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I would like to thank Mr. Sunny Agouthwal, Associate Sales Manager for
giving Practical tips and colour to my quest.
TABLE OF CONTENTS
SERIAL TOPIC
NO.
1. Introduction: RECRUITMENT
2. RECRUITMENT: Process and Types
3. LIFE INSURANCE: Introduction
4. HISTORY OF INSURANCE
5. OTHER INSURANCE COMPANIES
6. IRDA (Mission, Expectations and Functions)
7. MNYL: About the Company
8. RECRUITMENT at MNYL
9. SCREENING and SELECTION of AGENTS
10. FUNCTIONS OF AGENTS
11. RESEARCH METHODOLOGY
12. RECRUITMENT FUNNEL
13. TELEPHONIC SCRIPT
14. SURVEY ANALYSIS
15. SWOT ANALYSIS
16. ANNEXURES
Definition of recruitment:
According to Edwin B. Flippo, “Recruitment is the process of searching
the candidates for employment and stimulating them to apply for jobs in
the organization”. Recruitment is the activity that links the employers and
the job seekers. A few definitions of recruitment are:
A process of finding and attracting capable applicants for employment.
The process begins when new recruits are sought and ends when their
applications are submitted. The result is a pool of applications from which
new employees are selected.
Recruitment of candidates is the function preceding the selection, which
helps create a pool of prospective employees for the organization so that
the management can select the right candidate for the right job from this
pool. The main objective of the recruitment process is to expedite the
selection process.
TYPES OF
RECRUITMENT:
LIFE INSURANCE
Life insurance is a form of insurance that pays monetary proceeds upon the death of the
insured covered in the policy. Essentially, a life insurance policy is a contract between the
named insured and the insurance company wherein the insurance company agrees to pay
an agreed upon sum of money to the insured's named beneficiary so long as the insured's
premiums are current.
People take out life insurance policies for a number of reasons. Such insurance
provides security to family members upon the loss of a loved one.
Insurance is basically a sharing device. The losses to assets resulting from natural
calamities like fire, flood, earthquake, accidents etc. are met out of the common pool
contributed by the large no of person who are exposed to similar risks. This contribution
of many is used to pay the losses suffered by the unfortunate few.
However the basic principle is that loss should occur as a result of natural calamities or
unexpected events which are beyond the human control
It is natural to think of insurance of physical assets such as motor car insurance or fire
insurance but often we forget that the creator of all these assets is the human being whose
efforts have gone a long way in building up the assets. In that sense, human life is a unique
income generating asset. Unlike the physical assets, which decrease in value with passage
of time, the individual becomes more experienced and more matured as he advances in
age. This raises his earning capacity and the purpose of life insurance is to protect the
income of individual and provide financial security to his family, which is dependent on his
income in the event of premature death. The individual himself also needs financial
security for the old age or on his becoming permanently disabled
Originally policies were to provide for short periods of time, covering temporary risk
situations, such as sea voyages. As life insurance became more established, it was realized
what a useful tool it was for a number of situations, including:
a) Temporary needs/threats:
the original purpose of life insurance remains an important element, anamely
providing for replacement of income on death. It provides peace of mind to the
policyholder. In the event of untimely death of the main earner in the family, the
policy will pay out the guaranteed sum assured, which is likely to be significantly
more than the total premiums paid.
b) Regular savings:
once an insurance contract has been entered into, the insured has an obligation to
continue paying premiums, until the end of the term of the policy, otherwise the
policy will lapse. In other words, it becomes compulsory for the insured to save
regularly and spend wisely.
c) Investment:
put simply, the building up of savings while safeguarding it from the ravages of
inflation. Changing cultural and social environment. One can buy a suitable
insurance policy, which will provide periodical payments in one’s old age.
Generally identified as the problem of living too long.
Research Methodology
The recruitment of Agent Advisor at MAX NEW YORK LIFE starts with the basic step of
NAME GATHERING which is done through the following sources which in further
studies become my methods which have helped a lot in my research work. I have used
personal observation, data collection, telecalling etc. as my methods for name gathering
including the following sources too.
1. Controllable Sources
• Nominators
• Magic Question
• Agent Advisor Referrals
• Personal Observation
• Policyholders
2. Uncontrollable Sources
• Newspaper advertising
• Employment agencies
• Seminars
• Campus recruiting
• HR Managers
• Job fairs
• The Internet
ABOUT THE
COMPANY:MNYL
Max New York Life Insurance Company Ltd. is a joint venture between
New York Life; a Fortune 100 company and Max India Limited; one of
India's leading multi-business corporations. The company has positioned
itself on the quality platform. In line with its vision to be the Most Admired
Life Insurance Company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty,
knowledge, caring, integrity and teamwork. The strategy is to establish
itself as a Trusted Life Insurance Specialist through a quality approach to
business.
History of insurance
SECTOR
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market
again.
Tracing the developments in the Indian insurance sector reveals the 360-
degree turn witnessed over a period of almost 190 years.
The business of life insurance in India in its existing form started in India
in the year 1818 with the establishment of the Oriental Life Insurance
Company in Calcutta.
• 1912 - The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
• 1928 - The Indian Insurance Companies Act enacted to enable the
government to collect statistical information about both life and non-
life insurance businesses.
• 1938 - Earlier legislation consolidated and amended to by the
Insurance Act with the objective of protecting the interests of the
insuring public.
• 1956 - 245 Indian and foreign insurers and provident societies taken
over by the central government and nationalized. LIC formed by an
Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.
5 crore from the Government of India.
The General insurance business in India, on the other hand, can trace
its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the
British.
107 insurers amalgamated and grouped into four companies viz. the
National Insurance Company Ltd., the New India Assurance
Company Ltd., the Oriental Insurance Company Ltd. and the United
India Insurance Company Ltd. GIC incorporated as a company.
Mission of IRDA
To protect the interests of the policyholders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters
connected therewith or incidental thereto
Under this Act an authority called IRDA has been set up.
This is a corporate body established for the purpose and objects as set out in the
explanation to the title.
The Authority replaces “Controller” under Insurance Act 1938.
The first schedule amends Insurance Act 1938.
7.Career interview: - This is an interview with the OFFICE HEAD & also
the last stage of the schedule which to be followed at MAX
has lain down that those who wish to become insurance agents will be
given licenses only after they complete a course of study and pass an
examination prescribed by it. In 2000, when the IRDA made the relevant
regulations, the course of study was to last 100 hours. The course IC 33
BASIC CRITERIA:
dealing with a third person. In the insurance industry, the term ‘agent’ is
‘another’ on whose behalf the agent acts, is called the principal. The
insurance company is the principal in this case. The lawyer is the agent of
his country. The agents represent the principal and acts on his behalf.
advice or consultation. Some insurance agents may acquire that status. All
insurance agents should strive to attain that status. In the layman language
we can say an insurance agent is a person who takes up agency from the
insurance company to sell their policy on a commission basis. He acts as an
intermediary between the insurance company and the policy holder. But
company, to issue the licenses on behalf of the IRDA. The fee for the
granted for 3 years. It may be renewed after 3 years. The fee for the
certification of the specified person is Rs. 500. This is also valid for 3 years.
A license issued by the IRDA may be to act as an agent for a life insurer,
Not be a minor
standard otherwise
Insurance
for the insurer, which has appointed him for that purpose. At the same
trusted by both parties to the transaction. His functions would require him
to
incorporate some of these concepts. The code says interalia that the agent
shall
agent
prospect
proposal
insurer
and in writing
insurance agents
Contact prospects for life insurance, study their needs and persuade
them to buy.
underwriter.
After having sold a new insurance policy, the agent has to ensure that the
of the policy is in the interests of all the three persons concerned, the
insurer, the policyholder and the agent. For this purpose, he has to
Keep in touch with the policyholder to make sure that renewal
circumstances
In order that he may perform all these tasks well, the agent has to be
familiar with
The benefits under the various plans of insurance offered by his insurer.
The office procedures for various matters including the forms and
documents. The forms and procedures will vary between one insurer
and another.
RECURITMENT FUNNEL:
This is the recruitment funnel which shows the detailed process of the
recruitment process which is being practiced at MAX NEW YORK LIFE.
This shows the filtering process as such which depicts that in the initial
stage 120 names are gathered & how they are filtered through various
stages hence contracting 4 agents.
SURVEY ANALYSIS:
In order to understand the perception of customers, market position of
of Insurance, a survey was conducted. The sample size for the survey was
invest their money at the Beginning of the year to yield the benefits for the
whole year.
On the basis of survey (above chart), the result come out that customers
To judge the awareness of customers towards life insurance and the above
pie chart that 95% of the customers are aware of life insurance and only
5% are unaware. The 5% of customers who have answered that they are
To judge the perception of customers, that, in which Insurance company they like to invest
their money, a question is asked as to which Insurance Company they prefer most and it is
19% in LIC
insurance companies a question was asked and the following results were
obtained.
9% through Magazines
4% through hoardings
In Lucknow, most of the customers are belonging to middle class family, so
they can pay premium, how much they are earning (monthly, yearly) and
69% of customers like to pay premium in between Rs. 10,000 – Rs.15, 000
13% 0f customers say that they can pay premium in between Rs. 15,000 –
Rs. 30,000.
paying.
From above pie chart it is clear that, customers’ wants risk cover in the
form of money as
Investments i.e. 60%, 20% of customers want risk cover, Safety is 13%
Above pie chart reflect that about Rider benefit. Rider benefit includes:
3) Critical illness
31% customers are satisfied with the service provided by the company
because they are not getting policy bond timely therefore they are switch
• Untapped population.
• Large network and customer base of banks.
• Existing resources of insurance companies.
Weaknesses
Opportunities
Threats
• Channel conflict
• Banks venturing into insurance sector.
• Change in preferred models to broker model.
Annexure:
The telephonic script which was used by at MAX
NEWYORK LIFE INSURANCE to recruit the financial
advisors along with certain objections put forward
by the prospective:
EXPECTED OBJECTIONS:
What is it regarding ?
“As I told you that I am in charge of recruitment for the
Lucknow city. My primary responsibility is to recruit successful
individuals “
Max New York Life as an insurance firm has a very strong presence in
India and is rapidly expanding its operations in India. After working on
this project I feel that following are some of the ways in which the
company can improve the current market base and selection procedure
for AAs, the key revenue generating resource for the company:
• Very few people in India are aware of the company and its
products. The company should find more ways to market itself to
the outside world and create awareness about its existence and
the efficiencies of its varied excellent products.
• Another suggestion to the company would be to reduce its timing
for the training program for the agent advisors. Most of the people
coming to MNYL are not satisfied with the timing of training
and return dejected.
• Have a re-look at the existing product range and design products
which can attract masses rather than just serving only classes
CONCLUSION
It has been a great experience working with Max New York Life. I have
gained a lot of knowledge and improved immensely on my skills. I got
the opportunity to meet and communicate with many people and
undertake responsibility. I feel that MNYL is a great organization with
plenty scope for growth. One of the main reasons in the success of this
project was the constant appreciation and motivation from the staff of
MNYL . The internship was both informative and also interactive.
Questionnaire:
Name- ………………………………………………………………………………
Age-……………………………qualification-……………………………….…………
Address- …………………………………………………………………………………
I) Beginning of the year ii) middle of the year iii) end of the year
i) Yes ii) no
i) yes ii) no
Q3) What is your preference regarding investments?
i) Fixed deposit ii) insurance iii) share market iv) real state v)
mutual funds vi) others
i) Bajaj allianz ii) sbi life iii) icici prudential iv) hdfc standard life
v) max new york life vi) LIC
Q5) How did you come to know about the insurance company?
i) Yes ii) no
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Internet
• www.maxnewyorklife.com
• www.maxindia.com
• www.newyorklife.com
• www.irda.org
• en.wikipedia.org/wiki/Inusrance