Aprojectreportonjointventure 120106215245 Phpapp01

SAAB MARFINMBA
Max New York Life Insurance Company Ltd. is a joint

venture between New York Life
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INTRODUCTION
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This project report has been completed in the interest of Max New York
Life Insurance Company Ltd. (Faridabad Branch). This project report
concerns with the study of selection and recruitment map for Agent and
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.
Max India limited is a multi-business corporate, driven by the spirit of
Enterprise, focused on Knowledge, People and Service oriented
businesses of Healthcare and Life Insurance.
Founded in 1985, Max India Limited is a Public Limited company listed in
the NSE and BSE of India with over 37,000 shareholders.
New York Life Insurance is one of the largest providers of life
insurance coverage in America. It has been ranked at Fortune 68, in the
2005 Fortune 500 listing of companies.
A Fortune 100 company founded in 1845 is the largest mutual life
insurance company in the United States and one of the largest life
insurers in the world. Headquarters located in New York City. New York
Life is a family of companies offering life insurance, annuities and
long-term care insurance.
The projects main objective is to make a close observation on the
selection and recruitment process of agent and advisors and conducting a
survey to find the individuals who would like to make a career in Max
New York Life as an Agent and Advisor.
This project also highlights the scope, limitations and recommendations
of the study.
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And this entire project provided me an opportunity to know the corporate
world and of course the job opportunities available in the life insurance
sector.
BRIEF PROFILE OF THE INSURANCE INDUSTRY
Insurance is essentially a social device to reduce or eliminate risk of loss
to life and property. The risks which can be insured against include death,
fire, the perils of sea, accidents and burglary. Any risk contingent upon
these may be insured against at a premium commensurate with the risk
involved. The insurance business is divided into life insurance and
non-life (general) insurance, which includes fire, marine, social, and
various other forms of insurance. The life insurance industry across the
world has evolved over many decades; it is based on the principle of
insurance being a collective bearing of risk, which offers individuals an
opportunity to protect themselves.
A large number of people form an association that shares the risks faced
by individuals.
INSURANCE INDUSTRY
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INSURANCE REGULATORY & DEVELOPMENT
AUTHORITY (IRDA)
Insurance Regulatory and Development Authority (IRDA) was constituted
in 1999 by an Act of Parliament to protect the interests of the
policyholders and to regulate, promote and ensure orderly growth of the
insurance industry. IRDA consists of a ten member team that comprises a
Chairman, five whole-time members and four part-time members.
IRDA allows registration of new players in the insurance field. It also has
the authority to renew, modify, withdraw, suspend or cancel such
registration. IRDA ensures protection of the interests of the policy holders
in matters concerning assigning of policy, nomination by policy holders,
insurable interest, settlement of insurance claim, surrender value of
policy and other terms and conditions of contracts of insurance. It
LIFE INSURANCE NON-LIFE (general)
INSURANCE
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specifies requisite qualifications, code of conduct and practical training
for intermediary or insurance intermediaries and agents.
After creation of IRDA, insurance sector has seen tremendous growth.
Before IRDA came into force there were only a few players in the
insurance field, namely, Life Insurance Corporation of India (LIC) and
General Insurance Corporation of India (GIC). Since then 23 new players
have entered the insurance sector.
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COMPETITIVE STRUCTURE OF LIFE INSURANCE
IN INDIAN SCENARIO
The competitive market of Life insurance in Indian scenario is very big. At
present there are as many as fourteen major players in the Indian market.
Indias leading life insurance companies with a clear focus on providing
best in class life insurance solution to our customers are:
Aviva Life Insurance India
Bajaj Allianz
Birla Sun Life Insurance
HDFC Standard Life
ICICI Prudential
ING Vysya Life Insurance
Kotak Mahindra Old Mutual
LIC
METLife India Insurance
Reliance Life Insurance
SBI Life Insurance
Shriram Life Insurance
Max New York Life.
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MAX NEW YORK LIFE
INSURANCE COMPANY LTD.
A JOINT VENTURE BETWEEN
NEW YORK LIFE
AND
MAX INDIA LIMITED
VISION STATEMENT OF MNYL
Helping bring millions of wishes come to life in our journey to become
the most admired life insurance company in India
MISSION STATEMENT OF MNYL
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Become one of the top quality life insurance companies in India
Be a national player
Be the brand of first choice
Be the employer of choice
Become principal of choice for agents
COMPANY PROFILE
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.
Max New York Life is the first life insurance company in India to be
awarded the IS0 9001:2000 certification.
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Max New York Life was among the top 25 companies to work with in
India, according to 2003 Business World magazine, "Great Workplaces In
India", Max New York Life was ranked at the 20th position. This survey is
the local version of the "Great Places To Work" survey carried out every
year in 22 countries.
Max New York Life was among top five most respected private life
insurance companies in India according to a 2004 Business World survey.
Max New York Life has truly built an enviable sales force. With 362 agents
becoming members of the MDRT in 2006, Max New York Life has moved
up in the Top 50 MDRT global list.
Max New York Life offers a range of flexible products. It now has 26 life
insurance products and 8 riders that can be customized to over 400
combinations enabling customers to choose the policy that best fits their
need.
MNYL
MAX INDIA
LIMITED
NEW YORK LIFE
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MAX INDIA LIMITED
Max India limited is a multi-business corporate, driven by the spirit of
businesses of Healthcare and Life Insurance.
Founded in 1985, Max India Limited is a Public Limited company listed in
the NSE and BSE of India with over 37,000 shareholders.
Today, Max India Limited is a multi-business corporate, driven by the
spirit of
businesses of:
Healthcare (Max Healthcare)
Life Insurance (Max New York Life Insurance)
Clinical Research (Neeman Medical International)
Max also maintains interests in:
Specialty Plastic Products for the packaging industry (Max Speciality
Products)
Healthcare Staffing (Max Health Staff)
Prominent shareholders are Mr Analjit Singh and a leading private equity
firm, Warburg Pincus which accounts for 28.7% of the total shareholding.
The balance shareholding is held by the public and Institutional Investors.
Board of Directors- Max India Limited
Dr Bhai Mohan Singh Lifetime Chairman Emeritus, Max India
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Mr Analjit Singh Chairman, Max India
Dr S S Baijal Former Chairman, ICI Ltd.
Mr N C Singhal Former Vice Chairman & MD, SCICI
Mr N Rangachary Former Chairman, IRDA
Mr Nitin Sibal Vice President, Warburg Pincus India Pvt. Ltd.
Mr Piyush Mankad Former Secy., Ministry of Finance, Govt. of India
Mr Ashwani Windlass Former Managing Director, Hutchison Max Telecom
Ltd.
Mr Bharat Sahgal Managing Director, Warburg Pincus India Pvt. Ltd.
Mr B Anantharaman Jt. Managing Director, Max India
NEW YORK LIFE INSURANCE
New York Life Insurance is one of the largest providers of life insurance
coverage in America. It has been ranked at Fortune 68, in the 2005
Fortune 500 listing of companies.
A Fortune 100 company founded in 1845, is the largest mutual life
insurance company in the United States and one of the largest life
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insurers in the world. Headquartered in New York City, New York Lifes
family of companies offer life insurance, annuities and long-term care
insurance.
New York Life Investment Management LLC provides institutional asset
management and retirement plan services. Other New York Life
affiliates provide an array of securities products and services, as well as
institutional and retail mutual funds.
The mission of New York Life is to maintain its superior 'financial
strength', adhere to the highest standards of 'integrity' and demonstrate
'humanity' by treating its customers, agents and employees with
compassion, consideration and respect.
New York Life is one of the largest and strongest life insurance
companies in the world with more than USD$215 billion assets under
management and has received among the highest ratings for financial
strength from the life insurance industry's principal rating agencies: A.M.
Best (AA+), Standard & Poor's (AA+), Moody's (Aa1), Fitch (AAA).
According to Moody's, "New York Life's rating reflects the company's
good quality investment portfolio, ample liquidity, and sound
capitalization, as well as the good growth potential of its international
business.
As a leader in the insurance industry, New York Life continues to bring
to its operations new management concepts, advanced technologies, new
distribution and training systems and innovative insurance products.
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GLOBAL AND ECONOMIC OUTLOOK OF MNYL
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 is the first life insurance company in India to be
awarded the IS0 9001:2000 certification.
Max New York Life was among the top 25 companies to work with in
India, according to 2003 Business World magazine, "Great Workplaces In
India", Max New York Life was ranked at the 20th position. This survey is
the local version of the "Great Places To Work" survey carried out every
year in 22 countries.
MNYL is among the top five most respected private life insurance
companies in India according to a 2004 Business World survey.
MNYL has truly built an enviable sales force. With 201 agents becoming
members of the MDRT in 2005, Max New York Life has moved up in the
Top 50 MDRT global list.
Indian Insurance market is expected to be around $25 billion by 2010.
Expected CAGR of over 20% p.a.
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Largely untapped market: about 0.6% of the global market for 17% of the
worlds population.
Strong economic growth with increase in affluence and rising risk
awareness leading to rapid growth in the Insurance sector.
The life insurance sector has grown by 35 per cent in terms of new
business premium last fiscal.
The new premium pie has grown to Rs 35,898 crore, from Rs 26,602
crore in the previous year.
Max New York Life Insurance Co Ltd (MNYL) proposes to increase its paid
up capital from the existing Rs 250 crore to Rs 300 crore in view of the
growing business volumes.
LIC's market share has been further reduced to 71.4 per cent from 78.1
per cent. Among the private player.
Bajaj Allianz Life grew by 216 per cent and clocked in new business
premium of Rs 2,715.6 crore. The company cornered a market share of
7.56 per cent.
ICICI Prudential on the other hand garnered premium of Rs 2,637 crore
and holds a market share of 7.35 per cent.
Total estimated investment opportunity of $4-5 billion.
OBJECTIVES OF THE COMPANY
To provide better services to the MNYL customers by knowing
their needs
Become one of the top quartile life insurance companies in India
Be a national player
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Be the brand of first choice
Be the employer of choice
Become principal of choice for agents
To increase the service network
To spread knowledge of life insurance among people and telling
them the importance of life insurance
Providing investment opportunities to public, and
To increasing the holding in the Indian market
ORGANIZATIONAL HIERARCHY
The organizational hierarchy of MNYL is as similar as most of the other
corporate groups.
The Top Management is headed by
Analjit Singh
Chairman,
Max India Limited
Gary R. Bennett
Managing Director and Chief Executive Officer,
Max New York Life Insurance Company Ltd.
Anuroop 'Tony' Singh
Vice Chairman,
Max New York Life Insurance Company Ltd.
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Joseph Gilmour
President and Chief Executive Officer,
New York Life International.
The middle management comprises of
Regional manager
Managing partner
Partner
Associate partner
Sales manager/ Assistant sales manager, and at last
Agent & advisors.
CHAIRMAN
MANAGING
DIRECTOR
CHIEF EXECUTIVE
OFFICER
REGIONAL
MANAGER
MANAGING
PARTNER
PARTNER
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Figure 1
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ORGANIZATION STRUCTURE
The organization structure of MNYL comprises of the following major
departments.
Figure 2
Human Resource Sales
Finance & Accounts dmm
Operations
s
Under writers Acturian dept.
Medical
Financial
Training dept. Product management
Organizatio
nal
structure
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BRANCHES OF MNYL
REGISTERED OFFICE
Max New York Life Insurance Company Limited,
Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla,
New Delhi - 110020
Tel: (011) 6933610
HOME OFFICE
Max New York Life Insurance Company Limited,
11th Floor, DLF Square Building,
Jacaranda Marg, Phase II,
Gurgaon - 122002
Tel: (0124) 2561717
BRANCH OFFICES:
AHEMDABAD
CHANDIGARH MOGA MUMBAI
AGRA CHENNAI LUDHIYANA NASIK
AMRITSAR COCHIN KOTTYAM NOIDA
BANGLORE COIMBATORE KOLLAM PATIALA
BHATINDA DEHRADUN KOLKATA PUNE
BHOPAL DELHI KANNUR SANGRUR
BHUWANESHWAR FARIDABAD HYDERABAD SURAT
CALICUT GOA GURGOAN TRICHUR
TRIVENDRUM VIJAYWARA VISHAKHAPATTNAM AURANGABAD
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UDAYPUR VADODRA AJMER KOTA
MILLION DOLLAR ROUND TABLE
A world wide organization of the top producers of the life
insurance sales.
74 participating nations and territories
New York Life is the no.1 in the MDRT membership 50 years in a
row
MNYL leads the MDRT among Indian private insurers
MNYL is in Top 100 MDRT global lists-(ranked 49
th
).
362 MNYL Agent Advisors have qualified for the 2006 MDRT.
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THE RESEARCH PROCESS
Figure 3
DEFINING THE RESEARCH
OBJECTIVE
DEVELOPING THE RESEARCH PLAN
COLLECTING INFORMATION
ANALYZING THE INFORMATION
INTERPRETING THE FINAL RESULTS
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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the research
problem.
In it we study the various steps that are generally adopted by a researcher
in studying his research problem along with the logic behind them.
DEVELOPING THE RESEARCH
PLAN
The second stage is the most important stage because in this stage we
have to make an efficient plan for collecting the information about the
project report.
The research plan includes
Data sources
Research approaches, and
Research instrument.
Data sources:
There are two ways of collecting data for the research,
Primary data, and
Secondary data.
To conduct a research, the researcher has to gather primary data
secondary data.
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In this project report the research is based on both i.e., primary as well as
secondary data.
And for collecting the primary data the following persons are contacted
Collegiate (through questionnaire method)
Business men (through questionnaire method)
Service people (through questionnaire method) etc
The secondary data has been collected from
Internet
Catalogs and
Booklets etc
Research approaches:
This project report is based on the observational and descriptive research.
Observational research is that research in which, the research is
done by researcher through observing the situations related to the
research project and interpreting them. Where as in descriptive
research the research based on the secondary data or past findings
conducts the research by describing conditions or circumstances.
Research design:
A research design is the arrangement of condition for collection
and analysis of data in a manner that aims to combine relevance to
the research purpose with economy in procedure.
Types of research design:
Descriptive research
Analytical research
Fundamental research
Exploratory research
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Conceptual research
In this project largely the secondary data has been used for drawing the
inferences and primary data is also collected through survey limited to
the Faridabad only.
Research instrument:
The instrument which is used for the survey is the questionnaire method.
Questionnaire method:
A questionnaire consists of set of questions presented to different people,
due to its flexibility the questioner is the most common instrument used
for collecting the primary data.
This questionnaire consists of eight questions related to persons
Personal details
Occupation
Qualification
And certain questions related to his view about joining MNYL as an agent
and advisors.
SIZE OF THE REPRESENTATIVE SAMPLE
The sample size is limited to the Faridabad city only.
The sample size which is of 100 people comprises following respondent...
Students (collegiate)
Business men
Service people
Retired persons etc
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REVIEW OF LITERATURE
Once the objective of the study is formulated the researcher should
undertake extensive literature survey connected with the objective of the
study. For this purpose the researcher should look into the already
available information about the concerned topic, and then he should refer
it and see it, if it is useful for him or not. This information he could
gather from the following sources
Public library
Academic journals
Conference proceedings
Government reports
Books
Earlier reports and from other organizations.
RECRUITMENT:
It is understood as a process of searching for and obtaining applicants
for jobs, from among whom the right people can be selected.
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PURPOSE AND IMPORTANCE
Determining the present and future requirements of an
organization.
Identifying and preparing potential job applicants.
Increasing organizational and individual effectiveness.
Increasing the pool of job candidates at minimum costs.
FACTORS GOVERNING RECRUITMENT:
External
Internal
External factors are those factors which the organization adopts through
Print media
Advertisements
Seminars
Campus recruitment
Employment exchanges etc
Internal factors are those factors which the organization uses from its
own employees. It includes
Present employees
Employee referral
Former employees and former applicants etc
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RECRUITMENT PROCEDURE MAP
Figure 4
Name gathering
(internal)
Screening
interview
Selection
interview
Career seminar/ administer
P200
Evaluate P200 &
survey
Career
interview
Additiona
l
Interview
This process starts from day-1 and goes up to
day 12
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Name gathering
In this the prospective agent is asked to gather as many names as
possible from internal sources.
The purpose is to build steady pipeline of contacts.
It should also follow the rule of 31
Rule of 31
Gather 3 new names of prospective agents everyday.
Arrange 1 screening interview appointment everyday.
Initial screening interview
It is done if the person fits to the initial 5.
Purposes- does he meet the initial 5
Is he worth taking through our tests outcome?
Selection interview
It comes after initial screening. It is done to test the conviction and
sustainability of a career.
Tests
In this a test is conducted by the recruiter.
The test comprises numerical ability test and reference checks.
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Career seminar
A seminar is organized by the recruiter for the persons recruited as agent
and advisors.
P-200
It provides an idea to the agent about his initial market from where the
agent can get a list of probable buyers.
Evaluate P-200/ Market survey
In this the agent evaluates its initial market and get referred leads and at
this point he is ready to accept this opportunity as a career.
Career interview
In this the agent is reviewed for its past performance.
And the recruiter checks the agents motivation, dreams and
longevity.Now the candidate is ready to join it as a career.
Application forms
In this the application form is given to the agent and he is asked to
contact the person who wants to be insured or ready to invest according
to his needs.
ROLE OF AN AGENT ADVISOR
Identify future customers
Make appointments
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Conduct meetings and review their financial situations
Provide customized solutions
Close sales
Get references
Provide the deliverables coupled with excellent services.
TRAITS OF AN AGENT & ADVISOR
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Figure 5
RECRUITMENT PYRAMID OF MNYL
TO BECOME
FINANCIALLY
INDEPENDENT
RELATION-
SHIP
SKILS
SELF
MOTIVATION
CONFIDENCE
TRAITS OF
AN AGENT
&
ADVISOR
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Figure 6
2
4
6
8
16
NAT/ ARIF
20
SCREENINGS
60
QUALIFIED NAMES
CONTRACTED
CAREER INTERVIEW
P-200
CAREER SEMINAR
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RECRUITMENT PROCESS
NAME
GATHERING
INITIAL
SCREENING
INTERVIEW
SELECTION
INTERVIEW
TEST
CAREER
SEMINAR
P-200
MARKET
SURVEY
CAREER INTERVIEW
APPLICATION
FORM
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Figure 7
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OBJECTIVE OF THE STUDY
MAIN OBJECTIVE:
The main objective is to make a close observation on the selection and
recruitment process of the agents and advisors to Max New York Life.
In order to meet the main objective I did a survey to find out the
interested persons who wants to be a part of MNYL.
After the survey was conducted the collected data was tabulated and
analyzed to interpret the final results.
And necessary recommendations have been made.
SCOPE OF THE STUDY
This is an important project for the Max New York Life Faridabad (branch).
As the company is concerned about its recruitment procedure adopted
for selecting efficient persons as agents and advisors. Considering this
fact, I made a survey in the market concerning about the individuals who
would be interested in becoming Max New York Life agent and advisors
and further seeing it as a career opportunity.
This project will help the organization to know its potential market i.e.,
agents.
It also helps organization to find new and interesting ways to attract as
many persons as possible by presenting it as a career option. And also to
make a close observation on the selection and recruitment process of
MNYL in the Faridabad city.
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DATA COLLECTION:
Data collection is the process of collecting information related to the
project report. My It could be from any possible source available to the
researcher.
To conduct a research, the researcher has to gather primary data,
secondary data.
Primary data:
Primary data are those which are collected afresh and for the first time,
and thus happen to be original in character.
The researcher first looks for the secondary data to see whether the
problem can be solved without collecting the primary data.
Secondary data:
Secondary data are those which have already been collected by
someone else and which have already been passed through the statistical
process.
Secondary data provides a starting point for the research and offer the
advantage of low cost and readily availability.
Where as the primary data is freshly collected by the researcher and is
analyzed properly so that it can be interpreted properly and provides
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good results.
In this project report the research is based on both the data.
For collecting the primary data the following persons are contacted
Collegiate (through questionnaire method)
Business men (through questionnaire method)
Service people (through questionnaire method) etc
The secondary data has been collected from
Internet
Business magazines
Catalogs
Booklets
Pamphlets etc
After data has been collected by the researcher, the next step is to
analyze it.
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Data analysis is done through tabulation and graphs.
It is important so as to draw the conclusion about the project.
DATA ANALYSIS:
After data has been collected by the researcher, the next step is to
analyzing it. Data analysis is done through the help of tabulation and
graphs. It is important so as to draw the conclusion about the project.
FLOW CHART OF DATA ANALYSIS PROCESS
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Figure 8
THIS DIAGRAM SHOWS THE PERSONS WHO COULD
BECOME THE AGENTS:
PREPARING THE RAW DATA
TABULATING THE DATA
PREPARING CHARTS AND GRAPHS
INTERPRETING THE DATA
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Figure 9
House
Wives
Retired
Person
s
Busine
ss
Women
Busine
ss
Men
Service
men
Studen
ts
AGENTS
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THIS TABLE EXPLAINS ABOUT THE PERSONS
CONTACTED FOR BECOMING AGENT ADVISOR WITH
DIFFERENT OCCUPATIONS.
Occupation Respondents
Collegiate 27
Business men 23
Service men 15
Business women 7
House wifes 5
Retired persons 23
Table 2
This table shows that the persons who are more interested in becoming
the agent advisors are businessman, collegiate, and retired persons but
service people and working women are not that much interested.
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DATA ON THE PERSONS CONTACTED, WHO ARE
RESIDENTS OF FARIDABAD CITY
PERSONS
CONTACTED
OUT
OF
RESIDENTS NON-RESIDENTS
Collegiate 27 23 4
Business men 23 20 3
Service men 15 15 0
Business
women
7 6 1
House wifes 5 5
Retired persons 23 23 0
Table 3
It shows that the people who are interested in becoming the agent
advisors are largely the resident of Faridabad only.
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DATA REPRESENTING THE VIEW OF THE PROSPECTIVE
AGENTS
PERSONS
CONTACTED
OUT
OF
POSITIVE NEGATIVE NEUTRAL
Collegiate 27 7 15 5
Business men 23 5 12 6
Service men 15 2 10 3
Business
women
7 0 6 1
House wifes 5 1 4 0
Retired
persons
23 4 11 8
Table 4
(NOTE): This data is based on the basis of questionnaire
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This table shows the attitude of the contacted persons for becoming the
agent advisor of MNYL, and from it I come to know that many of them are
with negative attitude some of them are neutral and very less are of
positive attitude.
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THE DATA SHOWS THE MDRT QUALIFIED AGENTS
FROM 2001 TO 2006 FOR MAX NEW YORK LIFE.
This chart shows the number of MNYL agents who have qualified for the
MDRT and it shows that the qualifiers are increasing every year.
Chart 1
From Max New York Lifes (manual)
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Earnings, if business grows by just 10% P.A.
THIS TABLE SHOWS THE GROWTH IN INCOME OF
AGENTS ON THE BASIS OF THEIR COMMISSION
PERCENTAGES.
Year-1 Year-2 Year-3 Year-4
onwards
Avg.premium
(Rs)
12000
No. of cases
per year
120
commission 35% 7.5% 7.5% 5%
From Max New York Lifes(manual)
Table 5
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THIS GRAPH SHOWS THE INCREASE IN THE INCOME
OF THE AGENTS
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This graph shows the earning pattern of the agents, from it we come to
know that there are lots of opportunities available to earn good amount
of money, in a long term period he can earn a good amount.
Chart 2
From Max New York Lifes (manual)
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THIS TABLE SHOWS THE INCREASE IN THE INCOME OF
THE AGENTS
This table shows the earning pattern of the agents, from it we come to
know that there are lots of opportunities available to earn good amount
of money, in a long term period he can earn a good amount.
Table 6
1
st
year
commission
Renewal
Commission
Additional
Business
support
Agent
Referral
fee
total
Yer
-1
504000 90000 3000 597000
Yer
-5
737906 354811 127200 12000 1231917
Yer
-1
0
1188406 879586 127200 12000 2207192
Yer
-2
0
3032418 2834631 127200 12000 6056249
Yer
-3
0
7994999 8020190 127200 12000 16154389
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DATA INTERPRETATION
The data interpretation involves the representation of the data collected
and analyzed. And from this, it is revealed that there are many
opportunities for becoming an Agent advisor.
Ten reasons why you should become an Agent
Advisor with Max New York Life
Rewarding Career
As a Max New York Life Agent Advisor, you will help people realize their
dreams by fulfilling their financial goals. The difference you make to their
lives is more rewarding and satisfying than you could ever imagine.2 A
Successful Team By joining us, you will be a part of the country's finest
team of life insurance Agent Advisors. We had 201 MDRT members in the
year 2005. The Million Dollar Round Table is a global forum that salutes
the world's most successful Insurance Agents
Attractive Remuneration
We offer one of the best remuneration systems in the industry that not
only provides income for today, but also earnings for the future. What's
more, you can set your own income targets with a potential to earn as
much as you want for the rest of your life.
Independence
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As an Agent Advisor, you will be a true entrepreneur. You have the
freedom to be your own boss, work for yourself, choose your own clients
and make your own money. All of this, without your having to make any
initial capital investment except for your time.
World-Class Training
We provide you with the best-in-class training systems, since that is what
differentiates Max New York Life Agent Advisors from the rest. Even if
you don't have previous experience in selling, our multi-dimensional
training programme conducted by our qualified in-house training
personnel, will make you a specialist in life insurance sales. Our training
programme is backed by New York Life Insurance University.
Commitment to Career Agency System
Our commitment to the Career Agency System means that, we support
you and your efforts not just today, but at every stage of your business.
We believe in encouraging our Agent Advisors to strive towards the
highest levels of success, throughout their careers. In fact, depending on
your performance, we also offer a management career option with the
company.
Infrastructure Support
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We have invested in creating a state-of-the-art infrastructure at each of
our offices. You will have access to the necessary tools, technology and
people support that will enable you to build a profitable long-term
business
Full Range of Products and Services
You can offer your customers over 400 product combinations of our
unique Products and Riders, to help them meet all their financial goals. In
order to give you a greater competitive edge, we are also continuously
working on newer and more innovative products.
Sales and Marketing Support
We support our Agent Advisors with innovative sales and marketing tools.
The Sales, Promotions and Marketing collaterals that we provide will help
you take your business to new heights.
Financial Strength
Max New York Life offers you and your customer unmatched financial
strength and solidity. Our paid-up capital of Rs.587 cores is higher than
the norms stipulated by the regulatory authority for insurance in India.
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FINDINGS OF THE STUDY
From this project report, it was revealed that there are many
opportunities available for the person who wants to be in the Life
Insurance business as an agent and advisors.
A prospective agent could see a bright future in terms of earning money
as well as seeing it as a career option.
But from the survey it was also brought into light that normally every
person is not willing to become an agent and advisor (what ever may the
reason be) although there are lot of opportunities available, due to this
reason the job of the recruiter becomes little difficult because every he
has to find out the new ways to attract the people.
This report also shows the attitude of the contacted persons for
becoming the agent advisor of MNYL, and these were there views
Many of them are with negative attitude
Some of them are neutral and
Very less are of positive attitude.
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CONCLUSION
From this project report, it was revealed that there are many
opportunities available for the person who wants to be in the Life
Insurance business as an agent and advisors.
A prospective agent could see a bright future in terms of earning money
as well as seeing it as a career option.
But from the survey it was also brought into light that normally every
person is not willing to become an agent and advisor (what ever may the
reason be) although there are lot of opportunities available, due to this
reason the job of the recruiter becomes little difficult because every he
has to find out the new ways to attract the people.
This report also shows the attitude of the contacted persons for
becoming the agent advisor of MNYL, and these were there views
Many of them are with negative attitude
Some of them are neutral and
Very less are of positive attitude.
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SUGGESTIONS
The company should increase its operation area in different
places i.e., places where the people still dont know about
insurance.
The company should recruit its responsible executives from
rural areas also.
The company should take steps to educate and inform the
people from rural areas about the Life Insurance and its
importance also the company should conduct campaigning
programs in nearby rural areas i.e., in nearby villages.
The company should arrange frequent group seminars on career
building, which would highlight the importance of life insurance
to the general public.
The company should open its doors for all those persons who
would like to become the Agents.
The company should provide good and fair incentives and
commission to its agents.
Apart from all these the company should also introduce
personality development programs for its Agents and Advisors.
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LIMITATIONS OF THE STUDY
As per my convenience I have chosen the Faridabad city as my
research area, which limits its scope to other cities.
The sample size taken by me is limited to the 100 people only.
The time allotted to me for conducting research and for
completing the project report was limited, as the time frame was
of six weeks.
While conducting the research I come to know that People did
not take much interest in answering to me and it is hard to
convince them for it.
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BIBLIOGRAPHY
BOOKS:
Best, John W., and Kahn, James V., Research In Education, 5
th
Ed., New
Delhi: Prentice-Hall of India Pvt. Ltd., 1996.
Kothari C.R, Quantitative Techniques, New Delhi, Vikas Publishing
House Pvt. Ltd., 2002.
Kotler Philip, Marketing Management, Singapore,
Pearson Education Pvt. Ltd., 2003.
WEBSITES:
www.maxnewyorklife.com
www.sbilife.com
www.irda.com
www.iciciprudential.com
OTHER SOURCES:
(From organization)
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Agents manual
Sales managers manual
Brochures
Pamphlets etc
ANNEXURE
Questionnaire for recruiting Agent and Advisors
Q.1 Personal details of the individual :
Name -----------------------------------------
Address -----------------------------------------
Contact No. -----------------------------------------
Age ----------------------------------years
Occupation ----------------------------------------
Qualification ----------------------------------------
Q.2 what is your job profile?
Self employed ---------
Service personal --------
Student --------
House wife --------
Others --------
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Q.3 Are you living in this city for last 5 years?
Yes---- No----
Q.4 Are you comfortable in doing side by side business which could earn
you well?
Yes---- No-----
Q.5 what do know about Max New York Life Insurance company?
Q.6 what is your view about joining MNYL as an Agent advisor?
Positive --------
Negative --------
Neutral --------
Q.7 would you like to attend our career seminar?
Yes----- No------
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Q.8 could you name 10 persons who you think could be interested in
attending the career seminar?
Persons name Contact no.
1
2
3
4
5
6
7
8
9
10
Note: please fill up the entries carefully
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Table describing the figures, charts and tables.
Figure no. Description Page no.
Figure 1 Organizational hierarchy 18
Figure 2 Organization structure 19
Figure 3 The research process 23
Figure 4 Recruitment procedure map of MNYL 28
Figure 5 Tells about the traits of an agent & advisor
required
32
Figure 6 Recruitment pyramid of MYNL
33
Figure 7 Recruitment process of the MNYL 34
Figure 8 Flow chart of data analysis process 39
Figure 9 It shows the persons who could become the
agents
40
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Table and
chart no.
Description Page no.
Table 1 Board of Directors of Max India Limited 12
Table 2 It explains about the persons contacted for
becoming agent advisor with different
occupations
41
Table 3 It shows the persons contacted, who are
residents of Faridabad city for becoming
agents
42
Table 4 Data representing the view of the prospective
agents
43
Table 5 It tells about the growth in income of an agent
on the basis of their commission percentages
45
Table 6 It shows the increase in the income of the
agents who are with the MNYL
47
Chart 1 It shows the MDRT qualified agents from 2001
to 2006 of Max New York Life
44
Chart 2 It shows the increase in the income of the
agents who are with the MNYL
46
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