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Insurance Project

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maitrytaylor01
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9 views

Insurance Project

Uploaded by

maitrytaylor01
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Abstract

In today’s competitive world I find that insurance sector has the maximum growth and potential as
compare to the other sector. Insurance has the maximum growth rate of 70-80% while as FMCG
sector has maximum 12-15 % growth rate. This growth potential attracts us to enter in the sector and
MAX NEW YORK LIFE INSURANCE gave me the opportunity to work and get experience in highly
competitive and enhancing sector.

The success story of good market share of different organizations depends upon the availability of
the product and services near to the customer, which can be distributed through a distribution
channel and insurance sector, distribution channel includes only agents or agency holders of the
company. If a company like MNYL, BA, TATA AIG etc has adequate agents in the market they can
capture big market as compared to the other companies. Agents are best way for a company of
insurance sector through which policies and benefits of a company can be explained to the customer.

MAX NEW YORK LIFE has the maximum job availability. They follow some process regarding the
recruiting people. The need of the project during the course of my summer internship for Max New
York life was to get an insight into the training modules and sessions given to their employees of the
MNYL. Thus there was a need to design and build a competent training module thereby enhancing
the competency levels and interpersonal skills of the employees of the company, so as to prepare
them for providing better service to their customer.

Objectives of the Project

The main objective of doing this project is to study employee attitude regarding the. During this
student internship program period we have to achieve something which is helpful to the
development of ourselves and some value addition to the company. Getting more to the company
because of recruitment and selection program is the main objective. It gives us good exposes of
ourselves and creating good impression.

• Customer & potential agent's perceptions about insurance as a product category.

• To study the existing compensation for agents of Max .

To study the existing channel development process of MNYL. Scope of study

A big boom has been witnessed in Insurance Industry in recent times. A large number of new players
have entered the market and are trying to gain market share in this rapidly improving market. In
recent time also Max has the highest employment. It is the 7 th highest insurance company in India.
In insurance sector a person can earn huge amount of money.

Findings

Max New York Life as an insurance firm has a very strong presence in India and is rapidly expanding
its operations in India. After working on this project I feel that following are some of the ways in
which the company can improve the current market base and selection procedure for AAs, the key
revenue generating resource for the company:

• Low awareness about MNYL brand in the mind of potential AAs.

• Max New York Life insurance compensation package is considered to be quite good as per market
standard. However the 15 days full time training programme is causing apprehension in minds of
potential agents. A part time training alternative can also be considered.
• MNYL can provide some database collected from other sources to the new recruits at least in the
first month.

• The registration fee for IRDA training programme is higher than other private companies. MNYL
should considered reducing the charge.

• Initial fee for agents policy is too high so MNYL can considerer this.

Reference :

WWW.MAXNEWYORKLIFE.COM
WWW.HINDUBUSINESS.COM
wwww.wikipedia.org
www.seminarsonly.com

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