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Project report on
“A DETAILED STUDY OF RECRUITMENT AND RETENTION STRATEGIES OF FCs IN LIFE INSURANCE INDUSTRY WITH A
SPECIAL FOCUS TO HDFC SLIC”
Submitted in partial fulfillment of requirement ofDegree of M.B.A (I.C)
SUBMITTED BY: ANITA RANI M.B.A (I.C) 6TH Smst
PUNJABI UNIVERSITY PATIALABABA DHIAN DASS NIEGHBOURHOOD CAMPUS
(JHUNIR)SESSION: 2010-2011
1
TABLE OF CONTENTS
Title Page no.Chapter-1Industry profile 6-7Company profile 8-9Research objectives 10Vision& mission 11Values 12Key players 13Group companies 13Joint venture 14-16Competitors 17About insurance 18About financial consultents 19-23Chapter-2Research methodology 24-26Chapter-3Data analysis and interpretation 27-42Swot analysis 43Finding 44Limitations 45Conclusion 46Recommendation & suggestions 47Chapter-4Questionnaire 48-49Bibliography 50
2
ACKNOWLEDGEMENT
The project “ a detailed study of recruitment and retention stretegies of FCs in life insurance
industry with a special focus to HDFC SLIC” is an outcome of my research. For the completion
of this project I get an opportunity to express my deep gratitude to all those who helped me in
making this report.
First of all I would like to thank The Almighty for his blessing for completing this project
successfully.
I would like to extend my sincere thanks to Mrs. Gitika sagganhar (sales development manager
of HDFC life insurance Company) and Mr. Vikas(Branch Manager of HDFC life insurance
Company) for providing me articulate guidance and ceaseless encouragement throughout my
training.
Last but not the least, I also express my grateful thanks to respondents for giving their valuable
time to make this project to success.
Anita Rani
3
DECLARATION
I hereby declare that his project report entitled “A DETAILED STUDY OF RECRUITMENT
AND RETNETION STRATEGIES OF FCs IN LIFE INSURANCE INDUSTRY WITH A
SPECIAL FOCUS TO HDFC SLIC” held at …janurary, 2011…………, is the result of Original
work Carried out in intensive study of the field, for the award of the Degree of Bachelor in
BUSINESS ADMINISTRATION.
This Report has not been copied from anywhere, up to the best of my belief and knowledge. It
has not been submitted anywhere else for Award of any other Degree/diploma.
4
EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth
and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-
80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attractsme to enter in this sector andHDFC Standard Life Insurance Company Ltd has given me the opportunity to work and get experience in highly competitive and enhancing sector.
The success story of good market share of different market organizations depends upon the
availability of the product and services near to the customer, which can be distributed through a
distribution channel. In Insurance sector, distribution channel includes only agents or agency
holders of the company. If a company like RELIANCE LIFE INSURANCE, TATA AIG, MAX
etc have adequate agents in the market they can capture big market as compared to the other
companies. Agents are the only way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer
5
Chapter -1
INDUSTRY PROFILE
INSURANCE:
Insurance can be defined as assurance for uncertainty. Insurance is about something going
wrong. Its’ often about things going right.; One of the Wonders of human nature is that we never
believe anything can actually go wrong.
The insurance sector in India has come a full circle from being an open competitive market to
nationalization and back to liberalized market again. Tracking the development in Indian
insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries.
The business of life insurance in Indian in its existing form started in India in the year 1818 with
the establishment of Oriental Life. Insurance Company in Calcutta. Some of the important
milestones in life insurance business in India are.
1912: The Indian Life insurance Companies Act enacted as first statue to regulate the life
insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the insurance Act with the objective of
protecting the interests of the insuring public.
1965: 245 Indian and foreign insurers and provident societies take over by the central
government and nationalized. LIC formed by an act of parliament viz. LIC. Act . 1956, with a
capital contribution of Rs. 5 Crore from the government of India.
6
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
Reforms in the Insurance sector were initiated with the passes of the IRDA Bill in Parliament in
December 1999. The IRDA since its incorporation as a statutory body in April 2000 has
fastidiously such to its schedule of framing regulations and registering the private sector
insurance companies.
The other d4ecisoin taken simultaneously to provide the supporting systems to the insurance
sector and in particular the life insurance companies was the launch of the IRDA online service
for issue and renewal of licenses to agents.
7
COMPANY PROFILE
HDFC Standard Life Insurance Company Ltd.
HDFC Incorporated in 1977 with a share capital of Rs 10 Crores, HDFC has since emerged as the largest residential mortgage finance institution in the country The corporation has had a series of share issues raising its capital to Rs. 119 crores. The gross premium income for the year ending March 31, 2010 stood at Rs. 2, 856 crores and new business premium income at Rs. 1,624 crores. The company has covered over 8,77,000 lives year ending March 31, 2010.
HDFC operates through almost 450 locations throughout the country with its corporate head quarters in Mumbai, India. HDFC also has an International Office in Dubai, UAE, with service associates in Kuwait, Oman and Qatar. HDFC is the largest housing Company in India for the last 27 years.
SNAPSHOT-I
Incorporated in 1977 as the first specialized mortgage company in India.
Almost 90% of initial shareholding in the hands of domestic intuitions and retail
investors. Current 77% of shares held by foreign institutional investors.
Besides the core business of mortgage HDFC has evolved into a financial conglomerate
with holdings In:
HDFC Standard Life insurance Company- HDFC holds 78.07 %.
HDFC Asset Management Company – HDFC holds 50.1%
HDFC Bank- HDFC holds 22.25%.
Intelenet Global (Business Process Outsourcing) – HDFC holds 50%.
HDFC Chubb General Insurance Company – HDFC holds 74%.
8
SNAPSHOT-II
Loan Approvals Rs. 805 billion.
(up to Dec 2010) (US $ 18.30 bn.)
Loan Disbursements Rs.669 billion
(up to Dec. 2010) (US $ 15.20 bn)
Housing Units Financed 2.5 million.
Distribution
o Offices 181
o Outreach Programs 90
9
Research Objectives
Primary Objectives
To study about the awareness among the people for joining as agent in Life Insurance
Companies.
To know the role & scope of Financial Consultant in Life Insurance Companies.
To have a complete understanding of Recruitment & Selection process of FC’s in HDFC
Standard Life.
Secondary Objectives
To do SWOT analysis of HDFC Standard Life.
10
VISION STATEMENT
“The most successful and admired life insurance company, which means that
we are the most trusted company, the easiest to deal with, offer the vest values for
money, and easiest the standards in the industry, In short, “ The most obvious choice
for all. ”
Our Mission:
We aim to be the top new life insurance company in the market. This does not mean being the
largest or the most productive company in the market, rather it is a combination of several things
like –
Coustomer service of the highest order
Value for money for customers
Professionalism in carrying out business
Innovative products to cater to different needs of different customers
Use of technology to improve service standeards increasing market share
11
VALUES
Integrity
Innovation
Customer centric.
People care.
Team work.
Joy and Simplicity.
12
KEY PLAYER
Mr. Deepak S Parekh is the Chairman of the Company. He is also the Executive
Chairman of Housing Development Finance Corporation Limited (HDFC Limited). He joined
HDFC Limited in a senior management position in 1978. He was inducted as a whole-time
director of HDFC Limited in 1985 and was appointed as its Executive Chairman in 1993. He is
the Chief Executive Officer of HDFC Limited. Mr. Parekh is a Fellow of the Institute of
Chartered Accountants (England & Wales)
Mr. Deepak M Satwalekar is the Managing Director and CEO of the Company since
November, 2000. Prior to this, he was the Managing Director of HDFC Limited since 1993. Mr.
Satwalekar obtained a Bachelors Degree in Technology from the Indian Institute of Technology,
Bombay and a Masters Degree in Business Administration from The American University,
Washington DC.
GROUP COMPANIES
HDFC Bank: World Class Indian Bank- among the top private banks in India.
HDFC AMC: One of the top 3 AMCs in India- Preferred investment manager.
Intelent Global : BOP services for international customers.
CIBIL: Credit information services bureau.
HDFC Chubb: Upcoming Private companies in the field of General Insurance.
13
STANDARD LIFE
Standard Life is u.k.’s largest mutual life assurance company. Standard Life, which has been in
the life insurance business for the past 175 years is a modern company surviving quite a few
changes since selling its first policy in 1825. The company expanded in the 19th century from
kits original Edinburgh premises, opening offices in other towns and acquitting other similar
businesses.
Standard Life Currently has assets exceeding over £ 70 billion under its management and has the
distinction of being accorded “AAA” rating consequently for the six years by Standard and
Poor.
SNAPSHOT
Founded in 1875, company supporting generation for last 179 years.
Currently over 5 m. Policy holders benefiting from the services offered.
U.k’s largest mutual life insurer.
JOINT VENTURE
14
HDFC Standard Life Insurance Company Limited was one of the first companies to be granted
license by the IRDA to operate in life insurance sector. Reach of the JV player is highly rated
and been conferred with many awards. HDFC is rated ‘AAA ’ by both CRISIL and ICRA.
Similarly, Standard Life is rated ‘AAA’ both by Moody’s and Standard and Poor’s. These reflect
the efficiency with which HDFC and Standard Life manage their asset base of Rs. 15,000 Cr and
Rs. 600,000 Cr. Respectively.
HDFC Standard Life Insurance Company Ltd was incorporated on 14 th August 2000. HDFC is
the majority stakeholder in the insurance JV with 81.4 %stale and Standard :of as a staple pf
18.6% Mr. Deepak Satwalekar is the MD and CEO of the venture.
HDFC Standard Life Insurance Company Ltd. Is one of India’s leading Private Life Insurance
Companies., which offers a range of individual and group insurance solutions. It is a joint
venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India’s
leading housing finance institution and the Standard Life Assurance Company, a leading
provider of financial services from the United Kingdom. Both the promoters are will known for
their ethical dealings and financial strength and are thus committed to being a long-term player
in the life insurance industry- all important factors to consider when choosing your
insurer.
Financial Expertise
15
As a joint venture of leading financial services groups. HDFC standard Life has the
financial expertise required to manage your long-term investments safely and efficiently.
Range of Solutions
We have a range of individual and group solutions, which can be easily customized to
specific needs. Our group solutions have been designed to offer you complete flexibility
combined with a low charging structure.
Strong Ethical Values:
HDFC is an ethical and Cultural Organization. False selling or false commitment with
the customers is not allowed.
Most respected Private Insurance Company
HDFC was awarded No-1 Private Insurance Company In 2004 by the World Class
Magazine Business World. Integrity, Innovation and Customer Care.
16
MAJOR PLAYERS IN INSURANCE INDUSTRY
LIFE INSURANCE CORPORATION
ICICI PRUDENTIAL
BAJAJ ALLIANZ: SHARED VISION
MAX NEW YORK LIFE INSURANCE CO.
TATA AIG
Why HDFC is better …?
1. Investment returns: investment returns and business growth provided by HDFC is
validated by bajaj Capital report. HDFC pacify the need of invertors up to healthy level
and make the strong relationship with them.
2. Financial Background and Experience: HDFC existing in the market since 1977. It has
a very handsome experience in the field of finance because it completely involved in
finance Sector only where as the others are running in many other field also like Reliance
(Petroleum, Textile, Telecom etc.)
3. Ethics and Values: HDFC is an ethical and cultural organization which prevents the
false selling and prohibit the false commitment to the customer.
4. Sales Force: Properly trend licensed and Educated People are the strength of the
company. So that they could give the best customer service.
5. Huge branch network HDFC is having 450 branches in all over the country.
6. Online accessibility : It makes the process faster and make the customer delightely
17
What Is Insurance?
Insurance is a contract between two parties whereby one party called insurer undertakes In
exchange for a fixed sum called premiums, to pay the other party happening of a certain event
Benefits Of Life Insurance
It encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing.
It provides valuable tax relief.
Who can be the financial consultant: ?
18
Section 42(4) of the amended Insurance Act, 1938 states an agent to be one who is not: A minor.
Found to be sound mind by a court of competition jurisdiction.
Found guilty of criminal background.
Found guilty of having knowingly participated in or connived at any fraud /dishonesty or
misrepresentation against an insured.
Eligibility Required For Being CFC By IRDA
Work of financial consultant
Entry Age & Qualifications
Minimum Age - 18 years
Minimum Qualifications - 12th standard
(10th Std for rural area)
Rules & Regulations Regarding FCs
19
Training
online training
offline training
50 hours training certificate
Fee (i) Rs. 825 DD for online training
Rs. 925 DD for offline training
Examination & certificate by IRDA
Documents Required
1. 8 Photographs
2. Age proof ( passport, birth certificate, collage living certificate, driving license)
3. Address proof
4. Education proof
5. Copy of pan card
Functions Of FC
An insurance agent is an important component of distribution channel for life insurance
business.
Meet prospects, analyze their financial needs, and persuade them to buy a product, which
provides solution.
They represents the company & give better services.
20
Strategies:
Strategies Employed to achieve the target are as follows:-
Telecalling
Contacting the person directly (interview)
Collect references.
Some important steps to make effective telecalling:-
Open the call in a friendly and positive way.
State the name, position and company name.
Check the prospect has time to speak.
State the reason for the call.
Clearly succinctly explain how the meeting will be benefiting the prospect.
Achievements:
Recruited eight financial consultants for company.
Increase in confidence level.
Got the knowledge about, how to differentiate our product form that of LIC.
Made more and more people aware about my companies Products (Policies)
Taken some appointments for policies and got positive response from 8 persons with the
help of my BDM.
21
BENEFITS OF BEING A FINANCIAL CONSULTANT ARE AS FOLLOWS:
Financial consultant, the right way to start career:
As a financial consultant the role will be to identify prospective customer. You will makes
presentation, as to how you can help analyses their financial needs, provide customize financial
solution to cater to their respective needs and conduct reviews on regular basis to keep customers
on thank.
Easy way to start on career:
Zero investment: There is no start-up capital. Be an own boss with a flexible working
environment, unlimited earning potential and the opportunity to be part of world class sales team.
Flexible work timings, part time or full time: FCs can work whenever he likes and from
whereever he like, FCs can work full time depending on their convenience its like no other job
however, the time.
Sunrise industry: Life insurance in India has a huge potential for growth Statistics reveal that
only 25% of the insurable population in India is insured and those insured are in need of still
higher insurance cover. The over 100% growth displayed by private life insurers indicates this
hu7ge untapped potential.
Strong Partnership:
A powerful brand – HDFC Standard Life Insurance:
We were the first private life insurance company to be granted a license by IRDA.
We have been rated by business world magazine. As Indies most respected private life insurance
company 2004.
We have grown over 130% in the last and more than 8 Lakhs policy holder. HDFC standard life
insurance has one of the highest brand recall of around 80%
PROFESSIONAL TRAINING PROGRAMS AND CONTINUID GUIDANCE:
22
At HDFC standard training is an inherent element of our support system for FCs. Some of
our training and support initiative are as:
IRDA Training: Online training of 50 hrs. prepares for career as FCs and enables to pass the
IRDA examination. After the IRDA license, first step towards a successful career as a FC.
Basic Training and Induction: Independence of work experience, this training will give perfect
knowledge about the insurance industry along with comprehensive knowledge about the
insurance along with comprehensive knowledge abut HDFC SLIC Product.
Advance Training: Once Fc have settled down as a FC professional we will continuously
upgrade capability and knowledge through sophisticated training program, fit for this dynamic
world of financial products and markets.
CHAPTER-2
23
Research Methodology
Research is a procedure of logical and systematic application of the fundamentals of science to
the general and overall questions of a study and scientific technique which provide precise tools,
specific procedure and technical rather than philosophical means for getting and ordering the
data prior to their logical analysis and manipulation. Different type of research designs is
available depending upon the nature of research project, availability of able manpower and
circumstances.
Methodology
1. Research Design: The research design is the blueprint for the fulfillment of
objectives and answering questions. It is a master plan specifying the method and
procedures for collecting and analyzing needed information.
Exploratory Research is used in this study .
2. Data Collection Methods: The source of data includes primary and secondary data
sources.
Primary Sources: Primary data has been collected directly from sample respondents
through questionnaire and with the help of interview.
Secondary Sources: Secondary data has been collected from standard textbooks,
Newspapers, Magazines & Internet.
3. Research Instrument: Research instrument used for the primary data collection is
Questionnaire.
24
4. Sample Design: Sample design is definite plan determine before any data is actually
obtaining for a sample from a given population. The researcher must decide the way of
selecting a sample. Samples can be either probability samples or non-probability
samples.
Sampling Technique: Convenience
Sample Size: 100 Respondents.
Area of Study: Mohali
Willingness to be FC for HDFC
25
In order to determine the willingness of the people to become FC for HDFC SLIC in Mohali,
data collected by surveying is treated as analysis. Response to the parameter like professional,
unemployed students, housewives, investment consultant, post office agent.
Options Yes No Total
Professional 2 18 20
Working employees 2 18 20
House wives 1 9 10
Students 3 17 20
Investment consultants 2 8 10
Post office agents 3 7 10
Others - - 10
Total 13 87 100
CHAPTER- 3
26
DATA ANLYSIS AND INTERPRETATION
Q.1: Do you know about HDFC SLIC ?
27
Option No.of respondents Percentage
Yes 90 90%
No 10 10%
Interpretation
from the above figure 90% respondents know about Hdfc-slic and 10% do not know about the
company.
Q.2 what is your occupation?
28
90%
10%
Yes
NO
option no. of respondents percentage
business 18 18%
Profession 26 26%
Service 12 12%
housewife 13 13%
unemployed 31 31%
Interpretation
The above diagram shows that the unemployed people are highly interested
towork as a financial consultant to earn something in comparision to the
other persons of different occupations
29
Q.3:- about merital status –
option No.of respondents percentage
Married 65 65%
unmarried 35 35%
interpretation
The above graph shows that the married people are more conscious to earn
more as a financial consultant because their needs increases in comparison
to the unmarried
30
Q.4 Awareness about the career in Insurance Sector –
Option No.of respondents Percentage
Yes 30 30%
No 70 70%
Interpretation
In this analysis 70% respondents aware about career in insurance sector .
31
Percentage of Respondents
30%
70%
Yes
No
Q.5: Do you know about the working of financial Consultant of “HDFC
SLIC” ?
Option No.of respondents Percentage
Yes 38 38%
No 62 62%
Interpretation
From the above figure , it is shown that only 38% respondents know about the working of FC
whereas 62% respondents don’t know about it.
32
38%
62%
YES
NO
Q.6: Do you have an idea about financial market?
Option No. of respondents %
Yes 67 67%
No 33 33%
Interpretation
in above figure , it is shown that 67% respondents are awere about financial market and 33%
respondent don’t have knowledge about it.
33
67%
33%
YES
NO
Q.7: Do you have any sales experience? If yes, how many years ?
Option No. of respondents %
Yes 20 20%
No 80 80%
Interpretation
After data analysis it shows that 80% respondents don’t have sales experience while 20%
respondents have done work in sales.
34
20%
80%
YES
NO
Q.8: Do you have experience in selling financial product? e.g. credit
card, insurance etc? If yes how many years?
Option No. of respondents %
Yes 11 11%
No 89 89%
Interpretation
This figure shows that only 11% respondents have experience in selling financial products and
89% respondents have not experience in this field.
35
11%
89%
YES
NO
Q.9: What do you think, in today’s scenario life insurance is need, want
or demand?
Option No. of respondents %
Need 46 46%
Want 17 17%
Demand 37 37%
Interpretation
From the above figure it is shown that 46% respondents said that insurance has become need ,
17% said that it is want and 37% said that it is demand of today
36
46%
17%
37% NEED
WANT
DEMAND
Q.10: In which of the financial market you have invested your
money?
Option No. of respondents %
Shares 14 14%
Mutual funds 15 15%
Insurance 23 23%
Others 48 48%
Interpretation
From above figure it is shown that 15% people have invested their money in Mutual Funds,
about 14% people have invested their money in shares, about 23% in insurance and about 48%
people have invested their money in other investment avenues.
37
14%
15%
23%
48%
SHARE
MUTUAL FUND
INSURANCE
OTHER
Q.11: Are you interested in getting opportunity of earning some
additional income as being financial consultant of “HDFC-SLIC” and why?
Option No.of respondents Percentage
Yes 20 20%
No 80 80%
Interpretation
This graph shows that 20% respondents are intersed in earning addition income being as
financial consultant and 80% respondents are not intersed.
38
20%
80%
YES
NO
Q.12:- Do you currently have an agency of any life insurance Company ?
Option No.of respondents Percentage
Yes 10 10%
No 90 90%
Interpretation
The graph shows that 10% respondents have an agency of any other insurance company and 90%
respondends don’t have any agency.
39
Q.13 How many members of your family are dependent on the income
earner of the family ?
Option No.of respondents Percentage
Two 67 67%
Three 23 23%
More than three 10 10%
Interpretation
In the above figure , it is shown that in 67% families two members of the family are dependent
on the income earner of the family. in 23% families three members and in 10% families more
than three members are dependent on the income earner of the family.
40
Q.14 What would be the size of your social contact base who knows you on
first name basis ?
(E.g : Friendly, family, relative, colleagues if any ………etc.)
Option No.of respondents Percentage
Friendly 58 58%
Family 11 11%
Relative 9 9%
colleagues 13 13%
Any other 9 9%
Interpretation
In the above figure, it is shown that 58% respondents have friendly social contacts, 11% family,
9% have relative , 13% have colleagues and 9% have other social contacts.
41
Q.15: Do you want part time job or full time job?
option No. of respondents Percentage
Part time 38 38%
Full time 62 62%
Interpretation
The above figure shows that most of the respondents want to do full time job rather than part
time job.
42
SWOT ANALYSIS
STRENGTHS
1. Strong Brand Name
2. A large distribution network.
3. Customer centric approach
4. Excellence in Execution
5. Team Work (Together Everyone Achieves More)
6. Proactive Innovation.
WEAKNESS
1. Frequent job rotation by employees
2. Less number of advertisement
3. Hidden Charges
OPPORTUNITIES
1. Scope in Jaipur as it is in the developing phase.
2. Only 25% of insurable people have any insurance.
3. Can introduce innovative products offering a right mix of Flexibility/Risk/Return.
4. Share of FDI is going to raise by
26% to 49%.
THREATS
1. LIC’s brand name.
2. People prefer short investment rather than in insurance.
3. Other private insurance companies
43
FINDINGS
1- Customers are less aware about the private insurance company in market.
2- Some customer are like to join HDFC as FCs because it is a Part-time.
3- Many professions like CA, tax planner want a corporate agency rather than to be a financial
consultant.
4- HDFC is too selective in making a FC rather than to appoint any one like LIC.
5- Customer don’t want to join as financial consultant because it’s on commission basis they
want job on salary basis.
6- Educated customers are now vending towards private insurance Companies, due to the
attractive packages and services provided by various new insurance companies.
7- LIC has created a branded image in 3-4 decades, due to which new insurance companies are
facing trouble in capturing market share.
8- If the customers are joining HDFC the segment is more of tax consultant, investment for
consultant and other people who are engaged in investment business that is because they
want to diversity their portfolio.
9- HDFC SLIC is having good retention strategies for their financial consultant.
Reason for not joining HDFC SLIC.
Associated with an other company.
Do not have time
Low sales.
Private Player.
Limitations
44
So though the study aim to achieve the above mentioned Objective in full earnest and accuracy,
it may be hampered due to certain limitation. Some of the limitations are as follows:
To cover the various section for the society.
Respondents may not be at home and may have to re-contacted or replaced by others.
Getting accurate response form the respondents due to their inherent problem is difficult.
Limited response from client.
There is a time limitation it is not possible to study whole thing I covered some special
aspect as well as some topics.
CONCLUSION
45
After collection of data interpretation is done on that basis conclusion is drawn. The
conclusion drawn.
Conclusion prefer government insurance company other than private insurance
companies due to its reliability.
Customers are more brand oriented rather than product oriented.
Customers are less aware about the private insurance companies.
Private Players in order to encase maximum number of customers are introducing new
and innovative scheme for their FC.
Customers like to invest in other investment zones due to the hectic rules and regulations
associated with, entering into a contract with insurance companies.
Customers do not feel secure with private insurance companies.
Customers don’t want commission base job.
The central problem with the insurance companies is having that they are trying to
convince customers for a product which do not have any present relevance, i.e. each
policy which the customer is going to purchase will have a future set of action and
benefits. Due to which most of the people like to invest in those securities or
investment, which will give them a fruitful return in short period of time ?
Life insurance Corporation has completed more than three decades and that’s where
counts, inters of brand name, different number of policies for differed class and age group
of customers.
The Private players are on the way, but they need a lot of time investment for creating a
favorable brand image.
RECOMMENDATION & SUGGESTIONS
46
Customers should be made aware of the brand name of Insurance company through
advertisement.
The fear in the customer mind should be removed by company.
The insurance companies should try to nurture their brand name timely and attractive
facility provide to customer.
Company should more oriented towards rural market.
Provide a proper training to the workforce
No. of advertisements on Television & newspapers to be increased.
CHAPTER-4
QUESTIONNAIRE
47
1. Name of the respondent…………………………
2. Occupation………………………………………
3. Age ……………
4. Address ……………………………………………….
………………………………………………………….
5. Contact No………………
Q.1: Do you know about HDFC SLIC ?
Ans: (a) Yes (b) No
Q.2 what is your occupation?
Ans. (a) business (b) profession (c) service (d) housewife (e) unemployed
Q.3 adout merital status –
Ans. (a) married (b) unmarried
Q.4: Do you know about the working of financial Consultant of “HDFC SLIC” ?
Ans: (a) Yes (b) No (c) Insufficient Information.
Q.5: Do you currently have an agency of any life insurance Company ?
Ans: (a) Yes (b) No
Q.6: Are you aware about career in Insurance Sector?
Ans: (a) Yes (b) No
Q.7: What do you think, in today’s scenario life insurance is need, want or demand?
Ans. ………….
Q.8: Do you have an idea about financial market ?
Ans: (a) Yes (b) No
Q. 9: Do you have any sales experience ? If yes, how many years ?
Ans: (a) Yes (b) No
Q.10: Do you have experience in selling financial product ? e.g. credit card, insurance
etc ? If yes how many years ? (If yes to question 6)
Ans: (a) Yes ( ) (b) No ( )
48
Q.11: In which of the financial market you have invested your money ?
Ans: (a) Share (b) Mutual fund (c) Insurance.
Q. 12: Are you interested in getting the opportunity of earning some additional income as being
financial consultant of “HDFC SLIC” and why ?
Ans: (a) Yes (b) No
Q.13: How many members of your family are dependent on the income earner of the family ?
Ans: (a) two (b) three (c) more than three
Q.14: What would be the size of your social contact base who knows you on first name basis ?
(E.g : Friendly, family, relative, colleagues if any ………etc.)
Ans: Mention in appropriate nos.
Q.15: Do you want part time job or full time job?
Ans. (a) part time (b) full time
BIBLIOGRAPHY
Magazines:-1. Insurance Times (Insurance Monthly Magazine-April, 2011)
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From Company:-1. Company Reports 2. Company Brochures
Websites:- www.apnabima.com www.hdfcinsurance.com www.indiastat.com www.google.com
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