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TRAINING REPORT
ON
Generating leads for Financial Advisor Recruitment & Hiring Financial Planning
Advisor at Aviva Life Insurance Co. Pvt. Ltd. New Delhi
Submitted to
MAHARSI DAYANAND UNIVERSITY, ROHTAK
in partial fulfillment of the requirements for the award of the degree of
MASTER OF BUSINESS ADMINISTRATION
(INDUSTRY INTEGRATED)
(3rd SEMESTER)
Submitted By
VED PRAKASH TIWARI
Regn. No. -1073901820
Roll No. -1090210567
SKYLINE BUSINESS SCHOOL
ELC CODE:-081023043
122, INSTITUTIONAL AREA, SECTOR 44, GURGAON-122003
January 2012
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STUDENT DECLARATION
I hereby declare that the training report conducted at
AVIVA LIFE INSURANCE CO. NEW DELHI
Under the guidance of
(Mr. Sanjeet Kumar)
Submitted in partial fulfilment of the requirements for the
Degree of
MASTER OF BUSINESS ADMINISTRATION
(Industry Integrated)
TO
MAHARSHI DAYANAND UNIVERSITY, ROHTAK
Is my original work and the same has not been submitted for the award of any other
Degree/Diploma/Fellowship or other similar titles or prizes.
Students Signature
Ved Prakash Tiwari
PlaceNew Delhi Regn. No. - 1073901820
Date -04.01.12 Roll No. -1090210567
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ACKNOWLEDGEMENT
The successful completion of any task would be incomplete without mentioning the names of
the persons who helped to make it possible. I take this opportunity to express my gratitude ina few words to all those who helped me in the completion of this project.
I convey my sincere thanks to Mr. SANJEET KUMAR for giving this opportunity to work
in his organisation.
I express my sincere thanks and deep sense of gratitude to my friends for giving timely
advice in all the aspects for the success of this project work.
I am also very thankful and grateful to our head of the institution Mr. Praveen Puri, our
faculty guide Mr. V.Subramaniam, NIAM training officer in charge, institution staff
members & all my friends for their encouragement, support, guidance, and assistance for
undergoing successful management training and preparing the training report without which
this project would not have been successful.
Thanking You:
Ved Prakash Tiwari
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CONTENTS
Page No.
CHAPTER 1: INTRODUCTION
1.1 General Introduction about the Sector 6
CHAPTER 2: PROFILE OF THE ORGANIZATION
Aviva Life Insurance Co. India Pvt. Ltd.
2.1 Origin of the Organization 92.2 Growth and Development of the Organization 92.3 Present Status of the Organization 9CHAPTER 3: DISCUSSIONS ON TRAINING
3.1 Work Profile, Tools and Techniques used 13
3.2 Key Learning 14
3.3 Conclusion 14
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Chapter1
INTRODUCTION
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1.1GENERAL INTRODUCTION ABOUT THE SECTOR:The Insurance sector in India governed by Insurance Act, 1938, the Life Insurance
Corporation Act, 1956 and General Insurance Business Act, 1972, Insurance Regulatory and
Development Authority (IRDA) Act, 1999 and other related Acts. With such a large
population and the untapped market area of this population Insurance happens to be a verybig opportunity in India. Nearly 80% of Indian populations are without Life insurance cover
and the Health insurance. This is an indicator that growth potential for the insurance sector is
immense in India.
The business of life insurance in India in its existing form started in India in the year 1818
with the establishment of the Oriental Life Insurance Company in Calcutta. Life Insurance inits current form was introduced in 1818 when Oriental Life Insurance Company began its
operations in India. General Insurance was however a comparatively late entrant in 1850
when Triton Insurance company set up its base in Kolkata. the first general insurance
company established in the year 1850 in Calcutta by the British.
History of Insurance in India can be broadly bifurcated into three eras: a) Pre Nationalisation
b) Nationalisation and c) Post Nationalisation. Life Insurance was the first to be nationalized
in 1956. General Insurance followed suit and was nationalized in 1973. The insurance market
have witnessed dynamic changes which includes presence of a fairly large number of insurers
both life and non-life segment. Most of the private insurance companies have formed joint
venture partnering well recognized foreign players across the globe.
There are now 29 insurance companies operating in the Indian market 14 private life
insurers, nine private non-life insurers and six public sector companies.
The Insurance Regulatory and Development Authority (IRDA) is a national agency of
the Government of India, based in Hyderabad. It was formed by an act ofIndian
Parliament known as IRDA Act 1999. IRDA is stated in the act is "to protect the interests of
the Policyholders, to regulate, promote and ensure orderly growth of the Insurance industry.
The countrys largest life insurer, Life Insurance Corporation of India (LIC), had a share of74.82% in new business premium income in. Also as the private sector controls over 26.18%
of the life insurance market and over 26.53% of the non-life market, the public sector
companies still call the shots. The four public-sector non-life insurers New India
Assurance, National Insurance, Oriental Insurance and United India Insurance had a
combined market share of 73.47%. ICICI Prudential Life Insurance Company continues to
lead the private sector with a 7.26% market share in terms of fresh premium.
http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Policyholderhttp://en.wikipedia.org/wiki/Insurance_industryhttp://en.wikipedia.org/wiki/Insurance_industryhttp://en.wikipedia.org/wiki/Policyholderhttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Indian_Parliamenthttp://en.wikipedia.org/wiki/Hyderabad_(India)http://en.wikipedia.org/wiki/Government_of_India8/2/2019 Aviva Report
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KEY MILESTONES:
Some of the important milestones in the life insurance business in India
1912The 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
1938Earlier 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 nationalised. 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
1907
The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes ofgeneral 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.
1972The General Insurance Business (Nationalisation) Act, 1972 nationalised the general
insurance business in India with effect from 1st January 1973.
107 insurers amalgamated and grouped into four companies viz. the National Insurance
Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company
Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
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Chapter2
PROFILE OF THE ORGANIZATION
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2.1 ORIGIN OF THE ORGANIZATION:
Aviva Life Insurance Co. Pvt. Ltd.
Aviva India is a joint venturebetween one of the countrys oldest and largest groups, Dabur,and Aviva plc, the UK's largest insurance group, whose association with India dates back to
1834.
Our vision is to be amongst Indias leading life insurers with a quality business model,
focused on sustainable growth. We seek to build a robust product portfolio meeting all
customer lifecycle needs related toSavings, Retirement, Investments and Protection.
With a strong sales force of over 20,000 Financial Planning Advisers (FPAs), we have
initiated and pioneered many innovative sales approaches, including the concept of Banc
assurance and Financial Health Check services. We are among the first companies to
introduce the contemporary unit-linked products.
2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION:
It was created by a merger of two British insurance firms, Norwich Union and CGU plc as
CGNU in 2000. The Aviva name was adopted in July 2002.
During March 2005 Aviva plc acquired the RAC plc breakdown recovery operation for
around 1.1 billion.
In July 2006, Aviva greatly increased its presence in the United States by acquiring Amer UsGroup, a financial services company founded in 1896. Aviva Corp. is not affiliated with
Aviva Energy Corp. an energy consulting firm based in the U.S.
The Company continued to use the Norwich Union name as a trading name in the UK until 1
June 2009 when it became formally known as Aviva within the United Kingdom. The launch
was supported by a 9 million advertising campaign to promote the rebranding with the
participation of celebrities including Bruce Willis and Alice Cooper. In January 2010, the
process of Aviva's rebrand was formally recognised when they appeared on the shortlist of
the Transform Awards for rebranding and brand transformation in a number of categories.
2.3 PRESENT STATUS OF THE ORGANIZATION:
Aviva plc is a global insurance company headquartered in London, United Kingdom. It is the
sixth-largest insurance company in the world measured by net premium income and has
53 million customers in 28 countries. It is the market leader in both general insurance and life
and pensions in the UK and has major businesses in Continental Europe, North America and
Asia.
http://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/CGU_plchttp://en.wikipedia.org/wiki/RAC_plchttp://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/Bruce_Willishttp://en.wikipedia.org/wiki/Alice_Cooperhttp://en.wikipedia.org/wiki/Insurance_grouphttp://en.wikipedia.org/wiki/Continental_Europehttp://en.wikipedia.org/wiki/Continental_Europehttp://en.wikipedia.org/wiki/Insurance_grouphttp://en.wikipedia.org/wiki/Alice_Cooperhttp://en.wikipedia.org/wiki/Bruce_Willishttp://en.wikipedia.org/wiki/Norwich_Unionhttp://en.wikipedia.org/wiki/RAC_plchttp://en.wikipedia.org/wiki/CGU_plchttp://en.wikipedia.org/wiki/Norwich_Union8/2/2019 Aviva Report
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Royal Bank of Scotland Group, Punjab & Sind Bank, IndusInd Bank, DBS these are the
partners of the Aviva plc.
Promoters
Dabur Group
Founded in 1884, Dabur Group is one of India's oldest and largest group of companies with a
consolidated annual turnover in excess of Rs 2,834 crores. A professionally managed
company, it is the country's leading producer of traditional healthcare products.
Aviva Group
Aviva is a leading provider of life and pension products in Europe (including the UK) withsubstantial positions in other markets around the world, making it the worlds sixth largest
insurance group based on gross worldwide premiums.
Aviva is India's leading Insurance providers for Life Insurance, Child education plans,
Savings plans, Retirement plans, and Protection plans for Individuals.
KEY POINTS - AVIVA LIFE INSURANCE INDIA
Got licensed on 14th May 2002 and started operations on 6th June 2006 Pioneered the concept of indexation Pioneered the concept of unitization Tie - ups with ABM Amro, American Express, Canara Bank &
LakshmiVilas Bank
26 million customers and over 67734 crores in deposits
Paid up capital of Rs.559 crores
Growth of 118% since the last year from new business
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VISION
Aviva - Where exceeding expectations through innovative solutions is our way of life
CORE VALUES
Passion for winning
Integrity
Innovation
Customer centricity
Empowered team
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Chapter - 3
DISCUSSION ON TRAINING
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3.1 WORK PROFILE, TOOLS AND TECHNIQUES USED:
Week wise details of the training:
1st week:
In the first week I know about the company and how the company is working. We were focus
on doctor, house wife, CA. I meet many people for FPA programme and policy but they are
not interested. They have invested in LIC, Bajaj Alliance and other many insurance company
so they are not interested.
At the end of each day we have to contact our mentor and give information of all leads which
I had collected.
At the end of the week he used to send the information to the Dy. manager in the Delhi headoffice.
2-3rd
Week:
In almost 2- 3rd week, I decided to talk to the administration and receptionist for meet to
client for recruitment and policy. But I got response, client told how I am believe you .You
are Aviva life insurance employee because I have no any tag. In this week I faces big
problem.
As the people of Delhi NCR were reserve type (they have all ready invest in company where
they have job), so only I got contact number and name of person.
4th Week:
In 4th
week, I became much confident to collect leads. The employees of the Infosys in
Gurgaon were very supportive and helpful. They helped me a lot in collecting leads.
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3.2 KEY LEARNINGS:
Key Learning:-
1. How I make client,
2. How am I work in real life,
3. How am I increase my communication skills,
4. And how work done in corporate life.
3.3 Conclusion:
In conclusion, there were many things that I have experience and learned during the 24 day of
my winter Training at Aviva Life Insurance Co. Pvt. Ltd New Delhi. The whole training
period was very interesting, instructive and challenging. Through this training I was able to
gain new insights and more comprehensive understanding about how to recruit FPA
(financial planning advisor). The 24 day month training also has provided me the
opportunities to develop and improve my communication skills and interpersonal skills. I had
gained a good experience talking with the client as well as with the corporate head employee.From what I have undergone, I am hundred percent agree that the winter training program
have achieve its entire primary objective. Its also the best ways to prepare student in facing
the real working life. As a result of the program now I am more confident to enter the
employment world and build my future career.