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Advisors for Expanding Its Business

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Advisors for Expanding Its Business A project Report On “To study the Life Insurance Industry and various factors which are responsible for enhancing the life insurance proposal to the customers”. Submitted for partial fulfillment of the degree of Masters of Business Administration to Rajasthan technical university, Kota (Rajasthan) Submitted To: Submitted By: RAJASTHAN ASHISH SHARMA TECHNICAL M.B.A PART-II UNIVERSITY SESSION: 2006-08 1 2 Acknowledgement I am deeply indebted to and express my sincere appreciation and gratitude to Mr. Chinmay Sharma of Reliance Life Insurance Company Ltd. for providing their valuable guidance and encouragement throughout the summer training for keeping my morale up and making it possible to complete and submit this project of mine in time. In addition to allowing me to study the insurance sector and recruit the advisor, they provided me many in depth details and enlightened me in the preparation of the study report. I also thank management of insurance brokerage firms, banks & corporate agents & many people to whom I visited during my training period. At last I would like to thanks to Mr. S.M. Juniwal (Director) and all Faculty Members of Apex Institute Of Management & Science, Jaipur for encouraging me to go for such a challenging task and sharpen my skills. 2 2 PREFACE In the Insurance industry, there are two channels of distribution- Alternate Distribution and Tide Agency. Advisor Recruitment is the part of Tide Agency. My project is about agency recruitment & channel distribution of Reliance Life Insurance. It means company is recruiting advisors for expanding its business. Company adopts chain marketing as a methodology for expansion. In this project, I have to make a cold call to the target market, get the appointment with them, convince them & close the sale positively. The queries, which are asked by the client, should be solved by the discussion with the company guide. The MBA curriculum has thus been designed such that it imports all the theoretical knowledge assisted by the practical impetus. A student is provided with the study all the subject relevant to him for discharging responsibilities of his job in future. It equips a students with all technical, management and human skills this report is an attempt to achieve practical knowledge of research and for partial fulfillment of MBA. Curricular research holds the title “STUDY OF INSURANCE DOMAIN” in RELIANCE LIFE INSURANCE LTD. (Ashish Sharma) 3 2 CONTENTS 1. Objective of research 05 2. Methodology 06 3. About reliance 08 4. Research methodology 17 5. Facts and findings 20 6. Introduction of L.I. 31 7. Major player of insurance sector 33 8. Advantage of L.I. 41 9. Various department of organization 42 10. Regulations “The agency law” 43 11. About IRDA 44 12. About ADVISORS 51 13.Advisors- job profile 52 14. S.W.O.T. analysis 70 15.Limitations 72 16. Recommendations 74 17.Conclusion 75 18. Questionnaires 77 19. Analysis Of Questionare 80 20.Bibliography 93 4 2 OBJECTIVE OF RESEARCH The main objective of our on the job training is to provide us the relevant knowledge and information regarding the share market and investment in it and also to provide with the practical knowledge of the corporate environment and exposure also. Learn Selling: The motive of on the job training is to learn selling so that I can illustrate the demo version of product to the customers before selling the company’s product and gain more knowledge about selling skills. Core objective: The objective is define as the core objective of the research project the research was conduct aiming at fulfill the following object -To analyze a comprehensive study of Reliance life with others -To analyze comparative analyzes of its products and services with other life insurance companies. Methodology The different strategies which are involved in the fulfillment of our targets are: 5 2 Firstly we have to make calls to the client if any client to seems to be interested in our product then we fixed a appointment with him/her then we go to his/her place for a demo and if he is satisfies then we fill the form and make him her our customers. Data collection The first strategy of on the job training is to collect secondary data from various sources. Sources can be from either company guide or friends or magazines. However secondary data must have clients phone or mobile numbers. Telecalling The second strategy of on the job training adopted by me is to call to the clients or people through telephone. The data is collected by me or given by company guide to me and I telecalling to them by which an appointment is fixed by client and going to him and tell him about our products.. Identified needs of the customers After collection of secondary data while telecalling the strategy has a different way as to identify needs of customer to serve the product in front of him, and when the customer is persuaded then he buys the company’s product. Personal selling Personal selling is a very good strategy for me to achieve the proposed target under on the job training I go to the corporate Offices, banks etc, To sell the company’s products this is the way by which 6 2 the customers can be aware for the products and if they are interested then they buy it. References I can adopted this kind of strategy also in which I meet my relatives friends etc. and find out the requirements for the company’s products for example my friends made me meet to one client and later he became the customer of the company. To find out markets in other cities A very good strategy adopted by me is to find out markets in other cities also because generally all the competitors have saturated jaipur market and it is very difficult to find out more customers in jaipur. For example I am seeking good markets for insurance in other cities like Ajmer and Kota. ABOUT RELIANCEGROUP The Reliance Group founded by Dhirubhai H. Ambani (1932-2002) is India's largest business house with total revenues of over Rs 99,000 crore (US$ 22.6 billion). The Group's activities span exploration and production (E&P) of oil and gas, refining and marketing, petrochemicals (polyester, polymers, and 7 2 intermediates), textiles, financial services and insurance, power, telecom and infocom initiatives. The Group exports its products to more than 100 countries the world over. Reliance emerged as India's Most Admired Business House, for the third successive year in a TNS Mode survey for 2003. Reliance Group revenue is equivalent to about 3.5% of India's GDP. The Group contributes nearly 10% of the country's indirect tax revenues and over 6% of India's exports. Reliance is trusted by an investor family of over 3.1 million - India's largest. One out of every four investors in India is a Reliance shareholder. With globally competitive capital and operating cost positions, Reliance Group dominates the rapidly growing Indian market deriving over 80% of its revenues from the domestic market. There was a split in Reliance group in 2005 and it was broken into two separate companies: • Reliance Industries Limited • Reliance Anil Dhirubhai Ambani Group (ADA Group) VISION To build a global enterprise for all our stakeholders, and A great future for our country, 8 2 To give millions of young Indians the power to shape their destiny, The means to realize their full potential… VALUES • Shareholder Interest We value the trust of shareholders, and keep their interests paramount in every business decision we make, every choice we exercise • People Care We possess no greater asset than the quality of our human capital and no greater priority than the retention, growth and well-being of our vast pool of human talent • Consumer Focus We rethink every business process, product and service from the standpoint of the consumer – so as to exceed expectations at every touch point • Excellence in Execution We believe in excellence of execution – in large, complex projects as much as small everyday tasks. If something is worth doing, it is worth doing well. • Team Work The whole is greater than the sum of its parts; in our rapidly-changing knowledge economy, organizations can prosper only by mobilizing diverse competencies, skill sets and expertise; by imbibing the spirit of “thinking together” -- integration is the rule, escalation is an exception • Proactive Innovation We nurture innovation by breaking silos, encouraging cross- fertilization of ideas & flexibility of roles and functions. We create an environment of accountability, ownership and problem-solving – based on participative work ethic and leading-edge research • Leadership by Empowerment 9 2 We believe leadership in the new economy is about consensus building, about giving up control; about enabling and empowering people down the line to take decisions in their areas of operation and competence… • Social Responsibility We believe that organizations, like individuals, depend on the support of the community for their survival and sustenance, and must repay this generosity in the best way they can. • Respect for Competition We respect competition – because there’s more than one way of doing things right. We can learn as much from the success of others as from our own failures The Reliance Anil Dhirubhai Ambani Group works in: • Reliance Communication • Reliance Energy • Reliance Capital 10 2 • Reliance Mutual Fund Reliance Life Insurance • Reliance General Insurance • Reliance Health • Reliance Entertainment • Reliance Infrastructure RELIANCE – ADA GROUP 11 2 • Reliance Capital 12 2 Reliance Capital is one of India’s leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth.
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