Projectsformba.blogspot.com                         CHAPTER 1: INTRODUCTION1.1 THE TOPIC: “MARKET RESEARCH ON FINANCIAL CO...
Projectsformba.blogspot.com1.2 REASON FOR SELECTION OF THIS TOPIC:       The financial sector is one of the booming and in...
Projectsformba.blogspot.com                CHAPTER 2: ORGANIZATIONAL PROFILE1.1 FORMATION OF COMPANY:HOUSING DEVELOPMENT F...
Projectsformba.blogspot.comSTANDARD LIFE:       The Standard Life Assurance Company ("Standard Life") was established in 1...
Projectsformba.blogspot.comSTANDARD LIFE GROUP:   •   The Standard Life group has been looking after the financial needs o...
Projectsformba.blogspot.comINCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.:        The company was incorporated on ...
Projectsformba.blogspot.com2.2 PRODUCT SCOPE:       HDFC Standard Life offers a bouquet of insurance solutions to meet eve...
Projectsformba.blogspot.comIndividual Products:   1. HDFC Childrens Plan,   2. HDFC Endowment Assurance Plan,   3. HDFC Lo...
Projectsformba.blogspot.comPension Plans:       HDFC Standard Life Pension Plans help secure financial independence even a...
Projectsformba.blogspot.com                             PRODUCT PORTFOLIOHDFC offers products as per the life stages of th...
Projectsformba.blogspot.com                      LIFE STAGES & NEEDS IN HAT STAGES                STAGE 1: YOUNG & SINGLE ...
Projectsformba.blogspot.com       Once you have children, your need for life insurance is even more. You need toprotect yo...
Projectsformba.blogspot.comCOMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT:   •   I compared two products, ICICI smart kid ...
Projectsformba.blogspot.com2.3 MILESTONES IN THE HISTORY   •   HDFC is India’s leading housing finance institution and has...
Projectsformba.blogspot.com2.4 COLLABORATIONS & AFFILIATIONS:SUBSIDIARY AND ASSOCIATE COMPANIES:   •   HDFC Bank   •   HDF...
Projectsformba.blogspot.com                                            BANCASSURANCE         GROUP COMPANIES              ...
Projectsformba.blogspot.comHEAD OFFICE: HDFC Standard Life Insurance Co. Ltd.                 Trade Star, 2nd floor,’A’Win...
Projectsformba.blogspot.comBRANCH LOCATIONS SITE MAP:_____________________________________________________________________...
Projectsformba.blogspot.com2.6 TABLE OF FINANCIAL FIGURES: PARAMETERS                         APR-MAR         APR-MAR     ...
Projectsformba.blogspot.com2.7 QUALITY POLICY:   •   SECURITY: Providing long term financial security to our policy holder...
Projectsformba.blogspot.com        2.8 ORGANIZATION CHART:                                         Chairman               ...
Projectsformba.blogspot.com CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT3.1 PROBLEM DEFINATION:       Recrui...
Projectsformba.blogspot.com3.3 GEOGRAPHICAL SCOPE:   The same problem was with the all other branches of HDFC even out of ...
Projectsformba.blogspot.com    CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS       All the findings and conclusions obtain...
Projectsformba.blogspot.comCOLLECTION OF DATA:1: Secondary Data: It was collected from internal sources. The secondary dat...
Projectsformba.blogspot.com4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT:       The mode of collection of data will be based ...
Projectsformba.blogspot.com   CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION1.Your Age?TABLE  Sr. No.          ...
Projectsformba.blogspot.comTABLE  Sr. No.          Category            No. of Respondents        Percentage     1         ...
Projectsformba.blogspot.com3. Educational Qualification?TABLE  Sr. No.          Category            No. of Respondents    ...
Projectsformba.blogspot.comTABLE  Sr. No.          Category           No. of Respondents           Percentage     1       ...
Projectsformba.blogspot.com  Sr. No.          Category           No. of Respondents        Percentage     1              B...
Projectsformba.blogspot.com     2          Between 2 to 5 lacs             62                      31%     3          Betw...
Projectsformba.blogspot.com              Total                   200                  100%                                ...
Projectsformba.blogspot.com                        Total                        200                 100%                  ...
Projectsformba.blogspot.comInterpretationFrom the table and graph above it can be seen that        85% respondent’s are k...
Projectsformba.blogspot.comInterpretationFrom the table and graph above it can be seen that        80% respondent’s have ...
Projectsformba.blogspot.com11. Name of Insurance Company?TABLE  Sr. No.          Category           No. of Respondents    ...
Projectsformba.blogspot.com12. Do you hold any license of any insurance company?TABLE  Sr. No.          Category          ...
Projectsformba.blogspot.comTABLE  Sr. No.           Category          No. of Respondents           Percentage     1       ...
Projectsformba.blogspot.comTABLE  Sr. No.          Category             No. of Respondents       Percentage     1         ...
Projectsformba.blogspot.com     2                No                       140                      70%                    ...
Projectsformba.blogspot.com16. Would you like to earn an additional income through a business opportunity with HDFCSTANDAR...
Projectsformba.blogspot.comCONCLUSIONS:        HDFC Standard Life, the insurance arm of HDFC is expected to go on stream.P...
Projectsformba.blogspot.com    To   make people aware about the benefit of becoming HDFC Standard Life’s      Financial C...
Projectsformba.blogspot.com       Every work has its own limitation. Limitations are extent to which the processshould not...
Projectsformba.blogspot.com                               ANNEXURES1. QUESTIONNAIRE                              QUESTIONN...
Projectsformba.blogspot.comDear Sir/Madam,       I am a student of Suryadatta Institute of Management and Mass Communicati...
Projectsformba.blogspot.com   •   Profession                           □   •   Service                              □   (P...
Projectsformba.blogspot.com   •   Yes                                □   •   No                                 □10.Do you...
Projectsformba.blogspot.com   •     Yes                                □   •     No                                 □15. W...
Projectsformba.blogspot.com                              BIBLIOGRAPHY1.BOOKS                                              ...
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A dessertation report of market research on financial consultant for hdfcslic, pune

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A dessertation report of market research on financial consultant for hdfcslic, pune

  1. 1. Projectsformba.blogspot.com CHAPTER 1: INTRODUCTION1.1 THE TOPIC: “MARKET RESEARCH ON FINANCIAL CONSULTANT FORHDFCSLIC, PUNE” At HDFC Standard Life Insurance, I was assigned with the topic as “Market Researchon Financial Consultant” for my project work. The selection of the topic was in order totake know how do these companies generates business through them. Financial Consultants are those sources of a company who have their own relations andpersonal contacts among common public that they use to generate business through.Company has certain criteria to recruit these Financial Consultants. The steps are asfollows. • He should be at least 12th passed. • He should complete IRDA training. • He should clear the IRDA exam. • He should through successfully the exam and training.Some other criteria: • He should have good personal contacts. • He should have convincing power. • He should be above 18th year old. Once he through all these steps of recruitment, he becomes the legal FinancialConsultant of the company and reserve the right to sale the policy to any prospect clientalso he is paid the commission a certain percentage. There are some reward and tourpackage also._________________________________________________________________________ 1Projectsformba.blogspot.com
  2. 2. Projectsformba.blogspot.com1.2 REASON FOR SELECTION OF THIS TOPIC: The financial sector is one of the booming and increasing leaps and bounce, some ofthe experts say only 20% of Indian population is insured which means 80% Indian are notinsured and therefore having a bright prospect of progress of this sector where I too wouldlike to build my career and be a part of success story. The Financial consultants are another channel through which the company sales itspolicy. It is really difficult to convince and sale a single policy but since these consultantshave their contacts which they can sale a single policy. Whereas I found my interest indealing, interacting and handling a team, because all this most of time park you in somecritical zone which becomes challenge for you and your responsibility becomes to solve thecritical situation or problems.1.3 IMPORTANCE TO THE COMPANY: After interacting with company’s marketing head I got to know that they have manyFinancial Consultants but not getting the policies up to the expectations level of thecompany. Company is really interested in knowing if there is any mistake or lackingsomewhere in process of recruiting and or the criteria they have fixed for the recruitment.The ultimate purpose of giving me this topic was to revise its recruitment policy/process.1.4 LEARNING FROM THE STUDY: • The process of recruitment of HDFC STANDARD LIFE INSURANCE LTD. • How is the training given? • What are the criteria of selection? • The culture of insurance company particularly of HDFC. • What are the problems faced by these financial consultants on daily basis? • How to convince and convert the prospect client into real client?_________________________________________________________________________ 2Projectsformba.blogspot.com
  3. 3. Projectsformba.blogspot.com CHAPTER 2: ORGANIZATIONAL PROFILE1.1 FORMATION OF COMPANY:HOUSING DEVELOPMENT FINANCE CORPORATION: HDFC was started by Hasmukh Bhai Parekh in1977 with the formation of MalhotraCommittee. HDFC was incorporated with the primary objective of meeting a social needthat of promoting home ownership by providing long-term finance to households for theirhousing needs. HDFC was promoted with an initial share capital of Rs. 10 crores. HDFC has since emerged as the largest residential mortgage finance institution inthe country. The corporation has had a series of share issues raising its capital to Rs. 119crores. The net worth of the corporation as on March 31, 2000 stood at Rs. 2,096 crores. HDFC operates through 75 locations throughout the country with its CorporateHeadquarters in Mumbai, India. HDFC also has an international office in Dubai, U.A.E.,with service associates in Kuwait, Oman and Qatar.HDFC’s main goals are to:a) Develop close relationships with individual households.b) Maintain its position as the premier housing finance institution in the country.c) Transform ideas into viable and creative solutions.d) Provide consistently high returns to shareholders.e) To grow through diversification by leveraging off the existing client base._________________________________________________________________________ 3Projectsformba.blogspot.com
  4. 4. Projectsformba.blogspot.comSTANDARD LIFE: The Standard Life Assurance Company ("Standard Life") was established in 1825and the first Standard Life Assurance Company Act was passed by Parliament in 1832.Standard Life was reincorporated as a mutual assurance company in 1925. Standard Life is Europes largest mutual life assurance company. Standard Life,which has been in the life insurance business for the past 182 years, is a modern companysurviving quite a few changes since selling its first policy in 1825. The company expandedin the 19th century from its original Edinburgh premises, opening offices in other townsand 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 six yearsby Standard & Poor.STANDARD LIFE ASIA LIMITED/JOINT VENTURES: The group’s Hong Kong subsidiary, Standard Life Asia Limited (“SL Asia”), wasincorporated in 1999 as a joint venture and became a wholly-owned subsidiary of StandardLife in 2002. The group’s operations in Hong Kong were established to give the group apresence in the Far East from which it could expand into China. The group’s joint venturesin India with Housing Development Finance Corporation Limited (“HDFC”) wereincorporated in 2000 (in relation to the life assurance and pension’s joint venture) and 2003(in relation to the investment management joint venture). The group’s joint venture inChina with Tianjin Economic Development Area General Company (“TEDA”) becameoperational in 2003._________________________________________________________________________ 4Projectsformba.blogspot.com
  5. 5. Projectsformba.blogspot.comSTANDARD LIFE GROUP: • The Standard Life group has been looking after the financial needs of customers for over 182 years • It currently has a customer base of around 7 million people who rely on the company for their insurance, pension, investment, banking and health-care needs • Its investment manager currently administers £125 billion in assets • It is a leading pensions provider in the UK, and is rated by Standard & Poors as strong with a rating of A+ and as good with a rating of A1 by Moodys • Standard Life was awarded the Best Pension Provider in 2004, 2005 and 2006 at the Money Marketing Awards, and • It was voted a 5 star life and pension’s provider at the Financial Adviser Service Awards for the last 10 years running. • The 5 Star accolade has also been awarded to Standard Life Investments for the last 10 years, and to Standard Life Bank since its inception in 1998. • Standard Life Bank was awarded the Best Flexible Mortgage Lender at the Mortgage Magazine Awards in 2006._________________________________________________________________________ 5Projectsformba.blogspot.com
  6. 6. Projectsformba.blogspot.comINCORPORATION OF HDFC STANDARD LIFE INSURANCE CO. LTD.: The company was incorporated on 14th August 2000 under the name of HDFCStandard Life Insurance Company Limited. Their ambition from the beginning was to be the first private company to re-enterthe life insurance market in India. On the 23rd of October 2000, this ambition was realisedwhen HDFC Standard Life was the first life company to be granted a certificate ofregistration. HDFC are the main shareholders in HDFC Standard Life, with 81.4%, whileStandard Life owns 18.6%. Given Standard Lifes existing investment in the HDFC Group,this is the maximum investment allowed under current regulations. HDFC and Standard Life have a long and close relationship built upon sharedvalues and trust. The ambition of HDFC Standard Life is to mirror the success of the parentcompanies and be the yardstick by which all other insurance companies in India aremeasured. HDFC Standard Life Insurance Company Ltd. is one of India’s leading private lifeinsurance companies, which offers a range of individual and group insurance solutions. It isa joint venture between Housing Development Finance Corporation Limited (HDFC Ltd.),India’s leading housing finance institution and one of the subsidiaries of Standard Life plc,leading providers of financial services in the United Kingdom. Both the promoters are well known for their ethical dealings and financial strengthand are thus committed to being a long-term player in the life insurance industry._________________________________________________________________________ 6Projectsformba.blogspot.com
  7. 7. Projectsformba.blogspot.com2.2 PRODUCT SCOPE: HDFC Standard Life offers a bouquet of insurance solutions to meet every need.The company caters to both, individuals as well as to companies looking to provide benefitsto their employees. For individuals, the company has a range of protection, investment, pension andsavings plans that assist and nurture dreams apart from providing protection. The customerscan choose from a range of products to suit their life-stage and needs. For organizations they have a host of customized solutions that range from GroupTerm Insurance, Gratuity, Leave Encashment and Superannuation Products. Theseaffordable plans apart from providing long term value to the employees help in enhancinggoodwill of the company. The products of the company are categorized into various sections which are asfollows : A. INDIVIDUAL PRODUCTS B. GROUP PRODUCTS C. RURAL PRODUCTS D. SOCIAL PRODUCTS E. TAX BENEFITS For Individuals, HDFC Standard Life has a range of protection, investment,pension and savings plans that assist and nurture dreams apart from providing protection.Customer can choose from a range of products to suit his life-stage and needs. For Organizations, HDFC Standard Life has a host of customized solutions thatrange from Group Term Insurance, Gratuity, Leave Encashment and SuperannuationProducts. These affordable plans apart from providing long term value to the employeeshelp in enhancing goodwill of the company._________________________________________________________________________ 7Projectsformba.blogspot.com
  8. 8. Projectsformba.blogspot.comIndividual Products: 1. HDFC Childrens Plan, 2. HDFC Endowment Assurance Plan, 3. HDFC Loan Cover Term Assurance Plan, 4. HDFC Money Back Plan, 5. HDFC Personal Pension Plan, 6. HDFC Single Premium Whole Of Life Plan, 7. HDFC Term Assurance Plan, 8. HDFC Unit Linked Endowment, 9. HDFC Unit Linked Endowment Plus, 10. HDFC Unit Linked Pension, 11. HDFC Unit Linked Pension Plus, 12. HDFC Unit Linked Young Star, 13. HDFC Unit Linked Young Star Plus At HDFC Standard Life realize that not everyone has the same kind of needs.Keeping this in mind, varied range of products that customer can choose from to suit allneeds. These will help secure customer future as well as the future of family.Protection Plans: Customer can protect his family against the loss of his income or the burden of aloan in the event of his unfortunate demise, disability or sickness. These plans offervaluable peace of mind at a small price.HDFC Standard Life Protection range includes Term Assurance Plan & Loan Cover TermAssurance Plan.Investment Plans: HDFC Standard Life Single Premium Whole of Life plan is well suited to meet longterm investment needs. HDFC Standard Life provides with attractive long term returnsthrough regular bonuses._________________________________________________________________________ 8Projectsformba.blogspot.com
  9. 9. Projectsformba.blogspot.comPension Plans: HDFC Standard Life Pension Plans help secure financial independence even afterretirement. Pension range includes Personal Pension Plan, Unit Linked Pension, and UnitLinked Pension Plus Savings Plans.Savings Plans: HDFC Standard Life Savings Plans offer flexible options to build savings for futureneeds such as buying a dream home or fulfilling children’s immediate and future needs.Group Products: 1. Group Term Insurance, 2. Group Variable Term Insurance, 3. Group Unit Linked Plan, 4. Gratuity Group Unit Linked Plan, 5. Superannuation Group Unit Linked Plan , 6. Leave Encashment_________________________________________________________________________ 9Projectsformba.blogspot.com
  10. 10. Projectsformba.blogspot.com PRODUCT PORTFOLIOHDFC offers products as per the life stages of the customers and their respective needs. Your insurance need will change as your life does, from starting to work to enjoyingyour golden years and all the stages in between. Each one of these stages may pose adifferent insurance need/cover for you. In this section, we have drawn up the basic lifestages and help you analyze various insurance needs accordingly._________________________________________________________________________ 10Projectsformba.blogspot.com
  11. 11. Projectsformba.blogspot.com LIFE STAGES & NEEDS IN HAT STAGES STAGE 1: YOUNG & SINGLE An important stage where one lays down the foundation of a successful life ahead.Take advantage of the time and power of compounding to ensure that you build up yourdreams. Start saving early.NEEDS:  Save for Home & Wedding  Tax Planning  Save for Golden YearsSTAGE 2: JUST MARRIED Marriage brings about a significant change. New dreams and newopportunities also bring in additional responsibilities. While both of you look forward to ahappy and secure life, it is equally important to ensure that eventualities don’t come in theway of shaping your dreams.NEEDS:  Planning for home / securing your home loan liability.  Save for vacation.  Save for your first child. STAGE 3: PROUD PARENTS_________________________________________________________________________ 11Projectsformba.blogspot.com
  12. 12. Projectsformba.blogspot.com Once you have children, your need for life insurance is even more. You need toprotect your family from an untoward incident. Ensure your protection umbrella takes intoaccount the future cost of securing your child’s dream. You will want life to go on for yourloved ones, and having enough life insurance is a way to help ensure that.NEEDS:  Provide for childrens education  Safeguarding family against loan liabilities  Savings for post-retirementSTAGE 4: PLANNING FOR RETIREMENT While you are busy climbing the ladder of success today, it is importantfor you to take time and plan for your life after retirement. Having an early start forretirement planning can make a significant difference to your savings. Think about yourgolden years even before you have reached them. The key is to think ahead and plan wellusing your time and money.NEEDS –  Provide for regular income post retirement  Immediate Tax benefits  Lead a secure, independent and comfortable life style in your retirement years._________________________________________________________________________ 12Projectsformba.blogspot.com
  13. 13. Projectsformba.blogspot.comCOMPARITIVE ADVANTAGE OVER COMPETITORS PRODUCT: • I compared two products, ICICI smart kid unit link and HDFC young star, in both the policies parent is insured and child in nominee or beneficiary, • Both the policies contains same features, only additional rider is available in smart kid is income benefit rider (IBR), how this rider works? this rider comes in the picture when the parent expires or becomes permanent disable at that time this rider pay 10% of sum assurance to nominee, • HDFC Youngstar offers Insurance Cover upto 20 Times of Annual Premium. You may Pay Rs. 30000 per year & take Insurance Cover of Rs. 6 Lacs. • You may take Critical Illness Rider in HDFC Youngstar upto 65 years Age(as it Cheaper than other ULIPS ). • The returns from HDFC Taxsaver, HDFC LT Advantage fund are better than the returns from HDFC Standard Life Equity Fund. • HDFC Standard ULIP Returns are over 70% in last 1 year. • HDFC Youngstar with Maximum Insurance Cover of Rs.3.6 Lacs_________________________________________________________________________ 13Projectsformba.blogspot.com
  14. 14. Projectsformba.blogspot.com2.3 MILESTONES IN THE HISTORY • HDFC is India’s leading housing finance institution and has helped build more than 23, 00,000 houses since its incorporation in 1977. • In Financial Year 2003-04 its assets under management crossed Rs.36,000Cr. • As at March 31, 2004, outstanding deposits stood at Rs. 7,840 crores. The depositor base now stands at around 1 million depositors. • Rated ‘AAA’ by CRISIL and ICRA for the 10th consecutive year • Awarded The Economic Times Corporate Citizen of the year Award for its long- standing commitment to community development. • Presented the ‘Dream Home’ award for the best housing finance provider in 2004 at the third Annual Outlook Money Awards • HDFC Standard Life Insurance is the first private life insurance company to be granted a license by IRDA • Rated as the "Best New Insurer - 2003" by Outlook Money magazine, India’s number 1 personal finance magazine • Rated by ‘Business world’ as ‘India’s Most Respected Private Life Insurance Company’ in 2004. • Has the highest brand recall, close to 80% (Source: AC Neilson ORG MARG, April 2005) • Has one of the widest branch networks with offices in over 100 cities servicing over 440 towns_________________________________________________________________________ 14Projectsformba.blogspot.com
  15. 15. Projectsformba.blogspot.com2.4 COLLABORATIONS & AFFILIATIONS:SUBSIDIARY AND ASSOCIATE COMPANIES: • HDFC Bank • HDFC Mutual Fund • HDFC Standard Life Insurance Company • HLSIL • HDFC Chubb General Insurance Company Ltd. • Intelnet Global Services Ltd. • Other Companies Co-Promoted by HDFC • Financial Information with regard to Subsidiary Companies_________________________________________________________________________ 15Projectsformba.blogspot.com
  16. 16. Projectsformba.blogspot.com BANCASSURANCE GROUP COMPANIES PARTNERS2.5 HEAD OFFICES AND BRANCHES_________________________________________________________________________ 16Projectsformba.blogspot.com
  17. 17. Projectsformba.blogspot.comHEAD OFFICE: HDFC Standard Life Insurance Co. Ltd. Trade Star, 2nd floor,’A’Wing, Junction of Kondivita and M.V. Road, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059.PHONE: (Board) (022) 2822 0055 / 6751 6666Fax: 2822 9998 / 2822 2414_________________________________________________________________________ 17Projectsformba.blogspot.com
  18. 18. Projectsformba.blogspot.comBRANCH LOCATIONS SITE MAP:_________________________________________________________________________ 18Projectsformba.blogspot.com
  19. 19. Projectsformba.blogspot.com2.6 TABLE OF FINANCIAL FIGURES: PARAMETERS APR-MAR APR-MAR GROWTH (%) 2004-05 (Rs.Cr) 2005-06 (Rs.Cr) Total received premium 668.40 1532.21 129.23 New business 486.15 1028.94 111.65 Renewal 182.25 503.27 103.47 Effective Premium Income 436.08 887.30 103.47 (Total) Group Business Premium (EPI) 49.40 135.15 173.58 _________________________________________________________________________ 19 Projectsformba.blogspot.com
  20. 20. Projectsformba.blogspot.com2.7 QUALITY POLICY: • SECURITY: Providing long term financial security to our policy holders will be our constant endeavor. We will be do this by offering life insurance and pension products. • TRUST: We appreciate the trust placed by our policy holders in us. Hence, we will aim to manage their investments very carefully and live up to this trust. • INNOVATION: Recognizing the different needs of our customers, we will be offering a range of innovative products to meet these needs. • INTEGRITY • CUSTOMER CENTRIC • PEOPLE CARE “ONE FOR ALL AND ALL FOR ONE” • TEAM WORK • JOY AND SIMPLICITY_________________________________________________________________________ 20Projectsformba.blogspot.com
  21. 21. Projectsformba.blogspot.com 2.8 ORGANIZATION CHART: Chairman MD Zonal Manager Regional Manager Retail Marketing Alternative Chanel Operation Chanel Human Resource MMMarkeMMar Territory Manager Territory Manager Team Manager HR Executive Branch Manager Branch Manager Operation Manager Asst. B.M. Channel ExecutiveBusiness Dev. Mgr. Sales Dev. Mgr. _________________________________________________________________________ 21 Projectsformba.blogspot.com
  22. 22. Projectsformba.blogspot.com CHAPTER 3: RESEARCH OBJECTIVES & SCOPE OF RESEARCH PROJECT3.1 PROBLEM DEFINATION: Recruit consultants were with good background human being and through rigorousprocess of recruitment but still not able to perform up to the expectation level of company,HR is not able to short out the problem why the performance is not coming even aftergiving the full marketing support.3.2 OBJECTIVES OF RESEARCH PROJECT:PRIMARY OBJECTIVES: • To recruit more and more Financial Consultant and to promote the benefits those are provided by HDFC Standard Life to its Financial Consultants • To find the different way of recruiting and selecting the Financial Consultants who can produce more and fruitful results. • To study awareness of the HDFC Standard life insuranceSECONDARY OBJECTIVES: • To determine the need and purpose of Financial Consultant. • To understand the deciding criteria for people to become Financial Consultant. • To collect and analysis the information of prospect candidates in order to make them appear in front of management so that they can be selected as Financial consultant. • To offer suggestions based upon the findings._________________________________________________________________________ 22Projectsformba.blogspot.com
  23. 23. Projectsformba.blogspot.com3.3 GEOGRAPHICAL SCOPE: The same problem was with the all other branches of HDFC even out of the Pune city.The management is conducting the same research on a big ground while my contribution istiny. Though my sample size and geographical area was defined and confine to a particularterritory but the application of out put from the research are going to be wide.3.4 PROJECT SCOPE: • Market segmentation to find the potential consultants for HDFCSLIC. • To customize benefit package for consultants and help them to overcome their agency problem arising out of their sedentary nature of work. • Corporate marketing of this product._________________________________________________________________________ 23Projectsformba.blogspot.com
  24. 24. Projectsformba.blogspot.com CHAPTER 4: RESEARCH METHODOLOGY & LIMITATIONS All the findings and conclusions obtained are based on the survey done in theworking area within the time limit. I tried to select the sample representative of the wholegroup during my job training. I have collected data from Chartered Accountants, TaxConsultants, Businessman, Share Brokers, Lawyers, Working Professionals, House Wivesand Retired Persons in Pune.RESEARCH PLAN:1. Preliminary Investigation: In which data on the situation surrounding the problemsshall be gathered to arrive at • The correct definition of the problem. • An understanding of its environment.2. Exploratory Study: To determine the approximate area where the problem lies.4.1 RESEARCH DESIGN: Research was initiated by examining the secondary data to gain insight into theproblem. By analyzing the secondary data, the study aim is to explore the short comings ofthe present system and primary data will help to validate the analysis of secondary databesides on unrevealing the areas which calls for improvement.DEVELOPING THE RESEARCH PLAN: The data for this research project has been collected through self Administration.Due to time limitation and other constraints direct personal interview method is used. Astructured questionnaire was framed as it is less time consuming, generates specific and tothe point information, easier to tabulate and interpret. Moreover respondents prefer to givedirect answers. In questionnaires open ended and closed ended, both the types of questionshas been used._________________________________________________________________________ 24Projectsformba.blogspot.com
  25. 25. Projectsformba.blogspot.comCOLLECTION OF DATA:1: Secondary Data: It was collected from internal sources. The secondary data wascollected on the basis of organizational file, official records, news papers, magazines,management books, preserved information in the companies database and website of thecompany.2: Primary data: All the Chartered Accountants, Tax Consultants, Insurance Agents, Autoloan providers were personally visited and interviewed. They were the main source ofPrimary data. The method of collection of primary data was direct personal interviewthrough a structured questionnaire.4.2 SAMPLING PLAN: Since it is not possible to study whole universe, it becomes necessary to take samplefrom the universe to know about its characteristics. • Sampling Units: Chartered Accountants, Tax Consultants, Lawyers, Business Man, Professionals and House Wives of Pune. • Sample Technique: Random Sampling. • Research Instrument: Structured Questionnaire. • Contact Method: Personal Interview.4.3 SAMPLE SIZE: My sample size for this project was 200 respondents. Since it was not possible tocover the whole universe in the available time period, it was necessary for me to take asample size of 200 respondents._________________________________________________________________________ 25Projectsformba.blogspot.com
  26. 26. Projectsformba.blogspot.com4.4 DATA COLLECTION INSTRUMENT DEVELOPMENT: The mode of collection of data will be based on Survey Method and Field Activity.Primary data collection will based on personal interview. I have prepared the questionnaireaccording to the necessity of the data to be collected.4.5 RESEARCH LIMITATIONS: • It was not possible to understand thoroughly about the different marketing aspects of the Financial Consultant within 60 days. • As stipend, money was not given it was difficult to continue the project work. • All the work was limited in some limited areas of Pune so the findings should not be generalized. • The area of research was Pune; It was too vast an area to cover within 60 days._________________________________________________________________________ 26Projectsformba.blogspot.com
  27. 27. Projectsformba.blogspot.com CHAPTER 5: DATA ANALYSIS, INTERPRETATION AND PRESENTATION1.Your Age?TABLE Sr. No. Category No. of Respondents Percentage 1 18-23 Years 40 20% 2 24-29 Years 70 35% 3 30-35 Years 60 30% 4 35 & above 30 15% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  20% respondent’s age are 18 to 23 years.  35% respondent’s age are 27 to 29 years.  30% respondent’s age are 30 to 35 years.  15% respondent’s age are 35 to above years.2. Marital status?_________________________________________________________________________ 27Projectsformba.blogspot.com
  28. 28. Projectsformba.blogspot.comTABLE Sr. No. Category No. of Respondents Percentage 1 Married 140 70% 2 Unmarried 60 30% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  70% respondent’s are married.  30% respondent’s are unmarried._________________________________________________________________________ 28Projectsformba.blogspot.com
  29. 29. Projectsformba.blogspot.com3. Educational Qualification?TABLE Sr. No. Category No. of Respondents Percentage 1 Under graduate 50 25% 2 Graduate 80 40% 3 Post graduate 70 35% Total 200 100% Base 200 respondentsGRAPH Interpretation From the table and graph above it can be seen that  25% respondent’s are Under graduate.  40% respondent’s are Graduate.  35% respondents are Post graduate.4. Number Of year’s Are You in Pune?_________________________________________________________________________ 29Projectsformba.blogspot.com
  30. 30. Projectsformba.blogspot.comTABLE Sr. No. Category No. of Respondents Percentage 1 Less than five years 78 39% 2 More than five years 122 61% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  39% respondent’s are in Pune is less than five year’s.  61% respondent’s are in Pune is more than five year’s.5. Your Occupation?TABLE_________________________________________________________________________ 30Projectsformba.blogspot.com
  31. 31. Projectsformba.blogspot.com Sr. No. Category No. of Respondents Percentage 1 Business 40 20% 2 Profession 108 54% 3 Service 52 26% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  20% respondent’s Occupation is Business.  26% respondent’s Occupation is Profession.  54% respondent’s Occupation is Service.6. Your annual household income?TABLE Sr. No. Category No. of Respondents Percentage 1 Less than 2 lacs 98 49%_________________________________________________________________________ 31Projectsformba.blogspot.com
  32. 32. Projectsformba.blogspot.com 2 Between 2 to 5 lacs 62 31% 3 Between 5to 8lacs 30 15% 4 More than 8 lacs 10 5% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  49% respondent’s annual household income is less than 2 lacs.  31% respondent’s annual household income is between 2 to 5 lacs.  15% respondent’s annual household income is between 5 to 8 lacs.  5% respondent’s annual household income is more than 8 lacs.7. Are you a member of a club/gymkhana?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 84 42% 2 No 116 58%_________________________________________________________________________ 32Projectsformba.blogspot.com
  33. 33. Projectsformba.blogspot.com Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  42% respondent’s are member of a club/gymkhana.  58% respondent’s are not member of a club/gymkhana.8. What is your perception about insurance sector?TABLE Sr. No. Category No. of Respondents Percentage 1 Hard and lucrative 60 30% 2 Hard but not rewarding 18 9% 3 Smooth and rewarding 82 41% 4 No idea 40 20%_________________________________________________________________________ 33Projectsformba.blogspot.com
  34. 34. Projectsformba.blogspot.com Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  30% respondent’s perception about insurance sector is Hard & lucrative.  9% respondent’s perception about insurance sector is hard but not rewarding.  41% respondent’s perception about insurance sector is Smooth & rewarding.  20% respondent’s perception about insurance sector that they have no idea.9. Do you know about HDFC Standard Life Insurance?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 164 82% 2 No 36 18% Total 200 100% Base 200 respondentsGRAPH_________________________________________________________________________ 34Projectsformba.blogspot.com
  35. 35. Projectsformba.blogspot.comInterpretationFrom the table and graph above it can be seen that  85% respondent’s are known about HDFC Standard life insurance.  15% respondent’s are not known about HDFC Standard life insurance.10. Do you have any Insurance Policy?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 160 80% 2 No 40 20% Total 200 100% Base 200 respondentsGRAPH_________________________________________________________________________ 35Projectsformba.blogspot.com
  36. 36. Projectsformba.blogspot.comInterpretationFrom the table and graph above it can be seen that  80% respondent’s have insurance policy.  20% respondent’s do not have insurance policy._________________________________________________________________________ 36Projectsformba.blogspot.com
  37. 37. Projectsformba.blogspot.com11. Name of Insurance Company?TABLE Sr. No. Category No. of Respondents Percentage 1 LICI 104 65% 2 ICICI 16 10% 3 HDFC SLIC 8 5% 4 OTHERS 32 20% Total 160 100% Base 160 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  65% respondent’s are insured by LICI.  10% respondent’s are insured by ICICI.  5% respondent’s insured by HDFCSLIC.  20% respondent’s insured by OTHERS._________________________________________________________________________ 37Projectsformba.blogspot.com
  38. 38. Projectsformba.blogspot.com12. Do you hold any license of any insurance company?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 70 35% 2 No 130 65% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  35% respondent’s are holding license of any insurance company.  65% respondent’s are not holding license of any insurance company.13. Are you satisfied with the company?_________________________________________________________________________ 38Projectsformba.blogspot.com
  39. 39. Projectsformba.blogspot.comTABLE Sr. No. Category No. of Respondents Percentage 1 Yes 42 60% 2 No 28 40% Total 70 100% Base 70 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  60% respondent’s are satisfied with their insurance company.  40% respondent’s are not satisfied with their insurance company.14. Do you know about HDFC Standard Life Insurance recruitment policies related tofinancial consultant?_________________________________________________________________________ 39Projectsformba.blogspot.com
  40. 40. Projectsformba.blogspot.comTABLE Sr. No. Category No. of Respondents Percentage 1 Yes 82 41% 2 No 118 59% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  41% respondent’s are known about HDFC Standard Life Insurance recruitment policies related to financial consultant.  59% respondent’s are not known about HDFC Standard Life Insurance recruitment policies related to financial consultant.15. Will you be interested to become Financial Consultant?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 60 30%_________________________________________________________________________ 40Projectsformba.blogspot.com
  41. 41. Projectsformba.blogspot.com 2 No 140 70% Total 200 100% Base 200 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  30% respondent’s are interested to become financial consultant.  70% respondent’s are not interested to become financial consultant._________________________________________________________________________ 41Projectsformba.blogspot.com
  42. 42. Projectsformba.blogspot.com16. Would you like to earn an additional income through a business opportunity with HDFCSTANDARD LIFE?TABLE Sr. No. Category No. of Respondents Percentage 1 Yes 54 90% 2 No 6 10% Total 60 100% Base 60 respondentsGRAPHInterpretationFrom the table and graph above it can be seen that  90% respondent’s are interested to earn additional income.  10% respondent’s are not interested to earn additional income CHAPTER 6: CONCLUSIONS & SUGGESTIONS_________________________________________________________________________ 42Projectsformba.blogspot.com
  43. 43. Projectsformba.blogspot.comCONCLUSIONS: HDFC Standard Life, the insurance arm of HDFC is expected to go on stream.Promoted by HDFC & Standard Life, already has good number of employees on board andis recruiting Financial Consultants heavily to take the headcount to many more. It is on thebrim of increasing its client through its attractive schemes and offer. The project opportunities provided was market segmentation and identifyingprospective clients in potential geographical location and for recruiting them as financialconsultant so to explore new Business Opportunity. Through this project, it could beconcluded that people are not much aware about the various benefit of being FinancialConsultant that are currently prevailing in the insurance industry. Insurance was considered as unsought good which require hard core selling, but inchanging trend in income and people becoming financially literate, the demand forinsurance is increasing day by day. So, it is the company that first approaches gets its shareof reward. Proper after sale service can help the advisors to generate more business.Gradually people are realizing the fact that insurance is not a necessary evil but means toattain worry free life. This activity much attract unemployed people as for them a source of income is agreat help for developing there future. Company’s promotional activities for recruitingFinancial Consultant are also very less. So, at last the conclusion is that there is tough competition ahead for the companyfrom its major competitors in terms of number of Financial Consultants. Last but not the least I would like to thank HDFC SLI for giving me an opportunityto work in the field of Financial Consultant. I hope the company finds my analysis relevant.SUGGESTIONS:Finally some recommendations for the company are as fallows:-_________________________________________________________________________ 43Projectsformba.blogspot.com
  44. 44. Projectsformba.blogspot.com  To make people aware about the benefit of becoming HDFC Standard Life’s Financial Consultant, following activities of advertisement should be done through 1. Print Media. 2. Hoarding & Banners. 3. Stalls in Trade Fares 4. Distribution of leaflets containing details information. 5. Company can recruit sales promoters so that maximum information can be provided to the potential client.  By showing additional and alternative income source along with various schemes for Financial Consultant in the company so that more and more FC can be recruited.  Free life cover for every active Financial Consultant.  Discounted rate premium for its family members.  Make people understand about the meaning of the IRDA authorization and its validity.  Company should organize the program in the society, so that people will be aware about the company  Separet time slot for Working Professionals, House Wives and Retired people.  Agency of non-life products should also be provided along with life.  Company should open more branches in different cities CHAPTER 7: LIMITATIONS_________________________________________________________________________ 44Projectsformba.blogspot.com
  45. 45. Projectsformba.blogspot.com Every work has its own limitation. Limitations are extent to which the processshould not exceed. Limitations of this project are:-  The project was constrained by time limit of two months.  Mindset of people may very depending upon their age, gender, income etc.  Getting appointment from the concern person was very difficult.  People mind set about the survey was an obstacle in acquiring complete information & positive interaction.  Respondents were very busy in their schedule. So it was very time taken in every Questionnaire response by them._________________________________________________________________________ 45Projectsformba.blogspot.com
  46. 46. Projectsformba.blogspot.com ANNEXURES1. QUESTIONNAIRE QUESTIONNAIRE_________________________________________________________________________ 46Projectsformba.blogspot.com
  47. 47. Projectsformba.blogspot.comDear Sir/Madam, I am a student of Suryadatta Institute of Management and Mass Communication,Pune and presently doing a market survey “MARKET RESEARCH ON FINANCIALCONSULTANTS FOR HDFCSLIC, PUNE”. I request you to kindly fill the questionnairebelow and I assure you that the data generated shall be kept confidential..Name: ………………………………………………………………………..Address: ……………………………………………………………………..Contact No :®………………( O)……………… (M)………………………City: ………...............Pin: ………………….State: ……………………….1. Your Age: ____________________2. Education Qualification. • Undergraduate □ • Graduate □ • Post graduate □3. Marital Status. • Married □ • Single □ No. of Children: __________4. Number Of year’s Are You in Pune. • Less than five year’s □ • More than five year’s □5. Occupation. • Business □_________________________________________________________________________ 47Projectsformba.blogspot.com
  48. 48. Projectsformba.blogspot.com • Profession □ • Service □ (Please mention below the type of business/profession you are in incase of service please mention your organization name and designation)6.Your annual household income. • <than 2 lack □ • Between 2 to 5 lack □ • Between 5 to 8 lack □ • >than 8 lack □7.Are you a member of a club/gymkhana? • Yes □ • No □ If yes, Name of the club /gymkhana_______________________________________8. What is your perception about insurance sector? • Hard &lucrative □ • Hard but not rewarding □ • Smooth &rewarding □ • No idea □9. Do you know about HDFC SLIC?_________________________________________________________________________ 48Projectsformba.blogspot.com
  49. 49. Projectsformba.blogspot.com • Yes □ • No □10.Do you have any insurance policy? • Yes □ • No □11.Name insurance company? • LICI □ ICICI • HDFC SLIC □ OTHERS If others, please specify___________________________________________________12. Do you hold any license of any insurance company? • Yes □ • No □ If yes, please specify which company________________________________________ Reason______________________________________________________________13. Are you satisfied with the company? • Yes □ • No □ Reason specify_________________________________________________________14. Do you know about HDFC SLIC’s recruitment policies related to financial consultant?_________________________________________________________________________ 49Projectsformba.blogspot.com
  50. 50. Projectsformba.blogspot.com • Yes □ • No □15. Will you be interested to become financial consultant? • Yes □ • No □16. Would you like to earn an additional income through a business opportunity with HDFCSTANDARD LIFE? • YES □ • NO □17. If yes, how many hours in a week can you commit for this business opportunity? ______________________________________________________________________Date:Place: Signature Thank You_________________________________________________________________________ 50Projectsformba.blogspot.com
  51. 51. Projectsformba.blogspot.com BIBLIOGRAPHY1.BOOKS AUTHORS  Marketing Management (10th Edition) Philip Kotler  Marketing Management (3rd Edition) V.S. Ramaswamy  Research Methodology (2nd Edition) C.R.Kothary  Research Methodology S.P. Kasande2. NEWS PAPERS  Times of India  Financial Express3. WEBSITES  www.hdfcinsurance.com  www.irda.com  www.google.com_________________________________________________________________________ 51Projectsformba.blogspot.com

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