GAUHATI UNIVERSITY A Training Report submitted in partial fulfillment of the requirements for the award of the Degree of the

Masters of Business Administration (Industry Integrated)

Gauhati University on

RECRUITMENT OF FINANCIAL CONSULTANTS AT HDFC STANDER LIFE INSURANCE

Under Organization Guidance of: Mr.Kapil HDFC STD. Life Insurance Prepared and Submitted By NUPUR GUPTA G.U. Registration No.3325

Under Institutional Guidance Ms. Vibha NDIMS, New Delhi

CERTIFICATE

This is to certify that Nupur Gupta , a student of the Gauhati University has prepared her Training Report entitled Recruitment of Financial Consultant at HDFC STD. LIFE INSURANCE under my guidance. She has fulfilled all requirements under the regulations of MBA (IIP) Gauhati University, leading th MBA (IIP) degree. This work is the result of her own investigation and the project; neither as a whole nor any part of it was submitted to any other University or Educational Institute for any research or diploma. I wish her all success in life.

Prof. Vibha Kushwaha Management Department New Delhi Institute of Management Studies

STUDENTS DECLARATION

I hereby declare that the project Report conducted at HDFC STANDARD LIFE INSURANCE, NEW DELHI Under the guidance of PROF. VIBHA

Submitted in partial fulfillment of the requirements for the Degree of MASTER OF BUSINESS ADMINISTRATION (Industry integrated) TO GAUHATI UNIVERSITY, GAUHATI Is my original work and same has not been submitted for the award of any other degree/diploma Fellowship or other similar titles or prizes.

Place: NEW DELHI Date:

NUPUR GUPTA Reg.No-003325

ACKNOWLEDGMENTS

I express my deepest and most sincere thanks to Prof VIBHA (Faculty Guide) and all my teachers who provided me their valuable time and information. The OJT and Project could not be possible without their able support and guidance. It was a great opportunity for me to work with HDFC STANDARD LIFE INSURANCE. I am extremely grateful to those who have shared their expertise and knowledge with us and without whom the completion of this project would have been virtually impossible. I would like to thank my company guides MR.KAPIL, who has been a constant source of inspiration for me during the completion of this project. I am indebted to all staff members of HDFC STANDARD LIFE INSURANCE for their valuable support and cooperation during the entire tenure of this project. Not to forget, all those who have kept our spirits surging and helped me in delivering my best. Last but most important I thank God Almighty above who guided me and bestowed me with the wisdom and an opportunity to carry out the project.

NUPUR GUPTA

TABLE OF CONTENTS

CHAPTER-----1

INTRODUCTION

1.1 OVERVIEW OF THE INDUSTRY AS A WHOLE 1.2 INDUSTRY PROFILE a. ORIGIN AND DEVELOPMENT OF THE INDUSTRY b. GROWTH AND PRESENT STATUS OF THE INDUSTRY c. FUTURE OF THE INDUSTRY

CHAPTER--2

PROFILE OF THE ORGNIZATION

2.1 ORIGIN OF THE ORGANIZATION 2.2 GORWTH AND DEVELOPMENT OF THE ORGNIZATION 2.3 PRESENT STATUS OF THE ORGANIZATION 2.4 FUNCTIONAL DEPARTMENT OF THE ORGANIZATION 2.5 PRODUCT AND SEVICE PROFILE OF THE ORGANIZATION COMPETIORS 2.6 MARKET PROFILE OF THE ORGANIZATION CHAPTER-3 DISCUSSIONS ON TRAINING 3.1 STUDENT WORKPROFILE

(Role And Responsibility, TOOL AND TECHNIQUES) 3.2 KEY LEARNING CHAPTER-4 STUDY OF SELECTED REASRCH PROBLEM 4.1 STATEMENT OF RESEARCH PROBLEM 4.2 STATEMENT OF REASEARCH OBJECTIVE 4.3 RESEACH DESIGE OR METHODOLOGY CHAPTER-5 ANALYSES 5.1 ANALYSIS OF DATA 5.2 SUMMARY OF FINDING CHAPTER-6 SUMMARY AND CONCULUSION

LIST OF GRAPH AND CHARTS

INTRODUCTION

1.1 GENERAL INTRODUCTION ABOUT THE SECTOR

Insurance is a federal subject in India. The insurance sector has gone through a number of phases and changes. Since 1999, when the government opened up the insurance sector by allowing private companies to solicit insurance and also allowing foreign direct investment of up to 26%, the insurance sector has been a booming market. However, the largest life-insurance company in India is still owned by the government. The history of the insurance sector in India reveals that it has witnessed complete dynamism for the past two centuries approximately. The pre-independence era in India saw discrimination between the lives of foreigners and Indians with higher premiums being charged for the latter. Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations The insurance sector in India has completed all the facets of competition from being an open competitive market to being nationalized and then getting back to the form of a

liberalized market once again. India insurance is a flourishing industry, with several national and international players competing and growing at rapid rates. Due to reforms and the easing of policy regulations, the Indian insurance sector been allowed to flourish, and as Indians become more familiar with different insurance products, this growth can only increase, with the period from 2010 - 2015 projected to be the 'Golden Age' for the Indian insurance industry.

1.2 INDUSTRY PROFILE

a) Origin and development of Industry The history of the Indian insurance sector dates back to 1818, when the Oriental Life Insurance Company was formed in Kolkata. A new era began in the India insurance sector, with the passing of the Life Insurance Act of 1912. The Triton Insurance Company Ltd formed in 1850 and was the first of its kind in the general insurance sector in India. Established in 1907, Indian Mercantile Insurance Limited was the first company to handle all forms of India insurance. The Indian Insurance Companies Act was passed in 1928. This act empowered the government of India to gather necessary information about the life insurance and non-life insurance organizations operating in the Indian financial markets. The Government of India issued an Ordinance on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. The insurance sector went through a full circle of phases from being unregulated to completely regulate and then currently being partly deregulated. It is governed by a number of acts. The Insurance Act of 1938 was the first legislation governing all forms of insurance to provide strict state control over insurance business. Until 1999, there were not any private

insurance companies in India. The government then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies. Furthermore, foreign investment was also allowed and capped at 26% holding in the Indian insurance companies.

b) Growth and present status of the industry The roots of the insurance sector can be tracked down in the year 1818 in the formation of the life insurance Corporation in Calcutta. During that time different premiums were charged for the Indian and English people lives. By the year of 1938, in India there were total 176 insurance companies. In the year of 1938, with the passing of Insurance Act, 1938 there was the introduction of the first comprehensive legislation. It was passed with the aim of providing the strict state control over the insurance business. After the independence, insurance sector in India grew at a much higher pace. In the year 1956, Indian government combined together 245 Indian and foreign insurers and the provident societies under the name of nationalized Monopoly Corporation. It was the same period when the life insurance corporation (LIC) came into the existence by the passing of the Act of Parliament and through the contribution of capital around Rs. 5 crore. Till 1972, private sector has enjoyed somehow monopoly in the general insurance sector. There were around 107 private companies in the field. With the effect of the General Insurance Business (Nationalization) Act, 1972, the general insurance business got nationalized in the India. Due to the amalgamation of 107 private insurance companies, 4 new companies, as the subsidiaries of the General Insurance Company, came into effectNational Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. India's insurance sector is zooming to show an unprecedented progressive growth of more than 200% by the period of 2009-09. The Associated Chambers of Commerce and Industry of India has clocked out the fact that during this period, private players in the industry will see a growth of about 140 per

cent, owing to the adoption of the aggressive marketing techniques in comparison of the growth rate of 35 per cent-40 per cent achieved by the state owned insurance companies. The chamber is expected to poise the business of insurance to reach at Rs.2000 billions in coming 2 years from the present level of Rs. 500 billion. With the result of adoption of the intense marketing strategies by the private players, the declination has been witnessed in respect of the share of the state owned insurance companies captured in the market. The market share fallout has been noticed in context of such companies like GIC, LIC, which have come down to nearly 70 per cent in the past 4-5 years from the 97 per cent. The experts have forecasted the more severe competition in the insurance sector likely to be occurred in the near future. Till recently, insurance sector was majority driven by the government sector players but now many private sector multinational players have come into the picture. Like HDFC, ICICI, Kotak, Mahindra and Birla Sunlife. Insurance sector has been characterized as the booming sector of the Indian arena, which has shown the growth rate of more than 15 per cent to 20 per cent. Insurance in India is put under the federal subject and is governed by the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalization) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and by various other acts. C) Future of the industry The insurance sector has opened up for private insurance companies with the enactment of IRDA Act, 1999. A large number of companies are competing under both life and general Insurance. The FDI cap/equity in this sector is 26% and the proposals have to be cleared by Insurance Regulatory and Development Authority (IRDA) established to protect the interest of holder of Insurance policy and act as a regulator and facilitator in the industry. Some of the major players in this sector are LIC, Max New York Life Insurance, Bajaj Allianz, ICICI Prudential, HDFC Standard Life, Metlife Insurance, Birla

Sun Life Insurance, etc. Various types of policies and instruments are coming up in the market to attract more customers. Most of the population of India is not insured, hence there is a lot of scope in this sector and a number of companies are planning to enter the sector. Every futuristic individual would want himself to get insured. The concentration of insurance markets in many developed countries of the world has made the Indian insurance market more magnetic in terms of international insurance players. Home insurance sector is likely to achieve a 100% growth since home insurance are made compulsory for housing loan approvals by the financial institutions. In the coming three years Health insurance sector is all set to become the second largest business after motor insurance. During the period of 2008-09 to 2010-11 the non life insurance premium is likely to have a growth of 25%.

PROFILE OF THE ORGANIZATION

2.1 ORIGIN OF THE ORGANIZATION

Helping Indians experience the joy of home ownership.

HDFC was founded by Hasmukhbhai Parekh. HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC Ltd., India's largest housing finance institution and Standard Life Assurance Company, Europe's largest mutual life company. It was the first life insurance company to be granted a certificate of registration by the IRDA on the 23rd of October 2000. Established on 14th August 2000, HDFC Standard Life Insurance Co. has become the leading private insurance companies, offering a range of individual and group insurance solutions, in India. HDFC was promoted with an initial share capital of Rs. 100 million. Being a joint venture of top financial services groups, HDFC Standard Life has adequate financial expertise to manage long-term investments safely and resourcefully.

Discussions commenced - January 1995 Joint venture agreement signed - October 1995 Joint venture agreement renewed - October 1998 Life Insurance project team established - January 2000(Mumbai) Company officially incorporated - 14th August 2000

First private sector Life Insurance company to be granted a certificate of registration - 23 October 2000

Shareholding -

HDFC Standard Life

81.4 % 18.6 %

The partnership HDFC and Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3year joint venture agreement Furthermore Standard Life purchased a 5% stake in HDFC, further strengthening the relations. Incorporation The company was incorporated on 14th August 2000 under the name of HDFC Standard Life Insurance Company Limited. Their ambition from as far back as October 1995 was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realized when HDFC Standard Life was the only life company to be granted a certificate of registration.

HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing

investment in the HDFC Group, this is the maximum investment allowed under current regulations. HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured

2.2 GROWTH AND DEVELOPMENT OF THE ORGANIZATION

HDFC Standard Life first came together for a possible joint venture, to enter the Life Insurance market, in January 1995. It was clear from the outset that both companies shared similar values and beliefs and a strong relationship quickly formed. In October 1995 the companies signed a 3 year joint venture agreement. The next three years were filled with uncertainty, due to changes in government and ongoing delays in getting the IRDA (Insurance Regulatory and Development authority) Act passed in parliament. Despite this both companies remained firmly committed to the venture. In October 1998, the joint venture agreement was renewed and additional resource made available. Around this time Standard Life purchased 2% of Infrastructure Development Finance Company Ltd. (IDFC). Standard Life also started to use the services of the HDFC Treasury department to advise them upon their investments in India. Towards the end of 1999, the opening of the market looked very promising and both companies agreed the time was right to move the operation to the next level. Therefore, in January 2000 an expert team from the UK joined a hand picked team from HDFC to form the core project team, based in Mumbai. In a further development Standard Life agreed to participate in the Asset Management Company promoted by HDFC to enter the mutual fund market. The Mutual Fund was Launched on 20th july 2000. Incorporation of HDFC Standard Life Insurance Company Limited: The company was incorporated on 14th August 2000 under the name of HDFC Standard life insurance Company limited.

Their ambition from the beginning was to be the first private company to re-enter the life insurance market in India. On the 23rd of October 2000, this ambition was realised when HDFC Standard Life was the first life company to be granted a certificate of registration. HDFC are the main shareholders in HDFC Standard Life, with 81.4%, while Standard Life owns 18.6%. Given Standard Life's existing investment in the HDFC Group, this is the maximum investment allowed under current regulations. HDFC and Standard Life have a long and close relationship built upon shared values and trust. The ambition of HDFC Standard Life is to mirror the success of the parent companies and be the yardstick by which all other insurance companies in India are measured. HDFC Standard Life Insurance Company Limited is one of India's leading private life insurance companies offering a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd), India's leading housing finance institution and Standard Life plc, the leading providers of financial services in the United Kingdom. HDFC Ltd. as on December 31, 2007 holds 72.38 per cent of equity in the joint venture. HDFC Standard Life's Product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, and Investment. Customers have the added advantage of customizing the Plans, by adding optional benefits called riders, at a nominal price. The company currently has 21 retail and 6 group products in its portfolio. HDFC Standard Life maintains very high professional standards during product offerings by providing sound financial advice, efficient post-sale service, and immaculate financial

security. Ongoing training for conventional products, and specialized training, for unitlinked products, for its financial consultants, has also helped its customers choose the product, best suited for their needs. HDFC Standard Life operates across more than 726 cities and towns of the country supported by its strong network of more than 1, 45,000 Financial Consultants. HDFC Standard Life also has more than 383 corporate agents and other sales intermediaries including banks for distribution of insurance products. HDFC Standard Life Insurance offers a range of individual and group solutions, which can be easily personalized to specific needs. Its group solutions have been planned to offer complete flexibility, together with a low charging structure. As of 31 December, 2008, the Company's new business premium income stood at Rs. 1,839.70 Crores; it has covered over 812,811 lives so far. Given below is a comprehensive list of policies and products on offer by HDFC Standard Life Insurance.

2.3 PRESENT STATUS OF THE ORGANIZATION

HDFC Standard Life, one of Indias leading private life insurance companies, offers a range of individual and group insurance solutions. It is a joint venture between Housing Development Finance Corporation Limited (HDFC), Indias leading housing finance institution and Standard Life plc, the leading provider of financial services in the United Kingdom. HDFC Ltd. holds 72.43% and Standard Life (Mauritius Holding) Ltd. holds 26.00% of equity in the joint venture, while the rest is held by others. HDFC Standard Lifes product portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment and Health. Customers have the added advantage of customizing the plans, by adding optional benefits called riders, at a nominal price. The company currently has 32 retail and 4 group products in its portfolio, along with five optional rider benefits catering to the savings, investment, protection and retirement needs of customers. HDFC Standard Life continues to have one of the widest reaches among new insurance companies with 568 branches servicing customer needs in over 700 cities and towns. The company has a strong presence in its existing markets with a base of 2,00,000 Financial Consultants.

Business Objectives

The primary objective of HDFC is to enhance residential housing stock in the country through the provision of housing finance in a systematic and professional manner, and to promote home ownership. Another objective is to increase the flow of resources to the housing sector by integrating the housing finance sector with the overall domestic financial markets. Organizational Goals HDFC's main goals are to : a) Develop close relationships with individual households, b) Maintain its position as the premier housing finance institution in the country, c) Transform ideas into viable and creative solutions, d) Provide consistently high returns to shareholders, and

The products of the company fall broadly under the following categories: Unit Linked Insurance Plans (ULIP) Traditional Insurance Plans Annuity Plans Group Insurance Plans

The area of work in the project was mainly for the first three. The study started with ULIPs. After having a thorough understanding of the companys ULIP products, the study extended to the ULIP plans offered by other companies in the Life Insurance market. Some of the terminologies used to prepare the Comparison chart are as follows. ULIP(Unit Linked Policy) In a unit linked policy, the company receives premium from the policyholder and invests it in appropriate funds as chosen by the policy holder. This new mechanism is unlike the

traditional policies where the policyholder had no control over his investments. Similar to a share floated by a company, units are quantified form of investment. A unit is worth an amount of money invested in the funds, and its price fluctuates as the market fluctuates. When the market is on a high, units are costlier and when it is on a low, the units are cheaper. To put it as a simple mathematical equation: Net Assets invested in various funds Unit Price = Premiums Carrying on a research on the insurance industries They are the contributions made by the policy holder at regular intervals of time viz. Annually, Half yearly, Quarterly or monthly. Sum Assured It is that amount which is guaranteed to the family/nominee in case of death of the policyholder Life Benefits It is that amount (non-guaranteed), which the policy holder gets on survival of the policy term, or when he wishes to terminate his policy (provided his policy is alive for the minimum period as stated by the company and he pays the premium for the minimum interval set) Risk Cover A very important concept in the insurance industry. This means that the policyholder is guaranteed an amount to his family in case of his death. Bonus The company announces a guaranteed bonus rate at the end of each fiscal year. This amount is added to the Sum Assured and given to the due person (nominee in case of death) Funds Total number of outstanding units

The different kind of investments prevailing in the market can be made use of by investing in the different kinds of funds a ULIP offers. The basic funds offered by the insurance companies are: Equity fund Here the money is invested in the Indian stock market Debt fund Here the money is invested in Government bonds and other long-term bonds Cash fund Here the money is invested in pure money market, or treasury bills Balanced fund The company decided a ratio of the above three funds and invests accordingly Other funds offered are a mixture of the above parent funds. All the funds can be offered only after the approval of IRDA as per current regulations. Features used on the line of comparison Main features of ULIP. IRR for different funds and returns Growth trend for NAV

Main Features of ULIP Currently there are 10 companies in the market, which offer Unit Linked products. All these companies offer various limits(upper and lower) for the sum assured, depending on their underwriting constraints. Some of the important features which was used by me for the comparison is as follows: Min and max sum assured offered Allocation charges

All kinds of charges levied Policy terms

Pension policies / Annuity Schemes After the brief stint with ULIPs, my study now extended to the pension schemes offered by various companies. The study was limited only to the main features of the companies annuity schemes and preparation of the comparative chart for the pension schemes. The features were selected by me based on the current customer needs in the market and also the ones given in the brochures in the company websites. These features were such that there could be a comparison based on them. The comparisons were made in such a way that at one glance one could make out the benefits and deficiencies of the product. The presentation was not for the disposal of the customer and was for the use of the officials concerned. After the comparative chart, an IRR illustration for major annuity schemes of some companies was prepared. In addition to this, a return statement of the annuity itself at the prevailing market annuity rates was also prepared.

More about HDFC SLIC The road to success is a tough and challenging journey in the dark where only obstacles light the path. However, success on a terrain like this is not without a solution. As we found out nearly three decades ago, in 1977, the solution for success is customer satisfaction. All you need is the courage to innovate, the skill to understand your clientele and the desire to give them your best. Today, nearly three million satisfied customers whose dream we helped realise, stand testimony to our success.

Our objective, from the beginning, has been to enhance residential housing stock and promote home ownership. Now, our offerings range from hassle-free home loans and deposit products, to property related services and a training facility. We also offer specialized financial services to our customer base through partnerships with some of the best financial institutions worldwide. Organization & Management HDFC is a professionally managed organisation with a board of directors consisting of eminent persons who represent various fields including finance, taxation, construction and urban policy & development. The board primarily focuses on strategy formulation, policy and control, designed to deliver increasing value to shareholders

Board of Directors Details of the Board of Directors in terms of their directorships/memberships in committees of other public companies (excluding HDFC) are as under:

S. No. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Name of Director Mr. Deepak S. Parekh Mr.Keshub Mahindra Mr. Shirish B. Patel Mr. B. S. Mehta MR. D. M. Sukthankar Mr. D. N. Ghosh Dr. S. A. Dave Mr. S. Venkitearamanan Dr. Ram S. Tarneja Mr. N. M. Munjee Dr. Bimal Jalan Mr. D. N. Satwalekar Mr. Samshed S. Irani Ms. Renu Sud Karnad Mr. K. M. Mistry

Category Executive Chairman Independent Independent Independent Independent Independent Independent Independent Independent Independent M.P ( Rajya Sabha ) Non-executive Special Director Joint Manager Director Vice-Chairman & Managing Director

HDFC has a staff strength of 1445 (as on 31st March, 2008), which includes professionals from the fields of finance, law, accountancy, engineering and marketing.

KEY PERSONS OF HDFC SLIC DEEPAK PAREKH(CHAIRMAN) DEEPAK SATAWALEKAR(CEO AND MD HDLC SLIC

SUBSIDIARY & ASSOCIATE COMPANIES

HDFC Bank

HDFC Mutual Fund

HDFC Standard Life

Intelenet Global Services Ltd.

HDFC Chubb General Insurance Company Ltd.

HDFC Reality

Other Companies Co-Promoted by HDFC HDFC Trustee Company Ltd. HDFC Developers Ltd. HDFC Venture Capital Ltd. HDFC Ventures Trustee Company Ltd.

Functional Departments of the Organization. CEO

HOD (HR)

HOD (FINANCE)

HOD (OPERATIONS)

HOD (SALES)

IN HOD (HR)-FIVE SUB DIVIDED DEPARTMENTS ARE IN BALIC (A) Associate Vice President (Business HR) (B) AVP Payrolls (C) Performance Management System (D) Learning and development (E) HR audit

IN ASSOCIATE VICE PRESIDENT (BUSS HR) UNDER ZONAL MANAGER (Delhi NCR) IN ZONAL MANAGER CAN BE SUB DIVIDED INTO STATE HR Competition Information HDFC Standard Life Insurance Company Ltd. SENIOR HR EXECUTIVE HR

Max New York Life Insurance Co. Ltd. ICICI Prudential Life Insurance Co. Ltd. Om Kotak Mahindra Life Insurance Co. Ltd. Birla Sun Life Insurance Co. Ltd. Tata Aig Life Insurance Co. Ltd. SBI Life Insurance Co. Ltd. ING Vysya Life Insurance Co. Pvt. Ltd. Allianz Bajaj Life Insurance Co. Ltd. MetLife India Insurance Co. Pvt. Ltd. AMP SANMAR Assurance Co. Ltd. Aviva Life Insurance Company Ltd.

EXECUTIVE SUMMARY: As in current scenario when there are so many players in life insurance sector, each is having tough competition with other. Each company is opting best possible strategy to spread its wings and attracting customer towards it by providing uninterrupted services. HDFC Standard Life Insurance is also giving better services to its customers through the channel of financial consultant. My project was to recruit financial consultants. First of all I was explained about the importance of a financial consultant in the company, their functions and then, how and where to find them.

My study included the follow-up of procedures used for the recruitment of an insurance advisor who can sell the products of the company. For this I performed market research by using various kinds of activities like meeting persons individually in the market, convincing people by tele-calling and through canopy activity to join HDFC as a financial consultant. I had to introduce them with the benefits of

becoming a financial consultant and if they agree for it then doing their further documentation. I conducted my research in Delhi and the areas close to it to know the public response and conducting analysis part. I got questionnaires filled with various customers to know their opinion and awareness about insurance sector. This study gave me immense opportunity to enhance my inter-personal skills and to have practical exposure of dealing with the customer directly. It was a delighting experience to engage myself in this summer internship because it taught me the ways of approaching and convincing the customer and finally recruiting them for the organisation in which I worked. Finally, interesting conclusions were drawn from the collected data. 2.6 PRODUCT AND SERVICES PROFILE OF THE ORGANIZATION COMPETITORS The various products by HDFC Standard Life include: INDIVIDUAL PRODUCTS: Protection Plans
o o o

Term Assurance Plan Loan Cover Term Assurance Plan

Investment Plans:
o

Single Premium Whole Life Plan

Pension Plans:

Personal Pension Plan Unit Linked Pension Plan Unit Linked Pension Plus

Savings Plans:
o o o o o o o

Endowment Assurance Plan Unit Linked Endowment Unit Linked Endowment Plus Money Back Plan Children's Plan Unit Linked Youngstar Unit Linked Youngstar Plus

GROUP PRODUCTS
o o o

Group Term Insurance Group Variable Term Insurance Group Unit Linked Plan

OTHER PRODUCTS

Rural Products Social Development Insurance Plan Tax Benefit Schemes

2.7 MARKET PROFILE OF THE ORGANIZATION Swot Analysis of HDFC Standard life insurance (HDFC) Strengths Localized branches. Strong brand name Big budget & Willingness to invest in market. Highly educated & well-experienced top management. Huge resources as compared to those of rivals. HDFC maintains high quality of their products. Glamorous, attractive & effective campaigning.

 Wide brand variety to face the competitors variety to face the competitors & to serve the masses. High demand of the product

Weaknesses More individuality in staff than conformity with the companys goal. Lack of advertising material in some areas of region. Focusing on bulk orders rather than small ones.

Opportunities Increase market share by improving services. Target consumers increase in remarkable percentage every year.

Threats Loosing market share due to inefficient workforce. Decline in the market reputation due to ineffective & delaying. Heavy investment. Relevance of Swot analysis. The Swot analysis makes us aware of the strengths which will serve as pillar to take strategic decision. The weakness tells us about the problems confronted by the company and accordingly the future step to be taken to over come them. Swot analysis projects an idea about the investment area which will yield more profit as well as the risk concerned.

JOINT VENTURE MAJOR INSURANCE PLAYERS IN INDIAN MARKET

Rs. (crores)

FY 2005-06

800 700 600 500 400 300 200 100 0 1 NAME OF COMPANY

MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR

MARKET SHARE IN 2005-06

1% 1% 1% 2% 7% 4% 5% 14% 13% 37% 8% 7%

MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR

Though ICICI has lost 4% market share but still it is the market leader with 37%market share.

MNYL was the biggest loser in that financial year. Its market has decreased from 13% to 7%.

Biggest gainer for this year was SBI. It had captured 8%of private market.

This is mainly because of poor service, very indifferent behavior of their agents, taking more time in resolving the people problem, delay in payment etc.

MARKET SHARE IN 2006-07

MNYL ICICI HDFC BIRLA TATA AIG OM KOTAK BAJAJ ALLINZE SBI ING VYAS MET LIFE AVIVA AMP SANMAR

1% 3% 1% 3% 8% 7% 5% 7% 19% 9% 5% 32%

In this year also ICICI lost its market share but still it is number one in private companies.

MNYL has performed again badly and lost its market share by 2%.

DISCUSSION

ON

TRAINING

3.1 WORKPROFILE I am working as an financial consultant in HDFC STANDARD LIFE INSURANCE. HDFC STD.LIFE INSURANCE looks out for in a candidate. We look out for a candidate who values Integrity Has a zeal for Excellence Is focused on Results Is Self driven and Enthusiastic Is a good Learner and Team Player Is dedicated to Customer Satisfaction

HDFC SLIC recruitment process are as follows: This is a good business opportunity offered by HDFC Standard Life to become a business partner and earn a good amount of money.

Business description Be our Certified Financial Consultant Join HDFC Standard Life Insurance as a excel in your endeavour. A great career move in every way Zero investment, there is no start-up capital. You can work full-time or part-time, depending on your convenience Sunrise industry Support every step of the way At HDFC Standard Life, training is an inherent element of our support system - at no extra cost - for our new Financial Consultants.

EXCELLENT OPPORTUNITY Join HDFC Standard Life Insurance as a Financial Consultant and earn a rewarding career

Flexible work timings You can work whenever you like. You can work full-time or part-time, depending on your convenience. However, the time you invest will determine your success

Any one can join - Young graduates, Housewives, Retired Personnel, Self-employed or Working Professionals.

Zero Investment - There is no start-up capital required. Be your own boss with flexible working environment, unlimited earning potential and opportunities to be part of a world class sales team.

Attractive Remuneration - Company offers excellent commissions, award and rewards for the performers. You have unlimited earning potential. Commission structure is pretty handsome and is 15-40% and renewal commission of 5% second year onwards till the policy is in force. Certificate by IRDA- You will get world class training free of cost and certification by Insurance Regulatory Development Authority.

TRAINING- Perfects your knowledge about the insurance industry as well as our products

IRDA Training- Prepares you for your career as a Financial Consultant and enables you to pass the IRDA examination easily Disha Training- Hones your selling skills, enables you to understand customer needs and provide need-based insurance solutions Advanced Training- Upgrades your capability and knowledge through sophisticated training programs customised for the changing world of financial products and markets

Desired Profile: Age: Education: Experience: Type of Job: 18 Yrs to 65 Yrs Intermediate or more Not Mandatory Full Time or Part Time

Documents Required: 8 photograph, Age proof (passport, Birthcertificate, College Leaving Certificate, Driving License), Address proof, Education proof, Copy of PAN Card, Duely Signed Cancelled Cheque of self,

A candidate needs to bring a DD of Rs. 925/- in case of offline training and Rs.825 in case of online training towards HDFC SLIC LTD payable at Mumbai.

Recruitment process of FCs

Fill up of Agency form

IRDA Training (50 hrs)

IRDA Exam

Fail Pass

Exit Product Training

Traditional Pr. ULIP Product

Internal Assessment

Pass Fail Certification Exit

Job Description for Financial consultants Pre sales role Identifying prospective clients. Meeting prospective clients. Understanding the need of the client. Presenting solutions to client. Closing sales. Post sales role Taking 1-2 references from the client Providing timely updates to the client for maintaining Lifelong relationship. Benefits to FCs

Financial Benefits: Commission on issuance of every policy. Commission directly credited to bank account of FCs within 15 days. These commission varies from 7.5-40% according to plan.

BASIC COMMISSION First year Commission payable on regular premium conventional policies issued on or after 21st march 2007

Name of the plan

Endowment Assurance plan Money Back plan Childrens plan Term Assurance plan Lone cover Term Assurance plan Personal Pension Plan
RENEWAL COMMISSION:

1st year commission

40% 40% 40% 25% 25% 7.5%

Renewal commission would be paid from the 2nd year onwards on regular premium policies. Renewal commission is not payable on single premium plans. Endowment Assurance plan Money Back Plan Childrens plan Lone cover Term Assurance Plan Term Assurance plan 5% 5% 5% 5% 5%

Personal Pension Plan

2%

BONUS COMMISSION Bonus commission would be payable on the first year premium received and adjusted on the regular premium policies under the following plans, 1.Endowment Assurance Plan 2.Money Back Plan 3.Childrens Plan 4.Term Assurance Plan 5.Lone Cover Term Assurance Plan Bonus commission is not payable on the single premium plans and on the policies issued under the Personal Pension Plan and all Unit Linked Plans. Bonus commission rate would depend on financial consultant crossing the minimum RNEP(Received Net Effective Premium) within one year. Period RNEP Bonus commission % of the 1st year Premium received In one year 1,50,000 2,25,000 10% 15% 1,00,000 5%

REWARDS & RECOGNITION Within 30 days of Licensing Consultant can become STAR Converted premium 2 Lacs

Silver Medal-Worth Rs 5200(approx) RISING STAR MILLIONAIRE STAR GLOBAL STAR Converted premium of 5 Lacs Gold Medal-Worth Rs 13,000(approx) Converted premium of 10 Lacs Gold Medal -Worth Rs 25,000(approx) Converted premium of 24 Lacs Gold Medal-Worth Rs 60,000(approx) Extra Payouts for STAR Performers Star Performers Club Status Bronze Benefits 1%max Rs.5999 Additional status bonus Silver 2.5%,max Rs.37499 0.50% Gold 5%,no upper limit 0.50% Centurion Graded4.5%to8.5% 0.50%

MONTHLY & QUARTERLY CONTESTS There are various Sales linked monthly & quarterly contests occur in which FCs has opportunity to gain something. Like Gift Vouchers Home Appliances Two-Wheelers Gold/Diamonds Jewelry Foreign Trips Mobile Phones Laptops Cars etc.

OTHER BENEFITS On field support- Joint fieldwork with respective SDM/BDM. Training support Various training modules to enhance your sales skills, interpersonal skills etc. Marketing support Consumer Contact Programs. Availability of office infrastructure for telecalling, quotations, benefits illustration etc. Consultant corner to access illustration, sales done, and contest updates etc. Personal email id.

The company agent would be a professional sales person and would be given the designation of a consultant by the company .The consultant should would act as financial advisior to the customer so that he or she would analyse the customer financial requirement and help them plan their goals. Recommended appropriate solutions so that customer is able to meet his/her financial objectives in the most optimum manner.He or she shall provides support to customers on an ongoing basis. Then the company also support the consultant by providing the requirement training and information.

ROLE AND RESPONSIBILITY Recruitment of financial counsultant. Calling perspective. Line up of candidate for Interview. Screening for interview. Formulating a proper match between job description& job specification.

Completing documents for candidate to joining.

Tools and technique used for the selection of financial counsultant Interview Method (Cold calling): This method involves presentation of oral verbal stimuli and reply in terms of oral - verbal responses. This method can be used through personal interviews and, if possible, through telephone interviews. Interview method is used to collect and gather information about candidate 1. Personal interview: The bank can use this method to collect data. At the time of interview, we can ask certain questions and interviewer (SME customer) responds to these questions. In this way data collected is recorded on data collection reports and this data is then presented to relation executive to find prospects. Major benefits of this method are: a) More information and that too in greater depth can be obtained. b) Personal information can as well be obtained easily. c) The language of the interview can be adapted to the ability or education level of the person interviewed and as such misinterpretations concerning questions can be avoided. 2. Telephone interviews: This method of data collection consists in contacting respondents on telephone itself. On contacting a person on telephone he is asked about his banking requirements and is told about the product. If person shows interest then appointment is taken. Observation Method: Under the observation method the information is sought by way of sales executive own direct observation without asking from the respondent. This method is used very rarely by executive of ICICI bank. For instance to know customers banker, it can be observed from surroundings. For example cheque book lying on table of that client can give clue about his banker. Swipe machine used to swipe debit

3.2 KEY LEARNINGS Information regarding Insurance sector. Changing recruitment for insurance sector Industry with special focus on the profile of Financial Consultant Importance of documentation and Induction formalities.

Live Experience It was really a great experience to work with HDFC STANDARD life insurance and to know about their work culture. In my training period I was made aware of the HR Department of the company which gave me a broader perspective about my research work. . I did shorlisiting, screening, calling,interview co-ordination,joining formalities,induction etc

CHAPTER 4 STUDY OF SELECTED RESEARCH PROBLEM 4.1 STATEMENT OF RESEARCH PROBLEM For every problem there is research. As the researches are based on some objectives, objective of the research is to the study the recruitment and selection process of HDFC STANDARD LIFE INSURANCE. STATEMENT OF RESEARCH OBJECTIVE The basis objective of the project was to find out the highly network individual those can act as an financial consultant. To study the corporate profile with some light on their future plans.

To study organizational structure of relationship among all the members of the organization. To identify the shortcomings in recruitment and selection process. To conduct an analysis on recruitment and selection process of HDFC STANDARD LIFE To outline the suggestions to make the recruitment and selection process more effective by framing some guidelines for the same.

4.2

RESEARCH DESIGN AND METHODOLOGY To judge effective process for recruitment of financial counsultat To analyse effective of job description Use of questionarie And interview method

4.3

COLLECTION OF DATA

TYPES OF DATA
There are two types of data: Primary data

Secondary data.

PRIMARY DATA: - The data, which is collected through observations, experiments and surveys, is called as primary data. It can be collected in 3 ways: - Observation Method, Experimental Method and Survey Method. SECONDARY DATA: - Secondary research method is the method by which data is collected by journals, newspapers, magazines reviews. The company gets the review about the product by the product critics. In this project company booklet and Internet were used as the means for getting information on the recruitment and selection process and getting sufficient information about the company. The main data used i.e. about the recruitment and selection followed by the HR department,are all taken from the companys booklet. key levers for achieving business objectives

1. Number of licensed financial consultant 2. Financial consultant activation 3. Financial consultant productivity number of policies (fc productivity) average premium per policies Recruiting financial consultants

"HDFC's finest investment is in its Human Resources. It draws its personnel from many disciplines. They are the building blocks on which the company's performance & productivity is based". Mr. H T Parekh Founder-Chairman, HDFC Ltd. HDFC Standard Life is one of the leading life insurance companies having a track record of declaring bonuses every year since inception. We attribute this success to our people, who are our most important asset. We believe they are a key facet of the company and it is their contribution that has enabled us to achieve our current status. Since they deserve the best, our efforts have been to provide them with the best environment, best culture and best development opportunities possible. Be HDFCs certified financial consultant. Heres is the unique opportunity to put your career path on the fast track. Join HDFC SLIC as a financial consultant and help you analyze yours customers financial needs, provide customized financial solutions to each one and conduct reviews on a regular basis to keep your customer on track. Along with being a great career move you get associated with HDFC SLIC. Indias most respected private life insurance company. We at HDFC SLIC also offer you unmatched support with various training programmes to help you excel in your endeavor. A great career move in every way

PRIMARY OBJECTIVE: The objective of this project is about increasing market share by creating awareness about insurance . HDFC Std. Life is out to provide insurance to the huge prospective market through its channel of agent advisors. In addition to this, various promotional campaigns are held for attracting customers. So this project basically aims towards creating a niche for HDFC in the insurance sector.

To create the Brand equity of HDFC Std Life Insurance Co. Exact feedback from the market about the products of HDFC Standard Life by directly interacting with the consumers. By achieving the above specified goals the following Value Addition will be derived: Create awareness among the consumers about the benefit of life insurance which will lead to increase in the sales. Create a deeper penetration through our regular visit to each and every prospective client of Max New York Life.

LIMITATION Lack of awarness of the people. Time limitation for doing study. Bindlly faith on LIC. No testing of secondary data for its . Need of the Study

Every life insurance company wants to provide better and quick service to its customers. For this it needs some channels in order to enable customers to interact easily with the company.

Financial Consultants bridge the gap between company and the customer by imparting them the right kind of information. So, the persons those who could bear this responsibility are constantly searched by the insurance company. The main purpose of this study was to recruit quality financial consultants. Secondly, the motive behind this study of mine was to have practical knowledge of recruitment by adopting various kinds of strategies and to learn new things.

5.1 ANALYSIS OF DATA The insurance sector in India have come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed over a period of almost two centuries. Nationalization of life insurance industry in India in year 1956 led to the emergence of LIC and with which monopoly of LIC started. The insurance industrys contribution to Indian economy was not up to expectations the situation remained same as late as year 1999. In year 1999 the insurance industry saw the light of liberalization. The market was opened for private and foreign players much to the delight of customers. Customers are enjoying cost effective, suitable products and better services.

To ensure the utilization of new capital in Indian market only, government has regulated the investment methodology adopted by insurance companies. Today, the players in the market are facing various challenges. They have to spread awareness about insurance and to win the confidence of the Indian customers as well. Life Insurance, A Rs. 27,500 Crores industry today, expected to grow to an astronomical Rs. 115,000 crores by 2010. An industry poised for exciting change, as new companies will be allowed to offer insurance products to the Indian consumer. Insurance industry, as on 1.4.2006, comprised mainly two players: the state insurers Life Insurers Life Insurance Corporation of India (LIC) General Insurance General Insurance Corporation of India (GIC) GIC had four subsidary companies, namely ( with effect from Dec'2000, these subsidaries have been de-linked from the parent company and made as independent insurance companies) 1) The Oriental Insurance Co. Ltd. 2) The New India Assurance Co. Ltd. 3) National Insurance Co. Ltd. 4) United India Insurance Co. Ltd. Insurance Industry after 2000-2001 had many new entrants, namely:

5.2 SUMMARY OF FINDINGS

Findings and Analysis

Q.1 In which category do you belong?

Category Student Job-Seeker Employee

Response 11 10 29

Response

22% Student Job-Seeker 58% 20% Employee

Note : According to the chart the questionnaire was filled by 58% employees, 22% students and 20% job seekers.

Q.2 Please ranks the following medium of recruitment: (1 to most appropriate, 2 to less appropriate & so on)

Medium Newspaper Internet Campus Recruitment Telephonic Interview Employee Referrals Previous Applications Consultancies

Rank 1 8 10 16 3 1 0 12

Most popular medium

Newspaper 24% 0% 2% 6% 32% 16% Internet Campus Rec 20% Telephonic Intvw Emp Referrals Previous Appl Consultancies

Note : According to the chart Campus Recruitment is regarded as the most appropriate medium of recruitment.

Q.3 Do you think Internet (Job-websites like naukri.com) helps the candidates to get their desired kind of job? Strongly Disagree 1 2 3 4 5 Strongly Agree Response 2 3 11 19 15

Strongly Disagree 30% 0% 4% 6% 22% 1 2 3 38% 4 5 Strongly Agree

Note: It can be concluded from the above chart that 68% people think that internet (job websites) help the candidates to get their desired kind of job.

Q.4 Acc. to you, are consultancies playing a major role in recruiting the candidates these days?

Strongly Disagree 1 2 3 4 5 Strongly Agree

Response 5 4 13 15 13

Strongly Disagree 26% 0% 10% 8% 1 2 3 26% 30% 4 5 Strongly A gree

Note: From the chart it can be concluded that 56% people think that consultancies Play a major role in recruiting the candidates these days.

Q.5 Acc. to you, how many rounds should be there in a selection procedure?

No of rounds One Two Three Four Five

Response 1 20 25 4 0

No of rounds
0% 8% 2% 40% One Two Three Four 50% Five

Note: According to 50% of the people there should be maximum three rounds in a selection procedure. And according to 40% of the people surveyed, only two rounds should be there in a selection procedure.

Q.6. Do you think Group Discussion (GD) is the appropriate medium to judge a candidates potential?

Strongly Disagree 1 2 3 4 5 Strongly Agree

Response 0 4 18 16 12

Group Discussion
Strongly Dis agree 24% 0% 8% 36% 32% 1 2 3 4 5 Strongly Agree

Note: According to 56% people Group Discussion (GD) is the appropriate medium to judge a candidates potential.

Q.7 Should Aptitude test be a compulsory step during the selection of a candidate?

Compulsory Step Yes No

Response 31 19

Aptitude test

38% 62%

Yes No

Note: According to 62% people surveyed, aptitude test should be made a compulsory step in the selection process.

Q.8 In your opinion, which type of employment-interview is appropriate tool for judging a candidates potential during selection procedure?

Type of Interview One-to-one Sequential Panel

Type of Interview
40 30 20 10 0 One-to-one Sequential Panel 29 13

Response 29 13 8

Type of Interview
16% One-to-one 26% 58% Sequential Panel

Note: According to 58% people one-to-one interview is appropriate tool for judging a candidates potential during selection procedure. According to 26% people, sequential interview and according to 16% people, panel interview is appropriate tool for judging a candidates potential during selection procedure.

Q.9 Please rank the following type of interviews: (1 to most appropriate, 2 to less appropriate & so on)

Type of Interview Structured Unstructured Mixed Behavioural Stressful

Rank 1 11 10 15 10 4

Type of Interview
8% 20% Structured Unstructured Mixed 20% 30% Behavioural Stressful

22%

Note: According to the chart it can be concluded that 30% people were in favour of mixed interview, 22% were in favour of structured interview and 20% were in favour of both behavioural and Stressful interview.

Q.10 Acc. to you, is interview the tool to judge a candidates communication skills only?

Response

No of People

Completely Not at all Up to Some Extent

10 11 29

Upto Some

Completely

Not at all

35 30 25 20 15 10 5 0

29 10 11 No of P eople

Interview Completely Not at all 58% 22% Upto Some Extent

20%

Note: According to 58% people interview up to some extent is the tool to judge a candidates communication skills only. And according to 22% people it is not the tool to judge communication skills only and 20% people, interview completely judges a candidates communication skills.

Q.11Acc. to you, which of the following techniques be used in a selection system? ( the appropriate one and X the one not desired)

Extent

Technique Psychological Tests Role-play In-Basket GD Projective tests Personality tests Knowledge tests Interaction analysis Interviews

Response 14 5 13 41 13 29 29 7 45

Technique
7% 22% 3% 7% 20%

Psychological Tests Role-play In-Basket GD Projective tests Personality tests Knowledge tests Interaction analysis Interviews

4% 15% 15% 7%

Note: It can be concluded from the above pie-chart that Interview is the most popular technique according to most of the people. After that, GD, projective and personality tests are other popular tools.

Q.12 Acc. to you, which of the following is the most valid and reliable tool of selection procedure?

Reliable tool GD Interview

Response 9 21

Aptitude test Project Presentation Personality tests

12 1 7

Reliable Tool
14% 2% 24% 42% 18%

GD Interview Aptitude test Project Presentation Personality tests

Note: According to the people surveyed, 42% considers interview to be the most reliable tool, 24% considers aptitude test to be most reliable and 18% considers GD as the reliable tool in selection process. While only 14% considers personality tests to be the most reliable tool during selection procedure.

Q.13 In your opinion, should Stress interview be made a compulsory tool of selection procedure?

Stress Interview Yes

Response 12

No

38

Stress Interview

24% Yes No 76%

Note: According to the people surveyed, 76% people said that stress interview should not be a compulsory tool of selection procedure and only 24% said that it should be included during selection process.

Q.14 Do you think corruption, favouritism and influence are mostly found during selection process?

Strongly Disagree 1

Response 19

2 3 4 5 Strongly Agree

17 10 4 0

Strongly Disagree 1

20%

8% 0% 38% 34%

2 3 4 5 Strongly Agree

Note: According to the people surveyed, around 72% thinks that corruption, favoritism and influence are not found during selection process these days.

Q.15 What would you like to suggest to improve the following processes:a) Recruitment b) Selection

For this open-ended question, following answers were provided: For recruitment:

 More websites like naukari.com, monster.com, times-job etc should be there on internet. Salary package should be clearly mentioned by the companies in the advertisements A proper database for employee-referrals and previous applicants should be maintained by the organizations. Good and known companies should visit average B-schools also.

For Selection: Maximum number of rounds in a selection process should not exceed three. Aptitude test must be a compulsory step in selection process Stressful interview should not be there. Personality and knowledge tests should be included in selection process. Offer-letter should be given on the spot to the selected candidates Communication affects the recruitment and selection of an individual . The employees are satisfied with the existing recruitment policy of the organization. The employees prefer a need of improvement in the process of recruitment in HDFC STANDARD LIFE INSURANCE. Most of the employees dont feel comfortable with the interviewee at the time of interview. Employees prefer different recruitment policies for different levels in the organization. Only e- recruitment is not sufficient and the company should go for walk-ins or campus recruitments.

Employees are in the favor of giving to the trainees who underwent training in this organization and gave good result. Most of the employees external source of recruitment .

Currently, market is dominated by state owned LIC (Life Insurance Corporation of India). It has 83 per cent of market share. The remaining 17 per cent go to private players. The private players are giving a very tough fight to the government owned LIC and are very aggressive in marketing of their products. One thing which needs to be highlighted is that most of the private players are concentrating on the urban population and tapping High Net worth Individuals and corporate and thus a saturation point is not very far. The industry have started to move to B-class and C-class towns the in search of new customers i n the same way Insurance industry has to move to rural India to tap a vast untapped pool of customers. It can be truly said that the insurance sector is one of the success stories of the ongoing financial reforms. The industry has made great strides forward in the last four years with customer-centric developments being the mainstay of the improvements. A product that was earlier viewed only as a tax-saving option is now considered a viable financial instrument to meet different needs. Higher standards of service, convenient access through advisors, agents and banks, choice and flexibility in products, greater transparency, and use of information technology are some of the key differentiating factors since the opening up of the industry in 2005. If we analyze the history of growth of the insurance industry since reforms, it is marked by all-round growth of all players. More or less all players (including the market leader LIC) have aggressively recruited

SUMMARY

AND

CONCLUSIONS

6.1 Summary of Learning Experience

 Learnt How to do prospecting. How to work professionally How to communicate properly with the customers. Almost all the work procedure in human resource department. How to deal complicated situations with patience and perfection. And last but not least how to manage a team. After working with this company, I came to know about all the internal as well as external procedure of Human Resourse Department and came to know to learn different Insurance plans, Facilities and many more things that company provides to their employees and customers. I Have also learnt about the working of all the departments of an insurance company and also came to know about the various insurance companies in india.

6.2 CONCLUSION AND RECOMMDATIONS The study of the INSURANCE INDUSTRY IN INDIA and preparing the presentation was a real challenge. The guidance of my mentor and senior officials of the college were of very much help to me in my endeavor. The coordination among the various departments is excellent which makes innovations and motivating thinking possible. Apart from a small gap of communication among the IT department and the training department, which if bridged accordingly, the training

system is flawless. The department also relies in too much of free lance trainers, which requires that the trainers have to be trained from scratch, but the department has prepared some very good presentations which is very easy to understand and train. The training department is the crux of the college.

As such privatization through liberalization is an opportunity to be exploited, not necessarily a threat. For continuous growth, Indian insurance companies will need the flexibilities to ascertain and respond to the customer needs. Insurance service will no longer be just bought, it will have to be sold in a biased market, new channels of marketing, personal insurances like over the counter covers will have to be devised.

BIBLOGRAPHY
References From books
1. Beri, G. C. (2005) Marketing Research 3rd edition, Tata McGraw Hill

Publication, New Delhi, India.

2. Kothari, C. R. (2007) Research methodology 3rd edition, Wishwa Prakashan,

New Age International (P) Ltd. Daryaganj, New Delhi, India. 3. Kotler Philip, (2007) Marketing Management, Prentice Hall of India Pvt. Ltd. New Delhi, India 4. Schiffman. Leon G., (2005) Consumer Behavior, Prentice Hall of India Pvt. Ltd. New Delhi, India
5. Gitman, Lawrence J. (2007) Principles of Managerial Finance 11th edition,

Dorling Kindersley ( India ) Pvt. Ltd., Licensees of Pearson Education in South Asia. 6. Zikmund, William G. (2007) Business Research 3 rd edition, SouthWestern, Thomas Learning Inc. USA

QUESTIONNAIRE

HDFC Standard Life Insurance

Q.1 In which category do you belong? Student Job-Seeker Employee

Q.2 Please rank the following medium of recruitment: (1 to most appropriate, 2 to less appropriate & so on) 1. Newspaper / Advertisements 2. Internet /Job Portals 3. Campus-recruitment 4. Telephonic Interviews 5. Employee Referrals 6. Previous applicants 7. Consultancies _____ _____ _____ _____ _____ _____ _____

Q.3 Do you think Internet (Job-websites like naukri.com) helps the candidates to get their desired kind of job? Strongly Agree __ __ __ __ __ Strongly Disagree Q.4 Acc. to you, are consultancies playing a major role in recruiting the candidates these days? Strongly Agree __ __ __ __ __ Strongly Disagree Q.5 Acc. to you, how many rounds should be there in a selection procedure? (Tick one) o o o o o One Two Three Four Five

Q.6. Do you think Group Discussion (GD) is the appropriate medium to judge a candidates potential?

Strongly Agree __ __ __ __ __ Strongly Disagree Q.7 Should Aptitude test be a compulsory step during the selection of a candidate? Yes No

Q.8 In your opinion, which type of employment-interview is appropriate tool for judging a candidates potential during selection procedure? (Tick one) o One-to-one o Sequential o Panel

Q.9 Please rank the following type of interviews: (1 to most appropriate, 2 to less appropriate & so on) o o o o o Structured _____ Unstructured _____ Mixed _____ Behavioural _____ Stressful _____

Q.10 Acc. to you, is interview the tool to judge a candidates communication skills only? o Completely o Not at all oUp to some extent

Q.11 Acc. to you, which of the following techniques be used in a selection system? ( the appropriate one and X the one not desired) 1. 2. 3. 4. 5. 6. 7. 8. 9. Standardised Psychological tests Role-Play In-basket Group Discussions Projective tests Personality tests Knowledge tests Interaction analysis technique Interviews

Q.12 Acc. to you, which of the following is the most valid and reliable tool of selection procedure? (Tick one) o GD o Interview

o Aptitude test o Project Presentation o Personality Tests Q.13 In your opinion, should Stress interview be made a compulsory tool of selection procedure? Yes No

Q.14 Do you think corruption, favouritism and influence are mostly found during selection process? Strongly Agree __ __ __ __ __ Strongly Disagree

Q.15 What would you like to suggest to improve the following processes:a) Recruitment b) Selection

Demographics
1) Name- ------------------------------------------------------------------------------2) Gender3) Age a) Male a) 18 25 Years c) 35 45 Years 4) Income a) 5000 10000 b) Female b) 25 35 Years d) 45 Years and above b) 10000 20000

c) 20000 30000

d) 30000- and above

5) Email ----------------------------------------------------------------------------------

6.ANNEXURE:
WEBSITES:www.licindia.com www.indiainfoline.com www.iciciprulife.com www.irdaindia.com www.indianinsurance.com