The title of my project in Bharti-Axa life insurance co ltd was given to me by my mentor in the company . He is a agency manager in the company. He was very helpful and helped me during the course of my project. .
Life advisors have to do financial planning of his clients and sell financial solutions (policies) to them. They are paid on the commission basis which is the percentage of the premium of policies they have sold. The average commission is 18%. There are specific qualities they should have. They are-
▪ He/She should possess good communication skills. ▪ They should have good contacts as it is the way a life advisors works on. ▪ He should be qualified.
Recruitment and Selection of life advisors for axa Life Insurance co Ltd.
▪ The objective of the project was to maximize the business of the company. The research exercise was expected to help in studying the problems faced by the company in recruiting life advisors. ▪ The recruitment activity done is the initial screening process, after which the prospective advisors would have to undergo an intense training as well they will have to clear a written exam as per the IRDA (insurance regulatory and development authority) norms, before they get their license and begin selling the policies. My role was be to search for people who could accomplish this task efficiently and with full dedication
▪ Recruit life advisors and also to determine the factors affecting the recruitment of life advisors. ▪ My work extended to the limits of Pune Municipal Corporation. ▪ To understand the psychology and the reactions of the prospects when they are approached. ▪ To develop an overall view of the insurance sector in the company.
What is insurance?
Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a premium and duty of care. Types of insurance
Insurance business is classified from two viewpoints:
a) From business point of view
b) From risk point of view
A) From business point of view
B) From risk point of view
History of Insurance in India:
The insurance sector in India has come a full circle from being an open competitive market to nationalisation and back to a liberalised market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India. The General insurance business in India, on the other hand, can trace its roots to the Triton Insurance Company Ltd., the first general insurance company established in the year 1850 in Calcutta by the British. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first...