Introduction Of Insurance History of Insurance Types of Insurance Organisation Basic Functions of Insurance Some Benefits of Policy Holder Introduction of Bharti AXA Life Insurance Bharti group facts AXA Group Achievements of Bharti AXA Life Insurance
Life Insurance Companies Operating In India Products of Bharti AXA Life Insurance Defination Of Agent Differents Clubs in Bharti Axa Objectives Of The Study Training Of Life Advisors Questionnaire Findings Conclusion Suggestions
Insurance is a form of contract or agreement under one party agrees in return of a consideration to pay an agreed amount of money to another party to make goods for a loss, damage, injury to something of value Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss.
Phase 1- Pre-liberalisation
Phase 2 - Liberalisation
Phase 3- Post-liberalisation
RBI SEBI IRDA
• The RBI uses the monetary policy to create stability in India and is charged with regulating the country currency‟s and credit systems.
• The regulatory Body for the invesment market in India. The purpose of this board is to maintain stable and effcient markets by creating and enforcing regulations in the market place.
• That has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected there with or incidental thereto .
FIRE INSURANCE MARINE
TYPES OF INSURANCE ORGANISATION
INSURANE EARTHQUAKE INSURANCE
LOAN AGAINST INSURANCE POLICY
DEVELOPS TAX BENEFITS THE HABIT OF SAVING PLANNING FOR LIFE STAGE NEEDS
RELASES CAPITAL AND MANAGEMENT
Life Insu 100%
Incorporated on 13th July 2007 . Headquartered in Bangalore . Vision to become the leader and preferred company for financial protection in India. To provide Fast, Fair & Friendly services. Joint venture between Bharti and AXA . 74% stake from Bharti and 26% stake of AXA .
Sandeep Ghosh, CEO, Bharti AXA Life Insurance
Founded in 1976 by, Sunil Bharti Mittal. Bharti group operats in 21 Countries across the globe. Bharti group has 20 different companies. Bharti Airtel was founded in 1995. 5th largest telecom company worldwide. In india Airtel holds 30% Market Share.
2009 Bharti Airtel launches its services in Sri Lanka (2G/3G network).
2012 Bharti Airtel launch of the country‟s first ever fourth generation mobile services in Kolkata
Bharti Airtel Ltd. Bharti Infratel Limited Bharti Retail Ltd. Bharti Walmart Private Limited Bharti TeleTech Ltd. Comviva Technologies Limited FieldFresh Foods Pvt. Ltd. Bharti AXA General Insurance Company Bharti AXA Life Insurance Company Bharti AXA Investment Managers Pvt. Ltd. Centum Learning Limited Bharti Foundation Bharti Realty Del Monte
The company was originally founded in 1816 as Mutuelle de L'assurance contre L'incendie (the Ancienne Mutuelle)AXA is world‟s leading financial service provider with presence across 5 continents in 57 countries France, China, Australia ,New Zealand, Hong Kong , Singapore, Thailand, Indonesia, Philippines and major countries across Europe, North America & Asia Pacific. 2,16,095 Employees Base worldwide.
Fastest Business Expansion . 24/7 dedicated Life Advisors connect centre. Industry best TAT in policy issuance First in industry to offer 48hrs TAT in fund value settlement . One of its kind training value proposition in industry through “Bharti AXA Life Learning University”
13 Sahara 14 Shriram 15 Bharti AXA 16 Future Generali India 17 IDBI Federal 18 Canara HSBC OBC 19 Aegon Religare 20 DLF Pramerica 21 Star Union Dai-ichi 22 IndiaFirst 23
Aviva International Holdings Ltd., UK
--Sanlam, South Africa AXA Holdings, France Generali, Italy Ageas, Europe HSBC, UK Aegon Netherlands Prudential of America, USA Dai-ichi Mutual Life Insurance,Japan Legal & General Middle East Limited, UK
Future Generali HDFC Standard ICICI Prudential IDBI Federal IndiaFirst ING Vysya Kotak Mahindra Max New York MetLife Reliance Sahara SBI Life Shriram Star Union Daiichi TATA AIG Private Total
Aviva Bajaj Allianz Bharti Axa Birla Sunlife Canara HSBC* DLF Pramerica Future Generali HDFC Standard ICICI Prudential IDBI Federal IndiaFirst* ING Vysya Kotak Mahindra Max New York MetLife Reliance Life Sahara SBI Life Shriram Star Union Daiichi TATA AIG
S.No Insurer PUBLIC SECTOR 1 PRIVATE SECTOR 2 3 4 5 Aegon Religare Aviva Bajaj Allianz Bharti Axa LIC
O/S at the start of the year
2009-10 Reported during Resolved during the year the year
O/S at the end of O/S at the start of the year the year
2008-09 Reported during Resolved during the year the year
O/S at the end of the year
0 13 38 0
6 152 173 38
6 142 195 21
0 23 16 17
0 17 78 0
0 193 211 5
0 197 251 5
0 13 38 0
7 8 9 10
Birla Sun Life
Canara HSBC OBC DLF Pramerica Future Generali HDFC Standard
0 0 2 56
4 0 24 154
4 0 24 171
0 0 2 39
0 0 0 57
0 0 5 94
0 0 3 95
0 0 2 56
IDBI Federal IndiaFirst
Kotak Mahindra Max New York
18 19 20 21 22 23
Reliance Sahara SBI Life Shriram Star Union Dai-Ichi TATA AIG PRIVATE TOTAL
23 1 19 0 0 16 272
184 2 80 16 1 79 1843
192 2 94 16 1 83 1870
15 1 5 0 0 12 245
19 1 16 2 0 24 332
79 1 62 4 0 65 1313
75 1 59 6 0 73 1373
23 1 19 0 0 16 272
Bharti AXA life e product
Life Insurance - Elite Secure Plan
Life Insurance - Family Income Secure Life Insurance - Protect Plus Life Insurance Premium Waiver Rider
Wealth Creation With Protection
Bharti AXA LifeChild Plans Bharti AXA Life Bright Stars Power Plus
Bharti AXA Life Power Kid Insurance Plans
Bharti AXA life Montly Income Plan
Bharti AXA Life Aajeevan Sampathi
Bharti AXA Life Young India Plan Bharti AXA Life Secure Saving Plan
Bharti AXA Life Future Invest
Triple Health Insurance Plan Easy Health
Bharti AXA life Shield
Bharti AXA Life Sanjeevani
To understand the process of recruitment and selection of agent in Bharti AXA life insurance.
On The project gave a practical exposure and helps in acquiring the on road skills.
How to recruits agent for Bharti-AXA life insurance
To know about the view of general public about the job of agent
Why people are not willing to work with as an agent, especially with private player. To introduce Bharti AXA to those people who don‟t have any knowledge about Bharti AXA and its products and services.
According to section 182 of Indian contracts Act, an “agent” is a person employed to do any act for another or to represent another in dealing with a third person. In the insurance industry, the term “agent” is ordinarily applied to a person engaged by the insurer to procure new business. The insurance agent one who is licensed under Section 42 is paid by way of commission or otherwise, in consideration of his soliciting of procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance.
Opportunity to earn unlimited income. Career Growth. Be your own boss. High quality training & Support to improve productivity. Compensation amongst the best. Club member benefits. Payout structured to facilitate your cash flows better. Best in class & competitive products.
• International Convention, Direct Interaction with CEO . Klub convention 2012 held in SWITZERLAND • International Convention, Direct Interaction with Directors • Up to 23%extra commission And Other Benefits • Be recognized with certificate from RM and get HOS Trophy for becoming Hat trick 10 Dulkar • Be the first to Start generating business and recognized with certificate from BH
SOURCES OF RECRUITMENT
NATURAL MARKET CENTER OF INFLUENCE
AGENT GETS AGENTS
YOUR FAMILY YOUR FRIENDS
CENTER OF INFLUENCE EXTENDED NATURAL MARKET
PEOPLE YOU DO BUSINESS WITH Friends of friends. People know throug h childre n. People who are known to you and are willing to help you
People with influence and prestige, other member of society believe and faith on them.
People know through spouse
People known through social groups
People who have faith in your leadership .
Identifying Vacancy & Advertising It Signing the MoA Attending the BOP Business Opportunity Presentation Short-listing the candidates on the basis of „Q‟ scores
Filling up IRDA Form/NAAF Form Scheduling & Attending the Trainings 3 Days Refresher‟s Training 2 Days Product Training Conduction of IRDA Examination Final selection as Life Advisor
Q score Sheet Education Proof
Age Scoring mechanism Marital status 1
Below 25 years 2
More than 40
married 2 2 Post graduate
10th standard or 12th graduate standard 1 2 3-5 years
2 More than 5 years
in Less than 3 years
city/town 0 Household income Total score Less than 2 lakhs 1 2-5 lakhs 2 More than 5 lakhs
Q Score: Acceptable Range of Score Additional Approvals Rejected application if
Greater than or equal to 7 5 or 6 4 or less
Generally there are 2 trainings done for the Life Advisors.
1. Refresher‟s Training: –
It is done for 3 consecutive days. 11 chapters of Insurance are taught in these 3 days.
2. Product Training: -
It is done for 2 days.
In this training the candidates are told about the various features & benefits of Bharti AXA Life Insurance Products.
Sample Size: The selection of 50 respondents
40 - 50, 8%
above 50, 20%
40 - 50
30 - 40, 32%
30 - 40 20 - 30 above 50
20 - 30, 40%
Interpretation: sample which has been surveyed is dominated by younger individuals.
Interpretation: Sample is dominated by males which constitute 64% of total size.
Interpretation: Sample is dominated by students and Private Employees .
Interpretation: Almost 66% of Individuals are staying either alone or in a nuclear family.
2 -- 4
4 -- 6 above -- 6
Interpretation: Mainly family members rely
upon 2 to 4 members .
Married, 40% Married Unmarried, 60% Unmarried
Intrepretation: Mainly Sample size is Unmarried .
CHILDREN, 20% CHILDREN, 30%
1 2 more than 2
Interpretation: Mainly people have 2 children.
Medical illness , 20%
Child education , 45% Child’s marriage, 15%
Child education Retirement Child’s marriage
Interpretation: medical illness (20%) & child education (45%) are major concern for future.
Have you made provision for future liabilities
Interpretation: 68% of the individuals have made no provision for the future liabilities.
Given a chance would you like to make extra money
yes yes, 76% no
Interpretation: 76% of the individuals would like to make extra money. Such individuals are identified and then they are motivated become Life advisors for an extra source of income.
yes , 20% yes no no, 80%
Interpretation: Very few people say yes .
5hrs or How Much Time You Dedicate more, 4% 3-4 hrs, 10%
½ hr ½ hr, 48% 1-2 hrs 3-4 hrs
1-2 hrs, 38%
5hrs or more
Interpretation : mainly people spend ½ hr to 1-2 hrs daily
Why people are not ready to work with private players in life insurance? In these days LIC created a very well image in the mind of General public because it is semi Government Company and also an oldest company. In short most people of Indian believe upon the LIC only. During the training period we felt that most of people who are already working in insurance sector think that it is easy to sell the product of LIC than to sell the product of other life insurance company. Most of people say that this job affects upon their social relation with other and also effect upon their business. Most of people believe that private insurance companies carried out fraud activity that‟s why they never believe upon the private players. People think that it is a time consuming activity and also required huge market skills. People have not enough time to attend the one week training.
In India, there is throat cut competition in the market of life insurance that brand service which adopt new strategies for sales. I concluding the whole story it can be said that people are much more aware about the aspects of life insurance and also have knowledge about the role and act of agent but mostly people unwilling to work as life insurance agent and mostly people prefer to work with LIC because it is a semi government corporation.
“Praying for the best … …being PREPARED for the WORST”.
Bharti-AXA life insurance company must give more advertisements on electronic media and print media, as it help in enhance its goodwill and more people are willing to work with reputed companies, through proper advertisement it become easy to sell the product. Duration of training must be reducing as in these day people have no extra time. Training hours should be made choice of their preference timing Fees charged by companies from candidate for IRDA exam and training should reduce.
Increase the commission of agents.
Many other extra facilities must be provide to agent to attract them such local and foreign trips, special price on achieving a target, open bank account at free of cost. Better career opportunity must be provided to an adviser, such as on role job, promotion etc. A special function must organize time to time in which the special prizes distribute among those agent who perform well. The incentive system should be more attractive to motivate more and more people for becoming Life Advisors.