A detailed study of quality work life of LIFE ADVISORS OF BHARTI AXA LIFE INSURANCE

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Table of contents

Chapter no. Title Page no.
1. Introduction
2. Project details
Title of the project
Aims and objectives of the
study

Problem statement
Scope of the study
Significance of the study
3. Literature review
4. Methodology used
Data collection method
Research tools
Sampling methodology
Validity of the data
5. Data analysis and research
findings

6. Recommendations and conclusions
7. Limitations of the study
8. References/bibliography











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Executive 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 successful business every insurance company requires financial planner.
Objective of the problem:
How to recruit agents for Bharti-AXA Life Insurance.
The detailed study of the life advisors of Bharti AXA Life Insurance.
To understand the process of the selection of agents and the work they do
in life insurance.
Why people are not willing to work s an agent in life insurance sector
especially with private companies.
outcome of the study:
In the current scenario every organization expects their employees to
perform at their peak potential. Though monetary aspects play an important
role in motivating employees, organization around the world have come to
understand that there are many other aspects that contributes better employee
performance. The study is undertaken to know how many people are
interested to work as life insurance agent in Bharti AXA and their thinking
about the Bharti AXA Life Insurance Company and the whole study of life
advisors. This study will be used as feedback from employees to know their
current perspective of workplace and also to identify the areas of
improvement for the organization.
Recommendations: In India, there is cut throat competition in the market of
Life insurance that brand services which adopts new strategies for sales. So I
hereby conclude that the people are much aware about the aspects of Life
insurance and also have knowledge about the role and act of agent but
mostly people willing to work as life insurance agent and mostly people
prefer to work with LIC because it is a semi government corporation.
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Introduction
The quality of work life is the degree of excellence brought about work and
working conditions that contributes to the overall satisfaction and performance
primarily at individual level and finally at organizational level. It refers to the
level of satisfaction, motivation, commitment and involvement an individual
experience with respect to their line at the work.
Quality of work life (QWL) has become one of the most important issues these
days in every organization. Employees are the force that is behind every
successful organization. No organization can become successful with
technology only because for the use of technology also, organizations need to
have strong work force. Quality of work life was the term actually introduced in
the late 1960s. From that period till now the term is gaining more and more
importance everywhere, at every work place. Initially quality of work life was
focusing on the effects of employees on the general well being and the health of
the workers. But now its focus has been changed. Every organization need to
give good environment to their workers including all financial and non financial
incentives so that they can retain their employees for the longer period and for
the achievement of the organization goals. At the end we can say that a happy
and healthy employee will give better turnover, make good decisions and
positively contribute to the organization goal.
1.1 Overview of industry
With largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. Its a business growing at the rate of
15-20 percent annually and presently is of the order of Rs 450 billion. Together
with banking services, it adds about 7 percent to the countrys GDP (Gross
Premium collection). GDP is nearly 2 percent of GDP and funds available with
LIC for investments are 8 percent of GDP.
Yet, nearly 80 percent of Indian population is without life insurance cover while
health insurance and non-life insurance continues to be below international
standards. And this part of the population is also subject to weak social security
and pension systems with hardly any old age income security. This it is an
indicator that growth potential for the insurance sector is immense.
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A well developed and evolved insurance sector is needed for economic
development as it provides long term funds for infrastructure development and
at the same time strengthens the risk taking ability. It is estimated that over the
next ten years India would require investments of the order of one trillion US
dollar. The insurance sector, to some extent, can enable investments in
infrastructure development to sustain economic growth of the country.
Insurance is a federal subject in India. There are two legislations that govern the
sector- The Insurance Act-1938 and the IRDA Act-1999.
In India, insurance is generally considered as a tax-saving device instead of its
other implied long term financial benefits. Indian people are prone to investing
in properties and gold followed by bank deposits. They selectively invest in
shares also but the percentage is very small. Even to this day, Life Insurance
Corporation of India dominates Indian insurance sector. With the entry of
private sector players backed by foreign expertise, Indian insurance market has
become more vibrant.
Historical Perspective
The history of life insurance in India dates back to 1818 when it was conceived
as a means to provide for English Windows. Interestingly in those days a higher
premium was charged for Indian lives than the non-Indian lives as Indian lives
were considered more riskier for coverage.
The Bombay Mutual life Insurance Society started its business in 1870. It was
the first company to charge same premium for both Indian and non-Indian lives.
The Oriental assurance Company was established in 1880. The General
insurance business in India, on the other hand, can trace its roots to the Triton
(Tital) Insurance Company Limited, the first general insurance company
established in the year 1850 in Calcutta by the British. Till the end of nineteenth
century insurance business was almost entirely in the hands of overseas
companies.
Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the provident fund act of 1912. Several
frauds during 20s and 30s sullied insurance business in India. By 1938 there
were 176 insurance companies. The first comprehensive legislation was
introduced with the Insurance Act of 1938 that provided strict state Control over
insurance business. The insurance business grew at a faster pace after
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independence. Indian companies strengthened their hold on this business but
despite the growth that was witnessed, insurance remained an urban
phenomenon.
The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly corporation
and life Insurance Corporation (LIC) was born. Nationalization was justified on
the grounds that is would create much needed funds for rapid industrialization.
This was in conformity with the Governments chosen path of State lead
planning and development.
The (non-life) insurance business continued to thrive with the private sector till
1972. Their operations were restricted to organized trade and industry in large
cities. The general insurance industry was nationalized in 1972. With this,
nearly 107 insurers were amalgamated and grouped into four companies-
National Insurance Company, New India Assurance Company, Oriental
Insurance Company and United India Insurance Company. These were
subsidiaries of the general Insurance Company (GIC).
Indian federal government considers insurance as one of major sources of funds
for infrastructure development. The government has identified the following as
major thrust areas:










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