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7/28/2019 Agency Recruitment Dynamics In
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A
Project Report
On
“AGENCY RECRUITMENT DYNAMICS INBARDOLI AREA”
Undertaken at:
Bajaj Allianz Life Insurance Co. Ltd.,Bardoli
Submitted by:Mr. Nirmal Patel
05MBA30
Guided by:Mr. Kallol Das
MBA (2005-07)
SHRIMAD RAJCHANDRA INSTITUTE OFMANAGEMENT AND COMPUTER APPLICATION
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SHRIMAD RAJCHANDRA INSTITUTE OFMANAGEMENT AND COMPUTER APPLICATIONS
MBA (2005-07)
COLLEGE CERTIFICATE
This is to certify that the winter project report
entitled “Agency Recruitment Dynamics in
Bardoli Area” has been carried out by Mr. Nirmal
Patel. at Bajaj Allianz Life Insurance Company
Ltd. as a partial fulfillment of the requirement for the
degree of Master of Business Administration (M.B.A.)
during academic year 2006-07.
[Mr. Kallol Das] [Dr. Bankim
Patel]
FACULTY GUIDE DIRECTOR
Date:
Place: Gopal Vidyanagar
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DECLARATION
I, Nirmal K. Patel, hereby declare that the project report entitled
“Agency Recruitment Dynamics in Bardoli area” prepared under
the guidance of Mr. Kallol Das submitted in partial fulfillment of the
requirement of Master of Business Administration is my original
work and not submitted for award of any other degree/diploma or
other similar titles or prizes to any other institute/organization or
University.
Nirmal K. Patel
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ACKNOWLEDGEMENT
Firstly, I am thankful to Ms. Rita Gupta, Sales Manager - Priority Circle,
Bajaj Allianz Life Insurance Co. Ltd., for providing me opportunity toventure in to the corporate world and for helping me at each and every
stage of my project work.
I, hereby, express my deep sense of gratitude to Mr. Kallol Das, faculty
of SRIMCA, whose guidance and feedback on the project has helped
me a lot and enhanced me to give the right shape to this project.
Last but not the least, I am grateful to all my respondents who devoted
their valuable time to give their response and to all those who helped
me directly or indirectly at any stage of this project work.
Nirmal K. Patel
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EXECUTIVE SUMMARY
Research Objectives:
The key objectives of the study are:• To measure top of mind awareness about life insurance
companies.
• To measure perceptions with respect to insurance agency
prospects.
• To check the important of various benefits of agency provided
by insurance industry.
•
To check to what extent agents agree with Bajaj Allianzagency features.
Design/Methodology/Approach:
This is carried out using quantitative survey of 100 target audience
members in Bardoli city. Each respondent is personally contacted to fill
up the questionnaire. In this method, regarding sampling design, non-
probability sampling design has been selected. Further, convenience
sampling method was selected. The research design is descriptive
because descriptive research provides data about "who, what, when,
where and how" of a situation, not what caused it. It provides the
number of times something occurs, or frequency, lends itself to
statistical calculations such as determining the average number of
occurrences or central tendencies.
Findings:
Such key findings are as follows:
• According to the study, LIC is having highest level of brand
awareness followed by Bajaj Allianz and ICICI Prudential.
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• Around 70% target audience members hold life insurance policy
from various life insurance companies.
• The major sources of awareness for Bajaj Allianz Life Insurance
Co. Ltd. are others like insurance consultants, friends, relatives
etc. apart from T.V. and Newspapers.
• Around 70% target audience members do not know that
insurance provides extra earning opportunity through part time
work.
• Various features like extra earning opportunity, flexibility in
working hours, strong company brand/ image, wide range of well
designed plans etc important equally for Target audience
members who are taking agency of insurance.
• In the study it was shows out that flexibility in working hours
have highest advantages followed by wide range of plan, high
growth potential, extra income earning opportunity, various
promotional schemes and strong company brand image.
External Validity: In this study, probability sampling is not used and
so the results cannot be generalized to the population of Bardoli.
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TABLE OF CONTENTS
Sr.No.
Topic PageNo.
1 INTRODUCTION1.1 About Life Insurance1.2 The Life Insurance Industry1.3. About Bajaj Allianz
2RESEARCH METHODOLOGY 2.1 Res0earch Objectives2.2 Research Design2.3 Types of Data Used2.4 Sampling Plan2.5 Data Collection Method2.6 Data Analysis
2.7 Research Limitations3 DATA PRESENTATION & ANALYSIS
3.1 Top of mind awareness of Life Insurancecompanies3.2 Target audience members possessing lifeinsurance policy3.3 Sources of awareness of Bajaj Allianz LifeInsurance Co. Ltd.3.4 Awareness of extra earning opportunity of insurance agency3.5 Perception of relative importance of
respondents with respect to insurance agency3.6 Relative belief respondents with respect toBajaj Allianz
4. FINDINGS
BIBLIOGRAPHY APPENDIX
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CHAPTER 1: INTRODUCTION
1.1 About Life Insurance3
1.1.1 What is Life Insurance?
The economic value o0f human life arises out of its relation to other
lives. Whenever continuity of life is financially valuable to family
dependents, business associates or educational & philanthropic
situation, the necessary for life insurance is present.
1.1.2. Why Life Insurance?
•
Provide security for the family - Combines risk cover and savings.• Plan for life's uncertainties - Accidental Permanent Total/Partial
Disability; Critical Illness; Hospitalization Expenses.
• Lifestyle maintenance - post retirement.
• Tax benefits.
• Encourages regular savings and protects against extravagance.
• Peace of Mind.
1.2 The Life Insurance Industry3
1.2.1. The Indian Insurance Industry
Life insurance industry, as on 1.4.2000, comprised mainly one player-
life Insurance Corporation of India (LIC). The other insurance
companies that registered subsequently are listed in the table below:
Sr.
No
.
Registra
tion No.
Date of
Regn.
Name of the Company
1. 102 23.10.2000 HDFC Standard Life Insurance
Company Ltd.2. 104 15.11.2000 Max New York Life Insurance
Company Ltd.
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3. 105 24.11.2000 ICICI Prudential Life Insurance
Company Ltd.4. 107 10.01.2001 Kotak Mahindra Old Mutual Life
Insurance Ltd.
5. 109 31.01.2001 Birla Sun Life Insurance CompanyLtd.
6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.7. 111 30.03.2001 SBI Life Insurance Company Ltd.8. 114 02.08.2001 ING Vysya Life Insurance Company
Pvt. Ltd.9. 116 03.08.2001 Bajaj Allianz Life Insurance Company
Ltd.10. 117 06.08.2001 Metlife India Life Insurance Company
Pvt. Ltd.11. 121 30.01.2002 AMP Sammar Life Insurance
Company Ltd.12. 122 14.05.2002 Aviva Life Insurance Company India
Pvt. Ltd.13. 127 06.02.2004 Sahara India Insurance Company Ltd.
1.2.2. IRDA (Insurance Regulatory & Development Authority)
The authority helps in consultation with the insurance advisor
committee. IRDA was set up as an independent regulatory authority,
which has not put in place regulation in line with global forms. So far in
private sector, 12 life insurance companies have been registered.
1.2.2.1. Role of IRDA
IRDA made some necessary parameters for becoming life advisor like
person should be at least 12th pass. It provides for insurance training
of 100 hours and the prospective agents should pass IRDA exam.
1.3. About Bajaj Allianz4
1.3.1. Company Profile
Bajaj Allianz Life Insurance Co. Ltd. is a joint venture between two
leading conglomerates- Allianz AG, one of the world's largest insurance
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companies, and Bajaj Auto, one of the biggest 2 and 3 wheeler
manufacturers in the world. Bajaj Allianz Life Insurance Co. Ltd. was
incorporated on 12th March 2001. The company received the
Insurance Regulatory and Development Authority (IRDA) certificate of
Registration (R3) No. 116 on 3rd August 2001 to conduct Life Insurance
business in India.
1.3.2. Some Achievements of Bajaj Allianz Life Insurance
• No.1 Private Life Insurance Company in India for year 2005-06
• Growth rate of 216% for financial year 2005-2006.
• Over 15, 00,000 satisfied customers
• A countrywide network of 700+ offices
• Assets under management Rs. 3,324 crore.
• Shareholder capital base of Rs. 500 crore.
1.3.3. Financial Performance Summary
Fiscal YearNo of policiessold in FY
GWP in FY
2001-2002 21,376 Rs 7 cr.
2002-2003 1,15,965 Rs 69 cr.2003-2004 1,86,443 Rs 221 cr.2004-2005 2,88,189 Rs 1002 cr.2005-2006 7,81,685 Rs 3134 cr.
*(6 months)
1.3.4. Bancassurance
The company has a strategy for Bancassurance. Two of the tie-ups are:
1. Standard Chartered Bank
2. Syndicate Bank
1.3.5. Company Products
(A) Individual Plans
1. NEW UNITGAIN- A Unit Linked Plan
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2. RISK CARE- Pure Term Plan
3. TERM CARE- Term Plan with Return-of-Premium
4. INVESTGAIN- An Endowment Plan
5. LIFETIME CARE-Whole Life Plan
6. CHILDGAIN- Children's Policy
7. LOAN PROTECTOR-A Mortgage Reducing Term Insurance Plan
8. CASHGAIN- Money Back Plan
9. KEYMAN INSURANCE- A Promising Business Opportunity
10. SWARNA VISHRANTI- Retirement Plan
11. NEW UNITGAIN PLUS-Unit Link plan with higher allocation
12. RIDERS UNITGAIN PLUS-While the basic life insurance
13. MAHILAGAIN RIDER- The unique plan that takes care of you and your loved ones.
14. NEW UNITGAIN EASY PENSION PLUS-A Plan that enables you retire
with laughter lines not worry lines
15. SWARNA RAKSHA-ROC-A plan that provides you with regular income for life.
16. HEALTHCARE- This is a three-year health insurance plan, with life
insurance benefit.
17. NEW UNITGAIN PREMIERSP- Upfront Allocation of 105% of single premium on day 1
18. NEW UG SUPER- High Allocation Guaranteed life cover19. NEW FAMILYGAIN- The only Unitlinked insurance plan with
ethical equity fund
20. SAVECARE Economy-SP- An investment that provides financial
security and liquidity.
21. NEW UNITGAIN Plus SP- A single premium plan with maximum allocations
(B) Individual Plans :Rural
1. SAMRAKSHA – To Secure- Bajaj Allianz Samraksha – a rural insurance plan.
2. CAPITAL UG- Capital Unitgain is a unit linked endowment regular
premium plan that is designed to suit all your insurance & investment
needs.
3. UNITGAIN GUARANTEE SP- High Allocation and Full or partial withdrawals are allowed
anytime after 3 years
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(C) Group Plans
1. GROUP CREDIT SHIELD-Available for Employer - Employee Groups
and Non Employer-Employee Groups
2. GROUP TERM LIFE-Available for Employer - Employee Groups and Non
Employer-Employee Groups
3. GROUP TERM LIFE SCHEME- in lieu of EDLI (Employees Deposit
Linked Insurance)
4. GROUP SUPERANNUATION SCHEME
5. GROUP GRATUITY CARE SCHEME- Giving your Employees and their
families the heartening reassurance of your care and financial
security.
(D) Insurance for NRIsBajaj Allianz offers a large suit of products to cater every insurance
need for NRIs. They are as follows:
1. INVESTGAIN - Our 'With Profits Endowment Plan’.
2. CASHGAIN - Our 'With Profits Money Back Plan'.
3. CHILDGAIN - Our 'With Profits Money Back Plan' for children.
4. LIFETIME CARE - Our 'With Profits Whole of Life Plan'.
5. SWARNA VISHRANTI - Our 'With Profits Differed Annuity Plan'.
6. UNITGAIN - Our 'Unit Linked Whole of Life Plan'
CHAPTER 2: RESEARCH METHODOLOGY
Please find below the details of the research objectives and
methodology opted in this study.
2.1. Research Objectives
•
To measure top of mind awareness about life insurancecompanies.
• To measure perceptions with respect to insurance agency
prospects.
• To check the important of various benefits of agency provided by
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insurance industry.
• To check to what extent agents agree with Bajaj Allianz agency
features.
2.2 Research Design2
The research design constitutes the blueprint for the measurement,
collection and analysis of data. It aids the scientist in the allocation of
his limited resources by posing crucial choices. This research design is
descriptive. Descriptive research design describes the "who, what,
when, where and how" of a situation, not what caused it. Therefore,
descriptive research is used when the objective is to provide a
systematic description that is as factual and accurate as possible. It
provides the number of times something occurs, or frequency, and
lends itself to statistical calculations such as determining the average
number of occurrences or central tendencies.
2.3 Types of Data Used2
2.3.1. Secondary Data
Data was collected through secondary sources like Internet, books on
insurance and business research book.
2.3.2. Primary Data
This data was collected through questionnaire from Target audience
members in and around Bardoli region.
2.4. Sampling Plan
The Sampling plan consists of three things:
2.4.1. Sampling unit
Here sampling unit includes students, businessperson, and employees
of Government and private sectors.
2.4.2. Sample size
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The sample size selected was 100, which was a very feasible figure
looking into time constraints.
2.4.3. Sampling procedure
In this method, regarding sampling design, non-probability sampling
design has been selected. Further, convenience sampling method was
selected.
2.5 Data Collection Method
2.5.1. Field area
The area for survey was Bardoli and surrounding region.
2.5.2. Contact method
Contact method for survey was face-to-face personal interview.
2.6. Data Analysis1
Graphs, charts and percentage, T-test, cross table, mean etc. analyzed
the information.
One-sample T-test is the statistical test, which is used to test the
difference between sample statistic and a hypothesized population
parameter. It is used when the types of data are interval in nature.
Chi-square test has been used to provide the method for testing the
association between the dependent and independent variables.
Data analysis has been done using SPSS software for doing t-test and
chi-square test.
2.7 Research Limitations
The following are the limitations of this study.
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• Since the sampling method used was convenience sampling due
to time and cost constraint, the result cannot be generalized to
the population.
• The target audience members may misunderstand some of the
questions and thereby give wrong responses.
• Many of the target audience members had very little knowledge
about insurance sector. Therefore, their comments on the
insurance sector may be negatively biased.
CHAPTER 3: DATA PRESENTATION & ANALYSIS
This chapter presents the analysis of the data gathered.
3.1 Top Of Mind Awareness Of Life InsuranceCompanies
Company Frequency Percentage
LIC 62 62%
ICICI Prudential 14 14%
Bajaj Allianz 18 18%
HDFC Standard 3 3%
Max New York 3 3%
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Total 100 100%
Top of mind awareness of attempt Life Insurance
companies
62%14%
18%
3%
3%
LIC
ICICI Prudential
Bajaj Allianz
HDFC Standard
Max New York
In the study it was found out that LIC is having highest level of top-of
mind awareness followed by Bajaj Allianz and ICICI Prudential Life
Insurance.
3.2 Target Audience Members Possessing LifeInsurance Policy
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Respondents possessing life insurance policy
68%
32%
Policy holder
Non-policy holder
In the study it was found out that 68% Target audience members
are holding life insurance policy.
3.2.1 Cross tabulation - Annual income versus Policy Holder
Annual income TotalHavepolicy <1 lac 1 to 2.9 3 to 5
5 &above
No Count 4 13 8 7 32
% Withinhave policy
12.5% 40.6% 25.0% 21.9% 100%
Yes Count 18 27 16 7 68% Withinhave policy
26.5% 39.7% 23.5% 10.3% 100%
Total Count 22 40 24 14 100% Withinhave policy
22.0% 40.0% 24.0% 14.0% 100%
From the table, we can see that the target audience members in the
annual income slab Rs. 1 - 2.9 lacs per annum have the highest
policies (40%) followed by Rs. 3 to 5 lacs per annum (24%), less then
Rs. 1 lac per annum (22%) and Rs. above 5 lacs (14%).
3.2.2 Cross tabulation: Occupation versus Policy Holders
Occupation Total
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Havepolicy Student Business Service Others
No Count 6 9 14 3 32% Within Havepolicy
18.8% 28.1% 43.8% 9.4% 100%
Yes Count 18 17 26 7 68% Within Havepolicy
26.5% 25.0% 38.2% 10.3% 100%
Total Count 24 26 40 10 100% Within Havepolicy
24.0% 26.0% 40.0% 10.0% 100%
From the table, we can see that the target audience members in the
service occupation have the highest policies (40%) followed by
businessmen (26%), students (24%) and others (10%).
3.2.3 Cross tabulation: Education versus Policy Holders
Havepolicy Education Total
H.S.CGradua
te P.G OthersNo Count 6 14 8 4 32
% WithinHave policy
18.8% 43.8% 25.0% 12.5%100.0
%Yes Count 14 36 12 6 68
% WithinHave policy
20.6% 52.9% 17.6% 8.8%100.0
% Total Count 20 50 20 10 100
% WithinHave policy
20.0% 50.0% 20.0% 10.0%100.0
%
From the table, we can see that the target audience members in the
graduate category have the highest policies (50%) followed by H.S.C
(20%), post graduate (20%) and others (10%).
3.3 Sources of Awareness of Bajaj Allianz LifeInsurance Co. Ltd.
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Media Frequency Percentage
T.V 32 22.85%
Magazine 12 8.60%
News paper 39 27.85%
Hoarding 9 6.42%
Others 48 34.28%
Total 140 100.00%
From the figure, we can see that the main source of awareness for
Bajaj Allianz others (34%) followed by news paper (28%), T.v (23%),
magazine (9%) and hoardings (6%).
3.4 Awareness Of Extra Earning Opportunity Of Insurance Agency
23%
9%
28%6%
34% T.V
MagazineNews paper
Hoarding
Others
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Response Frequency Percentage
Yes 30 30%
No 70 70%
Total 100 100%
Awareness of extra earning opportunity of
insurance agency.
30%
70%
Yes
No
In the study, it was found out 30% of the sample knows insurance
provides extra earning opportunity by working part time.
3.5 Perception Of Relative Importance Of AgencyFeatures According to Respondents
Statistic Extra income FlexibilityPromotion High Brand Wide
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scheme growth image planMean 3.66 3.76 3.55 3.66 3.52 3.71Std.
Deviation 0.96 1.23 1.05 1.15 0.97 1.20
3.66
3.76
3.55
3.66
3.52
3.71
3.4 3.45 3.5 3.55 3.6 3.65 3.7 3.75 3.8
Extra income
Flexibility
Promotional schemes
High growth
Company\brand image
Well designed plans
In the study it was found out that flexibility in working hours (3.76) is
found most important followed by wide range of plans (3.71), high
growth potential (3.66), extra income earning opportunity (3.66),
various promotional schemes (3.55) and strong company brand image(3.52).
3.6 Relative Beliefs Of Respondents With Respect ToBajaj Allianz
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3.6.1 Bajaj Allianz Life Insurance Agency Gives You Good Extra
Income Earning Opportunity
Ho= Target audience members are neutral that Bajaj Allianz agency
provide extra earning opportunity.
H1 = Target audience members are not neutral that Bajaj Allianz
agency provide extra earning opportunity.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Extra
income 100 3.18 .869 .087
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Extra
income2.071 99 .041 .180 .01 .35
Here null hypothesis is rejected because as per t-test significance is
less then 0.05. Also t-value is positive. It means target audience
members are more than neutral about Bajaj Allianz regarding extra
earning benefit.
3.6.2 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives
Flexibility In Working
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Ho= Target audience members are neutral that Bajaj Allianz agency
provide flexibility in working.
H1 = Target audience members are not neutral that Bajaj Allianz
agency provide flexibility in working.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Flexibility inworking
99 2.95 1.110 .112
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Flexibility inworking
-.453 98 .652 -.051 -.27 .17
Here null hypothesis is accepted because as per t-test, significance is
more than 0.05. It means target audience members are neutral about
Bajaj Allianz regarding flexibility in working by agency.
3.6.3 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives Various
Promotional Schemes Benefit To Agents
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Ho= Target audience members are neutral that Bajaj Allianz agency
provides various promotional schemes benefits to agents.
H1= Target audience members are neutral that Bajaj Allianz agency
provide various promotional schemes benefits to agents.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Promotionalschemes
100 3.42 1.112 .111
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Promotionalschemes
3.778 99 .000 .420 .20 .64
Here null hypothesis is rejected because t- test significance is less than
0.05. Also t-value is positive and so we can infer that
target audience members are more than neutral with
Bajaj Allianz with respect to various promotional schemes.
3.6.4 Bajaj Allianz Life insurance Co. Ltd. Agency Gives High
Growth Potential
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Ho= Target audience members agree that Bajaj Allianz agency
provides high growth potential.
H1= Target audience members do not agree that Bajaj Allianz agency
provides high growth potential.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Highgrowth rate
100 3.66 1.056 .106
One-Sample Test
Test Value = 4
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Highgrowth rate
-3.219 99 .002 -.340 -.55 -.13
Here null hypothesis is rejected because as per t-test, significance is
less then 0.05. Also t-value is negative. So we can infer
that target audience members are less than neutral with
Bajaj Allianz with respect to high growth potential.
3.6.5 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A
Company/Brand Image
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Ho= Target audience members are neutral that Bajaj Allianz agency
provides a company/ brand image which is helpful in the agency
business.
H1= Target audience members are not neutral that Bajaj Allianz
agency provide a company/brand image which is helpful in the agency
business.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Company brand
image100 3.18 1.114 .111
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Company brand
image
1.616 99 .109 .180 -.04 .40
Here null hypothesis is accepted because as per t- test, significance
value is more then 0.05. It means target audience members are
neutral with Bajaj Allianz with respect to company/ brand image.
3.6.6 Bajaj Allianz Life Insurance Co. Ltd. Agency Gives A Wide
Range Of Well-designed Plans
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Ho= Target audience members are neutral that Bajaj Allianz agency
provides a wide range of well-designed plans which are helpful to
agent in this business.
H1= Target audience members are not neutral that Bajaj Allianz
agency provide a wide range of well-designed plans which are helpful
to agent in this business.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Attractive
Plan
100 3.24 1.093 .109
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Attractive
Plan
2.196 99 .030 .240 .02 .46
Here null hypothesis is rejected because as per t-test, significance is
less than 0.05. Also t-value is positive. It means target audience
members are more than neutral with Bajaj Allianz with respect to a
wide range of well-designed plans.
3.6.7 Career Scope At Bajaj Allianz Life Insurance Co. Ltd. Is
Excellent
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Ho= Target audience members are neutral that Bajaj Allianz agency
provides excellent career scope.
H1= Target audience members are not neutral that Bajaj Allianz
agency provides excellent career scope.
Statistic N MeanStd.
Deviation
Std.ErrorMean
Carrierscope
100 3.34 1.297 .130
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Carrierscope
2.622 99 .010 .340 .08 .60
Here null hypothesis is rejected because as per t-test, significance is
less than 0.05. Also, t-value is positive. It means target audience
members are more than neutral with Bajaj Allianz with respect to
excellent career scope.
3.6.8 Becoming An Agent Of Bajaj Allianz Life Insurance Co.
Ltd. Is A Very Wise Business Decision
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Ho= Target audience members are neutral that going for Bajaj Allianz
agency is a wise business decision.
H1= Target audience members are neutral that going for Bajaj Allianz
agency is a wise business decision.
One-Sample Statistics
Statistic N MeanStd.
Deviation
Std.ErrorMean
Wisedecision
100 3.70 1.156 .112
One-Sample Test
Test Value = 3
Statistic t df Sig. (2-tailed)
MeanDifferen
ce
95% ConfidenceInterval of the
Difference
Wisedecision
6.249 99 .000 .660 .45 .87
Here null hypothesis is rejected because as per t-test, significance is
less than 0.05. Also t-value is positive. It means target audience
members are more than neutral regarding considering decision for
becoming agent of Bajaj Allianz as a wise business decision.
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CHAPTER 4: FINDINGS
This chapter presents the findings developed from the analysis of datacollected.
• According to the study, LIC is having highest level of brand
awareness followed by Bajaj Allianz and ICICI Prudential.
• Around 70% target audience members hold life insurance policy
from various life insurance companies.
• The major sources of awareness for Bajaj Allianz Life Insurance
Co. Ltd. are others like insurance consultant, friends, relatives
etc. apart from T.V. and Newspapers.
• Around 70% target audience members do not know that
insurance provides extra earning opportunity through part time
work.
• Various features like extra earning opportunity, flexibility in
working hours, strong company brand/ image, wide range of well
designed plans etc important equally for target audience
members who are taking agency of insurance.
• In the study it was seen that flexibility in working hours has
highest relative importance followed by….
• In the study, it was seen that target audience belief are accepted
at neutral level only two statements. They are flexibility in
working hours and company brand image.
• Target audience members lacking in knowing about various
promotional schemes given to agency holder, which improve
through using print and digital media.
• Target audiences have not idea about Bajaj Allianz growth level,
so give growth record about company and agency holding.
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BIBLIOGRAPHY
1. Cooper, D.R. & Schindler, P.S. (2006), Business Research
Methods, Tata McGraw Hill, New Delhi.
2. IC-33 LIFE INSURANCE (Revised), Insurance Institute of India.
(Examination Hand Book of Pre-Recruitment Examination For
Insurance Agents)
3. Insurers; Retrieved on 15-3-2007; from
http://www.bimaonline.com/cgi-bin/insurers/insurers.asp
4. Nargundkar, R. (2005), Marketing Research, Tata McGraw-Hill
Publishing Company Limited, New Delhi.
5. Why Bajaj Allianz Life Insurance?; Retrieved on 15-3-2007; From
http://www.allianzbajaj.co.in/lifeinsurance/AboutUs/why_ab.asp
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APPENDIX
Questionnaire
Respected Sir/MadamI am Nirmal Patel the student of MBA, final year, of Shrimad
Rajchandra Institute of Mgt. & Computer Application, Tarsadi. As a partof my academic curriculum, I have undertaken a project on “AgencyRecruitment” at .
I request you to please spare some of your valuable time to fillup the questionnaire. This information provided by you will be keptstrictly confidential.
Nirmal Patel
(1) When I mentioned life insurance which company comes toyour mind?
_______________________________________________________
(2) Do you have life insurance Policy?- Yes - No
(3) You have come to know about Bajaj Allianz Life Insurance Co. Ltd.
through which media?- T.V- Magazine- Newspaper- Hoarding- Others.
(4) Do you know that insurance provides extra earningopportunity by working part time?
- Yes - No
(5) To what extent you are with to the following statements.1- Not very important 2- Not important 3- Neutral4- Important 5- Very important
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(A) Life insurance agency offers extra income earning opportunity.1 2 3 4 5
(B) Life insurance agency offers flexibility in working hours.1 2 3 4 5
(C) Life insurance agency offers various promotional schemesbenefits to agent.
1 2 3 4 5
(D) Life insurance agency offers high growth potential.1 2 3 4 5
(E) Life insurance agency offers a strong company/brand image ishelpful in becoming successful in agency business.
1 2 3 4 5
(F) Life insurance agency offers a wide range of well designedplans are helpful to agent in becoming successful in insurancebusiness.
1 2 3 4 5
(6) Indicate to what extent you agree with the Bajaj Allianz LifeInsurance Co. Ltd
1- Strongly disagree 2- Disagree 3- Neutral4- Agree 5- Strongly agree
(A) Bajaj Allianz Life Insurance Co. Ltd. agency gives you a good extraincome earning opportunity.
1 2 3 4 5
(B) Bajaj Allianz Life Insurance Co. Ltd. agency gives flexibility inworking.
1 2 3 4 5
(C) Bajaj Allianz Life Insurance Co. Ltd. agency gives variouspromotional schemes benefit to agent.
1 2 3 4 5
(D) Bajaj Allianz Life insurance Co. Ltd. agency gives high growthpotential.
1 2 3 4 5
(E) Bajaj Allianz Life Insurance Co. Ltd. agency gives acompany/brand image is helpful successful in the agencybusiness.
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1 2 3 4 5
(f) Bajaj Allianz Life Insurance Co. Ltd. agency gives a wide range of well designed plans are helpful to agent successful in thisbusiness.
1 2 3 4 5
(G) The career scope at Bajaj Allianz Life Insurance Co. Ltd. isexcellent.
1 2 3 4 5
(H) Becoming an agent of Bajaj Allianz Life Insurance Co. Ltd. is a verywise business decision.
1 2 3 4 5
(7) Demographic profile
Name: _____________________________________________________________
Address: ___________________________________________________________
__________________________________________________________ __
__________________________________________________________ __
Phone No. _________________ Mobile No. ________________________________
Education:- H.S.C
- Graduate
- Post Graduate
- Others
Annul income:
< 1 Lacs.
1–2.9 Lacs.
3-5 Lacs
>5 & above
Occupation:- Student- Business- Service- Others. __________
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Thank You