Recruitment of Life Advisors in Kotak Life Insurance

8/8/2019 Recruitment of Life Advisors in Kotak Life Insurance

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Recruitment of Life Advisors

in kotak life insurance

Presented by

Sandeep.J.V



C oC ompany Profile

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Year of establishment: 2001

CEO : Uday kotak

Managing Director: Gaurang Shah

Head office : Goregoan , Mumbai

Employees : 6000

Web site : www.kotaklifeinsurance.com



I R C OINT RODU CTI O N

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K otak Life Insurance is one of the fastest growinginsurance companies in India and has shown remarkablegrowth .

It is a JV between K otakMahindra Bank Ltd and OldMutual plc.

It offers a comprehensivevariety of products and services that suit the diverseneeds and risk-return profiles of every investor.



W aWh at is Life Insurance ?

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Life insurance offers a way to replacethe loss of income that occurs when

someone dies.

It is a contract between you as the´insured personµ and the company or

´carrierµ that is providing the insurance.

If you die while the contract is in force, the insurancecompany pays a specified sum of money free of incometax.



W y Wh y Insurance as a career ?

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P otential of unlimited income

Own business without capitalinvestment

Flexibility of time

Be your own boss

Make others financially secured

Earn royalty income



R C R E ERE C RU ITM E NT- IN GE N ERAL

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Definition of Recruitment

Objectives

P rocess of Recruitment



R C R E ARE C RU ITM E NT± IN KO T AK

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Various channels for business :

1. Tied-ups

2. Direct marketing

3. Corporate agencies

4. Bancassurance



L E O AL IF E ADV IS OR IN KO T AK

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Competent people

Graduation as a minimumqualification.

P rospective advisors shouldclear the entrance exam setby IRDA.

Main role - To explain life insurance and its benefits topotential

Good interpersonal skills with a wide social network.



OObjective of t h e project

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To understand the process of recruitment in K otakMahindra life insurance

How to recruits agents for thecompany

To know about thewillingness of the peopleto work as a life advisoragent.



M E O EM E TH ODOLOGY U S ED

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P reparation of questionnaire

Tele calling

Mass BO P



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OPERA TI O NS DEPAR TM E NT

INT ER F A C E

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Verification of cheque/cashreceipts

Verification of LA-ID documents

Verification of documents required whileclaiming

Company rules for issuing policy.



S W O AS W O T A N ALY SIS

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STRENGTHS :Competent and experiencedmanagementK nowledge andunderstanding of localmarketIntensive training anddevelopment programme

Strong local contacts.

W EAKNESS :N etworking in rural areaLack of sufficient branches.

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OPPO RTUNITY :P otential marketChances of mandatory insurance in near futureIncreasing per capita incomeIncrease in spending power.

THREATS :N umber of new entrants

Competition from publicsector as well as privatesectorFrequent changinggovernment policies.



F D GFIN D IN G S

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Easy to sell the product of LIC

Job affects their socialrelationship

Most of them don·t believe inprivate life insurance companies with the fear of getting cheated

Time consuming activity which requires highmarket skills.



R C O E D ORE C O MM E N DA TI O NS

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Company should focusmore on advertisement

Duration of recruitmentis too long

Company should organize

seminars and participate in various events

Various offerings must be provided to attract them suchas holiday trips, incentive on achieving the targets etc.



C O L OC O NC LU SI O N

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One of the fastest growing sector which willcontinue to grow for longer period of time.

It can be considered as a great career opportunity for those who are searching for a job.

Because of wide scope ,various foreign companies

are willing to have a tie-ups.

Created new job opportunities and in turn todevelop finances for their expansion.



Documents

Recruitment of Life Advisors in Kotak Life Insurance