Summer Training Report

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SUMMER TRAINING REPORT ON IDBI FEDERAL LIFE INS. COMP.

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Annexure-I
Summer Training Report
On
RECRUITMENT AND SELECTION PROCESS IN IDBI
FEDERAL LIFE INSURANCE COMPANY

Submitted in partial fulfillment of the requirements
For the award of the degree of


Bachelor of Business Administration (BBA)

To

Guru Gobind Singh Indraprastha University, Delhi


Guide: Submitted by:
Guide Name: Student Name: Abhinav Thakur
Roll No.:01221101712
Batch: 2012-2015


Nurturing Excellence

Institute of Information Technology & Management,
New Delhi – 110058
2014-15


Annexure-II
Certificate

I, Mr Abhinav Thakur, Roll No. 01221101712 Certify that the Summer Training
Report (Paper Code BBA-311 entitled “Recruitment And Selection Process in IDBI
Federal Life Insurance Company” is done by me and it is an authentic work carried out
by me at IDBI Federal Life Insurance Company. The matter embodied in this has not
been submitted earlier for the award of any degree or diploma to the best of my
knowledge and belief.

Signature of the Student
Date:


Certified that the Summer Training Report (Paper Code BBA-311) entitled
“Recruitment and Selection Process in IDBI Federal Life Insurance Company” done by
Mr Abhinav Thakur, Roll No. 01221101712, is completed under my guidance.


Signature of the Guide
Date:
Name of the Guide:
Designation:



Countersigned
Director/Project Coordinator




CHAPTER-1:
PROFILE OF THE FIRM/COMPANY
1. COMPANY PROFILE :
 Company Name : - IDBI Federal Life Insurance Company
 Registered Address : - Idbi federal life insurance co ltd, Tradeview, oasis complex, Kamala city,
P.B.marg, Lower parel (w), Mumbai 400013, India.
 Tel : - +91 22 2490 8170
 Website : - http://www.idbifederal.com
 Email address : - [email protected]
 Type of industry : - Insurance and Banking sector
 Services by IDBI Federal : - Life insurance, Wealth plans, Retirement plans, Guaranteed return plan
1.2. About IDBI Federal Life Insurance Company: - IDBI federal life insurance co ltd. Is a joint-venture
of idbi bank, India‟s premier development and commercial bank, federal bank, one of India‟s leading private
sector banks and ageas, a multinational insurance giant based out of europe. In this venture, idbi bank owns
48% equity while federal bank and ageas own 26% equity each. Having started in March 2008, in just five
months of inception, idbi federal became one of the fastest growing new insurance companies by garnering
rs.100 cr in premiums. Through a continuous process of innovation in product and service delivery idbi
federal aims to deliver world-class wealth management, protection and retirement solutions that provide
value and convenience to the Indian customer. The company offers its services through a vast nationwide
network 2,308 partner bank branches of idbi bank and federal bank in addition to a sizeable network of
advisors and partners. As on 31st December 2013, the company has issued nearly 5.5 lakh policies with a
sum assured of over rs. 32,110.48 crores






About the sponsors of idbi federal life insurance co ltd : -
Idbi bank ltd.: - Continues to be, since its inception, India‟s premier industrial development bank. It came
into being as on July 01, 1964 to support India‟s industrial backbone. Today, it is amongst India‟s foremost
commercial banks, with a wide range of innovative products and services, serving retail and corporate
customers in all corners of the country from 1201 branches and 2156 atms. The bank offers its customers an
extensive range of diversified services including project finance, term lending, working capital facilities,
lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory
services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its
development activities, idbi bank has been instrumental in sponsoring the development of key institutions
involved in India‟s financial sector - national stock exchange of India limited (nse) and national securities
depository ltd, shcil (stock holding corporation of India ltd), care (credit analysis and research ltd).
Federal bank : - is one of India‟s leading private sector banks, with a dominant presence in the state of
Kerala. It has a strong network of over 1,142 branches and 1,312 atms spread across India. The bank
provides over four million retail customers with a wide variety of financial products. Federal bank is one of
the first large Indian banks to have an entirely automated and interconnected branch network. In addition to
interconnected branches and atms, the bank has a wide range of services like internet banking, mobile
banking, tele banking, anywhere banking, debit cards, online bill payment and call centre facilities to offer
round the clock banking convenience to its customers. The bank has been a pioneer in providing innovative
technological solutions to its customers and the bank has won several awards and recommendations.
Ageas : - is an international insurance group with a heritage spanning more than 180 years. Ranked among
the top 20 insurance companies in Europe, ageas has chosen to concentrate its business activities in Europe
and Asia, which together make up the largest share of the global insurance market. These are grouped
around four segments: Belgium, united kingdom, continental Europe and Asia and served through a
combination of wholly owned subsidiaries and partnerships with strong financial institutions and key
distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy,
Portugal, turkey, china, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK.
Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life


player through ag insurance. In the UK, ageas has a strong presence as the fourth largest player in private car
insurance and the over 50's market. Ageas employs more than 13,000 people and has annual inflows of more
than eur 21 billion.

1.3 Company’s vision and mission : -
Vision: -
 To be the leading provider of wealth management, protection and retirement solutions that meets
the needs of our customers and adds value to their lives.
Mission:
 To continually strive to enhance customer experience through innovative product offerings,
dedicated relationship management and superior service delivery while striving to interact with
our customers in the most convenient and cost effective manner.
 To be transparent in the way we deal with our customers and to act with integrity.
 To invest in and build quality human capital in order to achieve our mission.

1.4 Product range of the company
 Childsurance : - Idbi federal childsurance savings protection insurance plan
Being a good parent means making sure your child gets good education so that her future stays secure.
The cost of education has shot up significantly and is expected to rise further. Add to that the cost of
your child‟s marriage or giving her a head start in career. It is therefore important for you to stay
prepared. Presenting, idbi federal childsurance savings protection insurance plan; a non-linked
participating endowment plan that ensures your child‟s future financial needs are fulfilled. Childsurance
savings is designed to give you guaranteed annual payouts and aid the important milestones in your
child‟s life. What‟s more, this plan also provides financial protection to your child‟s future by ensuring
plan continuity with waiver.
 Incomesurance : - Idbi federal incomesurance guaranteed money back insurance plan
Life is full of uncertainties, as a result of which we always try and predict what lies in store for the
future, so that we are prepared. However, our minds are full of doubts as there is no way to guarantee the


future. Incomesurance guaranteed money back is a plan which will enable you to stop predicting the
future, and guarantee it instead!
Idbi federal incomesurance guaranteed money back insurance plan is a non-linked non-participating
money back plan which gives you guaranteed returns on your investment, so that you stop worrying
about the future. With incomesurance, you can guarantee a secure future for your family even when you
are not around.
 Lifesurance
Often, the first step towards a long and arduous journey is the toughest. However, once you have taken
that first stride, the rest of the journey seems easier and more enjoyable. With your investments, it is the
same approach that will ensure you build the right corpus to fulfil your dreams for yourself and your
family – start small, save big!
Idbi federal lifesurance savings insurance plan is a fixed term non-linked participating plan that provides
you the twin benefits of long-term savings and life cover. With lifesurance savings, your small savings
will help you realise the big dreams that you have for yourself and your family. This plan also offers you
the benefit of life cover that will provide financial security to your family in your absence.
 Loansurance
Showing that „you care‟ can go a long way in building strong bonds and customer loyalty. As a lending
institution, you have been providing individuals with much-needed funds to fulfill their dreams and
helping them build assets for themselves and their loved-ones. You have supported them in building
homes, provided for their children‟s education and offered other attractive credit options. Now you can
go a step further and help borrowers ensure that their dreams are not disrupted by the vagaries of life.
Presenting, Idbi federal loansurance group insurance plan (uin: 135n028v01), hereafter referred to as
loansurance, a group credit protection plan that helps protect your borrower‟s assets and savings.
Loansurance allows you to cover the persons who are directly liable for loan repayment (and the
partners, in case of a partnership) be it a loan taken by individuals or by business. Furthermore, with this
product, you gain competitive edge while attracting new customers and retaining the existing ones.
Loansurance, thus, extends benefits to you as well as your valuable customers.


 Termsurance
Employees are the most valuable assets for any organisation. A good way of showing your employees
you care is to offer them the cover of life insurance, which helps them provide a secure foundation for
their families‟ future, in case of the unfortunate demise of the main wage-earner. It creates the support to
help your employee‟s family continue to live comfortably should something happen to your employee.
You can ensure this by opting for idbi federal termsurance group insurance plan, a pure group term plan
designed to cater to a wide variety of formal and informal groups such as the employer-employee
groups/bank-depositor groups/customer-supplier groups/professionals/affinity groups, by providing them
with basic life insurance protection.
 Group microsurance plan
Idbi federal group microsurance plan provides affordable life insurance cover to groups. The plan is
extremely useful to micro finance institutions, self-help groups and ngos to insure the lives of their group
members and thus provide security to the group members‟ families. The plan can also be used for
providing loan protection to the group members‟ families.
 Wealthsurance
Creating, building and managing wealth has always been a time consuming process. Those who have
already built their wealth often describe the journey as time consuming and arduous. All of us still dream
to build personal wealth and manage it well. What if there is a plan that helps you build wealth, yet keep
it simple? Introducing Idbi federal wealthsuranc suvidha growth insurance plan (uin: 135l033v01), a
simple unit linked plan that helps you take your first step towards wealth creation through an easy
process. This plan helps to not only build wealth to fulfill your future dreams but also protects your loved
ones in case of any unfortunate incident.
 Retiresurance
It is righty said that, „the secret behind any organisation‟s success is its satisfied employees‟. An
employee is the very reason for your existence and is critical to business success. It is your prime
responsibility to reward them as a gratitude for the services offered by them in the company. Also, your
employees have a responsibility towards their families. Hence, providing them with a basic life cover


also becomes your responsibility in case of their untimely demise. IDBI federal retiresurance group
insurance plan is here to help you with the management of funds that you have set aside for your
employee‟s retirement benefits - gratuity, superannuation and leave encashment. It ensures that your
employees are rightfully rewarded for all their hard work.
1.5 Size (in terms of manpower & financial turnover) of organisation : -
Founded: - 2007
Size: - 1,000 on-roll employees and 7,500 agents.
Turnover: - 100 -500 crore.
1.6 Organisation structure of the company






SALES ORGANISATION STRUTURE


























G.V NAGESHVAR RAO
(MD & CEO)
MURLIYER
(COUNTRY HEAD SALES)
NORTH
ZONAL HEAD
SOUTH
ZONAL HEAD
EAST ZONAL
HEAD
WEST ZONAL
HEAD
AREA
AGEN
CY
HEAD
BANK
ASSURA
NCE
HEAD
AREA
AGEN
CY
HEAD
BANK
ASSURANC
E HEAD
AREA
AGENC
Y HEAD
BANK
ASSURAN
CE HEAD
AREA
AGENC
Y HEAD
BANK
ASSURANC
E HEAD
MANAGER
DISTRIBUTIO
N DEPUTY
MANAGER
DISTRIBUTION
DEPUTY CHIEF
MANAGER
DISTRIBUTION
DEPUTY CHIEF
SENIOR
MANAGER
DISTRIBUTION
DEPUTY CHIEF
SENIOR
DISTRIBUTORS &
TRAINEES &
AGENCIES
DISTRIBUTORS &
TRAINEES &
AGENCIES
DISTRIBUTORS &
TRAINEES &
AGENCIES
DISTRIBUTORS &
TRAINEES &
AGENCIES
CORPORATE
SECTOR
CORPORATE
SECTOR
CORPORATE
SECTOR
CORPORATE
SECTOR
















1.7 Market share & position of the company in the Industry.





1.8 Present leadership of company and mention the people & their level with whom you have
interacted during the summer training
MD & CEO OF IDBI FEDERAL LIFE INSURANCE CO LTD
Mr. G. V. Nageswara Rao serves as Chief Executive Officer and Managing Director of IDBI Fortis Life
Insurance Company Ltd. Mr.Rao served as the Chief executive officer of Commercial Banking Strategic
Business Unit of Industrial Development Bank of India Limited since April 4, 2005. Mr. Rao served as the
Managing Director of IDBI Capital Market Services Ltd., and IDBI Bank Ltd. (Industrial Development
Bank of India). He serves as a Director of IDBI Capital Market Services ... Mr.Rao is connected to 13 board
members in 1 different organization across 4 different industries.
1.9 Objective of the study : -
 To study the “recruitment and selection policy followed in IDBI Federal Life Insurance Company
Ltd.”
 To study the various sources of recruitment followed in IDBI Federal Life Insurance Company.
 To learn what is the process of recruitment and selection that should be followed.
 To induct outside with new perspective to lead the company.



\









CHAPTER- 2:
SWOT ANALYSIS OF THE COMPANY
1. Strengths
 Skilled workforce.
 Quality recruitment and selection process.
 Vastly experienced being a joint venture company (IDBI Bank, Federal Bank, Ageas- multinational
insurance company)
 Attractive and guaranteed returns policies.
 Limited competition in Indian market.
 Settles death claims within 8 working days or will pay 8% p.a. interest on death benefit.
1.2 Weaknesses
 Low interest rates are possible
 Costs
1.3 Opportunities
 New acquisitions
 New markets
 Growing demand
 Recent increase of FDI in insurance sector to 49%.
 New products and services
1.4 Threats
 Increase in labour costs
 Rising competition.
 Tax changes (service tax etc.)
 Unexpected problems
 Global economy



1.5 Best practices/usps (Unique Selling Prepositions) that the company follows in different functional
areas such as marketing, HR, finance, inventory management, CRM, logistics, use of ites etc.
IDBI Federal Retiresurance Guaranteed Pension Plan Review
 Plan Name: Retiresurance Guaranteed Pension Plan
 Insurer: IDBI Federal Life Insurance Company Limited
 Category: Traditional Plan
 Objective: Provides regular income post retirement
Major USP of IDBI Federal Retiresurance Guaranteed Pension Plan
 Pure pension plan
 Guaranteed Loyalty Additions
 Single premium option available
Eligibility for IDBI Federal Retiresurance Guaranteed Pension Plan
 Minimum Entry Age: 18 Years
 Maximum Entry Age: 75 Years
 Minimum Vesting Age: 40 Years
 Maximum Vesting Age: 80 Years
Policy Term: 10, 15, 20 and 25 Years
Premium Payment Term: Single Premium, Policy term
What benefits does IDBI Federal Pension Retiresurance Plan offer?
Death benefit: In case the Life Assured passes away during the policy term, the beneficiary will receive
higher of special surrender value or premiums paid with 5% compounded growth.
Maturity Benefit: Maturity amount will be equivalent to sum of guaranteed maturity amount and vested
guaranteed loyalty additions.
You can opt for
 One third of the maturity amount can be received as lump sum and the rest of amount through annuity
 Entire amount can be used to purchase annuity and the pay outs will begin



Guaranteed Loyalty Addition:
 A % of premium amount will be added to the fund depending on the premium amount and term of the
plan.
Are there any tax benefits?
 Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted
from taxable income.
 Under Section 10(10D) death claim is completely tax free.
What else should I know about?
 Paid up Policy: After one policy years if you are unable to continue policy, you can convert to paid up.
The policy will not participate in future performance. On maturity or death, reduced Sum Assured and
any vested bonuses if any will be paid.
 Surrender Benefit: You can cancel IDBI Federal Pension Plan after 1 year. The guaranteed surrender
amount is equivalent to all premiums paid barring 65% of first premium.
 Free Look Period: Pension Plan can be cancelled within 15 days of receiving the policy contract. A
written application can be submitted to any branch for the same. The premium will be paid back minus
some charges like stamp duty, medical reports.
How can I buy IDBI Federal Retiresurance Guaranteed Pension Plan?
Policybazaar representatives will assist you in buying Retiresurance Guaranteed Pension Plan.
What‟s Policybazaar opinion on IDBI Federal Retiresurance Guaranteed Pension Plan?
Retiresurance Guaranteed Pension Plan is a traditional pure pension plan. The Single premium option is
available. You also get guaranteed loyalty additions. However there is no life cover and no riders.








CHAPTER- 3:
FUNCTIONAL ANALYSIS OF THE COMPANY
1. Marketing :-
The term insurance marketing refers to the marketing of Insurance services with the aim to create customer
and generate profit through customer satisfaction. The Insurance Marketing focuses on the formulation of
an ideal mix for Insurance business so that the Insurance organization survives and thrives in the right
perspective. The marketing mix is the combination of marketing activities that an organization engages in
so as to best meet the needs of its targeted market. The Insurance business deals in selling services and
therefore due weight age in the formation of marketing mix for the Insurance business is needed. The
marketing mix includes sub-mixes of the 7 P‟s of marketing i.e. the product, its price, place, promotion,
people, process & physical attraction.
The above mentioned 7 P’s can be used for marketing of Insurance products, in the following manner:
1.1 PRODUCT: A product means what we produce. If we produce goods, it means tangible product and
when we produce or generate services, it means intangible service product. A product is both what a
seller has to sell and a buyer has to buy. Thus, an Insurance company sells services and therefore
services are their product. When a person or an organization buys an Insurance policy from the
insurance company, he not only buys a policy, but along with it the assistance and advice of the agent,
the prestige of the insurance company and the facilities of claims and compensation. It is natural that
the users expect a reasonable return for their investment and the insurance companies want to
maximize their profitability. Hence, while deciding the product portfolio or the product-mix, the
services or the schemes should be motivational. IDBI Federal provides many products which cater to
the needs of the Indian customers.
1.2 PRICING: In the insurance business the pricing decisions are concerned with: i) The premium
charged against the policies ii) Interest charged for defaulting the payment of premium and credit
facility, and iii) Commission charged for underwriting and consultancy activities. With a view of
influencing the target market or prospects the formulation of pricing strategy becomes significant. In a
developing country like India where the disposable income in the hands of prospects is low, the pricing


decision also governs the transformation of potential policyholders into actual policyholders. The
strategies may be high or low pricing keeping in view the level or standard of customers or the
policyholders. The pricing in insurance is in the form of premium rates.
1.3 PLACE: This component of the marketing mix is related to two important facets i) Managing the
insurance personnel, and ii) Locating a branch. The management of agents and insurance personnel is
found significant with the viewpoint of maintaining the norms for offering the services. This is also to
process the services to the end user in such a way that a gap between the services- promised and
services offered is bridged over. In a majority of the service generating organizations, such a gap is
found existent which has been instrumental in making worse the image problem.
1.4 PEOPLE: Understanding the customer better allows in designing appropriate products. Being a
service industry which involves a high level of people interaction, it is very important to use this
resource efficiently in order to satisfy customers. Training, development and strong relationships with
intermediaries are the key areas to be kept under consideration. Training the employees, use of IT for
efficiency, both at the staff and agent level, is one of the important areas to look into. IDBI Federal has
created various financial products which have been tailored according to the needs of the customers.
1.5 PROCESS: The process should be customer friendly in insurance industry. The speed and accuracy of
payment is of great importance. The processing method should be easy and convenient to the
customers. Instalment schemes should be streamlined to cater to the ever grow.
1.6 PROMOTION: The insurance services depend on effective promotional measures. In a country like
India, the rate of illiteracy is very high and the rural economy has dominance in the national economy.
It is essential to have both personal and impersonal promotion strategies. In promoting insurance
business, the agents and the rural career agents play an important role. Due attention should be given in
selecting the promotional tools for agents and rural career agents and even for the branch managers and
front line staff. They also have to be given proper training in order to create impulse buying.
IDBI Federal has also adopted various promotional strategies like: Commercial Ads, Print Ads, Events
Personnel selling and Word of mouth. They have brought out many interesting and humorous ads of
their products such as Wealthsurance, Incomesurance, Retiresurance etc which has got very good


response from customers. They have also conducted events with an aim to create interest around
financial planning with Life Insurance at branches which was critical to getting prospects interested in
IDBI Federal products.
2. HUMAN RESOURCE MANAGEMENT:

Add more stuff in 7 ps and different prodcts and bst practcs /usp stuff.

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