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project report on recrutment of insurance agent for IDBI Fortis life insurance co. ltd.

project report on recrutment of insurance agent for IDBI Fortis life insurance co. ltd.

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Published by Bajrang Kaushik

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Published by: Bajrang Kaushik on Jan 30, 2010
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ASUMMER TRAINING REPORTON“RECRUITMENT OF FINANCIAL CONSULTANTAND INSURANCE AGENT “SUBMITTED TO: MAHARISHI DAYANAND UNIVERSITY, ROHTAKIN THE FULFILMENT OF DEGREE OF “MBA”(SESSION 2008-2010)UNDER THE GUIDENCE OF:MRS. RITU ARORA(COLLEGE FACULTY)SUBMITTED TO:SUBMITTED BY:THE CANTROLLER OF EXAMBAJRANGM.D.U., ROHTAKMBA (FINAL)REG.NO. 04-VB-746D.A.V. INSTITUTE OF MANAGEMENT, FARIDABAD (HARYANA)ACKNOWLEDGEMENTI take great pleasure to thank and acknowledgement the permission and allowance byMr. GIRISH M. N., AREA MANAGER, IDBI FORTIS LIFE INSURANCE CO. LTD., BANGALOREREGION and his help and inspiration provided. I extend a whole hearted thanks toMr. PRAVEEN CHARLES H., DEPUTY AGENCY MANAGER under whom I worked and learned alot and for enlightening me with their knowledge and experience to grow with thecorporate working.Their guidance at every stage of the Project enabled me to successfully completethis project which otherwise would not have been possible without their constantencouragement and motivation, without the support it was not possible for me tocomplete the report with fullest endeavor.I would also like to extend my thanks to my College Faculty Member Mrs. Ritu AroraI would like to extend my thanks to my college director Mr. N.K. Sharma and all mycolleagues in the company who supported me in carry out my operation successfullyand generously and provided me vital information/ training regarding the myproject objective. THANK YOU BAJRANG KAUSHIKMBA –IIIDECLARATIONI undersigned Bajrang Kaushik The student of MBA 3rd Sem. hereby declarethat the project work in my own work and has been carried out under the guidanceof Mrs. Ritu Arora Faculty Member of DAV Institute of Management of Studies inFaridabad(Haryana). This Report has been submitted to M.D. University forEvaluation.Date:
Place: Bajrang KaushikPREFACEI had undergone a practical training under IDBI FORTIS LIFE INSURANCE CO. LTD.,BANGALORE REGION. It was a good exposure for me to undergo training in such acompany to get the knowledge and experience regarding life insurance andrecruitment of capable of insurance advisors.Summer training is one of the major experiencing components of the knowledge, gainof relevant of information with respect to marketing and dealing with situationsin a professional course like M.B.A. where a professional person faces a problemin a field. I was able to get familiarized with the customer relationship and gotto know how a company measures to resolve their grievances and service them to themaximum for future prospect and success. Field component like survey, generationof questionnaire with respect to marketing helped me a lot and would be a greatsupport in future.“It is good to have enthusiasm but it is essential to have training. Training canbe in all way of life.” Thus I would say that this training was beneficialeducative & good exposure to me, which will certainly help in my near future. Thisproject was designed with respect to this company. The project made me to get theenhanced knowledge regarding life insurance concept and the process of recruitingof financial consultant.OBJECTIVE OF THE STUDYManagement as a profession can’t be taught merely in the four walls of classrooms.Only theoretical knowledge is not sufficient to build competitive managers.Practical knowledge of the business environment is equally important.In today business world, insurance sector is running towards its booming stage.This industry still has many things to come up to, so many changes andopportunities will be given by insurance industry. So I choose insurance industryfor my training session in M.B.A.I choose IDBI Fortis Life Insurance Co. Ltd. is one of those private insuranceplayers who entered the market before one year and made its own place among allits competitors.This report is shows insurance sector & how insurance is most important part oflife. And understand insurance definitions. It also shows IDBI Fortis LifeInsurance Co. Ltd.’s Products. As you all know Financial Consultant is thebackbone for Insurance Co. This report show that how to recruit the InsuranceAgent and Financial Consultant.As a Trainee IDBI Fortis Life Insurance Co. Ltd. give me very practical knowledgeabout insurance and how to working in organization, How manage work, how tomaintain relations with top level management as well as colleges and bottom levelmanagement. So, this experience will helpful in future. I am pleased by takentraining at India’s one of the best insurance company.
Table of contentsS. No.ParticularsPages1.INTRODUCTION7-142.LIFE INSURANCE15-173.LIFE INSURANCE INDUSTRY18-204.HISTORY OF LIFE INSURANCE IN INDIA 21-235.ABOUT THE COMPANY :- IDBI FORTIS LIFE INSURANCE CO. LTD.24-276.PRODUCTS 28-377.LIFE INSURANCE AGENT AND FINANCIAL CONSULTANT RECRUITMENT38-458.RESEARCH METHODOLOGY46-519.MARKET SURVEY52-6210.SWOT ANALYSIS63-6411.CONCLUSION6512.RECOMMENDATIONS6613.BIBLIOGRAPHY6714.QUESTIONNAIRE68-70 INTRODUCTION - INSURANCEThe insurance sector was opened up in the year 1999 facilitating the entry ofprivate players into the industry. With an annual growth rate of 24.31 percent andthe largest number of life insurance policies in force, the potential of theIndian insurance industry is huge. The year 1999 saw a revolution in the Indianinsurance sector, as major structural changes took place with the ending ofGovernment monopoly and the passage of the Insurance Regulatory and DevelopmentAuthority (IRDA) Bill, lifting entry restrictions for private players and allowingforeign players to enter the market with some limits on direct foreign ownership.According to the CSO, the insurance and banking services’ contribution to thecountry’s GDP is 7.1 percent out of which the gross premium collection forms asignificant part. Life insurance penetration in India was less than 1 percent till1990-91. During the ‘90s, it was between 1 and 2 percent and from 2001 it was over2 percent. In 2003-04 it was 2.4 percent.The impetus for increase is due to the active role played by IRDA in licensingprivate players and taking positive steps in increasing the insurance awarenessamong the people. Besides, the insurance companies in general and privateinsurance companies in particular, are reaching out to untapped potential in ruralareas with aggressive campaigns.Innovative products, smart marketing, and aggressive distribution have enabledfledgling private insurance companies to sign up Indian customers faster thananyone expected. Life insurance is viewed as a tax saving device. People are nowturning to the private sector for providing them with new products and greatervariety for their choice.The improvement in FDI flows reflected the impact of recent initiatives aimed atcreating an enabling environment for FDI and for encouraging infusion of newtechnologies and management practices. The Government’s proposal to increase theFDI cap in the insurance sector from the present 26 percent to 49 percent hasraised expectations among the international insurance companies.Insurance – Defined:Insurance is a contract in which sum of money is paid to the assured inconsideration of insurer’s incurring risk of paying a large sum upon a givencontingency.-- Justice Tindall“Insurance is a contract by which one party for a compensation called in the

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