A SUMMER TRANNING PROJECT ON RECRUITMENT OF ADVISORS AND SALES OF FINANCIAL PRODUCTS THROUGH THEM

SUBMITTED TO: SAROJ INSTITUTE OF TECHNOLOGY & MANAGEMENT LUCKNOW

In the partial fulfillment of Master of Business Administration

(2009-10)

SUBBMITTED TO:
PRIYATOSH MISHRA
LECTURER OF M.B.A(S.I.T.M)LUCKNOW

SUBMITTED BY:
VISHAL TIWARI M.B.A (Third Sem) ROLL NO:0912370113

DECLARATION

I, vishal tiwari, do declare that the summer training Project Report entitled RECRUITMENT OF ADVISORS AND SALES OF FINANCIAL PRODUCTS THROUGH THEM Being submitted to the U.P. Technical University for the partial fulfillment of the requirement for the degree of Master of Business Administration is my own endeavors and it has not been submitted earlier to any institute for any degree

Place: LUCKNOW Date:

(VISHAL TIWARI)

ACKNOWLEDGEMENT

First of all I would like to thank the Management at Reliance Life Insurance co. for giving me the opportunity to do my two-month project training in their esteemed organization. I am highly obliged to Ms. Mritunjay shrivastava (Branch manager) for granting me to undertake my training at 493, Stephen House Ground Floor Gwalior Road, Civil Lines Jhansi (U.P). I express my thanks to all Sales Managers under whose able guidance and direction specially Mr. Vijay kr. Sini (sales manager) who was my mentor and helped me a lot, through which I was able to give shape to my On Job training and work as sales manager. 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.

Thanking you

VISHAL TIWARI

PREFACE
The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers where in the catch 22 situation wherein for one they wanted competition, development and growth of this insurance sector which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had the fears that the insurance premium, which are substantial, would seep out of the country; and wanted to have a cautious approach of opening for foreign participation in the sector. As one of the rare occurrences the entire debate was put on the back burner and the IRDA saw the day of the light thanks to the maturing polity emerging consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance. Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges and opportunities. But the key issues, possible trends, opportunities and challenges that insurance sector will have still remains under the realms of the possibilities and speculation. What is the likely impact of opening up Indias insurance sector? The large scale of operations, public sector bureaucracies and cumbersome procedures hampers nationalized insurers. Therefore, potential private entrants expect to score in the areas of customer service, speed and flexibility. They point out that their entry will mean better products and choice for the consumer. The critics counter that the benefit will be slim, because new players will concentrate on affluent, urban customers as foreign banks did until recently. This seems to be a logical strategy. Start-up costs-such as those of setting up a conventional distribution network-are large and high-end niches offer better returns. However, the middlemarket segment too has great potential. Since insurance is a volumes game. Therefore, private

insurers would be best served by a middle-market approach, targeting customer segments that are currently untapped