Metlife summer training report

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  • 1. MetLife INSURANCE (Training Report) INTERNSHIP TRAINING REPORT ON RECRUITMENT AND SELECTION OF LIFE INSURANCE AGENT In the partial fulfillment of the Degree of Bachelor of Business Administration Session (2010-2013) BRANCH: Vasant Vihar (New Delhi) UNDER: Vinod Balodi (Sales Manager) INTERNSHIP PERIOD: 11th june to 31stth julySubmitted to Submitted bySanjeela Mathur Yuvraj GhimireyProfessor BBA 5thSemesterJagannath International ManagementSchool (Kalkaji)- New Delhi (2010-2013) 1 Jims-kalkaji
  • 2. MetLife INSURANCE (Training Report) PREFACEPractical training is an important part of management courses. Theoreticalstudies are not sufficient to get into corporate world and understand thecomplexities of large-scale organizations.Practical training exposes us to real practices of management in theorganization. It also exposes students to the treasures of experience, knowledgeand leaning which prerequisites of making a successful career are.I deem it privilege to have undergone this project. I acknowledge that thepractical training that I got from this cannot be gained otherwise. I found myproject very interesting and challenging. Yuvraj Ghimirey 2 Jims-kalkaji
  • 3. MetLife INSURANCE (Training Report) STUDENT DECLARATIONThis is to certify that the project report entitled ―The process of recruitment andselection of Life insurance agent‖ submitted for the degree of BBA forJagannath International Management School, Affiliated to Guru Gobind SinghIndraprastha University. It‘s a bonafied research work carried by me, YuvrajGhimirey, a student of Jagannath International Management School (NewDelhi).The assistance and help received during the course of investigation have beenfully acknowledged. Yuvraj Ghimirey 3 Jims-kalkaji
  • 4. MetLife INSURANCE (Training Report) BRIEF SUMMARYIntroduction:A general term Insurance is related to service sector. Insurance is concernedwith the protection of economic value of assets. For example in case of afactory or a cow, the product generated by it is sold and income is generated. Inthis project the Metropolitan Life Insurance Company or MetLife for short isone of the popular sector insurance sectors. The analysis of MetLife is takenfrom different sectors. For creating strong relationship and for a success fullbusiness every insurance company required financial planner.Objective of the study: How to recruit agents MetLife. To understand the process of recruitment and selection of agent in life insurance. Why people are not willing to work as an agent in life insurance sector especially with private companies.Need of the study:The study is undertaken to know how many people are interested to work as lifeinsurance agent in MetLife and their thinking about the MetLife. or aboutprivate insurance company.Conclusion:In India, there is throat cut competition in the market of life insurance that brandservice which adopt new strategies for sales. I concluding the whole story it canbe said that people are much more aware about the aspects of life insurance andalso have knowledge about the role and act of agent but mostly peopleunwilling to work as life insurance agent and mostly people prefer to work withLIC because it is a semi government corporation. 4 Jims-kalkaji
  • 5. MetLife INSURANCE (Training Report) TABLE OF CONTENTSCHAPTER NO. PARTICULARS PAGE NO. Chapter 1 Industry Profile 6-16 Chapter 2 Company Profile 17-32 Introduction of Recruitment Chapter 3 and Selection Process of 33-54 Agents Chapter 4 Objectives of the Study and 55-57 Research Methodology Chapter 5 Data Presentation and 57-62 Interpretation Chapter 6 Limitations and Findings 63 Chapter 7 Conclusion and Suggestions 63-65 Chapter 8 Bibliography 665 Jims-kalkaji
  • 6. MetLife INSURANCE (Training Report)6 Jims-kalkaji
  • 7. MetLife INSURANCE (Training Report) INDUSTRY PROFILE7 Jims-kalkaji
  • 8. MetLife INSURANCE (Training Report) WHAT IS INSURANCEThe business of insurance is related to the protection of the ECONOMICVALUES OF ASSETS. Every asset has a value. The asset would have beencreated through the efforts of the owner. The asset would have been createdthrough the efforts of the owner. The asset is valuable to the owner, because heexpects to get some benefits from it. It is a benefit because it meets some of hisneeds. The benefit may be an income or in some other form. In the case of afactory or a cow, the product generated by it is sold and income is generated. Inthe case of a motor car, it provides comfort and convenience in transportation.There is no direct income. Both are assets and provide benefits.Every asset is expected to last for a certain period of time during which it willprovide the benefits. After that, the benefit may not be available.There is a life-time for a machine in factory or a cow or a motor car. None ofthem will last forever. The owner is aware of this and he can so manage hisaffairs that by the end of that period or life-time, a substitute is made available.Thus he makes sure that the benefit is not lost. However, the asset may get lostearlier. An accident or some other unfortunate event may destroy it or make itincapable of giving the benefits. An epidemic may kill the cow suddenly. In thatcase, the owner and those enjoying the benefits therefore, would be deprived ofthe benefits. The planned substitute would not have been ready. There is anadverse or unpleasant situation. Insurance is a mechanism that helps to reducethe effects of such adverse situations. It promises to pay to the owner orbeneficiary of the asset, a certain sum if the loss occurs. 8 Jims-kalkaji
  • 9. MetLife INSURANCE (Training Report) HISTORY OF INSURANCEInsurance has been known to exist in some form or other since 3000 BC. The Chinesetraders, travelling treacherous river rapids would distribute their goods among severalvessels, so that the loss from any one vessel being lost would be partial and shared,and not total. The Babylonian traders would agree to pay additional sums to lenders,as the price for writing off the loans, in case of the shipment being stolen. Theinhabitants of Rhodes adopted the principle of general average, whereby, if goods areshipped together, the owners would bear the losses in proportion, if loss occurs, due tojettisoning during distress. (Captains of ships caught in storms, would throw awaysome of the cargo to reduce the weight and restore balance. Such throwing away iscalled jettisoning.) The Greeks had started benevolent societies in the late 7th centuryAD, to take care of the funeral and families of members who died. The great fire ofLondon in 1666,in which more than 13000 house were lost, gave a boost to insuranceand the first fire insurance company, called the fire office, was started in 1680.The origins of insurance business as in vogue at present, is traced to the Lloyd‘sCoffee House in London. Traders, who used to gather in the Lloyd‘s coffee house inLondon, agreed to share the losses to their goods while being carried by ships. Thelosses used to occur because of pirates who robbed on the high seas because of badweather spoiling the goods or sinking the ship. In India, insurance began in 1818 withlife insurance being transacted by an English company, the Oriental Life InsuranceCo. in 1870 in Mumbai. This was followed by the Bharat Insurance co. in 1896 inDelhi, the Empire of India in 1897 in Mumbai, The United India in Chennai, theNational, the National Indian and Hindustan Cooperative in Kolkata.Later, were established the cooperative Assurance in Lahore, the Bombay Life(originally called the swadeshi life), the India Mercantile, the new India and theJupiter in Mumbai and the Lakshmi in New Delhi. These were all Indian companiesstarted as a result of the swadeshi movement in the early 1900s. By the year 1956,when life insurance business was nationalized and the life Insurance Corporation ofIndia (LIC) was formed on1st September 1956, there were 170 companies and 75provident fund societies transacting life business in India. After the amendments tothe relevant laws in 1999, the L.I.C. did not have the exclusive privilege of doing lifeinsurance business in India. By 31.8.2007, sixteen new life insurers had beenregistered and were transacting life insurance business in India.9 Jims-kalkaji
  • 10. MetLife INSURANCE (Training Report) HISTORY OF INSURANCE IN INDIASome of the important milestones in the life insurance business in India are: 1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928 - The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956 - 245 Indian and foreign insurers and provident societies taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 Crores from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. 10 Jims-kalkaji
  • 11. MetLife INSURANCE (Training Report) LIFE INSURANCE A BASIC NEED Life insurance is a contract providing for payment of a sum of money to the person assuredor, failing him, to the person entitled to receive the same, on the happening of certain event.A family is generally dependent for its food, clothing and shelter on the income brought in atregular intervals by the bread winner of the family. So long as the he lives and the income isreceived steadily, that family is secure; but should death suddenly intervene the family maybe left in a very difficult situation and sometimes, in stark poverty.Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which givesrise to the necessity for some form of protection against the financial loss arising from death;insurance substitutes this uncertainty by certainty.Few Advantages of Life Insurance.1. It is superior to an ordinary savings plans:This is so because unlike other saving plans, it affords full protection against risk of death. Incase of death, the full sum assured is made available under a life assurance policy; whereasunder other savings schemes the total accumulated savings alone will be available. The latterwill be considerably less than the sum assured, if death occurs during early years.2. Insurance encourages and forces thrift:A savings deposit can be too easily withdrawn. Many may not be able to resist the temptationof using the balance for some less worthy purpose. On the other hand, the payment of lifeinsurance premiums becomes a habit and comes to be viewed with the same seriousness asthe payment of interest on a mortgage. Thus insurance, in effect brings about compulsorysaving.3. Easy settlement and protection against creditors:The life assured can name a person or persons to whom the policy moneys would be payablein the event of his death. The proceeds of a life insurance policy can be protected against. Theclaims of the creditors of the life assured by effecting a valid assignment of the policy. Amarried women‘s property act policy constitutes a trust in favour of the wife and children andno separate assignment is necessary. The beneficiaries are fully protected from creditorsexcept to the extent of any interest in the policy retained by the assured. (Contd.) 11 Jims-kalkaji
  • 12. MetLife INSURANCE (Training Report)4. Administering the legacy for beneficiaries:It often happens that a provision which a husband or father has made through insurance isquickly lost through speculative or unwise investment or by unnecessary expenditure onluxuries. These contingencies can be provided against in the case of insurance. Thepolicyholder can arrange that in the in the event of his death the beneficiary should receive,instead of a single sum (a). Payment of the net claim amount by equal instalments over aspecified period of years, or (b). Payment of the claim amount by smaller monthlyinstalments over the selected period followed by a lump sum at the end thereof.5. Ready marketability and suitability for quick borrowings:After an initial period, if the policy holder finds himself unable to continue payment ofpremiums he can surrender the policy for a cash sum. Alternatively he can tide over atemporary difficulty by taking loan on the sole security of the policy without delay. Further alife insurance policy is sometimes acceptable as security for a commercial loan.6. Tax relief:For computing income tax (especially in India the Indian income tax act) follows deductionfrom income tax payable, a certain percentage of a portion of the taxable income ofindividuals which is diverted to payment of insurance premiums. When this tax relief is takeninto account it will be found that the assured is n effect paying a lower premium for hisinsurance. 12 Jims-kalkaji
  • 13. MetLife INSURANCE (Training Report) HOW INSURANCE WORKSThe mechanism of insurance is very simple. People who are exposed to thesame risks come together and agree that, if any one of the members suffers aloss, the others will share the loss and make good to the person who lost. Allpeople who send goods by ship are exposed to the same risk related to waterdamage, ship sinking, piracy, etc. those owning factories are not exposed tothese risks, but they are exposed to different kinds of risks like, fire, hailstorms,earthquakes, lightening, burglary, etc. like this, different kinds of risks can beidentified and separate groups, made including those exposed to such risks. Bythis method, the risk is spread among the community and the likely big impacton one is reduced to smaller manageable impacts on all.If a Jumbo Jet with more than 350 passenger‘s crashes, the loss would run intoseveral Crores of rupees. No airline would be able to bear such a loss. It isunlikely that many Jumbo Jets will crash at the same time. If 100 airlinecompanies flying Jumbo Jets, come together into an insurance pool, wheneverone of the jumbo jets in the pool crashes, the loss to be borne by each airlinewould come down to a few Lakhs of rupees. Thus, insurance is a business‗sharing‘. 13 Jims-kalkaji
  • 14. MetLife INSURANCE (Training Report)ROLE OF INSURANCE IN ECONOMIC DEVELOPMENT For economic development, investments are necessary. Investments are made out of savings. A life insurance company is a major instrument for the mobilization of savings of people, particularly from the middle and lower income groups. These savings are channelled into investments for economic growth. An insurance company‘s strength lies in the fact that huge amounts come by way of premiums. Every premium represents a risk that is covered by that premium. In effect, therefore, these vast amounts represent pooling of risks. The funds are collected and held in trust for the benefit of the policy holders. The management of insurance companies is required to keep this aspect in mind and make all its decisions in ways that benefit the community. This applies also to its investments. This is why successful insurance companies would not be found investing in speculative ventures. Their investments benefit the society at large. The system of insurance provides numerous direct and indirect benefits to the individual and his family as well as to industry and commerce and to the community and the nation as a whole. Those who insure, both individuals and corporate, are directly benefited because they are protected from the consequences of the loss that may be caused by the accident or fortuitous event. Insurance, thus, in a sense protects the capital in industry and releases the capital for further expansion and development of business and industry. The very existence of risk that is, uncertainty concerning the future, is a severe handicaps in economic activities. Insurance removes the fear, worry and anxiety associated with this future uncertainty and thus encourages free investment of capital in business enterprises and promotes efficient use of existing resources. (Contd.)14 Jims-kalkaji
  • 15. MetLife INSURANCE (Training Report) Thus insurance encourages commercial and industrial development and there by contributes to a vigorous economy and increased national productivity. Present day organization of industry, commerce and trade depend entirely on insurance for their operation, banks and financial institutions lend money to industrial and commercial undertakings only on the basis of the collateral security of insurance. No bank or financial institution would advance loans on property unless it is insured against loss or damage by insurable perils. Insurers are closely associated with several agencies and institutions engaged in fire loss prevention, cargo loss prevention, cargo loss prevention, industrial safety and road safety. Before acceptance of a risk, insurers arrange survey and inspection of the property to be insured, by qualified engineers and other experts. The object of these surveys is not only to assess the risk for rating purposes but also to suggest and recommend to the insured, various improvements in the risk, which will attract lower rates of premium and what is more important , reduce the loss potential. For example, burglary surveyors make recommendation in regard to security measures such as better locking system, appointment of Watchman, etc. Engineering surveys play a most useful part in accident prevention as valuable technical advice is provided in respect of plant and machinery. Insurance ranks with export trade, shipping and banking services as earner of foreign exchange to the country. It helps to earn foreign exchange and represent invisible exports.15 Jims-kalkaji
  • 16. MetLife INSURANCE (Training Report) LIST OF INSURANCE COMPANIES LISTED IN DIFFERENT YEARS List of Insurance CompaniesSl. Registration Date of Name of the CompanyNo. Number Reg. 1 101 23/10/2000 HDFC Standard Life Insurance Company Limited 2 102 23/10/2000 Royal Sundaram Alliance Insurance Company Limited 3 103 23/10/2000 Reliance General Insurance Company Limited 4 104 15/11/2000 Max New York Life Insurance Company Limited 5 105 24/11/2000 ICICI Prudential Life Insurance Company Limited 6 106 04/12/2000 IFFCO Tokio General Insurance Company Limited 7 107 10/01/2001 Kotak Mahindra Old Mutual Life Insurance Limited 8 108 22/01/2001 TATA AIG General Insurance Company Limited 9 109 31/01/2001 Birla Sun Life Insurance Company Limited10 110 12/02/2001 Tata AIG Life Insurance Company Limited11 111 30/03/2001 SBI Life Insurance Company Limited12 113 02/05/2001 Bajaj Allianz General Insurance Company Limited13 114 02/08/2001 ING Vysya Life Insurance Company Private Limited14 115 03/08/2001 ICICI Lombard General Insurance Company Limited15 116 03/08/2001 Bajaj Allianz Life Insurance Company Limited16 117 06/08/2001 MetLife India Insurance Company Limited17 121 03/01/2002 Reliance Life Insurance Company Limited18 122 15/05/2002 Aviva Life Insurance Company India Private Limited19 127 06/02/2004 Sahara India Insurance Company Limited20 128 17/11/2005 Shriram Life Insurance Company Limited21 130 14/07/2006 Bharti AXA Life Insurance Company Limited22 131 03/08/2007 Apollo DKV Insurance Company Limited23 132 04/09/2007 Future Generali India Insurance Company Limited24 133 04/09/2007 Future Generali India Life Insurance Company Limited25 134 16/11/2007 Universal Sompo General Insurance Company Limited26 135 19/12/2007 IDBI Fortis Life Insurance Company Limited27 136 08/05/2008 Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited28 138 27/06/2008 Aegon Religare Life Insurance Company Limited29 140 27/06/2008 DLF Pramerica Life Insurance Company Limited (Contd.) 16 Jims-kalkaji
  • 17. MetLife INSURANCE (Training Report) List of General Insurance CompaniesSl. Registration Date of Name of the CompanyNo. Number Reg. 1 123 15/07/2002 Cholamandalam General Insurance Company Limited 2 124 27/08/2002 Export Credit Guarantee Corporation Limited 3 125 27/08/2002 HDFC-Chubb General Insurance Company Limited 4 139 27/06/2008 Bharti AXA General Insurance Company Limited 5 141 15/12/2008 Raheja QBE General Insurance Company Limited 17 Jims-kalkaji
  • 18. MetLife INSURANCE (Training Report) COMPANY PROFILE18 Jims-kalkaji
  • 19. MetLife INSURANCE (Training Report) INTRODUCTION OF METLIFE INC.MetLife, Inc. is the holding corporation for the Metropolitan Life InsuranceCompany or MetLife for short. The firm was founded on March 24, 1868. Formost of its life the company was a mutual organization, but it went public in2000.MetLife is the largest life insurer in the United States, with more than $3.3trillion of life insurance in force. A leader in savings and retirement productsand services for individuals, small business, and large institutions, MetLifeserves 90 of the largest Fortune 100 companies.The company is headquartered at 1095 Avenue of the Americas in MidtownManhattan, New York City, though it retains some executive offices and itsboard room in the MetLife Building, which it sold in 2005.The MetLife companies offer life insurance, annuities, auto and homeinsurance, retail banking and other financial services to individuals, as well asgroup insurance and retirement & savings products and services to corporationsand other institutions. For more information, please visit www.metlife.com. 19 Jims-kalkaji
  • 20. MetLife INSURANCE (Training Report) INTRODUCTION OF METLIFE (INDIA)MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,Inc. and was incorporated as a joint venture between MetLife InternationalHoldings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. PrivateLimited and other private investors. MetLife is one of the fastest growing lifeinsurance companies in the country. It serves its customers by offering a rangeof innovative products to individuals and group customers at more than 600locations through its bank partners and company-owned offices. MetLife hasmore than 50,000 Financial Advisors, who help customers achieve peace ofmind across the length and breadth of the country.MetLife, Inc., through its affiliates, reaches more than 70 million customers inthe Americas, Asia Pacific and Europe. Affiliated companies, outside of India,include the number one life insurer in the United States (based on life insuranceenforce), with over 140 years of experience and relationships with more than 90of the top one hundred FORTUNE 500® companies. The MetLife companiesoffer life insurance, annuities, automobile and home insurance, retail bankingand other financial services to individuals, as well as group insurance,reinsurance and retirement and savings products and services to corporationsand other institutions. For more information, please visit www.metlife.co.in. 20 Jims-kalkaji
  • 21. MetLife INSURANCE (Training Report) METLIFE AND THE ENVIRONMENTAs an industry leader and a growing, global enterprise, MetLife has committedto driving efforts that address sustainability, reduce our carbon footprint andinvest in ventures that will have a positive impact on the environment. As ourbusiness is built on promises, we recognize the tremendous importance ofmaking yet another promise for the future by ensuring our world remains ahealthy and vibrant place for the many generations to come through ourbusinesses, our associates and our business partners, we can and will make adifference by contributing to a growing, global effort that will benefit everyonetoday and in the future. 21 Jims-kalkaji
  • 22. MetLife INSURANCE (Training Report) ETHICS AND INTEGRITYFor more than a century, MetLife has built a reputation as a company thatbelieves in fair dealing, integrity, and trustworthiness. We firmly believe thatadherence to the highest standards of ethical conduct is the only acceptable wayof doing business and is the personal responsibility of every one of ourassociates. The companys well-known name and good reputation are reinforcedby our pledge to deliver value and world class service to all who do businesswith us, always keeping in mind what is best for our customers.The importance of ethics and compliance to the Company is demonstrated bythe Company‘s extensive efforts and resources directed to this area. We arecommitted to our compliance vision of having MetLife be the worlds mosttrusted company.Supporting these efforts are the MetLife core values of integrity and honesty,the fundamental building blocks of our long and successful history, that shapethe way we do business. These values are central to our efforts to achieve theMetLife vision — to build financial freedom for everyone — and emphasize ouroutward focus on customers and their needs. We recognize that our ongoingsuccess will spring from these values and, as we look to the future, we remaincommitted to the highest standards of ethics, integrity and trustworthiness,while continuing to pursue a strategy of building financial freedom foreveryone. This defines who we are. 22 Jims-kalkaji
  • 23. MetLife INSURANCE (Training Report) COMPLIANCE AND FRAUD HOTLINEMetLife is committed to the highest standards of business conduct and expectsthe same from all people with whom we interact. MetLife has implemented aprogram aimed at deterring, detecting, investigating and prosecuting insurancefraud.Fraud is a major concern of everyone in the insurance industry and is ofincreasing concern to lawmakers. Not only is insurance fraud a crime in moststates, it also threatens the best interests of our customers because it raises thecost of insurance for everyone. Compliance & Fraud Hotline at 1800-462-6565 DIVERSITYMetLifes Diversity and Inclusion vision is to attract and retain the best talentand to foster an inclusive culture that leverages our diversity to drive growthand profitability wherever we do business in the global marketplace.At MetLife, diversity is core to our business, embedded at all levels of ourcompany with clear accountability for success. Our commitment to diversityand inclusion makes MetLife a more competitive company and allows us tobetter serve our customers, attract and retain the best talent, and do businesswith the best companies and suppliers around the world. It brings to MetLifefresh perspectives, new ways of thinking and more innovative products. It helpsbuild relationships in the communities we serve and helps support our brand. AtMetLife, diversity is a key driver of business performance and creates lastingshareholder value.But examples really tell the story, and through this Diversity site, youll learnmore about how MetLife delivers on its commitment to Diversity - from ourWork-Life solutions to our Enterprise-wide Diversity Council and AffinityGroups, to how were reaching Multicultural Markets.MetLife is an Equal Opportunity Employer. 23 Jims-kalkaji
  • 24. MetLife INSURANCE (Training Report) "Coming into your own", Its all about People, Functioning productively performing as a Leader to MetLifes key resource. in teams towards a be really effective and MetLife will succeed common purpose; successful by acting and because we are winning realising the collective making decisions independently to get from within. power of diverse work- results. groups. Operating with an intense Conducting all business Continuously creating and dedication to managing endeavours with truth, introducing new and monetary resources for sincerity and fairness. original ideas and ways of strong business results. doing things.24 Jims-kalkaji
  • 25. MetLife INSURANCE (Training Report) MANAGEMENT TEAM Rajesh Relan Managing Director MSVS Phanesh Appointed Actuary Sameer Bansal Director- Agency Nitish Asthana Director- Bancassurance & Business Partnerships Joydeep Mukherji Chief Financial Officer Balachander Sekhar Director - Marketing KR Anil Kumar Director - Legal & Risk and Company Secretary P. S. Sankaran Director – Compliance & Internal Controls (Contd.)25 Jims-kalkaji
  • 26. MetLife INSURANCE (Training Report) KS Raghavan Chief Administrative Officer Gaurav Sharma Director - Customer Service and Operations Shilpa Vaid Deputy Director- Human Resources TAGLINE Peace of Mind, Guaranteed MASCOT- A DOG NAMED ‗SNOOPY‘26 Jims-kalkaji
  • 27. MetLife INSURANCE (Training Report) PARTNERSGeojit Securities was founded by Mr. C.J. George in 1987 as a Proprietorshipfor doing Broking business in Cochin Stock Exchange. In 1994, the businesswas taken over by Geojit Securities Ltd, a Joint Venture between Mr. C.J.George and the Kerala State Industrial Development Corporation Ltd. In thefollowing year, the company came up with an IPO and the shares were listed invarious Stock Exchanges in India in 1995.Jammu and Kashmir Bank Limited was incorporated on 1st October, 1938 andcommenced its business from 4th July, 1939 at in Kashmir (India). The Bankwas the first in the country as a State owned bank. According to the extendedCentral laws of the state, Jammu & Kashmir Bank was defined as a govt.Company as per the provision of Indian companies act 1956. In the year 1971,the Bank received the status of scheduled bank. It was declared as "A" ClassBank by RBI in 1976. Today the bank has more than 500 branches across thecountry and has recently become a billion Dollar Company. (Contd.) 27 Jims-kalkaji
  • 28. MetLife INSURANCE (Training Report)Mangalore–headquartered Karnataka Bank, a leading private sector Bankhaving a network of 433 branches across 19 States and 2 Union Territories, ismore than 84 years old. The Bank is a technology savvy, customer centricprogressive bank with a national presence, driven by the highest standards ofcorporate governance and guided by sound ethical values. All the 433 branchesof the Bank are under the umbrella of core banking solution.The Bank has a host of customer friendly deposit and advances productsmeeting the varied needs and preferences of its customers. The Bank offers aplethora of technology driven products like Internet Banking facility, Dematservices, Mutual Fund products of reputed companies, Life and GeneralInsurance services, Visa enabled Debit Card with wide acceptability across theglobe. The Bank has an ambitious business turnover target of Rs. 35000 Croresfor the year 2008-09 with a branch expansion plan to reach the tally of 460branches and additional ATMs to take the total to 180 by end-March 2009.In 1982, a group of Hyderabad-based practicing Chartered Accountants startedKarvy Consultants Limited with a capital of Rs.1,50,000 offering auditing andtaxation services initially. Later, it forayed into the Registrar and Share Transferactivities and subsequently into financial services. All along, Karvys strongwork ethic and professional background leveraged with InformationTechnology enabled it to deliver quality to the individual. (Contd.) 28 Jims-kalkaji
  • 29. MetLife INSURANCE (Training Report)Established in 1921, Mini Muthoottu with an illustrious history of bankingbehind them today operates from 75 branches in Kerala and 5 in Bangalore. Allbusiness concerns of Mini Muthoottu function under the strict guidelines set bythe Department of Company Law Affairs and Reserve Bank of India. They alsohave a certificate of compliance with the requirements regarding prudentialnorms from the Reserve Bank of India. Mini Muthoottu, under the leadership ofits Chairman, Mr. Roy M Mathew, offers both the resources and capabilitieslike any national player coupled with individualized attention to its customers.Way2Wealth is a premier Investment Consultancy Firm that has been launchedwith the aim of making investing simpler, more understandable and profitablefor the investors. Way2Wealth brings a wide range of product offerings fromFixed Income Securities, Life Insurance and Mutual Funds to Equity andDerivatives (on the National Stock Exchange) for the convenience and benefitof it customers. Way2Wealth has over 40 easily accessible investment outletsspread across 20 major towns and cities in the country. 29 Jims-kalkaji
  • 30. MetLife INSURANCE (Training Report)METLIFE PERFORMS IN OVER THE FOLLOWING STATES Andhra Pradesh Assam Bihar Chandigarh Chhattisgarh Delhi Goa Gujarat Haryana Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Orissa Punjab Rajasthan Tamilnadu Tripura Uttar Pradesh Uttrakhand West Bengal30 Jims-kalkaji
  • 31. MetLife INSURANCE (Training Report) STRATEGIES To achieve a top 5 market position in India through a multi-distribution, multi-product platform. To adapt MetLifes best practice blueprints as a sound platform for profitable growth. To leverage local knowledge, infrastructure and customer base. To deliver high levels of shareholder return. To build long term value with our business partners by enhancing the proposition to their customers. To be the employer of choice to attract and retain the best talent in India. To be recognized as being close and qualified by our customers.31 Jims-kalkaji
  • 32. MetLife INSURANCE (Training Report) PRODUCTS OF METLIFE INSURANCEChild Plan Met Bhavishya Met Junior Endowment Met Junior Money Back Met Magic PlusRetirement Met Growth Super Met Pension-Par Met Pension PlusSavings Met Sukh Met Suvida Met Saral Met 100Protection Met Suraksha met Suraksha TROP Met Suraksha Plus Met Mortgage Protector Plus 32 Jims-kalkaji
  • 33. MetLife INSURANCE (Training Report)Rural Met Vishwas Met Suvidha-RuralInvestment Met Easy Plus Met Wealth Plus Met Gold Plus Met Fortune Met Smart LifeHealth Met Health CareMonthly Income Met Monthly Income Plan Met Monthly Income Plan 7 Pay 33 Jims-kalkaji
  • 34. MetLife INSURANCE (Training Report)INTRODUCTION OF THE PROCESS OF RECRUITMENT AND SELECTION OF AGENT34 Jims-kalkaji
  • 35. MetLife INSURANCE (Training Report) OBJECTIVES OF THE STUDY To understand the process of recruitment and selection of agent in MetLife. How to recruits agent for MetLife. To know about the view of general public about the job of agent. Why people are not willing to work with as an agent, especially with private player. MEANING OF RECRUITMENTFinding the right people is a make-or-break factor for success in business today.Recruiting the top talent for a job takes time and you have to attract qualitycandidates who have the knowledge and skills needed to help your companygrow.The fact is, your success with recruitment depends on how well you prepareyour job ad, and use source of recruitment, and your interviewing skills.Prepare a job ad that works to start, you want to be sure that your potentialcandidate truly understands the job. The clearer you are with the taskdescription, working conditions and advantages, the less time you will wasteexamining and rejecting applications.The essentials of any job description are: A brief description of your company Detailed outline of the tasks involved Qualifications and experience required Equipment and resources used to do the work Skills required using them (Contd.) 35 Jims-kalkaji
  • 36. MetLife INSURANCE (Training Report)However, you should also include work benefits (e.g., vacation, travel andperks), general working conditions (e.g., scheduling, outside work) and thespecific traits required (e.g., teambuilding and communications skills).Ultimately, you want to be perceived as an attractive employer in a competitivemarket.Find the right recruitment vehicle choose the vehicle that best works for yourcompany, depending on your budget and resources,Word of mouth, or simply telling your employees, friends and colleagues abouta job opening, is a less expensive strategy but generates fewer candidates. Theadvantage is that you already know something about your recruiters and theirskills, knowledge and achievements. This is a preferred method with companiesthat have a finders fee program for their employees.Advertising is a toss of the dice. If it goes well, it can help you find idealcandidates in a regional, national, or international pool. If not, its a costlyinvestment yielding few results. Make sure to factor in the time it takes to gothrough a large number of resumes.Employment agencies cost more but generally provide a good range ofcandidates. The employment advisors look at your needs, screen a number ofcandidates, and only send you the applications that meet your requirements.Bear in mind that the largest employment agencies do not necessarily offer thebest choice of candidates. There are numerous agencies that specialize inrecruitment in specific sectors.Recruiting online such as monster.com, workopolis.com, and jobboom.com.These can provide inexpensive, worldwide access to employees. In fact, 65% ofjob seekers now have access to these types of services. Using the Internet forrecruiting usually involves regular visits to specialized recruitment sites, joiningnewsgroups, and posting your job openings on recruitment sites, electronicpublications and on your own Web site. 36 Jims-kalkaji
  • 37. MetLife INSURANCE (Training Report) After recruitment the next part is selection of best candidates. MAKE THE INTERVIEW DELIVERSince the purpose of an interview is to identify and verify the candidatespotential, it should be structured to bring out all the desired competencies andaptitudes. Remember that you have to decide between the candidates: you couldcreate a point system or analysis grid for comparing their strengths andweaknesses.Here are a few points to consider when structuring an interview: Make a list in advance of the points for discussion and corresponding questions. Present the candidates with a situation they could face on the job and ask them how they would react. This will enable you to evaluate the candidates knowledge, skills and work methods. Ask the candidates to describe some difficult situations encountered in previous jobs and to explain the way in which they were resolved. This will give you the chance to gauge the candidates self-confidence, creativity and problem-solving skills. Ask the candidates to describe a difficult situation involving colleagues and how it was resolved. This will enable you to test their aptitude for teamwork. Ask the candidates about their ambitions and plans to ensure they fit your company profile.Beware of asking questions about personal interests. They can get the interviewoff track or annoy people who want to keep their work and private livesseparate. 37 Jims-kalkaji
  • 38. MetLife INSURANCE (Training Report) DEFINITION OF AGENTAccording to section 182 of Indian contracts Act, an agent is a person employedto do any act for another or to represent another in dealing with a third person.In the insurance industry, the term agent´ is ordinarily applied to a personengaged by the insurer to procure new business. The insurance Act definers andinsurance agent as one who is licensed under Section 42 of that Act and is paidby way of commission or otherwise, in consideration of his soliciting ofprocuring insurance business, including business relating to the continuance,renewal or revival of policies of insurance. He is, for all purposes, an authorizedsalesman for insurance and needs a license.An agent is one who acts on behalf of another. Another on whose behalf theagent acts is called the principal in this case. The insurance company is theprincipal in this case. The lawyer is the agent of the client, when he argues thecase in court. An ambassador is an agent of his country. The agent representsthe principal and acts on his behalf. Some insurers designate their agents asadvisers´,´ consultants´ etc. as if they are independent advisor or consultantwould not be appointed by an insurance company. He would be knowledgeableenough as a person to be approached for advice or consultation. Some insuranceagents may acquire that status. All insurance agents should strive to attain thatstatus. 38 Jims-kalkaji
  • 39. MetLife INSURANCE (Training Report) PROCEDURE FOR BECOMING AN AGENT The insurance Act, 1938 lays down that an insurance agent must possess a license under Section 42 of that Act. The license is to be issued by the IRDA. The IRDA has authorized designated persons, in each insurance company, to issue the licenses on behalf of the IRDA. In terms of the Insurance Act, licenses will not be given if the person is (a) minor, (b) found to be of unsound mind, (c) found guilty of criminal misappropriation or criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit any such offence (d) found guilty of or knowingly participation in or conniving at any fraud, dishonesty or misrepresentation against an insurer or an insured, (e) not possessing the requisite qualifications and specified training, (f) Found violating the code of conduct as specified in the regulations. (g) The fee for a license is Rs.825 for individual. A license is granted for 3 years. It may be renewed after 3 years and again valid for 3 years. (Contd.)39 Jims-kalkaji
  • 40. MetLife INSURANCE (Training Report) A license issued by the IRDA may be to act as an agent for a life insurer, as well as for a general insurer. No agent is allowed to work for more than one life insurer or more than one general insurer. The Qualifications necessary before a license can be given are that the person must be a) Not a minor. b) Have passed at least the 12th standard or equivalent examination, if he is to be appointed in a place with a population of 5,000 or more, then at least passed the 10th standard. c) Have undergone practical training for at least 50 hours in life or general insurance business, as the case may be, form an institution, approved and notified by the IRDA. IN the case of a person wanting to become a composite insurance agent, the applicant should have completed at least 75 hours practical training in life and general insurance business, which may be spread over six to eight weeks. d) Have passed the pre-recruitment examination conducted by the insurance institute of India or any other examination body authorized by the IRDA. (Contd.)40 Jims-kalkaji
  • 41. MetLife INSURANCE (Training Report)The license once issued, can be cancelled whenever the person acquires adisqualification. Applications for renewal have to make at least thirty daysbefore the expiry of the license, along either the renewal fee of Rs.250. If theapplication is not made at least thirty days before the expiry, but is made beforethe date of expiry of license, an additional fee of Rs.100 is payable . If theapplication is made after the date of expiry, it would be normally being refused.Prior to renewal of the license, the agent should have completed at least 25hours practical training in life or general insurance business or at least 50 hourspractical training in life and general insurance business in the case of acomposite insurance agent.Insures who select agents for appointment, make arrangements for training, forappearing in the prescribed examinations, and obtaining the license.NOTEThe insurance Act provides, In Section 44, for payment of commission onrenewal premium even after termination of the agency. The commission will belimited to a rate not exceeding 4%, to be eligible for this; the agent should havebeen an agent with that insurer for at least (1) five years and policies for at least Rs 50,000 are in force one year before termination of agency or, (2) 10 years.This commission will be payable to the heirs of the agent after the agents death. 41 Jims-kalkaji
  • 42. MetLife INSURANCE (Training Report) FUNCTION OF AN AGENT Understanding the prospects needs and persuade him to buy a plan of life insurance that suits his interests best. Complete the formalities: - paper work, medical examination, which are necessary to get the policy expeditiously. Keep in touch to ensure that changing circumstances are reflected in the arrangements relating to premium payments, nomination and other necessary alterations. Facilitate quick settlement of claims. Be totally honest with both the prospect and the insurer. Not to induce prospects to submit wrong information. CAREER WITH METLIFE Opportunity to earn unlimited income. Career Growth. Be your own boss. High quality training & Support to improve productivity. Compensation amongst the best. Club member benefits. Payout structured to facilitate your cash flows better. Best in class & competitive products. Pension for life.42 Jims-kalkaji
  • 43. MetLife INSURANCE (Training Report) RECRUITMENT PROCESS Develop a Profile Develop sources of recruitment Approaching the Targeted recruits Initial screening and Interviews Reality check43 Jims-kalkaji
  • 44. MetLife INSURANCE (Training Report) SOURCES OF RECRUITMENT Controlled UncontrolledNatural Market Job Ads/Inserts Centre of Placement Consultants Influence Presentation/Seminar Agents gets Agents Cold Prospecting Data Base Primary Secondary 44 Jims-kalkaji
  • 45. MetLife INSURANCE (Training Report) CONTROLLED SOURCESNATURAL MARKET  Your family  Your friends  People at job/business  NeighboursEXTENDED NATURAL MARKET  The following are sources of names:  People know through children.  People know through spouse.  People know through hobbies/ games.  People known through social groups  People known through public service.  People you do business with.  Friends of friends.CENTRE OF INFLUNCE  People with influence and prestige, other member of society believe and faith on them.  People who have a big circle of relationships: like secretary in societies, president of an association.  People who are known to you and are willing to help you.  People who have contacts with the class of people you want to deals with.  People who have faith in your leadership.  A centre of influence is a person who is in contact with many people through social, political, religious or business angulations  Usually a respected individual with influence over the people with him/her is in contact. 45 Jims-kalkaji
  • 46. MetLife INSURANCE (Training Report) UNCONTROLLED SOURCESJob Ads/InsertsThis program should be on regular long range basis.Example: Navjeevan Sharma who is a relationship officer in MetLife put an adin the newspaper, in which he called for the reader to phone him during aspecified 2 to 4 hours period on Monday or Sunday morning.From those who called Navjeevan Sharma was able to eliminate more misfits(who are not qualified) and arrange for two to six personal visits.Placement consultantsMOA can recruit a placement consultant or register himself in internet jobsearch sites to get list of prospects.Seminars/Job Fairs  Manager of agency can also organized seminars at management institutes and colleges. OR  MetLife participate in the job fairs and then short list prospects and then look for further opportunities for them. (Contd.) 46 Jims-kalkaji
  • 47. MetLife INSURANCE (Training Report)Cold Prospecting  MOA can use the telephone directory.  MOA and telecaller can use the directories of various business and social organizations.Database  Primary data: Direct collection of data of from the source of information, technology including personal interviewing, survey etc.  Secondary Data: Indirect collection of data from sources can be purchased from the open market and various kind of database is available such as telephone databases of various surveys. 47 Jims-kalkaji
  • 48. MetLife INSURANCE (Training Report) POINT TO BE NOTED WHILE RECRUITING THE AGENTS Mature and responsible family person. Ambitious, hungry for recognition, challenges. Occupation. Experience and current designation. For how many years he is living in the city. Greedy person. Occupation of parent. Family income. Any experience in life insurance sector. Leadership qualities. Social and amiable. SOURCES FOR RECRUITMENT AND SELECTION OF AGENT USED DURING TRAINING Natural Market Secondary Data Market Survey (Telephone Directory)48 Jims-kalkaji
  • 49. MetLife INSURANCE (Training Report) TELEPHONE SCRIPTHello sir,I am Yuvraj Ghimiery from MetLife. I want your few minute to speak.Sir, MetLife is going to expend the Business by recruiting quality people andoffering them the potential of a very rewarding career opportunity.We have acquired your business card and we are aware of the company youwork for and you are one of the selective person with whom our company wantto concern. So I would like to meet you for coffee to explain the exciting andrewarding opportunity. It may have for you in terms of career compensation andsupport.(Excellent I look forward to meeting you please May I have your address and Iwill confirm our meeting in writing.) OR(According to your convenience will you please tell me when and where we canmeet?)Thank You Sir.Step1. Documents Required Age proof. Address proof. Photo. Education proof. Q score sheet. Agency application. Form VA. Fill NAAF. (Contd.) 49 Jims-kalkaji
  • 50. MetLife INSURANCE (Training Report)Step2. Interview sectionDuring the interview the senior manager/MOA asked following question to thecandidate to judge his ability and knowledge. Qualification. Present occupation. Knowledge or experience in insurance sector Tenor of stay in the town. Number of family member. Household income. Occupation of parent.If selected then the senior manager/MOA approve the application. Themanagers take the help of scoring Mechanism. Scoring Mechanism was filled atthe time of apply.Step3. Training50 Hours Training and also provide a text book (IC-33 life insurance) for pre-recruitment Examination for Life Insurance Agents, which is based on syllabusprescribed by insurance Regulatory & Development Authority.IRDA for short, has laid down that those who wish to become insurance agentswill be given licenses only after they complete a course of study, training andpass an examination prescribed by it.During this training the knowledge about the entire essential concept related tolife insurance is provided to agent. Insurers will have different practices andoffer different benefits in their plans. All of them will be based on theseconcepts. The details of the practices and the plans of each insurer will have tobe learnt from the respective insures. (Contd.) 50 Jims-kalkaji
  • 51. MetLife INSURANCE (Training Report)Step4. During training following things will be taught What is insurance Principles of life Assurance Premiums and Bonuses Life Insurance products Underwriting Insurance Documents Policy conditions Claims Linked life insurance products Insurance agency Laws and Regulations IRDA Regulation 2000. IRDA Regulation 2002.Step5. Examination and CodeExamination is the second last part of the recruitment and selection process. Itinclude one hour test under, which contain 50 objective questions, one markseach, and Pass marks are 25.There are two method of examination. Online ManualIn case of online the result is declared on the spot and in the case of manualresult is declared within one month.After clearing the exam, ULIP training of two days will be given to the advisorabout the product of company and then agency code is generated. 51 Jims-kalkaji
  • 52. MetLife INSURANCE (Training Report)After complying all the essential requirements to become an agent, aU.R.N(Unique registeration number) is issued by I.R.D.A(Insurance regulatorydevelopment authority). 52 Jims-kalkaji
  • 53. MetLife INSURANCE (Training Report)53 Jims-kalkaji
  • 54. MetLife INSURANCE (Training Report) OBJECTIVES AND RESEARCH METHODOLOGY54 Jims-kalkaji
  • 55. MetLife INSURANCE (Training Report) OBJECTIVES OF THE STUDY To understand the process of recruitment and selection of agent in MetLife. How to recruits agent for MetLife. To know about the view of general public about the job of agent. Why people are not willing to work with as an agent, especially with private player. RESEARCH METHODOLOGYResearch Methodology is the investigation of specific problem in detail. At firstproblem is defined carefully for conducting research. There should be a goodresearch plan for conducting research. No research can be done without datacollection. After all this analyze is made for getting solution for problem. Defining the problem Defining the sampling plan Collection of data Analyze and interpretationDefining the problemDefining the research problem is first necessary step for any research. Thiswork should be done carefully. Here research problem is to know wiliness ofgeneral public to work as an agent with private player or MetLife. (Contd.) 55 Jims-kalkaji
  • 56. MetLife INSURANCE (Training Report)Sampling planThe sampling plan calls for three decisions.A) Sampling Unit: I have completed my survey in South Delhi.B) Sample Size: The selection of 20 respondents. The sample was drawn fromshopkeepers, housewives, students . The selection of the respondent was doneon the basis of simple random sampling.C) Contract methodsI have conducted the respondent through personal interviews.Research InstrumentA close friend questionnaire was constructed for my survey. Questionnaireconsisting of a set of questions made to filled by various respondents.Collecting the InformationAfter this, I have collected the information from the respondent with the help ofquestionnaire.Analyze the InformationThe next step is to extract the pertinent finding from the collected data. I havetabulated the collected data & developed frequency distributions.Thus the whole data was grouped aspect wise and was presented in tabularfrom. Thus, frequencies & percentages were to redder impact of the study.Presentations of FindingsThis was the last stop of the survey. 56 Jims-kalkaji
  • 57. MetLife INSURANCE (Training Report) DATA PRESENTAION AND INTERPRETATIONName: - Address:-Location:-Mobile no.Shop Type: - (Mobile stores, General store, Chemist etc. Please specify Script MetLife has expanded into new territories of business and they now offer the best in class insurance products. MetLife is introducing Insurance to every part of Delhi retailers and would like to give you an opportunity to earn and setup a new income which can give you 15-20% margin on an average. In this business you only have to contact your known people or regular customers and their references to introduce MetLife‘s product and get an appointment. Post this, manager form MetLife will go, explain the product & close he will sale for you. You will in turn receive 15-20 % margin on sale. E.g. if a policy is sold by MetLife manager for 10,000 you will receive 2,000.57 Jims-kalkaji
  • 58. MetLife INSURANCE (Training Report)1) Would you be interested in taking up this business opportunity with MetLife? Yes or, No 0, 0% 0, 0% 8,20% yes 32, 80% no Only 20% of people were interested in taking up this business opportunity with MetLife. (8 shopkeeper were interested in this activity)2) How much time can you dedicate per day for this activity?(For getting Appointments)½ hr 1-2 hrs 3-h hrs 5 hrs or more 0% 0% 2,25% half hour 1/2 to 2 2 to 4 6,75% 4 to 5 From the above 8 people, 6 people said that they can spend ½ hour for this activity daily. 2 said that they can spend ½ to 2 hours for this activity. (Contd.) 58 Jims-kalkaji
  • 59. MetLife INSURANCE (Training Report)3) Do you have any knowledge of or experience in Insurance? Yes or, No 0, 0% 0, 0% 8, 20% no yes 32, 80% 80% of people said that they have knowledge about insurance. 20% of people said that they have no knowledge about insurance.4) Do you have Experience as an agent? Yes or, No 0, 0% 0, 0% 6, 15% yes 34, 85% no 15% of people have experience in the field of life insurance. 85% of people have no experience in the field of life insurance. (Contd.) 59 Jims-kalkaji
  • 60. MetLife INSURANCE (Training Report)If yes, then please specify the name of the company. 0, 0% 1, 17% LIC 3,50% HDFC 2, 33% ICICI Out of 6 people 33%(3) of shopkeeper working with LIC 33% (2) of people working with HDFC Standard Life insurance 33% (1) of people working with ICICI Prudential Life Insurance Co. Ltd.5) Can you spare 1/2 day on training to understand to product and how can introduce it to your customer? Yes or, No 0, 0% 0, 0% 4, 10% Yes 36, 90% no10 % of people were interesting to spare 1/2 day on training to understand toproduct. 60 Jims-kalkaji
  • 61. MetLife INSURANCE (Training Report)Name: - Address:-Location:-Mobile no.Shop Type: - (Mobile stores, General store, Chemist etc. Please specify QUESTIONNAIRE1. Would you be interested in taking up this business opportunity with MetLife? a. Yes b. No2. How much time can you dedicate per day for this activity? (For getting Appointments) a. ½ hr b. 1-2 hrs c. 3-h hrs d. 5 hrs or more3. Do you have any knowledge of or experience in Insurance? Knowledge: a. Yes b. No (Contd.)61 Jims-kalkaji
  • 62. MetLife INSURANCE (Training Report) Experience: a. Yes b. No If yes, then please specify the name of the company.1. Can you spare ½ day on training to understand the product and how can introduce it to your customer? a. Yes b. No2. How many people do you know in this city? a. Under 50 b. 51-100 c. 101-300 d. 301-600 e. Above 60062 Jims-kalkaji
  • 63. MetLife INSURANCE (Training Report) LIMITATIONS I didn‘t get complete feed from the people about the question as they are busy in their work and had less time to fill questioned. Sincerity of answering the questions cannot be judged. Time was the major constraint for me to understand the long process of recruitment and selection. Limited money available for project. FINDINGSWhy people are not ready to work with private players in life insurance? ORWhy people are not ready to work as an agent in any company?  In these days LIC created a very well image in the mind of General public because it is semi Government Company and also an oldest company. In short most people of Indian believe upon the LIC only.  During the training period we felt that most of people who are already working in insurance sector think that it is easy to sell the product of LIC than to sell the product of other life insurance company.  Most of people say that this job affects upon their social relation with other and also effect upon their business.  Most of people believe that private insurance companies carried out fraud activity that‘s why they never believe upon the private players.  People think that it is a time consuming activity and also required huge market skills.  Some people said that only greedy people like to work in insurance sector.  Because of three days compulsory training. 63 Jims-kalkaji
  • 64. MetLife INSURANCE (Training Report) CONCLUSIONIn India, there is throat cut competition in the market of life insurance that brandservice which adopt new strategies for sales. I concluding the whole story it canbe said that people are much more aware about the aspects of life insurance andalso have knowledge about the role and act of agent but mostly peopleunwilling to work as life insurance agent and mostly people prefer to work withLIC because it is a semi government corporation. 64 Jims-kalkaji
  • 65. MetLife INSURANCE (Training Report) SUGGESTIONS MetLife must give more advertisements on electronic media and print media, as it help in enhance its goodwill and more people are willing to work with reputed companies, through proper advertisement it become easy to sell the product. An insurance company must work with honesty to win the confident of its agent and general public. Duration of training must be reducing as in these day people have no extra time. Fees charged by companies from candidate for IRDA exam and training should reduce. Many other extra facilities must be provide to agent to attract them such local and foreign trips, special price on achieving a target, open bank account at free of cost. MetLife must organize more and more seminars and also participate in the job trade fairs to find out more candidates. Increase the commission of agents. Company must relic to candidate or other people that they are doing a social service for the welfare of society. Better career opportunity must be provided to an adviser, such as on role job, promotion etc. A special function must organize time to time in which the special prizes distribute among those agent who perform well. The duration of the process of recruitment and selection is too long (one and half month), during this process mostly candidate loss there interest, so there is an urgent need to reduce the duration of this period. Reduce the minimum premium amount it will help company to attract the agent of other company, as it increases the scope of market of its agent.65 Jims-kalkaji
  • 66. MetLife INSURANCE (Training Report) WEBLIOGRAPHY www.metlife.com www.metlife.co.in www.irdaindia.org www.ibef.org www.en.wikipedia.org/wiki/Metlife THE OPPORTUNITY About 2/3 of the Indian population is insurable High % of population is uninsured or underinsurance. We Indian are "natural savers" Indians save the maximum in the world. Those insured are underinsured.66 Jims-kalkaji