market segmentation for the purpose of recruitment of advisors/Business Associates

"SURVEY FOR FINDING OUT SEGMENT OF PEOPLE AND DIFFERENT METHOD OF FINDING OUT PROSPECT FOR BUSINESS ASSOCIATE’S (BA’s) RECRUITMENT”

TATA AIG Life Insurance Co. Ltd.

DIBRUGARH (ASSAM)

Presented by

Ashish Agrawal

Enrollment No. 08fc068

Batch-2008-2010

Under The Guidance Of

External Guide Internal Guide

Amitabh Das Soumendra Roy

Manager Incharge Assistant Professor (Finance)

TATA AIG LIC (Dibrugarh) IMIS (Bhubaneswar)

As a Partial Fulfillment of PGDFC Programme of IMIS, Bhubaneswar

Institute of Management & Information Science, Bhubaneswar

DECLARATION

I hereby declare that this project work entitled "survey for finding out segment of people and different method of finding out prospect for Business Associate’s (BA’S) recruitment”, conducted at TATA AIG Life Insurance Co. Ltd is record of independent research work carried out by myself during the academic year 2008-2010 under the guidance of my faculty guide Prof. Soumendra Roy, IMIS Business School, Bhubaneswar & my company guide Mr. AMITABH DAS (MANAGER INCHARGE).

I also declare that this project is a result of my effort and my indebtedness to other work publications, if any have been duly acknowledged.

Place: Dibrugarh (ASSAM) (ASHISH AGRAWAL)

Date:

Certificate from the organization/external guide

TO WHOM IT MAY CONCERN

This is to certify that the project entitled "survey for finding out segment of people and different method of finding out prospect for Business Associate’s (BA’s) recruitment” is a bona fide work of Mr. Ashish Agrawal, a student of Institute Of Management And Information Science, bearing Roll No. 08fc68 and was successfully conducted at Tata AIG Life Insurance Company Ltd., Dibrugarh (Assam) from 11th May 2009 to 8th July 2009 for the partial fulfillment of the course Post Graduate Programme in Finance & Control of IMIS, Bhubaneswar.

Mr. Ashish Agrawal was briefed about the work of recruiting financial advisors. He has proved his skills and achieved the targets that were assigned to him as his project profile and we appreciate his talent.

His attachment with TALIC as an Advisor during financial year 2006-07 with very good track record helped him finishing his project with great detail.

We put on record and appreciate the excellent conceptual abilities and communication skills of Mr. Ashish Agrawal and wish him all the very best for a bright and promising career.

Date: Name : Amitabh Das

Place: Dibrugarh (Assam) Designation : Manager Incharge

Organization: TALIC

Branch Office: Dibrugarh (DH01)

ACKNOWLEDGEMENT

Appreciating the people who helped me to make this project involves introspecting and also looking back the past few weeks with memories that will hardly fade. When one enjoys work it does not seems like an assignment at all, it happened with most of us.

I take privilege to express my sincere gratitude to the CLUSTER HEAD of TATA AIG Life Insurance Co. Ltd., Mr. NEERAJ GOGOI for providing me an opportunity to take up this project in his prestigious organization. I would also like to thank him for providing his support and guidance during the course of the project.

I take this opportunity to specially thank Mr. AMITABH DAS, MANAGER INCHARGE for his constant support and guidance and also for his effort in providing me with the documents related to the project and other details regarding the project, which helped me in understanding the function in better way.

Special thank and gratitude to my faculty guide Prof. Soumendra Roy, IMIS Business School, Bhubaneswar, for his genuine support, valuable advice sincere comments.

My sincere regards to our respected Chief Coordinator (Training & Placement) Capt. K.S.V.Subramanian for giving me the privilege to be associated with such an organization and carry forward the name of our college. And finally I would like to put a special note thanks to all my faculties of IMIS.

TABLE OF CONTENTS

PARTICULARS Page No.

CERTIFICATE FROM THE ORGANIZATION I

CERTIFICATE FROM THE INTERNAL GUIDE II

DECLERATION III

ACKNOWLEDGEMENT IV

LIST OF TABLES & GRAPHS V-VI

EXECUTIVE SUMMARY VII

CHAPTER-1

INTRODUCTION 1-3

1.1 Objective Of The Project 1

1.2 Scope Of This Project 1

1.3 Limitations 2

1.4 Research Methodology 2-3

CHAPTER- 2

OVERVIEW OF INSURANCE 4-18

2.1 What Is Insurance? 4

2.2 Basic Concept 4-5

2.3 Fundamental Principles Of Insurance 5-6

2.4 History Of Insurance 7-10

2.5 List Of Life Insurer 10-11

2.6 Types Of Insurance 12

2.7 What Are The Benefits One Get From Insurance 13

2.8 Distribution Channels In Insurance 13-18

- Introduction 13-14

- Need For Insurance Agent 15

- Alternate Distribution Channels 16

- Code Of Conduct For Insurance Agent 17-18

CHAPTER -3

COMPANY PROFILE 19-28

3.1 About The Company 19-20

3.2 Tata AIG Provides insurance covers to: 21-23

3.3 Organizational Structure Of The Company 24-25

3.4 Organizational Structure of Tata AIG Life (Dibrugarh branch) 26

3.5 Financial Highlight Of The Company 27-28

CHAPTER -4

RECRUITMENT & CAREER OPPORTUNITIES FOR AN ADVISORS

WITH TATA AIG LIFE 29-39

4.1 Introduction 29

4.2 Overview Of The Tata AIG Life Recruitment Process 29

4.3 Opportunities For Tata AIG Advisors 30

4.4 Benefits Available For Advisors 31

4.5 Models Of Tata AIG Life For Advisors 31-39

- BA Model (Sampatti Yatra) 32-38

- BSP Model (Dhan Varsa) 38-39

CHAPTER - 5

THUMB RULE FOR RECRUITMENT 40-49

5.1 Recruitment 40

5.2 Why Recruitment? 40-43

5.3 Whom To Recruit? 44-45

5.4 Where To Recruit? 46-47

5.5 How To Recruit? 48-49

CHAPTER - 6

ANALYSIS PART 50-67

6.1 How To Find Out Prospect For Recruitment (Methods)? 50-54

- Natural Market 50

- Referral Market 50-51

- Cold Market 51- 54

6.2 To Find Out Potential Segments For Recruitment: 55-67

- Bases Of Segmentation 55

- Demographic Basis:

Occupation wise 56-61

Age group wise 62-64

- Geographic basis : 65-67

Chapter – 7

CONCLUSION PART 68-74

7.1 Conclusion/Findings 68-72

7.2 Suggestions & Recommendations: 73-74

APPENDICES

Questionnaires 75-76

References 77

Glossary 78

LIST OF TABLES & GRAPHS

PARTICULARS Page No.

1> [Table 6i], Overall Findings 52

2> [Fig. – 6c], pie chart, happy with current job/Financial situation 52

3> [Fig. – 6d], pie chart, need for supplementary source of Income 53

4> [Fig. – 6e], pie chart, preference for supplementary source of income 54

5> [Table 6ii (a)], happy with current job/Financial situation- basis-occupation 56

6> [Fig. – 6f], graph, happy with current job/Financial situation- basis-occupation 57

7> [Table 6ii (b)], need for supplementary source of Income- basis-occupation 58

8> [Fig. – 6g], graph, need for supplementary source of Income- basis-occupation 59

9> [Table 6ii (c)], preference for supplementary source of income - basis-occupation 60

10> [Fig. – 6h], graph, preference for supplementary source of income - basis-occupation 61

11> [Table 6iii (a)], happy with current job/Financial situation- basis- age group 62

1> [Fig. – 6i], graph, happy with current job/Financial situation- basis-age group 62

2> [Table 6iii (b)], need for supplementary source of Income- basis- age group 63

3> [Fig. – 6j], graph, need for supplementary source of Income- basis-age group 63

4> [Table 6iii (c)], preference for supplementary source of income – basis- age group 64

5> [Fig. – 6k], graph, preference for supplementary source of income- basis-age group 64

6> [Table 6 iv (a)], happy with current job/Financial situation- geographic basis 65

7> [Fig. – 6l], graph, happy with current job/Financial situation- geographic basis 66

8> [Table 6iv (b)], need for supplementary source of Income- geographic basis 65

9> [Fig. – 6m], graph, need for supplementary source of Income- geographic basis 66

10> [Table 6iv (c)], preference for supplementary source of income – geographic basis 65

11> [Fig. – 6n], graph, preference for supplementary source of income- geographic basis 66

EXECUTIVE SUMMARY

In today’s competitive market, for life insurance sector, recruiting good agents has often been considered the number one job & problem in agency management. It is certainly a task that new companies in the Indian life insurance market have put much stress on. The reason is that life insurance remains a product, not many are easily disposed to buy and not many want to sell either. The survival of agency manager depends on his convincing enough qualified and competent people to choose life insurance selling as a permanent career. Recruitment involves selecting the right candidate for the agent’s job and selling the agency idea to him.

Recruitment continuously is very much important for life insurance companies; because FYP (First Year Premium) is directly depend on the number of Agents/Advisors, Activity Ratio, Case Rate & Case Size. Apart from recruiting more & more advisors it is necessary to recruit quality advisors to maintain activity ratio, case rate and case size.

Further, it is very important to know the target segment for recruitment, in this project work, I have segmented the whole market mainly on the basis of demographic (occupation, & age), and geographic (urban & sub-urban areas) segmentation, to identify the potential segment for recruitment.

CHAPTER-1

INTRODUCTION

1.1 Objective of the project

To identify the segment of people for Business Associate’s (BA’S) recruitment.

Find out the different ways to find the prospects for BA recruitment.

To find the reason behind individual decisions in joining life insurance company as an agent or advisor.

To collect the data, this would help in formulating strategies for recruitment of TATA AIG Life Insurance Co. Ltd.

To find probable individual for recruitment for the organization.

To know difficulties in recruitment.

To know the process of good recruitment.

1.2 Scope of This Project

As the project is fully based on survey and it can be used for decision making. By knowing the opinion or conversion ratio of the individual management can take decision accordingly, management can identify the segment of people for recruitment on the basis of age, profession etc. i.e. the people to whom company should target for recruitment.

1.3 Limitations

Most of the people do not want waste their time to fill up the questionnaires due to their busy schedule.

Some of the respondents hesitate to disclose their details.

Most of the person thinks that market survey is wasting of time, so they are not answering the question seriously.

Time constraint: since recruitment is a long process.

The study has been limited to geographical boundaries of Dibrugarh Dist. (Assam) only.

1.4 Research Methodology

The research is based on the systematic research design to meet the above mentioned objective. For the fulfillment of the objective of the study effectively methods of data collection are quite necessary.

Sampling:

The sampling is selected according to the respondent’s convenience, as I had to visit them as per their availability.

Sampling method: Stratified Random Sampling

Sample Unit: Teachers, Govt. Employee, Pvt. Employee,

Students, businessmen, Advocates,

Medical Representatives, etc.

Sample Size: 150

Geographical Location: Dibrugarh District (Assam)

Source of data collection: Primary & Secondary

Primary Data Collection:

The primary source of data collection was through survey through market survey tool/questionnaires where each respondent were provided with a market survey form and ask to give their views.

Secondary Data Collection:

The secondary source of data collection Internet, Magazine On Insurance, & Books On Insurance.

Survey technique used:

The survey method used was “Structured Direct interview technique”& also through telephonic interview technique. Where respondents knew why the survey was being done. The questionnaire was setup multiple choice questions, simpler questions using YES or NO or MAY BE options & also by OPEN/CLOSE handed questions by which we can know about the NEED & PREFERANCE for supplementary income of an individual, from which we can find out the segment of people to whom company should target for recruitment.

CHAPTER-2

OVERVIEW OF INSURANCE

2.1 What Is Insurance?

Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for a consideration known as premium.

Insurance is an economic device whereby the individual can substitute a small relatively definite cost (premium) for a large financial loss (the contingency insured against) that would have to be borne if insurance was not available.

The party which undertakes the risk is called insurer and the other one, whose risk is transferred is known as the insured.

The insurer promises to pay a fixed sum of money to the insured on the happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance.

The insurer agrees to indemnify the insured on the happening of an uncertain event in case of non-life (general) insurance.

2.2 Basic Concepts

The concept behind insurance is that a group of people exposed to similar risk come together and make contributions towards formation of a pool of funds.

In case a person actually suffers a loss on account of such risk, he is compensated out of the same pool.

Insurance has two fundamental characteristics:

Risk is transferred or shifted from one individual to a group.

Losses are shared, on some equitable basis, by all members of the group.

2.3 Fundamental Principles of Insurance

Insurable Interest:

Insurable Interest is defined as the legal right to insure arising out of a financial relationship recognized under law, between the insured and the subject matter of insurance.

The Principle of Insurable Interest states that the insured must be in position to lose financially if a loss occurs.

Utmost Good Faith:

A positive duty voluntarily to disclose, accurately and fully, all facts material to the risk being proposed, whether requested or not.

Higher degree of honesty is imposed on both parties to an insurance contract than any other contract, because- Insurance product is intangible one.

Principle of Indemnity:

It states that the insurer agrees to pay no more than the actual amount of loss.

In other words, the insured should not make profit from a loss.

The principle applies to non-life (property and liability) insurance contracts only.

Principle of Subrogation:

It is the right of one person, having indemnified another under a legal obligation to do so, to stand in the place of that other and avail himself of all the rights and remedies of that other.

In other words, it is the substitution of the insurer in place of the insured for the purpose of claiming indemnity from a third person for a loss covered by insurance.

It avoids a situation where an insured might profit from an insured event.

2.4 History of Indian Insurance Industry:

The history of insurance in India dates back to the year 1818, when the Oriental Life Insurance Company was formed in Kolkata. The LifeInsurance Act of 1912 marked the beginning of a new era in the insurance sector of India.

The Indian Insurance Companies Act was passed in the year 1928. This act empowered the government of India to gather necessary information about the life insurance and non-life insurance organizations operating in Indian financial markets.

The Triton Insurance Company Ltd. formed in 1850 and was the first of its kind in the general insurance sector in India. The Indian Mercantile Insurance Limited was established in 1907, and was the company in India to handle all classes of insurance.

The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again.

Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost 190 years.

Some of the important milestones in the life insurance business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the Government to collect statistical information about both life and non life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

Some of the important milestones in the general insurance business in India are:

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business.

1957 - General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.

The Malhotra Committee, 1993

Reform in the Indian insurance sector was initiated with the formation of the Malhotra Committee in 1993. It was named after R.N. Malhotra, the then Finance Secretary and RBI Governor, who headed the committee.

The aim of the Malhotra Committee was to assess the functionality of the Indian insurance sector. This committee was also in charge of recommending the future path of insurance in India.

The Malhotra Committee attempted to improve various aspects of the financial sector, making them more appropriate and effective for the Indian market.

The recommendations of the committee put stress on offering operational autonomy to the insurance service providers and also suggested forming an independent regulatory body.

“Malhotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was Participation of overseas insurance companies with 26% capital. Creating a more efficient and competitive financial system suitable for the requirements of the economy was the main idea behind this reform.

Due to concerns of

Relatively low spread of insurance in the country. The efficient and quality functioning of the Public Sector insurance

companies. The untapped potential for mobilizing long-term contractual savings

funds for infrastructure the (Congress) government set up an Insurance Reforms committee in April 1993.

In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a road map for privatization of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000.The same year that the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDA – started issuing licenses to private life insurers.

2.5 LIST OF LIFE INSURERS:Apart from Life Insurance Corporation, the public sector life insurer, there are 20 other private sector life insurers, most of them joint ventures between Indian groups and global insurance giants.SL. NO.

Insurers Foreign Partners Regn. No.

Date of Registration

Year of Operation

1 HDFC Standard Life Insurance Co. Ltd.

Standard Life Assurance, UK

101 23.10.2000

2000-01

2 Max New York Life Insurance Co. Ltd.

New York Life, USA 104 15.11.2000

2000-01

3 ICICI-Prudential Life Insurance Co. Ltd.

Prudential , UK 105 24.11.2000

2000-01

4 Om Kotak Life Insurance Co. Ltd.

Old Mutual, South Africa 107 10.01.2001

2001-02

5 Birla Sun Life Insurance Co. Ltd.

Sun Life, Canada 109 31.01.2001

2000-01

6 Tata-AIG Life Insurance Co. Ltd.

American InternationalAssurance Co., USA

110 12.02.2001

2000-01

7 SBI LifeInsurance Co. Ltd.

BNP ParibasAssurance SA, France

111 29.03.2001

2001-02

8 ING Vysya Life Insurance Co. Ltd.

ING Insurance InternationalB.V., Netherlands

114 02.08.2001

2001-02

9 Bajaj Allianz Life Insurance Co. Ltd.

Allianz, Germany 116 03.08.2001

2001-02

10 Metlife India Insurance Co. Ltd.

Metlife International Holdings Ltd., USA

117 06.08.2001

2001-02

11 AVIVA Aviva International Holdings Ltd., UK

122 14.05.2002

2002-03

12 Sahara Life Insurance Co. Ltd

……………………………

127 06.02.2004

2004-05

13 Shriram Life Insurance Co. Ltd.

Sanlam, South Africa 128 17.11.2005

2005-06

14 Bharti AXA Life Insurance Co. Ltd.

AXA Holdings, France 130 14.07.2006

2006-07

15 Reliance LifeInsurance Co. Ltd. (Earlier AMP Sanmar Life Insurance Co.from 3.1.02 to 29.9.05)

……………………………121 03.01.200

22001-02

16 Future Generali India Life Insurance Co. Ltd.

Pantaloon Retail Ltd.;Sain Marketing Network Pvt. Ltd. (SMNPL), Generali, Italy

133 04.09.2007

2007-08

17 IDBI Fortis LifeInsurance Co. Ltd.

Fortis, Netherlands 135 19.12.2007

2007-08

18 Canara HSBC OBC Life Insurance Co. Ltd.

HSBC, UK 136 08.05.2008

2008-09

19 Aegon Religare Life Insurance Co. Ltd.

Religare, Netherlands 138 27.06.2008

2008-09

20 DLF Pramerica Life Insurance Co. Ltd.

Prudential of America, USA

140 27.06.2008

2008-09

21 Life Insurance Corporation of India

512

2.6 Types of insurance:

Generally, insurance is divided into two categories and is named as;

General InsuranceLife Insurance

FRAME WORK ANALYSIS OF INSURANCE

FRAME WORK ANALYSIS OF INSURANCE

GENERAL INSURANCE LIFE INSURANCE

WHOLE LIFE INSURANCE

ENDOWMENT PLANS

TERM INSURANCE

INDIVIDUAL INSURANCE

GROUP INSURANCE

HEALTH INSURANCE

ANNUITY PLANS

ULIPs

MICRO INSURANCE

2.7 What are the benefits one get from insurance:

Safeguards oneself and one's family for future requirements.

Life cover.

Peace of mind in case of financial loss.

Encourage saving.

Tax rebate.

Protection from the claim made by the creditors.

Security against a personal loan, housing loan or other types of loan.

Provide a protection cover to industries, agriculture, women and child.

2.8 Distribution Channels in Insurance

Introduction

An insurance cover is an intangible product evidenced by a written contract known as the ‘policy’. Insurers market various insurance covers either directly or through various distribution channels—individual agents, corporate agents (including Bancassurance) and Brokers. The marketer in the distribution network is in direct interface with the prospect and the customer.

Life insurance products are sold through individual agents and many of them have this as their only career occupation. General insurance products are sold through individual agents, corporate agents and brokers.

Distribution channels such as agents are licensed by the IRDA. To get an agency license, one has to have certain minimum qualifications; practical training in insurance subjects and pass an examination conducted by the Insurance Institute of India.

IRDA regulations on licensing of agents/brokers lay down the code of conduct for individual agents, corporate agents and brokers.

Thus it is seen that the dos and don’ts for these intermediaries are given clearly at the point of sale as well as in the event of a claim. Service does not end with the customer receiving his document; it in fact only begins here. After sales service is as important or even more important – like when a refund has to be made or when a claim has to be made.

One of the issues that are of great concern affecting professionalism in insurance activities is resorting rebating by intermediaries. Rebating is prohibited as per Section 41 of the Insurance Act, 1938 and the public are advised not to deal with intermediaries offering rebate of any kind.

Rebating means a share of commission receivable by the agent/broker is given to the prospect/client. This is done to attract the client in the purchase of insurance contract by offering cash. Competition among agents/brokers is so cut-throat, some agents indulge in such unethical practices. Public are advised not to ask for any prohibited rebates in premium since commission payment to an agent is the only income for some to take care of their families. Similarly, agents are also advised not to indulge in such practices which could cause them loss of agency income.

Need For Insurance Agent:

Insurance is sold, not bought, because of its intangibility ( Fig- 2a shows the intangibility of insurance)People do not understand, how insurance works. It is like sand when it is bought and gold when it is realized.Insurance is a concept that has to be explained personally.Buyer has his own special needs and requires specialized solution.It is the AGENT who knows the proposer and he only can act as first line underwriter.

FIG-(2a)

TangibleDominant

IntangibleDominant

SaltSoft DrinksDetergents

AutomobilesCosmetics

AdvertisingAgenciesAirlines

INSURANCEConsulting

Teaching

Fast-foodOutlets

Fast-foodOutlets

Alternate Distribution Channels:

The insurance marketplace is undergoing a transformation that may eventually lead to significant changes in how consumers purchase insurance products. A variety of distribution channels are currently used in this market place and some insurers utilize a combination of distribution channels. Such as;

Direct Sales

Brokers

Corporate Agents

Bancassurance

Telemarketing

Online Marketing

Retail Chains

Franchisee

Code of Conduct for Insurance Agent:

No insurance agent shall:

Solicit or procure insurance business without holding a valid license; Induce the prospect to omit any material information in the proposal form; Induce the prospect to submit wrong information in the proposal form or documents submitted to the insurer for acceptance of the proposal; Behave in a discourteous manner with the prospect; Interfere with any proposal introduced by any other insurance agent;Offer different rates, advantages, terms and conditions other than those offered by his insurer; Demand or receive a share of proceeds from the beneficiary under an insurance contract; Force a policyholder to terminate the existing policy and to effect a new proposal from him within three years from the date of such termination; Have, in case of a corporate agent, a portfolio of insurance business under which the premium is in excess of fifty percent of total premium procured, in any year, from one person (who is not an individual) or one organization or one group of organizations; Apply for fresh license to act as an insurance agent, if his license was earlier cancelled by the designated person, and a period of five years has not elapsed from the date of such cancellation; Become or remain a director of any insurance company;

Every insurance agent shall,-

Identify himself and the insurance company of whom he is an insurance agent; Disclose his license to the prospect on demand;Disseminate the requisite information in respect of insurance products offered for sale by his insurer and take into account the needs of the prospect while recommending a specific insurance plan; Disclose the scales of commission in respect of the insurance product offered for sale, if asked by the prospect; Indicate the premium to be charged by the insurer for the insurance product offered for sale; Explain to the prospect the nature of information required in the proposal form by the insurer, and also the importance of disclosure of material information in the purchase of an insurance contract; Bring to the notice of the insurer any adverse habits or income inconsistency of the prospect, in the form of a report (called “Insurance Agent’s Confidential Report”) along with every proposal submitted to the insurer, and any material fact that may adversely affect the underwriting decision of the insurer as regards acceptance of the proposal, by making all reasonable enquiries about the prospect; Inform promptly the prospect about the acceptance or rejection of the proposal by the insurer; Obtain the requisite documents at the time of filing the proposal form with the insurer; and other documents subsequently asked for by the insurer for completion of the proposal; Render necessary assistance to the policyholders or claimants or beneficiaries in complying with the requirements for settlement of claims by the insurer; Advise every individual policyholder to effect nomination or assignment or change of address or exercise of options, as the case may be, and offer necessary assistance in this behalf, wherever necessary;

CHAPTER-3

COMPANY PROFILE

3.1 About the Company:

Tata AIG Life Insurance Company Limited (Tata AIG Life) is a joint venture company, formed by the Tata Group and American International Group, Inc. (AIG). Tata AIG Life combines the Tata Group’s pre-eminent leadership position in India and AIG’s global presence as one of the world’s leading international insurance and financial services organization. The Tata Group holds 74 per cent stake in the insurance venture with AIG holding the balance 26 per cent. Tata AIG Life provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001.

VISION OF THE COMPANY: To be the fastest growing Life Insurance Company in India, measured by annualized premium growth, procuring persistent business, delivering first class customer service.

MISSION OF THE COMPANY: To fulfill the insurance and retirement planning needs of both individual and corporate customers in India and it’s constant endeavor to be the first in the industry to design and expand product suite as well as distribution channels to ensure we meet this objective.

MAJOR ACTIVITIES OF THE COMPANY: Tata AIG Life Insurance Company Ltd. provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001. Tata AIG Life offers a broad array of life insurance coverage to both individuals and groups, providing various types of

add-ons and options on basic life products to give consumers flexibility and choice.

THE TATA GROUP:

Tata is a rapidly growing business group based in India with significant international operations. Revenues in 2007-08 are USD 62.5 billion (around Rs. 251,543 crores), of which 61% was from business outside India. The Group’s Net Profit for 2007-08 is USD 5.4 billion (around Rs. 21,578 crores). The Group employs around 350,000 people worldwide. The Tata name has been respected in India for 140 years for its adherence to strong values and business ethics. The business operations of the Tata Group currently encompass seven business sectors - Communications and Information Technology, Engineering, Materials, Services, Energy, Consumer Products and Chemicals. The Group's 28 publicly listed enterprises have a combined market capitalisation of around $60 billion, among the highest among Indian business houses, and a shareholder base of 2.9 million. The major companies in the Group include Tata Steel, Tata Motors, Tata Consultancy Services (TCS), Tata Power, Tata Chemicals, Tata Tea, Indian Hotels, Tata Teleservices and Tata Communications.

AMERICAN INTERNATIONAL GROUP, INC. (AIG):

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

3.2 Tata AIG Provides Insurance Covers To:

IndividualsCorporatesMicro insurance

Individuals

Each one of us is unique. Yet many of us share the same concerns over the course of our lives.

For instance, you may have asked yourself, “Who will take care of my family if something happens to me?” Tata AIG Life is here to help & provide answers to questions just like that one. For example, if you:

Are hospitalized or have a prolonged illness?

For this Tata AIG Life offers: Invest Assure Health, Tata AIG Life Health Investor, Tata AIG Life Health First, Tata AIG Life Hospi Cash Back , & Tata AIG Life Health Protector - 5 Year Guaranteed Renewal Accident and Health Plan.

Want a low cost term plan which offers a large cover?

For this Tata AIG Life offers Tata AIG Life Raksha 10/15/20/25.

Tata AIG Life realizes that individual want the best for his/her children. Tata AIG can help you ensure they have ample money available to pay for education or marriage;

For this Tata AIG Life offers Tata AIG Life United Ujjwal Bhavishya, Tata AIG Life Starkid, Tata AIG Life Assure Career Builder, Tata AIG Life MahaLife Gold and Tata AIG Life Assure Educare at 18 & Assure Educare at 21.

With prices on the rise, it’s important that you start planning for Retirement now. Tata AIG can ensure that your Golden Years are truly ‘Golden’ by offering insurance plans such as; Tata AIG Life Assure Golden Years Plan, Tata AIG Life Easy Retire, Tata AIG Life MahaLife Gold, Tata AIG Life Nirvana, Tata AIG Life Invest Assure II. Tata AIG Life Invest Assure Gold, Tata AIG Life Invest Assure Future, Tata AIG Life Nirvana Plus, Tata AIG Life Invest Assure Swarna Jeevan.

Corporates

For any corporation, its employees and customers are its greatest assets. And it is important for the organization to take the necessary measures from time to time to maintain their motivation levels. Offering security to them and their families with insurance cover is one way to show that you care.

Tata AIG Life also offers solutions for managing the liabilities on Gratuity and Superannuation products for the employees.

Range of corporate life insurance products include:

Employee Benefits.

Credit Life.

Group Pensions.

Workplace Solutions.

Micro Insurance

Micro Insurance is the process of delivering and servicing relevant and affordable life insurance products to the low-income socio economic strata. The focus of Tata AIG Life’s Micro insurance program is rural India, where traditionally the far-flung, lower and lower middle-income segments have had limited access to life insurance services.

How does Tata AIG Life operate?

Tata AIG Life operates in 11 states with a specific relationship management team for each state. A dedicated & trained sales and marketing team manages the front end of the Micro insurance program. Micro insurance distribution model of the company is collaborates with NGO’s (Non-governmental organisations) and Rural organizations with community level SHG (Self Help Group) women advisors who provide insurance advisory services to the rural customers at their doorstep. The grassroots level agents explain the product details in the local language of the customer, thereby enabling the customer to make a decision. The training programs, brochures, contract documents, and application forms are available in 8 different languages other than English and Hindi.

Cost of Tata AIG Life’s plans:

Tata AIG Life Micro insurance plans are available with or without survival benefits and with death benefits ranging from Rs.5, 000 to Rs.50, 000. With premiums as low as Rs.5** per month, there is now an affordable life insurance product for nearly every rural household in India.

** The premium mentioned above is exclusive of Service Tax.

3.3 Organisational structure of the company:

Oraganisational structure of Tata AIG Life is consisting of three vertical segments. i.e.

Sales( B A Model)OperationTraining

sales

MD

(COUNTRY HEAD)

CLUSTER HEAD

(REGIONAL HEAD)

CLUSTER HEAD

BA- MANAGER

(ZONAL HEAD)

(BUSINESS ASSOCIATE) BA-MANAGER

MANAGER INCHARGE MANAGER INCHARGE

MBA(MANAGRIAL-BA) Sr.BA BA PBA(Provisional BA)

NOTE: THESE ARE ON COMMISSION BASIS (THEY ARE NOT COMPANY EMPLOYEE)

Operation

Training

(COUNTRY HEAD)

CLUSTER MANAGER

(REGIONAL HEAD)

CLUSTER MANAGER

(ZONAL HEAD)

BRANCH OPERATION MANAGER BRANCH OPERATION EXECUTIVE

CLUSTER TRAINING MANAGER

(REGIONAL TRAINING MANAGER)

CLUSTER TRAINING MANAGER

(ZONAL HEAD)

BRANCH TRAINING MANAGER BRANCH TRAINING MANAGER

(COUNTRY HEAD)

ZONAL BRANCH OPERATION HEAD

3.4 Organisational structure of Tata AIG Life (Dibrugarh Branch):

sales

Operation

Training

CLUSTER HEAD(Mr. NEERAJ GOGOI)

MANAGER INCHARGE(Mr. AMITABH DAS)

BA-MANAGER Mr. BISHAL CHOUDHRY

BA-MANAGER Mr. RAJU NANDI

BA-MANAGER Mr. KOUSHIK BORAH

CLUSTER OPERATION HEAD

BRANCH OPERATION MANAGER Mr. ARUNAVA CHAKRABORTY

BRANCH OPERATION EXECUTIVE Mr. JAFRI YASIN

BRANCH TRAINING MANAGER Mr. SWAPNAJYOTI BORDOLOI

MBA(MANAGRIAL-BA) Sr.BA2 NOs

BA8 NOs

PBA(Provisional BA)20 NOs

TOTAL ADVISORS UNDER BAs ARE 400+

3.5 Financial Highlight of the Company:

Tata AIG Life Insurance Company’s Total Premium increases by 253 % to Rs 254 crores over 1, 60,000 new individual lives insured during FY 2003-2004.

Tata AIG Life achieves an all-round robust growth in its business during FY 2003-04: • Total Premium increases by 253 % to Rs 254 crores. • First year Premium moves-up by 245 % to Rs 180 crores. • Total Sum Assured goes up by 116% to Rs 11,485 crores. • Rural insurance sales increases by 152% to 23,034 policies. • Over 1, 60,000 new individual lives insured during FY 2003-04.

FOR THE PERIOD ENDING MARCH-2006

Tata AIG Life Insurance total annual premium up 77 % to Rs 880 crores:

FYP income up 48% to Rs 432 crores.

Agency Total Premium Income up by 61% with persistency rate of 85%.

Total Premium Income from Alternate Channels up 132 %; Bancassurance growing at 179 %.

Geographical network expanded to cover 45 cities with 85 offices.

Lives covered under rural sector - 21% versus Regulatory obligation of 16%.

Lives covered under Social sector 101,873 versus Regulatory obligation

of 20,000 lives.

FOR THE PERIOD ENDING FEBRUARY-2009

FYP u/w (Rs. In Crores)

No. of policies/scheme No. of lives covered under group scheme

FEB-09 UPTO FEB-09

UPTO FEB-08

FEB-09 UPTO FEB-09

UPTO FEB-08

FEB-09 UPTO FEB-09

UPTO FEB-08

INDIVIDUAL SINGLE PREMIMUM

2.27 34.95 36.87 480 7262 6516

INDIVIDUAL NON-SINGLE PREMIMUM

76.09 742.46 639.48 58366 595684 398899

GROUP SINGLE PREMIMUM

2.18 30.14 56.96 0 7 4 2389 80093 335164

GROUPNON-SINGLE PREMIMUM

7.15 94.06 52.86 4 67 64 12314 294395 195336

CHAPTER-4

RECRUITMENT & CAREER OPPORTUNITIES FOR AN ADVISOR WITH TATA AIG LIFE

4.1 Introduction

Advisors are the backbone of any life insurance company. They play the most important and key role for company to cashing the revenue through selling the insurance policies.Some years ago Advisors were known as Agents but Tata AIG introduced them as Advisors which seems to be more appropriately.

In India, ever since the insurance industry has opened up, opportunities for insurance companies have become limitless. To tap this opportunity, they require insurance agents because agents are one of the most significant modes of bringing in much-needed business to the company.

4.2 Overview of the Tata AIG Life Recruitment Process

Prospecting Approach- Attraction and Invitation Career Opportunity Presentation- COP

1:1 COPBranch COP

Candidate Selection:ProfilingAptitude TestSelection InterviewCandidate Sign up

50 Hours Pre- Licensing Exam and TrainingLicensingRecruitment Activity Management by BA

4.3 Opportunities for Tata AIG Advisors:

Apart from making a good profit without an investment,

Tata AIG provides an excellent carrier opportunity.

Enjoy the benefit of residual income.

Maintain flexible work hours.

Earn attractive commissions.

Participate in exciting recognition programs.

Capitalize on the growing Insurance market.

4.4 Benefits Available for Advisors:

Apart from being remunerated well, Advisors get a lot of recognition and can win awards by participating in the monthly, quarterly, half yearly, yearly business competition. These business reviews can fetch foreign tours and travel free of cost. Easy way to globe trot is to become an advisors with TALIC.Become an Advisor to really see the benefits. It is told that "seeing is believing '. We are ahead and we say "experiencing is believing" are you ready to experiment.

Foreign tour offered by TALIC for advisors.

4.5 Models Of Tata AIG For Advisor:

London -2004London -2004

Dubai -2004Dubai -2004

Bangkok - 2005Bangkok - 2005

Sydney- 2005 Sydney- 2005

Beijing – 2006

Beijing – 2006

Phuket – 2007Phuket – 2007

South Africa - 2007

South Africa - 2007

KL – 2006KL – 2006

As Tata AIG Life Insurance Advisor, the sky is not the limit—you can go beyond. Thus Tata AIG Life introduced certain models for advisors;

Business Associate (BA) Model. (Promoting as SAMPATTI YATRA)

Business Service Partner (BSP) Model. (Promoting as DHAN VARSA)

Business Associate (BA) Model;

The Yatra (Career Path)

Tata AIG offers dual career opportunities to Newly Licensed Advisor (NLAs). NLA is a mandatory for 3 month development phase. Month of licensing is taken as Month 0. After this they

A True FAST TRACK Path

with

DUAL Career Opportunities

A True FAST TRACK Path

with

DUAL Career Opportunities

have option to move either in Agency Leader Career Path or Individual Sales Career Path (Fig-4a).

Fig-4a

If an agent chooses Agency Leader Career Path then he/she has to make his/her own team by recruiting new agents. In a leadership career path there is unlimited earning opportunity & also it provides tremendous opportunity to grow as a Provisional Business Associate (PBA) → Business Associate (BA) → Senior Business Associate (SBA) → Managerial Business Associate (MBA) on the basis of performance & certain criteria (Fig-4b).Further an agent has option to move toward Individual Sales Career Path, there is also opportunity to grow as an Advisors→ Senior Advisors → executive advisor on the basis of performance & certain criteria (Fig-4b). Again company provides an opportunity to migrate toward leadership path from an individual sales career path at any time (Fig-4b). In both the path there is unlimited earning opportunity with their growth (Fig-4c).

NLANLA

AGENCY LEADER CAREER PATHAGENCY LEADER CAREER PATH

INDIVIDUAL SALES CAREER PATHINDIVIDUAL SALES CAREER PATH90 Days90 Days

We have Fast Tracked the YATRA for an Advisor to become a Leader

FIG-4b

NLANLA

Tier 2Tier 2

DBADBABABA

SBASBAMBAMBA

PBAPBA

Sr AdvisorSr AdvisorEXECUTIVE

AdvisorEXECUTIVE

Advisor

Provisional BA

AdvisorAdvisor

Newly Licensed

Advisor

Advisor

Senior Advisor

Executive Advisor

Provisional Business Associate

Business Associate

Senior Business Associate

Managerial

Business Associate

Build A Business

Be A Professional Advisor

Opportunity to MIGRATE to Sales Leadership Path

Special Career Opportunity for Outstanding Sales People

FIG-4c

Progression for NLA on Sales Leader Career Path

Figurer (4d) shows the criteria for the growth of NLAs on sales leader career path.

NLA has to clear aptitude test, L1 (Level-1), & validation program conducted by Tata AIG Life with the recruitment of three Advisors and also he has to submit 3 policies having FYP 20,000 to become PBA.

Again if team size of PBA is increases to 15 and also he/she has to maintain team FYP of Rs.100, 000 in last six month to become a BA (Business Associate), apart from this he/she has to clear L2 (Level-2) & BA validation program conducted by Tata AIG Life.

Further if BA will produce 2 BAs from his direct team & also he/she has to attend BA Star – L1 to L3 training program conducted by Tata AIG Life, then he/she will be promoted as SBA (Senior Business Associate).

If SBA will produce 2 SBAs from his direct team & also he/she has to attend all the 4 levels of BA Star training program conducted by Tata AIG Life, then he/she will be promoted as MBA (Managerial Business Associate).

CRITERIA Interview

Clear Aptitude Test

Clear Validation

3 policies & 20,000 issued FYP

Fig-4d Earning In Leadership Path:

Earning of direct commission from self code.

MPF (Monthly Performance Fees) from direct team.

Even MPF from indirect team (up to Level 2).

Monthly Special Bonus (MSB) from direct team.

Quarterly Persistency Bonus (QPB) from direct team.

NLA PBA BA SBA MBA

CONTRACT

• Overrides accrues from the 1st recruit

• Maintain CMC as per PBA Contract

• Contract Valid for 12 months

3 Recruitment

Clear PBA Validation, L1& ULIP

completes 90 days

Team Size: 15

Team FYP of 100,000 in last 6 months

Clear L2 & BA Validation

Min 12 months as SBA

Direct Team

of 15 & 2 SBAs.

All 4 levels

Min 6 months as BA

Direct Team of min 15 & 2 BAs.

BA Star – L1 to L3

Annual Productivity Bonus (APB)

Direct Team Growth Incentive.

FIG-4e, Direct & indirect team of BA

Progression for NLA on Individual Sales Career Path

NLA NLA NLA Sr AdvisorAdvisorAdvisor Advisor

BA 1

BA 2

NLA NLA NLA Sr AdvisorAdvisorAdvisor AdvisorSr Advisor PBA

NLA NLANLA NLA NLA

Direct Team of BA1

Indirect Team of BA1 Level 1

Indirect Team of BA1 Level 2

9 policies having 90,000 FYP in 90 days

Fig-4f

While the figure 4f shows the criteria & growth pattern of NLAs on Individual Sales Career Path. NLA will be promoted as an advisor after the period of 90 days. Then advisor will be promoted as a senior advisor, if he/she gives 6 policies having 60,000 FYP in 3 rolling months, apart from this they have to attained L1 (Level-1), AML (Anti Money Laundering), MCG (Market Conduct Guideline), & ULIP (unit Linked Insurance Plan) training program conducted by Tata AIG Life. Simultaneously he/she will be promoted as an executive advisor if he/she gives 500,000 FYP & 24 Cases or 750,000 FYP in 12 rolling months, and again they have to attend L2 (Level-2) training program.

Again an NLA can become directly senior advisor by submitting 9 policies having 90,000 FYP in 90 days.

NLA Advisor Sr. Advisor

ExecutiveAdvisor

Minimum 90 days (M0 to M3) as NLA.

L1 Training.

6 policies having 60,000 FYP in 3 rolling Months &

Minimum 1 month as an Advisor.

Completion of Level 1 Induction, AML & MCG, & ULIP

Min 12 months as Sr. Advisor.

500,000 FYP & 24 Cases or 750,000 FYP in 12 rolling months.

Completion of Level 2 Training, AML &

Earning in Individual Sales Career Path:

Direct commissions from individual sales.

Monthly Production Bonus.

Quarterly Persistency Bonus

Annual Production Bonus.

Business Service Partner (BSP) Model:(Promoting as DHAN VARSA)

FIG-4g

Business service partner model is a very new concept of Tata AIG Life to boom its sales in terms of FYP (First Year Premium). In this model Tata AIG Life recruits one Business Service Partner on the basis of certain criteria like it should


Business Service Partner


Direct Team of BSP

Indirect Team of BSP Level 1

BA

Indirect Team of BSP Level 2

BA

NLA NLA NLA NLA NLA NLA NLA NLA

have its own firm. With this model company can penetrate more & more in rural area.

BSP makes their own team and its income is completely depending upon the performance and growth of the team (Fig-4g).

Earning in BSP Model:

Advisor Identification & Recruitment Fees.

Advisor Certification Fees.

Advisor Functionality Fees from direct team.

Advisor Functionality Fees from indirect team (up to Level-2).

Activity Factor Fees.

[Activity Ratio (%)] = No. of Active Advisors

Total Number of Advisors

OPEX Reimbursement; is calculated on the basis of the

number of active advisor. Active Advisor is defined as an Advisor in the Direct & Indirect team who has issued & cleared one or more policies & earned at least Rs.1, 000 FYC in a month.

`BSPs under TALIC at Dibrugarh Branch:

At present there are 7 BSPs under TALIC at Dibrugarh Branch, and under these BSPs there are 58 NLAs.

CHAPTER-5

THUMB RULE FOR RECRUITMENT

5.1 Recruitment:

Recruiting good agents has often been considered the number one job & problem in agency management. It is certainly a task that new companies in the Indian life insurance market have put much stress on. The reason is that life insurance remains a product, not many are easily disposed to buy and not many want to sell either. The survival of agency manager depends on his convincing enough qualified and competent people to choose life insurance selling as a permanent career. Recruitment involves selecting the right candidate for the agent’s job and selling the agency idea to him.

5.2 Why Recruitment?

Recruitment is critical when the agency force is small. But it becomes important even for a fairly large sized agency. Agency groups, like companies and products, have a life cycle. Turnover of agents is a fact of life business. In course of time only some agents can maintain high new business growth rate and remain stars. Many quite or turn inactive

after some time while other tend to lose steam. Some, who have a regular flow of high renewal commission, may relax efforts or look for other pastures in which their skills could be employed. If the agency manager does not continuously add new people to replenish the resulting depletion of selling energy, the agency system would begin crumble in spite of its apparent success.

From the following calculation we can understand the need for recruiting new & quality advisors:

FYP = TOTAL NO. OF ADVISORS × ACTIVITY RATIO × CASE RATE × CASE SIZE

Were,

FYP = First Year Premium.

No. of Active Advisors

Activity Ratio (%) = Total Number of Advisors

Case Rate = Total No. Of Policies

Total No. of Active Advisors

Case Size = Total Premium

Total No. Of Policies

It is calculated that only 32% advisors remain active by the end of month.

While, the case rate of Tata AIG Life is 1.5 per active advisor in a given month.

And case size is around Rs. 15,000 per policy.

For example at Dibrugarh Branch (TALIC) there are around 400 advisors.

Therefore, FYP in a given month = 400 × 32/100 × 1.5 × 15000

= 128 × 1.5 × 15000 = Rs. 28, 80,000.

Again if total no. of advisor is increase to 500, & other things remain constant.

Then, FYP = 500 × 32/100 × 1.5 × 15000 = Rs. 36, 00, 000.

Therefore from the above calculation we can say that FYP is directly proportional to the No. of advisors. So it necessary to recruit more & more advisors, and again apart from recruiting new advisors it is necessary to recruit quality advisors to maintain Activity Factor, Case Rate, & Case Size.

Why then do agency managers often fail to recruit? The reason is that it is not considered urgent enough. There is a lot of energy that needs to be expended to recruit and develop a new agent but payoffs come much later. Again, there are periods (like March) when one has to focus on

getting business. It is a poor time to bring new people into the agency. Many are lost simply because one could not devote sufficient time to develop them.

New men, typically, would contribute only a small share of the agency business so that if one dose not recruit, it will not make an immediate difference to the agency operation. The penalty may be there but it is a deferred one. For example, if there is no recruitment done in the years 2006 & 2007, the impact may really be felt only by 2010. Remember that at that time more than half the agency’s business may come from agents recruited after 2005. The two years of non- recruitment would have created a huge hole in the fabric that cannot be sewed up quickly by extra recruitment in 2010. The omission by then has become irrevocable.

The only solution to the above is to recruit continuously and at all times- indeed make a habit out of recruitment. No doubt, the lean months are when one can spend more time on recruiting while peak business periods like December to March may put other demands on the agency manager’s time. But we must remember that peak months also provide an opportunity to new agents to get off to a flying start. Nothing works, like early success, to motivate an agent to plunge into the business with heart and soul.

The only thing worse than non - recruitment is to recruit indiscriminately and for the sake of fulfilling a recruitment quota. This is a disease, which seems to have caught on with life insurance companies in the Indian market. It is like drawing water from a well with a bucket that has a hole in it.

The logic seems to be that if you get sufficiently large numbers, many will drop off but some may stay. There are two problems with this logic. First, it is very inefficient way of doing things. Agents are deadweight unless they can work independently and generate new business. What is the purpose of recruiting an agent if the agency manager has to do canvassing of business and other activities on his behalf? Many drop off any way after a few halfhearted attempts.

Second, what many marketing managers do not seems to realize is this serious harm done to an agency organization and agency manager’s morale when he is not even allowed (leave alone supported) to strike a balance between recruitment and agent development one may argue that winners (the agents who will make it) do not need too many winners would like to be part of a ship that is rudderless, without the captain in sight and crew that is verge of jumping

off?

5.3 Whom to Recruit?

The agency organizations would be crippled era long if the right kind of people were not in the ship. The agent’s job like

any other contains a job description and a job specification. The agency manager needs to be clear about not only what he requires the agent to do also a profile of who would play the role well. It is not necessary or even possible to get readymade MDRT stuff. The key is to discover those people who have the latent potential to grow and to be groomed so as to emerge as sales champions. As in new business prospecting, one must build a reservoir of potential candidates who can be offered an agency career. Let us looked at some of the qualities to look for (Fig-5a):

Fig-5a

The candidate should ideally come from a background where work and life has been challenging and every meal

QUALITIES TO LOOK

BACKGROUND

ABILITY TO RELATE WITH & COMMUNICATE

CHARACTER & ATTITUDE

HUNGER TO EXCELL

EXPERIENCE

had to be earned the hard way. An agent’s job is essentially entrepreneurial. The only security that there is comes from the ability to perform & this is often not within one’s control. A great deal of courage, self-discipline, self-confidence, self-drive is needed to enable one to stick to the course & work in an environment where results do not come easily.

A person with some business & service experience & who has enjoyed success pattern may make a good recruit. Such a person is likely to have a fair amount of maturity of thought and a sense of responsibility. Success also requires discipline and healthy work habits. Remember, customer have to be sure about the person from whom they are buying insurance.

The candidate must obviously be one with the ability to relate with and communicate to people. One of the key things to especially look for is the social mobility of the prospect- is he actively engaged in community and social activities where he meet and render services to other people. Is he someone who is liked?

One of the critical requirements of an agent is character & attitude. Character is about doing what is right and ethical and in the interest of one’s customers. Similarly, one must be sure of the agent’s attitude to insurance and the customer. The agent must be the type who believes in insurance & the importance of financial security.

Finally, the most important attribute to look for is fire in the belly – a hunger to excel in the agency profession. There

are no free lunches. Success has a price and one can pay that price only when there is sufficient fire within.

5.4 Where to Recruit?

The types of people we have profiled above are obviously not likely to be sitting idle at home. Usually, they are engaged somewhere. It is also obvious that good prospects do not easily come by. One has to make a search for them and discover them. Let us look at some of the source from which one may draw good prospects.

A most potent source lies in individuals and professional/occupational being displaced by industry wide vocational disturbances. A large number have taken voluntary retirement (VRS) or face retrenchment. Similarly many business proprietors have their revenues and profits affected by competition and adverse trends. These are people likely to be interested in life insurance sales career. They do not posses maturity and work experience but also are at an age when fire is still there.

A next source is to liaise with Placement Agencies and other platforms where people in search of jobs are registered. One may also advertise about a job opening. The problem is that such recruitment centers are unlikely to promote a job in life insurance selling. This is where selling the career become important.

For several decades, the most popular source of agency recruitment has been members of one’s extended family &

community, friends circle, one’s customers and center of influence. They may either themselves become agents or recommend and help in recruiting others. Policyholders, especially if they are satisfied clients, could provide great support in this regard. The problem is that many of them are not business minded. They have valuable personal contacts but the agency manager would need to work and assist to convert these into professional and business relationships.

Fourth, there are salesmen in other areas. Those in FMCGs can be found in retail outlets or moving from house to house. Others from the pharmaceutical industry visit doctors and hospitals. There are salesmen all around the place. The task is to ask if they intend to remain in their present line of sales all their lives. Why not plunge into something a lot more challenging and rewarding?

One of the most promising sources of recruitment is the housewives looking for a part time job to supplement family income. Women can understand personal and family financial problems and are able to interact on an emotional level. Remember they constitute half of the mankind and are the pillar of support in every family. In many Indian & Asian communities, women would not move amidst and talk freely to male strangers. But housewives would listen to other housewives. Perhaps the best advantage stems from the fact that millions are seeking new career opportunities today and are entering the job market in large number.

The college campus is also a possible source of recruitment. One hazard is that students may not stick with it for long. Those in the top half of class (academic) performers are likely to search for and find other jobs or go for higher studies. It would be worthwhile to look for good solid people at the lower half of the class.

Finally there is the professional financial adviser (e.g. a CA or income tax practitioner) who may consider the agency as an additional part-time source of income.

5.5 How to recruit?

The recruitment process has two steps:

The first stage is that of qualifying the prospect- making sure he/she is the right candidate for the agency. It may be wise to spend some time for the purpose- observing and

Find out the prospect

RecruitmentSelling the agency to the selected prospect

getting to know the prospect better. There are many things to know, such as family background & education, past achievements, social mobility and connections, dreams and ambitions, how he looks at life insurance and its selling. Among other issues it is especially vital to look for the thread of discontentment- is the prospect dissatisfied with his present job and state of affairs and ready to take the plunge. Would he have enough fire and discipline to make a success of a job? These are matters involving judgment and a prudent agency manager would not hurry.

The second stage is that of selling the agency to the selected prospect. This may again involve one or more sessions:

Selling the agency career.

Establishing leadership.

Selling the company.

Selling the agency career: Every prospect needs to be first of all convinced that a career in life insurance selling offers a rewarding way of life.

Let us start with stability. There is tremendous stability in this career, once the early humps are tackled. Every new policy earns not only 30-40% commissions but also lots of incentives as in SAMPATI YATRA (BA Model) of Tata AIG Life. The beauty is that the market we are working in is continuously expanding.

As for the career advancement, the sky is the limit. An agent has one of those jobs where one can earn more than the company chairman. As there are tremendous

growth opportunities in SAMPATI YATRA (BA Model) of Tata AIG Life.

A third major selling point is the freedom that comes with the job here is the career where one can set one’s own time schedule of work and life choose one’s own clientele; learn continuously on the job and move ahead.

Establishing leadership: we come now to one of the most critical items that agency manager has to sell. He has to sell himself and convince the prospect to accept his leadership and supervision. Let us call this session a commitment interview. In this interview the agency manager extends an invitation and a promise that joining his agency group is the path to a rewarding career. Agency manager may have many examples to relate about successful agents who made it under his leadership.

Selling the Company: Let us now come to the third item to be sold- the company. One way of doing so has been to lure agents through higher material incentives and commissions. For a new agent prime question is the company’s acceptability and whether it can be sold to members of the public. The other new concern of any newcomer would be about the company environment & culture.

CHAPTER-6

ANALYSIS PART

6.1 How to find out prospect for recruitment (METHODS)?

For an individual whole market is divided into three segments (Fig-6a):

Fig-6a

Now problem is that how to enter into these markets?

Natural market: is your own market, every individual have its own contact base. In this market he/she can approaches directly. Size & potentiality of this market is completely depends upon the relationship, behavior, attitude & popularity of an individual.

Referral market: Insurance business is highly depended on referral market. One has to develop the habit of taking reference from other in order to penetrate more & more into the market. For example an individual has 10 contact base, and again he can get at least 2 reference from each of them, further he can get more reference from them & so on forming a chain reaction pattern.(Fig-6b).

Known market

i.e. your own contact

NATURAL

MARKET

Through reference

i.e. from your own contact & also from them.

REFERRAL

MARKET

Unknown market

COLD MARKE

T

Fig-6b

So market is there, only there is need to work out.

But main problem is that how to enter into the Cold Market or completely unknown market?

From this project work I found that market survey technique is the best way to find out prospect from cold or unknown market.

In the previous chapter (5.3) we have seen the most important attribute to look for is fire in the belly – a hunger to excel in the agency profession.

With the help of Market Survey Tool we can know the NEED & PREFERENCE for one’s supplementary income and also it will help us to get data base. By knowing the need & preference of an individual one can easily target the individual for recruitment.

Natural market

Referral market

I have done market survey of around 150 people randomly at Dibrugarh and its nearby place with the help of market survey tool.

Findings:

Happy with their current job & financial situation.

Need for supplementary Income

Preference for supplementary income

Yes NO Yes

May be

NO As a life insurance agent.

Multilevel marketing

Part time business

Tuitions

Others

71 79 69 67 14 21 7 52 47 23

YES; 71; 47%

NO; 79; 53%

HAPPY WITH CURRENT JOB & FINANCIAL SITU-ATION

YESNO

Interpretation :

Fig- 6c

TABLE 6-i

From the above pie chart we can see that 53% people are not happy with their current job/financial situation, because of increasing cost of day to day life & limited source of income. So there is tremendous opportunity in the market for targeting people to recruit as an insurance advisor by showing them career & unlimited earning opportunities in the business of insurance.

YES ; 69; 46.00%

MAY BE; 67; 44.67%

NO; 14; 9.33%

NEED FOR SUPPLEMENTARY INCOME

YES MAY BENO

Interpretation :

From the above pie chart we can see that only 9.33% people said that they are completely happy with their job/financial situation and there is no need for any supplementary source of income for them.

In the previous pie chart (fig.6c) we have seen, 47% people said that they are happy with their job/financial situation, but only 9.33 % (Fig.6d) people said that they don’t need the supplementary source of income, which gives an indication

Fig. 6d

that there are some people in this 47%, who need an extra source of income.

So from the above pie charts we can say that more than 90% people need a supplementary source of income. Therefore, by showing them unlimited supplement earning opportunities in this business, we can easily target them for recruitment.

Llife insurance agent; 21; 14%

Multilevel marketing; 7;

5%

Part time business; 52;

35%

Tuitions; 47; 31%

Others; 23; 15%

PREFERENCE FOR SUPPLEMENTARY INCOME

Llife insurance agentMultilevel marketingPart time businessTuitionsOthers

Interpretation :From the above pie chart (Fig. 6e) we can see that 14% people says directly that life insurance agent is the best way to supplement ones income, because of unlimited earning opportunity and flexible working hour. So, we can easily target this segment of people for recruitment.

Even we can target other segment of people, those who prefer part time business, tuitions, multilevel marketing as a supplementary source of income by showing them unlimited earning opportunity, because they might not have any idea about the earning opportunity in the business of insurance.

Fig. 6e

Since, by knowing the need and preference for supplementary source of income with the help of market survey tool I have recruited 5 advisors (2 from people who are preferring life insurance agent, 1 from multilevel marketing, 1from part time business & 1 from tuitions) & even some are in pipeline, from the cold market *(* Market of Dibrugarh District are completely unknown for me).

Thus we can say that market survey technique is the best way to find out potential prospect for recruitment.

6.2 TO FIND OUT THE POTENTIAL SEGMENTS FOR RECRUITMENT:

Market segmentation is the process of dividing the total market into relatively distinct homogeneous sub-groups of consumers with similar needs or characteristics that lead them to respond in similar ways to a particular marketing program.

Bases for Segmentation: A segmentation variable is a characteristic of individuals, groups or organisations that marketers use to divide and create segments of the total market.

Segmentation descriptors fall under four major categories and include geographic variables, demographic variables, psychographic variables, and behavioral variables.

Geographic variables focus on where the customers are located.

Demographic variables identify who the target customers are.

Psychographic variables refer to lifestyle and values. Behavioral variables identify benefits customers seek,

and product usage rates.

With the help of market survey tool I have segmented the market mainly on the basis of demographic & geographic, for recruitment.

Demographic basis:

Occupation

Occupation Happy with current job/financial situation.

Yes No TOTAL

Teachers 8 7 15

Advocates 6 9 15

Doctors 14 1 15

Pvt.-service 7 8 15

Occasions, Benefits, Uses, or Attitudes

Behavioral

DemographicAge, Gender, Family size and Race, Occupation, or Income ...

Lifestyle or Personality

Psychographic

GeographicRegion, City or MetroSize, Density, Climate

GeographicRegion, City or MetroSize, Density, Climate

Table 6-ii (a)

Govt.-service 8 7 15

Businessmen 13 2 15

Salesperson (M.R, Sahara Agent etc.)

2 13 15

Students 6 9 15

House wife 3 12 15

professional financial adviser ( e.g. C.As)

4 11 15

TOTAL 71 79 150

0

2

4

6

8

10

12

14

8

6

14

78

13

2

6

34

7

9

1

87

2

13

9

1211

YESNO

OCCUPATION

HAPPY WITH THEIR CURREN JOB/FINANCIAL SITUATION

Data Interpretation :

From the above figure (Fig. 6f), we can see that 13 salesperson out of 15 (86.66%) are not happy with their current job/ financial situation followed by 12 housewives (80%), 11 professional financial advisors (73.33%), 9 advocates & students (60%), 8 Pvt. Service holder (53.33%), and 7 teachers & Govt. service holder (46.66%).

On the other hand businessmen (86.67%) & doctors (93.34%) are happy with their job/financial situation. Therefore, we can say that they cannot be a potential segment for recruitment.

Fig. 6f

Table 6 ii (b)

Occupation Need for supplementary need

Yes May be No TOTAL

Teachers 7 6 2 15

Advocates 9 6 0 15

Doctors 1 9 5 15

Pvt.-service 5 9 1 15

Govt.-service 7 8 0 15

Businessmen 2 11 2 15

Salesperson (M.R, Sahara Agent etc.)

13 2 0 15

Students 9 6 0 15

House wife 12 2 1 15


4 8 3 15

TOTAL 69 67 14 150



From the above graph we can see that 13 salesperson out of 15 says there is need for supplement source of income i.e. 86.66%.

Again 12 housewives out of 15 i.e. 80% says there is need for supplementary source of income, followed by 9 students & advocates (60%), 7 teachers & Govt. employee (46.66%), and 5 Pvt.-Service holders (33.33%).

Only 1 doctor & 2 businessmen out of 15 i.e. 6.66% & 13.33% respectively, say there is need for supplementary source of income.

Occupation Preference for supplementary income.

Teach

ers

Advocat

es

Doctors

Pvt.-se

rvice

Govt.-se

rvice

Business

men

Sales

person

Studen

ts

House wife

profes

sional

financia

l advis

er0

2

4

6

8

10

12

14

7

9

1

5

7

2

13

9

12

4

6 6

9 98

11

2

6

2

8

2

0

5

10

2

0 01

3 YESMAY BENO

OCCUPATION

Table 6 ii (c)

As a life insurance agent


Part time business

Tuitions

Others

TOTAL

Teachers 1 0 2 12 0 15

Advocates 2 0 8 3 2 15

Doctors 0 0 0 4 11 15

Pvt.-service 0 0 9 5 1 15

Govt.-service

0 0 10 5 0 15

Businessmen

0 0 10 0 5 15

Salesperson 4 7 4 0 0 15

Students 3 0 2 10 0 15

House wife 4 0 5 6 0 15


7 0 2 2 4 15

TOTAL 21 7 52 47 23 150

Teach

ers

Advocat

es

Doctors

Pvt.-se

rvice

Govt.-se

rvice

Business

men

Sales

person

Studen

ts

House wife

profes

sional

financia

l advis

er0

2

4

6

8

10

12

14

16

12

0 0 0 0

43

4

7

2

8

0

910 10

4

2

5

212

3

4

55

0

0

10

6

2

02

11

10

5

0 0 0

4

OthersTuitionsPart time businessMultilevel marketingAs a life insurance agent

OCCUPATION



From the above graph we can see that 7 out of 15 i.e. 46.66% professional financial advisers like CAs directly prefer life insurance agent is the best way to supplement one’s income, followed by salespersons & housewives (26.67%), students (20%), advocates (13.33%), & teachers (6.67%).

While no, doctors, businessmen, Pvt.-service & Govt.-service holder preferred life insurance agent is the best way to supplements one’s income.

Fig.

Age group Happy with current job/financial situation.

Yes No TOTAL

18-25 15 27 42

26-35 21 25 46

36-45 25 15 40

46-55 10 12 22

TOTAL 71 79 150

Age group

18-25 26-35 36-45 46-550

5

10

15

20

25

30

15

21

25

10

2725

15

12YESNO

AGE GROUP

HAPPY WITH THEIR CURRENT JOB/FINANCIAL POSITION

Data Interpretation: From the above graph we can see that 27 people out of 42 i.e. 64.3% between age group 18-25 are not happy with their current job/financial situations

Table 6 iii (a)

Fig. 6i

followed by age group 46-55 (54.5%), 26-35 (54.3%), & 36-45 (37.5%).

Age group Need for supplementary need TOTAL

Yes May be No

18-25 25 16 1 42

26-35 18 27 1 46

36-45 21 15 4 40

46-56 5 9 8 22

TOTAL 69 67 14 150

18-25 26-35 36-45 46-560

5

10

15

20

25

3025

18

21

5

16

27

15

9

1 1

4

8YesMay beNo


Data Interpretation: From the above graph we can see that 25 people out of 42 (59.5%) between age group 18-25 says there is need for supplementary source of income, followed by age group 36-45 (52.5%), 26-35 (39.1%) and 46-56

AGE GROUP

Table 6 iii (b)

Fig. 6j

(22.7%). Again we can see that 8 people out of 22 (36%) between age group 46-56 says that there is no need for supplementary source of income.

Age group

Preference for supplementary income.



Part time business

Tuitions Others

TOTAL

18-25 6 4 9 18 5 42

26-35 10 3 18 12 3 46

36-45 5 0 16 15 4 40

46-56 0 0 9 2 11 22

TOTAL 21 7 52 47 23 150

18-25 26-35 36-45 46-560

5

10

15

20

25

30

35

40

45

50

610

50

43

0

0

9

18

16

9

18

12

15

2

5

3

4

11

Others

Tuitions

Part time business



AGE GROUPFig. 6k


Table 6 iii (c)

Data Interpretation: Form the above graph (Fig. 6k) we can see that 10 people out of 46 (21.7%) between age group 26-35 prefers life insurance agent is the best way to supplements ones income, followed by the age group 18-25 (14.2%) and age group 36-45 (12.5%).

Geographic Basis:

Region Happy with current job/financial situation.

Yes No TOTAL

Sub-Urban 31 45 76

Urban 40 34 74

TOTAL 71 79 150

Region Need for supplementary need

Yes May be No TOTAL

Sub-Urban 40 32 4 76

Urban 28 36 10 74

TOTAL 68 67 14 150

Region Preference for supplementary income.

As a life insurance

Multilevel

Part time

Tuitio Other TOTAL

Table 6 IV (a)

Table 6 IV (b)

Table 6 IV (c)

agent marketing

business ns s

Sub-Urban

15 1 30 22 8 76

Urban 6 6 22 25 15 74

TOTAL 21 7 52 47 23 150

Sub-Urban Urban 0

5

10

15

20

25

30

35

40

45

31

40

45

34

YesNo

Sub-Urban Urban 0

5

10

15

20

25

30

35

4040

2832

36

4

10

YesMay beNo

HAPPY WITH THEIR CURRENT JOB/ NEED FOR SUPPLEMENTARY INCOME

FINANCIAL POSITION

REGION REGION

Fig. 6m

Fig. 6 l

Sub-Urban Urban 0

5

10

15

20

25

30

15

6

1

6

30

2222

25

8

15As a life insurance agentMultilevel marketingPart time businessTuitionsOthers

PREFERENCE FPR SUPPLEMENTARY INCOME

Data Interpretation:

From the above graph (Fig. 6 l) we can see that in the Sub-Urban areas, 45 peoples out of 76 (59.2%) are unhappy with their current job/financial situation. While in urban area it is around 45.9%.

Again need for supplementary source of income (Fig. 6m) is higher in Sub-Urban areas, i.e. 52.6%, while in urban areas it is 37.8%.

Further we can see that preference for supplementary source of income as life insurance advisors is more in Sub-Urban areas than urban areas, varying from 19.7% to 8.12%.

REGION

Fig. 6n

CHAPTER-7

CONCLUSION PART

7.1 Conclusion:

It is believed that it is a tough task to find out a quality prospect for insurance advisor’s recruitment, as every individual has its limited contact base. We have seen in the above analysis that with the help of references & market survey tool an individual can enter into cold market easily, and then extend up to no limit.

But it is a tremendous challenge to find out the potential segment of people for recruitment. So, we have segmented the whole market mainly on the basis of demographic (occupation & age) and geographic segmentation (region), with the help of market survey tool, to identify the potential segment of people for recruitment and our exhaustive research in the field of recruitment in Life Insurance has squeezed out some interesting trends which can be seen in the above analysis.

The findings presented below will now bring the picture more clearly in view about the above analysis and its outcome.

Findings;

On the basis of occupation:Occupation Not happy with

their current job/ financial situation. (%)

Need for supplementary source of income. (%)

Preference for supplementary source of income (as a life insurance agent). (%)

Professional 73.33% 26.67% 46.66%

Table -7A

financial advisors

Salesperson 86.66% 86.66% 26.67%

Housewives 80% 80% 26.7%

Students 60% 60% 20%

Advocates 60% 60% 13.33%

Teachers 46.66% 46.66% 6.67%

Pvt. Service 53.33% 33.33% 0%

Govt. Service 46.66% 46.66% 0%

Businessmen 13.33% 13.33% 0%

Doctors 6.66% 6.66% 0%

From the above table we can conclude that professional financial advisors, salesperson and housewives are the most potential segments of people for recruitment followed by the students, advocates & teachers.

Though only 26.67% of professional financial advisers say there is a need for supplementary source of income, but 46.66% of professional financial advisers prefer to become life insurance agent, because professional financial advisers are the best person who can advise people, related to their investment decisions.

Again a salesperson is a another good segment of people for targeting recruitment, because their need for income is quite higher (86.66%) & even they are trained enough in terms of sales.

Apart from these two segments housewives is also a good segment for targeting recruitment, because their need & preference (as a life insurance agent) is too high compare to the rest of segments, because women can understand personal and family financial problems and are able to interact on an emotional level.

Further we can see that students is also a good segment for recruitment, because their need for income is also high & even 20% of students prefer life insurance agent is the best way to supplements ones income, because every students needs money for their personal expense.

Advocates and teachers can also be a target segment for recruitment, because their need for income is also quite high & even 13.33% of advocates and 6.67% of teachers prefer life insurance agent is the best way to supplements ones income, but comparatively these are the less potential segments compare to other identified segments.

Businessmen & doctors are not a potential segment for targeting recruitment, because their need for supplementary source of income is very low & also most of them are happy with their current job/financial situation.

Pvt. service holder & Govt. service holders are also not a potential segment for targeting recruitment, though their need for income is present , but they don’t prefer life insurance agent is the best way to supplements ones

income, mainly because of ego problems & time constraint.

On the basis of Age Group : Age groups

Not happy with their current job/ financial situation. (%)



18-25 64.3% 59.5% 14.2%

26-35 54.3% 39.1% 21.7%

36-45 37.5% 52.5% 12.5%

46-55 54.5% 0% 0%

From the above table we can conclude that people between the age group of 18-25 & 26-35 are the most potential segments for recruitment, followed by the age group of 36-45.

64.3% of People between the age group of 18-25 are not happy with their current job/financial situation & also need for supplementary source of income is 59.5%. In this group most of them are at struggling stage of their life and are very energetic, so it can be a target segment for recruitment.

Again, people between the age group of 26-35 are a target segment for recruitment because of their increasing responsibility towards family.

Table- 7B

People between the age group of 36-45 is also a good segment for recruitment, but comparatively less than other identified segments because at this stage of life most of them are settled & often their child also grows up.

People between the age group of 46-55 is not a potential segment, though the 54.5% of people are not happy with their current job/financial situation, but their need and preference for supplementary source of income is negligible because of their age factor.

On the basis of Geographic Segmentation;Region

Not happy with their current job/ financial situation. (%)



Sub-Urban

59.2% 52.6% 19.7%

Urban 45.9% 37.8% 8.12%

Thus from the above figures we can say that in Sub-Urban areas are the most potential segment for recruitment than the urban areas, because need for income is there, and again there is a limited source of income opportunity.

Further we know that in the Sub-Urban & rural areas there is tremendous potentiality for the business of insurance, because of the less penetration of insurance.

Table – 7C

7.2 Suggestions & Recommendations:

Professional financial advisors like CAs, Tax consultant, etc. is the most potential segment of people for recruitment, BAs should target this segment of people to get quality recruitment.

Salesmen like Sahara agents, MR etc. is also a very good segment of people for recruitment, and BAs should target this segment of people to get quality and even in quantity.

Housewives between the age group of 35-50 can be a target segment for recruitment, BAs should target this segment of people to get leader.

Students can be one of the target segment, BAs should target this segment continuously, because students can generally work for short term only.

Teachers & advocates can be one of the potential segments, for these BAs should target this segment by conducting homogeneous group Career Orientation Presentation (COP).

Generally Govt.-service & Pvt.-service holders does not prefers to become life insurance agent, but there is a need for supplementary source of income is quite higher, for targeting this segment of people BAs should give 1:1 COP.

Doctors are not a target segment for recruitment.

People between the age group of 18-25, 26-35, and 36-45 are the most potential segment for recruitment.

People between the age group of 46-55 can be a target segment, though the preference to become a life insurance agent is low, but need for income is quit higher, to target this segment BAs should give effective COP & make them realize that they are still young and energetic, and can work effectively.

Sub-Urban areas are the most potential segment for recruitment than the urban areas, BAs should target more & more on Sub-Urban to get quality recruitment.

BSP model of the company is the best way to target the Sub-Urban & Rural area.

QUESTIONNAIRES

MARKET SURVEY AWARENESS REGARDING

SUPPLEMENTARY INCOME NEEDS

1. By how much population grown in the last two decades?

Around 15 Crores Around 20 Crores Around 35 Crores Around 40 Crores

2. In the last two decades, by how much has the workforce in the private sector grown? 2 lakhs 5 lakhs 10 lakhs 15 lakhs

3. Approximately how many people are currently registered with employment exchange in search of a job? Around 1 Crores Around 2 Crores Around 3 Crores Around 4 Crores

4. In today’s scenario, supplementing your income is critical. Which in your mind is a preferred opportunity to supplement one’s income?

Agent For Post Office Deposits Life Insurance Agent Multi-Level Marketing

Tuitions Part- Time Business Trading And Investment In Stocks.

5. What is your current occupation?

Professional Service (Pvt.) Service (Public) Self-Employed any

other (please specify)____________________________________________

6. Are you happy with your current occupation?

Yes No

7. Would you be interested in a source of supplementary income

that offers flexible working hours & unlimited earning

opportunities?

Yes No Maybe

YOUR PERSONAL DETAILS

Name:_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Address: _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Age: _ _ _ _ _ Marital status:_ _ _ _ _ _ _ _ _ Occupation:_ _ _ _ _ _ _ _ _ _

Telephone:_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ Mobile:_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

………………………………………………………………………………………………………

The need for supplement one’s income is ever increasing.

For more information on how to supplement your income, please contact:

Name & Tel. No.:

REFERENCES

8. WEBSITES REFERRED

www.tata-aig-life.com

www.irdaindia.org

www.thehindubusinessline.com

www.nurcmedianext.com

9. BOOK REFERRED

Managing life insurance By Shashidharan K. Kutty.

Books Published By Insurance Institute of India.

Tear away & hand over to respondent as giveaway

http://www.thehindubusinessline.com/

http://www.irdaindia.org/

http://www.tata-aig-life.com/

Kotler & Keller, Marketing Management, PHI, 13th Edition.

Human Resource Management By K. Aswathappa; Publisher-

HPH, Tata McGraw-Hill Edition-5.

“Services Marketing; LPE; Pearson Education; By Christopher H.

Lovelock, Jochen Wirtz.

10. MAGAZINE

Insurance World.

The Outlook Money.

11. TATA AIG LIFE’S MATERIAL

GLOSSARY

i. AML ---- Anti Money Laundering

ii. BA ---- Business Associate.

iii. BSP ---- Business Service Partner.

iv. COP ---- Career Orientation

Presentation.

v. FYP ---- First Year Premium.

vi. L1, L2, L3 ---- Level-1, Level-2, Level-3

Training.

vii. MBA ---- Managerial Business

Associate.

viii. MCG ---- Market Conduct Guidelines.

ix. NLAs ---- Newly Licensed Advisors.

x. PBA ---- Provisional Business

Associate.

xi. SBA ---- Senior Business Associate.

xii. TALIC ---- Tata AIG Life Insurance

Company Ltd.

xiii. ULIP ---- Unit Linked Insurance Plan.

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