The document provides an overview of the insurance sector in India and Max New York Life Insurance Company. It discusses the history and growth of the insurance industry in India. Key reforms in 1993 led to the establishment of an independent regulatory body, IRDA, and the opening of the sector to private companies. Max New York Life is a joint venture between New York Life and Max India, focusing on a quality approach and establishing itself as a trusted life insurance specialist.
How to invest in yourself and grow into a rewarding career. Become an Insurance Agent in the State of Michigan. Farmers Insurance District Support staff's guide on steps to take. Contact us for more info 989-214-2198.
Indian Insurance Industry - Key Issues and Challenges - Part - 2Resurgent India
While a range of economic and financial reforms have helped the insurance sector grow, there remains a host of challenges which need to be addressed for harnessing the full potential of the sector:
Bancassurance comprises of two words: bank and insurance. It is an agreement between bank and insurance companies where banks operate as intermediary between insurance company and its customers and sell insurance through their existing distribution network.
https://efinancemanagement.com/financial-management/bancassurance
How to invest in yourself and grow into a rewarding career. Become an Insurance Agent in the State of Michigan. Farmers Insurance District Support staff's guide on steps to take. Contact us for more info 989-214-2198.
Indian Insurance Industry - Key Issues and Challenges - Part - 2Resurgent India
While a range of economic and financial reforms have helped the insurance sector grow, there remains a host of challenges which need to be addressed for harnessing the full potential of the sector:
Bancassurance comprises of two words: bank and insurance. It is an agreement between bank and insurance companies where banks operate as intermediary between insurance company and its customers and sell insurance through their existing distribution network.
https://efinancemanagement.com/financial-management/bancassurance
Dear Students
We can help you to write total dissertation/project report.
Our 9 step method of project writing:-
Step 1) Helping you in Selection of topic.
Step 2) Group discussion / conference call with in team of professors.
Step 3) Helping you in Preparation of Synopsis/ proposal & sent to project guide
Interest rate risk management for banks under Basel II, presentation by Christine Brown, Department of Finance , The University of Melbourne, Shanghai, December 8-12, 2008
A powerful presentation on non performing assets which very much influencial when presented before others. Being a law student, I myself created the presentation and presented before the elite authorities which impressed them to a larger extent.
How to create value for your organization? Why TSR is the best metric for value creation? Why is it difficult to create sustainable value? How to build sustainable value creation strategy & create value for a longer period of time? Why CSR & brand value change not consider as a part of TSR? Why multiple compressions are so difficult to beat? Why investors & analyst discounts valuation multiple? How to transit majority investors without eroding TSR? How to create value in low growth economy? How to play your strategy with sustainable TSR matrix as per investors eye? Why investors communication is so important for value creation? Which strategy you should use for value creation? How to use value creation scenarios? Why cash strategy is so important in low growth economy?
If all these question bothers you before developing your company’s corporate strategy/value creation strategy then you must see your New Year’s
complimentary gift presentation
“A handy e-book on how to create sustainable shareholders value”
Life Insurance industry has been witnessing low persistency (a policy's ability to be active and sustained premium payment)rate hence the proactive need for customer retention and maximizing renewal premium collection and need for monitoring the performance of intermediaries and agents could gain immense value from deriving highly usable recommendations.
The need for such inferences, importantly in a timely basis can't be more important than now as the rightful and the revised guidelines by the regulator ensures the need to minimize wrong selling, increased persistency and performance of all the stakeholders in Life Insurance to make business a flourishing one.
How did the evolving need of the industry coupled with constant change in market and competitive landscape was married and focused approaches were espoused through with tangible benefits on Customer Value Retention and Maximization & agent's performance improvement were met.
What are the recommendations from Sameer to individuals & enterprises who intend to devise their Analytical Vision for their respective organization, what are the areas to be considered before embarking such a journey
.
Dear Students
We can help you to write total dissertation/project report.
Our 9 step method of project writing:-
Step 1) Helping you in Selection of topic.
Step 2) Group discussion / conference call with in team of professors.
Step 3) Helping you in Preparation of Synopsis/ proposal & sent to project guide
Interest rate risk management for banks under Basel II, presentation by Christine Brown, Department of Finance , The University of Melbourne, Shanghai, December 8-12, 2008
A powerful presentation on non performing assets which very much influencial when presented before others. Being a law student, I myself created the presentation and presented before the elite authorities which impressed them to a larger extent.
How to create value for your organization? Why TSR is the best metric for value creation? Why is it difficult to create sustainable value? How to build sustainable value creation strategy & create value for a longer period of time? Why CSR & brand value change not consider as a part of TSR? Why multiple compressions are so difficult to beat? Why investors & analyst discounts valuation multiple? How to transit majority investors without eroding TSR? How to create value in low growth economy? How to play your strategy with sustainable TSR matrix as per investors eye? Why investors communication is so important for value creation? Which strategy you should use for value creation? How to use value creation scenarios? Why cash strategy is so important in low growth economy?
If all these question bothers you before developing your company’s corporate strategy/value creation strategy then you must see your New Year’s
complimentary gift presentation
“A handy e-book on how to create sustainable shareholders value”
Life Insurance industry has been witnessing low persistency (a policy's ability to be active and sustained premium payment)rate hence the proactive need for customer retention and maximizing renewal premium collection and need for monitoring the performance of intermediaries and agents could gain immense value from deriving highly usable recommendations.
The need for such inferences, importantly in a timely basis can't be more important than now as the rightful and the revised guidelines by the regulator ensures the need to minimize wrong selling, increased persistency and performance of all the stakeholders in Life Insurance to make business a flourishing one.
How did the evolving need of the industry coupled with constant change in market and competitive landscape was married and focused approaches were espoused through with tangible benefits on Customer Value Retention and Maximization & agent's performance improvement were met.
What are the recommendations from Sameer to individuals & enterprises who intend to devise their Analytical Vision for their respective organization, what are the areas to be considered before embarking such a journey
.
HR Policies & Practices in Insurance Industry with special reference to Life ...Kushagra Shukla
Kushagra Shukla MBA 2014-15: HR Policies & Practices in Insurance Industry with special reference to Life Insurance Corporation (LIC), Reliance Life Insurance Company (RLIC) & Birla Sun Life Insurance Company (BLSI)
Impact of Advertisements on Investors at HDFC Standard Life InsuranceProjects Kart
This project is managing study on “Impact of advertisement on Investors – A case study in HDFC Standard Life Insurance” The scope of study is regarding the advertisements and therefore the presence of HDFC SLIC with relation to in door advertisements and their advertisements & their effectiveness & out door advertisements, however the folks wish to watch them. to understand the notice within the public like better to watch the ads and medium.
In this paper an attempt is made to study the financial performance and investment performance of Life Insurance Corporation of India Ltd. (LIC) during the period 2001-02 to 2015-16. To examine financial performance income, outgo and their sub-components are chosen. As far as investment performance is concerned sector-wise, instrument-wise and also their sub-components are taken. This paper is divided into two Sections. In the first section financial and investment performance is examined. In the second section the impact of sector-wise and instrument-wise investment on total income of LIC is assessed.
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region.
world health, who, carcinogen, caffeine, cancer, health benefits, MBA mini projects, projectskart, short projects, summer internship project,
The sugar industry occupies a major portion in the (organization) industries of India. The sugar industries have rank second next to cotton and textile industries. The sugar industry started since 1830. China is the first producer of sugar in the world. It provides highest direct employment opportunities.
The sugar industry is one of the important Ago-based industry of the country India is the fourth major sugar production in the world. The first three is Russia, Brazil and Cuba. Sugar industry provides direct employment to nearly 3lakh persons this industry supports about 25 million agriculturists. It pay’s both to the central government and the state government about Rs.350 crores by way of different taxes. The capital employed in the industry is of the order of Rs.780 crores. There are about 414 mills producing sugar, which are spread all over the country.
When we think about refreshment, the first thing that comes to our mind is coffee or tea. Most people prefer coffee and most prefer tea and these two drinks have become a part of a human being’s life.
Here we (I) have concentrated on coffee which is considered as a traditional drinks especially in south India. People here start their everyday life with a cup of coffee. Not only in south India but in all parts of the world people are so dependent and addicted to coffee that it acts as a daily schedule to every body every where. But this coffee is not grown in all parts of the world but is grown in very few places with right kind or weather, atmosphere and most important of all, the soil of that region. It is usually grown in hill stations with adequate amount of rainfall and such places which are high above sea level. Therefore in India, Karnataka is such a place, especially South Karnataka which produces the highest amount of coffee in whole India. Most parts of Karnataka such as Chikmagalur district and many parts in Hassan District, and also Coorg.
A Study on Sugar Industry at Chamundeshwari SugarProjects Kart
The discovery of sugarcane from which sugar was produced had been known since thousands of years. It is thought to have originated in New Guinea, and was spread along routes to Southeast Asia and India. The process known for creation of sugar, by pressing out the juice and then boiling it into crystals, was developed in India around 500 BC.
Its cultivation was not introduced into Europe until the middle-ages, when it was brought to Spain by Arabs to thrive in a most favorable climate.
Study on Inventory Management at Reid & Taylor (India) LtdProjects Kart
Inventory is a list of goods and materials, or those goods and materials themselves, held available in stock by a business. Inventory management is primarily about specifying the size and placement of stocked goods. Inventory management is required at different locations within a facility or within multiple locations of a supply network to protect the regular and planned course of production against the random disturbance of running out of materials or goods. The scope of inventory management also concerns the fine lines between replenishment lead time, carrying costs of inventory, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price forecasting, physical inventory, available physical space for inventory, quality management, replenishment, returns and defective goods and demand forecasting.
Study on Working Capital Management at PNBProjects Kart
The prime objective of any business is to maximize the value of the company and to maximize the wealth of its shareholders. Working capital management has its own role to play in attaining this goal. Working capital is the funds required for day to day working in a business concern. The working capital management involves deciding upon the amount and composition of current assets and how to finance those assets. There should be a proper trade off between risk and profitability in each decision relating to it. This project work has been undertaken to know the procedures involved in the working capital management in PUNJAB NATIONAL BANK. An attempt is made to study the factors contributing towards working capital and the sources on which the company is depending for funds. The research study was also conducted to derive working capital ratios, to know the performance and efficiency of working capital management and to know the kind of policy adopted in this part of the management. For analyzing the factors and conditions influencing working capital tables and graphs were drawn based on the study. pubjab national bank mba project, summer internship 2017, project reprot, punjab national bank pdf, risk, project report pdf, project report, customer satisfaction in punjab national bank
Study on Mutual Fund is the Better Investment PlanProjects Kart
Mutual funds have become a hot favorite of millions of people all over the world. The driving force of mutual fund is the ‘safety of the principal’ guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. People prefer Mutual Funds to bank deposits, life insurance and even bond because with a little money, they can get into the investment game. One can own string blue chips like ITC, TISCO, Reliance etc., through mutual funds. Thus, mutual funds act as a gateway to enter into big companies hitherto inaccessible to an ordinary investor with his small investment.
Study on Store Environment and Merchandising Mix at Big BazaarProjects Kart
Retailing consists of those business activities involved in the sale of goods and services to consumers for their personal, family, or household use. Retailing comprises of four elements customer orientation, coordinated effort, value-driven, and goal orientation. The word "Retail" originates from a French-Italian word. Retailer-someone who cuts off or sheds a small piece from something. Retailing is the set of activities that markets products or services to final consumers for their own personal or household use. It does this by organizing their availability on a relatively large scale and supplying them to customers on a relatively small scale. Retailer is a Person or Agent or Agency or Company or Organization who is instrumental in reaching the Goods or Merchandise or Services to the End User or Ultimate Consumer.
Initial Public Offers and Due DiligenceProjects Kart
This report, as the Title “Initial Public Offers and Due Diligence: The Role of a Investment Banker”, is an attempt to bring forth the importance of the process of Due Diligence and the significance of the vital role played by the Investment Banker in managing the issue of an Initial Public Offer (IPO).
When a Company issues an IPO, it means it is going public. The issue of an IPO introduces a great degree of transparency in a Company‟s operations. All the relevant and updated information pertaining to the company is laid down before the investors so that they may make an investment decision. Again, there are set procedures, rules, regulations and laws to be followed in laying down this information before the investors. A document called the Prospectus‟ must be prepared. The Prospectus captures all the necessary information that is to be made available to the investors. Apart from the Prospectus, there are various other company documents that need to be verified and summarized in order to present them before the investors.
Influence of ADR on Underlying Stock PricesProjects Kart
Globalization has opened the door for the investors to avail various investment avenues across the globe. American Depository Receipt (ADR) is one such opportunity to the investing community. The ADR is a proxy for the Indian shares to enable them to be traded in the American stock exchanges. Various studies conducted on Depository Receipts (DRs) have shown that the trading on the DR sin the foreign market has its influence in the home country’s stock in terms of price, volatility and volume. This interested me and this project is concerned about studying “Whether the price fluctuations of ADR affect the corresponding Indian share prices?”
After the liberalization of the economy in 1991, the corporatist started sourcing their capital from both domestic and foreign markets. The Indian shares cannot be directly listed in the American stock exchanges. ADRs have been very helpful in this purpose. So a custodian bank receives the shares as deposit and issues receipt to the market. These receipts are issued in appropriate ratio to the shares deposited with the depository. The market players in the stock exchanges trade these receipts.
Impact of ERP on Organizational Functions in Retail SectorProjects Kart
The business environment has changed more in the last five years than it did in the previous five decades. Winning in today’s business climate requires more than just providing high-quality, low-cost products to customers, when and how the customers want them. The ability to respond to new customer needs and seize market opportunities as they arise, without compromising on the profitability of the firm is critical for the success of any organization. Competitive pressures frequently force manufacturers to decrease prices in spite of the fact that their internal costs continue to rise. Enterprises are continuously striving to improve themselves in the areas of quality, time to market, customer satisfaction, performance and profitability. Making informed business decisions in this manner would enable organizations to accomplish their business growth and at the same time enable them to utilize the information to competitive advantage. To make it possible for the companies to execute this vision, there is a need for an infrastructure that will provide information across all functions and locations within the organization and this is the Enterprise Resource Planning (ERP) solution available in the market today.
The Impact of Creativity and Wow Factor in AdvertisingProjects Kart
The approach used in this report is a case study approach. It essentially deals with two aspects; creativity and WOW factor. These two terms have been defined and the impact they have in advertising has been studied. The objectives of doing such a study were to understand creativity, to define it and to find factors that elicit a WOW response from viewers.
Impact of Advertising on Customers in Tata MotorsProjects Kart
The consumer durable market in India has been very competitive in the recent years, with opening up of market for international players due to liberalization; the domestic players are facing a tough competition. So it‟s time for domestic companies to frame new strategies for their production and marketing activities. An evaluation of the effectiveness of the past activities of a company will enable the company in framing these new strategies. Such an effort has been made through this market research to know the http://www.projectskart.com/ on Customers in TATA MOTORS (A case study in AUTO MATRIX, HASSAN).
Recruitment and Selection at Aviva Life InsuranceProjects Kart
The MBA project titled “RECRUITMENT AND SELECTION” Undertaken in AVIVA life insurance.
AVIVA is a UK based insurance group. It has a long history dating back to 1834 and has a joint venture with DABUR groups. Aviva holds a 26 per cent stake in the joint venture and the Dabur group holds the balance 74 per cent share.
It is one of the leading providers of life and pensions products to Europe and has substantial businesses elsewhere around the world.
The project report is about recruitment and selection process that‟s an important part of any organization. Which is considered as a necessary asset of a company? In fact, recruitment and selection gives a home ground to the organization acumen that is needed for proper functioning of the organization.
Financial Freedom through Reverse MortgageProjects Kart
The world population structure shows that population worldwide is ageing owing to exaggerated longevity of older folks and small birth rates in developed and most developing countries. Visit www.projectskart.com for more information. In Asian nation alone, statistics show that variety of older as a proportion of population can show a 107% growth, from 113 million in 2016 and 179 million by 2026 severally.
Financial Analysis on Recession Period at M&M TractorsProjects Kart
Financial ANalysis (also stated as financial plan analysis or accounting analysis) refers to an assessment of the viability, stability and profitable of a business, sub-business or project. Visit www.projectskart.com for more information. It is performed by professionals World Health Organization prepare reports exploitation ratios that create use of data taken from monetary statements and different reports. These reports area unit typically given to prime management mutually of their bases in creating business selections.
Effective Supply Chain Management as a Strategic AdvantageProjects Kart
TSS was established in 1913 and since then it has been in Sirsi. The products have got their own brand image and also customers. Based on the service provided by TSS to its customers we can know how the organization considers its customers and its products to the customers. A study Effective supply chain management as a strategic advantage at TSS is undertaken for assessing the supply towards the customers and to understand the expectations of the customers towards arecanut and its products which will in turn help to take appropriate action by the management for removing the loop holes.
Brand Awareness of Spencer's and Comparative Analysis with Big BazaarProjects Kart
By 2004 the retail industry was growing rapidly in India, and Spencer's Retail decided to pursue an aggressive expansion strategy. The company had the customers, the products, and the employees to make it happen. It just needed an IT infrastructure that could support rapid growth. Visit http://www.projectskart.com/p/contact-us.html for more information. Current servers were at capacity, and the company needed to upgrade before adding new stores. Amit Mukerjee, Group CIO of the RPG Group, describes the challenge as part of the learning curve for retail development in India. ―Retailing is a new business in this country. As the business matures, the process matures, and IT systems must evolve accordingly. The company also needed an enterprise resource planning (ERP) solution to handle critical processes such as supply-chain management. It decided to implement mySAP ERP, now called SAP ERP, and realized the solution needed to run on high-performance servers. Spencer's Retail evaluated several possibilities, including servers from HP, IBM, and Sun Microsystems. It decided to build its IT infrastructure on Sun systems for several reasons. Sun SPARC Enterprise Servers had the performance and scalability needed to sustain its business, and they delivered higher performance at less cost. Sun's knowledge of the retail space in India, as well as its long history with RGP Enterprises, were also deciding factors.
A Study on Employee Job Satisfaction at KMFProjects Kart
India is called the “country of villages” where it covers nearly 70% of its total area. In this relation we can say that Indian economy is base on rural activities and their development. Therefore we have to give prime importance to the rural activities. Visit http://www.projectskart.com/p/contact-us.html for more information.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Exploring Patterns of Connection with Social Dreaming
Channel development at max new york life
1. “CHANNEL DEVELOPMENT AT MAX NEW
YORK LIFE”
SUBMITTED BY:-
MRUNAL DATTATRAYA SAMANT.
MBA (III RD SEM)
UNDER THE GUIDANCE OF:
INDIAN INSTITUTE OF PLANNING AND MANAGEMENT, MUMBAI.
2. CHANNEL DEVELOPMENT AT MNYL.
ACADEMIC YEAR 2006-2008
CERTIFICTE OF APPROVAL
The following Summer Project Report Title “Channel Development at MNYL” is
hereby approved as certificate studies in management carried out in a manner
satisfactory to warrant its acceptance as a prerequisite for the award of Post
Graduate Diploma in Business Management for which they have been
submitted. It is understood that by this approval the undersigned do not
necessarily endorse or approve any statement made, opinion expressed or
conclusion drawn therein but approve the summer Project only for the purpose
it is submitted.
Summer Project Report Examination Committee for evaluation of Summer
Project Report.
Name Signature
1. Faculty Examiner _________________ _________________
2. PG Summer Project Co-coordinator___________________ ___________________
- 2 -
4. CHANNEL DEVELOPMENT AT MNYL.
CERTIFICATE FROM SUMMER PROJECT GUIDE.
This is to certify that Mr. Mrunal Dattatraya Samant a student of Post Graduate
Diploma in Business Management has worked under our guidance and
supervision. This Summer Project Report has the requisite standard and to the
best of our knowledge no part of it has been reproduced from any other
summer project, monograph, report or book.
Project Guide Project Guide
Date: Date:
- 4 -
6. CHANNEL DEVELOPMENT AT MNYL.
ACKNOWLEDGEMENT
It gives me immense pleasure, having done a project on an interesting and
knowledgeable topic like “Channel development at Max New York.”
This project has not only widened my horizon as far as academics are
concerned but also helped me to enlarge my knowledge bank. Marketing
Management and Human resources are not topics, which could be handled
with certain amount of casualty. It requires a deep study and hard work, which
is key to success. There are many people associated with this project without
which this project would not have been possible.
I thank my Institute who has given me an opportunity to show my skills. I also
thank all my nearer and dearer ones without whose support this project would
not been possible.
I would like to thank Mr. Manish Saklani, who allow me to do this project in Max
New York Life successfully.
I am deeply grateful to Mr. Alok Ghosh, my project guide for his ever willing help
and guidance to complete my project successfully.
I would like to thank to Mr. Mainak Pramanik, my Sales Manager for his nobel
inspiration, keen interest, constant supervision and ever willing help throughout
the course of this study.
Above all I would like to thank all contacted persons of firm who took out
valuable time to answer my queries and gave me full information about
insurance industry and Max New York Life.
I extend my sincere gratitude towards my parents, who have always
encouraged me and gave suggestions as how to work on project. They always
stand by me in solving all my queries. Their support has always motivated me.
- 6 -
7. CHANNEL DEVELOPMENT AT MNYL.
Above all it gives me immense pleasure to thank authors of various books who
indirectly helped me in gaining knowledge about insurance industry.
PREFACE
- 7 -
8. CHANNEL DEVELOPMENT AT MNYL.
Indian insurance industry is emerging rapidly after year 2000. To survive in this
highly competitive scenario, managers are being pressured to improve quality,
recruit quality and skilled people and eliminate inefficiency. The collective
efforts of the employer, managers and other relative people assume relevance
in this context. And this is where marketing management and human resources
play important role.
Recruitment is very important in today’s scenario. But still it is ignored and
considered as a secondary aspect. In case of insurance industry recruitment
only decide success or failure of company.
I have made an attempt to study this aspect of Insurance industry in my project.
In this project, recruitment for developing channel at Max New York Life is
considered. I have tried to find out how exactly recruitment is very important for
this firm as well as this industry, which are the different strategies firm use to
recruit quality people and so on. It is more qualitative rather than a quantitative
data.
To get knowledge of above question and to fulfill the requirements for my
project on “Channel Development At Max New York Life”, I have worked in
MNYL and searched some internet sites.
On the basis of my study, I have included following topics as the important
aspect of Channel Development At Max New York Life.
• Insurance industry introduction.
- 8 -
9. CHANNEL DEVELOPMENT AT MNYL.
• Strategies for recruitment.
• Eligibility of recruitment and so on.
In this project I have tried to give attention to all the above topics and study
them in depth. But I would still like to receive all sorts feedback to enhance my
knowledge on the topics as far as this industry is concern.
- 9 -
10. CHANNEL DEVELOPMENT AT MNYL.
TABLE OF CONTENTS.
Acknowledgement
5
Preface
7
Table of Contents
9
List of Abbreviations
11
- 10 -
11. CHANNEL DEVELOPMENT AT MNYL.
- 11 -
SECTION A: INTRODUCTION 13
A.1 ABOUT INSURANCE INDUSTRY 14
A.2 ABOUT MAX NEW YORK LIFE 23
A.3 ABOUT PROJECT 35
SECTION B: CHANNEL DEVELOPMENT STRATEGIES 37
B.1 ELIGIBILITY MODEL 38
B.2 DEVELOPMENT STRATEGIES 41
B.3 SCRIPTS AND OBJECTION HANDLING 52
SECTION C: CHANNEL DEVELOPMENT PROCESS 54
C.1 NAME GATHERING IN-P200 56
C.2 SHORTLISTING 56
C.3 APPROACHING 57
C.4 INITIAL SCREENING 57
C.5 NAT 58
C.6 CAREER SEMINAR 58
C.7 CAREER INTERVIEW 58
C.8 FCS 58
C.9 CONTRACT 58
SECTION D: STATUS REPORT 60
D.1 ACTIVITIY CHART 61
SECTION E: CONCLUSION 62
E.1 EXPERIENCE 63
E.2 SUMMARY 64
E.3 RECOMMENDATION 65
E.4 BIBLIOGRAPHY 67
12. CHANNEL DEVELOPMENT AT MNYL.
LIST OF ABBREVIATIONS.
MNYL Max New York Life
AA Agent Advisor
PO Personal Observation
NAT Numerical Ability Test
FCS Fundamental Career Seminar
IRDA Insurance Regulatory & Development Authority
CoI Centre of Influence
ATP Annual Target Premium
MDRT Million Dollar Round Table
CSR Corporate Social Responsibility
SM Sales Manager
SCA Sustainable Competitive Advantage
- 12 -
13. CHANNEL DEVELOPMENT AT MNYL.
• Personal observation.
Personal Observation can be defined as: a face to face contact made on
an important basis in order to secure an appointment for recruitment
interview.
• Nominator.
Nominators can be defined as: people with whom you have no previous
business relationship.
• CoI.
Centers of influence can be defined as: people with whom you already
have an established relationship for referrals as an agent.
- 13 -
15. CHANNEL DEVELOPMENT AT MNYL.
A.1 About the Insurance Sector in India
• Insurance sector is an opportunity for India.
• This business is growing at the rate of 18-22 per cent annually.
• Presently it covers market of RS.450 billion.
• Together with banking sector it contributes about 7% to GDP.
• Gross premium collection is about 2% of GDP.
• Still 80% of Indian population is without life insurance.
• This is an indicator that growth potential for the insurance sector is
immense.
• Insurance sector contribute a lot in economic development.
• It provides long term fund for infrastructure development.
• It is estimated that over the next ten years India would require investments
of the order of one trillion US dollar.
• The Insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
There are two legislations that govern the sector-
The Insurance Act- 1938 The IRDA Act- 1999.
- 15 -
16. CHANNEL DEVELOPMENT AT MNYL.
Historical Perspective
• In 1818 it was conceived as a means to provide for English Widows.
• The Bombay Mutual Life Insurance Society started its business in 1870.
• It was the first company to charge same premium for both Indian and
non-Indian lives.
• The Oriental Assurance Company was established in 1880.
• Till the end of nineteenth century insurance business was almost entirely in
the hands of overseas companies.
• Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the provident fund Act of 1912.
• Several frauds during 20's and 30's sullied insurance business in India.
• By 1938 there were 176 insurance companies.
• The first comprehensive legislation was introduced with the Insurance Act
of 1938 that provided strict State Control over insurance business.
• The insurance business grew at a faster pace after independence.
- 16 -
17. CHANNEL DEVELOPMENT AT MNYL.
• The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly
corporation and Life Insurance Corporation (LIC) was born.
• Nationalization was justified on the grounds that it would create much
needed funds for rapid industrialization.
Important milestones in the life insurance business in India:
- 17 -
19. CHANNEL DEVELOPMENT AT MNYL.
In 1993, Malhotra Committee- headed by former Finance Secretary and RBI
Governor R.N. Malhotra- was formed to evaluate the Indian insurance industry
and recommend its future direction. The Malhotra committee was aimed at
creating a more efficient and competitive financial system suitable for the
requirements of the economy keeping in mind the structural changes currently
underway and recognising that insurance is an important part of the overall
financial system where it was necessary to address the need for similar reforms.
In 1994, the committee submitted the report and some of the key
recommendations included:
i) Structure: Government stake in the insurance Companies to be brought down
to 50%. Government should take over the holdings of GIC and its subsidiaries so
that these subsidiaries can act as independent corporations. All the insurance
companies should be given greater freedom to operate.
ii) Competition: Private Companies with a minimum paid up capital of Rs.1bn
should be allowed to enter the sector. No Company should deal in both Life
and General Insurance through a single entity. Foreign companies may be
allowed to enter the industry in collaboration with the domestic companies.
Postal Life Insurance should be allowed to operate in the rural market. Only one
State Level Life Insurance Company should be allowed to operate in each
state.
iii) Regulatory Body: The Insurance Act should be changed. An Insurance
Regulatory body should be set up. Controller of Insurance- a part of the Finance
Ministry- should be made independent
iv) Investments: Mandatory Investments of LIC Life Fund in government securities
to be reduced from 75% to 50%. GIC and its subsidiaries are not to hold more
- 19 -
20. CHANNEL DEVELOPMENT AT MNYL.
than 5% in any company (there current holdings to be brought down to this
level over a period of time)
v) Customer Service: LIC should pay interest on delays in payments beyond 30
days. Insurance companies must be encouraged to set up unit linked pension
plans. Computerization of operations and updating of technology to be carried
out in the insurance industry.
The committee felt the need to provide greater autonomy to insurance
companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had
proposed setting up an independent regulatory body- The Insurance
Regulatory and Development Authority.
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill
in Parliament in December 1999. The IRDA since its incorporation as a statutory
body in April 2000 has fastidiously stuck to its schedule of framing regulations
and registering the private sector insurance companies. Since being set up as
an independent statutory body the IRDA has put in a framework of globally
compatible regulations. The other decision taken simultaneously to provide the
supporting systems to the insurance sector and in particular the life insurance
companies was the launch of the IRDA online service for issue and renewal of
licenses to agents. The approval of institutions for imparting training to agents
has also ensured that the insurance companies would have a trained workforce
of insurance agents in place to sell their products.
Present Scenario
- 20 -
21. CHANNEL DEVELOPMENT AT MNYL.
The Government of India liberalised the insurance sector in March 2000 with the
passage of the Insurance Regulatory and Development Authority (IRDA) Bill,
lifting all entry restrictions for private players and allowing foreign players to
enter the market with some limits on direct foreign ownership. Under the current
guidelines, there is a 26 percent equity cap for foreign partners in an insurance
company. There is a proposal to increase this limit to 49 percent.
The opening up of the sector is likely to lead to greater spread and deepening
of insurance in India and this may also include restructuring and revitalizing of
the public sector companies. In the private sector 15 life insurance companies
have been registered. A host of private Insurance companies operating in life
segments have started selling their insurance policies since 2001. Table shows
the current market players in the life Insurance Industry (Source IRDA).
Sr. No. Name of the Company
1 Bajaj Allianz Life Insurance Co. Limited
2 Birla Sun Life Insurance Co. Ltd
3 HDFC Standard Life Insurance Co. Ltd
4 ICICI Prudential Life Insurance Co. Ltd
5 ING Vysya Life Insurance Co. Ltd.
6 Life Insurance Corporation of India
7 Max New York Life Insurance Co. Ltd
8 Met Life India Insurance Co. Pvt. Ltd.
9 Kotak Mahindra Old Mutual Life Insurance Ltd.
10 SBI Life Insurance Co. Ltd.
11 Tata AIG Life Insurance Co. Ltd.
12 Reliance Life Insurance Co. Ltd.
13 Aviva Life Insurance Co. India Pvt. Ltd.
14 Sahara India Life Insurance Co. Ltd.
15 Shriram Life Insurance Co. Ltd.
16 Bharti AXA Life Insurance Co. Ltd.
Life Insurance Market Growth
- 21 -
22. CHANNEL DEVELOPMENT AT MNYL.
The Life Insurance market in India is an underdeveloped market that was only
tapped by the state owned LIC till the entry of private insurers. The penetration
of life insurance products was 22 percent of the total 400 million of the insurable
population. Most customers were under- insured with no flexibility or
transparency in the products. With the entry of the private insurers the rules of
the game have changed.
Life insurance business in terms of first year premium has shown a growth of
more than 95% over the previous year and non life, or general insurance, is not
far behind either, growing at 22% during 2006-07.The 15 private insurers in the life
insurance market have already grabbed nearly 24 percent of the market in
terms of premium income. The new business premium of the 15 private players
has tripled over last year. Meanwhile, state owned LIC's new premium business
has fallen. Figure shows comparison between premiums being collected by
private and public limited players in year 2006 and 2007.
- 22 -
23. CHANNEL DEVELOPMENT AT MNYL.
Innovative products, smart marketing and aggressive distribution. That's the
triple whammy combination that has enabled fledgling private insurance
companies to sign up Indian customers faster than anyone ever expected.
Indians, who have always seen life insurance as a tax saving device, are now
suddenly turning to the private sector and snapping up the new innovative
products on offer.
The growing popularity of the private insurers shows in other ways. They are
coining money in new niches that they have introduced. The state owned
companies still dominate segments like endowments and money back policies.
But in the annuity or pension products business, the private insurers have
already wrested over 33 percent of the market. And in the popular unit-linked
insurance schemes they have a virtual monopoly, with over 90 percent of the
customers.
The private insurers also seem to be scoring big in other ways- they are
persuading people to take out bigger policies. For instance, the average size of
a life insurance policy before privatisation was around Rs 50,000. That has risen
to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to persuade
new customers.
- 23 -
24. CHANNEL DEVELOPMENT AT MNYL.
A.2 ABOUT MAX NEW YORK LIFE
• Max New York Life Insurance Company Ltd. is a joint venture between
New York Life and Max India Limited.
• New York Life is a Fortune 100 company and Max India Limited is one of
India's leading multi-business corporations.
• The company has positioned itself on the quality platform.
• It has developed a strong corporate governance model based on the
core values of excellence, honesty, knowledge, caring, integrity and
teamwork.
• The strategy is to establish itself as a trusted life insurance specialist
through a quality approach to business.
• In line with its values of financial responsibility, Max New York Life has
adopted prudent financial practices to ensure safety of policyholder's
funds.
• The Company's paid up capital is Rs. 657 crore, which is more than the
norm laid down by IRDA.
• Max New York Life has identified individual agents as its primary channel
of distribution.
• The Company places a lot of emphasis on its selection process, which
comprises four stages –
Screening,
Psychometric test,
- 24 -
25. CHANNEL DEVELOPMENT AT MNYL.
Career seminar
Final interview.
• The agent advisors are trained in-house to ensure optimal control on
quality of training.
• Max New York Life invests significantly in its training programme.
• Each agent is trained for 152 hours as opposed to the mandatory 100
hours stipulated by the IRDA before beginning to sell in the marketplace.
• Training is a continuous process for agents at Max New York Life and
ensures development of skills and knowledge through a structured
programme spread over 500 hours in two years.
• This focus on continuous quality training has resulted in the company
having amongst the highest agent pass rate in IRDA examinations and
the agents have the highest productivity among private life insurers.
• 201 agent advisors have qualified for the Million Dollar Round Table
(MDRT) membership in 2005.
• MDRT is an exclusive congregation of the world’s top selling insurance
agents and is internationally recognized as the standard of excellence in
the life insurance business.
• Having set a best in class agency distribution model in place, the
company is spearheading a major thrust into additional distribution
channels to further grow its business.
• The company is using a five-pronged strategy to pursue alternative
channels of distribution.
- 25 -
26. CHANNEL DEVELOPMENT AT MNYL.
• These include the franchisee model, rural business, direct sales force
involving group insurance and telemarketing opportunities and corporate
alliances.
• Max New York Life offers a suite of flexible products.
• It now has 26 life insurance products and 8 riders that can be customized
to have more than 400 products.
REWARD AND RECOGNITION
- 26 -
27. CHANNEL DEVELOPMENT AT MNYL.
1) Premium Leader
- 27 -
C
E
MDRT
Ex. Council
Paul Colgan Trophy
Centurion
Agent of the Year
Paid Cases, FYC, Persistency, Rider,
Referral and CEIP Leader
Career Foundation Club
Career Producer Award
Career Success Award
Hi-Flier
Ten-A-Monther
Premium Leader
28. CHANNEL DEVELOPMENT AT MNYL.
Qualifying Criteria- Rs. 1 Lakh AFYP in a month
Reward and Recognition- Mention in leaders Report, Lunch
2) Ten-A-Monther
Qualifying Criteria- 10 applications in a month and Rs. 30,000 AFYP
Reward and Recognition- MNYL Crystal Glass, mention in Leaders Report,
Lunch.
3) Hi-Flier
Qualifying Criteria- 20 applications in a month
Reward and Recognition- MNYL Silver Medal, MNYL Crystal Glass, Mention
in leaders Report, Lunch
4) Career Success Award
Qualifying Criteria- 15 paid cases & Rs. 40,000 FYC at the end of
- 28 -
29. CHANNEL DEVELOPMENT AT MNYL.
month 3
Reward and Recognition- Recognition Award
5) Career Producer Award
Qualifying Criteria- 25 paid cases & Rs. 80,000 FYC at the end of
month 6
Reward and Recognition- Recognition Award
6) Career Foundation Club
Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhs FYC in July- June for
Recruits during this period.
Reward and Recognition- Attend CFC meeting to be held at Zone level
7) Paid Case, FYC, Persistency, rider, Referral and CEIP Leader
Qualifying Criteria- Top Agent in each category in each GO
- 29 -
30. CHANNEL DEVELOPMENT AT MNYL.
Reward and Recognition- Recognition Plaque
8) Agent of the Year
Qualifying Criteria- Highest Points in each GO
Reward and Recognition- Recognition Award
9) Centurion
Qualifying Criteria- 100 net paid cases in a year
Reward and Recognition- Centurion Trophy
10) Paul Colgan Trophy
Qualifying Criteria- Highest FYC with 100 or more paid cases and
95% Or more 13th
month persistency
- 30 -
31. CHANNEL DEVELOPMENT AT MNYL.
Reward and Recognition- Recognition Trophy
11) Executive Council
Qualifying Criteria- July 2006 to June 2007: 4,30,000 Council Credits
January 07 to June 07: 1,60,000 Council Credits
40 paid cases in the Council Period.
Reward and Recognition- Trip to Malaysia to attend the Executive
Council Meeting.
12) MDRT (Million Dollar Round Table)
Qualifying Criteria- MDRT FYC Rs. 7,19,800 Premium Rs.14,39,600
Reward and Recognition- MDRT dues for all qualifiers. Top 35 by FYC will
Bear domestic travel and visa costs. Next 15 will
bear Registration fees, domestic travel and visa
costs. Rest All will bear international airfare,
- 31 -
32. CHANNEL DEVELOPMENT AT MNYL.
domestic travel and Visa costs.
13) CEO’S Council
Qualifying Criteria- July 2006 to June 2007: 8,00,000 Council Credits
Jan 2007 to June 2007: 3,20,000 Council Credits
Reward and Recognition- Trip to Amsterdam to attend the CEO Council
meeting.
PRODUCTS OF MNYL
• Whole Life Plans
• Unit Linked Insurance Plans
- 32 -
33. CHANNEL DEVELOPMENT AT MNYL.
• Endowment Plans
• Children Plan
• Money Back Plans
• Pension Plans
• Health & Accident Related Riders
Vision
To become the most admired life Insurance Company in India.
Mission
To become one of the top quartile life Insurance companies in India.
Be a national player.
- 33 -
34. CHANNEL DEVELOPMENT AT MNYL.
Be the brand of the first Choice.
Be the Employer of the Choice.
Become principal of choice for agents.
Values
This vision to become India's most admired life insurance company will be
realized through our unique set of values, which are as follows:
Achievements
First life insurance Company in India to have IS0 9001:2000 certifications.
Top five most respected private life insurance in India according to
Business World survey.
Continuous presence in Top 50 MDRT global list.
CSR
- 34 -
35. CHANNEL DEVELOPMENT AT MNYL.
Max New York Life has been instrumental in changing the paradigm of life
insurance in India. It is the first life insurance company in India to introduce
cause related marketing.
Children are at the very heart of Max New York Life's strategy. SOS Children's
Villages of India is internationally recognized for its work in giving
underprivileged children a wholesome life. The mission of SOS is "to help
orphaned and abandoned children, by providing them with a family, a
permanent home, education and strong foundation for an independent life."
It's mission ties in with Max New York Life's philosophy of helping people secure
the future of their near and dear ones.
The company donates a part of the total money collected on all policies sold,
to SOS Children's Villages of India at the end of the year.
Leadership Team
- 35 -
37. CHANNEL DEVELOPMENT AT MNYL.
A.3 ABOUT PROJECT
The main objective of the “Channel Development” is to recruit quality agent
advisors (AA) for the company for providing life Insurance solutions to the
customers. AA plays a vital role in the growth of company with respect of
company’s earnings as well as they create value for the organization after
achieving some milestones. AA are integral part of the team and sales
manager assigned to them help them to groom them in terms of personality
development, selling skills and handling objections of customers.
Benefits of Becoming AA for MNYL:
- 37 -
38. CHANNEL DEVELOPMENT AT MNYL.
Company’s Expectation from AA:
• Regular input activity.
• Follow the sales process.
• Achieve sales targets.
• Attend training programme.
• Participate in weekly reviews.
• Follow the MNYL ethics and business standards policy.
- 38 -
40. CHANNEL DEVELOPMENT AT MNYL.
B.1 ELIGIBILTY MODEL
From this eligibility model company judge prospective person. The company
follows unique eligibility criteria for AA selection by which company is able is to
always justify its mission. The basic objective of having an eligibility model for
recruitment is to have good retention and greater effectiveness in the delivery
of service.
• Four criteria’s for AA selection
1. 25 plus years of age:
This age shows attainment of maturity and responsibility. People are more
consistent in this age.
2. Married:
Married people have more eager to earn money. Family pressures
increase responsibility and secondly customers are convinced more by the
stability of a married AA.
3. Staying in the same city for more than 5 years:
Person who stays more than 5 year has huge natural market which helps
him to get more business in short period.
4. Graduate:
Graduate people have basic skills like communication skills, numerical ability, I.P
relation, convincing abilities etc. so it is easy to teach them further.
- 40 -
41. CHANNEL DEVELOPMENT AT MNYL.
• Other criteria for AA selection:
1. Financial stability:
MNYL is focuses on classes and not on masses thus they select strong agent
advisors.
2. To have a rich and active social circle:
it helps to get higher case rate and case size. Also the chances of policy lapsing
can be less and renewals can be more.
3. Greed for money:
Firm selects advisors who understand the language of commission. Because
people who want fix amount as their earnings are not suitable for this business.
4. Independent:
MNYL select people who want to be entrepreneur. Housewives or brokers who
want flexible hours for work are prospective person for this business.
5. Persuasion:
He should be persuasive in nature because the AA needs to follow up on
regular basis with prospective and new clients without being a nuisance value.
6. Excellent interpersonal skills:
Because developing and maintaining good relations can get policies. Secondly
since most of the insurance companies provide a plethora of similar products,
sales depend on the convincing ability of the AA and the rapport the AA is bale
to build. Also results in C of I’s.
- 41 -
42. CHANNEL DEVELOPMENT AT MNYL.
7. Excellent communication skills:
Since AA needs to communicate about the organization, products, career as
AA, about why insurance is important, which product will suit his requirement
etc.
Desirable Candidates
1) Housewives.
2) Employees having VRS.
3) CA’s.
4) Mutual Fund Brokers.
5) NSC brokers.
6) Tax Consultants.
7) Businessman.
8) Doctors.
9) Travel agents.
10) Lawyers
11) Diamond merchants.
12) Social workers.
B.2 DEVELOPMENT STRATEGIES
- 42 -
43. CHANNEL DEVELOPMENT AT MNYL.
Management team has developed certain strategies in order to expand
channel distribution network. These model are followed across the country
uniformly and top management feels that these rules are the building block of
MNYL’s success in India as well as across the world. There are 2 basic principles
that are required in order to execute these strategies such as
1) Prospecting: Identify the right person who fits in the eligibility model.
2) Selection: Select them for further plan of actions.
• RULE OF 31
Rule of 31 is associated with the daily activities which is follow to recruit quality
advisors. It says that everyday collect at least 3 names of the prospective AA
and do 1 screening every day.
• Ways of Name Gathering
There are several ways for gathering names in order to follow rule of 31.
- 43 -
44. CHANNEL DEVELOPMENT AT MNYL.
• Natural Market:
A natural market consist of people to whom you know well from your
family, friend circle, relative can be a good prospect. The most admired
way for recruitment in MNYL is through natural market. Natural market
persons are easily approachable and most of the successful recruitment
in MNYL is from natural market.
• Personal Observation:
It means identify the right person through observation. For e.g. a person
residing in your locality and very famous in taking initiative in social
activities can be a good prospect.
• Nominator Call:
A nominator is a person who is very much influential in the market as well
as in societies. Name gathering and identification is easy in this case, but
these people are highly unapproachable. These people can be very
productive in giving references of the prospect. They are not prospect by
default.
• Centre of Influence (CoI) Call:
A centre of influence person is people who are influential and you know
them personally. They are approached for giving references of the client.
• Prospect Call:
- 44 -
45. CHANNEL DEVELOPMENT AT MNYL.
Prospects itself are approached. They can be anyone from natural
market, Nominator’s reference, CoI‘s reference or by other means.
• Activities:
Doing activities such as brand awareness in Public places such as mall,
multiplexes can be a good strategy for name gathering. We can have a
questionnaire format to fill by applicant for the lucky draw.
• Phoenix mill.
• Nakshatra mall.
• Hirra panna.
• Siddhivinayak temple.
• Nirmal life style.
• BSE.
- 45 -
46. CHANNEL DEVELOPMENT AT MNYL.
COLD/ WARM/ HOT
This is another method that helps the management trainee and the sales
managers keep a track of the names he has from his natural market as well as
through name gathering,
Cold
- 46 -
COLD
WARM
HOT
47. CHANNEL DEVELOPMENT AT MNYL.
Cold is like what u are having. In this column we include all the names
which we have as a prospect. It includes C o I names, references,
nominators, PO names and so on. It is a list of all the names that we wish
to contact in future.
Warm
Once the names mentioned in the cold column are contacted and if
any appointments scheduled at the office wherein initial screening is then
conducted the candidate is then entered in the warm list.
Hot
After being entered in the warm list if any candidate has attended any of
the seminars held at Max New York Life after the initial screening done
and if the candidate has been given P200 (project 200) then the
prospective agent is then said to be entered in the hot list.
COLD. WARM. HOT.
80 30 8
- 47 -
48. CHANNEL DEVELOPMENT AT MNYL.
QUESTIONNAIRE
Hello. This is MRUNAL D. SAMANT from Max New York Life, working here as a
management trainee. I would appreciate it if you could lend me just 2 minutes
of your time for my project on Insurance Industry. I would like to assess if you are
interested in taking a business opportunity available in the insurance sector
which requires no investment of yours.
1. Where do you invest your Money?
a. Stock Markets
b. Mutual Funds
c. Life Insurance
d. Property
- 48 -
PROPERTY.
55 %
MUTUAL
FUND.
25 %
INSURANCE
15 %
SHARES
5 %
INVEST -
MENT
OPTIONS.
49. CHANNEL DEVELOPMENT AT MNYL.
2. Name any 3 Insurance Companies you are aware of?
a. _____________________________________
b. _____________________________________
c. _____________________________________
TATA AIG
BIRLA SUN
LIFE
ICICI
PRUDENTIAL
3. In a year how much money do you invest? (approx)
- 49 -
50. CHANNEL DEVELOPMENT AT MNYL.
_________________________________________
4. Are you aware of any Insurance products?
a. ____________________________________
b. ____________________________________
c. ____________________________________
5. Which among the following products do you own?
a. Whole Life/ Endowment
b. Money Back
c. Unit Linked Insurance Plan
d. Term Plan
e. Education/ Child Plan
6. What is the reason of having the above cover?
a. Security
- 50 -
51. CHANNEL DEVELOPMENT AT MNYL.
b. Investment
c. Tax Benefits
TAX BENEFIT
SECURITY
INVESTMENT
7. Are you aware of the earning potential in insurance sector?
a. Rs.20,000 to 30,000
b. Rs.30,000 to 50,000
c. Rs.50,000 to 75,000
d. Rs.75000 to 1,00,000
8. Would you like to add a business to your current profile?
- 51 -
52. CHANNEL DEVELOPMENT AT MNYL.
a. Yes
b. No
YES
NO
9. Which is the quality according to you that would be required for
Being successful in business?
a. Communication
b. Networking
c. Both
COMMUNICATI
ON
NETWORKING
BOTH
NAME: ______________________________________
ADDRESS: ______________________________________
- 52 -
53. CHANNEL DEVELOPMENT AT MNYL.
______________________________________
CONTACT NO.: ______________________________________
ANNUAL SALARY: ______________________________________
Thank You for your valuable time and for your information the agency business
in insurance sector is successfully pursued by businessman, housewife,
freelancers, IT Consultants/CA, professionals like Doctors, Architects, Trader
Segments, Auto, Real Estate, etc.
B.3 SCRIPTS AND HANDLING OBJECTIONS
MNYL has its own scientifically handled script they use worldwide for
approaching the future AA for the Company. The company periodically
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54. CHANNEL DEVELOPMENT AT MNYL.
modifies the versions of the scripts if needed as per requirement. All the
mangers are required to follow the scripts. There are several kinds of scripts. The
classification of scripts is follows:
1) Nominator Script:
Nominator is a person who is not prospect for firm but he gives reference to firm.
The main objective of this script is to fix an appointment with the nominator.
2) CoI Script:
Centre of influence is a people whom you know. The main objective of this
script is to fix an appointment with the CoI or to collect the references from
them.
3) Prospect Call Script:
With the help of this script, firm tries to motivate people to visit MNYL office. The
main objective of this script is to call the prospect in MNYL for the initial
screening.
4) In person Nominator Script:
This script includes many questions which help to get references quickly. This
script is used to entertain Nominators and influence them to collect references
from them.
5) CoI in person Nominator Script: This script is used to collect references from
CoI’s.
All the scripts are also contained with expected objections from the
prospects/CoI/nominators. These objections are based on the rich experiences
and have adequate strategy to avoid objection. In any Case, an objection is
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55. CHANNEL DEVELOPMENT AT MNYL.
found to be unlisted it is responsibility of SM to bring back in the spirit of original
script provided them.
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57. CHANNEL DEVELOPMENT AT MNYL.
Flow Based approach to Channel Development Process
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YES
NO
NO
YES
StartStart
Name Gathering in P200Name Gathering in P200
Short listingShort listing
ContactingContacting
Interested?Interested?
EndEnd
Initial ScreeningInitial Screening
NATNAT
Career Seminar & P200Career Seminar & P200
Interested?Interested?
EndEnd
Career interviewCareer interview
FCSFCS
Contract with MNYLContract with MNYL
IC-33 ?IC-33 ?
ReappearReappear
NOT CLEARED
CLEARED
EndEnd
58. CHANNEL DEVELOPMENT AT MNYL.
C.1 NAME GATHERING IN P200
Name gathering in P200 consists of people whom you know from natural market
and references you get from their sources. As a management trainee were
given a task to gather 200 names. Figure shows the P200 format in which the
database is created.
• Name of the prospective Agent
• Address of Contact
• Age
• Marital Status
• Qualification
• No. of years in the City
• Financial Status
• Profession
• Annual Income
• Natural Market
• Comments
C.2 SHORT LISTING
Candidates are shortlisted from the P200 as per the eligibility criteria laid down
by the company. Only eligible candidates are considered for the next process.
C.3 CONTACTING
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59. CHANNEL DEVELOPMENT AT MNYL.
Candidates are called either as nominator, CoI, Prospective Agents and a
meeting is fixed with them according to the convenience of both the party.
Here script plays very important role in fixing appointment with the prospect.
C.4 INITIAL SCREENING
Initial screening is taken if candidate is found eligible using 4 point model. In
intial screening, a sales manager first gives the introduction about the
company. Then several questions such as his family background, his natural
market, traits for a sales person, and his present and past experiences of his jobs
are questioned.
Every candidate is required to get at least 3 points in eligibility model the
company. The eligibility standards for AA selection are as follows. In case of
score less than 3, special zonal head approval is required.
FIVE POINT SYSTEM:
Age 25 and over 1 point
Graduate 1 point
Married 1 point
Lived in city more than 5 years 1 point
NAT score 1 point (if passed)
C.5 NAT
Numerical Ability test is taken. Passing Score is 50%.
C.6 CAREER SEMINAR AND P200
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60. CHANNEL DEVELOPMENT AT MNYL.
All the prospects are required to attend career seminar at MNYL which provides
broader aspects of growth as an Agent Advisor.
P200 is a worksheet which is given to each prospect to judge his natural market.
The prospects are required to mention at least 100 contacts from their natural
market.
C.7 CAREER INTERVIEW
P200 is evaluated in Career Interview. If candidate’s market is found worth, he is
selected to attend training and Development programme.
C.8 FCS
All the selected candidates are required to attend 22 day training session for
receiving the license from IRDA to become an Agent Advisor.
C.9 CONTRACT
All the successful candidates having legal license of IRDA are contracted with
MNYL.
In this firm has its own statistic. That means if we will contact 60 person in a
month. Then we can convert 2 people for a batch as a AA.
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61. CHANNEL DEVELOPMENT AT MNYL.
60 Cold prospects.
20 Initial screening.
16 Test.
08 Seminar.
04 Career Interview.
02 FCS Batch.
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63. CHANNEL DEVELOPMENT AT MNYL.
D.1 ACTIVITY CHART
Particulars Status
1) Initial Screening 30
2) NAT 6
3) Career Seminar 8
4) P200 8
5) Career Interview 5
6) FCS -
7) Total Recruitment -
8) Contracted -
The above activity chart represents the work done by me in accordance with
the channel development process. The P200 sheet will be attached with this
project where name and contact numbers are stored in format prescribed by
the MNYL.
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65. CHANNEL DEVELOPMENT AT MNYL.
E.1EXPERIENCE
My Experience with MNYL will always be grateful for me. I learned many things
in MNYL. The very first thing I learned in MNYL is to handle objections from the
customers. Different type of scripts of MNYL helps in this.
Working on deadline for achieving target is most crucial process in this sector
and I am thankful to my sales Manager who were always behind me to support
during initial call and helps me to complete my training.
The GO meet to reward successful AA and SM for the month is another
example which clearly emphasizes that MNYL has strong belief in maintaining a
healthy relationship with their stakeholders.
Overall “Channel Development” was a fair attempt from me. During the project
I was able to make 200 names.
My telephonic conversation with the prospect always gave me a positive
direction to build my confidence and even in bad phase of response I learnt
the art of making calmness.
I shared a lot of activities with my colleagues. All the trainees from different
background also remained a source of energy for my daily activities.
E.2 SUMMARY
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66. CHANNEL DEVELOPMENT AT MNYL.
Life insurance business in terms of first year premium has shown a growth of
more than 95% over the previous year and non life, or general insurance, is not
far behind either, growing at 22% during 2006-07. In this market, competitive
edge provided by product innovation can sustain only for a couple of months,
since products can easily be cloned. Hence “Channel development” is the only
process through which an insurer can have SCA over other competitor.
Strategic approach for calling Nominators/CoI/prospect has several
advantages through which company maintains integration of system.
E.3 RECOMMENDATION
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67. CHANNEL DEVELOPMENT AT MNYL.
Max New York Life as an insurance firm has a very strong presence in India and
is rapidly expanding its operations in India. After working on this project I feel
that following are some of the ways in which the company can improve the
current market base and selection procedure for AAs, the key revenue
generating resource for the company:
• Increase awareness among the general public
HEARD
KNOWN
EXPERIENCED
UNKNOWN.
• In survey I come to know only 5 % people are heard about this
company.
• Only 10 % people known about this company. It shows less brand
image of company.
• 25% people experienced this company by taking policy.
• But 60 % people are unaware about this company. It is because of
lack of advertisement.
• Highlight the core strengths of the company like oldest firm in insurance
sector, highest paid up capital, etc.
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68. CHANNEL DEVELOPMENT AT MNYL.
• Very less people know about highlights of the company.
• Firm is not well known though it is oldest firm.
• No one knows positive points of the company, like registered under
companies act, six sigma and so on.
• Have a re-look at the existing product range and design products which
can attract masses rather than just serving only classes.
E.4 BIBLIOGRAPHY.
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69. CHANNEL DEVELOPMENT AT MNYL.
• IC 33 book of Max New York Life.
• www.maxnewyorklife.com
• www.google.com
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