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Recruitment of Tied Agents in Aviva Life Insurance a Project Report Is

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Recruitment of Tied Agents in Aviva Life Insurance a Project Report Is Recruitment of Tied Agents in Aviva Life Insurance A Project report Is Submitted in the partial fulfillment of the requirement for the Master degree of Business Administration Submitted To: Submitted By AVIVA Neha 1 ACKNOWLEDGEMENTACKNOWLEDGEMENT I hereby express my gratitude to Mr. ROHIT PARVANDA (S.R.U. Manager, Business Development), Aviva Life Insurance Co. India Ltd., for providing me with an opportunity to work in this organization. I also thank him for his valuable inputs in my project and for also giving me an insight into the actual working of the company. I express my indebtedness and gratitude to my company project guide Mr. Sudeep Kumar (Sr. Sales Manager, Aviva Life Insurance Co. India Ltd.) for his constant support and encouragement throughout the execution of the project, without him this project would not have been possible. I wish to thanks Mr. T.R. Ramchandran (C.E.O & Managing Director.) and my project guide Mr. Sudeep Kumar (Sr. Sales Manager) for giving me support and guidance throughout the project and without whose generosity this project would have been difficult for me to complete. (NEHA) 2 EXECUTIVE SUMMARY Executive Summary The objective of this project was to assist Aviva Life Insurance in expanding their channel by recruiting Tied Agents for the company. For the company to successfully continue its operations, it needs to undergo change to get new business and to get new ideas. Moreover insurance is such a growing sector that it has full potential to have new customers. So it is very essential to have new people in the system, which can add new customers to the company. This was achieved through three-pronged efforts. The first objective of the study was to look for different segments of the people. The second objective of the project was to analyze the person to find whether he is fit for doing insurance. The third objective of the project was to finally introduce some people in the system by recruiting them as advisors of the company. 3 The research methodology consisted of secondary data, which was collected from different colleges, Yellow Pages etc and personal interview with people in HISAR, HANSI and near by areas. The data collected is attached at the end of the report. I would like to thank my mentor who provided me the opportunity to become the advisor for the company, which will give me lots of experience and help me in future. CONTENTS S.NO CONTENTS PAGE NO. 1. Introduction 6 1.1 -Purpose of study 6 1.2 -Objectives Of the Study 7 2. Research Methodology 8 2.1 -Data collection 10 2.2 -Analysis of data collected 11 3. Industry Profile 12 3.1 -Introduction 13 3.2 -Development of Insurance in India 15 3.3 -Privatization 16 3.4 -Classification 17 3.5 -IRDA 20 4. Company Profile 24 4.1 -Introduction 25 4.2 -Vision 27 4.3 -Distribution 28 4.4 -Structure 29 4.5 -Products 30 5. Recruitment Process 41 5.1 -Project Introduction 42 5.2 -Recruitment Process 43 5.3 -Types Of Training 49 4 6. Data Analysis 50 7. Comparison of all Insurance Co 57 7.1 -Market share 58 7.2 -Premium collected 60 7.3 -No. Of policies sold 62 8. Summary & main findings 64 9. Limitations 67 10. Recommendations 68 11. Annexure - Bibliography 70 5 1. INTRODUCTION Insurance is the method of spreading and transfer of risks. Losses of unfortunate few are shared by and spread our to many exposed to the same risk. Assets created by the owner in expectation of future needs or benefits have a value. Loss of assets for any reason deprives the owner of the expected benefit. Insurance in the context is a mechanism. Insurance may be of two types – Insurance of assets and insurance of human life. As far as insurance of human life is concerned it is an income generating assets, which can be lost at an early death or disabilities caused by accidents. Earlier there was only one insurance company in the public sector i.e. Life Insurance Corporation of India Ltd. But after liberalization the insurance sector has also been opened for private players. Now there are many private players in the Life Insurance Sector. 6 The success of every organization depends upon the employees working in it. That’s why these days all the organizations are very cautious regarding the recruitment of people in their company. Recruitment means the appointment of quality people with competent skills and knowledge suitable for the job. These recruited people add to the work force of the organization. There are some basic principals involved in getting the recruitment done successfully and consistently. The philosophy of high standards and a success syndrome is the central point of maintaining high standards and the presence of a successful advisor always attracts more of the same. Also there should be an atmosphere of success in the organization. As a result of a good atmosphere there is a natural inclination to become a part of the winning sales organization. To attract the good people to join the organization the work should have an attraction power it’s rightly said that Work at developing your attraction power strive to be the kind of person you want others to be. It is to be reminded that there is no large, ready supply of high potential candidate who are disconnected with their Present jobs 7 happen in individual’s jobs, their lives family background, which can cause them to become prospects for the new job. 1.1 PURPOSE OF STUDY In the present scenario Insurance is the fastest growing sector with a lit of potential as very less market of insurance have been captured till yet. This sector has a very wide future prospect and aviva being highly reputed attracted me the most. In the insurance sector, it is the advisor that carries the flag of the company in the market; they bear the brunt in the field. They represent the company in the market to the customers, so nobody can deny the importance of Advisors in the whole system. They provide the company with the business and help their respective SM to achieve their targets. So SM has to be really careful while recruiting their advisors. The most important responsibility is to achieve the First P or Production growth it’s what saying in the business requires of an aviva life insurance Manager. Part of this growth is accomplished by improving the productivity of the existing agency manager. However, bringing sufficient 8 numbers of high- quality new product in to your sales organization each year is an absolute must. 1.2 Objectives of the study Considering the importance of the tied agents in the field of advising ASM and re4cruiters in aviva life insurance Ltd, the main objective of study are delineated below: I. An attempt has been made to study the recruitment procedure adopted by aviva during the study period. II. To examine the causes responsible for the joining or not joining as tied agents in the company. III. To study the standing of aviva in relation to other insurance companies on the basis of: - Market share Premium collected Number of policies sold 9 2. Research Methodology This is an endeavor to locate right kind of people possessing the right kind of skills to become successful financial consultants. The study also tries to find out the kind of people and skills that would further enhance the insurance business. Aviva life insurance business aims at recruiting those who have entrepreneurial skills and necessary drive to survive and flourish in the present competitive and ever increasing insurance industry. The universe of study was limited to Hisar, Hansi and near by areas. The universe was divided in different segments. The process of segmentation was primarily aimed at simplifying the universe into smaller parts so each segment can be handled according to its unique features. These segments were as follows: • Students 1. B.Com and MBA pass outs 2. Students pursuing CA,. 10 • Enterprising Women 1. Hobby class operators 2. Beauty Saloon owners 3. Fashion boutiques 4. Kitty Party groups 5. Agents of direct Selling. • Property Dealers, Commission Agents, retired members from Banks. • Financers and other loan giving institutions • CA’s, Advocates and other Tax Consultants. 2.1 DATA COLLECTION For the purpose of recruitment of advisors and comparison of aviva with other companies, both published and unpublished data have been used. For this purpose various journals, magazines, books, broachers and annual reports of aviva n other related companies have also been used. Sources of collected for the various segments given as under: - 11 STUDENTS Research methodology: Mail + Call activity Data Source: colleges and respective institutions. ENTERPRISING WOMEN Research Methodology: Telecalling Data source: Personal contacts + classified section of HT City. PROPERTY DEALERS Research Methodology: Telemarketing Data source: Yellow pages + Local newspaper. FINANCERS AND OTHER LOAN GIVING INSTITUTIONS Research Methodology: Personal Contact Data Source: People’s References and through Local Newspapers CA’s, INCOME TAX CONSULTANTS AND ADVOCATES Research Methodology: Personal Contact Data Source: Yellow Pages. 12 2.2 ANALYSIS OF DATA COLLECTED .For the analysis of data the following given techniques have been used:- I. Financial analysis techniques Checking increase or decrease in amounts, percentage changes and ratio analysis. II. Statistical analysis technique Simple analysis is done on the basis of the collected sample and according to that graphs, tables and pie charts are made which are showing the comparison and various reasons behind the deviation and the quality of advisor. III. Sampling techniques: I used random sampling technique, in which I take the sample of the advisors from the total population of the advisors in Hisar branch.
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