Training Report on Advisors recruitment

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Summer Training Project Report

OnProcurement and Development of Life

advisorsAt

Bharti AXA Life insurance, Delhi

Submitted in partial fulfillment of the Degree of Bachelor of

Business Administration of Guru Govind Singh Inderprastha

University Delhi.

Under the guidance of

Mr. Dhirendra Singh Parihar

Submitted by:

Name - NISHANT OHRI

Enrolment no.- 0591061807

Course - BBA (B&I)

Semester - 5th Ansal Institute of Technology

Gurgaon


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Procurement and Development of Life advisors

EVALUATION OF PROJECT

Th

is is to certify that the project titled Procurement and

Development of Life advisors at Bharti AXA, Delhi submitted

by Nishant Ohri of BBA(B&I),Semester 5th of Ansal Institute of

Technology affiliated to GGSIP University, Delhi has been

examined by the following examiners:

Internal Examiner External Examiner

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CERTIFICATE

This is to certify that the project titled Procurement and

Development of Life advisors at Bharti AXA, Delhi

submitted by Nishant Ohri of BBA(B&I),Semester 5th of Ansal

Institute of Technology affiliated to GGSIP University, Delhi is

original and authentic and has been done under my supervision

and guidance.

Signature, name & designation of the supervisor

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ACKNOWLEDGEMENT

The present work is an effort to throw some light on Procurement and

Development of Life advisors at Bharti AXA, Delhi. The work

would not have been possible to come to the present shape without

the able guidance, supervision and help to me by the number of

people.

With deep sense of gratitude I acknowledge the encouragement and

guidance received by Mr Dhirendra Singh Parihar and other staff

members.

I take this opportunity as privilege to articulate my deep sense of

gratefulness to Mr. Pravind Kumar (Agency Manager) and the staff of Bharti

AXA Life Insurance Company Ltd for their timely help and positive

encouragement. It was a pleasure to work with these people and some other

project trainees as a team.

I would like to acknowledge all my family members, relatives, and

friends for their help and encouragement.

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INDEX

CHAPTER CONTENTS PAGE

NO.

1 INTRODUCTION 6-11

2 LITERATURE

REVIEW

12-24

3 RESEARCH

METHODOLOGY

AND DESIGN

25-28

4 DATA ANALYSIS

AND

INTERPRETATIONS

29-43

5 FINDINGS AND

CONCLUSIONS

44-48

6 BIBLIOGRAPHY 49-50

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CHAPTER 1

INTRODUCTION

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The project is about procurement and development of Life advisors. The questionnaire

was designed in such a manner that it gave a general idea about the ability and capability

of respondent as a prospective life insurance advisor. Certain scores were allotteddepending on the answers given by the respondent. Those who were high on the scores

were motivated to visit the office for conduction of their interview. After the successful

completion of interview individuals were informed if they were selected for training ofLife advisors. They were asked to fill the NAAF form and a fee was collected from them

along with their photographs. After successful completion of training an exam was

conducted and those who qualified the exam were selected as life advisors.

The project report submitted here covers theory on procurement and development,

flowchart of activities undertaken for procurement and development, data analysis of thesurvey and a list of suggestions and recommendations for the company at the end of the

entire study.

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OBJECTIVE OF THE PROJECT

The objective should be SMART objective.

S- Specific

M- Measurable

A- Achievable

R- RelevantT- Time bound

OBJECTIVE: To recruit Life advisors during the two months in Delhi region, to

interview prospective candidates to be recruited as Life Advisors and to assist in their

training.

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SCOPE OF THE PROJECT

The project involved recruiting life advisors for Bharti AXA Life insurance in Delhi

region. The project also involved arranging preliminary training of Life advisors.

The process of recruiting and training Life advisors can be broken into the following

steps:

Get hands on experience of recruitment in Insurance sector.

Identifying individuals who are willing to solicit insurance business as a life

advisor of the company.

Assisting in scheduling the training and examination of the life advisors.

Assisting and coordinating with Agency Development Manager of the company

for licensing and coding of Life Advisors.

Applying theoretical knowledge to the recruitment practices at Bharti AXA.

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LIMITATIONS OF THE PROJECT

Following are some reasons that demotivate and demoralize people from becoming Life

advisors. I came across the following obstacles that arose in the process of recruitment:

Lack of awareness among the people This is the biggest limitation found in this

sector. Most of the people are not aware about the importance and the necessity of the

insurance in their life. They are not aware how useful life insurance can be for their

family members if something happens to them.

Perception of the people towards Insurance sector People still consider

insurance just as a Tax saving device. So today also there is always a rush to buy an

Insurance Policy only at the end of the financial year like January, February and March

making the other 9 months dry for this business.

Insurance does not give good returns Still today people think that Insurance

does not give good returns. They are not aware of the modern Unit Linked Insurance

Plans which are offered by most of the Private sector players. They are still under the

perception that if they take Insurance they will get only 5-6% returns which is not true

nowadays.

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Lack of awareness about the earning opportunity in the Insurancesector People still today are not aware about the earning opportunity that the

Insurance sector gives. After the privatization of the insurance sector many private giants

have entered the insurance sector. These private companies in order to beat the

competition and to increase their Insurance Advisors to increase their reach to the

customers are giving very high commission rates but people are not aware of that.

Increased competition Today the competition in the Insurance sector has became

very stiff. Currently there are 16 Life Insurance companies working in India including the

LIC (life insurance Corporation of India). Today each and every company is trying to

increase their Insurance Advisors so that they can increase their reach in the market.

This situation has created a scenario in which to recruit Life insurance

Advisors and to sell life Insurance Policy has became very-very difficult.

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CHAPTER 2

LITERATURE REVIEW

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Brief History of the Insurance Sector in India

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

The story of insurance is probably as old as the story of mankind. The same instinct that

prompts modern businessmen today to secure themselves against loss and disaster existed

in primitive men also. They too sought to avert the evil consequences of fire and flood

and loss of life and were willing to make some sort of sacrifice in order to achieve

security. Though the concept of insurance is largely a development of the recent past,

particularly after the industrial era past few centuries yet its beginnings date back

almost 6000 years.

Life Insurance in its modern form came to India from England in the year 1818. Oriental

Life Insurance Company started by Europeans in Calcutta was the first life insurance

company on Indian Soil. All the insurance companies established during that period were

brought up with the purpose of looking after the needs of European community and these

companies were not insuring Indian natives.

Bombay Mutual Life Assurance Society heralded the birth of first Indian life

insurance company in the year 1870, and covered Indian lives at normal rates.

Bharat Insurance Company (1896) was also one of such companies inspired by

nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance

companies.

The United India in Madras, National Indian and National Insurance in Calcutta

and the Co-operative Assurance at Lahore were established in 1906.

In 1907, Hindustan Co-operative Insurance Company took its birth in one of the

rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta.

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The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life)

were some of the companies established during the same period.

The Parliament of India passed the Life Insurance Corporation Act on the 19th of

June 1956, and the Life Insurance Corporation of India was created on 1st

September, 1956, with the objective of spreading life insurance much more widely and

in particular to the rural areas with a view to reach all insurable persons in the country,

providing them adequate financial cover at a reasonable cost.

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Some of the important milestones in the life insurance business

in India are:

1850: Non life insurance debuts with triton insurance company.

1870: Bombay mutual life assurance society is the first Indian owned life insurer.

1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate

the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to collect

statistical information about both 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.

1956: 245 Indian and foreign insurers and provident

societies taken over by the central government andnationalized. LIC formed by an Act of Parliament, viz. LIC Act,

1956, with a capital contribution of Rs. 5 Crore from the

government of India.

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Insurance sector reforms

In 1993, Malhotra Committee, headed by former Finance Secretary and RBI

Governor R. N. Malhotra, was formed to evaluate the Indian insurance

industry and recommend its future direction.

The Malhotra committee was set up with the objective of complementing the reforms

initiated in the financial sector. The reforms were aimed at creating a more efficient

and competitive financial system suitable for the requirements of the economy

keeping in mind the structural changes currently underway and recognizing that

insurance is an important part of the overall financial system where it was necessary

to address the need for similar reforms.

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The Insurance Regulatory and Development Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act

as a strong and powerful supervisory and regulatory authority for insurance. Post

nationalization, the role of Controller of Insurance diminished considerably in

significance since the Government owned the insurance companies.

But the scenario changed with the private and foreign companies foraying in to the

insurance sector. This necessitated the need for a strong, independent and autonomous

Insurance Regulatory Authority was felt. As the enacting of legislation would have taken

time, the then Government constituted through a Government resolution an Interim

Insurance Regulatory Authority pending the enactment of a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for

the establishment of an Authority to protect the interests of holders of insurance policies,

to regulate, promote and ensure orderly growth of the insurance industry and for matters

connected therewith or incidental thereto and further to amend the Insurance Act, 1938,

the Life Insurance Corporation Act, 1956 and the General insurance Business

(Nationalization) Act, 1972 to end the monopoly of the Life Insurance Corporation of

India (for life insurance business) and General Insurance Corporation and its subsidiaries

(for general insurance business).

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Bharti AXA Life Insurance

Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias

leading business groups with interests in telecom, agri business and retail, and AXA,

world leader in financial protection and wealth management. The joint venture company

has a 74% stake from Bharti and 26% stake of AXA.

.

The company launched national operations in December 2006. Today, we have over 8000

employees across over 12 states in the country and a national footprint of distributors

trained to provide quality financial advice and insurance solutions to the large Indian

customer base. The company launched national operations in December 2006. Today, we

have over 5200 employees across over 12 states in the country. Our business philosophy

is built around the promise of making people "Life Confident".

As we expand our presence across the country to cater to your insurance and wealth

management needs with our product and service offerings, we continue to bring 'lifeconfidence' to customers spread across India. Whatever your plans in life, you can be

confident that Bharti AXA Life will offer the right financial solutions to help you achieve

them.

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The Joint Venture BHARTI and AXA

BHARTI

Bharti Enterprises is one of Indias leading business groups with interests in telecom, agri

business, insurance and retail. Bharti has been a pioneering force in the telecom sector

with many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is

one of Indias leading private sector providers of telecommunications services with an

aggregate of 60 million customers, spanning mobile, fixed line, broadband and enterprise

services. Bharti Airtel was ranked amongst the best performing companies in the world in

the BusinessWeek IT 100 list 2007. Bharti Teletech is the countrys largest manufacturer

and exporter of telephone terminals. Bharti has a joint venture with ELROo Holdings

India Ltd. FieldFresh Foods Pvt. Ltd - for global distribution of fresh fruits and

vegetables. Bharti also has a joint venture - Bharti AXA Life Insurance Company Ltd. -

with AXA, world leader in financial protection and wealth management. Bharti has

recently forayed into the retail business under a company called Bharti Retail Pvt. Ltd. It

also has a joint venture Bharti Wal-Mart Private Limited with Wal-Mart, for

wholesale cash-and-carry and back-end supply chain management operations.

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AXA Group

AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse

geographically, with major operations in Western Europe, North America and the

Asia/Pacific area. AXA had Euro 1,315 billion in assets under management as of

December 31, 2006. For full year 2006, IFRS revenues amounted to Euro 79 billion,

IFRS underlying earnings amounted to Euro 4,010 million and IFRS adjusted earnings to

Euro 5,140 million.

The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock

Exchange. The AXA American Depository Share is also listed on the NYSE under the

ticker symbol AXA.

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Bharti AXA Life Insurance

Vision

To be a leader and the preferred company for financial protection and wealth

management in India.

Values

Professionalism

Innovation

Team Spirit

Pragmatism

Integrity

Strategy

To achieve a top 5 market position in India through a multi-distribution, multi-

product platform

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To adapt AXA's best practice blueprints as a sound platform for profitable growth

To leverage Bharti's local knowledge, infrastructure and customer base

To deliver high levels of shareholder return

To build long term value with our business partners by enhancing the proposition

to their customers

To be the employer of choice to attract and retain the best talent in India

To be recognized as being close and qualified by our customers

Good HR practices

The guiding Human Resources principles at Bharti AXA are:

7. Clearly define scope of responsibilities and empower people to

deliver

7. Provide people with the means to develop their competencies

7. Consider individual training and development a priority

investment

7. Build organizations that are conducive to teamwork and that

involve everyone

7. Promote ongoing dialogue between managers and the people

who report to them

7. Make cultural difference a key source of strength

Strategic differentiators

Strong partner Bharti - provides access to customer base of

more than 20 million.

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Multi channel execution capability.

Current Asia product range which is a strong match to

products sold to the mass and mass affluent.

Global scale providing cost effective and speedy re-use of

systems, products and business capability.

Strong AXA and Bharti brands which can be leveraged to

attract and retain a high quality management team.

Insurance Products of Bharti AXA

Life insurance products for individuals:

Bharti AXA Dream Life Pension

A Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurances unique pension product ensures that

your retirement life is your Dream Life.

Bharti AXA Life AspireLifeAspire Life

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Unit Linked Endowment Product.

Aspire Life helps you create a pool of wealth to meet your long-term needs, while also

providing you adequate protection in case the need arises.

Bharti AXA Life Invest Confident

Unit Linked Single Premium Product.

You have always strived hard to achieve the best for you and your loved ones, so when it

comes to making an investment decision, we know that you would expect the best from it

too.

Bharti AXA Life Wealth Confident

A unit-linked investment cum protection policy.

Your wealth, your status ensures that you get preferential status wherever you go. So why

shouldn't your money get the same?

Bharti AXA Life Future Confident

A unit-linked policy which offers comprehensive protection along with wealth creation in

the long term.

Bharti AXA Life Future Confident II

A unit-linked product which offers enhanced protection along with wealth creation in the

long term.

Bharti AXA Life Save Confident

Traditional money back insurance product for long term savings.

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Your changing lifestages decide your financial milestone planning. When you foresee

intermittent financial requirements in the years to come, like regular expenses related to

your childs education, liquidity becomes a key aspect of your planning along with long

term savings, and protection for your family.

Bharti AXA Life Secure Confident

A Long Term Life Insurance.

All of us desire to maximise the happiness for our family at all times, irrespective of the

circumstances. The thought of unfortunate events befalling us may cause us anxiety about

providing a secured happiness to our loved ones.

Disclaimer:

Tax benefits are subject to change in tax laws.

For more details on risk factors, terms and conditions please read sales brochure

carefully before concluding a sale.

Life insurance products for Group Insurance:

Bharti AXA Life Mortgage Credit Shield

Mortgage Credit Shield is a Group Product that provides coverage to people who have

availed of a Mortgage\ Home loan\ Home equity loan from an Institution/Bank.

Bharti AXA Life Credit Shield

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Credit Shield is a Group Product that provides coverage to people who have availed of a

loan for 1 to 5 years from Group Policyholder.

Disclaimer :

Tax benefits are subject to change in tax laws.

For more details on risk factors, terms and conditions please read sales brochure

carefully before concluding a sale

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CHAPTER 3

RESEARCHMETHODOLOGY DESIGN AND

DESIGN METHODOLOGY

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REASEARCH METHDOLOGY

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done. We can say that research

methodology has many dimensions and research methods do constitute a part of the

research methodology. The study of research methodology gives the student the

necessary training in gathering material and arranging or car-indexing them, participation

in field work when required, and also training in techniques for the collection of data

appropriate to particular problem, in the use of statistics, questionnaires and controlled

experimentation and in recording evidences, sorting it out and interpreting it. Knowledge

of research methodology plays a key role in project work. It consists of series of actions

or steps necessary to effectively carry out research and the desired sequencing of these

steps.

Data Collection Method

Data can be collected by Primary as well as secondary method.

Primary Data Sources

Questionnaire methods and discussions were used to collect data.

Questionnaire Designed: Questionnaire was used for the

survey.

Secondary Data Sources

The secondary data sources were collected from the company manuals, handbooks, and

management books and are edited to suite the purpose.

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RESEARCH DESIGN

Exploratory type of research designs adopted because sources of information are

relatively few and the purpose is merely to find and to understand the possible actions.

The major purposes of exploratory study are:

Identification of problem

The precise formulation of problems including the identification of variables

Formulation of alternative course of action

Exploratory research gives valuable insight, generates ideas and hypotheses rather than

measuring or testing them. Exploratory research is concerned with identifying the real

nature of research problems and perhaps of formulating relevant hypotheses for various

tests. A researcher uses this type of research when very little is known about the problem

being examined. The major benefit is that it is less expensive and less time consuming.An exploratory research is often the first in the series of projects that culminates in one

concerned with the drawing of inferences that are used as a basis of monetary action.

Exploratory study is often used as a introductory phase of a larger study and results are

used in developing specific technique for larger study. Of the study the relevant

questionnaire was prepared and circulated among a stratified sample of 50 employees of

RELIGARE INSURANCE BROKING Limited. This questionnaire formed the basis for

the views on each of the points raised in the questionnaire. The data thus obtained formed

the basis of information regarding the existing recruitment and selection processes at

RELIGARE INSURANCE BROKING LTD. and the same is analyzed and interference is

drawn regarding the various aspects of recruitment and the entire process of selection at

RELIGARE INSURANCE BROKING Ltd.

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Sample Design

Sampling technique:

Stratified sampling technique is adopted to conduct the research. Stratified sampling is a

selection method for achieving a greater degree of representatives, therefore decreasing

the probable sampling error. It is based on the concept that a homogeneous population

produces samples with smaller sampling errors than does a heterogeneous population.

Stratified sampling is accomplished by placing all the members of the population intogroups according to some characteristics that is common among them, that is

homogeneous subsets of the population. Then specified number of unit is chosen from

each of the groups or strata by purposive means.

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Sample Size:-

Sample size was taken 110 to undertake the survey.

CHAPTER 4

DATA ANALYSIS AND

INTERPRETATION

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The Recruitment Process flowchart:-

Following is the flowchart of steps followed in recruitment of Life

advisors:

Identifying Vacancy & advertising it

Prepare Job Description and person

Specification

Short-listing on the basis of Q

scores

Conduction of interview

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Filling up the compulsory IRDA form

Scheduling the training

Conduction of examination

Final selection as LA

The elaboration on all the steps given in the flow chart above is given

in the following pages.

Identifying vacancy and advertising it:The following changes in the scenario

led to the increasing vacancy for life advisors in Bharti AXA, Delhi.

Expansion of business as well as market.

Growing competition.

Change in demographics.

After the identification of vacancy pamphlets containing the details were prepared

and were distributed. The pamphlet used has been provided as Annexure 1.

Preparing job description and person specification:

Career Bandwidth as a Life advisor at Bharti AXA:

As a Life Advisor at Bharti AXA, there is only one way to grow. And thats by meeting

and exceeding your targets.

As a good performer, you stand to get promoted from Bronze to Diamond Club and enjoy

special remuneration benefits.

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As a Life Advisor, you can get appointed as an Agency Manager within a span of just 9

months to 1 year.

As a Life Advisor, you also get to participate in various business related projects and

committees.

Compensation

As a Life Advisor, you have the opportunity to create attractive earnings for the first year

and for the long term through payouts.

Higher the business you generate in the first year, higher the income you stand to earn

year after year.

Get rewarded through Best in Class Rewards and Recognition programs including

overseas conventions.

Support

All Bharti AXA branches have HR services for support on all matters related to

compensation and career so you can redress your concerns immediately.

Comprehensive marketing support in terms of brochures, illustrations etc.

Sales Management Support for on the job training and business closure.

Infrastructure & Technology support through dedicated Life Advisors bay equipped with

telephones, computers and internet at Bharti AXA premises.

Customer Service and operations support.

Short Listing on the basis of Q scores:

The five Qs- The Qs are 5 different criteria where the candidates are to be analyzed.

Q1- The candidate should have been a resident of Delhi for at least five years.

Q2- He/ She should be married.

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Q3- His/ Her annual income should be at least 1.2 to 1.5 Lakhs.

Q4- He/ She should be a graduate.

Q5- Minimum age to be eligible for being a life advisor is 24.

The significance of Qs

A high Q score implies possibility of better performance by the candidate as a life

advisor (meaning better revenue generation ability). On an average only a candidate

with a score of Q4 or Q5 was interviewed.

A low Q score implies lesser possibility of such performance.

Conduction of interview:

Pre- interview: Preparation of recruitment /selection document for Advertising.

Preparing advertisement

Media selection

Positioning

Response handling

Initial interview online or telephone

Short-listing for interviews

Interview arrangement

Sending emails or calling short listed candidates

Interview details to the short listed candidates

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During Interview

HR interview

Technical interview

Conducting tests [Aptitude / Mathematical / Analytical etc.]

Initial final list of candidates

Reference check (if required)

Post interview

Email or Telephone call to unsuccessful candidates.

Technical Manager approval for a start up date.

Email or Telephone call to successful candidates.

HRM prepares a letter of appointment.

Selection Process

Starts with the preliminary interview.

Ends with contract of employment.

Different process for different organization.

Different process for different job in same organization.

Affected by internal & external environment.

Mutual decision making.

Filling up of compulsory IRDA form: A NAAF (New advisor application form)

is to be filled up by the candidate.

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Scheduling of the training: Guidelines as per provisions of IRDA Act for training

of life advisors.

The applicant shall have to undergo at least 50 hours of practical training in life orgeneral insurance business which may be spread over three to four weeks, where

such applicant is seeking license for the first time to act as an insurance agent.

The training duration should be minimum 18 working days excluding Sundays and

holidays.

No product training/market survey should be included into this hundred 50 hours

training. The product training, if any, to be given by the insurance company should

be over and above the minimum training hours prescribed by the Authority

The attendance record of the trainees should be maintained at the Institute for necessary

inspection at any given point of time.

In case of short-fall of attendance, extra class may be permitted but the extra hours may

be specified separately with proper attendance and details of faculty.

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Every Institute should have at least one qualified permanent faculty who is an Associate

or Fellow from the Insurance Institute of India for each stream i.e. for Life and

Non-Life.

The attendance register of the faculty members should be maintained at the training

institutes.

The record of the payment made to faculty should be maintained at the training institute

i.e. batch-wise payment detail should be maintained.

The faculty should provide details of the other Institutes with whom they have been

empanelled as part-time/guest faculty.

Register should be maintained at the training institute giving details of batches

completed, strength of the each batch, number of candidates decertified, name of

the sponsored insurer and details of faculty who imparted the training with dates.

The seating capacity of each class-room should not exceed 40.

The insurance companies would regularly send their officials to oversee the proper

conduct of the training at the institutes and would not sponsor candidates to those

institutes that are not maintaining the required standards of and facilities for the

training.

The training institute must display the certificate of accreditation to impart training issued

by the Authority at the training institute.

The Institute should not allow a franchisee to conduct courses on its behalf even if the

faculty is that of the Institute. The Institute should conduct the training on its own

premises or hired premises with proper infrastructure.

No marketing fee/consultancy fee payment is permitted for getting the training batches.

It will be the responsibility of the Insurance Company to check the status of the institute

before sponsoring any candidates for training.

The Institutes must keep with them one set of records of the training at the place where

the training is being imparted.

The Institute should confine its activities only to the place/city for which it has been

given the approval. No training outside the said place/city is permitted.

The Institutes must submit a copy of the lease deed/rent agreement at the time of seeking

fresh accreditation/renewal/change of address of the institute.

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On successful completion of training the candidates get COT i.e. the Completion of

Training Certificate by Bharti AXA.

1. Conduction of examination:

7.1 Syllabus: The syllabus prescribed by the authority for life insurance agents is

given in annexure 2. The self study course material developed by institute inbook form only the broad basis of examination which is available for sale with the

institute and its associated institutes. A candidate is expected to study the course

material in depth and also assimilate general information relevant to the subject.

Candidate is also expected to know up-to-date developments in the insurance

industry.

7.2 Pattern of examination: Normally objective type multiple choice

questions are asked. A candidate is required to indicate the correct alternative. A

candidate is required to secure at least 50% marks to be declared successful. But

the institute reserves the right to change, the pattern of question paper for the

examinations without notice to anyone to test the knowledge of the candidate as it

deems fit.

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7.3 Mode of examination:The test can be taken up in either of the two

modes- online or offline. Depending on the mode of testing the training is also

arranged. For online mode the training is also done online whereas in offline

mode the training is done in the class room format of. The duration of classroom

training is 3+2 days. Where 3 days are reserved for compulsory IRDA training

and the remaining 2 days are for product based training.

7.4 Admission card:No candidate will be allowed to appear for the

examination unless he/ she produces the admission card. The admission card will

be issued by Bharti AXA. Besides admission card candidate must possess COT

issued by Bharti AXA.

2. Final selection as Life Advisor:The final selection as Life advisor is

communicated to the candidate.

SURVEY QUESTIONNAIRE

1. Name:

2. Age:

3. Sex: Male Female

4. Occupation:

Government Employee

Private Employee

Student

Proprietor

Others

5. Number of Years spent in Delhi:

Less than 1 year

1-3 years

3-5 years

5-above years

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6. Marital Status: Married Unmarried

7. Do you live in joint family? Yes No

8. Which is your biggest concern for future? Child education

Retirement

Childs marriage

Medical illness

9. Have you made provision for future liabilities?

Yes

No

10. Given a chance would you like to make extra money?

Yes

No

Analysis 1

Age of respondents: the following is the distribution of age of the respondents.

Age 45 Years

Number of

individuals

58 40 7 5

Interpretation: Less than 25 years of age individuals constitute 52.72% of sample size.

Age of respondents

58

40

7 5

0

10

20

30

40

50

60

70

45 years

Age

N u m b er

of

in di

vi

d u al

s

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Whereas individuals with more than 45 years of age constitute only 4.545%.

Analysis 2

Sex of respondents

Interpretation: Sample is dominated by males which constitute 74.54% of total size.

Analysis 3

Occupation of Respondents

Occupatio

n

Studen

t

Pvt.

Employee

Govt.

Employee

Proprietor Others

Number 44 35 11 16 4

Interpretation: Sample is dominated by students and Private Employees (71.81%).

Sex of Respondent

male, 82

female, 28

male female

govt. employee, 11

pvt. Employee, 35

student, 44

proprietor, 16

others, 4

govt. employee

pvt. Employee

student

proprietor

others

43


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Analysis 4

Number of Years spent in Delhi.

0

20

40

60

80

100

1st

Qtr

2nd

Qtr

3rd

Qtr

4th

Qtr

East

West

North

Interpretation: Most of the individuals

(less than 1 yr) have come to Delhi to study or work.Analysis 5

Marital status:

Number of years spent in Delhi

47

16

23

24

05 10 15 20 25 30 35 40 45 50

5-above years

3-5 years

1-3 years

Less than 1 years

numberofyea

rs

number of individuals

44


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Interpretation: 73.63% of the sample size is Unmarried people.

Analysis 6

Question: Do you stay in a joint family in Delhi ?

Yes 39 No- 71

Interpretation: Almost 64.54% of Individuals are not staying in joint family.

Analysis 7

Marital status

married 29

unmarried81

married

unmarried

Family type of respondent

39

71

0

10

20

30

40

50

60

70

80

staying in joint family not staying in joint family

45


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Question: What is your biggest concern for future?

Interpretation: medical illness (32%) & child education (39%) are major concern for

future.

Analysis 8

Question: Have you made provision for future liabilities?

Yes: 31 No: 79

Interpretation: 71.81% of the individuals have made no provision for the future

liabilities.

Biggest concern for future

child education,

43

retirement,

25

child's marriage,

7

medical illness,

35

child education

retirement

child's marriage

medical illness

Have you made provision for future Liabilities.

yes, 28.19%

no, 71.81%

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Analysis 9

Question: Given a chance would you like to make extra money?

Yes: 83 No: 27

Interpretation: 75.45% of the individuals would like to make extra money. Such

individuals are identified and then they are motivated become Life advisors for an extra

source of income.

Given a chance would you like to make extra money?

yes, 75.45%

no, 24.54%

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CHAPTER 5

FINDINGS, SUGGESTIONS

AND

CONCLUSION

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FINDINGS

The findings are based on the survey undertaken and interview of individuals for theprocurement of life advisors.

Total number of Individuals surveyed -110

Among the individuals surveyed, the individuals who were willing to

make extra money-83

Among the individuals who were willing to make extra

money, those with Q score greater than 3- 24

Among the Individuals with scores >

than Q3, those interviewed- 13

Individuals selected

for IRDA training- 7

4Finally selectedLife advisors

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The major findings are:

1 After undertaking the entire process of questionnaire survey, individuals

were analysed on the basis of their Q scores.

2 Those individuals whose Q score was greater than 3 were considered better

prospects to be Life advisors.

3 13 individuals were Inter viewed.

4 7 individuals were selected for IRDA training.

5 4 individuals successfully completed the training and passed the Exam and

were finally selected as Life advisors at Bharti AXA Life Insurance, Delhi.

6 The Individuals finally selected as Life advisors constitute 3.63% of Sample

size.

Procurement and development of Life advisors

110

83

24

13

7

4

010 20 30 40 50 60 70 80 90 100 110 120

Individuals surveyed

Individuals willing to make extra money

Individuals with Q score greater than 3

Individuals interviewed

Individuals selected for IRDA training

Individuals finally selected as life advisors

Number of individuals

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SUGGESTIONS

The fee charged from candidates as application money should be waved off. It

should rather be paid by the Insurance Company.

The strict training schedule should be made flexible. For a person who is Q4 or

Q5 on score it is difficult for him/ her to be able to come for training especially incase when he/ she is already working.

The incentive system should be more attrative to motivate more and more people

for becoming Life Advisors.

More and more promotional activities should be held for enhanced brand building

which will facilitate revenue generation and increased satisfaction leading to

customer retention in the long run.

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CONCLUSION

For the purpose of this report, it was found that the questionnaire and interview

questions, employee manual were sufficient to obtain the information required to

analyze the process of requirement and selection within the organization. It has been

found that the organization has a sound understanding of what process need to

be used in order to achieve effective recruitment and selection of Life advisors .

.

The general perception of life insurance has to change in India before progress is

made in this field.

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CHAPTER 6

BIBLIOGRAPHY

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BIBLIOGRAPHY:

www.irdaindia.org

www.bharti-axalife.com

www.wikipedia.org

www.ibef.org Indian brand equity forum

NAAF

54
http://www.irdaindia.org/http://www.bharti-axalife.com/http://www.wikipedia.org/http://www.ibef.org/http://www.irdaindia.org/http://www.bharti-axalife.com/http://www.wikipedia.org/http://www.ibef.org/


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Annexure 1

PERSONAL DETAIL FORM

DATE:

NAME: CONT

AGE: D.O.B:

OCCUPATION:ADDRESS:

FAMILY DETAILS:

NAME AGE OCCUPATION

FATHER:

MOTHER:

BROTHER:

SISTER:

E-MAIL:-

Annexure 2

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Broad syllabus for pre- recruitment exam for life insurance agent:

1. Introduction to insurance:

What is insurance

Purpose and need of insurance

Classification of risk

The human asset

Insurance as a social security tool

Role of insurance in economic development

2. principles of life assurance:

life insurance contracts

principle of utmost good faith

insurable interest

principle of indemnity

different risks

3. premium and bonus

what is premium?

Premium calculation

Life fund

Actuarial valuation

Bonus

4. life insurance products

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basic elements

some popular plans

variable insurance plans

salary saving schemes riders

annuities

group insurance

5. underwriting

introduction

classification of risk financial underwriting

assessing risk

adverse selection

non medical underwriting

recent rends

6. insurance documents

proposal form and personal statements

first/ renewal payment receipt

policy document

endorsement

prospectus

7. policy conditions

age, days of grace

lapse and non- forfeiture

paid up value

revival

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assignment, nomination

surrenders and loan

foreclosure

alterations married womens property act policy

8. claims

maturity claims

survival benefit payments

death claims

accident and disability benefits

claims concessions.

9. unit linked life insurance products

what is linked policy

option of funds

net asset value (NAV)

flexibility

lock in

charges

ULIP and traditional insurance

Annuities and pensions

10. insurance agency

definition of an agent

agents regulation

procedure for becoming an agent

methods of remunerating agents

agency as a profession

functions of agents

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responsibilities of an agent

pre requisites for success

ethical behavior

11. law and regulations

insurance act 1938

LIC act 1956

IRDA act 1999

Consumer protection act 1986 (COPA)

Ombudsman

Income tax act

MWP act

Rural and social sector

Micro insurance

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Annexure 3

SURVEY QUESTIONNAIRE

1. Name:

2. Age:

3. Sex: Male Female

4. Occupation:

Government Employee

Private Employee Student

Proprietor

Others

5. Number of Years spent in Delhi:

Less than 1 year

1-3 years

3-5 years

5-above years

6. Marital Status: Married Unmarried

7. Do you live in joint family? Yes No

8. Which is your biggest concern for future?

Child education

Retirement

Childs marriage

Medical illness

9. Have you made provision for future liabilities?

Yes No

10. Given a chance would you like to make extra money?

Yes

No

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Documents

Training Report on Advisors recruitment