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S.P. MANDALIS
R. A PODAR COLLEGE OF COMMERCE AND ECONOMICS
MATUNGA, MUMBAI-400 019.

A PROJECT REPORT ON
Recruitment Process of Bharti AXA Life Insurance
SUBMITTED BY
Hitesh Lalji Solanki
Roll No-112
M.COM (SEM. III): Research Methodology
SUBMITTED TO
UNIVERSITY OF MUMBAI
2014-2015
PROJECT GUIDE
Prof. Dr. (Mrs.). Sobhana vasudevan



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S.P. MANDALIS
R. A PODAR COLLEGE OF COMMERCE AND ECONOMICS
MATUNGA, MUMBAI-400 019.

CERTIFICATE
This is to certify that Mr.Hitesh lalji solanki of M.Com (Business Management) Semester III
(2014-2015) has successfully completed the project on Research Methodology under the
guidance of Prof. Dr. (Mrs.) Sobhana vasudevan


Project Guide/Internal Examiner External Examiner
Prof. Dr. (Mrs.) Sobhana vasudevan Prof.________________________

Dr. (Mrs.) Vinita Pimpale Dr. (Mrs.) ShobanaVasudevan
Course Co-ordinator Principal


Date- 7
th
Oct 2014 Seal of the college
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ACKNOWLEDGEMENT

I acknowledge the valuable assistance provided by S. P Mandalis R. A. Podar
College of Commerce & Economics, for two year degree course in M.Com.
I specially thank the Principal Dr.(Mrs.) Shobana Vasudevan for allowing us
to use the facilities such as Library, Computer Laboratory, internet etc. and
who has given her valuable time, knowledge and guidance to complete the
project successfully in time.
I sincerely thank the M.Com Co-ordinator for guiding us in the right direction
to prepare the project.
My family and peers were great source of inspiration throughout my project,
their support is deeply acknowledged.




Signature of the Student

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DECLARATION
I, Hitesh Lalji Solanki of R. A. PODAR COLLEGE OF
COMMERCE & ECONOMICS of M.Com SEMESTER III, hereby
declare that I have completed the project Recruitment Process of
Bharti AXA Life Insurance in the academic year 2014-2015 for the
subject Research Methodology the information submitted is true and
original to the best of my knowledge.




Signature of the Student

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INDEX

Sr.no TOPIC
Page
No.
1 Introduction 6
2 Company Profile 10
3 Executive Training 15
4 Introduction to IRDA ACT 18
5 Introduction Insurance Advisor 19
6 Executive Task Assigned & Achieved 21
7 Methodology 22
8 SWOT Analysis 23
9 Recommendation 26
10 Limitation 26
11 Conclusion 27
12 Bibliography 27
13







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Introduction
Recruitment Process
How does the recruitment process work? It depends on the company and what methods the
company uses to find applicants for employment.
Some companies work with recruiter to find applicants, especially for higher level jobs. Other
companies will use social networking sites and linked in to recruit, in addition to using
traditional means of recruiting like posting help wanted ads in newspapers and listing jobs on
job boards like monster or career builder.
Many employers, especially large companies, may not actively recruit candidates, but do post
open positions on their company website.
Job Applications
How applicants apply for jobs depends on the company, as well. Some companies use talent
management software to accept applications for employment and to screen and select
candidates to interview.
In other cases, the job application process will require applicants to submit a resume and
cover letter via email. Some employers still prefer that applicants apply in person.
As part of the application process, candidates may be asked to take a talent assessment test to
see if their background matches the company's requirements. Job applications and test results
will be reviewed and selected candidates will be invited for a job interview.
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Job interviews
As candidates move through the interview process they may be interviewed several times
prior to receiving a job offer or a rejection notice. Companies will also run background
checks, reference checks, and possibly a credit check as part of the recruitment process. The
candidate may be offered a job contingent upon the results of the checks or the checks may
be conducted prior to the company presenting a job offer to the candidate they have chosen
for the job.
Here are the steps in the recruitment process, which will vary based upon the company's
recruiting strategies. Do keep in mind that every company has its own recruiting strategy, so
it's important to conduct a multi-faced job search and to be sure you're job hunting where
companies can find you.

Steps in the recruitment process
Jobs on company websites
Most larger companies, and many smaller companies, post available jobs on their company
website. Job applicants can search for jobs, review job listings and apply for jobs online. Job
seekers may be able to set up job search agents to notify them via email of new openings.
Some companies schedule interviews online, as well.

Posting jobs
Companies that are actively recruiting candidates will not only post jobs on their website, but
will also post jobs on job boards and other job sites. Jobs may be posted on general job
boards like monster and/or on niche sites like Media Bistro, for example.
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LinkedIn
Companies may post open positions on LinkedIn, the professional networking site. In
addition, companies may search LinkedIn to find candidates to recruit. LinkedIn groups are
another venue that employers use to post jobs and find applicants.

Social recruiting
Companies are increasingly using social recruiting to source candidates for employment on
Facebook, Twitter and other social networking sites, as well as to investigate applicants they
are considering hiring. Companies may use Facebook apps to recruit or have a Facebook
page dedicated to careers with the company. On Twitter, companies may tweet job listings
and source candidates to recruit.

Job Application Process
Here's information on the entire job application process including applying for jobs, resumes
and cover letters, applicant testing, background and reference checks, interviewing and the
hiring process.

Interview Process
The interview process isn't a matter of getting called for a job interview, interviewing and
getting a job offer. With many cases it is complex and may involve multiple interviews. Here
are the steps involved in the interview process.


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Hiring Process
Here's an overview of each step in the hiring process, including applying for jobs,
interviewing, employment testing, background checks, and job offers, along with tips and
advice for each step in the hiring process.

Objective of study
To understand process of recruitment and selection to identify various sources of
recruitment used by bharti axa
To know level of awareness about bharti axa among job applicants















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Company
Profile
What Is Bharti Axa?
Bharti Axa Life Insurance is collaboration between Bharti Enterprises and AXA
Group.


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.
The company launched national operations in December 2006. Today, we have over
5200 employees across over 12 states in the country. Our business philosophy is built
Around the promise of making people "Life Confident".
VALUE AND VISION
Vision and Values of Bharti Axa Life Insurance is as follow:
Vision
To be a leader and the preferred company for financial protection and wealth
Management in India.
Values
Professionalism
Innovation
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Team Spirit
Pragmatism
Integrity
About the Promoters
Bharti Enterprises
It is one of Indias leading business groups with interests in telecom, agri. business,
Insurance and retail. Bharti has been a pioneering force in the telecom sector with
Many firsts and innovations to its credit. Bharti Airtel Limited, a group company, is
One of Indias leading private sector providers of telecommunications services with an
Aggregate of 60 million customers, spanning mobile, fixed line, broadband and
Enterprise services. Bharti Airtel was ranked amongst the best performing companies
In the world in the Business Week IT 100 list 2007. Bharti Teletech is the countries
Largest manufacturer and exporter of telephone terminals. Bharti has a joint venture
With ELRO Holdings India Ltd. Field Fresh Foods Pvt. Ltd - for global distribution
Of fresh fruits and vegetables. Bharti also has a joint venture - Bharti AXA Life
Insurance Company Ltd. - with AXA, world leader in financial protection and wealth
Management
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.
AXA Asia Pacific Holdings Ltd (AXA APH) is listed on the Australian stock
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Exchange and is 52.3% owned by AXA SA. AXA APH is responsible for AXA SAs
Life insurance and wealth management businesses in the Asia-Pacific region. It has
Operations in Australia, New Zealand, Hong Kong, Singapore, Indonesia, Philippines,
Thailand, China, India and Malaysia. AXA APH had a $106.4 billion in total funds
Under management and administration at 30 June 2007 and reported profit after tax
Before non-recurring items of a $374.0 million for the six months ended 30 June 2007
Distribution
Bharti AXA has one of the largest distribution networks amongst private life insurers
In India. As of March 31, 2007 the company has over 934 offices across the country
And over 10,016 advisors. Distribution strategy of Bharti AXA is as follow:








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PRODUCT LINE

Bharati AXA Life Insurance Co. Ltd., Product Line is as follow:


Structure of sales department
Bharati AXA Life Insurance Company Ltd.s sales department structure is as follow;

REGIONAL
MANAGER
BRANCH SALES
MANAGER
TERITTORY
MANAGER
SALES
MANAGER
ASST. SALES
MANAGER
SENIOR
MANAGER
UNIT MANAGER
ADVISER
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CORPORATE STRUCTURE






CORPORATE
STRUCTURE
TIED AGENCY
VICE PRESIDENT
REGIONAL
MANAGER
BRANCH SALES
MANAGER
SALES MANAGER
UNIT MANAGER
ASSI. SALES
MANAGER
ALTERNATIVE
DISTRIBUTION
COURNTRY HEAD
RELATIONSHIP
MANAGER
SALES MANAGER
BANCASSURANCE
FINANCIAL SERVICE
TRAINEES
COUSTOMER
SERVICE
REPRESENT
TEAM LEADER
CORPORATE
AGENCY
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Executive Training
(DYNAMICS OF AGENCY RECRUITMENT)
Meaning of Agency recruitment
Agency recruitment is all about recruiting financial advisor for the company.
The financial advisor is the person who can guide the people in making proper
Investments regarding their life
Now the question comes is that how can he/she be the advisor of the
Company?
Financial Advisor
Financial advisor is the person who has been issued the government authorized
IRDA license which is valid for three years and in those 3 years he/she can tap
Into an unlimited income and reinvent their life.
As a Life Advisor a persons role would go beyond selling policies. His/her role
Would be to explain life insurance and its benefits to potential customers and help
They decide which plan suits them best after analyzing their financial needs.
Hence, life insurance offers one with an opportunity for:
An exciting / challenging career.
Flexible work hours.
Unlimited income.
Regular income for years till the policies sold by one is in force.

SUPPORT AND BENEFITS
As a Life Advisor with Bharti Axa Life Insurance one would enjoy the following
Benefits:
1. Enriching training program: An intensive training program before one commences
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His/her new career. This would equip one with all the information and knowledge
About life insurance, its benefits and our products. This would help one to perform
His/her job better and meet his/her goals. One would also enjoy the benefits of
Continuous training and mentoring programs that are designed to update one, apart
From enhancing ones selling skills

2. Mentoring: Training and support from the Company to meet ones goals.
Opportunity to learn from industry professionals.

3. Flexibility: Decide ones own working hours and earning goals.

4. Satisfaction: One will help people manage their assets and plan their financial
Security, and experience deep satisfaction from making a positive difference in others
Lives. One acts as a strategist in annuities, business insurance, estate planning and
Personal investment, providing both short and long term solutions to financial risks.

5. Freedom: Continue with your present job occupation if you so desire and treat this
As a parallel source of income. This allows you time to decide if you want to take the
Job of a Life Advisor as a full time activity.

6. Earnings Entitlement to a percentage of the premium as commission till the time
The policies sold by you are in force.

7. Attractive additional benefits for high-performers: Palmtops, Planners, Leather
Portfolio bags, Offsite conferences, foreign trips and Sales promotional schemes.
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Learning From the Executive Training
Provides an opportunity to apply the concepts learn t in real life situations.
It sensitizes us about nuances of work place by the time-bound projects assigned
By the company.
It creates awareness about the strengths & weaknesses in the work environment
It provides a platform to develop a network while OJT (On-the-job-Training),
Which would be useful in enhancing career prospectus.
Know the day-to-day functions of the company.
It provides a unique opportunity to get exposed to corporate culture, professional
Experience & professional behavior & putting the theoretical concepts learnt in the
Classroom for developing managerial skills.
To gain a deeper understanding of the work culture, deadlines, pressure etc. of an
Organization.
It gives a flavor of teamwork, organization culture, team dynamics, result
Orientation, organizational pressures, complexities in achieving the desired results
Etc.
It provides direct exposure to the execution & support functions of the
Departments.
It provides a good scope for developing necessary managerial skills &
Positive attitude





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Introduction to IRDA Act
Mission:
To protect the interests of the policyholders, to regulate, promote & ensure orderly
Growth of the insurance industry & for matters connected therewith or incidental
Thereto.
After liberalization of the insurance sector in 1999, private players have entered both
Life & non-life business in India. The Insurance Regulatory & Development Authority
(IRDA) was constituted in April 2000, as an autonomous body to regulate & develop
The business of insurance & reinsurance in the country in terms of the IRDA Act
1999.
Duties, Powers & Functions of IRDA:
Licensing & regulating the insurance sector by acting as an independent &
Regulatory body.
Specifying requisite qualifications, code of conduct & practical training for
Insurance intermediaries & agents.
Protecting the interest of the policyholders in matters concerning assigning of
Policy, settlement of insurance claims etc.
Regulating investment of funds by insurance companies.
Calling for information from undertaking, conducting enquiries & investigations
Including audit of insurers & other organizations connected with the insurance
Business.
Regulating maintenance of margins of solvency of the insurer.
Adjudication of disputes between insurers & intermediaries.

Supervising the functioning of the Tariff Advisory Committee.
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Introduction
Insurance Advisor
CRITERIA FOR SELECTION
Criteria for the selection of the Financial Advisor are as follow;
Age: 18 or above for both Male and Female
Educational Qualification required:
Rural Area*: 10
th
Pass
Urban Area*: 12
th
Pass
* Areas are bifurcated according to the population.
For getting license to work as an agent of any company a person must complete 100
Hours training and pass exam of Indian Institute of Insurance (III). If a person is
Already holding license for General Insurance than he will have to complete only 50
Hours training.

All the above criteria are common for all the companies, they have to follow it. In
practice, because of competitive environment many companies decide their own
Criteria apart from all above. Different criteria used by companies are shown in the
At least
Graduate
Person
Living in
Maharastra
for at
least 3 yrs.
Network /
Society
group
High Net
Income
(HNI)
group
Married
and have
dependents

Age
group
25-50
KLI
ICICI
Prudential

LIC
Birla Sun
life

Bajaj
Allianz

ING
Vysya

Axa
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following table:
TABLE Criteria for Selecting Agents by different Companies.
FUNCTIONS OF THE AGENTS
Life insurances agent has the unique role of such a person, who enjoys the trust of
Two parties - the prospect and the insurer - simultaneously in the same transaction.
To simplify, functions of a life insurance agent could be divided into two parts,
Viz.
'Pre-sale functions';
'Post-sale functions'

Function Before Sales:
Contact prospects
Study their insurance needs
Completion of formalities for proposal of new insurance viz,
Filling of form
Arranging for Medical Examination
Collection proofs of age and income
Any other information required by the underwriters

Function After Sales:
Ensure payment of renewal premiums
Assist policyholder for nomination / or change thereof.
Assist the policyholder in case he wants to get loan against the policy
Assignment.
Assist the policyholder or the claimant to comply with the requirement for
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Getting timely settlement of claims.
The Target customers of the company are:
Housewives
Students
Businessman
Brokers
Retired persons

BHARTI AXA LIFE INSURANCE, Private leader also take into consideration
Most of the criteria. They also focus on quality rather than quality. Further, they
Also opt to recruit LIC agents. Logic behind this may be that person wont require
The training (Elimination of Training Cost), moreover his experience and
Established network can be encased easily. Thus, BHARTI AXA has also adopted
Competitive strategy because the LA is a major source of business.

Executive Task Assigned & Task Achieved




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Graphical Representation of the Task Assigned and Achieved

METHODLOGY
Strategies applied for achieving the task assigned
Cold Calling:
Cold calling means to approach the customers without taking prior appointments. I
Have done lots of cold calling as I visited different shops and malls I got a great
Experience as I interacted with different kind of peoples. Even I learned lots of things
Regarding convincing the customers.

Data Collection:
My strategy is to collect data as many as possible from different sources. So for
This data collection I have visited different colleges and even to different banks to get
The data of retired people. I went to colleges to get the data of the graduate students
Who would the good prospect for our company?


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SWOT Analysis
STRENGTHS
The strengths of BHARTI AXA are:
Offers greater relationships and more face to face contacts with the customers. Cross-
selling ability of its highly trained agents.
BHARTI AXA has marketing, research and development and the competing
Products
Ability to serve multiple segments
Higher market share growth in private sector Life insurance companies
Adaptable management structure
Multiple product lines
Higher premium growth
Increasing network in semi urban and rural markets
WEAKNESSES
The weaknesses for BHARTI AXA are:
Higher cost for insurer and consumer because of high commission rates.
Strong Competing brands of other players with almost the same features
Presence of other players in multiple segment
The Direct Marketing and other promotional efforts done by other players
Increases the competition
Lower believability in BHARTI AXA brand than Life Insurance Corporation
Low coverage in Semi-urban and Rural market Segments


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OPPORTUNITIES
Focus on high net worth individuals who prefer relationship over price
Continually look for new sales opportunities
High market growth provides opportunity for the company to increase their
Role in increasing Premium collections.
Large number of prospective customers has provided opportunity for the
Company to increase their operation to wider customer base.
Higher awareness of insurance products attracts customers to use insurance
Services and products
Insurance companies are becoming more and more self-regulated
Operationally.
Because of the large customer based, the company can have the benefit of
Economies of scale in providing services.
Transformation of people across countries increases efficiency and effectively
In the companys operation.
Speeding up of the technological adoption in insurance companies has
Provided opportunity for them to provide services to a larger customer base at
Lower cost.
Collaboration with supplier of back office and front office technological
Development has increase the quality and effectively of the operation.
Increasing computer literacy and quality of education has increased the
Efficiency of operation through advanced technology.
The move towards retail customers has access the banks to the rural
Population.
Tie up with other banks to increase ATM networks has lowered the
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Operational cost of the company.
Higher foreign investment in insurance business has increased the
Technological development, branch expansion and wider network abilities.
Foreign companies also merge with other banks to increase the networks and
Customer services within the nation and internationally.
Population is becoming ageing which may hamper the effectively of providing
Insurance business
THREATS
Large number of Insurance companies has increased the rivalry in the
Industry.
Lower switching cost for customers can be a threat for the company to convert
Other companys customers to its products.
Standardization of insurance products and services has lowered the profit
Margins for the company.
A higher premium to the agents is one of the biggest cost disadvantages to the
Company.
The legal regulation from IRDA may affect particular company negatively.
The scams of co-operative banks have affected the image of private companies
In the mind of the people, which may affect the image of private insurance
Companies negatively.
Higher inflation rate can increase the cost for the company in providing
Services



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RECOMMENDATIONS
I personally believe that BHARTI AXA requires promoting their very strongly
As in day on day the competitive companies are increasing and to be in the
Race it has to promote its products continuously. Their Brand awareness
Specifically in Life Insurance is high compare to competitors? They should
Aggressively promote on media like Television, newspaper like Times of India
And Economics Times. BHARTI AXA should expand their distribution network in Semi-
Rural and Rural areas to target market having huge potential. Their Motivation Strategy for
Life Advisors is very effective during Training and even after training; they should stick to it
and even try for innovative ways. Build trust upon customers through services and
transparency in investment and other policy. Focus on marketing strategy which can appeal
mass in chunk.

LIMITATION
Generating Database:
I have faced lots of problem in generating data base as I have used different sources to
Generate it, e.g. I visited different colleges to generate data of fresher students and even
Visited to different other center to get the data base of the customers but the problem I faced
Was they didnt provided me the data as they told me that it is confidential.

High Fees:
To be an advisor in BHARTI AXA the fees is Rs. 825 so this is quite a huge amount as
Compare to the competitors, because in L.I.C it is 450 Rs, in MAX LIFE it is 500 so when a
Customers get ready to be advisor he basically stuck to the fees.

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Quality Customers:
What BHARTI AXA ask from is to recruit quality advisors, they to maintain the Q
Score but it is very difficult to get that quality customers

CONCLUSION
Entry of Private players in Insurance Industry has changed the entire scenario of the
Industry. Industry has shown Revolution of 360* starting from 1956. Private players
Have challenged the LIC and compelled to face the competition. This cut-throat
Competition has been a boon for customer. He has been more informed and getting
Better services. Negligence to the Insurance is decreasing day by day. Thus, total
Scenario of the Industry has changed from as it was in 1956 a Monopoly Market.

On account of increased competition, companies have to compete to grab the market.
Tied channel is perhaps the best alternative to reach maximum target customers. So to
Have best results companies are required to have best people, who can work for the
Efficiently and give best results. So, as a result now a days companies have become
More choosy in recruiting agents.

BIBLIOGRAPHY
Websites
www.Bharti Axa life insurance.com
www.irdaindia.org
www.irda.orq.com
www.indiainfoline.com
http://jobsearch.about.com/od/recruiting/a/recruitment-process.htm