-Test

Accepted

2 -Test

Accepted

22

Continued..
Hypothesis No. Null Hypothesis Test used Result

There is no relationship between proportion of interest respondent for life insurance advisor and their Occupation. There is no relationship between proportion of interest respondent for life insurance advisor and their Income level. There is no significant difference between proportion of awareness of respondent about IRDA exam for life insurance advisor of urban and rural area.

2 -Test

Accepted

2 -Test

Accepted

Z-Test

Rejected 23

From the this research study it can be conclude that 58% of respondents voted life insurance field as good for earning and career opportunities. But only 1 out of 4 respondents would like to work as life insurance advisor. The main reason is that they dont like selling and marketing activities. Generally most of them become advisor for part time job or extra income. Insurance advisors are most effective source of inspiration for other to become advisor. They give highest priority to company reputation to choose life insurance co. for becoming its advisor. LIC is most Preferable company for working as an insurance advisor. There were 70 percent of prospective respondents aware about IRDA and its examination .

A) Articles:1. McElory

James C., Morrw Paulo C., Power Mark L., Iqbal Zafar, Commitment and Insurance Agents Job Perception, Attitudes and Performance, The Journal of Risk and Insurance,1993,Vol.- 60,No. -3, pp. 363-384. 2. Regan, Laureen, 1997. Vertical Integration in the Property-Liability Insurance Industry: A Transaction Cost Approach, Journal of Risk and Insurance, Vol. - 64, pp. 41-62. 3. Etger Michael, Service performance of Insurance distributors, The Journal of Risk and Insurance, Vol. 43, No. 3 (Sep., 1976), pp. 487-499. B) Websites:1. http://www.iciciprulife.com (11-06-2009) 2. http://www.irdaindia.org( 14-06-2009 3. http://www.bimaonline.com(11 -06 -2009 )

Thank you