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GAUHATI UNIVERSITY A Training Report submitted in partial fulfillment of the requirements for the award of the Degree of the

Masters of Business Administration (Industry Integrated)

Gauhati University on

“RECRUITMENT OF FINANCIAL CONSULTANTS AT HDFC STANDER LIFE INSURANCE”

Under Organization Guidance of: Mr.Kapil HDFC STD. Life Insurance Prepared and Submitted By NUPUR GUPTA G.U. Registration No.3325

Under Institutional Guidance Ms. Vibha NDIMS, New Delhi

CERTIFICATE

This is to certify that Nupur Gupta , a student of the Gauhati University has prepared her Training Report entitled “ Recruitment of Financial Consultant at HDFC STD. LIFE INSURANCE” under my guidance. She has fulfilled all requirements under the regulations of MBA (IIP) Gauhati University, leading th MBA (IIP) degree. This work is the result of her own investigation and the project; neither as a whole nor any part of it was submitted to any other University or Educational Institute for any research or diploma. I wish her all success in life.

Prof. Vibha Kushwaha Management Department New Delhi Institute of Management Studies

STUDENT’S DECLARATION

I hereby declare that the project Report conducted at HDFC STANDARD LIFE INSURANCE, NEW DELHI Under the guidance of PROF. VIBHA

Submitted in partial fulfillment of the requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION (Industry integrated) TO GAUHATI UNIVERSITY, GAUHATI Is my original work and same has not been submitted for the award of any other degree/diploma Fellowship or other similar titles or prizes.

Place: NEW DELHI Date:

NUPUR GUPTA Reg.No-003325

ACKNOWLEDGMENTS

who has been a constant source of inspiration for me during the completion of this project.I express my deepest and most sincere thanks to Prof VIBHA (Faculty Guide) and all my teachers who provided me their valuable time and information.KAPIL. Last but most important I thank ‘God Almighty’ above who guided me and bestowed me with the wisdom and an opportunity to carry out the project. I would like to thank my company guides MR. The OJT and Project could not be possible without their able support and guidance. It was a great opportunity for me to work with HDFC STANDARD LIFE INSURANCE. Not to forget. NUPUR GUPTA TABLE OF CONTENTS . I am extremely grateful to those who have shared their expertise and knowledge with us and without whom the completion of this project would have been virtually impossible. I am indebted to all staff members of HDFC STANDARD LIFE INSURANCE for their valuable support and cooperation during the entire tenure of this project. all those who have kept our spirits surging and helped me in delivering my best.

GROWTH AND PRESENT STATUS OF THE INDUSTRY c.1 OVERVIEW OF THE INDUSTRY AS A WHOLE 1.1 STUDENT WORKPROFILE .1 ORIGIN OF THE ORGANIZATION 2.6 MARKET PROFILE OF THE ORGANIZATION CHAPTER-3 DISCUSSIONS ON TRAINING 3.3 PRESENT STATUS OF THE ORGANIZATION 2. FUTURE OF THE INDUSTRY CHAPTER--2 PROFILE OF THE ORGNIZATION 2.2 INDUSTRY PROFILE a.2 GORWTH AND DEVELOPMENT OF THE ORGNIZATION 2.CHAPTER-----1 INTRODUCTION 1.5 PRODUCT AND SEVICE PROFILE OF THE ORGANIZATION COMPETIORS 2. ORIGIN AND DEVELOPMENT OF THE INDUSTRY b.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION 2.

2 STATEMENT OF REASEARCH OBJECTIVE 4.(Role And Responsibility.1 ANALYSIS OF DATA 5.2 KEY LEARNING CHAPTER-4 STUDY OF SELECTED REASRCH PROBLEM 4.3 RESEACH DESIGE OR METHODOLOGY CHAPTER-5 ANALYSES 5.2 SUMMARY OF FINDING CHAPTER-6 SUMMARY AND CONCULUSION . TOOL AND TECHNIQUES) 3.1 STATEMENT OF RESEARCH PROBLEM 4.

LIST OF GRAPH AND CHARTS .

INTRODUCTION .

The insurance sector has gone through a number of phases and changes. Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate. However. As per the provisions of IRDA Act. Since 1999. The pre-independence era in India saw discrimination between the lives of foreigners and Indians with higher premiums being charged for the latter.1.1 GENERAL INTRODUCTION ABOUT THE SECTOR Insurance is a federal subject in India. the insurance sector has been a booming market. promote and ensure orderly growth of the insurance industry. The history of the insurance sector in India reveals that it has witnessed complete dynamism for the past two centuries approximately. 1999. 1999 (IRDA Act). the largest life-insurance company in India is still owned by the government. when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing foreign direct investment of up to 26%. Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act. 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 The insurance sector in India has completed all the facets of competition from being an open competitive market to being nationalized and then getting back to the form of a .

and as Indians become more familiar with different insurance products. the Indian insurance sector been allowed to flourish. with the period from 2010 . India insurance is a flourishing industry. with several national and international players competing and growing at rapid rates.liberalized market once again. Due to reforms and the easing of policy regulations.2015 projected to be the 'Golden Age' for the Indian insurance industry. . this growth can only increase.

Established in 1907.1. The Government of India issued an Ordinance on 19th January. The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. The Triton Insurance Company Ltd formed in 1850 and was the first of its kind in the general insurance sector in India.2 INDUSTRY PROFILE a) Origin and development of Industry The history of the Indian insurance sector dates back to 1818. It is governed by a number of acts. This act empowered the government of India to gather necessary information about the life insurance and non-life insurance organizations operating in the Indian financial markets. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The Indian Insurance Companies Act was passed in 1928. Until 1999. The insurance sector went through a full circle of phases from being unregulated to completely regulate and then currently being partly deregulated. when the Oriental Life Insurance Company was formed in Kolkata. 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. Indian Mercantile Insurance Limited was the first company to handle all forms of India insurance. with the passing of the Life Insurance Act of 1912. A new era began in the India insurance sector. there were not any private .

in India there were total 176 insurance companies. foreign investment was also allowed and capped at 26% holding in the Indian insurance companies. Furthermore. With the effect of the General Insurance Business (Nationalization) Act. In the year of 1938. After the independence. private sector has enjoyed somehow monopoly in the general insurance sector. Till 1972. The government then introduced the Insurance Regulatory and Development Authority Act in 1999. came into effectNational Insurance Company. Oriental Insurance Company and United India Insurance Company.insurance companies in India. It was passed with the aim of providing the strict state control over the insurance business. In the year 1956. insurance sector in India grew at a much higher pace. thereby de-regulating the insurance sector and allowing private companies. New India Assurance Company. b) Growth and present status of the industry The roots of the insurance sector can be tracked down in the year 1818 in the formation of the life insurance Corporation in Calcutta. 5 crore. 4 new companies. private players in the industry will see a growth of about 140 per . with the passing of Insurance Act. Indian government combined together 245 Indian and foreign insurers and the provident societies under the name of nationalized Monopoly Corporation. the general insurance business got nationalized in the India. It was the same period when the life insurance corporation (LIC) came into the existence by the passing of the Act of Parliament and through the contribution of capital around Rs. Due to the amalgamation of 107 private insurance companies. 1972. There were around 107 private companies in the field. India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-09. 1938 there was the introduction of the first comprehensive legislation. as the subsidiaries of the General Insurance Company. During that time different premiums were charged for the Indian and English people lives. By the year of 1938. The Associated Chambers of Commerce and Industry of India has clocked out the fact that during this period.

LIC. which has shown the growth rate of more than 15 per cent to 20 per cent. Metlife Insurance. Some of the major players in this sector are LIC. the Life Insurance Corporation Act. 1999. 1999 and by various other acts. Insurance Regulatory and Development Authority (IRDA) Act. Insurance sector has been characterized as the booming sector of the Indian arena. Birla . 1938. owing to the adoption of the aggressive marketing techniques in comparison of the growth rate of 35 per cent-40 per cent achieved by the state owned insurance companies.cent. Kotak. the declination has been witnessed in respect of the share of the state owned insurance companies captured in the market. Mahindra and Birla Sunlife. The market share fallout has been noticed in context of such companies like GIC. The experts have forecasted the more severe competition in the insurance sector likely to be occurred in the near future.2000 billions in coming 2 years from the present level of Rs. 500 billion. which have come down to nearly 70 per cent in the past 4-5 years from the 97 per cent. ICICI. Max New York Life Insurance. Bajaj Allianz. HDFC Standard Life. With the result of adoption of the intense marketing strategies by the private players. C) Future of the industry The insurance sector has opened up for private insurance companies with the enactment of IRDA Act. 1972. Insurance in India is put under the federal subject and is governed by the Insurance Act. Till recently. Like HDFC. 1956 and General Insurance Business (Nationalization) Act. ICICI Prudential. The chamber is expected to poise the business of insurance to reach at Rs. The FDI cap/equity in this sector is 26% and the proposals have to be cleared by Insurance Regulatory and Development Authority (IRDA) established to protect the interest of holder of Insurance policy and act as a regulator and facilitator in the industry. A large number of companies are competing under both life and general Insurance. insurance sector was majority driven by the government sector players but now many private sector multinational players have come into the picture.

Sun Life Insurance. hence there is a lot of scope in this sector and a number of companies are planning to enter the sector. etc. During the period of 2008-09 to 2010-11 the non life insurance premium is likely to have a growth of 25%. Most of the population of India is not insured. Every futuristic individual would want himself to get insured. Various types of policies and instruments are coming up in the market to attract more customers. In the coming three years Health insurance sector is all set to become the second largest business after motor insurance. . Home insurance sector is likely to achieve a 100% growth since home insurance are made compulsory for housing loan approvals by the financial institutions. The concentration of insurance markets in many developed countries of the world has made the Indian insurance market more magnetic in terms of international insurance players.

.PROFILE OF THE ORGANIZATION 2.1 ORIGIN OF THE ORGANIZATION “Helping Indians experience the joy of home ownership”.

Established on 14th August 2000. HDFC Standard Life Insurance Co. in India. is a joint venture between HDFC Ltd.October 1998 Life Insurance project team established . Being a joint venture of top financial services groups.HDFC was founded by Hasmukhbhai Parekh. 100 million.January 2000(Mumbai) Company officially incorporated . HDFC was promoted with an initial share capital of Rs. Ltd. HDFC Standard Life Insurance Co. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000.October 1995 Joint venture agreement renewed ..January 1995 • • • • Joint venture agreement signed . Europe's largest mutual life company. HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully.14th August 2000 . offering a range of individual and group insurance solutions. has become the leading private insurance companies. Discussions commenced . India's largest housing finance institution and Standard Life Assurance Company.

On the 23rd of October 2000.4 % 18. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. in January 1995. this ambition was realized when HDFC Standard Life was the only life company to be granted a certificate of registration. Their ambition from as far back as October 1995 was to be the first private company to re-enter the life insurance market in India.• First private sector Life Insurance company to be granted a certificate of registration .6 % The partnership HDFC and Standard Life first came together for a possible joint venture. to enter the Life Insurance market. In October 1995 the companies signed a 3year joint venture agreement Furthermore Standard Life purchased a 5% stake in HDFC. further strengthening the relations. .23 October 2000 • Shareholding - HDFC Standard Life 81. Incorporation The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited.

with 81.HDFC are the main shareholders in HDFC Standard Life. while Standard Life owns 18. this is the maximum investment allowed under current regulations. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured 2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION .4%. Given Standard Life's existing investment in the HDFC Group. HDFC and Standard Life have a long and close relationship built upon shared values and trust.6%.

Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. In October 1995 the companies signed a 3 year joint venture agreement. Towards the end of 1999. The Mutual Fund was Launched on 20th july 2000. the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. (IDFC). Therefore. Despite this both companies remained firmly committed to the venture.HDFC Standard Life first came together for a possible joint venture. the joint venture agreement was renewed and additional resource made available. due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. In October 1998. Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. based in Mumbai. in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team. in January 1995. . In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard life insurance Company limited. to enter the Life Insurance market. The next three years were filled with uncertainty.

4%. by adding optional benefits called riders. HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance companies offering a range of individual and group insurance solutions. HDFC Standard Life maintains very high professional standards during product offerings by providing sound financial advice. this is the maximum investment allowed under current regulations. HDFC Standard Life's Product portfolio comprises solutions. Customers have the added advantage of customizing the Plans. with 81. which meet various customer needs such as Protection. On the 23rd of October 2000. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd). The company currently has 21 retail and 6 group products in its portfolio. Savings. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. HDFC Ltd. at a nominal price. while Standard Life owns 18. the leading providers of financial services in the United Kingdom. Pension.6%. India's leading housing finance institution and Standard Life plc.38 per cent of equity in the joint venture. as on December 31. this ambition was realised when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC are the main shareholders in HDFC Standard Life.Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. Given Standard Life's existing investment in the HDFC Group. HDFC and Standard Life have a long and close relationship built upon shared values and trust. efficient post-sale service. and immaculate financial . and Investment. 2007 holds 72.

000 Financial Consultants. HDFC Standard Life operates across more than 726 cities and towns of the country supported by its strong network of more than 1. HDFC Standard Life Insurance offers a range of individual and group solutions. for its financial consultants. 45. the Company's new business premium income stood at Rs. has also helped its customers choose the product. best suited for their needs. 2008. As of 31 December. Given below is a comprehensive list of policies and products on offer by HDFC Standard Life Insurance.811 lives so far. HDFC Standard Life also has more than 383 corporate agents and other sales intermediaries including banks for distribution of insurance products. for unitlinked products.3 PRESENT STATUS OF THE ORGANIZATION . Its group solutions have been planned to offer complete flexibility. Ongoing training for conventional products.839.security. together with a low charging structure. 1. and specialized training. 2. it has covered over 812.70 Crores. which can be easily personalized to specific needs.

investment. Investment and Health. Business Objectives . one of India’s leading private life insurance companies.00% of equity in the joint venture. offers a range of individual and group insurance solutions. holds 26. HDFC Standard Life continues to have one of the widest reaches among new insurance companies with 568 branches servicing customer needs in over 700 cities and towns. Pension. by adding optional benefits called riders.HDFC Standard Life. while the rest is held by others.43% and Standard Life (Mauritius Holding) Ltd. protection and retirement needs of customers. at a nominal price. along with five optional rider benefits catering to the savings. HDFC Ltd. HDFC Standard Life’s product portfolio comprises solutions. the leading provider of financial services in the United Kingdom. It is a joint venture between Housing Development Finance Corporation Limited (HDFC). holds 72. Customers have the added advantage of customizing the plans.000 Financial Consultants. The company has a strong presence in its existing markets with a base of 2.00. which meet various customer needs such as Protection. The company currently has 32 retail and 4 group products in its portfolio. India’s leading housing finance institution and Standard Life plc. Savings.

Some of the terminologies used to prepare the Comparison chart are as follows. Organizational Goals HDFC's main goals are to : a) Develop close relationships with individual households. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets. ULIP(Unit Linked Policy) In a unit linked policy. and The products of the company fall broadly under the following categories: • • • • Unit Linked Insurance Plans (ULIP) Traditional Insurance Plans Annuity Plans Group Insurance Plans The area of work in the project was mainly for the first three. The study started with ULIPs. c) Transform ideas into viable and creative solutions. the study extended to the ULIP plans offered by other companies in the Life Insurance market. This new mechanism is unlike the .The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner. the company receives premium from the policyholder and invests it in appropriate funds as chosen by the policy holder. After having a thorough understanding of the company’s ULIP products. and to promote home ownership. b) Maintain its position as the premier housing finance institution in the country. d) Provide consistently high returns to shareholders.

traditional policies where the policyholder had no control over his investments. and its price fluctuates as the market fluctuates. When the market is on a high. To put it as a simple mathematical equation: Net Assets invested in various funds Unit Price = Premiums Carrying on a research on the insurance industries They are the contributions made by the policy holder at regular intervals of time viz. which the policy holder gets on survival of the policy term. or when he wishes to terminate his policy (provided his policy is alive for the minimum period as stated by the company and he pays the premium for the minimum interval set) Risk Cover A very important concept in the insurance industry. units are quantified form of investment. Sum Assured It is that amount which is guaranteed to the family/nominee in case of death of the policyholder Life Benefits It is that amount (non-guaranteed). Annually. Similar to a share floated by a company. This means that the policyholder is guaranteed an amount to his family in case of his death. Quarterly or monthly. Bonus The company announces a guaranteed bonus rate at the end of each fiscal year. Half yearly. A unit is worth an amount of money invested in the funds. units are costlier and when it is on a low. This amount is added to the Sum Assured and given to the due person (nominee in case of death) Funds Total number of outstanding units . the units are cheaper.

The different kind of investments prevailing in the market can be made use of by investing in the different kinds of funds a ULIP offers. IRR for different funds and returns Growth trend for NAV Main Features of ULIP Currently there are 10 companies in the market. depending on their underwriting constraints. or treasury bills Balanced fund The company decided a ratio of the above three funds and invests accordingly Other funds offered are a mixture of the above parent funds. The basic funds offered by the insurance companies are: • • Equity fund Here the money is invested in the Indian stock market Debt fund Here the money is invested in Government bonds and other long-term bonds • • Cash fund Here the money is invested in pure money market. All these companies offer various limits(upper and lower) for the sum assured. which offer Unit Linked products. Some of the important features which was used by me for the comparison is as follows: • • Min and max sum assured offered Allocation charges . Features used on the line of comparison • • • Main features of ULIP. All the funds can be offered only after the approval of IRDA as per current regulations.

The features were selected by me based on the current customer needs in the market and also the ones given in the brochures in the company websites. my study now extended to the pension schemes offered by various companies.• • All kinds of charges levied Policy terms Pension policies / Annuity Schemes After the brief stint with ULIPs. Today. the skill to understand your clientele and the desire to give them your best. All you need is the courage to innovate. After the comparative chart. These features were such that there could be a comparison based on them. The study was limited only to the main features of the companies’ annuity schemes and preparation of the comparative chart for the pension schemes. In addition to this. stand testimony to our success. success on a terrain like this is not without a solution. in 1977. As we found out nearly three decades ago. The comparisons were made in such a way that at one glance one could make out the benefits and deficiencies of the product. More about HDFC SLIC The road to success is a tough and challenging journey in the dark where only obstacles light the path. . nearly three million satisfied customers whose dream we helped realise. However. an IRR illustration for major annuity schemes of some companies was prepared. The presentation was not for the disposal of the customer and was for the use of the officials concerned. a return statement of the annuity itself at the prevailing market annuity rates was also prepared. the solution for success is customer satisfaction.

policy and control. construction and urban policy & development. The board primarily focuses on strategy formulation. designed to deliver increasing value to shareholders Board of Directors Details of the Board of Directors in terms of their directorships/memberships in committees of other public companies (excluding HDFC) are as under: . has been to enhance residential housing stock and promote home ownership.Our objective. We also offer specialized financial services to our customer base through partnerships with some of the best financial institutions worldwide. our offerings range from hassle-free home loans and deposit products. taxation. to property related services and a training facility. from the beginning. Organization & Management HDFC is a professionally managed organisation with a board of directors consisting of eminent persons who represent various fields including finance. Now.

K. M. D. accountancy. KEY PERSONS OF HDFC SLIC DEEPAK PAREKH(CHAIRMAN) DEEPAK SATAWALEKAR(CEO AND MD HDLC SLIC . Parekh Mr. N.S. engineering and marketing. A. M. Munjee Dr. No. 4. which includes professionals from the fields of finance. Shirish B. Venkitearamanan Dr. 15. 10. 6.Keshub Mahindra Mr. 7. Name of Director Mr. 3. Patel Mr. Ghosh Dr. 2008). 1. Renu Sud Karnad Mr. S. Tarneja Mr. Mistry Category Executive Chairman Independent Independent Independent Independent Independent Independent Independent Independent Independent M. Irani Ms. S. 11.P ( Rajya Sabha ) Non-executive Special Director Joint Manager Director Vice-Chairman & Managing Director HDFC has a staff strength of 1445 (as on 31st March. Deepak S. Bimal Jalan Mr. S. M. N. 9. Satwalekar Mr. 8. D. Sukthankar Mr. N. Mehta MR. 12. Samshed S. Ram S. 2. 14. B. D. Dave Mr. law. 5. 13.

 HDFC Venture Capital Ltd. • HDFC Chubb General Insurance Company Ltd.  HDFC Developers Ltd.  HDFC Ventures Trustee Company Ltd.SUBSIDIARY & ASSOCIATE COMPANIES • HDFC Bank • HDFC Mutual Fund • HDFC Standard Life • Intelenet Global Services Ltd. . • HDFC Reality • • Other Companies Co-Promoted by HDFC  HDFC Trustee Company Ltd.

SENIOR HR EXECUTIVE HR . CEO HOD (HR) HOD (FINANCE) HOD (OPERATIONS) HOD (SALES) IN HOD (HR)-FIVE SUB DIVIDED DEPARTMENTS ARE IN BALIC (A) Associate Vice President (Business HR) (B) AVP Payrolls (C) Performance Management System (D) Learning and development (E) HR audit IN ASSOCIATE VICE PRESIDENT (BUSS HR) UNDER  ZONAL MANAGER (Delhi NCR) IN ZONAL MANAGER CAN BE SUB DIVIDED INTO  STATE HR • • Competition Information • HDFC Standard Life Insurance Company Ltd.4 Functional Departments of the Organization.

MetLife India Insurance Co. Ltd. Birla Sun Life Insurance Co. • HDFC Standard Life Insurance is also giving better services to its customers through the channel of financial consultant.• • • • • • • • • • • Max New York Life Insurance Co. ING Vysya Life Insurance Co. Pvt. For this I performed market research by using various kinds of activities like meeting persons individually in the market. each is having tough competition with other. Aviva Life Insurance Company Ltd. Pvt. • My study included the follow-up of procedures used for the recruitment of an insurance advisor who can sell the products of the company. Ltd. I had to introduce them with the benefits of . convincing people by tele-calling and through canopy activity to join HDFC as a financial consultant. Ltd. Om Kotak Mahindra Life Insurance Co. Ltd. Ltd. how and where to find them. Ltd. Each company is opting best possible strategy to spread its wings and attracting customer towards it by providing uninterrupted services. Allianz Bajaj Life Insurance Co. Ltd. Ltd. SBI Life Insurance Co. Tata Aig Life Insurance Co. AMP SANMAR Assurance Co. EXECUTIVE SUMMARY: • As in current scenario when there are so many players in life insurance sector. Ltd. Ltd. My project was to recruit financial consultants. their functions and then. ICICI Prudential Life Insurance Co. First of all I was explained about the importance of a financial consultant in the company.

• This study gave me immense opportunity to enhance my inter-personal skills and to have practical exposure of dealing with the customer directly. It was a delighting experience to engage myself in this summer internship because it taught me the ways of approaching and convincing the customer and finally recruiting them for the organisation in which I worked. • I conducted my research in Delhi and the areas close to it to know the public response and conducting analysis part. • Finally. 2.becoming a financial consultant and if they agree for it then doing their further documentation. interesting conclusions were drawn from the collected data. I got questionnaires filled with various customers to know their opinion and awareness about insurance sector.6 PRODUCT AND SERVICES PROFILE OF THE ORGANIZATION COMPETITORS The various products by HDFC Standard Life include: INDIVIDUAL PRODUCTS: Protection Plans o o o Term Assurance Plan Loan Cover Term Assurance Plan Investment Plans: o Single Premium Whole Life Plan Pension Plans: .

• • • Personal Pension Plan Unit Linked Pension Plan Unit Linked Pension Plus Savings Plans: o o o o o o o Endowment Assurance Plan Unit Linked Endowment Unit Linked Endowment Plus Money Back Plan Children's Plan Unit Linked Youngstar Unit Linked Youngstar Plus GROUP PRODUCTS o o o Group Term Insurance Group Variable Term Insurance Group Unit Linked Plan OTHER PRODUCTS • • • Rural Products Social Development Insurance Plan Tax Benefit Schemes 2.  HDFC maintains high quality of their products. attractive & effective campaigning.  Highly educated & well-experienced top management.  Strong brand name  Big budget & Willingness to invest in market.  Huge resources as compared to those of rivals. .7 MARKET PROFILE OF THE ORGANIZATION Swot Analysis of “HDFC Standard life insurance” (HDFC) Strengths  Localized branches.  Glamorous.

Threats  Loosing market share due to inefficient workforce. Wide brand variety to face the competitor’s variety to face the competitors & to serve the masses. Relevance of Swot analysis.  Focusing on bulk orders rather than small ones.  Decline in the market reputation due to ineffective & delaying.  The Swot analysis makes us aware of the strengths which will serve as pillar to take strategic decision.  The weakness tells us about the problems confronted by the company and accordingly the future step to be taken to over come them.  Heavy investment.  Target consumers increase in remarkable percentage every year. . Opportunities  Increase market share by improving services.  High demand of the product Weaknesses  More individuality in staff than conformity with the company’s goal.  Lack of advertising material in some areas of region.  Swot analysis projects an idea about the investment area which will yield more profit as well as the risk concerned.

(crores) FY 2005-06 800 700 600 500 400 300 200 100 0 1 NAME OF COMPANY MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR .JOINT VENTURE MAJOR INSURANCE PLAYERS IN INDIAN MARKET Rs.

• MNYL was the biggest loser in that financial year. very indifferent behavior of their agents. delay in payment etc. taking more time in resolving the people problem. • Biggest gainer for this year was SBI. This is mainly because of poor service. It had captured 8%of private market.MARKET SHARE IN 2005-06 1% 1% 1% 2% 7% 4% 5% 14% 13% 37% 8% 7% MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR Though ICICI has lost 4% market share but still it is the market leader with 37%market share. . Its market has decreased from 13% to 7%.

MARKET SHARE IN 2006-07 MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR 1% 3% 1% 3% 8% 7% 5% 7% 19% 9% 5% 32% • In this year also ICICI lost its market share but still it is number one in private companies. . • MNYL has performed again badly and lost its market share by 2%.

DISCUSSION ON TRAINING .

. You can work full-time or part-time.for our new Financial Consultants.LIFE INSURANCE looks out for in a candidate. depending on your convenience Sunrise industry Support every step of the way At HDFC Standard Life. training is an inherent element of our support system . HDFC STD. A great career move in every way Zero investment. there is no start-up capital.3.at no extra cost . • • • • • • We look out for a candidate who values Integrity Has a zeal for Excellence Is focused on Results Is Self driven and Enthusiastic Is a good Learner and Team Player Is dedicated to Customer Satisfaction HDFC SLIC recruitment process are as follows: This is a good business opportunity offered by HDFC Standard Life to become a business partner and earn a good amount of money.1 WORKPROFILE I am working as an financial consultant in “HDFC STANDARD LIFE INSURANCE”. Business description Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a excel in your endeavour.

Zero Investment . Certificate by IRDA. You can work full-time or part-time.Company offers excellent commissions. depending on your convenience. the time you invest will determine your success Any one can join . . Housewives.Young graduates. Be your own boss with flexible working environment. However. award and rewards for the performers. Retired Personnel.You will get world class training free of cost and certification by Insurance Regulatory Development Authority. Attractive Remuneration . Self-employed or Working Professionals. You have unlimited earning potential.There is no start-up capital required. Commission structure is pretty handsome and is 15-40% and renewal commission of 5% second year onwards till the policy is in force. unlimited earning potential and opportunities to be part of a world class sales team.EXCELLENT OPPORTUNITY Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding career Flexible work timings – You can work whenever you like.

enables you to understand customer needs and provide need-based insurance solutions Advanced Training. Age proof (passport. Education proof. Duely Signed Cancelled Cheque of self.Upgrades your capability and knowledge through sophisticated training programs customised for the changing world of financial products and markets Desired Profile: Age: Education: Experience: Type of Job: 18 Yrs to 65 Yrs Intermediate or more Not Mandatory Full Time or Part Time Documents Required: 8 photograph. College Leaving Certificate.TRAINING. Driving License).Perfects your knowledge about the insurance industry as well as our products IRDA Training.Prepares you for your career as a Financial Consultant and enables you to pass the IRDA examination easily Disha Training. Address proof. . Copy of PAN Card.Hones your selling skills. Birthcertificate.

Recruitment process of FCs Fill up of Agency form IRDA Training (50 hrs) IRDA Exam Fail Pass Exit Product Training Traditional Pr.A candidate needs to bring a DD of Rs.825 in case of online training towards HDFC SLIC LTD payable at Mumbai. 925/. ULIP Product .in case of offline training and Rs.

Closing sales. Meeting prospective clients. Understanding the need of the client. Post sales role Taking 1-2 references from the client Providing timely updates to the client for maintaining Lifelong relationship.  Presenting solutions to client. Benefits to FCs .Internal Assessment Pass Fail Certification Exit Job Description for Financial consultants Pre sales role Identifying prospective clients.

These commission varies from 7. Renewal commission is not payable on single premium plans. Commission directly credited to bank account of FCs within 15 days.Financial Benefits: Commission on issuance of every policy.5-40% according to plan.5% Renewal commission would be paid from the 2nd year onwards on regular premium policies. BASIC COMMISSION First year Commission payable on regular premium conventional policies issued on or after 21st march 2007 Name of the plan Endowment Assurance plan Money Back plan Children’s plan Term Assurance plan Lone cover Term Assurance plan Personal Pension Plan RENEWAL COMMISSION: 1st year commission 40% 40% 40% 25% 25% 7. Endowment Assurance plan Money Back Plan Children’s plan Lone cover Term Assurance Plan Term Assurance plan 5% 5% 5% 5% 5% .

Bonus commission rate would depend on financial consultant crossing the minimum RNEP(Received Net Effective Premium) within one year. 1. Period RNEP Bonus commission % of the 1st year Premium received In one year 1.Lone Cover Term Assurance Plan Bonus commission is not payable on the single premium plans and on the policies issued under the Personal Pension Plan and all Unit Linked Plans.000 10% 15% 1.Endowment Assurance Plan 2.Personal Pension Plan 2% BONUS COMMISSION Bonus commission would be payable on the first year premium received and adjusted on the regular premium policies under the following plans.Money Back Plan 3.000 5% REWARDS & RECOGNITION Within 30 days of Licensing Consultant can become STAR – Converted premium 2 Lacs .Children’s Plan 4.00.000 2.25.Term Assurance Plan 5.50.

. Like • • • • • • • • Gift Vouchers  Home Appliances  Two-Wheelers Gold/Diamonds Jewelry Foreign Trips Mobile Phones Laptops Cars etc.Silver Medal-Worth Rs 5200(approx) RISING STAR – MILLIONAIRE STAR – GLOBAL STAR – Converted premium of 5 Lacs Gold Medal-Worth Rs 13.50% Gold 5%.50% MONTHLY & QUARTERLY CONTESTS There are various Sales linked monthly & quarterly contests occur in which FCs has opportunity to gain something.5% 0.000(approx) Extra Payouts for STAR Performers Star Performers Club Status Bronze Benefits 1%max Rs.50% Centurion Graded4.5%.5%to8.37499 0.000(approx) Converted premium of 24 Lacs Gold Medal-Worth Rs 60.no upper limit 0.000(approx) Converted premium of 10 Lacs Gold Medal -Worth Rs 25.5999 Additional status bonus Silver 2.max Rs.

 Calling perspective. Personal email id. Training support – Various training modules to enhance your sales skills. The company agent would be a professional sales person and would be given the designation of a ‘consultant’ by the company . and contest updates etc. Availability of office infrastructure for telecalling. sales done. Recommended appropriate solutions so that customer is able to meet his/her financial objectives in the most optimum manner.  Screening for interview.The consultant should would act as financial advisior to the customer so that he or she would analyse the customer financial requirement and help them plan their goals. interpersonal skills etc.  Formulating a proper match between job description& job specification. . ROLE AND RESPONSIBILITY  Recruitment of financial counsultant.He or she shall provides support to customers on an ongoing basis. Consultant corner to access illustration. benefits illustration  etc. Then the company also support the consultant by providing the requirement training and information.Joint fieldwork with respective SDM/BDM. Marketing support – Consumer Contact Programs. quotations.  Line up of candidate for Interview.OTHER BENEFITS • • • • • • On field support.

Completing documents for candidate to joining. we can ask certain questions and interviewer (SME customer) responds to these questions. if possible. This method can be used through personal interviews and. At the time of interview. Major benefits of this method are: a) More information and that too in greater depth can be obtained. Personal interview: The bank can use this method to collect data. On contacting a person on telephone he is asked about his banking requirements and is told about the product. Telephone interviews: This method of data collection consists in contacting respondents on telephone itself. If person shows interest then appointment is taken. b) Personal information can as well be obtained easily. For example cheque book lying on table of that client can give clue about his banker.verbal responses. Interview method is used to collect and gather information about candidate 1. In this way data collected is recorded on data collection reports and this data is then presented to relation executive to find prospects. it can be observed from surroundings. Swipe machine used to swipe debit . This method is used very rarely by executive of ICICI bank. Observation Method: Under the observation method the information is sought by way of sales executive own direct observation without asking from the respondent. Tools and technique used for the selection of financial counsultant Interview Method (Cold calling): This method involves presentation of oral – verbal stimuli and reply in terms of oral . 2. For instance to know customer’s banker. c) The language of the interview can be adapted to the ability or education level of the person interviewed and as such misinterpretations concerning questions can be avoided. through telephone interviews.

.interview co-ordination. In my training period I was made aware of the HR Department of the company which gave me a broader perspective about my research work.1 STATEMENT OF RESEARCH PROBLEM For every problem there is research. objective of the research is to the study the recruitment and selection process of HDFC STANDARD LIFE INSURANCE.2 KEY LEARNINGS  Information regarding Insurance sector. . Live Experience It was really a great experience to work with HDFC STANDARD life insurance and to know about their work culture. calling.  Changing recruitment for insurance sector  Industry with special focus on the profile of Financial Consultant  Importance of documentation and Induction formalities. I did shorlisiting. STATEMENT OF RESEARCH OBJECTIVE The basis objective of the project was to find out the highly network individual those can act as an financial consultant.joining formalities. As the researches are based on some objectives. screening. To study the corporate profile with some light on their future plans.3.induction etc CHAPTER 4 STUDY OF SELECTED RESEARCH PROBLEM 4.

To identify the shortcomings in recruitment and selection process.3 COLLECTION OF DATA TYPES OF DATA There are two types of data: • Primary data .• • • • To study organizational structure of relationship among all the members of the organization. To conduct an analysis on recruitment and selection process of HDFC STANDARD LIFE To outline the suggestions to make the recruitment and selection process more effective by framing some guidelines for the same. 4.2 RESEARCH DESIGN AND METHODOLOGY  To judge effective process for recruitment of financial counsultat  To analyse effective of job description  Use of questionarie  And interview method 4.

Observation Method. which is collected through observations. The main data used i. Financial consultant activation 3.e.Secondary research method is the method by which data is collected by journals. is called as primary data. about the recruitment and selection followed by the HR department.• Secondary data.are all taken from the company’s booklet. experiments and surveys. Financial consultant productivity  number of policies (fc productivity)  average premium per policies Recruiting financial consultants . Number of licensed financial consultant 2. In this project company booklet and Internet were used as the means for getting information on the recruitment and selection process and getting sufficient information about the company. The company gets the review about the product by the product critics. Experimental Method and Survey Method. newspapers. SECONDARY DATA: . It can be collected in 3 ways: . key levers for achieving business objectives 1. magazines reviews. PRIMARY DATA: .The data.

Join HDFC SLIC as a financial consultant and help you analyze yours customer‘s financial needs. We attribute this success to our people. HDFC Standard Life is one of the leading life insurance companies having a track record of declaring bonuses every year since inception. Life is out to provide insurance to the huge prospective market through its channel of agent advisors. It draws its personnel from many disciplines. various promotional campaigns are held for attracting customers. . They are the building blocks on which the company's performance & productivity is based". Along with being a great career move you get associated with HDFC SLIC. Be HDFC’s certified financial consultant. best culture and best development opportunities possible. Here’s is the unique opportunity to put your career path on the fast track. India’s most respected private life insurance company."HDFC's finest investment is in its Human Resources. A great career move in every way PRIMARY OBJECTIVE: The objective of this project is about increasing market share by creating awareness about insurance . provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customer on track. We believe they are a key facet of the company and it is their contribution that has enabled us to achieve our current status. In addition to this. Since they deserve the best. So this project basically aims towards creating a niche for HDFC in the insurance sector. who are our most important asset. HDFC Ltd. our efforts have been to provide them with the best environment. HDFC Std. We at HDFC SLIC also offer you unmatched support with various training programmes to help you excel in your endeavor. H T Parekh Founder-Chairman. Mr.

Bindlly faith on LIC. • Exact feedback from the market about the products of HDFC Standard Life by directly interacting with the consumers. No testing of secondary data for its . For this it needs some channels in order to enable customers to interact easily with the company. By achieving the above specified goals the following Value Addition will be derived: Create awareness among the consumers about the benefit of life insurance which will lead to increase in the sales. Time limitation for doing study. ◊ Create a deeper penetration through our regular visit to each and every prospective client of Max New York Life. . LIMITATION Lack of awarness of the people.To create the Brand equity of HDFC Std Life Insurance Co. Need of the Study Every life insurance company wants to provide better and quick service to its customers.

Nationalization of life insurance industry in India in year 1956 led to the emergence of LIC and with which monopoly of LIC started. The main purpose of this study was to recruit quality financial consultants. the motive behind this study of mine was to have practical knowledge of recruitment by adopting various kinds of strategies and to learn new things. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. The market was opened for private and foreign players much to the delight of customers.1 ANALYSIS OF DATA The insurance sector in India have come a full circle from being an open competitive market to nationalization and back to a liberalized market again. The insurance industry’s contribution to Indian economy was not up to expectations the situation remained same as late as year 1999. . In year 1999 the insurance industry saw the light of liberalization. 5.Financial Consultants bridge the gap between company and the customer by imparting them the right kind of information. suitable products and better services. the persons those who could bear this responsibility are constantly searched by the insurance company. So. Customers are enjoying cost effective. • Secondly.

Ltd.2006. An industry poised for exciting change. They have to spread awareness about insurance and to win the confidence of the Indian customers as well. 2) The New India Assurance Co. Insurance industry.To ensure the utilization of new capital in Indian market only. namely: .000 crores by 2010. Life Insurance. comprised mainly two players: the state insurers Life Insurers Life Insurance Corporation of India (LIC)  General Insurance General Insurance Corporation of India (GIC) GIC had four subsidary companies. 27. Ltd. namely ( with effect from Dec'2000. Ltd. Insurance Industry after 2000-2001 had many new entrants. expected to grow to an astronomical Rs.500 Crores industry today. Ltd. 3) National Insurance Co. government has regulated the investment methodology adopted by insurance companies. Today. 115. as new companies will be allowed to offer insurance products to the Indian consumer. as on 1.4. A Rs. these subsidaries have been de-linked from the parent company and made as independent insurance companies) 1) The Oriental Insurance Co. the players in the market are facing various challenges. 4) United India Insurance Co.

2 SUMMARY OF FINDINGS Findings and Analysis Q. .1 In which category do you belong? Category Student Job-Seeker Employee Response 11 10 29 Response 22% Student Job-Seeker 58% 20% Employee Note : According to the chart the questionnaire was filled by 58% employees. 22% students and 20% job seekers.5.

2 Please ranks the following medium of recruitment: (1 to most appropriate. . 2 to less appropriate & so on) Medium Newspaper Internet Campus Recruitment Telephonic Interview Employee Referrals Previous Applications Consultancies Rank 1 8 10 16 3 1 0 12 Most popular medium Newspaper 24% 0% 2% 6% 32% 16% Internet Campus Rec 20% Telephonic Intvw Emp Referrals Previous Appl Consultancies Note : According to the chart Campus Recruitment is regarded as the most appropriate medium of recruitment.Q.

.com) helps the candidates to get their desired kind of job? Strongly Disagree 1 2 3 4 5 Strongly Agree Response 2 3 11 19 15 Strongly Disagree 30% 0% 4% 6% 22% 1 2 3 38% 4 5 Strongly Agree Note: It can be concluded from the above chart that 68% people think that internet (job websites) help the candidates to get their desired kind of job.3 Do you think Internet (Job-websites like naukri.Q.

Q.Q. are consultancies playing a major role in recruiting the candidates these days? Strongly Disagree 1 2 3 4 5 Strongly Agree Response 5 4 13 15 13 Strongly Disagree 26% 0% 10% 8% 1 2 3 26% 30% 4 5 Strongly A gree Note: From the chart it can be concluded that 56% people think that consultancies Play a major role in recruiting the candidates these days. to you. to you.5 Acc.4 Acc. how many rounds should be there in a selection procedure? .

6. And according to 40% of the people surveyed. Q.No of rounds One Two Three Four Five Response 1 20 25 4 0 No of rounds 0% 8% 2% 40% One Two Three Four 50% Five Note: According to 50% of the people there should be maximum three rounds in a selection procedure. only two rounds should be there in a selection procedure. Do you think Group Discussion (GD) is the appropriate medium to judge a candidate’s potential? .

Q.Strongly Disagree 1 2 3 4 5 Strongly Agree Response 0 4 18 16 12 Group Discussion Strongly Dis agree 24% 0% 8% 36% 32% 1 2 3 4 5 Strongly Agree Note: According to 56% people Group Discussion (GD) is the appropriate medium to judge a candidate’s potential.7 Should Aptitude test be a compulsory step during the selection of a candidate? .

which type of employment-interview is appropriate tool for judging a candidate’s potential during selection procedure? .Compulsory Step Yes No Response 31 19 Aptitude test 38% 62% Yes No Note: According to 62% people surveyed.8 In your opinion. aptitude test should be made a compulsory step in the selection process. Q.

Type of Interview One-to-one Sequential Panel Type of Interview 40 30 20 10 0 One-to-one Sequential Panel 29 13 Response 29 13 8 8 Type of Interview 16% One-to-one 26% 58% Sequential Panel Note: According to 58% people one-to-one interview is appropriate tool for judging a candidate’s potential during selection procedure. Q. According to 26% people.9 Please rank the following type of interviews: (1 to most appropriate. 2 to less appropriate & so on) . sequential interview and according to 16% people. panel interview is appropriate tool for judging a candidate’s potential during selection procedure.

10 Acc. is interview the tool to judge a candidate’s communication skills only? Response No of People .Type of Interview Structured Unstructured Mixed Behavioural Stressful Rank 1 11 10 15 10 4 Type of Interview 8% 20% Structured Unstructured Mixed 20% 30% Behavioural Stressful 22% Note: According to the chart it can be concluded that 30% people were in favour of mixed interview. 22% were in favour of structured interview and 20% were in favour of both behavioural and Stressful interview. to you. Q.

Completely Not at all Up to Some Extent

10 11 29

Upto Some

Completely

Not at all

35 30 25 20 15 10 5 0

29 10 11 No of P eople

Interview Completely Not at all 58% 22% Upto Some Extent

20%

Note: According to 58% people interview up to some extent is the tool to judge a candidate’s communication skills only. And according to 22% people it is not the tool to judge communication skills only and 20% people, interview completely judges a candidate’s communication skills.

Q.11Acc. to you, which of the following techniques be used in a selection system? (  the appropriate one and X the one not desired)

Extent

Technique Psychological Tests Role-play In-Basket GD Projective tests Personality tests Knowledge tests Interaction analysis Interviews

Response 14 5 13 41 13 29 29 7 45

Technique
7% 22% 3% 7% 20%

Psychological Tests Role-play In-Basket GD Projective tests Personality tests Knowledge tests Interaction analysis Interviews

4% 15% 15% 7%

Note: It can be concluded from the above pie-chart that Interview is the most popular technique according to most of the people. After that, GD, projective and personality tests are other popular tools.

Q.12 Acc. to you, which of the following is the most valid and reliable tool of selection procedure?

Reliable tool GD Interview

Response 9 21

Aptitude test Project Presentation Personality tests

12 1 7

Reliable Tool
14% 2% 24% 42% 18%

GD Interview Aptitude test Project Presentation Personality tests

Note: According to the people surveyed, 42% considers interview to be the most reliable tool, 24% considers aptitude test to be most reliable and 18% considers GD as the reliable tool in selection process. While only 14% considers personality tests to be the most reliable tool during selection procedure.

Q.13 In your opinion, should Stress interview be made a compulsory tool of selection procedure?

Stress Interview Yes

Response 12

14 Do you think corruption.No 38 Stress Interview 24% Yes No 76% Note: According to the people surveyed. favouritism and influence are mostly found during selection process? Strongly Disagree 1 Response 19 . Q. 76% people said that stress interview should not be a compulsory tool of selection procedure and only 24% said that it should be included during selection process.

Q.15 What would you like to suggest to improve the following processes:a) Recruitment ………………………………………………………………………… b) Selection …………………………………………………………………………… For this open-ended question.2 3 4 5 Strongly Agree 17 10 4 0 Strongly Disagree 1 20% 8% 0% 38% 34% 2 3 4 5 Strongly Agree Note: According to the people surveyed. favoritism and influence are not found during selection process these days. following answers were provided: For recruitment: . around 72% thinks that corruption.

Most of the employees don’t feel comfortable with the interviewee at the time of interview. .recruitment is not sufficient and the company should go for walk-ins or campus recruitments. • • • • • The employees are satisfied with the existing recruitment policy of the organization.  Good and known companies should visit average B-schools also.  Salary package should be clearly mentioned by the companies in the advertisements  A proper database for employee-referrals and previous applicants should be maintained by the organizations.  Offer-letter should be given on the spot to the selected candidates Communication affects the recruitment and selection of an individual . Only e. Employees prefer different recruitment policies for different levels in the organization. times-job etc should be there on internet. For Selection:  Maximum number of rounds in a selection process should not exceed three. More websites like naukari. monster.com. The employees prefer a need of improvement in the process of recruitment in HDFC STANDARD LIFE INSURANCE.com.  Aptitude test must be a compulsory step in selection process  Stressful interview should not be there.  Personality and knowledge tests should be included in selection process.

It can be truly said that the insurance sector is one of the success stories of the ongoing financial reforms. convenient access through advisors. One thing which needs to be highlighted is that most of the private players are concentrating on the urban population and tapping High Net worth Individuals and corporate and thus a saturation point is not very far. greater transparency. Higher standards of service. The industry has made great strides forward in the last four years with customer-centric developments being the mainstay of the improvements. agents and banks. More or less all players (including the market leader LIC) have aggressively recruited SUMMARY . choice and flexibility in products. Currently. market is dominated by state owned LIC (Life Insurance Corporation of India). If we analyze the history of growth of the insurance industry since reforms. and use of information technology are some of the key differentiating factors since the opening up of the industry in 2005. it is marked by all-round growth of all players. It has 83 per cent of market share.• • Employees are in the favor of giving to the trainees who underwent training in this organization and gave good result. A product that was earlier viewed only as a tax-saving option is now considered a viable financial instrument to meet different needs. The private players are giving a very tough fight to the government owned LIC and are very aggressive in marketing of their products. The industry have started to move to ‘B-class’ and ‘C-class’ towns the in search of new customers i n the same way Insurance industry has to move to rural India to tap a vast untapped pool of customers. The remaining 17 per cent go to private players. Most of the employees external source of recruitment .

1 Summary of Learning Experience .AND CONCLUSIONS 6.

I came to know about all the internal as well as external procedure of Human Resourse Department and came to know to learn different Insurance plans. I Have also learnt about the working of all the departments of an insurance company and also came to know about the various insurance companies in india. 6. the training . Learnt  How to do prospecting.2 CONCLUSION AND RECOMMDATIONS The study of the INSURANCE INDUSTRY IN INDIA and preparing the presentation was a real challenge. Apart from a small gap of communication among the IT department and the training department. The guidance of my mentor and senior officials of the college were of very much help to me in my endeavor.  Almost all the work procedure in human resource department. The coordination among the various departments is excellent which makes innovations and motivating thinking possible. Facilities and many more things that company provides to their employees and customers.  How to deal complicated situations with patience and perfection.  And last but not least how to manage a team.  How to work professionally  How to communicate properly with the customers.  After working with this company. which if bridged accordingly.

Insurance service will no longer be just bought. it will have to be sold in a biased market. For continuous growth. As such privatization through liberalization is an opportunity to be exploited. personal insurances like over the counter covers will have to be devised. The department also relies in too much of free lance trainers. not necessarily a threat. . The training department is the crux of the college. but the department has prepared some very good presentations which is very easy to understand and train.system is flawless. which requires that the trainers have to be trained from scratch. new channels of marketing. Indian insurance companies will need the flexibilities to ascertain and respond to the customer needs.

(2005) “Marketing Research” 3rd edition. 2.. Ltd. New Age International (P) Ltd. Lawrence J. India. India. New Delhi. Daryaganj. (2007) “Business Research” 3 rd edition. Prentice Hall of India Pvt. New Delhi. Tata McGraw Hill Publication. Ltd.BIBLOGRAPHY References From books 1. G. Kothari. Gitman. R. Zikmund. India 5. Schiffman. C. India 4. New Delhi. C. (2007) “Research methodology” 3rd edition. Leon G. New Delhi. (2005) “Consumer Behavior”.. 6. Ltd. (2007) “Principles of Managerial Finance” 11th edition. Kotler Philip. Thomas Learning Inc. Beri. William G. 3. Dorling Kindersley ( India ) Pvt. Wishwa Prakashan. (2007) “Marketing Management”. SouthWestern. Prentice Hall of India Pvt. Licensees of Pearson Education in South Asia. USA .

Internet /Job Portals 3.1 In which category do you belong? Student Job-Seeker Employee Q.com) helps the candidates to get their desired kind of job? Strongly Agree __ __ __ __ __ Strongly Disagree Q.5 Acc.4 Acc. Previous applicant’s 7.6.2 Please rank the following medium of recruitment: (1 to most appropriate. Campus-recruitment 4.QUESTIONNAIRE HDFC Standard Life Insurance Q. Newspaper / Advertisements 2. Do you think Group Discussion (GD) is the appropriate medium to judge a candidate’s potential? . to you. are consultancies playing a major role in recruiting the candidates these days? Strongly Agree __ __ __ __ __ Strongly Disagree Q. 2 to less appropriate & so on) 1. to you. how many rounds should be there in a selection procedure? (Tick one) o o o o o One Two Three Four Five Q. Telephonic Interviews 5. Consultancies _____ _____ _____ _____ _____ _____ _____ Q. Employee Referrals 6.3 Do you think Internet (Job-websites like naukri.

to you. which of the following techniques be used in a selection system? (  the appropriate one and X the one not desired) 1. to you.12 Acc.11 Acc. 9. to you.Strongly Agree __ __ __ __ __ Strongly Disagree Q.8 In your opinion. 2 to less appropriate & so on) o o o o o Structured _____ Unstructured _____ Mixed _____ Behavioural _____ Stressful _____ Q. 2. which of the following is the most valid and reliable tool of selection procedure? (Tick one) o GD o Interview .10 Acc. 6. 7. is interview the tool to judge a candidate’s communication skills only? o Completely o Not at all oUp to some extent Q. 4. 3.7 Should Aptitude test be a compulsory step during the selection of a candidate? Yes No Q. 5.9 Please rank the following type of interviews: (1 to most appropriate. 8. Standardised Psychological tests Role-Play In-basket Group Discussions Projective tests Personality tests Knowledge tests Interaction analysis technique Interviews Q. which type of employment-interview is appropriate tool for judging a candidate’s potential during selection procedure? (Tick one) o One-to-one o Sequential o Panel Q.

favouritism and influence are mostly found during selection process? Strongly Agree __ __ __ __ __ Strongly Disagree Q.------------------------------------------------------------------------------2) Gender3) Age a) Male a) 18 – 25 Years c) 35 – 45 Years 4) Income a) 5000 – 10000 b) Female b) 25 – 35 Years d) 45 Years and above b) 10000 – 20000 . should Stress interview be made a compulsory tool of selection procedure? Yes No Q.o Aptitude test o Project Presentation o Personality Tests Q.15 What would you like to suggest to improve the following processes:a) Recruitment ………………………………………………………………………… ………………………………………………………………………………………… b) Selection …………………………………………………………………………… ………………………………………………………………………………………… Demographics 1) Name.14 Do you think corruption.13 In your opinion.

licindia.iciciprulife.c) 20000 – 30000 d) 30000.com .ANNEXURE: WEBSITES:www.com www.and above 5) Email ---------------------------------------------------------------------------------- 6.com www.com www.com www.indianinsurance.indiainfoline.irdaindia.