Project of Bharti-AXA Life Insurence Co

7/29/2019 Project of Bharti-AXA Life Insurence Co.

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Sales Promotion,

Recruitment, Training & Development of Life

Advisors

Submitted in Partial Fulfillment of the Requirements for the

Award of Degree

OfMASTER OF BUSINESS ADMINISTRATIONU.P.TECHNICAL UNIVERSITY, LUCKNOW

ACADEMIC SESSION(2008-2010)

NARENDRA KUMAR

Roll No. : 0807470047

UNDER THE GUIDENCE OF:

Mr. PRASHANT SHARMA

DEWAN INSTITUTE OF MANGEMENT STUDIES

BY PASS ROAD, PARTAPUR, MEERUT

[250001]


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Project Report on Sales Promotion, Recruitment, Training and Development of Life

Advisors


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ACKNOWLEDGEMENT:

The project was a great source of learning and a good exposure as it givesan opportunity to co-relate the theoretical knowledge with practical

experience, though during ones ambitions one always encounters certain

difficulties. However overcoming these difficulties and making the

project a success greatly depends upon the encouragements, inspirations

and help rendered by the staff members of the organization.

I am very much grateful and feel indebted Mr. Ashish Kumar

Srivastava Agency Manager of (Bharti Axa Life Insurance Co. ,

Lucknow) for giving me this opportunity to work for his organizationunder whose guidance I am able to complete my project. His co-operation

has sustained me through the entire period of my project.

I would also express my gratitude toMr. J. C. Pant (Director) Of

Dewan Institute of Management Studies ,Meerut ,Mr. GauravKaushik ((Head of the Dept.M.B.A) ) & Mrs. Chitra teotia (InternalGuide) without their support my project would not have reached to this

end .

Place : Lucknow

Date :

NARENDRA KUMAR


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DECLARATION

I the undersigned, hereby declare that this project entitled SALES

PROMOTION RECRUITMENT, TRAINING AND

DEVELOPMENT of Life advisors at Bharti AXA, LUCKNOW is

written and submitted by me to DEWAN INSTITUTE OF

MANAGEMENT OF STUDIES, MEERUT in partial fulfillment of the

requirements for the award of MASTER OF BUSINESS

ADMINISTRATION under the guidance of my company guide Mr.

Ashish Kumar Srivastava. This report neither full nor in part has ever

been submitted for award of any other course of either this Institute or

any other Institute.

NARENDRA KUMAR

MBA

2008-2010


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EXECUTIVE SUMMARY

The project is about recruitment, training and development of Life

advisors. The project was undertaken by 6 member team and the entiretask was divided into sub- tasks. The process started from identifying the

need, then advertising the same to prospective individuals by distribution

of pamphlets, holding various activities in residential areas etc. then

individuals were surveyed. The questionnaire was designed in such a

manner that it gave a general idea about the ability and capability of

respondent as a prospective life insurance advisor. Certain scores wereallotted depending on the answers given by the respondent. Those who

were high on the scores were motivated to visit the office for conduction

of their interview. After the successful completion of interview

individuals were informed if they were selected for training of Life

advisors. They were asked to fill the NAAF form and a fee was collected

from them along with their photographs. After successful completion of

training an exam was conducted and those who qualified the exam were

selected as life advisors.

The project report submitted here covers theory on recruitment, training

and development, flowchart of activities undertaken for recruitment,

training and development, data analysis of the survey and a list of

suggestions and recommendations for the company at the end of the

entire study.

During the process of summer project we conducted activities in

Residential colonies like Lucknow, Gonda, Balrampur etc.. The samples

of the pamphlets that were designed and were distributed for such

activities have been given in the annexure.


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TABLE OF CONTENTS

Contents

Objective of Project 1

Introduction to the Project 3

Purpose of the Project 4

Significance And Importance of the Project 5

Scope of project 6

Theory on sales promotion 7

Theory on Recruitment and Training 23

Training and Development 27Types of Training and Development 27

Brief history of the Insurance sector in India 35

Profile of Organization 40

Joint Venture Bharti and AXA 41

Bharti AXA Life Insurance 43

Products of Bharti AXA Life Insurance 45

Products for Individuals 45

Products for Groups 47

Research Design and Methodology 48Research Design 52

Sample Design 53

Recruitment Process 54

Data Presentation, Analysis and Interpretation 63

Findings and Suggestions 74

Findings 75

Suggestions 76

Solutions 77

Results 79Limitations of the Project 80

Conclusion 83

Bibliography 85

Annexure 86

Annexure 1 87

Annexure 2 89


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OBJECTIVES OF THE PROJECT

The objectives were-

R- Recruitment

T- Training

D- Development

C- Coding and Licensing

I- Increase in Sales

To analysis insurance as an investment Plan.

To Analysis the pricing of different unit linked investment plans

and handling lindges with other P's of marketing.

To study the consumer perception preference and behaviour

product of Bharti AXA Life Insurance.

Team objective: To recruit more than 5 Life advisors during two months

in Lucknow region.

Individual objective: To interview prospective candidates to be recruited

as LA, assist Managers of Agency in selecting the candidates, make

arrangements for BOPs and to assist in their training, coding and

licensing thereby increasing the sales of the company.


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INTRODUCTION TO THEPROJECT

PURPOSE OF THE PROJECT

The purpose of the company project study was to:

Get hands on experience of recruitment in Insurance sector.

Understand the external recruitment process of Life advisors.

Applying theoretical knowledge to the recruitment practices atBharti AXA.


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SIGNIFICANCE AND IMPORTANCE OF THEPROJECT

In the last few years, the market has undergone some fundamental

changes in terms of technologies, sources of recruitment, competition in

the market etc. In an already saturated market, where the practices like

poaching and raiding are gaining momentum, Sales professionals are

constantly facing new challenges in one of their most important function-

Selling. They have to face and conquer various challenges to find the best

candidates for their organizations which can meet there targets.

The project focuses on the challenges facing the Sales department in the

growing insurance industry in India. Problems caused by the lack of

skilled personnel and the increasing demand for skilled employees are

also discussed in the project.

In addition, challenges regarding the recruitment, training and

development of employees are examined. The project throws light on

various measures taken by Sales department in insurance organizations to

improve the environment and the productivity of employees.


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SCOPE OF THE PROJECT

The project involved recruiting life advisors for Bharti AXA Life

insurance in Lucknow region. The task was taken up by a 6 member team

and the entire process of recruitment was divided into sub- tasks. To

further it, the project also involved arranging for preliminary training of

Life advisors.

The process of recruiting and training Life advisors can be broken into

the following steps:

Identifying individuals who are willing to solicit insurance

business as a life advisor of the company.

Assisting in scheduling the training and examination of the life

advisors.

Assisting and coordinating with Agency Development Manager of

the company for licensing and coding of Life Advisors.


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THEORY ON SALES PROMOTION

By their very nature, Bharti AXA Life Insurance require higher

advertisement and sales promotion expenses than any consumer productoffering measurable performance. Different kinds of advertising and sales

promotion exercises are required to serve the needs of different classes of

investors. For instance, an aggressive push marketing strategy is

required for retail markets, where investors are not adequately aware of

the product and do not have specialized skill in financial market, in

contrast with pull marketing strategies for the wholesale market.

There are certain issues with reference to advertisement, publicity

literature and offer documents, which deserve attention. Most of the Life

Insurance advertisements look similar, focusing on scheme features,

returns and incentives. An investor exposed to the increasing number of

Life Insurance products finds that all the available brands are rather

identical, and cannot appreciate any distinction.

The present form of application, brochures and other literature is

generally lengthy, cumbersome and at times complicated leading to

higher emphasis on advertisement. One of the limiting factors is the

regulatory framework governing advertisements of Life Insurance

products. For instance, in the offer documents, Bharti AXA Life

Insuranceare required to mention the fund objectives in clear terms.Immediately thereafter, the first risk factor that has to be mentioned is

that there is no certainty whether the objectives of the fund will be

achieved or not. Some more relaxation in these may facilitate bringing

more novelty in advertisements, within a broad framework, without

luring investors through false promises, and will certainly improve the

situation.


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Another hurdle is the statutory disclaimer required to be carried along

with every advertisement. Bharti AXA Life Insurancehave to provide risk

factors.

Under the present Life Insurance regulations, a prior approval by SEBI is

a must before a Life Insurance can launch its fund. In the regulation itself,

a period of one month has been provided. But in a months time, perh aps

the situation may so change, that the timing of launch gets affected. The

requirement for getting approval, which normally takes about 2 months

time, defeats the purpose for which the fund was designed also.

QUALITY OF SERVICE

This industry primarily sells quality of services, given that the

performance cannot be promised. It is with this attribute along with

procedural simplicity, that the fund gradually builds its brand and its class

of loyal investors. The qualities of services are broadly categorized as:

Timely services after the sale of the units; and

Continuous reporting of investment performance.

Life Insurance managers must give due attention and evaluate their

performance on each front. They may also consider an option of

conducting a service audit for controlling and improving the quality of

service.


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MARKET RESEARCH

Investment in Life Insurance is not a one-time activity. It is a continuous

activity. The same investor, if satisfied, will come to the fund again and

again. When the investor sends his application, it is not only an

application, but it also contains vital information. Most of this

information if tabulated and analyzed, would provide important insights

into investor needs, preferences and behavior and enables us to target

customers need more accurately, to achieve better penetration, deeper

loyalty and reduced costs. It is in this context that direct marketing will

assume increased importance. Knowing the customer thoroughly is of

utmost importance. Unlike the consumer goods industry, it is not possible

for Life Insurance industry to test market and have pilot projects before

launch. At the same time, focusing and concentrating on a particular

geographic area where the fund has a strong presence and proven

marketing network, can help reduce network, can help reduce issue

expenses and ultimately translate into higher returns for the investor.

Very little research on investor preference is available, but the industry

can collectively have a data bank, and share the information for

appropriate use.

Market Segmentation Different segments of the market have different

risk-return criteria, on the basis of which they take investment decisions.

Not only that, in a particular segment also there could be different sub-

segments asking for yet different risk-return attributes, and differential

preference for various investments attributes of financial product.

Different investment attributes an investor expects in a financial product

are:

Liquidity,

Capital appreciation,


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Safety of principal,

Tax treatment,

Dividend or interest income,

Regulatory restrictions,

Time period for investment, etc.

On the basis of these attributes the Life Insurance market may be broadly

segmented into five main segments as under.

1) Retail Segment

This segment characterizes large number of participants but low

individual volumes. It consists of individuals, Hindu Undivided Families,

and firms. It may be further sub-divided into:

i. Salaried class people;

ii. Retired people;

iii. Businessmen and firms having occasional surpluses;

iv. HUFs for long term investment purpose.

These may be further classified on the basis of their income levels. It has

been observed that prospects in different classes of income levels have

different patterns of preferences of investment. Similarly, the investment

preferences for urban and rural prospects would differ and therefore the

strategies for tapping this segment would differ on the basis of

differential life style, value and ethics, social environment, media habits,

and nature of work. Broadly, this class requires security of the principal,

liquidity, and regular income more than capital appreciation. It lacks

specialised investment skills in financial markets and highly susceptible

to mob behaviour. The marketing strategy involving indirect selling


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through agency network and creating awareness through appropriate

media would be more effective in this segment.

2) Institutional Segment

This segment characterizes less number of participants, and large

individual volumes. It consists of banks, public sector units, financial

institutions, foreign institutional investors, insurance corporations,

provident and pension funds. This class normally looks for more

specialized professional investment skills of the fund managers and

expects a structured product than a ready-made product. The tax features

and regulatory restrictions are the vital considerations in their investment

decisions. Each class of participants, such as banks, provides a niche to

the fund managers in this segment. It requires more of a personalized and

direct marketing to sustain and increase volumes.

3) Trusts

This is a highly regulated, high volumes segment. It consists of varioustypes of trusts, namely, charitable trusts, religious trust, educational trust,

family trust, social trust, etc. each with different objectives. Its basic

investment need would be safety of the principal, regular income and

hedge against inflation rather than liquidity and capital appreciation. This

class offers vast potential to the fund managers, if the regulators relax

guidelines and allow the trusts to invest freely in Life Insurances.

4) Non-Resident Indians

This segment consists of very risk sensitive participants, at times referred

as fair weather friends. They need the highest coveragainst political and

exchange risk. They normally prefer easy exit with repatriation of income

and principal. They also hold a strategic importance as they bring in

crucial foreign exchange a crucial input for developing country like


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ours. Marketing to this segment requires special kind of products for

groups of foreign countries depending upon the provisions of tax treaties.

The range of suitable products are required to design to divert the funds

flowing into bank accounts.

5) Corporates

Generally, the investment need of this segment is to park their occasional

surplus funds that earn return more than what they have to pay on account

of holding them. Alternatively, they also get surplus fund due to the

seasonality of the business, which typically become due for the payment

within a year or quarter or even a month. They need short term parking

place for their fund,. This segment offers a vast potential to specialized

money market managers. Given the relaxation in the regulatory

guidelines, fund managers are expected design products to this segment.

Thus, each segment and sub-segment have their own risk return

preferences forming niches in the market. Bharti AXA Life

Insurancemanagers have to analyze in detail the intrinsic needs of the

prospects and design a variety of suitable products for them. Not only is

that, the products also required to be marketed through appropriately

different marketing strategies.

ADS THE WAY

Increasing sales have given Life Insurance promoters the budget to spend

more on advertising, which has further boosted sales

The Atheists are turning believers. Life Insurances, private sector ones in

particular, who had written off advertising as the ultimate waste of

money have nearly tripled their press media spend from Rs.12.20 crore


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in the period January to April 1998 to Rs. 31.6 crore in January to April

1999, according to data supplied by Prudential ICICI AMC (PIAMC) and

sourced from ORG-MARG.

Whats interesting is that in this period the share of the private sector

Bharti AXA Life Insurancein the categorys total media spending has

surged from 20 percent to 52 percent. This can be attributed to private

sector funds (given the data available with the Association of Bharti AXA

Life Insuranceof India) seeing an increase share of net inflows relative to

the bank-sponsored counterparts in the public sector.

For proof, take a look at some figures. PIAMC which spent Rs. 4.5

crore on advertising in the entire fiscal year 2000 has spent the same

amount during the first four months of the current fiscal itself. Kothari

Pioneer Life Insurance which spent a negligible amount on advertising in

1999-2000 and Rs.163 lakhs in 2001 has already spent Rs. 453 lakhs in

the first three quarter.

Birla Life Insurance, which spent Rs. 1 crore on advertising in the year

1999-2000 plans to double that amount.

Clearly advertising types have something to cheer about. But whats

caused this sudden attitudinal shift towards advertising? According to

experts, funds are being pushed into advertising more by intermediaries

like banks who are reluctant to sell a product whose name is unfamiliar to

investor. Besides, since more open-ended schemes are now available,

some form of ongoing support to keep sales booming has been deemed

necessary by the funds.


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In the words of Mr. Rajiv Vij, vice president marketing, Templeton Asset

Management (India) Pvt. Ltd., The industry has discovered that

advertising in the changed climate today, when investors are most

receptive to Life Insurances, can perk up sales by anywhere between 20-

40 percent. PIAMC managing director Ajay Srinivasan gives his

rationale for stepping up marketing spends: we believe that the brand is

an important part of the consumers decision to invest in a category that is

not yet clearly understood by people. According to the Life Insurance

marketers, advertising helps bring recall when consumers are looking at

investment opportunities. Srinivasan says that tactical advertising has

raised PIAMCs brand awareness from five percent in June 1993 to 34

percent now, as per a recent IMRB survey.

Advertising backed by an integrated marketing and communication

campaign designed to attract investors with long term prospective has

helped the fund post a redemption-to-sales ratio of just about five percent

as compared to 20-30 percent for the industry on an average.

But what mode of advertising do these funds choose? To sell the

category, avers VIJ, mass media is more effective because one needs to

target a large segment of the population. Life Insurance marketers feel

that since the category is information centric, press is the best medium

to get across ones message. Within the print media, most marketers feel

that a combination of leading mainline and financial newspapers

complemented by finance/ business magazines, with relevant thematic

appeal and editorial content are the perfect mix.

Direct mail is another medium, which some funds have successfully used.

But rather than sending out mailers to all and sundry, there is a need for

appropriate targeting.


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Educational seminars are the final leg in the marketing and

communication process. In these, investors conditioned by advertising

and hooked by an interesting mailer can have lingering doubts clarified.

Attractive point of purchase (POP) material can also help.

Another very successful media niche, which has been exploited to the hilt

by funds, is intermediary magazines and newsletters. Besides the low

costs of advertising in these newsletters, these publications circulate to

those who are looking for investment opportunities and thus represent an

extremely lucrative target segment.

Advertising content by most of the funds too has undergone a marked

change from concept-selling ads dispelling myths, to selling specific

schemes that meet defined objectives/ goals.

But why is advertising suddenly working for Bharti AXA Life

Insurancewhen it doesnt seem to have made a difference earlier? A

sustained marketing strategy instead of a few, scrappy ads is now seen tobe the key to investor demand.

According to Birla Sun Life AMC chief market development officer

N.K.Sharma, advertising serves as a reminder complementing a sales

push by the distributor. Since the distributor wasnt ready in earlier

years, advertising then, didnt work, he says. Brand building, is a long-

term exercise. Just like Bharti AXA Life Insuranceadvocate that investors

take a long-term approach to investing, similarly funds need to take a

long-term approach to brand building.

Fund marketers and industry observers however, caution against the

danger of selling the product for the wrong reasons. Funds need to focus

on sustainable communication. They need to build brands that strike a


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chord with investors by relating to their concerns rather than selling

flavour-of-the-month style. The winning formula as industry watchers put

it is the troika of performance, service and trust for meeting long term

needs or goals.


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Changes that have taken place since the advent of the Net

Lower Costs: Distribution of funds will fall in the online trading

regime by 2003. Bharti AXA Life Insurancecould bring down their

administrative costs to 0.75% if trading is done online. As per

SEBI regulations, bond funds can charge a maximum of 2.25% and

equity funds can charge 2.5% as administrative fees. Therefore if

the administrative costs are low, the benefits are passed down and

hence Bharti AXA Life Insuranceare able to attract mire investors

and increase their asset base.

Better advice: Bharti AXA Life Insurancecould provide better

advice to their investors through the Net rather than through the

traditional investment routes where there is an additional channel

to deal with the Brokers. Direct dealing with the fund could help

the investor with their financial planning.

In India, brokers could get more Net savvy than investors and

could help the investors with the knowledge through get from the

Net.

New investors would prefer online: Bharti AXA Life Insurancecan

target investors who are young individuals and who are Net savvy,

since servicing them would be easier on the Net.

India has around 1.6 million net users who are prime target for

these funds and this could just be the beginning. The Internet users

are going to increase dramatically and Bharti AXA Life

Insuranceare going to be the best beneficiary. With smaller

administrative costs more funds would be mobilized .A fund


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manager must be ready to tackle the volatility and will have to

maintain sufficient amount of investments which are high liquidity

and low yielding investments to honor redemption.

Net based advertisements: There will be more sites involved in ads

and promotion of Life Insurances. In the U.S. sites like AOL offer

detailed research and financial details about the functioning of

different funds and their performance statistics. a is witnessing a

genesis in this area . There are many sites such as indiainfoline.com

and indiafn.com that are doing something similar and providing

advice to investors regarding their investments.

Reasons for bad performance of Bharti AXA Life Insurance

Most investors associate Bharti AXA Life Insurancewith Master gain,

Monthly Equity Plans of SBI Life Insurance, UTI and Canbank Life

Insurance and of course Morgan Stanley Growth Fund. This is so because

these funds truly had participation from masses, with a fund like Morgan

Stanley having more than 1 million investors. Investors feel that after 5

years, Morgan Stanley Growth Fund units still trade below the original

IPO price of Rs 10.

It is incorrect to think that all Bharti AXA Life Insurancehave performed

poorly. If one looks at some income funds, they have come with

reasonable returns. It is only the performance of equity funds, which has

been poor. Their poor performance has been amplified by the closed end

discounts i.e. units of these funds quoting at sharp discounts to their NAV

resulting in an even poorer return to the investor.


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One must remember that a Life Insurance does not provide assured

returns and neither can it "manufacture" returns out of thin air. Returnsprovided by Bharti AXA Life Insuranceare a function of the returns in the

underlying asset class in which the fund invests. Good funds can beat

returns in their asset class to some extent but thats all. E.g. take the case

of a sector specific fund like a pharma fund which invests only in shares

of pharmaceutical companies. If the Govt. comes with new regulation that

severely restricts the pricing freedom of these companies resulting in

negative outlook for the sector, the prices of all stocks in the sector could

fall substantially resulting in severe erosion in the NAV of the fund. No

one can do anything about it. A good fund manager would probably sell

part of the fund before prices fall too much and wait for an opportune

time to reinvest at lower levels once the dust has settled. In that case, the

NAV of the fund would fall to a lesser extent but fall it will. If the

investor in the fund has invested in some stocks in the sector on his own,

in all probability, his personal investments may have depreciated to a

larger extent.

Most Life Insurance managers took some time to realize the changed

circumstances wherein the open economy ushered in by the liberalization

took the full impact of the global deflation in commodity prices. Thisproblem was compounded further by the Asian crisis after which cheap

imports from Asia caused severe pressure on profits.

One more issue is that the fund managers in many funds were not

"professionally qualified and experienced". This is especially true of

some of the funds floated by nationalized banks. Some of these


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individuals were transferred from the parent organization and did not

really know much about investment management.

Lastly, investors would do well to have a look at the investments, which

they made on their own. In most cases, they would have done much

worse than the Life Insurances. We have received numerous requests for

advice from individual investors on what to do about their own

investments. If that were any indicator, investors would have done really

badly.


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Market Share of Bharti AXA Life Insurancein India

S.No. Asset Management

Company

AUM

(Rs. In Crore)

Market Share

( in %)

1. ABN Amro 1572.1 0.94

2 Alliance Capital 1341.91 0.80

3. Benchmark 495.85 0.30

4. Birla Sun Life 10722.37 6.38

5. BoB 124.85 0.07

6. CanBank 1895.46 1.13

7. Cholamandalam 910.79 0.54

8. Deutsche 2317.65 1.38

9. DSP ML 7074.2 4.21

10. Escorts 122.62 0.07

11. Fidelity 1495.4 0.89

12. Franklin Templeton 17079.3 10.17

13. Global Insurance Co. 122.09 0.07

14. HDFC 15709.86 9.35

15. HSBC 7569.61 4.51

16. ING Vysya 1925.17 1.15


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17. JM Financial 3975.26 2.37

18. Kotak Mahindra 7296.86 4.34

19. LIC 2872.26 1.71

20. Morgan Stanely 1640.47 0.98

21. Principal 611.5 3.64

22. Pru ICICI 17196.43 10.24

23. Reliance 10129.89 6.03

24. Sahara 300 0.18

25. SBI 7182.29 4.28

26. Standard Chartered 8143 4.85

27. Sundram 1871.42 1.11

28. TATA 8164.23 4.86

29. Taurus 176.27 0.10

30. UTI MF 22443.74 13.36

Total AUM 167986.85 100.00


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THEORY ON RECRUITMENT & TRAINING

The Recruitment Process: Recruitment refers to the process of

sourcing, screening, and selecting people for a job or vacancy within an

organization. Though individuals can undertake individual components of

the recruitment process, mid- and large-size organizations generally

retain professional recruiters. These are the main stages in recruitment.

A) Sourcing: Sourcing involves

1) Advertising- It is a common part of the recruiting process, often

encompassing multiple media, such as the Internet, general newspapers,

job ad newspapers, professional publications, window advertisements, job

centers, and campus graduate recruitment programs; and

2) Recruiting Research- which is the proactive identification of relevant

talent who may not respond to job postings and other recruitment

advertising methods done in #1. This initial research for so-called passive

prospects, also called name-generation, results in a list of prospects who

can then be contacted to solicit interest, obtain a resume/CV, and be

screened (see below).

B) Screening & Selection:

Suitability for a job is typically assessed by looking for skills, e.g.

communication, typing, and computer skills. Qualifications may be

shown through rsums, job applications, interviews, educational or

professional experience, the testimony of references, or in-house testing,

such as for software knowledge, typing skills, numeracy, and literacy,

through psychological tests or employment testing.


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In some countries, employers are legally mandated to provide equal

opportunity in hiring.

C) On boarding:

A well-planned introduction helps new employees become fully

operational quickly and is often integrated with the recruitment process.
http://en.wikipedia.org/wiki/Equal_opportunityhttp://en.wikipedia.org/wiki/Equal_opportunityhttp://en.wikipedia.org/wiki/Equal_opportunityhttp://en.wikipedia.org/wiki/Equal_opportunity


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SOURCES OF RECRUITMENT


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Training and Development

In organizational development, the related field of training and

development (T & D) deals with the design and delivery of learning to

improve performance, skills, or knowledge within organizations.

In some organizations the termLearning and Developmentis used instead

of Training and Development in order to emphasize the importance of

learning for the individual and the organization. In other organizations,

the termHuman Resource Developmentis used.

Types of Training & Development

1. Coaching

2. Continuing Professional Development or CPD

3. E-learning aka Online Learning, Distance Learning, Web-Based

Learning

4. Executive education

5. Executive development

6. Leadership development

7. Instructional Animation

8. Instructional Design

9. Instructional Strategies

10. Knowledge Management

11. Organizational Learning

12. Organizational knowledge

13. Mentoring

14. Teaching Method

15. Blended learning

16. Outbound Management Development Programmes


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17. Performance Management

The various forms of Training and development are explained below.

1. Coaching is a method of directing, instructing and training a

person or group of people, with the aim to achieve some goal or

develop specific skills. There are many ways to coach, types of

coaching and methods to coaching. Direction may include

motivational speaking. Training may include seminars, workshops,

and supervised practice.

2. Continuing Professional Development (CPD) or Continuing

Professional Education (CPE) is the means by which members of

professional associations maintain, improve and broaden their

knowledge and skills and develop the personal qualities required in

their professional lives. CPD is defined as the holistic commitment

to structured skills enhancement and personal or professional

competence.

3. Electronic learning (or e-Learning or eLearning) is a type of

education where the medium of instruction is computer technology.

4. No in-person interaction may take place in some instances. E-

learning is used interchangeably in a wide variety of contexts. In

companies, it refers to the strategies that use the company network

to deliver training courses to employees. In the USA, it is defined
http://en.wikipedia.org/wiki/Motivational_speakerhttp://en.wikipedia.org/wiki/Motivational_speaker


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as a planned teaching/learning experience that uses a wide

spectrum of technologies, mainly Internet or computer-based, to

reach learners at a distance. Lately in most Universities, e-learning

is used to define a specific mode to attend a course or programmes

of study where the students rarely, if ever, attend face-to-face for

on-campus access to educational facilities, because they study

online.

5. Executive Education is the term used for programs at graduate-

level business schools that aim to give classes for Chief Executives

and other top managers or entrepreneurs. These programs do not

usually end in a degree, although there is an ever-growing number

of an Executive MBA program that are very similar and offer a

Masters of Business Administration upon completion of the

coursework.

6. Executive development is the whole of activities aimed at

developing the skills and competencies of those that (will) have

executive positions in organizations. While "executive" and

"manager" and "leader" is often used interchangeably, "executive"

is commonly used to signify the top 5% to 10% of the organization.

Similarly, "development" and "training" and "education" are often


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7. used as synonyms, however "development" is generally seen as the

most encompassing of the three in terms of activities that build

skills and competencies.

8. Leadership development: Leadership development refers to any

activity that enhances the quality of leadership within an individual

or organization. These activities have ranged from MBA style

programs offered at university business schools to high-ropes

courses and executive retreats.

9. Instructional Animations are animations that are used either to

provide instructions for immediate performance of a task or to

support more permanent learning of subject matter. While both of

these uses can be described as instructional animations, when the

goal is to support learning, the term educational animation may be

preferred.

10.Instructional Design is the practice of arranging media

(communication technology) and content to help learners and

teachers transfer knowledge most effectively. The process consists

broadly of determining the current state of learner understanding,

defining the end goal of instruction, and creating some media-

based "intervention" to assist in the transition. Ideally the process is

informed by pedagogically tested theories of learning and may take

place in student-only, teacher-led or community-based settings.


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The outcome of this instruction may be directly observable and

scientifically measured or completely hidden and assumed.

11.Knowledge Management ('KM') comprises a range of practices

used by organizations to identify, create, represent, distribute and

enable adoption of what it knows, and how it knows it. It has been

an established discipline since 1995 with a body of university

courses and both professional and academic journals dedicated to

it. Many large companies have resources dedicated to Knowledge

Management, often as a part of 'Information Technology', 'Human

Resource Management' or Business strategy departments.

Knowledge Management is a multi-billion dollar world-wide

market.

12.Organizational learning is an area of knowledge within

organizational theory that studies models and theories about the

way an organization learns and adapts. In Organizational

development (OD), learning is a characteristic of an adaptive

organization, i.e., an organization that is able to sense changes in

signals from its environment (both internal and external) and adapt

accordingly. OD specialists endeavor to assist their clients to learn

from experience and incorporate the learning as feedback into the

planning process.


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13.Organizational knowledge: What is the nature of knowledge

created, traded and used in organizations? Some of this knowledge

can be termed technicalknowing the meaning of technical words

and phrases, being able to read and make sense of economic data

and being able to act on the basis of law-like generalizations.

Scientific knowledge is propositional; it takes the form of causal

generalizations whenever A, then B. For example, whenever

water reaches the temperature of 100 degrees, it boils; whenever it

boils, it turns into steam; steam generates pressure when in an

enclosed space; pressure drives engines. And so forth.

14.Mentorship refers to a developmental relationship between a more

experienced mentor and a less experienced partner referred to as a

protg, mentoree, or (person) being mentoreda person

guided and protected by a more prominent person.

15.Teaching methods are best articulated by answering the questions,

"What is the purpose of education?" and "What are the best ways

of achieving these purposes?". For much of prehistory, educational

methods were largely informal, and consisted of children imitating

or modeling their behavior on that of their elders, learning through

observation and play. In this sense the children are the students,

and the elder is the teacher. A teacher creates the course materials

to be taught and then enforces it.


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16.Blended Learning is the combination of multiple approaches to

learning. Blended learning can be accomplished through the use of

'blended' virtual and physical resources. A typical example of this

would be a combination of technology-based materials and face-to-

face sessions used together

to deliver instruction. In the strictest sense, blended learning is when

an instructor combines two methods of delivery of instruction.

However, this term most often applies to the use of technology on

instruction. A good example of blended learning would be to give a

well-structured introductory lesson in the classroom, and then to

provide follow-up materials online.

17.Outbound Management Development Programmes are a

training method for enhancing organizational performance through

experiential learning.These programmes generally revolve around

activities designed to improve leadership, communication skills,

planning, change management, delegation, teamwork, and

motivation. Participants are divided into teams and assigned tasks

or activities for completion in a specified time. Achievement and

performance during these activities is reviewed in group

discussions to identify behaviors that enhance performance or lead

to failure or decreased performance.


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18.Performance measurement is the process of assessing progress

toward achieving predetermined goals. Performance management

is building on that process, adding the relevant communication and

action on the progress achieved against these predetermined goals.

In network performance management

(a) A set of functions that evaluate and report the behavior of

telecommunications equipment and the effectiveness of the network or

network element and

(b) a set of various sub-functions, such as gathering statistical

information, maintaining and examining historical logs, determining

system performance under natural and artificial conditions, and

altering system modes of operation.

In organizational development (OD), performance can be thought

of as Actual Results vs Desired Results. Any discrepancy, where

Actual is less than Desired, could constitute the performance

improvement zone. Performance management and improvement

can be thought of as a cycle:

1. Performance planning: where goals and objectives are established

2. Performance coaching: where a manager intervenes to give

feedback and adjust performance

3. Performance appraisal: where individual performance is formally

documented and feedback delivered.


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Brief History of the Insurance Sector in India

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.

The story of insurance is probably as old as the story of mankind. The

same instinct that prompts modern businessmen today to secure

themselves against loss and disaster existed in primitive men also. They

too sought to avert the evil consequences of fire and flood and loss of life

and were willing to make some sort of sacrifice in order to achieve

security. Though the concept of insurance is largely a development of the

recent past, particularly after the industrial era past few centuriesyet

its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year

1818. Oriental Life Insurance Company started by Europeans in Calcutta

was the first life insurance company on Indian Soil. All the insurance

companies established during that period were brought up with the

purpose of looking after the needs of European community and these

companies were not insuring Indian natives.

Bombay Mutual Life Assurance Society heralded the birth of first

Indian life insurance company in the year 1870, and covered Indian

lives at normal rates.

Bharat Insurance Company (1896) was also one of such companies

inspired by nationalism. The Swadeshi movement of 1905-1907

gave rise to more insurance companies.

The United India in Madras, National Indian and National

Insurance in Calcutta and the Co-operative Assurance at Lahore

were established in 1906.


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In 1907, Hindustan Co-operative Insurance Company took its birth

in one of the rooms of the Jorasanko, house of the great poet

Rabindranath Tagore, in Calcutta.

The Indian Mercantile, General Assurance and Swadeshi Life (later

Bombay Life) were some of the companies established during the

same period.

The Parliament of India passed the Life Insurance Corporation Act

on the 19th of June 1956, and the Life Insurance Corporation of

India was created on 1st September, 1956, with the objective of

spreading life insurance much more widely and in particular to the rural

areas with a view to reach all insurable persons in the country, providing

them adequate financial cover at a reasonable cost.


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Some of the important milestones in the life insurance business in

India are:

1850: Non life insurance debuts with triton insurance company.

1870: Bombay mutual life assurance society is the first Indian owned life

insurer.

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.


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Insurance sector reforms

In 1993, Malhotra Committee, headed by former Finance Secretary and

RBI Governor R. N. Malhotra, was formed to evaluate the Indianinsurance industry and recommend its future direction.

The Malhotra committee was set up with the objective of complementing

the reforms initiated in the financial sector.

The reforms were aimed at creating a more efficient and competitive

financial system suitable for the requirements of the economy keeping in

mind the structural changes currently underway and recognizing that

insurance is an important part of the overall financial system where it was

necessary to address the need for similar reforms.


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The Insurance Regulatory and Development

Authority (IRDA)

The Insurance Act, 1938 had provided for setting up of the Controller of

Insurance to act as a strong and powerful supervisory and regulatory

authority for insurance. Post nationalization, the role of Controller of

Insurance diminished considerably in significance since the Government

owned the insurance companies.

But the scenario changed with the private and foreign companies foraying

in to the insurance sector. This necessitated the need for a strong,

independent and autonomous Insurance Regulatory Authority was felt.

As the enacting of legislation would have taken time, the then

Government constituted through a Government resolution an Interim

Insurance Regulatory Authority pending the enactment of a

comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act

to provide for the establishment of an Authority to protect the interests of

holders of insurance policies, to regulate, promote and ensure orderly

growth of the insurance industry and for matters connected therewith or

incidental thereto and further to amend the Insurance Act, 1938, the Life

Insurance Corporation Act, 1956 and the General insurance Business

(Nationalization) Act, 1972 to end the monopoly of the Life Insurance

Corporation of India (for life insurance business) and General Insurance

Corporation and its subsidiaries (for general insurance business).


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PROFILE OF ORGANIZATION

Bharti AXA Life Insurance is a joint venture between Bharti, one of

Indias leading business groups with interests in telecom, agri business and

retail, and AXA, world leader in financial protection and wealth management.

The joint venture company has a 74% stake from Bharti and 26% stake of

AXA.

.

The company launched national operations in December 2006. Today, we have

over 5200 employees across over 12 states in the country. Our business

philosophy is built around the promise of making people "Life Confident".

As we expand our presence across the country to cater to your insurance and

wealth management needs with our product and service offerings, we continue

to bring 'life confidence' to customers spread across India. Whatever your plans

in life, you can be confident that Bharti AXA Life will offer the right financial

solutions to help you achieve them.


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The Joint Venture BHARTI and AXA

BHARTI

Bharti Enterprises is one of Indias leading business groups with interests

in telecom, agri business, insurance and retail. Bharti has been a

pioneering force in the telecom sector with many firsts and innovations to

its credit. Bharti Airtel Limited, a group company, is one of Indias

leading private sector providers of telecommunications services with an

aggregate of 60 million customers, spanning mobile, fixed line,

broadband and enterprise services. Bharti Airtel was ranked amongst thebest performing companies in the world in the BusinessWeek IT 100 list

2007. Bharti Teletech is the countrys largest manufacturer and exporter

of telephone terminals. Bharti has a joint venture with ELRo Holdings

India

Ltd.FieldFresh Foods Pvt. Ltd - for global distribution of fresh fruitsand vegetables. Bharti also has a joint venture - Bharti AXA Life

Insurance Company Ltd. - with AXA, world leader in financial

protection and wealth management. Bharti has recently forayed into the

retail business under a company called Bharti Retail Pvt. Ltd. It also has a

joint venture Bharti Wal-Mart Private Limited with Wal-Mart, for

wholesale cash-and-carry and back-end supply chain management

operations.

AXA Group

AXA Group is a worldwide leader in Financial Protection. AXA's

operations are diverse geographically, with major operations in Western

Europe, North America and the Asia/Pacific area. AXA had Euro 1,315


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billion in assets under management as of December 31, 2006. For full

year 2006, IFRS revenuesamounted to Euro 79 billion, IFRS underlying

earnings amounted to Euro 4,010 million and IFRS adjusted earnings to

Euro 5,140 million.

The AXA ordinary share is listed and trades under the symbol AXA on

the Paris Stock Exchange. The AXA American Depository Share is also

listed on the NYSE under the ticker symbol AXA.


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Bharti AXA Life Insurance

Vision

To be a leader and the preferred company for financial protection and

wealth management in India by 2012.

Values

Professionalism

Innovation

Team Spirit

Pragmatism

Integrity

Strategy

To achieve a top 5 market position in India through a multi-

distribution, multi-product platform

To adapt AXA's best practice blueprints as a sound platform for

profitable growth

To leverage Bharti's local knowledge, infrastructure and customer

base To deliver high levels of shareholder return

To build long term value with our business partners by enhancing

the proposition to their customers

To be the employer of choice to attract and retain the best talent in

India

To be recognized as being close and qualified by our customers


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GOOD PRACTICES

The guiding Human Resources principles at Bharti AXA are:

1. Clearly define scope of responsibilities and empower people to deliver2. Provide people with the means to develop their competencies

3. Consider individual training and development a priority investment

4. Build organizations that are conducive to teamwork and that involve

everyone

5. Promote ongoing dialogue between managers and the people who

report to them

6. Make cultural difference a key source of strength.

Strategic differentiators:

Strong partner Bharti - provides access to customer base of more

than 20 million.

Multi channel execution capability.

Current Asia product range which is a strong match to products

sold to the mass and mass affluent.

Global scale providing cost effective and speedy re-use of systems,

products and business capability.

Strong AXA and Bharti brands which can be leveraged to attract

and retain a high quality management team.


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Insurance Products of Bharti AXA

Life insurance products for individuals:

Bharti AXA Dream Life Pension

A Unit Linked Pension Product

Dream Life Pension, Bharti AXA Life Insurances unique pension

product ensures that your retirement life is your Dream Life.

Bharti AXA Life Aspire Life

Unit Linked Endowment Product.

Aspire Life helps you create a pool of wealth to meet your long-term

needs, while also providing you adequate protection in case the need

arises.

Bharti AXA Life Invest Confident

Unit Linked Single Premium Product.

You have always strived hard to achieve the best for you and your loved

ones, so when it comes to making an investment decision, we know that

you would expect the best from it too.

Bharti AXA Life Wealth Confident

A unit-linked investment cum protection policy.

Your wealth, your status ensures that you get preferential status wherever

you go. So why shouldn't your money get the same?


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Bharti AXA Life Future Confident

A unit-linked policy which offers comprehensive protection along with

wealth creation in the long term.

Bharti AXA Life Future Confident II

A unit-linked product which offers enhanced protection along with

wealth creation in the long term.

Bharti AXA Life Save Confident

Traditional money back insurance product for long term savings.

Your changing lifestages decide your financial milestone planning. When

you foresee intermittent financial requirements in the years to come, like

regular expenses related to your childs education, liquidity becomes a

key aspect of your planning along with long term savings, and protection

for your family.

Bharti AXA Life Secure Confident

A Long Term Life Insurance.

All of us desire to maximise the happiness for our family at all times,

irrespective of the circumstances. The thought of unfortunate events

befalling us may cause us anxiety about providing a secured happiness to

our loved ones.


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Life insurance products for Group Insurance:

Bharti AXA Life Mortgage Credit Shield

Mortgage Credit Shield is a Group Product that provides coverage to

people who have availed of a Mortgage\ Home loan\ Home equity loan

from an Institution/Bank.

Bharti AXA Life Credit Shield

Credit Shield is a Group Product that provides coverage to people whohave availed of a loan for 1 to 5 years from Group Policy holder.


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RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research

problem. It may be understood as a science of studying how research is

done. We can say that research methodology has many dimensions and

research methods do constitute a part of the research methodology. The

study of research methodology gives the student the necessary training in

gathering material and arranging or car-indexing them, participation in

field work when required, and also training in techniques for the

collection of data appropriate to particular problem, in the use of

statistics, questionnaires and controlled experimentation and in recording

evidences, sorting it out and interpreting it. Knowledge of research

methodology plays a key role in project work. It consists of series of

actions or steps necessary to effectively carry out research and the desired

sequencing of these steps.

Data Collection Method

Data can be collected by Primary as well as secondary method.1) Primary Data Sources

Questionnaire methods and discussions with the HR and the employees

were used to collect data.

Questionnaire Designed: Questionnaire was used for the survey.

2) Secondary Data Sources

The secondary data sources were collected from the company manuals,handbooks, and management books and are edited to suite the purpose.

Investment in Life Insurance is not a one-time activity. It is a continuous

activity. The same investor, if satisfied, will come to the fund again and

again. When the investor sends his application, it is not only an

application, but it also contains vital information. Most of this


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information if tabulated and analyzed, would provide important insights

into investor needs, preferences and behavior and enables us to target

customers need more accurately, to achieve better penetration, deeper

loyalty and reduced costs. It is in this context that direct marketing will

assume increased importance. Knowing the customer thoroughly is of

utmost importance. Unlike the consumer goods industry, it is not possible

for Life Insurance industry to test market and have pilot projects before

launch. At the same time, focusing and concentrating on a particular

geographic area where the fund has a strong presence and proven

marketing network, can help reduce network, can help reduce issue

expenses and ultimately translate into higher returns for the investor.

Very little research on investor preference is available, but the industry

can collectively have a data bank, and share the information for

appropriate use.

This study on Life Insurances in India has been based on primary as well

as secondary data sources.

The primary data is collected by the getting the questionnaire filled from

the common investor above the age of 25.

For this research, I have made use of a questionnaire for ascertaining the

investment pattern of a common investor.

The questionnaire consisted of 13 questions in total, each question having

various multiple choices. Depending upon the choice selected by the

respondent, each respondent gets a total score which represents his degree

of favorability towards the kind of investment he makes and his

knowledge about the investments.

The main aim of conducting the survey using a questionnaire was to


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understand the perception of small investors, who are the most exploited

in Indian capital Market, analyze the type of funds available for the

investor, understand the investment pattern of a common investor,

importance of marketing Strategies in Life Insurances.

This was done by ascertaining the average response of all the samples for

the total 13 questions asked in the questionnaire. The results for the 13

questions asked were further graphically represented, showing the

favorability towards different parameters.

The secondary resources used in the study are:

Books

Journals

Magazine Articles

Internet Websites.


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RESEARCH DESIGN

Exploratory type of research designs adopted because sources of

information are relatively few and the purpose is merely to find and tounderstand the possible actions. The major purposes of exploratory study

are:

Identification of problem

The precise formulation of problems including the identification of

variables

Formulation of alternative course of action

An exploratory research is often the first in the series of projects that

culminates in one concerned with the drawing of inferences that are used

as a basis of monetary action. Exploratory study is often used as a

introductory phase of a larger study and results are used in developing

specific technique for larger study. Of the study the relevant

questionnaire was prepared and circulated among a stratified sample of

50 employees of BHARTI AXA LIFE INSURANCE Limited. This

questionnaire formed the basis for the views on each of the points raised

in the questionnaire. The data thus obtained formed the basis of

information regarding the existing recruitment and selection processes atBHARTI AXA LIFE INSURANCE. and the same is analyzed and

interference is drawn regarding the various aspects of recruitment and the

entire process of selection at BHARTI AXA LIFE INSURANCE


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SAMPLE DESIGN

Sampling technique:

Stratified sampling technique is adopted to conduct the research.

Stratified purposive sapling is a selection method for achieving a greater

degree of representatives, therefore decreasing the probable sampling

error. It is based on the concept that a homogeneous population produces

samples with smaller sampling errors than does a heterogeneous

population. Stratified sampling is accomplished by placing all the

members of the population into groups according to some characteristics

that is common among them, that is homogeneous subsets of the

population. Then specified number of unit is chosen from each of the

groups or strata by purposive means.

Sampling Plans

The sampling plan consists of sampling units, e.g. from functional

departments namely Marketing, Commercial, Technical and Human

Resource. These employees constitute the manpower in the company who

are engaged in the day to day functioning of the company, thus it is very

important for them to understand the various aspects of the entire

selection process and also the importance of performance appraisal

system. Therefore, they had been selected for the project sampling

Sample Size:- Sample size was taken 1100 to undertake the survey.


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The Recruitment Process flowchart:-

Following is the flowchart of steps followed in recruitment of Life

advisors:

Identifying Vacancy & advertising it

Prepare Job Description and person Specification

Short-listing on the basis of Q scores

Conduction of interview

Filling up the compulsory IRDA form

Scheduling the training

Conduction of examination

Final selection as LA

The elaboration on all the steps given in the flow chart above is given in

the following pages.

1.Identifying vacancy and advertising it: the following changes in the

scenario led to the increasing vacancy for life advisors in Bharti AXA

Pune.


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Expansion of business as well as market.

Growing competition.

Change in demographics.

After the identification of vacancy pamphlets containing the details

were prepared and were distributed. The pamphlets used by us have

been provided as Annexure 1, 2 and 3.

2.Preparing job description and person specification:

2.1 Career Bandwidth as a Life advisor at Bharti AXA:

2.1.1 As a Life Advisor at Bharti AXA, there is only one way to

grow. And thats by meeting and exceeding your targets.

2.1.2 As a good performer, you stand to get promoted from Bronze to

Diamond Club and enjoy special remuneration benefits.

2.1.3 As a Life Advisor, you can get appointed as an Agency

Manager within a span of just 9 months to 1 year.2.1.4 As a Life Advisor, you also get to participate in various

business related projects and committees.

2.2 Compensation

2.2.1 As a Life Advisor, you have the opportunity to create attractive

earnings for the first year and for the long term through payouts.

2.2.2 Higher the business you generate in the first year, higher the

income you stand to earn year after year.

2.2.3 Get rewarded through Best in Class Rewards and Recognition

programs including overseas conventions.

2.3 Support

2.3.1 All Bharti AXA branches have HR services for support on all

matters related to compensation and career so you can redress

your concerns immediately.


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2.3.2 State-of-the-art Distribution Training support.

2.3.3 Comprehensive marketing support in terms of brochures,

illustrations etc.

2.3.4 Sales Management Support for on the job training and business

closure.

2.3.5 Infrastructure & Technology support through dedicated Life

Advisors bay equipped with telephones, computers and internet

at Bharti AXA premises.

2.3.6 Customer Service and operations support.

2.3.7 The details about the rewards and recognition are given in

Annexure 4.

3.Short Listing on the basis of Q scores:

3.1 The five Qs- The Qs are 5 different criteria where the candidates

are to be analyzed.

3.1.1 Q1- The candidate should have been a resident of Lucknow for

at least five years.

3.1.2 Q2- He/ She should be married.

3.1.3 Q3- His/ Her annual income should be at least 1.2 to 1.5 Lakhs.

3.1.4 Q4- He/ She should be a graduate.

3.1.5 Q5- Minimum age to be eligible for being a life advisor is 18.

3.2 The significance of Qs

3.2.1 A high Q score implies possibility of better performance by the

candidate as a life advisor (meaning better revenue generation

ability). On an average only a candidate with a score of Q4 or

Q5 was interviewed.

3.2.2 A low Q score implies lesser possibility of such performance.


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4.Conduction of interview:

4.1 Pre- interview: Preparation of recruitment /selection document for

Advertising.

4.1.1 Preparing advertisement

4.1.2 Media selection

4.1.3 Positioning

4.2 Response handling

4.2.1 Initial interview online or telephone

4.2.2 Short-listing for interviews

4.2.3 Interview arrangement

4.2.4 Sending emails or calling short listed candidates

4.2.5 Interview details to the short listed candidates

4.3 During Interview

4.3.1 HR interview

4.3.2 Technical interview

4.3.3 Conducting tests [Aptitude / Mathematical / Analytical etc.]

4.3.4 Initial final list of candidates

4.3.5 Reference check (if required)

4.4 Post interview

4.4.1 Email or Telephone call to unsuccessful candidates.

4.4.2 Technical Manager approval for a start up date.

4.4.3 Email or Telephone call to successful candidates.

4.4.4 HRM prepares a letter of appointment.

4.5 Selection Process

4.5.1 Starts with the preliminary interview.

4.5.2 Ends with contract of employment.


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4.5.3 Different process for different organization.

4.5.4 Different process for different job in same organization.

4.5.5 Selection easy for shop floor workers.

4.5.6 Selection of managers are crucial.

4.5.7 Affected by internal & external environment.

4.5.8 Mutual decision making.

5.Filling up of compulsory IRDA form: A NAAF (New advisor

application form) is to be filled up by the candidate. Provided as

annexure.

6.Scheduling of the training: Guidelines as per provisions of IRDA

Act for training of life advisors (effective from 31st

October 2004).

6.1 The applicant shall have to undergo at least 100 hours practical

training in life or general insurance business which may be spread

over three to four weeks, where such applicant is seeking license

for the first time to act as an insurance agent.

6.2 The training duration should be minimum 18 working days

excluding Sundays and holidays.

6.3 No product training/market survey should be included into this

hundred 100 hours training. The product training, if any, to be

given by the insurance company should be over and above the

minimum training hours prescribed by the Authority

6.4 The attendance record of the trainees should be maintained at the

Institute for necessary inspection at any given point of time.

6.5 In case of short-fall of attendance, extra class may be permitted but

the extra hours may be specified separately with proper attendance

and details of faculty.


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6.6 Every Institute should have at least one qualified permanent faculty

who is an Associate or Fellow from the Insurance Institute of India

for each stream i.e. for Life and Non-Life.

6.7 The attendance register of the faculty members should be

maintained at the training institutes.

6.8 The record of the payment made to faculty should be maintained at

the training institute i.e. batch-wise payment detail should be

maintained.

6.9 The faculty should provide details of the other Institutes with

whom they have been empanelled as part-time/guest faculty.

6.10 Register should be maintained at the training institute giving details

of batches completed, strength of the each batch, number of

candidates decertified, name of the sponsored insurer and details of

faculty who imparted the training with dates.

6.11 The seating capacity of each class-room should not exceed 40.

6.12 The fresh accreditation will be given on need basis after assessingthe needs of the particular city/town.

6.13 The initial approval will be for a period of 3 years and

consideration of further renewal up to 3 years would depend on the

satisfactory compliance of requirements of accreditation.

6.14 The insurance companies would regularly send their officials to

oversee the proper conduct of the training at the institutes andwould not sponsor candidates to those institutes that are not

maintaining the required standards of and facilities for the training.

6.15 The training institute must display the certificate of accreditation to

impart training issued by the Authority at the training institute.

6.16 The Institute should not allow a franchisee to conduct courses on

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should conduct the training on its own premises or hired premises

with proper infrastructure.

6.17 No marketing fee/consultancy fee payment is permitted for getting

the training batches.

6.18 It will be the responsibility of the Insurance Company to check the

status of the institute before sponsoring any candidates for training.

6.19 In case of mofussil areas or the cities where there are no accredited

institutes and an insurance company intends to appoint agents, it

will be the responsibility of the insurance company to conduct

training.

6.20 The Institutes must keep with them one set of records of the

training at the place where the training is being imparted.

6.21 The Institute should confine its activities only to the place/city for

which it has been given the approval. No training outside the said

place/city is permitted.

6.22 The Institutes must submit a copy of the lease deed/rent agreementat the time of seeking fresh accreditation/renewal/change of

address of the institute.

6.23 On successful completion of training the candidates get COT i.e.

the Completion of Training Certificate by Bharti AXA.

7.Conduction of examination:

7.1 Syllabus: the syllabus prescribed by the authority for life insurance

agents is given in annexure 6. it is indicative and not exhaustive.

The self study course material developed by institute in book form

only the broad basis of examination which is available for sale with

the institute and its associated institutes. A candidate is expected to

study the course material in depth and also assimilate general


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information relevant to the subject. Candidate is also expected to

know up-to-date developments in the insurance industry.

7.2 Pattern of examination: normally objective type multiple choice

questions are asked. A candidate is required to indicate the correct

alternative. A candidate is required to secure at least 50% marks to

be declared successful. But the institute reserves the right to

change, the pattern of question paper for the examinations without

notice to anyone to test the knowledge of the candidate as it deems

fit.

7.3 Mode of examination: The test can be taken up in either of the

two modes- online or offline. Depending on the mode of testing the

training is also arranged. For online mode the training is also done

online whereas in offline mode the training is done in the class

room format of. The duration of classroom training is 6+2 days.

Where 6 days are reserved for compulsory IRDA training and the

remaining 2 days are for product based training.7.4 Admission card: No candidate will be allowed to appear for the

examination unless he/ she produces the admission card. The

admission card will be issued by Bharti AXA. Besides admission

card candidate must possess COT issued by Bharti AXA.

7.5 Sample questions: a list of sample questions is given as annexure.

8.Final selection as Life Advisor: the final selection as Life advisor iscommunicated to the candidate.


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Analysis 1

Age of respondents: the following is the distribution of age of the

respondents.

Age 45 Years

Number of

individuals

584 396 73 47

Less than 25 years of age individuals constitute 53% of sample

size.

Whereas individuals with more than 45 years of age constitute only

4%.

Interpretation: sample which has been surveyed is dominated by

younger individuals.

Age of respondents

584

396

73 47

0

100

200

300

400

500

600

700

45 years

Age

Number of individuals


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Analysis 2

Sex of respondents

Interpretation: Sample is dominated by males which constitute 74% of

total size.

Sex of Respondent

male, 814, 74%

female, 286, 26%

male female


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Analysis 3

Occupation of Respondents

Occupation Student Pvt.

Employee

Govt.

Employee

Proprietor Others

Number 436 395 87 135 47

Interpretation: Sample is dominated by students and Private Employees

(76%).

govt. employee, 87

pvt. Emp

Documents

Project of Bharti-AXA Life Insurence Co