INTRODUCTION

Kotak Mahindra Life Insurance company ltd.( formerly known as kotak Mahindra old mutual
life insurance ltd.) is one of the fastest growing insurance company in India, covering over 20
million lives nationwide(as on 31st march 2018) . kotak life insurance helps you to understand
the various benefits of life insurance for you, your family, wealth creation, protection,
retirement and savings. Find out how you can make the most of every plan .For more
than 45 years, Jacobson has cultivated a deep understanding of the life insurance industry.
This knowledge, combined with our extensive network of connections within this space,
makes Jacobson a life insurance recruiter of choice. Our recruiters have the industry savvy to
identify the best active candidates, as well as their top-tier passive peers. Our recruiting
process has a proven history of helping clients in the life insurance vertical identify, attract
and recruit the talent they need

The insurance business of non life insurance companys was not much in problems but the
major problem was with life insurance. Life insurance corporation of india had monopoly
for more than 45 years, but the picture then was completely different.Previously people felt
that “insurance is only for classes not for masses”, but now the picture is vice versa.The
formation of IRDA, entrance of private life insurance companies into India with one foreign
partner,compulsory training os insurance agents etc., Develpoment started to take place.

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 INDUSTRY PROFILE

Kotak Life Insurance Company is a joint venture between Kotak Mahindra Bank (74%)
and Old Mutual Plc (26%) headquartered in London. The company started its operations in
the year 2001. The official name of the company is Kotak Mahindra Old Mutual Life
Insurance Company. The company has more than 200 branches in India.

The Kotak Mahindra Group is one of India's trusted names in financial services. It was
established in 1985 and currently caters to the entire spectrum of financial products. Kotak
Mahindra Bank is one of its flagship businesses with an established presence as a private
bank in the country. Its other established lines of businesses include asset management,
broking, investment banking and realty funds.

Old Mutual, based in London, UK has a 165 year old history and has operations in 34
different countries around the world. Its major operations are in US and the UK. It has a
portfolio of insurance, asset management, banking and long term savings products.

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 CLAIMS RATIOS OF KOTAK LIFE INSURANCE COMPANY

Year 2009- 2010- 2011- 2012- 2013- 2014- 2015- 2016- 2017-
10 11 12 13 14 15 16 17 18

Claim 86.97 89.30 92.10 92.04 90.69 90.73 89.09 91.24 Yet to
ratio be
publis
hed

MARKET SHARE OF KOTAK LIFE INSURANCE COMPANY

Year 2009- 2010- 2011- 2012- 2013 2014 2015 2016 2017-18
10 11 12 13 -14 -15 -16 -17

Market 12 1 1 1.1 1.1 1.4 1.6 - Yet to be

share published

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 WHY LIFE INSURANCE?

Like a game of snake and ladders,in life also,you face UPs and DOWNs.

The UPs in your life:

 Marriage
 Childs education
 Childs marriage
 Dream home
 Luxurious vacation with family
 Inheritance

The DOWNs in your life:

 Accidents
 Health Expenses
 Income Loss
 Disability

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  Unfortunate Demise

TOP REASONS TO SAVE IN LIFE INSURANCE

 Tax saving- 56%

 Protection -78%
 Child Education and Marriage-64%
 Wealth Creation-61%
 Retirement-73%

WHY TO CHOOSE KOTAK LIFE INSURANCE COMPANY?

One of the leading life insurance companies in the country, Kotak Mahindra Life Insurance
Company has registered unprecedented growth since it launched operations in the year 2001.
Supported by a customer base of over four million policyholders in the country, the company
is one of the fastest growing outlets in the insurance market.

Catering to both corporate and individual investment needs, the company is especially reputed
for its meticulous claim settlement process. Additionally, it must be noted that the company is
equally reputed for providing its customers a unique experience of investment through a
variety of services and products. Not to mention the company’s extraordinary financial ratings
as certified by some of the leading rating agencies across the board. One of the significant
reasons to go for Kotak Mahindra Life Insurance is the fact that the company is beefed up

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with a highly dedicated sales team. The team is especially expeditious in guiding the potential
policyholder through the course of a plan, and is ever ready to effectively respond to the
doubts and queries of the customers

PRODUCT OF KOTAK LIFE INSURANCE

 Kotak premier Moneyback plan
 Kotak premier Endowment plan
 Kotak classic Endowment plan
 Kotak income protection plan
 Kotak assured income accelerator
 Kotak guaranteed savings plan
 Kotak premium income plan
 Kotak premier pension plan
 Kotak preferred E term plan

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 WHAT IS IRDA?

Insurance Regulatory & Development Authority is the board which was established
bygovernment of India. IRDA regulates the business of Private Insurance company's like
Kotak,ICICI,AVIVA, Max Newyork e.t.c. The Indian banks are under the control of RBI
like the corporateinsurance companies are under the reguation of IRDA.

Definition of: IrDA(Infrared Data Association, Walnut Creek, CA, www.irda.org) A

membership organization founded in1993 and dedicated to developing standards for
wireless, infrared transmission systems betweencomputers. With IrDA ports, a laptop or PDA
can exchange data with a desktop computer or use aprinter without a cable connection.
IrDA requires line-of-sight transmission like a TV remote control.IrDA products began to
appear in 1995. The LaserJet 5P was one of the first printers with a built-in IrDAport
The Insurance Regulatory and Development Authority (IRDA) is a national agency run by
theGovernment of India. IRDA is based in Hyderabad and was formed by an act of
IndianParliament called as IRDA Act of 1999. Considering some of the emerging
requirements of theIndian insurance industry, IRDA was amended in 2002. As stated in the
act mission of IRDA is"to protect the interests of the policyholders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters connected therewith or
incidental thereto
.Indian insurance industry is regulated by the terms and conditions of the IRDA.Indian law
has certain expectations from the IRDA to perform in the Indian insurance industry.IRDA

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should protect the interest of policyholders by ensuring fair treatment by the
insurancecompanies. The growth of insurance companies in a speedy and orderly manner
should be takencare by the IRDA. It should monitor and implement quality competence
and fair dealing of theinsurance companies in the industry. IRDA should make sure that the
insurers are providingprecise and correct information about the products offered by them for
the insurance customers.IRDA should also ensure speedy settlement of genuine claims of the
policyholders and preventmalpractices in the process of claims settlement.

RECRUITMENT AND SELECTION PROCESS IN KOTAK

LIFE INSURANCE COMPANY

Rise and redefine yourself as a agency partner in just 6 steps.

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STEP-1

Submit your documents to

the Branch Manager at any KLI Branch

STEP-2

Fill the form and pay fees

of Rs. 1100 towards registration and exam

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STEP-3

Undergo training for pre-recruitmentlife insurance agent examination

STEP-4

Appear for pre-recruitment life insurance agent examination

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STEP-5

Attend Life Advisor induction program

STEP-6

Appointment as a KLI Life Advisor

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 RECRUITMENT AND SELECTION
RECRUITMENT:

The process of finding and hiring the best qualified candidate (from within or outside of an
organistaion) for a job opening in a timely and cost effective manner. The recruitment process
includes analyzing the requirements of a job, attracting employees to that job, screening and
selecting the applicants, hiring and integrating the new employees to the organization.

SELECTION:

The selection is the process of choosing the most suitable candidate for the vaccant postion in
the organization .

WHAT IS AGENCY PARTNER ?

 Agency partner is a person/firm who not necessarily has a decision making in the
company but holds a share profit whenever a lead is generated or some work has been
assigned via Affiliation.

 It is a kind of distribution channel which is called APC(Agency Partner Channel).

 APC is one of the fastest growing variable channel across the insurance companies
operating in India.

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  The mission of the channel is to be the most available channel for the customer by
enhancing the distribution channel of the company.

WHY TO RECRUIT AGENCY PARTNER?

 It helps in developing business solution for the uncertainities faced by the organization
in near future.
 An agency partner can also recruit Agency partner under himself which increases the
channels in an organization.
 An agency partner can also recruit legal advisor for generating more business and for
selling insurance policies..
 An agency partner is a person who is having a proper market knowledge so that he can
easily access the market conditions and make some strategies for their company.
 It is a profile,where in person will handle the team of AP’s who will further handle the
team of advisors for business organization.

WHOM TO RECRUIT
Sales/Marketing persons- Designing and implementing effective marketing strategies to
sell new insurance contracts or adjust existing ones Contacting potential clients andcreating

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 rapport by networking, cold calling, using referrals etc Appraising the wishes and demands of
business or individual customers and selling the suitable protection plans

Chartered Accountant- A professional chartered accountant can avail a good opportunity in

every field in every sector because it is only accountants who play a key role in every business
in the entire world.

Voluntary Retired person- There are many elderly individuals who are
skilled,capable,experienced and out of job.Given the occasional exception,corporate India does
not always treat its old workers too kindly.This is borne out by finding of placement of staffing
company that retired persona have much knowledge and experience and they have large social
circle,so that they can do their work effectively and efficiently.

Housewives- Getting more females on company boards is not the only means of increasing the
number of women in the workforce .Life insurance companies, are now taking several initiatives to
boost female agents in its total agency force. Further, several such life insurance have an almost equal
proportion of male and female agents.

MBAs-One of the greatest assets of those who study a post-graduate qualification is the
network they have access to, both for the duration of their studies and after their studiesThe
MBA is designed as a platform to not only build knowledge, but also build key skills in the
areas of strategy and solutions. It encourages employees to think about the ‘big picture’ of a
business, and critically analyse issues or circumstances to ensure that the organisation in
question is functioning as best it can...
Other Insurance companies agent - others insurance companies agents already have the
knowledge of insurance sector and their working environment. So that they do not require
much training as compare to freshers.

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 HOW TO RECRUIT
 Find everyone you might recruit now or in the future.
 Through social media connect with them.
 Organise a informal gathering for relatives and friends and tell about the
business opportunities of your company.
 By offering them Part-time and Full-time opportunity
 Inspire them with great context.
 Through appointment fixing process.
 Search the people who are already in insurance sector in other company and
tell about the growth and benefits of your company..

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 LITERATURE SURVEY

This chapter presents the review of literature to identify and understand the implications of
different issues related to job recruitment in life insurances in India. A comprehensive review
of related past studies helps the researcher to adopt, modify and improve the conceptualisation
of framework and provide a link with past approaches. The findings and recommendation of
the past literature relating to job towards life insurance services are not many. Only few
comprehensive studies exclusively towards job recruitment are carried out in India.

Khan, M.K. (1978) attempts to know the opportunities and prospects in the career of a life
insurance sector. He explains about what a good career is and how a good career should be for
selling of life insurance products. There is no age barrier and it requires no previous
occupational experience but one must be a professional and capable of creating opportunities
in building personality. The relationship of life Insurance agent with clients is not temporary
and the service rendered has no substitutes. He also observes that life insurance agent remains,
in a sense, permanent server to the clients.

Ramesh Jain (1980) conducts a case study at Sagar branch, Calcutta, of Life Insurance
Company view the spread of life insurance in a particular area and to channelize the mobilized
saving for nation building activities. Analyzing the processing of procurement of insurance
business and administration of Life Insurance Company in branch level, the study also brings
out the growth of total new business and about 30% of Life Insurance Companies individual
assurance business originated from the rural sector - it adds to the privilege of Life Insurance
Company to contribute their investments to many of the vital projects and schemes under 20

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point programmes. The findings of the study were to establish servicing center to have
continuous interaction with the policyholders and the sagar branch has still greater
potentialities of expansion in rural area
Rajkumar (1985) views that advertising is to influence a customer, who has a limited
spending power and it seems to operate through familiarizing spreading news over cog inertia
and image building improving market share, e educating, informative and to have staff
support. As far as insurance industry is concerned, misconception is a common problem and
the pre-testing revealed that most of the rich people are associated with insurance and he
viewed that the treatment of Life Insurance Company to the public is always unfair.

Shesha Ayyar, V. (1986) in his article entitled “Product Development” has discussed
various issues connected with developing new polices such as the importance of developing
new schemes and various problems involved in the development of new schemes in
Company. He suggested the need for including ancillary benefits such as accident benefits,
disablement and hospitalization benefits.

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 PROBLEM IDENFICATION
 Lic charges Re. 1 per thousand for accidential death,disability benefit and wavier of
premium rider but kotak Mahindra life charges Rs. 1.35 per thousand for the same.
 Kotak Mahindra life doesnot offer a critical illness rider,the policy continues even
after claim to the full face amount. This rider is only offered by HDFC standard life
insurance company.
 Kotak Mahindra life insurance doesnot offer competitive group policies.
 Most of the Indian families still believe in a LIC. They don’t feel comfortable with
other brands.
 Limited advertising and low brand visibility as compared to other leading
competitors.
 People are no ready to work as an agent in private companies like Kotak Mahindra
Life insurance.

COMPETITORS:

 Life Insurance Corporation of India

 HDFC standard life
 SBI Life
 Max Life Insurance
 Bharti Axa-Life
 ICICI prudential Life Insurance

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 OBJECTIVES OF THE STUDY

 The main objective of this study is to identify general practices that organization use
to recruit and select employees.
 The study also focuses its attention to determined how the recruitment and selection
practices affect the organizational outcomes and provide some suggestions that can
help.
 Training aims at recruiting maximum numbers of agency partner and brings the
business for the company whichever is going at the particular point of time.
 The objective of the recruitment process it to obtain the number and the quality of
employees that can be selected in order to help the organization to achieve its goals
and objectives.
 To know the growth opportunity of agency partner and how the work has to be done in
APC.
 The objective behind the study is to find the right candidate for this job..
 Being a marketing student,meeting people in and out the company would be another
main objective and it would help in developing contacts with the people around and it
would always helpful in a successful business life.
 This will also help in value addition to the company and it would result in increasing
the channel..

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 RESEARCH METHODOLOGY

RESEARCH OBJECTIVE
In everyday life human beings has to face many problems viz, social,economical,financial
problems. These problems in life call for acceptable and effective solutions and for this
purpose, research is required and a methodology applied for the solution can be found out.

Research was carried out at KOTAK MAHINDRA LIFE INSURANCE pvt. Ltd. To find out
the recruitment and selection process.

DATA COLLECTION
Primary data: primary data was collected through survey method by distributing the
questionnaire to employees working on Kotak Life. The questionnaire were carefully
designed by taking into account the parameter of my study.

Secondary data: data was collected from books, magazines,web sites going through the
records of the organization etc. It is the data which has been collected by an individual or
someone else for the purpose of the other than those of our particular research study. Or in
other words we can say that secondary data is the data used previously for the analysis and the
results are undertaken for their next process.

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 RESEARCH PLAN
Reseeacrh design Descriptive research

Data analysis Primary data

Secondary data

Research instrument Questionnaire

Sampling design Convenience sampling

Sample size 16

Sample location Bhilai ,durg

Sample unit Kotak employees

scale Nominal

Statistical tool Chi-square

Questionnaire have been entrusted to 20 respondents out of which only 16 respondents

were responds and their response recorded for extracting our information.

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 RESEARCH DESIGN:

The research design used in the research is descriptive research. The descriptive research was
used to collect the data,which was thought questionnaire in order to know the recruitment in
kotak life insurance. The data was collected using survey method. The scaling technique is
percentage.

The data was statiscally anlaysed using MICRO-SOFT EXCEL (2007) . percentage scaling
was used to elicit the more precise response of employees working in kotak life insurance
company. Questionnaire are collected through google form.

HYPOTHESIS:

H1: There is no significance difference between the satisfaction level of male and female
with the services provided by the Kotak life insurance for their employees.

H0- There is significance difference between the satisfaction level of male and female
with the services provided by the Kotak life insurance for their employees.

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 DATA ANALYSIS AND INTERPRETATION

Questions Part- Full- Yes No

time time
Q.1 Which type of job 5 11
you are doing in
kotak

Q.2 Do you think the scheme of recruiting 15 1

house wives, retired person and
unemployed is fruit full?

Q.3 Do you have a mentor system to make the 13 3

new joiner feel at ease?

Q.4 Are you satisfied with the services of the 15 1

company for their employees

Q.5 Would you like other peoples to 15 1

join in your company?

Q.6 Does the part-Time oppourtunity attracts 14 2

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 more applicants?

Q.7 Are you satisfied with the salary package 11 5

of your company

Q.8 If you get any other job opportunity, then 12 4

are you ready to switch over?

Q.9 Do you think the product of your company 11 5

is better than that of other companies?

Q.10 You have recruited in kotak life insurance, 16 0

are you satisfied?

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Interpretation-Out of 16 respondents 43.8% are males and 56.3% are female

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This data shows that out of 16 respondents 75% employees has less than 35 years , 12.5%
are between 35 to 45,6.25% are between 45 to 55 and 6.25% are 55 and above.

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Interpretation- Part-Time and Full-Time both opportunity are available but out of 16 respondents
only 31.3% are full time and 68.8% are working as a Part-Time work.

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Interpretation-This data shows that 93.8% responds that recruitment of housewives,retired
person and unemployed is beneficial for company.

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Interpretation-From this data, 92.9% respondents feels at ease by the mentor system of the
company.

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Interpretation-This data show that 93.8% employees would like others to join in their
company.

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Interpretation-This data shows that the 75% employees thinks that the product of their
company is better than other companies.

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This data shows that 87.5% employees thinks that part-time opportunity attracts more
applicants for job than full-time.

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This data shows that out of 16 respondents 62.5% employees are satisfied with the salary
package of the kotak.

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This data shows that out of 16 respondents 68.8% employees get any other job opportunity,
then they switched over.

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This data shows that 100% employees are satisfied with the services given by the company.

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 RESULTS
TEST

Tabulated value at 5% level Calculated value at 5%level of

of significance significance

X2.05(1)=3.841 X2(1,n=16)= 0.000109

Calculated value is less than the tabulated value,

therefore ,Null Hypothesis is Accepted.

There is no significance difference between the satisfaction level of male and female
with the services provided by the Kotak life insurance for their employees.

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 FINDINGS
 The kotak Mahindra Life insurance focuses on increasing the channels of Agency
partner.
 The insurance sector helps in increasing the employment opportunities in India.
 Maximum number of employee referral schemes are their in organization.
 The main source of the recruitment is through external sources i.e., through
advertisement.
 The other source of recruitment is through refrences, natural market and consultants.
 Maximum prospects fulfils all the criteria prescribed by the IRDA.
 Why people are not ready to work with private company in Life Insurane
 In this days LIC created a very well image in the mind of general public because it is
semi government company and also an oldest company. In short most of India believe
upon the LIC.
 It is found that most of the employees are already experienced in the field of insurance
of different segments and by recruiting in kotak life insurance company they feel self
motivated and perform their duties efficiently.
 Most of the people say that this job affects upon their social relation with other and
also effect upon their business.
 Part-Time opportunity attracts more people to join Kotak Mahindra Life
Insurance company.
 A special function was organized by the company time to time in which the special
prizes distribtute among those agent who performed well.

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 LIMITATIONS

 This project report is restricted only for the employees who are
recruited in kotak Life.
 Biased reply of the respomdents like giving wrong imformation.
 Sometimes it is difficult for the employee to attend the training
programme.
 Non availability of data or the relevant information of the respondent.
 Time was the major constraints for me to understand the recruitment
and selection process of an agency partner.
 Sincerity of answering the questions cannot be judged.

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 CONCLUSION
Every company has its own Pro’s and Con’s. we concluded that there is a good market
awareness about kotak Mahindra Life Insurance company in the market.kotak provides good
tax benefits,ROL security etc. for the consumers.

It provides more chances of growth for individual who is recruited in kotak life insurance
company. In India there is throat cut competition in the market of life insurance to adopt new
strategies for recruitment.I observed in this study that people are more aware about the aspects
of life insurance and also have knowledge about the role and act of agent.

It is found that in the last five years the Indian economy has progressed,which has increased
the average purchasing power and the insurance sector has contributed significantly in this.

Mostly people are unwilling to work as life insurance agent but they are ready to work as a
agency partner because there is better job opportunity and good career path,the chances of
growth is very high in agency partner. It is important to appoint only those prospects as
Agency partner ,who can give and generate long term business for the company.

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 SUGGESTIONS
 Fees charged by companies from candidates for IRDA exam and training should be
reduced.
 Training hour should be made choice of their preference timing.
 An insurance company must work on honesty to win the confidence of its agents and
general public.
 Reduce the minimum premium amount, it will help the company to attract the agents
of other companies, as it increases the scope of market of its agents.
 Other extra facilities must be provided to agent to attract them such as local and forign
trips, special prize on achieving a target, open bank account at free of cost.
 Kotak life insurance company should organize more and more seminars and also
participate in the job trade fairs to find out more candidates.
 Branch manager should take the feedback from the existing advisors so that he can
easily understand the advisors problem as well as he can recommend new changes.
 The company should concentrate on the rural part so that they can compete with LIC.

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 ANNEXURE
QUESTIONNAIRE

(YES/NO)

Q.1 Which type of job you are doing in kotak Mahindra Life insurance?

( Part-Time/Full-Time)

Q.2 Do you think the scheme of recruiting house wives, retired person and unemployed is
fruit full?

Q.3 Do you have a mentor system to make the new joiner feel at ease?

Q.4 Are you satisfied with the services of the company for their employees

Q.5Would you like other peoples to join in your company

Q.6 Does the part-Time oppourtunity attracts more applicants

Q.7 Are you satisfied with the salary package of your company

Q.8 You have recruited in kotak life insurance, are you satisfied

Q.9 Do you think the product of your company is better than that of other companies?

Q.10 If you get any other job opportunity, then are you ready to switch over?

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 BIBLIOGRAPHY

Books

 Kothari, C.R.(2008), “Research methodology- Methods and techniques”.

 Kotler, philip & keller, lane kevin (2005), “Marketing Management”.

Websites

 www.kotakmahindra.co.in
 www.kotaklifeinsurance.com

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