Channel Distribution of Aviva Life Insurance

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A SUMMER TRAINING REPORT

aviva life insurnace co. ltd.

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT OF BACHELOR OF BUSINESS ADMINISTRATION (BBA) jagannath university, jaipur

CHANNEL distribution
OF
aviva life INSURANCE CO. LTD.

TRAINING SUPERVISORSUBMITTED BY

Branch Manager Enrollment No.

SESSION 2007-2010

GURU JAMBHESHWAR UNIVERSITY
HISAR - 125001

ACKNOWLEDGEMENT

First of all I would like to thank the Management at Aviva Life Insurance Co. for giving me the opportunity to do my two-month project training in their esteemed organization. I am highly obliged to (Sales Manager) for granting me to undertake my training at Netaji Subhash Palace.

I express my thanks to all Sales Managers under whose able guidance and direction, I was able to give shape to my training. Their constant review and excellent suggestions throughout the project are highly commendable.

My heartfelt thanks go to all the executives who helped me gain knowledge about the actual working and the processes involved in various departments.

Preface

In today’s competitive and dynamic world, with every business providing the same kind of product or service, only that firm which comes up with an innovative idea can hope to survive in the long -run, by attracting and luring customers.

Insurance sure is an upcoming sector but with the privatization of the same, selling insurance products has become tough due to the competition angle attached to it.

It is usually said that if you can sell insurance, you can sell anything in the world including garbage. The reason behind this concept is the hesitant and unaware population, who simply run away at the mere mention of its name.

Providing insurance to a huge population such as ours encompassing different strata of society has indeed been a formidable task for the last few decades. WHO statistics put the insurance access in India at around 65 percent. The remaining 35 percent do not have any access at all. Governments in most parts of the world, developed or otherwise, realize the limitations when it comes to providing Insurance per se or its financing aspects.

Contents

1. Introduction
Overview of Industry as a whole 1
Profile of the organization 12
Problems of the organization 14
Competition Information 15
S.W.O.T Analysis of the Organization 16

2. Objective and Methodology
Significance
Managerial usefulness of the study 18
Objectives
Scope of the study 19
Research Methodology 20

3. Conceptual Discussion 23
4. Data analysis and Interpretation 48
5. Findings and Recommendations 58
Annexures
Bibliography /References

Chapter 1

INTRODUCTION

1.1OVERVIEW OF INDUSTRY AS WHOLE

The insurance sector was opened up for private participation four years ago and FICCI has doing yeoman service to the development of this sector by facilitating exchange of views between the industry, policymakers, and the regulator through the annual conference. This has provided a forum to take stock of the developments and discuss the future course of action. These annual conferences before and after the reforms in the sector have provided useful inputs to the policy makers and the regulatory body and the FICCI deserves appreciation for the professional manner in which these conferences are organized and should be legitimately proud of the contribution made by it in the growth and development of insurance sector.

The reasons that prompted the government to bring in reform in the insurance sector are well known. While the Public Sector insurance companies made enormous contribution in the spread of awareness about insurance, and expanded the market, it was recognized that their reach was still limited, the range of products offered restricted and the service to the consumer inadequate. It was also felt that the rapid economic growth...
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