Kiran Chavda-project Report

8/3/2019 Kiran Chavda-project Report

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ACKNOWLEDGEMENT

Firstly I here by express my deep sense of gratitude Mr.ANILSARAOGI.Assi. Lecturer of SRIMICA whose guidance and feedback on the

project has helped me a lot and enhanced me to give the right shape to

this project.

I am thankful to Mr. MANOJ MAKKAD Branch Manager ICICI

prudential priority Circle, for providing me opportunity to venture in to the

practical training and for helping me on each and every stage of my

project work.

Last but not the least, I am grateful to all my respondents who

devoted their valuable time to give their response and all those who

helped me directly at any stage of this project work.

KIRAN CHAVDA

MBA [FINANCE]

SRIMICA, Tarsadi

VNSGU, Surat


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PREFACE

This project report is the outcome of a practical training in ICICI

Prudential life insurance priority circle PALANPUR at that includes project

work on SATISFICATION LEVEL OF LIFE INSURNCE ADVISOR Field survey

is made of Branches studying in located in Palanpur and surrounding

region.

+ Industry and company profile.Section-2 covers plan of the study and

include objectives of the study, research methodology, limitation of the

study and theoretical overview. Section-3 covers data presentation

Section-4 covers findings conclusion and recommendation and also

annexure and finally reference for the project work.


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EXUCATIVE SUMMARY:

The project report on the study of Satisfaction level of life insurance

Advisors atICICI PRUDENTIAL LIFE INSURANCE CO.LTD. At Palanpur.

The research objective is:

1. To find out the relative importance of parameter critical to Life

insurance Advisor satisfaction.

2. To measure the satisfaction of the Advisor on the critical parameters.

3. To find out the loyalty level of life insurance advisors.

The research design used was Exploratory and later on objective type.

The sampling Method used for data collection was convenient sampling.

The total sample size of 150 was taken for the Survey, out of them 50

were taken for ICICI PRUDENTIAL LIFE INSURANCE CO.LTD, 50 were taken

for BAJAJ ALLIENZ, and 50 were taken for KOTAK.

The research instrument for collecting data was Questionnaires find the

method used was personal interviews

The major findings are as follow:

1. Commission is most important factor to become life insurance

advisors.

2. Most of life insurance advisors are satisfied with working

environment and good commission.


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3. Most of life insurance advisors are loyal towards their respective

organization.

RECOMMANDATION:

Commission in main Motivating factor to become life insurance advisor.

So,

Company should ensure that commission structure attractive, rewarding

& achievable in short motivating the existing potential advisors

To give more satisfaction to their advisor company should more

concentrate on working environment and company support.

The most of L.I.A are loyal toward their organization because of they

satisfied, so companies more concentrate on those parameters.


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INDEX

SECTION TOPIC PAGE NO1 INTRODUCTION:

INSURANCE BASIC

INDUSTRY PROFILE

COMPANY PROFILE

2 PLAN OFSTUDY:

OBJECTIVE OF STUDY

RESEARCH METHODOLOGY

THEORETICAL OVER VIEW

LIMITATION THE STYDY

3 DATA PRESENTATION AND ANALYSIS

4 FINDING,CONCLUSION & RECOMMENDATION:

BIBLIOGRAPHY


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INSURANCE BASIC:

Why life insurance?

Life Insurance cover is essential for it provided the following benefits:

A lump sum payment to the nominees at the time of the death of the

policy holder;

A regular payment to the nominees in the event of the death of the policy

holder;

Tax benefits, as premiums paid reduce the liability of tax;

Relieves economic hardships in the family on the uneventful death of the

sole income holder;

Inculcates the habit of saving.

What Are The Recent Changes In The Insurance Sector And How Will That

Benefit The Consumer?

With the passing of the Insurance Regulatory and Development Act

(IRDA), the consumers in India can look forward to numerous companies

coming into the insurance sector, with different types of products

designed to cater to all. Foreign companies with global expertise in the

sector will be allowed to enter in India.

ICICI PRUDENTIAL We cover you. At every step in life


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The Consumers can look forward to the following:

A general education cum awareness level towards the insurance

sector will increase, especially in the rural areas where more than

65% of the population resides:

A larger base of the economies savings can be tapped to be put to

use in social and infrastructure sector, as and how specified by IRDA

to the insurance companies;

Increased competition to the state insurance companies, resulting

in them being more proactive, customer friendly and customer

focused, reduced claim settlement time, better technology etc;

IRDA giving priority to companies entering the health sector; this

will ensure a larger base of Indians getting health insurance;

Newer products will be designed to cater to the need of the

individuals;

About life insurance

What is Insurance?

It is protection of Economic Value of Asset

Due to any accident occurrence.

Protection is needed against

Destruction of an asset.


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Non-Functionality of an asset

Human life is most important asset.

What is life insurance?

The economic value of a human life arises out of its relation to

other lives. Whenever continue of life is financially valuable to other,

either to family dependent, business associates or educational &

Philanthropic situation, the Necessary for life instance is present.

Protection of the human life asset against risk.

The thumb rule for buying insurance is that your insurance needs

are minimal in your early years, increase with added responsibility

(Marriage, children, loans etc.) and rapper off by the time you retire.

It is difficult to find a single insurance plan that can take care of

your entire changing requirement in life.

The basic concept of life insurance is to build a COMMOM FUND

from the premiums contributed by policyholders.

The FIND undertakes to financially safeguard the policyholder

against untimely death, loss of earning capacity, and other things

like purchase of a house.

It is civilizations partial solution to the problem caused by untimely

death.

With life insurance you can leave behind what you have PLANNED

to save not just what you have saved.


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Why Life Insurance:-

Provides security for the family Combines risk cover and savings.

Plan for lifes uncertainties- Accidental Permanent total/Partial

disability;

Critical Illness; Hospitalization Expenses

Lifestyle maintenance post retirement

Tax benefits

Encourages regular savings and protects against extravagance.

Peace of Mind

What is Human Life Value:-

Every Human life is PRICELESS.

However, the economic value of and life depends on the income

and the

Provisions made for his/her dependants.

In the unfortunate event of premature death, the dependants

should

Able to sustain the same standard of life as before.

Assets like property should not be liquidated to provide for the

Dependents requirements.

Life insurance is the instrument that allows you to achieve these.


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Millstone of the Insurance Industry:-

1st insurance Company started in 1818Oriental insurance

Company it was UK

1st insurance Company BOMBAY MUTUAL LIFE

INSURANCE SOCIETY on 5th DEC 1870. With 7 directors and Rs. 7

Capital by each director. 2nd Indian Insurance Company Oriental

insurance

By Firozshah Mehta

1907 Rabindranath Tagore started in KolkattaHindustan co-

Operative Insurance SocietyLala Lajpatrai and Motilal Nehru

Started in Lahore. Laxmi insurance company.

1913 New India Assurance Company

1938 insurance Act was passed in India.

1950 insurance act amendments were made mainly for

commission

And agency.

Indian Insurance Industry:

Life Insurance industry, as on 1.4.2000, comprised mainly one

player:

Life Insurers:

Life insurance Corporation of India (LIC) Other 13 Life Insurance


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Companies are below:-

Life Insurers:

S.No

.

Registratio

n

number

Date of

Reg.

Name of the company

1 102 23.10.2000 HDFC Standard Life Insurance Company

Ltd.2 104 15.11.2000 Max New York Life Insurance Co. Ltd.3 105 24.11.2000 ICICI Prudential life Insurance Co.Ltd.4 107 10.01.2001 Kotak Mahindra Old Mutual Life Insurance

Ltd.5 109 31.01.2001 Birla Sun Life Insurance Company Ltd.6 110 12.02.2001 Tata AIG Life Insurance Co-Ltd.7 111 30.03.2001 SBI Life Insurance Co-Ltd.

8 114 02.08.2001 ING Vyasya Life Insurance Co. Privet Ltd.9 116 03.08.2001 Bajaj Allianze Life insurance Co.Ltd.10 117 06.08.2001 MetLife India insurance Co. private Ltd.11 121 30.01.2002 AMP Sanmar Life Insurance Co.Ltd12 112 14.05.2002 Aviva Life Insurance Co. India Pvt.Ltd.13 127 06.02.2004 --------------

IRDA:

Insurance Regulatory & Development Authority

The authority helps in consultation with the insurance advisor committee

IRDA was set up as an independent regulatory authority, which has not

put in place regulation in line with global forms. So far in the private

sector 12 life insurance companies have been registered


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Role of IRDA

IRDA made some necessary parameters for becoming life advisor like

person should be at least 12th pass.

Insurance Market:

India is huge market for the insurance industry.

Much insurance company came into market as a joint venture.

ICICI pr. Life insurance is 1st P.V.T. Sector company entered into

1999

Kev plavers

ICICI Prudential

Bajaj Alliances

TATA AIG

ING Visya

MAX,NEW yours life insurance

HDFC Standard life insurance

Others

Rules & Regulations

Govt. stake in the insurance company to brought sown to

50%

No company should deal in both life * general insurance.

PVT Company should have minimum paid up

capital of Rs.1 billion is allowed to enter.


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COMPANY PROFILE:

ABOUT ICICI PREDENTIAL:

ICICI prudential Life insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse and prudential plc, a leading

international financial services group headquartered in the United

Kingdom. ICICI prudential was amongst the first private sector insurance

companies to begin operations in December 2000 after receiving approval

form insurance Regulatory Development Authority (IRDA).

ICICI Prudential equity base stands at Rs.11.85 billion with ICICI

Bank and prudential plc holding 74%and 26% stake respectively. In the

financial year ended March 31, 2005, the company garnered Rs.1584

crore of new business premiums for a total sum assured of Rs 13,780 core

and wrote nearly 615,000 policies. The company has a network of about

56,000 advisors; as well as 7 banc assurance and 150 corporate agent

tie-ups.For the past four years,ICICI Prudential has retained its position as

the No.1 private life insure in the counter, with a wide range of flexible

products that meet the needs of the Indian customer at every step in life.

Company vision:

To make ICICI Prudential the dominant life and Pensions player

built on trust by world-class people and service.

This we hope achieve by:

Understanding the needs of customer and offering them superior

products and service


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Leveraging technology to service customer quickly, efficiently and

conveniently

Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our

policyholders network of 24 life and mutual fund operations in

twelve countries china, Hong Kong, India, Indonesia,

japan,korea,Malasiya, the Philippines, Singapore, Taiwan, Thailand

and Vietnam.

THE COMPANY:

ICICI Prudential Life Insurance Company is a joint venture between

ICICI bank, a premier financial powerhouse, and prudential plc, a

leading international financial services group headquartered in the

United Kingdom. ICICI prudential was amongst the first private sector

insurance companies to begin operations in December 2000 after

receiving approval from insurance Regulatory Development Authority

(IRDA).

ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI

Bank and prudential plc holding 74% and 26% stake respectively. For the

half year ended September 30, 2005, the company garnered Rs 820 crore

of new business premiums for a total sum assured of Rs 7,131 crore and

wrote 283,818 policies. For the past four years, ICICI prudential has

retained its position as the No.1 private life insurance in the country, witha wide range of flexible products that meet the needs of Indian customer

at every step in life. To know more about the company.


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DISTRIBUTION:

ICICI Prudential has one of the largest distribution networks

amongst private life insurers in India, having commenced operations in

110 cities and towns in India, stretching from Bhuj in the west to

Guwahati in the east, and Amritsar in the north to Trivandrum in the

south.

The company has seven banc assurance tie-ups, having agreements

with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord

Krishna Bank and some cooperative Banks, as well as about 290

corporate agents and brokers. It has also tied up with NGO, MFIS and

corporate for the distribution of rural policies and organizations like Dhan

for distribution of Salaam Zindagi, a policy for the socially and

economically underprivileged sections of society.

ICICI prudential has recruited and trained about 60,000 insurance

advisors to interface with and advise customers. Further, it leverages its

state-of-the-art IT infrastructure to provide superior quality of service to

customers.

PRODUCTS Profile:

Insurance prudential life insurance offers a range of innovative,

customer-centric products that meet the needs of customer at every life

stage. Its products can be enhanced with up to 5 riders, to create a

customized solution for each policyholder.

Saving Solutions

Secure Plus is a transparent and feature-packed savings plan that 3

levels of protection.


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Cash Plus is a transparent, feature-packed savings plan that offers 3

levels of protection as well as liquidity option.

Saving & protect is a traditional endowment savings plan that offers

life protection along with adequate returns.

Cashbook is an anticipation endowment policy ideal for meeting

milestone expenses like a childs marriage, expenses for child? S

higher education or purchase of an asset.

Life Time & Life Time II offer customer the flexibility and control to

customize the policy to meet the changing needs at different life

stages. Each offer 4 fund option? Preserver, Protector, Balancer and

Maximizes.

Life Link II is a single premium market linked insurance plan, which

combines life insurance cover with the opportunity to stay, invested

in the stock market.

Premier Life is a limited premium-paying plan that offers customers

life insurance cover till the age of 75.

Invest Shield Life is a Market Linked plan that provides capital

guarantee on the invested premium and declared bonus interest.

Invest shield Cash is a market linked plan that provides capital

guarantee on the invested premium and declared bonus interest

along with flexible liquidity options.


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Invest Shield gold is a market linked plan that provides capital

guarantee on the invested premium and declared bonus interest

along with limited premium payment terms.

Protection Solutions:

Lifeguard is a protection plan, which offers life cover at very low

coat. It is available in 3 options? Level term assurance with

return of premium and single premium.

Child Plans:

Smart Kid education plans provide guaranteed educational

benefits to a child along with life insurance cover for the patent

who purchases the policy. The policy is designed to provide

money at important milestones in the childs life. Smart Kid plans

are also available in unit-linked form? Both single premium and

regular premium.

Retirement Solution

Forever Life is a retirement product targeted at individuals

in their thirties.

Secure plus pension is a flexible pension plan that allows

one to select between 3 levels of cover.

Market-linked retirement products

Life Time Pension II is a regular premium market-linked pension

plan


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Life Link Pension II is a single premium market-linked pension

plan.

Invest Shield Pension is a regular premium pension plan with a

capital guarantee on the ingestible premium and declared

bonuses.

Golden years is a limited premium paying retirement solution

that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility

in both the accumulation and pay out stages.

ICICI Prudential also launched? Salaam Zindagi?, a social sector group

insurance policy targeted at the economically underprivileged sections of

the society.

Group Insurance solutions

ICICI Prudential also offers group insurance solution for companies

seeking to enhance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner.

The plan can also be customized to structure schemes that can provide

benefits beyond the statutory obligations.

ICICI Pru Group Superannuating plan: ICICI Pru offers a flexible defined

contribution-superannuating scheme to provide a retirement kitty for

each member of the group. Employees have the option of choosing fromvarious

Annuity option or opting for a partial communication of the annuity at the

time of retirement.


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ICICI Pru Group Terms plan: ICICI Prus flexible group terms solution helps

provide affordable cover to member of a group. The cover could be

uniform or based on designation /rank or a multiple of salary. The benefits

under the policy are paid to the beneficiary nominated by the member on

his/her death.

Flexible Rider Option

ICICI Pru Life offers flexible riders, which can be added to the basic policy

at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: - if death occurs as the result of an

accident during the terms of the policy, the beneficiary receives as

additional amount equal to the sum assured under the policy. If the death

occurs while traveling in an authorized mass transport vehicle, the

beneficiary will be entitled to twice the sum assured as additional benefit.


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CHAPTER 2: PROBLEM FORMULATION

2.1) Objectives of the study:

The following are the objective of this research study.

1. To find out the relative importance of parameters critical to life

advisor satisfaction.

2. To measure the satisfaction of the advisor on the critical

parameters.

3. . To find out the loyally level of life advisors

2.2) Scope of the Study:

1. The study limited to life insurance advisors of three major life

insurance Companies viz. ICICI PRUDENTIAL, BAJAJ, and KOTAK.2. The life advisors selected for the study were limited to the city of

Palanpur

2.3) importance of the study:


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1. This study wills helps the life insurance companies to make

improvement in their services and facilities towards greater advisor

satisfaction.

2. The study will allow the companies to know the suggestion of the

life advisor towards increasing advisor performance and

productivity.

CHAPTER 3: RESEARCH METHODOLOGY

This part of the research report is very much important because it

explains methods. Concept and producer followed by the researcher to

study the problem.

3.1) RESEARCH DESIGN:

A research design is a logical and systematic planning and helps

direction a piece of research. The research design lays down the method

and procedures for the collection of requisite information and its

measurement and analysis with a view to arriving at certain meaningful

conclusion at the end the proposed study.

Research Design used for this studyIn the study ,objective Research has been used. This is because the study

aims to understand in detail the satisfaction level of life insurance

advisors.

3.2) Sources of Data


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Primary Data:

In this study, survey method of primary data collection

has been used. For this, questionnaire has been designed comprising

multiple choice question, Scaling questions and open ended questions.

Secondary data:-

Secondary data used for this study have been collected from the following

sources.

Record book of advisor

Websites of the major insurance companies plus articles

available of the internet

Prospectus and brochures

3.3Sampling Design:

Non-probability sampling type has been adopted and the exact method

used is convenience sampling.

3.4 Sampling Unit:

Sample contains only one type of respondent as sample unit i.e. persons

working as life advisor of any of the following insurance companies viz.

ICICIPRUDENTIAL., BAJAJ and KOTAK.The Respondents covered

businessman, professional, students, and housewives.

3.5 Sample size:


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Given the time and coast constraints, a sample size of 150 was

considered reasonable with the following break up:

BAJAJ Allianz : 50 respondents

ICICI PRU. : 50 respondents

KOTAK : 50 respondents

3.6 Limitation of the Study:

Following are the limitations of the study:

1. Due to time and coast constraints, pure random sampling method

has not been used. And, therefore, the findings of the study cannot

be generalized to the larger population.

2. It is quite possible that many of the respondents may misrepresent

themselves while giving their responses. This respondent bias can

lead to wrong conclusions about the satisfaction levels of the

advisors even within the sample population.

3. Even through all efforts have been made to design a bias-free

Questionnaire, is quite possible that some respondents may

Misinterpret some of the questions and thereby give wrong

responses.

This may disports the findings of the study.


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EXPERIENCE:

Frequency Table:

IN WHICH COMPANY WORKING * EXPERIENCE Crosstabulation

Count

19 27 4 5

22 19 8 1 5

32 18 5

73 64 12 1 15

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

LESS THAN

.5 YEAR .5 TO 1 YEAR

MORE THAN

1 YEAR 4

EXPERIENCE

Total

Graph:


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EXPERIENCE

4MORETHAN

1YEA

.5TO1Y

EAR

LESSTH

AN.5YE

AR

Count

40

30

20

10

0

INWHICHCOMPANY WOR

ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above charts show the tenure of life insurance advisors. We can

see that most of life insurance advisors come below 1 year. Because

reason is that research area only. Palanpur where most of the life

insurance company came in the year 2006.

TOTAL POLICY AMOUNT:

The below graph shows the current business (total policy amount) of life

insurance advisors surveyed in this study.

Frequency table:


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IN WHICH COMPANY WORKING * TOTAL POLICY Crosstabulation

Count

33 10 7 50

30 17 3 50

31 17 2 50

94 44 12 150

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

LESS THAN

5 LAKH

500001-

10 LAKH 1000001

TOTAL POLICY

Total

Graph

IN WHICH COMPANY WORKING

KOTAKBAJAJICICI PRUDENTIAL

Count

40

30

20

10

0

TOTAL POLICY

LESS THAN 5 LAKH

500001- 10 LAKH

1000001

Interpretation:

The above charts shows that the current business (total amount of

policy) of life insurance advisors. The high proportions of the respondent

are less than five lakh, and their respective respondents in particular

company 33, 30 and 31 for icici prudential, bajaj allienz and kotak life

insurance Company.

REASONS TO BECOME LIFE INSURANCE ADVISOR.

1. COMMISSION:


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Crosstab

Count

18 14 16 48

32 36 34 102

50 50 50 150

NO

YES

REASONS- COMMISION

Total

ICICI

PRUDENTIAL BAJAJ KOTAK


Total


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Graph


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hghjg


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REASONS- COMMISION

YESNO

Count

40

30

20

10

IN WHICH COMPANY WOR

ICICI PRUDENTIAL

BAJAJ

KOTAK

The above graph shows that the life insurance advisors are

motivate for good commission So they become life insurance advisor

most of the advisor says yes to become advisor. Good commission is one

of the parameter.


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2. PART TIME JOB.

Frequency table:

Crosstab

Count

27 22 20 69

23 28 30 81

50 50 50 150

NO

YES

PART TIME

JOB

Total

ICICI



Total

Graph

PART TIME JOB

YESNO

Count

32

30

28

26

24

22

20

18


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts shows that part time job is also

affected to become life insurance advisor where icici pru, bajaj and kotak

are 23, 28 and 30 respectively. So, part time job is another most influence

parameter to become life insurance advisor.


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3. FREEDOM OF WORK

Frequency table:

Crosstab

Count

42 30 30 102

8 20 20 48

50 50 50 150

NO

YES

FREEDOM

OF WORK

Total

ICICI



Total

Graph

FREEDOM OF WORK

YESNO

Count

50

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation; The above graph and charts shows that another parameter to

become life insurance advisor because freedom of work, but most of the

life insurance advisor are not free from their work.


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4. BUSINESS ENVIRONMENT.

Frequency table:

Crosstab

Count

34 30 34 98

16 20 16 52

50 50 50 150

NO

YES

BUSINESS

ENVIRONMENT

Total

ICICI



Total

Graph

BUSINESS ENVIRONMENT

YESNO

Count

40

30

20

10


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts shows that business environment is

another parameter to become life insurance advisors. Few of advisor says

yes because in this arena market facing too much competition.


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5. BRAND NAME.

Frequency table:

Crosstab

Count

16 37 26 79

34 13 24 71

50 50 50 150

NO

YES

BRAND

NAME

Total

ICICI



Total

Graph

BRANDNAME

YESNO

Count

40

30

20

10

INWHICHCOMPANY WOR

ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts shows that parameter for to become lifeinsurance advisors is brand name. Most of people are motivate to become

insurance advisors from brand name of company. We can see above icici

Prudentials 34 respondent says yes. So we can see that icici pru, brand

name is motivate to life insurance advisor.


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6. MARKET SUPPORT.

Frequency table:

Crosstab

Count

27 38 38 103

23 12 12 47

50 50 50 150

NO

YES

MARKET SUPPORT

Total

ICICI



Total

Graph

MARKET SUPPORT

YESNO

Count

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:The above graph and charts shows that parameter to become life

insurance advisors is market support. Few of advisors say yes because of

market computation. This parameter is not influence to become life

insurance advisor compare to commission and part time job.


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7. OTHERS.

Frequency table:

Crosstab

Count

40 34 33 107

10 16 17 43

50 50 50 150

NO

YES

OTHERS

Total

ICICI



Total

Graph

OTHERS

YESNO

Count

50

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation;

The above graph and charts shows that other parameter to become

life insurance advisor. Where market leader, career opportunity and

others. Where other parameters in icici, bajaj, and kotak 10, 16, and 17

respectively.


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REASONS BEHIND SELECTING COMPANY:

1. COMMISSION.

Frequency table:

Crosstab

Count

27 24 19 70

23 26 31 80

50 50 50 150

NO

YES

SELECTING-

COMMISSION

Total

ICICIPRUDENTIAL BAJAJ KOTAK


Total


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Graph


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SELECTING- COMMISSION

YESNO

Count

32

30

28

26

24

22

20

18

16


ICICI PRUDENTIAL

BAJAJ

KOTAK

Most advisers are consider commission while selecting a company

we can see that above graph and chart out of 150, 80 adviser say that a

commission is consideration.

2. WORKING ENVIRONMENT.

Frequency table:


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Crosstab

Count

25 17 24 66

25 33 26 84

50 50 50 150

NO

YES

WORKING

ENVIRONMENT

Total

ICICI



Total

Graph

WORKING ENVIRONMENT

YESNOCount

40

30

20

10


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The mostly advisors are also consider working environment while

selecting a company. We can see in graph where 84 advisors say yes. So

we can conclude that working environment is important factor.

3. MARKET LEADER.


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Frequency table:

Crosstab

Count

26 31 39 96

24 19 11 54

50 50 50 150

NO

YES

MARKET

LEADER

Total

ICICI



Total

Graph

MARKET LEADER

YESNO

Count

50

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

Market leader is also one of the parameter of while selecting a

company but compare to less commission and working environment. We

can see in graph only 54 advisors say yes.

4. MARKET SUPPORT.

Frequency table:


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Crosstab

Count

23 25 27 75

27 25 23 75

50 50 50 150

NO

YES

MARKET SUPPORT

Total

ICICI



Total

Graph:

MARKET SUPPORT

YESNO

Cou

nt

28

27

26

25

24

23

22


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

Market support is also consider while select company. We can see

above graph and charts where 75 advisors say yes while select a

company. So we can conclude that market support is also important

parameter.

5. CAREER OPPORTUNITY.


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Frequency table:

Crosstab

Count

30 37 23 90

20 13 27 60

50 50 50 150

NO

YES

CAREER OPPORTUNITY

Total

ICICIPRUDENTIAL BAJAJ KOTAK


Total

Graph:

CAREER OPPORTUNITY

YESNO

Count

40

30

20

10


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

Most of advisors while select a company while they look career

opportunity. So we can see in the graph where 20, 13 and 27 respondent

for icici pru, bajaj allienz and kotak respectively.

6. OTHERS.

Frequency table:


56/106

Crosstab

Count

23 27 50

23 27 50

25 25 50

71 79 150

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

NO YES

OTHERS

Total


57/106


58/106


59/106


60/106


61/106


62/106

Graph:


63/106


64/106


65/106


66/106


67/106


68/106



Count

28

27

26

25

24

23

22

OTHERS

NO

YES

Interpretation:

Most of the advisor is also considering while select a company they

looking other parameter. So we can see in the graph where out of 150

respondent 79 respondents says yes.

T-Test

Purpose-

To know the satisfaction level of life insurance advisors.


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Null Hypothesis (HO): There is no significant difference between

calculated sample mean and hypothesized population mean. In other

words, we hypothesize that the advisors are disagrees that the

satisfaction level is not high.

Alternative Hypothesis (H1): There is significant difference between

calculated mean and hypothesized mean.

Statistical Test: One sample t-test is chosen because the measurement

of data is interval in nature.

One-Sample Statistics

150 4.17 .89 7.23E-02SATISFICATION-

COMMISSION

N Mean Std. Deviation

Std. Error

Mean

Test Value at 4


calculated mean and hypothesized mean. In other words, we hypothesize

that the advisors are disagree that the satisfaction level is not high.


calculated mean and hypothesized mean. In other words the advisors are

not Disagree with the statement that the satisfaction level is high.

One-Sample Test

2.305 149 .023 .17 2.38E-02 .31SATISFICATION-

COMMISSION

t df Sig. (2-tailed)

Mean

Difference Lower Upper

95% Confidence

Interval of the

Difference

Test Value = 4


70/106

Inference:

Here the test is performed at 95% significance level and the p-value

comes out as 0.023 which is less than 0.05, it means that the null

hypothesis H0 is rejected and alternative hypothesis is accepted and it

can be said that there is significant difference between calculated mean

and hypothesized mean.


71/106

T-Test

Purpose- To know the satisfaction level of working environment



words, we hypothesize that the advisors are disagrees that the working

environment is not very good






150 4.16 .88 7.21E-02WORKING

ENVIRONMENT


Std. Error

Mean

Test Value at 4



that the advisors are disagree that the working environment is not very

good.




72/106

not disagree with the statement that the working environment is very

good.

One-Sample Test

2.219 149 .028 .16 1.75E-02 .30WORKING

ENVIRONMENT


Mean


95% Confidence

Interval of the

Difference

Test Value = 4


73/106


74/106


75/106

Inference:






T-Test

Purpose-

To know the satisfaction of insurance schemes



words, we hypothesize that the advisors are disagrees that the insurance

schemes are not very good






150 4.16 .88 7.21E-02SCHEME


Std. Error

Mean


76/106

Test Value at 4


calculated mean and hypothesized mean In other words, we hypothesize

that the advisors are disagree that the insurance schemes are not very

good.



not disagree with the statement that the insurance schemes are very

good

One-Sample Test

2.219 149 .028 .16 1.75E-02 .30SCHEME


Mean


95% Confidence

Interval of the

Difference

Test Value = 4

Inference:





and hypothesized mean

T-Test


77/106

Purpose-

To know the satisfaction of company support

Null Hypothesis (HO): There is no significant difference betweencalculated sample mean and hypothesized population mean. In other

words, we hypothesize that the advisors are disagrees that the company

support is not very good






150 4.16 .88 7.21E-02COMPANY SUPPORT


Std. Error

Mean

Test Value at 4.3


calculated mean and hypothesized mean In other words, we hypothesize

that the advisors are disagree that the company support is not very good.



not disagree with the statement that the company support is very good


78/106

One-Sample Test

-1.942 149 .054 -.14 -.28 2.46E-03COMPANY SUPPORT


Mean


95% Confidence

Interval of theDifference

Test Value = 4.3

Inference:


comes out as 0.054 which is more than 0.05, it means that the null

hypothesis H0 is accepted and alternative hypothesis is rejected and it

can be said that there is no significant difference between calculated

mean and hypothesized mean


79/106

T-Test

Purpose-

To know the satisfaction of career opportunity



words, we hypothesize that the advisors are disagrees that the career

opportunity is not very good






150 4.16 .88 7.21E-02CAREER OPPORTUNITYN Mean Std. Deviation

Std. Error

Mean

Test Value at 4



that the advisors are disagree that the career opportunity is not very

good.


80/106



not disagree with the statement that the career opportunity is very good.

One-Sample Test

2.219 149 .028 .16 1.75E-02 .30CAREER OPPORTUNITYt df Sig. (2-tailed)

Mean


95% Confidence

Interval of the

Difference

Test Value = 4

Inference:







81/106

7. I AM HAPPY AS LIFE INSURNACE ADVISOR.

T-Test

Purpose-

To know the loyalty level of life insurance advisor



words, we hypothesize that the advisors are disagrees that the loyalty

level is not very high




of data is interval in nature


150 3.95 1.18 9.64E-02HAPPY AS LIFE

INSURANCE ADVISOR


Std. Error

Mean


82/106


83/106


84/106


85/106

Test Value at 4



that the advisors are disagree that loyalty level is not very high.



not disagree with the statement that the loyalty level is very high.

One-Sample Test

-.553 149 .581 -5.33E-02 -.24 .14HAPPY AS LIFE

INSURANCE ADVISOR


Mean


95% Confidence

Interval of the

Difference

Test Value = 4

Inference:


comes out as 0.581 which is higher than 0.05, it means that the null

hypothesis H0 is accepted and alternative hypothesis is rejected and it

can be said that there is no significant difference between calculated

mean and hypothesized mean.

Graph:


86/106

HAPPY AS LIFE INSURANCE ADVISOR

STRONGLY AGREE

AGREE

DISAGREE

STRONGLY DIS AGREE

Count

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

th

Interpretation:

The above graph shows that most of lifeinsurance advisors are happy.

We can see that in graph where 22, 32 and 15 respondents are agree and

also in strongly agree 26, 18 and 16 for bajaj allienz, kotak and icici

pru.respectively.


87/106

8. I will continue to remain life insurance advisor.

8. I WILL CONTINUE TO REMAIN LIFE INSURANCE

ADVISOR.

Purpose: to know about loyalty level.

Purpose:

to know about loyalty level of life insurance advisor.


88/106

IN WHICH COMPANY WORKING * CONTINUE TO REMAIN Crosstabulation

Count

9 13 11

2 2 1 26

2 3 21

13 18 1 58

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANYWORKING

Total

DEFENITELY

NOT SURE NOT SURE NEUTRAL SURE

DEFENIT

SURE

CONTINUE TO REMAIN

Graph



Count

30

20

10

0

CONTINUE TO REMAIN

DEFENITELY NOT SURE

NOT SURE

NEUTRAL

SURE

DEFENITELY SURE

Interpretation:

The above graph and charts shows that the loyalty level of life

insurance advisors. Because if he satisfied with the company. So, he


89/106

remain continue to as life insurance advisor we can see graph 17, 19 and

24 respondents of icici prudential, bajaj and kotak respectively.

AGE WISE CLASSIFICATION OF LIFE INSURANCE ADVISOR.

The table below shows that age wise break up of life insurance advisors

surveyed in this study.

AGE

19 12.7 12.7 12.737 24.7 24.7 37.3

51 34.0 34.0 71.3

29 19.3 19.3 90.7

14 9.3 9.3 100.0

150 100.0 100.0

LESS THAN 20 YEARS21 TO 24

25 TO 29

30 TO 35

ABOVE 35

Total

Valid

Frequency Percent Valid Percent

Cumulative

Percent

Graph:


90/106

ABOVE 35

30 TO 35

25 TO 29

21 TO 24

LESS THAN 20 YEARS

Interpretation:

The above charts shows that out of sample size 150, 37 life

insurance advisors falls in the age group of 21-24 years and 51 life

insurance advisors falls in the group of 25-29 in which from 24.7% and

34% the total advisors respectively. So we can say that the high ratio of

age group 24-25 in the total population.

GENDER WISE CLASSIFICATION OF LIFE INSURANCE ADVISOR.

The below graph represented that gender wise classification of surveyed

life insurance advisors in this study.

Frequency table:

IN WHICH COMPANY WORKING * GENDER Crosstabulation

Count

43 7 50

40 10 50

41 9 50

124 26 150

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

MALE FEMALE

GENDER

Total


91/106


92/106


93/106


94/106

g


95/106

Graph:


96/106

GENDER

FEMALEMALE

Count

50

40

30

20

10

0

INWHICHCOMPANY WOR

ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above charts represented the gender wise classifications of life

insurance advisors where we can see in charts most of life insurance

advisors are male.


97/106

OCCUPATION:

OCCUPATION.

IN WHICH COMPANY WORKING * OCCUPATION Crosstabulation

Count

8 35 1 4

7 20 8 4

7 26 6 5

22 81 15 13

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

PROFESSION

BUSSINE

SSMAN SERVICE HOUSE WIFE STUD

OCCUPATION

Graph


98/106

OCCUPATION

STU

DENT

HOUSEWIFE

SERVICE

BUSSINESSM

AN

PROFESSION

Count

40

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts represent that occupation of life

insurance advisors. Here we can see that 35, 20 and 26 for icici

prudential, bajaj and kotak others are service people, students and

professional. here most of people are business man

EDUCATION:

Graph


99/106

EDUCATION

OTHERS

POSTG

RA

DUATE

GRADUATE

UNDER

GR

ADUATE

Count

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts represent that education qualification

of life insurance advisors. Which is we can see most of life insurance

advisors graduate. Out of 150 respondents 22, 27 and 27 for icici pru,

bajaj, and kotak which are surveyed population for the study.

MONTHLY HOUSEHOLDS INCOME.

Frequency table:

IN WHICH COMPANY WORKING * MONTHLY INCOME Crosstabulation

Count

19 12 4 15

28 16 3 3

28 10 10 2

75 38 17 20

ICICI PRUDENTIAL

BAJAJ

KOTAK

IN WHICH COMPANY

WORKING

Total

LESS THAN15000

15001 TO20000

20001 TO25001 ABOVE 25000

MONTHLY INCOME

Tota


100/106

Graph

MONTHLY INCOME

ABOVE 25000

20001 TO 25001

15001 TO 20000

LESS THAN 15000

Cou

nt

30

20

10

0


ICICI PRUDENTIAL

BAJAJ

KOTAK

Interpretation:

The above graph and charts represent that monthly house hold

income of life insurance advisors. Which come in the less than Rs15000

19, 28 and 28 for icici pru, bajaj and kotak.

Inference:


101/106

1. As seen in previous chapter, two parameters that motivate an

individual to become life insurance advisors are commission and

part time job (side business).

2. Most of life insurance advisors are selecting company because of

good commission and working environment.

3. Most of life insurance advisor are loyal towards their respective

organization.

4. The major proportion of life insurance advisors falls in age group of

25-29. i.e.34%

5. The major proportions of life insurance advisors occupation is

businessman.

6. Most of life insurance advisors are male.

7. Most of life insurance advisor are graduate.


102/106

RECOMMANDATION

Commission is the most motivating factor to become life insuranceadvisor. So, companies should ensure that commission structure isAttractive, Rewarding and Achievable in short motivating thePotential advisors.

To give more satisfaction to their advisor company should moreconcentrate on working environment and company support

Most of life insurance advisors are loyal towards their organizationbecause of their satisfaction level. So companies have to more focus onThose parameters


103/106

Questionnaire

1. In which company are you working as a life insurance advisor?ICICI PRU. [ ]BAJAJ ALLIENZ [ ]

KOTAK [ ]

2. Experience as a life insurance Advisors?Less than .5 year [ ].5 1 years [ ]More than 1 years [ ]

3. Total Policy Amount (annual)Less than 5 lakh [ ]500001- 10 lakh [ ]Above 100001 [ ]

4. What are the Reasons to become life insurance advisor?

Commission [ ]Part-time job [ ]Freedom of Work [ ]Business Environment [ ]Brand name [ ]Marketing Support [ ]


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Others_______________

5. Reasons behind selecting the company?

Commission [ ]Working environment [ ]Market leader [ ]Career opportunity [ ]Others______________

6. Please tick where applicable.

Stronglydisagree

Disagree Neutral Agree Stronglyagree

CommissionWorkingEnvironmentSchemeCompanysupport

Careeropportunity

7. I am happy as life insurance advisor.Strongly disagree [ ]Disagree [ ]Neutral [ ]Agree [ ]Strongly agree [ ]

8. I will continue to remain life insurance advisors of this company.

Definitely not sure [ ]Not sure [ ]Neutral [ ]Sure [ ]Definitely sure [ ]

9. Name________________________________________________________10. Age: Less than 20 years [ ]


105/106

21- 24 [25- 29 [ ]30-34 [ ]Above 35 years [ ]

11. Gender: Male [ ] Female [ ]

12. Occupation: Profession [ ]Business [ ]Service [ ]House wife [ ]Student [ ]Others [ ]

13. Education: Under Graduate [ ]Graduate [ ]Post Graduate [ ]Others [ ]

14. Monthly income (Rs):

Less than 15000 [ ]15001-20000 [ ]20001-25001 [ ]Above 25000 [ ]


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BIBBLIOGRAPHY

Book name: Business Research methods. Donalds R. Cooper & Pamela R.Schindler. Tata McGraw-Hill, 8th edition.

www.icicipru.comwww.irda.comwww.bimaonline.comwww.insurance.com
http://www.icicipru.com/http://www.irda.com/http://www.bimaonline.com/http://www.insurance.com/http://www.icicipru.com/http://www.irda.com/http://www.bimaonline.com/http://www.insurance.com/

Documents

Kiran Chavda-project Report