A SUMMER TRAINING REPORT ON RECRUITMENT AND SELECTION OF LIFE ADVISORS IN BHARTI AXA

Submitted in the partial fulfillment for the award of Degree of Bachelor in Business Administration (2010-13)

UNDER THE GUIDANCE Mr. Miklesh Prasad yadav Faculty (Management), CPJCHS

SUBMITTED BY Sagar Gupta (07324201710)

CHANDERPRABHU JAIN COLLEGE OF HIGHER STUDIES & SCHOOL OF LAW Affiliated to Guru Gobind Singh Indraprastha University, Delhi Plot No OCF Sector A-8, Narela New Delhi -40

DECLARATION

This is to certify that Thesis/Report entitled recruitment and selection of life advisor which is submitted by me in partial fulfillment of the requirement for the award of degree BBA to GGSIP University, Dwarka, Delhi comprises only my original work and due ack nowledgement has been made in the text to all other material used.

Date:

Sagar gupta

APPROVED BY \

Mr. Miklesh Prasad yadav

CERTIFICATE

This is to certify that Report entitled recruitment and selection of life insurance agen t which is submitted by sagar gupta in partial fulfillment of the requirement for the awa rd of degree BBA to GGSIP University, Dwarka, and Delhi is a record of the candidates own work carried out by him under my/our supervision. The matter embodied in this repo rt is original and has not been submitted for the award of any other degree.

Date:

Supervisor Signature

ACKNOWLEDGEMENT

I offer my sincere thanks and humble regards to Chanderprabhu Jain College of Higher S tudies & School of Law, GGSIP University, New Delhi for imparting us very valuable pr ofessional training in BBA. I pay my gratitude and sincere regards to Mr.Miklesh Prasad yadav, my project Guide for giving me the cream of his knowledge. I am thankful to him as he has been a constant sou rce of advice, motivation and inspiration. I am also thankful to him for giving his suggesti ons and encouragement throughout the project work. I take the opportunity to express my gratitude and thanks to our computer Lab staff and li brary staff for providing me opportunity to utilize their resources for the completion of th e project. I am also thankful to my family and friends for constantly motivating me to complete the project and providing me an environment which enhanced my knowledge

Sagar Gupta

Executive summary

Introduction A general term insurance is related to service sector. Insurance is concerned with the pr otection of economic value of assets. For example in case of a factory or a cow, the produ ct generated by it is sold and income is generated. In this project the Bharti AXA Life Ins urance 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 r equired financial planner.

Objective of the study How to recruit agents for Bharti-AXA life insurance. 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 specially with private companies.

Need of the study The study is undertaken to know how many people are interested to work as life insuranc e agent in Bharti AXA and their thinking about the Bharti AXA Life Insurance Company or about private insurance company.

Table of Contents

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topic
CHAPTER- 1: INTRODUCTION 1.1 About the Industry 1.2 About Organization/ Company Profile 1.3 SWOT Analysis CHAPTER 2: Literature Review 2.1 Literature Review 2. 2 about the Topic CHAPTER 3: RESEARCH METHODOLOGY 3.1 Purpose of the study 3.2 Research Objectives of the study 3.3 Research Methodology of the study 3. 3.1 Research Design 3.3.2 Data Collection Techniques 3.3.3 Sample design 3.3.3.1 Population 3.3.3.2 Sample size 3.3.3.3 Sampling method 3.3.4 Method of data collection 3.3.4.1 Instrument for data collection 3.3.4.2 Drafting of a questionnaire 3.3.5 Limitations CHAPTER 4: ANALYSIS& INTERPRETATION 4.1 INTERPRETATION CHAPTER- 5: FINDINGS & SUGGESTIONS 5.1 Findings 5.2 Suggestions CHAPTER- 6: CONCLUSION CHAPTER-7: BIBLIOGRAPHY

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Chapter 1 Introduction

INDUSTRY PROFILE

What is insurance
Today insurance industry is growing fast. After coming the private players this industry is becoming complex day to day and the competition is increasing very fast. Insurance is basically a risk-sharing device. The losses to assets resulting from n atural climates (life, fire, flood, earthquake, accident etc) are meet-out of common pool c ontributes by large number of persons who are exposed to similar risk. This contribution of money is used to pay the losses suffered by the unfortunate few. The basic principle is that the loss should occur as a result of a natural calamity or an unexpected event beyond human control and insured person should not making gains out of insurance The business of insurance is related to the protection of the econom ic values of assets. Every asset has a value. The asset would have been created through th e efforts of the owner. 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. Some of the key characteristics of insurance are as follow. 1. 3. 4. 5. Insurance is the method of the spreading and transfer to risk. Loss of assets depriver the owner of the expected benefit. Insurance is the content is a mechanism that helps to reduce the adverse conseque nces due to loss of assets. Insurance is assurance and protects the human life.

About insurance
The beginning of the insurance started to the city of London. It started with t he marine business. Marine traders, who used to gather at Lloyd, are a coffee house in L ondon, agreed to share losses to goods during transportation by ship. Marine related loss es include:Loss of ship by sinking due to bad whether in high seas. Goods in transit by ship robbed by ship pirates. Loss of over damage to the goods in transit by ship due to bad whether in high sea s. The first insurance policy was issued in England in 1583.

Life insurance in india

In India, insurance started in the early 19th century when the Britishers on thei r postings in India felt the need of life insurance cover. It started with English companies like, The European and the Albert. The first Indian Insurance Company was the Bombay Assurance Society Ltd. In 1870 . By the mid 1950 there were around 170 insurance companies and 80 providen t fund societies in the country life insurance scene. However, in the absence of regulator y systems, scams and irregularities were almost a way of life at most of these companies. As a result the government decided nationalizes the life assurance business in India.The Life Insurance Corporation(LIC) of India was set up in 1956 to take over aroun d 250 Life insurance companies. For years thereafter, insurance remained a monopoly of the public sector. In 2000 have extensive powers to oversee the insurance business and re gulate in a manner that will safeguard the interests of the insured.

Need of Life Insurance

Life insurance is a contract providing for payment of a sum of money to the person assure d or, failing him, to the person entitled to receive the same, on the happening of certain ev ent. A family is generally dependent for its food, clothing and shelter on the income brought i n at regular intervals by the bread winner of the family. So long as the he lives and the inc ome is received steadily, that family is secure; but should death suddenly intervene the fa mily 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 giv es rise to the necessity for some form of protection against the financial loss arising from death; insurance substitutes this uncertainty by certainty.

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; wh ereas 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 yea rs. 2. Insurance encourages and forces thrift A savings deposit can be too easily withdrawn. Many may not be able to resist the tempta tion of using the balance for some less worthy purpose. On the other hand, the payment o f life insurance premiums becomes a habit and comes to be viewed with the same serious ness as the payment of interest on a mortgage. Thus insurance, in effect brings about com pulsory saving. 3. Easy settlement and protection against creditors: The life assured can name a person or persons to whom the policy moneys would be paya ble in the event of his death. The proceeds of a life insurance policy can be protected agai nst.The claims of the creditors of the life assured by effecting a valid assignment of the p olicy. A married womens property act policy constitutes a trust in favor of the wife and c hildren and no separate assignment is necessary. The beneficiaries are fully protected fro m creditors except to the extent of any interest in the policy retained by the assured.

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 l uxuries. These contingencies can be provided against in the case of insurance. The policy holder can arrange that in the in the event of his death the beneficiary should receive, inst ead of a single sum (a). payment of the net claim amount by equal installments over a spe cified period of years, or (b).payment of the claim amount by smaller monthly installment s 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 pr emiums he can surrender the policy for a cash sum. Alternatively he can tide over a temp orary difficulty by taking loan on the sole security of the policy without delay. Further a l ife 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 deducti on from income tax payable, a certain percentage of a portion of the taxable income of in dividuals which is diverted to payment of insurance premiums. When this tax relief is tak en into account it will be found that the assured is n effect paying a lower premium for hi s insurance.

How Insurance Works

The mechanism of insurance is very simple. People who are exposed to the same risks co

me 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 ex posed to the same risk related to water damage, ship sinking, piracy, etc. those owning fa ctories 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 ca n 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 redu ced to smaller manageable impacts on all. If a Jumbo Jet with more than 350 passengers crashes, the loss would run into several cr ores of rupees. No airline would be able to bear such a loss. It is unlikely that many Jumb o Jets will crash at the same time. If 100 airline companies flying Jumbo Jets, come toget her 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.

List of Insurance Companies Listed in Different Years

List of Life Insurance Companies

S.No. Registration Number 1 2 3 4 5 6 7 8 9 10 11 12 101 104 105 107 109 110 111 114 116 117 133 135

Date of Reg.

Name of the Company

23.10.2000 15.11.2000 24.11.2000 10.01.2001 31.01.2001 12.02.2001 30.03.2001 02.08.2001 03.08.2001 06.08.2001 04.09.2007 19.12.2007

HDFC Standard Life Insurance Company Ltd. Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Limited Birla Sun Life Insurance Company Ltd. Tata AIG Life Insurance Company Ltd. SBI Life Insurance Company Limited . ING Vysya Life Insurance Company Private Limited Bajaj Allianz Life Insurance Company Limited Metlife India Insurance Company Ltd. Future Generali India Life Insurance Company Limited IDBI Fortis Life Insurance Company Ltd.

13

102

23.10.2000

Royal Sundaram Alliance Insurance Company Limited Reliance General Insurance Company Limited.

14

103

23.10.2000

15

106

04.12.2000

IFFCO Tokio General Insurance Co. Ltd TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance Company Limited

16

108

22.01.2001

17

113

02.05.2001

COMPANY PROFILE

History of Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading busin ess groups with interests in telecom, agri business and retail, and AXA, world leader in fi nancial protection and wealth management. The joint venture company has a 74% stake f rom Bharti and 26%stake of AXA. The company launched national operations in December 2006. Today, company have ove r 8000 employees across over 12 states in the country and a national footprint of distribut ors trained to provide quality financial advice and insurance solutions to the large Indian customer base. Open first branch office in Hyderabad. Introduces 2 unit linked productsfuture confident and wealth confident As we further expand our presence across the country with a large network of distributors, we continue to provide innovative product and service offerings to cater to specific insur ance and wealth management needs of customers. Whatever your plans in life, you can be confident that Bharti AXA Life will offer the right financial solutions to help you achieve them.

Vision
To be a leader and the preferred company for financial protection and wealth managemen

t in India

Values

1. Professionalism:-A professional is a collegial discipline that regulates itself by m eans of mandatory, systematic training. It has a base in a body of technical and sp ecialized knowledge that it both teaches and advances it sets and enforces its own standards and it has a service rather than a profit orientation, enshrined in a code o f ethics.

2. Innovation: - Innovation . . . is generally understood as the successful introductio n of a new thing or method . . . Innovation is the embodiment, combination, or sy nthesis of knowledge in original, relevant, valued new products, processes, or serv ices. 3. Team Spirit :-team spirit is the spirit of a group that makes the members want the group to succeed 4. Pragmatism:-Pragmatism is the philosophy of considering practical consequence s and real effects to be vital components of meaning and truth. 5. Integrity: - Integrity is consistency of actions, values, methods, measures, princip les, expectations and outcome. As a holistic concept, it judges the quality of a syst em in terms of its ability to achieve its own goals.

Bharti AXA Life Insurance Growing Presence

Number of cities Number of offices Number of Agents

111 163 30,000 PLUS.

Strategy
To achieve a top 5 market position in India through a multi-distribution, multi-pro duct platform To adapt AXA's best practice blueprints as a sound platform for profitable growth To leverage Bharti's 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 recognised as being close and qualified by our customers

Bharti group
Milestones of bharti group In 1976, the foundation of bharti group was laid.

In 1981, started the business of importing the generators. In 1984, introduced the push button phones in India. In 1995, set up airtel to enter mobile telephone service. In 2006, entered into the JV with wal-mart. In 2006, set up bharti comtel. In 2006, entered in to insurance business through a joint venture with AX A Asia pacific holdings Ltd. In 2010, acquires zain telecoms business in 15africa countries.

Bharti group facts Bharti group operates in 21 countries across the globe. Bharti group has 19 different countries. Bharti group was founded in year 1995 5th largest telecom company worldwide. In India, airtel holds 30% market share. airtel has revenue of $7.8 billion

Bharti enterprises
Bharti Airtel Ltd
Bharti Airtel Ltd is one of Asia's leading telecommunications service provider. The Com pany is Indias largest integrated telecom company in terms of customer base and offers Mobile Services, Fixed Line services, Broadband & IPTV, DTH, Long Distance and Ente rprise services. Airtel also offers mobile services in Sri Lanka on a state-of-the art 3.5 G n etwork.

Bharti TeleTech Ltd

Bharti Teletech is Indias leading telecom & allied products company. It is one of the larg est manufacturers of landline telephones in the world. With a strong distribution network across the country, the company is also the primary distributor of IT and Telecom produc ts from interntional brands such as Motorola, Blackberry, Thomson, Polycom, Transcend, and Logitech.

Telecom Seychelles Ltd

A subsidiary of Bharti, Telecom Seychelles Ltd provides comprehensive telecom services including 3G mobile services in Seychelles, under the Airtel brand.

Comviva Technologies Ltd

Comviva is the leading provider of integrated VAS solutions for mobile operators in eme rging markets. Among the top 3 global providers of integrated VAS solutions in rapidly g rowing markets, Comviva has deployed solutions for over 100 mobile operator customers in over 80 countries worldwide.

FieldFresh Foods Pvt. Ltd.

FieldFresh Foods Pvt. Ltd., is a venture between Bharti Enterprises and Del Monte Pacifi c Limited, to offer fresh and processed fruits and vegetables in the domestic as well as int ernational markets, including Europe and the Middle East.

Bharti Retail Pvt Ltd

Bharti Retail is a wholly owned subsidiary of Bharti Enterprises. Bharti Retail operates a chain of multiple format stores that offer consumers affordable prices, great quality and w ider choice. The companys neighbourhood format stores operate under the "Easyday" br and and the compact hypermarket format under the Easyday market brand.

Bharti AXA General Insurance Company

Bharti AXA General Insurance is a joint venture between Bharti Enterprises and AXA, w orld leader in financial protection and wealth management. The company was incorporate d in July 2007 and offers a full suite of general insurance solutions to meet the needs of b usinesses and individuals alike.

Bharti AXA Life Insurance Company

Bharti AXA Life Insurance Company Ltd is a joint venture between Bharti Enterprises an d AXA, world leader in financial protection and wealth management. The company offer s a range of life insurance and wealth management products with an endeavour to help cu stomers lead a confident life.

Bharti AXA Investment Managers Pvt. Ltd.

Bharti AXA Investment Managers Pvt. Ltd., an asset management company in India, is a joint venture between Bharti Enterprises, AXA Investment Managers (AXA IM) and AX A Asia Pacific Holdings (AXA APH).

Centum Learning Limited

Centum Learning Limited provides end-to-end learning and skill-building solutions to se veral large corporates. It provides solutions that impact business performance through en hanced employee productivity, customer profitability and effective talent transformation.

Jersey Airtel Ltd

Jersey Airtel, a subsidiary of Bharti, offers world-class mobile services in Jersey (Channe l Islands) over its full 2G, 3G and HSDPA enhanced network. The Company brings mark et-leading products and services to its customers under Airtel-Vodafone brand.

Bharti Foundation
Bharti Foundation was set up in 2000, with the vision, To help underprivileged children and young people of our country realize their potential. It aims to create and support pro grams that bring about sustainable changes through education and the use of technology a nd information.

Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty company with expanding in terests in commercial, retail and residential real estate. Bharti Realty aims to be amongst t he most admired real estate players in India and aspires to attain highest degree of custom er trust through superior product design and maintaining an uncompromising stand towar ds environmental responsibility, ethics and safety

Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive infrastructur e services on a non-discriminatory basis to all telecom operators in India. Bharti Infratel a lso holds approximately 42% stake in Indus Towers, a joint venture between Bharti, Vod afone and Idea to offer passive infrastructure services.

AXA GROUP

AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/P acific area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying e arnings amounted to Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 millio n Axa group was originally founded in 1816.axa is worlds leading financial service provider with across 5 continents in 57 countries. France , china , Australia , new Zealand , Hong Kong , Singapore , Thailand , Ind onesia , Philippines and major countries across Europe , north America and Asia pacific.

Fortune global 500 Rank 1 2 3 4 5 6 7 8 9 10 company Wal-mart stores Royal Dutch shell Exxon Mobil BP Toyota motors Japan post holding Sinopec State grid Axa China national petroleum country United states Netherlands United states United kingdom Japan Japan China China France china Field retail Petroleum Petroleum Petroleum automobiles Diversified Petroleum power insurance Petroleum

Axa group fact

1. No 9 on the global fortune 500. 2. Present in more then 57 countries. 3. More than 96 million clients worldwide. 4. 2, 16,095 employee base worldwide.

Products of Bharti-AXA Life Insurance

Bharti AXA Life Insurance offers a suite of flexible products. It has 7 life insurance prod ucts and 8 riders that can be customized to over 400 combinations enabling customers to choose the policy that best fits their need. Some important product offered by bharti AXA are1. Future confident- This product is designed to meet the long term needs of the custom ers like meeting the educational need of the children

2. Wealth confident scheme-This is the flagship product of Bharti AXA life insurance. I t is a unit linked investment and protection product which is providing risk cover for 10 y ear but the customer has to pay premium only for 5 years, it also provide customer the fle xibility in premium payments .

3. Invest Confident This policy is designed for those people who want to invest throug h a single larger premium. 4. Secure confident This product is designed to meet the need of those customers who o nly want to take risk cover and not taking policy as an investment. 5. Save confident This product is a traditional money back insurance product. It offers a combination of benefits like liquidity, long term saving and risk cover.

6. Aspire life This is an ULIP product, designed to meet the needs of those customers who want to invest money for a longer period of time.

SWOT ANALYSIS

Strength Bharti AXA Life Insurance Company Indias Most Respected Company in the ins urance industry of India. Excellent services Customized of product as per customer needs Brand image Business experience Strong financial base Innovative product technology, organization culture and environment.

Weakness Lot of the competitions is in the market offers some product difference in the pre mium and offerings. Target only bigger income group where other companies are trying to catch middl e lower level people. Higher premium as compared to the other companies. Client face problem to get insured due to large number of formalities. High target of financial advisor and for the sales development.

Opportunity Huge market is literally untapped out of estimated 320 million is usable markets only 20% of the population is insured. In the pension field where people want good life after their retirement. Indian people are more emotional towards their children that are why children pl an are selling like hot cakes. Health insurance and pension schemes and estimated market potential of approxi mately $ 10 billion.

Threats Weak perception of private players in the minds of Indian people due to frequent f inancial schemes. Large number of insurance players. Current government policies do not encourage gross domestic savings. Of the tax liabilities of the service rises the customers will have little money to in vest. And change rules day by day more rigid which is very difficult for the company.

Chapter 2 Literature Review

LITERATURE REVIEW Objectives of the study

To understand the process of recruitment and selection of agent in Bharti AXA lif e insurance. How to recruits agent for Bharti-AXA life insurance 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 playe r.

Meaning of Recruitment
Finding the right people is a make-or-break factor for success in business today. Recruitin g the top talent for a job takes time and you have to attract quality candidates who have th e 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 trul y understands the job. The clearer you are with the task description, working conditions a nd 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.

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 attr active employer in a competitive market. Find the right recruitment vehicle choose the vehicle that best works for your company, d epending on your budget and resources. Word of mouth, or simply telling your employees, friends and colleagues about a job ope ning, is a less expensive strategy but generates fewer candidates. The advantage is that yo u already know something about your recruiters and their skills, knowledge and achievem ents. 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 r egional, 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 e mployment advisors look at your needs, screen a number of candidates, and only send yo u 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 agenc ies that specialize in recruitment in specific sectors. Recruiting online such as monster.ca, workopolis.com, and jobboom.com. These can pro vide inexpensive, worldwide access to employees. In fact, 65% of job seekers now have a ccess 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.

Sources of Recruitment

Controlled sources Natural market

Your family Your friends People at job/business Neighbors

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.

Center of influence
People with influence and prestige, other member of society believe and faith on t hem. People who have a big circle of relationships: like secretary in societies, president of an association. People who are known to you and are wiling 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 soci al, political, religious or business angulations Usually a respected individual with influence over the people with he/she is in co ntact.

Uncontrolled Sources Job Ads/Inserts

This program should be on regular long range basis. Example: Navajeevan sharma who is a relationship officer in bhrati AXA Life Ins urance company put an ad in the newspaper, in which he called for the reader to p hone 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 (wh o are not qualified) and arrange for two to six personal visits.

Placement consultants
MOA can recruit a placement consultant or register him self 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 Bharti AXA life insurance company participate in the job fairs and then short list prospects and then look for further opportunities for them.

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

Database
Primary data: Direct collection of data of from the source of information, techno logy including personal interviewing, survey etc. Secondary Data: Indirect collection of data from sources can be purchased from t he open market and various kind of database are available such as telephone datab ases of various surveys.

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.

Recruitment and selection Process

Develop a Profile

Develop sources of recruit ment

Approaching the Targeted recruits

Initial screening and Inter views

Reality check

Recruitment and Selection of best candidates

Recruitment of the advisors starts from the telephone call .The executive collect the contact no from the market. Then agency manager call to all the contact no. and finally select the interested and potential candidates. The Telephone Script are used which are as follows-

Telephone Script
Hello sir, I am Paramjit Singh from Bharti AXA. I want your few minute to speak. Sir, Bharti AXA 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 confir m our meeting in writing) OR (According to your convenience will you please tell me when and where we can meet?) Thank You Sir.

Make the interview deliver

Since the purpose of an interview is to identify and verify the candidate's potential, it sho uld 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 gr id 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 ho w they would react. This will enable you to evaluate the candidates' knowledge, s kills and work methods. Ask the candidates to describe some difficult situations encountered in previous jo bs and to explain the way in which they were resolved. This will give you the cha nce to gauge the candidates' self-confidence, creativity and problem-solving skills. Ask the candidates to describe a difficult situation involving colleagues and how i t 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 compan y 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.

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 t ime of apply.
Age Below 25 years Between 25-40 2 1 More than 40 Score

Scoring mechanis0 m Marital status Unmarried

married

1 Education

2 Post graduate

10th standard orgraduate 12th standard 1 2

2 More than 5 year s

Tenor of stay in ciLess than 3 years 3-5 years ty/town 0 1

2 More than 5 lakhs

Household incomLess than 2 lakhs 2-5 lakhs e

Total score

Q Score: Acceptable Range of Score Additional Approvals Rejected application if Greater than or equal to 7 5 or 6 4 or less

If the Q score is less than 7 then BSM/ARSM comments and signatures are required.

Documents Required
Age proof. Address proof. Photo 4. Education proof. Q score sheet. Agency application. Form V A. Fill NAAF.

Training
7 DAYS Training and also provide a text book (IC-33 life insurance) for pre-recruitment Examination for Life Insurance Agents, which is based on syllabus prescribed by insuran ce Regulatory & Development Authority.

IRDA for short, has laid down that those who wish to become insurance agents will be gi ven 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 insura nce 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 an d the plans of each insurer will have to be learnt from the respective insures.

During training following things will be teaches.

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.

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, 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 decla red 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.

Definition of Agent
According to section 182 of Indian contracts Act, an agent is a person employ ed to do any act for another or to represent another in dealing with a third perso

n. In the insurance industry, the term agent is ordinarily applied to a person en gaged by the insurer to procure new business. The insurance Act definers and in surance 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 i nsurance business, including business relating to the continuance, renewal or re vival 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. The another on whose behalf t he agent acts, is called the principal in this case. The insurance company is the p rincipal in this case. The lawyer is the agent of the client, when he argues the ca se in court. An ambassador is an agent of his country. The agent represents the p rincipal and acts on his behalf. Some insurers designate their agents as adviser s, 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 ma y acquire that status. All insurance agents should strive to attain that status.

Procedure for becoming an Agent

The insurance Act, 1938 lays down that an insurance agent must possess a licence under Section 42 of that Act. The licence is to be issued by the IRDA. The IRDA has authorized designated persons, in each insurance company, to issue the licenc

es on behalf of the IRDA. In terms of the Insurance Act, a licences will not be given if the person is (a) (b) (c) uch offence (d) (e) (f) (g) found guilty of or knowingly participation in or conniving at any fraud, dishon 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 esty or misrepresentation against an insurer or an insured, minor, found to be of unsound mind, found guilty of criminal misappropriation or criminal misappropriation or cri

minal breach of trust or cheating or forgery or an abetment of or attempt to commit any s

may be renewed after 3 years and again valid for 3 years. A licence issued by the IRDA may be to act as an agent for a life insurer, for a ge neral insurer or as a composite insurance agent working for a life insurer as sell as a general insurer. No agent is allowed to work for more than one life insurer or m ore than one general insurer. The Qualifications necessary before a licence can be given are that the person must be (a) Not a minor. Have passed at least the 12th standard or equivalent examination, if he is to be

(b)

appointed in a place with a population of 5,000 or more. (c) Have undergone practical training for at least 50 hours in life or general insura nce 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 a

gent, the applicant should have completed at least 75 hours practical training i n life and general insurance business, which may be spread over six to eight w eeks. d) Have passed the pre-recruitment examination conducted by the insurance institute of India or any other examination body authorized by the IRDA. The licence 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 licenc e, 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 licence, an additional fee of Rs. 100 is payable . If the application is made after the date of expiry, it would be normally b eing refused. Prior to renewal of the licence, the agent should have completed at least 25 hours practica l 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 licence.

NOTE The insurance Act provides, In Section 44, for payment of commission on renewal premi um even after termination of the agency. The commission will be limited to a rate not exc eeding 4%, to be eligible for this; the agent should have been an agent with that insurer fo r at least (1) five years and policies for at least Rs50,000 are in force one year before termi

nation of agency or, (2) 10 year.

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

Facility provided to Life adviser

Commissions and incentives + Quarterly variable bonus

+ Acers club + Champion league

1. Commissions and incentive 1. 2% 2. 10% 3. 15% 4. 20% 5. 25% 6. 35% Commission payout cycle/steps1. Commission payout-Commission payout happens post free look p eriod of 22 days & and policy required to be in force
2. commission generation-15th & 30th of every months

3. bank credit-date of commission generation + 5 days

2. Quarterly variable slabs Agents based on their quarterly new business commission performance Will be eligible for quarterly variable bonus Persistency modifier NBC <10000 10001-150 00 15001-250 00 25001-350 00 >=35001 PAYOUT 0 10% 15% 20% 25% Persistency %payout <65% 0% 65%-74.99 % 75%-84.99 % >=85% 60% 80% 100%

 What is NBC? NBC stands for new business commission, which means first year commission earned in respective calendar quarter What is Persistency modifier? Persistency modifier is based on quarterly Persistency. If your Pers istency is above or equal to 85%, advisor will be paid total amount , if less he will paid % of Quarterly variable bonus only 3. Acers club The Acers club is an exclusive advisor relationship programme for life ad visors who are keen to build a successful and rewarding career selling bh arti axa life insurance products.

Qualification criteria in WNBRP

agent Potential Bronze Silver Gold Platinum Platinum-eternal WNBRP below Rs. 150000 WNBRP Rs. 150000-199999 WNBRP Rs.200000-500000 WNBRP Rs. 500001-875000 WNBRP Rs 875001-1750000 WNBRP Rs 1750001-2500000 WNBRP >Rs 2500000

Additional payout for higher collected premium. Payout accrues onthly and paid quarterly.

Club category
Platinum-eternal Platinum Gold Silver Bronze 4. Champion league

Payout
23% of commission 18% of commission 13% of commission 8% of commission 6% of commission

Parameters Time frame Case count Active Collected premium Persistency

Gate criteria 9 or 12 months 30 7 out of 9 or 8 out of 12 Rs.550000

85%

On clearing gate criteria , agent become eligible for assessment center

Criteria for participation in CEOs klub and directors klub Individual participation in CEOs klub klub
CEO CEO Collected premium 20 Lacks 15 Lacks Minimum NOPs 20 20 count of qualifiers Guaranted participation Next100

Individual participation in Directors klub klub

Director Collected premium 10 Lacs Minimum NOPs 20 count of qualifiers Guaranted participation

Individual participation in CEO+ Director klub klub CEO+ Director

Collected premium 30 Lacs 25 Lacs Minimum NOPs count of qualifiers

Not applicable Open gate La should be active in all months with minimum 20 NOPs

Function of life Life Advisor

Understanding the prospects needs and persuade him to buy a plan of life insuran ce 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 arrangem ents 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 Bharti AXA

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.

Chapter -3 Rresearch methodology

Research Methodology

Purpose of the study

To understand the process of recruitment and selection of agent in Bharti AXA lif e insurance. How to recruits agent for Bharti-AXA life insurance 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 playe r.

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 con ducting research. No research can be done without data collection. After all this analyze i s 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 b e done carefully. Here research problem is to know wiliness of general public to work as an agent with private player or Bharti-AXA life insurance.

Sampling plan
The sampling plan calls for three decisions. A) Sampling Unit: I have completed my survey in DELHI. B) Sample Size: The selection of 20 respondents. The sample was drawn from shopkeep ers. The selection of the respondent was done on the basis of simple random sampling. C) Contact methods I have conduct the respondent through personal interviews

Research Instrument

A questionnaire was constructed for my survey. Questionnaire consisting of a set of quest ions made to filled by various respondents.

Collecting the Information

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

QUESTIONNAIRE

1. Name2. Occupation Govt Pvt Student Proprietor Others 3. Years present in the city <1 1-2 2-3 4-5

4. Married Yes

No 5. Contact no

6. Address

7.

Do you leave in joint family? Yes No

1.

Would you be interested in taking up this business opportunity with B harti? Yes No

2.

How much time can you dedicate per day for this activity? (For gettin g Appointments) hr 1-2 hrs 3-5 hrs 5 hrs or more

3.

Do you have any knowledge of or experience in Insurance?

Knowledge

Yes No
Experience

Yes No If yes, then please specify the name of the company.

4. Can you spare day on training to understand the product and how ca n introduce it to your customer? Yes No 5. How many people do you know in this city? Under 50 51-100 101-300 301-600 Above 600

Analyze the Information

The next step is to extract the pertinent finding from the collected data. I have tabulated t

he collected data & developed frequency distributions. Thus the whole data was grouped aspect wise and was presented in tabular from. Thus, fr equencies & percentages were to reder impact of the study.

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

Limitation
I didnt get complete feed from the shopkeepers about the question as they are bus y 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 recruitme nt and selection. Limited money available for project.

Chapter 4 Analysis and interpretation

Data Presentation and Interpretation

Analysis 1
Occupation of individuals surveyed
Govt. Employee 17 Pvt. Employee 86 Students 50 Unemployed 06 Housewife 04

Ue p yd n mlo e 4 %

H u e ife o sw 2 %

G v E p ye o t. mlo e 1% 0

Su e t t dn 3% 1 PtE p ye v. mlo e 5% 3

Here in this chart it shows that maximum numbers of people surveyed come from Pvt.Em ployee and student community. Interpretation: Sample which has been surveyed is dominated by younger individual lik e student and recently joined private employee.

Analysis 2
Qualification of individuals
Qualification No. of individual 10th or below 18 Intermediate 15 Graduate 80 P.G. 50

Interpretation :- The majority people surveyed came form graduate and post graduate gr oups and they fulfils our requirement.

Analysis 3 Biggest concern for future

Career 50 Income 64 Job 49

Interpretation:- Though all the three choices were equally preferred but the income was most preferred.

Analysis 4
were they prepared for there future planning
Result No. of individual YES 77 NO 86

Interpretation: - It shows that majority was still having no planning for future.

Analysis 5 Interested for extra income

RESULT NO. OF INDIVIDUAL YES 116 NO 46

Interpretation: - A very high response was shown for earning extra income. The people who were interested for more income is the one who show more interest towards insuranc e.

Analysis 6 Preferred amount as extra income by different people.

Result No. of individ ual 0k-5k 28 5k-10k 51 10k-20k 29 >20k 7 No Answer 48

60 50 40 30 20 10 0 28

51 29 7 0k-5k 5k-10k 10k20k > 20k

48

No answer

Interpretation: -Most people needed in around 5-10 thousand in the form of extra incom e.

Chapter 5

Finding And Suggestions

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 becaus e it is semi Government Company and also an oldest company. In short most peop le 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 prod uct of other life insurance company. Most of people say that this job affects upon there social relation with other and al so 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 ski lls. Some people said that only greedy people like to work in insurance sector.

Suggestions
Bharti-AXA life insurance company must give more advertisements on electr onic media and print media, as it help in enhance its goodwill and more peopl e 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 age nt and general public. Duration of training must be reducing as in these day people have no extra tim e. Fees charged by companies from candidate for IRDA exam and training shoul d 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 fre e 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. The duration of the process of recruitment and selection is too long (one and h alf 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 age nt of other company, as it increases the scope of market of its agent.

Chapter 6 Conclusion

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 peop le are much more aware about the aspects of life insurance and also have knowledge abou t 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.

Chapter 7 Bibliography

BIBLIOGRAPHY

www.irdaindia.org www.bhart-axalife.com www.wikipedia.org www.ibef.org www.insuranceguide.com market research,naresh malohtra S. Balachandran, (2009), IC-33 Life Insurance, Shri S.J Gidwani Publishers, Mumbai