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“CHANNEL DEVELOPMENT AT MAX
NEW YORK LIFE”
SUBMITTED BY:-
MRUNAL DATTATRAYA SAMANT.
MBA (III RD SEM)
UNDER THE GUIDANCE OF:
MR.ALOK GHOSH. MR. NAVNEET DIWAKAR.
ASSOCIATE BUSINESS PARTNER, ASSOCIATE BUSINESS PARTNER,
MNYL, MNYL,
PRABHADEVI. PRABHADEVI.
CERTIFICTE OF APPROVAL
The following Summer Project Report Title “Channel Development at
MNYL” is hereby approved as certificate studies in management carried out
in a manner satisfactory to warrant its acceptance as a prerequisite for the
award of Post Graduate Diploma in Business Management for which they
have been submitted. It is understood that by this approval the undersigned
do not necessarily endorse or approve any statement made, opinion
expressed or conclusion drawn therein but approve the summer Project only
for the purpose it is submitted.
Summer Project Report Examination Committee for evaluation of Summer
Project Report.
Name Signature
1. Faculty Examiner _________________ _________________
Date: Date:
ABSTRACT.
ACKNOWLEDGEMENT
It gives me immense pleasure, having done a project on an interesting and
knowledgeable topic like “Channel development at Max New York.”
This project has not only widened my horizon as far as academics are
concerned but also helped me to enlarge my knowledge bank. Marketing
Management and Human resources are not topics, which could be handled
with certain amount of casualty. It requires a deep study and hard work,
which is key to success. There are many people associated with this project
without which this project would not have been possible.
I thank my Institute who has given me an opportunity to show my skills. I
also thank all my nearer and dearer ones without whose support this project
would not been possible.
I would like to thank Mr. Manish Saklani,who allow me to do this project in
Max New York Life successfully.
I am deeply grateful to Mr. Alok Ghosh, my project guide for his ever
willing help and guidance to complete my project successfully.
I would like to thank to Mr. Mainak Pramanik, my Sales Manager for his
nobel inspiration, keen interest, constant supervision and ever willing help
throughout the course of this study.
Above all I would like to thank all contacted persons of firm who took out
valuable time to answer my queries and gave me full information about
insurance industry and Max New York Life.
I extend my sincere gratitude towards my parents, who have always
encouraged me and gave suggestions as how to work on project. They
always stand by me in solving all my queries. Their support has always
motivated me.
Above all it gives me immense pleasure to thank authors of various books
who indirectly helped me in gaining knowledge about insurance industry.
PREFACE
Indian insurance industry is emerging rapidly after year 2000. To survive in
this highly competitive scenario, managers are being pressured to improve
quality, recruit quality and skilled people and eliminate inefficiency. The
collective efforts of the employer, managers and other relative people
assume relevance in this context. And this is where marketing management
and human resources play important role.
Recruitment is very important in today’s scenario. But still it is ignored and
considered as a secondary aspect. In case of insurance industry recruitment
only decide success or failure of company.
I have made an attempt to study this aspect of Insurance industry in my
project. In this project, recruitment for developing channel at Max New York
Life is considered. I have tried to find out how exactly recruitment is very
important for this firm as well as this industry, which are the different
strategies firm use to recruit quality people and so on. It is more qualitative
rather than a quantitative data.
To get knowledge of above question and to fulfill the requirements for my
project on “Channel Development At Max New York Life”, I have worked in
MNYL and searched some internet sites.
On the basis of my study, I have included following topics as the important
aspect of Channel Development At Max New York Life.
In this project I have tried to give attention to all the above topics and study
them in depth. But I would still like to receive all sorts feedback to enhance
my knowledge on the topics as far as this industry is concern.
TABLE OF CONTENTS.
Acknowledgement
5
Preface
7
Table of Contents
9
List of Abbreviations
11
SECTION A: INTRODUCTION 13
A.1 ABOUT INSURANCE INDUSTRY 14
A.2 ABOUT MAX NEW YORK LIFE 23
A.3 ABOUT PROJECT 35
SECTION B: CHANNEL DEVELOPMENT STRATEGIES 37
B.1 ELIGIBILITY MODEL 38
B.2 DEVELOPMENT STRATEGIES 41
B.3 SCRIPTS AND OBJECTION HANDLING 52
SECTION C: CHANNEL DEVELOPMENT PROCESS 54
C.1 NAME GATHERING IN-P200 56
C.2 SHORTLISTING 56
C.3 APPROACHING 57
C.4 INITIAL SCREENING 57
C.5 NAT 58
C.6 CAREER SEMINAR 58
C.7 CAREER INTERVIEW 58
C.8 FCS 58
C.9 CONTRACT 58
SECTION D: STATUS REPORT 60
D.1 ACTIVITIY CHART 61
SECTION E: CONCLUSION 62
E.1 EXPERIENCE 63
E.2 SUMMARY 64
E.3 RECOMMENDATION 65
E.4 BIBLIOGRAPHY 67
LIST OF ABBREVIATIONS.
Personal observation.
Historical Perspective
In 1818 it was conceived as a means to provide for English Widows.
The Bombay Mutual Life Insurance Society started its business in
1870.
It was the first company to charge same premium for both Indian and
non-Indian lives.
The Oriental Assurance Company was established in 1880.
Till the end of nineteenth century insurance business was almost
entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the
Life Insurance Companies Act of 1912 and the provident fund
Act of 1912.
Several frauds during 20's and 30's sullied insurance business in India.
By 1938 there were 176 insurance companies.
The first comprehensive legislation was introduced with the Insurance
Act of 1938 that provided strict State Control over insurance business.
The insurance business grew at a faster pace after independence.
The Government of India in 1956, brought together over 240 private
life insurers and provident societies under one nationalized monopoly
corporation and Life Insurance Corporation (LIC) was born.
Nationalization was justified on the grounds that it would create much
needed funds for rapid industrialization.
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