Preface

Indian insurance industry is emerging rapidly after year 2000. To survive in these highly competitive scenario managers will bring pressure to improve quality recruit quality and skilled people. Collective efforts of the employer manager and other relative people assume relevance in this context and this their marketing management and human resources play an important role. Recruitment is very important in todays scenario but still it is ignored and considered as a secondary aspect incase insurance industry recruitment only decides success or failure of the company I have made an attempt to study this aspect of insurance industry in my project. In this project recruitment for developing channel at Max New York Life is considered. I have tried to find out how exactly recruitment is very important for this firm as well as this industry, which are the different strategies this firm uses to recruit quality people and so on. It is most qualitative rather than quantitative data. The above information was obtained during my intern period which was of 2 months at Max New York life and I have also gained some information from the companies website. On the basis of my study I have included the following topic as the important aspect of channel development at Max New York Life. Insurance Sector Channel Development Process Eligibility Criteria

In this project I have tried to give attention to all the above topics and study them in depth but I would still like to receive all sorts of feedback to enhance my knowledge on these topics as far as this industry is concerned.

Table of Contents
Acknowledgement Preface Table of Contents 5 6 7

SECTION A: INTRODUCTION A.1 ABOUT INSURANCE INDUSTRY A.2 ABOUT MAX NEW YORK LIFE A.3 ABOUT PROJECT SECTION B: CHANNEL DEVELOPMENT STRATEGIES B.1 ELIGIBILITY MODEL B.2 DEVELOPMENT STRATEGIES B.3 SCRIPTS AND OBJECTION HANDLING SECTION C: CHANNEL DEVELOPMENT PROCESS C.1 NAME GATHERING IN-P200 C.2 SHORTLISTING C.3 CONTACTING C.4 INITIAL SCREENING C.5 NAT C.6 CAREER SEMINAR C.7 CAREER INTERVIEW C.8 FCS C.9 IC 33/CONTRACT SECTION D: STATUS REPORT D.1 ACTIVITY CHART D.2 FINDINGS SECTION E: CONCLUSTION E.1 EXPERIENCE E.2 SUMMARY E.3 RECOMMENDATION E.4 BIBLIOGRAPHY

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List of Abbreviations
MNYL AA PO NAT FCS IRDA CoI ATP IRDP PAB ATP Max New York Life Agent Advisor Personal Observation Numerical Ability Test Fundamental Career Seminar Insurance Regulatory & Development Authority Centre of Influence Annual Target Premium Integrated Rural Development Programme Personal Accident Benefit Annual Target Premium

SECTION A INTRODUCTION

A.1 INTRODUCTION TO INSURANCE

WHAT IS INSURANCE? The business of insurance is elated to the protection of the economic values of assets. Every asset has a value. The asset would have been created through the efforts of the owner. The asset is valuable to the owner, because he expects to get some benefits from it. The benefit may be an income or some thing else. It is a benefit because it meets some of his needs. In the case of a factory or a cow, the product generated by it sold and income generated. In the case of motor car, it provides comfort and convenience in transportation. There is no direct income. Every asset is expected to last for a certain period of time during which it will perform. After that, the benefit may not be available. There is a life-time for a machine in a factory or a cow or a motor car. None of them will last for ever. The owner is aware of this and he can so manage his affairs that by the end of that period or life-time, a value or income is not lost. However, the asset may get lost earlier. An accident or some other unfortunate event may destroy it or make it non-functional. In that case, the owner and those deriving benefits therefrom, would be deprived of the benefit and the planned substitute would not have been ready. There is an adverse or unpleasant situation. Insurance is a mechanism that helps to reduce the effect of such adverse situations.

BRIEF HISTORY OF INSURANCE

The business of insurance started with marine business. Traders, who used to gather in the Lloyds coffee house in London agreed to share the losses to their goods while being carried by ships. The losses used to occur because of pirates who robbed on the high seas or because of bad weather spoiling the goods or sinking the ship. The first insurance policy was issued in 1583 in England. In India insurance began in 1870 with life insurance being transacted by an English company, the European and the Albert. The first Indian insurance company was the Bombay Mutual Assurance Society Ltd, formed in 1870. This was followed by the Oriental Life Assurance co. in 1874, the Bharat in 1896 and the Empire of India in 1897. Later, the Hindustan Cooperative was formed in Calcutta, the United India in Madras, the Bombay Life in Bombay, the National in Calcutta, the New India in Bombay, the Jupiter in Bombay and the Lakshmi in New Delhi. These were all Indian companies, started as a result of the swadeshi movement in the early 1900s. by the year 1956, when the life insurance business was nationalized and the Life Insurance corporation of India (LIC) was formed on 1st September 1956, there were 170 companies and 75 provident fund societies transacting life insurance business in India. After the amendments to the

relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing life insurance business in India. By 31.3.2002, eleven new insurers had been registered and had begun to transact life insurance business in India.

IMPORTANT MILESTONES IN THE LIFE INSURANCE BUSINESS IN INDIA

Insurance Sector Reforms

In 1993, Malhotra Committee- headed by former Finance Secretary and RBI Governor R.N. Malhotra- was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was 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. In 1994, the committee submitted the report and some of the key recommendations included: i) Structure: Government stake in the insurance Companies to be brought down to 50%. Government should take over the holdings of GIC and its subsidiaries so that these

subsidiaries can act as independent corporations. All the insurance companies should be given greater freedom to operate. ii) Competition: Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the sector. No Company should deal in both Life and General Insurance through a single entity. Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. Postal Life Insurance should be allowed to operate in the rural market. Only one State Level Life Insurance Company should be allowed to operate in each state. iii) Regulatory Body: The Insurance Act should be changed. An Insurance Regulatory body should be set up. Controller of Insurance- a part of the Finance Ministry- should be made independent iv) Investments: Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current holdings to be brought down to this level over a period of time) v) Customer Service: LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be encouraged to set up unit linked pension plans. Computerization of operations and updating of technology to be carried out in the insurance industry. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body- The Insurance Regulatory and Development Authority. Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. The other decision taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies was the launch of the IRDA online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products.

PRESENT SCENARIO OF AN INSURANCE INDUSTRY The Government of India liberalised the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 12 life insurance and 8 general insurance companies have been registered. A host of private Insurance companies operating in both life and non-life segments have started selling their insurance policies since 2001. Table shows the current market players in the life Insurance Industry (Source IRDA). Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Name of the Company Bajaj Allianz Life Insurance Co. Limited Birla Sun Life Insurance Co. Ltd HDFC Standard Life Insurance Co. Ltd ICICI Prudential Life Insurance Co. Ltd ING Vysya Life Insurance Co. Ltd. Life Insurance Corporation of India Max New York Life Insurance Co. Ltd Met Life India Insurance Co. Pvt. Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. SBI Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd. Reliance Life Insurance Co. Ltd. Aviva Life Insurance Co. India Pvt. Ltd. Sahara India Life Insurance Co. Ltd. Shriram Life Insurance Co. Ltd. Bharti AXA Life Insurance Co. Ltd.

Life Insurance Market Growth

The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 22 percent of the total 400 million of the insurable population. Most

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customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. Life insurance business in terms of first year premium has shown a growth of more than 95% over the previous year and non life, or general insurance, is not far behind either, growing at 22% during 2006-07.The 15 private insurers in the life insurance market have already grabbed nearly 24 percent of the market in terms of premium income. The new business premium of the 15 private players has tripled over last year. Meanwhile, state owned LIC's new premium business has fallen. Figure shows comparison between premiums being collected by private and public limited players in year 2006 and 2007.

Innovative products, smart marketing and aggressive distribution. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers.

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The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to persuade new customers.

THE BUSINESS OF INSURANCE

Insurance companies are called insurers. The business of insurance is to Bring together persons with common insurance interests (sharing the same risks), Collect the share of contribution (called premium) from all of them, Pay out compensations (called claims) to those who suffer.

In India, insurance business is classified primarily as life and non-life or general. Life insurance includes all risks related to the lives of human beings and general insurance covers the rest. General insurance has three classifications viz., Fire (dealing with all fire related risks), Marine (dealing with all transport related risks and ships) and Miscellaneous (dealing with all others like liability, fidelity, motor, crop, personal accident, etc). Personal accident and sickness insurance, which are related to human beings, is classified as non-life in India, but is classified as life, in many other countries, what is Non-Life in India is termed Property and Casualty in some other countries. The business of insurance is nothing but one of sharing. It spreads losses of an individual over the group f individuals who are exposed to similar risks. People who suffer loss get relief because their loss is made good. People who do not suffer loss are relieved because they were spared the loss. The insurer is in the position of a trustee as it is managing the common fund, for and on behalf of the community of policyholders. It has to ensure that nobody is allowed to take undue advantage of the arrangement. That means that the management of the insurance business requires care to prevent entry (into the group) of people whose risks are not of the same kind as well as paying claims on losses that are not accidental. The decision to allow entry is process of underwriting of risk. Underwriting includes assessing the risk, which means, making an evaluation of how much is the exposure to risk. The premium

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to be charged depends on this assessment of the risk. Both underwriting and claim settlements have to be done with great care.

INSURANCE IN SOCIAL SECTOR

The benefits of life insurance are needed most by people in this sector, as they are relatively poor and have very little savings, if at all. Any loss of income through early death would make the surviving family poorer than before. The condition would be worse if the deceased had not repaid loans, taken for the purpose of his work or for personal requirements. Soon after nationalization of life insurance, this need was recognized and efforts were made to introduce what was called mass insurances. The concept was to cover very large numbers of poor people in one scheme. The difference between such plans under the social sector and group insurance policies is that the former are not policies taken voluntarily by any employer or organization or association, but are part of the schemes of the government being implemented through the business of life insurance. Till early 2000, there were Social Security Group Insurance Schemes (SSGIS) separately for recognized occupations. 24 occupations had been approved and as at the end of 1999, these schemes covered nearly 50 lakhs persons for a total sum assured of nearly Rs. 1750 crores. This averaged out to nearly Rs. 3500 per head. In fact, the S.A. differed from scheme to scheme. The benefit on death by accident was Rs. 25,000. The premium for the cover was paid by the State or from the social security fund set up by the L.I.C in 1988-89, for this purpose. There was also the Rural Group Life Insurance Scheme (RGLIS), whereunder persons aged between 20 and 50 years were covered for sums for Rs.5000 payable on death before the age of 60. he scheme was administered through elected panchayats. Following are a few schemes that were launched in this sector Janashree Bima Yojana, July 2000 It was meant to cover all the rural and urban poor who are aged between 18 and 60 years and are bread winners of the family. The persons to be covered are recommended by a nodal agency, which is a statutory body or voluntary organization recognized for this purpose. It acts are the sole point of contact for the insurer, giving data about its members, collecting premia and making the claims as and when they arise. The sum assured under this scheme is Rs. 20,000 (Rs.50,000 in the case of death by accident). The minimum number in the group has to be 250. half the premium is paid by the social security fund and the other half by the members or the nodal agency or the State Government. Swarnajayanti Gram Swarojgar Yojana The beneficiaries of the Integrated Rural Development Programme, are covered by the Swarnajayanti Gram Swarojgar Yojana. A separate fund has been set up by the Government of India for funding the scheme. The scheme is administered through district rural and development agency coming under zilla parishad. All 13

the persons between 18 and 60 years and receiving subsidy/ financial assistance/ loan under IRDP after 1.4.1988 are eligible to join the scheme. The premium is fully borne by the Government of India. The insurance cover is provided for a period of 5 years from the date of disbursement of subsidy/ financial assistance/ loan. In the event of death before age 60 a sum assured of Rs.5,000/- becomes payable to the nominee. In case of death due to accident, an amount of Rs.10,000 becomes payable. Landless Agricultural Laborers Group Insurance Scheme L.I.C. has introduced the LALGI on behalf of the Government. It provides term insurance protection to the extent of Rs.2000 each to families of landless agricultural labourers, who do not own land and do not have any in heritable rights to agricultural land. The entire cost (premium) is borne by the Government. Krishi Shramik Samajik Suraksha Yojana, 2001 Provides periodical lump sum survival benefits and pension to agricultural workers. The member has to pay Rs. 90 at the beginning of every quarter and double the amount is contributed from the social security fund. Agricultural workers between 18 and 50 years of age are covered. On death before age 60, the S.A. of Rs. 20,000, along with accumulated amount with interest, is payable to the nominee. In case of death by accident, the insurance cover is for Rs. 50,000. PDB benefits are provided. On the life assured surviving 60 years, if the period of contribution is 10 years or more, a lump sum will be paid, depending on his contribution. A minimum pension of Rs. 100 per month will be paid during his lifetime. Shiksha Sahayog Yojana, 2001. Is designed to provide, at no additional cost, an educational allowance of Rs, 300 per quarter to students studying in classes 9 to 12, whose parents are below the poverty line and are members of the Janashree Bima Yojana. The payments will be made out of the social security fund of the Government through the educational institutions concerned.

INSURANCE AS A SOCIAL SECURTY TOOL

The United Nations Declaration of Human Rights 1948 provides that everyone has a right to a standard of living adequate for the health of wellbeing of himself and his family, including food, clothing, housing and medical care and necessary social services and the right to security in the event of unemployment, sickness, disability, widowhood or other lack of livelihood in circumstances beyond his control. When the bread winner dies, to that extent, the familys income dies. The economic condition of the family is affected, unless other arrangements come into being to restore

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the situation. Life insurance provides such an alternate arrangement. If this did not happen, another family would be pushed into the lower strata of society. The lower strata create a cost on society. Poor people cost the nation by way of subsidies and doles and so on. Poor people also cost by way of larger growth in population, poor education and vagaries in behavior of children. Life insurance tends to reduce such costs. In this sense, the life insurance business is complimentary to the States efforts in social management. Under a socialistic system the responsibility of full security would be placed upon the State to find resources for providing social security. In the capitalistic society, provisions of security are largely left to the individuals. The society provides instruments, which can be used in securing this aim. Insurance is one of them. In a capitalistic society too, there is a tendency to provide some social security by the State under some schemes where members are required to contribute e.g. Social security scheme in UK. In India, social security finds a place in our Constitution Article 41 requires the State, within the limits of its economic capacity and development, to make effective provision for securing the right to work, to education and to provide public assistance incase of unemployment, old age, sickness and disablement and in other cases of undeserved want. Parts of the States obligations to the poorer sections are met through the mechanism of life insurance. As per the law and the directions of the regulatory authorities, insurance companies in India are obliged to extend insurance benefits to economically weaker sections of the society in the unorganized sector.

ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT

For economic development, investments are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are channeled into investments fro economic growth. all good life insurance companies have huge funds, accumulated through the payments of small amounts of premia of individuals. These funds are invested in ways that contribute substantially for the economic development of the countries in which they do business. The private insurers in India are new and had not built up funds in 2002. but, in course of time, they also would be directly and indirectly contributing to the countrys economic development. A life insurance company will have large funds. These amounts are collected by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policy holders. The management of life insurance

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companies are required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. That is why successful insurance companies would not be found investing in speculative ventures. Their investments, as in the case of L.I.C., benefit the society at large. Apart from investments, business and trade benefit through insurance. Without insurance, trade and commerce will find it difficult to face the impact of major perils like fire, earthquake, floods, etc. Financiers, like banks, would collapse if the factory, financed by it, is reduced to ashes by a terrible fire. Insurers cover also the loss to financiers, if their debtors default.

A.2 ABOUT MAX NEW YORK LIFE

Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA. Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training. Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 500 hours in two years. This focus on continuous quality training has resulted in the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers. 201 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2005. MDRT is an exclusive congregation of the worlds top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business. Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its 16

business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities and corporate alliances. Max New York Life offers a suite of flexible products. It now has 26 life insurance products and 8 riders that can be customized to have more than 400 products.

Vision
To become the most admired life Insurance Company in India.

Mission
To become one of the top quartile life Insurance companies in India. Be a national player. Be the brand of the first Choice. Be the Employer of the Choice. Become principal of choice for agents.

Values
This vision to become India's most admired life insurance company will be realized through our unique set of values, which are as follows:

Achievements
First life insurance Company in India to have IS0 9001:2000 certifications. Top five most respected private life insurance in India according to Business
World survey.

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 Continuous presence in Top 50 MDRT global list.

CSR
Max New York Life has been instrumental in changing the paradigm of life insurance in India. It is the first life insurance company in India to introduce cause related marketing. Children are at the very heart of Max New York Life's strategy. SOS Children's Villages of India is internationally recognized for its work in giving underprivileged children a wholesome life. The mission of SOS is "to help orphaned and abandoned children, by providing them with a family, a permanent home, education and strong foundation for an independent life." It's mission ties in with Max New York Life's philosophy of helping people secure the future of their near and dear ones. The company donates a part of the total money collected on all policies sold, to SOS Children's Villages of India at the end of the year.

Leadership Team

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REWARD AND RECOGNITION

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C E MDRT Ex. Council Paul Colgan Trophy Centurion Agent of the Year Paid Cases, FYC, Persistency, Rider, Referral and CEIP Leader Career Foundation Club

Career Producer Award Career Success Award

Hi-Flier

Ten-A-Monther Premium Leader

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1) Premium Leader Qualifying CriteriaRs. 1 Lakh AFYP in a month

Reward and Recognition- Mention in leaders Report, Lunch 2) Ten-A-Monther Qualifying Criteria10 applications in a month and Rs. 30,000 AFYP

Reward and Recognition- MNYL Crystal Glass, mention in Leaders Report, Lunch. 3) Hi-Flier Qualifying Criteria20 applications in a month

Reward and Recognition- MNYL Silver Medal, MNYL Crystal Glass, Mention in Leaders Report, Lunch 4) Career Success Award Qualifying Criteria15 paid cases & Rs. 40,000 FYC at the end of month 3

Reward and Recognition- Recognition Award 5) Career Producer Award Qualifying Criteria25 paid cases & Rs. 80,000 FYC at the end of month 6

Reward and Recognition- Recognition Award 6) Career Foundation Club Qualifying Criteria50 paid cases & Rs. 1.8 lakhs FYC in July- June for Recruits during this period.

Reward and Recognition- Attend CFC meeting to be held at Zone level 7) Paid Case, FYC, Persistency, rider, Referral and CEIP Leader Qualifying CriteriaTop Agent in each category in each GO

Reward and Recognition- Recognition Plaque

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8) Agent of the Year Qualifying CriteriaHighest Points in each GO

Reward and Recognition- Recognition Award 9) Centurion Qualifying Criteria100 net paid cases in a year

Reward and Recognition- Centurion Trophy 10) Paul Colgan Trophy Qualifying CriteriaHighest FYC with 100 or more paid cases and 95% Or more 13th month persistency

Reward and Recognition- Recognition Trophy 11) Executive Council Qualifying CriteriaJuly 2006 to June 2007: 4,30,000 Council Credits January 07 to June 07: 1,60,000 Council Credits 40 paid cases in the Council Period.

Reward and Recognition- Trip to Malaysia to attend the Executive Council Meeting. 12) MDRT (Million Dollar Round Table) Qualifying CriteriaMDRT FYC Rs. 7,19,800 Premium Rs.14,39,600

Reward and Recognition- MDRT dues for all qualifiers. Top 35 by FYC will Bear domestic travel and visa costs. Next 15 will bear Registration fees, domestic travel and visa costs. Rest All will bear international airfare, domestic travel and Visa costs. 13) CEOS Council Qualifying CriteriaJuly 2006 to June 2007: 8,00,000 Council Credits

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Jan 2007 to June 2007: 3,20,000 Council Credits Reward and Recognition- Trip to Amsterdam to attend the CEO Council meeting.

PRODUCTS OF MNYL
Whole Life Plans Unit Linked Insurance Plans Endowment Plans Children Plan Money Back Plans Pension Plans Health & Accident Related Riders

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A.3 ABOUT PROJECT DEFINITION OF AN AGENT

According to section 182 of the Indian Contracts Act, an agent is a person employed to do any act for another or to represent another in dealing with a third person. The person for whom such act is done or who is so represented is called the principal. In the insurance industry, the term agent is ordinarily applied to a person engaged by the insurer o procure new business. The Insurance Act defines an insurance agent as one who is licensed under Section 42 of that Act and is paid by way of commission or otherwise, in consideration of his soliciting or procuring insurance business, including business relating to the continuance, renewal or revival of policies of insurance. He is, for all purposes, an authorized salesman for insurance. There is a legal maxim qui facit alium, facit perse, which means that he who acts through others, acts to himself. The principal is bound by what the agent does. Therefore, contracts entered into through an agent, and obligations arising from acts done by an agent, may be enforced in the same manner and will have the same legal consequences, as if the contracts have been entered into, and the acts done, by the principal himself. Under Section 183 of the Contracts Act, any person who is a major, according to the law to which he is subject, and who is of sound mind, can employ an agent. Section 184 provides that as between the principal and third persons, any person may become an agent. Thus though a minor may be employed as an agent an the principal would be bound by his actions, the minor himself will not be liable to his principal. Unlike other contracts, no consideration is necessary to create an agency contract.

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AUTHORITY OF AN AGENT
While the maxim cited above makes the principal liable for all the acts done by the agent, he can restrict his liability by specifying the extent of authority granted to the agent. This authority may be expressed or implied. An authority is said to be expressed when it is stated by words, spoken or written. It is implied when it is to be inferred from the circumstances of the case. The L.I.C. does not authorize its agents to collect premia (except first premium along with the proposal) or other amounts from the policyholders. But if the agent collects such amounts, remits them to be insurer and gets receipts to be handed over back to the policyholder, implied authority can be inferred or construed. The LICs stand has been that its agents are not authorized to collect renewal premiums and that if they do so, they are acting as agents of the policyholders and not of the LIC. The implication is that if an agent collects premium from a policyholder and does not remit the same in the office, the L.I.C. would not be liable for that amount. The courts have upheld this stand. Other insurance companies in India may not follow L.I.C.s practice. They may grant more or less authority this is what Max New York Life follows that is it does at times allow its agent advisors to collect renewal premium.

AGENTS REGULATIONS
The Insurance Regulatory and Development Authority (IRDA), constituted by the IRDA Act of 1999 issued the following regulations: IRDA (Licensing of Insurance Agents) Regulations, 2000 These Regulations deal with the issue of licenses under Section 42 of the Insurance Act, 1938 and other matters relating to agents. IRDA (Licensing of Corporate Agents) Regulations, 2002 By another notification in October 2002, these Regulations were made ineffective for corporate agents and the new IRDA Regulations, 2002 were issued. These regulations deal with the issue of licenses and other matter relating to corporate agents. 25

In terms of these Regulations, a license will not be given if the person is - a minor - found to be of unsound mind - found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence - found guilty of or knowingly participating in or conniving at any fraud, dishonesty or misrepresentation against an insurer or an insured - not possessing the requisite qualifications and specified training - not passed such examinations as are specified by the Regulations found violating the code of conduct as specified by the Regulations

It is not only an individual who can become an agent. Collectives like companies, firms, banks, cooperative societies, etc., can also become agents. These collectives will designate one or more persons as Corporate Insurance Executives, who will be required to obtain licenses. Others who may also work for the corporate agent, will be called Specified Persons and they will be required to obtain certificates. The fee for grant of a license is Rs.250 for individual as well as corporate agents. A license is granted for 3 ears. It may be renewed after 3 years. It can be cancelled, it the agent acquires any of the disqualifications. The fees for the certification of the specified person is Rs.500. this is also valid for 3 years. Different kinds of agents are recognized under the Contract Act. In the airline industry, for example, there is the system of the General Agent, who has authority to act on behalf of the principal on all matters within a specified sphere. Such general agents may represent more than one principal at the same time. Similar systems of general agents exist also in the shipping industry. They represent foreign shipping companies and are authorized to deal with shippers and local authorities like the ports or the stevedores, to ensure that the ships visit to the port is profitable and without problems. Brokers arrange to place the business of their clients with insurers on terms that are standard or negotiated. This becomes necessary when the needs of the proposers are unique and not met by the benefits under the standard plans of insurance. Brokers understand the nuances of the business well and also know the policies of the insurers. A broker usually does business with more than one insurance company. He collects commission from the insurer with whom the business is placed and does not charge the prospect In India, till October 2002, only insurance agents licensed by the IRDA were permitted to procure and solicit life insurance business. Brokers dealt only with reinsurance business. The law was amended in September 2002, and the IRDA has issued (Insurance Brokers) Regulations, 2002 providing for the licensing of direct brokers,

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reinsurance brokers and composite brokers, the last being authorized to deal with direct business as well as reinsurance business.

BENEFITS OF AN AGENT ADVISOR

Independent professional An agent is an independent professional because he doesnt have to work at fixed hours, in prescribed ways and under close supervision, thus when he is licensed and appointed an agent becomes an independent professional No prevention from pursuing any other interest An agency as a profession does not restrict an agent from pursuing his other interest or vocation. Agency could also be made supplementary to his/her genuine or current work or business. Means to earn a living Its a mean to earn his/her living wherein they may spend only part of the time on insurance, being busy on other work the rest of the time. Helps in improving skills Agency as a profession helps the agents to improve their skills especially those agents who try to study and understand the business in great details. And who have the vision of becoming the best in the profession.

NEED AND REQUIREMENTS FOR AN AGENT ADVISOR

Becomes an agent of the prospect An agent should be capable enough to understand the needs of his prospective client and hence put forth the right options before his client. In other words an agent, while dealing with the prospect, should be thinking of his interests and requirements and the best financial arrangements that would be appropriate in his situation.

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Agent of the insurer As an agent of the insurer he is expected to obtain the insurance business and contribute to the revenues of the insurer. Primary underwriter An agent is called a primary underwriter because he is in touch with the person to be insured. Having met him at his place of work or residence and observed his life style and habits, he would be aware of the nature and characteristics of the risk, beyond what is contained in the proposal form, he is therefore, called the primary underwriter. Dual responsibility As an agent of the prospect, he is expected to look after the interests of the prospect. Even people who are generally experts in financial matter, may not be aware of the implications of insurance, in relation to terms and conditions, warranties, exclusions, tax provisions, rights of parties, etc. agents have the dual responsibility of being true to the interest of both the parties in transaction. He is obliged to reveal to the prospect all the important terms and conditions of the policy, even if they are restrictive and unpleasant. He is also obliged to report to the insurer all the true facts about the prospect and the subject of insurance, he should therefore not mislead any of the parties to the contract. A good financial planner To be able to advise the prospect on the best financial arrangements appropriate his situation, the agent needs to be familiar with the alternatives available in the market. He is also expected to know in full the benefits and limitations of the various plan being offered by his insurer. A good agent is a good financial planner, taking into account not merely the plans offered by insurers, but by the innumerable schemes on offer in the market. This needs study on ones own.

to

Conviction He also needs conviction in what he does because of a simple fact that life insurance do not meet all the needs of all the people because other instruments have their own advantages.

MAX NEW YORK LIFES EPECTATION FROM ITS AGENTS

28

Prospect on a daily basis Meet new people everyday

Follow the sales process Achieve sales targets

Attend weekly training programmes Participate in weekly reviews

Follow the MNYL ethics and business standards policy

ROLE OF AN AGENT ADVISOR

Identify future customers Make appointments Conduct meetings and review their financial situation Provide customized solutions Close sales Provide the deliverables coupled with excellent service Get references

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SECTION B CHANNEL DEVELOPMENT STRATEGIES

30

B.1 ELIGIBILITY MODEL

The company follows unique eligibility criteria for AA selection by which company is able is to always justify its mission. The basic objective of having an eligibility model for recruitment is to have good retention and greater effectiveness in the delivery of service. Four criterias for Agent Advisor Selection Following listed are four major criterias which are to be looked into while selecting an agent advisor for the company: 1) 25 + years of age: This signifies attainment of maturity and responsibility 2) Married: A married person is said to be more responsible and a prospective customer would prefer a responsible agent advisor for him 3) Residing in the city for more than 5 years: Since man is a social animal and he cant live in isolation. This criterion signifies the contacts and the huge market of prospective customers / Centre of Influence / nominators that the agent advisor has earned in the due course of his living. 4) Graduate: A graduate is said to have all the basic competency namely communication skills, Numerical ability, I.P relation, convincing abilities etc.

31

Other criteria for AA selection: 1) Having an upper middle class or a upper class social circle: Having an rich social circle reduces the chance of a policy to lapse and assures higher case rates and case sizes and thus renewals can be more. 2) Morale: An person wanting to be an agent advisor should have high morale because a customer would buy because he trusts the agent and his promises. This implies that the behavior of the agent has to be one that exudes confidence and positive thoughts about the insurance company and its offerings. This is possible only if the agent feels good about his profession and his business. 3) Greed for money: Since this field can offer a lot of money one who has the greed for money can touch the sky in this field and reach the tops provided the agent has greed to earn more and more money and his greed never dies. 4) A want to be ones self boss: An agent advisor wishing that he is his own boss will succeed because this is such a field where a person can boss over himself and not others because it offers flexible hours to work and ones own space. 5) Hardworking and high energy levels: An agent advisor should be hardworking should have high energy levels because its up to him how many prospective customers he can meet or wants to meet.

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6) Determined: An agent advisor should be determined because he will have to handle as many objections and rejections so he has to be focused. 7) Excellent interpersonal skills: An AA should have excellent interpersonal skills in order to maintain good long lasting relations with the customers which can get the AA more policies. Secondly since most of the insurance companies provide a plethora of similar products, sales depend on the convincing ability of the AA and the rapport the AA is able to build. Also results in C of Is. 8) Excellent communication skills: An AA should be able to converse with the client in whichever language the client is suitable or feels comfortable in talking this will help the AA to build a good rapport with the prospective client and AA needs to communicate about the organization, products, career as AA, about why insurance is important, which product will suit his requirement etc. An agents main tool at work is his communication skills. He has to explain and Persuade. At first the written matter is explained during the sales interview. A further explanation will take place when the policy is delivered to the policy holder. At this time the agent will make the policy holder go through the important clauses and conditions of the policy, highlighting the implications of the same. 9) Persuasive Skills Persuasion is important in all selling. It is more difficult in insurance selling. What is being sold is a concept, an idea. There is nothing tangible which could be shown as a sample. The idea has to be examined by the prospect in his mind. On the basis of words, figures, stories and mental pictures created by the insurance agent. Thus a person wanting to become an agent advisor should be persuasive enough.

DESIRABLE CANDIDATES
House Wives Brokers Chartered Accountants

33

 Businessmen Professors Fashion Designers Interior Designers Politicians Employees having VRS Mutual fund brokers People involved in Social Service Real Estate Brokers et.

B.2 DEVELOPMENT STRATEGIES

In order to expand their agency channel Max New York Life has incorporated a few intellectual strategies that their Sales Managers adopt in order to succeed in what they do. These strategies are widely in every branch of Max New York Life in the country. Principles and Models are some of the strategies that Max New York Life adopts, they are as follows: K Knowledge A Attitude S Skills H Habits

Habits are 2 rules that an agent advisor of Max New York Life must follow, and they are:

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Rule 5/3 This rule means that everyday and agent advisor of Max New York Life should strive to get 5 new names and 3 new appointments in order to become a successful agent advisor of the company. Rule 10/10 This rule that has been advised to every agent advisor of Max New York Life means that everyday he/she will strive to have 10 new names ready before 10:00 am daily.

The sales cycle that an agent advisor of Max New York Life follows is,

35

Names (prospect) Pre approach (Appointment selling)

References

First meeting (Problem Selling)

Sell Solution

Whereas a few principles that a Sales Manager at Max New York Life follows are, Rule of 31

36

Rule 31is associated with the daily activities of a sales manager which he should follow to recruit quality advisors. It says that everyday collect at least 3 names of the prospective AA and do 1 screening every day.

Ways of Name Gathering

There are several ways for gathering names in order to follow rule of 31 which the management trainee as well as every employee at Max New York Life follows, Natural Market: The most admired way for recruitment in MNYL .A natural market is your market, the people whom you know, from your family, friend circle, relative can be a good prospect. Natural market person are easily approachable and most of the successful recruitment in MNYL is from natural market.

Personal Observation: 37

Personal Observation can be defined as: a face to face contact made on an important basis in order to secure an appointment for recruitment interview. Identify the right person through observation. For e.g. a person residing in your locality and very famous in taking initiative in social activities can be a good prospect. Nominator Call: Nominators can be defined as: people with whom you have no previous business relationship. A nominator is a person who is very much influential in the market as well as in societies. Name gathering and identification is easy in this case but these people are highly unapproachable. These people can be very productive in giving references of the prospect. They are not prospect by default. Centre of Influence (CoI) Call: Centers of influence can be defined as: people with whom you already have an established relationship for referrals as an agent. A centre of influence person is people who are influential and you know them in person. They are approached for giving references of the client. Prospect Call: Prospects itself are approached. They can be anyone from natural market, Nominators reference, CoIs reference or by other means. Activities: Doing activities such as brand awareness in Public places such as mall, multiplexes can be a good strategy for name gathering. We can have a questionnaire format to fill by applicant for the lucky draw.

COLD/ WARM/ HOT

38

This is another method that helps the management trainee and the sales managers keep a track of the names he has from his natural market as well as through name gathering,

COLD

WARM

HOT

39

 Cold The employees as well as the management trainees at Max New York Life prepare a cold/ warm/ hot list in which they are supposed to write all the names they have in the cold column be it natural market, references, or obtained from name gathering. Warm Once the names mentioned in the cold column are contacted and if any appointments scheduled at the office wherein initial screening is then conducted the candidate is then entered in the warm list. Hot After being entered in the warm list if any candidate has attended any of the seminars held at Max New York Life after the initial screening done and if the candidate has been given P200 (project 200) then the prospective agent is then said to be entered in the hot list.

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B.3 SCRIPTS AND HANDLING OBJECTIONS

MNYL has its own scientifically handled script they use worldwide for approaching the future AA for the Company. The company periodically modifies the versions of the scripts if needed as per requirement. All the mangers are required to follow the scripts. There are several kinds of scripts. The classification of scripts is follows: 1) Nominator Script: Nominator is a person who would suggest names or nominate people who would According to him/her be interested in becoming agents. A nominator is a person whom You dont know therefore the main objective of the nominator script used by managers Fix an appointment with the nominator. 2) CoI Script: Centre of Influence is the person from ones known circle could be friends, relatives, family friends etc basically whom you know and are familiar with hence the main objective of this script is to fix an appointment with the CoI or to collect the references from them. 3) Prospective Agent Advisor Script: A prospective is someone who would and is capable of becoming and agent for the For the company the script used helps to convince the prospective agent advisor to Come to the office for an initial screening. 4) In person Nominator Script: This script is used when u are meeting the nominator face to face in order to entertain Nominators and influence them to collect references from them. 5) CoI in person Nominator Script: This script is used to collect references from CoIs. All the scripts are also contained with expected objections from the prospects/CoI/nominators. These objections are based on the rich experiences and have adequate strategy to avoid objection. In any Case, an objection is found to be unlisted it is responsibility of SM to bring back in the spirit of original script provided them.

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SECTION C CHANNEL DEVELOPMENT PROCESS

42

Flow Based approach to Channel Development Process

Start Name Gathering in P200 Short listing Contacting YE S Intereste d? YE Initial Screening S NAT Career Seminar & P200 End N O N

Intereste d?

End

Career interview FCS

IC-33?

NOT CLEARED CLEARED

Reappear

Contract with MNYL

End

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C.1 Name Gathering in P200

Name gathering in P200 is the first step taken towards contracting, its basically a list of all the names of people who are C of Is like previously said centre of influence are people from your known circle that could be friends, relatives, family friends etc. basically they are people you know. They are also known as Natural Market. As a management trainee I was given this P200 to fill in the names from my natural market and the references they give from their sources it works as a database for our sales managers in future. Following are the headings that appear in the P200 that needs to be filled up, Name of the Prospective agent Age Marital Status Location or Proximity Contact Number Profession Annual Income How well u know the person (i.e. well known, acquainted or casual) Comments

C.2 Short listing

Short listing is done as per the requirements laid down by IRDA (Insurance Regulatory and Development Authority). The four eligible criterias are taken into account on basis of which the candidates listed in the P200 are short listed. After being short listed the candidates eligible are then moved onto to the next step.

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C.3 Contacting
The candidates that are short listed from the P200 (project 200) are then contacted via telephone using the nominator script, or the Prospective agent script depending on the sales managers views regarding it to fix an appointment in the office premises.

C.4 Initial Screening

Only if the person is interested and an appointment is scheduled then the candidate is preceded onto the next stage of the process that is the screening stage wherein the management trainee is accompanied by their sales manager to conduct the screening of the prospective agent. Wherein the background of the prospective agent is understood even better and his natural market can be known in much depth. In the initial screening phase a screening form is filled which contains details about the prospective agent advisor such as: His Name Address Age Marital status No. of years lived in the same city Educational Qualification Previous job and its date of joining and leaving Current job Nature of both the jobs that is the previous and the current job Reasons why the candidate left his pervious job Reasons behind resigning the previous job What the person likes in his current job

45

The 3 qualities according to him that he feels is utmost important in order for a person to succeed References based on those 3 qualities

Once the screening form is filled then the sales manager puts forward the Different managerial roles that are offered by Max New York Life for its Candidates.

C.5 Numerical Ability Test (NAT)

This test is conducted after the initial screening it basically meant to test the prospective agents IQ (Intellectual Quotient). Passing score of which is 50%.

C.6 Career Seminar and P200

All the prospects are required to attend career seminar at MNYL Which is held twice in a week mostly Tuesdays and Thursdays which provides broader aspects of growth as an Agent Advisor. P200 is a worksheet which is given to each prospect to judge his natural market. The prospects are required to mention at least 100 contacts from their natural market. Which will in future if they chose to become an agent advisor for the company help them contact their natural market its like a guide book to them which reminds them whom they have to or need to contact in order to get business for the company.

C.7 Career Interview

Career interview or career path is done only if the candidate seems interested and career path is done by the managing partners that is Mr. Dinesh Mohan or Mrs. Rinkuu Kakkar. They are the two managing partners of Max New York Life Go (General Office) Mumbai 1. Since the Prabhadevi branch is the Head office in Mumbai that is the reason why its GO 1.

C.8 FCS (Fundamental Career School)

After the candidate has been approved by the managing partners only then he is permitted to sit for the FCS which is a in house training that Max New York Life organizes for this prospective agent advisors which is a full day training for 21 days from morning 9:30am till evening 6pm because of the rules laid down by IRDA that the prospective agent needs to be trained and has to complete 100 hours of his training. This FCS teaches its prospective agents how to deal with people, talk to them, handle objections, improves their communication skills and helps them boost their morale.

C.9 IC 33
46

This is an exam held by the IRDA after the completion of FCS which is mandatory and its passing is 50% clearing on which the prospective agent advisor is issued a license under IRDA and can start with his/her business officially and would be called as an Agent Advisor for the company thus termed as contracted.

SECTION D STATUS REPORT

47

D.1 ACTIVITY CHART

Particulars

Status

1) Initial Screening

10

2) NAT

01

3) Career Seminar

01

4) P200

01

5) Career Interview

6) FCS

7) Total Recruitment

48

8) Contracted

There were several activities undertaken for name gathering in many places such as: Pheonix Mall Atria Mall Nakshatra Mall, Dadar. Nirmal Life Style, Mulund. Forever Living Products, Bandra Bombay Stock Exchange, Dalal Street.

Name Gathering was done in numerous ways such as either directly prospecting or using a Questionnaire. The questionnaire was guided by our Sales Managers in a way they find suitable and most convenient in name gathering, the sample of a questionnaire is as follows:

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QUESTIONNAIRE
Hello. This is Heena Khan from Max New York Life working there in as a management trainee. I would appreciate it if you could lend me just 2 minutes of your time for my project on Insurance Industry. I would like to assess if you are interested in taking a business opportunity available in the insurance sector which requires no investment of yours. 1. Where do you invest your Money? a. Stock Markets b. Mutual Funds c. Life Insurance d. Property

2. Name any 3 Insurance Companies you are aware of? a. _____________________________________ b. _____________________________________ c. _____________________________________ 3. In a year how much money do you invest? (approx) _________________________________________

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4. Are you aware of any Insurance products? a. ____________________________________ b. ____________________________________ c. ____________________________________

5. Are you covered by Insurance? a. Yes b. No 6. Is the cover sufficient? a. Yes b. No

7. Which among the following products do you own? a. Whole Life/ Endowment b. Money Back c. Unit Linked Insurance Plan d. Term Plan e. Education/ Child Plan 8. What is the reason of having the above cover? a. Security b. Investment

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c. Tax Benefits

9. Are you aware of the earning potential in insurance sector? a. Rs.20,000 to 30,000 b. Rs.30,000 to 50,000 c. Rs.50,000 to 75,000 d. Rs.75000 to 1,00,000

10. Would you like to add a business to your current profile? a. Yes b. No

11. Which is the quality according to you that would be required for Being successful in business? a. Communication b. Networking c. Both NAME: ADDRESS: ______________________________________ ______________________________________ ______________________________________ CONTACT NO.: ______________________________________

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ANNUAL SALARY:

______________________________________

Thank You for your valuable time and for your information the agency business in insurance sector is successfully pursued by businessman, housewife, freelancers, IT Consultants/CA, professionals like Doctors, Architects, Trader Segments, Auto, Real Estate, etc.

D.2 FINDINGS Where do you invest you Money?

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10% Property

10%
Stock Market

15% Mutual Funds

65% Life Insurance

Aware ness of Insurance Companies

54

10% 10% Birla Bajaj

1% MNYL 50% LIC

29% ICICI

Products owned

55

5% Term Plan 10% ULIP

10% Education/chil d plan

25% Whole Life

50% Money Back

Insurance Coverage

56

15% Not covered

85% Covered

Reasons for having the cover

57

40% Tax Benefits

50% Security

10% Investment

Interest of having an additional business to a current profile

58

49% Interested

51% Not Interested

Quality required for being successful in Business

59

20% Communication 10% Networking

70% Both

60

SECTION E CONCLUSION

E.1 EXPERIENCE

61

The Insurance sector has given me one of the best experiences I have ever had. It has taught me a lot, I could say it has made me street smart. It has helped me brush up my communication skills to a great extent; it has brought an immense confidence in me and in my speech. Because if you want to sell someone a career one needs to be really confident and has to put in a lot of conviction, basically one has to put across the message in such a way that it makes the prospect feel in favor of the career that means one has to make the prospect in favor of one own. And thats the most challenging task to do that is to convince someone that what Im saying or the career I am selling to you is the best and it has no competitors. Initially I faced a lot of rejections but then I was helped by my Heads in the office who made me realize how I need to talk differently with different people because no one is the same everyones different and therefore everyone thinks differently. The scripts helped me a lot in building my conversation with the candidate. This was one of the good and memorable experiences I have ever had which has taught me a lot that I could implement further on in my career.

E.2 SUMMARY

62

This project has given me a very good insight into the insurance sector. And I believe its just in its infancy it still has to grow and this is one sector I believe that will never die of because a person insured is never fully insured and the person un insured is always a market to explore and as the population increases there are new markets arising and everyone needs some kind of protection or the other or a tax benefit. It helped me to understand important responsibilities and skills required for any good recruitment manager. It will definitely help me in future in corporate world. Strategic approach for calling Nominators/CoI/prospect has several advantages through which company maintains integration of system. MNYLs working model totally fits in 7-S model i.e. Mckinseys value creation model.

E.3 RECOMMENDATIONS
Max New York Life as an insurance firm has a very strong presence in India and is rapidly expanding its operations in India. After working on this project I feel that following are some of the ways in which the company can improve the current market 63

base and selection procedure for AAs, the key revenue generating resource for the company: Increase the awareness among the public Since the diagrams above states that brand awareness among the general people was high in case of LIC and was the least in case of Max New York Life and although most of the people are covered by insurance and most of them do invest in insurance for security being the main reason the company should in a way try to increase its awareness among the people that would help them capture a place in their minds and would help the company in recruiting agent advisors This could be done in various ways may be through advertisements, promotions etc. Highlighting core strengths As per the findings we know that many people to invest in insurance sector for their own reasons whereas the most common reason was due to Security and since most of the people are covered by Insurance thus Max New York Life should try highlighting its core points of its products that would make a need be felt to general people even if they are covered by insurance. In order to do this they should the core strengths of the company and its products that would help them getting more Deals as well as Agent advisors.

Creating products for mass class Since Majority of people in India belong to the lower lower and lower-middle class therefore Max New York Life should design a few such products that would secure their future as well.

E.4 BIBLIOGRAPHY.

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 IC 33 book.

www.maxnewyorklife.com

www.google.com

www.hdfc.com

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