RECRUITMENT AND SELECTION ATHDFC STANDARD LIFE INSURANCE COMPANY LTD

By:- Vinod Prajapat

Agenda

• Executive Summary.• Company Profile.• Features Of The Product & Benefits.• Marketing Strategies. • Recruitment Of FC’s .• Data Analysis and Interpretation.• SWOT Analysis.• Conclusions & Suggestions

Executive Summary

• Project Title: RECRUITMENT & SELECTION

OF FINANCIAL CONSULTANT• Objective:- To study of the perfect market for HDFC SLIC. And To approach to the interested people towards HDFC SLIC

• Name of the organization:-HDFC SLIC.• Place of the work: F.C. Road, PUNE• Organizational Guide: Mr. Anand Gawrade• Duration: 1st April to 1st June 2009

Company ProfileHDFC Standard Life Insurance Company Ltd:-It was

incorporated on 14th august 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.) India And UK based Standard Life Company. Both the joint venture partners being one of the leaders in their respective areas came together in this 81.4:18.6 joint venture to form HDFC Standard LifeInsurance Company Limited.

• Mr. Deepak Satwalekar is the MD and CEO of the venture.• HDFC Standard Life Insurance Corporation is sure to

become one of the leaders and the first preference for any life insurance customer.

Features Of The Product & Benefits

1. Accidental Death Benefit (ADB)2. Critical Illness (CI) Benefit3. Double Sum Assured (DSA) Benefit4. Waiver of Premium (WOP) Benefit5. Accelerated Sum Assured (ASA)6. Term Assurance Plan7. Money Back Plan8. Endowment Assurance Plan9. Loan Cover Term Assurance10.Group Term Insurance (GTI)

Marketing Strategies

• REASON FOR THEIR GOOD CONDITION:

• 1. Consultants hold on the market When it comes for the case of market, there is a clear and complete hold of

HDFC SLIC Consultants. • 2.Quality HDFC SLIC provides good quality of products, which is praised by most of the

consumers. The reason for 65% of the market cover by HDFC Standard Life Insurance is because of quality of products.

• 3.Demand Demand for the product of HDFC Standard life is very high in the societies.• 4.Supply Supply of product is also good, but in capturing whole market it take some

time.

COMPETITORS:-

ADVERTISEMENT AND SALES PROMOTION:-

Film opens in the compound of a house. Father is checking something inside the bonnet of an old small car. His daughter, around 27-28 years old,

is working on a lap top next to him

Daughter: “Dad”. Father: “Bolo”Daughter: “Nayi car lene mein hee

bhalaai hai.”Dad nods in agreement without

looking up. Dad: “Hmmm…”

Father looks at her and says emotionally.

Dad: “Car badi ho gayi, aur beti bhi.”

Daughter smiles with pride.

Dad doesn’t know what to say as he looks at the cheque.

Daughter pleads: “Please…dad”

Mother enters with tea. She senses something serious and

questions them.Mother: “Aree Kya hua?”

Super: Unit Linked Savings PlansMVO: “Unit Linked Savings Plans

from HDFC Standard Life. zimmedari nibhao, Aaj bhi kal bhi ”

Recruitment of Financial Consultants (FC) in HDFC Standard Life

Criteria for FC:-• He should be at least 12th passed.• He should complete IRDA training.• He should clear the IRDA exam.• He should through successfully the exam and training.Some other criteria:-• He should have good personal contacts.• He should have convincing power.• He should be above 18th year old.

1. Flexible work timings2. Any one can join3. Zero Investment4. Certificate by IRDA5. Attractive Remuneration

EXCELLENT OPPORTUNITY:-

Documents Required:1. 8 photograph2. Age proof (passport, Birth certificate, College

Leaving Certificate, Driving License)3. Address proof4. Education proof5. Copy of PAN Card Duely Signed Cancelled

Cheque of self 6. A candidate needs to bring a DD of Rs. 925/- in

case of offline training and Rs.825 in case of online training towards HDFC SLIC LTD payable at Mumbai.

Recruitment process of FCs

Fill up of Agency form IRDA Training (50 hrs)

IRDA Exam

Fail Pass Exit Product Training

Traditional Pr. ULIP Product Internal Assessment Fail Pass Exit Certification

Benefits to FCs

• Financial Benefits: Commission on issuance of every policy. Commission directly credited to bank account of FCs within 15 days. These commission varies from 7.5-40% according to plan.

• BASIC COMMISSION

Name of the plan 1st year commission

Endowment Assurance plan 40%

Money Back plan 40%

Children’s plan 40%

Term Assurance plan 25%

Lone cover Term Assurance plan 25%

Personal Pension Plan 7.5%

RENEWAL COMMISSION: Renewal commission would be paid from the 2nd

year onwards on regular premium policies. Renewal commission is not payable on single premium plans.

Name of the plan Renewal commission 2nd year onwards

Endowment Assurance plan 5%

Money Back Plan 5%

Children’s plan 5%

Lone cover Term Assurance Plan 5%

Term Assurance plan 5%

Personal Pension Plan 2%

REWARDS & RECOGNITION:- Within 30 days of Licensing Consultant can become

• STAR – Converted premium 2 Lacs Silver Medal-Worth Rs 5200(approx)• RISING STAR – Converted premium of 5 Lacs Gold Medal-Worth Rs 13,000(approx)• MILLIONAIRE STAR – Converted premium of 10 Lacs Gold Medal-Worth Rs 25,000(approx)• GLOBAL STAR – Converted premium of 24 Lacs Gold Medal-Worth Rs 60,000(approx)

MONTHLY & QUARTERLY CONTESTS:-

• Gift Vouchers • Home Appliances • Two-Wheelers • Gold/Diamonds Jewelry• Foreign Trips• Mobile Phones• Laptops• Cars etc.

SWOT Analysis :-

STRENGTH :-

1. Domestic image of HDFC supported by Prudential’s international image is strength of the company. 2. Strong and well spread network of qualified intermediaries and sales person. 3. Strong capital and reserve base. 4. The company provides customer service of the highest order. 5. Huge basket of product range which are suitable to all age and income groups. 6. Large pool of technically skilled manpower with in depth knowledge and understanding of the market. 7. The company also provides innovative products to cater to different needs of different customers.

1. Your Age?

20%

35%

30%

15%

Age of Respondents

18-23 Years24-29 Years30-35 Years35 & above

2. Marital status?

70%

30%

Marital Status

MarriedUnmarried

3. Educational Qualification?

4. Number Of year’s Are You in Pune?

25%

40%

35%

Educational Qualification of Respondents

Under graduateGraduatePost graduate

39%

61%

Staying Years in Pune

Less than five yearsMore than five years

5. Your Occupation?

6. Your annual household income?

20%

54%

26%

Occupation

BusinessProfessionService

49%

31%

15%5%

Annual Household Income

Less than 2 lacsBetween 2 to 5 lacsBetween 5to 8lacsMore than 8 lacs

7. Are you a member of a club/gymkhana?

8. What is your perception about insurance sector?

42%

58%

Mebership of Club/Gymkhana

YesNo

30%

9%4

1%

20%

Perception About Insurance

1 Hard and lucrative2 Hard but not rewarding3 Smooth and rewarding4 No idea

9. Do you know about HDFC Standard Life Insurance?

10. Do you have any Insurance Policy?82%

18%

Awareness About HDFCSLIC

YesNo

80%

20%

No. of Insured

YesNo

11. Name of Insurance Company?

12. Do you know about HDFC Standard Life Insurance recruitment policies related to financial consultant?

65%10%

5%

20%

No. of Respondents

LICIICICIHDFC SLICOTHERS

41%

59%

Knows about HDFCSLIC recruitment policies

YesNo

13. Will you be interested to become Financial Consultant?

14. Would you like to earn an additional income through a business opportunity with HDFC STANDARD LIFE?

30%

70%

Interested to Become Financial Consultant

YesNo

90%

10%

Willing To Earn Additional Income

YesNo

WEAKNESS 1. Heavy management expenses and administrative costs.

2. Low customer confidence on the private players. 3. Vertical hierarchical reporting structure with many designations and cadres leading to power politics at all levels without any exception. 4. Poor retention percentage of tied up agents. . OPPORTUNITIES

1. Insurable population –According to ING only 10% of the population is insured, which represents around 30% of the insurable population. This suggests more than 300m people, with the potential to buy insurance, remain uninsured.2. There will be inflow of managerial and financial expertise from the world’s leading insurance markets. Further the burden of educating consumers will also be shared among many players. 3. International companies will help in building world class expertise in local market by introducing the best global practices.

THREATS :-

• Other Private Insurance Companies Also vying For The Same uninsuranced Population.

• Big Public Secter insurance Companies Like LIC India, National insurance Company Ltd, Oriented Insurance Ltd, New India Assurance Company Ltd, And United Insurance Company Ltd. People Trust Them And go to them more.

• Poaching of Customer by other companies.• Most People donot understand the need or are not willing

to take insurance policies in general.

SUGGESTIONS:

To make people aware about the benefit of becoming HDFC Standard Life’s Financial Consultant, following activities of advertisement should be done through :-– Print Media.– Hoarding & Banners.– Stalls in Trade Fares– Distribution of leaflets containing details information.

Company can recruit sales promoters so that maximum information can be provided to the potential client

• By showing additional and alternative income source along with various schemes for Financial Consultant in the company so that more and more FC can be recruited.

• Free life cover for every active Financial Consultant. • Discounted rate premium for its family members.

• Make people understand about the meaning of the IRDA authorization and its validity.

• Company should organize the program in the society, so that people will be aware about the company

• Separate time slot for Working Professionals, House Wives and Retired people.

• Agency of non-life products should also be provided along with life.

• Company should open more branches in different cities