MINOR PROJECT REPORT On THE STUDY OF TATA AIG AND THE CANDIDATE SELECTION PROCESS INVOVLED Submitted by:- Guided by:- Kritika Verma Mr. Lokesh Jindal BBA (B&I)-3rd Semester Lecturer, Roll No. – 0131491806 Department of Business Administration. Submitted to:- An ISO 9001:2000 Certified Institute Recognised by UGC u/s 2(f) (Affiliated to Guru Gobind Singh Indraprastha University) C-4, Janak Puri, New Delhi-110058 CERTIFICATE This is to certify that the project entitled “THE STUDY OF TATA AIG AND THE CANDIDATE SELECTION PROCESS INVOVLED” submitted to MAHARAJA SURAJMAL INSTITUTE (Guru Gobind Singh Indraprastha University) in partial fulfillment for BBA Course has been carried out under my supervision. Project Guide: Mr. Lokesh Jindal Lecturer, Department of Business Administration Maharaja Surajmal Institute, Janakpuri, New Delhi-110058 2 Acknowledgement I would like to thank and dedicate this project to my project guide Mr. Lokesh Jindal , for giving me his unwavering support with which I was able to complete the project. It was a nice experience of learning and I gained a lot of knowledge by working under his kind supervision. I would like to give a special acknowledgement and thanks to all those, without whom this project could not have been possible. Kritika Verma 3 Table of contents Chapters Topic Page no. 1. Introduction 5-10 1.1 Preface 6 1.2 Objectives of the study 7 1.3 Research Methodology 8 1.4 Limitations of the study 10 2 Profile of the organisation 11 3 Analysis 36 4 Conclusions 39 Bibliography 41 Annexures 43 4 INTRODUCTION 5 PREFACE Everyone these days needs insurance. So the whole country has become the market place for insurance companies. Private Indian companies and foreign ones are so numerous at present that there is a cut-throat competition environment. And both looking for ways to increase their clientele and services to increase their business. Tata AIG Life Insurance Company Ltd. now provides new value-added services and ways in order to make the sphere of their clientele wider and wider. The company, in order to survive the growing competition is in a unique position to leverage its expertise and scale. The company is seeking new channels for its services and opportunities to reach to more and more patrons. This project was undertaken in order to select persons from various fields. To achieve this objective, questionnaires were used as a powerful tool and interviews and discussions were conducted. A lot of market surveys were undertaken for person to person contacts and the method of telecalling was also used which required a lot of time & energy besides persuasive skills. 6 OBJECTIVES OF THE RESEARCH The primary objective would be-: • The main purpose of the project is to study the working of TATA AIG LIFE INSURANCE and to design out candidate selection process for insurance advisor program. The Other objectives would be: - • Analysis of positive and negative things about the various means used to carry out the recruitment process. • To see the availability of people and their willingness to indulge themselves in a part time career opportunity. • Finally to conclude the findings and suggest the necessary corrective measures and recommendations regarding the future growth prospects. 7 RESEARCH METHODOLOGY TYPES OF DATA Two types of data: - PRIMARY DATA SECONDARY DATA PRIMARY DATA: - Primary data is the kind of data, which is collected by the investigator himself for the purpose of the specific study. The data such collected is original in character. The advantage of this method of collections authentic. A set of Questions was put together in the form of two questionnaires . The method of sampling was the random convenient sampling method. SECONDARY DATA: - When an investigator uses the data that has been already collected by others is called secondary data. The secondary data could be collected from journals, Reports, internet and various publications. The advantages of the secondary data can be it is economical, both in terms of money and time spent. The researcher of the report also did the same and collected secondary data from various Internet sites like google.com, yellowpages.com and many more. The researcher of the report also visited various libraries for collection of the introduction part. 8 DATA COLLECTION Data collected from various places such as Connaught place, Bani park, M.I. road etc. Sample size, which has been covered, is 50. Other information related to project has been taken from company website. 9 LIMITATIONS OF THE STUDY • The study results can be better applied to comparable cities and situations. • As the sample size is small, the opinions and beliefs of respondents may not represent true universe. • Personal biases of respondents may also act as hindrance towards clear picture of study. • The study was taken up in one city only and the responses may not be applicable to other cities or states. • While an attempt has been made to explore the scope, the competition and customers, developing the marketing plan for the company would require a great deal more expertise and experience. 10 PROFILE OF THE ORGANISATION 11 INTRODUCTION ON TATA AIG 12 THE TATA GROUP The Tata Group, easily India's most recognized business group, was founded by Jamsetji Tata and began with a textile mill in central India in the 1870s. From there, it has evolved into a truly diversified conglomerate spanning, among other sectors, Engineering, Energy, Chemicals, Consumer Products, and Communications & IT. The Tata Group is one of India’s best-known industrial groups with an estimated turnover of around US $14.25 billion (approximately 26% of India’s GDP). With more than 220,000 employees across 91 major companies, it is also India’s largest employer in the private sector. The Tata Group pioneered several firsts in Indian industry firsts, including: India's first private sector steel mill, first private sector power utility, first luxury hotel chain and first international airline, amongst others. Recently, the Tata Group's pioneering spirit has been showcased by companies such as Tata Consultancy Services (TCS), Asia's largest software and services company, and Tata Motors, the first car maker in a developing country to design and produce a car from the ground up. The Tata Group stable of brands also includes many national and some internationally renowned product and service brands, including: 13 Tata Motors (multi-utility cars) Tata Motors, India's largest automobile company, manufactures two kinds of multi-utility vehicles: the well-appointed Tata Safari and practical Tata Sumo. Tata Motors ( Passenger Cars) Tata Motors has a pioneering presence in India's automobile industry, best illustrated by the path-breaking creation of the Indica, a hatchback that was the country's first indigenously designed and manufactured car. Since then the company has expanded its passenger cars portfolio, which now also boasts the Indigo, a sedan, and the Indigo Marina, a station wagon. The Taj Group of Hotels (Luxury, Business and Leisure) Jamsetji Nusserwanji Tata, the founder of the Tata Group, incorporated the Indian Hotels Company on April 1, 1902, for the ownership and operation of the renowned Taj Mahal Palace and Tower, Mumbai. Indian Hotels and its subsidiaries are 14 collectively known as Taj Hotels Resorts and Palaces and, together, form the largest hotel chain in India Tata Tea & Tetley The Tata Group runs the world's second-largest branded tea operation. Tata Tea and Tata Tetley are the two companies that power the group's leadership drive in the worldwide tea industry. Tata Salt Besides tea and coffee, Tata Group enterprises are also involved in the production of food additives and spices. Tata Salt is the No 1 food brand among India's most trusted brands. India's most preferred salt is one of the purest available in the country. Moreover, Tata Salt contains the right amount of iodine, vital for physical and mental growth and development. 15 Titan Titan Industries is India's leading manufacturer of watches and the world's sixth largest manufacturer brand of watches. The company makes about 7 million watches and clocks every year and has a customer base of some 60 million. It enjoys over 50 per cent market share in India's organized watch segment. Tanishq Tanishq, a division of Titan Industries, is India's largest jewellery brand. It has 74 boutiques in 55 cities across the country 16 Westside (Garment Retail Outlet) Trent, the Tata Company that owns and operates the Westside chain of lifestyle stores, retails garments and household accessories. Set up in 1998, Westside is among the fastest-growing retail chains in India. It has a team of dedicated merchandisers, store staff and in-house designers, and its store portfolio comprises clothes and accompaniments for men, women and children. The chain also sells household accessories, cosmetics and perfumes. The other products and brands are: Tata Steelium, Tata Shaktee, Tata Tiscon, Tata Bearings and Voltas. By combining ethical values with business acumen, globalization with national interests and core businesses with emerging ones, the Tata Group aims to be the largest and most respected global brand from India whilst fulfilling its long-standing commitment to improving the quality of life of its stakeholders. 17 THE AIG GROUP American International Group, Inc. is the world's leading international insurance and financial services organization, with operations in more than 130 countries and jurisdictions. AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG companies are the largest underwriters of commercial and industrial insurance and AIG American General is a top-ranked insurer. AIG's global businesses also include retirement services, financial services, and asset management.