A Summer Internship Report on

A study on recruitment and selection of individuals who wants to solicit insurance business as a Life Insurance Advisor
at

Bharti AXA Life Insurance Limited, Allahabad

(16th May, 2011 to 30th June, 2011)

Submitted in partial fulfillment of the requirement For the award of MBA-IT (2010-2012) By Gulshan Jaiswal
Internal Guide Dr. Anurika Vaish Associate Professor & Divisional Head (MBA & MS) IIIT Allahabad External Project Guide Mr. Manish Yaduwanshi Branch Manager, Allahabad

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Preface
The main objective of summer training at Bharti AXA Life Insurance is as follows 1. Identify individuals who are willing to solicit insurance business as a Life Advisor of the company. 2. Assisting in scheduling the training and examination of the individuals so identified. 3. Assisting and coordinating with the agency development manager of the company for licensing and coding of the individuals. Apart from the above objectives one of the major objectives as suggested by the Branch Manager, Mr. Manish Yaduwanshi, was to minimize the overall cost of the branch and suggest measures to increase the revenue for the branch. At Bharti AXA Life Insursance, primarily our training was mainly designed, focusing on advisor development and cost minimization suggestions. Initially at our training we were mainly breifed about the various heads at Bharti AXA Life Insurance. Bharti AXA Insurance at Allahabad is mainly divided into three heads first one is Life Insurance, General Insurance, and Operations. Life Insurance is mainly concerned with the insurance risk involved with individuals life only, however General Insurance is mainly dealt with the insurance of the assets which are tangible in nature. At Bharti AXA, our main focus is mainly at the Life Insurance and its Operations divisions. Our summer training has been mainly divided into five heads in which, firstly we had to acquire the knowledge of the AML (Anti Money Laundering), AML is mainly a campaign about taking measures to prevent the conversion of black money into white money. This has been one of the major concern for insurance sector as a result of this Government of India has led to the formation of IRDA, Insurance Regulatory Development Authority, in year 1999, to protect the rights of the persons whose lifes and assets are insured. Discussion about AML will be discussed in details in the first chapter. Secondly, we had to design our training programme and time chart according to which we had to proceed. Our training planning was mainly focussed on the identification of the various segments of the markets and identify which segment to be targetted when. Training designing was also comprised of designing of the questionnaire for surveying the samples from the sample space. Questionnaire, was mainly designed while considering the questionnaire already present in the branch itself. The main reason for redesigning the questionnaire was primarily
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because the questionnaire present was mainly of the long answer type format, which probably was found tedious to fillup by the respondents so an objective questionnaire was designed to sought the information from the respondents. Designing of the questionnare is discussed in detail in chapter 2. Thirdly, in summer training we were asked to conduct survey firstly, primarily considering the Allahabad market. During our primary survey at Allahabad market we firstly divide the Allahabad into a well defined segments so that we could entirely cover the whole of Allahabad in most convenient form as possible. Division of Allahabad was mainly under various factors. These factors were mainly of various type such as there were some demographic factors like income of the respondents, availability of the samples, also there were some other factors such as type of samples on the basis of their qualifications. There were other factors also, which could be some of the important reasons behind classifying Allahabad under different segments. The details of classifications and segmenting the market is discussed in details at chapter 3. Fourthly, in our training we were asked to study the costs related to Bharti AXA Life branched at Allahabad. Under this task mainly we are targetted to study the Cost Sheet of the branch office of different months and find out the various expenses mentioned in the cost sheet. Then to study these factors under real life situation and findout various measures that could be taken up so as to minimize these costs. Under this study we were supposed to study the various expense heads at microlevel because until and unless we are not going to dig down the issues we will not be able to resolve the problems. During our initial study we found that mainly the heads of expenses which could primarily be targetted at is Electricity Expense at the branch, Communication Expenditure etc. So, these issues are discussed in details in chapter 4(a). Further, while studying the cost sheet keeping in mind the various sources of revenue for the branch we classify various heads for the company which is responsible for generating revenue of the company. These sources of revenue primarily is from the premium deposited by the clients during new issuance of poilcy as well as renewal of old policies. Thus we find that advisor development could be a great help to increase the revenue for the branch. All these details are discussed in details in chapter 4(b). Fifthly, we were asked to be part of the training programme which was mainly imparted to the prospective advisors for the company. After this training an examination was conducted by the IRDA, qualifying this examination awards a license to the prospect and authorize him to be an insurer. Finally, we are asked to compile all our study in a report mentioning in details suggestions and recommendation about the various activities taking place at the Branch level.

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During, our training at Bharti AXA Life we also get an opportunity to be confronted with the various products being offered by Bharti AXA Life for sale to its clients. We got an additional oppportunity to sell these products to the clients in the market. Discussion of the products and its offering are discussed in further chapters. Also, we got an opportunity to study the investment strategy of Bharti AXA to increase their revenue.

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