CHAPTER 1

RATIONALE OF THE STUDY

Rationale of the study

11 The service industry is one of the fastest growing sectors in India today .The upcomingng sectors which are really showing the graph towards upwards are- Telecom, banking and insurance. These sectors really have a lot of responsibility towards economy.

Researcher was doing summer internship from “ AVIVA ” company. His project was done during the months of 20thth June to 28thth august, 2009 at the PUNE-4 branch. There was my project title “Talent acquisition of potential advisors and mentoring”

Indian insurance industry is emerging rapidly after year 2000. To survive in this highly competitive scenario, managers are being pressured to improve quality, recruit quality and skilled people and eliminate inefficiency. The collective efforts of the employer, managers and other relative people assume relevance in this context. And this is where marketing management and human resources play important role.

Recruitment is very important in today’s scenario. But still it is ignored and considered as aa secondary aspect. In case of insurance industry recruitment only decide success or failure of company.

The researcher has made an attempt to study this aspect of Insurance industry in his project. In this project, recruitment for developing channel atat AVIVA LIFE INSURANCE isis considered. The researcher have tried to find out how exactly recruitment is very important for this firm as well as this industry, which are the different strategies firm use to recruit quality people and so on. It is more qualitative rather than a quantitative data.

To get knowledge of above question and to fulfil the requirements for him project on “Talent acquisition of potential advisors and mentoring”, the researcher has worked in AVIVA LIFE INSURANCE and searched some internet sites. and readed some books on ‘IRDA’. ”.”.

22 The service industry is one of the fastest growing sectors in India today .The upcomingng sectors which are really showing the graph towards upwards are- Telecom, banking and insurance. These sectors really have a lot of responsibility towards economy.

Researcher was doing summer internship from “ AVIVA LIFE INSURANCE” company. His project was done during the months of 20thth June to 28thth august, 2009 at the PUNE-4 branch. There was my project title “Talent acquisition of potential advisors and mentoring”

Indian insurance industry is emerging rapidly after year 2000. To survive in this highly competitive scenario, managers are being pressured to improve quality, recruit quality and skilled people and eliminate inefficiency. The collective efforts of the employer, managers and other relative people assume relevance in this context. And this is where marketing management and human resources play important role.

Recruitment is very important in today’s scenario. But still it is ignored and considered as aa secondary aspect. In case of insurance industry recruitment only decide success or failure of company.

The researcher has made an attempt to study this aspect of Insurance industry in his project. In this project, recruitment for developing channel atat AVIVA LIFE INSURANCE isis considered. The researcher have tried to find out how exactly recruitment is very important for this firm as well as this industry, which are the different strategies firm use to recruit quality people and so on. It is more qualitative rather than a quantitative data.

To get knowledge of above question and to fulfil the requirements for him project on “Talent acquisition of potential advisors and mentoring”, the researcher has worked in AVIVA LIFE INSURANCE and searched some internet sites. and readed some books on ‘IRDA’. ”.”.

22 CHAPTER 2

OBJECTIVE OF THE STUDY

33 Title of project

“Talent acquisition of potential Advisors and mentoring”

I have chosen my title Talent Acquisition of Potential Advisors and Mentoring. Since talented people are most important asset for any organisation.

During my project my job was thoroughoutly prospecting and acquiring right people who can be proved beneficial for Aviva life insurance also analysing the method of training and mentoring to be followed which was really a nice experience for me.

Objective Of The Study

For every problem there is a research. As all the researches are based on some and my study is also based upon some objective and these are as follows.

 To understand the insurance business and products of Aviva Life Insurance.

 To find out the people’s perception about life insurance.

44  To understand Consumer buying behaviour

 To analyze the recruitment process and find out lacking behind this.

 To find out what respondents expect from life insurance

Scope and Significance

The Scope of the research and talent acquision of potential advisors and mentoring was restricted to not only Pune but a part of it only.

The Sample size was 100 nos. Since the study requires a large sample to have a correct study, a sample size of 100 respondent was too small for it,. AVIVA LIFE INSURANCE has got various Products, and this is not possible to conclude their demand in the market in such a short span of time, however this Study Was specifically meant for talent aquision and mentoring.

5 Time allotted for study was only a duration of two months which is too less to conduct such a intensive study and to reach on a correct conclusion.

This study is very useful as the financial market become more sophisticated and complex, investor needs a financial intermediary who provides the required knowledge and professional expertise on successful investing and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy.

. In this study there is further improvement will be there in form of recruitment and sales promotion it was a new experience for the researcher to find out the trends in the market because everybody know that insurance sector is huge capacity of growth.

6 CHAPTER 3

PROFILE OF COMPANY

Aviva Life Insurance- An Overview

Our Heritage

Aviva Life Insurance India is a private insurance company formed from a collaboration between the Aviva insurance group of UK and the Dabur group, one of India's oldest and top producer of traditional health care products. Aviva's products are meant to provide customers flexibility, transparency and value for money. Aviva insurance group in UK with a history dating back to 1696, today stands as one of the leading provider of life and pension products to Europe and other parts of the world.

The history of Aviva Life Insurance India starts at 1834 during nationalization when Aviva was the largest foreign insurance group in terms of the compensation paid by the Indian Government. In 1995 Aviva was the first foreign insurance company to start its representative office in India. At present in Aviva Life Insurance India, the Aviva group is a 26% share holder and the Dabur group holds 74% shares in the joint. With asset under management of 364 billion pound and 45 million customers spread across 27 countries, Aviva plc is the world’s fifth largest and uk’s largest insurance group.

Powered by a dedicated work force of 57000 employees and over 40 ban assurance partnerships, Aviva has a diversified insurance business spanning the globe.

7 Aviva has a 172-year old heritage in india. The group was writing business in India as early as1834 and was the largest foreign insurer in India at the time of nationalisation, as per compensation paid.

Aviva Life Insurance India initiated the concept of Bancassurance in India and at present it has Banc assurance tie-ups with ABN Amro Bank, American Express Bank, Canara Bank, Centurion Bank of Punjab, The Lakshmi Vilas Bank Ltd. and Punjab & Sind Bank, 11 Co- operative Banks in Gujarat, Rajasthan, Jammu & Kashmir, Bihar, West Bengal, Andhra Pradesh and Maharashtra and one regional Bank in Sikkim. This has helped to distribute Aviva products in nearly 378 towns and cities across India.

Aviva Life Insurance India offers more modern Unit Linked and Unitized with Profit money products to the customers.

With a strong sales force of over 30,000 Financial Planning Advisers (FPAs), we have initiated and pioneered many innovative sales approaches, including the concept of Banc assurance and Financial Health Check services. We are among the first companies to introduce the contemporary unit-linked products.

A seasoned team of fund managers make our fund management one of the key differentiators. With a wide distribution network of 224 branches and close to 40 Banc assurance partnerships, we are spread across nearly 3,000 towns and cities in India.

Keeping with our commitment of social responsibility, we have been successful in reaching out to the underprivileged strata through our Micro insurance initiatives.

Vission

“Aviva –where exceeding expectation through innovation solutions is ”our” way of life”

Mission

“To be amongst india,s leading life insurance with quality business model focused on sustainable growth.

 Be a national player.

 Be the brand of the first Choice.

8  Be the Employer of the Choice.

 Become principal of choice for agents.

Values

This vision to become India's most admired life insurance company will be realized through our unique set of values, which are as follows:

 Customer centricity

 Passion for winning

 Integrity

 Innovation

 Empowered team

Knowledge

Knowledge leads to expertise and our expertise is in helping people protect them. Perfectly combining global expertise with local knowledge, we are India’s life insurance specialist. AVIVA LIFE INSURANCE believes that for knowledge to be of value it must be focused current tested and shared

Awards and Recognition Aviva has been felicitated with the "Bronze Award for Excellence in People Management" by Grow Talent Company Limited and Business world. This honour was given based on our ranking amongst the top 25 companies as per the Grate Place to Work survey in the last four years.

Aviva was ranked 4th in the Best Workplaces in India study for the year 2008 by the Great Place to Work Institute. We were the only Insurance company in the top 10 ranking that year.

Aviva India won the coveted Award for Talent Management during the national round of Asia Pacific HRM Congress

9 Aviva India was also felicitated by the HR Excellence Award by Amity Business School

Organization Structure of Aviva Life Insurance

10 CHAPTER 4 REVIEW OF THE LITRETURE

11 The History of Indian Insurance Industry

In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company.

First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. “Unethical practices adopted by some of the players against the interests of the consumers” then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and reach.”

Some of the important milestones in the life insurance business in India are:

 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: The market contained 154 Indian and 16 foreign life insurance companies.

With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15- 20% annually. Together with banking services, it adds about 7 percent to the Countries GDP.

12 In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

Since then the insurance industry has gone through many changes. The liberalization of the industry the insurance industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run.

Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss.

In insurance the insured makes payment called “premiums” to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract.

Insurance companies also earn investment profits, because they have the use of the premium money from the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of float are successful they may earn large profits, even if the insurance company pays out in claims every penny received as premiums. In fact, most insurance companies pay out more money than they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float.

An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums.

Changing face of Indian insurance industry

13 Indian life-insurance market is the target market of all the companies who either want to extend or diversify their business. To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business. The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian company and this foreign insurance company can have an investment of only 24% of the total start-up investment.

Indian insurance industry can be featured by:

 Low market penetration.

 Ever growing middle class component in population.

 Growth of customer’s interest with an increasing demand for better insurance products.

 Application of information technology for business.

 Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has a dozen private players, each of which are making strides in raising awareness levels, introducing innovative products and increasing the penetration of life insurance in the vastly underinsured country. Several of private insurers have introduced attractive products to meet the needs of their target customers and in line with their business objectives. The success of their effort is that they have captured over 28% of premium income in five years. The biggest beneficiary of the competition among life insurers has been the customer. A wide range of products, customer focused service and professional advice has become the mainstay of the industry, and the Indian customer’s forms the pivot of each company’s strategy. Penetration of life insurance is beginning to cut across socio-economic classes and attract people who have never purchased insurance before.

Life insurance is also now being regarded as a versatile financial planning tool. Apart from the traditional term and saving insurance policies, industry has seen the entry and growth of unit linked products. This provides market linked returns and is among the most flexible policies available today for investment. Now products are priced, flexible, and realistic and sustain so people in better position to understand the risk and benefits of the product and they are accepting these innovative products.

14 So it is clear that the face of life is changing, but with the changes come a host of challenges and it is only the credible players with a long term vision and a robust business strategy that will survive. Whatever the developments, the future and the opportunities in this industry will surely be exciting.

Promotion and Selling Financial Product Major Policy Changes by IRDA

Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions:

 Company is formed and registered under the Companies Act, 1956

 The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company.

 The company's sole purpose is to carry on life insurance business or general insurance business or business.

 The minimum paid up equity capital for life or general insurance business is Rs.100 crores.

 The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200 crores.

 The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy holders' interest etc.

15  Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.

Need Of Life Insurance

The functions of Insurance can be bifurcated into two parts: • Primary Functions

• Secondary Functions

• Other Functions

The primary functions of insurance include the following:

Provide Protection –

The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others.

Collective bearing of risk –

Insurance is a device to share the financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid.

Assessment of risk –

Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is the basis for determining the premium rate also

Provide Certainty –

16 Insurance is a device, which helps to change from uncertainty to certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses –

Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems , etc. Prevention of losses cause lesser payment to the assured by the insurer and this will encourage for more savings by way of premium. Reduced rate of premiums stimulate for more business and better protection to the insured.

Small capital to cover larger risks –

Insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries –

Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery.

The Product Offered By Aviva Life Insurance

17 • Easy life plus

• Life bond 5

• Life saver

• Life saver super

• Pension plus

• secure pension

• Aviva life line

• Aviva money back

• Freedom Life Plan

• Life long

• Life saver plus

• Little master

• Save guard

• Aviva sachin century plan

• Aviva health plus

Easy Life Plus

18 Easy life plus is a sample, unit linked endowment plan with the benefit of life protection. By choosing an appropriate premium level and term, you can match the maturity date of the plan to a specific saving need such a your child’s education, wedding or any other financial need. Easy life plus also offers extra protection against accidents without requiring you to undergo any medical examination.

Life Bond 5 –

Life bond-5 is an investment plan where u can premiums for 3or5 years and get investment returns with maximum tax benefits. this unit linked plan gives you the flexibility that you, as a smart investor, seek both at the time of investment and at maturity.

Life Saver –

Life saver is a unit linked plan designed to meet your specific long term need such a education and wedding cost of your children ,with the added reassurance of a life cover to meet those costs in the unfortunate event of your death.

Life Saver Super –

Life saver super is a unit linked plan designed to meet your future saving requirements besides offering a higher life cover. The plan offers sum assured in addition to the fund value as death benefit in case of your unfortunate death, thereby providing a higher financial protection your family. You can also opt for the “systematic transfer plan “ the plan also provides a loyalty additions from the fifth policy year onwards.

Pension Plus –

19 Pension Plus is a tax efficient, pension plan that is designed to help you earn a regular income, even after you stop working. Through this plan, you build a fund till you retire which provides you financial security after retirement.

Secure Pension –

A plan that offers dual benefits – pension and protection. The maturity benefits under this plan will be used to purchase an annuity, as per your choice.

Aviva Life Line –

Aviva life line is a whole life unit linked insurance cum investment plan. Unlike other plans that cease when you reach your mid 60’s or 70’s, this plan covers you for whole of your life. This plan provides you long term protection and investment avenues and comes with power pact features like – systematic transfer plan(STP), automatic asset allocation(AAA) plan and loyalty additions- all specially designed for superior investment proceeds.

Aviva Money Back - Aviva money back is an endowment with profits plan. In this plan, in addition to survival benefits at maturity, the policy holder gets a defined percentage of sum assured (SA) at pre-defined durations as survival benefit. One can also chose the accidental death benefit(ADB) rider to get additional benefits in case of death due to an accident. An ideal plan to meet both short term and long term financial needs.

Freedom Life Plan –

Freedom life plan is a unit linked, limited premium paying endowment plan with guaranteed loyality additions. This unit linked plan gives you the flexibility to customise the plan to suit your individual needs and alter it subsequently with your changing needs.

Life Long –

20 Life long is designed to suit your individual requirements, no matter which life stage you are at, and change as your needs change during your entire life, for the same premium you can opt for a higher life cover and higher savings. You can also cover your spouse under the same policy at a nominal expense through a joint life policy(first death basis.

Life Saver Plus –

Life saver plus is a unit linked endowment plan designed to meet your savings requirements for the future and offering you the option of a higher life cover. The plan offers full sum assured in addition to the fund value in case of your unfortunate death, thereby providing higher financial protection for your family. You can also opt for the “systematic transfer plan.

Little Master –

So your child can follow his heart. Aviva little master helps you go that extra mile to ensure that your child realises his dreams whatever they may be.

Save Guard –

Save Guard is a simplified, unit linked endowment plan. It is specially designed to help you save for important milestones like your child’s education and marriage, building a house or even creating a retirement fund.It also provides you protection for your dependents in the unfortunate event of your death. Save guard offers an investment opportunity as well as life insurance without requiring you to undergo any medical examinations.

Aviva Sachin Century Plan –

A simple unit linked plan with 100% premium allocation, giving you a return on the entire 100% invested by you.

Aviva Health Plus –

21 A health assurance policy that helps you manage the cost due to unexpected medical emergency and guaranteed return of entire premium amount at the end of policy period.

Recruitment Of Financial Advisor

22 Advisors are the backbone of any life insurance company. They play the most important and key role for company to cashing the revenue through selling the insurance policies. Some years ago Advisors were known as Agents but AVIVA LIFE INSURANCE introduced them as financial Advisors which seems to be more appropriately.

Recruitment Process Name gathering

Calling

Initial screening

Career seminar

P100

Evaluation

Career interview

FCS

Contract

23 Name gathering in P100

Name gathering in P100 consists of people whom you know from natural market and references you get from their sources. As a management trainee were given a task to gather 100 names. Figure shows the P100 format in which the database is created.

 Name of the prospective agent

 Address of contact

 Age

 Marital status

 Qualification

 No. of year in the city

 Financial status

 Profession

 Annual income

 Natural market

 Comments

Short listing

Candidates are shortlisted from the P100 as per the eligibility criteria laid down by the company. Only eligible candidates are considered for the next process.

Contacting

Candidates are called either as nominator, COI, Prospective Agents and a meeting is fixed with them according to the convenience of both the party. Here script plays very important role in fixing appointment with the prospect.

Initial screening

Initial screening is taken if candidate is found eligible using 4 point model. In intial screening, a sales manager first gives the introduction about the company. Then several questions such as his family background, his natural market, traits for a sales person, and his present and past experiences of his jobs are questioned.

Every candidate is required to get at least 3 points in eligibility model the company. The eligibility standards for AA selection are as follows. In case of score less than 3, special zonal head approval is required.

24 Career Interview

P100 is evaluated in Career Interview. If candidate’s market is found worth, he is selected to attend training and Development programme.

FCS

All the selected candidates are required to attend 15 days training session for receiving the license from IRDA to become an Agent Advisor.

Contract

All the successful candidates having legal license of IRDA are contracted with Aviva.

In this firm has its own statistic. That means if we will contact 60 person in a month. Then we can convert 2 people for a batch as a AA.

60 Coldp rospects.

20 Initials creening.

16 Test.

08 Seminar.

04 CareerI nterview.

02 FPAB atch.

25 CHAPTER – 5 RESEARCH METHODOLOGY

Research Design

Research Design is the basic framework, which provides the guidelines the study; it is the arrangement of conditions & analysis in a manner that aims to combine relevance to the

26 research purpose with economy in procedure. It was a descriptive research, which has

been done by making an in-depth study to get knowledge about the subject.

Data Collection Method

There are two types of data:

• Primary • Secondary

The secondary data refers to those data, which have been gathered, from the agency &

Company itself. On the other hand primary data gathered by the researcher afresh for the specific study undertaken by him. Primary data can be collected by three methods:

• Observation • Survey • Personal Interview

The researcher has chosen the survey method with the help of Questionnaire for the data collection method.

Research Instruments

Research Instrument calls by the name of tool of collecting the data. As above said the researcher has chosen questionnaire as research instrument, which gives most satisfactory results.

Sample Plan

In sample plan the researcher has to decide about the sample unit, sample size, sampling

procedure and contact method.

Universe: 100 respondents of Pune.

Sample unit: This part of the sample plan involve the decision about the respondents whether Financial institutions, Hotels, Manufacturing units & Industrial

27 sectors, Construction houses or a combination of all of them. The researcher has chosen combination of these as his sample unit.

Sample size: It involves researcher’s sample size decision about how many units to be surveyed. The sample size include 100 respondents which is combination of different types of respondents.

Contact method: The last issue to be decided in sampling plan is to determine the contact method i.e. how the selected unit be approached. Various methods available are mail survey, telephonic survey and personal interviews. The researcher has used personal interviews and telephonic survey as methods to get the information and questionnaire filled.

Field Work

At the end after finishing up the problem definition and research design, researcher conducted the actual data collection procedure. This is called fieldwork. The researcher has encountered with an average number of problems during his fieldwork, respondents refuse to cooperate sometimes, unable to give proper time, not interested to meet & the

bargaining nature of the businessmen etc.

28 CHAPTER – 6 DATA ANALYSIS & INTERPRETATION

Questionnaires And Data Interpretation

Table No. 6.1 Respondents

29 AGEGR OUP <18 18-35 >35

%OF RE SPONDENT 20 42 38

Fig No. 6.1 % Of Respondents

Interpretation -Most of the persons visited by us were found in 25-35 age group who are our actual targets.

Table No. 6.2 - Occupation of respondents in survey

OCCUPATION BUSINESSM AN STUDENTS WORKING PROFESSIONALS

%OF RE SPONDENTS 12 41 47

Fig. No. 6.2- Occupation of respondents in survey

30 Interpretation –by chart we can interpret that most of respondents surveyed by us belongs to young age group Which Includes professionals, students and bussines man.

Table No. 6.3 - Preference in previous job

Jobp rofile Salarly Job satisfaction Preference in previous job

Respondents in 32 21 27 %

Fig. No. 6.3 - Preference in previous job

Interpretation- by chart we can easily interpret that most of the people liked salary and job satisfaction in their previous job.

Table No. 6.4 - Reason for choosing life insurance as a career option

REASON FAST INTEREST OPPORTUNITIES

31 GROWTH

RESPONSE/VALUE 48 16 46 IN %

Fig. No. 6.4 – Reason for choosing life insurance as a career option

Interpretation - most of the people wants to choose life insurance as a carrer because high growth opportunity available in this field.

Table No. 6.5– Response for Facing Challenges while selling Life Insurance Products

RESPONSE YES NO

%O FR ESPONDENTS 78 22

Fig. No. 6.5 - Response for Facing Challenges while selling Life Insurance Products

32 Interpretation -most of the people contacted are ready to face challenges to sell life insurance product.

Table No.- 6.6 Reasons for preferring LIC

Reason Reliability Speed of Less hidden Returns Other claim charges settlement

Response 55 10 12 18 5

Fig. NO. 6.6 - Reasons for preferring LIC

Interpretation:- It is clear from the response of people that customers have faith in LIC and returns provided by Lic are also quite satisfactory to them.

33 Table No.- 6.7 Reasons for preferring ICICI Prudential

Reason Reliability Speed of Less hidden Returns Other claim charges settlement

Response 30 15 10 40 5

Fig. No.- 6.7 Reasons for preferring ICICI Prudential

Interpretation:- Above chart shows that customers prefer ICICI Prudential due to its higher returns and second preference is given to its reliability.

Table No.- 6.8 Reasons for preferring Bajaj Allianz

Reason Reliability Speed of Less hidden Returns Other claim charges settlement

Response 20 25 15 38 2

Fig. N0. 6.8 - Reasons for preferring Bajaj Allianz

34 Interpretation:- It is clear from above chart that people prefer Bajaj Allianz due to its speed of claim settlement and returns.

Table No.- 6.9 Reasons for preferring Aviva Life Insurance

Reason Reliability Speed of Less hidden Returns Other claim charges settlement

Response 30 23 10 35 2

Fig. No. 6.9 - Reasons for preferring Aviva Life Insurance

Interpretation :- Above table shows that customers have faith in aviva and quite satisfied with returns also which have same interpretation like aviva, it means it is doing well in market but still needs improvement.

Table No.- 6.10 Perception of people about Aviva Life Insurance

35 Perception Excellent Good Avg. Poor Can’ts ay

No. Of 15 40 30 10 5 Respondent s

Fig. No. 6.10 Perception of people about Aviva Life Insurance

Interpretation:- The above chart shows that overall brand image of Aviva is good in market.

36 CHAPTER – 7 FINDINGS

Findings

These are some points which I have find out at the time of my study that I want to specified as my finding and recommendation for Insurance. The points are as follows: -

 Most of the people wants to choose life insurance as a career because high growth opportunity available in this field.

 Most of the respondents are preferring salary over incentives.

 most of the people like salary plus job satisfaction in their job.

37  Aviva life insurance is lacking behind in some fields like after sales services, lack of faith within society.

 People are not much aware about aviva life insurance in india. Lack of awareness about this sector is problem to recruit the right person.

CHAPTER – 8 LIMITATIONS

38 Limitations

There is no activity without limitations in this vast project there are some problems faced by the researcher. There are limits in the project for future scope, the main Limitation has faced during project research are as follows:-

 The research has been carried on time span of one month.

 The research is based on the personal opinion of the respondents which may vary depending upon their personal view.

 Lack of time for doing a vast project of this type was the project

 Future Uncertainties this type of the organization

 Irrational consumer Behavior

 The Sample Size being taken for drawing a conclusion was too small to get an accurate result.

 Changing the Mentality of people

39 CHAPTER – 9

RECOMMENDATIONS AND CONCLUSION

40 Conclusion

Life Insurance has today become a main stay of any market economy since it offers plenty of scope for garnering large sums of money for long periods of time. A well regulated life insurance industry which moves with the times by offering its customers tailor made products to satisfy their financial needs are therefore essential if we to desire to progress towards a worry free future.

At the end of the project I analyzed deeply over the data of my research and I reached on this conclusion that there is huge untapped market and vast opportunity available in insurance sector.

 With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India.

 After sales services & improvement in product can improve the demand for Aviva products in market.

41  People who are already working in this sector for LIC are ready to work with private players because of better service and commission structures. Many chartered accountants, tax consultants, financial advisors are very happy with entrance of private players. Because they are providing better service and commission structure as compare to LIC.

Recommendations

After working in this project I feel that following are some ways in which the company can improve the current market base insurance policies and selection procedure for recruitment of financial advisor:

 Create awareness: The Company has to take care of awareness creation about the products and services among the Advisors/Agents.

 Charges: The Company has to reduce the mortality and administration charges.

 The company has to give periodic training. Advisors should be well trained, they should have complete knowledge about the policy plans.

 Product promotion strategies should be improved.

 Company should consider the present competition and should act according to the customer needs. Aviva Life Insurance have to improve in some field like reduction in hidden cost, improvement in after sales services and have to develop faith with in the society.

42 APPENDI X

43 Questionnaire

1. Which age group do you belong? a. <18 years b. 18-35 c. 35-65 d. >65

1. You are currently------a. Working professional b. Student c. Business man 2. What did you liked most about your previous job? a. Job profile b. Salary c. Job satisfaction d. Career growth

3. Why you want to choose life insurance as your carrier? a. High opportunity/growth. b. Interest c. Challenges d. Any other

4. Are you ready to face challenges during selling of life insurance product? a. Yes b. No

6. Various reasons for preferring LIC ?

a. Reliability b. Speed of claim settlement

44 c. Less hidden charges d. Returns e. Other

5. Reason for preferring ICICI Prudential?

a. Reliability b. Speed of claim settlement c. less hidden charges d. returns e. other

8. Reason for preferring bajaj allianz

a- Reliability b- Speed of claim settlement c- less hidden charges d- returns e- other

9. Reason for preferring Aviva life insurance?

a.Reliability b- Speed of claim settlement c- less hidden charges d- returns e- other-

10. Perception about Aviva Life Insurance?

a- Good

b.-Excellent

c- Poor

d- Can’t say

e- Total

45 Your Suggestions

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.BIBLIOGRAPHY

46 BIBLIOGRAPHY

 www.google.com

 www.scribd.com

 www.avivaindia.com

 www.irda.gov.in

 www.moneycontrol.com

 www.equitymaster.com

 www.valuereaserchonline.com

PREFERABLE BOOKS

 Ic-33 Life insurance,  I R D A Regulation 2002  I R D A Journal, January 2005 issue and august 2005 issue  Product & process booklet of Aviva life insurance

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