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  • 1. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED A PROJECT REPORT ON The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED UNDERTAKEN ATBabasabpatilfreepptmba.com Page 1
  • 2. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED INDEX SL. CONTENTS PAGE NONO. 1 EXECUTIVE SUMMARY 1 2 INTRODUCTION 4 3 COMPANY PROFILE 18 4 INTRODUCTION TO TOPIC 44 5 RESEARCH DESIGN 52 6 DATA ANALYSIS 55 7 FINDINGS 73 8 RECOMMENDATIONS 75 9 CONCLUSION 77 10 BIBILOGRAPHY 79 11 ANNEXURE 81Babasabpatilfreepptmba.com Page 2
  • 3. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED EXECUTIVE SUMMARYBabasabpatilfreepptmba.com Page 3
  • 4. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED EXECUTIVE SUMMARYToday’s scenario of insurance industry is much concentrating over analyzing the satisfaction level of the financial consultants, which is very essential for the growth of the company.Title of the study: “Satisfaction level of the Financial Consultants”. AtObjectives of Study:  To study the role of financial consultants in HDFC standard life insurance.  To find out the key motivational factors of the financial consultants.  To measure the satisfaction level of the financial consultants towards the support of the superiors in achieving their target.  To study about the training and guidance provided to the financial consultants.  To study the satisfaction level of the financial consultants towards company.Scope of the study: The scope of study is limited to Belgaum city. Research Methodology:Data Source:The data is collected through:Primary: Through survey method by preparing questionnaireBabasabpatilfreepptmba.com Page 4
  • 5. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDSecondary: Pamphlets, News Papers, journals, company register.Sample size: 100 SamplesSelection of the sampling method: Convenience sampling.Data Analysis: Data gathered from the questionnaire are analyzed using codingsheet tabulation and percentages. Data collected is depicted through pie charts.Findings: • 96% are satisfied with the training & guidance provided by the company. • Financial Consultants get support in selling the products with promotional activities, this act as motivational factor.Recommendations: • Company should continue to provide attractive incentives to financial consultants even after one year as they give more importance for incentives. • Company should give extra benefit to its efficient Agents which will motivate them to get more business and achieve their larger Sales.LIMITATIONS:  Project is limited to Financial Consultants of HDFC Standard Life Belgaum city.  The scope of the study is restricted to the time constraint.Babasabpatilfreepptmba.com Page 5
  • 6. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED INTRODUCTIONBabasabpatilfreepptmba.com Page 6
  • 7. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDINTRODUCTION TO INSURANCE The business of insurance is related to the protection of the economic values of theassets. Every asset has a value the asset would have been created through the effortsof the owner. The asset is valuable to the owner because he expects to get somebenefit from it. Insurance is a mechanism that helps to reduce the effect of suchadverse situation.Purpose and Need of Insurance :Assets are insured; because they are likely to be destroyed through accidentaloccurrences such possible occurrences are called perils. Fire floods breakdowns,lightning, earthquakes, etc, are perils. If such perils can cause damage to the asset,the asset is exposed to that risk.The risk only means that there is a possibility of loss or damage. The damage may ormay not happen. Insurance is done against the contingency that it may happen. Therehas to be an uncertainty about the risk. Insurance is relevant only if there areuncertainties. In the case of a human being, death is certain, but the time of death isuncertain. In the case of a person who is terminally ill, the time of death is notuncertain, though not exactly known.Insurance does not protect the asset. It does not prevent its loss due to the peril. Theperil can sometimes be avoided, through better safety and damage controlmanagement. Insurance only tries to reduce the impact of the risk on the owner of theBabasabpatilfreepptmba.com Page 7
  • 8. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDasset and those who depend on that asset. It only compensates the losses- and thattoo, not fully. Only economic consequences can be insured. If the loss is notfinancial, insurance may not be possible.The Business of InsuranceThe business of insurance is to:1) Bring together persons with common insurance interests (sharing the same risks),2) Collect the share or contribution (called premium) from all of them, and3) Pay out compensations (called claims) to those who suffer.In India, insurance business is classified primarily as life and non-life or general. Lifeinsurance includes all risks related to the lives of human beings and general insurancecovers the rest. General insurance has three classifications is; Fire, Marine andMiscellaneous. Personal accident and sickness insurance, which are related to humanbeings, is classified as ‘non-life’ in India, but is classified as ‘life’, in many othercountries.The business of insurance is nothing but one of sharing. It spreads losses of anindividual over the group of individuals who are exposed to similar risks. People whosuffer loss get relief because their loss is made good. People who do not suffer lossare relieved because they were spared the loss.Insurance business is divided into four classes:1) Life Insurance Business.Babasabpatilfreepptmba.com Page 8
  • 9. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED2) Fire Insurance Business.3) Marine Insurance Business.4) Miscellaneous Insurance Business.Meaning of Life Insurance Business:Life insurance, originally conceived to protect a mans family when his death leftthem without income, has developed into a variety of policy plans.Meaning of Fire Insurance Business:Fire insurance usually includes damage from lightning; other insurance against theelements includes hail, tornado, flood, and drought.Meaning of Marine Insurance Business:Marine insurance protects shipping companies against the loss of a ship or its cargo,as well as many other items, and so-called inland marine insurance covers a vastmiscellany of items, including tourist baggage, express and parcel-post packages,truck cargoes, goods in transit, and even bridges and tunnels.Meaning of Miscellaneous Insurance Business:Special casualty forms are issued to cover the hazards of sudden explosions fromequipment such as steam boilers, compressors, electric motors, flywheels, air tanks,furnaces, and engines. Boiler and machinery insurance has several distinctivefeatures. A substantial portion of the premium collected is used for inspectionservices rather than loss protection.The business of insurance started with marine business. Traders, who used to gatherin the Lloyd’s Coffee house in London, agreed to share the losses to their goodswhile being carried by ships. The losses used to occur because of pirates who robbedBabasabpatilfreepptmba.com Page 9
  • 10. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDon the high seas or because of bad weather spoiling the goods or sinking the ship.The first insurance policy was issued in 1583 in England. In India, insurance beganin 1870.The business of insurance is the protection of economic values of assets. Every assetis expected to last for a certain period of time during which it will perform.Insurance is a mechanism that helps to reduce the effect of such adverse situation.Insurance is relevant only if there are uncertainties.Insurance is a mechanism that helps to reduce the effect of such adverse situation.Insurance is relevant only if there are uncertainties.Life Insurers transact lifeinsurance business; the rest is transacted by General Insurers. No composites arepermitted as per law.The business of Insurance essentially means defraying risks attached to any activityover time (including life) and sharing the risks between various entities, both personsand organizations. Insurance companies are important players in financial markets asthey collect and invest large amounts of premium.Insurance products are multi purpose and offer the following benefits:1. Protection to the investors2. Accumulate savings3. Channelise savings into sectors needing huge long-term investments. INSURANCE COMPANIES receives, without much default, a steady cashstream of premium or contributions to pension plans. Various actuary studies andmodels enable them to predict, relatively accurately, their expected cash outflows.Liabilities of ICs being long-term or contingent in nature, liquidity is excellent andtheir investments are also long-term in nature. Since they offer more than the returnon savings in the shape of life-cover to the investors, the rate of return guaranteed inBabasabpatilfreepptmba.com Page 10
  • 11. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDtheir insurance policies is relatively low. Consequently, the need to seek high rates ofreturns on their investments is also low. The risk-return trade off is heavily tilted infavor of risk. As a combined result of all this, investments of insurance companieshave been largely in bonds floated by GOI, PSUs.,state governments, local bodies,corporate bodies and mortgages of long term nature. The last place where Insurancecompanies are expected to be over-active is bourses.Lately ICs have ventured into pension schemes and mutual funds also. However, lifeinsurance constitutes the major share of insurance business. Life Insurance dependsupon the laws of mortality and there lies the difference between life and generalinsurance businesses. Life has to extinguish sooner or later and the claim in respectof life is certain. In case of general insurance, however, there may never be a claimand the amount can be ascertained in advance. Hence, Life Insurance includes,besides covering the risk of early happening of an event, an element of savings alsofor the beneficiaries.Pension business also derives from life insurance in as much as the pension outgoagain depends upon the laws of mortality .The forays made by insurance companiesin this area are, therefore ,natural corollary of their business.Role of Insurance in Economic Development:For economic development, investments are necessary. Investments are made out ofsavings. A life insurance company is a major instrument for the mobilization ofBabasabpatilfreepptmba.com Page 11
  • 12. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDsavings of people, particularly from the middle and lower income groups. Thesesavings are channeled into investments foe economic growth.All good life insurance companies have huge funds, accumulated through thepayments of small amount of premium of individuals. These funds are invested inways that contribute substantially for the economic development of the countries inwhich they do business.All good life insurance companies have huge funds, accumulated through thepayments of small amount of premium of individuals. These funds are invested inways that contribute substantially for the economic development of the countries inwhich they do business.The private insurers in India are new and had not built up funds in 2002. But, incourse of time, they also would be directly and indirectly contributing to thecountry’s economic development.A life insurance company will have large funds. These amounts are collected by wayof premiums. Every premium represents a risk that is covered by that premium. Ineffect, therefore, these vast amounts represent pooling of risks. The funds arecollected and held in trust for the benefit of the policyholders. The management oflife insurance companies are required to keep this aspect in mind and make all itsdecisions in ways that benefit the community. This applies also to its investments.That is why successful insurance companies would not be found investing inspeculative ventures.Apart from investments, business and trade benefit through insurance. Withoutinsurance, trade and commerce will find it difficult to face the impact of major perilslike fire, earthquake, floods, etc. Financiers, like banks, would collapse if the factory,financed by it, is reduced to ashes by a terrible fire. Insurers cover also the loss tofinanciers, if their debtors default.Babasabpatilfreepptmba.com Page 12
  • 13. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED INSURANCE INDUSTRY OVERVIEWInsurance Sector in IndiaIndia with about 200 million middle class household shows a huge untappedpotential for players in the insurance industry. Saturation of markets in manydeveloped economies has made the Indian market even more attractive for globalinsurance majors. The insurance sector in India has come to a position of very highpotential and competitiveness in the market.The insurance industry in India can be broadly classified in two parts. They are: • Life Insurance • Non-life (General) InsuranceBrief History of InsuranceBabasabpatilfreepptmba.com Page 13
  • 14. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED The business of life insurance in India in its existing form started in India in theyear 1818 with the establishment of the Oriental Life Insurance Company inCalcutta.Some of the important milestones in the life insurance business in India are: • 1818:-The British Introduce to India. With the establishment of the Oriental Life Insurance Company in Calcutta. • 1850:- Non life insurance debuts, with Triton Insurance company. • 1870:- Bombay mutual Life Assurance Society is the first India –owned life insurer. • 1907:-Indian Mercantile Insurance is the first Indian non life insurer. • 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. • 1972: The General Insurance Business (Nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1st January 1973.Babasabpatilfreepptmba.com Page 14
  • 15. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED • 1993:-Malhotra Committee, headed by former BBI governor R.N.Malhotra, set up to draw up a blue print for insurance sector reforms. • 1994:-Malhotra Committee recommends re-entry for private players, autonomy to PSU insurers. • 1997:-Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up. • 2000:- IRDA starts giving licenses to private insurers, HDFC Standard Life and ICICI Prudential first private insurers to sell a policy. • 2002:- Banks were allowed to sell insurance plans , as TPAs enter the scene, insurers start selling non-life claims in the cashless mode.Insurance Sector Reforms:In 1993, Malhotra Committee headed by former Finance Secretary and RBIGovernor R.N. Malhotra was formed to evaluate the Indian insurance industry andrecommend its future direction. The Malhotra committee was set up with theobjective of complementing the reforms initiated in the financial sector. The reformswere aimed at "creating a more efficient and competitive financial system suitable forthe requirements of the economy keeping in mind the structural changes currentlyunderway and recognizing that insurance is an important part of the overall financialsystem where it was necessary to address the need for similar reforms". In 1994, thecommittee submitted the report and some of the key recommendations included:Babasabpatilfreepptmba.com Page 15
  • 16. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED1) Structure: • Government stake in the insurance Companies to be brought down to 50%. • Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations. • All the insurance companies should be given greater freedom to operate.2) Competition: • Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the industry. • No Company should deal in both Life and General Insurance through a single entity. • Foreign companies may be allowed to enter the industry in collaboration with the domestic companies. • Postal Life Insurance should be allowed to operate in the rural market. • Only One State Level Life Insurance Company should be allowed to operate in each state.3) Regulatory Body: • The Insurance Act should be changed. • An Insurance Regulatory body should be set up. • Controller of Insurance (Currently a part from the Finance Ministry) should be made independent.4) Investments:Babasabpatilfreepptmba.com Page 16
  • 17. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED • Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50% • GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time)5) Customer Service: LIC should pay interest on delays in payments beyond 30 days. Computerization of operations and updating of technology to be carried out in the insurance industry The committee emphasized that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition. But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs.100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.Bank and Insurance:Banc assurance symbolizes the convergence of banking and insurance. The term hasits origins in France and involves distribution of insurance products through a banksbranch network. While banc assurance has developed into a tremendous successstory in Europe, it is a relatively new concept in Australia and Asia.Babasabpatilfreepptmba.com Page 17
  • 18. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDMost new insurers have entered into memoranda of understanding with banks to usetheir branches as outlets for marketing standard products. State Bank of India, VysyaBank and J&K Bank already has joint ventures in life insurance. Vijaya Bank andPunjab National Bank are in the midst of finalizing life and non-life ventures.The Insurance Act allows only those companies registered under the Companies Actto become corporate agents. This gives the new generation and old private sectorbanks a head start over Public sector banks, which are technically not eligible to sellrisk products.IRDA, IBA & RBI are in discussions to iron out the various issues, as public sectorbanks will play a key role in the distribution of products.March 2003 Review:The Insurance Regulatory and Development Authority has said that a bank cannotenter into a referral arrangement with more than one life insurance company or morethan one general insurance company. Insurance companies can enter into referralarrangements displaying the insurer’s publicity material in the branch premises.According to the IRDA, the participation of the bank’s customers in any insurancescheme shall be purely on a voluntary basis and this fact should appear prominentlyin all publicity materials distributed by the bank and the insurer. According to latest IRDA circular, the total payout under the referral fee has beencapped as a percentage of the circular, the total payout under the referral fee has beencapped as a percentage of the total premium, which varies from 5.5% to 55%depending on the extent of the business the company generates through the referralarrangement. IRDA has barred insurers from paying any referral fee for anyBabasabpatilfreepptmba.com Page 18
  • 19. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDpromotional campaign. Besides, insurers cannot pay any commission or otherremuneration along with the referral fees.March 2004 Review:IRDA has announced new guidelines pertaining to payment of brokerage toinsurance brokers carrying on direct insurance business in the country. As per thenew guidelines on general insurance contracts, insurance brokers cannot chargebrokerage or commission on the business of Government and public sectorundertakings (PSU’s). Business from these classes of customers will be placeddirectly with the insurance companies, wherein they will continue to enjoy a five percent discount on the basic tariff applicable.The notification will come into effect from April 1, 2003, and applies to all generalinsurance contracts. These guidelines will not apply to reinsurance broking contracts.Brokerage/commission includes any royalty, license fees, administration charges orany compensation, which any agreement between the parties provide forintermediation. IRDA has so far issued broking licenses to 32 entities in the country.IRDA has laid out stringent norms including cap on exposure in MF investment aswell as investment in stocks and shares for both public and private insurancecompanies detailing the guidelines for investments in mutual funds (MFs). Accordingto this circular, the investment in MFs at any point of time shall not exceed 50% ofinvestment falling under the ‘other than approved investments’ (OTAI) category forboth life and general insurance companies. IRDA has also stipulated that the MFs inwhich the insurers invest should be registered with the SEBI. Besides, the insurershould always ensure that the investments in MF are diversified among the productsof different companies.THE ISURANCE REGULATORY AND DEVELOPMENT AUTHORITYReforms in the insurance sector were initiated with the passage of the IRDA bill inParliament in December 1999. The insurance Regulatory And DevelopmentBabasabpatilfreepptmba.com Page 19
  • 20. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDAuthority (IRDA) since its incorpation as a statutory body in April 2000 hasfastidiously tuck to its schedule of framing regulations and registering the privatesector insurance companies. The other decisions taken simultaneously to provide thesupporting systems to the insurance sector and in particular the life insurancecompanies were the launch of the IRDA’s online service for issue and renewal oflicenses to agents.The approval of institutions for imparting training to agents has ensured that theinsurance companies would have trained workforce of insurance agents in place tosell their products, which are expected to be introduced by early next year. Sincebeing set up as an independent statutory body the IRDA has put in a framework ofglobally compatible regulations.S.No Registration No Date of Registration Name of the Company 1 101 23.10.2000 HDFC Standard Life Insurance Co Ltd. 2 104 15.11.2000 Max New York Life Insurance Co Ltd. 3 105 24.11.2000 ICICI Prudential Life Insurance Co Ltd. 4 107 10.01.2001 Om Kotak Mahindra Life Insurance Co Ltd. 5 109 31.01.2001 Birla Sun Life Insurance Co Ltd. 6 110 12.02.2001 TATA AIG Life Insurance Co Ltd. 7 111 30.03.2001 SBI Life Insurance Co Ltd. 8 114 02.08.2001 ING VYSYA Life Insurance Co Pvt. Ltd. 9 116 03.08.2001 Allianz Bajaj Life Insurance Co Pvt. Ltd. 10 117 06.08.2001 Met Life India Insurance Co Pvt. Ltd. COMPANY PROFILEBabasabpatilfreepptmba.com Page 20
  • 21. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED HDFC STANDARD LIFE INSURANCEHousing Development Financial Corporation LtdIncorporated in 1977 with a share capital of Rs. 10 crores, HDFC has since emergedas the largest residential mortgage finance institution in the country. The corporationhas had a series of share issues raising its capital to Rs. 119 crores. The net worth ofBabasabpatilfreepptmba.com Page 21
  • 22. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDthe Corporation as on March 31, 2000 stood at Rs. 2,096 crores. HDFC operatesthrough 75 locations throughout the country with its Corporate Headquarters inMumbai, India. HDFC also has an international office in Dubai, U.A.E., with serviceassociates in Kuwait, Oman and Qatar.HDFC Standard Life Insurance Company Ltd:HDFC Standard Life Insurance Company Ltd. is one of India’s private life insurancecompany, which offers a range of individual and group insurance solutions. It is ajoint venture between Housing Development Finance Corporation Limited (HDFCLtd.), India’s leading housing finance institution and The Standard Life AssuranceCompany, a leading provider of financial services from the United Kingdom.Incorporated on 14th August 2000, it was the first life company to be granted acertificate of registration by the IRDA on the 23rd of October 2000. HDFC StandardLife is one of the first companies to be granted license by the IRDA to operate in lifeinsurance sector. It is a joint venture of HDFC Ltd and Standard Life Europes largestmutual life assurance company. HDFC is the majority stakeholder in the insuranceJV with 81.4 % stake and Standard Life has a stake of 18.6%. Mr. DeepakSatwalekar is the MD and CEO of the venture.HDFC Standard Life Insurance is a new Indian life insurance company that operatesout of 52 locations. It offers clients a range of insurance plans to meet their savings,investment and protection needs. In the financial year 2002-03, the companyregistered a year-on-year growth of over 260%. It is also the first new life insurancecompany to declare its third successive bonus for participating policy holders.Babasabpatilfreepptmba.com Page 22
  • 23. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED In order to survive in the insurance segment, HDFC had to introduce newproducts. They were looking for a robust and integrated solution to support the newproduct. HDFC was also facing numerous problems with their current systems interms of performance, reliability and scalability. HDFC Standard Life Insurance sells a range of individual savings, pensionand group life assurance products and has branch offices in 39 locations throughoutIndia. It was recently rated as the "Best New Insurer - 2003" by Outlook Moneymagazine. Both the promoters are well known for their ethical dealings and financialstrength and are thus committed to being a long-term player in the life insuranceindustry.HDFC Standard Life Insurance is one of the leading private life insurancecompanies. The company generated premium from new business of Rs. 486 Cr in2004-05, registering a year-on-year growth of over 132%. The total premium income(including renewal premium) grew by 130% to touch a figure of Rs. 687 Crores. Thecompany also achieved a major milestone during the financial year by crossing aSum Assured figure of Rs. 30,000 Cr. The company also declared its fifth bonus forparticipating policyholders. HDFC operates through 75 locations throughout thecountry with its Corporate Headquarters in Mumbai, India. HDFC also has aninternational office in Dubai, U.A.E., with service associates in Kuwait, Oman andQatar.Standard Life Group, UKStandard Life is Europes largest mutual life assurance company. Standard Life,which has been in the life insurance business for the past 175 years, is a modernBabasabpatilfreepptmba.com Page 23
  • 24. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDcompany surviving quite a few changes since selling its first policy in 1825. Thecompany expanded in the 19th century from its original Edinburgh premises, openingoffices in other towns and acquiring other similar businesses.Standard Life currently has assets exceeding over £70 billion under its managementand has the distinction of being accorded "AAA" rating consequently for the past sixyears by Standard & Poor.The Joint VentureHDFC Standard Life Insurance Company Limited was one of the first companies tobe granted license by the IRDA to operate in life insurance sector. Each of the JVplayer is highly rated and been conferred with many awards. HDFC is rated AAAby both CRISIL and ICRA. Similarly, Standard Life is rated AAA both by Moodysand Standard and Poor’s. These reflect the efficiency with which HDFC andStandard Life manage their asset base of Rs. 15,000 Cr and Rs. 600,000 Crrespectively.VISION & MISSIONBabasabpatilfreepptmba.com Page 24
  • 25. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDWe aim to be the top new life insurance company in the market. This does not justmean being the largest or the most productive company in the market, rather it is acombination of several things like-  Customer service of the highest order  Value for money for customers  Professionalism in carrying out business  Innovative products to cater to different needs of different customers  Use of technology to improve service standards  Increasing market shareKey Values:• SECURITY: Providing long term financial security to our policy holders will beour constant Endeavour. We will be doing this by offering life insurance and pensionproducts.• TRUST: We appreciate the trust placed by our policy holders in us. Hence, we willaim to manage their investments very carefully and live up to this trust. • INNOVATION: Recognizing the different needs of our customers, we will beoffering a range of innovative products to meet these needs. Our mission is to be thebest new life insurance company in India and these are the values that will guide usin this.Babasabpatilfreepptmba.com Page 25
  • 26. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDBoard MembersMr. Deepak S Parikh Chairman of HDFC Limited.Mr. Keki M Mistry Managing Director of HDFC Limited.Mr. Alexander M Crombie Group Chief Executive of the Standard LifeMs. Marcia D Campbell Group Operations DirectorMr. Keith N Skeoch Chief Executive in Standard LifeMr. Ranjan Pant Global Management ConsultantMs. Renu S. Karnad Executive director of HDFC LimitedBabasabpatilfreepptmba.com Page 26
  • 27. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDKey strengths:Financial Expertise: As a joint venture of leading financial services groups, Standard Life has thefinancial expertise required to manage your long-term investments safely andefficiently.Range of Solutions :We have a range of individual and group solutions, which can be easily customizedto specific needs. Our group solutions have been designed to offer you completeflexibility combined with a low charging structure.Track Record so far:Our gross premium income, for the year ending March 31, 2008 stood at Rs. 4,859crores and new business premium income stood aRs.2,685crores.The company hascovered over 9,59,000 lives year ending March 31, 2008.We have covered over11, 00,000 individuals out of which over 3, 40,000 lives have been covered throughour group business tie-ups.Babasabpatilfreepptmba.com Page 27
  • 28. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDHighlights of Financial Year 2007-08 • New Business Premium Income up by 63% to Rs. 2,685 crores.Total Premium Income is up by 70% at Rs. 4,859 crores as against Rs. 2,856 crores in FY2006-07 • Alternate Channels including banc assurance has recorded an impressive growth of over 63% to contribute 41% to the Effective Premium Income (EPI) • Group business funds under management have increased to Rs. 959 crores, registering a growth of 83% over FY2006-07 • The average premium has increased to Rs. 33,000 • Company products and services are now available in 726 cities and towns across the country • Strength of Financial Consultants has increased to 1,45,000 HDFC Standard Life tracks its New Business Premium on the basis of Effective Premium Income (EPI). EPI is calculated by giving only a 10% value to a Single Premium policy and is an internationally accepted indicator of an insurance company’sBabasabpatilfreepptmba.com Page 28
  • 29. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDPerformance:HDFC Standard Life Insurance is the First Private Sector Life Insurance Company tobe granted a license. It has increased its market share from 0.76% to 1.12% bycollecting a premium income of 209bn. in the year ending March 2003-04.It hasregistered an premium growth rate of 61.88% over previous year. Insurance sector has grown not only in size but in maturity as well, in thesense that from very simple products, which were available earlier on to the present.What has been done is that Insurance Industry placed the customer in centre &developed products and services around the customer.In the past what we had was a bundled product so you get 3 or 4 benefits out ofwhich it may be possible that you may need just 1 or 2 benefits but in the process youend up paying for all the four. In fact we were among the first to divide the offeringinto two -a core product and the benefits or the riders. And then it is up to thecustomer to choose and customize his own scheme according to needs and desiresand pay for such scheme. I think that is the single largest revolution that has come about. The otherrevolution in the Insurance sector is in terms of distribution channels. Earlier wewere having only agents but now we have agents, Banc assurance, corporate brokersand direct sales people. Retail agents and banc assurance are the 2 biggest insurancedistribution channels.Babasabpatilfreepptmba.com Page 29
  • 30. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDThe insurance penetration levels have considerably increased from 1.6 % to about2.75%. Now whether that growth is enough in three year period, we can alwayscounter that. In the last 3 years private insurance companies have grown at 200-300% levels. But if you look at a longer time horizon say at 10 years the insurancecompanies would grow at 13-14% rate which would make it one of the fastestgrowing sector. If we want an acronym of our products, we call it PIPS, which stands forProtection, Investment, Pension, & Safety. These are the basic requirements of anyindividual & thus our products satisfy each of these needs. We have got conventional products, which are in the conventional structurei.e. available with profits like Endowment, Money back then you have Unit Linkedplans. Which are for those investors who understand the capital markets, debtmarkets & equity markets.In terms of popularity, little fewer than 50% products are savings products whether itis endowment, unit-linked or money back which are basically savings oriented.About 20% are investments oriented for e.g. single premium income policies whereyou pay in a shot and enjoy the protection & investments returns in future. About 20% are in pensions. Pure protection is just about 5%. All these are in terms ofpremium income.USP is something that the customer will have to find because life insurance is a long-term process and it is about stability, being conservative. We dont hear aboutaggressive life insurance companies who survive for a longer period.To be in business when we are talking of an insurance policy for say 30 years, yourperspective is different in comparison to when you are taking a short term loan say acar loan for 3 years.Therefore different companies have chosen different models. Some of them havechosen to be in for the long run while some have chosen to be in for the short run.Babasabpatilfreepptmba.com Page 30
  • 31. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDFor in the short run, you need to have a high valuation of company, for highvaluation you need to have high & rapid sales. Higher the sales higher are thevaluation & higher the valuation higher is the price that you can charge. Insurancesector, you can’t differentiate on the basis of innovative products. The reason being,if yours is an excellent product it will not take too much time to be copied by otherplayers. The thing which they can’t copy is your services and, I think, that would bethe differentiating factor in the insurance arena for eg if you look at the HDFCmodel.There are banks that are lending at lower rates but even then HDFC is able to grow at30% thus if HDFC grows at 30%, it is on that balance sheet, while others might grow100% but that would be on that small size. Thus it is important that people trust you.It matters to do the right things even if they are not beneficial in the shorter run. Thuswe know the purpose of our existence in this sector. The main support, which we getfrom our foreign partner, is in terms of actuary support. Actuaries are the people whoarrive at the premium rates. It is a monopoly market & there are not too many playerswho get into this. There is a shortage of actuaries in India but yes now the people arepursuing it as a career.We get a lot of actuarial support from our foreign partner in terms of productdevelopment, valuation processes & it is necessary at each step to know what theimplications are.PRODUCTS:HDFC Standard Life offers a bouquet of insurance solutions to meet every need. WeCater to both, individuals as well as to companies looking to provide benefits to theiremployees. This section gives you details of all our products.Babasabpatilfreepptmba.com Page 31
  • 32. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED o Individual Product o Group Product o Rural ProductIndividual Products:HDFC Standard Life realizes that not everyone has the same kind of needs. Keepingthis in mind, we have a varied range of Products that you can choose from to suit allyour needs. These will help secure your future as well as the future of your family.  Protection PlansOne can protect their family against the loss of your income or the burden of a loanin the event of your unfortunate demise, disability or sickness. These plans offervaluable peace of mind at a small price. Protection range includes our TermAssurance Plan & Loan Cover Term Assurance Plan.  Investment PlansSingle Premium Whole of Life plan is well suited to meet your long term investmentneeds. We provide you with attractive long term returns through regular bonuses.  Pension Plans Pension Plans helps one secure their financial independence even afterretirement. Pension range includes Personal Pension Plan and Unit Linked PensionPlan.  Savings PlansBabasabpatilfreepptmba.com Page 32
  • 33. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Savings Plans offers flexible options to build savings for ones future needssuch as buying a dream home or fulfilling your children’s immediate and futureneeds. Savings range includes Endowment Assurance Plan, Unit Linked EndowmentAssurance Plan, Money Back Plan, Children’s Plan, Unit Linked Young star Plan.  Term Assurance Plan :If you have a family that you care for, you should consider what would happen incase of your unfortunate death. The emotional void cannot be filled, but financialinsecurity can be avoided. By taking this affordable life insurance plan, you canprovide for the well-Being of your family in case of your unfortunate death. Thisplan comes to you at a Minimal cost and is well-suited for the value-consciouscustomer.Under this plan, a sum assured is payable in case of death of the life assured duringthe term of the contract. One can choose the lump sum that would replace the incomelost to one’s family in the unfortunate event of ones death. Since this non-participating (without Profits) plan is a pure risk cover plan, no benefits are payableon survival to the end of the term of the policy.A protection plan to secure higher protection needed for your family at economicalrates Optional riders for enhanced protection unique joint life option to cover yourspouse under the same plan Single / regular premium payment options.  PERSONAL PENSION PLANToday, one is busy climbing the ladder of success and realizing their dreams. Today,time is with you. Just take a moment and think. Will you be able to continue at thesame pace? Will your income be the same forever? Will you be able to live life onyour own terms even after you retire?Babasabpatilfreepptmba.com Page 33
  • 34. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED  HDFC PERSONAL PENSION PLAN:HDFC understands ones need to build a secure future for them self. Hence, theHDFCPersonal Pension Plan is an insurance policy that is designed to provide a post –retirement income for life with the freedom to choose your retirement date.You can choose your premium, the Sum Assured and your retirement date. At theend of the policy term, you will receive the Sum Assured plus any attaching bonus,which will provide your post - retirement income.The HDFC Personal Pension Plan is an insurance policy, which can benefit one inthe following ways: • Provides a post retirement income in your golden years • Gives you the flexibility to plan your retirement date • Gives you tax benefits on your premiumsThe plan receives simple Reversionary Bonuses, which are usually added annually.At the end of the term an additional Terminal Bonus may be paid depending on theperformance of the underlying investment.Easy steps to get insured are:  Choose your retirement ageBabasabpatilfreepptmba.com Page 34
  • 35. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED  Estimate the post – retirement income you require.  Work out the premium payable with your Financial Consultant.  UNITLINKEDPENSIONPLAN:Lead a life of respect and dignity. Even after retirement today, one is busy climbingthe ladder of success and realizing their dreams. Today, time is with you. Just take amoment and think. Will you be able to continue at the same pace? Will your incomebe the same forever? Will you be able to live life on your own terms even after youretire? HDFC UNIT LINKED PENSION PLANHDFC understands ones need to build a secure future for themself.The HDFC UnitLinked Pension Plan is an insurance policy that is designed to provide a retirementincome for life with the freedom to maximize your investment returns by providing achoice of thoroughly researched and selected investments.Stride into your golden years of retirement with dignity and pride. You can chooseyour premium and the investment fund or funds. We will then invest your premium,net of charges in your chosen funds in the proportion you specify.Babasabpatilfreepptmba.com Page 35
  • 36. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDAt the end of the policy term, you will receive the accumulated value of your funds,which will be used to provide your pension income. In the event of your unfortunatedemise during the policy term, your spouse will receive a cash lump sum to help himor her manage their retirement years.The HDFC Unit Linked Pension Plan is an insurance policy, which benefits youin the following ways: • Provides a post retirement income for life • Gives you the flexibility to plan your retirement date • Gives you the freedom to invest premiums as per your preference • Offers you potentially higher market linked returns • Give you tax benefits on your premiums and on receiving the lump sum.Easy steps to get insured are:  Choose your retirement age  Choose the premium you wish to invest, based on your retirement need.  Choose the investment fund or funds you desire  Endowment Assurance Plan:Babasabpatilfreepptmba.com Page 36
  • 37. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDYou have given your family the very best. And there is no reason why they shouldnot get the very best in the future too. As a judicious family man, your priority is tosecure the well-being of those who depend on you. Not just for today, but also in thelongterm.More importantly, you have to guard your loved ones against anyeventuality. How will they sustain their way of life, so lovingly built by you, in yourabsence?With our HDFC Endowment Assurance Plan, you can ensure that your familyremains financially independent, even if you are not around. You can ensure that theylive a life of respect and dignity. AlwaysThe HDFCSLIC Endowment Assurance Plan gives: • An ideal way to secure your long-term financial goals • Valuable protection to your family by way of lump sum payment in case of your unfortunate death within policy term • Provides lump sum payment (basic Sum Assured plus any bonus additions) on survival up to maturity date • Very flexible benefit options and payment options • In case of your unfortunate demise during the policy term, this participating (‘With Profits’) insurance plan will pay your family the Sum Assured (together with the attached bonuses) you had chosen.Babasabpatilfreepptmba.com Page 37
  • 38. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED • The plan receives simple Reversionary Bonuses, which are usually added annually. At the end of the term an additional Terminal Bonus may be paid depending on the performance of the underlying investmentEasy steps to get insured are: • Choose the amount of targeted savings and policy term using our financial planning tool. • Choose from any one of the 4 additional benefit options as per your requirement. • Work out the premium payable and Sum Assured with our Financial Consultant.  CHILDRENS PLAN:As a parent, your priority is your child’s future and being able to meet your child’sdreams and aspirations. Today, providing a good education, establishing aprofessional career or even a modest wedding is expensive. Costs are increasing fast.Just imagine how much you’ll need when your child takes these important steps inlife! Plan today to ensure a bright future for your child. Start building savings todaywith our HDFC Children’s Plan. So that your child is able to lead a life of respectand dignity with a secured financial future.The HDFC Childrens Plan gives:Babasabpatilfreepptmba.com Page 38
  • 39. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED • Invaluable financial support to your child • Helps you customize an ideal plan for your child • Provides you multiple options for multiple benefitThe HDFC Children’s Plan is designed to secure your child’s future by giving yourchild (the beneficiary) a guaranteed lump sum, on maturity or in case of yourunfortunate demise, early in the policy term. The premiums, paid by you, areinvested by the company to give you good long-term returns.The plan receives simple Reversionary Bonuses, which are usually added annually.At the end of the term an additional Terminal Bonus may be paid depending on theperformance of the underlying investment (See ‘Bonuses’ for more details).Easy steps to follow: • Choose the amount of targeted savings and policy term using our Financial Planning Tool. • Choose any one of the 3 plan options as per your childs requirement. • Work out the premium payable and Sum Assured with our Financial Consultant  UNIT LINKED YOUNG STAR PLAN:Babasabpatilfreepptmba.com Page 39
  • 40. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDAs a parent, your priority is your children’s future and being able to meet theirdreams and aspirations. Today, providing a good education, establishing aprofessional career or even a modest wedding is expensive. Costs are increasing fast.Just imagine how much you will need when your children take these important stepsin life. Plan today to ensure a bright future for your children. Start building savingstoday with the HDFC Unit Linked Young Star Plan. So that your child is able to leada life of respect and dignity with a secured financial future.The HDFC Unit Linked Young Star Plan gives you: • An outstanding investment opportunity by providing a choice of thoroughly researched and selected investments. • Valuable protection in case of the insured parent’s unfortunate demise • Very flexible benefit combinations and payment options • Flexible additional benefit options such as critical illness cover • You can choose your premium and the investment fund or fundsBabasabpatilfreepptmba.com Page 40
  • 41. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED We will then invest your premium, net of charges in your chosen funds in the proportion you specify. At the end of the policy term, you will receive the accumulated value of your funds In case of your unfortunate demise during the policy term; HDFC Standard Life will continue the policy AND continue to pay the original premiums you had chosen. Your family will receive the Sum Assured you had chosen* plus the fund built up by your and HDFC Standard Life’s contributions. Use HDFC Standard Life’s excellent investment options to maximize yoursavings and maximize your child’s achievements. We will provide security for your child and make those savings on your behalf, in your absenceEasy steps to follow: • Choose the premium you wish to invest. • Choose the amount of Protection (Sum Assured) you desire. • Choose the additional benefit options you desire. • Choose the investment fund or funds you desire.Money Back Plan:You have always believed in living life on your own terms. So why let the changingrealities of everyday life overwhelm you and make your aspirations take a back seat?You can plan now to ensure that you have the necessary funds to meet your futurefinancial needs.Babasabpatilfreepptmba.com Page 41
  • 42. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDThe HDFC Money Back Plan is a ‘With Profit’ Plan that gives you:A proportion of the basic Sum Assured as cash lump sums at regular 5-year intervalswithin the policy term (see the table given below) – an ideal way to secure your long-term as well as short-term financial goals. A lump sum payment on survival up tomaturity date Valuable protection to your family by way of lump sum payment incase of your unfortunate death within the policy term. This is over and above anyearlier payouts Making the right kind of investment will enable you to achieve yourobjectives – be it your immediate expenses or else securing your future financialneeds. Our Money Back Plan gives you a wide range of terms and cash benefitschedule to choose from. A summary of Key Benefits including the cash lump sumpayments, expressed as a percentage of Sum Assured is shown below.Maturity Value:On maturity you receive survival benefit due at that point of time along withattachingbonuses for the full Sum Assured calculated for the full term. You can ensure yourfinancial independence. And be able to live life on your own terms.Steps to be followed: • Choose the amount of targeted savings and policy term using our Financial Planning Tool. • Choose from any one of the 4 additional optional benefits as per your requirement. • Work out the premium payable and Sum Assured with our Financial ConsultantBabasabpatilfreepptmba.com Page 42
  • 43. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDGroup Products:One-stop shop for employee-benefit solutions HDFC Standard Life has the most comprehensive list of products forprogressive Employers who wish to provide the best and most innovative employeebenefit solutions to their employees. We offer different products for different needsof employers ranging from term insurance plans for pure protection to voluntaryplans such as superannuation and leave encashment.HDFC offer the following group products to their esteemed corporate clients: • Group Term Insurance with Riders • Group Term Insurance with Profit-Share • Group Unit-Linked Plan For Gratuity : • For Defined Benefit Superannuation • For Defined Contribution SuperannuationBabasabpatilfreepptmba.com Page 43
  • 44. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDGROUP TERM INSURANCEWhatever the business - it’s the people who make it a success. Everybody requiressome type of life insurance, especially when others depend on them financially. TheGroup Term Insurance plan meets precisely this need and serves as an ideal way forcompanies to reinforce their bond with their employees. The sort of needs you, as anemployer might have can be: An employee benefit: • A cover for housing loan or vehicle loan given by you to your employees. • A cover for future service gratuity liability to be taken along with the HDFC SL Group Unit Linked Plan. The Group Term Insurance (GTI) is a cost-effective plan that addresses theseneeds. In Addition you have the choice to opt for a GTI with an experience discountfeature, wherein a discount is given on future premiums in case of favorable claimexperience The Group Term Insurance plan will have the following structure: • One year renewable term insurance plan • One master policy issued covering all members of the group • Sum assured is payable on death (either due to natural causes or accidents)Key features of the plan:Our product has been designed to offer innovative features and a high degree ofCustomization. These areConvenient medical procedures:Babasabpatilfreepptmba.com Page 44
  • 45. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDThe members do not need to undergo any medical examination up to the “Free CoverLimit”. This limit is dependant upon the sum assured and the size of the group.Awards and AccoladesMarch, 2008Unit Linked Savings Plan Tops Mint Best TV Ads SurveyThe Unit Linked Savings Plan advertisement of HDFC Standard Life, one of theleading Private insurance companies in India, has topped Mint’s Top TelevisionAdvertisement Survey conducted, for February 2008. HDFC Standard Life’s UnitLinked Savings Plan Advertisement was ranked 4th in terms of a combined score ofad awareness and brand recall and 3rd in terms of ad diagnostic scores (likeability,enjoyment, believability, and Claim). The respondents were between 18 and 40years. Mint’s exclusive report, ‘New voices in a makeover’ outlines the survey indetail.February, 2008Deepak M Satwalekar Awarded QIMPRO Gold Standard Award 2007Mr Deepak M Satwalekar, Managing Director and CEO, HDFC Standard Life,received the QIMPRO Gold Standard Award 2007 in the business category at the18th annual Qimpro Awards function. The award celebrates excellence in individualBabasabpatilfreepptmba.com Page 45
  • 46. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDperformance and highlights the quality achievements of extraordinary individuals inan era of global competition and expectations.January, 2008Sar Utha Ke Jiyo Among India’s 60 Glorious Advertising MomentsHDFC Standard Life’s advertising slogan honored as one of ‘60 GloriousAdvertising & Marketing Moments over the last 60 years in India,’ by 4PsBusiness and Marketing magazine. The magazine said that HDFC Standard Life isone of the first private insurers to break the ice using the idea of self respect (SarUtha Ke Jiyo) instead of death to convey its brand proposition. This was then,followed by others including ICCI Prudential, thus giving HDFC Standard Life thecredit of bringing up one such glorious advertising and marketing moment in the last60 years.December, 2007Pension Plan Tops Mint’s Survey of Best TV Ads HDFC Standard Life’s pension plans topped the ad diagnostics and ranked eighthon ad reach in a survey of new television advertisements in November, 2007,conducted by Mint, the leading business newspaper of the Hindustan Times Group.Our pension advertising was ranked first in terms of ad diagnostic scoresBabasabpatilfreepptmba.com Page 46
  • 47. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED(likeability, credibility, enjoyment). The respondents were between 18 and 40 years.We were ranked 8th in terms of a combined score of ad awareness and brandrecall.September, 2007Ranked Sixth Most Effective Advertisement HDFC Standard Life was ranked 6th amongst ‘The 10 most effective ads’ inSeptember 2007, according to the JuxtConsult’s Ad Box Office Monthly Monitor.We have moved up from 56 th position in August 2007. JuxtConsult’s Ad Box Officeis India’s biggest monthly monitor of most effective television ads amongst urbanconsumers. The ranking was based on the total effectiveness of the ad in connectingthe Sar Utha Ke Jiyo ranked 10 th in the Top 10 Top-of-mind ad slogans inSeptember, 2007, according to the JuxtConsult’s Ad Box Office Monthly Monitor.The ranking was based on how much our ad slogan recalled ‘top of mind’ in the dailyad clutter. June, 2007Received PCQuest Best IT Implementation Award 2007Babasabpatilfreepptmba.com Page 47
  • 48. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED HDFC Standard Life received the PCQuest Best IT Implementation Award 2007for Wonders, its path-breaking implementation of an enterprise-wide workflowsystem. PCQuest, the leading IT publication from the CyberMedia Group identifiedsix most innovative IT implementation projects deployed successfully across Indiafor the award. The winners of the 4th PCQuest Best IT Implementation Awards werechosen from 250 nominations across 22 industries and 23 projects ranging fromgovernment, banking finance and insurance, manufacturing, petroleum, and IT/ITESto poultry, travel and tourism, real estate, construction, power and utilities. INTRODUCTION TO THE TOPICBabasabpatilfreepptmba.com Page 48
  • 49. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDMeaning of Employee Satisfaction: Employee Satisfaction refers to a person’s feeling on the job, which acts as amotivation to work. It is not self satisfaction, happiness or self-contentment butsatisfaction on the job. The term refers to the total relationship between an individualand the employer for which he is paid.Definition of Employee SatisfactionBabasabpatilfreepptmba.com Page 49
  • 50. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Employee Satisfaction is defined as “a pleasurable emotional state resultingfrom the appraisal of one’s job as achieving or facilitating the achievement of one’sjob values”.In contrast, employee dissatisfaction is defined as “the unpleasurable emotional stateresulting from the appraisal of one’s job as frustrating or blocking the attainment ofone’s job values or as entailing disvalues”.Why do we need to study “Employee Satisfaction”? "Employee satisfaction" helps a Company to maintain certain standards &increase productivity by motivating the employees. This study helps to show howmuch the employees are capable & their interests at the work place, what are thethings still needed to be satisfied for the employees. Although "Human Resources"are the most important resources for any organization, to study employee satisfactionhelps to understand the working conditions & those factors that affect employees andtheir working capabilities. It is seen that in the recent times most of the work arecarried out by machines/equipments but without any Manual moments nothing canbe done to its full extent. Hence the study on Employee Satisfaction has gained highimportance in today’s business world.Why Is Employee Satisfaction So Important?If articles were published in the 1940’s or 1950’s regarding employee satisfaction,some senior managers might question its importance or, possibly, even its relevanceto the business community. Many in senior management feel that their employees areBabasabpatilfreepptmba.com Page 50
  • 51. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDsatisfied because they have a job to go to and their payroll checks cleared everyweek. Other experienced executives are heard of saying, “Of course, our staff issatisfied. They show up and continue working for us for years.”As most companies are now aware, the choices, information, communication, andmindset of most employees are quite different in the new millennium. Employees aremore focused on their career development and work/life balance. If their currentemployer cannot or will not provide the environment they desire, they will simplysurf the Internet, viewing job boards, dealing with respected professional placementfirms, or visit other career websites to seek new opportunities. The playing field,once weighted in favor of the employer, is much more equal now.Improving and maintaining employee satisfaction results in better staff retention,since there are fewer reasons to look elsewhere. To improve one’s report card, wereit to be completed by the staff, should be a goal of the Company and theirManagement. The cost of employee dissatisfaction and high turnover can, by itself,severely damage a company’s bottom line.Factors of Employee Satisfaction: There are different factors on which employee satisfaction depends. Some ofthe important factors are further discussed-Babasabpatilfreepptmba.com Page 51
  • 52. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Personal Factors: They include an employee’s sex, education, age, marital status and theirpersonal characteristics, family background, socio-economic background, etc. Factors inherent in the Job: These factors have recently been studied and found to be important in theselection of employees. Instead of being guided by their co-workers and supervisors,the skilled workers would rather like to be guided by their own inclination to choosejobs in consideration of ‘what they have to do’. These factors include: • The work itself • Conditions • Influence of internal and external environment on the job which are controlled by the management. Factors controlled by the Management They include the nature of supervision, job security, kind of work group,wage rate, promotional opportunities, and transfer policy, duration of work and senseof responsibilities.Babasabpatilfreepptmba.com Page 52
  • 53. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED All these factors greatly influence the workers to large extents. Their presencein the organization motivates the workers and provides a sense of employeesatisfaction.Benefits of Employee Satisfaction 1. Employee Satisfaction contributes to sound superior-subordinate relations. 2. Employee Satisfaction reduces employee grievances. Further satisfied employees will follow the company rules and regulations as it will reduce employee indiscipline. 3. Employee Satisfaction leads to employee commitment to industrial peace by avoiding the occurrence of industrial disputes. 4. Employee Satisfaction helps the employees to build teams easily so as to maximize their contribution. Further more modern techniques of human resource management like empowerment can easily be practiced. 5. Further implementation of enterprise resource planning and business process reengineering can be possible with employee satisfaction.Importance of Employee Satisfaction Employee satisfaction plays a vital role in the success of the organization.High employee satisfaction keeps employees loyal to the job, profession andorganization. This leads to employee commitment and sincerity. The committed andsincere employees not only plan out their individual work but also the work of thegroup ant ht entire department. Further, the committed employees contribute theirhuman resources to the maximum extent of their job.Babasabpatilfreepptmba.com Page 53
  • 54. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDFinancial consultantFinancial Consultant are nothing but the company’s representatives who sellinsurance policy to the customers .Their appeal towards the customer should be verypolite , and they should also have a clear idea about their competitor’s products inthe same space to be an effective salesman who can sell company ‘s product to hislevel best.The company is having many channels of distribution to sell their products. Financialconsultants are one of the channels of distribution of the company who actually playsthe role of guiding the customers to invest their earnings and savings in insurance,from which they can get commission. And their customers also benefit in the form ofreturns and also get monetary refunds in the cases of any miscomfort regarding theirhealth and life, it is also like a property which can also be used to get loans frombanks.The new companies are looking for educated, aware individuals with marketing flair,an elite group who can be attracted only with high remuneration and the lure of afashionable job, all of which may not be possible in this business with its pricepressures and the complexity of selling insurance. Unable to attract this segment,they have started easing recruitment conditions as against the stringent norms theyhad earlier, there by diluting the process.The challenge here is the lack of knowledge of the competitive market and theinability to do intelligent comparisons with the competitor’s products. Educating andtraining these agents is a serious challenge for the insurance company.Babasabpatilfreepptmba.com Page 54
  • 55. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDThe relevance of this kind of agent continues even today as agents are sought orcontracted by families by word of mouth. Insurance companies are advised not tofollow the path of FMCG’s /credit card companies, believing that a suited and bootedcustomer care consultant or financial consultant will necessarily appeal to theaverage Indian customer.For Becoming Consultant rules and regulation as follows:1) What exactly they Need to Do? As an HDFC Standard Life Insurance Consultants, they have to work with individuals, families and business to understand their protection and investment needs, and identify solutions that best fit their requirements. To help make their task easier, they are having companies access over vast support system of over branches at locations.2) What Qualification they Need?  Their age should be atleast 18 years old.  The Candidate has passed at least 12th from a recognized State or Central Board if he/she is from urban area.  The Candidate has passed at least 10th from a recognized State or Central Board if he/she is from rural area.  They all need to sell policies is a Consultants Certification by training at recognized institute.  The IRDA also conducts examination, which every candidate must pass, as to become a Financial Consultant.Babasabpatilfreepptmba.com Page 55
  • 56. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED 3) Do they NEED Selling or Financial Experience? No, this not necessary. HDFC Standard Life will equip with all the information and knowledge you need, through training programs entirely sponsored by the company. 4) Can they Work Part-Time? Yes, they can. Several consultants have started with the company as a part time basis and then, as their business grew, become full time consultants. 5) Can they keep Their Current Job? Of Course! The only limitation is that as an individual, you may not take up a job as a consultant with any other life insurance company. While most of the training costs are borne by HDFC Standard Life, you need to pay for a small component as a joining fee, which covers your examination charges and your licensing charges, among other expenses.Babasabpatilfreepptmba.com Page 56
  • 57. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED RESEARCH DESIGNBabasabpatilfreepptmba.com Page 57
  • 58. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDProblem statement: To analyze the satisfaction level of the FinancialConsultants with HDFC standard life.Approach to the problem:1. Research Methodology:In order to achieve the below objectives following research design was adopted.Objectives of Study:  To study the role of financial consultants in HDFC standard life insurance.  To find out the key motivational factors of the financial consultants.  To measure the satisfaction level of the financial consultants towards the support of the superiors in achieving their target.  To study about the training and guidance provided to the financial consultants.  To study the satisfaction level of the financial consultants towards company2. Sample profile:Sample Size: 100 respondents3. Sources of Data:For the purpose of research study the data from two sources has been collectedmainly,  Primary DataBabasabpatilfreepptmba.com Page 58
  • 59. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED  Secondary Data 1) Primary Data : Primary data was collected by conducting a survey in the company, with the help of questionnaire and by interviewing the financial consultants in the company. Data of the financial consultants have taken from the company. 2) Secondary Data : Pamphlets, News Papers, journal, Company register.MEASUREMENT TECHNIQUE:Sampling Method : Convenience samplingSample size : 100Sampling Technique : Personal InterviewSampling Unit : Financial ConsultantArea : BelgaumDuration : 16th June2008 to 14th Aug2008LIMITATIONS:Babasabpatilfreepptmba.com Page 59
  • 60. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED  Project is limited to Financial Consultants of HDFC Standard Life Belgaum city.  The scope of the study is restricted to the time constraint. DATA ANALYSISBabasabpatilfreepptmba.com Page 60
  • 61. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED FINANCIAL CONSULTANTS PROFILE: Age Cumulative Frequency Percent Valid Percent Percent Valid 20 - 30 53 53.0 53.0 53.0 30 - 40 31 31.0 31.0 84.0 40 - 50 12 12.0 12.0 96.0 50 - 60 4 4.0 4.0 100.0 Total 100 100.0 100.0 Age 50 - 60 4.0% 40 - 50 12.0% 20 - 30 53.0% 30 - 40 31.0%Babasabpatilfreepptmba.com Page 61
  • 62. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation : The above pie chart gives the breakup of financial consultants(FC’s) lying between different age groups of which it is being observed thatmaximum percentage of FC’s lie between the age 20 -30. Sex Cumulative Frequency Percent Valid Percent Percent Valid Male 70 70.0 70.0 70.0 Female 30 30.0 30.0 100.0 Total 100 100.0 100.0Babasabpatilfreepptmba.com Page 62
  • 63. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Sex Female 30.0% Male 70.0%Interpretation: From the above pie chart it can be observed that the major portionof FC’s is being dominated by male since the work involves lot of travel. Martial Status Cumulative Frequency Percent Valid Percent Percent Valid Married 48 48.0 48.0 48.0 Unmarried 52 52.0 52.0 100.0 Total 100 100.0 100.0Babasabpatilfreepptmba.com Page 63
  • 64. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Martial Status Married 48.0% Unmarried 52.0%Interpretation: From the above pie chart it is being observed that a major part ofFC’s is among the unmarried personals.Babasabpatilfreepptmba.com Page 64
  • 65. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Education Qualification Cumulative Frequency Percent Valid Percent Percent Valid SSLC 7 7.0 7.0 7.0 12th 24 24.0 24.0 31.0 Graduate 34 34.0 34.0 65.0 Post Graduate 15 15.0 15.0 80.0 Others 20 20.0 20.0 100.0 Total 100 100.0 100.0 Education Qualification SSLC Others 7.0% 20.0% 12th 24.0% Post Graduate 15.0% Graduate 34.0%Interpretation: According to the pie chart most of the FC’s are Graduate & 24%of them are 12th pass & 20% of them belong to other qualification, 15% of the FC’sare post graduate & 7% of FC’s are 10th pass.Babasabpatilfreepptmba.com Page 65
  • 66. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Employed Cumulative Frequency Percent Valid Percent Percent Valid Part Time 81 81.0 81.0 81.0 Full TIme 19 19.0 19.0 100.0 Total 100 100.0 100.0 Employed Full TIme 19.0% Part Time 81.0%Interpretation: From the above pie chart it is observed that out of 100respondents 81% of financial consultants are working for part time as to earn more.Babasabpatilfreepptmba.com Page 66
  • 67. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Since how many years you have been working as Financial Consultant for HDFC SLIC. Cumulative Frequency Percent Valid Percent Percent Valid 6months & above 24 24.0 24.0 24.0 1year -- 3year 43 43.0 43.0 67.0 3year--4year 25 25.0 25.0 92.0 4year & above 8 8.0 8.0 100.0 Total 100 100.0 100.0 Since how many years you have been working as FC for HDFC SLIC 4year & above 8.0% 3year--4year 25.0% 6months & above 24.0% 1year -- 3year 43.0%Interpretation: It seems that most of the FC’s are working from 3 years and belowfollowed by those working below 4 years.Babasabpatilfreepptmba.com Page 67
  • 68. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED What made you to choose career in HDFC? Cumulative Frequency Percent Valid Percent Percent Valid Brand Name 10 10.0 10.0 10.0 Incentives 39 39.0 39.0 49.0 Opportunities 20 20.0 20.0 69.0 Growth 16 16.0 16.0 85.0 Others 15 15.0 15.0 100.0 Total 100 100.0 100.0 What made you to choose career in HDFC? Brand Name Others 10.0% 15.0% Grow th 16.0% Incentives 39.0% Opportunities 20.0%Babasabpatilfreepptmba.com Page 68
  • 69. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: It is being observed that 39% of the total FC’s join HDFC becauseof the attractive incentives offered by the company followed by the excitingopportunities they get by HDFC. Are you happy with the training and guidance that is being provided by the company ? Cumulative Frequency Percent Valid Percent Percent Valid Yes 96 96.0 96.0 96.0 No 4 4.0 4.0 100.0 Total 100 100.0 100.0 Are you happy w ith the training & guidance that is provided by company? No 4.0% Y es 96.0%Babasabpatilfreepptmba.com Page 69
  • 70. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: 4% FC’s say that they are not happy with the training & guidancebecause language becomes a problem & 96 %FC’s are happy with training &guidance provided by the company.How do you rate the satisfaction level with respect to training and guidance given by the company ? Cumulative Frequency Percent Valid Percent Percent Valid Highly Statisfied 15 15.0 15.0 15.0 Satisfied 73 73.0 73.0 88.0 NeitherNor 9 9.0 9.0 97.0 Dissatisfied 3 3.0 3.0 100.0 Total 100 100.0 100.0 Rate the satisfaction level with respect to training & guidance. Dissatisf ied 3.0% NeitherNor Highly Statisfied 9.0% 15.0% Satisf ied 73.0%Babasabpatilfreepptmba.com Page 70
  • 71. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: 88% of them are satisfied with training & guidance that is beingprovided, 3% of them are dissatisfied with respect to training & guidance. Do superiors provide their assistance & support in achieving target? Cumulative Frequency Percent Valid Percent Percent Valid Yes 96 96.0 96.0 96.0 No 4 4.0 4.0 100.0 Total 100 100.0 100.0Babasabpatilfreepptmba.com Page 71
  • 72. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Do superiors provide their assistance & support in achieving target? No 4.0% Yes 96.0%Interpretation: Most of superiors extend their assistance for achieving the target .Babasabpatilfreepptmba.com Page 72
  • 73. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Your job satisfaction level towards the company ? Cumulative Frequency Percent Valid Percent Percent Valid Highly Satisfied 4 4.0 4.0 4.0 Satisfied 82 82.0 82.0 86.0 Average 11 11.0 11.0 97.0 Disatisfied 2 2.0 2.0 99.0 Highly Dissatisfied 1 1.0 1.0 100.0 Total 100 100.0 100.0 Your job satisfaction level towards the company ? Highly Dissatisf ied 1.0% Disatisf ied 2.0% Average 11.0% Highly Satisf ied 4.0% Satisf ied 82.0%Interpretation: From the above pie chart it is observed that 82% of the Fc’s aresatisfied with their job in the company, 4% of the FC’s are highly satisfied ,11% ofthe FC’s are unable to say anything about the satisfaction level, 2% are dissatisfiedand 1% are highly dissatisfied.Babasabpatilfreepptmba.com Page 73
  • 74. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Which products do you feel, sell easily in the market? Cumulative Frequency Percent Valid Percent Percent Valid Protection Plan 5 5.0 5.0 5.0 Investment Plan 5 5.0 5.0 10.0 Pension Plan 14 14.0 14.0 24.0 Savings Plan 14 14.0 14.0 38.0 Unit Linked Plan 62 62.0 62.0 100.0 Total 100 100.0 100.0 Which products do you feel, sell easily in the market? Protection Plan 5.0% Investment Plan 5.0% Pension Plan 14.0% Unit Linked Plan Savings Plan 62.0% 14.0%Interpretation: From the above pie chart it is depicted that, 62% FC’s say that unitlinked plans are easily movable in the market, as compared to other plans.Babasabpatilfreepptmba.com Page 74
  • 75. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED What difficulties arise in selling the products? Cumulative Frequency Percent Valid Percent Percent Valid Brand Image 18 18.0 18.0 18.0 Price Range 47 47.0 47.0 65.0 Returns 18 18.0 18.0 83.0 Security 17 17.0 17.0 100.0 Total 100 100.0 100.0 What difficulties arise in selling the products? Security Brand Image 17.0% 18.0% Returns 18.0% Price Range 47.0%Interpretation: From the above pie chart it is observed that 47% FC’s say thatprice range is a difficulty to sell their product, , 18% of the FC’s say that returns andbrand image is a difficulty to sell , 17% FC’s say that security is a difficulty to sell.Babasabpatilfreepptmba.com Page 75
  • 76. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Do the promotional activities help the financial consultants to sell the products easily in the market. Cumulative Frequency Percent Valid Percent Percent Valid Highly AGREE 7 7.0 7.0 7.0 Agree 78 78.0 78.0 85.0 NeitherNor 12 12.0 12.0 97.0 Disagree 3 3.0 3.0 100.0 Total 100 100.0 100.0 Do promotional activities help FCs to sell the products in the market. Disagree 3.0% NeitherNor 12.0% Highly AGREE 7.0% Agree 78.0%Babasabpatilfreepptmba.com Page 76
  • 77. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: From the above pie chart it is observed that out of 100respondents, 78% FC’s say that promotional activities help them to sell theirproducts, Performance of companys available product in terms of sales. Cumulative Frequency Percent Valid Percent Percent Valid Very Good 2 2.0 2.0 2.0 Good 48 48.0 48.0 50.0 Average 45 45.0 45.0 95.0 Bad 3 3.0 3.0 98.0 Very Bad 2 2.0 2.0 100.0 Total 100 100.0 100.0 Performance of companys available product in terms of sales. Very Bad 2.0% Bad Very Good 3.0% 2.0% Good Average 48.0% 45.0%Babasabpatilfreepptmba.com Page 77
  • 78. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: From the above pie chart it is observed that, 48% FC’s say thatperformance of company’s is good in terms of sales, 45% FC’s say that performanceof companies is average, 3% FC’s say that performance of companies is bad and 2%FC’s say that companies performance is very good . Are you satisfied with the commission structure given by the company? Cumulative Frequency Percent Valid Percent Percent Valid Highly Satisfied 14 14.0 14.0 14.0 Satisfied 57 57.0 57.0 71.0 Average 22 22.0 22.0 93.0 Dissatisfied 6 6.0 6.0 99.0 Highly Dissatisfied 1 1.0 1.0 100.0 Total 100 100.0 100.0 Are you s atisfied with the com mission structure given by company. Highly Dissatisf ied 1.0% Dissatisf ied 6.0% Av erage 22.0% Highly Satisf ied 14.0% Satisf ied 57.0%Babasabpatilfreepptmba.com Page 78
  • 79. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDInterpretation: from the above chart we can say that 57% of them are satisfiedwith the commission structure offered by HDFC and 7% are dissatisfied withcommission structure. Do you wish to continue with HDFC standard life insurance? Cumulative Frequency Percent Valid Percent Percent Valid Yes 91 91.0 91.0 91.0 No 9 9.0 9.0 100.0 Total 100 100.0 100.0Babasabpatilfreepptmba.com Page 79
  • 80. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED Do you wish to continue with HDFC standard life insurance? No 9.0% Yes 91.0%Interpretation: From the above pie chart it is observed that out of 100respondents, 91% FC’s say that they would like to continue with the company HDFCand 9% FC’s say that they wouldn’t like to discontinue with the company. FINDINGSBabasabpatilfreepptmba.com Page 80
  • 81. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDFINDINGS:1 According to survey most of the Financial Consultants (FC”s) are working since 1- 3 years.Babasabpatilfreepptmba.com Page 81
  • 82. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED2 Incentive is the major factor which makes the financial consultant to choose careerin HDFC.3 96% are satisfied with the training & guidance provided by the company.4 Financial Consultants get support in selling the products with promotionalactivities, this acts as motivational factor.5 57% of the FC’s are satisfied with the commission structure.Babasabpatilfreepptmba.com Page 82
  • 83. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED RECOMMENDATIONSRECOMMENDATIONS:Babasabpatilfreepptmba.com Page 83
  • 84. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED • Company should continue to provide attractive incentives to financial consultants even after one year as they give more importance for incentives. • Company should give extra benefit to its efficient Agents which will motivate them to get more business and achieve their larger Sales. • The target given to the FC’s should be realistic, So that it does not demotivate them. • The procedure of getting insurance policy is hectic and time consuming, which should be simplified so that the FC’s work more efficiently.Babasabpatilfreepptmba.com Page 84
  • 85. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED CONCLUSIONBabasabpatilfreepptmba.com Page 85
  • 86. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDBabasabpatilfreepptmba.com Page 86
  • 87. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDCONCULSION : HDFC Standard Life Insurance is one of the private life insurance company inIndian insurance industry. There is training and guidance to financial consultants toexplain about the products.. Superiors take keen interest in providing assistance andsupport to their sub ordinates to achieve their above said target. Whenever company launches a new product, company conducts some functions or training program to educate their financial consultants, which ensures direct interaction with existing costumers. There is a ‘NEW AGENT DAY’ to boost the new agents in their work.Babasabpatilfreepptmba.com Page 87
  • 88. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED BIBLIOGRAPHYBabasabpatilfreepptmba.com Page 88
  • 89. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDBIBLIOGRAPHYWebsite:www.hdfcstdlife.comwww.irda.comDocuments: Pamphlets of different products of HDFC, A sample of questionnaire which is surveyedBooks: Human Resource Development by Subba Rao, Marketing research by Tull & HawkinsBabasabpatilfreepptmba.com Page 89
  • 90. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED ANNEXUREBabasabpatilfreepptmba.com Page 90
  • 91. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITEDDear Sir / Madam FINANCIAL CONSULTANTS PROFILEName : ...................................... .......... . ContactNo:......................................Address: ..………………………………………. Age : …………. …………………………………….Sex: Male ( ) Female ( ) Marital Status: Married ( ) Unmarried()Education Qualification: a) SSLC ( ) b) 12th ( ) c) Graduate ( ) d) Post Graduate ( ) e) Others ( )Employed: a) Part time ( ) b) Full time ( )1 Since how many years you have been working as Financial Consultant for HDFC standard life Insurance. a) 6months & below ( ) b) 1 year -- 3 year ( ) c) 3year -- 4 year ( ) d) 4year -- above ( )2 What made you to choose career in HDFC? a) Brand name ( ) b) Incentives ( ) c) Opportunities ( ) d) Growth ( ) e) Others …………………………………..3 Are you happy with the training and guidance that is being provided by the Company? a) Yes ( ) b) No ( )4 How do you rate the satisfaction level with respect to training and guidance given by the company? a) Highly satisfied ( ) b) Satisfied ( ) c) NeitherNor ( )Babasabpatilfreepptmba.com Page 91
  • 92. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED d) Dissatisfied ( ) e) Highly dissatisfied ( ) 5 Do you think your superiors provide their assistance and support in achieving your required target? a) Yes ( ) b) No ( ) 6 Your job satisfaction level towards the company? a) Highly satisfied ( ) b) Satisfied ( ) c) Average ( ) d) Dissatisfied ( ) e) Highly dissatisfied ( ) 7 Which products do you feel, sell easily in the market? a) Protection plan ( ) b) Investment plan( ) c) Pension plan ( ) d) Saving plan ( ) e) Unit linked plan ( ) 8 What difficulties arise in selling our products? a) Brand image ( ) b) Price range ( ) c) Past records ( ) d) Returns ( ) e) Security ( ) 9 Do the promotional activities help the financial consultants to sell the products . easily in the market. a) Highly Agree ( ) b) Agree ( ) c) Neither/Nor ( ) d) Disagree ( ) e) Highly Disagree ( ) 10 How do you rate the performance of companies’ available product in terms of sales? a) Very good ( ) b) Good ( ) c) Average ( ) d) Bad ( ) e) Very bad( ) 11 Are you satisfied with the commission structure given by the company? a) Highly satisfied ( ) b) Satisfied ( ) c) Average ( ) d) Dissatisfied ( ) e) Highly dissatisfied ( ) 12. Do you wish to continue with HDFC standard life insurance? a) Yes ( ) b) No ( ) 13. What recommendations would you like to give us in order to improve upon the Performance? …………………………………………………………………………..Babasabpatilfreepptmba.com Page 92
  • 93. The Satisfaction Level of Financial Consultants of HDFC STANDARD LIFE INSURANCE COMPANY LIMITED ………………………………………………………………………….. Thank For Your Valuable ResponseBabasabpatilfreepptmba.com Page 93