Training and Recruitment in Bharti Axa
Training and Recruitment in Bharti Axa
Training and Recruitment in Bharti Axa
Submitted by
Rahul Vishnoi
MB2013064
Roll No:1320103047
Project guide : Dr. Nitin Sareen
Specialization: Finance
PREFACE
Practical training is an important part of management courses. Theoretical studies are not
sufficient to get into corporate world and understand the complexities of large-scale
organizations.
Practical training exposes us to real practices of management in the organization. It also exposes
students to the treasures of experience, knowledge and leaning which prerequisites of making a
successful career are.
I deem it privilege to have undergone this project. I acknowledge that the practical training that I
got from this cannot be gained otherwise. I found my project very interesting and challenging.
(Rahul Vishnoi)
Roll No. 1320103047
MBA IV Sem
STUDENT DECLARATION
I hereby declare that study of BALANCE SHEET ANALYSIS BAJAJ HINDUSTAN LIMITED has been
exclusively done by me for the degree of MASTERS OF BUSINESS ADMINISTRATION and not for any
other degree, Diploma or fellowship. This is my own study done under the guidance of MR. NITIN SAREEN,
Agency Development Managers of the company.
I hereby declare that the contents of this report are true and best to my knowledge.
(RAHUL VISHNOI)
Roll No. 1320103047
MBA IV Sem
DECLARATION
This is to certify that the project report entitled BALANCE SHEET ANALYSIS BAJAJ
HINDUSTAN LIMITED submitted for the degree of MBA for Invertis university is a
benefited project work carried by RAHUL VISHNOI, student of Invertis university.
This assistance and help received during the course of investigation have been fully
acknowledged.
Project Co-coordinator
MR. NITIN SAREEN
Brief summary
Introduction:
A general term insurance is related to service sector. Insurance is concerned with the protection
of economic value of assets. For example in case of a factory or a cow, the product generated by
it is sold and income is generated. In this project the Bharti AXA Life Insurance Company is
undertaken which is one of the popular sector insurance sectors. The analysis of Bharti AXA
Life Insurance is taken from different sectors.
For creating strong relationship and for a success full business every insurance company required
financial planner.
To introduce Bharti AXA to those people who dont have any knowledge about Bharti AXA
and its products and services.
Why people are not willing to work as an agent in life insurance sector especially with
private companies.
Conclusion:
In India, there is throat cut competition in the market of life insurance that brand service which
adopt new strategies for sales. I concluding the whole story it can be said that people are much
more aware about the aspects of life insurance and also have knowledge about the role and act of
agent but mostly people unwilling to work as life insurance agent and mostly people prefer to
work with LIC because it is a semi government corporation.
Table of Contents
CHAPTER
NO.
CHAPTER 1
PARTICULARS
INDUSTRY PROFILE
PAGE NO.
7-15
CHAPTER 2
COMPANY PROFILE
16-30
CHAPTER 3
CHAPTER 4
RESEARCH METHODOLOGY
OBJECTIVES OF THE STUDY
46-48
CHAPTER 5
48-53
CHAPTER 6
53-54
CHAPTER 7
54-55
CHAPTER 8
BIBLIOGRAPHY
56
Industry Profile
WHAT IS INSURANCE
The business of insurance is related to the protection of the ECONOMIC VALUES OF ASSETS.
Every asset has a value. The asset would have been created through the efforts of the owner. The
asset would have been created through the efforts of the owner. The asset is valuable to the
owner, because he expects to get some benefits form it. It is a benefit because it meets some of
his needs. The benefit may be an income or in some other form. In the case of a factory or a cow,
the product generated by it is sold and income is generated. In the 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 will provide 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 of them will last
forever. The owner is aware of this and he can so manage his affairs 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 lost earlier. An accident or some other unfortunate event may destroy
it or make it incapable of giving the benefits. An epidemic may kill the cow suddenly. In that
case, the owner and those enjoying the benefits therefore, would be deprived of the benefits. The
planned substitute would not have been ready. There is an adverse or unpleasant situation.
Insurance is a mechanism that helps to reduce the effects of such adverse situations. It promises
to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.
HISTORY OF INSURANCE
Insurance has been known to exist in some form or other since 3000 BC. The Chinese
traders, traveling treacherous river rapids would distribute their goods among several
vessels, 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. The inhabitants of
Rhodes adopted the principle of general average of general average, whereby, if goods
are shipped together, the owners would bear the losses in proportion, if loss occurs, due
to jettisoning during distress. {Captains of ships caught in storms, would throw away
some of the cargo to reduce the weight and restore balance. Such throwing away is called
jettisoning} The Greeks had started benevolent societies in the late 7 th century AD, to
take care of the funeral and families of members who died. The great fire of London in
1666,in which more than 13000 house were lost, gave a boost to insurance and 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 Lloyds Coffee
House in London. Traders, who used to gather in the Lloyds coffee house in London,
agreed to share the losses to their goods while being carried by ships. The losses used to
occur because of pirates who robbed on the high seas of because of bad weather spoiling
the goods or sinking the ship. In India, insurance began in 1818 with life insurance being
transacted by an English company, the Oriental Life Insurance Co. in 1870 in Mumbai.
This was followed by the Bharat Insurance co. in 1896 in Delhi, the Empire of India in
1897 in Mumbai, The United India in Chennai, the National, 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 the Jupiter in Mumbai
and the Lakshmi in New Delhi. These were all Indian companies started 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 of India (LIC) was formed on1st
September 1956, there were 170 companies and 75 provident fund societies transacting
life business in India. After the amendments to the relevant laws in 1999, the L.I.C. did
not have the exclusive privilege of doing life insurance business in India. By 31.8.2007,
sixteen new life insurers had been registered and were transacting life insurance business
in India.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 crore from the Government of India.
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.
Uncertainty of death is inherent in human life. It is this uncertainty that is risk, which gives rise
to the necessity for some form of protection against the financial loss arising from death;
insurance substitutes this uncertainty by certainty.
taking loan on the sole security of the policy without delay. Further a life 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 deduction from
income tax payable, a certain percentage of a portion of the taxable income of individuals which
is diverted to payment of insurance premiums. When this tax relief is taken into account it will
be found that the assured is n effect paying a lower premium for his insurance.
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.
Registration
Number
Date of Reg.
Name of the
Company
101
104
3
105
13 102
103
414 107
23.10.20 Kotak
Reliance
GeneralOld
Insurance
10.01.20
Mahindra
MutualCompany
Life
00
Limited.
01
Insurance Limited
109
15 106
6
110
16 108
7
111
17 113
8
114
18
115
9
116
19 131
10 117
20 132
11 133
21 134
12
135
07
Company Ltd.
22
121
23
122
24
127
25
128
26
130
27
133
28
135
29
136
30
138
31
140
123
2.
124
3.
125
139
141
Company
Profile
Hyderabad
Mumbai
Delhi
Bangalore
Kolkata
Chennai
Ahmedabad
Ludhiana
Lucknow
Surat
Kochi
Indoor
Chandigarh
Vadodra
Bhubneshwar
Jaipur
Mohali
Guwahati
Vision
To be a leader and the preferred company for
financial protection and wealth management in
India
Professionalism
Team Spirit
Innovation
Values
Integrity
Pragmatism
Strategy
To adapt AXA's best practice blueprints as a sound platform for profitable growth
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
Bharti Group
Bharti Foundation
Bharti Foundation was set up in 2000, with the vision, To help underprivileged children and
young people of our country realize their potential. It aims to create and support programs that
bring about sustainable changes through education and the use of technology and information.
Bharti Realty
Bharti Realty Limited is a young, vibrant and dynamic realty company with expanding interests
in commercial, retail and residential real estate. Bharti Realty aims to be amongst the most
admired real estate players in India and aspires to attain highest degree of customer trust through
superior product design and maintaining an uncompromising stand towards environmental
responsibility, ethics and safety
Bharti Infratel
Bharti Infratel, a wholly owned subsidiary of Bharti Airtel, provides passive infrastructure
services on a non-discriminatory basis to all telecom operators in India. Bharti Infratel also holds
approximately 42% stake in Indus Towers, a joint venture between Bharti, Vodafone and Idea to
offer passive infrastructure services.
Bharti Enterprises
Bharti Airtel Ltd:
Bharti Airtel Ltd is Indias leading provider of telecommunications service. The company has 4
distinct Business divisions- mobile and telephone services, broadband services, long distance
services and enterprise services,
Bharti Teletech Ltd
Bharti Teletech Ltd manufactures and exports world-class telecom equipment under the brand
Beetel.
Telecom Seychelles Ltd
Telecom Seychelles ltd provides telecom services in Seychelles, under the brand Airtel.
Bharti AXA Life Insurance
Bharti AXA Life Insurance is a joint venture between Bharti, one of Indias leading business
groups with interests in telecom, agri business and retail, and AXA, world leader in financial
protection and wealth management. The joint venture company has a 74% stake from Bharti and
26%stake of AXA.
Bharti Telesoft Ltd
Bharti Telesoft Ltd delivers best-in-class,
Revenue-critical Vas products and service to telecom carriers,
AXA
AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse
geographically, with major operations in Western Europe, North America and the Asia/Pacific
area. AXA had Euro 1,315 billion in assets under management as of December 31, 2006. For full
year 2006, IFRS revenues amounted to Euro 79 billion, IFRS underlying earnings amounted to
Euro 4,010 million and IFRS adjusted earnings to Euro 5,140 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange.
The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
Bright stars
This is a regular premium unit-linked insurance policy, which, which offers you the twin
benefits of protecting your loved ones and creating wealth for them over the desired period.
As a caring parent, you want only the best for your child. As your child grows, his aspirations
will grow too and so will your responsibilities. Whether its higher studies abroad, a grand
wedding or a comfortable home you can now ensure that your child is always one step
ahead
You can fulfill all the dreams you have for your child, and give him what he deserves. A bright
future!
The plan also offers the flexibility to make modifications, depending on the changing needs of
your child. As his dreams grow, the plan will grow too so financial hurdles will never come
in the way of his growing dreams! With Bharti AXA Life Bright Stars,
Parameter
Eligibility
18 years
Minimum premium
Premium modes
Rs. 2,500
Spot Suraksha
Introduction
Spot Suraksha is a unit liked insurance product, which offers you an instant insurance protection
and benefit of wealth creation in the long-term.
PARAMETER
ELIGIBILITY
5 years
55 years
70 years
Minimum premium
Premium Modes
Policy term
15 years
Rs. 5,000
PARAMETER
ELIGIBILITY
18 years
70 years
45 years
80 years
Single pay, yearly, Half-yearly ,Quarterly
and monthly
Minimum premium
10 years
Rs.2, 500 and no maximum limit on topup premium and top up allowed only
after first policy year.
MERIT PLUS
This is a regular premium unit-linked insurance policy which offers you the twin benefits of
protection against financial loss in the unfortunate event of the death and helping you to create
wealth systematically over the long-term. Hence this product is suitable for your long-term
objective like retirement planning, childrens future and giving a total protection to you and your
family.
PARAMETER
ELIGIBILITY
0 year
Maturity age
benefit option B)
Yearly, Half-Yearly And Monthly
Minimum premium
Rs.10,000
500
Future confident
Future confident is a suitable product for you, if your objective is long-term targeted wealth
creation over 15-20 year, either for your own retirement or for your childrens future, while at the
same time providing your family enhance financial protection.
PARAMETER
ELIGIBILITY
0 year
60 years
Maturity age
70 years
Yearly,
Half-Yearly,
quarterly
and
Monthly
Minimum premium
500
Secure Confidence
Provide complete financial protection to your family, even when you are not there.
Secure confident is suitable to you if your objective is to protect your family against any
financial loss caused due to unfortunate death, disability due to an accident or critical illnesses
which may deprive them of a secured future.
Parameter
Minimum age at entry
Maximum age at entry
Minimum sum assured
Minimum premium
Eligibility
18 years
55 years
Rs.5 ,00,000
RS.1,500 for yearly,Rs.780 for half-yearly,
Rs.405 for quarterly and Rs.135 for
monthly premium
5,10,15,20 and 25 years
60 years
Equal to the policy benefit period.
On survival
The policy shall be terminated and no
terminated.
holder.
To understand the process of recruitment and selection of agent in Bharti AXA life
insurance.
On The project gave a practical exposure and helps in acquiring the on road skills.
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.
To introduce Bharti AXA to those people who dont have any knowledge about Bharti
AXA and its products and services.
Meaning of Recruitment
Finding 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 quality candidates who have the knowledge
and skills needed to help your company grow.
The fact is, your success with recruitment depends on how well you prepare your 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 potential candidate truly
understands the job. The clearer you are with the task description, working conditions and
advantages, the less time you will waste examining and rejecting applications
The essentials of any job description are:
However, you should also include work benefits (e.g., vacation, travel and perks), general
working conditions (e.g., scheduling, outside work) and the specific traits required (e.g. Team
Building and Communications skills). Ultimately, you want to be perceived as an attractive
employer in a competitive market.
Find the right recruitment vehicle choose the vehicle that best works for your company,
depending on your budget and resources.
Word of mouth, or simply telling your employees, friends and colleagues about a job opening, is
a less expensive strategy but generates fewer candidates. The advantage is that you already know
something about your recruiters and their skills, knowledge and achievements. This is a preferred
method with companies that have a finder's fee program for their employees.
Advertising is a toss of the dice. If it goes well, it can help you find ideal candidates in a
regional, national, or international pool. If not, it's a costly investment yielding few results. Make
sure to factor in the time it takes to go through
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 interview off track or
annoy people who want to keep their work and private lives separate.
Definition of Agent
According to section 182 of Indian contracts Act, an agent is a person employed to 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 person engaged by the insurer to procure new
business. The insurance Act definers and insurance agent as one who is licensed under Section
42 of that Act and is paid by way of commission or otherwise, in consideration of his
soliciting of procuring insurance business, including business relating to the continuance,
renewal or revival of policies of insurance. He is, for all purposes, an authorized salesman for
insurance and needs a license.
An agent is one who acts on behalf of another. The another on whose behalf the agent
acts, is called the principal in this case. The insurance company is the principal in this case.
The lawyer is the agent of the client, when he argues the case in court. An ambassador is an
agent of his country. The agent represents the principal and acts on his behalf. Some insurers
designate their agents as advisers, consultants etc. as if they are independent advisor or
consultant would not be appointed by an insurance company. He would be knowledgeable
enough as a person to be approached for advice or consultation. Some insurance agents may
acquire that status. All insurance agents should strive to attain that status.
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, a license will not be given if the person is
(a)
minor,
(b)
(c)
(d)
(e)
(f)
(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.
A license issued by the IRDA may be to act as an agent for a life insurer, for a general insurer or
as a composite insurance agent working for a life insurer as sell as 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
d)
(a)
Not a minor.
(b)
(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.
institute of
The license once issued, can be cancelled whenever the person acquires a disqualification.
Applications for renewal have to make at least thirty days before the expiry of the license, along
either the renewal fee of Rs.250. If the application is not made at least thirty days before the
expiry, but is made before the date of expiry of license, an additional fee of Rs.100 is payable . If
the application 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 25 hours practical
training in life or general insurance business or at least 50 hours practical training in life and
general insurance business in the case of a composite insurance agent.
Insures who select agents for appointment, make arrangements for training, for appearing in the
prescribed examinations, and obtaining the license.
NOTE
The insurance Act provides, In Section 44, for payment of commission on renewal premium even
after termination of the agency. The commission will be limited to a rate not exceeding 4%, to be
eligible for this; the agent should have been an agent with that insurer for at least
(1)
five years and policies for at least Rs50,000 are in force one year before termination
of agency or,
(2)
10 year.
This commission will be payable to the heirs of the agent after the agents death.
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.
Recruitment Process
Develop a Profile
Develop sources of
recruitment
Approaching the
Targeted recruits
Reality check
Sources of Recruitment
Controlled
Uncontrolled
Natural Market
Job Ads/Inserts
Placement Consultants
Central of Influence
Presentation / Seminar
Cold Prospecting
Data Base
Primary
Secondary
Controlled Market
Natural market
Your family
Your friends
People at job/business
Neighbors
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.
Uncontrolled Sources
Job Ads/Inserts
Example: Gul Mohan Sharma who is a relationship officer in Bhrati AXA Life Insurance
company put an ad in the newspaper, in which he called for the reader to phone him during a
specified 2 to 4 hours period on Monday or Sunday morning
From those who called Gul Mohan Sharma was able to eliminate more misfits (who are
not qualified) and arrange for two to six personal visits.
Placement consultants
MOA can recruit a placement consultant or register himself in internet job search sites to get list
of prospects.
Seminars/job fairs
Manager of agency can also organized seminars at
Management Institutions and Colleges.
OR
Bharti AXA Life Insurance Company participate in the job fairs and then short list
Prospects and then look for further opportunities for them.
Cold Prospecting
MOA and Telecaller can use the directories of various business and social organizations.
Database
Secondary Data: Indirect collection of data from sources can be purchased from the open
market and various kind of database are available such as telephone databases of various
surveys.
Market Survey
Secondary Data
(Telephone Directory)
OBJECTIVES
AND
RESEARCH
METHODOLGY
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.
To introduce Bharti AXA to those people who dont have any knowledge about Bharti
AXA and its products and services.
Finding
Why people are not ready to work with private players in life insurance?
Or
Why 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 thats 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.
Conclusion
In India, there is throat cut competition in the market of life insurance that brand service which
adopt new strategies for sales. I concluding the whole story it can be said that people are much
more aware about the aspects of life insurance and also have knowledge about the role and act of
agent but mostly people unwilling to work as life insurance agent and mostly people prefer to
work with LIC because it is a semi government corporation.
Suggestions
Bharti-AXA life insurance company 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.
Training hours should be made choice of their preference timing.
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.
Bharti-AXA Life Insurance Company 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.
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.
BIBLIOGRAPHY
www.irdaindia.org
www.bhart-axalife.com
www.wikipedia.org
www.ibef.org