A project report on joint venture

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A project report on joint venture

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A project report on joint venture

  1. 1. SAAB MARFIN MBA INTRODUCTION 1Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  2. 2. SAAB MARFIN MBAThis project report has been completed in the interest of Max New YorkLife Insurance Company Ltd. (Faridabad Branch). This project reportconcerns with the study of selection and recruitment map for Agent and“Max New York Life Insurance Company Ltd”. is a joint venture betweenNew York Life, a Fortune 100 company and Max India Limited, one ofIndias leading multi-business corporations.“Max India limited” is a multi-business corporate, driven by the spirit ofEnterprise, focused on Knowledge, People and Service orientedbusinesses of Healthcare and Life Insurance.Founded in 1985, Max India Limited is a Public Limited company listed inthe NSE and BSE of India with over 37,000 shareholders.“New York Life Insurance” is one of the largest providers of lifeinsurance coverage in America. It has been ranked at Fortune 68, in the2005 Fortune 500 listing of companies.A Fortune 100 company founded in 1845 is the largest mutual lifeinsurance company in the United States and one of the largest lifeinsurers in the world. Headquarters located in New York City. New YorkLife is a family of companies offering life insurance, annuities andlong-term care insurance.The project’s main objective is to make a close observation on theselection and recruitment process of agent and advisors and conducting asurvey to find the individuals who would like to make a career in MaxNew York Life as an Agent and Advisor.This project also highlights the scope, limitations and recommendationsof the study. 2Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  3. 3. SAAB MARFIN MBAAnd this entire project provided me an opportunity to know the corporateworld and of course the job opportunities available in the life insurancesector. BRIEF PROFILE OF THE INSURANCE INDUSTRYInsurance is essentially a social device to reduce or eliminate risk of lossto life and property. The risks which can be insured against include death,fire, the perils of sea, accidents and burglary. Any risk contingent uponthese may be insured against at a premium commensurate with the riskinvolved. The insurance business is divided into life insurance andnon-life (general) insurance, which includes fire, marine, social, andvarious other forms of insurance. The life insurance industry across theworld has evolved over many decades; it is based on the principle ofinsurance being a collective bearing of risk, which offers individuals anopportunity to protect themselves.“A large number of people form an association that shares the risks facedby individuals.” INSURANCE INDUSTRY 3Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  4. 4. SAAB MARFIN MBA LIFE INSURANCE NON-LIFE (general) INSURANCE INSURANCE REGULATORY & DEVELOPMENT AUTHORITY (IRDA)Insurance Regulatory and Development Authority (IRDA) was constitutedin 1999 by an Act of Parliament to protect the interests of thepolicyholders and to regulate, promote and ensure orderly growth of theinsurance industry. IRDA consists of a ten member team that comprises aChairman, five whole-time members and four part-time members.IRDA allows registration of new players in the insurance field. It also hasthe authority to renew, modify, withdraw, suspend or cancel suchregistration. IRDA ensures protection of the interests of the policy holdersin matters concerning assigning of policy, nomination by policy holders,insurable interest, settlement of insurance claim, surrender value ofpolicy and other terms and conditions of contracts of insurance. It 4Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  5. 5. SAAB MARFIN MBAspecifies requisite qualifications, code of conduct and practical trainingfor intermediary or insurance intermediaries and agents.After creation of IRDA, insurance sector has seen tremendous growth.Before IRDA came into force there were only a few players in theinsurance field, namely, Life Insurance Corporation of India (LIC) andGeneral Insurance Corporation of India (GIC). Since then 23 new playershave entered the insurance sector. 5Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  6. 6. SAAB MARFIN MBA COMPETITIVE STRUCTURE OF LIFE INSURANCE IN INDIAN SCENARIOThe competitive market of Life insurance in Indian scenario is very big. Atpresent there are as many as fourteen major players in the Indian market.India’s leading life insurance companies with a clear focus on providingbest in class life insurance solution to our customers are: Aviva Life Insurance India Bajaj Allianz Birla Sun Life Insurance HDFC Standard Life ICICI Prudential ING Vysya Life Insurance Kotak Mahindra Old Mutual LIC METLife India Insurance Reliance Life Insurance SBI Life Insurance Shriram Life Insurance Max New York Life. 6Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  7. 7. SAAB MARFIN MBA MAX NEW YORK LIFE INSURANCE COMPANY LTD. A JOINT VENTURE BETWEEN NEW YORK LIFE AND MAX INDIA LIMITED VISION STATEMENT OF MNYL“Helping bring millions of wishes come to life in our journey to becomethe most admired life insurance company in India” MISSION STATEMENT OF MNYL 7Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  8. 8. SAAB MARFIN MBA Become one of the top quality life insurance companies in India Be a national player Be the brand of first choice Be the employer of choice Become principal of choice for agents COMPANY PROFILEMax New York Life Insurance Company Ltd. is a joint venture betweenNew York Life, a Fortune 100 company and Max India Limited, one ofIndias leading multi-business corporations.The company has positioned itself on the quality platform. In line with itsvision to be the most admired life insurance company in India, it hasdeveloped a strong corporate governance model based on the core valuesof excellence, honesty, knowledge, caring, integrity and teamwork. Thestrategy is to establish itself as a trusted life insurance specialist througha quality approach to business.Max New York Life is the first life insurance company in India to beawarded the IS0 9001:2000 certification. 8Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  9. 9. SAAB MARFIN MBAMax New York Life was among the top 25 companies to work with inIndia, according to 2003 Business World magazine, "Great Workplaces InIndia", Max New York Life was ranked at the 20th position. This survey isthe local version of the "Great Places To Work" survey carried out everyyear in 22 countries. Max New York Life was among top five most respected private lifeinsurance companies in India according to a 2004 Business World survey.Max New York Life has truly built an enviable sales force. With 362 agentsbecoming members of the MDRT in 2006, Max New York Life has movedup in the Top 50 MDRT global list.Max New York Life offers a range of flexible products. It now has 26 lifeinsurance products and 8 riders that can be customized to over 400combinations enabling customers to choose the policy that best fits theirneed. MNYL MAX INDIA NEW YORK LIFE LIMITED 9Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  10. 10. SAAB MARFIN MBA MAX INDIA LIMITED“Max India limited is a multi-business corporate, driven by the spirit ofEnterprise, focused on Knowledge, People and Service orientedbusinesses of Healthcare and Life Insurance.”Founded in 1985, Max India Limited is a Public Limited company listed inthe NSE and BSE of India with over 37,000 shareholders.Today, Max India Limited is a multi-business corporate, driven by thespirit ofEnterprise, focused on Knowledge, People and Service orientedbusinesses of: Healthcare (Max Healthcare) Life Insurance (Max New York Life Insurance) Clinical Research (Neeman Medical International)Max also maintains interests in: Specialty Plastic Products for the packaging industry (Max Speciality Products) Healthcare Staffing (Max Health Staff)Prominent shareholders are Mr Analjit Singh and a leading private equityfirm, Warburg Pincus which accounts for 28.7% of the total shareholding.The balance shareholding is held by the public and Institutional Investors. Board of Directors- Max India LimitedDr Bhai Mohan Singh Lifetime Chairman Emeritus, Max India 10Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  11. 11. SAAB MARFIN MBAMr Analjit Singh Chairman, Max IndiaDr S S Baijal Former Chairman, ICI Ltd.Mr N C Singhal Former Vice Chairman & MD, SCICIMr N Rangachary Former Chairman, IRDAMr Nitin Sibal Vice President, Warburg Pincus India Pvt. Ltd.Mr Piyush Mankad Former Secy., Ministry of Finance, Govt. of IndiaMr Ashwani Windlass Former Managing Director, Hutchison Max Telecom Ltd.Mr Bharat Sahgal Managing Director, Warburg Pincus India Pvt. Ltd.Mr B Anantharaman Jt. Managing Director, Max India NEW YORK LIFE INSURANCENew York Life Insurance is one of the largest providers of life insurancecoverage in America. It has been ranked at Fortune 68, in the 2005Fortune 500 listing of companies.A Fortune 100 company founded in 1845, is the largest mutual lifeinsurance company in the United States and one of the largest life 11Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  12. 12. SAAB MARFIN MBAinsurers in the world. Headquartered in New York City, New York Life’sfamily of companies offer life insurance, annuities and long-term careinsurance.New York Life Investment Management LLC provides institutional assetmanagement and retirement plan services. Other New York Lifeaffiliates provide an array of securities products and services, as well asinstitutional and retail mutual funds.The mission of New York Life is to maintain its superior financialstrength, adhere to the highest standards of integrity and demonstratehumanity by treating its customers, agents and employees withcompassion, consideration and respect.New York Life is one of the largest and strongest life insurancecompanies in the world with more than USD$215 billion assets undermanagement and has received among the highest ratings for financialstrength from the life insurance industrys principal rating agencies: A.M.Best (AA+), Standard & Poors (AA+), Moodys (Aa1), Fitch (AAA).According to Moodys, "New York Lifes rating reflects the companysgood quality investment portfolio, ample liquidity, and soundcapitalization, as well as the good growth potential of its internationalbusiness.”“As a leader in the insurance industry, New York Life continues to bringto its operations new management concepts, advanced technologies, newdistribution and training systems and innovative insurance products.” 12Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  13. 13. SAAB MARFIN MBA GLOBAL AND ECONOMIC OUTLOOK OF MNYLMax New York Life Insurance Company Ltd. is a joint venture betweenNew York Life, a Fortune 100 company and Max India Limited, one ofIndias leading multi-business corporations. The company has positioneditself on the quality platform. In line with its vision to be the mostadmired life insurance company in India, it has developed a strongcorporate governance model based on the core values of excellence,honesty, knowledge, caring, integrity and teamwork. The strategy is toestablish itself as a trusted life insurance specialist through a qualityapproach to business.In line with its values of financial responsibility, Max New York Life hasadopted prudent financial practices to ensure safety of policyholdersfunds. The Companys paid up capital is Rs. 657 crore, which is morethan the norm laid down by IRDA.Max New York Life is the first life insurance company in India to beawarded the IS0 9001:2000 certification.Max New York Life was among the top 25 companies to work with inIndia, according to 2003 Business World magazine, "Great Workplaces InIndia", Max New York Life was ranked at the 20th position. This survey isthe local version of the "Great Places To Work" survey carried out everyyear in 22 countries.MNYL is among the top five most respected private life insurancecompanies in India according to a 2004 Business World survey.MNYL has truly built an enviable sales force. With 201 agents becomingmembers of the MDRT in 2005, Max New York Life has moved up in theTop 50 MDRT global list.“Indian Insurance market is expected to be around $25 billion by 2010.Expected CAGR of over 20% p.a.” 13Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  14. 14. SAAB MARFIN MBALargely untapped market: about 0.6% of the global market for 17% of theworld’s population.Strong economic growth with increase in affluence and rising riskawareness leading to rapid growth in the Insurance sector.The life insurance sector has grown by 35 per cent in terms of newbusiness premium last fiscal. The new premium pie has grown to Rs 35,898 crore, from Rs 26,602crore in the previous year.Max New York Life Insurance Co Ltd (MNYL) proposes to increase its paidup capital from the existing Rs 250 crore to Rs 300 crore in view of thegrowing business volumes.LICs market share has been further reduced to 71.4 per cent from 78.1per cent. Among the private player.Bajaj Allianz Life grew by 216 per cent and clocked in new businesspremium of Rs 2,715.6 crore. The company cornered a market share of7.56 per cent.ICICI Prudential on the other hand garnered premium of Rs 2,637 croreand holds a market share of 7.35 per cent.Total estimated investment opportunity of $4-5 billion. OBJECTIVES OF THE COMPANY To provide better services to the MNYL customers by knowing their needs Become one of the top quartile life insurance companies in India Be a national player 14Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  15. 15. SAAB MARFIN MBA Be the brand of first choice Be the employer of choice Become principal of choice for agents To increase the service network To spread knowledge of life insurance among people and telling them the importance of life insurance Providing investment opportunities to public, and To increasing the holding in the Indian market ORGANIZATIONAL HIERARCHYThe organizational hierarchy of MNYL is as similar as most of the othercorporate groups. The Top Management is headed byAnaljit SinghChairman,Max India LimitedGary R. BennettManaging Director and Chief Executive Officer,Max New York Life Insurance Company Ltd.Anuroop Tony SinghVice Chairman,Max New York Life Insurance Company Ltd. 15Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  16. 16. SAAB MARFIN MBAJoseph GilmourPresident and Chief Executive Officer,New York Life International. The middle management comprises ofRegional managerManaging partnerPartnerAssociate partnerSales manager/ Assistant sales manager, and at lastAgent & advisors. CHAIRMAN CHIEF EXECUTIVE OFFICER MANAGING DIRECTOR REGIONAL MANAGER 16Max New York Life Insurance Company Ltd”. is a jointventure between New York Life MANAGING PARTNER PARTNER
  17. 17. SAAB MARFIN MBAFigure 1 17Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  18. 18. SAAB MARFIN MBA ORGANIZATION STRUCTUREThe organization structure of MNYL comprises of the following majordepartments. Human Resource Sales Finance & Accounts Organizatio dmm Operations nal structure s Under writers Acturian dept. Medical Financial Training dept. Product managementFigure 2 18Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  19. 19. SAAB MARFIN MBA BRANCHES OF MNYLREGISTERED OFFICEMax New York Life Insurance Company Limited,Max House, 3rd Floor, 1 Dr. Jha Marg, Okhla,New Delhi - 110020Tel: (011) 6933610HOME OFFICEMax New York Life Insurance Company Limited,11th Floor, DLF Square Building,Jacaranda Marg, Phase II,Gurgaon - 122002Tel: (0124) 2561717BRANCH OFFICES:AHEMDABAD CHANDIGARH MOGA MUMBAIAGRA CHENNAI LUDHIYANA NASIKAMRITSAR COCHIN KOTTYAM NOIDABANGLORE COIMBATORE KOLLAM PATIALABHATINDA DEHRADUN KOLKATA PUNEBHOPAL DELHI KANNUR SANGRURBHUWANESHWAR FARIDABAD HYDERABAD SURATCALICUT GOA GURGOAN TRICHURTRIVENDRUM VIJAYWARA VISHAKHAPATTNAM AURANGABAD 19Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  20. 20. SAAB MARFIN MBAUDAYPUR VADODRA AJMER KOTA MILLION DOLLAR ROUND TABLE A world wide organization of the top producers of the life insurance sales. 74 participating nations and territories New York Life is the no.1 in the MDRT membership 50 years in a row MNYL leads the MDRT among Indian private insurers MNYL is in Top 100 MDRT global lists-(ranked 49th). “362 MNYL Agent Advisors have qualified for the 2006 MDRT.” 20Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  21. 21. SAAB MARFIN MBA THE RESEARCH PROCESS DEFINING THE RESEARCH OBJECTIVE DEVELOPING THE RESEARCH PLAN COLLECTING INFORMATION ANALYZING THE INFORMATION INTERPRETING THE FINAL RESULTSFigure 3 21Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  22. 22. SAAB MARFIN MBA RESEARCH METHODOLOGY“Research methodology is a way to systematically solve the researchproblem.”In it we study the various steps that are generally adopted by a researcherin studying his research problem along with the logic behind them. DEVELOPING THE RESEARCH PLANThe second stage is the most important stage because in this stage wehave to make an efficient plan for collecting the information about theproject report.The research plan includes Data sources Research approaches, and Research instrument. Data sources:There are two ways of collecting data for the research, Primary data, and Secondary data.To conduct a research, the researcher has to gather primary datasecondary data. 22Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  23. 23. SAAB MARFIN MBAIn this project report the research is based on both i.e., primary as well assecondary data.And for collecting the primary data the following persons are contacted Collegiate (through questionnaire method) Business men (through questionnaire method) Service people (through questionnaire method) etc…The secondary data has been collected from Internet Catalogs and Booklets etc…Research approaches:This project report is based on the observational and descriptive research.Observational research is that research in which, the research isdone by researcher through observing the situations related to theresearch project and interpreting them. Where as in descriptiveresearch the research based on the secondary data or past findingsconducts the research by describing conditions or circumstances.Research design:“A research design is the arrangement of condition for collectionand analysis of data in a manner that aims to combine relevance tothe research purpose with economy in procedure”.Types of research design: Descriptive research Analytical research Fundamental research Exploratory research 23Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  24. 24. SAAB MARFIN MBA Conceptual researchIn this project largely the secondary data has been used for drawing theinferences and primary data is also collected through survey limited tothe Faridabad only.Research instrument:The instrument which is used for the survey is the questionnaire method.Questionnaire method:A questionnaire consists of set of questions presented to different people,due to its flexibility the questioner is the most common instrument usedfor collecting the primary data.This questionnaire consists of eight questions related to personsPersonal detailsOccupationQualificationAnd certain questions related to his view about joining MNYL as an agentand advisors. SIZE OF THE REPRESENTATIVE SAMPLEThe sample size is limited to the Faridabad city only.The sample size which is of 100 people comprises following respondent... Students (collegiate) Business men Service people Retired persons etc… 24Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  25. 25. SAAB MARFIN MBA REVIEW OF LITERATUREOnce the objective of the study is formulated the researcher shouldundertake extensive literature survey connected with the objective of thestudy. For this purpose the researcher should look into the alreadyavailable information about the concerned topic, and then he should referit and see it, if it is useful for him or not. This information he couldgather from the following sources Public library Academic journals Conference proceedings Government reports Books Earlier reports and from other organizations.RECRUITMENT:It is understood as a process of searching for and obtaining applicantsfor jobs, from among whom the right people can be selected. 25Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  26. 26. SAAB MARFIN MBAPURPOSE AND IMPORTANCE Determining the present and future requirements of an organization. Identifying and preparing potential job applicants. Increasing organizational and individual effectiveness. Increasing the pool of job candidates at minimum costs.FACTORS GOVERNING RECRUITMENT: External InternalExternal factors are those factors which the organization adopts through Print media Advertisements Seminars Campus recruitment Employment exchanges etc… Internal factors are those factors which the organization uses from its own employees. It includes Present employees Employee referral Former employees and former applicants etc… 26Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  27. 27. SAAB MARFIN MBA RECRUITMENT PROCEDURE MAP This process starts from day-1 and goes up to day 12 Additiona l Interview Career interview Evaluate P200 & survey Career seminar/ administer P200 Selection interview Screening interview Name gathering (internal)Figure 4 27Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  28. 28. SAAB MARFIN MBAName gatheringIn this the prospective agent is asked to gather as many names aspossible from internal sources.The purpose is to build steady pipeline of contacts.It should also follow the “rule of 31” Rule of 31 Gather 3 new names of prospective agents’ everyday. Arrange 1 screening interview appointment everyday.Initial screening interviewIt is done if the person fits to the “initial 5.”Purposes- does he meet the initial 5Is he worth taking through our tests outcome?Selection interviewIt comes after initial screening. It is done to test the conviction andsustainability of a career.TestsIn this a test is conducted by the recruiter.The test comprises numerical ability test and reference checks. 28Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  29. 29. SAAB MARFIN MBACareer seminarA seminar is organized by the recruiter for the persons recruited as agentand advisors.P-200It provides an idea to the agent about his initial market from where theagent can get a list of probable buyers.Evaluate P-200/ Market surveyIn this the agent evaluates its initial market and get referred leads and atthis point he is ready to accept this opportunity as a career.Career interviewIn this the agent is reviewed for its past performance.And the recruiter checks the agent’s motivation, dreams andlongevity.Now the candidate is ready to join it as a career.Application forms In this the application form is given to the agent and he is asked tocontact the person who wants to be insured or ready to invest accordingto his needs. ROLE OF AN AGENT ADVISOR Identify future customers Make appointments 29Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  30. 30. SAAB MARFIN MBA Conduct meetings and review their financial situations Provide customized solutions Close sales Get references Provide the deliverables coupled with excellent services. TRAITS OF AN AGENT & ADVISOR 30Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  31. 31. SAAB MARFIN MBA CONFIDENCE TO BECOME TRAITS OF SELF FINANCIALLY AN AGENT MOTIVATION INDEPENDENT & ADVISOR RELATION- SHIP SKILSFigure 5 RECRUITMENT PYRAMID OF MNYL 31Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  32. 32. SAAB MARFIN MBA 2 CONTRACTED CAREER INTERVIEW 4 6 P-200 8CAREER SEMINAR 16 NAT/ ARIF 20 SCREENINGS 60 QUALIFIED NAMESFigure 6 32Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  33. 33. SAAB MARFIN MBA RECRUITMENT PROCESS NAME INITIAL SELECTION GATHERING SCREENING INTERVIEW INTERVIEW TEST CAREER SEMINAR APPLICATION FORM P-200 CAREER INTERVIEW MARKET SURVEY 33Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  34. 34. SAAB MARFIN MBAFigure 7 34Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  35. 35. SAAB MARFIN MBA OBJECTIVE OF THE STUDYMAIN OBJECTIVE:The main objective is to make a close observation on the selection andrecruitment process of the agents and advisors to Max New York Life.In order to meet the main objective I did a survey to find out theinterested persons who wants to be a part of MNYL.After the survey was conducted the collected data was tabulated andanalyzed to interpret the final results.And necessary recommendations have been made. SCOPE OF THE STUDYThis is an important project for the Max New York Life Faridabad (branch).As the company is concerned about its recruitment procedure adoptedfor selecting efficient persons as agents and advisors. Considering thisfact, I made a survey in the market concerning about the individuals whowould be interested in becoming Max New York Life agent and advisorsand further seeing it as a career opportunity.This project will help the organization to know its potential market i.e.,agents.It also helps organization to find new and interesting ways to attract asmany persons as possible by presenting it as a career option. And also tomake a close observation on the selection and recruitment process ofMNYL in the Faridabad city. 35Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  36. 36. SAAB MARFIN MBA DATA COLLECTION:Data collection is the process of collecting information related to theproject report. My It could be from any possible source available to theresearcher.To conduct a research, the researcher has to gather primary data,secondary data.Primary data:“Primary data are those which are collected afresh and for the first time,and thus happen to be original in character.”The researcher first looks for the secondary data to see whether theproblem can be solved without collecting the primary data.Secondary data: “Secondary data are those which have already been collected bysomeone else and which have already been passed through the statisticalprocess.”Secondary data provides a starting point for the research and offer theadvantage of low cost and readily availability.Where as the primary data is freshly collected by the researcher and isanalyzed properly so that it can be interpreted properly and provides 36Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  37. 37. SAAB MARFIN MBAgood results.In this project report the research is based on both the data.For collecting the primary data the following persons are contacted Collegiate (through questionnaire method) Business men (through questionnaire method) Service people (through questionnaire method) etc…The secondary data has been collected from Internet Business magazines Catalogs Booklets Pamphlets etc…After data has been collected by the researcher, the next step is toanalyze it. 37Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  38. 38. SAAB MARFIN MBAData analysis is done through tabulation and graphs.It is important so as to draw the conclusion about the project. DATA ANALYSIS:After data has been collected by the researcher, the next step is toanalyzing it. Data analysis is done through the help of tabulation andgraphs. It is important so as to draw the conclusion about the project.FLOW CHART OF DATA ANALYSIS PROCESS 38Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  39. 39. SAAB MARFIN MBA PREPARING THE RAW DATA TABULATING THE DATA PREPARING CHARTS AND GRAPHS INTERPRETING THE DATA Figure 8THIS DIAGRAM SHOWS THE PERSONS WHO COULDBECOME THE AGENTS: 39Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  40. 40. SAAB MARFIN MBA Studen ts House Service Wives men AGENTS Retired Busine Person ss s Men Busine ss Women Figure 9 40Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  41. 41. SAAB MARFIN MBATHIS TABLE EXPLAINS ABOUT THE PERSONSCONTACTED FOR BECOMING AGENT ADVISOR WITHDIFFERENT OCCUPATIONS.Occupation RespondentsCollegiate 27Business men 23Service men 15Business women 7House wife’s 5Retired persons 23Table 2This table shows that the persons who are more interested in becomingthe agent advisors are businessman, collegiate, and retired persons butservice people and working women are not that much interested. 41Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  42. 42. SAAB MARFIN MBADATA ON THE PERSONS CONTACTED, WHO ARERESIDENTS OF FARIDABAD CITYPERSONS OUT RESIDENTS NON-RESIDENTSCONTACTED OFCollegiate 27 23 4Business men 23 20 3Service men 15 15 0Business 7 6 1womenHouse wife’s 5 5Retired persons 23 23 0Table 3It shows that the people who are interested in becoming the agentadvisors are largely the resident of Faridabad only. 42Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  43. 43. SAAB MARFIN MBADATA REPRESENTING THE VIEW OF THE PROSPECTIVEAGENTS PERSONS OUT POSITIVE NEGATIVE NEUTRAL CONTACTED OF Collegiate 27 7 15 5 Business men 23 5 12 6 Service men 15 2 10 3 Business 7 0 6 1 women House wife’s 5 1 4 0 Retired 23 4 11 8 personsTable 4(NOTE): This data is based on the basis of questionnaire 43Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  44. 44. SAAB MARFIN MBAThis table shows the attitude of the contacted persons for becoming theagent advisor of MNYL, and from it I come to know that many of them arewith negative attitude some of them are neutral and very less are ofpositive attitude. 44Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  45. 45. SAAB MARFIN MBA THE DATA SHOWS THE MDRT QUALIFIED AGENTS FROM 2001 TO 2006 FOR MAX NEW YORK LIFE.This chart shows the number of MNYL agents who have qualified for theMDRT and it shows that the qualifiers are increasing every year.Chart 1From Max New York Life’s (manual ) 45Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  46. 46. SAAB MARFIN MBAEarnings, if business grows by just 10% P.A.THIS TABLE SHOWS THE GROWTH IN INCOME OFAGENTS ON THE BASIS OF THEIR COMMISSIONPERCENTAGES. Year-1 Year-2 Year-3 Year-4 onwardsAvg.premium 12000(Rs)No. of cases 120per yearcommission 35% 7.5% 7.5% 5%From Max New York Life’s(manual)Table 5 46Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  47. 47. SAAB MARFIN MBATHIS GRAPH SHOWS THE INCREASE IN THE INCOMEOF THE AGENTS 47Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  48. 48. SAAB MARFIN MBAThis graph shows the earning pattern of the agents, from it we come toknow that there are lots of opportunities available to earn good amountof money, in a long term period he can earn a good amount.Chart 2From Max New York Life’s (manual) 48Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  49. 49. SAAB MARFIN MBA THIS TABLE SHOWS THE INCREASE IN THE INCOME OF THE AGENTS 1st year Renewal Additional Agent total commission Commission Business Referral support feeYer 504000 90000 3000 597000-1Yer 737906 354811 127200 12000 1231917-5Yer 1188406 879586 127200 12000 2207192-10Yer 3032418 2834631 127200 12000 6056249-20Yer 7994999 8020190 127200 12000 16154389-30 This table shows the earning pattern of the agents, from it we come to know that there are lots of opportunities available to earn good amount of money, in a long term period he can earn a good amount. Table 6 49 Max New York Life Insurance Company Ltd”. is a joint venture between New York Life
  50. 50. SAAB MARFIN MBA DATA INTERPRETATIONThe data interpretation involves the representation of the data collectedand analyzed. And from this, it is revealed that there are manyopportunities for becoming an Agent advisor.Ten reasons why you should become an AgentAdvisor with Max New York LifeRewarding CareerAs a Max New York Life Agent Advisor, you will help people realize theirdreams by fulfilling their financial goals. The difference you make to theirlives is more rewarding and satisfying than you could ever imagine.2 ASuccessful Team By joining us, you will be a part of the countrys finestteam of life insurance Agent Advisors. We had 201 MDRT members in theyear 2005. The Million Dollar Round Table is a global forum that salutesthe worlds most successful Insurance AgentsAttractive RemunerationWe offer one of the best remuneration systems in the industry that notonly provides income for today, but also earnings for the future. Whatsmore, you can set your own income targets with a potential to earn asmuch as you want for the rest of your life.Independence 50Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  51. 51. SAAB MARFIN MBAAs an Agent Advisor, you will be a true entrepreneur. You have thefreedom to be your own boss, work for yourself, choose your own clientsand make your own money. All of this, without your having to make anyinitial capital investment except for your time.World-Class TrainingWe provide you with the best-in-class training systems, since that is whatdifferentiates Max New York Life Agent Advisors from the rest. Even ifyou dont have previous experience in selling, our multi-dimensionaltraining programme conducted by our qualified in-house trainingpersonnel, will make you a specialist in life insurance sales. Our trainingprogramme is backed by New York Life Insurance University.Commitment to Career Agency SystemOur commitment to the Career Agency System means that, we supportyou and your efforts not just today, but at every stage of your business.We believe in encouraging our Agent Advisors to strive towards thehighest levels of success, throughout their careers. In fact, depending onyour performance, we also offer a management career option with thecompany.Infrastructure Support 51Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  52. 52. SAAB MARFIN MBAWe have invested in creating a state-of-the-art infrastructure at each ofour offices. You will have access to the necessary tools, technology andpeople support that will enable you to build a profitable long-termbusinessFull Range of Products and ServicesYou can offer your customers over 400 product combinations of ourunique Products and Riders, to help them meet all their financial goals. Inorder to give you a greater competitive edge, we are also continuouslyworking on newer and more innovative products.Sales and Marketing SupportWe support our Agent Advisors with innovative sales and marketing tools.The Sales, Promotions and Marketing collaterals that we provide will helpyou take your business to new heights.Financial StrengthMax New York Life offers you and your customer unmatched financialstrength and solidity. Our paid-up capital of Rs.587 cores is higher thanthe norms stipulated by the regulatory authority for insurance in India. 52Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  53. 53. SAAB MARFIN MBA 53Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  54. 54. SAAB MARFIN MBA FINDINGS OF THE STUDYFrom this project report, it was revealed that there are manyopportunities available for the person who wants to be in the LifeInsurance business as an agent and advisors.A prospective agent could see a bright future in terms of earning moneyas well as seeing it as a career option.But from the survey it was also brought into light that normally everyperson is not willing to become an agent and advisor (what ever may thereason be) although there are lot of opportunities available, due to thisreason the job of the recruiter becomes little difficult because every hehas to find out the new ways to attract the people.This report also shows the attitude of the contacted persons forbecoming the agent advisor of MNYL, and these were there views… Many of them are with negative attitude Some of them are neutral and Very less are of positive attitude. 54Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  55. 55. SAAB MARFIN MBA CONCLUSIONFrom this project report, it was revealed that there are manyopportunities available for the person who wants to be in the LifeInsurance business as an agent and advisors.A prospective agent could see a bright future in terms of earning moneyas well as seeing it as a career option.But from the survey it was also brought into light that normally everyperson is not willing to become an agent and advisor (what ever may thereason be) although there are lot of opportunities available, due to thisreason the job of the recruiter becomes little difficult because every hehas to find out the new ways to attract the people.This report also shows the attitude of the contacted persons forbecoming the agent advisor of MNYL, and these were there views… Many of them are with negative attitude Some of them are neutral and Very less are of positive attitude. 55Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  56. 56. SAAB MARFIN MBA SUGGESTIONS The company should increase its operation area in different places i.e., places where the people still don’t know about insurance. The company should recruit its responsible executives from rural areas also. The company should take steps to educate and inform the people from rural areas about the Life Insurance and its importance also the company should conduct campaigning programs in nearby rural areas i.e., in nearby villages. The company should arrange frequent group seminars on career building, which would highlight the importance of life insurance to the general public. The company should open its doors for all those persons who would like to become the Agents. The company should provide good and fair incentives and commission to its agents. Apart from all these the company should also introduce personality development programs for its Agents and Advisors. 56Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  57. 57. SAAB MARFIN MBA LIMITATIONS OF THE STUDY As per my convenience I have chosen the Faridabad city as my research area, which limits its scope to other cities. The sample size taken by me is limited to the 100 people only. The time allotted to me for conducting research and for completing the project report was limited, as the time frame was of six weeks. While conducting the research I come to know that People did not take much interest in answering to me and it is hard to convince them for it. 57Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  58. 58. SAAB MARFIN MBA BIBLIOGRAPHYBOOKS:Best, John W., and Kahn, James V., “Research In Education”, 5th Ed., NewDelhi: Prentice-Hall of India Pvt. Ltd., 1996.Kothari C.R, “Quantitative Techniques”, New Delhi, Vikas PublishingHouse Pvt. Ltd., 2002.Kotler Philip, “Marketing Management”, Singapore,Pearson Education Pvt. Ltd., 2003.WEBSITES:www.maxnewyorklife.comwww.sbilife.comwww.irda.comwww.iciciprudential.comOTHER SOURCES:(From organization) 58Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  59. 59. SAAB MARFIN MBAAgent’s manualSales manager’s manualBrochuresPamphlets etc… ANNEXUREQuestionnaire for recruiting Agent and AdvisorsQ.1 Personal details of the individual :Name -----------------------------------------Address -----------------------------------------Contact No. -----------------------------------------Age ----------------------------------yearsOccupation ----------------------------------------Qualification ----------------------------------------Q.2 what is your job profile? Self employed --------- Service personal -------- Student -------- House wife -------- Others… -------- 59Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  60. 60. SAAB MARFIN MBAQ.3 Are you living in this city for last 5 years? Yes---- No----Q.4 Are you comfortable in doing side by side business which could earnyou well? Yes---- No-----Q.5 what do know about Max New York Life Insurance company?Q.6 what is your view about joining MNYL as an Agent advisor? Positive -------- Negative -------- Neutral --------Q.7 would you like to attend our career seminar? Yes----- No------ 60Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  61. 61. SAAB MARFIN MBAQ.8 could you name 10 persons who you think could be interested inattending the career seminar?Persons name Contact no.12345678910Note: please fill up the entries carefully 61Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  62. 62. SAAB MARFIN MBATable describing the figures, charts and tables.Figure no. Description Page no.Figure 1 Organizational hierarchy 18Figure 2 Organization structure 19Figure 3 The research process 23Figure 4 Recruitment procedure map of MNYL 28Figure 5 Tells about the traits of an agent & advisor 32 requiredFigure 6 Recruitment pyramid of MYNL 33Figure 7 Recruitment process of the MNYL 34Figure 8 Flow chart of data analysis process 39Figure 9 It shows the persons who could become the 40 agents 62Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  63. 63. SAAB MARFIN MBATable and Description Page no.chart no.Table 1 Board of Directors of Max India Limited 12Table 2 It explains about the persons contacted for 41 becoming agent advisor with different occupationsTable 3 It shows the persons contacted, who are 42 residents of Faridabad city for becoming agentsTable 4 Data representing the view of the prospective 43 agentsTable 5 It tells about the growth in income of an agent 45 on the basis of their commission percentagesTable 6 It shows the increase in the income of the 47 agents who are with the MNYLChart 1 It shows the MDRT qualified agents from 2001 44 to 2006 of Max New York LifeChart 2 It shows the increase in the income of the 46 agents who are with the MNYL 63Max New York Life Insurance Company Ltd”. is a jointventure between New York Life
  64. 64. SAAB MARFIN MBA 64Max New York Life Insurance Company Ltd”. is a jointventure between New York Life

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