Professional Documents
Culture Documents
Research Objectives
Primary Objectives: Objectives: To study about the awareness among the people for joining as agent in Life Insurance Companies. Companies.
To know the role & scope of Financial Consultant in Life Insurance Companies. Companies. To have a complete understanding of Recruitment & Selection process of FCs in HDFC Standard Life. Life.
Background : Promoters
Housing Development Finance Corporation
30 Year track record Strong public and market acceptance Market leader in mortgage finance - 18 Lac homes financed in over 2400 towns 11 Lac retail deposit customer based Asset base of More than Rs.1500 billion
Over 175 years experience in Life Insurance Assets of US $ 110 Billion Voted Life Insurance Company of the decade by IFAs in UK
HDFC Life was the first private Life Insurance to get license from IRDA in October 2000. HDFC is the majority stakeholder in the insurance JV with 81.4 % stake and Standard Life holds 18.6%.stake. 18.6%. Mr. Deepak Satwalekar is the MD and CEO of this venture.
Values
Integrity Innovation Customer Centric People Care Team Work Joy & Simplicity
What Is Insurance?
Insurance is a contract between two parties whereby one party called insurer undertakes In exchange for a fixed sum called premiums, to pay the other party happening of a certain event.
It encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief.
Functions Of FC
An insurance agent is an important component of distribution channel for life insurance business. Meet prospects, analyze their financial needs, and persuade them to buy a product, which provides solution. They represents the company & give better services.
Research Methodology
PRIMARY SOURCE Direct personal interview and an objectively framed questionnaire. SECONDARY SOURCE Data is taken from some published articles, papers, books and organization website.
Questionnaire
1. Name of the respondent 2. Occupation 3. Age 4. Address . . 5. Contact No
SWOT ANALYSIS
STRENGTHS
1. Strong Brand Name 2. A large distribution network. 3. Customer centric approach 4. Excellence in Execution 5. Team Work (Together Everyone Achieves More) 6. Proactive Innovation. 7. Infrastructure
WEAKNESS
1. Frequent job rotation by employees 2. Less number of advertisement 3. Hidden Charges
OPPORTUNITIES THREATS
1. Scope in Jaipur as it is in the developing phase. 2. Only 25% of insurable people have any insurance. 3. Can introduce innovative products offering a right mix of Flexibility/Risk/Return. 4. Share of FDI is going to raise by 26% to 49%. 1. LICs brand name. 2. People prefer short investment rather than in insurance. 3. Other private insurance companies.
No. of advertisements on Television & newspapers to be increased. Should use the FM-radio station as the medium of spreading FMawareness. Changes in the policies should be communicated to the customers at the earliest. Provide and adopt such policies from which customers get maximum benefits. Increase the distribution network. Provide a proper training to the workforce. Provide lower premium policies so that we could target middle class people and generate good cash flow for further growth. Company should more oriented towards rural market.
CONCLUSION
Life insurance service sector is highly growing finance sector. HDFCHDFC-LIC is the private insurance organization which is developing and growing at fast rate. Because of less advertisement, people are not aware of HDFC-LIC insurance plans. HDFCHDFC Life is renowned for transparency and high corporate governance standards.
BIBLIOGRAPHY
Books:1. Agents Hand Book HDFC Life 2. Kothari C.R. Research Methodology & Techniques, 2nd Edition 3. Principles and Practice of Insurance G.S. Panda Magazines:1. Insurance Times (Insurance Monthly Magazine- May, 2008) From Company:1. Company Reports 2. Company Brochures Websites:www.apnabima.com www.hdfcinsurance.com www.indiastat.com